Document:

Document

EXHIBIT 10.1

FIRST INCREMENTAL TERM LOAN AGREEMENT

dated as of December 31, 2021

to

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of October 30, 2020

BLACKBAUD, INC.,
as the Borrower,
the Lenders referred to herein,
and
BANK OF AMERICA, N.A.,
as Administrative Agent,

and 

PNC BANK, NATIONAL ASSOCIATION,
as Syndication Agent,

with

BofA SECURITIES, INC.,
and
PNC CAPITAL MARKETS LLC,
as Joint Lead Arrangers and Joint Bookrunners

CHAR1\1859914v5

FIRST INCREMENTAL TERM LOAN AGREEMENT

THIS FIRST INCREMENTAL TERM LOAN AGREEMENT (this “Agreement”), dated as of December 31, 2021 (the “First Incremental Effective Date”), is entered into by and among BLACKBAUD, INC., a Delaware corporation (the “Borrower”), each First Incremental Term Loan Lender (as hereinafter defined) and BANK OF AMERICA, N.A., a national banking association, as Administrative Agent for the Lenders (as hereinafter defined).

W I T N E S S E T H

WHEREAS, the Borrower, the other borrowers from time to time party thereto, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent entered into that certain Amended and Restated Credit Agreement, dated as of October 30, 2020 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”);
WHEREAS, the Borrower has requested pursuant, to Section 2.9 of the Credit Agreement, that each Lender party hereto (each, a “First Incremental Term Loan Lender”) provide a portion of a senior secured incremental term loan facility (the “First Incremental Term Loan Facility”) to consist of term loans in an aggregate principal amount of $250,000,000 (the “First Incremental Term Loans”) to the Borrower under the Credit Agreement; and
WHEREAS, the First Incremental Term Loan Lenders are willing to provide the First Incremental Term Loan Facility, upon and subject to the terms and conditions set forth herein and Section 2.9 of the Credit Agreement.
NOW, THEREFORE, in consideration of the premises and in order to induce the parties hereto to enter into the transactions described herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.    Definitions.  All capitalized terms not otherwise defined herein shall have the meanings attributed thereto in the Credit Agreement and the following terms shall have the following meanings:
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located.
“CME” means CME Group Benchmark Administration Limited.
“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate, Daily SOFR or Term SOFR, as applicable, any conforming changes to the definitions of “Base Rate”, “SOFR”, “Daily SOFR”, “Term SOFR” and “Interest Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S. Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in
CHAR1\1859914v5

such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).
“Daily SOFR” means the rate per annum equal to SOFR determined for any day pursuant to the definition thereof plus the SOFR Adjustment.  Any change in Daily SOFR shall be effective from and including the date of such change without further notice.  If the rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Daily SOFR Loan” means a Loan that bears interest at a rate based on Daily SOFR (other than pursuant to clause (c) of the definition of Base Rate).
“Interest Payment Date” means: (a) as to any Term SOFR Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Term SOFR Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to any Daily SOFR Loan, the last Business Day of each month and the Maturity Date; and (c) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date.
“Interest Period” means as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three or six months thereafter, as selected by the Borrower in its Loan Notice, or such other period that is twelve months or less requested by the Borrower and consented to by all the First Incremental Term Loan Lenders and the Administrative Agent (in the case of each requested Interest Period, subject to availability); provided that:
    (a)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
    (b)    any Interest Period pertaining to a Term SOFR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
    (c)     no Interest Period shall extend beyond the Maturity Date.
“SOFR” means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator).
“SOFR Administrator” means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time.
“SOFR Adjustment” with respect to Daily SOFR means 0.10% (10 basis points); and with respect to Term SOFR means 0.10% (10 basis points) for an Interest Period of one-month’s duration, 0.15% (15 basis points) for an Interest Period of three-month’s duration, and 0.25% (25 basis points) for an Interest Period of six-months’ duration.
“Term SOFR” means, for any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days
CHAR1\1859914v5

prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment for such Interest Period; provided further that if the Term SOFR determined in accordance with either of the foregoing provisions of this definition would otherwise be less than zero, the Term SOFR shall be deemed zero for purposes of this Agreement.
“Term SOFR Loan” means a Loan that bears interest at a rate based on the definition of Term SOFR.
“Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time).
“Type” means, with respect to a Loan, its character as a Base Rate Loan, a Term SOFR Loan or a Daily SOFR Loan.
“U.S. Government Securities Business Day” means any Business Day, except any Business Day on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.
SECTION 2.    First Incremental Term Loans. 
(a)    First Incremental Term Loan Facility.  Pursuant to Section 2.9 of the Credit Agreement, the First Incremental Term Loan Facility is hereby established under the Credit Agreement on the terms set forth below and this Agreement shall constitute (i) a Lender Addition and Acknowledgement Agreement and (ii) delivery by the Borrower of an Incremental Term Loan Notification, in each case, for purposes of such Section 2.9.  The First Incremental Term Loan Lenders hereby consent to the First Incremental Effective Date occurring on the same day as the Incremental Term Loan Notification was delivered.
(b)    First Incremental Term Loan. The aggregate principal amount of the First Incremental Term Loan Lenders’ commitments with respect to the First Incremental Term Loans on the First Incremental Effective Date is TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000).  The First Incremental Term Loans shall rank equally in right of payment with the Term Loan.  The Borrower’s obligations with respect to the First Incremental Term Loans shall constitute Obligations under the Credit Agreement and will be secured and guaranteed with the other Obligations on a pari passu basis. 
(c)    Availability.  Subject to the terms and conditions set forth herein and in the Credit Agreement, each First Incremental Term Loan Lender severally agrees to make its portion of the First Incremental Term Loans in Dollars on the First Incremental Effective Date in a single advance in an amount equal to such First Incremental Term Loan Lender’s commitment in respect of the First Incremental Term Loans (such Lender’s “First Incremental Term Loan Commitment”). The amount of the First Incremental Term Loan Commitment of each First Incremental Term Loan Lender is set forth opposite such First Incremental Term Loan Lender’s name on Schedule 1.1(b) attached hereto.  The First Incremental Term Loans may not be repaid
CHAR1\1859914v5

and subsequently reborrowed.  The aggregate First Incremental Term Loan Commitment shall be permanently reduced by the principal amount of any First Incremental Term Loan extended hereunder.
(d)    Borrowing.  The First Incremental Term Loans may be Term SOFR Loans, Daily SOFR Loans or Base Rate Loans.  Each Extension of Credit, each conversion of Loans from one Type to the other, and each continuation of Term SOFR Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by: (A) telephone or (B) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Loan Notice.  Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) two (2) Business Days prior to the requested date of any Extension of Credit of, conversion to or continuation of Term SOFR Loans or of any conversion of Term SOFR Loans to Base Rate Loans or Daily SOFR Loans, (ii) the first Business Day immediately prior to the requested date of any Extension of Credit of, or conversion to, Daily SOFR Loans, and (iii) on the requested date of any Extension of Credit of Base Rate Loans.  Each Extension of Credit of, conversion to or continuation of Term SOFR Loans and Daily SOFR Loans shall be in a principal amount of the Dollar Amount of $2,500,000 or a whole multiple of the Dollar Amount of $100,000 in excess thereof (or, in connection with any conversion or continuation of the First Incremental Term Loan, if less, the entire principal thereof then outstanding).  Each Extension of Credit of or conversion to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof (or, in connection with any conversion or continuation of the First Incremental Term Loan, if less, the entire principal thereof then outstanding).  Each Loan Notice and each telephonic notice shall specify (A) the applicable Facility and whether the Borrower is requesting an Extension of Credit, a conversion of Loans from one Type to the other, or a continuation of Loans, as the case may be, under such Facility, (B) the requested date of the Extension of Credit, conversion or continuation, as the case may be (which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted or continued, (D) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans.  If the Borrower requests an Extension of Credit of, conversion to, or continuation of Term SOFR Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month.  
(a)    Applicable Margin.  The Applicable Margin with respect to the First Incremental Term Loan shall be the corresponding percentages per annum as set forth below based on the Net Leverage Ratio:
												
	Pricing
Level	Net Leverage Ratio	Base Rate +	Term
SOFR/Daily SOFR +
	I	> 3.50: 1.00
	1.500%	2.500%
	II	> 3.00:1.00 but < 3.50:1.00
	1.125%	2.125%

CHAR1\1859914v5

												
	III	> 2.50:1.00 but < 3.00:1.00
	0.875%	1.875%
	IV	> 1.75:1.00 but < 2.50:1.00
	0.625%	1.625%
	V	> 1.25:1.00 but < 1.75:1.00
	0.500%	1.500%
	VI	< 1.25:1.00	0.375%	1.375%

The Applicable Margin shall be determined and adjusted quarterly on the first Business Day (each a “Calculation Date”) immediately following the date by which the Borrower provides an Officer’s Compliance Certificate pursuant to Section 7.2 of the Credit Agreement for the most recently ended fiscal quarter of the Borrower; provided, however, that (a) the Applicable Margin shall be based on Pricing Level I until the first Calculation Date following receipt of the Officer’s Compliance Certificate for the fiscal quarter ended March 31, 2022 and, thereafter the Pricing Level shall be determined by reference to the Net Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, and (b) if the Borrower fails to provide the Officer’s Compliance Certificate within five (5) days of the date for delivery required by Section 7.2 of the Credit Agreement for the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, then, upon the request of the Required Lenders, the Applicable Margin from such Calculation Date shall be based on Pricing Level I until such time as an appropriate Officer’s Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Net Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding such Calculation Date.  The Applicable Margin shall be effective from one Calculation Date until the next Calculation Date.  Any adjustment in the Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently made or issued.  
(e)    Maturity Date.  The maturity date for the First Incremental Term Loan is the Maturity Date.  
(f)    Repayment.  On the last Business Day of each calendar quarter during the term of the Credit Agreement, commencing on March 31, 2022, the Borrower shall repay to the First Incremental Term Loan Lenders a portion of the aggregate principal amount of all First Incremental Term Loans then outstanding in an amount equal to $1,562,500 (which amount shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.5 of the Credit Agreement), unless accelerated sooner pursuant to Section 11.2(a) of the Credit Agreement; provided, however, that (i) the final principal repayment installment of the First Incremental Term Loans shall be repaid on the Maturity Date for the First Incremental Term Loan Facility and in any event shall be in an amount equal to the aggregate principal amount of all First Incremental Term Loans outstanding on such date and (ii) (A) if any principal repayment installment to be made by the Borrower (other than principal repayment installments on Term SOFR Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be and (B) if any principal repayment installment to be made by the Borrower on a Term SOFR Loan shall come due on a day other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be to
CHAR1\1859914v5

extend such principal repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately preceding Business Day.
(g)    Interest Payment Dates.  Interest on the First Incremental Term Loans shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
(h)    Use of Proceeds.  The Borrower shall use the proceeds of the Credit Extension of the First Incremental Term Loan (i) to finance the acquisition, directly or indirectly, of all of the outstanding Capital Stock of EverFi, Inc. (the “EverFi Acquisition”), pursuant to the terms of that certain Agreement and Plan of Merger, dated as of December 30, 2021 (as amended, restated, supplemented or otherwise modified, the “Acquisition Agreement”), by and among the Borrower, Project Montessori Acquisition, Inc., a Delaware corporation, EverFi, Inc., a Delaware corporation (the “Target”), and Eon Stockholder Representative, LLC (solely in its capacity as the Seller Representative) on the First Incremental Effective Date substantially concurrently with the funding of the First Incremental Term Loans and (ii) to pay the fees, costs and expenses incurred in connection with the EverFi Acquisition.
(i)    Conforming Changes.  With respect to SOFR, Daily SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the First Incremental Term Loan Lenders reasonably promptly after such amendment becomes effective. 
(j)    Computations.  All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to Daily SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest with respect to Daily SOFR Loans and Term SOFR Loans shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to subject to the provisions in the Credit Agreement addressing payments generally, bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
(k)    Inability to Determine Rates; Replacement of SOFR or Successor Rate.
    (i)    Defined Terms. For purposes of this Section 2(k), those Lenders that either have not made, or do not have an obligation under the Credit Agreement to make, the First Incremental Term Loans shall be excluded from any determination of Required Lenders.
    (ii)    Inability to Determine Rate.  If in connection with any request for a Daily SOFR Loan or a Term SOFR Loan or a conversion of Loans to Daily SOFR Loans or
CHAR1\1859914v5

Term SOFR Loans or a continuation of any of such Loans, in each case, as applicable, (A) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (x) no Successor Rate for Daily SOFR or Term SOFR, as applicable, has been determined in accordance with Section 2(k)(iii) or Section (k)(iv) and the circumstances under clause (x) of Section 2(k)(iii) or clause (x) of Section 2(k)(iv) or the applicable Scheduled Unavailability Date has occurred with respect to Daily SOFR or Term SOFR (as applicable), or (y) adequate and reasonable means do not otherwise exist for determining Daily SOFR or Term SOFR for any determination date(s), requested payment period or Interest Period, as applicable, with respect to a proposed Daily SOFR  Loan or Term SOFR Loan or in connection with an existing or proposed Base Rate Loan, or (B) the Administrative Agent or the Required Lenders determine that for any reason that Daily SOFR with respect to a proposed Loan for any requested determination date(s) or Term SOFR with respect to a proposed Loan for any Interest Period, as applicable, does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (1) the obligation of the First Incremental Term Loan Lenders to make or maintain Daily SOFR Loans or Term SOFR Loans, as applicable, or to convert Loans to Daily SOFR Loans or Term SOFR Loans, as applicable, shall be suspended in each case to the extent of the affected determination date(s), as applicable, and (2) in the event of a determination described in the preceding sentence with respect to the Daily SOFR component of the Base Rate, the utilization of the Daily SOFR component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (B) of this Section, until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, or conversion to Daily SOFR Loans or Term SOFR Loans, as applicable, or failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans of the amount specified therein if no election is made by the Borrower by the date that is three Business Days after receipt by the Borrower of such notice.
    (iii)    Replacement of Daily SOFR.  Notwithstanding anything to the contrary in this Agreement, the Credit Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:

(x)    adequate and reasonable means do not exist for ascertaining SOFR because none of the tenors of SOFR (including any forward-looking term rate thereof) are available or published on a current basis and such circumstances are unlikely to be temporary; or

(y)    the SOFR Administrator or any governmental authority having jurisdiction over the Administrative Agent or the SOFR Administrator has made a public statement identifying a specific date after which all tenors of SOFR (including any forward-looking term rate thereof) shall or will no longer be representative or made available, or used for determining the interest rate of loans denominated in Dollars, or shall or will otherwise cease, provided that, in each case, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide such
CHAR1\1859914v5

representative tenor(s) of SOFR (the latest date on which all tenors of SOFR (including any forward-looking term rate thereof) are no longer representative or available permanently or indefinitely, the “Daily SOFR Scheduled Unavailability Date”); or

(z)    syndicated loans currently being executed and agented in the United States, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace SOFR; 
or if any of the events or circumstances of the type described in clauses (x)-(z) above have occurred with respect to the Daily SOFR Successor Rate then in effect, then, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing SOFR or any then current Daily SOFR Successor Rate in accordance with this Section 2(k)(iii) with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar Dollar-denominated credit facilities syndicated and agented in the United States for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar Dollar-denominated credit facilities syndicated and agented in the United States for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated (and any such proposed rate, including for the avoidance of doubt, any adjustment thereto, a “Daily SOFR Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment.  
    (iv)    Replacement of Term SOFR.  Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:
(x)     adequate and reasonable means do not exist for ascertaining one month, three month and six month interest periods of Term SOFR, including, without limitation, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or
(y)     CME or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement identifying a specific date after which one month, three month and six month  interest periods of Term SOFR or the Term SOFR Screen Rate shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory to the
CHAR1\1859914v5

Administrative Agent, that will continue to provide such  interest periods of Term SOFR after such specific date (the latest date on which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the “Term SOFR Scheduled Unavailability Date” and collectively with the Daily SOFR Scheduled Unavailability Date, a “Scheduled Unavailability Date”);
then, on a date and time determined by the Administrative Agent (any such date, the “Term SOFR Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder and under any Loan Document with Daily SOFR plus the SOFR Adjustment for any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “Term SOFR Successor Rate).  
If the Term SOFR Successor Rate is Daily SOFR plus the SOFR Adjustment, all interest payments will be payable on a monthly basis.  
    Notwithstanding anything to the contrary herein, (A) if the Administrative Agent determines that Daily SOFR is not available on or prior to the Term SOFR Replacement Date, or (B) if the events or circumstances of the type described in Section 2(k)(iv)(x) or 2(k)(iv)(y) have occurred with respect to the Term SOFR Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing Term SOFR or any then current Term SOFR Successor Rate in accordance with this Section 2(k)(iv) at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and agented in the United States for such benchmark, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated.  For the avoidance of doubt, any such proposed rate and adjustments, shall constitute a “Term SOFR Successor Rate” (and collectively with the Daily SOFR Successor Rate, a “Successor Rate”).  Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment.
    (v)    Successor Rates Generally.  The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate.
    Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the
CHAR1\1859914v5

Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.
    Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Agreement and the other Loan Documents.
     In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.
(l)    Loan Notice. For purposes of an Extension of Credit or a conversion or continuation of a First Incremental Term Loan, the Borrower shall use the Loan Notice attached hereto as Exhibit A.
SECTION 3.    Amendments to Credit Agreement.  In connection with the First Incremental Term Loan, the Credit Agreement is hereby amended as follows:
(a)    Schedule 1.1(b) to the Credit Agreement is amended to include the information set forth on Schedule 1.1(b) attached hereto.
(b)    References to the Eurocurrency Rate and Eurocurrency Rate Loans in provisions of the Credit Agreement and the other Loan Documents that are not specifically addressed herein (other than the definitions of Eurocurrency Rate and Eurocurrency Rate Loan) shall be deemed to include Daily SOFR, Daily SOFR Loans, Term SOFR and Term SOFR Loans, as applicable.  In addition, references to the Eurocurrency Rate in the definition of Base Rate in the Credit Agreement shall be deemed to refer to Daily SOFR for purposes of the First Incremental Term Loans.
(c)    For purposes of Section 4.9 of the Credit Agreement, references to the Interest Period (as defined in the Credit Agreement) shall be deemed to include any relevant Interest Period for a Term SOFR Loan or interest payment date or payment period for a Daily SOFR Loan, as applicable.
SECTION 4.    Conditions Precedent. This Agreement shall become effective as of the date hereof upon satisfaction (or wavier) of each of the following conditions precedent:
(a)    receipt by the Administrative Agent of executed counterparts of this Agreement duly executed by the Borrower, each First Incremental Term Loan Lender, and the Administrative Agent;
(b)    the Administrative Agent shall have received from the Borrower an Officer’s Compliance Certificate, in form and substance reasonably satisfactory to the Administrative Agent, (i) demonstrating that, as of the First Incremental Effective Date and after giving effect to the First Incremental Term Loans, the Borrower will be in pro forma compliance with the financial covenants set forth in Section 9.1 and Section 9.2 of the Credit Agreement and (ii) certifying that
CHAR1\1859914v5

the conditions set forth in Sections 4(e), 4(f), 4(g) and 4(h) have been satisfied as of the First Incremental Effective Date;
(e)    no Default or Event of Default shall have occurred and be continuing as of the First Incremental Effective Date and immediately after giving effect to the making of the First Incremental Term Loans (and any simultaneous borrowing under the Revolving Credit Commitment);
(f)    the representations and warranties made by each Credit Party in the Credit Agreement and in the other Loan Documents shall be true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) on and as of the First Incremental Effective Date with the same effect as if made on and as of such date (other than those representations and warranties that by their terms speak as of a particular date, which representations and warranties shall be true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) as of such particular date);
(g)    the EverFi Acquisition shall have been consummated (or shall be consummated substantially concurrently with the closing and funding of the First Incremental Term Facility) in all material respects in accordance with the terms of the Acquisition Agreement, without giving effect to any amendments, consents or waivers thereto that are materially adverse to the First Incremental Term Loan Lenders, without the prior consent of the First Incremental Term Loan Lenders (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood that (i) any reduction in the purchase price of the EverFi Acquisition is not materially adverse to the interests of the First Incremental Term Loan Lenders so long as such reduction is applied to reduce, on a dollar for dollar basis, the $275,000,000 borrowing of Revolving Credit Loans to be made by the Borrower on the date hereof for purposes of consummating the EverFi Acquisition, (ii) any increase in the purchase price of the EverFi Acquisition is not materially adverse to the interests of the First Incremental Term Loan Lenders so long as such increase is not funded by indebtedness (other than borrowings under the Credit Agreement) of the Borrower and its subsidiaries and (iii) any amendment, consent or waiver to the definition of “Material Adverse Effect” is materially adverse to the interests of the First Incremental Term Loan Lenders);
(h)    since the date of the Acquisition Agreement, there has not been any Material Adverse Effect (as such term is defined, solely for purposes of this clause (h), in the Acquisition Agreement as in effect of the date hereof without giving effect to any amendment, consent or waiver to such definition without the approval of the First Incremental Term Loan Lenders, and all capitalized terms used in the definition of “Material Adverse Effect” shall have the same meanings as specified therefor in the Acquisition Agreement (as in effect on the date hereof));
(i)    receipt by the Administrative Agent of a solvency certificate, certifying as to the solvency of the Borrower and its Subsidiaries on a consolidated basis on the First Incremental Effective Date after giving effect to the EverFi Acquisition, the First Incremental Term Loans and any other transactions occurring on the First Incremental Effective Date, from the chief executive officer, the chief financial officer, treasurer or assistant treasurer (or another officer with equivalent duties) of the Borrower substantially in the form of Exhibit B attached hereto;
(j)    the First Incremental Term Loan Lenders shall have received (i) audited consolidated balance sheets of the Borrower and its subsidiaries and the related consolidated
CHAR1\1859914v5

statements of income, changes in shareholders’ equity and cash flows for the three (3) most recently completed fiscal years ended at least 90 days before the First Incremental Effective Date, (ii) audited consolidated balance sheets for the Target and its subsidiaries and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the two (2) most recently completed fiscal years ended at least 90 days before the First Incremental Effective Date, (iii) unaudited consolidated balance sheets of the Borrower and its subsidiaries and the related consolidated statements of income, changes in shareholders’ equity and cash flows for each fiscal quarter of the Borrower ended after the close of its most recently ended fiscal year and at least 45 days before the First Incremental Effective Date, (iv) unaudited consolidated balance sheets for the Target and its subsidiaries and the related consolidated statements of income, changes in shareholders’ equity and cash flows for each fiscal quarter ended after the close of the most recently ended fiscal year and at least 45 days before the First Incremental Effective Date, and (v) a pro forma consolidated balance sheet of the Borrower and its subsidiaries and the related consolidated statements of income, changes in shareholders’ equity and cash flows as of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 45 days prior to the First Incremental Effective Date, prepared after giving effect to the EverFi Acquisition and the incurrence of the First Incremental Term Loans on the First Incremental Effective Date as if the EverFi Acquisition and the incurrence of the First Incremental Term Loans had occurred at the beginning of such period (it being acknowledged that the First Incremental Term Loan Lenders have received all of the financials set forth in clauses (i), (ii), (iii) and (iv) of this clause (j).
(k)    receipt by the Administrative Agent of a certificate of a Responsible Officer of the Borrower certifying as to the incumbency and genuineness of the signature of each officer of the Borrower executing this Agreement and certifying that attached thereto is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation of the Borrower and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation or formation, (B) the bylaws or other governing document of the Borrower as in effect on the First Incremental Effective Date, (C) resolutions duly adopted by the board of directors or other governing body of the Borrower authorizing the transactions contemplated hereunder and the execution, delivery and performance of this Agreement.
(l)    receipt by the Administrative Agent of a certificate as of a recent date of the good standing of the Borrower under the laws of its jurisdiction of organization.
(m)    receipt by the Administrative Agent of favorable opinions of counsel to the Borrower addressed to the Administrative Agent and the Lenders with respect to the Borrower, this Agreement and such other matters as the Lenders shall request, each in form and substance reasonably satisfactory to the Administrative Agent.
(n)    the Borrower and each of the Guarantors shall have provided (a) the documentation and other information to the Administrative Agent that are required by regulatory authorities under applicable “know-your-customer” rules and regulations, including the Act, at least 3 business days prior to the First Incremental Effective Date to the extent reasonably requested in writing at least ten (10) business days prior to the First Incremental Effective Date and (b) if any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, to the extent reasonably requested by the Administrative Agent or any First Incremental Term Loan Lender at least ten (10) business days prior to the First Incremental Effective Date, a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
(o)    all indebtedness of the Target set forth on Schedule 2.4(d)(vi) of the Acquisition Agreement shall have been paid in full, all commitments thereunder shall have been terminated and all liens securing such indebtedness shall have been terminated and released (or shall so be
CHAR1\1859914v5

terminated and released substantially simultaneously with the funding of the First Incremental Term Loan Facility).
(p)    receipt by the Administrative Agent of a Loan Notice with respect to the First Incremental Term Loan in accordance with the requirements of the Credit Agreement and this Agreement; and
(q)    receipt by the Administrative Agent, the First Incremental Term Loan Lenders and their respective Affiliates of any fees separately agreed in writing with the Borrower and required to be paid on or before the First Incremental Effective Date.
For purposes of determining compliance with the conditions specified in this Section 4, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed First Incremental Effective Date specifying its objection thereto.
SECTION 5.    Expenses. All reasonable and documented out-of-pocket expenses incurred by the Administrative Agent (including the reasonable and documented fees and expenses of one primary counsel and, if necessary, one firm of local counsel in each relevant jurisdiction for the Administrative Agent) in connection with this Agreement and the transactions contemplated hereby shall have been paid. 
SECTION 6.    Agreement is a Loan Document. This Agreement is a Loan Document and all references to a “Loan Document” in the Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Credit Agreement and the other Loan Documents) shall be deemed to include this Agreement. 
SECTION 7.    No Other Changes.  Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and effect.
SECTION 8.    Electronic Execution; Electronic Records.  This Agreement may be in the form of an electronic record (in “.pdf” form or otherwise) and may be executed using electronic signatures, which shall be considered as originals and shall have the same legal effect, validity and enforceability as a paper record.  This Agreement may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts shall be one and the same Agreement.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed Agreement which has been converted into electronic form (such as scanned into “.pdf” format), or an electronically signed Agreement converted into another format, for transmission, delivery and/or retention.
SECTION 9.    Severability. Any provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
SECTION 10.    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. The terms of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.

CHAR1\1859914v5

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by a duly authorized officer as of the date first above written.
																								
								
	FIRST INCREMENTAL 
TERM LOAN LENDERS:
		BANK OF AMERICA, N.A.
	
					
					By:		/s/ Thomas M. Paulk	
					Name:	Thomas M. Paulk	
					Title:	Senior Vice President	
								
								

BLACKBAUD, INC.
FIRST INCREMENTAL TERM LOAN AGREEMENT

																								
								
			PNC BANK, NATIONAL ASSOCIATION

								
					By:		/s/ Brandon K Fiddler	
					Name:	Brandon K Fiddler	
					Title:	Senior Vice President	
								
								

BLACKBAUD, INC.
FIRST INCREMENTAL TERM LOAN AGREEMENT

																								
								
	BORROWERS:
		BLACKBAUD, INC.
	
								
					By:		/s/ Anthony W. Boor	
					Name:	Anthony W. Boor	
					Title:	Chief Financial Officer and Executive
Vice President
								
								

BLACKBAUD, INC.
FIRST INCREMENTAL TERM LOAN AGREEMENT

																								
								
	Accepted and Agreed:
		
								
	BANK OF AMERICA, N.A.,
as Administrative Agent
					
								
	By:		/s/ Liliana Claar					
	Name:	Liliana Claar					
	Title:	Vice President					
								
								

BLACKBAUD, INC.
FIRST INCREMENTAL TERM LOAN AGREEMENTDocument

EXHIBIT 10.2

REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of December 31, 2021 by and among Blackbaud, Inc., a Delaware corporation (“Parent”), EverFi, Inc., a Delaware corporation (the “Company”), TPG Eon, L.P., a Delaware limited partnership (together with its Affiliates, the “TPG Investor”), each other shareholder of the Company to which shares of Parent’s Common Stock, par value $0.001 per share(“Parent Common Stock”), are to be issued in the Merger (as defined below) that execute a counterpart signature page to this Agreement (including the TPG Investor, each, a “Shareholder”) and Eon Stockholder Representative, LLC (“Seller Representative”).  This Agreement shall become effective at, and is contingent upon, the Closing.
W I T N E S S E T H
WHEREAS, pursuant to that certain Merger Agreement (the “Merger Agreement”) dated as of December 30, 2021 by and among Parent, Project Montessori Acquisition, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), the Company and Seller Representative, pursuant to which Parent will acquire the Company through a merger of Merger Sub with and into the Company, pursuant to which the Company would be the surviving corporation, all on the terms and conditions set forth in the Merger Agreement (such transactions being referred to herein, collectively, as the “Merger”).
WHEREAS, as a condition and inducement to the willingness of the Company to enter into the Merger Agreement, the Company has required that Parent enter into this Agreement.
WHEREAS, in order to induce the Company to consummate the Merger and the other transactions contemplated by the Merger Agreement, Parent is willing to enter into this Agreement.
AGREEMENT
    NOW, THEREFORE, for valuable consideration, the receipt whereof is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1.    Definitions.  All capitalized terms that are used but not defined herein shall have the respective meanings ascribed to them in the Merger Agreement.  For all purposes of and under this Agreement, the following capitalized terms shall have the respective meanings below:
(a)    “Board” means the Board of Directors of Parent.
(b)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.
(c)    “Holder” means a Shareholder or a transferee of a Shareholder to whom registration rights granted under this Agreement are assigned pursuant to Section 6 hereof.
(d)    “Insider Trading Policy” means, with respect to any given date, Parent’s insider trading policy as in effect on such date.
(e)    “Minimum Threshold” means $50,000,000.
(f)    “Parent Common Stock Equivalents” means all options, warrants and other securities convertible into, or exchangeable or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which such securities may be
114626957_9
 275721594

subject), shares of Parent Common Stock (including any note or debt security convertible into or exchangeable for shares of Parent Common Stock).
(g)    “Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus.
(h)    “Registrable Securities” means, for each Holder, (i) the number of shares of Parent Common Stock issuable to such Holder in the Merger at the Closing pursuant to the Merger Agreement and (ii) any Parent Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the stock referenced in clause (i) above, and for all Holders, the sum of the Registrable Securities held by them as a group; provided, however, that shares of Parent Common Stock held by a particular Holder shall cease to be Registrable Securities (x) after a Prospectus or Prospectus supplement (a “Prospectus Supplement”) included in the Registration Statement with respect to the sale of such securities in clause (i) and (ii) above of such Holder shall has been filed under the Securities Act  and such securities shall have been disposed of in accordance with the Registration Statement (as defined herein) and with Section 2 hereof, or (y) at such time as such Holder is eligible to sell such securities under Rule 144 of the Securities Act in a single transaction without restricted legends without any limitation as to volume and manner of sale.
(i)    “SEC” means the United States Securities and Exchange Commission.
(j)    “Securities Act” means the Securities Act of 1933, as amended.
(k)    “Valid Business Reason” means (x) the Board has identified (A) a proposal or plan by Parent and/or any of its subsidiaries to engage in any acquisition or disposition of assets or stock, merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction or (B) an event affecting Parent and/or any of its subsidiaries (either (A) or (B), a “Disclosable Event”); (y) upon advice of counsel, the Board determines the sale of Registrable Securities pursuant to the registration statement would require disclosure of the Disclosable Event prior to the time it would otherwise be required or reasonably appropriate to be disclosed; and (z) Parent has a bona fide business purpose for preserving the confidentiality of such Disclosable Event.
2.    Registration of Offers and Sales of Registrable Securities.
(a)    As soon as reasonably practicable but no later than ten (10)  Business Days following the Closing (the “Filing Date”), Parent shall file with the SEC a registration statement (the “Registration Statement”) registering the resale of the Registrable Securities by the Holders on a delayed or continuous basis; provided, that any Holder may elect to be excluded from the Registration Statement upon a written notice delivered to Parent prior to the Filing Date; provided further, that in the case of such an election by any Holder, upon subsequent request by such Holder Parent shall promptly file a Prospectus Supplement identifying such Holder and the Registrable Securities proposed to be sold by such Holder under the Registration Statement. Parent shall use its commercially reasonable efforts to (A) file the Registration Statement as an automatic shelf registration on Form S-3ASR (an “ASR”) or (B), if Parent is not eligible to file an ASR at such time, have the Registration Statement declared effective as soon as practicable after the filing thereof and no later than the earlier of (x) the ninetieth (90th) calendar day following the Filing Date if the SEC notifies Parent that it will “review” the Registration Statement and (y) the second (2nd) business day after the date Parent is notified in writing by the SEC that such Registration Statement will not be “reviewed” or will not be subject to further review. If Parent is ineligible to use Form S-3 and the
2

114626957_9
 275721594 

Registration Statement is filed on Form S-1, Parent shall use commercially reasonable efforts to include on such Registration Statement all Registrable Securities and, as soon as reasonably practicable following each of (a) the effective date of each Registration Statement and (b) the filing date of any (i) annual report on Form 10-K or quarterly report on Form 10-Q, or (ii) any material change report on Form 8-K including information necessary for a reasonable investor to make an investment decision (either (i) or (ii), an “Intervening Report”), Parent shall use commercially reasonable efforts to file with the SEC a Prospectus Supplement to such Form S-1 covering the resale of all Registrable Securities and reflecting or incorporating the information contained in such Intervening Report and take all other actions necessary to effect the registration and sale of the Registrable Securities contemplated hereby.
(b)     Parent’s obligation to include the Registrable Securities of each applicable Holder in any Registration Statement (or any amendment thereto or Prospectus Supplement) shall be expressly conditioned upon Parent’s prior receipt of all information and materials regarding such Holder reasonably requested by Parent at least three (3) Business Days prior to the filing of such Registration Statement (or amendment or Prospectus Supplement), and the taking of all action required to be taken by such Holder under applicable Law in order to permit Parent to comply with all applicable requirements of the Securities Act and the Exchange Act in connection with the registration of the Registrable Securities of such Holder under the Securities Act (for the avoidance of doubt, no failure by any Holder to provide such information hereunder shall negate the Parent’s obligation to file a Registration Statement pursuant to Section 2(a)). The form prospectus included in the Registration Statement shall include a section entitled “Plan of Distribution” in a form reasonably acceptable to the Company and the Holders identified in the Registration Statement. 
(c)    Parent shall use its commercially reasonable efforts to: (i) to keep each Registration Statement effective with respect to the Registrable Securities until the earlier to occur of (A) the date on which all Registrable Securities included in the Prospectus Supplement have been sold or (B) the twelve-month anniversary of the Closing; (ii) prepare and file with the SEC such amendments to each Registration Statement and Prospectus Supplements in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the sale or other disposition of all Registrable Securities included in such Registration Statement; (iii) furnish to each Holder such number of copies of any Prospectus (including any preliminary Prospectus and any Prospectus Supplement) in conformity with the requirements of the Securities Act as each Holder may reasonably request in order to effect the offering and sale of the Registrable Securities to be offered and sold by such Holder thereunder; (iv) register or qualify the Registrable Securities covered by each Registration Statement under the securities or blue sky laws of such jurisdictions as each Holder shall reasonably request; provided, however, that Parent shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such jurisdiction where it has not been qualified or is not otherwise subject to a general consent for service of process); (v) in the event of the issuance of any stop order suspending the effectiveness of any Registration Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction, obtain promptly the withdrawal of such order; (vi) list all Registrable Securities included in each Registration Statement on the Nasdaq Global Select Market; (vii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities from and after the effective date of the Registration Statement; (viii) cooperate, and cause its counsel and transfer agent to cooperate (including, in the case of counsel, by delivering customary legal opinions), with the Holders to facilitate the removal of any restrictive legends on the Registrable Securities and effectuate subsequent transfers therefore in the manner requested by the Holders; (ix) enter into and perform such customary agreements (including an underwriting agreement in customary form, including customary representations and warranties and provisions with respect to indemnification and contribution) and take
3

114626957_9
 275721594 

all such other actions as Seller Representative or the underwriters, if any, reasonably requests in order to expedite any Underwritten Offering (as defined below); and (x) permit Seller Representative and its counsel, any underwriter participating in any Underwritten Offering, and any other attorney retained by Seller Representative or such underwriter, to participate in the preparation of the Registration Statement and any Prospectus or Prospectus Supplement relating to any Underwritten Offering (including, but not limited to, reviewing and commenting thereon). 
(d)    Subject to Section 3(a), any Holder or group of Holders proposing to sell Registrable Securities having a market value, in the aggregate, of at least the Minimum Threshold (the “Shelf Underwriting Initiating Holders”) may elect at any time to sell all or any part of its Registrable Securities pursuant to an underwritten offering pursuant to the Registration Statement (an “Underwritten Offering”) by delivering a written request therefor to Parent specifying the number of Registrable Securities to be included in such Underwritten Offering and the intended method of distribution thereof. The Shelf Underwriting Initiating Holders shall make such election by delivering to Parent a written request (a “Shelf Underwriting Request”) specifying the number of Registrable Securities that the such Holders desire to sell pursuant to such Underwritten Offering.  As promptly as practicable, but no later than two (2) Business Days after receipt of a Shelf Underwriting Request, Parent shall give written notice (the “Shelf Underwriting Notice”) of such Shelf Underwriting Request to the Holders of record of other Registrable Securities registered on such Registration Statement (“Shelf Registrable Securities”). Parent, subject to Sections 4 and 9, shall include in such Underwritten Offering (x) the Registrable Securities of the Shelf Underwriting Initiating Holders and (y) the Shelf Registrable Securities of any other Holder that shall have made a written request to Parent for inclusion in such Underwritten Offering (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within two (2) Business Days after the receipt of the Shelf Underwriting Notice. Parent shall, as expeditiously as possible (and in any event within five (5) Business Days after the receipt of a Shelf Underwriting Request) use its commercially reasonable efforts to effect such Underwritten Offering. Parent shall, at the request of any Shelf Underwriting Initiating Holder or any other Holder of Shelf Registrable Securities, file any Prospectus Supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration statement, any required post-effective amendment and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Shelf Underwriting Initiating Holders or any other Holder of Shelf Registrable Securities to effect such Underwritten Offering. Notwithstanding anything to the contrary in this Section 2(d), each Underwritten Offering must include, in the aggregate, Registrable Securities having an aggregate market value of at least the Minimum Threshold (based on the Registrable Securities included in such Shelf Underwriting by all Participating Holders). In connection with any Underwritten Offering (including any Underwritten Block Trade, as defined below), the Shelf Underwriting Initiating Holders shall have the right to designate the lead managing underwriter and each other managing underwriter in connection with any such Underwritten Offering or Underwritten Block Trade; provided, that in any circumstance where the TPG Investor is the Shelf Underwriting Initiating Holder, the TPG Investor shall have the right to designate the lead managing underwriter and each other managing underwriter in connection with such Underwritten Offering. Notwithstanding the foregoing, (A) if the TPG Investor is the Shelf Underwriting Initiating Holder and wishes to engage in an underwritten block trade or similar transaction or other transaction with a 2-day or less marketing period (collectively, “Underwritten Block Trade”) off of a Registration Statement, then notwithstanding the foregoing time periods, the TPG Investor only needs to notify Parent of the Underwritten Block Trade two (2) Business Days prior to the day such offering is to commence and the Holders of record of other Registrable Securities shall not be entitled to notice of such Underwritten Block Trade and shall not be entitled to participate in such Underwritten Block Trade, (B) Parent will not be required to undertake more than one Underwritten Offering at the request of the Holders pursuant to this Agreement, not including Underwritten Block Trades,
4

114626957_9
 275721594 

and (C) no Additional Piggyback Rights (as defined below) shall be granted to any other Person with respect to any Underwritten Block Trade. 
(e)    In connection with each Underwritten Offering or Underwritten Block Trade and for a reasonable period of time prior to such Underwritten Offering or Underwritten Block Trade, Parent shall make available for inspection by the Seller Representative and its counsel, any underwriter participating in the Underwritten Offering or Underwritten Block Trade, and any attorney, accountant, or other agent retained by the Seller Representative or underwriter, all financial and other records and pertinent corporate documents of Parent that would be customarily provided as part of a “due diligence” review of Parent as part of the underwritten offering, and cause Parent’s officers, directors, employees, and independent accounts to supply all information and participate in any due diligence sessions reasonably requested by Seller Representative and its counsel, any underwriter participating in such Underwritten Offering or Underwritten Block Trade, and any attorney, accountant or other agent retained by Seller Representative or underwriter in connection with such Underwritten Offering or Underwritten Block Trade, provide that recipients of such financial and other records and pertinent corporate documents agree in writing to keep the confidentiality thereof pursuant to a written agreement reasonably acceptable to Parent and the applicable underwriter (which shall contain customary exceptions thereto). Parent shall also obtain and furnish to the underwriters in such Underwritten Offering or Underwritten Block Trade, with copies to Seller Representative if requested, a signed counterpart of (A) a customary cold comfort and bring down letter from Parent’s independent registered public accounting firm in reasonably acceptable form, (B) a legal opinion of counsel to Parent addressed to such underwriters in reasonably acceptable form and covering such matters of the type customarily covered by such letters, (C) a negative assurances letter of counsel to Parent in reasonably acceptable form and covering such matters of the type customarily covered by such letters, (D) customary certificates executed by authorized officers of the Parent as may be requested by Seller Representative or the managing underwriters, and (E) to the extent the managing underwriters advise that the same is reasonably required for the success of the Underwritten Offering, an agreement of such officers of Parent as are requested by the managing underwriter not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144, any Parent Common Stock or Parent Common Stock Equivalents (other than as part of such underwritten public offering) during the time period reasonably requested by such lead managing underwriter, not to exceed the period from two (2) days prior to the pricing date of such offering until forty-five (45) days after the pricing date of such offering or such shorter period as such managing underwriter, Parent, or any executive officer or director of Parent shall agree, and provided, that any such agreement will include customary carve-outs for, among other things, sales pursuant 10b5-1 trading plans, sales to cover any taxes incurred in connection with the vesting of equity compensation awards and a reasonable allowance for “open-window” sales by management to be agreed. Parent shall also (x) cooperate with the managing underwriter participating in such Underwritten Offering or Underwritten Block Trade and underwriters’ counsel in connection with any filings required to be made with FINRA, including using commercially reasonably efforts to obtain FINRA’s pre-clearance and pre-approval of the Registration statement and applicable Prospectus with the SEC, if necessary and (y) if requested by Seller Representative or the managing underwriters participating in such Underwritten Offering or Underwritten Block Trade, promptly include in a Prospectus Supplement or amendment such information as the Seller Representative or such managing underwriters may reasonably request, including in order to permit the intended method of distribution of such securities, and make all required filings of such Prospectus Supplement or amendment as soon as reasonably practicable after parent has received such request. 
(f)     In the event of the issuance of threatened issuance of any strop order suspending the effectiveness of the Registration Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any security included in the Registration Statement for sale
5

114626957_9
 275721594 

in any jurisdiction, Parent shall use its commercially reasonable efforts to promptly (A) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (B) obtain the withdrawal of any such order suspending or preventing the use of any related Prospectus or suspending qualification of any Registrable Securities included in the Registration Statement for sale in any jurisdiction at the earliest practicable date; provided, that such efforts shall not require Parent to make any disclosure for which Parent has a Valid Business Reason (as defined below) not to make.
(g)    Furthermore, to the extent the managing underwriters advise that the same is reasonably required for the success of the Underwritten Offering, at the request of the managing underwriters of any Underwritten Offering or Underwritten Block Trade, Parent will agree not to effect any public sale or public distribution of its Equity Securities, or any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form S-8 or S-4 under the Securities Act), during the period beginning two (2) days before the date of pricing of the Underwritten Offering or Underwritten Block Trade and ending forty-five (45) days thereafter, or such shorter period as such managing underwriter and Parent shall agree.
3.    Postponement; Suspension of Offers and Sales of Registrable Securities Under Registration Statement.  
(a)    Notwithstanding anything to the contrary in Section 2, if Parent has a Valid Business Reason, Parent may postpone filing a Registration Statement or filing a Prospectus Supplement pursuant to Section 2(d) relating to a Shelf Underwriting Request until two (2) Business Days after such Valid Business Reason no longer exists (such period of postponement or withdrawal under this clause, a “Postponement Period”); provided, however, that, except to the extent Parent is prohibit by law, or otherwise requested by a government authority to refrain, from disclosing the Disclosable Event, Parent may not be permitted to have more than two (2)  Postponement Periods, not to exceed sixty (60) days in each Postponement Period, during any twelve (12) month period. Parent shall give written notice to the Shelf Underwriting Initiating Holders of its determination to postpone the related Underwritten Offering or Underwritten Block Trade and of the fact that a Valid Business Reason for such postponement no longer exists, in each case, promptly after the occurrence thereof.
(b)    At any time from and after the effective date of the Registration Statement, Parent may restrict offers and sales or other dispositions of Registrable Securities under the Registration Statement, and a Holder will not be able to offer or sell or otherwise dispose of Registrable Securities thereunder, by delivering a written notice (a “Suspension Notice”) to all Holders of Registrable Securities (such delivery shall be made to such Holder’s address set forth opposite each such Holder’s name on its or his or her signature page hereto) stating that a delay in the offer and sale or other disposition of Registrable Securities is necessary because of a Valid Business Reason; provided, however, that, except to the extent Parent is prohibit by law, or otherwise requested by a government authority to refrain, from disclosing the Disclosable Event, Parent may not suspend offers and sales or other dispositions of Registrable Securities pursuant to this Section 3 more than two (2) times, not to exceed sixty (60) days in each suspension, during any twelve (12) month period.  Promptly following the cessation or discontinuance of the facts and circumstances forming the basis for any Suspension Notice, Parent shall use its commercially reasonable efforts to amend the Registration Statement and/or amend or supplement the related Prospectus included therein to the extent necessary, and take all other actions reasonably necessary, to allow the offer and sale or other disposition of Registrable Securities to recommence as promptly as possible, and promptly notify all Holders of Registrable Securities in writing when such offers and sales or other dispositions of Registrable Securities under the Registration Statement may recommence.  Upon receipt of a Suspension Notice, Holders shall immediately suspend their use of the Registration Statement and any Prospectus or
6

114626957_9
 275721594 

Prospectus Supplement included therein or forming a part thereof to offer and sell or otherwise dispose of Registrable Securities, and shall not offer or sell or otherwise dispose of Registrable Securities under the Registration Statement or any Prospectus or Prospectus Supplement included therein or forming a part thereof until receipt of a notice from Parent pursuant to the preceding sentence that offers and sales or other dispositions of Registrable Securities may recommence.  Holders shall keep the fact that Parent has delivered a Suspension Notice and any non-public information provided by Parent in connection therewith confidential, shall not disclose or reveal the Suspension Notice or any such information to any person or entity and shall not use such information for securities trading or any other purpose.
(c)    From and after the first anniversary of the date hereof, aside from any Underwritten Offering as may be requested by the TPG Investor, the Holders may no longer dispose of Registrable Securities under any Registration filed pursuant to or in connection with this Agreement.
4.    Allocation of Securities included in Underwritten Offering.  
(a)    If the lead managing underwriter of any requested Underwritten Offering or Underwritten Block Trade shall advise Parent in good faith that, in its view, the number of securities requested to be included in such underwritten offering by the Holders of Registrable Securities, Parent or any other Persons exercising contractual registration rights (“Additional Piggyback Rights”)  exceeds the largest number of securities (the “Sale Number”) that can be sold in an orderly manner in such underwritten offering within a price range acceptable to the majority of Holders, Parent shall include in such underwritten offering:
(i)    first, all Registrable Securities requested to be included in such underwritten offering by the Holders thereof; provided, however, that if the number of such Registrable Securities exceeds the Sale Number, the number of such Registrable Securities (not to exceed the Sale Number) to be included in such underwritten offering shall be allocated on a pro rata basis among all Holders requesting that Registrable Securities be included in such underwritten offering, based on the number of Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate number of Registrable Securities owned by all Holders requesting inclusion; and
(ii)    second, to the extent that the number of Registrable Securities to be included pursuant to clause (i) of this Section 4 is less than the Sale Number, any securities that Parent proposes to register for its own account, up to the Sale Number; and (iii) 
(iii)    third, to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 4 is less than the Sale Number, the remaining securities to be included in such underwritten offering shall be allocated on a pro rata basis among all Persons other than Holders requesting that securities be included in such underwritten offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback Shares”), based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Sale Number.
(b)    If, as a result of the proration provisions set forth in clause (a) of this Section 4, any Holder shall not be entitled to include all Registrable Securities in an underwritten offering that such Holder has requested be included, such Holder may elect to withdraw such Holder’s request to include Registrable Securities in the registration to which such underwritten offering relates or may reduce the number requested to be included; provided, however, that (x) such request must be made in writing prior to the earlier of such Holder’s execution of the underwriting agreement or such Holder’s execution of the custody
7

114626957_9
 275721594 

agreement with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction, such Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced.
5.    Reserved.
6.    Fees and Expenses.  All of the out-of-pocket expenses incurred in connection with any registration of Registrable Securities pursuant to this Agreement, including all SEC fees, blue sky registration and filing fees, Nasdaq notices and filing fees, printing fees and expenses, transfer agents’ and registrars’ fees and expenses, and all reasonable fees and expenses of Parent’s outside counsel and independent accountants shall be paid by Parent.  Parent shall not be responsible for any legal fees for any Holder or any selling expenses of any Holder (including any broker’s fees or commissions).  
7.    Indemnification.
(a)    Parent shall indemnify and hold harmless each Holder, and each of its directors, officers and employees and other agents and representatives, and each person controlling such Holder within the meaning of Section 15 of the Securities Act (each, a “Seller Indemnified Party”), with respect to which registration, qualification or compliance has been effected pursuant to this Agreement, from and against all losses, damages and liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, the Prospectus forming a part thereof or included therein, the Prospectus Supplement and any amendment or other supplement thereto, incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by Parent of any rule or regulation promulgated under the Securities Act or state securities laws applicable to Parent in connection with any such registration, qualification or compliance, and shall reimburse each Seller Indemnified Party for any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any lawsuit, claim or action relating thereto; provided, however, that Parent shall not be required to indemnify, or otherwise be liable to, any Seller Indemnified Party to the extent that any such loss, damage, liability or expense arises out of, or is based on, (i) any untrue statement or omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information furnished by or on behalf of any Seller Indemnified Party to Parent specifically for use therein, or (ii) the failure of any Seller Indemnified Party to comply with its covenants and agreements hereunder.
(b)    If Registrable Securities held by a Holder are included in the securities as to which such registration, qualification or compliance is being effected, such Holder shall indemnify and hold harmless Parent, each of its directors, officers, employees and other agents and representatives, each person controlling Parent within the meaning of Section 15 of the Securities Act, as well as each other Holder, each such Holder’s directors, officers, employees and other agents and representatives, and each person controlling each such other Holders within the meaning of Section 15 of the Securities Act (each a “Parent Indemnified Party”), from and against all losses, damages and liabilities (or actions in respect thereof) arising out of, or based on, any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, the Prospectus forming a part thereof or included therein, the Prospectus Supplement and any amendment or other supplement thereto, incident to any such registration, qualification or compliance, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by such Holder of any
8

114626957_9
 275721594 

rule or regulation promulgated under the Securities Act or state securities laws applicable to such Holder in connection with any such registration, qualification or compliance, and shall reimburse each Parent Indemnified Party for any legal or any other expenses reasonably incurred in connection with investigating or defending any such lawsuit, claim or action relating thereto, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished by such Holder to Parent specifically for use therein; provided, however, that (i) the indemnity contained herein is limited in all respects to statements or omissions made in reliance upon and in conformity with such Holder information, (ii) the total amount to be indemnified by the such Holder pursuant to Section 2 shall be limited to the net proceeds (after deducting underwriting discounts and commissions) received by such Holder in the offering to which the Registration Statement or Prospectus relates, and (ii) such Holder shall not be liable in any case to the extent prior to the filing of the Registration Statement, or any amendment thereof or supplement thereto, Seller Representative or any Holder that has furnished in writing to Parent, information expressly for sue in, and within a reasonable period of time prior to the effectiveness of the Registration Statement, or any amendment or supplement thereto which corrected or made not misleading information previously provided to Parent.
(c)    Each party entitled to indemnification under this Section 5 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has written notice of any lawsuit, claim or action as to which indemnity may be sought hereunder, and shall permit the Indemnifying Party to assume the defense of any such lawsuit, claim or action (each an “Action”); provided, however, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld, delayed or conditioned), and the Indemnified Party may participate in such defense at such party’s expense, provided, further, that the Indemnified Party shall have the right to employ separate counsel in any Action, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, and provided further, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement except to the extent, but only to the extent, that the Indemnifying Party’s ability to defend against such claim or litigation is materially and adversely impacted by the failure to give such notice.  No Indemnifying Party, in the defense of any such lawsuit, claim or action shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified Party of a release from all liability in respect to such lawsuit, claim or action. 
(d)    If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that (i) no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 7(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The relative fault of the Indemnifying Party and the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
9

114626957_9
 275721594 

information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
(e)    The obligations of Parent and each Holder under this Section 5 shall survive the completion of any offering and sale or other disposition of Registrable Securities in the Prospectus Supplement filed with the SEC pursuant to this Agreement.
8.    Limitation on Assignment of Registration Rights.  The registration rights of a Holder under this Agreement with respect to any Registrable Securities may not be transferred without the consent of Parent, except in the case of a transfer of Registrable Securities by Holders to their affiliates, limited partners or equity holders. 
9.    Information by Holder.  Any Holder of Registrable Securities to be included in the Registration Statement shall (a) furnish to Parent such information regarding such Holder, the Registrable Securities held by such Holder and the offer and sale or other distribution proposed by such Holder as Parent may request and as shall be required in connection with any registration, qualification or compliance contemplated by this Agreement, and (b) provide any underwriters participating in the distribution of such securities such information as the underwriters may request and execute and deliver any agreements, certificates or other documents as the underwriters may request.  At such time as each holder of Registrable Securities no longer holds any Registrable Securities, such holder of Registrable Securities shall promptly notify Parent of such fact.
10.    Reports Under Exchange Act.  In furtherance of its obligations under Section 2(c) of this Agreement, from and after the date hereof and continuing until the first anniversary hereof, Parent shall file in a timely manner all reports required to be filed by it under the Securities Act and the Exchange Act; provided, however, that Parent’s obligations to take such further action as any Holder may reasonably request, from time to time shall survive the first anniversary hereof, including (i) instructing the transfer agent for the Registrable Securities to remove restrictive legends from any Registrable Securities sold pursuant to Rule 144 (to the extent such removal is permitted under Rule 144 and other applicable law), and (ii) cooperating with the Holder of such Registrable Securities to facilitate the transfer of such securities through the facilities of The Depository Trust Company, in such amounts and credited to such accounts as such Holder may request (or, if applicable, the preparation and delivery of certificates representing such securities, in such denominations and registered in such names as such Holder may request), all to the extent required to enable the Holders to sell Registrable Securities pursuant to Rule 144. Upon request, Parent shall deliver to any Holder a written statement as to whether it has complied with such requirements.
11.    Reserved.
12.    Notices. Any notice or other communication required or permitted to be delivered to any party under this Agreement shall be made and given in compliance with the provisions of Section 10.6 of the Merger Agreement and, if to a Holder, to such Holder’s address set forth opposite each such Holder’s name on its or his or her signature page hereto.
13.    Amendments.  This Agreement may be amended at any time by execution of an instrument in writing signed by Parent, the TPG Investor (so long as TPG Holder holds at least 25% of the Registrable Securities received by it in the Merger”) and the Holders of at least a majority of the Registrable Securities from time to time outstanding.
10

114626957_9
 275721594 

 14.    Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware (including its statute of limitations), without giving effect to any choice or conflict of law principles or rules that would cause the application of the Laws of any other jurisdiction.
15.    Exclusive Jurisdiction.  Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware in connection with any matter based upon or arising out of this Agreement and the other transactions contemplated by this Agreement or any other matters contemplated herein (or, only if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware, or, if no federal court in the State of Delaware accepts jurisdiction, any state court within the State of Delaware).  Each party agrees not to commence any legal proceedings related hereto except in such Court of Chancery (or, only if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, in any federal court within the State of Delaware, or, if no federal court in the State of Delaware accepts jurisdiction, in any state court within the State of Delaware).  By execution and delivery of this Agreement, each party hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and to the appellate courts therefrom solely for the purposes of disputes arising under the this Agreement and not as a general submission to such jurisdiction or with respect to any other dispute, matter or claim whatsoever.  The parties hereto irrevocably consent to the service of process out of any of the aforementioned courts in any such action or proceeding by the delivery of copies thereof by overnight courier to the address for such party to which notices are deliverable hereunder.  Any such service of process shall be effective upon delivery.  Nothing herein shall affect the right to serve process in any other manner permitted by applicable law.  The parties hereto hereby waive any right to stay or dismiss any action or proceeding under or in connection with this Agreement brought before the foregoing courts on the basis of (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, or that it or any of its property is immune from the above-described legal process, (b) that such action or proceeding is brought in an inconvenient forum, that venue for the action or proceeding is improper or that this Agreement may not be enforced in or by such courts, or (c) any other defense that would hinder or delay the levy, execution or collection of any amount to which any party hereto is entitled pursuant to any final judgment of any court having jurisdiction.
16.    Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.
17.    Successors and Assigns.  Subject to the provisions of Section 6, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto.
18.    Counterparts.  This Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute one and the same agreement.  The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission in .PDF format, by facsimile or by other agreed format shall be sufficient to bind the parties to the terms and conditions of this Agreement. Minor variations in the form of the signature page, including footers from earlier versions of this Agreement, shall be disregarded in determining the party’s intent or the effectiveness of such signature.
11

114626957_9
 275721594 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																								
								
			BLACKBAUD, INC.

								
					By:		/s/ Michael P. Gianoni	
					Name:	Michael P. Gianoni	
					Title:	President and Chief Executive Officer
								
								

																								
								
			EVERFI, INC.

								
					By:		/s/ Thomas Davidson	
					Name:	Thomas Davidson	
					Title:	Chief Executive Officer
								
								

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																								
								
					SELLER REPRESENTATIVE
								
			EON STOCKHOLDER
REPRESENTATIVE, LLC
								
					By:		/s/ Michael LaGatta	
					Name:	Michael LaGatta	
					Title:	Vice President
								
								

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					THE TPG INVESTOR
									
			TPG EON, L.P.
									
					By: TPG Eon GP, LLC
its general partner
									
					By:		/s/ Michael LaGatta	
					Name:	Michael LaGatta	
					Title:	Vice President	
									
					Address:		
									

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Thomas M. Davidson, Jr. and Elissa
Davidson, Tenants by the Entirety
									
					By:		/s/ Thomas Davidson	
					Name:	Thomas Davidson	
					Title:	CEO	
									
					Address:	4720 Dexter St NW	
					Washington, DC	
					20007	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Spyglass Hill Partners LLC
									
					By:		/s/ Rick Whealen	
					Name:	Rick Whealen	
					Title:	Manager	
									
					Address:		
						
						

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			JS DM Family LLC
									
					By:		/s/ Scott Plank	
					Name:	Scott Plank	
					Title:	Mr	
									
					Address:	900 e fort ave	
					Baltimore, Md 21230	
						

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
					By:		/s/ Scott Plank	
					Name:	Scott Plank	
									
					Address:	900 e fort ave	
					Baltimore, Md 21230	
						

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			KC EverFi, LLC
					By:	Craft Capital, LLC	
									
					By:		/s/ Mark Fiddes	
					Name:	Mark Fiddes	
					Title:	Managing member	
									
					Address:	1717 S Boulder Ave	
					Suite 400	
					Tulsa, OK 74119	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Weston Canlas Davidson 2015 Irrevocable
Trust
									
					By:		/s/ Edward Schiff	
					Name:	Edward Schiff	
					Title:	Trustee	
									
					Address:	Edward F. Schiff	
					2099 Pennsylvania Ave. NW	
					Washington, DC 20005	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			John Marshall Davidson 2015 Irrevocable
Trust
									
					By:		/s/ Edward Schiff	
					Name:	Edward Schiff	
					Title:	Trustee	
									
					Address:	Edward F. Schiff	
					2099 Pennsylvania Ave., NW	
					Washington, DC 20006	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Wagner Katherine Davidson 2015
Irrevocable Trust
									
					By:		/s/ Edward Schiff	
					Name:	Edward Schiff	
					Title:	Trustee	
									
					Address:	Edward F. Schiff	
					2099 Pennsylvania Ave., NW	
					Washington, DC 20006	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Garrison Marshall Davidson 2015
Irrevocable Trust
									
					By:		/s/ Edward Schiff	
					Name:	Edward Schiff	
					Title:	Trustee	
									
					Address:	Edward F. Schiff
Trustee	
					2099 Pennsylvania Ave., NW	
					Washington, DC 20006	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Keeneland Capital
									
					By:		/s/ Wellford Tabor	
					Name:	Wellford Tabor	
					Title:	Managing Member	
									
					Address:	2820 Selwyn Ave; Suite 550	
					Charlotte, NC 28209	
						

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Pocovest I, LLC
									
					By:		/s/ Michael Walden	
					Name:	Michael Walden	
					Title:	Partner	
									
					Address:	707 Westchester Avenue	
					Suite 401	
					White Plains, NY 10604	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			EVF Associates I, LLC
									
					By:		/s/ Michael Walden	
					Name:	Michael Walden	
					Title:	Partner	
									
					Address:	707 Westchester Avenue	
					Suite 401	
					White Plains, NY 10604	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Rethink Education, L.P.
									
					By:		/s/ Michael Walden	
					Name:	Michael Walden	
					Title:	Partner	
									
					Address:	707 Westchester Avenue	
					Suite 401	
					White Plains, NY 10604	

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Rethink Impact, LP
									
					By: Rethink Impact GP, LP
its general partner
									
					By: Rethink Impact GP, LLC
its general partner
									
					By:		/s/ Jenny Abramson	
					Name:	Jenny Abramson	
					Title:	Founder & Managing Partner	
									
					Address:	Founder & Managing Partner	
					Rethink Impact	
						

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			WCP Holdings IV, L.P.
									
					By:		/s/ T Miller	
					Name:	T Miller	
					Title:	Manager	
									
					Address:	400 Park Avenue	
					New York, NY 10016	
						

[Signature page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

																											
									
					SHAREHOLDER
									
			Jeffrey Weiner
									
					By:		/s/ Jeffrey Weiner	
							
							
									
					Address:	1259 El Camino Rea #421	
					Menlo Park, CA 94025	
						

[Signature page to Registration Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]