Document:

exv10w43

Exhibit 10.43

GOVERNANCE AND OPERATIONS AGREEMENT

          THIS GOVERNANCE AND OPERATIONS AGREEMENT (the “Agreement”), dated as of February 3,
2010 and effective as of February 3, 2010, is made by and among RSM MCGLADREY, INC
(“RSMM”), a Delaware corporation and indirect wholly-owned subsidiary of H&R BLOCK, INC.
(“HRB”), a Missouri corporation, MCGLADREY & PULLEN, LLP (“M&P”), an Iowa limited
liability partnership, and HRB.

RECITALS

          WHEREAS, M&P, RSMM, HRB and certain other persons and entities are parties to the Asset
Purchase Agreement, dated as of June 28, 1999 (the “Purchase Agreement”), pursuant to
which, among other things, RSMM purchased certain assets of M&P;

          WHEREAS, RSMM and M&P previously made certain agreements regarding the respective business
operations of RSMM and M&P in an Operations Agreement dated August 2, 1999 (the “Original
Agreement”);

          WHEREAS, RSMM has performed certain administrative services under an Administrative Services
Agreement dated January 30, 2006 (the “2006 ASA”);

          WHEREAS, on July 21, 2009, M&P provided notice to RSMM of its intent to terminate the 2006
ASA, and on September 15, 2009, RSMM provided notice to M&P of its intent to terminate the 2006 ASA
(together, the “Termination Notices”);

          WHEREAS, in connection with the Termination Notices issued by M&P and RSMM, the parties hereto
arbitrated the applicability and enforceability of the covenants contained in Section 13 of the
Original Agreement (the “Arbitration Proceeding”);

          WHEREAS, on November 24, 2009, the arbitration panel in the Arbitration Proceeding issued a
final award (the “Final Award”) with respect to the matters in dispute;

          WHEREAS, following the issuance of the Final Award, the parties negotiated and agreed to a
letter of intent to modify various aspects of the current alternative practice structure
arrangements between the parties;

          WHEREAS, as contemplated in the letter of intent, the parties have agreed to modify certain
agreements with respect to the rights and obligations of the parties set forth in the 2006 ASA by
amending and restating the 2006 ASA in its entirety on the terms and conditions set forth in an
Amended and Restated Administrative Services Agreement, dated as of even date herewith (the
“Administrative Services Agreement”);

          WHEREAS, the parties have decided to terminate the Original Agreement as of the date hereof
and execute this Agreement in its place;

          WHEREAS, concurrently with the entry into this Agreement, and in consideration of the premises
and the mutual covenants hereinafter set forth and in the

 

 

Administrative Services Agreement, M&P and RSMM have each withdrawn their respective
Termination Notices; and

          WHEREAS, the parties desire to set forth certain understandings and agreements regarding the
respective business operations of RSMM and M&P as set forth herein.

AGREEMENT

          NOW, THEREFORE, in consideration of the mutual premises and the covenants herein contained,
the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

          1. Structure and Governance. The organizational structure, governance framework and
financial and business arrangements constituting the alternative practice structure between RSMM
and M&P (the “APS”) in effect as of the date hereof will remain so in effect, subject to
the prompt (and no later than May 1, 2010 unless otherwise specified) implementation by the parties
of the measures set forth in this Section 1.

          (a) RSMM and M&P. Effective as of May 1, 2010:

          (i) strategic plans, operating budgets and profit plans related to the APS will
require both the approval of the Board of Directors of M&P (the “M&P Board”)
and the Board of Directors of RSMM (the “RSMM Board”), and each party shall
be responsible for its own operating plan and budget;

          (ii) compensation and evaluation of the M&P Managing Partner will be the sole
responsibility of the M&P Board, which will solicit input from RSMM’s senior
executive(s);

          (iii) monitoring of the Administrative Services Agreement will be the
responsibility of RSMM’s senior management and the M&P Board; and

          (iv) the President of RSMM and the CEO and CFO of HRB will meet with the M&P
Board at least once per fiscal year to review the status of the APS.

          (v) both parties will advise the other, in a timely manner, and to the extent
possible, without causing a waiver of any privilege, of significant unplanned
expenditures, including, without limitation, legal costs and settlements.

          (b) M&P. In addition:

          (i) Although the governance and management of M&P is M&P’s sole responsibility,
the M&P Board recognizes the interest of RSMM in good governance and management of
M&P in connection with the APS and the M&P Board intends to evaluate the governance
and management processes of M&P.

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          (ii) By June 30, 2010, the M&P Board intends to schedule a vote of the partners
of M&P (the “M&P Partners”) and recommend for approval by the M&P Partners
changes to the M&P Partnership Agreement that the M&P Board considers necessary for
the governance and management at M&P to be consistent with modern governance and
management practices in large accounting firms. In its evaluation process, the M&P
Board will review information about current governance and management practices in
the accounting profession, including information from other firms and relevant
experts. The M&P Board will also solicit and consider the suggestions of the M&P
Partners and RSMM.

          (iii) As part of the process described in paragraph (ii) above, the M&P Board
commits to taking certain key governance enhancement provisions to the M&P Partners
for their vote. One such provision will be to require, in addition to a vote of a
majority of the M&P Partners, a 2/3 audit partner vote in connection with any vote
in favor of termination of the Administrative Services Agreement between the third
and fifth years of the initial term of the Administrative Services Agreement. The
M&P Board will incorporate the results of the M&P Partners’ vote into a revised M&P
Partnership Agreement to be executed by current and future M&P Partners. For
purposes of this provision, “audit partner” shall mean an M&P partner who receives
more than 50% of their total compensation from the income of the M&P partnership.

     (c) Senior Management. The parties acknowledge that the M&P Managing Partner
is a member of the APS senior leadership team and agree that the M&P Managing Partner will
actively participate in the preparation of strategic and profit plans for the APS. Other
M&P leaders, such as those in Human Resources, Information Technology, Finance and
Operations, will be designated as members of corresponding RSMM functional teams within the
organization; they will, however, report to the M&P Managing Partner (or another senior
executive of M&P, as applicable) as to matters impacting M&P. The parties agree that
systems and processes for compensation and evaluation of senior management throughout the
APS will be aligned in a manner consistent with job type and performance against agreed
goals.

     (d) Geographic Practice Leaders and Geographic Assurance Practice Leaders. The
direct reporting relationship for Geographic Practice Leaders (i.e., assurance, tax and
consulting leaders) in effect as of the date hereof will remain so in effect, with indirect
reporting to the M&P Managing Partner (or another senior executive of M&P, as applicable).
Geographic Assurance Practice Leaders shall report directly to the M&P Managing Partner (or
another senior executive of M&P, as applicable), and in a manner that supports economic unit
management practices. The M&P Managing Partner (or other senior executive of M&P, as
applicable) will participate in the selection and evaluation of Geographic Practice Leaders.

     (e) Dispute Resolution. The parties, including members of senior leadership,
the RSMM Board and the M&P Board, agree to work together in good faith to attempt to resolve
any controversy, claim or dispute arising out of or relating to this Agreement or any actual
or alleged breach of any provisions hereof (other than disputes

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subject to Section 10(a)(i) below) using the following dispute escalation and
resolution process:

          (i) the party bringing the dispute will deliver to the other party a written
notice (the “Dispute Notice”) of the dispute (such notice to detail all
relevant information pertaining to the dispute), which shall include a request for
an initial meeting between the parties to discuss the dispute on a date no earlier
than seven days and no later than 30 days after the date of receipt of the Dispute
Notice;

          (ii) the parties (including representatives of the senior leadership of each
party) will meet to discuss, and negotiate in good faith to resolve, the applicable
dispute on the date specified in the Dispute Notice or on such other date no later
than 30 days after the date of receipt of the Dispute Notice as may be agreed upon
by the parties;

          (iii) if, following such meeting the breach or dispute remains unresolved,
then, no later than 30 days following the initial meeting (or such other date as the
parties may mutually agree), the parties will hold a second meeting (which shall
include representatives of the senior leadership, the RSMM Board and the M&P Board)
to continue to negotiate in good faith to resolve such dispute;

          (iv) if, after compliance with the foregoing procedures, such dispute is not
resolved, either party may submit such dispute to resolution pursuant to Section
12(j) below; and

          (v) all negotiations pursuant to this clause are confidential and shall be
treated as compromise and settlement negotiations for purposes of applicable rules
of evidence.

          2. Managing Director Compensation. The parties acknowledge and agree that the
Managing Directors of RSMM should be compensated comparably to the market for accounting firm
professionals (adjusting for the at-risk capital structure of the APS) in a manner consistent with
their individual performance and the performance of the combined businesses (including both the
economic unit performance and the national performance). Likewise, the parties acknowledge and
agree that RSMM should receive a market return on its past and future investments in the APS.
Finally, notwithstanding anything in this Section 2 to the contrary, the parties acknowledge and
agree that the income attributable to Public Accounting Services (as defined in the Administrative
Services Agreement) belongs exclusively to the M&P Partners and shall only be paid to the M&P
Partners, subject to the exclusive approval of the M&P Board. M&P agrees that confidential M&P
earnings information may be used by RSMM and the Compensation Subcommittee for the purpose of
determining Managing Director compensation pursuant to this Section 2. Any other use requires the
approval of M&P’s Managing Partner.

     In furtherance of the foregoing, the parties agree as follows with respect to Managing
Director compensation:

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          (a) Regular Compensation Plan. Effective May 1, 2010, and subject to paragraph
(b) below, 33% of Location Contribution (as defined in Section 2(d) below) will be retained
by RSMM and the remaining 67% of Location Contribution, less the amount, if any, paid to
Managing Directors who are M&P Partners from the M&P partnership income as referenced above,
will be payable as regular compensation to the Managing Directors. The distribution of the
Location Contribution to Managing Directors shall remain effective through the term of the
Administrative Services Agreement and any renewals or extensions thereof.

          (b) Growth Bonus Plan. For the fiscal year ending April 30, 2011, and for each
subsequent fiscal year during the term of the Administrative Services Agreement and any
renewals or extensions thereof, the Managing Directors may be eligible for a growth bonus
based on growth in Location Contribution, as determined on a consistent basis, over the
Reference Year (as defined below), determined as follows:

          (i) in a fiscal year where there is 6 to 10% growth in Location Contribution
over the Reference Year, for such fiscal year, and only such fiscal year, (I) 33% of
the Location Contribution up to the 6% growth level and 20% of the incremental
Location Contribution dollars above 6% growth will be retained by RSMM and (II) 67%
of the Location Contribution up to the 6% growth level and 80% of the incremental
Location Contribution dollars above 6% growth will be payable as compensation to the
Managing Directors;

          (ii) in a fiscal year where there is 10 to 15% growth in Location Contribution
over the Reference Year, for such fiscal year, and only such fiscal year, the
provisions of paragraph (i) above will apply up to the 10% growth level and (I) 15%
of the incremental Location Contribution dollars above 10% growth will be retained
by RSMM and (II) 85% of the incremental Location Contribution dollars above 10%
growth will be payable as compensation to the Managing Directors; and

          (iii) in a fiscal year where there is growth in Location Contribution over the
Reference Year which is above 15%, for such fiscal year, and only such fiscal year,
the provisions of paragraphs (i) and (ii) above will apply up to the 15% growth
level and (I) 10% of the incremental Location Contribution dollars above 15% growth
will be retained by RSMM and (II) 90% of the incremental Location Contribution
dollars above 15% growth will be payable as compensation to the Managing Directors.

For purposes of this Section 2(b), annual growth in Location Contribution will be determined
by comparing the current fiscal year’s growth to the previous fiscal year’s Location
Contribution unless such amount is lower than any prior fiscal year, in which case the
comparison shall be made against the highest prior fiscal year (in each case, the
“Reference Year”). The parties agree that the initial Reference Year for purposes of
measuring growth in Location Contribution shall be the fiscal year ending April 30, 2010,
such that, for example, the fiscal year ending April 30, 2010 will be treated as the highest
previous year for earnings purposes when considering the growth, if any, in Location

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Contribution in the fiscal year ending April 30, 2011. For the avoidance of doubt, in a
fiscal year that has experienced year over year growth in Location Contribution of less than
6%, Managing Directors shall not be eligible for a growth bonus and all of the Location
Contribution for such fiscal year will be treated as set forth in Section 2(a). Annex
A sets forth a hypothetical scenario illustrating the mechanics of the growth bonus
calculation pursuant to this Section 2(b). For purposes of this Section 2(b), the
applicable Reference Year Location Contribution will be adjusted equitably to account for
any acquisitions or divestitures that would impact Location Contribution in order to ensure
that the growth in Reference Year Location Contribution measured in this Section 2(b) is
organic growth and not attributable to acquired or divested businesses or assets.

          (c) Discretionary One-time Bonus. RSMM will consider, in its sole discretion,
paying, on or about June 30, 2010, a special one-time bonus to be paid by RSMM to the
Managing Directors equal to the incremental amount that would have been payable to the
Managing Directors if the 67/33 Location Contribution split described in Section 2(a) (but
not the growth bonus described in Section 2(b)) had been in effect during the period from
January 1, 2010 through April 30, 2010.

          (d) Location Contribution. As used herein, “Location Contribution”
means the total revenue less expenses associated with the operations of the core RSMM and
M&P businesses of attest, tax and consulting work (excluding revenue and expenses associated
with other non-core businesses, such as McGladrey Capital Markets, Provident Financial
Management, and any separate accounting businesses of RSMM, such as the alternative practice
structure in Buffalo, New York) prior to the payment of Partner and/or Managing Director
draws or salaries and shall be calculated in accordance with the methodology used for the
fiscal year ending April 30, 2010, as may be modified by mutual agreement of RSMM and M&P
from time to time, subject to the following:

          (i) In order to reduce the impact on Location Contribution of the return on
capital paid by M&P to the M&P Partners, the parties agree as follows. In each
fiscal year, the amount of Location Contribution paid to the Managing Directors, as
outlined in Section 2(a) above, shall be increased by an amount equal to the lesser
of (i) the aggregate amount paid by M&P to the M&P Partners as a return on partner
capital at a rate not to exceed ten percent (10%) for any individual partner; or
(ii) five million dollars ($5,000,000). Any return on the M&P Partners’ capital in
excess of the amount specified above will be paid out of M&P partnership income. A
hypothetical sample calculation is attached as Annex B)

          (ii) RSMM contributions to the Managing Director retirement plan up to the
amount identified in Section 3 hereof will be made by RSMM from its own funds (but,
for clarification, to the extent the amount of expense is greater than the RSMM
contributions agreed to in Section 3 hereof, the difference will be an operating
expense charged to Location Contribution); and

          (iii) Restricted stock expense will not be charged to Location Contribution.

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          (e) Compensation Subcommittee. RSMM and M&P will promptly establish and
maintain a Compensation Subcommittee, which will be responsible for the implementation of
the regular compensation and growth bonus plans described in this Section 2 under the
direction of the President of RSMM. The Compensation Subcommittee shall consist of seven
Managing Directors; three of whom shall be assigned by the M&P Board and four of whom shall
be assigned by the President of RSMM. The Compensation Subcommittee shall consist of
representatives from various lines of business, geographies and practices.

          3. Partner/Managing Director Retirement Plan. The parties agree that they should
implement mechanisms for the APS that would provide for a long-term wealth building and retirement
program to attract and retain talented Partners/Managing Directors. It is the intention of RSMM to
develop a career-long Partner/Managing Director wealth building and retirement program that is
comparable to the programs established by other large accounting, tax and consulting firms. As of
the date of this Agreement, such program has yet to be fully designed or approved, but it is
proposed to be established in a way that is effective and complies with all applicable laws.
Depending upon the program’s design and objectives, the program may include an element of phantom
equity in RSMM. Adoption of the program will require approval of each of the M&P Board, the RSMM
Board and the Board of Directors of HRB. If a retirement benefit program similar to the one
described in this Section 3 cannot be implemented on satisfactory terms because of infeasibility or
any other good reason, the parties will establish and implement a deferred compensation plan for
the benefit of the Partners/Managing Directors with RSMM contributions and criteria as set forth in
Section 4 hereof.

          (a) RSMM and M&P will work in good faith to establish and administer a non-qualified
retirement plan for Partners/Managing Directors (the “Retirement Plan”), with RSMM
contributions and criteria as set forth in this Section 3, and any other required funding
being funded as an operating expense charged to Location Contribution. The Retirement Plan
for the Partners/Managing Directors shall be designed to support the APS’s talent
attraction, talent retention and wealth building objectives, and is intended to include the
following terms and conditions:

          (i) On May 1, 2010, if the Retirement Plan is in effect on such date, or if not
then promptly after the retirement plan becomes effective, RSMM will make an upfront
aggregate contribution of $60 million to a rabbi trust or similar vehicle (the
“RSMM Funding Vehicle”) for purposes of contributing to the funding of the
Retirement Plan. This initial $60 million contribution to the RSMM Funding Vehicle
represents the sum of six $10 million annual contributions for each of the fiscal
years from the fiscal year ending April 30, 2010 through the fiscal year ending
April 30, 2015 inclusive. On May 1, 2015, for the fiscal year ending April 30,
2016, and on each succeeding May 1, RSMM will contribute $10 million directly to the
Retirement Plan. For the avoidance of doubt, subject to Section 6(b) hereof, RSMM
intends to not, and shall not be required to, make any contributions to the
Retirement Plan other than those specifically set forth in this paragraph.

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          (ii) Principal from the RSMM Funding Vehicle will be transferred to the
Retirement Plan beginning in the fiscal year ending April 30, 2011 and continuing
through the fiscal year ending April 30, 2015, on the following schedule:

	 	 	 

	Year 1:
	 	10% ($6 million)
	Year 2:
	 	10% ($6 million)
	Year 3:
	 	20% ($12 million)
	Year 4:
	 	25% ($15 million)
	Year 5:
	 	35% ($21 million)

The above contributions are not being made in recognition of any prior service.

Any interest or income resulting from the investment of the principal in the RSMM
Funding Vehicle will be distributed to the Retirement Plan in the fiscal year ending
April 30, 2016. The Compensation Subcommittee (as established in Section 2(e)
hereof) shall be responsible for making the appropriate investment decisions
including the selection of a qualified investment advisor, for the RSMM Funding
Vehicle.

          (iii) If there is a sale of at least a majority interest in the RSMM business
to a third party, whether accomplished by the sale of stock, sale of assets or
otherwise (any of the foregoing, a “Change of Control”), the undistributed
funds in the RSMM Funding Vehicle will remain in the RSMM Funding Vehicle for the
purpose of funding the Retirement Plan, will not revert to RSMM as a result of such
Change of Control and will be protected by restrictions precluding the acquiror of
the RSMM business from compromising such undistributed funds, including, without
limitation, by the appointment of an independent trustee at the inception of the
Retirement Plan, to be selected by RSMM with input from M&P.

          (iv) If the M&P Partners vote on and approve M&P’s termination of the
Administrative Services Agreement or notice shall have been given of any other
termination of the Administrative Services Agreement, then (i) all of RSMM’s
commitments to contribute to the funding of the Retirement Plan will be suspended
effective as of the calling of the vote or other notice of termination and will
terminate effective as of the date of such vote and (ii) effective as of the date of
such vote or other notice of termination, all undistributed funds in the RSMM
Funding Vehicle, including any interest or income thereon, will revert to RSMM.

          (v) On or promptly following the effective date of any termination of the
Administrative Services Agreement, RSMM’s contributions to the Retirement Plan will
be segregated on an appropriate basis reflecting the relative anticipated actuarial
liabilities between Partners/Managing Directors who continue to be employed by or
similarly affiliated with RSMM and Partners/Managing Directors who are no longer
employed by nor similarly

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affiliated with RSMM so that each of the separated pools is funded to the same
extent on an actuarial basis.

          (vi) If a Partner/Managing Director or former Partner/Managing Director
breaches the non-competition or non-solicitation covenants contained in his or her
employment agreement with RSMM, he or she will no longer be eligible for any
retirement benefits to which he or she would otherwise be entitled under the
Retirement Plan.

          (b) RSMM’s current expectation (subject to further analysis and planning) is that the
Retirement Plan will be available to Partners/Managing Directors of a certain performance
level and that the retirement benefit will be equal to two times the career average annual
pay of the Partner/Managing Director. RSMM will consider including a floor and a cap on the
retirement benefit, although RSMM believes that a cap is more appropriate than a floor. The
final benefit will be paid over 10 years in equal annual installments of one-tenth of the
benefit. The career average annual pay calculation will consider only earnings and years of
service as a Partner/Managing Director. Achievement of the maximum benefit will require a
certain number of years of service after plan adoption; however, some benefit may be
available for prior years’ service. Retirement eligibility will be based on a combination
of age and years of service. The parties agree that the Retirement Plan may, if
practicable, also include an early retirement option.

          (c) The parties acknowledge and agree that the Retirement Plan and RSMM’s contributions
thereto are meant to replace the restricted stock award program in effect as of the date
hereof, which program will cease effective May 1, 2010. The parties also acknowledge and
agree that employees of McGladrey Capital Markets and Provident Financial Management, and
any separate accounting business of RSMM, such as the alternative practice structure in
Buffalo, New York, will not be eligible to participate in the Retirement Plan.

          4. Alternate Partner/Managing Director Deferred Compensation Plan. If, and only if,
the proposed Retirement Plan described in Section 3 hereof cannot be implemented, in lieu thereof,
the parties will establish and implement a deferred compensation plan for the benefit of the
Partners/Managing Directors (the “Deferred Compensation Plan”), with RSMM contributions and
criteria as outlined in this Section 4. The Deferred Compensation Plan, if applicable, is intended
to include the following terms and conditions:

          (a) On May 1, 2010, RSMM will make an upfront aggregate contribution of $60 million to
an RSMM Funding Vehicle for purposes of funding the Deferred Compensation Plan. An initial
amount of $10 million will be distributed on May 1, 2010 from the RSMM Funding Vehicle to a
pool for deferred compensation awards to Managing Directors (the “Deferred Compensation
Pool”). Each year thereafter on May 1 until May 1, 2015, $10 million will be
distributed from the RSMM Funding Vehicle to the Deferred Compensation Pool. Any interest
or income resulting from the investment of the funds in the RSMM Funding Vehicle will be
distributed to the Deferred Compensation Pool in the fiscal year ending April 30, 2016. The
Compensation

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Subcommittee (as established in Section 2(e) hereof) shall be responsible for making
investment decisions for the RSMM Funding Vehicle.

          (b) On May 1, 2016, for the fiscal year ending April 30, 2017, and on each succeeding
May 1, RSMM will contribute $10 million directly to the Deferred Compensation Pool.

          (c) For the avoidance of doubt, subject to Section 6(b) hereof, RSMM intends not to,
and shall not be required to make any contributions to the Deferred Compensation Plan other
than those specifically set forth in paragraphs (a) and (b) of this Section 4.

          (d) The parties agree that the allocation of deferred compensation awards to
Partners/Managing Directors will be consistent with talent attraction, talent retention and
wealth building objectives. Deferred compensation awards will vest on the following
schedule:

	 	 	 

	Year 1:
	10	%
	Year 2:
	20	%
	Year 3:
	40	%
	Year 4:
	65	%
	Year 5:
	100	%

Contributions will cease to vest for each Partner/Managing Director effective on the
termination date of such Partner/Managing Director’s employment with RSMM.

          (e) If the M&P Partners vote on and approve M&P’s termination of the Administrative
Services Agreement or notice shall have been given of any other termination of the
Administrative Services Agreement, then (i) all of RSMM’s commitments to fund deferred
compensation will be suspended effective as of the calling of the vote or giving of such
notice and will terminate effective as of the date of such vote, (ii) effective as of the
date of such vote or giving of such notice, all undistributed funds in the RSMM Funding
Vehicle, including any interest or income thereon, will revert to RSMM and (iii) effective
as of the date of such vote or giving of such notice, those portions of each
Partner/Managing Director’s deferred compensation that were contributed by RSMM will cease
to vest, unless such Partner/Managing Director continues after the termination of the
Administrative Services Agreement to be employed by or similarly affiliated with RSMM.

          (f) If a Partner/Managing Director or former Partner/Managing Director breaches the
non-competition or non-solicitation covenants contained in his or her employment agreement
with RSMM, those portions of such Partner/Managing Director’s deferred compensation that
were contributed by RSMM will cease to vest and undistributed vested portions will be
forfeited effective as of the date of such breach.

          (g) The parties acknowledge and agree that, if the Retirement Plan described in Section
3 hereof cannot be implemented, the Deferred Compensation Plan

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and RSMM’s contributions thereto are meant to replace the restricted stock award
program in effect as of the date hereof, which program will cease effective May 1, 2010.
The parties also acknowledge and agree that employees of McGladrey Capital Markets and
Provident Financial Management, and any separate accounting business of RSMM, such as the
alternative practice structure in Buffalo, New York, will not be eligible to participate in
the Deferred Compensation Plan.

          5. Development Expenditures. As used herein, the term “Development
Expenditures” mean expenditures in infrastructure, personnel and branding or related
promotional efforts and other expenditures that are generally expensed for accounting purposes.

          (a) The target for Development Expenditures is $15 million per fiscal year, commencing
with the fiscal year ending April 30, 2011. Development Expenditures will be an operating
expense charged to Location Contribution;

          (b) Development Expenditures will be consistent with the long-term strategy and goals
of RSMM and M&P, including quality of the assurance function. The parties agree that new
Development Expenditures will be evaluated on their potential to generate measurable and
sufficient returns on the invested capital of both RSMM and M&P.

          (c) Development Expenditures will be reviewed by a seven person Development Committee
comprised of the President of RSMM and the Managing Partner of M&P (or their designees,
respectively) along with five additional members. The RSMM President will appoint three
Managing Directors and the Managing Partner of M&P will appoint two Partners/Managing
Directors to complete the Development Committee, with members intended to provide reasonable
representation of the various lines of business, geographies and national practices. The
President of RSMM (and, with respect to the attest practice only, the Managing Partner of
M&P) will have final decision-making authority to approve all Development Expenditures.

          (d) The duties of the Development Committee are to develop a prioritization model to
evaluate Development Expenditures using inputs such as anticipated cost benefit analysis and
return on investment, ability to implement, risk and strategic synergies. The Development
Committee shall meet at least quarterly to review progress on implementation and utilization
of the approved Development Expenditures. The Development Committee will ensure that the
Development Expenditures meet certain criteria established annually by RSMM senior
management as part of the planning process. Such criteria include, but are not limited to,
Development Expenditures that are designed to:

          (i) aid in growth and build the APS’s brand, such as sales, marketing and
branding expenditures;

          (ii) acquire talent to expand service line, industry or functional capability;

          (iii) develop service line and/or client service tools;

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          (iv) improve technology platforms;

          (v) enhance the international capability of the APS;

          (vi) invest or seed talent in new markets, such as San Francisco and Atlanta;

          (vii) align with the overall strategic objectives of the business;

          (viii) enhance audit and attest quality with respect to M&P; and

          (ix) enhance tax and consulting quality with respect to RSMM.

          (e) Development expenditures will be subject to approval by the RSMM Board and, to the
extent related to the attest practice, the M&P Board.

          6. Acquisitions. The term “Acquisitions” refers to investments consisting of
acquisitions of or affiliations with accounting, tax and consulting firms and other investments
that are of the type that require all or a portion of such investment to be capitalized.

          (a) The parties will work together to identify and analyze Acquisitions that would
further the APS’ strategic goals and grow the APS and each of the parties’ respective
businesses relating to the APS. The parties agree that any new Acquisitions will be
evaluated on their potential to generate a satisfactory return on invested capital for RSMM
and M&P. The parties also agree that Acquisitions may take more than one form, such as
acquiring select personnel from accounting, tax and consulting firms or acquiring or
affiliating with entire accounting, tax or consulting entities.

          (b) It is RSMM’s intention to take into account, when assessing Acquisition
opportunities, the accretive or dilutive effect of the transaction on Managing Director
compensation, including long-term compensation vehicles and funding levels. It is RSMM’s
preference to avoid diluting the compensation of the pre-Acquisition Managing Directors
through an Acquisition.

          (c) Acquisitions will be examined on a case by case basis and will be subject to
required approvals, including approval by the RSMM Board (and its corporate parent), and the
M&P Board. The portion of any such Acquisition involving attestation services and allocable
to M&P will be approved by the M&P Board and funded and acquired by M&P.

          (d) In connection with each Acquisition, the parties will determine the portion of such
Acquisition allocable to M&P and agree on the terms of any acquisition loan that will be
extended by RSMM to M&P, if any, to fund its allocated portion of the Acquisition. It is
understood and agreed that any such acquisition loan, if any, will be extended to M&P on
customary acquisition financing terms (including required equity contribution and
pricing/rate). The terms will include a provision to the effect that upon any M&P Partner
vote to terminate the Administrative Services Agreement, such loan shall become immediately
due and payable.

12

 

          (e) Subject to the terms of the Loan Agreement, M&P maintains the right to obtain
financing from any source it deems appropriate to finance its operations and/or acquisitions
of practices offering Public Accounting Services.

          7. Branding. RSMM and M&P shall, on or before May 1, 2010:

          (a) jointly develop branding guidelines and an approval process for any
marketing, advertising and promotional materials displaying or otherwise
incorporating any of the MCGLADREY, “Rothko” design, and MCGLADREY and “Rothko”
design marks (collectively, the “McGladrey Marks”);

          (b) jointly develop a brand strategy in respect of the McGladrey Marks (the
“Brand Strategy”) designed to maximize the likelihood that adoption of the
McGladrey Marks will pass without objection by the State Boards of Accountancy,
including by meeting, conferring and agreeing upon (i) a specific strategy for
rolling out the McGladrey Marks, and (ii) a detailed plan for implementing that
strategy within the fiscal year ending April 30, 2010; and

          (c) execute and deliver the Amended and Restated Trademark Assignment and Joint
Ownership Agreement (the “Joint Ownership Agreement”), the form of which is
attached hereto as Annex C.

The parties will use good faith efforts to implement the Brand Strategy within the fiscal year
ending April 30, 2010 in accordance with the branding guidelines agreed by RSMM and M&P and the
Joint Ownership Agreement. RSMM senior management will, in collaboration with M&P, periodically
review and if necessary implement agreed modifications to the Brand Strategy.

          8. Regulatory Matters. RSMM recognizes that M&P is engaged in a regulated profession,
is subject to registration and regulation by state and federal authorities, and that M&P is
ultimately responsible for its license to practice public accounting as a CPA firm. M&P recognizes
that RSMM has a critical business interest in the APS, the regulatory environment and the
relationship that M&P has with its regulators. In furtherance of the foregoing, the parties agree
as follows:

          (a) After thorough discussion with RSMM, M&P will use its best independent judgment to
determine, in its sole discretion, if the changes in the parties’ relationship, as reflected
in this Agreement and in the Administrative Services Agreement, are sufficiently significant
to trigger voluntary disclosure to or additional approval from applicable regulatory
authorities. Subject to the immediately preceding sentence, M&P will involve RSMM to the
maximum extent possible in its dealings and communications with regulators on an ongoing
basis.

          (b) If any state or federal regulator requires changes to the agreements made by the
parties, as reflected in this Agreement and in the Administrative Services Agreement, the
parties will work together in good faith to reach a mutually satisfactory modified
arrangement that respects to the greatest extent possible the agreements that the parties
have made. If either party considers that any proposed changes will materially

13

 

and adversely affect the benefits of the APS for it, it can require that the senior
leadership, and the Boards of Directors, of RSMM and M&P be engaged in the discussions
directed at agreeing on the modified alternative arrangement that best preserves those
benefits.

          (c) From the date hereof, M&P will increase the resources devoted to managing
regulatory matters and will, in its sole discretion, utilize appropriate internal and
external resources (including RSMM), to the maximum extent possible, to ensure all
regulatory matters are managed in the best interests of the APS. The parties, to the
maximum extent possible, will collaborate, and develop a strategy for addressing any actual
or anticipated issues related to registration or regulation of the APS. M&P and RSMM shall
meet periodically to discuss regulatory matters and update each other on developments in any
ongoing discussions with or matters at issue before regulators.

          9. [Reserved].

          10. Non-Competition/Non-Solicitation Covenants.

          (a) Certain Acknowledgments by the Parties. The parties acknowledge and agree
as follows in exchange for valuable consideration, the receipt and sufficiency of which each
party acknowledges:

          (i) The Arbitration Proceeding has been concluded except for the continuing
service of the chairman, as a single arbitrator, as provided in Section 8 of the
Final Award;

          (ii) The parties are bound by the Final Award, including any interim rulings by
the arbitration panel incorporated by reference into the Final Award;

          (iii) The Final Award states that if termination of the 2006 ASA were to occur
on February 15, 2010, the covenants set forth in Section 13 of the Original
Agreement would apply from that date through certain dates specified in the Final
Award. To avoid future litigation regarding the enforceability of restrictive
covenants governing the parties’ relationship under the Original Agreement, the
parties have taken the arbitration panel’s decision and through negotiation and
compromise agreed to modify the post-termination time periods applicable to the
covenants as set forth in Section 10(b) hereof (the “Acknowledged Covenant
Periods”);

          (iv) The Acknowledged Covenant Periods will apply and shall be enforceable
regardless of the date of termination of the Administrative Services Agreement;

          (v) The parties are bound by the covenants and to the enforceability of the
covenants during the Acknowledged Covenant Periods as agreed in Section 10(b) hereof
and will not challenge their enforceability again;

14

 

          (vi) The parties each forever release and covenant not to bring any claim,
known or unknown, challenging the interpretation, enforceability or scope of the
covenants set forth in Section 10(b) hereof, and in the Final Award, regardless of
the date of termination of the Administrative Services Agreement;

          (vii) Enforcing the restrictive covenants under Section 10 for the entirety of
the Acknowledged Covenant Periods is reasonable, necessary and essential to protect
RSMM’s investment in the goodwill associated with the portions of M&P’s practice
that RSMM acquired from M&P regardless of whether and when the relationship between
M&P and RSMM terminates;

          (viii) M&P’s relationship with RSMM involves the understanding of and continued
access to confidential and competitively sensitive information pertaining to the
property, business and operations of RSMM and its Affiliates (as defined in Section
10(c) below), such that enforcing the covenants under Section 10 for the entirety of
the Acknowledged Covenant Periods is reasonable, necessary and essential to protect
against M&P gaining an unfair competitive advantage over RSMM, regardless of whether
and when the relationship between M&P and RSMM terminates; and

          (ix) M&P’s covenants under this Section 10 and its release of any claim that
the covenants are unenforceable are an essential part of the inducement to RSMM to
enter into this Agreement.

          (b) Scope. Informed by the Final Award and as consideration for the parties’
mutual release and covenant not to bring claims challenging the enforceability of the
Covenants, RSMM agreed to modify the Covenant Periods under the Original Agreement to the
Acknowledged Covenant Periods as set forth below. Accordingly, M&P agrees as follows in
consideration for entering into the Purchase Agreement, the Administrative Services
Agreement, this Agreement, and for RSMM’s withdrawal of its Termination Notice.

          (i) The Acknowledged Covenant Period for this Section 10(b)(i) (the “Entity
Services Non-Compete Covenant Period”) shall run until the date that is 17
months after the expiration or termination of the Administrative Services Agreement.
Until expiration of the Entity Services Non-Compete Covenant Period, except with
the prior written consent of RSMM, M&P shall not directly or indirectly, either
individually or as a principal, partner, member, manager, agent, employee, employer,
consultant, stockholder, joint venturer, or investor, or as a director or officer of
any corporation, company, partnership or association, or in any other manner or
capacity whatsoever, engage in, assist or have any active interest in a business
located anywhere in the United States or in locations where RSMM has offices outside
the United States, on its own behalf or for others, that provides, sells, develops,
markets, designs, distributes, coordinates, conducts or publishes, to or for the
benefit of any person or entity, investment advisory services, asset management
services, financial planning services or products, estate planning services or
products, seminars, training

15

 

materials, industry newsletters, practice development tools or programs,
accounting services (not including Public Accounting Services (as defined in the
Administrative Services Agreement)), consulting services, tax services (excluding
any state tax services that are Public Accounting Services (as defined in the
Administrative Services Agreement)), management advisory services or such other
service or product that otherwise competes with or is substantially similar in
concept, design, format or otherwise to the business conducted by RSMM on the date
hereof, or at any time during the Entity Services Non-Compete Covenant Period.
Notwithstanding the above, this paragraph shall not be construed to prohibit M&P
from mere ownership of less than three percent (3%) of the outstanding securities of
a corporation which is publicly traded on a securities exchange or through Nasdaq.

          (ii) The Acknowledged Covenant Period for this Section 10(b)(ii) (the
“Entity Client Non-Solicitation Covenant Period”) shall run until the date
that is 29 months after the expiration or termination of the Administrative Services
Agreement. Until expiration of the Entity Client Non-Solicitation Covenant Period,
except with the prior written consent of RSMM, M&P shall not, directly or
indirectly, either individually, or as a principal, partner, member, manager, agent,
employer, consultant, stockholder, joint venturer, or investor, or in any other
manner or capacity whatsoever,

          (1) solicit, divert or take away, or attempt to solicit, divert or take
away, from RSMM, or any direct or indirect subsidiary or Affiliate of RSMM,
any business with any client of RSMM or any of its direct or indirect
subsidiaries or Affiliates (other than for the provision of Public
Accounting Services (as defined in the Administrative Services Agreement)),

          (2) solicit, divert or take away, or attempt to solicit, divert or take
away, from RSMM or any direct or indirect subsidiary or Affiliate of RSMM,
any business with any person or entity who was being solicited as a
potential client by, or is an Affiliate of a potential client of RSMM or any
of its direct or indirect subsidiaries or Affiliates (other than for the
provision of Public Accounting Services (as defined in the Administrative
Services Agreement)), within one year prior to the commencement of this
Agreement and during the Entity Client Non-Solicitation Covenant Period, or

          (3) induce or cause, or attempt to induce or cause, any salesperson,
distributor, supplier, vendor, manufacturer, representative, agent, or other
person transacting business with RSMM or any of its direct or indirect
subsidiaries or Affiliates to terminate or modify such relationship or
association.

          (iii) The Acknowledged Covenant Period for this Section 10(b)(iii) (the
“Employee Non-Solicitation Covenant Period”) shall run until the

16

 

date that is 24 months after the expiration or termination of the
Administrative Services Agreement. Until expiration of the Employee Non-Solicitation
Covenant Period, except with the prior written consent of RSMM, M&P shall not,
directly or indirectly, either individually, or as a principal, partner, member,
manager, agent, employer, consultant, stockholder, joint venturer, or investor, or
in any other manner or capacity whatsoever, induce or cause, or attempt to induce or
cause, any employee, accountant, member, manager, shareholder, partner, director or
officer of RSMM or any of its direct or indirect subsidiaries or Affiliates to leave
the employ of RSMM or any of its direct or indirect subsidiaries or Affiliates;
provided, however, that prior to the date on which the
Administrative Services Agreement is terminated, M&P may solicit and extend
employment offers to RSMM personnel who are M&P Partners or M&P employees.

          (iv) If M&P violates any of the provisions of Section 10(b)(i), Section
10(b)(ii) or Section 10(b)(iii) after the date hereof, the applicable Covenant
Period shall be extended for a period of time equal to the period of any such
violation.

          (v) In addition to any other rights or remedies RSMM may possess, RSMM shall be
entitled to injunctive and other equitable relief to prevent any breach, threatened
breach or continuing breach of any part of this Agreement.

          (c) For purposes of this Agreement, an “Affiliate” means, with respect to any
person, (i) any person which, directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such person, or (ii) any person
which RSMM or any of its affiliates have an alternative practice structure with. For
purposes of this definition “control” of a person shall mean the power, direct or
indirect to, (x) vote or direct the voting of 50% or more of the outstanding shares of
voting stock or similar interests of such person, or (y) direct or cause the direction of
the management of such person, whether by contract or otherwise.

          11. Compliance with Independence Policies. RSMM and HRB agree that M&P retains the
right and authority to (i) establish reasonable independence policies for the practice that
provides Public Accounting Services and that such policies will be binding upon RSMM and HRB, and
(ii) monitor and enforce the compliance with such policies within RSMM and HRB through the
methodology deemed reasonably necessary by M&P to accomplish such objectives and to ensure that
independence exists between M&P clients and RSMM and HRB and their respective officers, directors
and employees, as appropriate. M&P will resign from any engagement where a satisfactory resolution
cannot be achieved whereby M&P can retain its independence.

          12. Miscellaneous.

          (a) Termination. This Agreement will terminate automatically upon termination
of the Administrative Services Agreement, except that Sections 10, 12(i) and 12(j) shall
survive the termination of this Agreement.

17

 

          (b) Amendment and Modification. This Agreement may be amended, modified and
supplemented only by written agreement of the parties hereto.

          (c) Waiver of Compliance; Consents. Any failure of any party to comply with
any obligation, covenant, agreement or condition herein may be waived in writing by other
benefited parties, but such waiver or failure to insist upon strict compliance with such
obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel
with respect to, any subsequent or other failure.

          (d) Notices. Any notice, request, consent or communication (collectively, a
“Notice”) under this Agreement shall be effective only if it is in writing and (a)
personally delivered, (b) sent by certified or registered mail, return receipt requested,
postage prepaid, (c) sent by a nationally recognized overnight delivery service, with
delivery confirmed, (d) e-mailed (with a copy simultaneously sent by first class mail or any
other delivery method permitted hereunder), or (e) telexed or telecopied, with receipt
confirmed, addressed as follows:

	 	 	 

	If to HRB:
	 	H&R Block, Inc.
	 
	 	One H&R Block Way
	 
	 	Kansas City, MO 64105
	 
	 	Attn.: Brian Woram
	 
	 	Facsimile: (816) 854-8500
	 
	 	E-mail: Brian.Woram@hrblock.com
	 
	 	 
	If to RSMM:
	 	RSM McGladrey, Inc.
	 
	 	One South Wacker Drive, Suite 800
	 
	 	Chicago, IL  60606
	 
	 	Attn.: Peter Fontaine
	 
	 	Facsimile: (312) 634-5513
	 
	 	E-mail: Peter.Fontaine@rsmi.com
	 
	 	 
	If to M&P:
	 	McGladrey & Pullen, LLP
	 
	 	3600 American Blvd., Third Floor
	 
	 	Bloomington, MN 55431-4502
	 
	 	Attn: David Scudder
	 
	 	Facsimile: (847) 517-7067
	 
	 	E-mail: dave.scudder@rsmi.com
	 
	 	 
	with a copy to:
	 	Katten Muchin Rosenman, LLP
	 
	 	525 W. Monroe Street, Suite 1900
	 
	 	Chicago, IL 60661
	 
	 	Attn: Herbert S. Wander
	 
	 	Facsimile: (312) 577-8885
	 
	 	E-mail: hwander@kattenlaw.com

or such other persons or addresses as shall be furnished in writing by any party to the
other party. A Notice shall be deemed to have been given as of the date when (i)

18

 

personally delivered, (ii) three (3) days after the date when deposited with the United
States mail properly addressed, (iii) when receipt of a Notice sent by an overnight delivery
service is confirmed by such overnight delivery service, or (iv) when receipt of the e-mail,
telex or telecopy is confirmed, as the case may be.

          (e) Assignment. This Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs,
successors and permitted assigns, but neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any party without the prior written
consent of other parties; provided, however, that RSMM may, in its
discretion, assign this Agreement to any other direct or indirect parent, subsidiary or
affiliate of RSMM, or to any third party that in connection therewith is acquiring all or
substantially all of the assets of RSMM used in connection with its relationship with M&P,
and M&P shall be liable hereon to the same extent as if such agreement were originally made
with such other person, firm or corporation.

          (f) Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument.

          (g) Neutral Interpretation. This Agreement constitutes the product of the
negotiation of the parties hereto and the enforcement hereof shall be interpreted in a
neutral manner, and not more strongly for or against any party based upon the source of the
draftsmanship hereof.

          (h) Headings. The section headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

          (i) Governing Law. This Agreement shall be governed and interpreted in all
respects pursuant to the internal and substantive laws of the State of Missouri without
regard to conflict of laws principles which might cause the law of another jurisdiction to
apply.

          (j) Arbitration; Interim Relief. Any controversy, claim or dispute arising out
of or relating to this Agreement or any actual or alleged breach of any provisions hereof,
including without limitation any dispute concerning the scope of the arbitration clause set
forth below (a “Dispute”), shall be resolved as set forth below, except that (a)
this Section 12(j) shall not apply to any controversy, claim or dispute asserted by either
party hereto against the other arising out of or related to a controversy, claim or dispute
asserted by a third person (other than M&P and/or any of its Partners or RSMM) against
either or both parties to this Agreement, nor to any controversy, claim or dispute where a
third party (other than M&P and/or any of its Partners or RSMM) would be an indispensable
party under the Federal Rules of Civil Procedure and (b) any Dispute subject to Section
10(a)(i) shall be resolved as described in Section 8 of the Final Award.

19

 

          (i) In the event a Dispute arises relating to this Agreement, the parties shall
first negotiate in good faith to resolve such dispute in accordance with the dispute
escalation and resolution process described in Section 1(e) hereof before proceeding
to mediation pursuant to Section 12(j)(ii) hereof.

          (ii) In the event that the parties have complied with Section 1(e) hereof and
the Dispute has not been resolved within 60 days after service of the Dispute
Notice, or in the event the parties failed to meet within 30 days after delivery of
a Dispute Notice, either party may demand mediation in accordance with the CPR
Institute for Dispute Resolution (“CPR”) Mediation Procedure then currently
in effect in the location where any arbitration would be conducted as set forth
below, in writing with copies to all other parties involved in the Dispute. The
notification will state with specificity the nature of the Dispute. Unless the
parties agree otherwise, the parties will select a mediator from the CPR Panels of
Distinguished Neutrals (the “Mediator”). If the parties do not agree on the
Mediator within five (5) business days after either party delivers a demand for
mediation, the CPR will provide the parties on an expedited basis a list of three
candidates, with their resumes and hourly rates. If the parties are unable to agree
on a candidate from the list within three (3) business days following receipt of the
list, each party will, within five (5) business days following receipt of the list,
send to CPR the list of candidates ranked by order of preference. The candidate
with the lowest combined score will be appointed as the mediator by the CPR. The
CPR will break any tie. Upon appointment, the Mediator will immediately convene a
telephone conference of the parties hereto. The parties will make a representative,
with full authority to settle, available for such a conference. During the initial
telephone conference, the parties will agree on mediation procedures or, in the
event they cannot agree, the Mediator will set the mediation procedures. The
mediation procedures will provide for the mediation to be completed within thirty
(30) business days after the date of the initial demand for mediation. The parties
will participate in good faith in the mediation and will use their best efforts to
reach a resolution within the thirty (30) day time period. Each party will make
available in a timely fashion a representative with authority to resolve the
Dispute. Absent agreement of the parties otherwise, in the event that the Dispute
has not been resolved within thirty (30) days, the mediation shall be deemed
terminated. In the event that the mediation continues beyond thirty (30) days by
agreement of the parties, but is not resolved within what the Mediator believes is a
reasonable time thereafter, the Mediator will declare the mediation terminated.
Fees of the mediator shall be split equally between RSMM, on the one hand, and M&P,
on the other hand. In the event one party fails to participate in the dispute
resolution process set forth in Section 1(e), the other party can immediately
initiate mediation.

          (iii) Any Dispute that has not been resolved by negotiation or mediation as
provided herein as of the termination of the mediation and no later than 45 days
after delivery of a mediation demand shall be settled by binding arbitration in
accordance with the CPR Rules for Non-Administered Arbitration then currently in
effect, as supplemented or modified herein (the “Rules”) by

20

 

three independent and impartial arbitrators of whom each party shall designate
one , and those two arbitrators shall jointly select the third arbitrator, unless
they are unable to agree on the selection of the third arbitrator, in which case the
third arbitrator shall be determined pursuant to the Rules. The arbitration shall
be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon
the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. In the event one party fails to participate in accordance with
the dispute resolution process set forth in Section 1(e) or in the mediation as set
forth in Section 12(j)(ii) herein, the other party can immediately commence
arbitration. The governing law of this Agreement shall be the law used by the
arbitrators in rendering their award as set forth in Section 12(i), except that the
Federal Rules of Evidence shall apply and that the parties have the right and shall
be permitted to conduct and enforce full pre-hearing discovery in accordance with
and to the same extent permitted by the Federal Rules of Civil Procedure. Pending
final award, the compensation and expenses of the third arbitrator selected by the
arbitrators designated by the parties shall be split equally between RSMM, on the
one hand, and M&P, on the other hand, and each of the parties shall bear the
compensation and expenses of its designated arbitrator. The CPR shall hold an
administrative conference with counsel for the parties within twenty (20) days after
the filing of the demand for arbitration by any one or more of the parties. The
parties and the CPR shall thereafter cooperate in order to complete the appointment
of three arbitrators as quickly as possible. Within fifteen (15) days after all
three arbitrators have been appointed, an initial meeting (which, if the arbitrators
so determine, may be by phone) among the arbitrators and counsel for the parties
shall be held for the purpose of establishing a plan for administration of the
arbitration, including: (1) definition of issues; (2) scope, timing, and types of
discovery; (3) exchange of documents and filing of detailed statements of claims,
pre-hearing memoranda and dispositive motions; (4) schedule and place of hearings;
and (5) any other matters that may promote the efficient, expeditious, and cost
effective conduct of the proceeding. The parties and the arbitrators shall endeavor
in good faith to complete the arbitration as quickly as possible. Each party shall
have the right to request that the arbitrators make specific findings of fact.

          (iv) The majority decision of the arbitrators shall contain findings of fact on
which the decision is based, including any specific factual findings requested by
either party, and shall further contain the reasons for the decision with reference
to the legal principles on which the arbitrators relied. Such decision of the
arbitrators shall be final and binding upon the parties. Absent agreement of the
parties otherwise, the arbitration shall take place in Minneapolis, Minnesota if the
party requesting same is RSMM, or Kansas City, Missouri, if the party requesting
same is M&P. The final award may grant such relief as authorized by the Rules,
including damages and out-of-pocket costs but which may not include exemplary or
punitive damages.

21

 

          (v) Nothing in this Agreement shall limit, interfere or delay any party from
seeking at any time interim relief from a court of competent jurisdiction.

          (k) Integration; Termination of Original Agreement. This Agreement supersedes
and replaces the Original Agreement and the Original Agreement is hereby terminated, without
any further action being required.

[Signature Pages Follow]

22

 

THIS AGREEMENT IS SUBJECT TO AN ARBITRATION PROVISION THAT IS
BINDING ON THE PARTIES.

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

	 	 	 	 	 
	 	RSM MCGLADREY, INC.

 	 
	 	By:  	  /s/ C.E.
Andrews	 
	 	 	Name:  C.E. Andrews	 
	 	 	Title:  President	 
	 
	 	MCGLADREY & PULLEN, LLP

 	 
	 	By:  	 /s/ Dave Scudder	 
	 	 	Name:  Dave Scudder	 
	 	 	Title:  Managing Partner	 
	 
	 	H&R BLOCK, INC.

 	 
	 	By:  	 /s/ Becky Shulman	 
	 	 	Name:  Becky Shulman	 
	 	 	Title:  S.V.P. and C.F.O.	 
	 

23

 

Annex A

HYPOTHETICAL SAMPLE CALCULATION – SECTION 2(B)

 

 

 EXAMPLE OF GROWTH BONUS CALCULATION PURSUANT TO SECTION 2(B) 

(in $ millions)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Base	 	 	 	 	 	 	 	 	 	 
	 	 	Year	 	 	Year 1	 	 	Year 2	 	 	Year 3	 
	Location Contribution (1)
	 	 	360	 	 	 	375	 	 	 	410	 	 	 	485	 
	Year-over-year growth in LC
	 	 	 	 	 	 	4	%	 	 	9	%	 	 	18	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Managing Director Compensation
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	67% of LC up to 6%
growth
	 	 	 	 	 	 	251	 	 	 	266	 	 	 	291	 
	80% of growth >
6% and <= 10%
	 	 	 	 	 	 	—	 	 	 	10	 	 	 	13	 
	85% of growth
>10% and <=
15%
	 	 	 	 	 	 	—	 	 	 	—	 	 	 	17	 
	90% of growth
>15%
	 	 	 	 	 	 	—	 	 	 	—	 	 	 	12	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	251	 	 	 	276	 	 	 	334	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RSMM Portion of Location Contribution
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	33% of LC up to 6%
growth
	 	 	 	 	 	 	124	 	 	 	131	 	 	 	143	 
	20% of growth >
6% and <= 10%
	 	 	 	 	 	 	—	 	 	 	3	 	 	 	3	 
	15% of growth
>10% and <=
15%
	 	 	 	 	 	 	—	 	 	 	—	 	 	 	3	 
	10% of growth
>15%
	 	 	 	 	 	 	—	 	 	 	—	 	 	 	1	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	124	 	 	 	134	 	 	 	151	 
	 	 	 	 	 	 	 	 

 

			
	(1)	 	Location Contribution before return on partner capital, PMD retirement plan contributions and restricted
stock awards. Excludes non-core businesses such as McGladrey Capital Markets, Provident, and Freed Maxick.

 

 

Annex B

HYPOTHETICAL SAMPLE CALCULATION – SECTION 2(D)(I)

 

 

Regular Compensation Plan Example:

 Calculation of Location Contribution:

	 	 	 	 	 

	M&P Location Contribution
	 	 	100,000,000	 
	RSMM Location Contribution
	 	 	300,000,000	 
	Combined Location Contribution
	 	 	400,000,000	*
	 
	Return on M&P Partner Capital
	 	 	10,000,000	 
	Subtract amount in excess of Cap
	 	 	(5,000,000	)
	Increase to Location Contribution
	 	 	5,000,000	 
	 
	Combined Location Contribution for Calculation
	 	 	405,000,000	 
	 
	RSMM 33% of Location Contribution
	 	 	133,650,000	 
	RSMM Retention of Return on Capital
	 	 	(5,000,000	)
	RSMM Retained Location Contribution
	 	 	128,650,000	 
	 
	Regular Compensation Plan
	 	 	271,350,000	 
	 
	M&P Income Available for Distribution to Partners
	 	 	100,000,000	 
	 
	RSMM Compensation to Managing Directors
	 	 	171,350,000	 

 

			
	*	 	The $400,000,000 amount is after deduction for return on partner capital.

 

 

Annex C

AMENDED AND RESTATED TRADEMARK ASSIGNMENT AND JOINT

OWNERSHIP AGREEMENT– SECTION 7(C)

 

 

AMENDED AND RESTATED TRADEMARK ASSIGNMENT AND JOINT OWNERSHIP AGREEMENT

     This Amended and Restated Trademark Assignment and Joint Ownership Agreement (“Agreement”) is
made and entered into as of this 3rd day of February, 2010, by and between RSM
McGladrey, Inc., a Delaware corporation, having its main office at 3600 American Boulevard West,
Third Floor, Bloomington, MN 55431 (“RSM”), and McGladrey & Pullen, LLP, an Iowa limited liability
partnership, having its main office also at 3600 American Boulevard West, Third Floor, Bloomington,
MN 55431 (“M&P”) (each of the foregoing a “Party” and, together, the “Parties”).

     WHEREAS, M&P is the owner of the service mark “McGladrey” as used in connection with Attest
Services and Non-Attest Services, as defined below;

     WHEREAS, pursuant to the Asset Purchase Agreement between M&P and H&R Block, Inc. dated June
28th 1999, RSM has used the designation “RSM McGladrey” in association with providing
certain Non-Attest Services;

     WHEREAS, RSM desires to continue to use the Mark (as defined below) and to invest in the
advertising, promotion and use of the Mark in connection with Non-Attest Services throughout the
world;

     WHEREAS, in order to safeguard its investment in the Mark, RSM desires to obtain an ownership
interest therein, subject to the terms and conditions hereof; and

     WHEREAS, the Parties previously entered into a Trademark Assignment and Joint Ownership
Agreement dated December 31, 2007 (the “Prior Agreement”), which the Parties desire to amend and
restate (i) to clarify the meaning of “Mark” hereunder and (ii) to provide for a licensing
mechanism to be utilized in jurisdictions in which joint registration of the Mark by the Parties is
not permitted.

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     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:

I. DEFINITIONS

     1.1 “Administrative Services Agreement” means the Amended and Restated Administrative Services
Agreement between M&P and RSM dated February 3, 2010, as may be amended or extended from time to
time and any successor agreement.

     1.2 “Affiliate,” in respect to a specified Person, means a Person that directly or indirectly,
through one or more intermediaries, controls or is controlled by, or is under common control with,
the Person specified.

     1.3 “Alternative Practice Structure” means a relationship between firms licensed to provide
Attest Services and firms providing Non-Attest Services, which relationship is coordinated and/or
delivered in accordance with the principles set forth in the AICPA’s Code of Conduct Section 101-14
or other generally accepted standards for firms operating in an alternative practice structure.

     1.4 “Attest Services” means Public Accounting Services (as defined in the Administrative
Services Agreement).

     1.5 “Change in Control” means any occurrence of any of the following events: (i) an entity
sells, leases, transfers or conveys to any other Person, in one transaction or a series of
transactions, all or substantially all of the assets of such entity and any subsidiaries thereof,
taken as a whole, (ii) a majority of the equity interests in such entity are sold or conveyed to
any Person, or (iii) a transaction or series of transactions (including by way of merger,
consolidation, recapitalization, reorganization or sale of stock or equity interests), the result
of which is that the equity owners immediately prior to such transaction own, immediately after
giving effect to such

2

 

transaction, less than a majority of the total voting power of the equity interests of the
surviving entity (or its parent) or the purchasing entity (or its parent), as the case may be.

     1.6 “Designated Representative” means the individual or individuals appointed by a Party to be
responsible for communication with the other Party regarding issues arising under this Agreement.

     1.7 “Disclaimer” comprises the following language and/or alternative language agreed to
between the Parties: “RSM McGladrey, Inc. and McGladrey & Pullen, LLP operate in an alternative
practice structure. RSM McGladrey, Inc. provides tax, consulting and business services. McGladrey &
Pullen, LLP is a licensed CPA firm which provides audit and assurance services. Through separate
and independent legal entities, the two firms work together to serve clients’ business needs.”

     1.8 “Encumbrances” means any and all pledges, liens, encumbrances and security interests of
any kind or nature whatsoever.

     1.9 “Mark” means (i) the service mark “McGladrey”; (ii) the “Rothko design; (iii) the
“McGladrey” and “Rothko” design logo; (iv) any other logo comprised of the mark “McGladrey” as the
Parties may devise; and (v) any additional marks or names as the Parties may adopt or have an
intention of adopting during the term of this Agreement as an indicia of the origin of services
offered under the Parties’ Alternative Practice Structure. Notwithstanding the foregoing, “Mark”
does not include the M&P Mark, or any other marks or trade names used by the Parties, as of
December 31, 2007, in branding their respective services, including logos, numbers, sounds,
slogans/taglines, colors, shapes, trade dress, and nicknames.

     1.10 “M&P Mark” means the service mark “McGladrey & Pullen,” and any and all other trademarks,
service marks, domain names, company names, and trade names comprising

3

 

the terms “McGladrey” and “Pullen,” whether existing as of the effective date of this
Agreement or created subsequent thereto, including logos, sounds, slogans, taglines, and trade
dress.

     1.11 “Non-Attest Services” means any and all professional services (i) which are not Attest
Services, and (ii) which are currently provided by RSM or which may be provided in the future by
RSM or its Affiliates or permitted licensees of the Mark.

     1.12 “Person” means any individual, corporation, company, partnership, joint venture,
association, limited liability company, trust, estate, firm or other entity, enterprise or
organization.

II. ASSIGNMENTS OF THE MARK

     2.1 Assignment of the Mark to RSM. M&P hereby assigns and transfers to RSM an
undivided 50% interest, free and clear of any and all Encumbrances, in and to: (i) the Mark, (ii)
the goodwill associated therewith and symbolized thereby, and (iii) subject to Article VI hereof,
all rights to sue and recover for past or future infringements and other violations thereof. This
assignment does not convey to RSM any rights in or to the mark MCGLADREY & PULLEN or to United
States Service Mark Registration No. 1,633,380 for the mark MCGLADREY & PULLEN. M&P does not grant
to RSM any rights or licenses in or to any trademarks or other intellectual property, whether by
implication, estoppel, or otherwise, except to the extent expressly provided for under this
Agreement.

     2.2 Retention of Rights by M&P. M&P retains for itself an undivided 50% interest in
and to: (i) the Mark, (ii) the goodwill associated therewith and symbolized thereby, and (iii)
subject to Article VI hereof, all rights to sue and recover for past or future infringements and
other violations thereof.

     2.3 Assignment of the Mark to M&P. RSM hereby assigns and transfers to M&P an
undivided 50% interest, free and clear of all Encumbrances, in and to: (i) any and all common

4

 

law rights it has acquired through use of the Mark in the United States or elsewhere, (ii) the
goodwill associated therewith and symbolized thereby, and (iii) subject to Article VI hereof, all
rights to sue and recover for past or future infringements and other violations thereof. This
assignment does not convey to M&P any rights in or to the mark “RSM”.

     2.4 Retention of Rights by RSM. RSM retains for itself an undivided 50% interest in
and to: (i) any and all common law rights it may have acquired through use of the Mark in the
United States or elsewhere, (ii) the goodwill associated therewith and symbolized thereby, and
(iii) subject to Article VI hereof, all rights to sue and recover for past or future infringements
and other violations thereof.

III. ASSIGNMENTS AND USE OF DOMAIN NAMES

     3.1 McGladrey.com. RSM hereby assigns and transfers to M&P, free and clear of all
Encumbrances, (i) any and all rights, title and interest as RSM possesses in and to the
registration for the domain name mcgladrey.com; together with (ii) an undivided 50% interest in and
to the domain name mcgladrey.com, the goodwill associated therewith and symbolized thereby, and,
subject to Article VI hereof, all rights to sue and recover for past or future infringements and
other violations thereof. RSM agrees to execute and deliver to M&P any such documents and take
such other reasonable actions as may be required to transfer such rights, title and interest to
M&P, including coordinating with M&P’s domain name or website administrators and with the registrar
of the domain name. RSM will immediately discontinue linking the domain name mcgladrey.com to
RSM’s website, and shall cause the mcgladrey.com domain name to link to a landing page with equally
prominent links to both M&P’s and RSM’s separate websites for (a) the duration of this Agreement
and (b) the term of any license granted pursuant to Section 9.2 or Section 9.3 below. The
appearance and content of such landing page shall be mutually agreed upon by M&P and RSM.

5

 

     3.2 McGladreyandPullen.com and McGladreyPullen.com. RSM hereby assigns and transfers
to M&P, free and clear of all Encumbrances, all rights, title and interest as RSM possesses in and
to (i) the registrations for the domain names mcgladreyandpullen.com and mcgladreypullen.com;
together with (ii) the domain names mcgladreyandpullen.com and mcgladreypullen.com, the goodwill
associated therewith and symbolized thereby, and, subject to Article VI hereof, all rights to sue
and recover for past or future infringements and other violations thereof. RSM agrees to execute
and deliver to M&P any such documents and take such other reasonable actions as may be required to
transfer to M&P such domain names and the registrations therefor, including coordinating with M&P’s
domain name or website administrators and with the registrar(s) of the domain names.

     3.3 Use by RSM. All uses by RSM of the mcgladrey.com domain name, and any other
domain names containing the term “mcgladrey”, shall comply with the applicable provisions of
Articles IV and V herein.

     3.4 Ownership. Except as set forth in this Article III, RSM and M&P shall each own an
undivided 50% interest in any domain name registered or controlled by RSM or M&P that contains the
term “mcgladrey.” RSM and M&P agree to assign, and hereby assign, to the other an undivided 50%
interest in and to any such domain name. Notwithstanding the above, RSM shall not register or own
any interest in domain names containing the term “Pullen”, and M&P shall not register or own any
interest in domain names containing the term “RSM.”

IV. USAGE AND REGISTRATION RIGHTS

     4.1 RSM.

          4.1.1 Composite Marks. Subject to Section 5.2, RSM may use the Mark (i) alone or (ii)
in combination with another word or words that are not confusingly similar to “Pullen”, provided
that the resulting composite mark or name is not confusingly similar to

6

 

“McGladrey & Pullen” or any other M&P Mark in existence at the time such composite term is
adopted.

          4.1.2 Non-Attest Services. Subject to Section 5.2, RSM may use the Mark (i) throughout
the world in connection with any and all Non-Attest Services, and (ii) with M&P’s prior written
consent, which consent shall not be unreasonably withheld, conditioned or delayed, in any part of
the world other than the United States, in connection with Attest Services. RSM may not use the
Mark with Attest Services in the United States. Notwithstanding the foregoing, either Party may
use the Mark to promote the services of the other Party, and/or the relationship between the
Parties, anywhere in the world.

          4.1.3 Prosecution of New Applications by RSM. Subject to the terms of this Agreement,
RSM shall bear primary responsibility for filing, prosecuting and maintaining any applications and
registrations for the Mark (“New Applications”), and all costs and fees related thereto. RSM shall
(i) design and implement a commercially reasonable international registration strategy; (ii) inform
M&P of RSM’s desire to file any New Application; (iii) keep M&P informed regarding the status and
activity of any New Application; (iv) promptly provide M&P with a copy of any document or
correspondence received from an associated trademark office; (v) promptly provide M&P with a copy
of any document or correspondence RSM intends to file with an associated trademark office prior to
any such filing, and accept any reasonable comments or edits to such document or correspondence
delivered to RSM in writing within five (5) business days of delivery to M&P; and (vi) promptly
notify M&P if RSM determines that it does not desire to file, prosecute or maintain a New
Application. Subject to Section 4.1.4 below, all New Applications will be filed in the name of
both Parties as joint owners. M&P shall provide reasonable assistance to RSM in connection with
RSM’s efforts to register the Mark

7

 

anywhere in the world, including executing appropriate Powers of Attorney, letters of consent,
and other documents that may be required by the registration authority in a particular
jurisdiction. In the event that United States Reg. No. 1,633,380 is cited as a bar to registration
of the Mark in the United States, M&P shall sign a Letter of Consent in such form as is agreed by
the Parties.

          4.1.4 License in Foreign Jurisdictions. Notwithstanding the foregoing, if any foreign
jurisdiction in which the Parties seek to file a New Application prohibits (or does not recognize)
joint ownership and/or joint registration of trademarks and service marks (each such jurisdiction,
a “Special Jurisdiction”):

	 	(i)	 	RSM shall be the sole owner of the Mark and any
registration application or registration therefor in such Special
Jurisdiction;
	 
	 	(ii)	 	M&P hereby grants and assigns to RSM (a) any
and all rights, title and interest in and to the Mark in such Special
Jurisdiction as M&P possesses, (b) the goodwill associated therewith
and symbolized thereby, and (c) subject to Article VI hereof, all
rights to sue and recover for past or future infringements or other
violations of the Mark in such Special Jurisdiction; and
	 
	 	(iii)	 	RSM hereby grants to M&P a worldwide,
irrevocable, perpetual, non-exclusive, royalty-free, transferable
(subject to Section 11.4) and sublicenseable (subject to Section 4.2.3)
right and license to use the Mark in such Special Jurisdiction in
accordance with the terms and conditions of this Agreement.

8

 

Promptly upon RSM’s discovery of any circumstances prohibiting the Parties’ joint ownership and/or
registration of the Mark in any Special Jurisdiction, RSM shall so notify M&P. Thereafter, RSM
shall (i) keep M&P informed regarding the status and activity of any and all New Applications filed
in any Special Jurisdiction; (ii) promptly provide M&P with a copy of any document or
correspondence received from an associated trademark office; (iii) promptly provide M&P with a copy
of any document or correspondence RSM intends to file with an associated trademark office in
respect of any Special Jurisdiction prior to any such filing, and accept any reasonable comments or
edits to such document or correspondence delivered to RSM in writing within five (5) business days
of delivery to M&P; and (iv) promptly notify M&P if RSM determines that it does not desire to file,
prosecute or maintain any registration or registration application in any Special Jurisdiction.

          4.1.5 Prosecution of New Applications by M&P. If RSM notifies M&P that RSM does not
desire to file, prosecute or maintain a New Application for the Mark, M&P shall have the right, in
its sole discretion, to file, prosecute and/or maintain such New Application, at M&P’s sole cost
and expense. RSM shall provide reasonable assistance to M&P in connection with M&P’s efforts to
register the Mark and/or the M&P Mark anywhere in the world, including executing appropriate Powers
of Attorney, letters of consent, and other documents that may be required by the registration
authority in a particular jurisdiction. Notwithstanding the foregoing, if RSM notifies M&P that
RSM does not desire to file, prosecute or maintain a New Application in any Special Jurisdiction,
effective as of the date of such notice: (i) M&P shall be the sole owner of the Mark and any
registration application or registration therefor in such Special Jurisdiction; (ii) RSM hereby
grants and assigns to M&P (a) any and all rights, title and interest in and to the Mark and any
then existing registration or registration application therefor in such

9

 

Special Jurisdiction as RSM possesses, (b) the goodwill associated therewith and symbolized
thereby, and (c) subject to Article VI hereof, all rights to sue and recover for past or future
infringements or other violations of the Mark in such Special Jurisdiction; and (iii) M&P hereby
grants to RSM a worldwide, irrevocable, perpetual, non-exclusive, royalty-free, transferable
(subject to Section 11.4) and sublicenseable (subject to Section 4.1.7) right and license to use
the Mark in such Special Jurisdiction in accordance with the terms and conditions of this
Agreement.

          4.1.6 RSM’s Corporate Name. RSM may not adopt or use the corporate name “McGladrey,
Inc.” or any other name incorporating the Mark except in combination with another term that is not
confusingly similar to the name “Pullen”, including, but not limited to, terms generic to the
business of RSM, such as “tax”, “consulting”, “capital markets”, “financial services”, and “wealth
management.”

          4.1.7 Right to License. RSM may license the right to use the Mark (but may not grant
others the right to sublicense use of the Mark), alone or in combination with other words that are
not confusingly similar to the word “Pullen,” to current and future members of what is known
currently as the RSM McGladrey Network, and to Persons that are or become Affiliates of RSM, (i)
with Non-Attest Services anywhere in the world; and (ii) with Attest Services anywhere in the world
with the prior written consent of M&P, which consent shall not be unreasonably withheld,
conditioned, or delayed. Any license granted under this Section 4.1.7 must be governed by a
written agreement between RSM and the applicable Affiliate (a) containing terms at least as
protective of the value of the Mark and the rights of M&P as the terms of this Agreement and (b)
specifying that M&P shall be a third party beneficiary thereunder. RSM shall provide M&P a copy of
each agreement granting any license pursuant to this Section 4.1.7, together with any and all
amendments thereto, and shall notify M&P promptly

10

 

of any breach of the license granted under such agreement, and any other act or omission of
the licensee that RSM reasonably believes has caused, or is reasonably likely to cause, a material
and substantial diminution of the value of the Mark.

          4.1.8 Other Uses. Other than as specifically provided under this Agreement, RSM shall
not, without the prior written consent of M&P, (i) license use of the Mark in association with
Non-Attest Services or Attest Services, or (ii) sell, assign, transfer, dispose of, pledge or
encumber the Mark or any of RSM’s rights therein. Any act in violation of the foregoing shall be
void ab initio.

     4.2 M&P.

          4.2.1 Composite Marks. Subject to Section 5.2, M&P may use the Mark alone or in
combination with another word or words that are not confusingly similar to the name “RSM.”

          4.2.2 Attest Services. Subject to Section 5.2, M&P may use the Mark in connection with
any and all Attest Services, but not in connection with Non-Attest Services.

          4.2.3 Licenses. Other than as specifically provided under this Agreement, M&P shall
not, without the prior written consent of RSM (which consent shall not be unreasonably withheld,
conditioned or delayed), (i) license use of the Mark in association with Attest or Non-Attest
Services, or (ii) sell, assign, transfer, dispose of, pledge or encumber the Mark or any of M&P’s
rights therein. Any act in violation of the foregoing shall be void ab initio. Any license granted
under this Section 4.2.3 must be governed by a written agreement between M&P and the applicable
licensee (a) containing terms at least as protective of the value of the Mark and the rights of RSM
as the terms of this Agreement and (b) specifying that RSM shall be a third party beneficiary
thereunder. M&P shall provide RSM a copy of each agreement granting any license

11

 

pursuant to this Section 4.2.3, together with any and all amendments thereto, and shall notify
RSM promptly of any breach of the license granted under such agreement, and any other act or
omission of the licensee that M&P reasonably believes has caused, or is reasonably likely to cause,
a material and substantial diminution of the value of the Mark.

          4.2.4 M&P Mark. M&P shall be the sole owner of the M&P Mark, and, subject to Section
4.1.4, shall be solely responsible for all costs relating to registration, prosecution, maintenance
and renewal of the M&P Mark anywhere in the world.

V. UNDERTAKINGS REGARDING USE OF THE MARK

     5.1 Quality Control Standards. In the interest of preserving the reputation for
quality, integrity and value of the goodwill associated with the Mark, each Party shall at all
times use good faith efforts (i) to ensure that the quality of services offered under the Mark
will, at a minimum, be materially commensurate with the quality of such services provided, and the
general professional image and reputation enjoyed, by such Party as of the effective date of this
Agreement; (ii) to comply with all laws, rules and regulations applicable to their respective
services and businesses; and (iii) to avoid undertaking or approving any act or omission reasonably
likely to disparage the other Party or adversely affect the prestige or value of the Mark (the
“Quality Control Standards”).

     5.2 Avoidance of Confusion. The Parties shall each use good faith efforts to avoid
confusion as to the source of their respective services offered under the Mark by complying
strictly with the terms of this Article V. In the event a Party becomes aware of the existence of
actual confusion or a likelihood of confusion in connection with either Party’s use of the Mark,
(i) such Party shall promptly, but in any event within two (2) business days, provide written
notice to the Designated Representative of the other Party of the circumstances of such

12

 

confusion, and (ii) both Parties shall thereafter use reasonable commercial efforts to
work together to dispel such actual confusion or avoid such likelihood of confusion.

     5.3 Benefit to Parties. The Parties acknowledge that use of the Mark by either Party
shall inure to the legal benefit of both Parties in accordance with their share of ownership set
forth in Article II above.

     5.4 Branding Guidelines. The Parties shall (i) display the Disclaimer on their
respective websites and, whenever feasible, on all printed materials bearing the Mark; (ii) where
reasonably feasible, include a service mark notice as follows in connection with all uses of the
Mark:

“McGladrey” is a [registered] service mark jointly owned by RSM McGladrey,
Inc. and McGladrey & Pullen, LLP in the United States and elsewhere.

and (iii) otherwise display the Mark in accordance with such guidelines as are agreed by the
Parties, as such guidelines may be amended from time to time ((i) – (iii), collectively, the
“Branding Guidelines”). Notwithstanding the foregoing, for materials created for use exclusively
in a Special Jurisdiction, the service mark notice may identify the Party that is the registrant of
the Mark in such Special Jurisdiction as the sole owner of the Mark in such Special Jurisdiction.

     5.5 Representative Samples. Either Party may request in writing from the other
samples of advertising and promotional materials bearing the Mark. The Party receiving the request
will furnish, without cost to the requesting Party, such samples, within seven (7) days of receipt
of such request. If, after reviewing such samples, the requesting Party believes the other Party
is not in compliance with the Quality Control Standards or the Branding Guidelines, it shall so
notify the Designated Representative of the other Party in a writing setting forth the specific
reasons why it believes such use is non-compliant. Within seven (7) days of receipt of such

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notice, the Party receiving such notice shall either cure such non-compliance or provide a
written response to the Designated Representative of the requesting Party setting forth the
reason(s) that it believes it is in compliance with the Quality Control Standards or the Branding
Guidelines. If the Party that raised the issue of non-compliance is not satisfied with such
explanation, the dispute shall be submitted for resolution in accordance with the dispute
resolution process set forth in Article X herein. In the event that a QCS Dispute (as defined
below) involving a breach of this Section 5.5 results in a ruling against the Party alleged to be
non-compliant, such ruling shall be considered a “Catastrophic Event” under Section 9.2.

     5.6 Designated Representatives. The Designated Representatives shall meet regularly,
but no less frequently than annually, to (i) review performance under this Agreement, (ii) consider
any proposed changes to the Branding Guidelines, and (iii) discuss any other issues that may arise
regarding the use, registration and/or enforcement of the Mark.

VI. ENFORCEMENT

     6.1 Investigation of Third-Party Infringers. In the event that a Party learns of any
actual or suspected infringement of the Mark, such Party shall promptly notify the Designated
Representative of the other Party, and the Parties shall cooperate in a commercially reasonable
manner, excluding formal legal action, to investigate and terminate any suspected or actual
infringement of the Mark. The Parties shall share equally (i) all costs associated with
investigating and terminating any suspected or actual infringement of the Mark and (ii) all
proceeds recovered in association with such enforcement activities less the costs incurred by the
Parties in connection with such enforcement activities.

     6.2 Legal Action by RSM. Subject to Section 6.1 and Section 6.3, RSM will have
control over and will conduct any formal legal action(s) as it reasonably deems necessary to
protect the Parties’ interests in and to the Mark. RSM shall (i) keep M&P informed as to, and

14

 

provide M&P the opportunity to participate in and/or otherwise cooperate with respect to, any
formal legal action regarding enforcement of the Mark; and (ii) not enter into any settlement or
other compromise in respect of such action without the prior written consent of M&P, which consent
shall not be unreasonably withheld. Subject to the foregoing, M&P shall undertake to, at its own
expense, render reasonable assistance to RSM in connection with any such legal action including (a)
furnishing documents, records, files and other information, (b) making available its employees, (c)
executing all necessary documents, and (d) providing its consent to be joined as a Party to any
legal proceedings as RSM may reasonably request. Notwithstanding the foregoing, M&P may, in its
sole discretion and at M&P’s expense, join RSM as a party to any formal legal action against an
infringer, in which event the Parties shall cooperate in respect of prosecution thereof. Each
Party will be solely responsible for the costs incurred by such Party in prosecuting any formal
legal action against an infringer. In the event either Party collects any damages, costs and/or
settlement proceeds pursuant to any formal legal action, (x) the amount received will be applied
toward reimbursement of each Party for any costs incurred by such Party in connection with such
action, and (y) any remaining amount will be shared equally by the Parties.

     6.3 Legal Action by M&P. In the event that RSM elects not to take formal legal action
pursuant to Section 6.2 and in respect of legal actions with respect to the Mark in Special
Jurisdictions in which M&P owns all rights, title and interest thereto in accordance with Section
4.1.5, M&P may take such action, and RSM undertakes to, at its own expense, render reasonable
assistance to M&P in connection with such legal action including (i) furnishing documents, records,
files and other information, (ii) making available its employees, (iii) executing all necessary
documents, and (iv) providing its consent to be joined as a Party to any legal proceedings as M&P
may reasonably request. Each Party will be solely responsible for its costs

15

 

associated in prosecuting such an action. In the event either Party collects any damages,
costs and/or settlement proceeds pursuant to any formal legal action, (a) the amount received will
be applied toward reimbursement of each Party for any costs incurred by such Party in connection
with such action, and (b) any remaining amounts will be shared equally by the Parties.

     6.4 M&P Mark. The Parties hereby acknowledge and agree that nothing herein shall
prohibit, restrict or otherwise limit, in any manner whatsoever, M&P’s right (i) to protect and
enforce its rights in the M&P Mark, as M&P determines necessary or appropriate, in its sole
discretion, and (ii) to receive the entirety of any damages, costs and/or settlement proceeds
collected in connection with any informal or formal legal action in respect of the M&P Mark, less
any reasonable expenses incurred by RSM in assisting M&P in such legal action.

VII. WARRANTIES, REPRESENTATIONS AND AGREEMENTS

     7.1
By RSM. RSM represents, warrants and agrees that:

          7.1.1 RSM (a) is a corporation duly organized, validly existing and in good standing under the
laws of Delaware, with full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder, and (b) maintains an executive office at the address set forth
herein. The execution, delivery and performance of this Agreement has been duly authorized by all
necessary actions of RSM, and this Agreement constitutes a valid and binding obligation of RSM
enforceable against RSM in accordance with its terms;

          7.1.2 The making of this Agreement does not violate any rights or obligations existing between
RSM and any other Person;

          7.1.3 RSM has all necessary rights, power and authority to make the assignments in accordance
with the terms and conditions of Articles II and III of this Agreement;

16

 

          7.1.4 During the term of this Agreement, RSM shall promote the Mark with a level of effort
which is greater than the level of effort with which it promotes the “RSM McGladrey” mark.

          7.1.5 As of the effective date of this Agreement, (i) RSM does not possess any right, title or
interest in or to any domain name registrations comprised of “McGladrey” other than mcgladrey.com,
mcgladreyandpullen.com, and mcgladreypullen.com, and (ii) to the knowledge of RSM, no Affiliate of
RSM possesses any right, title or interest in or to any domain name registration comprised of
“McGladrey.”

     7.2 By M&P. M&P represents and warrants that:

          7.2.1 M&P (i) is a limited liability partnership duly organized, validly existing and in good
standing under the laws of Iowa, with full power and authority to execute and deliver this
Agreement and to perform its obligations hereunder, and (ii) maintains an executive office at the
address set forth herein. The execution, delivery and performance of this Agreement has been duly
authorized by all necessary actions of M&P, and this Agreement constitutes a valid and binding
obligation of M&P enforceable against M&P in accordance with its terms;

          7.2.2 The making of this Agreement does not violate any regulations or agreements existing
between M&P and any other Person; and

          7.2.3 M&P has all necessary rights, power and authority to make the assignments in accordance
with the terms and conditions of Article II of this Agreement.

          7.2.4 Notwithstanding the foregoing, M&P does not represent or warrant that its execution,
delivery or performance of or under this Agreement does not violate any statute, rule, regulation
or interpretation thereof relating to the regulation of certified public accountants or

17

 

auditors, or, if any such violation occurs, that M&P has the power, right or authority to make
the foregoing representations or warranties or that this Agreement would be enforceable against
M&P.

VIII. INDEMNITIES

     8.1 By RSM. RSM shall indemnify and hold harmless M&P and its partners, officers,
directors, employees and agents from any liability, loss, expense (including reasonable attorneys’
fees and disbursements) or claim by any third party resulting from or arising out of: (i) any
allegation that RSM’s use of any trademark or service mark, excluding the Mark, infringes or
otherwise violates any trademark, trade name, service mark, or registration therefor of any third
party; or (ii) any breach by RSM of any warranties, covenants or agreements under this Agreement;
provided, however, that RSM’s obligations hereunder shall in no way require defense or
indemnification regarding any liability, loss, expense or claim to the extent that the same arises
out of: (a) any breach by M&P of any warranties, covenants or agreement in the performance of its
obligations under this Agreement; or (b) the provision of any goods or services by M&P under the
Mark.

     8.2 By M&P. M&P shall indemnify and hold harmless RSM and its officers, directors,
employees and agents from any liability, loss, expense (including reasonable attorneys’ fees and
disbursements) or claim by any third party resulting from or arising out of; (i) any allegation
that M&P’s use of any trademark or service mark, excluding the Mark, infringes or otherwise
violates any trademark, trade name, service mark, or registration therefor of any third party; or
(ii) any breach by M&P of any warranties, covenants or agreements under this Agreement; provided,
however, that M&P’s obligations hereunder shall in no way require defense or indemnification
regarding any liability, loss, expense or claim to the extent that the same arises out of: (a) any
breach by RSM of any warranties, covenants or agreement in the

18

 

performance of its obligations under this Agreement; or (b) the provision of any goods or
services by RSM under the Mark.

IX. TERM, TERMINATION, CONSEQUENCES OF TERMINATION

     9.1 Term. This Agreement shall remain in effect in perpetuity unless terminated by
the mutual written agreement of the Parties or as otherwise provided in this Article IX.

     9.2 Termination for Catastrophic Event. In the event (i) the Parties agree in writing
that a Party’s failure to comply with the Quality Control Standards has resulted in a material,
substantial, and irreparable diminution of the value of the Mark (a “Catastrophic Event”), or (ii)
pursuant to Section 10.1 below, an arbitration panel determines that a Catastrophic Event has
occurred, the non-breaching Party shall have the right to terminate this Agreement immediately upon
notice to the other Party. Upon termination pursuant to this Section 9.2, the non-breaching Party
hereby grants to the breaching Party a license to continue using the Mark for one (1) year
immediately following the effective date of termination of this Agreement.

     9.3 Additional Termination Events.

          9.3.1 M&P may terminate this Agreement, immediately upon notice to RSM, in the event (i) RSM
ceases to use the Mark as a primary brand of the company, (ii) RSM notifies M&P of RSM’s decision
to cease use of the Mark, (iii) pursuant to Section 10.2, an arbitration panel finds RSM
materially breached its promotional services obligations under the Agreement, (iv) RSM is wound up
or liquidated, or files a voluntary petition in bankruptcy, or other action is taken voluntarily or
involuntarily under any statute for the protection of RSM’s creditors, or (v) of a final,
non-appealable judgment or decision by any of M&P’s accounting regulators, or by a court or
administrative body of competent jurisdiction (excluding the U.S. Patent and Trademark Office and
comparable trademark offices in other jurisdictions), opposing the Parties’ joint ownership of the
Mark or otherwise ruling that a likelihood of confusion exists, or would result

19

 

from, the Parties’ joint ownership and/or use of the Mark. Provided that RSM has not ceased
all uses of the Mark prior to the effective date of termination of this Agreement pursuant to this
Section 9.3.1, M&P hereby grants to RSM a license to continue using the Mark for one (1) year
immediately following such effective date of termination.

          9.3.2 RSM may terminate this Agreement, immediately upon notice to M&P, in the event (i) M&P
ceases to use the M&P Mark as a primary brand of the company, (ii) M&P notifies RSM of M&P’s
decision to cease use of the M&P Mark, or (iii) M&P is wound up or liquidated, or files a voluntary
petition in bankruptcy, or other action is taken voluntarily or involuntarily under any statute for
the protection of M&P’s creditors. Provided that M&P has not ceased all uses of the Mark prior to
the effective date of termination of this Agreement pursuant to this Section 9.3.2, RSM hereby
grants to M&P a license to continue using the Mark for one (1) year immediately following such
effective date of termination.

     9.4 Damages. Subject to any indemnification payments provided for in Article VIII, in
no event shall damages be awarded in respect of the cause or exercise of any right of termination
under this Agreement.

     9.5 Assignment. Upon the effective date of termination of this Agreement for any
reason, (i) the non-terminating Party (hereinafter the “Licensee Party”) hereby assigns and
transfers to the Party exercising its termination rights under this Article IX (hereinafter the
“Licensor Party”), free and clear of all Encumbrances, the Licensee Party’s undivided 50% interest
in the Mark, and any registration or registration application therefor and the domain name
mcgladrey.com (and, if applicable, all rights, title and interest as the Licensee Party possesses
in the Mark, and any registration or registration application therefor, in any Special
Jurisdiction), including all goodwill associated therewith and symbolized thereby, and all rights

20

 

to sue and recover for past or future infringements or other violations thereof; and (ii)
except as expressly provided in this Article IX, (a) the Licensee Party shall make no further use
of the Mark or the domain name mcgladrey.com, and (b) the Licensee Party shall cause its licensees
of the Mark to cease all uses thereof. After termination, the Parties will cooperate in executing
and recording appropriate documents to effect and record the aforementioned assignments, and to
take all other steps necessary to confer and record in the Licensor Party sole ownership of the
Mark, and all registrations and registration applications therefor, and the domain name
mcgladrey.com, as provided under this Section 9.5. In the event the Licensee Party fails to
respond to any reasonable request of the Licensor Party therefore within five (5) business days
following such request, the Licensee Party hereby appoints the Licensor Party as the Licensee
Party’s attorney-in-fact, with full power of substitution, to execute, acknowledge, deliver and
record any and all such documents as the Licensor Party deems reasonably necessary to confirm sole
ownership of the Mark in the Licensor Party, and the foregoing appointment shall be a power coupled
with an interest and is irrevocable. Following the effective date of termination of this
Agreement, the Licensee Party shall not at any time, directly or indirectly, do or cause to be done
any act contesting or in any way impairing the Licensor Party’s rights, title or interest in or to
the Mark or any registrations or registration applications therefor.

     9.6 License. Notwithstanding the foregoing, in the event either Party is granted any
license under this Article IX, such license shall be non-exclusive, royalty-free, nontransferable,
and non-sublicenseable; except that the Licensee Party may sublicense its rights under such license
to any Affiliate to which it has granted a license to the Mark prior to serving or receiving notice
of termination of this Agreement (“Termination Notice”), provided that such sublicense is
memorialized in a written agreement consistent with the terms of this Agreement, and a copy

21

 

of is provided to the Licensor Party. Such license shall additionally relate only to the
geographic territory in which the Licensee Party and its licensees permitted hereunder are using
the Mark as of the date of the Termination Notice. During the term of any such license, the
Licensee Party shall (i) comply with the Quality Control Standards and the Branding Guidelines, and
any modifications thereof as may be reasonably prescribed by the Licensor Party from time to time;
(ii) make available to representatives of the Licensor Party information related to the Licensee
Party’s use of the Mark and representative samples, as described in Section 5.5; and (iii) promptly
notify the Licensor Party of any and all suspected infringements or other violations of the Mark of
which the Licensee Party becomes aware. The Licensor Party shall have the sole right, but no
obligation, to investigate, prosecute, and otherwise take action in respect of any suspected
violation of which the Licensee Party notifies the Licensor Party during the term of any license
hereunder. The Licensor Party may terminate any license granted under this Article IX in the event
(a) the Parties agree in writing that the Licensee Party has materially breached such license, or
pursuant to Section 10.2, an arbitration panel determines that the Licensee Party has materially
breached such license, and (b) the Licensee Party fails to cure such breach within thirty (30) days
from the date of such written agreement or determination. The Licensee Party shall in any event
cease (and cause any of the Licensee Party’s sublicensees of the Mark to cease) all uses of the
Mark on or before the effective date of expiration of any license granted under this Agreement.
The Licensee Party acknowledges and agrees that any and all uses of the Mark pursuant to any
license granted under this Article IX inure solely to the benefit of the Licensor Party.

     9.7 Right to Use the M&P Mark and RSM McGladrey Mark. Notwithstanding any provision
of this Agreement to the contrary, after termination of this Agreement for any reason,

22

 

RSM may continue using the mark “RSM McGladrey,” or other marks or names comprised of “RSM
McGladrey,” for Non-Attest Services, and M&P may continue using the M&P Mark, or other marks or
names comprised of McGladrey & Pullen, for Attest Services, in perpetuity.

     9.8 Change in Control; Termination of the Alternative Practice Structure. The Parties
agree that neither a Change in Control involving one or both of the Parties, nor the termination of
the Administrative Services Agreement, nor the termination of the Alternative Practice Structure
between the Parties, shall alter in any way the rights or obligations of the Parties under this
Agreement. Promptly following any such event, the Parties shall use good faith efforts to make any
modifications to the Disclaimer necessitated by such event and to undertake any other actions they
deem reasonably necessary or desirable to avoid confusion as to the source of their respective
services offered under the Mark.

X. DISPUTE

     10.1 QCS Dispute. In the event of any controversy, claim or dispute arising out of or
relating to an allegation that a Party has breached its obligations under Section 5.1 or failed to
cure any such breach (a “QCS Dispute”), the Designated Representatives of the Parties shall
promptly confer and attempt to resolve such QCS Dispute between them. If the Parties fail to
resolve such QCS Dispute within thirty (30) days following notice of such dispute by one Party to
the other, the Parties shall attempt to resolve the QCS Dispute in accordance with the procedures
described in Section 10.2 below. The Parties acknowledge and agree that the analysis and
conclusions contained within any M&P internal inspection report, peer review report, PCAOB
inspection report, or any such analogous report or inspection, shall not alone constitute evidence
of M&P’s breach of the Quality Control Standards or any applicable law, rule or regulation;
provided, however, that the foregoing shall not prohibit any facts which are the subject matter of
any such report or inspection from being propounded as evidence of M&P’s

23

 

acts or omissions. Absent a Catastrophic Event (as defined above), the sole remedy under this
Agreement for breach of the Quality Control Standards shall be to require the breaching Party to
use its best efforts to cure such breach within a reasonable period of time, as agreed by the
Parties.

     10.2 Mediation and Arbitration. The provisions of Section 14 of the Administrative
Services Agreement are hereby incorporated into this Agreement mutatis mutandis, except that (i)
the governing law of this Agreement, as stated in Section 11.1 hereof, rather than the law
governing the Administrative Services Agreement, shall be the law used by the arbitrators in
rendering their award; (ii) any mediator and/or arbitrators addressing any QCS Dispute shall
possess expertise in trademark law and shall give due consideration to the prestige and value of
the Mark and the effect thereon of the alleged act or omission; and (iii) in the event of a Party’s
failure to comply with any order by the arbitration panel, the non-breaching Party may seek
specific performance or other equitable relief before a court of competent jurisdiction.

XI. MISCELLANEOUS PROVISIONS

     11.1 Governing Law. This Agreement shall be governed and construed in accordance with
Minnesota law, without regard to any principles of conflicts of law, and the Parties hereby consent
to the exclusive jurisdiction of the state and federal courts located in Hennepin County or Ramsey
County, Minnesota, over any dispute arising hereunder that is not otherwise resolved pursuant to
Article X.

     11.2 Entire Agreement; Amendment. This Agreement, and all Appendices hereto,
constitute the entire understanding of the Parties with respect to the subject matter hereof and
supersede all previous agreements and understandings between them as to the subject matter hereof.
This Agreement be amended or modified only by a writing signed by an authorized representative of
each Party.

24

 

     11.3 Confidentiality. The provisions of Section 6 of the Administrative Services
Agreement are hereby incorporated into this Agreement mutatis mutandis.

     11.4 Assignment. The Parties recognize that the nature of this Agreement is personal
and that neither Party shall assign or otherwise transfer its respective rights in this Agreement
without the express prior written consent of the other Party. Any purported assignment without
consent shall be null and void. A permitted license or sublicense hereunder shall not constitute
an assignment.

     11.5 Relationship. Nothing contained in this Agreement shall be construed as creating
any agency, partnership, joint venture or other form of joint enterprise between the Parties. RSM
is not authorized to make any statements or take any action on behalf of M&P without M&P’s consent,
and M&P is not authorized to make any statements or take any actions on behalf of RSM or its
licensees without their consent.

     11.6 Severability. The provisions of this Agreement are independent of each other,
and the invalidity of any provision or a portion hereof shall not affect the validity or
enforceability of any other provision.

     11.7 Waiver. Any delay or failure on the part of either Party to exercise or enforce
any rights or remedies hereunder to which it may be entitled shall not be construed as a waiver
thereof. No waiver hereunder shall be effective unless in writing and signed by an authorized
representative of the waiving Party.

     11.8 Beneficiaries. The terms and provisions of this Agreement shall be binding upon
and inure to the benefit of the Parties and their respective agents, representatives, permitted
successors and assigns. Nothing in this agreement, express or implied, is intended to or shall

25

 

confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement.

     11.9 Survival. All terms which by their nature are intended to survive the expiration
or termination of this Agreement in order to give effect to their meaning, shall survive any
expiration or other termination of the Agreement, including Sections 9.2-9.8, and Articles VII,
VIII, X and XI.

     11.10 Notices. All notices and statements required under this Agreement shall be in
writing addressed to the Parties’ Designated Representatives as set forth below and shall be sent
by email and by certified mail, return receipt requested or by overnight delivery service that
provides evidence of receipt, in either case also by facsimile with a simultaneous confirmation
copy. The date of mailing or sending shall be deemed the date the notice or statement is given.

	 	 	If to RSM:

RSM McGladrey, Inc.

One South Wacker Drive, Suite 800

Chicago, IL 60606

Attention: R. Peter Fontaine, Chief Legal Officer

peter.fontaine@rsmi.com

Fax: (312) 634-5513

     With copy to:

Finnegan, Henderson, Farabow, Garrett & Dunner, LLP

55 Cambridge Parkway

Cambridge, MA 02142

Attention: Lawrence R. Robins, Esq.

larry.robins@finnegan.com

Fax: (617) 452-1666

     If to M&P:

McGladrey & Pullen, LLP

20 N. Martingale Rd.

Suite 500

Schaumburg, IL 60173

Attention: David Scudder

26

 

dave.scudder@rsmi.com

Fax: 847-517-7067

     With copies to:

Fredrikson & Byron, P.A.

200 South Sixth Street, Suite 4000

Minneapolis, MN 55402

Attention: Quentin T. Johnson, Esq.

qjohnson@fredlaw.com

Fax: 612-492-7077; and

Katten Muchin Rosenman, LLP

525 W. Monroe Street, Suite 1900

Chicago, IL 60661

Attention: Herbert S. Wander

hwander@kattenlaw.com

Fax: 312-577-8885

     11.11 Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original and all of which together shall constitute one and the same
document.

     11.12 Interpretation. This Agreement shall be considered to have been drafted by the
Parties hereto and no rule of strict construction will be applied. The article and section
headings contained in this Agreement are for reference purposes only and will not affect in any way
the meaning or interpretation of this Agreement. As used in this Agreement, unless otherwise
provided to the contrary, (a) all references to days will be deemed references to calendar days and
(b) any reference to an “Article,” “Section,” or “Appendix” will be deemed to refer to an article,
section or exhibit of or to this Agreement. Unless the context otherwise requires, as used in this
Agreement, all terms used in the singular will be deemed to refer to the plural as well, and vice
versa. The words “hereof,” “herein” and “hereunder” and words of similar import referring to this
Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.
The words “include,” “includes” and “including” will be deemed to be followed by

27

 

the phrase “without limitation.” The word “trademarks” will be deemed to mean both trademarks
and service marks.

     IN WITNESS WHEREOF, authorized representatives of the Parties hereto have executed this
Agreement, effective the day and year first above written.

	 	 	 	 	 	 	 	 	 

	 	 	RSM McGLADREY, INC.	 	McGLADREY & PULLEN, LLP
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Print Name:	 	Print Name:
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Title: 
	 	 	 	Title: 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Date: 
	 	 	 	Date: 	 	 
	 
	 	 	 	 	 	 	 	 

28Exhibit 4.7

Exhibit 4.7

EXECUTION COPY

STOCK PURCHASE AGREEMENT

dated as of June 1, 2009

among

AMERICAN INTERNATIONAL GROUP, INC.,

AIG CONSUMER FINANCE GROUP, INC.

and

BANCO DE GALICIA Y BUENOS AIRES S.A.

and

THE INDIVIDUALS IDENTIFIED ON SCHEDULE I

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 
	Section 1.01. Certain Defined Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	PURCHASE AND SALE OF THE SHARES

	 
	 	 	 	 
	Section 2.01. Purchase and Sale of the Shares
	 	 	1	 
	Section 2.02. Closing
	 	 	2	 
	Section 2.03. Purchase Price
	 	 	2	 
	Section 2.04. Payments at Closing
	 	 	2	 
	Section 2.05. Adjustment to Payment at Closing
	 	 	4	 
	Section 2.06. Closing Deliveries
	 	 	6	 
	Section 2.07. Payments and Computations
	 	 	8	 
	Section 2.08. Interest
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE PARENT

	 
	 	 	 	 
	Section 3.01. Incorporation and Authority of the Parent and the Seller
	 	 	8	 
	Section 3.02. Incorporation, Qualification and Authority of the Companies
	 	 	9	 
	Section 3.03. Capital Structure of the Companies; Ownership and Transfer of the Shares
	 	 	9	 
	Section 3.04. No Conflict
	 	 	10	 
	Section 3.05. Consents and Approvals
	 	 	11	 
	Section 3.06. Financial Information; Absence of Undisclosed Liabilities
	 	 	11	 
	Section 3.07. Absence of Certain Changes
	 	 	12	 
	Section 3.08. Litigation
	 	 	12	 
	Section 3.09. Compliance with Laws
	 	 	12	 
	Section 3.10. Governmental Permits
	 	 	13	 
	Section 3.11. Intellectual Property
	 	 	13	 
	Section 3.12. Material Contracts
	 	 	14	 
	Section 3.13. Employee Benefits; Employees
	 	 	14	 
	Section 3.14. Insurance
	 	 	17	 
	Section 3.15. Real Property; Assets
	 	 	17	 
	Section 3.16. Taxes
	 	 	18	 
	Section 3.17. Affiliate Transactions
	 	 	19	 
	Section 3.18. Brokers
	 	 	19	 
	Section 3.19. The Business of the Companies
	 	 	19	 
	Section 3.20. Books and Records
	 	 	20	 

 

i

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 3.21. Company E&O Claims
	 	 	20	 
	Section 3.22. Disclaimer
	 	 	20	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE ACQUIROR

	 
	 	 	 	 
	Section 4.01. Incorporation and Authority of the Acquiror; Capitalization
	 	 	21	 
	Section 4.02. No Conflict
	 	 	22	 
	Section 4.03. Consents and Approvals
	 	 	22	 
	Section 4.04. Absence of Litigation
	 	 	23	 
	Section 4.05. Securities Matters
	 	 	23	 
	Section 4.06. Financial Ability
	 	 	23	 
	Section 4.07. Compliance with Law; Governmental Orders
	 	 	23	 
	Section 4.08. Investigation
	 	 	24	 
	Section 4.09. No Acquiror Material Adverse Effect
	 	 	25	 
	Section 4.10. Brokers
	 	 	25	 
	Section 4.11. Disclaimer
	 	 	25	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	ADDITIONAL AGREEMENTS

	 
	 	 	 	 
	Section 5.01. Conduct of Business Prior to the Closing
	 	 	25	 
	Section 5.02. Access to Information
	 	 	29	 
	Section 5.03. Books and Records
	 	 	32	 
	Section 5.04. Confidentiality
	 	 	33	 
	Section 5.05. Regulatory and Other Authorizations; Best Efforts
	 	 	34	 
	Section 5.06. Insurance
	 	 	37	 
	Section 5.07. Intercompany Obligations and Arrangements
	 	 	38	 
	Section 5.08. Guarantees
	 	 	39	 
	Section 5.09. No Solicitation; No Hire
	 	 	39	 
	Section 5.10. Intellectual Property; Trade Names and Trademarks
	 	 	40	 
	Section 5.11. Mutual Release
	 	 	45	 
	Section 5.12. Certain Waivers
	 	 	46	 
	Section 5.13. Third Party Contracts
	 	 	47	 
	Section 5.14. Company E&O Claims
	 	 	48	 
	Section 5.15. Separation
	 	 	48	 
	Section 5.16. Further Action
	 	 	48	 
	Section 5.17. Transfer of Companies’ Minority Holder Shares
	 	 	48	 
	Section 5.18. Financial Ability
	 	 	48	 
	Section 5.19. Governmental Orders and Laws
	 	 	48	 
	Section 5.20. Notifications
	 	 	49	 
	Section 5.21. IT Outsourcing Agreement
	 	 	49	 
	Section 5.22. Disclaimer
	 	 	49	 

 

ii

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	EMPLOYEE MATTERS

	 
	 	 	 	 
	Section 6.01. Employee Matters
	 	 	50	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	TAX MATTERS

	 
	 	 	 	 
	Section 7.01. Liability for Transfer Taxes
	 	 	52	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	CONDITIONS TO CLOSING

	 
	 	 	 	 
	Section 8.01. Conditions to Obligations of Each Party
	 	 	52	 
	Section 8.02. Conditions to Obligations of the Parent and the Seller
	 	 	52	 
	Section 8.03. Conditions to Obligations of the Acquiror
	 	 	53	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	TERMINATION

	 
	 	 	 	 
	Section 9.01. Termination
	 	 	54	 
	Section 9.02. Notice of Termination
	 	 	55	 
	Section 9.03. Effect of Termination
	 	 	55	 
	 
	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	INDEMNIFICATION

	 
	 	 	 	 
	Section 10.01. Survival
	 	 	55	 
	Section 10.02. Indemnification by the Parent
	 	 	56	 
	Section 10.03. Indemnification by the Acquiror
	 	 	57	 
	Section 10.04. Notification of Claims
	 	 	57	 
	Section 10.05. Payment
	 	 	59	 
	Section 10.06. Exclusive Remedies
	 	 	59	 
	Section 10.07. Additional Indemnification Provisions
	 	 	60	 
	Section 10.08. Mitigation
	 	 	61	 
	Section 10.09. Effect of Knowledge
	 	 	61	 
	 
	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 
	GENERAL PROVISIONS

	 
	 	 	 	 
	Section 11.01. Expenses
	 	 	61	 
	Section 11.02. Notices
	 	 	62	 

 

iii

 

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 11.03. Public Announcements
	 	 	63	 
	Section 11.04. Severability
	 	 	63	 
	Section 11.05. Entire Agreement
	 	 	64	 
	Section 11.06. Assignment
	 	 	64	 
	Section 11.07. No Third Party Beneficiaries
	 	 	64	 
	Section 11.08. Amendment; Waiver
	 	 	64	 
	Section 11.09. Disclosure Schedules
	 	 	65	 
	Section 11.10. Governing Law
	 	 	65	 
	Section 11.11. Rules of Construction
	 	 	65	 
	Section 11.12. Specific Performance
	 	 	65	 
	Section 11.13. Counterparts
	 	 	66	 
	Section 11.14. Arbitration; Submission to Jurisdiction; Waiver of Jury Trial
	 	 	66	 
	Section 11.15. Joint and Several Obligations
	 	 	69	 
	Section 11.16. Appointment of the Acquiror’s Representative
	 	 	69	 

	 	 	 
	Exhibits
	 	 
	 
	 	 
	Exhibit A

	 	Definitions
	Exhibit B

	 	Form of Trademark License Agreement
	Exhibit C

	 	Form of Parent Advances Transfer Agreement
	Exhibit D

	 	Form of Payoff Letter
	 
	 	 
	Schedules
	 	 
	 
	 	 
	Schedule I

	 	Pegasus Acquirors
	Schedule II

	 	Shareholders
	Schedule III

	 	Parent Knowledge
	Schedule IV

	 	Acquiror Knowledge
	Schedule V

	 	Target Closing Calculations
	Schedule 2.01

	 	Shares and Purchase Price Allocation
	 
	 	 
	Disclosure Schedules
	 
	Parent Disclosure Schedule
	Acquiror Disclosure Schedule

 

iv

 

This STOCK PURCHASE AGREEMENT, dated as of June 1, 2009, is entered into by and among American
International Group, Inc., a Delaware corporation (the “Parent”), AIG Consumer Finance
Group, Inc., a Delaware corporation and an indirect wholly-owned Subsidiary of the Parent (the
“Seller”), and Banco de Galicia y Buenos Aires S.A., an Argentine stock corporation
(“Galicia”), and certain shareholders and/or active board members of Pegasus Argentina S.A.
(“Pegasus”) as set forth on Schedule I (collectively, the “Pegasus
Acquirors” and, together with Galicia, the “Acquiror”).

RECITALS

A. (i) The Seller and (ii) the shareholders set forth on Schedule II own all of the issued
and outstanding Capital Stock (the issued and outstanding Capital Stock owned by the Seller,
together with any other right to the Capital Stock of the Companies, collectively, the
“Shares”) in Compañia Financiera Argentina S.A., a capital stock corporation organized
under the laws of Argentina (“Financiera”). Cobranzas y Servicios S.A., a capital stock
corporation organized under the laws of Argentina (“Servicios”) and AIG Universal
Processing Center S.A., a capital stock corporation organized under the laws of Argentina
(“UPC” and, collectively with Financiera and Servicios, the “Companies”).

B. In connection with this Agreement, at the Closing, the Parent, the Acquiror and the Companies
will enter into a trademark license agreement in substantially the form attached hereto as
Exhibit B (the “Trademark License Agreement”).

The Seller desires to sell to the Acquiror, and the Acquiror desires to purchase from the Seller
and the shareholders set forth on Schedule II, the Shares and enter into the related
transactions upon the terms and subject to the conditions set forth herein.

NOW, THEREFORE, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01. Certain Defined Terms. Capitalized terms used in this Agreement shall
have the meanings specified in Exhibit A or elsewhere in this Agreement.

ARTICLE II

PURCHASE AND SALE OF THE SHARES

Section 2.01. Purchase and Sale of the Shares. On the terms and subject to the
conditions set forth in this Agreement, which in the case of the transfer of the Financiera Shares
is “ad referendum” of the BCRA, at the Closing, the Seller shall sell, convey, assign, transfer and
deliver to the Acquiror, free and clear of all Liens, and the Acquiror shall purchase, acquire and
accept from the Seller, all of the Seller’s right, title and interest in and to the Shares owned by
the Seller, and the Acquiror shall acquire the Companies’ Minority Holder Shares as contemplated by
Section 5.17. The number of Shares to be purchased by each of Galicia and

 

 

 

each of the Pegasus Acquirors is set forth on Schedule 2.01, together with the portion
of the Purchase Price attributable to such Shares.

Section 2.02. Closing. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall occur upon (i) the fifth Business Day following the first day on
which all the conditions set forth in Article VIII are satisfied or waived (other than
those conditions that by their nature are to be satisfied at the Closing (the “Satisfaction of
Conditions”), but subject to the satisfaction or waiver of those conditions at the Closing); or
(ii) if the Parent provides written notice within two (2) Business Days following the Satisfaction
of Conditions to the Acquiror of its election to defer the Closing pursuant to this clause (ii),
the last Business Day of the month during which the Satisfaction of Conditions has occurred; or
(iii) such other time or place as the Parent and the Acquiror may agree in writing (the date on
which the Closing takes place being the “Closing Date”). Upon the occurrence of the
Closing, the time and date that the purchase and sale of the Shares described in Section
2.01 becomes effective shall be 12:01 a.m., New York City time, on the Closing Date.

Section 2.03. Purchase Price. The aggregate purchase price for the Shares is an
amount in cash equal to AP 166,500,000 (one hundred and sixty six million five hundred thousand AP)
(the “Stated Purchase Price”), which amount shall be subject to adjustment pursuant to
Section 2.04 and Section 2.05. The Stated Purchase Price as adjusted pursuant to
Section 2.04 and Section 2.05 is hereinafter referred to as the “Purchase
Price”.

Section 2.04. Payments at Closing.

(a) Not less than two (2) Business Days prior to the anticipated Closing Date, the Parent
shall prepare and deliver to the Acquiror a written certificate (the “Seller’s Purchase Price
Adjustment Certificate”) detailing the Seller’s Estimated Closing Cash, the Seller’s Estimated
Closing Loans, the Seller’s Estimated Closing Indebtedness and the Seller’s Estimated Purchase
Price Adjustment Amount based thereon, calculated solely from the balance sheets of Financiera and
securitization trusts (Fideicomisos Financieros CFA). The Seller’s Purchase Price Adjustment
Certificate shall (i) be prepared in accordance with GAAP applied consistently with its application
in connection with the preparation of the Audited Financial Statements and computed in a manner
consistent with the Ordinary Course of Business and (ii) be prepared in accordance with the
methodologies, policies and practices used in (x) connection with GAAP set forth in Section
2.04(a) of the Parent Disclosure Schedule and (y) establishing the Target Closing Cash, Target
Closing Loans and Target Closing Indebtedness as set forth in Schedule V ((i) and (ii),
collectively, the “Agreed Accounting Policies”). The Purchase Price will not be adjusted
to account for any accruals for or payments at Closing in respect of retention bonuses to be paid
by the Companies to any Employee, all of which shall be borne by the Companies post-Closing and,
therefore, indirectly by the Acquiror.

(b) At the Closing, the Acquiror shall pay to the Seller the Purchase Price, which amount will
be (x) increased if the Seller’s Estimated Purchase Price Adjustment Amount is greater than AP0 on
a AP-for-AP basis by the amount by which the Seller’s Estimated Purchase Price Adjustment Amount
exceeds AP0 or (y) decreased if the Seller’s Estimated Purchase Price Adjustment Amount is less
than AP0 on a AP-for-AP basis by the amount by which the Seller’s Estimated Purchase Price
Adjustment Amount is less than AP0. The payment

 

2

 

made pursuant to the preceding sentence shall be subject to a Post-Closing Adjustment pursuant
to the provisions of Section 2.05.

(c) The amounts specified in Sections 2.04 and 2.05 shall be paid free and
clear of and (except to the extent required by Law) without any deduction or withholding on account
of any Tax; provided, however, that the Acquiror shall provide, or cause its
Affiliates to provide, any statements, forms or other documents reasonably requested by the Parent
to reduce or eliminate such deduction or withholding and the Parent shall provide, or cause its
Affiliates to provide, any statements, forms or other documents reasonably requested by the
Acquiror to reduce or eliminate such deduction or withholding. If any amount is required by Law to
be deducted or withheld on account of any Tax, the amounts specified in Section 2.04 or
Section 2.05 shall be increased to the extent necessary for the Seller, the Parent or other
applicable Person to receive (after payment of all Taxes, including Taxes imposed on additional
amounts paid to the Seller, the Parent or other applicable Person pursuant to this Section
2.04(c)) the amounts specified in Section 2.04 and Section 2.05. The Acquiror
shall promptly remit such deduction or withholding on account of any Tax (if any) to the relevant
Tax Authority and shall promptly provide the Seller with evidence for such payments reasonably
satisfactory to the Seller.

(d) The parties hereto shall mutually agree (and such agreement shall not be unreasonably
withheld, delayed or conditioned) to either (i) transfer or cause to be transferred all of the
Parent Advances Lenders’ right, title and interest in and to the Parent Advances to the Acquiror
(or one of its Affiliates, as designated by the Acquiror that is reasonably acceptable to the
Parent) in exchange for payment by the Acquiror to the Parent Advances Lenders their pro rata share
of the Parent Advances Amount, in accordance with the terms set forth in the Parent Advances
Transfer Agreement (the “Transfer Election”) or (ii) have the Acquiror extinguish the
Parent Advances indebtedness by paying or causing to be paid to the Parent Advances Lenders their
pro rata share of the Parent Advances Amount, in accordance with the terms set forth in the Payoff
Letter (the “Payment Election”). The parties hereto shall agree to their election in
writing no later than two (2) Business Days prior to the Closing Date (the “Election
Notice”). Notwithstanding the foregoing, (i) if the parties are unable to mutually agree
regarding a Transfer Election or Payment Election at the time when an Election Notice is due,
Acquiror will make the election as to a Transfer Election or Payment Election and deliver the
Election Notice to Parent, so long as such election would not be reasonably expected to result in a
violation of applicable Law (if not the case, then the election that would not be reasonably
expected to result in a violation of applicable Law shall apply), (ii) Parent, the Parent Advances
Lenders and the Parent Indemnified Parties will be compensated, indemnified and held harmless by
the Acquiror for any and all Losses incurred or suffered by any of them as compared to the
alternative that was not elected (but only when the Election Notice was made solely by the Acquiror
pursuant to clause (i) above), and (iii) in any event, the Parent Advances Lenders shall receive
immediately available cash in U.S. Dollars equal to the Parent Advances Amount at par (without
discount) at Closing and the parties shall comply timely with all applicable Laws in connection
with such election (including any applicable foreign exchange regulations) and take such other
actions to consummate such transactions, in each case so as to not delay the Closing.

 

3

 

(e) Notwithstanding anything to the contrary contained herein or whether certain amounts
payable hereunder are denominated in APs, all amounts payable hereunder (whether in respect of the
Stated Purchase Price, the Purchase Price, the Post-Closing Adjustment, any indemnification
obligations or otherwise) shall be made in New York in U.S. Dollars by converting APs (where
applicable) for U.S. Dollars at the applicable Exchange Rate or through other means proposed by the
Acquiror and satisfactory to the Parent.

Section 2.05. Adjustment to Payment at Closing.

(a) Within thirty (30) Business Days following the Closing Date, and in accordance with
applicable Law, the Acquiror shall prepare and deliver to the Parent a written certificate (the
“Acquiror’s Purchase Price Adjustment Certificate”) calculated solely from the balance
sheets of Financiera and securitization trusts (Fideicomisos Financieros CFA), detailing the
Acquiror’s Estimated Closing Cash, the Acquiror’s Estimated Closing Loans, the Acquiror’s Estimated
Closing Indebtedness and the Acquiror’s Estimated Purchase Price Adjustment Amount based thereon.
If the Acquiror does not deliver the Acquiror’s Purchase Price Adjustment Certificate to the Parent
within thirty (30) Business Days following the Closing Date, then the Seller’s Estimated Purchase
Price Adjustment Amount detailed in the Seller’s Purchase Price Adjustment Certificate shall be
deemed to be the Final Purchase Price Adjustment Amount in accordance with the last sentence of
Section 2.05(f). The Acquiror’s Purchase Price Adjustment Certificate shall be prepared in
accordance with the Agreed Accounting Policies and shall be consistent in content and format with
the Seller’s Purchase Price Adjustment Certificate.

(b) During the thirty (30) days immediately following the Parent’s receipt of the Acquiror’s
Purchase Price Adjustment Certificate (the “Purchase Price Adjustment Review Period”), the
Parent and its Representatives shall be permitted to review the Companies’ working papers and any
working papers of the Companies’ independent accountants directly relating to the preparation of
the Acquiror’s Purchase Price Adjustment Certificate and the calculation of the Acquiror’s
Estimated Purchase Price Adjustment Amount, as well as all of the books, records and other relevant
information relating to the operations and finances of the Companies with respect to the period up
to and including the Closing Date, and the Acquiror shall make reasonably available the individuals
in its employ, if any, directly responsible for and knowledgeable about the information used in,
and the preparation or calculation (as applicable) of, the Acquiror’s Purchase Price Adjustment
Certificate and the Acquiror’s Estimated Purchase Price Adjustment Amount in order to respond to
the reasonable inquiries of the Parent.

(c) The Acquiror shall, following the Closing through the date that the Final Purchase Price
Adjustment Amount becomes such in accordance with the last sentence of Section 2.05(f),
take all actions necessary or desirable to maintain and preserve all accounting, books, records,
policies and procedures on which the Acquiror’s Purchase Price Adjustment Certificate is based so
as not to impede or delay the determination of the Final Purchase Price Adjustment Amount or the
preparation of the Notice of Purchase Price Adjustment Disagreement in the manner and utilizing the
methods required by this Agreement.

 

4

 

(d) The Parent shall notify the Acquiror in writing (the “Notice of Purchase Price
Adjustment Disagreement”) prior to the expiration of the Purchase Price Adjustment Review
Period if the Parent disagrees with the Acquiror’s Estimated Closing Cash, the Acquiror’s Estimated
Closing Loans, the Acquiror’s Estimated Closing Indebtedness or the Acquiror’s Estimated Purchase
Price Adjustment Amount. The Notice of Purchase Price Adjustment Disagreement shall set forth in
reasonable detail the basis for such disagreement and the amounts involved. If no Notice of
Purchase Price Adjustment Disagreement is delivered to the Acquiror on or prior to the expiration
date of the Purchase Price Adjustment Review Period, then the Acquiror’s Estimated Purchase Price
Adjustment Amount set forth in the Acquiror’s Purchase Price Adjustment Certificate shall be deemed
to have been accepted by the Parent and shall become final and binding upon the Parent and the
Acquiror in accordance with the last sentence of Section 2.05(f).

(e) During the thirty (30) days immediately following the delivery of a Notice of Purchase
Price Adjustment Disagreement (the “Purchase Price Adjustment Consultation Period”), the
Parent and the Acquiror shall seek in good faith to resolve any disagreement that they may have
with respect to the matters specified in the Notice of Purchase Price Adjustment Disagreement.

(f) If, at the end of the Purchase Price Adjustment Consultation Period, the Parent and the
Acquiror have been unable to resolve all disagreements that they may have with respect to the
matters specified in the Notice of Purchase Price Adjustment Disagreement, then the Parent and the
Acquiror shall submit all matters that remain in dispute with respect to the Notice of Purchase
Price Adjustment Disagreement (along with copies of the Seller’s Purchase Price Adjustment
Certificate and the Acquiror’s Purchase Price Adjustment Certificate marked to indicate those line
items that are in dispute) to KPMG LLP (acting through its Argentine office) (the “Independent
Accountant”). In the event that the Independent Accountant refuses or is otherwise unable to
act as the Independent Accountant, the Parent and the Acquiror shall cooperate in good faith to
appoint an independent certified public accounting firm in the United States of international
recognition mutually agreeable to the Parent and the Acquiror with an office in Argentina, in which
event “Independent Accountant” shall mean such firm. Within thirty (30) days after the submission
of such matters to the Independent Accountant, or as soon as practicable thereafter, the
Independent Accountant, acting as an expert and not as an arbitrator, will make a final
determination, binding on the Parent and the Acquiror, on the basis of the Agreed Accounting
Policies and in accordance with this Section 2.05(f), of the appropriate amount of each of
the line items in the Acquiror’s Purchase Price Adjustment Certificate as to which the Parent and
the Acquiror disagree as specified in the Notice of Purchase Price Adjustment Disagreement. With
respect to each disputed line item, such determination, if not in accordance with the position of
either the Parent or the Acquiror, shall not be in excess of the higher, nor less than the lower,
of the amounts advocated by the Parent in the Notice of Purchase Price Adjustment Disagreement or
the Acquiror in the Acquiror’s Purchase Price Adjustment Certificate with respect to such disputed
line item. For the avoidance of doubt, the Independent Accountant shall not review any line items
or make any determination with respect to any matter other than those matters specified in the
Notice of Purchase Price Adjustment Disagreement as remaining in dispute. The “Final Purchase
Price Adjustment Amount” shall be either (i) the Seller’s Estimated Purchase Price Adjustment
Amount or the Acquiror’s Estimated Purchase Price Adjustment Amount that is final and binding on
the Parent and the Acquiror, as determined

 

5

 

through agreement of the Parent and the Acquiror (deemed or otherwise) pursuant to
Section 2.05(a) or (d), or (ii) the purchase price adjustment amount determined as
such by the Independent Accountant pursuant to this Section 2.05(f).

(g) The cost of the Independent Accountant’s review and determination shall be borne by the
Parent (on behalf of itself and the Seller) and the Acquiror in the same proportion that the
aggregate amount of the disputed items submitted to the Independent Accountant that are
unsuccessfully disputed by such party bears to the total amount of items submitted to the
Independent Accountants. During the review by the Independent Accountant, the Acquiror and the
Parent shall each make available to the Independent Accountant such individuals, and such
information, books, records, and working papers, as may be reasonably required by the Independent
Accountant to fulfill its obligations under Section 2.05(f). In acting under this
Agreement, notwithstanding anything otherwise to the contrary in Section 2.05(f), the
Independent Accountant shall be entitled to the privileges and immunities of an arbitrator.

(h) The “Post-Closing Adjustment” shall be the amount equal to the Seller’s Estimated
Purchase Price Adjustment Amount minus the Final Purchase Price Adjustment Amount. If the
Post-Closing Adjustment is a positive amount, then the Seller shall pay in cash in APs to the
Acquiror (to be allocated between them in proportion to the Shares acquired by each) the amount of
the Post-Closing Adjustment. If the Post-Closing Adjustment is a negative amount, then the
Acquiror shall pay in cash in APs to the Seller the amount equal to the absolute value of the
Post-Closing Adjustment. Any such payment shall be made by wire transfer of immediately available
funds to an account designated by the Seller or the Acquiror (as applicable) within two (2)
Business Days after the Final Purchase Price Adjustment Amount becomes such, together with interest
thereon at the Interest Rate calculated and payable in accordance with Section 2.08 accrued
from the Closing Date through the date of actual payment to the recipient thereof and in accordance
with Section 2.04(e).

Section 2.06. Closing Deliveries.

(a) At or prior to the Closing (unless otherwise specified):

(i) the Acquiror shall pay to the Seller the amounts specified in Section 2.04(b) by
wire transfer of immediately available funds (to an account designated by the Seller at least two
(2) Business Days prior to the Closing Date) in accordance with Section 2.04(e);

(ii) the Acquiror shall deliver to the Parent the counterpart to the Parent Advances Transfer
Agreement or the Payoff Letter, as the case may be, no later than one (1) Business Day prior to the
Closing Date;

(iii) the Parent shall deliver to the Acquiror the counterpart to the Parent Advances Transfer
Agreement or the Payoff Letter, as the case may be, no later than one (1) Business Day prior to the
Closing Date;

 

6

 

(iv) the Acquiror shall pay or cause to be paid to the Parent Advances Lenders the Parent
Advances Amount by wire transfer of immediately available funds to an account designated by the
Parent at least two (2) Business Days prior to the Closing Date in accordance with Sections
2.04(d) and (e);

(v) the Parent shall (w) cause to be delivered to the Acquiror (A) one or more stock
certificates evidencing the Shares, duly endorsed in blank or accompanied by stock powers duly
executed in blank as well as the letter to the Board of Directors of the Companies duly executed by
the Seller in accordance with Section 215 of Argentine Corporate Law, reporting the sale of the
Shares to the Acquiror, and (B) written resignations of each director and member of the supervisory
committees of the Companies to its position as director or statutory auditor of the Companies, (x)
cause to be registered in the Companies’ stock ledger books the Shares in the name of the Acquiror
(or any Affiliate thereof designated in writing by the Acquiror at or prior to the Closing), and
(y) cause the Companies to duly convene meetings of the Board of Directors of the Companies,
summoning meetings of the shareholders of the Companies in order to accept the resignations and
performance of such directors and statutory auditors and appoint the new members of the Board of
Directors and the new members of the Supervisory Committees of the Companies effective at Closing,
and (z) cause the Companies to duly convene the shareholders’ meetings referred to in sentence (y)
above, on which the Acquiror shall pass the approvals, acceptances and appointments referred to in
sentence (y) above;

(vi) the Parent shall deliver, or cause to be delivered, to the Acquiror counterparts of each
of the Ancillary Agreements duly executed by the Parent or its applicable Affiliates party thereto;

(vii) the Acquiror shall deliver, or cause to be delivered, to the Parent counterparts of each
of the Ancillary Agreements duly executed by the Acquiror or its applicable Affiliates party
thereto;

(viii) the Seller shall deliver to the Acquiror a certification evidencing receipt of the
Purchase Price;

(ix) the Acquiror shall deliver to the Parent a certification evidencing receipt of the
certificates evidencing the Shares, as applicable;

(x) the Parent shall deliver to the Acquiror executed Transfer Notices from all of the
Companies’ Minority Holders; and

(xi) each party hereto shall deliver to the other such other documents and instruments as may
be reasonably necessary to consummate the transactions contemplated by this Agreement.

(b) In addition to the deliverables set forth in Section 2.06(a), at or prior to the
Closing, (i) the Parent shall deliver to the Acquiror the certificate referred to in
Section 8.03(a)(vi), and (ii) the Acquiror shall deliver to the Parent the certificate
referred to in Section 8.02(a)(iii).

 

7

 

Section 2.07. Payments and Computations. Each party hereto shall make each payment
due to the other party hereto (or its Affiliate) pursuant to this Article II by no later
than 10:00 a.m., New York City time, on the day when due (unless otherwise consented to by the
party hereto to whom (or to whose Affiliates) such payment is due). All payments shall be paid by
wire transfer of immediately available funds to the account or accounts designated by the party
hereto (or its Affiliate) receiving such payment in accordance with Section 2.04(e).

Section 2.08. Interest. All computations of interest with respect to any payment due
to a Person under this Agreement shall be based on the Interest Rate on the basis of a year of
three hundred sixty five (365) days, in each case for the actual number of days (including the
first day but excluding the last day) occurring in the period for which such interest is payable.
Whenever any payment under this Agreement will be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall be
included in the computation of payment of interest.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE PARENT

Except as set forth in the Financial Statements or the corresponding sections or subsections of the
disclosure schedule delivered to the Acquiror by the Parent prior to entering into this Agreement
(the “Parent Disclosure Schedule”), it being understood and agreed by the parties hereto
that disclosure of any item in any section or subsection of the Parent Disclosure Schedule shall be
deemed disclosure with respect to any other section or subsection of the Parent Disclosure Schedule
to which the relevance of such item is reasonably apparent, the Parent hereby represents and
warrants to the Acquiror as of the date hereof (and, solely with respect to the Parent Specified
Representations, as of the Closing Date) as follows:

Section 3.01. Incorporation and Authority of the Parent and the Seller.

(a) Each of the Parent and the Seller is a corporation duly incorporated, validly existing and
in good standing under the Laws of the State of Delaware. The Parent or the applicable Affiliate
of the Parent (as applicable) has all requisite corporate or other applicable organizational power
to enter into, consummate the transactions contemplated by and carry out its obligations under,
each of the Transaction Agreements to which it is a party. The Parent or the applicable Affiliate
of the Parent (as applicable) is duly licensed or qualified to do business and is in good standing
in each jurisdiction in which the properties owned or leased by it or the operation of its business
makes such licensing or qualification necessary, except to the extent that the failure to be so
licensed, qualified or in good standing would not have a Material Adverse Effect under clause (b)
of the definition thereof. The execution and delivery by the Parent or the applicable Affiliate of
the Parent (as applicable) of each of the Transaction Agreements to which it is a party and the
consummation by the Parent or the applicable Affiliate of the Parent (as applicable) of the
transactions contemplated by each of the Transaction Agreements to which it is a party have been
duly authorized by all requisite corporate or other similar organizational action on the part of
the Parent or the applicable Affiliate of the Parent (as applicable). Each of the Transaction
Agreements to which the Parent or the applicable Affiliate of the Parent (as applicable) is a party
has been, or upon execution and delivery thereof, will be,

 

8

 

duly executed and delivered by the Parent or the applicable Affiliate of the Parent (as
applicable). Assuming due authorization, execution and delivery by the other parties hereto or
thereto, each of the Transaction Agreements to which the Parent or the applicable Affiliate of the
Parent (as applicable) is a party constitutes, or upon execution and delivery thereof will
constitute, the legal, valid and binding obligation of the Parent or the applicable Affiliate of
the Parent (as applicable), enforceable against it in accordance with its terms, subject in each
case to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium,
rehabilitation, liquidation, fraudulent conveyance, preferential transfer or similar Laws now or
hereafter in effect relating to or affecting creditors’ rights and remedies generally and subject,
as to enforceability, to the effect of general equitable principles (regardless of whether
enforcement is sought in a proceeding in equity or at law).

(b) The Parent and its Affiliates are not in violation of any Laws or Governmental Orders
applicable to them or their respective assets, properties or businesses, except for violations
that, individually or in the aggregate, would not have a Material Adverse Effect under clause (b)
of the definition thereof.

(c) Neither the Parent nor its Affiliates, nor any of their respective properties or assets,
is a party to, or bound by, any outstanding Governmental Order, except for those Governmental
Orders that, individually or in the aggregate, would not have a Material Adverse Effect under
clause (b) of the definition thereof.

Section 3.02. Incorporation, Qualification and Authority of the Companies. Each of
the Companies is a corporation or other organization duly incorporated or organized, validly
existing and in good standing under the Laws of its jurisdiction of incorporation or organization
and has the requisite corporate or other applicable organizational power and authority to conduct
its business as now conducted, except where the failures to be so incorporated or organized,
existing or in good standing or to have such power or authority, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect. Each of the Companies is duly
qualified to do business, and is in good standing, in each jurisdiction where the character of its
owned, operated or leased properties or the nature of its activities makes such qualification and
good standing necessary, except for failures to so qualify or be in good standing that,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

Section 3.03. Capital Structure of the Companies; Ownership and Transfer of the
Shares.

(a) Section 3.03(a) of the Parent Disclosure Schedule sets forth (i) all the
authorized Capital Stock in each of the Companies and (ii) the number of shares (or other
applicable units) of each class or series of Capital Stock in each of the Companies that are issued
and outstanding, together with the registered holder thereof. All the outstanding shares (or other
applicable units) of each class or series of Capital Stock in each of the Companies have been duly
authorized and validly issued, are fully paid and nonassessable and were not issued in violation of
any preemptive or subscription rights. There are no options, calls, warrants or convertible or
exchangeable securities, or conversion, preemptive, subscription or other rights, or agreements,
arrangements or commitments, in any such case, obligating or which may obligate

 

9

 

any of the Companies to issue, sell, purchase, return or redeem any shares (or other
applicable units) of its Capital Stock or securities convertible into or exchangeable for any
shares (or other applicable units) of its Capital Stock. There are no shares (or other applicable
units) of any Capital Stock of any of the Companies reserved for issuance. There are no capital
appreciation rights, phantom stock plans, securities with participation rights or features, or
similar obligations and commitments of any of the Companies. The Shares constitute all the issued
and outstanding Capital Stock of the Companies, and the Seller and the Companies’ Minority Holders
directly own of record and beneficially all the outstanding Shares, free and clear of all Liens,
other than any Liens arising as a result of any of the Transaction Agreements. There are no
capital contributions with respect to the Companies that are owed or that have been called which
have not been capitalized. All increases of the Capital Stock of the Companies have been duly
registered before the corresponding Argentine public registry of commerce.

(b) Except for this Agreement, there are no voting trusts, stockholder agreements, proxies or
other rights or agreements in effect with respect to the voting, transfer or dividend rights of the
Shares.

(c) Section 3.03(c) of the Parent Disclosure Schedule contains a list of all the
Companies’ Minority Holder Shares and the percentage of the capital stock on a fully-diluted basis
of the Companies owned by each Companies’ Minority Holder. Upon execution and delivery to the
Acquiror (and the Company) in accordance with Section 2.06(a)(x), the Transfer Notices will
be a legal and binding letter to the Board of Directors of the Companies by the Companies’ Minority
Holders in accordance with Section 215 of the Argentine Corporate Law, reporting the transfer of
the Shares to the Acquiror. Each of the Seller and the other parties to the Transaction Agreements
is an Affiliate of the Parent, except in the case of the Acquiror or any Affiliate of the Acquiror.

(d) None of the Companies Controls or has any equity interest in any other entity other than
securities held for investment in the Ordinary Course of Business.

Section 3.04. No Conflict. Provided that all consents, approvals, authorizations and
other actions described in Section 3.05 have been obtained or taken, except as otherwise
provided in this Article III and except as may result from any facts or circumstances
relating to the identity or regulatory status of the Acquiror or its Affiliates, the execution and
delivery by the Parent or the applicable Affiliate of the Parent (as applicable) of, and the
consummation by the Parent or the applicable Affiliate of the Parent (as applicable) of the
transactions contemplated by, the Transaction Agreements to which the Parent or the applicable
Affiliate of the Parent (as applicable) is a party do not and will not (a) violate or conflict with
the organizational documents of the Parent or the applicable Affiliate of the Parent (as
applicable) or any of the Companies, (b) subject to the Governmental Approvals referred to in
Section 3.05, conflict with or violate any Law or Governmental Order applicable to the
Parent or the applicable Affiliate of the Parent (as applicable) or any of the Companies or by
which any of them or any of their respective properties or assets is bound or subject or (c) result
in any breach of, or constitute a default (or event which, with the giving of notice or lapse of
time, or both, would constitute a default) under, or give to any Person any rights of termination,
acceleration or cancellation of, or result in the creation of any Lien (other than Permitted Liens)
on any of the assets or properties of any of the Companies pursuant to, any Material Contract to
which any of

 

10

 

the Companies is a party or by which any of them or any of their respective properties or
assets is bound or subject, except, in the case of clauses (b) and (c) of this Section
3.04, for any such conflicts, violations, breaches, defaults, terminations, accelerations,
cancellations or creations that, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.

Section 3.05. Consents and Approvals. Except as may result from any facts or
circumstances relating exclusively to the identity or regulatory status of the Acquiror or its
Affiliates and except in connection, or in compliance, with the approvals, filings and
notifications required by applicable Laws that are set forth in Section 3.05 of the Parent
Disclosure Schedule, the execution and delivery by the Parent or the applicable Affiliate
of the Parent (as applicable) of the Transaction Agreements to which it is a party do not, and the
consummation by the Parent or the applicable Affiliate of the Parent (as applicable) of the
transactions contemplated by the Transaction Agreements to which it is a party will not, require
any consent, approval, license, permit, order, qualification or authorization of, or registration
with or other action by, or any filing with or notification to, any Governmental Authority (each, a
“Governmental Approval”) to be obtained or made by the Parent or the applicable Affiliate
of the Parent (as applicable) (including the Companies), except for any Governmental Approvals the
failure to obtain or make which, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.

Section 3.06. Financial Information; Absence of Undisclosed Liabilities.

(a) Section 3.06(a) of the Parent Disclosure Schedule sets forth (i) the financial
statements of each of the Companies for the annual period ended December 31, 2008 (the “Audited
Financial Statements”), and (ii) the unaudited financial statements of each of the Companies
for the quarterly period ended March 31, 2009 (the “Reference Balance Sheet”) (the
financial statements referred to in clauses (i) through (ii) of this Section 3.06(a) being
collectively referred to herein as the “Financial Statements”). The Financial Statements
(except as expressly set forth in such Financial Statements) have been prepared, in all material
respects, in accordance with GAAP, as applied consistently, and present fairly, in all material
respects, the financial condition and the results of operations (and include all reserves required
to be made therein under GAAP) of the Companies as of their respective dates and for the respective
periods covered thereby, except that the Financial Statements referred to in clause (ii) of this
Section 3.06 (x) do not contain footnotes or a statement of cash flows and (y) are subject
to normal year-end adjustments. All reserves reflected in such Financial Statements were
determined in accordance with GAAP, and were adequate in all material respects as of their
respective dates to cover the total amount of liabilities resulting from items to which such
reserves relate, except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

(b) The Financial Statements in all material respects were derived from, prepared using, and
are consistent with, the Books and Records.

 

11

 

(c) Except (i) as set forth in the Financial Statements, (ii) for liabilities and obligations
incurred in the Ordinary Course of Business since the date of the Financial Statements referred to
in Section 3.06(a)(ii), and (iii) for liabilities and obligations that, individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect, there are no
liabilities or obligations of any nature, whether absolute, accrued, contingent, unasserted or
otherwise, whether due or to become due, of any of the Companies as of the date hereof of any
nature or type that would be required under GAAP to be reflected on a financial statement of any of
the Companies.

Section 3.07. Absence of Certain Changes. Except as contemplated by this Agreement,
from the date of the Audited Financial Statements to the date hereof, the Companies have conducted
the Business in the Ordinary Course of Business, there has not been any Material Adverse Effect,
and there has not occurred any event or events that, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect.

Section 3.08. Litigation.

(a) Except for Taxes which are governed exclusively by Section 3.13 and Section
3.16, there are no Actions pending or, to the Knowledge of the Parent, threatened in writing
against any of the Companies that, individually or in the aggregate, would reasonably be expected
to have a Material Adverse Effect.

(b) Section 3.08(b) of the Parent Disclosure Schedule sets forth a true, correct and
complete list as of the date hereof of all Actions pending or, to the Knowledge of the Parent,
threatened in writing against any of the Companies, in excess of, individually or in the aggregate,
U.S.$20,000.

(c) Section 3.08(c) of the Parent Disclosure Schedule sets forth a true, correct and
complete list as of the date hereof of all agreements entered into by the Companies with different
law firms or individual lawyers for the advice or representation of the Companies in any and all
Actions in which the Companies are involved, and no legal fees are payable by the Companies other
than those agreed to in such contracts, except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. As of the date hereof, all such legal
fees have been paid by the Companies, except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

(d) No Action by or against the Parent or any of its Affiliates is pending or, to the
Knowledge of the Parent, threatened in writing, which would affect the legality, validity or
enforceability of, or delay the consummation of, the Transaction Agreements or the consummation of
the transactions contemplated hereby or thereby.

Section 3.09. Compliance with Laws. Except for Taxes which are governed exclusively
by Section 3.13 and Section 3.16, none of the Companies (i) is in violation of any
Laws (including any Laws regulating access to national security classified information) or
Governmental Orders applicable to it or its assets, properties or businesses; or (ii) has received
any written notice or other written communication from any Governmental Authority regarding any
actual, alleged, possible or potential material violation of applicable Law; except in each

 

12

 

case, for violations that, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect. None of the Companies is a party to, or bound by, any
Governmental Order that (a) is material to the Business and (b) imposes obligations on the Company
to be performed after the date hereof.

Section 3.10. Governmental Permits.

(a) The Companies together hold all material governmental qualifications, registrations,
filings, licenses, permits, approvals or authorizations issued or granted by Governmental
Authorities (including, without limitation, the authorization of the BCRA to Financiera to act as a
financial company (compañia financiera) and to open and operate each of its branches and offices)
necessary to conduct the Business and to own or use their respective assets and properties, as such
Business, assets and properties are conducted, owned and used, respectively, on the date hereof
(collectively, the “Permits”), except those the absence of which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect.

(b) All material Permits are valid and in full force and effect. None of the Companies is the
subject of any pending Action or, to the Knowledge of the Parent, Action threatened in writing
seeking the revocation, suspension, termination, modification or impairment of any Permit, except
for those Actions that, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect.

(c) Pursuant to Argentine decree No. 691/00, Financiera has a discount code (código de
descuento) for the Argentine National Public Administration (Administratión Pública National) (the
“Discount Code”), and such Discount Code is valid and in full force and effect. Financiera
is not the subject of any pending Action or, to the Knowledge of the Parent, Action threatened in
writing seeking the revocation, suspension, termination, modification or impairment of the Discount
Code.

Section 3.11. Intellectual Property.

(a) The Intellectual Property that is material to the operation of the Business is listed in
Section 3.11 of the Parent Disclosure Schedule and is owned by each of the Companies free
and clear of any Liens, other than Permitted Liens, and each Company has the right to use all
Registered Intellectual Property in the Business as conducted on the date hereof.

(b) For the two (2) years prior to the date hereof, none of the Companies has received any
material written claim or notice from any Person that any of the Companies is engaging in any
activity that infringes upon, violates or misappropriates any Intellectual Property right of such
Person that has not been resolved.

(c) To the Knowledge of the Parent, (i) the Registered Intellectual Property owned by the
Companies that is material to the operation of the Business is valid and enforceable in all
material respects, and (ii) no Person is infringing upon, violating or misappropriating in any
material respect the rights of any Company in any such Registered Intellectual Property.

 

13

 

Section 3.12. Material Contracts.

(a) Section 3.12(a) of the Parent Disclosure Schedule lists each of the Material
Contracts as in effect on the date hereof. Each Material Contract is a valid and binding
obligation of the Company (as applicable) that is party thereto and the Parent has no Knowledge of
any fact or circumstance that would make any Material Contract invalid or not binding as to any
other party to such Material Contract, except for such failures to be valid and binding as,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect. Each such Material Contract is enforceable against the Company (as applicable) that is
party to such Material Contract and, to the Knowledge of the Parent, each other party to such
Material Contract, in accordance with its terms (subject in each case to the effect of any
applicable bankruptcy, reorganization, insolvency, moratorium, rehabilitation, liquidation,
fraudulent conveyance, preferential transfer or similar Laws now or hereafter in effect relating to
or affecting creditors’ rights and remedies generally and subject, as to enforceability, to the
effect of general equitable principles (regardless of whether enforcement is sought in a proceeding
in equity or at law)), except for such failures to be enforceable as, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. None of the
Companies or, to the Knowledge of the Parent, any other party to a Material Contract is in default
or breach of a Material Contract, in each case, except as, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse Effect.

(b) Section 3.12(b) of the Parent Disclosure Schedule lists each of the Contracts as
in effect on the date hereof, pursuant to which Financiera (i) uses the Discount Code, (ii)
collects financing through non-profit entities (including, without limitation, mutuales, sindicatos
and cooperativas), (iii) authorizes certain promoters (comercializadores) to commercialize the
products offered by Financiera, or (iv) acts as agent (agente institorio) of certain insurance
companies. Each of those Contracts is a valid and binding obligation of Financiera, and the Parent
has no Knowledge of any fact or circumstance that would make any of those Contracts invalid or not
binding as to any other party to such Contract, except for such failures to be valid and binding
as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect. Each such Contract is enforceable against Financiera and, to the Knowledge of the Parent,
each other party to such Contract, in accordance with its terms (subject in each case to the effect
of any applicable bankruptcy, reorganization, insolvency, moratorium, rehabilitation, liquidation,
fraudulent conveyance, preferential transfer or similar Laws now or hereafter in effect relating to
or affecting creditors’ rights and remedies generally and subject, as to enforceability, to the
effect of general equitable principles (regardless of whether enforcement is sought in a proceeding
in equity or at law)), except for such failures to be enforceable as, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. None of Financiera
or, to the Knowledge of the Parent, any other party to those Contracts, is in default or breach of
such Contracts, except as, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect.

Section 3.13. Employee Benefits; Employees.

(a) The Parent has delivered or made available to the Acquiror all material incentive,
profit-sharing, stock option, stock purchase, other equity-based, employment, consulting,
compensation, vacation or other leave, change in control, retention, supplemental

 

14

 

retirement, severance, health, medical, disability, life insurance, deferred compensation and
other employee compensation and benefit plans, programs and agreements (or true and complete
summaries thereof), in each case established or maintained by the Parent, the Companies or any of
its Affiliates or to which the Parent, the Companies or any of its Affiliates contributes or is
obligated to contribute, for the benefit of any Employees (collectively, the “Benefit
Plans”). Section 3.13(a) of the Parent Disclosure Schedule sets forth the Benefit
Plans and separately identifies the Benefit Plans that are sponsored by any of the Companies
(collectively, the “Company Benefit Plans”).

(b) Each Company Benefit Plan has been operated and administered in compliance with its terms
and with applicable Law, other than any non-compliance that individually or in the aggregate would
not have a Material Adverse Effect.

(c) All contributions required to be made under the terms of any Company Benefit Plan have
been timely made when due or are appropriately reflected on the Financial Statements, except as,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

(d) No Company has any obligations for retiree welfare benefits other than (i) coverage
mandated by applicable Law or (ii) coverage that continues during an applicable severance period.

(e) The Companies have no material unfunded liabilities with respect to any Company Benefit
Plan.

(f) With respect to the Employees:

(i) there is not in existence, nor has there been within the twelve (12) months prior to the
date hereof, any pending or, to the Knowledge of the Parent, threatened in writing: (A) strike,
slowdown, stoppage, picketing, interruption of work, lockout or any other dispute or controversy
with or involving a labor organization or with respect to unionization or collective bargaining;
(B) labor-related organizational effort, election activities or request or demand for negotiations,
recognition or representation; or (C) arbitration, administrative hearing, formal claim of unfair
labor practice, other union- or labor-related Action or other formal claim, workers’ compensation
claim, formal claim or investigation of wrongful discharge, formal claim or investigation of
employment discrimination or retaliation, formal claim or investigation of sexual harassment, or
other employment dispute of similar nature, against any of the Companies that, in case of (C),
individually or in the aggregate, has had, or would be reasonably expected to have, a Material
Adverse Effect;

(ii) for the twelve (12) months prior to the date hereof, (A) no Company is, or within such
period has been, a party to or bound by any collective bargaining agreement with any labor union or
any other similar organization; and (B) none of the Employees is subject to or covered by any such
collective bargaining agreement, other agreement or understanding, work rules or practice, or
arbitration award, or is represented by any labor organization;

 

15

 

(iii) for the twelve (12) months prior to the date hereof, each Company: (A) is and has been
in compliance with all applicable Laws which relate to employment, equal employment opportunity
(including Laws prohibiting employment discrimination, harassment or retaliation), wages, hours,
leaves, workers’ compensation, disability, occupational health and safety, immigration, collective
bargaining, secondment, contractors and temporary employees, other employment terms and conditions,
and plant closings and layoffs, except for such non-compliance as, individually or in the
aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect; and
(B) is not and has not been (individually or collectively in any respect) liable for any arrears of
wages, other compensation or benefits, or any Taxes or penalties for failure to comply with any of
the foregoing, except for such liability, individually or in the aggregate, as has not had and
would not reasonably be expected to have a Material Adverse Effect;

(iv) the Parent has caused the Companies to provide or make available to the Acquiror true,
correct and complete summaries of all layoffs and other losses of employment experienced by any
Company or one or more facilities or operating units within any site of employment or facility of
any Company during the ninety (90)-day period prior to the date hereof;

(v) there is not pending or, to the Knowledge of the Parent, threatened in writing any Action
or other formal claim or investigation against any Company for a violation of any collective
bargaining agreement described in Section 3.13(a), or for violation of any right or
obligation under any of the Company Benefit Plans, nor to the Knowledge of the Parent is there any
reasonable basis for any such Action or other claim or investigation; and

(vi) the consummation of the transactions contemplated by this Agreement will not (either
alone or together with any other event) entitle any Employee to severance, change of control or
other similar pay or benefits under, or accelerate the time of payment or vesting or trigger any
payment of funding (through a grantor trust or otherwise) of compensation or benefits under, or
increase the amount payable or trigger any other material obligation pursuant to, any Company
Benefit Plan.

(g) The Parent or its advisors has previously delivered to the Acquiror on June 1, 2009 a
schedule (the “Employee Schedule”) setting forth a true, correct and complete list as of
such date of the following information for each employee or officer of the Companies: name, job
title, current compensation paid or payable, vacation accrued and years with the Companies. To the
Knowledge of the Parent, as of the date hereof neither the Companies nor the Parent or its
Affiliates has received any written notice that any employee listed in the Employee Schedule will
terminate his or her employment, except as set forth in Section 3.13(g) of the Parent
Disclosure Schedule.

(h) None of the Companies is a party to any Contract with any of its employees or former
employees, except for Contracts that (1) are terminable at will without penalty (except as provided
under applicable Law); or (2) do not provide for any acceleration or other increase in the
obligations of any Companies as a result of the execution, delivery and performance of the
Transaction Agreements and the consummation of the transactions contemplated hereby and thereby.

 

16

 

(i) The Companies have fully paid in accordance with applicable Law any and all
indemnifications payable to any personnel that has been dismissed until the date hereof, and has
documentary evidence of such payments, except for such failures that, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect.

Section 3.14. Insurance.

(a) As of the date hereof, Section 3.14(a) of the Parent Disclosure Schedule sets
forth a true, correct and complete list of all insurance policies maintained by the Companies
relating to their Business (the “Insurance Policies”). The Insurance Policies are in full
force and effect and are sufficient to comply with applicable Law and all Contracts to which any
Company is a party, except for any failure to be in full force and effect or in compliance that,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

(b) No written notice of cancellation, termination or revocation or other written notice that
any Insurance Policy is no longer in full force or effect or that the issuer of any such insurance
policy is not willing or able to perform its obligations thereunder has been received by any of the
Companies and, to the Knowledge of the Parent, none of the Companies is in default of any provision
thereof, except for such defaults that, individually or in the aggregate, would not be reasonably
expected to have a Material Adverse Effect.

Section 3.15. Real Property; Assets.

(a) None of the Companies own, beneficially or of record, any real property or interests in
real property (each, an “Owned Real Property”).

(b) Section 3.15(b) of the Parent Disclosure Schedule sets forth all real property
leased by any Company, as lessee, and the annual rents payable for such leases (the “Real
Property Leases”; the real properties specified in such leases being referred to herein
individually as the “Leased Real Properties”). A Company (as the case may be) has a valid
and enforceable leasehold interest under each of the Real Property Leases, subject to Permitted
Liens and to applicable bankruptcy, reorganization, insolvency, moratorium, rehabilitation,
liquidation, fraudulent conveyance, preferential transfer or similar Laws now or hereinafter in
effect relating to or affecting creditors’ rights and remedies generally and subject, as to
enforceability, to the effect of general equitable principles (regardless of whether enforcement is
sought in a proceeding in equity or at law), and, none of the Companies has received any written
notice of any default under any Real Property Lease except, in each case, for such invalidity,
unenforceability or defaults that, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect.

(c) As of the date hereof, (i) the Companies have good and marketable title to all material
assets owned by the Companies that are used in or necessary to conduct their Business in the matter
in which they are presently conducted, free and clear of any Liens except for Permitted Liens, and
(ii) each of the premises used by the Companies to so conduct their Businesses is in adequate
operating condition and repair, except in each case of clause (i) and/or (ii) as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

17

 

Section 3.16. Taxes.

(a) All material Tax Returns required to be filed by or on behalf of each of the Companies
have been timely filed with the appropriate Tax Authority (after giving effect to any valid
extensions of time within which to make such filings) within the manner prescribed by applicable
Law, and such Tax Returns were when filed true, correct and complete in all material respects. All
Taxes of the Companies that have become due and payable (whether or not shown on any Tax Return)
have been fully and timely paid or are being contested in good faith, except for such unpaid Taxes
which, individually or in aggregate, would not have a Material Adverse Effect. No Company has
waived in writing any statute of limitations in respect of any material Taxes which waiver is
currently in effect.

(b) Each of the Companies has complied in all material respects with all applicable Laws
relating to the withholding of Taxes and has duly and timely withheld all Taxes required to be so
withheld from payments made or owing to any employee, independent contractor, creditor, stockholder
or other third party (except such Taxes which are being contested in good faith or which,
individually or in aggregate, would not have a Material Adverse Effect).

(c) All material deficiencies asserted in writing or material assessments made in writing as a
result of any examinations by any Tax Authority of the Tax Returns of the Companies have been fully
paid or are being contested in good faith, and no other material audits or material investigations
by any Tax Authority relating to any Tax Returns of the Companies are in progress with respect to
which any of the Companies has received written notice from a Tax Authority.

(d) No Company is a party to any Tax allocation agreements pursuant to which it will have any
obligation to make any payments for Taxes of an Affiliate or a third party after the Closing Date.

(e) There are no Tax rulings, requests for rulings, or closing agreements in effect with any
Tax Authority relating to any Company which will materially affect any Company’s liability for
Taxes for any period after the Closing Date.

(f) There are no Liens for Taxes upon any assets of any Company except for Permitted Liens.

(g) No material claims with respect to Taxes of the Companies are being asserted in writing by
any taxing authority, except as set forth in Section 3.16(g) of the Parent Disclosure
Schedule.

(h) No written claim has ever been made by a taxing authority in a jurisdiction where the
Companies do not file Tax returns or pay Taxes that any such Companies are or may be subject to
taxation by that jurisdiction; in each case except as set forth in Section 3.16(h) of the
Parent Disclosure Schedule.

(i) All notes (obligaciones negociables) issued by Financiera under its program for the
issuance of notes approved by the Argentine Comisión Nacional de Valores,

 

18

 

have been placed by means of public offerings and, therefore, are entitled to the tax benefits
applicable to notes (obligaciones negociables) placed by means of public offerings in accordance
with Argentine law 23,576, as amended, existing at the time they were issued and placed.

(j) All notes and certificates of interests issued by the financial trusts that have been
constituted under the program “CFA” for the creation of financial trusts approved by the Argentine
Comisión Nacional de Valores, have been placed by means of public offerings and, therefore, are
entitled to the tax benefits applicable to notes and certificates placed by means of public
offerings in accordance with Argentine law 24,241, as amended, existing at the time they were
issued and placed.

For the avoidance of doubt, the representations and warranties made in Section 3.13
with respect to Taxes and this Section 3.16 are the only representations and warranties
made by the Parent with respect to matters relating to Taxes (including Tax Returns, Tax Sharing
Agreements, Tax claims and Actions related to Taxes).

Section 3.17. Affiliate Transactions. Section 3.17 of the Parent Disclosure
Schedule contains a complete and correct list of all written Intercompany Agreements. The
termination of any or all of those Intercompany Agreements pursuant to Section 5.07 would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Section 3.18. Brokers. Except for UBS Securities LLC (“UBS”), no broker,
finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in
connection with the consummation of the transactions contemplated by this Agreement based upon
arrangements made by or on behalf of the Parent or its Affiliates. The Parent (but not the
Companies) is solely responsible for any fees and expenses payable to UBS.

Section 3.19. The Business of the Companies.

(a) All accounts and notes receivable of each of the Companies have arisen from bona fide
transactions in the Ordinary Course of Business.

(b) Each loan agreement, note or borrowing or financing arrangement (including personal loans,
payroll deductions, sales finance, credit cards, leases, credit enhancements, commitments,
guarantees and interest-bearing assets) payable to the Companies (collectively, the
“Loans”) (i) is evidenced by notes, agreements or other evidences of indebtedness
(including, in the case of personal loans, payroll deductions and sales finance, pagarés under
Argentine Law), all of which documents are valid and enforceable in accordance with their terms
(subject in each case to the effect of any applicable bankruptcy, reorganization, insolvency,
moratorium, rehabilitation, liquidation, fraudulent conveyance, preferential transfer or similar
Laws now or hereafter in effect relating to or affecting creditors’ rights and remedies generally
and subject, as to enforceability, to the effect of general equitable principles (regardless of
whether enforcement is sought in a proceeding in equity or at law)), except for such failures to be
valid and enforceable as, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect, and are in possession of the Companies or their advisors or
collection agents, and are reasonably accessible to the Companies, and (ii) to the extent purported
to be secured, has been secured by valid Liens and security interests which have been

 

19

 

perfected. All Loans originated by the Companies, and all such Loans purchased by the
Companies, were made or purchased in accordance with customary lending standards of the Companies,
as applicable, in all material respects. All such Loans (and any related guarantees) and payments
due thereunder are free and clear of any Lien (other than Permitted Liens), and the Companies have
complied with all Laws relating to such Loans in each case, except as would not reasonably be
expected to, individually or in the aggregate, have a Material Adverse Effect.

(c) The Companies have not entered into any Contracts or other arrangement for the
securitization of the Companies’ assets or properties, except as set forth in Section 3.19(c)
of the Parent Disclosure Schedule.

Section 3.20. Books and Records.

(a) The books of account, Corporate Records and other records of the Companies are accurate,
complete and correct in all material respects and have been maintained in accordance with sound
business and accounting practices and applicable Law and have been prepared using processes and
procedures for which there are not material weaknesses or significant deficiencies in internal
controls over financial reporting that adversely affect the ability of the Companies to accurately
present and reflect in all material respects the Business of the Companies, except in each case, as
would not reasonably be expected to, individually or in the aggregate, have a Material Adverse
Effect.

(b) For the ten (10) years prior to the date hereof, the Corporate Records contain accurate,
complete and correct records of all meetings held of, and corporate action taken by, the
shareholders or the Board of Directors or the Supervisory Committees of the Companies, and no
meeting of any such shareholders or Board of Directors or Supervisory Committees has been held for
which minutes have not been prepared and are not contained in the Corporate Records (being hereby
clarified that last meetings recorded in the Corporate Records are those held on (i) May 29, 2009
as for shareholders, the Board of Directors and the Supervisory Committee, respectively, of
Financiera, (ii) May 29, 2009 as for shareholders and the Board of Directors, respectively, of
Servicios, and (iii) May 29, 2009 as for shareholders and the Board of Directors, respectively, of
UPC), except in each case, as would not reasonably be expected to, individually or in the
aggregate, have a Material Adverse Effect.

(c) All Books and Records are in the possession of the Company.

Section 3.21. Company E&O Claims. To the Knowledge of the Parent, there are no debts,
liabilities, commitments, Losses and obligations of any kind relating to or arising out any Company
E&O Claim.

Section 3.22. Disclaimer.

(a) Except for the representations and warranties contained in this Article III, none
of the Parent, the Seller or any of their respective Affiliates or their respective Representatives
makes any other representation or warranty of any kind or nature whatsoever, oral or written,
express or implied, with respect to the Parent, the Seller, their respective Affiliates, the
Companies, the Business, the Transaction Agreements or the transactions contemplated by the
Transaction Agreements, including any relating to the financial condition,

 

20

 

results of operations, assets or liabilities of any of the foregoing entities. Except for the
representations and warranties contained in this Article III, (i) the Parent disclaims, on
behalf of itself, the Seller, their respective Affiliates and their respective Representatives, any
other representations or warranties, whether made by the Parent, the Seller or any of their
respective Affiliates or their respective Representatives or any other Person, and (ii) the Parent
disclaims, on behalf of itself, the Seller, their respective Affiliates and their respective
Representatives, all liability and responsibility for any other representation, warranty, opinion,
projection, forecast, advice, statement or information made, communicated or furnished (orally or
in writing) to the Acquiror or its Affiliates or Representatives (including any opinion,
projection, forecast, advice, statement or information that may have been or may be provided to the
Acquiror or its Affiliates or Representatives by any Representative of the Parent, the Seller or
any of their respective Affiliates). For the avoidance of doubt, none of the Parent, the Seller or
their respective Affiliates or their respective Representatives makes any representations or
warranties to the Acquiror or any other Person regarding the probable success, future performance
or profitability of the Companies or the Business (whether before or after Closing), including any
as to the collectability of any receivables (including accounts receivable) of the Companies.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE ACQUIROR

Except as set forth in the corresponding sections or subsections of the disclosure schedule
delivered to the Parent by the Acquiror prior to entering into this Agreement (the “Acquiror
Disclosure Schedule”), it being understood and agreed by the parties hereto that disclosure of
any item in any section or subsection of the Acquiror Disclosure Schedule shall be deemed
disclosure with respect to any other section or subsection of the Acquiror Disclosure Schedule to
which the relevance of such item is reasonably apparent, the Acquiror hereby represents and
warrants to the Parent as of the date hereof and as of the Closing Date as follows (it being
understood and agreed by the parties that each reference to the Acquiror in this Article IV
shall be deemed to be a reference to each Acquiror, severally and not jointly, and each Acquiror
agrees and understands that each representation or warranty contained in this Article IV is
made by each Acquiror with respect to itself but not with respect to the other Acquirors):

Section 4.01. Incorporation and Authority of the Acquiror; Capitalization. The
Acquiror, if an entity, is a corporation or other organization as set forth on Schedule
2.01 duly incorporated or organized, validly existing and in good standing under the Laws of
the jurisdiction set forth on Schedule 2.01. The Acquiror or the applicable Affiliate of
the Acquiror (as applicable) has all requisite corporate or other applicable organizational power
or, in the case of an individual, capacity to enter into, consummate the transactions contemplated
by and carry out its obligations under, each of the Transaction Agreements to which it is a party.
The Acquiror or the applicable Affiliate of the Acquiror (as applicable) is duly licensed or
qualified to do business and is in good standing in each jurisdiction which the properties owned or
leased by it or the operation of its business makes such licensing or qualification necessary,
except to the extent that the failure to be so licensed, qualified or in good standing would not
have an Acquiror Material Adverse Effect. The execution and delivery by the Acquiror or the
applicable Affiliate of the Acquiror (as applicable) of each of the Transaction Agreements to which
it is a party and the consummation by the Acquiror or the applicable Affiliate of the Acquiror (as

 

21

 

applicable) of the transactions contemplated by each of the Transaction Agreements to which it
is a party have been duly authorized by all requisite corporate or other similar organizational
action on the part of the Acquiror or the applicable Affiliate of the Acquiror (as applicable).
Each of the Transaction Agreements to which the Acquiror or the applicable Affiliate of the
Acquiror (as applicable) is a party has been, or upon execution and delivery thereof, will be, duly
executed and delivered by the Acquiror or the applicable Affiliate of the Acquiror (as applicable).
Assuming due authorization, execution and delivery by the other parties hereto or thereto, each of
the Transaction Agreements to which the Acquiror or the applicable Affiliate of the Acquiror (as
applicable) is a party constitutes, or upon execution and delivery thereof, will constitute, the
legal, valid and binding obligation of the Acquiror or the applicable Affiliate of the Acquiror (as
applicable), enforceable against it in accordance with its terms, subject in each case to the
effect of any applicable bankruptcy, reorganization, insolvency, moratorium, rehabilitation,
liquidation, fraudulent conveyance, preferential transfer or similar Laws now or hereafter in
effect relating to or affecting creditors’ rights and remedies generally and subject, as to
enforceability, to the effect of general equitable principles (regardless of whether enforcement is
sought in a proceeding in equity or at law). Each of the Pegasus Acquirors is an active board
member of Pegasus and/or owns of record and beneficially the percentage equity interest in Pegasus
set forth on Schedule I adjacent to such Pegasus Acquiror’s name. Each of the Pegasus
Acquiror’s principal residence and country of citizenship is set forth on Schedule I
adjacent to such Pegasus Acquiror’s name.

Section 4.02. No Conflict. Provided that all consents, approvals, authorizations and
other actions described in Section 4.03 have been obtained or taken, except as otherwise
provided in this Article IV and except as may result from any facts or circumstances
relating exclusively to the identity or regulatory status of the Parent or its Affiliates (other
than the Companies), the execution and delivery by the Acquiror or the applicable Affiliate of the
Acquiror (as applicable) of, and the consummation by the Acquiror or the applicable Affiliate of
the Acquiror (as applicable) of the transactions contemplated by, the Transaction Agreements to
which the Acquiror or the applicable Affiliate of the Acquiror (as applicable) is a party do not
and will not (a) violate or conflict with the organizational documents of the Acquiror or the
applicable Affiliate of the Acquiror (as applicable), (b) subject to the Governmental Approvals
referred to in Section 4.03, conflict with or violate any Law or Governmental Order
applicable to the Acquiror or the applicable Affiliate of the Acquiror (as applicable) or by which
any of them or any of their respective properties or assets is bound or subject or (c) result in
any breach of, or constitute a default (or event which, with the giving of notice or lapse of time,
or both, would constitute a default) under, or give to any Person any rights of termination,
acceleration or cancellation of, or result in the creation of any Lien (other than Permitted Liens)
on any of the assets or properties of the Acquiror or any of its Affiliates, in each case, pursuant
to any material contract or any note, bond, loan or credit agreement, mortgage or indenture to
which the Acquiror or any of its Affiliates is a party or by which any of them or any of their
respective properties or assets is bound or subject, except, in the case of clauses (b) and (c) of
this Section 4.02, for any such conflicts, violations, breaches, defaults, terminations,
accelerations, cancellations or creations that, individually or in the aggregate, would not
reasonably be expected to have an Acquiror Material Adverse Effect.

Section 4.03. Consents and Approvals. Except for the BCRA Approval and the CNDC
Approval and as may result from any facts or circumstances relating exclusively to the

 

22

 

identity or regulatory status of the Parent or its Affiliates (other than the Companies), the
execution and delivery by the Acquiror or the applicable Affiliate of the Acquiror (as applicable)
of the Transaction Agreements to which it is a party do not, and the consummation by the Acquiror
or the applicable Affiliate of the Acquiror (as applicable) of the transactions contemplated by the
Transaction Agreements to which it is a party will not, require any Governmental Approval to be
obtained or made by the Acquiror or the applicable Affiliate of the Acquiror (as applicable),
except for any Governmental Approvals the failure to obtain or make which, individually or in the
aggregate, would not reasonably be expected to have an Acquiror Material Adverse Effect. The
identity of the Acquiror will not, to its Knowledge, result in any delays or impairment in
obtaining the BCRA Approval and/or the CNDC Approval.

Section 4.04. Absence of Litigation. There are no Actions pending or, to the
Knowledge of the Acquiror, threatened in writing against or by the Acquiror or any of its
Affiliates or any of their respective assets, properties or businesses that (i) question or would
affect the legality, validity or enforceability of, or would delay the consummation of, the
transactions contemplated by any of the Transaction Agreements or (ii) individually or in the
aggregate, would reasonably be expected to have an Acquiror Material Adverse Effect.

Section 4.05. Securities Matters. The Shares are being acquired by the Acquiror for
its own account and without a view to the public distribution or sale of any of the Shares or any
interest in them. The Acquiror has sufficient knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risks of its investment in the Shares, and
the Acquiror is capable of bearing the economic risks of such investment, including a complete loss
of its investment in the Shares. The Acquiror understands and agrees that it may not sell,
transfer, assign, pledge or otherwise dispose of any of the Shares other than pursuant to a
registered offering in compliance with, or a transaction exempt from, the registration requirements
of Argentine and foreign securities Laws, as applicable. The Acquiror understands and agrees that
the sale of shares in a public offering may be subject to the compliance with the Argentine
Securities Authorities (Comision Nacional de Valores) and the applicable securities Laws.

Section 4.06. Financial Ability. The Acquiror has, and will have at the Closing, all
funds necessary to pay the Purchase Price and the Parent Advances Amount and to consummate the
transactions contemplated by this Agreement and the other Transaction Agreements and the source of
such funds used to consummate the transaction will not derive from any act which is in violation or
in contravention of the applicable Laws. To the Knowledge of the Acquiror, the Acquiror (or its
ultimate parent) will comply with the Objective Standards in order to be eligible to obtain BCRA
Approval.

Section 4.07. Compliance with Law; Governmental Orders.

(a) The Acquiror and its Affiliates are not in violation of any Laws or Governmental Orders
applicable to them or their respective assets, properties or businesses, except for violations
that, individually or in the aggregate, would not reasonably be expected to have an Acquiror
Material Adverse Effect.

 

23

 

(b) Neither the Acquiror nor its Affiliates, nor any of their respective properties or assets,
is a party to, or bound by, any outstanding Governmental Order, except for those Governmental
Orders that, individually or in the aggregate, would not reasonably be expected to have an Acquiror
Material Adverse Effect.

(c) Neither the Acquiror nor any of its Affiliates has agreed with any Governmental Authority,
nor has the Acquiror nor any of its Affiliates been the subject of any Governmental Order,
requiring that the Acquiror or any of its Affiliates take any material action or accept any
material restriction or material limitation in connection with any acquisition by the Acquiror or
any of its Affiliates of any Person (i) organized under the laws of the United States or any of its
political subdivisions or (ii) subject to the jurisdiction of any United States Governmental
Authority or any Governmental Authority of any State or other political subdivision of the United
States.

(d) The Acquiror has no reason to believe that any facts or conditions related to its identity
or regulatory status are reasonably likely to impede its ability to obtain the Governmental
Approvals in a customary time frame set forth in Section 4.03 of the Acquiror Disclosure
Schedule. As of the date hereof, no Governmental Authority, with respect to which a
Governmental Approval is required to be obtained or made in connection with the transactions
contemplated by this Agreement, has, to the Knowledge of the Acquiror, indicated to the Acquiror an
intent to (i) take any action or fail to take any action that is reasonably likely to prohibit,
materially delay or materially impair the consummation of the transactions contemplated by this
Agreement or (ii) impose any obligation or condition in connection with such Governmental Approval
that, individually or in the aggregate, would reasonably be expected to result in a material
liability of the Parent or any of its Affiliates after the Closing.

Section 4.08. Investigation. The Acquiror acknowledges and agrees that (a) it has
made its own inquiry and investigation into, and, based thereon, has formed an independent judgment
concerning, the Companies and the Business and (b) it has been furnished with or given adequate
access to such information about the Companies and the Business as it has requested. The Acquiror
further acknowledges and agrees that (i) the only representations, warranties, covenants and
agreements made by the Parent, the Seller or any of their respective Affiliates or their respective
Representatives or any other Person are the representations, warranties, covenants and agreements
made in this Agreement, (ii) except as set forth in Article III, none of the Parent, the
Seller or any of their respective Affiliates or their respective Representatives makes any other
representation or warranty of any kind or nature whatsoever, oral or written, express or implied,
with respect to the Parent, the Seller, their respective Affiliates, the Companies, the Business,
the Transaction Agreements or the transactions contemplated by the Transaction Agreements,
including any relating to the financial condition, results of operations, assets or liabilities of
any of the foregoing entities, and (c) none of the Parent, the Seller or any of their respective
Affiliates or their respective Representatives makes any representation or warranty as to (1) the
operation of the Companies by the Acquiror or its Affiliates after the Closing in any manner or (2)
the probable success, future performance or profitability of the Companies or the Business (whether
before or after the Closing). Except for the representations and warranties contained in
Article III, the Acquiror has not relied upon any other representations or warranties or
any other information made or supplied by or on behalf of the Parent, the Seller or any of their
respective Affiliates or their respective Representatives, and

 

24

 

the Acquiror acknowledges and agrees that none of the Parent, the Seller, their respective
Affiliates or their respective Representatives has any liability or responsibility for any other
representation, warranty, opinion, projection, forecast, advice, statement or information made,
communicated, or furnished (orally or in writing) to the Acquiror or its Affiliates or their
respective Representatives (including any opinion, projection, forecast, advice, statement or
information that may have been or may be provided to the Acquiror by any Representative of the
Parent, the Seller or any of their respective Affiliates or any representation or warranty as to
the collectability of any receivables (including accounts receivable) of the Companies). Except to
the extent the Acquiror has otherwise advised the Parent in writing, neither the Acquiror nor any
of its Affiliates is aware of: (x) any of the representations or warranties contained in
Article III being untrue or incorrect or (y) any material errors in, or material omissions
from, the Parent Disclosure Schedule.

Section 4.09. No Acquiror Material Adverse Effect. Since January 1, 2009, no event
has occurred or circumstance has arisen that, individually or in the aggregate, has had or would
reasonably be expected to have an Acquiror Material Adverse Effect.

Section 4.10. Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder’s or other fee or commission in connection with the consummation of the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of the
Acquiror or its Affiliates.

Section 4.11. Disclaimer. Except for the representations and warranties contained in
this Article IV, neither the Acquiror nor any of its Affiliates or their respective
Representatives makes any other representation or warranty of any kind or nature whatsoever, oral
or written, express or implied, with respect to itself, its Affiliates, their respective
businesses, the Transaction Agreements or the transactions contemplated by the Transaction
Agreements. Except for the representations and warranties contained in this Article IV,
(a) the Acquiror disclaims, on behalf of itself, its Affiliates and their respective
Representatives, any other representations or warranties, whether made by the Acquiror or any of
its Affiliates or their respective Representatives or any other Person, and (b) the Acquiror
disclaims, on behalf of itself, its Affiliates and their respective Representatives, all liability
and responsibility for any other representation, warranty, opinion, projection, forecast, advice,
statement or information made, communicated or furnished (orally or in writing) to the Parent or
its Affiliates or their respective Representatives (including any opinion, projection, forecast,
advice, statement or information that may have been or may be provided to the Parent or its
Affiliates or Representatives by any Representative of the Acquiror or any of its Affiliates).

ARTICLE V

ADDITIONAL AGREEMENTS

Section 5.01. Conduct of Business Prior to the Closing. (a) Subject to any applicable
Laws, during the period from the date hereof through the Closing, except (A) as otherwise
contemplated by or necessary to effectuate the Transaction Agreements, (B) for matters identified
in Sections 5.01 or 5.15 of the Parent Disclosure Schedule, (C) as may otherwise be
required by applicable contractual obligations existing as of the date hereof, (D) as

 

25

 

may otherwise be required by applicable fiduciary duties and obligations in both cases owed to
third parties (other than the Parent or any Affiliate thereof) existing as of the date hereof, (E)
as required to comply with applicable Law or Governmental Order, or (F) as the Acquiror otherwise
consents in advance (which consent shall not be unreasonably withheld, delayed or conditioned), the
Parent and the Seller shall cause the Companies to (x) conduct the Business in the Ordinary Course
of Business and (y) not do any of the following:

(i) declare, set aside, make or pay any dividend or other distribution in respect of the
Capital Stock of any of the Companies;

(ii) repurchase, redeem, repay or otherwise acquire any outstanding shares of Capital Stock of
any of the Companies;

(iii) transfer, issue, sell or dispose of any shares of Capital Stock or other securities of
any of the Companies or grant options, warrants, calls or other rights to purchase or otherwise
acquire any shares of Capital Stock of any of the Companies;

(iv) effect any recapitalization, reclassification, stock split or similar change in the
capitalization of any of the Companies;

(v) amend the certificate of incorporation or by-laws (or comparable organizational documents)
of any of the Companies;

(vi) purchase, sell, lease, exchange, or otherwise dispose of or acquire any property or
assets (other than transactions occurring in the Ordinary Course of Business), or enter into any
lease of real property (other than, in each case, in the Ordinary Course of Business) or make any
capital expenditure for which the aggregate consideration paid or payable in any individual
transaction is in excess of U.S.$100,000 or in the aggregate in excess of U.S.$200,000;

(vii) enter into or amend (in any material respect) or, other than pursuant to its current
terms, terminate, renew or extend any Material Contract referred to in clause (ii) of the
definition of “Material Contract” set forth in Exhibit A other than transactions occurring
in the Ordinary Course of Business;

(viii) (A) grant, increase, or accelerate the vesting or payment of, or announce or promise to
grant, increase or accelerate the vesting or payment of, any wages, salaries, bonuses, incentives,
severance pay, other compensation, pension or other benefits payable or potentially available to
any Employee, including any increase or change pursuant to any Benefit Plan or (B) establish,
adopt, increase or amend (or promise to take any such action(s)) any Benefit Plan or any benefits
potentially available thereunder, in either case other than in the Ordinary Course of Business;

(ix) enter into, or amend in any material respect, any employment contracts with any executive
officers;

 

26

 

(x) settle or compromise any Action or threatened in writing Action, other than any settlement
or compromise that involves solely cash payments not in the aggregate in excess of U.S.$100,000;

(xi) enter into any Contract containing any provision (i) restricting or prohibiting any
change of control of the Companies, or (ii) restricting or prohibiting any declaration or payment
of dividends or other distributions or any other payments to the shareholders of the Companies, or
(iii) restricting or prohibiting the ability or possibility of the Companies to incur any
additional Indebtedness;

(xii) change any method of accounting or accounting practice or policy used by the Companies,
other than such changes required by GAAP or Law;

(xiii) change in any material respect any lending or investment practice or policy used by the
Companies, other than changes required by Law;

(xiv) change in any material respect (A) any refinancing or collection practice or policy of
the Companies with respect to their clients or (B) any payment practice or policy of the Companies
with respect to suppliers, in each case other than changes required by Law;

(xv) enter into any new line of business different than the Business;

(xvi) make any Tax election, adopt or change any tax accounting methods, principles or
practices, file any material amendment to any Tax Return, enter into any tax allocation agreement,
tax sharing agreement, tax indemnity agreement or closing agreement relating to any material Tax,
surrender any right to claim a material Tax refund, or consent to any extension or waiver of the
statute of limitations period applicable to any material Tax claim or assessment; or

(xvii) enter into any legally binding commitment with respect to any of the foregoing.

(b) Notwithstanding anything to the contrary contained herein including the actions set forth
in Section 5.01(a) but except for the matters set forth in Section 5.01(c), nothing
in this Agreement shall require the Parent or any of its Affiliates (including for the avoidance of
doubt the Seller) to provide any further funds, monies or other financial facilities or support to
the Companies following the date hereof, prevent or restrict the Parent or any of its Affiliates
(including for the avoidance of doubt the Seller) from so doing (including increasing or decreasing
the amount of the Parent Advances from time to time) or require, prevent or restrict the Parent or
any of its Affiliates (including for the avoidance of doubt the Seller) from amending or varying or
agreeing to amend or vary the terms of any such thing; provided, however, that if
the Parent or its Affiliates (including for the avoidance of doubt the Seller) advances any
additional debt (which may be Parent Advances) or makes any capital infusion to the Companies after
the date hereof, such amounts, together with accrued and unpaid interest thereon, if applicable,
shall be repaid or returned at par or the face amount plus accrued and unpaid interest (without
discount) thereof by the Companies to Parent or its Affiliates immediately prior to Closing (with
such repayment or return taken into account for the

 

27

 

adjustments in Sections 2.04 and 2.05) consistent with Section
2.04(e), unless such debt constitutes Parent Advances, in which case Sections 2.04(d)
and 2.06(a)(ii) and (iii) and the other provisions of this Agreement related to
Parent Advances shall apply; and provided, further, that neither Parent nor any of
its Affiliates will amend the terms of any debt or capital infusion existing on the date hereof so
as to increase the amounts the Acquiror or the Companies are required to pay to the Parent or its
Affiliates at Closing other than in respect of additional debt advanced or capital infused as set
forth in the preceding proviso.

(c) Notwithstanding anything to the contrary contained herein (including the matters set forth
in Sections 5.01(a) and (b)), in the event that any third party Indebtedness of the
Companies becomes due or is accelerated in whole or in part between the date hereof and the Closing
Date (but not as a result of the consummation of the transactions contemplated by this Agreement
which is addressed in Section 5.01(d)) (the “Interim Period Debt”), the parties
hereto will take the following actions in a timely manner so as to mitigate the risk of a Company’s
default under the Interim Period Debt:

(i) With respect to any credit facility Interim Period Debt that comes due or is accelerated
between the date hereof and the Closing Date, the Parent will determine (following consultation
with the Acquiror) whether it is in the Companies’ best interests to extend such borrowing
arrangements. If the Parent and the Companies seek to extend such borrowing arrangements, the
Acquiror will cooperate with the Parent to and the Acquiror and the Parent will use commercially
reasonable efforts to effectuate such extensions and the Parent shall be permitted to disclose the
Acquiror’s identity and other information about the transactions contemplated by this Agreement to
the creditor. If such extensions are not sought or obtained, the Acquiror and the Parent will
determine if third party financing is available on commercial terms for such amounts and, if so
determined to be available, will use commercially reasonable efforts to obtain such third party
financing. If the Acquiror and the Parent determine that third party financing is not available on
commercial terms for such amounts, the Parent will provide the Acquiror with the option to finance
such amounts to the Companies on commercial terms, which may include depositing funds with
Financiera or acquiring bonds issued by the Companies and which the Acquiror will use commercially
reasonable efforts to effectuate on mutually satisfactory terms. In the event that the Acquiror
elects not to finance such amounts, the Companies will pay any remaining amounts that are due and
payable out of available cash on hand as determined by the Parent. In the event that none of the
foregoing alternatives is elected or available, the Parent or its Affiliates may finance any
remaining amounts (either in the form of debt or equity), it being understood that the Parent or
its Affiliates will receive repayment or return of such amounts at Closing in accordance with
Section 5.01(b) or in respect of Parent Advances as provided in this Agreement.

(ii) With respect to any Interim Period Debt other than that addressed in clause (i) above
that comes due or is accelerated between the date hereof and the Closing Date, the Acquiror and the
Parent will determine if third party financing is available on commercial terms for such amounts
and, if so determined to be available, will use commercially reasonable efforts to obtain such
third party financing. If the Acquiror and the Parent determine that third party financing is not
available on commercial terms for such amounts, the Parent will provide the Acquiror with the
option to finance such amounts to the Companies on commercial terms, which may include depositing
funds with Financiera or acquiring bonds issued by the

 

28

 

Companies and which the Acquiror will use commercially reasonable efforts to effectuate on
mutually satisfactory terms. In the event that the Acquiror elects not to finance such amounts,
the Companies will pay any remaining amounts that are due and payable out of available cash on hand
as determined by the Parent. In the event that none of the foregoing alternatives is elected or
available, the Parent or its Affiliates may finance any remaining amounts (either in the form of
debt or equity), it being understood that the Parent or its Affiliates will receive repayment or
return of such amounts at Closing in accordance with Section 5.01(b) or in respect of
Parent Advances as provided in this Agreement.

(d) As disclosed in the Parent Disclosure Schedule, certain third party Indebtedness may be
subject to default or acceleration and/or become due as a result of the consummation of the
transactions contemplated by this Agreement. The parties will use their reasonable best efforts to
obtain waivers from the applicable lenders with respect to such Indebtedness to avoid such default
and/or acceleration in accordance with Section 5.05(e); provided, however,
that the failure to obtain any such waiver shall not delay or otherwise affect the Closing and if
such default or acceleration of any such Indebtedness does occur, the Acquiror and the Companies
will be solely responsible for the consequences thereof and will effect a payoff of such
Indebtedness if and as required by such Indebtedness.

Section 5.02. Access to Information.

(a) From the date hereof until the Closing Date, subject to any applicable Law and subject to
any applicable privileges (including the attorney-client privilege) and contractual confidentiality
obligations, upon reasonable prior notice, the Parent and the Seller shall, and shall cause each of
the Companies and each such Person’s respective Representatives to, (i) afford the Representatives
of the Acquiror reasonable access, during normal business hours, to the offices, properties, books,
data, files, information and records of the Companies, (ii) furnish to the Representatives of the
Acquiror such additional financial data and other information regarding the Companies as the
Acquiror may from time to time reasonably request, and (iii) make reasonably available to the
Representatives of the Acquiror, the employees of the Parent, the Seller and their Affiliates in
respect of the Companies and the businesses conducted by them whose assistance and expertise is
necessary to assist the Acquiror in connection with the Acquiror’s preparation to integrate the
Companies and their businesses and personnel into the Acquiror’s organization following the
Closing; provided, however, that the reasonableness of such access and requests
shall be determined by taking into account the competitive positions of the parties and the
sensitive nature of the transactions contemplated by this Agreement; provided,
further, that such investigation shall not unreasonably interfere with any of the
businesses or operations of the Parent, the Seller, the Companies or any of their respective
Affiliates; provided, further, that none of the auditors and independent
accountants of the Parent, the Companies or any of their respective Affiliates shall be obligated
to make any working papers available to any Person unless and until such Person has signed a
customary confidentiality and hold harmless agreement relating to such access to working papers in
form and substance reasonably acceptable to such auditors or independent accountants; and
provided, further, that notwithstanding anything to the contrary contained herein,
neither the Parent nor any of its Affiliates shall be required to disclose to the Acquiror or any
Representative of the Acquiror any consolidated, combined, affiliated or unitary tax return which
includes the Parent or any of its Affiliates or any tax-related working papers, except, in each
case, for materials or portions thereof that relate solely to any of

 

29

 

the Companies. If so reasonably requested by the Parent, the Acquiror shall enter into a
customary joint defense agreement with any one or more of the Parent, the Seller and the Companies
with respect to any information to be provided to the Acquiror pursuant to this Section
5.02(a). The Acquiror shall reimburse the Parent promptly for any reasonable out-of-pocket
expenses incurred by the Parent, the Seller and their respective Affiliates in complying with any
request by or on behalf of the Acquiror or any of its Affiliates in connection with this
Section 5.02(a). The Acquiror shall indemnify and hold harmless the Parent, the Seller and
their respective Affiliates (including, for the period prior to the Closing, the Companies) and AIG
Universal S. de R.L. de C.V. from and against any Losses that may be incurred by any of them
arising out of or related to the use, storage or handling of (A) any personally identifiable
information relating to employees or customers of the Companies and (B) any other information that
is protected by applicable Law (including privacy Laws) or Contract and to which the Acquiror or
any of its Affiliates or Representatives is afforded access pursuant to the terms of this
Agreement, including in respect of the services to be performed pursuant to the IT Systems
Outsourcing Agreement as contemplated by Section 5.21; except from Losses that are a result
of the Intentional Breach of the Parent, the Seller or their respective Affiliates (other than the
Companies if the Closing occurs).

(b) In addition to the provisions of Section 5.03, from and after the Closing Date, in
connection with any reasonable business purpose, including (x) in response to the request or at the
direction of a Governmental Authority, (y) the preparation of Tax Returns or other documents
related to Tax matters, and (z) the determination of any matter relating to the rights or
obligations of the Parent, the Seller and their respective Affiliates under any of the Transaction
Agreements or any applicable Law and subject to any applicable privileges (including the
attorney-client privilege) and contractual confidentiality obligations, upon reasonable prior
notice, the Acquiror shall, and shall cause the Companies and their respective Affiliates and
Representatives to (i) afford the Parent, the Seller and their respective Affiliates and their
respective Representatives reasonable access, during normal business hours, to the offices,
properties, books, data, files, information and records of the Acquiror and its Affiliates in
respect of the Companies and the businesses conducted by them (including, for the avoidance of
doubt, Tax Returns and other information and documents relating to tax matters), (ii) furnish to
the Parent, the Seller and their respective Affiliates and their respective Representatives such
additional financial data and other information regarding the Companies and the businesses
conducted by them as the Parent, the Seller and their respective Affiliates or their respective
Representatives may from time to time reasonably request (including, for the avoidance of doubt,
Tax Returns and other information and documents relating to tax matters) and (iii) make reasonably
available to the Parent, the Seller and their respective Affiliates and their respective
Representatives the employees of the Acquiror and its Affiliates in respect of the Companies and
the businesses conducted by them whose assistance, expertise, testimony, notes and recollections or
presence is necessary to assist the Parent, the Seller or their respective Affiliates or their
respective Representatives in connection with the Parent’s, the Seller’s or such Affiliates’ or
such Representatives’ inquiries for any of the purposes referred to in this Section 5.02(b)
above, including the presence of such persons as witnesses in hearings or trials for such purposes;
provided, however, that such investigation shall not unreasonably interfere with
the business or operations of the Acquiror or any of its Affiliates; and provided,
further, that the auditors and independent accountants of the Acquiror or its Affiliates
shall not be obligated to make any working papers available to any Person unless and until such
Person has signed a customary

 

30

 

confidentiality and hold harmless agreement relating to such access to working papers in form
and substance reasonably acceptable to such auditors or independent accountants. If so reasonably
requested by the Acquiror, the Parent shall, and shall cause the Seller or their respective
Affiliates (as applicable) to enter into a customary joint defense agreement with any one or more
of the Acquiror and its Affiliates with respect to any information to be provided to the Parent,
the Seller, or their respective Affiliates or Representatives pursuant to this
Section 5.02(b). The Parent shall reimburse the Acquiror promptly for any reasonable
out-of-pocket expenses incurred by the Acquiror and its Affiliates in complying with any request by
or on behalf of the Parent, the Seller, or their respective Affiliates or Representatives in
connection with this Section 5.02(b).

(c) From and after the Closing Date, in connection with any reasonable business purpose,
including the preparation of Tax Returns and the determination of any matter relating to the rights
or obligations of the Acquiror and its Affiliates under any of the Transaction Agreements, subject
to any applicable Law and subject to any applicable privileges (including the attorney-client
privilege) and contractual confidentiality obligations, upon reasonable prior notice, the Parent
shall, and shall cause its Affiliates and Representatives to (i) afford the Acquiror and its
Affiliates and their respective Representatives reasonable access, during normal business hours, to
the offices, properties, books, and records of the Parent and its Affiliates in respect of the
Companies and the businesses conducted by them (including, for the avoidance of doubt, Tax Returns
and other information and documents relating to tax matters, but only to the extent that such
information and documents can reasonably be segregated from any other information and documents
that is not exclusively related to the Companies), (ii) furnish to the Acquiror and its Affiliates
and their respective Representatives such additional financial data and other information regarding
the Companies and the businesses conducted by them as the Acquiror and its Affiliates may from time
to time reasonably request (including, for the avoidance of doubt, Tax Returns and other
information and documents relating to tax matters, but only to the extent that such information and
documents can reasonably be segregated from any other information and documents that is not
exclusively related to the Companies) and (iii) make reasonably available to the Acquiror and its
Affiliates and their respective Representatives the employees of the Parent and its Affiliates in
respect of the Companies and the businesses conducted by them whose assistance, expertise,
testimony, notes and recollections or presence is necessary to assist the Acquiror or its
Affiliates or their respective Representatives in connection with the Acquiror’s or such
Affiliates’ (or such Representatives’) inquiries for any of the purposes referred to above,
including the presence of such persons as witnesses in hearings or trials for such purposes;
provided, however, that such investigation shall not unreasonably interfere with
the business or operations of the Parent or any of its Affiliates; and provided,
further, that the auditors and independent accountants of the Parent or its Affiliates
shall not be obligated to make any working papers available to any Person unless and until such
Person has signed a customary confidentiality and hold harmless agreement relating to such access
to working papers in form and substance reasonably acceptable to such auditors or independent
accountants. If so reasonably requested by the Parent, the Acquiror or its Affiliates (as
applicable) shall enter into a customary joint defense agreement with any one or more of the Parent
and its Affiliates with respect to any information to be provided to the Acquiror and its
Affiliates pursuant to this Section 5.02(c). The Acquiror shall reimburse the Parent
promptly for any reasonable out-of-pocket expenses incurred by the Parent, the Seller and their
respective

 

31

 

Affiliates in complying with any request by or on behalf of the Acquiror or any of its
Affiliates or Representatives in connection with this Section 5.02(c).

(d) Notwithstanding anything to the contrary contained herein, the Parent shall not be
required prior to the Closing to disclose, or cause its Affiliates or its or its Affiliates’
respective Representatives prior to the Closing to disclose, to the Acquiror or any of its
Affiliates or any of their respective Representatives (or provide access to any offices,
properties, books or records of the Parent or any of its Affiliates that could result in the
disclosure to such Persons or others of) any information that is subject to a confidentiality
agreement or other obligation prohibiting its disclosure or that is privileged or commercially
sensitive, nor shall the Parent be required to permit, cause its Affiliates or its Affiliates’
respective Representatives to permit or cause others to permit the Acquiror or any of its
Affiliates or any of their respective Representatives to have access to or to copy or remove from
the offices or properties of the Parent or any of its Affiliates any documents or other materials
that might reveal any such information that is commercially sensitive or subject to a
confidentiality agreement or other obligation prohibiting its disclosure.

Section 5.03. Books and Records.

(a) Subject to Section 5.04(b), the Parent, the Seller and their respective Affiliates
shall have the right to retain copies of all books, data, files, information and records in any
media (including, for the avoidance of doubt, Tax Returns and other information and documents
relating to tax matters) of each of the Companies and their respective businesses relating to
periods ending on or prior to the Closing Date (i) relating to information (including employment
and medical records) regarding the Employees, (ii) as required by any legal or regulatory
authority, including any applicable Law, Governmental Order or regulatory request or (iii) as may
be necessary for the Parent, the Seller and their respective Affiliates to perform their respective
obligations pursuant to this Agreement (including calculation of the Post-Closing Adjustment under
Section 2.05), the Ancillary Agreements or any other agreement between the Parent, the
Seller and their respective Affiliates, on the one hand, and any of the Companies, on the other
hand, that will remain in effect after the Closing, in each case subject to compliance with all
applicable privacy Laws. With respect to all original books, data, files, information and records
of each of the Companies existing as of the Closing Date, the Acquiror shall, and shall cause each
of the Companies to (A) comply in all material respects with all applicable Laws and Governmental
Orders, including the Code, relating to the preservation and retention of records, (B) apply
preservation and retention policies that are no less stringent than those generally applied by the
Acquiror and (C) for at least the longer of the applicable statute of limitations or ten (10) years
after the Closing Date or until notice is received from the Parent of the expiration of the
applicable statute of limitations for tax purposes, whichever is later, preserve and retain all
such original books, data, files, information and records, and thereafter dispose of such original
books, data, files, information and records only after it shall have given the Parent ninety
(90) days’ prior written notice of such disposition and the opportunity (at the Parent’s expense)
to remove and retain such information.

(b) Notwithstanding anything to the contrary contained herein or any other Transaction
Agreement, to the extent that the Parent or any of its Affiliates has retained books, records,
files, tapes, software, data, documents, hardware, storage devices or other information,

 

32

 

materials or equipment that are not used in the operation of the business of any of the
Companies or required by any of the Companies for regulatory purposes (“Archived Files”)
pursuant to a Litigation Hold or otherwise, the Acquiror acknowledges and agrees that the Archived
Files are solely the property of the Parent. The Parent agrees that it will retain, recycle and/or
discard the Archived Files that relate to the Companies in a manner that is consistent with the
practices and procedures of the Parent from time to time.

Section 5.04. Confidentiality.

(a) The terms of the confidentiality agreements, (i) dated April 17, 2009 (the
“Confidentiality Agreements”), between the Parent and Banco de Galicia y Buenos Aires S.A.
and (ii) dated November 11, 2008 between the Parent and Pegasus, are incorporated into this
Agreement by reference and shall continue in full force and effect and bind the Pegasus Acquirors
as if each was a party thereto until the Closing, at which time the confidentiality obligations
under the Confidentiality Agreements shall terminate. If, for any reason, the transactions
contemplated by this Agreement are not consummated, the Confidentiality Agreements shall
nonetheless continue in full force and effect in accordance with its terms and bind the Pegasus
Acquirors as if each was a party thereto.

(b) From and after the Closing, the Parent and the Seller, on the one hand, and the Acquiror,
on the other hand, shall, and shall cause their respective Affiliates and Representatives to,
maintain in confidence any written, oral or other information relating to or obtained from the
other party or its Affiliates, except that the foregoing requirements of this Section
5.04(b) shall not apply to the extent that (i) any such information is or becomes generally
available to the public other than (A) in the case of the Acquiror, as a result of disclosure by
the Parent or its Affiliates or any of their respective Representatives and (B) in the case of the
Parent, as a result of disclosure by the Acquiror, the Companies (after the Closing Date) or any of
their respective Affiliates or any of their respective Representatives, (ii) any such information
(including any report, statement, testimony or other submission to a Governmental Authority) is
required by applicable Law, Governmental Order or such Governmental Authority to be disclosed after
prior notice has been given to the other party to the extent such notice is permitted by applicable
Law, provided that no such notice is required if prohibited by applicable Law, (iii) any such
information is reasonably necessary to be disclosed in connection with any Action or in any dispute
with respect to the Transaction Agreements (including in response to any summons, subpoena or other
legal process or formal or informal investigative demand issued to the disclosing party in the
course of any litigation, arbitration, mediation, investigation or administrative proceeding), (iv)
any such information was or becomes available to such party on a non-confidential basis and from a
source (other than a party hereto or any Affiliate or Representative of such party) that is not
bound by a confidentiality agreement with respect to such information or restricted by Law to
disclose such information or (v) after the Closing, any such information that becomes known or
available pursuant to or as a result of the carrying out of the provisions of an Ancillary
Agreement (which information shall be governed by the confidentiality provisions set forth in such
Ancillary Agreement). Each of the parties hereto shall instruct its Affiliates and Representatives
having access to such information of such obligation of confidentiality; provided,
however, that the parties hereto may disclose information about the tax treatment and tax
structure of the transactions contemplated by this Agreement

 

33

 

(including any facts or materials relating thereto or reasonably necessary to understand such
treatment or structure).

(c) Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge
and agree that each of the parties may disclose this Agreement and the subject matter hereof and
related matters to its Affiliates, directors, officers, employees and agents with a need to know,
to applicable governmental and regulatory agencies and bodies and other appropriate supervisory
authorities, in each case solely in furtherance of consummating the transactions contemplated by
this Agreement (including that the Parent, the Seller and their respective Affiliates may, without
notifying the Acquiror or any other Person, share any information relating to or obtained from the
Acquiror or its Affiliates and any filings that will be required to be made with Governmental
Authorities in connection with the transactions contemplated by this Agreement or the other
Transaction Agreements with (i) the FRBNY or the U.S. Department of the Treasury and their
respective Representatives, (ii) AIG Credit Facility Trust, (iii) any insurance regulatory
authority, or (iv) the IRS or any other Tax Authority, in each case as the Parent or the Seller
deems necessary or advisable in their good faith judgment).

Section 5.05. Regulatory and Other Authorizations; Best Efforts.

(a) The parties hereto shall use their best efforts to obtain as promptly as practicable the
BCRA Approval and the CNDC Approval and all other authorizations, consents, orders and approvals of
all Governmental Authorities that may be or may become reasonably necessary, proper or advisable
under the Transaction Agreements and applicable Laws to consummate and make effective the
transactions contemplated by the Transaction Agreements. The parties hereto shall cooperate with
the reasonable requests of each other in seeking to obtain as promptly as practicable all such
authorizations, consents, orders and approvals. Neither the Parent nor the Seller nor the Acquiror
shall take or cause to be taken any action that they are aware or should reasonably be aware would
have the effect of delaying, impairing or impeding the receipt of any such required authorizations,
consents, orders or approvals.

(b) The parties hereto shall (or, in the case of the Parent, shall cause the Companies to)
promptly make (which shall in no event be later than ten (10) Business Days after the date hereof)
all filings and notifications with all Governmental Authorities that may be or may become
reasonably necessary, proper or advisable under the Transaction Agreements and applicable Laws to
consummate and make effective the transactions contemplated by the Transaction Agreements,
including the BCRA Approval and CNDC Approval. The Parent promptly after the date hereof shall
direct the Companies in writing to commence the process to seek Governmental Approval as provided
in this Section 5.05 and shall deliver a copy of such direction letter to the Acquiror.
The Acquiror shall have responsibility for the filing fees, if any, associated with any antitrust
filings before any Argentine Governmental Authority. The Parent, the Seller and the Acquiror shall
have responsibility for their respective filing fees associated with any other required filings.
The Parent and the Acquiror each shall supply promptly any additional information and documentary
material that may be requested in connection with the transactions contemplated by the Transaction
Agreements pursuant to any applicable Laws.

 

34

 

(c) Subject to the terms and conditions set forth in this Agreement, without limiting the
generality of the other undertakings pursuant to this Section 5.05, each of the Parent (in
the case of clauses (i) and (iii) of this Section 5.05(c) set forth below) and the Acquiror
(in all cases of clauses (i), (ii) and (iii) of this Section 5.05(c) set forth below) shall
take or cause to be taken the following actions: (i) the prompt provision to a Governmental
Authority of non-privileged information, documents, certificates, statements, affidavits or
testimony requested by such Governmental Authority that are necessary, proper or advisable to
permit consummation of the transactions contemplated by the Transaction Agreements; (ii) the
Acquiror shall, and shall cause its Affiliates to, take all actions as may be requested by any
Governmental Authorities to obtain authorizations, consents, orders and approvals from such
Governmental Authorities, including the prompt use of its best efforts to avoid the entry of, or to
effect the dissolution of, any permanent, preliminary or temporary injunction or other order,
decree, decision, determination or judgment that would delay, restrain, prevent, enjoin or
otherwise prohibit consummation of the transactions contemplated by the Transaction Agreements
(subject to the third to last and penultimate sentences of this Section 5.05(c)), including
(A) the defense through litigation on the merits of any claim asserted in any court, agency or
other proceeding by any Person, including any Governmental Authority, seeking to delay, restrain,
prevent, enjoin or otherwise prohibit consummation of such transactions, (B) the proffer and
agreement by the Acquiror or its Affiliates of its or their willingness to sell, lease, license or
otherwise dispose of, or hold separate pending such disposition, and promptly to effect the sale,
lease, license, disposal and holding separate of, such assets, rights, product lines, licenses,
categories of assets or businesses or other operations or interests therein of the Companies or the
Acquiror or either’s respective Affiliates (and the entry into agreements with, and submission to
orders of, the relevant Governmental Authority giving effect thereto) no later than sixty (60) days
from the date hereof, and (C) the proffer and agreement by the Acquiror or its Affiliates of its or
their willingness to take such other actions, and promptly to effect such other actions (and the
entry into agreements with, and submission to orders of, the relevant Governmental Authority giving
effect thereto) no later than sixty (60) days from the date hereof, in each case if such action
should be reasonably necessary or advisable to avoid, prevent, eliminate or remove the actual,
anticipated or threatened (x) commencement of any proceeding in any forum or (y) issuance of any
order, decree, decision, determination or judgment that would delay, restrain, prevent, enjoin or
otherwise prohibit consummation of the transactions contemplated by the Transaction Agreements by
any Governmental Authority; and (iii) the prompt use of its best efforts to take, in the event that
any permanent, preliminary or temporary injunction, decision, order, judgment, determination or
decree is entered or issued, or becomes reasonably foreseeable to be entered or issued, in any
proceeding or inquiry of any kind that would make consummation of the transactions contemplated by
the Transaction Agreements in accordance with the terms of the Transaction Agreements unlawful or
that would delay, restrain, prevent, enjoin or otherwise prohibit consummation of the transactions
contemplated by the Transaction Agreements, any and all steps (including the appeal thereof, the
posting of a bond or, in the case of the Acquiror, the taking of the steps contemplated by clause
(ii) of this Section 5.05(c)) necessary to resist, vacate, modify, reverse, suspend,
prevent, eliminate or remove such actual, anticipated or threatened injunction, decision, order,
judgment, determination or decree so as to permit such consummation on a schedule as close as
possible to that contemplated by the Transaction Agreements. Notwithstanding anything herein to
the contrary, neither Galicia nor Pegasus nor their respective Affiliates will be compelled to
divest of their existing businesses or take

 

35

 

unreasonable actions imposed by a Governmental Authority to obtain antitrust clearance for the
transactions contemplated hereby if such divestiture or action is required to be taken after
Galicia or Pegasus, respectively, exercises best efforts to seek to overturn or address such
decision by the Governmental Authority and such divestiture or action would have a material adverse
effect on Galicia’s or Pegasus’s and their respective Affiliates’ entire enterprise in the
aggregate, as the case may be, or a material adverse effect on Galicia’s or Pegasus’s and their
respective Affiliates’ entire enterprise’s fundamental business strategy, as the case may be (a
“Material Adverse Effect Regulatory Event”); provided, however, that the
foregoing shall not preclude (x) a requirement that the Pegasus Acquirors assign all of their
rights to acquire the Shares in their entirety or in part to Galicia or any other Person or (y) a
requirement that the Acquiror divest of a non-material portion of the Companies or their businesses
or assets after the Closing. Acquiror will notify Parent promptly in writing of the occurrence of
a Material Adverse Effect Regulatory Event. Nothing in this Section 5.05(c) shall obligate
the Parent or the Seller to agree to any divestitures or other remedy.

(d) Subject to applicable Laws relating to the sharing of information and
Section 5.02(d), each of the Parent, the Seller and the Acquiror shall promptly notify each
other of any communication it receives from any Governmental Authority and permit the other party
to review in advance any proposed communication by such party to any Governmental Authority and
shall provide each other with copies of all correspondence, filings or communications between such
party or any of its Representatives, on the one hand, and any Governmental Authority or members of
the staff of any Governmental Authority, on the other hand, in each case to the extent relating to
the matters that are the subject of this Agreement. Neither the Parent nor the Seller nor the
Acquiror shall agree to participate in any meeting with any Governmental Authority relating to the
matters that are the subject of this Agreement unless it consults with the other parties hereto in
advance and, to the extent permitted by such Governmental Authority, gives the other parties hereto
the opportunity to attend and participate at such meeting. Subject to the Confidentiality
Agreements and to Section 5.02(d), the parties hereto shall coordinate and cooperate fully
with each other in exchanging such information and providing such assistance as the other party may
reasonably request in connection with the foregoing (including in seeking early termination of any
applicable waiting periods); provided, however, that the foregoing shall not
require the Parent, the Seller, the Acquiror, any of the Companies or any of their respective
Affiliates (i) to disclose any information that in the reasonable judgment of the Parent, the
Seller, the Acquiror, any of the Companies or any of their respective Affiliates, as the case may
be, would result in the disclosure of any trade secrets of third parties or violate any of its
obligations with respect to confidentiality or (ii) to disclose any privileged information or
confidential competitive information of the Parent, the Seller, the Acquiror, any of the Companies
or any of their respective Affiliates. No party hereto shall be required to comply with any
provision of this Section 5.05(d) to the extent that such compliance would be prohibited by
applicable Law. The Acquiror will comply with the Objective Standards in order to be eligible to
obtain BCRA Approval.

(e) The Parent, the Seller and the Acquiror shall use their reasonable best efforts to obtain
any consents and approvals (other than the Governmental Approvals which are addressed in the other
provisions of this Section 5.05) and make any other notifications that may be required in
connection with the transactions contemplated by the Transaction Agreements; provided,
however, that none of the parties hereto or its Affiliates (including the Companies)

 

36

 

shall be required to compensate any third party, commence or participate in litigation or
offer or grant any accommodation (financial or otherwise) to any third party to obtain any such
consent or approval; and provided further, however, that the parties hereto
shall not be required to take any action with respect to any third party unless such action is
conditioned upon the Closing.

Section 5.06. Insurance.

(a) Except as otherwise provided in Section 5.06(a)(x) of the Parent Disclosure
Schedule, from and after the Closing Date, the Companies shall cease to be insured by the
Parent’s, the Seller’s or their respective Affiliates’ (other than any Company’s) blanket insurance
policies or by any of their self-insured programs in place to the extent such insurance policies or
programs cover any of the Companies. On or prior to the Closing, the Parent may cause the
Companies to pay the amounts set forth in Section 5.06(a)(v) of the Parent Disclosure
Schedule to the Parent or the Affiliates of Parent as directed by the Parent.

(b) With respect to events or circumstances relating to the Companies that occurred or existed
prior to the Closing Date that are covered by occurrence-based third party liability insurance
policies (that is, a policy not issued by Parent or its Affiliates) that apply to the locations at
which the Companies operate their respective businesses, the Acquiror may, and may cause the
Companies to, make claims under such policies and programs; provided, however, that
by making any such claims, the Acquiror agrees to reimburse the Parent for any expenses or
increased costs incurred by the Parent, the Seller or their respective Affiliates as a result of
such claims, including any retroactive or prospective premium adjustments associated with such
coverage as such amounts are determined in accordance with those policies and programs generally
applicable from time to time to the Parent, the Seller or their respective Affiliates; and
provided, further, that neither the Acquiror nor any of its Affiliates shall make
any such claims if, and to the extent that, such claims are covered by insurance policies sponsored
by the Parent or its Affiliates. As of the third anniversary of this Agreement, the Acquiror shall
no longer have access to such occurrence-based third party liability insurance policies of the
Parent, the Seller or their respective Affiliates that apply to the locations at which the
businesses of the Companies operate their respective businesses and the Acquiror shall assume full
responsibility for, and release the Parent, the Seller and their respective Affiliates from, all
liability for claims, known or unknown, resulting from occurrences prior to the Closing Date. The
Companies shall be responsible for obtaining and maintaining any primary insurance policy coverage
that may be required by any excess insurance policy coverage.

(c) The Companies shall be responsible for satisfaction of any deductible or retention on any
claim submitted under the Parent’s, the Seller’s or their respective Affiliates’ blanket policies
that is solely attributed to the Companies.

(d) Nothing contained in this Section 5.06 shall apply to any debts, liabilities,
commitments or obligations of any kind relating to or arising out of any Company E&O Claims, which
shall be governed by Section 5.14.

 

37

 

Section 5.07. Intercompany Obligations and Arrangements.

(a) The Parent and the Seller shall, and shall cause their Affiliates to, take such action and
make such payments as may be necessary so that concurrently with the Closing, the Companies, on the
one hand, and the Parent, the Seller and their Affiliates (other than the Companies), on the other
hand, to the extent permitted by Law, shall settle, discharge, offset, pay, repay in full,
terminate, commute or extinguish all intercompany loans, notes and advances regardless of their
maturity and all intercompany receivables and payables, entire principal amount at par and any
accrued and unpaid interest to but excluding the date of payment; provided,
however, that the requirements of the immediately preceding clause of this
Section 5.07(a) shall not apply to (i) any intercompany loan, note, advance, receivable or
payable set forth in Section 5.07(a) of the Parent Disclosure Schedule, (ii) any
Intercompany Agreement set forth on Section 5.07(b) or Section 5.07(c) of the Parent
Disclosure Schedule or in respect of the Parent Advances (which shall be dealt with pursuant to
the terms set forth in Section 2.04(d) and Sections 2.06(a)(ii) and (iii)) or
otherwise in respect of the matters addressed in Sections 5.01(b) or 5.01(c), (iii)
any Parent Guaranty to the extent not terminated and fully released pursuant to Section
5.08, or (iv) any other Contracts or any other claims, demands, obligations, liabilities,
defenses, affirmative defenses, setoffs, counterclaims, actions and causes of action of whatever
kind or nature as set forth in Section 5.11(a) of the Parent Disclosure Schedule. To the
extent that the amount of any such outstanding intercompany loan, note, advance, receivable or
payable cannot be determined by the Parent or any of the Companies or any of their respective
Affiliates concurrently with the Closing, such intercompany loan, note, advance, receivable or
payable shall be paid in full by the Parent or any of the Companies or any of their respective
Affiliates (as applicable) following the Closing within ten (10) days of receipt of an invoice
detailing the amount due with respect to such intercompany loan, note, advance, receivable or
payable.

(b) The Parent and the Seller shall, and shall cause their Affiliates to, take such actions as
may be necessary to terminate or commute, concurrently with the Closing, all Intercompany
Agreements, whether written or oral; provided, however, that the requirements of
the immediately preceding clause of this Section 5.07(b) shall not apply to (i) any
intercompany loan, note, advance, receivable or payable set forth in Section 5.07(a) of the
Parent Disclosure Schedule, (ii) any Intercompany Agreement set forth on Section
5.07(b) or Section 5.07(c) of the Parent Disclosure Schedule or in respect of the
Parent Advances (which shall be dealt with pursuant to the terms set forth in Section
2.04(d) and Sections 2.06(a)(ii) and (iii)) or otherwise in respect of the
matters addressed in Sections 5.01(b) or 5.01(c), (iii) any Parent Guaranty to the
extent not terminated and fully released pursuant to Section 5.08, or (iv) any other
Contracts or any other claims, demands, obligations, liabilities, defenses, affirmative defenses,
setoffs, counterclaims, actions and causes of action of whatever kind or nature as set forth in
Section 5.11(a) of the Parent Disclosure Schedule. For the avoidance of doubt, the
immediately preceding sentence of this Section 5.07(b) shall not apply to (A) any Contract
between a third party, on the one hand, and the Parent or any of its Affiliates, on the other hand,
to which any Company is not a party, but under which any Company may otherwise derive benefits,
such as enterprise-wide licenses or “master” agreements, or (B) any Contract among (x) a third
party, (y) the Parent or any of its Affiliates, and (z) any Company. Such third party Contracts
are governed exclusively by Section 5.13.

 

38

 

(c) The Parent and the Seller shall, and shall cause its Affiliates to, take such actions as
may be necessary to amend, concurrently with the Closing, those Intercompany Agreements set forth
in Section 5.07(c) of the Parent Disclosure Schedule.

Section 5.08. Guarantees.

(a) From and after the date hereof, the parties hereto shall use their respective reasonable
best efforts to obtain, on or prior to the Closing, the termination of, and full release of the
Parent, the Seller and their respective Affiliates (other than the Companies) from any and all
obligations arising under, any and all guarantees, keepwells, letters of credit, indemnity or
contribution agreements, support agreements, insurance surety bonds or other similar agreements
made in respect of the obligations of, or for the benefit of any obligee of, the Companies by the
Parent, the Seller and their respective Affiliates (other than the Companies) (each, a “Parent
Guaranty”), which are set forth in Section 5.08(a) of the Parent Disclosure Schedule.

Section 5.09. No Solicitation; No Hire.

(a) From the date hereof until the date that is twelve (12) months from the Closing Date, the
Parent and the Seller shall not, and shall cause their controlled Affiliates not to, without the
prior written consent of the Acquiror, directly or indirectly, solicit for employment or hire any
employee of any of the Companies; provided, however, that (i) the Parent and its
Affiliates may in good faith employ or hire any such Person who is terminated or is no longer
employed by any of the Companies at the time of their initial contact with such Person regarding
such employment; and (ii) nothing in this Section 5.09(a) shall prohibit the Parent or any
of its Affiliates acting in good faith from engaging in general solicitations to the public or
general advertising not targeted at employees of any Company or from employing or hiring any Person
who contacts the Parent or any of its Affiliates on his or her own initiative or as a result of a
general solicitation to the public or general advertising not targeted at employees of any Company.

(b) From the date hereof until the date that is twelve (12) months from the Closing Date, the
Acquiror shall not, and shall cause its Affiliates not to, without the prior written consent of the
Parent, directly or indirectly, solicit for employment or hire any employee of the Parent or any of
its Affiliates (other than the Companies in connection with and as a part of the Closing);
provided, however, that (i) the Acquiror and its Affiliates may in good faith
employ or hire any such Person who is terminated or is no longer employed by the Parent or any of
its Affiliates at the time of their initial contact with such Person regarding such employment; and
(ii) nothing in this Section 5.09(b) shall prohibit the Acquiror or any of its Affiliates
acting in good faith from engaging in general solicitations to the public or general advertising
not targeted at employees of the Parent or any of its Affiliates or from employing or hiring any
Person who contacts the Acquiror or any of its Affiliates on his or her own initiative or as a
result of a general solicitation to the public or general advertising not targeted at employees of
the Parent or any of its Affiliates.

(c) The parties hereto acknowledge that the covenants set forth in this Section 5.09
are an essential element of this Agreement and that, but for these covenants, the parties hereto
would not have entered into this Agreement. The parties hereto acknowledge that

 

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this Section 5.09 constitutes an independent covenant and shall not be affected by
performance or nonperformance of any other provision of this Agreement or any other document
contemplated by this Agreement.

(d) It is the intention of the parties hereto that if any of the restrictions or covenants
contained in this Section 5.09 is held to cover a geographic area or to be for a length of
time which is not permitted by applicable Law, or in any way construed to be too broad or to any
extent invalid, such restrictions or covenants shall not be construed to be null, void and of no
effect, but to the extent such restrictions or covenants would be valid or enforceable under
applicable Law, a court of competent jurisdiction shall construe and interpret or reform this
Section 5.09 to provide for a covenant having the maximum enforceable geographic area, time
period and other provisions (not greater than those contained in this Section 5.09) that
would be valid and enforceable under such applicable Law.

Section 5.10. Intellectual Property; Trade Names and Trademarks.

(a) The Acquiror, for itself and its Affiliates, acknowledges and agrees that, except for the
licenses set forth in the Trademark License Agreement, the Acquiror is not purchasing, acquiring or
otherwise obtaining any right, title or interest in or to any Intellectual Property owned or
licensed by the Parent, the Seller or their respective Affiliates (other than the Companies),
including the Intellectual Property identified in Section 5.10(a) of the Parent Disclosure
Schedule, and the names “AIG”, “American International Group, Inc.”, “AI” or AIG Consumer
Finance Group, Inc., or any trade, corporate or business names, trademarks, tag-lines, identifying
logos, trade dress, monograms, slogans, service marks, domain names, brand names or any other name
or source identifiers related thereto or employing the wording “AIG” or any “AI” formative marks,
“American International” formative marks, or any derivation or variation of any of the foregoing
(for example, among others, AI, AI RISK, AIA, AIU, AIGCFG, as well as American International,
American International Group, American International Underwriters, American International
Assurance) or any confusingly similar trade, corporate or business name, trademark, tag-line,
identifying logo, trade dress, monogram, slogan, service mark, domain name or brand name or other
name or source identifier (including any registrations and applications relating thereto)
(collectively, the “Parent Names and Marks”), and, except as otherwise expressly provided
in this Section 5.10 or in any Ancillary Agreement, neither the Acquiror nor any of its
Affiliates shall have any rights in or to any of the Parent Names and Marks and neither the
Acquiror nor any of its Affiliates shall (i) seek to register in any jurisdiction any trade,
corporate or business name, trademark, tag-line, identifying logo, trade dress, monogram, slogan,
service mark, domain name, brand name or other name or source identifier that is a derivation,
translation, adaptation, combination or variation of the Parent Names and Marks or that is
confusingly similar thereto, or (ii) contest the use, ownership, validity or enforceability of any
rights of the Parent or any of its Affiliates in or to any of the Parent Names and Marks.

(b) Except as otherwise provided in this Section 5.10 or any Ancillary Agreement,
following the Closing Date, the Acquiror shall, and shall cause its Affiliates to immediately cease
and discontinue any and all uses of the Intellectual Property owned or licensed by the Parent, the
Seller or their respective Affiliates, including the Parent Names and Marks, but excluding the
Intellectual Property licensed pursuant to Section 5.10(e), whether or not in combination
with other words, symbols or other distinctive or non-distinctive elements

 

40

 

and all trade, corporate or business names, trademarks, tag-lines, identifying logos, trade
dress, monograms, slogans, service marks, domain names, brand names and other name or source
identifiers similar to any of the foregoing or embodying any of the foregoing whether or not in
combination with other words, symbols or other distinctive or non-distinctive elements. The
Acquiror, for itself and its Affiliates, agrees that any and all rights of the Companies to the
Intellectual Property owned or licensed by the Parent, the Seller or their respective Affiliates,
including the Parent Names and Marks, but excluding the Intellectual Property licensed pursuant to
Section 5.10(e), including any such rights licensed to the Companies pursuant to any
written agreements or other arrangements, whether written or oral, with the Parent or its
Affiliates (except as otherwise set forth in this Section 5.10 or in the Ancillary
Agreements), shall terminate on the Closing Date without further action of the parties thereto and
without recourse by the Companies.

(c) Except as set forth herein or in the Trademark License Agreement, as set forth herein as
promptly as practicable after the Closing Date, and in no event later than six (6) months after the
Closing Date, the Acquiror shall, and shall cause its Affiliates to, destroy or exhaust all
materials bearing the Parent Names and Marks, including signage, advertising, promotional
materials, software, packaging, inventory, electronic materials, collateral goods, stationery,
business cards, web sites, invoices, receipts, forms, product, training and service literature and
materials and other materials (“Materials”), and make all filings with any Governmental
Authority to effect the elimination of any use of the Parent Names and Marks from the businesses of
the Companies, so as to bring the Acquiror and its Affiliates into compliance with this Section
5.10 and shall deliver a certificate to the Parent confirming such filings. Except as
otherwise provided in this Section 5.10 or in the Trademark License Agreement, the
Companies shall during such period of up to six (6) months after the Closing Date have the right to
use such existing Materials in connection with their existing businesses as conducted as of the
Closing to the extent such use cannot commercially reasonably be avoided; provided that the
Acquiror shall, and shall cause the Companies to, commence the removal of the Parent Names and
Marks from all such Materials immediately following the Closing Date and provided,
further, that the Acquiror shall, and shall cause the Companies to (i) as promptly as
practicable after the Closing Date, and in no event later than six (6) months after the Closing
Date, cease all use of the Parent Names and Marks on all stationery, business cards, purchase
orders, invoices, receipts and similar correspondence and (ii) as promptly as practicable after the
Closing Date, and in no event later than six (6) months after the Closing Date, destroy all such
items enumerated in Section 5.10(c)(i) and send a written statement to the Parent
confirming that all such items have been destroyed. With respect to Materials covered by this
Section 5.10, upon written request of Parent on or following the date that is six (6)
months after the Closing Date, the Acquiror shall send a written statement to the Parent verifying
that it has destroyed or exhausted all Materials bearing the Parent Names and Marks and shall send
the Parent representative samples of how the Acquiror uses advertising and promotional materials
that do not include the Parent Names and Marks. The Acquiror, for itself and its Affiliates,
agrees that use of the Parent Names and Marks during the six (6) month period authorized by this
Section 5.10 shall be only with respect to goods and services existing in inventory at the
Closing, shall not be for any new loans, collections, credit cards or other goods or services
(including any new marketing or advertising materials or product, training or service literature),
and shall be of a level of quality equal to or greater than the quality of goods and services with
respect to which the Companies used the Parent Names and Marks immediately prior to Closing. The
Acquiror,

 

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for itself and its Affiliates shall indemnify and hold harmless the Parent and its Affiliates
from and against any liabilities, obligations, Losses or damages arising from use of the Parent
Names and Marks with respect to goods and services during the six (6) month period authorized by
this Section 5.10, except from Losses that are a result of the Intentional Breach of the
Parent or its Affiliates. The Acquiror shall take all necessary action to ensure that the
Companies and any other users of the Parent Names and Marks, whose rights terminate upon the
Closing pursuant to this Section 5.10, shall cease use of the Parent Names and Marks,
except as expressly authorized thereafter by the Parent. The Acquiror, for itself and its
Affiliates, agrees that after the Closing Date the Acquiror and its Affiliates shall not expressly,
or by implication, do business as or represent themselves as the Parent or its Affiliates, and
shall use all reasonable efforts to ensure that there is no confusion that the Companies are no
longer affiliated with the Parent or its Affiliates. Except as otherwise provided in this
Section 5.10 or in the Trademark License Agreement, the Companies shall during such period
of up to twelve (12) months after the Closing Date have the right to use the AR.AIGBANK.COM as a
Microsoft Active Directory (for internal use only) in connection with their existing businesses as
conducted as of the Closing to the extent such use cannot commercially reasonably be avoided.
Notwithstanding the Acquiror’s obligations in this Section 5.10, as of or prior to the
Closing (or reasonable time thereafter), the Parent and the Seller shall cause Financiera to
transfer to the Parent and/or one or more of its Affiliates (other than the Companies) all right,
title and interest in, to the following domain names: AIGBANCO.COM.AR, AIGBANK.COM.AR,
AIGCARD.COM.AR, AIGCARDS.COM.AR, AIGCASH.COM.AR, BANCOAIG.COM.AR and AIGUPC.COM.AR.

(d) On or prior to the date that is ten (10) days after the Closing Date, the Acquiror shall
execute, or shall cause the execution of, such amended organizational documents with respect to the
Companies such that the Companies can effect a change in its name, including its corporate and
trade name, to a name not containing any of the Parent Names and Marks or any derivation,
translation, adaptation, combination or variation thereof. On or prior to the date that is ten
(10) days after the Closing Date, the Acquiror shall cause the Companies to file the amended
organizational documents with the applicable Governmental Authority and take all other necessary
action to fulfill its obligations set forth in this Section 5.10 as soon as reasonably
practicable.

(e) The Acquiror and its Affiliates hereby grant to the Parent and its Affiliates and their
successors and assigns a perpetual, irrevocable, worldwide, royalty-free, fully paid-up,
non-exclusive, sublicenseable, in whole or in part, to Affiliates, or as otherwise necessary to run
their respective businesses (without further right to sublicense, except to the extent necessary to
run the applicable business), non-transferable (except as set forth herein) right and license,
effective as of the Closing Date, in and to all Intellectual Property (other than Trademarks) owned
by the Companies, immediately following the Closing, that is or was used in the respective
businesses of the Parent and/or any of its Affiliates (other than the Companies), for the continued
use in and in connection with the respective businesses of the Parent or any of its Affiliates
(other than the Companies) or their successors or assigns including without limitation the right
and license in such Intellectual Property to use, modify, reproduce, display, perform, distribute
and create derivative works from such Intellectual Property, and make, have made, use, import and
sell products or services that are covered by (or, in the case of patents, embody) such
Intellectual Property. Such license allows the Parent and its Affiliates and their successors and
assigns to (i) pledge their rights to one or more lenders or financing sources as collateral

 

42

 

security; and (ii) in connection with a divestiture (whether by stock or asset sale, merger or
otherwise) of Parent or any of its Affiliates, or its or their subsidiaries or business units, or
any other portion of their business (following such disposition, a “Divested Entity”),
license, sublicense and/or assign, in whole or in part, to cover such Divested Entity (or allow
such Divested Entity to retain) the rights in any Intellectual Property used by the Divested Entity
in the operation of its business prior to such divestiture, so that after the completion of such
divestiture, the Divested Entity may continue to make use of such Intellectual Property. The
Parent or its Affiliates or their successors or assigns may not assign or otherwise transfer their
respective licenses hereunder other than to an Affiliate, a Divested Entity or in connection with a
Change of Control of the Parent or any of its Affiliates or their successors or assigns. The
Acquiror hereby covenants that it will not and will cause each of its Affiliates and each of their
respective successors and assigns not to assert any claims or rights, bring any suit or institute
any action against the Parent, any of its Affiliates or a Divested Entity (including any authorized
subcontractors and sublicensees and their respective successors and assigns), based upon a claim of
infringement of any Intellectual Property (other than Trademarks) owned by any of the Companies.
This covenant not to sue shall extend in perpetuity to the Parent, its Affiliates, the Divested
Entities and their successors and assigns. For the avoidance of doubt: (i) Intellectual Property
owned by any one or more of the Acquiror or its Affiliates that is not or was never made available
to the Parent or its Affiliates for use is not subject to this Section 5.10(e): (ii) the
Intellectual Property includes the credit scores and software licensed by the Acquiror or its
Affiliates to AIG Universal, S.A. de C.V. SOFOM, E.N.R.; (iii) this Section 5.10(e) does
not require any of the Acquiror or its Affiliates to deliver any Intellectual Property or
embodiments thereof to the Parent or its Affiliates; and (iv) unless expressly permitted by the
agreements that are entered into in connection with a divestiture of a Divested Entity, the rights
and license granted pursuant to this Section 5.10(e) do not extend to the acquiror of a
Divested Entity, or any pre-acquisition affiliate, business unit or other portion of the business
of such acquiror.

(f) The Acquiror, on behalf of itself and its Affiliates, agrees that irreparable damage would
occur if this Section 5.10 were not performed in accordance with its specific terms or were
otherwise breached. It is accordingly agreed that, without the necessity of posting bond or other
undertaking, the Parent or any of its Affiliates (or their respective successors or assigns) shall
be entitled to proceed against the Acquiror and its Affiliates in law and/or in equity for such
damages or other relief as a court may deem appropriate and shall be entitled to seek a temporary
restraining order and/or preliminary and final injunctive or other equitable relief, including
specific performance, to prevent breaches of this Section 5.10 and, in addition to any
other remedy to which they are entitled at law or in equity, to enforce specifically the terms and
provisions of this Section 5.10. In the event that any Action is brought in equity to
enforce the provisions of this Section 5.10, no party hereto shall allege, and each party
hereto hereby waives the defense or counterclaim, that there is an adequate remedy at law.

(g) To the extent that any of the Companies owns any rights in or to any Parent Names and
Marks, including any registrations or applications for registrations thereof in any jurisdiction,
the Acquiror shall cause each of the Companies to immediately after the Closing Date cease all use
thereof (except as otherwise expressly permitted by this Section 5.10), and as soon as
practicable after the Closing Date, but in no event more than six (6) months thereafter, abandon
all rights in and to such Parent Names and Marks, including abandoning any such registrations and
applications for registrations. As soon as practicable after the Closing

 

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Date, but in no event more than six (6) months thereafter, the Acquiror shall cause each of
the Companies to submit to the applicable Governmental Authorities all necessary filings to abandon
all of its and their rights, registrations and applications for registrations for any and all
Parent Names and Marks. Notwithstanding the foregoing, should the Acquiror or any of its
Affiliates, following the Closing Date, become aware of any domain name registration by any of the
Companies that includes or incorporates any of the Parent Names and Marks, the Acquiror shall
promptly notify the Parent of the existence of such domain name registration and, upon the Parent’s
request, shall, or shall cause its Affiliates to, assign and transfer all right, title and interest
in or to such domain name registration to the Parent or an Affiliate of the Parent. The Acquiror
shall pay any and all renewal fees that are due to the applicable domain name registrar for the
period of up to one (1) month after each such domain name registration is transferred.

(h) (i) The Parent and the Companies own rights in the trademarks CUOTA SI and CUOTA CLUB (the
“Cuota Marks”) in Mexico and Argentina, and the Parent, and Acquiror itself, and on behalf
of the Companies, acknowledges the other’s rights in and to such Cuota Marks in their respective
country. The Companies are the owner of the Cuota Marks, and the goodwill associated therewith, in
Argentina (such marks in Argentina, the “Argentine Marks”; and Argentina, the
“Companies’ Exclusive Territory”). The Parent is the owner of the Cuota Marks, including
the trademark registrations in Mexico, specifically under Reg. No 1039998 for the mark CUOTA SI
(and Design), Reg. No. 956132 for the mark CUOTA SI (and Design) and Reg. No. 956133 for the mark
CUOTA CLUB (and Design), and the goodwill associated therewith in Mexico (such marks in Mexico, the
“Mexican Marks”; and Mexico, the “Parent’s Exclusive Territory”). The parties
acknowledge and agree that, after the Closing the Acquiror or the Companies may freely register and
claim ownership of the Cuota Marks in any country other than Mexico, and that in no event shall the
Parent be entitled to register or claim ownership of the Cuota Marks in any country other than
Mexico.

(ii) The Parent acknowledges that the Companies are the owner of the Argentine Marks, and as
between the Parent and the Companies, the Companies have the sole and exclusive right to the
Argentine Marks in the Companies’ Exclusive Territory and in any country other than Mexico. The
Acquiror itself, and on behalf of the Companies, acknowledges that the Parent is the owner of the
Mexican Marks, and as between the Parent and the Companies, the Parent has the sole and exclusive
right to the Mexican Marks in the Parent’s Exclusive Territory.

(iii) Without limiting the generality of the foregoing Sections 5.10(h)(i) and
(ii), the Parent, and the Acquiror itself, and on behalf of the Companies each covenants
and agrees that it shall not seek to use or register the Cuota Marks, or source indicators such as
trade names, corporate or business names, tag-lines, identifying logos, monograms, slogans, service
marks, domain names, brand names or trade dress that are a derivation, translation, adaptation,
combination or variation of any of the Cuota Marks or that are confusingly similar to any of the
foregoing in the other’s exclusive territory.

(i) For the avoidance of doubt, nothing in this Agreement shall prevent or limit the ability
of the Companies to keep and use for collection purposes any and all documents signed by clients of
the Companies for purposes of documenting financings granted or credit

 

44

 

cards issued by the Companies to their clients, even if they include or contain any Parent
Names and Marks.

Section 5.11. Mutual Release.

(a) Effective as of the Closing, the Parent and the Seller, for themselves and on behalf of
their Subsidiaries, and its and their successors, heirs and executors (each, a “Parent
Releasor”), hereby irrevocably, knowingly and voluntarily releases, discharges and forever
waives and relinquishes all claims, demands, obligations, liabilities, defenses, affirmative
defenses, setoffs, counterclaims, actions, and causes of action of whatever kind or nature, whether
known or unknown, which any Parent Releasor has, may have, or might have or may assert now or in
the future, against the Companies and their respective successors, assigns, heirs, executors,
officers, directors, partners and employees (in each case in their capacity as such) (each, a
“Company Releasee”), arising out of, based upon or resulting from any Contract,
transaction, event, circumstance, action, failure to act, or occurrence of any sort or type,
whether known or unknown, and which occurred, existed, was taken, permitted, or begun prior to the
Closing Date; provided, however, that nothing contained in this Section
5.11(a) shall release, discharge, waive, or otherwise affect the rights or obligations of any
party to the extent related to or arising out of (i) any intercompany loan, note, advance,
receivable or payable set forth in Section 5.07(a) of the Parent Disclosure Schedule, (ii)
any Intercompany Agreement set forth on Section 5.07(b) or Section 5.07(c) of the
Parent Disclosure Schedule or in respect of the Parent Advances (which shall be dealt with
pursuant to the terms set forth in Section 2.04(d) and Sections 2.06(a)(ii) and
(iii)) or otherwise in respect of the matters addressed in Sections 5.01(b) or
5.01(c), (iii) any Parent Guaranty to the extent not terminated and fully released pursuant
to Section 5.08, or (iv) any other Contracts or any other claims, demands, obligations,
liabilities, defenses, affirmative defenses, setoffs, counterclaims, actions and causes of action
of whatever kind or nature as set forth in Section 5.11(a) of the Parent Disclosure
Schedule. The foregoing release shall not apply to any claim arising under the terms of any
Transaction Agreement or any claim alleging fraud or intentional misconduct or illegal conduct of
any other kind. The Parent and the Seller shall, and shall cause each Parent Releasor to, refrain
from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing
to be commenced, any legal proceeding of any kind against any Company Releasee based upon any
matter released pursuant to this Section 5.11(a). The parties hereto hereby acknowledge
and agree that the execution of this Agreement shall not constitute an acknowledgment of or an
admission by any Parent Releasor or Company Releasee of the existence of any such claims or of
liability for any matter or precedent upon which any liability may be asserted.

(b) Effective as of the Closing, the Acquiror, for itself and on behalf of its Affiliates
(including after the Closing, the Companies), and its and their successors, heirs and executors
(each, an “Acquiror Releasor”), hereby irrevocably, knowingly and voluntarily releases,
discharges and forever waives and relinquishes all claims, demands, obligations, liabilities,
defenses, affirmative defenses, setoffs, counterclaims, actions, and causes of action of whatever
kind or nature, whether known or unknown, which any Acquiror Releasor has, may have, or might have
or may assert now or in the future, against any of the Parent, the Seller and their respective
Affiliates and their respective successors, assigns, heirs, executors, officers, directors,
partners and employees (in each case in their capacity as such) (each, a “Parent
Releasee”), arising out of, based upon or resulting from any Contract, transaction, event,

 

45

 

circumstance, action, failure to act, or occurrence of any sort or type, whether known or
unknown, and which occurred, existed, was taken, permitted, or begun prior to the Closing Date;
provided, however, that with respect to the Acquiror Releasors that are not the
Companies or their respective successors, heirs or executors, nothing in this Section
5.11(b) shall release, waive, discharge or otherwise affect the rights or obligations of any
such party to the extent such rights or obligations do not arise out of any claims, demands,
obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, actions or causes
of action the Companies may have had against any Parent Releasee prior to the Closing Date; and
provided further, that nothing contained in this Section 5.11(b) shall release, discharge,
waive, or otherwise affect the rights or obligations of any party to the extent related to or
arising out of (i) any intercompany loan, note, advance, receivable or payable set forth in
Section 5.07(a) of the Parent Disclosure Schedule, (ii) any Intercompany Agreement set
forth on Section 5.07(b) or Section 5.07(c) of the Parent Disclosure Schedule or in
respect of the Parent Advances (which shall be dealt with pursuant to the terms set forth in
Section 2.04(d) and Sections 2.06(a)(ii) and (iii)) or otherwise in respect
of the matters addressed in Sections 5.01(b) or 5.01(c), (iii) any Parent Guaranty
to the extent not terminated and fully released pursuant to Section 5.08, or (iv) any other
Contracts or any other claims, demands, obligations, liabilities, defenses, affirmative defenses,
setoffs, counterclaims, actions and causes of action of whatever kind or nature as set forth in
Section 5.11(a) of the Parent Disclosure Schedule. The foregoing release shall not apply
to any claim arising under the terms of any Transaction Agreement or any claim alleging fraud or
intentional misconduct. The Acquiror shall, and shall cause each Acquiror Releasor to, refrain
from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing
to be commenced, any legal proceeding of any kind against any Parent Releasee based upon any matter
released pursuant to this Section 5.11(b). The parties hereto hereby acknowledge and agree
that the execution of this Agreement shall not constitute an acknowledgment of or an admission by
any Acquiror Releasor or Parent Releasee of the existence of any such claims or of liability for
any matter or precedent upon which any liability may be asserted.

(c) Notwithstanding anything herein to the contrary, effective as of the Closing, the
Acquiror, for itself and on behalf of the other Acquiror Releasors, hereby irrevocably, knowingly
and voluntarily releases, discharges and forever waives and relinquishes all claims, demands,
obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, actions, and
causes of action of whatever kind or nature, whether known or unknown, which any Acquiror Releasor
has, may have, or might have or may assert now or in the future, against any of the Parent
Releasees, arising out of, based upon or resulting from any Parent Advance and none of the Parent
Releasees shall be obligated to provide any funds to any party in connection with any Parent
Advance.

Section 5.12. Certain Waivers. With respect to each Intercompany Agreement set forth
on Section 5.07(b) and Section 5.07(c) of the Parent Disclosure Schedule, each
party, on behalf of itself and its Affiliates, hereby waives any breach or default under such
Intercompany Agreements, and any rights to terminate, accelerate or cancel under such Intercompany
Agreements, relating to, arising out of or in connection with (i) any “change of control,” “change
in control” or similar phrase or concept as defined in such Intercompany Agreement (A) of any
Company pursuant to or as a result of the consummation of the transactions contemplated by this
Agreement and (B) of the Parent or any of its Affiliates, including pursuant to or as a result of
the transactions contemplated by (x) the Credit Agreement, dated as of September 22, 2008,

 

46

 

between the Parent and the FRBNY (as amended, modified or supplemented from time to time in
accordance with its terms), or (y) any other Contract with, or entered into at the direction of,
the FRBNY or the U.S. Department of the Treasury, and (ii) any sale, transfer, lease or other
disposition of any business or assets of the Parent and its Subsidiaries pursuant to the
divestiture program publicly disclosed by the Parent prior to the date hereof.

Section 5.13. Third Party Contracts. The parties hereto shall use their respective
reasonable efforts to cause to occur, on or prior to the Closing, the termination, amendment,
separation or other action set forth in Section 5.13 of the Parent Disclosure Schedule with
respect to each third party Contract set forth in such Section 5.13 of the Parent Disclosure
Schedule; provided, that none of the Parent, the Seller or any of their Affiliates nor
the Acquiror or any of its Affiliates shall be required to compensate any third party, commence or
participate in litigation, or offer or grant any accommodation (financial or otherwise) to any
third party to obtain any such consent or approval; and provided further,
however, that the Parent shall not be required to take any action with respect to any
Contract set forth in Section 5.13 of the Parent Disclosure Schedule unless such action is
conditioned upon the Closing and shall not be obligated to incur any costs or expenses in
connection with the foregoing. To the extent that (i) any Contract between a third party, on the
one hand, and the Parent or any of its Affiliates (each, a “Parent Signatory”), on the
other hand, to which any of the Companies is not a party, but under which any of the Companies may
otherwise derive benefits (each, a “Company Beneficiary”), such as enterprise-wide licenses
or “master” agreements, (ii) any Contract between a third party, on the one hand, and any of the
Companies, on the other hand, to which the Parent or any of its Affiliates (excluding the
Companies) is not a party, but under which the Parent or any of its Affiliates (excluding the
Companies) may otherwise derive benefits (each, a “Parent Beneficiary”), such as
enterprise-wide licenses or “master” agreements, or (iii) any Contract among (x) a third party, (y)
the Parent or any of its Affiliates, and (z) any of the Companies (collectively (i), (ii), and
(iii), the “Schedule 5.13 Contracts”), (1) is the subject of a claim against a Parent
Signatory due to an act or omission by a Company Beneficiary made after the Closing, the Acquiror
shall cause a Company to promptly reimburse and indemnify, defend and hold harmless the Parent
Signatory for any Losses relating to or arising out of such act or omission; (2) is omitted from
Section 5.13 of the Parent Disclosure Schedule, the parties agree to negotiate in good
faith after the date hereof as to the termination, amendment, separation or other action to be
taken, if any, with respect to such third party Contract as the parties hereto may determine;
provided that with regard to the foregoing clause (2) of this Section 5.13, neither
the Parent or any of its Affiliates nor the Acquiror or any of its Affiliates shall be (A)
obligated to take any action with regard to such an omitted Contract, unless the Parent or a
Company, as the case may be, requests in writing to the other within ninety (90) days after the
Closing that specific action be taken with regard to such omitted Contract or (B) required to
compensate any third party, commence or participate in litigation or offer or grant any
accommodation (financial or otherwise) to any third party, to obtain any consent or approval; or
(3) is a Schedule 5.13 Contract of the types described in clauses (i) or (ii) of this Section
5.13 above, is omitted from Section 5.13 of the Parent Disclosure Schedule and is not
terminated, amended, separated or subject to other action pursuant to the preceding clause (2) of
this Section 5.13, from and after the Closing, each Company Beneficiary or Parent
Beneficiary (as the case may be) shall not have any rights, or be entitled to any benefits, under
such Contract.

 

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Section 5.14. Company E&O Claims. Effective as of the Closing, (a) the Acquiror shall
assume and discharge or perform when due, and shall be liable for and pay, and shall indemnify,
defend and hold harmless the Parent and its Affiliates from and against, all debts, liabilities,
commitments, Losses and obligations of any kind relating to or arising out of any Company E&O
Claims, and (b) the Parent and its Affiliates shall no longer have any responsibility of any nature
with respect to any Company E&O Claims.

Section 5.15. Separation. The parties shall take all of the actions set forth on
Section 5.15 of the Parent Disclosure Schedule and the parties acknowledge that the taking
of such actions by the Parent or any of its Affiliates will not constitute a breach of this
Agreement.

Section 5.16. Further Action. The Parent, the Seller and the Acquiror (a) shall
execute and deliver, or shall cause to be executed and delivered, such documents and other
instruments and shall take, or shall cause to be taken, such further actions as may be reasonably
required to carry out the provisions of the Transaction Agreements and give effect to the
transactions contemplated by the Transaction Agreements, (b) shall refrain from taking any actions
that could reasonably be expected to impair, delay or impede the Closing, and (c) not in limitation
of any other provision of this Agreement, shall use their respective reasonable best efforts to
cause all the conditions to the obligations of the other party hereto to consummate the
transactions contemplated by this Agreement to be met as soon as reasonably practicable.

Section 5.17. Transfer of Companies’ Minority Holder Shares. At Closing, the Seller
will cause each of the Companies’ Minority Holders to transfer all of the Companies’ Minority
Holder Shares to the Acquiror or to any other Affiliate or individual related with the Acquiror,
together with the economic, political and other rights regarding such Companies’ Minority Holder
Shares, at no further cost for the Acquiror. To such effect, all and each of the Companies’
Minority Holders shall issue a transfer notice of their respective shares in accordance with
Section 215 of the Argentine Corporate Law (Law 19,550, as amended) (each, a “Transfer
Notice”).

Section 5.18. Financial Ability. The Acquiror shall use its best efforts to take all
actions and to do all things necessary, proper and advisable to ensure that the representations and
warranties set forth in Section 4.06 remain true and correct at all times from the date
hereof through the Closing Date. From the date hereof through the Closing Date, the Acquiror shall
promptly notify the Parent in writing of any fact or occurrence which the Acquiror becomes aware of
that would cause the representations and warranties in Section 4.06 to no longer be true
and correct.

Section 5.19. Governmental Orders and Laws. In the event that there is a Governmental
Order or Law that is in existence that is prohibiting the consummation of the transactions
contemplated by this Agreement or makes such transactions illegal, the parties shall use their best
efforts to take all actions necessary to effectuate the Closing, including seeking appeals or court
action where available. This Section 5.19 shall not apply with respect to the subject
matter of Section 5.05 (it being agreed that Section 5.05 shall control with
respect to its subject matter).

 

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Section 5.20. Notifications. Until the Closing, each party hereto shall promptly
notify the other parties hereto in writing of any fact, change, condition, circumstance or
occurrence or nonoccurrence of any event of which it is has Knowledge that will or is reasonably
likely to result in any of the conditions set forth in Article VIII of this Agreement becoming
incapable of being satisfied; provided, however, that the delivery of any notice
pursuant to this Section 5.20 shall not limit or otherwise affect the remedies available hereunder
to the party receiving such notice.

Section 5.21. IT Outsourcing Agreement. The Acquiror shall not, and shall cause the
Companies not to, terminate the IT Systems Outsourcing Agreement (“Contrato de Tercerización de
Sistemas”), entered into by and between AIG Universal S.A. de C.V. SOFOM, ENR (formerly known as
AIG Universal S. de R.L. de C.V.) and UPC, dated March 1, 2007 (as amended), prior to the six (6)
month anniversary of the Closing Date (it being acknowledged that there is a six (6) month
transition period following such termination embedded as a part of such agreement pursuant to which
services shall continue to be provided), and the Acquiror shall, and shall cause the Companies to,
permit AIG Universal S.A. de C.V. SOFOM, ENR (formerly known as AIG Universal S. de R.L. de C.V.)
or its successors or assigns to terminate such IT Systems Outsourcing Agreement at any time
(whether prior to, on or after the Closing Date) upon thirty (30) days’ notice delivered to UPC.
The provisions of this Section 5.21 shall be deemed to amend the IT Systems Outsourcing
Agreement and shall control in the event of any conflict with such IT Systems Outsourcing Agreement
with effect from the date hereof.

Section 5.22. Disclaimer. The Acquiror is an informed and sophisticated Person, and
has engaged expert advisors experienced in the evaluation and acquisition of companies such as the
Companies. Acquiror acknowledges and agrees that it (a) has made its own inquiry and investigation
into the Business, and based thereon and on the representations, warranties and covenants set forth
in this Agreement has formed an independent judgment concerning the Business and the transactions
contemplated hereby, (b) to its Knowledge, has been furnished with or given adequate access to such
information about the Companies and the Business as it has requested, (c) has completed such
inspection, investigation and review to its satisfaction and (d) to the fullest extent permitted by
applicable Law, will not assert, and will cause any other Acquiror Indemnified Party not to assert
any claim against the Parent, its Affiliates or any of their respective directors, officers,
employees, advisors, managers, agents, shareholders, members, consultants, representatives,
Controlling persons or Affiliates that is based on, or hold any such Persons liable for, any
inaccuracies, misstatements or omissions with respect to information furnished by the Parent or any
such Persons concerning the Companies, their Affiliates, the Business, this Agreement or the
transactions contemplated hereby other than as explicitly set forth in Article III.
Without limiting the generality of the foregoing, the Parent is not making any representation or
warranty except as explicitly set forth in Article III, with respect to (x) any
information, documents or materials made available to the Acquiror in the Data Room created for
purposes of the transactions contemplated hereby, any management presentations or offering
memoranda or in any other form in anticipation of the transactions contemplated hereby or (y) the
financial condition of the Business, financial projections, future performance, estimates or
forecasts relating to the Business (including any as to the collectability of receivables
(including accounts receivable) of the Companies). With respect to any such projections, estimates
or forecasts delivered or made available by or on behalf of the Parent, the Acquiror acknowledges
that (I) there are uncertainties inherent in attempting to make

 

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projections, estimates or forecasts, (II) it is familiar with such uncertainties, (III) it is
taking full responsibility for making its evaluation of the adequacy and accuracy of all such
projections, estimates and forecasts so furnished to it (including the reasonableness of the
assumptions underlying such projections, estimates or forecasts), and (IV) it shall make no claim
against the Parent or its Affiliates (or any of their respective directors, officers, employees,
advisors, managers, agents, shareholders, members, consultants, representatives, Controlling
persons or Affiliates) or any other Person with respect thereto.

ARTICLE VI

EMPLOYEE MATTERS

Section 6.01. Employee Matters.

(a) Except as otherwise expressly provided in this Section 6.01, as of the Closing
Date, the Parent shall cause the Companies to terminate their participation in each Benefit Plan
that is not a Company Benefit Plan, and in no event shall any Employee be entitled to accrue any
benefits under such Benefit Plans with respect to services rendered or compensation paid on or
after the Closing Date. The parties hereto agree that the Companies shall retain all rights and
obligations under each Company Benefit Plan on and after the Closing Date.

(b) Prior to the Closing Date, subject to the exceptions set forth in Section 6.01(b) of
the Parent Disclosure Schedule, (i) the employment of each employee of the Parent or any of its
Affiliates whose duties relate primarily to the Business and who at such time is not already
employed by a Company, and which are set forth in Section 6.01(b) of the Parent Disclosure
Schedule, shall be transferred to a Company and (ii) the employment of each employee of a
Company whose duties do not relate primarily to the Business shall be transferred to the Parent or
an Affiliate of the Parent (other than the Companies). For a period of at least twenty four (24)
months after the Closing Date, the Acquiror shall exercise commercially reasonable efforts to
provide that during each Employee’s period of employment with the Acquiror or any of its
Affiliates, (A) such employment shall be on terms and conditions substantially comparable to the
terms and conditions applicable to such Employee’s employment with the Parent or the Companies
immediately prior to the Closing Date, (B) such Employee shall receive base compensation at a rate
not less than such Employee’s base compensation as in effect immediately prior to the Closing Date,
(C) such Employee shall be eligible for total incentive compensation opportunities that are no less
favorable in the aggregate than the total incentive compensation opportunities provided to such
Employee by the Parent and its Affiliates immediately prior to the Closing Date and (D) such
Employee shall be eligible for employee benefits, including retiree welfare benefits, that are no
less favorable in the aggregate than the employee benefits provided to such Employee by the Parent
and its Affiliates immediately prior to the Closing Date; provided, however, that,
subject to the foregoing, nothing herein is intended to limit the right of the Acquiror or the
Companies to (x) terminate the employment of any Employee at any time, (y) change or modify any
incentive compensation or employee benefit plan or arrangement at any time and in any manner, or
(z) change or modify the terms or conditions of employment for any of their employees;
provided, further, that in any and all cases, after the Closing Date the Acquiror
and/or the Companies shall be exclusively liable for any

 

50

 

labor obligations and liabilities regarding the Employees. The parties agree that
non-material adjustments to compensation or benefits of a particular class of Employee to make such
Employees’ compensation and benefits substantially the same as similarly situated classes of
employees at Galicia shall not constitute a breach of this Section 6.01(b).

(c) For purposes of determining eligibility, vesting, benefit accruals and benefit levels
under any benefit plans, programs and arrangements in which Employees may become eligible to
participate, the Acquiror shall give each Employee full credit for such Employee’s service with the
Parent, the Seller or the Companies and their respective Affiliates to the same extent recognized
by the Parent, the Seller or the Companies and their respective Affiliates immediately prior to the
Closing Date.

(d) The Acquiror shall cause the Companies to recognize and provide all accrued but unused
vacation and sick pay of the Employees as of the Closing Date. Notwithstanding the foregoing, in
the event that the Parent or one of its Affiliates is required under applicable Law to make a
payment in settlement of accrued vacation or paid time off of an Employee, the Acquiror shall
reimburse and hold harmless the Parent and its Affiliates for such payment.

(e) From and after the Closing Date, the Acquiror (through the respective Companies) shall
assume any and all obligation for and shall pay, or cause the Companies to assume any and all
obligation for and pay, any retention bonuses and any annual incentive bonuses set forth in
Section 6.01(e) of the Parent Disclosure Schedule, whether the obligation therefor arises
before, after or as a result of the Closing, payable to any Employee pursuant to the terms of any
bonus plans or arrangements in effect immediately prior to the Closing Date and applicable to such
Employees (in each case to the extent not paid by the Parent or any of its Affiliates or the
Companies prior to the Closing). In furtherance of the foregoing, the Acquiror shall pay, or shall
cause the Companies to pay, an aggregate amount in bonuses in respect of the foregoing plans and
arrangements that is no less than the amount accrued on the Financial Statements (as adjusted
through the Closing Date). From and after the Closing Date, neither the Parent nor any of its
Affiliates shall have any responsibility for such payment obligations, regardless of when such
amounts were earned or accrued.

(f) The Acquiror shall, and shall cause the Companies to, and each of them hereby does, assume
all liability and obligation for, and neither the Parent nor any of its Affiliates shall retain any
liability or obligation for, (i) severance pay and obligations payable to any former employee of
the Companies who, as of the Closing Date, is receiving or due to receive severance payments and
benefits from the Parent or any of its Affiliates or any Company from and after the Closing Date
set forth in Section 6.01(f) of the Parent Disclosure Schedule, and (ii) severance pay and
obligations payable to any Employee who is terminated by the Acquiror or the Companies on or after
the Closing Date.

(g) The Companies shall retain the obligation and liability for any workers’ compensation or
similar workers’ protection claims of any Employee or former employee incurred prior to the Closing
Date. The Acquiror shall, and shall cause the Companies to, assume the obligation and liability
for any workers’ compensation or similar workers’ protection claims of any Employee incurred on or
after the Closing Date.

 

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(h) Prior to making any written or oral communications to the directors, officers, or
Employees of the Company pertaining to compensation or benefit matters that are affected by the
transactions contemplated by this Agreement, the Acquiror and the Company shall provide to the
Parent a copy of any such communication, and the Parent shall have a reasonable period of time to
review and comment on the communication, and the Parent and the Acquiror shall cooperate in
providing any such mutually agreeable communication.

(i) The Acquiror agrees to cooperate with and to give the Parent reasonable information about
the Acquiror’s compensation and benefit programs to enable the Parent to conduct good faith
diligence to confirm that the Acquiror is complying with this Section 6.01. For the
avoidance of doubt, the Purchase Price and other amounts payable by the Acquiror under this
Agreement will not be adjusted to account for any accruals, amounts, actions or payments
contemplated by this Section 6.01.

ARTICLE VII

TAX MATTERS

Section 7.01. Liability for Transfer Taxes. Notwithstanding anything to the contrary
contained in this Agreement, the Acquiror shall pay, and shall indemnify, defend and hold harmless
the Parent against, any real property transfer or gains tax, sales tax, use tax, documentary tax,
stamp tax, stock transfer tax, value added taxes or other similar taxes (other than income taxes)
imposed on the transactions (or deemed transactions) contemplated by this Agreement (except for any
of such taxes for the account of the Parent derived in the United States); provided,
however, than any stamp tax imposed by the City of Buenos Aires with respect to the
Transaction Agreements shall be paid in accordance with the applicable regulations, one-half by the
Parent and one-half by the Acquiror.

ARTICLE VIII

CONDITIONS TO CLOSING

Section 8.01. Conditions to Obligations of Each Party. The respective obligations of
each party hereto to consummate the transactions contemplated by this Agreement shall be subject to
the fulfillment or written waiver by all parties hereto, at or prior to the Closing, of each of the
following conditions:

(a) No Law or Governmental Order. (i) There shall be no Governmental Order and (ii)
no Law in existence that prohibits the consummation of the transactions contemplated by this
Agreement or makes such transactions illegal.

(b) Approvals of Governmental Authorities. The BCRA Approval and the CNDC Approval
shall have been received or deemed received.

Section 8.02. Conditions to Obligations of the Parent and the Seller. The obligations
of the Parent and the Seller to consummate the transactions contemplated by this Agreement shall be
subject to the fulfillment or written waiver by the Parent and the Seller, at or prior to the
Closing, of each of the following conditions:

 

52

 

(a) Representations and Warranties; Covenants. (i) The representations and warranties
of the Acquiror contained in this Agreement shall have been true and correct as of the date of this
Agreement and as of the Closing Date (other than the representations and warranties made as of
another stated date, which representations and warranties shall have been true and correct as of
such date) (in either case without giving effect to any limitations as to materiality or “Acquiror
Material Adverse Effect” set forth therein), except to the extent that any breaches of such
representations and warranties, individually or in the aggregate, have not had, or would not
reasonably be expected to have, an Acquiror Material Adverse Effect; (ii) the covenants contained
in this Agreement that are to be complied with by the Acquiror, as the case may be, on or prior to
the Closing shall have been complied with in all material respects; and (iii) the Parent and the
Seller shall have received a certificate dated the Closing Date of the Acquiror signed by a duly
authorized executive officer of the Acquiror stating that the conditions specified in clauses (i)
and (ii) of this Section 8.02(a) have been waived or satisfied.

(b) Ancillary Agreements. The Acquiror shall have executed and delivered each of the
Ancillary Agreements to which it is a party and shall have caused each applicable Affiliate of the
Acquiror to execute and deliver each of the Ancillary Agreements to which such Affiliate of
Acquiror is a party.

(c) Closing Deliveries. The Acquiror shall have delivered to the Parent and/or the
Seller (as applicable) at or prior to Closing all of the applicable items set forth in
Section 2.06(a).

Section 8.03. Conditions to Obligations of the Acquiror. The obligations of the
Acquiror to consummate the transactions contemplated by this Agreement shall be subject to the
fulfillment or written waiver by the Acquiror, at or prior to the Closing, of each of the following
conditions:

(a) Representations and Warranties: Covenants. (i) The representations and warranties
of the Parent contained in this Agreement (other than those addressed in clauses (ii) and (iii) of
this Section 8.03(a)) shall have been true and correct as of the date of this Agreement
(other than the representations and warranties made as of another stated date, which
representations and warranties shall have been true and correct as of such date) (in either case
without giving effect to any limitations as to materiality or “Material Adverse Effect” set forth
therein), except to the extent that any breaches of such representations and warranties,
individually or in the aggregate, have not had, or would not reasonably be expected to have, a
Material Adverse Effect; (ii) the Parent Specified Representations (except for the third to last
sentence of Section 3.03(a)) shall be true and correct as of the Closing Date in all material
respects; (iii) the representation and warranty in the third to last sentence of Section
3.03(a) shall be true and correct as of the Closing Date; (iv) the covenants contained in this
Agreement (except for the covenants contained in Sections 5.01, 5.07, 5.09, 5.16 and
5.17) that are to be complied with by the Parent or the Seller on or before the Closing
shall have been complied with, except to the extent that any non-compliance with such covenants,
individually or in the aggregate, has not had, or would not reasonably be expected to have, a
Material Adverse Effect; (v) the covenants contained in Sections 5.01, 5.07, 5.09, 5.16 and
5.17 that are to be complied with by the Parent or the Seller on or before the Closing
shall have been complied with in all material respects; and (vi) the Acquiror shall have received a
certificate dated the Closing Date

 

53

 

of the Parent signed by a duly authorized executive officer of the Parent stating that the
conditions specified in clauses (i), (ii), (iii), (iv) and (v) of this Section 8.03(a) have
been waived or satisfied.

(b) Ancillary Agreements. The Parent shall have executed and delivered each of the
Ancillary Agreements to which it is a party and shall have caused each applicable Affiliate of the
Parent to execute and deliver each of the Ancillary Agreements to which such Affiliate of the
Parent is a party.

(c) Closing Deliveries. The Parent shall have delivered, or have caused to be
delivered to the Acquiror at or prior to Closing all of the applicable items set forth in
Section 2.06(a).

(d) No Material Adverse Effect Regulatory Event. No Material Adverse Effect
Regulatory Event has occurred and remains in effect subject to the terms and conditions of
Section 5.05.

ARTICLE IX

TERMINATION

Section 9.01. Termination. This Agreement may be terminated prior to the Closing:

(a) by the mutual written consent of the Parent and the Acquiror;

(b) by either the Parent or the Acquiror if the Closing has not occurred on or before the date
that is twelve (12) months after the date hereof; provided, however, that either
party shall have the option to extend such date by up to an additional three (3) months if (i)
prior to such date the conditions set forth in Section 8.01(b) with respect to CNDC
Approval only shall not have been satisfied, (ii) all other conditions to Closing in this Agreement
have been satisfied or waived, and (iii) such party is not in material breach of its obligations
under this Agreement and is continuing to diligently pursue the satisfaction of such condition and
the obtainment of such Governmental Authority approval, provided that such extension shall not be
available if the other party has reasonably determined in good faith that such Governmental
Authority approval will not be obtained; and provided, however, further,
that the right to terminate this Agreement under this Section 9.01(b) shall not be
available to any party hereto whose failure or whose Affiliates’ failure to take any action
required to fulfill any of such party’s obligations under this Agreement has caused or resulted in
the failure of the Closing to occur prior to such date;

(c) by either the Parent or the Acquiror (but only so long as the party seeking to terminate
is not in material breach of its obligations under this Agreement) in the event of the issuance of
a Governmental Order or Law prohibiting the consummation of the transactions contemplated by this
Agreement or making such transactions illegal after the parties have fully complied with
Sections 5.05 and 5.19 and exhausted all available alternatives with respect
thereto consistent with such Sections;

 

54

 

(d) by the Acquiror (but only so long as the Acquiror is not in material breach of its
obligations under this Agreement) if there has been a material breach of any representation,
warranty, covenant or agreement of the Parent or the Seller such that one or more of the conditions
to Closing set forth in Section 8.01 and Section 8.03 are not capable of being
fulfilled as of the date that is twelve (12) months after the date hereof (subject to extension
pursuant to the first proviso in Section 9.01(b)) or, if earlier, when all other conditions
to Closing have been fulfilled or waived, and such breach remains uncured thirty (30) days after
the Parent receives written notice of such breach from the Acquiror;

(e) by the Parent (but only so long as the Parent is not in material breach of its obligations
under this Agreement) if there has been a material breach of any representation, warranty, covenant
or agreement of the Acquiror such that one or more of the conditions to Closing set forth in
Section 8.01 and Section 8.02 are not capable of being fulfilled as of the date
that is twelve (12) months after the date hereof (subject to extension pursuant to the first
proviso in Section 9.01(b)) or, if earlier, when all other conditions to Closing have been
fulfilled or waived, and such breach remains uncured thirty (30) days after the Acquiror receives
written notice of such breach from the Parent; or

(f) by the Acquiror (but only so long as the Acquiror is not in material breach of its
obligations under this Agreement) if a Material Adverse Effect Regulatory Event has occurred and
continues to exist (after the Acquiror’s full compliance with Section 5.05) and if Acquiror
elects to terminate this Agreement due to such Material Adverse Effect Regulatory Event pursuant to
Section 8.03(d) and this Section 9.03(f), the Acquiror pays to the Parent a
break-up fee on such termination date equal to 2.5% of the Stated Purchase Price in U.S. Dollars

Section 9.02. Notice of Termination. Any party hereto desiring to terminate this
Agreement pursuant to Section 9.01 shall give written notice of such termination to the
other parties hereto.

Section 9.03. Effect of Termination. In the event of the termination of this
Agreement as provided in Section 9.01, this Agreement shall forthwith become void and there
shall be no liability on the part of any party hereto, except as otherwise expressly set forth in
Sections 5.04, this Article IX, and Article XI; provided,
however, that nothing in this Agreement shall relieve any party hereto from liability for
(i) any Intentional Breach of covenant by such party in this Agreement, or (ii) in the case of the
Acquiror, any breach of Article II, Article IV, Article IX, Article
XI and/or Section 5.01(b) or (c), 5.04, 5.05, 5.09,
5.13, 5.16, 5.18, 5.19, 5.20, 6.01 and/or
7.01.

ARTICLE X

INDEMNIFICATION

Section 10.01. Survival. The representations and warranties of the Parent or the
Seller contained in this Agreement or made pursuant to a certificate or instrument delivered
pursuant to this Agreement shall not survive (and shall terminate as of) the Closing (and no claims
shall be made for indemnification or otherwise with respect thereto under Section 10.02 or
otherwise thereafter), except that the Parent Specified Representations shall survive in
full

 

55

 

force and effect until the expiration of the applicable statute of limitations (taking into
account any applicable extensions). The representations and warranties of the Acquiror contained
in this Agreement or made pursuant to a certificate or instrument delivered pursuant to this
Agreement shall survive in full force and effect until the date that is eighteen (18) months after
the Closing Date, at which time they shall terminate (and no claims shall be made for
indemnification or otherwise with respect thereto under Section 10.03 or otherwise
thereafter), except that the Acquiror Specified Representations shall survive in full force
and effect until the expiration of the applicable statute of limitations (taking into account any
applicable extensions). The covenants and agreements that by their terms apply or are to be
performed in whole or in part after the Closing (“Post-Closing Covenants”) shall survive in
full force and effect for the period provided in such covenants and agreements, if any, or until
fully performed (and no claims shall be made for indemnification or otherwise with respect thereto
under Section 10.02 or 10.03 or otherwise thereafter), and the covenants and
agreements that by their terms apply or are to be performed in their entirety on or prior to the
Closing shall not survive and shall terminate as of the Closing (and no claims shall be made for
indemnification or otherwise with respect thereto under Section 10.02 or Section
10.03 or otherwise thereafter) (“Pre-Closing Covenants”).

Section 10.02. Indemnification by the Parent.

(a) After the Closing and subject to this Article X, the Parent shall indemnify,
defend and hold harmless the Acquiror, its Affiliates and their respective Representatives
(collectively, the “Acquiror Indemnified Parties”) against, and reimburse any Acquiror
Indemnified Party for, all Losses that such Acquiror Indemnified Party may at any time suffer or
incur, or become subject to:

(i) as a result of or in connection with the breach of any Parent Specified Representation
made by the Parent in this Agreement at the date hereof or at Closing; or

(ii) as a result of or in connection with any Intentional Breach by the Parent or the Seller
to perform any of its Post-Closing Covenants.

(b) Notwithstanding anything to the contrary contained herein, the Parent shall not be
required to indemnify, defend or hold harmless any Acquiror Indemnified Party against, or reimburse
any Acquiror Indemnified Party for, any Losses other than pursuant to Sections 10.02(a)(i)
and (ii), including with respect to any fact, change, condition, matter, occurrence or
circumstance that arises or becomes known prior to Closing and/or the matters set forth on
Section 3.08 of the Parent Disclosure Schedule except as set forth in Section 9.03
in the event this Agreement is terminated in accordance with its terms prior to Closing.
Notwithstanding anything to the contrary contained herein, the Parent shall not be required to
indemnify, defend or hold harmless any Acquiror Indemnified Party against, or reimburse any
Acquiror Indemnified Party for, any Losses pursuant to Section 10.02(a)(i) in a cumulative
aggregate amount exceeding the Purchase Price.

 

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Section 10.03. Indemnification by the Acquiror.

(a) After the Closing and subject to this Article X, the Acquiror shall jointly and
severally (except with respect to the matters set forth in Section 10.03(a)(i) below, which
shall be the several and not joint obligations of each Person constituting the Acquiror) indemnify,
defend and hold harmless the Parent, the Seller and their respective Affiliates and their
respective Representatives (collectively, the “Parent Indemnified Parties”) against, and
reimburse any Parent Indemnified Party for, all Losses that such Parent Indemnified Party may at
any time suffer or incur, or become subject to:

(i) as a result of or in connection with the breach of any representation or warranty made by
the Acquiror in this Agreement at the date hereof or at Closing or a certificate or instrument
delivered at Closing pursuant to this Agreement;

(ii) as a result of or in connection with any breach or failure by the Acquiror to perform any
of its covenants or obligations contained in this Agreement that survives the Closing;

(iii) as a result of failing to obtain any waiver, consent or approval, or failing to make any
payment, with respect to any Company Contract that is required or advisable due to the consummation
of the transactions contemplated hereby and are disclosed in the Parent Disclosure Schedule
(including in respect of Company Indebtedness); or

(iv) as a result of failing to receive any amounts due and payable in accordance with the
terms set forth in Section 5.01(c).

(b) Notwithstanding anything to the contrary contained herein, the Acquiror shall not be
required to indemnify, defend or hold harmless any Parent Indemnified Party against, or reimburse
any Parent Indemnified Party for, any Losses pursuant to Section 10.03(a)(i) (other than
Losses arising out of the breach of any Acquiror Specified Representations) to the extent such
Losses are in a cumulative aggregate amount exceeding five percent (5%) of the Purchase Price. For
purposes of determining whether the limit set forth in the immediately preceding sentence of this
Section 10.03(b) has been met or exceeded, any amount paid by the Acquiror for Losses
pursuant to Section 10.03(a)(i), including in respect of the breach of any Acquiror
Specified Representations, shall be taken into account. Notwithstanding anything to the contrary
contained herein, the Acquiror shall not be required to indemnify, defend or hold harmless any
Parent Indemnified Party against, or reimburse any Parent Indemnified Party for, any Losses
pursuant to Section 10.03(a)(i) (including, for this purpose, in respect of the breach of
any Acquiror Specified Representations) in a cumulative aggregate amount exceeding the Purchase
Price.

Section 10.04. Notification of Claims.

(a) A Person that may be entitled to be indemnified under this Agreement (the “Indemnified
Party”), shall promptly notify the party or parties liable for such indemnification (the
“Indemnifying Party”) in writing of any claim in respect of which indemnity may be sought
under this Article X, including any pending or threatened claim or demand by a third party
that the Indemnified Party has determined has given or could reasonably give rise to a right of

 

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indemnification under this Agreement (including a pending or threatened claim or demand
asserted by a third party against the Indemnified Party, each a “Third Party Claim”),
describing in reasonable detail the facts and circumstances with respect to the subject matter of
such claim or demand; provided, however, that the failure to provide such notice
shall not release the Indemnifying Party from any of its obligations under this Article X
except to the extent that the Indemnifying Party is prejudiced by such failure. The parties agree
that (i) in this Article X they intend to shorten (in the case of the limited survival
periods specified in Section 10.01 or this Section 10.04(a)) and lengthen (in the
case of the indefinite survival periods specified in Section 10.01), as the case may be,
the applicable statute of limitations period with respect to certain claims; (ii) notices for
claims in respect of a breach of a representation, warranty, covenant or agreement (other than a
Post-Closing Covenant) must be delivered prior to the expiration of any applicable survival period
specified in Section 10.01 for such representation, warranty, covenant or agreement; (iii)
notices for claims in respect of a breach of a Post-Closing Covenant must be delivered prior to the
date that is six (6) months after the last day of the effective period of such Post-Closing
Covenant; and (iv) any claims for indemnification for which notice is not timely delivered in
accordance with this Section 10.04(a) shall be expressly barred and are hereby waived;
provided, further, that if, prior to such applicable date, a party hereto shall
have notified the other party hereto in accordance with the requirements of this Section
10.04(a) of a claim for indemnification under this Article X (whether or not formal
legal action shall have been commenced based upon such claim), such claim shall continue to be
subject to indemnification in accordance with this Article X notwithstanding the passing of
such applicable date.

(b) Upon receipt of a notice of a claim for indemnity from an Indemnified Party pursuant to
Section 10.04(a) in respect of a Third Party Claim, the Indemnifying Party may, by notice
to the Indemnified Party delivered within twenty (20) Business Days of the receipt of notice of
such Third Party Claim, assume the defense and control of any Third Party Claim, with its own
counsel and at its own expense, but shall allow the Indemnified Party a reasonable opportunity to
participate in the defense of such Third Party Claim with its own counsel and at its own expense.
The Indemnified Party may take any actions reasonably necessary to defend such Third Party Claim
prior to the time that it receives a notice from the Indemnifying Party as contemplated by the
immediately preceding sentence. The Parent or the Acquiror (as the case may be) shall, and shall
cause each of its Affiliates and Representatives to, cooperate fully with the Indemnifying Party in
the defense of any Third Party Claim. The Indemnifying Party shall not, without the prior written
consent of the Indemnified Party (which shall not be unreasonably withheld), consent to a
settlement, compromise or discharge of, or the entry of any judgment arising from, any Third Party
Claim, unless such settlement, compromise, discharge, or entry of any judgment does not involve any
finding or admission of any violation of Law or admission of any wrongdoing by the Indemnified
Party and the Indemnifying Party shall (i) pay or cause to be paid all amounts arising out of such
settlement or judgment concurrently with the effectiveness of such settlement or judgment (unless
otherwise provided in such settlement or judgment), (ii) not encumber any of the material assets of
any Indemnified Party or agree to any restriction or condition that would apply to or materially
adversely affect any Indemnified Party or the conduct of any Indemnified Party’s business and (iii)
obtain, as a condition of any settlement, compromise, discharge, entry of judgment (if applicable),
or other resolution, a complete and unconditional release of each Indemnified Party from any and
all liabilities in respect of such Third Party Claim. The Indemnified Party shall not settle,

 

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compromise or consent to the entry of any judgment with respect to any claim or demand for
which it is seeking indemnification from the Indemnifying Party or admit to any liability with
respect to such claim or demand without the prior written consent of the Indemnifying Party.

(c) Notwithstanding anything to the contrary contained in this Article X (including
Section 10.02 and Section 10.03), no Indemnifying Party shall have any liability
under this Article X for any Losses arising out of or in connection with any Third Party
Claim that is settled or compromised by an Indemnified Party without the consent of such
Indemnifying Party.

(d) In the event any Indemnifying Party receives a notice of a claim for indemnity from an
Indemnified Party pursuant to Section 10.04(a) that does not involve a Third Party Claim,
the Indemnifying Party shall notify the Indemnified Party within twenty (20) Business Days
following its receipt of such notice whether the Indemnifying Party disputes its liability to the
Indemnified Party under this Article X. The Indemnified Party shall reasonably cooperate
with and assist the Indemnifying Party in determining the validity of any such claim for indemnity
by the Indemnified Party.

Section 10.05. Payment. In the event a claim or any Action for indemnification under
this Article X has been finally determined, the amount of such final determination shall be
paid (a) if the Indemnified Party is an Acquiror Indemnified Party, by the Parent to the
Indemnified Party and (b) if the Indemnified Party is a Parent Indemnified Party, by the Acquiror
to the Indemnified Party, in each case on demand in immediately available funds in the manner set
forth in Section 2.04(e). A claim or an Action, and the liability for and amount of
damages therefor, shall be deemed to be “finally determined” for purposes of this
Article X or Article VII (as the case may be) when the parties hereto have so
determined by mutual agreement or, if disputed, when a final non-appealable Governmental Order has
been entered into with respect to such claim or Action.

Section 10.06. Exclusive Remedies. Each party hereto acknowledges and agrees that,
(a) prior to the Closing the sole and exclusive remedy of the parties for any breach of any
representation or warranty, covenant or agreement contained in this Agreement or any certificate or
instrument delivered hereunder shall be, in the event that each of the conditions set forth in
Article VIII has not been satisfied or waived, refusal to close the purchase and sale of
the Shares hereunder, except as set forth in Section 9.03 and for the rights and remedies
set forth in Section 11.12; (b) following the Closing, (i) the indemnification provisions
of this Article X (to the extent applicable) shall be the sole and exclusive remedies of
the parties hereto for any breach of the representations or warranties contained in this Agreement
or any certificate or instrument delivered hereunder, and (ii) notwithstanding anything to the
contrary contained herein, no breach of any representation, warranty, covenant or agreement
contained herein shall give rise to any right on the part of any party hereto to rescind this
Agreement or any of the transactions contemplated by this Agreement; and (c) following the Closing,
the indemnification provisions of this Article X (to the extent applicable) shall be the sole and
exclusive monetary remedies of the parties hereto for any breach of any Post-Closing Covenant (and
for the avoidance of doubt, (x) with respect to Pre-Closing Covenants, there shall be no recourse
or liabilities after the Closing and (y) with respect to Post-Closing Covenants, the equitable
remedy set forth in Section 11.12 shall be applied consistently in accordance with
applicable Law and

 

59

 

with respect to Parent and Seller, there shall be no recourse or liabilities for a breach that
is not an Intentional Breach). Notwithstanding the foregoing, the limitations above shall not
apply in connection with actual fraud committed by a particular party (solely with respect to such
party; it being understood that in determining whether there has been actual fraud committed, the
references to Material Adverse Effect in the representations and warranties will be disregarded).
For the avoidance of doubt the foregoing shall apply notwithstanding any provision of this
Agreement to the contrary and regardless of the form of the cause of action, whether in contract,
statute, tort (including negligence) or otherwise.

Section 10.07. Additional Indemnification Provisions.

(a) The parties hereto agree, for themselves and on behalf of their respective Affiliates and
Representatives, that with respect to each indemnification obligation set forth in Article
X, any Transaction Agreement or any other document executed or delivered in connection with the
Closing, following the Closing: (i) each such obligation shall be calculated on an After-Tax
Basis, (ii) all Losses shall be net of any Eligible Insurance Proceeds, (iii) in no event shall an
Indemnifying Party have any liability to an Indemnified Party for: (A) any Losses to the extent
arising from special circumstances of the Indemnified Party that were not communicated prior to the
date hereof by the Indemnified Party to the Indemnifying Party, (B) any punitive or special damages
other than punitive or special damages recovered by third parties in connection with a Third Party
Claim, (C) any Losses to the extent not the probable and reasonably foreseeable result of any
breach by the Indemnifying Party of a representation and warranty or covenant or agreement
contained in this Agreement (provided that this clause (C) shall not apply to any Losses
that are recovered by third parties in connection with a Third Party Claim), (D) any Losses solely
attributable to diminution of value or lost profits to the extent constituting damages in excess of
the difference between the value of what the Indemnified Party received in the transaction
contemplated by this Agreement and the value of what the Indemnified Party should have received in
the transaction contemplated by the Agreement if there had been no breach of the representation and
warranty or covenant or agreement by the Indemnifying Party for which breach the Indemnified Party
is seeking indemnification and (E) any Losses to the extent incurred in connection with a party’s
assertion, enforcement, dispute or resolution of its indemnification or other rights under this
Agreement or the collection of any amounts payable to a party under this Agreement; and (iv) in no
event shall the Parent have any liability or obligation to any Acquiror Indemnified Party to the
extent that any Loss, or portion thereof, as applicable, for which indemnification or liability is
sought hereunder is reflected in or taken into account for purposes of the adjustments in
Section 2.04 or 2.05.

(b) Any amount finally determined to be payable by an Indemnifying Party pursuant to this
Article X shall be paid promptly and payment shall not be delayed pending any determination
of Eligible Insurance Proceeds. In any case where an Indemnified Party recovers from a third
Person any Eligible Insurance Proceeds or any other amount in respect of any Loss for which an
Indemnifying Party has actually reimbursed it pursuant to this Article X, such Indemnified
Party shall promptly pay over to the Indemnifying Party the amount so recovered, but not in excess
of the sum of (i) any amount previously paid by the Indemnifying Party to or on behalf of the
Indemnified Party in respect of such claim and (ii) any amount expended by the Indemnifying Party
in pursuing or defending any claim arising out of such matter.

 

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(c) The parties hereto shall treat any indemnification payment made under this Agreement as an
adjustment to the Purchase Price.

(d) If any portion of Losses to be reimbursed by the Indemnifying Party may be covered, in
whole or in part, by third party insurance coverage, the Indemnified Party shall promptly give
notice thereof to the Indemnifying Party (a “Notice of Insurance”). If the Indemnifying
Party so requests within one hundred eighty (180) days after receipt of a Notice of Insurance, the
Indemnified Party shall use its commercially reasonable efforts to collect the maximum amount of
insurance proceeds thereunder, in which event all such proceeds actually received shall be
considered “Eligible Insurance Proceeds.”

(e) Upon making any payment to an Indemnified Party for any indemnification claim pursuant to
this Article X, the Indemnifying Party shall be subrogated, to the extent of such payment,
to any rights which the Indemnified Party or its Affiliates may have against any other Persons with
respect to the subject matter underlying such indemnification claim and the Indemnified Party shall
take such actions as the Indemnifying Party may reasonably request to perfect such subrogation or
to pursue such rights against such other Persons as the Indemnified Party or its Affiliates may
have.

Section 10.08. Mitigation. Each of the parties hereto agrees to take all reasonable
steps to mitigate their respective Losses upon and after becoming aware of any event or condition
which would reasonably be expected to give rise to any Losses that are indemnifiable hereunder.

Section 10.09. Effect of Knowledge. Notwithstanding anything to the contrary
contained herein, with respect to any misrepresentation or breach of warranty or pre-Closing breach
of covenant or agreement, if the conditions, facts, or circumstances giving rise to such
misrepresentation or breach were disclosed in this Agreement or the Schedules hereto or were
otherwise Known to the party claiming injury from such misrepresentation or breach prior to or at
the Closing, then after the Closing, such party shall not be entitled to any indemnification under
this Agreement in respect of such misrepresentation or breach, and such misrepresentation or breach
shall not constitute a breach of this Agreement.

ARTICLE XI

GENERAL PROVISIONS

Section 11.01. Expenses.

(a) Except as may be otherwise specified in the Transaction Agreements, all costs and
expenses, including fees and disbursements of counsel, financial advisers and accountants, incurred
in connection with the Transaction Agreements and the transactions contemplated by the Transaction
Agreements shall be paid by the Person incurring such costs and expenses, whether or not the
Closing shall have occurred.

(b) If between the date hereof and the Closing, the Parent or any of its Affiliates (other
than any of the Companies) (each, a “Parent Entity”) incurs any costs and/or expenses as
set forth in Section 11.01(b) of the Parent Disclosure Schedule (for which, in each

 

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case, such Parent Entity has not been paid or reimbursed by one or more other Parent Entities
at least two (2) Business Days prior to Closing), then the Acquiror shall pay in cash to such
Parent Entity (other than any of the Companies) incurring any such costs or expenses an amount
equal to such unpaid or unreimbursed costs and/or expenses. Any amount payable by the Acquiror
pursuant to this Section 11.01(b) shall be paid immediately prior to the Closing by wire
transfer of immediately available funds to an account designated by such Parent Entity at least two
(2) Business Days prior to the Closing Date. For the avoidance of doubt, the Acquiror’s payment
obligations to a Parent Entity with respect to any costs or expenses under this Section
11.01(b) shall not be obviated by reason of any payment made by such Parent Entity or another
Parent Entity to another Parent Entity in respect of the same costs or expenses.

Section 11.02. Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or made (and shall be
deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier
service, by facsimile with receipt confirmed (followed by delivery of an original via overnight
courier service) or by registered or certified mail (postage prepaid, return receipt requested) to
the respective parties hereto at the following respective addresses (or at such other address for a
party hereto as shall be specified in a notice given in accordance with this
Section 11.02):

	 	(i)	 	if to the Parent or the Seller:
	 
	 	 	 	American International Group, Inc.

70 Pine Street

New York, NY 10270

Attention: General Counsel

Facsimile: 212-425-2175

	 
	 	 	 	with a copy to (which shall not constitute notice):
	 
	 	 	 	Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Attention: Howard T. Spilko

Facsimile: 212-715-8000
	 
	 	(ii)	 	if to the Acquiror:
	 
	 	 	 	Banco de Galicia y Buenos Aires S.A.

Peron 430, floor 12C

(C1038AAJ) Buenos Aires, Argentina

Attention: Diego Rivas

Facsimile: 54-11-6329-4998
	 
	 	 	 	with a copy to (which shall not constitute notice):
	 
	 	 	 	Estudio Beccar Varela

Tucumán 1, floor 3

 

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	 	 	 	(C1049AAA) Buenos Aires, Argentina

Attention: Roberto Crouzel

Facsimile: 54-11-4379-6800
	 
	 	 	 	Mario Eugenio Quintana

Woods White Staton

Rubén Pietropaolo

Luis Maria Blaquier

Jerónimo José Bosch

Juan Manuel Marrone

Libertador 602, floor 18

(C1001ABT) Buenos Aires, Argentina

Facsimile: 54-11-4891-0750
	 
	 	 	 	with a copy to (which shall not constitute notice):
	 
	 	 	 	Errecondo, Salaverri, Dellatorre, Gonzalez & Burgio

Bouchard 680, floor 14

(C1106ABH) Buenos Aires, Argentina

Attention: Javier Errecondo / Facundo Goslino

Facsimile: 54-11-5236-4401

Section 11.03. Public Announcements. No party hereto or any Affiliate or
Representative of such party shall issue or cause the publication of any press release or public
announcement or otherwise communicate with any news media in respect of this Agreement or the
transactions contemplated by this Agreement without the prior written consent of the other party
hereto (which consent shall not be unreasonably withheld, conditioned or delayed), except as may be
required by Law or applicable securities exchange rules, in which case the party hereto required to
publish such press release or public announcement shall allow the other party hereto a reasonable
opportunity to comment on such press release or public announcement in advance of such publication.
Prior to the Closing, subject to Section 5.01(c), neither of the parties hereto, nor any
of their respective Affiliates or Representatives, shall make any disclosure concerning plans or
intentions relating to the customers, agents or employees of, or other Persons with significant
business relationships with, any of the Companies without first obtaining the prior written
approval of the other party hereto, which approval shall not be unreasonably withheld, conditioned
or delayed.

Section 11.04. Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated by this
Agreement is not affected in any manner materially adverse to any party hereto. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties hereto as closely as possible in a mutually acceptable manner in
order that the transactions contemplated by this Agreement be consummated as originally
contemplated to the greatest extent possible. For the avoidance of doubt, in the event of a

 

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conflict between the terms set forth in this Section 11.04 and Section
5.09(d), the terms set forth in Section 5.09(d) shall govern.

Section 11.05. Entire Agreement. Except as otherwise expressly provided in the
Transaction Agreements, this Agreement and the other Transaction Agreements together constitute the
entire agreement of the parties hereto with respect to the subject matter of the Transaction
Agreements and supersede all prior agreements and undertakings, both written and oral, other than
the Confidentiality Agreements to the extent not in conflict with this Agreement, between or on
behalf of the Parent, the Seller and/or their Affiliates, on the one hand, and the Acquiror and/or
its Affiliates, on the other hand, with respect to the subject matter of the Transaction
Agreements.

Section 11.06. Assignment. This Agreement shall not be assigned or transferred, in
whole or in part, by operation of law or otherwise without the prior written consent of the parties
hereto except (i) from one or more of the Pegasus Acquirors to one or more Pegasus Acquirors or any
wholly-owned Affiliate or wholly-owned Subsidiary of one or more Pegasus Acquirors that is newly
formed for the purpose of acquiring such Shares, from Galicia to any Affiliate or Subsidiary of
Galicia, or from one or more Pegasus Acquirors to Galicia or any Affiliate or Subsidiary of
Galicia; provided, however, that, in each case (x) the assignee is reasonably
satisfactory to the Parent (if not a Person constituting part of the Acquiror as of the date
hereof), (y) the assignor and the assignee execute and deliver to the Parent and the Seller an
assignment agreement that is reasonably satisfactory in form and substance to the Parent, and
(z) such assignment is not reasonably likely to impede, impair or delay obtaining any Governmental
Approval and is prior to obtaining any Governmental Approval and (ii) with respect to the Parent
assigning or transferring the Mexican Marks and other rights set forth in Section 5.10.
Any attempted assignment or transfer in violation of this Section 11.06 shall be void.
This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by
the parties hereto and their successors and permitted assigns.

Section 11.07. No Third Party Beneficiaries. Except as expressly provided in
Section 5.11 with respect to Company Releasees and Parent Releasees, in Article X
with respect to the specified indemnification rights of Parent Indemnified Parties and Acquiror
Indemnified Parties, this Agreement is for the sole benefit of the parties hereto and their
successors and permitted assigns and nothing in this Agreement, express or implied, is intended to
or shall confer upon any other Person (including any customer or employee of any of the Companies)
any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

Section 11.08. Amendment; Waiver. No provision of this Agreement or any other
Transaction Agreements may be amended, supplemented or modified except by a written instrument
signed by all of the parties hereto or thereto. No provision of this Agreement or any other
Transaction Agreement may be waived except by a written instrument signed by the party against whom
the waiver is to be effective. No failure or delay by any party hereto in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. Except as otherwise set forth herein, the rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by Law.

 

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Section 11.09. Disclosure Schedules. Matters reflected in any Section of this
Agreement, including any Section of the Parent Disclosure Schedule or the Acquiror Disclosure
Schedule, are not necessarily limited to matters required by this Agreement to be so reflected.
Such additional matters are set forth for informational purposes and do not necessarily include
other matters of a similar nature. No reference to or disclosure of any item or other matter in
any Section or Schedule of this Agreement, including any section or subsection of the Parent
Disclosure Schedule or the Acquiror Disclosure Schedule, shall be construed as an admission or
indication that such item or other matter is material or that such item or other matter is required
to be referred to or disclosed in this Agreement, the Parent Disclosure Schedule or the Acquiror
Disclosure Schedule. Without limiting the foregoing, no such reference to or disclosure of a
possible breach or violation of any contract, Law or Governmental Order shall be construed as an
admission or indication that any breach or violation exists or has actually occurred.

Section 11.10. Governing Law. This Agreement shall in all respects be governed by and
construed in accordance with the laws of the State of New York without giving effect to any
conflicts of law principles of such state that might apply the laws of another jurisdiction to this
Agreement.

Section 11.11. Rules of Construction. Interpretation of this Agreement and the other
Transaction Agreements (except as otherwise specifically provided in any such other Transaction
Agreements, in which case such specified rules of construction shall govern with respect to such
other Transaction Agreements) shall be governed by the following rules of construction: (a) words
in the singular shall be held to include the plural and vice versa, and words of one gender shall
be held to include the other gender as the context requires; (b) references to the terms Preamble,
Recital, Article, Section, paragraph, Exhibit and Schedule are references to the Preamble,
Recitals, Articles, Sections, paragraphs, Schedules and Exhibits to this Agreement unless otherwise
specified; (c) references to “AP” shall mean Argentinean Pesos (unless otherwise specified); (d)
the word “including” and words of similar import shall mean “including without limitation,” unless
otherwise specified; (e) the word “or” shall not be exclusive; (f) the words “herein,” “hereof,”
“hereunder,” or “hereby” and similar terms are to be deemed to refer to this Agreement as a whole
and not to any specific Section; (g) the headings are for reference purposes only and shall not
affect in any way the meaning or interpretation of the Transaction Agreements; (h) the Transaction
Agreements shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting or causing any instrument to be drafted; (i) if a word or
phrase is defined, the other grammatical forms of such word or phrase have a corresponding meaning;
(j) references to any statute, listing rule, rule, standard, regulation or other Law include a
reference to (A) the corresponding rules and regulations and (B) each of them as amended, modified,
supplemented, consolidated, replaced or rewritten from time to time; and (k) references to any
section of any statute, listing rule, rule, standard, regulation or other Law include any successor
to such section.

Section 11.12. Specific Performance. Subject to Sections 10.06, (a) the
parties hereto agree that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise
breached, (b) it is accordingly agreed that, without the necessity of posting bond or other
undertaking, the parties hereto shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this

 

65

 

Agreement in accordance with this Agreement, this being in addition to any other remedy to
which such party is entitled at law or in equity, and (c) in the event that any Action is brought
in equity to enforce the provisions of this Agreement, no party hereto shall allege, and each party
hereto hereby waives the defense or counterclaim, that there is an adequate remedy at law. In the
event of a conflict between the terms set forth in this Section 11.12 and Section
5.10(f), the terms set forth in Section 5.10(f) shall govern. For the avoidance of
doubt and without limiting any provision of this Agreement, the remedies set forth in this
Section 11.12 shall be available to Parent if the Acquiror breaches any of its Pre-Closing
Covenants prior to the Closing.

Section 11.13. Counterparts. This Agreement and each of the other Transaction
Agreements may be executed in one or more counterparts, and by the different parties to each such
agreement in separate counterparts, each of which when executed shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to any Transaction Agreement by facsimile or other means
of electronic transmission shall be as effective as delivery of a manually executed counterpart of
any such Agreement.

Section 11.14. Arbitration; Submission to Jurisdiction; Waiver of Jury Trial.

(a) Any dispute, controversy, or claim arising from, relating to, or in connection with this
Agreement, or the breach, termination, or validity thereof shall be finally settled by arbitration
before three arbitrators in accordance with the Rules of Arbitration of the International Chamber
of Commerce (the “ICC Rules”) in effect at the time of the arbitration except as they may
be modified herein or by mutual agreement of the parties. The seat of the arbitration shall be New
York, New York, and the arbitration shall be conducted in the English language.

(b) The claimant shall nominate an arbitrator in its Request for Arbitration. The respondent
shall file an answer and nominate an arbitrator within twenty one (21) days of receipt of the
Request for Arbitration. The two arbitrators shall nominate a third arbitrator, who shall serve as
chair, within fifteen (15) days of nomination of the second arbitrator designated or, if the
respondent fails to nominate the second arbitrator, within fifteen (15) days of the appointment of
the second arbitrator by the International Court of Arbitration of the International Chamber of
Commerce (the “ICC Court”). If any arbitrator is not nominated within the time limits set
out in this subsection, the ICC Court shall appoint that arbitrator upon the request of a party.

(c) The arbitration shall be conducted in an expedited manner. There shall be one round of
prehearing submissions by each party, whether simultaneous or sequential as directed by the
tribunal, and no reply or rejoinder submissions shall be made unless the tribunal expressly so
authorizes. The hearing shall be held within four months of the constitution of the arbitral
tribunal and shall continue, to the extent practicable, from Business Day to Business Day until
completed. There shall be no posthearing submissions except as directed by the tribunal, and
before ordering such submissions, the tribunal shall identify for the parties, on the basis of its
assessment of the case as of that time, the specific issues or matters it believes should be
addressed. The tribunal shall endeavor to render its award within six (6) weeks of the last day of
the hearing. The tribunal may modify this schedule for good cause shown. Failure to comply

 

66

 

with any time period set out in this Section shall not affect in any way the jurisdiction of
the tribunal or the validity of its award.

(d) Any request for production of documents or other information is subject to the express
authorization of the tribunal, which shall endeavor to ensure that any such requests are as limited
and disciplined as is consistent with the just resolution of the dispute. The parties expressly
waive any right to seek evidence under 9 U.S.C. § 7 or 28 U.S.C. § 1782 or any similar provision.
A party may request, and the tribunal should authorize, production only of specific documents or
narrow and specific categories of documents that are critical to the fair presentation of a party’s
case and reasonably believed to exist and be in the possession, custody or control of the other
party.

(e) The arbitration shall be confidential. The existence of the proceeding and any element of
it (including any pleadings, briefs or other documents submitted or exchanged, any testimony or
other oral submissions, and any awards) shall not be disclosed beyond the tribunal, the ICC Court
or the Secretariat of the ICC Court, the parties, their counsel, accountants and auditors or any
person necessary to the conduct of the proceeding. These confidentiality obligations shall not
apply (i) if disclosure is required by Law or regulatory obligations, or in judicial or
administrative proceedings, (ii) as far as disclosure is necessary to enforce the rights arising
out of the award or (iii) to the extent they contradict the terms set forth in Section
5.04(c) of this Agreement.

(f) The tribunal shall have power to award any relief that it deems just and appropriate,
including without limitation specific performance or injunctive relief. The parties agree that
their obligations under this Agreement are of a unique character and that, in the event of a breach
of those obligations, damages would not be an adequate remedy and each party shall be entitled to
specific performance in addition to any damages or any other remedy to which it may be entitled. A
specific performance award for a breach by the Acquiror may take the form of a monetary award
against the Acquiror for the amount of the Purchase Price, subject to the Parent’s and Seller’s
obligation to transfer the Shares upon receipt of the Purchase Price. To the fullest extent
permitted by law, the parties agree that any court of competent jurisdiction in which enforcement
of the award is sought shall have power to enforce the relief awarded by the arbitrators,
regardless of whether such relief is characterized as legal, equitable or otherwise.

(g) Notwithstanding Section 11.10 of this Agreement, the agreement to arbitrate set
forth in this Section and any arbitration conducted hereunder shall be governed by Title 9
(Arbitration) of the Code.

(h) The award shall be final and binding on the parties. Judgment upon the award may be
entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or
its assets.

(i) Submission to Jurisdiction. Subject to and in furtherance of
Sections 11.14(a)-(h), each of the Parent, the Seller and the Acquiror irrevocably and
unconditionally, for the limited purposes of (x) enforcing this Agreement to arbitrate under the
terms and conditions set forth in this Section 11.14, (y) applying for any interim relief
necessary to preserve a party’s rights, including pre-arbitration attachments or injunctions,
consistent with

 

67

 

the ICC Rules, and (z) enforcement of the arbitration award: (i) submits for itself and its
property to the non-exclusive jurisdiction of the Delaware Court of Chancery, or if the Delaware
Court of Chancery lacks jurisdiction of the subject matter, the United States District Court for
the District of Delaware, or if both the Delaware Court of Chancery and the United States District
Court for the District of Delaware lack jurisdiction of the subject matter, any court of competent
jurisdiction sitting in the State of Delaware, in any Action directly or indirectly arising out of
or relating to this Agreement, the transactions contemplated by this Agreement, or the formation,
breach, termination or validity of this Agreement; and agrees that all claims in respect of any
such Action shall be heard and determined solely in such court; (ii) consents that any such Action
may and shall be brought in such courts and waives any objection that it may now or hereafter have
to the venue or jurisdiction of any such Action in such court or that such court is an inconvenient
forum for the Action and agrees not to assert, plead or claim the same; (iii) agrees that the final
judgment of such court shall be enforceable in any court having jurisdiction over the relevant
party or any of its assets; (iv) irrevocably waives any right to remove any such Action from the
Delaware Court of Chancery to any federal court; (v) agrees that service of process in any such
Action may be effected by mailing a copy of such process by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such party at its address as provided in
Section 11.02; and (vi) agrees that nothing in this Agreement shall affect the right to
effect service of process in any other manner permitted by the applicable rules of procedure. EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER ANY OF THE
TRANSACTION AGREEMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH
SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR
THE OTHER TRANSACTION AGREEMENTS OR THE FORMATION, BREACH, TERMINATION OR VALIDITY OF THIS
AGREEMENT OR ANY OTHER TRANSACTION AGREEMENT. EACH OF THE PARENT, THE SELLER AND THE ACQUIROR
CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH OF THE PARENT, THE SELLER AND THE ACQUIROR
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH OF THE PARENT, THE
SELLER AND THE ACQUIROR MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH OF THE PARENT, THE SELLER AND
THE ACQUIROR HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS OF THIS SECTION 11.14. ANY OF THE PARENT, THE SELLER OR THE
ACQUIROR MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
Notwithstanding anything to the contrary contained herein, nothing in this Section 11.14(i)
shall be deemed to in any way give any party hereto the right to bring any action in any court
which action would otherwise be required to be resolved by arbitration under the provisions of this
Section 11.14.

 

68

 

(j) Purchase Price Adjustment. Notwithstanding anything to the contrary contained herein,
Section 11.14 shall not apply with respect to any purchase price adjustment dispute, which
shall be governed by Section 2.05.

Section 11.15. Joint and Several Obligations. Galicia and the Pegasus Acquirors and
their respective successors and permitted assigns collectively shall be deemed to be one Person for
purposes of this Agreement (including for purposes of any payment obligations, covenants,
conditions to Closing and indemnification obligations (except as otherwise expressly set forth
herein)) and all references to the Acquiror herein shall be deemed to be to Galicia and the Pegasus
Acquirors and their respective successors and permitted assigns on a joint and several basis unless
the context otherwise requires another interpretation; provided, however, that in
no event shall an individual (i.e., a natural person) Pegasus Acquiror’s payment obligations in
respect of any Acquiror liability exceed an amount equal to such liability multiplied by a fraction
the numerator of which is the number of Shares acquired under this Agreement by such individual,
and the denominator of which is all Shares acquired by the Acquiror under this Agreement.

Section 11.16. Appointment of the Acquiror’s Representative. Each of Persons
constituting part of the Acquiror hereby appoints Galicia (the “Acquiror’s Representative”)
as its representative and agent with respect to all matters relating to this Agreement and the
Transaction Agreements and empowers the Acquiror’s Representative with the authority to act on its
behalf, at its sole discretion, to (a) take any actions or exercise any rights of the Acquiror
under this Agreement or any of the Transaction Agreements, (b) waive any rights of, or requirements
or obligations owing to, the Acquiror under this Agreement or any of the Transaction Agreements,
(c) consent to, agree to, or approve of any actions that require the vote, consent, agreement or
approval of the Acquiror under this Agreement or any of the Transaction Agreements, (d) provide
notice from, and receive notice on behalf of the Acquiror with respect to this Agreement or any of
the Transaction Agreements, and (e) accept or receive any payments due under this Agreement or any
of the Transaction Agreements. The Parent and the Seller may rely on, but shall not be required to
accept, the acts, disclosures and communications of Acquiror’s Representative with respect to the
foregoing as though made separately by each Person constituting part of the Acquiror and may rely
on notices provided to the Acquiror’s Representative as a notice provided to each Person
constituting part of the Acquiror. Such grant of authority to the Acquiror’s Representative may
not be revoked by any Person constituting part of the Acquiror. In addition, each Person
constituting part of the Acquiror agrees to hold the Parent Indemnified Parties harmless and to not
make a claim against the Parent Indemnified Parties with respect to or in connection with the
Acquiror’s Representative’s receipt and distribution of any payments made under this Agreement or
any of the Transaction Agreements or the Parent Indemnified Parties reliance on the authorization
granted to the Acquiror’s Representative hereunder. Notwithstanding the foregoing, if a matter
relates solely to a Person constituting part of the Acquiror, at such Person’s election upon
written notice given to the other parties hereto, such Person shall be entitled to address such
matter instead of the Acquiror’s Representative.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

69

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first written
above by their respective duly authorized officers.

	 	 	 	 	 
	 	AMERICAN INTERNATIONAL GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AIG CONSUMER FINANCE GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANCO DE GALICIA Y BUENOS AIRES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 
	 

	PEGASUS ACQUIRORS
	 
	 	 
	 

	 	 
	 

	 	Name: Mario Eugenio Quintana
	 
	 	 
	 

	 	 
	 

	 	Name: Woods White Staton
	 
	 	 
	 

	 	 
	 

	 	Name: Ruben Pietropaolo
	 
	 	 
	 

	 	 
	 

	 	Name: Luis Maria Blaquier
	 
	 	 
	 

	 	 
	 

	 	Name: Jeronimo Jose Bosch
	 
	 	 
	 

	 	 
	 

	 	Name: Juan Manuel Marrone

 

 

EXHIBIT A

DEFINITIONS

“Acquiror” shall have the meaning set forth in the preamble hereto.

“Acquiror Disclosure Schedule” shall have the meaning set forth in the first paragraph
of Article IV.

“Acquiror Indemnified Parties” shall have the meaning set forth in Section
10.02(a).

“Acquiror Material Adverse Effect” means a material impairment or delay of the ability
of the Acquiror to perform its obligations under this Agreement or to consummate the transactions
contemplated by this Agreement. For the avoidance of doubt and without limiting the foregoing,
“Acquiror Material Adverse Effect” includes a material impairment of the ability of the Acquiror to
obtain any Governmental Approval required in connection with the consummation of the transactions
contemplated by the Transaction Agreements, notwithstanding the compliance by the Acquiror with the
terms of this Agreement (including Section 5.05).

“Acquiror Releasor” shall have the meaning set forth in Section 5.11(b).

“Acquiror Specified Representations” means the representations and warranties made in
Sections 4.01, 4.03 (last sentence), 4.05, 4.06, 4.07,
4.08, 4.09, 4.10, and 4.11.

“Acquiror’s Estimated Closing Cash” shall mean the Closing Cash minus the Target
Closing Cash, calculated in good faith by the Acquiror for purposes and in accordance hereto and
which may be a positive or negative number.

“Acquiror’s Estimated Closing Indebtedness” shall mean the Closing Indebtedness minus
the Target Closing Indebtedness, calculated in good faith by the Acquiror for purposes and in
accordance hereto and which may be a positive or negative number.

“Acquiror’s Estimated Closing Loans” shall mean the Closing Loans minus the Target
Closing Loans, calculated in good faith by the Acquiror for purposes and in accordance hereto and
which may be a positive or negative number.

“Acquiror’s Estimated Purchase Price Adjustment Amount” shall mean an amount
calculated by the Acquiror which shall be equal to the Acquiror’s Estimated Closing Cash
plus the Acquiror’s Estimated Closing Loans minus the Acquiror’s Estimated Closing
Indebtedness minus AP7,187,977.18, which amount may be a positive or negative number.

“Acquiror’s Purchase Price Adjustment Certificate” has the meaning set forth in
Section 2.05(a).

“Acquiror’s Representative” has the meaning set forth in Section 11.16.

“Action” means any claim, action, suit, arbitration or proceeding by or before any
Governmental Authority or arbitral body.

 

A-1

 

“Affiliate” means, with respect to any specified Person, any other Person that, at the
time of determination, directly or indirectly through one or more intermediaries, Controls, is
Controlled by or is under common Control with such specified Person; for the avoidance of doubt,
unless otherwise specified herein, the Companies shall be deemed “Affiliates” of the Parent and the
Seller (and not the Acquiror) prior to the Closing and shall be deemed “Affiliates” of the Acquiror
(not the Parent or the Seller) from and after the Closing; provided, however, that
for the purposes of this definition, neither the Parent nor the Seller shall be deemed to be an
Affiliate of the Acquiror.

“After-Tax Basis” means that, in determining the amount of the payment necessary to
indemnify any party against, or reimburse any party for, Losses, the amount of such Losses shall be
determined net of (i) any tax benefit derived (or reasonably expected to be derived) by the
Indemnified Party (or any Affiliate thereof) as the result of sustaining or paying such Losses
(including as the result of facts or circumstances due to which the Indemnified Party sustained or
paid such Losses), and (ii) any taxes paid or any tax benefit offsets (or reasonably expected to be
paid or offset) by the Indemnified Party (or any Affiliate thereof) as a result of the payment due
from, or paid by, the Indemnifying Party to the Indemnified Party. Such tax benefits shall be
computed assuming that any such tax benefits, taxes and tax benefit offsets are fully utilized and
realized in the taxable period during which such Losses are sustained or paid.

“Agreed Accounting Policies” shall have the meaning set forth in Section
2.04(a).

“Agreement” means this Stock Purchase Agreement, dated as of June 1, 2009, among the
Parent, the Seller and the Acquiror, including the Schedules hereto, the Parent Disclosure
Schedule, the Acquiror Disclosure Schedule, and all amendments to such agreement made in accordance
with Section 11.08.

“AIG Credit Facility Trust” means AIG Credit Facility Trust established by the FRBNY
for the sole benefit of the United States Treasury pursuant to the AIG Credit Facility Trust
Agreement made on January 16, 2009 by and among the FRBNY and Jill M. Considine, Chester B.
Feldberg and Douglas L. Foshee.

“Ancillary Agreements” means the Trademark License Agreement, the Parent Advances
Transfer Agreement (in the event that the Transfer Election applies) and the Payoff Letter (in the
event that the Payment Election applies).

“Archived Files” shall have the meaning set forth in Section 5.03(b).

“Argentine Marks” shall have the meaning set forth in Section 5.10(h)(i).

“Audited Financial Statements” shall have the meaning set forth in Section
3.06(a).

“Bankruptcy Event” means any of the following events: (a) the passage of a resolution
for the dissolution of the Parent or the Seller; (b) the Parent or the Seller becoming the subject
of (i) the entry of an order for relief by a Governmental Authority having jurisdiction in the
premises judging either or both of the Parent and the Seller bankrupt or insolvent under any
applicable Bankruptcy Law, (ii) the appointment of a receiver, liquidator, rehabilitator,
conservator, assignee, trustee, sequestrator or examiner (or other similar official) of either or

 

A-2

 

both of the Parent and the Seller or of any substantial part of the property of either of them
pursuant to any Bankruptcy Law, (iii) an order to wind up or liquidate either of their affairs, or
(iv) an involuntary bankruptcy, insolvency, reorganization, liquidation, rehabilitation,
conservation, examination or other similar proceeding with respect to either or both of the Parent
and the Seller that is unstayed or undismissed for a period of thirty (30) consecutive days; or
(c) any of (w) the commencement by either or both of the Parent and the Seller of a proceeding to
be adjudicated a bankrupt or insolvent; (x) the consent by either or both of the Parent and the
Seller to the institution of bankruptcy, insolvency or examination proceedings against it, (y) the
filing or consent to the filing by either or both of the Parent and the Seller of a petition or
answer or consent seeking reorganization or relief under any Bankruptcy Law, (z) the consent or
application by either or both of the Parent and the Seller to the appointment of a receiver,
liquidator, rehabilitator, conservator, assignee, trustee, sequestrator, or examiner (or other
similar official) of the Parent or the Seller (as applicable) or of any substantial part of the
Parent’s or the Seller’s property pursuant to any Bankruptcy Law or (v) the making by either or
both of the Parent and the Seller of an assignment for the benefit of creditors.

“Bankruptcy Law” means any applicable bankruptcy, insolvency, reorganization,
liquidation, rehabilitation, conservation, examination or other similar Law.

“BCRA” means the Argentine Central Bank or Banco Central de la Republica Argentina.

“BCRA Approval” means the approval to be obtained from the BCRA in order to transfer
the Financiera Shares.

“Benefit Plans” shall have the meaning set forth in Section 3.13(a).

“Books and Records” means all corporate records, books of account, tax records, sales
and purchase records, customer and supplier lists, computer software, formulae, technical documents
including specifications, bills of materials and engineering notebooks, business reports, plans and
projections and all other documents, files, correspondence and other information of the Companies
whether in written or electronic form.

“Business” means the business conducted by the Companies as of the date hereof.

“Business Day” means any day that is not a Saturday, a Sunday or other day on which
commercial banks in New York, New York or Buenos Aires, Argentina are required or authorized by Law
to remain closed.

“Capital Stock” means capital stock or other type of equity interest in (as
applicable) a Person.

“Change of Control” of a Person (the “COC Person”) means the occurrence of one
of the following events: (a) if any Person shall acquire beneficial ownership of more than fifty
percent (50%) of the voting securities of such COC Person then issued and outstanding, (b) the
consummation of a merger, consolidation, binding share exchange or other business combination of
such COC Person into or with another Person in which the stockholders of such COC Person
immediately prior to the consummation of such transaction shall own less than fifty percent (50%)
of the voting securities of the surviving Person (or the parent of the surviving Person

 

A-3

 

where the surviving Person is wholly owned by the parent Person) immediately following the
consummation of such transaction, or (c) the consummation of the sale, transfer, lease or other
disposition (but not including a transfer, lease or other disposition by pledge or mortgage to a
bona fide lender) of all or substantially all of the assets of such COC Person.

“Closing” shall have the meaning set forth in Section 2.02.

“Closing Cash” means the aggregate amount of cash, cash deposits, cash equivalents,
amounts held by or with the BCRA and marketable securities, checks written but not yet sent out and
unallocated cash from clients, in each case held by or for the account of Financiera and/or its
financial trusts (Fideicomisos Financieros CFA), including all such assets or property pledged as
security or collateral by Financiera and/or its financial trusts (Fideicomisos Financieros CFA),
all as determined in accordance with the Agreed Accounting Policies as of the Closing Date and
measured in APs (applying, if necessary, the exchange rate of APs to each U.S.$1.00 (as certified
by the Banco de la Nacion Argentina, seller price for bills (“billete tipo vendedor”)) or other
exchange rate for currencies other than U.S. Dollars) as of the close of business on the date that
is two (2) Business Days immediately preceding the Closing Date, for purposes of converting to APs
any amount in any other currency).

“Closing Date” shall have the meaning set forth in Section 2.02.

“Closing Indebtedness” means the aggregate amount of Indebtedness and Specified
Liabilities of Financiera and its financial trusts (Fideicomisos Financieros CFA) as of the Closing
Date, all as determined in accordance with the Agreed Accounting Policies and measured in APs
(applying, if necessary, the exchange rate of APs to each U.S.$1.00 (as certified by the Banco de
la Nacion Argentina, seller price for bills (“billete tipo vendedor”)) or other exchange rate for
currencies other than U.S. Dollars as of the close of business on the date that is two (2) Business
Days immediately preceding the Closing Date, for purposes of converting to APs any amount in any
other currency); provided, however, that any Indebtedness or Specified Liabilities
of Financiera and its financial trusts (Fideicomisos Financieros CFA) due to another Company or to
its financial trusts (Fideicomisos Financieros CFA) shall not be included as “Closing Indebtedness”
for purposes of this definition.

“Closing Loans” means, as of the Closing Date, the aggregate amount of receivables
originated by and owed to Financiera and/or owed to its financial trusts (Ficeicomiso Financiero
CFA), which were granted or acquired in the Ordinary Course of Business, all as determined in
accordance with the Agreed Accounting Policies and measured in APs (applying, if necessary, the
exchange rate of APs to each U.S.$1.00 (as certified by the Banco de la Nacion Argentina, seller
price for bills (“billete tipo vendedor”)) or other exchange rate for currencies other than U.S.
Dollars as of the close of business on the date that is two (2) Business Days immediately preceding
the Closing Date, for purposes of converting to APs any amount in any other currency) (provided
that any and all receivables owed to Financiera and/or its financial trusts (Ficeicomiso Financiero
CFA) classified in categories III, IV or V as determined from time to time in accordance with BCRA
regulations shall not be included as “Closing Loans” for purposes of this definition).

“CNDC” means the National Commission for Competition Defence.

 

A-4

 

“CNDC Approval” means the approval to be obtained from the CNDC in order to transfer
the Shares.

“COC Person” shall have the meaning set forth in the definition of “Change of
Control”.

“Code” means the United States Internal Revenue Code of 1986, as amended.

“Companies’ Exclusive Territory” shall have the meaning set forth in Section
5.10(h)(i).

“Companies’ Minority Holder Shares” means all of the issued and outstanding shares of
capital stock of the Companies other than the shares of the Companies held by the Seller.

“Companies’ Minority Holders” means the owners of the Companies’ Minority Holder
Shares.

“Companies” shall have the meaning set forth in the Recitals hereto.

“Company Beneficiary” shall have the meaning set forth in Section 5.13.

“Company Benefit Plans” shall have the meaning set forth in Section 3.13(a).

“Company E&O Claims” means any and all claims relating to the Companies and their
respective Representatives in connection with or arising under the Parent’s or its Affiliates’
self-insured errors and omissions programs, including the claims set forth in Section 5.14 of
the Parent Disclosure Schedule.

“Company Releasee” shall have the meaning set forth in Section 5.11(a).

“Confidentiality Agreements” shall have the meaning set forth in Section
5.04(a).

“Contract” means any contract, agreement, undertaking, indenture, commitment, loan,
consent, note or other legally binding obligation, whether written or oral.

“Control” means, as to any Person, the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. The terms “Controlled by”, “under common Control with” and “Controlling”
shall have correlative meanings. For the purposes of this Agreement, the Parent shall be deemed
not to be Controlled by any Person.

“Corporate Records” means the corporate records of each of the Companies, including
(i) by-laws (estatutos); (ii) shareholders’ and directors’ minute meetings books; (iii) the stock
ledger book (libro de registro de accionistas); (iv) the attendance registry shareholders’ meetings
book (libro de depósito de acciones y registro de asistencia a asambleas); (v) the Supervisory
Committee (Comisión Fiscalizadora) minute meetings book; and (vi) the minute books of any existing
committees.

“Cuota Marks” shall have the meaning set forth in Section 5.10(h)(i).

 

A-5

 

“Data Room” means the electronic data room maintained by IntraLinks and available at
https://services.intralinks.com/html/mainframe.jsp and open to access by the Acquiror and its
advisors from February 16, 2009 through the date hereof, the documents included therein having been
copied to a disc provided to each of the Seller and the Acquiror on or prior to the date hereof.

“Discount Code” shall have the meaning set forth in Section 3.10(c).

“Divested Entity” shall have the meaning set forth in Section 5.10(e).

“Election Notice” shall have the meaning set forth in Section 2.04(d).

“Eligible Insurance Proceeds” shall have the meaning set forth in Section
10.07(d).

“Employee Schedule” shall have the meaning set forth in Section 3.13(g).

“Employees” means (i) each person who as of the Closing Date is an active employee of
any of the Companies and (ii) each person who is an employee of any of the Companies as of the
Closing Date who is absent from employment due to illness, vacation, injury, military service or
other authorized absence (including an employee who is “disabled” within the meaning of the
short-term disability plan currently in place for the Companies). For purposes of Section
6.01 only, “Employees” shall also mean each former employee of any of the Companies (or any
predecessors, as the context requires). For purposes of Section 3.13 only, all references
in this definition to “Closing Date” shall be changed to “date hereof”.

“Exchange Rate” means the exchange rate of APs to each U.S.$1.00 (as certified by the
Banco de la Nacion Argentina, seller price for bills (“billete tipo vendedor”)) as of the close of
business on the Business Day immediately preceding the date on which any payment is required to be
made in accordance with the terms of this Agreement, as notified by the Parent to the Acquiror.

“Final Purchase Price Adjustment Amount” has the meaning set forth in Section
2.05(f).

“finally determined” shall have the meaning set forth in Section 10.05.

“Financial Statements” shall have the meaning set forth in Section 3.06(a).

“Financiera” shall have the meaning set forth in the Recitals hereto.

“Financiera Shares” means all of the outstanding Capital Stock of Financiera.

“FRBNY” means the Federal Reserve Bank of New York.

“FRBNY Credit Agreement” means the Credit Agreement, dated as of September 20, 2008
(as may be amended, modified or supplemented from time to time), by and between the Parent and the
FRBNY.

“GAAP” means Argentinean generally accepted accounting principles.

 

A-6

 

“Galicia” shall have the meaning set forth in the preamble hereto.

“Governmental Approval” shall have the meaning set forth in Section 3.05.

“Governmental Authority” means any domestic or non-U.S. governmental, legislative,
judicial, administrative or regulatory authority, agency, commission, body, court, association or
entity.

“Governmental Order” means any order, writ, judgment, injunction, decree, request,
demand or award entered by or with any Governmental Authority.

“ICC Court” shall have the meaning set forth in Section 11.14(b).

“ICC Rules” shall have the meaning set forth in Section 11.14(a).

“Indebtedness” means, as to any Person, as of any date, without duplication, any and
all (i) obligations of such Person for borrowed money or with respect to deposits or advances of
any kind to such Person, (ii) obligations of such Person evidenced by bonds, debentures, notes or
similar instruments, including any and all obligations of such Person upon which interest charges
are customarily paid, (iii) obligations of such Person under conditional sales or other title
retention agreements relating to property purchased by such Person, (iv) obligations of such Person
issued or assumed as the deferred purchase price of property or services (but not including any and
all trade accounts payable), (v) capitalized lease obligations of such Person, (vi) amounts drawn
on letters of credit issued on behalf of such Person, but excluding obligations with respect to
letters of credit (including trade letters of credit) securing obligations entered into in the
Ordinary Course of Business of such Person to the extent that such letters of credit are not drawn
upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business
Day following the receipt by such Person of a demand for reimbursement, and (viii) guarantees and
arrangements having the economic effect of a guarantee of such Person of any indebtedness of any
other Person, and any interest accrued relating to debt.

“Indemnified Party” shall have the meaning set forth in Section 10.04(a).

“Indemnifying Party” shall have the meaning set forth in Section 10.04(a).

“Independent Accountant” shall have the meaning set forth in Section 2.05(f).

“Insurance Policies” shall have the meaning set forth in Section 3.14(a).

“Intellectual Property” means: (a) patents, patent applications and statutory
invention registrations, including reissues, divisions, continuations, continuations in part,
renewals, extensions and reexaminations thereof, all patents that may issue on such applications,
documented unpatented invention disclosures, and all rights therein provided by international
treaties or conventions, (b) trademarks, service marks, trade dress, logos, Internet domain names,
any and all common law rights thereto, and registrations and applications for registration thereof,
all reissues, extensions and renewals of any of the foregoing, and all rights therein provided by
international treaties or conventions (“Trademarks”), (c) copyrightable works, copyrights,
whether or not registered, and registrations and applications for registration thereof, and all
rights

 

A-7

 

therein provided by international treaties or conventions, and (d) proprietary information,
including trade secrets, processes and know-how, in each case existing on the Closing Date. For
purposes of Section 3.11 only, the reference to “Closing Date” in this definition shall be
changed to “date hereof.

“Intentional Breach” means a deliberate act or omission where the individual taking
such action or omitting to take such action has actual knowledge of the consequences of the action
or omission.

“Intercompany Agreements” means contracts, agreements, notes, leases, licenses and
other instruments between any Company, on the one hand, and the Parent or any Affiliate of the
Parent (other than the Companies), on the other hand.

“Interest Rate” means a fixed rate of interest equal to six and one half percent
(6.5%) per annum.

“Interim Period Debt” shall have the meaning set forth in Section 5.01(c).

“IRS” means the U.S. Internal Revenue Service.

“Knowledge” of a Person, or a Person having “Known”, means: (a) in the case
of the Parent, the actual knowledge of any Person listed on Schedule III, subject to the
subject matter limitations set forth in such schedule, or (b) in the case of the Acquiror, the
actual knowledge of any Person listed on Schedule IV, subject to the subject matter
limitations set forth on such schedule.

“Law” means any federal, state, local or non-U.S. law, statute or ordinance, or any
rule, regulation, judgment, order, writ, injunction, ruling, decree or agency requirement of any
Governmental Authority.

“Leased Real Properties” shall have the meaning set forth in Section 3.15(b).

“Lien” means any mortgage, deed of trust, pledge, hypothecation, security interest,
encumbrance, claim, lien or charge of any kind.

“Litigation Hold” means the scope of documents and records whose preservation is
mandated by a document retention notice issued in connection with any litigation, arbitration,
mediation (or other form of dispute resolution), third party subpoena, or regulatory inquiry,
whether existing as of the date hereof or hereafter arising.

“Loans” shall have the meaning set forth in Section 3.19(b).

“Losses” means any and all losses, damages, reasonable costs, reasonable expenses,
liabilities, settlement payments, awards, judgments, fines, obligations, claims, deficiencies of
any kind and diminution of value or lost profits.

“Material Adverse Effect” means (a) a material adverse effect on the business, assets,
liabilities, financial condition or results of operations of the Companies, taken as a whole;

 

A-8

 

provided, however, that none of the following shall constitute or be deemed to
contribute to a Material Adverse Effect, or shall otherwise be taken into account in determining
whether a Material Adverse Effect has occurred or would be reasonably likely to occur: any adverse
effect arising out of, resulting from or attributable to (i) (A) the United States, the Argentina
or global economy generally or capital or financial markets generally, including changes in
interest or exchange rates, (B) political conditions generally of the United States, Argentina or
any other country or jurisdiction in which any of the Parent, the Seller or the Companies operates
or (C) changes that are the result of factors generally affecting any of the industries generally
in which the Business operates or in which products or services of the Business are used or
distributed, (ii) the negotiation, execution, announcement or consummation of the transactions
contemplated by, or the performance of obligations under, this Agreement or the other Transaction
Agreements, (iii) the identity of, or the effects of any facts or circumstances relating to, the
Acquiror or its Affiliates, (iv) any changes or prospective changes in applicable Law or GAAP or
the enforcement or interpretation thereof, (v) actions permitted to be taken or omitted pursuant to
this Agreement or taken with the Acquiror’s consent or not taken because the Acquiror did not give
its consent, (vi) the effect of any action taken by the Acquiror or its Affiliates with respect to
the transactions contemplated by this Agreement, (vii) any hostilities, act of war, sabotage,
terrorism or military actions, or any escalation or worsening of any such hostilities, act of war,
sabotage, terrorism or military actions, (viii) any failure by the Companies to achieve any
earnings, loan originations or other financial projections or forecasts, provided that this clause
(viii) will not exempt the underlying reason or cause giving rise to such failure to so achieve
projections or forecasts, (ix) any matter set forth in Section A-1 of the Parent Disclosure
Schedule, (x) any effect that is cured by the Parent prior to the Closing, except in the case
of the foregoing clauses (a)(i) and (a)(iv) to the extent such effect or change is materially
disproportionately adverse with respect to the Companies as compared to other Persons engaged in
the industries in which the Companies conduct business, and (b) a material impairment on or
material delay in the ability of the Parent, the Seller or any other Affiliate of the Parent to
perform their respective material obligations under this Agreement or to consummate the
transactions contemplated hereby. For the avoidance of doubt, neither (1) any change or
development in the business, financial condition, results of operations or credit, financial
strength or other ratings of the Parent or any of its Affiliates (other than any of the Companies)
or (2) any Bankruptcy Event involving the Parent or any of its Affiliates (other than any of the
Companies) (any of the events referred to in the foregoing clauses (1) and (2), a “Parent
Event”), shall be deemed, in and of itself, to constitute a Material Adverse Effect, nor shall
any such Parent Event be taken into account in determining whether a Material Adverse Effect has
occurred or is reasonably likely to occur, except to the extent that such Parent Event (or the
underlying cause of such Parent Event) adversely affects the financial condition or results of
operations of the Companies, taken as a whole.

“Material Adverse Effect Regulatory Event” shall have the meaning set forth in
Section 5.05(c).

“Material Contract” means any contract, agreement, instrument or other legally binding
obligation to which any of the Companies is a party (other than Real Property Leases) which
(i) calls for the payment by or on behalf of any of the Companies in excess of U.S.$100,000 per
annum, or the delivery by any of the Companies of goods or services with a fair market value in
excess of U.S.$100,000 per annum, during the remaining term thereof; (ii) provides for any of

 

A-9

 

the Companies to receive any payments in excess of, or any property with a fair market value
in excess of, U.S.$100,000 or more during the remaining term thereof (except with respect to any
payments received in connection with any loans made to customers in the Ordinary Course of
Business); (iii) contains covenants restricting the ability of any of the Companies to compete in
any line of business or geographical area or otherwise prohibiting or limiting the ability of the
Companies from conducting their Business as currently conducted or including exclusivity
provisions; (iv) evidences indebtedness for money borrowed by the Companies in excess of
U.S.$100,000 or pursuant to which any Company has guaranteed (including guarantees by way of acting
as surety, co-signer, endorser, co-maker, indemnitor or otherwise) any obligation of any other
Person in excess of U.S.$100,000; (v) is a partnership agreement, joint venture agreement or other
Contract (however named) involving a sharing of profits, losses, costs or liabilities by any
Company; (vi) provides for the acquisition or disposition after the date of this Agreement of any
portion of the Business or assets other than in the Ordinary Course of Business; (vii) contains a
change of control provision or other prohibition on the direct or indirect sale of any Company;
(viii) under which the consequences of default or termination would be reasonably likely to result
in a Material Adverse Effect; or (ix) contains covenants restricting the ability of any of the
Companies to declare or pay dividends.

“Materials” shall have the meaning set forth in Section 5.10(c).

“Mexican Marks” shall have the meaning set forth in Section 5.10(h)(i).

“Notice of Insurance” shall have the meaning set forth in Section 10.07(d).

“Notice of Purchase Price Adjustment Disagreement” shall have the meaning set forth in
Section 2.05(d).

“Objective Standards” means the requirements provided by applicable BCRA’s regulations
in order to be eligible to obtain BCRA’s approval to acquire the number of Shares of Financiera
that each Person constituting part of the Acquiror is committing to acquire hereunder.

“Ordinary Course of Business” with respect to a Person means the ordinary course of
business of such Person, consistent with past practice, taking into account the current economic
and industry conditions and subject to such changes by such Person and/or its Affiliates as are
reasonably necessary in light of the then current operating conditions and developments with
respect to such Person and/or its Affiliates, and for the avoidance of doubt, and without limiting
the generality of the foregoing, it is expressly acknowledged that the “Ordinary Course of
Business” for the Business includes the deterioration and impairment to the Business which has
occurred prior to the date hereof and which is likely (subject to the actions of the Acquiror and
the other parties hereto) to continue at least until Closing and resulting actions or consequences
of such deterioration and impairment.

“Owned Real Property” shall have the meaning set forth in Section 3.15(a).

“Parent” shall have the meaning set forth in the preamble hereto.

“Parent Advances” means the loans made from time to time (on or prior to the Closing
Date) by the Parent or the Seller or one of their Affiliates (each, a “Parent Advances
Lender”) to

 

A-10

 

one or more of the Companies, which as of the date hereof is evidenced by a credit agreement
in the aggregate initial principal amount of U.S.$25,000,000.

“Parent Advances Amount” means the aggregate principal amount and accrued but unpaid
interest thereon and other amounts due in respect of the Parent Advances as of the Closing Date, in
U.S. Dollars.

“Parent Advances Lender” shall have the meaning set forth in the definition of Parent
Advances.

“Parent Advances Transfer Agreement” means the agreement that will be entered into by
the Parent Advances Lenders and the Acquiror or its designee pursuant to Section 2.04(d) in
the event that the Transfer Election applies, in substantially the form attached hereto as
Exhibit C.

“Parent Beneficiary” shall have the meaning set forth in Section 5.13.

“Parent Disclosure Schedule” shall have the meaning set forth in the first paragraph
of Article III.

“Parent Entity” shall have the meaning set forth in Section 11.01(b).

“Parent Event” shall have the meaning set forth in the definition of “Material Adverse
Effect”.

“Parent Guaranty” shall have the meaning set forth in Section 5.08(a).

“Parent Indemnified Parties” shall have the meaning set forth in Section
10.03(a).

“Parent Names and Marks” shall have the meaning set forth in Section 5.10(a).

“Parent Releasee” shall have the meaning set forth in Section 5.11(b).

“Parent Releasor” shall have the meaning set forth in Section 5.11(a).

“Parent Signatory” shall have the meaning set forth in Section 5.13.

“Parent Specified Representations” means solely the representations and warranties set
forth in Sections 3.01 and 3.03 (except the last two sentences of Section
3.03(a), the last sentence of Section 3.03(c), and Section 3.03(d)).

“Parent’s Exclusive Territory” shall have the meaning set forth in Section
5.10(h)(i).

“Payment Election” shall have the meaning set forth in Section 2.04(d).

“Payoff Letter” means the payoff letter that will be entered into by the each of the
Parent Advances Lenders and the Acquiror in the event that the Payment Election applies, in
substantially the form attached hereto as Exhibit D.

“Pegasus” shall have the meaning set forth in the preamble hereto.

 

A-11

 

“Pegasus Acquirors” shall have the meaning set forth in the preamble hereto.

“Permits” shall have the meaning set forth in Section 3.10(a).

“Permitted Liens” means the following Liens: (a) Liens that secure debt that is
reflected on the Financial Statements; (b) Liens for taxes, assessments or other governmental
charges or levies that are not yet due or payable or that are being contested in good faith by
appropriate proceedings; (c) statutory Liens of landlords and Liens of carriers, warehousemen,
mechanics, materialmen, repairmen and other Liens imposed by Law for amounts not yet due; (d) Liens
incurred or deposits made to a Governmental Authority in connection with a governmental
authorization, registration, filing, license, permit or approval; (e) Liens incurred or deposits
made in the Ordinary Course of Business in connection with workers’ compensation, unemployment
insurance or other types of social security; (f) defects of title, easements, rights-of-way,
covenants, restrictions and other similar charges or encumbrances not materially interfering with
the ordinary conduct of business or which are shown by a current title report or other similar
report or listing previously provided or made available to the Acquiror; (g) Liens not created by
any of the Companies that affect the underlying fee interest of any Leased Real Property; (h) gaps
in the chain of title evident from the records of the relevant Governmental Authority maintaining
such records; (i) zoning, building and other generally applicable land use restrictions; (j) Liens
that have been placed by a third party on the fee title of the real property constituting the
Leased Real Property or real property over which any of the Companies have easement rights; (k)
Liens resulting from any facts or circumstances relating to the Acquiror or its Affiliates; (1) any
set of facts an accurate up-to-date survey would show, provided, however, such
facts do not materially interfere with the present use of the relevant Owned Real Property or
Leased Real Property by the Companies, respectively; (m) leases or similar agreements affecting the
Owned Real Properties, provided that such leases and agreements are included in the Parent
Disclosure Schedules; (n) Liens granted under securities lending and borrowing agreements,
repurchase and reverse repurchase agreements and derivatives entered into in the Ordinary Course of
Business; and (o) clearing and settlement Liens on securities and other investment properties
incurred in the ordinary course of clearing and settlement transactions in such securities and
other investment properties and the holding of legal title or other interests in securities or
other investment properties by custodians or depositories in the Ordinary Course of Business.

“Person” means any natural person, general or limited partnership, corporation,
limited liability company, limited liability partnership, firm, association or organization or
other legal entity.

“Post-Closing Adjustment” shall have the meaning set forth in Section 2.05(h).

“Post-Closing Covenants” shall have the meaning set forth in Section 10.01.

“Pre-Closing Covenants” shall have the meaning set forth in Section 10.01.

“Purchase Price” shall have the meaning set forth in Section 2.03.

“Purchase Price Adjustment Consultation Period” shall have the meaning set forth in
Section 2.05(e).

 

A-12

 

“Purchase Price Adjustment Review Period” shall have the meaning set forth in
Section 2.05(b).

“Real Property Leases” shall have the meaning set forth in Section 3.15(b).

“Reference Balance Sheet” shall have the meaning set forth in Section 3.06(a).

“Registered Intellectual Property” means registered copyrights, registered trademarks,
registered service marks, registered Internet domain names, issued patents and/or any pending
applications for the foregoing.

“Request for Arbitration” means any request for arbitration made by any party pursuant
to the terms set forth in this Agreement.

“Representative” of a Person means the directors, officers, employees, advisers,
agents, consultants, accountants, investment bankers or other representatives of such Person and of
such Person’s Affiliates. For the avoidance of doubt, neither the Federal Reserve Bank of New York
nor the U.S. Department of the Treasury shall be deemed a Representative of the Parent.

“Satisfaction of Conditions” shall have the meaning set forth in Section 2.02.

“Schedule 5.13 Contracts” shall have the meaning set forth in Section 5.13.

“Seller” shall have the meaning set forth in the Preamble hereto.

“Seller’s Estimated Closing Cash” shall mean the Closing Cash minus the Target Closing
Cash, estimated in good faith by the Seller for purposes and in accordance hereto and which may be
a positive or a negative number.

“Seller’s Estimated Closing Indebtedness” shall mean the Closing Indebtedness minus
the Target Closing Indebtedness, estimated in good faith by the Seller for purposes and in
accordance hereto and which may be a positive or a negative number.

“Seller’s Estimated Closing Loans” shall mean the Closing Loans minus the Target
Closing Loans, estimated in good faith by the Seller for purposes and in accordance hereto and
which may be a positive or a negative number.

“Seller’s Estimated Purchase Price Adjustment Amount” shall mean an amount calculated
by the Seller which shall be equal to the Seller’s Estimated Closing Cash plus the Seller’s
Estimated Closing Loans minus the Seller’s Estimated Closing Indebtedness minus
AP7,187,977.18, which amount may be a positive or negative number.

“Seller’s Purchase Price Adjustment Certificate” has the meaning set forth in
Section 2.04(a).

“Servicios” shall have the meaning set forth in the Recitals hereto.

“Shares” shall have the meaning set forth in the Recitals hereto.

 

A-13

 

“Specified Liabilities” means the liabilities accrued by Financiera and its financial
trusts (Ficeicomiso Financiero CFA) consistent with the Agreed Accounting Policies solely in the
liability accounts of the Reference Balance Sheet specifically identified in Schedule V,
including interest accrued and obligations to the government in the form of net Tax, VAT and social
security obligations and amounts owed to the credit card issuer for purchases not yet settled.

“Stated Purchase Price” shall have the meaning set forth in Section 2.03.

“Subsidiary” of any Person means any corporation, general or limited partnership,
joint venture, limited liability company, limited liability partnership or other Person that is a
legal entity, trust or estate of which (or in which) (a) the issued and outstanding Capital Stock
having ordinary voting power to elect a majority of the board of directors (or a majority of
another body performing similar functions) of such corporation or other Person (irrespective of
whether at the time Capital Stock of any other class or classes of such corporation or other Person
shall or might have voting power upon the occurrence of any contingency), (b) more than 50% of the
interest in the capital or profits of such partnership, joint venture or limited liability company
or (c) more than 50% of the beneficial interest in such trust or estate, is at the time of
determination directly or indirectly beneficially owned or Controlled by such Person.

“Target Closing Cash” means AP194,939,000, which is Closing Cash had the Closing
occurred on March 31, 2009 computed in accordance with the Agreed Accounting Policies and as set
forth in Schedule V attached hereto.

“Target Closing Indebtedness” means AP495,034,000, which is Closing Indebtedness had
the Closing occurred on March 31, 2009 computed in accordance with the Agreed Accounting Policies
and as set forth in Schedule V attached hereto.

“Target Closing Loans” means AP975,137,000, which is Closing Loans had the Closing
occurred on March 31, 2009 computed in accordance with the Agreed Accounting Policies and as set
forth in Schedule V attached hereto.

“Tax” or “Taxes” means all income, excise, gross receipts, premium, ad
valorem, sales, use, employment, franchise, profits, gains, property, transfer, payroll, stamp
taxes or other taxes, (whether payable directly or by withholding) imposed by any Tax Authority,
together with any interest and any penalties thereon or additional amounts with respect thereto.

“Tax Authority” means any Governmental Authority having jurisdiction over the
assessment, determination, collection or imposition of any Tax.

“Tax Returns” means all returns and reports (including elections, declarations,
disclosures, schedules, estimates and information returns) required to be supplied to a Tax
Authority relating to Taxes.

“Third Party Claim” shall have the meaning set forth in Section 10.04(a).

“Trademark License Agreement” shall have the meaning set forth in the Recitals hereto.

“Trademarks” shall have the meaning set forth in the definition of “Intellectual
Property.”

 

A-14

 

“Transaction Agreements” means, collectively, this Agreement and the Ancillary
Agreements.

“Transfer Election” shall have the meaning set forth in Section 2.04(d).

“Transfer Notice” shall have the meaning set forth in Section 5.17.

“UBS” shall have the meaning set forth in Section 3.18.

“UPC” shall have the meaning set forth in the Recitals hereto.

 

A-15

 

EXHIBIT B

FORM OF TRADEMARK LICENSE AGREEMENT

See Attached

 

B-1

 

EXHIBIT B

TRADEMARK LICENSE AGREEMENT

This TRADEMARK LICENSE AGREEMENT (including the Schedules hereto, this “Agreement”) is
entered into as of [                    ] [_____], 2009 among American International Group, Inc., a Delaware
corporation (the “Parent” or “Licensor”), AIG Universal Processing Center S.A., an
Argentinean corporation, Compañia Financiera Argentina S.A., an Argentinean corporation, and
Cobranzas y Servicios S.A., an Argentinean corporation, (collectively, the “Companies” or
“Licensees”), and Banco de Galicia y Buenos Aires S.A., an Argentine capital stock
corporation (“Galicia”) and certain shareholders and/or active board members of Pegasus
Argentina S.A. (“Pegasus”) as set forth on Schedule I (collectively, the
“Pegasus Acquirors” and, together with Galicia, the “Acquiror”). The Parent, the
Companies and the Acquiror are referred to herein collectively as the “Parties” and
individually as a “Party.”

RECITALS

WHEREAS, the Acquiror, the Seller (as defined below) and the Parent have entered into the
Stock Purchase Agreement, dated as of June 1, 2009 (as amended, modified or supplemented from time
to time in accordance with its terms, the “Purchase Agreement”), pursuant to which Parent
caused AIG Consumer Finance Group, Inc., a Delaware corporation and an indirect wholly-owned
Subsidiary of the Parent (the “Seller”), to sell, convey, assign, transfer and deliver to
Acquiror, and the Acquiror purchased, acquired and accepted from the Seller, all of the Seller’s
right, title and interest in and to all of the issued and outstanding Capital Stock in the
Companies owned by the Seller according to Recital A of the Purchase Agreement;

WHEREAS, Licensor is the owner of all right, title and interest in and to the Marks (as
defined below) and the goodwill associated therewith;

WHEREAS, the Purchase Agreement provides for the execution and delivery of this Agreement by
the Parent and the Companies;

WHEREAS, subject to the terms and conditions hereinafter set forth, the Parent wishes to grant
to the Companies, and the Companies desire to obtain, a license to continue to use the Marks on a
non-exclusive basis solely in connection with the Business (as defined herein), within the
Territory (as defined herein), and during the Term (as defined herein); and

WHEREAS, this Agreement shall be effective upon the Closing occurring under the Purchase
Agreement.

NOW THEREFORE, in consideration of the premises and the mutual covenants and undertakings
contained herein and in the Purchase Agreement, the receipt and sufficiency of which is
acknowledged, the Parties hereby agree as follows:

 

 

ARTICLE I. DEFINITIONS.

SECTION 1.1 Definitions. For the purposes of this Agreement, (a) unless
otherwise defined herein capitalized terms used herein shall have the meanings assigned to them in
the Purchase Agreement and (b) the following terms shall have the meanings hereinafter
specified:

“Action” means any claim, action, suit, arbitration or proceeding by or before any
Governmental Authority or arbitral body.

“Acquiror” has the meaning set forth in the Preamble of this Agreement.

“Agreement” has the meaning set forth in the Preamble of this Agreement.

“Business” means the respective business conducted by Licensees during the Term of
this Agreement.

“Business Day” means any day that is not a Saturday, a Sunday or other day on which
commercial banks in New York, New York and Buenos Aires, Argentina are required or authorized by
Law to remain closed.

“Categories” has the meaning set forth in Section 3.1 of this Agreement.

“Code” means the United States Internal Revenue Code of 1986, as amended.

“Companies” has the meaning set forth in the Preamble of this Agreement.

“Dispute” has the meaning set forth in Section 11.7 of this Agreement.

“Effective Time” has the meaning set forth in Section 2.1 of this Agreement.

“Governmental Authority” means any domestic or foreign governmental, legislative,
judicial, administrative or regulatory authority, agency, commission, body, court, association or
entity.

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation,
determination or award entered by or with any Governmental Authority.

“ICC Court” has the meaning set forth in Section 11.7(b) of this Agreement.

“ICC Rules” has the meaning set forth in Section 11.7(a) of this Agreement.

“Indemnified Party” shall have the meaning set forth in Section 9.3(a).

“Indemnifying Party” shall have the meaning set forth in Section 9.3(a).

“Law” means any federal, state, local or non-U.S. law, statute or ordinance, or any
rule, regulation, judgment, order, writ, injunction, ruling, decree or agency requirement of any
Governmental Authority.

 

2

 

“Letterhead” means stationery used by employees and officers of Licensees for written
communications.

“License” means the rights and licenses with respect to the Marks granted pursuant to
this Agreement.

“License and Legal Entity Statement” has the meaning set forth in Section 5.4
of this Agreement.

“Licensees” has the meaning set forth in the Preamble of this Agreement.

“Licensor” has the meaning set forth in the Preamble of this Agreement.

“Marks” shall mean any Source Indicators set forth on Schedule A hereto.

“Materials” has the meaning set forth in Section 3.2 of this Agreement.

“Notice of Dispute” has the meaning set forth in Section 11.7(a) of this
Agreement.

“Parent” has the meaning set forth in the Preamble of this Agreement.

“Parties” and “Party” have the meaning set forth in the Preamble of this
Agreement.

“Purchase Agreement” has the meaning set forth in the Recitals of this Agreement.

“Quality Standards” has the meaning set forth in Section 4.1 of this
Agreement.

“Representative” of a Person means the directors, officers, employees, advisors,
agents, consultants, accountants, investment bankers or other representatives of such Person and of
such Person’s Affiliates.

“Request for Arbitration” means any request for arbitration made by any party pursuant
to the terms set forth in this Agreement.

“Seller” has the meaning set forth in the Recitals of this Agreement.

“Source Indicator” has the meaning set forth in Section 2.4(c) of this
Agreement.

“Stuffer Letter” has the meaning set forth in Section 5.5 of this Agreement.

“Term” has the meaning set forth in Section 10.1 of this Agreement.

“Territory” means Argentina, its possessions and its territories.

“Third-Person Claim” shall have the meaning set forth in Section 9.3(a).

 

3

 

“Time Frames” has the meaning set forth in Section 3.1 of this Agreement.

SECTION 1.2 Interpretation. Interpretation of this Agreement shall be governed by the
following rules of construction: (a) words in the singular shall be held to include the
plural and vice versa, and words of one gender shall be held to include the other gender as the
context requires; (b) references to the terms Preamble, Recitals, Article, Section,
paragraph, Exhibit and Schedule are references to the Preamble, Recitals, Articles, Sections,
paragraphs, Exhibits and Schedules to this Agreement unless otherwise specified; (c)
references to “$” shall mean U.S. dollars; (d) the word “including” and words of similar
import when used in this Agreement shall mean “including without limitation,” unless otherwise
specified; (e) the word “or” shall not be exclusive; (f) the words “herein,”
“hereof or “hereunder,” and similar terms are to be deemed to refer to this Agreement as a whole
and not to any specific section; (g) the headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement; (h) this Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the Party drafting or causing any instrument to be
drafted; (i) if a word or phrase is defined, the other grammatical forms of such word or
phrase have a corresponding meaning; (j) references to any statute, listing rule, rule,
standard, regulation or other law include a reference to (i) the corresponding rules and
regulations and (ii) each of them as amended, modified, supplemented, consolidated,
replaced or rewritten from time to time; and (k) references to any section of any statute,
listing rule, rule, standard, regulation or other law include any successor to such section.

ARTICLE II. LICENSE.

SECTION 2.1 Effective Time. Subject to the terms and conditions set forth herein,
this Agreement shall be effective upon the Closing occurring under the Purchase Agreement and the
time of such effectiveness shall be the “Effective Time.”

SECTION 2.2 Grant of License. Subject to the terms and conditions of this Agreement,
at the Effective Time, Licensor hereby grants to Licensees a non-exclusive, non-transferable,
royalty-free license solely to use the Marks within the Territory, during the applicable Term, and
in connection with its Business as follows: (a) solely to the extent and in the same form
that the Marks exist as of the Closing Date and were used by Licensees immediately prior to the
Closing Date in its Business; (b) only with respect to goods, services and Materials
existing in inventory at Closing, and not for any new, goods or services (including any new
marketing or advertising materials or product, training or service literature); and (c) in
its name, if applicable, solely in the form used immediately prior to the date hereof.

SECTION 2.3 Internet Use. Use of the Marks pursuant to the terms of this Agreement
will not constitute use of the Marks outside of the Territory if (a) such use is on a
Licensee’s Internet web site, provided that such Internet use is not directed to Persons outside of
the Territory, and (b) with respect to marketing materials, the marketing materials bearing
the Marks are not distributed outside of the Territory by Licensees.

SECTION 2.4 No Modifications. The Companies hereby acknowledge and agree that:

 

4

 

(a) Licensees shall not use the Marks other than as specified herein;

(b) Licensees shall not change, modify, or create any variation of the Marks; and

(c) Licensees shall not join any trade names, corporate or business names, trademarks,
tag-lines, identifying logos, monograms, slogans, service marks, domain names, brand names, trade
dress or any other names or source identifiers (each, a “Source Indicator”) with the Marks
so as to form a composite or combined Source Indicator; provided, however, that
current uses of the Marks in combination with a Licensee’s name or mark may be used in accordance
with the terms and conditions of this Agreement.

SECTION 2.5 Limited License. The Companies hereby acknowledge and agree that the
Companies have no right, title or interest, express or implied, in and to the Marks, except as
specifically provided herein and subject to the terms and conditions stated in this Agreement. No
license, either express or implied, is granted by Licensor to the Companies hereunder with respect
to any Source Indicator or otherwise, except as specifically stated herein. For clarity, any
domain names containing the Marks that are registered in a Licensee’s or any Affiliate’s name as of
the Effective Time are not included within the definition of “Marks” in this Agreement, and
Licensees agree to, and to cause their Affiliates to, transfer promptly any of same to Licensor.
Further, any domain names containing the Marks that are registered in Licensor’s name and used by
Licensees or any of their Affiliates as of the Effective Time are not included within the
definition of “Marks” in this Agreement, and Licensor’s provision of services to Licensees or any
Affiliate under such domain names, if any, shall be governed by the Purchase Agreement.

ARTICLE III. ADDITIONAL REQUIREMENTS.

SECTION 3.1 Transition. The Parties acknowledge and agree that it is essential for
Licensees to transition from use of the Marks to use of their own Source Indicators in a timely and
expeditious manner after Closing. Thus, the Parties agree as follows:

(a) The Companies shall cease all use of the Marks (i) no later than on the last day
of the Time Frame that relates to each Category of use or (ii) no later than six (6) months
after the Closing Date for any Materials not otherwise covered by a Category of use,
provided that the Companies acknowledge that (x) they shall take all necessary
actions to cease use of the Marks as promptly as practicable after the Closing Date wherever
possible, and (y) subject to applicable Law, new Materials bearing a Licensee’s Source
Indicator shall be printed and put into use as promptly as possible to replace all Materials
bearing Licensor’s name, trademark, service mark and logo.

(b) Within thirty (30) days of Closing, the Companies shall prepare and distribute a
memorandum explaining the trademark requirements under this Agreement to all of its employees and
shall post such memorandum on all Intranet sites directed at employees of the Companies within five
(5) days after such Intranet sites commence operation.

(c) As soon as reasonably practicable, but in no event more than thirty (30) days after
Closing, the Companies shall prepare and distribute a notice to its agents and

 

5

 

subcontractors involved in the production and distribution of the Materials in each Category
of use, informing them of the relevant provisions of this Agreement.

(d) Each Party hereby designates the individual identified below as its initial representative
who possesses the necessary knowledge and expertise in the matters referred to in this Section
3.1 and Section 3.2 to oversee the implementation of this Agreement. For Licensor the
initial representative is [                    ] and for the Companies the initial representative is
[                    ]. Each Party may replace such designated person by providing notice of such
replacement in accordance with Section 11.2 so long as such replacement possesses the
necessary knowledge and expertise.

SECTION 3.2 Destruction of Materials. Except as otherwise set forth in Section
3.1, on or prior to the date that is (a) the last day of the Time Frame that relates to
each Category of use, or (b) six (6) months after the Closing Date for any other Materials,
the Companies shall destroy or exhaust all materials bearing the Marks, including signage,
advertising, promotional materials, software, packaging, inventory, electronic materials, website
content, collateral goods, business cards, invoices, receipts, forms, product, training and service
literature and materials and other materials (“Materials”). The Companies acknowledge that
they shall take all necessary actions to destroy all Materials as promptly as practicable after the
Closing Date wherever possible.

SECTION 3.3 Certification of Destruction. On or prior to the date that is
(a) the last day of the Time Frame that relates to each Category of use, or (b) six
(6) months after the Closing Date for any other Materials, the Companies shall send a written
statement to the Parent verifying that they have destroyed or exhausted all Materials bearing the
Marks and shall send the Parent representative samples of how the Companies use Materials that do
not include the Marks.

SECTION 3.4 Obligation to Cease Use of the Mark. The Companies for themselves and
their Affiliates agree that any prior rights it had to use any of the Marks pursuant to any written
or oral contract, agreement, license, sublicense or other instrument executed or in effect prior to
the Closing were terminated, effective as of the Closing Date, pursuant to Section 5.07 of the
Purchase Agreement, and that it has no right to use any of the Marks after the Effective Time,
except as set forth expressly in this Agreement. The Companies shall take all necessary action to
ensure that any other Persons who use the Marks, whose rights terminate upon Closing pursuant to
Section 5.10 of the Purchase Agreement, shall cease use of the Marks, except as expressly
authorized thereafter by Licensor in writing.

SECTION 3.5 Representation in the Marketplace. The Companies, for themselves and
their Affiliates, agree that after the Effective Time the Companies and their Affiliates will not
expressly, or by implication, do business as or represent themselves as the Parent or its
Affiliates, and shall use all reasonable efforts to ensure that there is no confusion that
Licensees are no longer affiliated with the Parent or its Affiliates and/or, if any such confusion
occurs, to promptly remediate the same.

 

6

 

ARTICLE IV. QUALITY STANDARDS.

SECTION 4.1 Quality Control and Standards. Licensor shall have the right to exercise
quality control over the use of the Marks by Licensees to the degree reasonably necessary or
desirable, in the reasonable opinion of Licensor, to maintain the validity and enforceability of
the Marks, and to protect the goodwill associated therewith. In furtherance of the foregoing,
during the Term Licensor may establish and amend (a) quality standards and specifications
for the goods and services offered or provided by Licensees in their respective Businesses and
(b) the “graphics standards” for the use of the Marks and in each case communicate them to
Licensees (subsection (a) and (b), together, the “Quality Standards”). The Companies
acknowledge and agree that the Quality Standards will be set at a level of quality equal to the
standards of quality associated with the Marks or the relevant Business as conducted prior to the
Closing Date.

SECTION 4.2 Samples. The Companies shall submit to Licensor representative samples of
all publicly-distributed Materials using the Marks fifteen (15) Business Days prior to their
initial distribution if such Materials materially differ from Materials previously distributed or
approved by Licensor. In the event that Licensor reasonably finds that such Materials deviate from
any of the Quality Standards, do not comply with the any other terms and conditions of this
Agreement, or that, in the reasonable opinion of Licensor, such publicly-distributed Materials
misuse the Marks or misrepresent the relationship between Licensor and Licensees, Licensees shall,
upon notice from Licensor, at Licensor’s option either (a) immediately take all necessary
action to correct the deviations or misrepresentations in, or misuse of, the respective items prior
to any dissemination to the public, and provide Licensor with representative samples of the
correction, or (b) immediately cease dissemination of such Materials. If Licensees fail to
take such steps and nevertheless distributes such Materials Licensor shall have the right to
terminate this Agreement with respect to Licensees pursuant to the terms of Section 10.2
hereof.

SECTION 4.3 Record of Use. The Companies shall identify to Licensor the actual legal
entities providing the products or services in question whenever Materials bearing the Marks are
distributed to the public, published or otherwise disseminated. In addition, the Companies shall
provide Licensor with representative samples of all Materials bearing the Marks every quarter for
purposes of maintaining a record of a Licensee’s use of the Marks.

SECTION 4.4 Quality Assurance. The Companies shall comply with such other reasonable
requests as are made by Licensor to enable Licensor to assure the quality of the relevant Business
conducted and the goods and service offered or provided by such Business in connection with the
Marks.

SECTION 4.5 Notices and Legends. The Companies shall use the Marks only in such
manner as will comply with the provisions of applicable Laws relating to the Marks. The Companies
shall mark, in a manner that is visible to the public, the use of the Marks (or in the case of
multiple uses of any Mark in any particular materials, the first prominent use of such Mark) with
(a) the superscript “R” symbol
(®)
or superscript “TM” symbol (TM) or “SM” symbol (SM), as
applicable, and (b) such legend as Licensor may reasonably designate by written notice.
Licensees may use the following legend completed as appropriate:

 

7

 

“[The Mark] is a [registered] [trademark][service mark] owned by
American International Group, Inc. and is used under license.”

ARTICLE V. USE AND OWNERSHIP OF THE MARKS.

SECTION 5.1 Use of Marks. The Companies shall use the Marks in accordance with sound
trademark and trade name usage principles and in accordance with all applicable Laws, including all
Laws relating to the maintenance of the validity and enforceability of the Marks. Licensees shall
not use the Marks in any manner that might dilute, tarnish, disparage, or reflect adversely on
Licensor, its Affiliates or the Marks.

SECTION 5.2 Ownership of Marks. The Companies, on behalf of themselves and their
Affiliates, acknowledge that the Marks and all rights therein and thereto and the goodwill
pertaining thereto belong exclusively to Licensor. A Licensee’s use of the Marks and any and all
goodwill generated thereby or associated therewith shall inure solely to the benefit of Licensor.

SECTION 5.3 No Confusion or Registration. Without limiting the generality of the
foregoing, the Companies, on behalf of itself and its Affiliates, agree and covenant that they
shall not (a) seek to register in any jurisdiction any Mark or any Source Indicator that is
a derivation, translation, adaptation, combination or variation of any of the Marks or that is
confusingly similar to any of the foregoing, (b) use the Marks, any Source Indicator
confusingly similar to the Marks, or any variation thereof outside the Territory, (c)
directly or indirectly contest the ownership, validity or enforceability of any rights of the
Parent or any of its Affiliates in or to any of the Marks, or (d) contest the fact that a
Licensee’s rights under this Agreement are solely those of a non-exclusive licensee to use the
Marks in connection with the relevant Business, within the Territory and during the Term subject to
all of the terms and conditions herein.

SECTION 5.4 License and Legal Entity Statement. All of each Licensee’s advertising
and websites used during the Term of this Agreement bearing the Marks shall indicate, in a form
reasonably satisfactory to Licensor, that use of the Marks is under license from the Licensor. The
following license and legal entity statement (the “License and Legal Entity Statement”)
shall be satisfactory for purposes of this Section as completed as appropriate:

[“Effective [_____], the [                     insurance] business of American International Group, Inc.,
has been sold to [_____]. During a transition period, you will continue to receive materials that
bear the American International Group, Inc. name and logo. Following the transition period,
materials will reflect the [_____] name and logo.]

“[The Mark] is a [registered] [trademark][service mark] owned by American International Group,
Inc. and is used under license.”

Any other license and legal entity statement proposed to be used by Licensees, shall be
submitted to Licensor for approval. Licensees shall not use such license and legal entity
statement prior to written approval by Licensor.

 

8

 

SECTION 5.5 Stuffer Letter. The Companies shall include a “Stuffer Letter”
bearing the License and Legal Entity Statement with all print communications and Materials bearing
or including any of the Marks disseminated during the Term. Unless required by a Governmental
Authority (in which case, the Companies shall provide prompt notice to Licensor), the Companies
shall not make any changes to the License and Legal Entity Statement without Licensor’s prior
written consent.

ARTICLE VI. PROTECTION OF MARKS; LITIGATION.

SECTION 6.1 Unauthorized Use. The Companies shall notify Licensor immediately upon
becoming aware of (a) any conflicting uses of, or any applications of or registrations for,
any Mark or any Source Indicator that is a derivation, translation, adaptation, combination or
variation of the Marks or that is confusingly similar thereto, (b) any acts of
infringement, unfair competition, unauthorized use or dilution involving the Marks, or (c)
any allegations that the use of the Marks by Licensor, its Affiliates or Licensees infringes the
trademark or service mark or other rights (including rights relating to unfair competition) of any
other Person.

SECTION 6.2 Enforcement. During the Term, Licensor will have the sole right, but not
the obligation, to initiate any opposition, cancellation or infringement proceedings necessary to
enforce the Marks. Licensor shall have the right but not the obligation to include Licensees as
parties in any such enforcement proceedings, and Licensees agree to join in such proceedings, at
Licensor’s expense, as a voluntary plaintiff or claimant upon request of Licensor, and the
Companies shall cooperate fully with Licensor in such proceedings, at Licensor’s expense. Licensor
shall have the sole right to control and settle any such proceedings.

SECTION 6.3 Recovery. Any recovery obtained as a result of any action pursuant to
this Article VI shall be retained by Licensor.

ARTICLE
VII. ASSIGNMENT.

SECTION 7.1 Assignment.

(a) Neither this Agreement nor any right or obligation hereunder may be directly or indirectly
assigned, sublicensed or transferred by the Companies, in whole or in part, to any third Person,
including any Affiliate, bankruptcy trustee, by operation of law (including by change of control or
merger) or otherwise, whether voluntarily or involuntarily, without Licensor’s prior written
consent, and any attempt to do so shall cause this Agreement to terminate, without further action
by Licensor, in accordance with the provisions of this Section 7.1. Licensor may transfer
or assign this Agreement or pledge to its lenders or other financing sources any or all of its
rights hereunder as collateral security without the consent of Licensees.

(b) Any purported assignment, sublicense or transfer in violation of this Section 7.1
shall be null and void.

 

9

 

SECTION 7.2 Binding on Successors and Assigns. This Agreement shall be binding upon,
shall inure to the benefit of, and shall be enforceable by the Parties hereto and their successors
and permitted assigns.

ARTICLE VIII. REPRESENTATIONS; WARRANTY DISCLAIMER.

SECTION 8.1 Duly Authorized. Each Party represents and warrants to the other that it
has duly authorized, executed and delivered this Agreement, which, subject to the due execution and
delivery hereof by the other Party, constitutes the legal, valid and binding obligation of such
Party enforceable against such Party in accordance with its terms, subject in each case to the
effect of any applicable bankruptcy, reorganization, insolvency, moratorium, rehabilitation,
liquidation, fraudulent conveyance, preferential transfer or similar Laws now or hereafter in
effect relating to or affecting creditors’ rights and remedies generally and subject, as to
enforceability, to the effect of general equitable principles (regardless of whether enforcement is
sought in a proceeding in equity or at law). Each Party represents and warrants that it has the
right and ability to cause its Affiliates to perform the obligations and covenants provided for
herein in accordance with the terms and conditions of this Agreement.

SECTION 8.2 DISCLAIMER. THE MARKS LICENSED TO LICENSEES HEREUNDER ARE PROVIDED “AS
IS.” EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,
INCLUDING THE WARRANTIES OF DESIGN, QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
TITLE AND NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, SUBJECT TO
SECTION 9.2.

ARTICLE IX. INDEMNIFICATION.

SECTION 9.1 Indemnification by Acquiror / Licensee. The Acquiror and each Licensee,
in each case, for itself and its Affiliates, hereby agrees to, and to cause its Affiliates to,
jointly and severally, indemnify, defend and hold the Licensor, its Affiliates and their respective
successors and assigns, harmless from and against any Losses arising out of any Third-Person Claim
resulting from use of the Marks with respect to the marketing, offering, use, issuance, sale or
performance of any materials, products or services bearing the Marks or offered under the Marks by
Licensees following the Closing Date, or otherwise arising in any manner out of the use of the
Marks, except for claims identified in Section 9.2 below.

SECTION 9.2 Indemnification by Licensor. Licensor hereby agrees to indemnify, defend
and hold the Licensees harmless from and against any Losses to the extent such Losses arise out of
any Third-Person Claim that a Licensee’s use of the Marks in accordance with the terms of this
Agreement infringes such third-Person’s trademark rights; provided, however.
Licensor shall not indemnify, defend or hold the Licensees harmless from and against any Losses to
the extent such Losses arise out of uses of the Marks in combination with a Licensee’s name or
mark.

 

10

 

SECTION 9.3 Procedures. The following provision shall govern indemnification under
this Article IX:

(a) A Person that may be entitled to be indemnified under this Agreement (the “Indemnified
Party”), shall promptly notify the Party liable for such indemnification (the “Indemnifying
Party”) in writing of any claim in respect of which indemnity may be sought under this
Article IX, including any pending or threatened claim or demand by a third Person that the
Indemnified Party has determined has given or could reasonably give rise to a right of
indemnification under this Agreement (including a pending or threatened claim or demand asserted by
a third Person against the Indemnified Party, each a “Third-Person Claim”), describing in
reasonable detail the facts and circumstances with respect to the subject matter of such claim or
demand; provided, however, that the failure to provide such notice shall not
release the Indemnifying Party from any of its obligations under this Article IX, except to
the extent that the Indemnifying Party is prejudiced by such failure.

(b) Upon receipt of a notice of a claim for indemnity from an Indemnified Party pursuant to
Section 9.3(a) in respect of a Third-Person Claim, the Indemnifying Party may, by notice to
the Indemnified Party delivered within twenty (20) Business Days of the receipt of notice of such
Third-Person Claim, assume the defense and control of any Third-Person Claim, with its own counsel
and at its own expense, but shall allow the Indemnified Party a reasonable opportunity to
participate in the defense of such Third-Person Claim with its own counsel and at its own expense.
The Indemnified Party may take any actions reasonably necessary to defend such Third-Person Claim
prior to the time that it receives a notice from the Indemnifying Party as contemplated by the
immediately preceding sentence. The Parent or the Acquiror, as the case may be, shall, and shall
cause each of its Affiliates and each of its and their Representatives to, cooperate fully with the
Indemnifying Party in the defense of any Third-Person Claim. The Indemnifying Party shall not,
without the prior written consent of the Indemnified Party (which shall not be unreasonably
withheld), consent to a settlement, compromise or discharge of, or the entry of any judgment
arising from, any Third-Person Claim, unless such settlement, compromise, discharge or entry of any
judgment does not involve any finding or admission of any violation of Law or admission of any
wrongdoing by the Indemnified Party and the Indemnifying Party shall (i) pay or cause to be paid
all amounts arising out of such settlement or judgment concurrently with the effectiveness of such
settlement or judgment (unless otherwise provided in such judgment), (ii) not encumber any of the
material assets of any Indemnified Party or agree to any restriction or condition that would apply
to or materially adversely affect any Indemnified Party or the conduct of any Indemnified Party’s
business and (iii) obtain, as a condition of any settlement, compromise, discharge, entry of
judgment (if applicable), or other resolution, a complete and unconditional release of each
Indemnified Party from any and all liabilities in respect of such Third-Person Claim. The
Indemnified Party shall not settle, compromise or consent to the entry of any judgment with respect
to any claim or demand for which it is seeking indemnification from the Indemnifying Party or admit
to any liability with respect to such claim or demand without the prior written consent of the
Indemnifying Party.

(c) Notwithstanding anything to the contrary contained in this Article IX, no
Indemnifying Party shall have any liability under this Article IX for any Losses arising
out of or in connection with any Third-Person Claim that is settled or compromised by an
Indemnified Party without the consent of such Indemnifying Party.

 

11

 

(d) In the event any Indemnifying Party receives a notice of a claim for indemnity from an
Indemnified Party pursuant to Section 9.3(a) that does not involve a Third-Person Claim,
the Indemnifying Party shall notify the Indemnified Party within twenty (20) Business Days
following its receipt of such notice whether the Indemnifying Party disputes its liability to the
Indemnified Party under this Article IX. The Indemnified Party shall reasonably cooperate
with and assist the Indemnifying Party in determining the validity of any such claim for indemnity
by the Indemnified Party.

(e) In the event a claim or any Action for indemnification under this Article IX has
been finally determined, the amount of such final determination shall be paid (i) if the
Indemnified Party is a Licensee, by the Parent to the Indemnified Party and (ii) if the Indemnified
Party is the Parent, by the Acquiror to the Indemnified Party, in each case on demand in
immediately available funds. A claim or an Action, and the liability for and amount of damages
therefor, shall be deemed to be “finally determined” for purposes of this Article IX when
the Parties have so determined by mutual agreement or, if disputed, when a final non-appealable
Governmental Order has been entered into with respect to such claim or Action.

ARTICLE X. TERM AND TERMINATION.

SECTION 10.1 Term. This Agreement shall commence as of the Effective Time, and shall
terminate as provided in Section 3.1, unless terminated earlier pursuant to either
Sections 10.2 or 10.3 hereof, provided that, this Agreement shall terminate
with respect to Licensees on the one hundred eightieth (180th) day after the Closing Date
(collectively, the “Term”).

SECTION 10.2 Termination Upon Company Breach. This Agreement may be terminated by
Licensor upon notice to the applicable Company if there shall occur a material breach of this
Agreement by such Company, including material breaches resulting from such Company failing to
enforce this Agreement against any of its Affiliates, and such breach is not cured within thirty
(30) days after written notice from Licensor to such Company, provided that Licensor may
terminate this Agreement immediately if, in Licensor’s sole reasonable discretion, such Company or
any of its Affiliates, as the case may be, does not commence such actions as are necessary or
advisable to cure any such breach promptly following the reception of the mentioned written notice.

SECTION 10.3 Termination Upon Certain Insolvency Events. This Agreement will
immediately terminate if: (a) a Company or any of its Affiliates shall fail to pay its
debts in the ordinary course of its business, or shall admit in writing its inability to pay its
debt generally, or shall make a general assignment for the benefit of creditors or any proceeding
shall be instituted by or against such Company or any of its Affiliates seeking to adjudicate it
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief, or composition of it or its debts under any Law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or
the appointment of a receiver, trustee, or other similar official for it or for any substantial
part of its property, and in the case of any proceeding instituted against such Company or any of
its Affiliates, such proceeding shall not be stayed or dismissed within 60 days from the date of

 

12

 

institution thereof, or (b) a Company or any of its Affiliates shall take any
corporate action to authorize any of the actions set forth in clause (a) above.

SECTION 10.4 Effect of Termination. Upon the termination of this Agreement, or upon
termination of the License with respect to Licensees, the Companies shall, subject to applicable
Law promptly: (a) cease any and all use of the Marks, (b) destroy and give notice
to all agents and employees to destroy all Materials bearing the Marks and provide the Parent with
the written statement required by Section 3.3 hereto, (c) discontinue use of the
Marks in any trade name, corporate name or d/b/a, (d) cease indicating that Licensees are
licensees of Licensor, and (e) refrain from using or displaying any Material or performing
any other act that would cause anyone to infer or believe a Licensee is the owner of, or a licensee
of Licensor with respect to, the Marks.

SECTION 10.5 Rights and Remedies. The rights and remedies of Licensor set forth in
this Article X are in addition to all other rights and remedies available at law or equity.

No breach of the Acquiror or the Companies to this Agreement shall occur except to the extent
the Licensor has given written notice to the breaching party describing the relevant breach and
such breach is not cured within thirty (30) days after such notice from Licensor to such breaching
party.

ARTICLE XI. MISCELLANEOUS.

SECTION 11.1 Survival. Articles VII and IX of this Agreement, as well as the
provisions of Sections 3.4 (first sentence), 5.2, 5.3, 8.2,
10.4, 10.5, 11.2, 11.7, 11.8, 11.9, 11.11
and this Section 11.1, shall survive the termination of this Agreement for any reason.

SECTION 11.2 Notices. All notices, requests, claims, demands and other communications
under this Agreement shall be in writing and shall be given or made (and shall be deemed to have
been duly given or made upon receipt) by delivery in person, by overnight courier service, by
facsimile with receipt confirmed (followed by delivery of an original via overnight courier
service) or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a Party as shall be
specified in a notice given in accordance with this Section 11.2):

	 	(i)	 	if to Licensor:
	 
	 	 	 	American International Group, Inc.

70 Pine Street

New York, NY 10270

Attention: General Counsel

Facsimile: 212-425-2175
	 
	 	 	 	with a copy to:
	 
	 	 	 	American International Group, Inc.

70 Pine Street — Floor 24

New York, NY 10270

 

13

 

	 	 	 	Attention: Ms. Liz Flynn

                  Head of Divestiture Separation Team

Facsimile: 212-770-3637
	 
	 	 	 	with a copy to (which shall not constitute notice):
	 
	 	 	 	Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Attention: Howard T. Spilko

Facsimile: 212-715-8000
	 
	 	(ii)	 	if to the Licensees:
	 
	 	 	 	AIG Universal Processing Center S.A.

Compañía Financiera Argentina S.A.

Cobranzas y Servicios S.A.

Attention: [•]

Facsimile: [•]
	 
	 	 	 	with a copy to (which shall not constitute notice):
	 
	 	 	 	Errecondo, Salaverri, Dellatorre, González & Burgio

Bouchard 680, floor 14

(C1106ABH) Buenos Aires, Argentina

Attention: Javier Errecondo / Facundo Goslino

Facsimile: 54-11-5236-4401
	 
	 	 	 	Estudio Beccar Varela

Tucuman 1, floor 3

(C1049AAA) Buenos Aires, Argentina

Attention: Roberto Crouzel

Facsimile: 54-11-4379-6800

SECTION 11.3 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated by this
Agreement is not affected in any manner materially adverse to either Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible in a mutually acceptable manner in order that the
transactions contemplated by this Agreement be consummated as originally contemplated to the
greatest extent possible.

SECTION 11.4 Entire Agreement. Except as otherwise expressly provided in this
Agreement, this Agreement (including the Schedule hereto) and the other Transaction Agreements
constitute the entire agreement of the Parties hereto with respect to the subject

 

14

 

matter of this Agreement and supersede all prior agreements and undertakings, both written and
oral, between or on behalf of Licensor and/or its Affiliates, on the one hand, and the Companies
and/or their Affiliates (including the Acquiror), on the other hand, with respect to the subject
matter of this Agreement.

SECTION 11.5 No Third-Party Beneficiaries. This Agreement is for the sole benefit of
the Parties and their successors and permitted assigns, and nothing in this Agreement, express or
implied, is intended to or shall confer upon any other Person (including any customer or employee
of any of the Companies) any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

SECTION 11.6 Amendment; Waiver. No provision of this Agreement may be amended,
supplemented or modified except by a written instrument signed by all the Parties. No provision of
this Agreement may be waived except by a written instrument signed by the Party against whom the
waiver is to be effective. No failure or delay by any Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. Except as otherwise set forth herein, the rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by Law.

SECTION 11.7 Arbitration; Submission to Jurisdiction; Waiver of Jury Trial.

(a) Any dispute, controversy, or claim arising from, relating to, or in connection with this
Agreement, or the breach, termination, or validity thereof shall be finally settled by arbitration
before three (3) arbitrators in accordance with the Rules of Arbitration of the International
Chamber of Commerce (the “ICC Rules”) in effect at the time of the arbitration except as
they may be modified herein or by mutual agreement of the Parties. The seat of the arbitration
shall be New York, New York, and the arbitration shall be conducted in the English language.

(b) The claimant shall nominate an arbitrator in its Request for Arbitration. The respondent
shall file an answer and nominate an arbitrator within twenty one (21) days of receipt of the
Request for Arbitration. The two (2) arbitrators shall nominate a third arbitrator, who shall
serve as chair, within fifteen (15) days of nomination of the second arbitrator designated or, if
the respondent fails to nominate the second arbitrator, within fifteen (15) days of the appointment
of the second arbitrator by the International Court of Arbitration of the International Chamber of
Commerce (the “ICC Court”). If any arbitrator is not nominated within the time limits set
out in this subsection, the ICC Court shall appoint that arbitrator upon the request of a Party.

(c) The arbitration shall be conducted in an expedited manner. There shall be one round of
prehearing submissions by each Party, whether simultaneous or sequential as directed by the
tribunal, and no reply or rejoinder submissions shall be made unless the tribunal expressly so
authorizes. The hearing shall be held within four (4) months of the constitution of the arbitral
tribunal and shall continue, to the extent practicable, from Business Day to Business Day until
completed. There shall be no posthearing submissions except as directed by the tribunal, and
before ordering such submissions, the tribunal shall identify for the Parties, on the

 

15

 

basis of its assessment of the case as of that time, the specific issues or matters it
believes should be addressed. The tribunal shall endeavor to render its award within six (6) weeks
of the last day of the hearing. The tribunal may modify this schedule for good cause shown.
Failure to comply with any time period set out in this Section shall not affect in any way the
jurisdiction of the tribunal or the validity of its award.

(d) Any request for production of documents or other information is subject to the express
authorization of the tribunal, which shall endeavor to ensure that any such requests are as limited
and disciplined as is consistent with the just resolution of the dispute. The Parties expressly
waive any right to seek evidence under 9 U.S.C. § 7 or 28 U.S.C. § 1782 or any similar provision.
A Party may request, and the tribunal should authorize, production only of specific documents or
narrow and specific categories of documents that are critical to the fair presentation of a Party’s
case and reasonably believed to exist and be in the possession, custody or control of the other
Party.

(e) The arbitration shall be confidential. The existence of the proceeding and any element of
it (including any pleadings, briefs or other documents submitted or exchanged, any testimony or
other oral submissions, and any awards) shall not be disclosed beyond the tribunal, the ICC Court
or the Secretariat of the ICC Court, the Parties, their counsel, accountants and auditors or any
person necessary to the conduct of the proceeding. These confidentiality obligations shall not
apply (i) if disclosure is required by Law or regulatory obligations, or in judicial or
administrative proceedings or (ii) as far as disclosure is necessary to enforce the rights arising
out of the award.

(f) The tribunal shall have power to award any relief that it deems just and appropriate,
including without limitation specific performance or injunctive relief. To the fullest extent
permitted by law, the Parties agree that any court of competent jurisdiction in which enforcement
of the award is sought shall have power to enforce the relief awarded by the arbitrators,
regardless of whether such relief is characterized as legal, equitable or otherwise.

(g) Notwithstanding Section 11.8 of this Agreement, the agreement to arbitrate set
forth in this Section and any arbitration conducted hereunder shall be governed by Title 9
(Arbitration) of the Code.

(h) The award shall be final and binding on the Parties. Judgment upon the award may be
entered by any court having jurisdiction thereof or having jurisdiction over the relevant Party or
its assets.

(i) Submission to Jurisdiction. Subject to and in furtherance of
Sections 11.7(a)-(h), each of the Parties and the Acquiror irrevocably and unconditionally,
for the limited purposes of (x) enforcing this Agreement to arbitrate under the terms and
conditions set forth in this Section 11.7, (y) applying for any interim relief necessary to
preserve a Party’s rights, including pre-arbitration attachments or injunctions, consistent with
the ICC Rules, and (z) enforcement of the arbitration award: (i) submits for itself and its
property to the exclusive jurisdiction of the Delaware Court of Chancery, or if the Delaware Court
of Chancery lacks jurisdiction of the subject matter, the United States District Court for the
District of Delaware, or if both the Delaware Court of Chancery and the United States District
Court for the District of

 

16

 

Delaware lack jurisdiction of the subject matter, any court of competent jurisdiction sitting
in the State of Delaware, in any Action directly or indirectly arising out of or relating to this
Agreement, the transactions contemplated by this Agreement, or the formation, breach, termination
or validity of this Agreement; and agrees that all claims in respect of any such Action shall be
heard and determined solely in such court; (ii) consents that any such Action may and shall be
brought in such courts and waives any objection that it may now or hereafter have to the venue or
jurisdiction of any such Action in such court or that such court is an inconvenient forum for the
Action and agrees not to assert, plead or claim the same; (iii) agrees that the final judgment of
such court shall be enforceable in any court having jurisdiction over the relevant Party or any of
its assets; (iv) irrevocably waives any right to remove any such Action from the Delaware Court of
Chancery to any federal court; (v) agrees that service of process in any such Action may be
effected by mailing a copy of such process by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Party at its address as provided in Section
11.02; and (vi) agrees that nothing in this Agreement shall affect the right to effect service
of process in any other manner permitted by the applicable rules of procedure. EACH PARTY HERETO
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR THE FORMATION, BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT.
EACH OF THE PARTIES CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OR
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH OF THE PARTIES UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH OF THE PARTIES MAKES THIS WAIVER
VOLUNTARILY, AND (IV) EACH OF THE PARTIES HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION 11.7. ANY OF THE
PARTIES MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
Notwithstanding anything to the contrary herein, nothing in this Section 11.7(i) shall be
deemed to in any way give any Party hereto the right to bring any action in any court which action
would otherwise be required to be resolved by arbitration under the provisions of this Section
11.7.

SECTION 11.8 Governing Law. This Agreement shall in all respects be governed by and
construed in accordance with the laws of the State of New York without giving effect to any
conflicts of law principles of such state that might apply the laws of another jurisdiction to this
Agreement.

SECTION 11.9 Obligations of Parties. Each obligation of a Party under this Agreement
to take (or refrain from taking) any action hereunder shall be deemed to include an undertaking by
the Party to cause its Affiliates to take (or refrain from taking) such action.

 

17

 

SECTION 11.10 Counterparts. This Agreement may be executed in one or more
counterparts, each of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or other means of electronic transmission shall be as
effective as delivery of a manually executed counterpart of this Agreement.

SECTION 11.11 Guarantee. The Acquiror hereby guarantees the performance by the
Licensees of its obligations in this Agreement.

[Signatures On Following Page]

 

18

 

EXHIBIT B

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the date first
written above by their respective duly authorized officers.

	 	 	 	 	 
	 	AMERICAN INTERNATIONAL GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANCO DE GALICIA Y BUENOS AIRES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

19

 

	 	 	 
	 

	PEGASUS ACQUIRORS
	 
	 	 
	 

	 	 
	 

	 	Name: Mario Eugenio Quintana
	 
	 	 
	 

	 	 
	 

	 	Name: Woods White Staton
	 
	 	 
	 

	 	 
	 

	 	Name: Ruben Pietropaolo
	 
	 	 
	 

	 	 
	 

	 	Name: Luis Maria Blaquier
	 
	 	 
	 

	 	 
	 

	 	Name: Jeronimo Jose Bosch
	 
	 	 
	 

	 	 
	 

	 	Name: Juan Manuel Marrone

 

20

 

SCHEDULE A

PARENT

LICENSED REGISTERED MARKS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mark	 	Class	 	 	Reg. No.	 	 	Reg. Date	 
	AIG
	 	 	16	 	 	 	1392453	 	 	March 31, 1992

 VENCIDA
	AIG
	 	 	35	 	 	 	1579745	 	 	October 23, 1995
 CON RENOVACION EN TRAMITE, POSIBLEMENTE CON ALGUN PROBLEMA
	AIG
	 	 	36	 	 	 	1335813	 	 	March 8, 1989
 RENOVADA POR LA QUE SIGUE EN ESTE CUADRO
	AIG
	 	 	36	 	 	 	1728875	 	 	March 1, 1999

 VIGENTE ENTIENDO QUE ES LA MAS IMPORTANTE POR CUBRIR LA CLASES DE SERVICIOS FINANCIEROS      
	AIG (specifically for credit cards)
	 	 	42	 	 	 	1579744	 	 	October 23, 1995

 CON RENOVACION EN TRAMITE, POSIBLEMENTE CON ALGUN PROBLEMA

PARENT

LICENSED UNREGISTERED MARKS

None.

LICENSED TRADENAMES

None.

 

 

 

SCHEDULE I

Pegasus Acquirors

	•	 	Mario Eugenio Quintana
	 
	•	 	Woods White Staton
	 
	•	 	Ruben Pietropaolo
	 
	•	 	Luis Maria Blaquier
	 
	•	 	Jeronimo Jose Bosch
	 
	•	 	Juan Manuel Marrone

 

 

 

EXHIBIT C

FORM OF PARENT ADVANCES TRANSFER AGREEMENT

See Attached

 

C-1

 

EXHIBIT C

PARENT ADVANCES TRANSFER AGREEMENT

This PARENT ADVANCES TRANSFER AGREEMENT (“Parent Advances Transfer Agreement”), dated
as of                     , 2009, is being executed and delivered by the undersigned pursuant to that
certain Stock Purchase Agreement, dated as of June 1, 2009 (the “Stock Purchase
Agreement”), by and among American International Group, Inc., a Delaware corporation (the
“Parent”), AIG Consumer Finance Group, Inc., a Delaware corporation and an indirect
wholly-owned Subsidiary of the Parent (the “Seller”), Banco de Galicia y Buenos Aires S.A.,
an Argentine stock corporation (“Galicia”) and certain shareholders and/or active board
members of Pegasus Argentina S.A. as set forth on Schedule I to the Stock Purchase Agreement
(“Pegasus”, and together with Galicia, the “Acquiror”). Galicia and Pegasus are
from time to time collectively referred to herein as the “Acquiror Parties.” Capitalized terms
used but not defined herein shall have the meanings ascribed to them in the Stock Purchase
Agreement.

RECITALS

WHEREAS, the Seller, the Parent and the Acquiror Parties have entered into the Stock Purchase
Agreement, providing for, among other things, this Parent Advances Transfer Agreement if the
Transfer Election applies, pursuant to which Parent will or will cause the Parent Advances Lenders
to transfer all of the Parent Advances Lenders’ right, title and interest in and to the Parent
Advances to the Acquiror Parties (or one of an Acquiror’s Affiliates, as designated by the
Acquiring Parties in accordance with the Stock Purchase Agreement) (“Transferee”) in
exchange for payment by the Acquiror Parties or the Transferee to the Parent Advance Lenders of
their pro rata share of the Parent Advances Amount.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and the mutual obligations and covenants set
forth herein, and for other good and valuable consideration (the receipt and sufficiency of which
is hereby acknowledged), the parties hereto agree as follows:

1. Transfer. At and effective as of the Closing, each Parent Advances Lender hereby
sells, transfers, conveys, assigns and delivers to the Transferee identified on the signature page
hereto the portion of all of such Parent Advances Lender’s right, title and interest in and to the
Parent Advances identified on the signature page hereto, free and clear of all Liens, in exchange
for the payment by the Acquiror Parties or the Transferee to such Parent Advances Lender under its
pro rata share of the Parent Advances Amount, which amounts shall be paid to such Parent Advances
Lender at Closing in the manner set forth in and in accordance with Section 2.04(c), (d) and (e) of
the Stock Purchase Agreement and without setoff, deduction or counterclaim.

2. Further Assurances. At and from time to time following the Closing, the parties
shall, and shall cause their respective Affiliates, directors, officers, personnel, independent
contractors, agents, and other representatives to, execute, deliver, file and record any and all
agreements, instruments, certificates or other documents and take such other actions as may be
reasonably necessary or desirable to effectuate the sale, transfer, conveyance, assignment and
delivery of the Parent Advances as contemplated hereby.

 

 

3. Facsimile Signature; Counterparts. This Parent Advances Transfer Agreement may be
executed in one or more counterparts, each of which when executed shall be deemed to be an
original, but all of which shall constitute but one and the same agreement. Electronically
transmitted signatures shall be valid as original.

4. Governing Law. This Parent Advances Transfer Agreement and any dispute arising
hereunder shall be governed, including, without limitation, as to validity, interpretation and
effect, by, and construed in accordance with, the internal Laws of the State of New York applicable
to agreements made and fully performed within the State of New York.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

2

 

IN WITNESS WHEREOF, each Parent Advances Lender and the Transferee have executed and delivered
this Parent Advances Transfer Agreement as of the date hereof.

	 	 	 	 	 
	 	[PARENT ADVANCES LENDERS]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[TRANSFEREE]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Portion of Parent Advances to purchase:  [•]% 

 

3

 

EXHIBIT D

FORM OF PAYOFF LETTER

See Attached

 

D-1

 

EXHIBIT D

PAYOFF LETTER

[__], 2009

[____]

Attention: [___]

Ladies and Gentlemen:

Reference is hereby made to that certain [insert name of credit agreement or other agreement,
including promissory notes], dated as of [___] (as amended, restated, supplemented and/or otherwise
modified as of the date hereof, the “Agreement”), between [____], as borrower (the
“Borrower”), and [____], as lender (the “Lender”). All capitalized terms used herein
that are defined in the Agreement and that are not otherwise defined herein shall have the
respective meanings ascribed thereto in the Agreement.

This letter confirms that the Borrower shall pay by wire transfer (together with notification
to the Lender of the applicable federal funds wire reference number) of freely and immediately
available funds to:

	 	 	 
	 

	 	[____]
	 

	 	ABA #: [____]
	 

	 	NF: [____]
	 

	 	ACCOUNT #: [____]
	 

	 	REF: [____] Payoff Amount

(the “Lender Account”), to be received at the Lender Account by 4:00 p.m., New York City
time, on [____] (the “Payoff Date”), the amount necessary to pay principal, interest and fees
owing by the Borrower to the Lender under the Agreement in the aggregate amount of $[____] (as more
fully described on Schedule 1 hereto, the “Payoff Amount”); provided that the
Payoff Amount shall be increased by $[____] (the “Per Diem Amount”) of daily accrued interest
(subject to adjustment in the event of a change in applicable interest rates) for each 24-hour
period, or portion thereof, that accrues from and after 4:00 p.m., New York City time, on the
Payoff Date and expires immediately prior to the receipt of the above-mentioned payment by the
Lender.

This letter confirms that upon, and effective as of, the time of receipt by the Lender of the
Payoff Amount and any applicable Per Diem Amount in the manner described above (such time being
referred to as the “Effective Time”):

(1) all indebtedness of the Borrower for credit extended under the Agreement shall be
fully paid and discharged;

 

 

(2) all unfunded commitments to make loans or otherwise extend credit to the Borrower
under the Agreement shall be terminated;

(3) all other obligations of the Borrower under the Agreement shall be released and
discharged, except those that are specified in the Agreement as surviving the termination of
the Agreement, which shall, as so specified, survive without prejudice and remain in full
force and effect;

(4) all security interests and other liens granted to or held by the Lender as security
for such indebtedness under the Agreement, if any, shall be forever satisfied, released and
discharged; and

(5) the Agreement shall terminate and have no further force or effect, except
Section[s] [_____] of the Agreement and those other provisions that are specified in the
Agreement as surviving that agreement’s termination or the repayment of the loans and all
other amounts payable under the Agreement.

The Borrower hereby acknowledges and agrees that: (i) the Borrower does not have any claim or
cause of action against the Lender, any of its directors, officers, employees, agents or attorneys
(collectively, the “Lender Parties”): (ii) the Borrower does not have any offset right,
counterclaim or defense of any kind against any of the obligations under the Agreement; (iii)
Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to
the Borrower; and (iv) the Lender has properly calculated the Payoff Amount and any applicable Per
Diem Amount. In order to eliminate any possibility that any past conditions, acts, omissions,
events, circumstances or matters might impair or otherwise adversely affect any of the rights,
interests, contracts, collateral security or remedies of the Lender, the Borrower hereby
unconditionally releases, waives and forever discharges (A) any and all liabilities, obligations,
duties, promises or indebtedness of any kind of the Lender to the Borrower, except the obligations
to be performed by the Lender as expressly stated in this letter agreement and those expressly
stated to survive the termination of the Agreement, and (B) all claims, offsets, causes of action,
suits, counterclaims, or defenses of any kind whatsoever (if any), whether known or unknown, which
the Borrower might otherwise have against any of the Lender Parties, in either case (A) or (B) on
account of any condition, act, omission, event, circumstance or matter of any kind whatsoever which
existed, arose or occurred at any time prior to the date hereof or which could thereafter arise as
the result of the execution of (or the satisfaction of any condition precedent or subsequent
contained in, or the performance of, or compliance with, any covenant or provision of) this letter
agreement or the Agreement.

Any amount received by the Lender after 4:00 p.m., New York City time, on the Payoff Date,
shall be deemed to have been paid by the Borrower on the next succeeding business day. Any
additional interest or fees (as reflected in the Per Diem Amount) owed by the Borrower as a result
of such delay shall be due and payable on such succeeding business day and the Payoff Amount
(including such Per Diem Amount) shall not be deemed paid until such Per Diem Amount has been
delivered to the Lender.

The Lender will, from and after the Effective Time, deliver to the Borrower such instruments
of release and discharge pertaining to the security interests and liens described in

 

2

 

clause (4) above of the Lender (if applicable) in any of the property of the Borrower and such
other termination statements or documents as the Borrower may reasonably request to effectuate, or
reflect of public record, the release and discharge of all such security interests and liens. In
addition, the Lender hereby authorizes the Borrower, from and after the Effective Time, to file all
Uniform Commercial Code termination statements as are necessary to effectuate, or reflect of public
record, the release and discharge of such security interests and liens. All of the foregoing shall
be at the expense of the Borrower, with no liability to the Lender, and with no representation or
warranty by or recourse to the Lender.

This letter agreement shall become effective only when signed by the Lender and accepted by
the Borrower in the space provided below. In the event that the payment of the Pay of Amount (plus
any Per Diem Amount) shall not have been paid by [_____], 2009, this letter agreement shall terminate.
Delivery of an executed signature page of this letter agreement by facsimile shall be effective as
delivery of a manually executed counterpart hereof.

THIS LETTER AGREEMENT AND ANY DISPUTE ARISING HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICT OF LAW
PRINCIPLES. EACH PARTY HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LETTER AGREEMENT
OR THE AGREEMENT.

[Remainder of Page Intentionally Left Blank]

 

3

 

	 	 	 	 	 
	 	Very truly yours,

[____], as Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Accepted and Agreed to:

[____], as Borrower

	 	 	 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

[__]

	 	 	 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

[SIGNATURE PAGE TO PAYOFF LETTER]

 

4

 

Schedule 1

Payoff Amount

See Attached.

 

S-1

 

SCHEDULE I

Pegasus Acquirors

	 	 	 	 	 	 	 
	 	 	PERCENTAGE EQUITY	 	 	 	 
	 	 	INTEREST IN	 	PRINCIPAL	 	COUNTRY OF
	NAME	 	PEGASUS/DIRECTOR	 	RESIDENCE	 	CITIZENSHIP
	Mario Eugenio Quintana
	 	66.67% – Director	 	Argentina	 	Argentina
	Woods White Staton
	 	33.33%	 	Colombia	 	Colombia
	Ruben Pietropaolo
	 	0% – Director	 	Argentina	 	Argentina
	Luis Maria Blaquier
	 	0% – Director	 	Argentina	 	Argentina
	Jeronimo Jose Bosch
	 	0% – Director	 	Argentina	 	Argentina
	Juan Manuel Marrone
	 	0% – Director	 	Argentina	 	Argentina

 

1

 

SCHEDULE II

Shareholders

	 	 	 	 	 	 	 	 	 
	COMPANY	 	SHAREHOLDERS1	 	 	SHAREHOLDING	 
	Cobranzas y Servicios S.A.
	 	Edward Joseph Cooper Jr.	 	 	 	40	 
	Compañía Financiera Argentina S.A.
	 	Edward Joseph Cooper Jr.	 	 	1	 
	AIG Universal Processing Center S.A.
	 	Edward Joseph Cooper Jr.	 	 	1,096	 

 

	 	 	 
	1	 	Shares of Edward Joseph Cooper Jr. in the three
Companies may be transferred to a Parent or Seller employee (Mr. James
Archibald or a designee) prior to signing or between signing and Closing. Upon
transfer of such shares, the name of Mr. Cooper will be deemed replaced by the
name of Mr. Archibald or a designee in this Schedule.

 

2

 

SCHEDULE III

Parent Knowledge

	 	 	 
	 	 	Subject Matter Limitations/
	Name	 	Areas of Responsibility
	 
	 	 
	• Christopher Seymour (General Counsel of Seller)

	 	Legal Matters
	 
	 	 
	• James Archibald (Senior Vice President of Seller)

	 	Operations Matters
	 
	 	 
	• Brian Maloy (Chief Financial Officer of Seller)

	 	Accounting and Tax Matters

 

3

 

SCHEDULE IV

Acquiror Knowledge

	 	 	 
	 	 	Subject Matter Limitations/
	Name	 	Areas of Responsibility
	 
	 	 
	• Galicia: Diego Rivas (Financial Manager)

	 	All
	 
	 	 
	• Pegasus: Mario Eugenio Quintana (President)

	 	All

 

4

 

SCHEDULE V

Target Closing Calculations

See Attached

 

5

 

Schedule 2.01

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	FINANCIERA	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Number of	 	 	SERVICIOS	 	 	UPC	 
	 	 	JURISDICION	 	 	Shares and	 	 	Number of	 	 	Number of	 
	 	 	(if an entity)/	 	 	Allocable	 	 	Shares and	 	 	Shares and	 
	 	 	RESIDENCE	 	 	Purchase	 	 	Allocable	 	 	Allocable	 
	ENTITY	 	(if an individual)	 	 	Price2	 	 	Purchase Price	 	 	Purchase Price	 
	Galicia
	 	Argentina stock

 corporation	 	 	446,050,000 and 

AP130,942,289	 	 	380,583 and 

AP334,577	 	 	1,221,370 and 
AP1,923,135	 
	Mario Eugenio Quintana
	 	Argentina	 	27,878,125 and AP8,183,893	 	23,786 and AP20,911	 	76,336 and AP120,196
	Woods White Staton
	 	Colombia	 	55,756,250 and AP16,367,786	 	47,573 and AP41,822	 	152,671 and AP240,392
	Ruben Pietropaolo
	 	Argentina	 	11,151,250 and AP3,273,557	 	9,515 and AP8,364	 	30,534 and AP48,078
	Luis Maria Blaquier
	 	Argentina	 	5,575,625 and AP1,636,779	 	4,757 and AP4,182	 	15,267 and AP24,039
	Jeronimo Jose Bosch
	 	Argentina	 	5,575,625 and AP1,636,779	 	4,757 and AP4,182	 	15,267 and AP24,039
	Juan Manuel Marrone
	 	Argentina	 	5,575,625 and AP1,636,779	 	4,757 and AP4,182	 	15,267 and AP24,039

FINANCIERA

Allocable Share of Purchase Price: AP163,677,862 (to be adjusted at Closing pursuant to Sections
2.04 and 2.05 in the Agreement)

SERVICIOS

Allocable Share of Purchase Price: AP418,220

UPC

Allocable Share of Purchase Price: AP2,403,918

 

	 	 	 
	2	 	Allocable Purchase Price to be adjusted at Closing
pursuant to Sections 2.04 and 2.05 in the Agreement.

 

6

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