Document:

EX-10.1

 Exhibit 10.1 

CREDIT AGREEMENT 
 DATED AS OF
NOVEMBER 18, 2022 
 AMONG 

UNIVERSAL TECHNICAL INSTITUTE, INC., 

as Borrower, 
 THE OTHER LOAN
PARTIES SIGNATORY HERETO, 
 as Loan Parties 

AND 
 FIFTH THIRD BANK, NATIONAL
ASSOCIATION, 
 as Lender 
  

 TABLE OF CONTENTS 

 

											
	 	 	 	 	 	  	Page	 
	1.	 		 	 DEFINITIONS
	  	 	1	 
					
		 		 	1.1.	 	 Certain Defined Terms
	  	 	1	 
		 		 	1.2.	 	 Accounting Terms and Determinations
	  	 	1	 
		 		 	1.3.	 	 Other Definitional Provisions and References
	  	 	2	 
				
	2.	 		 	 ADVANCES AND LETTERS OF CREDIT
	  	 	2	 
					
		 		 	2.1.	 	 Revolving Credit Advances and Borrowings
	  	 	2	 
		 		 	2.2.	 	 Prepayments/Commitment Termination
	  	 	3	 
		 		 	2.3.	 	 [Intentionally Omitted.]
	  	 	5	 
		 		 	2.4.	 	 Interest and Applicable Margins; Fees
	  	 	5	 
		 		 	2.5.	 	 Tranche Rate Provisions
	  	 	7	 
		 		 	2.6.	 	 Letters of Credit
	  	 	11	 
		 		 	2.7.	 	 General Provisions Regarding Payment
	  	 	11	 
		 		 	2.8.	 	 Loan Account
	  	 	11	 
		 		 	2.9.	 	 Taxes
	  	 	11	 
		 		 	2.10.	 	 Capital Adequacy
	  	 	13	 
		 		 	2.11.	 	 Mitigation Obligations
	  	 	13	 
		 		 	2.12.	 	 Notes
	  	 	13	 
				
	3.	 		 	 REPRESENTATIONS AND WARRANTIES
	  	 	13	 
					
		 		 	3.1.	 	 Existence and Power; Affected Financial Institution
	  	 	13	 
		 		 	3.2.	 	 Organization and Authorization; No Contravention
	  	 	14	 
		 		 	3.3.	 	 Binding Effect
	  	 	14	 
		 		 	3.4.	 	 Capitalization
	  	 	14	 
		 		 	3.5.	 	 Financial Information
	  	 	15	 
		 		 	3.6.	 	 Litigation
	  	 	16	 
		 		 	3.7.	 	 Ownership of Property
	  	 	16	 
		 		 	3.8.	 	 No Default
	  	 	16	 
		 		 	3.9.	 	 Labor Matters
	  	 	16	 
		 		 	3.10.	 	 Regulated Entities
	  	 	17	 
		 		 	3.11.	 	 Margin Regulations
	  	 	17	 
		 		 	3.12.	 	 Compliance With Laws; Anti-Terrorism Laws
	  	 	17	 
		 		 	3.13.	 	 Taxes
	  	 	18	 
		 		 	3.14.	 	 Compliance with ERISA
	  	 	18	 
		 		 	3.15.	 	 Brokers
	  	 	19	 
		 		 	3.16.	 	 Material Contracts
	  	 	19	 
		 		 	3.17.	 	 Environmental Compliance
	  	 	19	 
		 		 	3.18.	 	 Intellectual Property
	  	 	21	 
		 		 	3.19.	 	 Real Property Interests
	  	 	21	 
		 		 	3.20.	 	 Full Disclosure
	  	 	21	 
		 		 	3.21.	 	 [Reserved]
	  	 	21	 
		 		 	3.22.	 	 Insurance
	  	 	21	 
		 		 	3.23.	 	 Deposit and Disbursement Accounts
	  	 	21	 

  
 i 

									
		 	3.24.	 	 [Reserved]
	  	 	21	 
		 	3.25.	 	 [Reserved]
	  	 	21	 
		 	3.26.	 	 Solvency
	  	 	22	 
		 	3.27.	 	 Affiliate Transactions
	  	 	22	 
		 	3.28.	 	 Representations and Warranties in Loan Documents
	  	 	22	 
			
	4.	 	 AFFIRMATIVE COVENANTS
	  	 	22	 
				
		 	4.1.	 	 Maintenance of Existence and Conduct of Business
	  	 	22	 
		 	4.2.	 	 Payment of Charges
	  	 	23	 
		 	4.3.	 	 Books and Records
	  	 	23	 
		 	4.4.	 	 Insurance; Damage to or Destruction of Collateral
	  	 	23	 
		 	4.5.	 	 Compliance with Laws
	  	 	24	 
		 	4.6.	 	 Intellectual Property
	  	 	24	 
		 	4.7.	 	 Environmental Matters
	  	 	25	 
		 	4.8.	 	 Bank Products
	  	 	25	 
		 	4.9.	 	 Maintenance of Property; Material Contracts
	  	 	25	 
		 	4.10.	 	 Inspection of Property and Books and Records; Appraisals
	  	 	26	 
		 	4.11.	 	 Use of Proceeds
	  	 	26	 
		 	4.12.	 	 Further Assurances
	  	 	26	 
		 	4.13.	 	 Post-Closing Matters
	  	 	27	 
			
	5.	 	 NEGATIVE COVENANTS
	  	 	27	 
				
		 	5.1.	 	 Asset Dispositions, Etc.
	  	 	27	 
		 	5.2.	 	 Investments; Loans and Advances
	  	 	28	 
		 	5.3.	 	 Indebtedness
	  	 	29	 
		 	5.4.	 	 Employee Loans and Affiliate Transactions
	  	 	30	 
		 	5.5.	 	 Capital Structure and Business
	  	 	30	 
		 	5.6.	 	 Contingent Obligations
	  	 	30	 
		 	5.7.	 	 Liens
	  	 	31	 
		 	5.8.	 	 Consolidations and Mergers
	  	 	31	 
		 	5.9.	 	 ERISA
	  	 	32	 
		 	5.10.	 	 Hazardous Materials
	  	 	32	 
		 	5.11.	 	 Sale Leasebacks
	  	 	32	 
		 	5.12.	 	 Restricted Payments
	  	 	32	 
		 	5.13.	 	 Change of Corporate Name or Location; Change of Fiscal Year
	  	 	33	 
		 	5.14.	 	 No Restriction on Distributions; No Negative Pledges
	  	 	33	 
		 	5.15.	 	 [Intentionally Omitted.]
	  	 	33	 
		 	5.16.	 	 Affiliate Compensation and Fees
	  	 	33	 
		 	5.17.	 	 Margin Stock; Use of Proceeds
	  	 	34	 
		 	5.18.	 	 Sanctions; Use of Proceeds
	  	 	34	 
			
	6.	 	 FINANCIAL COVENANTS
	  	 	34	 
				
		 	6.1.	 	 Total Leverage Ratio
	  	 	34	 
		 	6.2.	 	 Fixed Charge Coverage Ratio
	  	 	34	 
		 	6.3.	 	 Financial Responsibility Composite Score
	  	 	34	 
		 	6.4.	 	 Quick Ratio
	  	 	34	 
		 	6.5.	 	 Maximum Outstandings
	  	 	34	 

  
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	7.	 	 FINANCIAL STATEMENTS AND INFORMATION
	  	 	35	 
				
		 	7.1.	 	 Reports and Notices
	  	 	35	 
			
	8.	 	 CONDITIONS PRECEDENT
	  	 	36	 
				
		 	8.1.	 	 Conditions to the Initial Advances
	  	 	36	 
		 	8.2.	 	 Further Conditions to Each Advance
	  	 	37	 
			
	9.	 	 EVENTS OF DEFAULT; RIGHTS AND REMEDIES
	  	 	38	 
				
		 	9.1.	 	 Events of Default
	  	 	38	 
		 	9.2.	 	 Remedies
	  	 	40	 
		 	9.3.	 	 Application of Proceeds
	  	 	41	 
		 	9.4.	 	 Waivers by Loan Parties
	  	 	41	 
			
	10.	 	 EXPENSES AND INDEMNITY
	  	 	41	 
				
		 	10.1.	 	 Expenses
	  	 	41	 
		 	10.2.	 	 Indemnity
	  	 	42	 
			
	11.	 	 MISCELLANEOUS
	  	 	43	 
				
		 	11.1.	 	 Survival
	  	 	43	 
		 	11.2.	 	 No Waivers
	  	 	43	 
		 	11.3.	 	 Notices
	  	 	43	 
		 	11.4.	 	 Severability
	  	 	44	 
		 	11.5.	 	 Amendments and Waivers
	  	 	44	 
		 	11.6.	 	 Assignments; Participations
	  	 	45	 
		 	11.7.	 	 Headings
	  	 	46	 
		 	11.8.	 	 Confidentiality
	  	 	46	 
		 	11.9.	 	 Waiver of Consequential and Other Damages
	  	 	47	 
		 	11.10.	 	 Marshaling; Payments Set Aside
	  	 	48	 
		 	11.11.	 	 GOVERNING LAW; SUBMISSION TO JURISDICTION
	  	 	48	 
		 	11.12.	 	 WAIVER OF JURY TRIAL
	  	 	48	 
		 	11.13.	 	 Publication; Advertisement
	  	 	49	 
		 	11.14.	 	 Counterparts; Integration
	  	 	49	 
		 	11.15.	 	 No Strict Construction
	  	 	49	 
		 	11.16.	 	 USA PATRIOT Act Notification
	  	 	49	 
		 	11.17.	 	 Acknowledgement and Consent to Bail-In of Affected
Financial Institutions
	  	 	50	 
		 	11.18.	 	 CALIFORNIA JUDICIAL REFERENCE
	  	 	50	 

  
 iii 

 INDEX OF ANNEXES, EXHIBITS, 

SCHEDULES AND APPENDICES 
  

					
	 Annex A
	  	—  	  	Letters of Credit
	 Schedule 3.1
	  	—  	  	Existence, Organizational Identification Numbers, Foreign Qualifications, Prior Names
	 Schedule 3.4
	  	—  	  	Capitalization
	 Schedule 3.16
	  	—  	  	Material Contracts
	 Schedule 3.17(a)
	  	—  	  	Hazardous Materials
	 Schedule 3.17(b)
	  	—  	  	Notices Regarding Environmental Compliance
	 Schedule 3.17(c)
	  	—  	  	Properties Requiring Remediation
	 Schedule 3.17(d)
	  	—  	  	Underground Storage Tanks
	 Schedule 3.17(e)
	  	—  	  	Environmental Liens
	 Schedule 3.19
	  	—  	  	Real Property Interests
	 Schedule 3.22
	  	—  	  	Insurance
	 Schedule 3.23
	  	—  	  	Deposit and Disbursement Accounts
	 Schedule 3.27
	  	—  	  	Affiliate Transactions
	 Schedule 4.1
	  	—  	  	Corporate and Trade Names
	 Schedule 5.3
	  	—  	  	Indebtedness
	 Schedule 5.4
	  	—  	  	Employee Loans and Affiliate Transactions
	 Schedule 5.6
	  	—  	  	Contingent Obligations
	 Schedule 5.7
	  	—  	  	Liens
	 Schedule 7.1(a)(iii)
	  	—  	  	Form of Projected Income Statement
	 Schedule 7.1(a)(iv)
	  	—  	  	Form of Compliance Certificate
			
	 Appendix I
	  	—  	  	Definitions

  

  
 iv 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT dated as of November 18, 2022 (the “Closing Date”), is by and among UNIVERSAL TECHNICAL
INSTITUTE, INC., a Delaware corporation (“Borrower”), the other Loan Parties signature hereto, as Loan Parties, and FIFTH THIRD BANK, NATIONAL ASSOCIATION, a federally chartered institution (“Lender”).

 RECITALS 
 WHEREAS,
Borrower desires that Lender extend a revolving credit facility to Borrower to provide funds necessary for the purpose of providing (a) working capital financing for Borrower, (b) funds for other general corporate purposes of Borrower,
(c) funds for all or part of the Concorde Acquisition, and (d) funds for other purposes permitted hereunder; and 
 WHEREAS,
Borrower and each Loan Party desires to secure all of the Obligations by granting to Lender a first-priority perfected Lien upon substantially all of its personal property, including, without limitation, all outstanding Stock of each Subsidiary,
pursuant to the terms of the Loan Documents; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter
contained, and for other good and valuable consideration, the parties hereto agree as follows: 
  

	1.	 DEFINITIONS 

1.1. Certain Defined Terms. For purposes of the Loan Documents, capitalized terms shall have the meanings as defined in this Agreement
(including, as applicable, each Annex to this Agreement and Appendix I to this Agreement). 
 1.2. Accounting Terms and
Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder (including determinations made pursuant to the exhibits hereto) shall be made, and all Financial
Statements required to be delivered hereunder shall be prepared on a consolidated basis in accordance with GAAP applied on a basis consistent with the most recent audited consolidated Financial Statements of the Loan Parties and their Subsidiaries
delivered to Lender on or prior to the Closing Date. If at any time any change in GAAP would, in either case, affect the computation of any financial ratio or financial requirement set forth in any Loan Document, and either Borrower or Lender shall
so request, Lender and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the final approval of Lender); provided, that until so
amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (b) the Loan Parties shall provide to Lender Financial Statements and other documents required under this
Agreement which include a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; provided, further, that (i) any election under Accounting Standards
Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Loan Party at “fair value”, as defined therein, shall be disregarded for the purposes

 
of computing any financial ratios and requirements herein and (ii) the effect of any changes to GAAP that would require leases which are, or would have been, classified as operating leases
under GAAP as it exists on the Closing Date to be classified and accounted for as capital leases under the revised GAAP (including by reason of adoption of FASB Accounting Standards Update 2016-02) shall be
disregarded for the purposes of computing any financial ratios and requirements herein. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, the Loan Parties shall not, without the prior written consent of Lender,
cause or permit any change in application of GAAP, or any method of GAAP utilized, by the Loan Parties in their Financial Statements after the Closing Date. 

1.3. Other Definitional Provisions and References. References in this Agreement to “Sections”, “Annexes”,
“Exhibits”, “Appendices” or “Schedules” shall be to Sections, Annexes, Exhibits, Appendices or Schedules of or to this Agreement unless otherwise specifically provided. Any term defined herein may be used in the
singular or plural. “Include”, “includes” and “including” shall be deemed to be followed by “without limitation.” Except as otherwise specified or limited herein, references to any Person include the
successors and assigns of such Person. The references “from” or “through” any date mean, unless otherwise specified, “from and including” or “through and including,” respectively. References in any Loan
Document to the knowledge (or an analogous phrase) of any Loan Party are intended to signify that such Loan Party has actual knowledge or awareness of a particular fact or circumstance after due inquiry. Unless otherwise specified herein, the
settlement of all payments and fundings hereunder between or among parties hereto shall be made in lawful money of the United States and in immediately available funds. Time is of the essence in Borrower’s and each other Loan Party’s
performance under this Agreement and all other Loan Documents. All amounts used for purposes of financial calculations required to be made herein shall be without duplication. Except as otherwise specified or limited herein, references to any
statute or act shall include all related regulations, rules and orders and all amendments and supplements and any successor or replacement statutes, acts and regulations. References to any statute or act, without additional reference, shall be
deemed to refer to federal statutes and acts of the United States. References to any agreement, instrument or document (including the Loan Documents and any Organizational Document) shall include all schedules, exhibits, annexes, appendices and
other attachments thereto and shall be construed as referring to such agreement, instrument or document as from time to time amended, amended and restated, modified, extended, restated, replaced or supplemented (subject to any restrictions on such
amendments, amendments and restatements, modifications, extensions, restatements, replacements and supplements set forth herein or in any other Loan Document). 
  

	2.	 ADVANCES AND LETTERS OF CREDIT 

2.1. Revolving Credit Advances and Borrowings. 

(a) Subject to the terms and conditions hereof, Lender agrees to make available to Borrower from time to time until the Commitment Termination
Date advances pursuant to its Revolving Loan Commitment (each, a “Revolving Credit Advance”); provided, that the aggregate principal amount of such Revolving Credit Advances will not result in the Revolving Exposure exceeding
the Revolving Loan Commitment, or the limitations set forth in Section 6.5 hereof. Until the Commitment Termination Date, Borrower may from time to time borrow, repay and reborrow under this
Section 2.1(a). 

  
 2 

 (i) Borrower shall deliver to Lender a Notice of Borrowing with respect to
each proposed borrowing of a Revolving Credit Advance (other than Revolving Credit Advances made pursuant to clause (ii) of this Section 2.1(a) or Section 2.3), such Notice of Borrowing to be
delivered no later than: (A) 11:00 a.m. (Pacific Standard Time) (or such later time acceptable to Lender in its sole discretion) on the day of such proposed borrowing, in the case of Revolving Credit Advances in an aggregate principal amount
equal to or less than $250,000, and (B) the day that is two Business Days prior to such proposed borrowing, in the case of Revolving Credit Advances in an aggregate principal amount greater than $250,000. Once given, a Notice of Borrowing shall
be irrevocable and Borrower shall be bound thereby. 
 (ii) Borrower hereby authorizes Lender to make Revolving Credit
Advances based on telephonic or electronic notices made by any Person which Lender, in good faith, believes to be acting on behalf of Borrower, in accordance with procedures established by or otherwise acceptable to Lender from time to time in its
sole discretion (including Lender’s confirmation of such notices). All Revolving Credit Advances will be advanced to the primary operating account of Borrower, unless Borrower otherwise instructs Lender in writing. 

(b) The making of each Advance by Lender, whether under Section 2.1(a) or Section 2.3, will
be deemed to be a representation by Borrower that the Advance will not violate the terms of Section 2.1(a) or Section 2.3, respectively. Lender shall have no duty to follow, or any liability for,
the application by Borrower of any proceeds of any Advance. 
 (c) Any Revolving Credit Advance constituting the Initial Draw shall be
advanced to an account of Borrower’s at Fifth Third or its Affiliates and held until satisfaction of all conditions precedent to the Concorde Acquisition having been met. 

2.2. Prepayments/Commitment Termination. 

(a) Termination of Revolving Loan Commitment. 

(i) Borrower may at any time on at least 10 days’ prior written notice to Lender terminate the Revolving Loan Commitment;
provided that, upon such termination, all Advances and other Obligations shall be immediately due and payable in full and all Letter of Credit Obligations shall be cash collateralized or otherwise satisfied in accordance with Annex A.
Any voluntary termination of the Revolving Loan Commitment must be accompanied by payment of any Tranche Rate funding breakage costs in accordance with Section 2.5(c). Upon any such termination of the Revolving Loan
Commitment, Borrower’s right to request Revolving Credit Advances, or request that Letter of Credit Obligations be incurred on its behalf, shall simultaneously be permanently terminated. 

(ii) All of the Obligations shall, if not sooner paid or required to be paid pursuant to this Agreement or any other Loan
Document, be due and payable in full on the Commitment Termination Date. 

  
 3 

 (b) Mandatory Prepayments. 

(i) Subject to Section 2.1(b), if at any time the outstanding balance of the aggregate Revolving
Exposure exceeds Availability, or the limitations imposed by Section 6.5 hereof (any and all such excess Revolving Exposure is herein referred to, collectively, as an “Overadvance”), Borrower shall
promptly, and in any event within two (2) Business Days, repay the aggregate outstanding Revolving Credit Advances to the extent required to eliminate such Overadvance. If any such Overadvance remains after repayment in full of the aggregate
outstanding Revolving Credit Advances, Borrower shall provide cash collateral for the Letter of Credit Obligations in the manner set forth in Annex A to the extent required to eliminate such Overadvance. Any such prepayment shall be applied
in accordance with Section 2.2(c). 
 (ii) Subject to Section 2.2(c),
within 2 Business Days after receipt by any Loan Party or Subsidiary of cash proceeds (including insurance proceeds and proceeds from casualty losses or condemnations) of any voluntary or involuntary sale or disposition of, or any casualty or
condemnation event with respect to, any property or assets of any Loan Party or Subsidiary (determined exclusive of any proceeds of sales and other dispositions permitted by Sections 5.1(a) and (c) solely for purposes of this
Section 2.2(b)(ii)), Borrower shall notify Lender of such Loan Party’s receipt of such cash proceeds and shall prepay the Advances (and cash collateralize Letter of Credit Obligations) in an amount equal to all such
cash proceeds, net of (A) commissions and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by Borrower in connection therewith (in each case, paid to non-Affiliates), (B) transfer taxes, (C) amounts payable to holders of Liens that are senior to the Liens of Lender created under the Loan Documents on such assets (to the extent such Liens constitute
Permitted Encumbrances hereunder), and (D) an appropriate reserve for income taxes in accordance with GAAP in connection therewith (it being understood that to the extent any such reserve is reversed or abandoned, the amount so reversed or
abandoned shall constitute cash proceeds payable pursuant to this Section). Any such prepayment shall be applied in accordance with Section 2.2(c); provided, that so long as (1) no Default or Event of Default
shall have occurred and is continuing or would result therefrom, (2) Borrower shall have given Lender prior written notice of Borrower’s intention to apply such monies to the costs of replacement of the properties or assets that are the
subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of such Loan Party or, in the case of proceeds from casualty losses or condemnation, to the cost of repair and restoration of the
affected assets, (3) the monies are held in a Deposit Account in which Lender has a perfected first-priority security interest, and (4) such Loan Party completes such replacement, purchase, or construction within one (1) year after
the initial receipt of such monies, then the Loan Party whose assets were the subject of such disposition shall have the option to apply such monies to the costs of replacement of such assets or the costs of purchase or construction of other assets
useful in the business of such Loan Party or, in the case of proceeds from casualty losses or condemnation, to the cost of repair and restoration of the affected assets, unless and to the extent that such applicable period shall have expired without
such replacement, purchase, or construction being made or completed, in which case, such net cash proceeds not so applied shall be paid to Lender and applied in accordance with Section 2.2(c). 

(iii) [Intentionally Omitted.] 

  
 4 

 (iv) If any Loan Party incurs Indebtedness not permitted under the terms of
this Agreement, no later than the Business Day following the date of receipt of the proceeds thereof, Borrower shall notify Lender of such Loan Party’s receipt of such proceeds and shall prepay the Advances (and cash collateralize Letter of
Credit Obligations) in an amount equal to the lesser of (A) all such proceeds, net of reasonable costs paid to non-Affiliates in connection therewith and (B) the amount of any outstanding Advances
and Letter of Credit Obligations. Any such prepayment shall be applied in accordance with Section 2.2(c). 
 (c)
Application of Certain Mandatory Prepayments. So long as no Event of Default has occurred and is continuing, any prepayments made by Borrower pursuant to Section 2.2(b) shall be applied as follows: first to
pay any Overadvances that may be outstanding, second to prepay the remaining Advances without a corresponding reduction in the Revolving Loan Commitment, and third to cash collateralize outstanding Letter of Credit Obligations in the
manner set forth on Annex A. If any Event of Default has occurred and is continuing, such amounts shall be applied as provided in Section 9.3. All prepayments made pursuant to Section 2.2(b)
must be accompanied by payment of any Tranche Rate funding breakage costs in accordance with Section 2.5(c). 

(d) Application of Prepayments to Tranche Rate Loans. Any prepayment of a Tranche Rate Loan on a day other than the last day of an
Interest Period therefor shall include interest on the principal amount being repaid and shall be subject to Section 2.5(c). All prepayments of an Advance shall be applied first to that portion of such Advance comprised of
Base Rate Loans and then to that portion of such Advance comprised of Tranche Rate Loans, in direct order of Interest Period maturities. 

(e) No Implied Consent. Nothing in this Section 2.2 shall be construed to constitute Lender’s consent to
any transaction that is not expressly permitted by other provisions of this Agreement or the other Loan Documents or a waiver of any Event of Default arising therefrom. 

2.3. [Intentionally Omitted.] 

2.4. Interest and Applicable Margins; Fees. 

(a) Subject to Sections 2.4(c) and 2.4(d), each Advance shall bear interest on the outstanding principal amount thereof from the
date when made at a rate per annum equal to the Tranche Rate plus the Tranche Rate Adjustment, or the Base Rate, as the case may be, plus the Applicable Margin. Each determination of an interest rate by Lender shall be conclusive and binding on
Borrower in the absence of manifest error. All computations of Fees and interest payable under this Agreement shall be made on the basis of a 360-day year and actual days elapsed, which results in more
interest charged than if interest were calculated based on a 365-day year. Interest and Fees shall accrue during each period during which interest or such Fees are computed from (and including) the first day
thereof to (but excluding) the last day thereof. 

  
 5 

 (b) All as determined by Lender in accordance with the Loan Documents and Lender’s loan
systems and procedures periodically in effect, interest shall be paid in arrears (i) on each Interest Payment Date and (ii) on the date of each payment or prepayment of Advances on and after the Commitment Termination Date. Lender may
estimate the amount of interest that Borrower will owe on Borrower’s periodic statements and Lender may adjust the amount of interest owed on each subsequent statement provided to Borrower to reflect any differential between the estimated
amount of interest shown on Borrower’s preceding statement and the actual amount of interest determined to have been due by Lender on the preceding Interest Payment Date. Borrower agrees to pay the amount shown due on the Interest Payment Date
on each of Borrower’s periodic statements on each Interest Payment Date. 
 (c) At the election of Lender while any Event of Default
exists (or automatically while any Event of Default under Section 9.1(a), 9.1(h) or 9.1(i) exists), interest (after as well as before entry of judgment thereon to the extent permitted by Law) on the Advances
and the Letter of Credit Fees shall increase, from and after the date of occurrence of such Event of Default, to a rate per annum which is determined by adding 2.0% per annum to the Applicable Margin or Letter of Credit Fee, as applicable, then in
effect for such Advances (plus the Tranche Rate or the Base Rate, as the case may be) or Letter of Credit Obligations, as applicable (the “Default Rate”). All such interest shall be payable on demand of Lender. 

(d) Anything herein to the contrary notwithstanding, the obligations of Borrower hereunder shall be subject to the limitation that payments of
interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by Lender would be contrary to the provisions of any Law applicable to
Lender limiting the highest rate of interest that may be lawfully contracted for, charged or received by Lender, and in such event Borrower shall pay Lender interest at the highest rate permitted by applicable Law (“Maximum Lawful
Rate”) for such period; provided, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such
time as the total interest received by Lender is equal to the total interest that would have been received had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as
otherwise provided in this Agreement. 
 (e) Fees. 

(i) Closing Fee. Borrower shall pay to Lender on the Closing Date a closing Fee in the aggregate amount of $250,000.
(the “Closing Fee”). The Closing Fee is fully-earned and non-refundable as of the Closing Date. 

(ii) Unused Line Fees. Borrower agrees to pay to Lender a commitment Fee (the “Unused Line Fee”), which
shall accrue, as of each day during the period from and including the Closing Date to but excluding the date on which the Revolving Loan Commitment terminates, at the rate set forth in the “Unused Line Fee” column of the table contained in
the definition of Applicable Margin on the then daily amount of the difference of the Revolving Loan Commitment minus the sum of (A) the aggregate outstanding amount of all Revolving Credit Advances plus (B) the outstanding
amount of Letter of Credit Obligations. The accrued Unused Line Fee shall be payable in arrears on each Interest Payment Date, all as determined by Lender in accordance with the Loan Documents and Lender’s loan systems and procedures
periodically in effect. Accruals of the Unused Line Fee shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed during the applicable period (including the first day but excluding the last day
of such period). 

  
 6 

 (iii) Letter of Credit Fees. Borrower agrees to pay to Lender with
respect to each standby Letter of Credit (the “Letter of Credit Fee”) a Fee in an amount equal to the Applicable Margin for Tranche Rate Loans from time to time in effect multiplied by the maximum amount available from time to time
to be drawn under such Letter of Credit, which Fee shall be payable (as more specifically determined pursuant to the applicable Loan Documents with respect to such Letter of Credit and otherwise as determined by Lender in accordance with the Loan
Documents and Lender’s loan systems and procedures periodically in effect) in arrears on each Interest Payment Date; and 

(A) on demand, all costs and expenses incurred by Lender on account of any Letter of Credit Obligations. 

All such Fees are fully earned by Lender when paid and non-refundable. The Letter of Credit Fee will be
calculated on the basis of the actual number of days elapsed in a 360-day year. 

(iv) NSF Fees. In addition to, and without limiting, any other provision of this Agreement or the other Loan Documents,
Lender may impose a non-sufficient funds fee for any check that is presented for payment that is returned for any reason. 

2.5. Tranche Rate Provisions. 

(a) Tranche Rate Election. Subject to the provisions of Section 9.2, Borrower may request that Revolving
Credit Advances permitted to be made hereunder be Tranche Rate Loans and that outstanding portions of Advances made hereunder be converted to Tranche Rate Loans. Any request with respect to a new Revolving Credit Advance will be made by submitting a
Notice of Borrowing to Lender. Once given, and except as provided in clauses (b)-(f) below, a Notice of Borrowing shall be irrevocable, and Borrower shall be bound thereby. In the case of any conversion of a Base Rate Loan to a Tranche Rate Loan,
any conversion of an existing Tranche Rate Loan to a new Tranche Rate Loan with a different Interest Period, or any conversion of a Tranche Rate Loan to a Base Rate Loan, such election must be made pursuant to a Notice of Conversion. In addition to
the other provisions of this Agreement, as a condition to any Tranche Rate election hereunder, on or before the date on which the applicable Tranche Rate Loan is to be advanced or converted hereunder, in each case in accordance with Lender’s
loan policies and procedures periodically in effect, Borrower shall notify Lender of each of the following: (i) the requested amount of such Tranche Rate Loan, (ii) the Interest Period that Borrower has elected to apply to such Tranche
Rate Loan, and (iii) the date of the requested advance or conversion. In the absence of a Notice of Conversion submitted to Lender not later than noon Pacific Standard Time (or such later time acceptable to Lender in its sole discretion) on the
Business Day on which such Interest Period expires, Borrower will be deemed to have requested that the Tranche Rate Loan then maturing be continued as a Tranche Rate Loan for the same Interest Period commencing on the date on which such expiring
Interest Period ends. If Borrower requests a new Advance but fails to submit a Notice of Borrowing as required by this paragraph, and if Borrower would 

  
 7 

 
otherwise be entitled to elect a Tranche Rate Loan under the terms of this Agreement, Borrower will be deemed to have elected to have such principal amount bear interest as a Tranche Rate Loan
with an Interest Period of one month, commencing on the date of the advance. Unless otherwise permitted by Lender in its sole discretion: (A) in no event may the last day of any Interest Period exceed the Commitment Termination Date,
(B) in no event may any new Interest Period commence with respect to any Tranche Rate Loan requested to be converted hereunder prior to the expiration of the applicable Interest Period then in effect with respect to such Tranche Rate
Loan, (C) there may be no more than five (5) Tranche Rate Loans outstanding at any one time, and (D) if required by Lender in its sole discretion at any time and from time to time, each request for a Tranche Rate Loan, whether by
original issuance or conversion, shall be in a minimum amount of $250,000 and, if in excess of such amount, in an integral multiple of $100,000 in excess of such amount. 

(b) Temporary Replacement of the Tranche Rate and Tenor Replacement. In the event, prior to commencement of any Interest Period
relating to a Tranche Rate Loan, Lender shall determine that: (i) the Tranche Rate is unavailable, unrepresentative, or unreliable, (ii) the Tranche Rate as determined by Lender will not adequately and fairly reflect the cost to Lender of
funding the Tranche Rate Loans for such Interest Period, or (iii) the making or funding of Tranche Rate Loans has become impracticable; then, in any such case, Lender shall promptly provide notice of such determination to Borrower (which shall
be conclusive and binding on Borrower absent manifest error), and (A) any request for a Tranche Rate Loan or for a conversion to or continuation of a Tranche Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base
Rate Loan, (B) each Tranche Rate Loan will automatically, on the last day of the then current Interest Period relating thereto, become a Base Rate Loan, and (C) the obligations of Lender to make Tranche Rate Loans shall be suspended until
Lender determines that the circumstances giving rise to such suspension no longer exist, in which event Lender shall so notify Borrower. 
 At any time
(including in connection with the implementation of a Successor Rate), Lender may remove any tenor of a Tranche Rate that is unavailable, non-representative, or not in compliance with or aligned with the
International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, in Lender’s sole discretion, for Tranche Rate settings; provided however that Lender may reinstate such previously removed tenor for
Tranche Rate settings, if Lender determines in its sole discretion that such tenor has become available and representative again. 
 (c)
Tranche Rate Replacement. 
 (i) Notwithstanding anything to the contrary herein or in any other Loan Document (and
any Rate Contract shall be deemed not to be a “Loan Document” for purposes of this Section 2.5(c)), but without limiting Section 2.5(b) above, if Lender determines (which determination
shall be conclusive and binding on Borrower absent manifest error) that any of the circumstances described in Section 2.5(b)(i)-(iii) has occurred and is unlikely to be temporary or the administrator of the Tranche Rate or
a Governmental Authority having or purporting to have jurisdiction over Lender has made a public statement identifying a specific date (the “Scheduled Unavailability Date”) after which the Tranche Rate will no longer be
representative or made available or used for determining the interest rate of loans or otherwise cease or no longer be in compliance or 

  
 8 

 
aligned with the International Organization of Securities Commissions (IOSCO) Principles for Benchmarks, and there is no successor administrator satisfactory to Lender, then on a date and time
determined by Lender, but no later than the Scheduled Unavailability Date, the Tranche Rate will be replaced hereunder and under any other Loan Document with Daily Simple SOFR. 

(ii) Notwithstanding anything to the contrary herein, if Lender determines that the Successor Rate designated in
Section 2.5(c)(i) above is not available or administratively feasible, or if any of the circumstances described in Section 2.5(c)(i) with regard to the Tranche Rate has occurred with respect to a
Successor Rate then in effect, Lender may replace the Tranche Rate or any then current Successor Rate in accordance with this Section 2.5(c) with another alternative benchmark rate and a Spread Adjustment, giving due
consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities and any recommendations of a relevant Governmental Authority, and which Spread Adjustment or method for calculating such Spread
Adjustment shall be published on an information service as selected by Lender from time to time in its reasonable discretion. 

(iii) If the Successor Rate is based on Daily Simple SOFR, interest shall be due and payable on a monthly basis. 

(iv) Any such alternative benchmark rate and Spread Adjustment shall constitute a Successor Rate hereunder. Any Successor Rate
shall become effective on the date set forth in a written notice provided by Lender to Borrower (such date to be five or more Business Days after the date of such notice), and, for the avoidance of doubt, from and after such date (i) all
Tranche Rate Loans shall bear interest at the Successor Rate plus the Applicable Margin; and (ii) all references herein and in any other Loan Documents to “Tranche Rate” shall mean and refer to the Successor Rate. 

(v) Notwithstanding anything to the contrary herein, if the Successor Rate would be less than the Index Floor, the Successor
Rate will be deemed to be the Index Floor for the purposes of this Agreement and the other Loan Documents. 
 (vi) Lender
does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, or any other matter related to the Tranche Rate or any Successor Rate, including the selection of such rate, any
related Spread Adjustment, or any Conforming Changes, or whether the composition or characteristics of any Successor Rate and Spread Adjustment or Conforming Changes will be similar to, or produce the same value or economic equivalence of, the
initial Tranche Rate. 
 (vii) Notwithstanding anything to the contrary contained herein, if, after the Closing Date,
Borrower enters into a Rate Contract with respect to all or part of a Tranche Rate Loan and the floating interest rate under the Rate Contract is Daily Simple SOFR, Lender may replace the Tranche Rate hereunder with Daily Simple SOFR and a Spread
Adjustment without the consent of any other party hereto; provided further that, if subsequent thereto, Lender and Borrower amend such Rate Contract to include, or 

  
 9 

 
terminate such Rate Contract and enter into a new Rate Contract with, a floating interest rate thereunder of the original Tranche Rate, then Lender may further replace Daily Simple SOFR hereunder
with the original Tranche Rate (and a Spread Adjustment, if applicable) hereunder without the consent of any other party hereto; and, in either such event, (A) such rate shall be a Successor Rate hereunder, and (B) Lender shall provide
written notice thereof to Borrower. 
 (d) Illegality. Notwithstanding any other provisions hereof, if any Law shall make it unlawful
for Lender to make, fund or maintain Tranche Rate Loans, Lender shall promptly give notice of such circumstances to Borrower. In such an event, (i) the commitment of Lender to make Tranche Rate Loans, continue Tranche Rate Loans as Tranche Rate
Loans or convert Base Rate Loans to Tranche Rate Loans shall be immediately suspended and (ii) all outstanding Tranche Rate Loans shall be converted automatically to Base Rate Loans on the last day of the Interest Period thereof or at such
earlier time as may be required by Law. 
 (e) Tranche Rate Breakage Fee. Upon (i) any default by Borrower in making any
borrowing of, conversion into or conversion of any Tranche Rate Loan following Borrower’s delivery to Lender of any applicable Notice of Borrowing or Notice of Conversion or (ii) any payment of a Tranche Rate Loan on any day that is not
the last day of the Interest Period applicable thereto (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), Borrower shall promptly pay Lender an amount equal to the amount of any losses, expenses and
liabilities (including any loss (including interest paid) in connection with the re-employment of such funds) that Lender sustains as a result of such default or such payment. 

(f) Increased Costs. If, after the Closing Date, any Change in Law: (i) shall impose, modify or deem applicable any reserve
(including any reserve imposed by the Board of Governors of the Federal Reserve System, or any successor thereto, but excluding any reserve included in the determination of the Tranche Rate pursuant to the provisions of this Agreement), special
deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by Lender, or (ii) shall impose on Lender any other condition affecting its Tranche
Rate Loans, any of its notes issued pursuant hereto (if any) or its obligation to make Tranche Rate Loans; and the result of anything described in these clauses (i) and (ii) above is to increase the cost to (or to impose a cost on) Lender of
making or maintaining any Tranche Rate Loan, or to reduce the amount of any sum received or receivable by Lender under this Agreement or under any of its notes issued pursuant hereto (if any) with respect thereto, then upon demand by Lender,
Borrower shall promptly pay directly to Lender such additional amount as will compensate Lender for such increased cost or such reduction, as long as such amounts have accrued on or after the day which is nine (9) months prior to the date on
which Lender first made demand therefor (except that, if the occurrence giving rise to such increased cost or reduction is retroactive, then the nine (9) month period referred to above shall be extended to include the period of retroactive
effect thereof). 
 (g) Conforming Changes. In connection with the use, implementation, or administration of the Tranche Rate,
including any temporary or permanent replacement for the Tranche Rate, Lender will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any such Conforming
Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. Lender will promptly notify Borrower of the effectiveness of any Conforming Changes in connection with the use,
implementation, or administration of the Tranche Rate, or any temporary or permanent replacement of the Tranche Rate. 

  
 10 

 2.6. Letters of Credit. Subject to and in accordance with the terms and conditions
contained herein and in Annex A, Borrower shall have the right to request, and Lender agrees to incur, Letter of Credit Obligations in respect of Borrower and its Subsidiaries. 

2.7. General Provisions Regarding Payment. Borrower shall make each payment under this Agreement not later than 12:00 p.m. (Pacific
Standard Time) on the day when due in immediately available funds in Dollars to the account of Lender provided to Borrower from time to time. For purposes of computing interest and Fees and determining Borrowing Availability as of any date, all
payments shall be deemed received on the Business Day on which immediately available funds therefor are received by Lender prior to noon Pacific Standard Time. Payments received in by Lender after noon Pacific Standard Time on any Business Day or on
a day that is not a Business Day shall be deemed to have been received on the following Business Day so long as such funds are available funds. 

2.8. Loan Account. Lender shall maintain a loan account (the “Loan Account”) on its books to record all Advances, all
payments made by Borrower, and all other debits and credits as provided in this Agreement with respect to the Advances or any other Obligations. All entries in the Loan Account shall be made in accordance with Lender’s customary accounting
practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Lender by
Borrower; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower’s duty to pay the Obligations. Lender shall render to Borrower a monthly accounting of transactions with respect
to the Advances setting forth the balance of the Loan Account for the immediately preceding month. Each and every such accounting shall be presumptive evidence of all matters reflected therein absent manifest error. 

2.9. Taxes. 
 (a) Gross-up for Taxes. All payments of principal and interest on the Advances and all other amounts payable hereunder or any other Loan Document shall be made free and clear of and without deduction for any Taxes,
except as required by applicable Law. If any withholding or deduction from any payment to be made by any Loan Party hereunder or under any other Loan Document is required in respect of any Taxes pursuant to any applicable Law, then the applicable
Loan Party will (i) pay directly to the relevant authority the full amount required to be so withheld or deducted, (ii) promptly forward to Lender an official receipt or other documentation satisfactory to Lender evidencing such payment to
such authority, and (iii) if the Tax is an Indemnified Tax, pay to Lender such additional amount or amounts as is necessary to ensure that the net amount actually received by Lender will equal the full amount Lender would have received had no
such withholding or deduction been required. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of Lender timely reimburse it for the payment of, any Other Taxes. If any
Indemnified Taxes are directly asserted 

  
 11 

 
against Lender (or any of its Affiliates) with respect to a payment received hereunder or any other Loan Document or with respect to, or arising from, the obligations of the Loan Parties under
any Loan Document, the Loan Parties shall jointly and severally indemnify Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Taxes imposed or asserted on or attributable to amounts payable under
this Section) payable or paid by Lender and any reasonable, out-of-pocket expenses arising therefrom or with respect thereto (including reasonable, out-of-pocket attorneys’ or tax advisor fees and expenses), whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by Lender shall be conclusive and binding absent manifest error. 

(b) Interest and Penalties. If Borrower or any other applicable Loan Party fails to pay any Taxes when due to the appropriate taxing
authority or fails to remit to Lender the required receipts or other required documentary evidence, Borrower and the other Loan Parties shall jointly and severally indemnify Lender for any incremental Taxes, interest or penalties and reasonable, out-of-pocket costs and expenses (including attorneys’ and tax advisor fees and expenses) that may become payable by Lender (or any of its Affiliates) as a result of any
such failure. 
 (c) Withholding Documentation. At Borrower’s request, Lender shall execute and deliver to Borrower a United
States Internal Revenue Service Form W-9. 
 (d) Treatment of Certain Refunds. If Lender
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.9 (including by the payment in error of additional
amounts pursuant to this Section 2.9(d)), it shall, so long as no Event of Default is occurring, pay to Borrower an amount equal to such refund (but only to the extent of indemnity payments made under this Section with
respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of Lender or its Affiliates and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). The Loan Parties, upon the request of such indemnified party, shall repay to Lender the amount paid over pursuant to this Section 2.9(d)
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that Lender or its Affiliates is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in
this Section 2.9(d), in no event will Lender be required to pay any amount to a Loan Party pursuant to this Section 2.9(d) the payment of which would place such Person (or its Affiliates) in a less
favorable net after-Tax position than such Person (or its Affiliates) would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.9(d) shall not be construed to require Lender or its Affiliates to make available its respective
Tax returns (or any other information relating to its Taxes that it deems confidential) to a Loan Party or any other Person. 
 (e) Usage
of Terms. For the purposes of this Section 2.9 and the definitions of Excluded Tax, Indemnified Tax, Taxes, and Other Taxes used therein, “Lender” means Lender and, subject to
Section 11.6(b), any Participant. 

  
 12 

 2.10. Capital Adequacy. If Lender or any Person controlling Lender shall reasonably
determine that any Change in Law has or would have the effect of reducing the rate of return on Lender’s or such controlling Person’s capital as a consequence of Lender’s obligations hereunder or under any Letter of Credit to a level
below that which Lender or such controlling Person could have achieved but for such Change in Law, then from time to time, upon demand by Lender, Borrower shall promptly pay to Lender such additional amount as will compensate Lender or such
controlling Person for such reduction. 
 2.11. Mitigation Obligations. If Lender requests compensation under either
Section 2.5(f) or Section 2.10, or requires Borrower to pay any additional amount to Lender or any Governmental Authority for the account of Lender pursuant to
Section 2.9, then, upon the written request of Borrower, Lender shall use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations
hereunder (subject to the provisions of Section 11.6) to another of its offices, branches or affiliates, if, in the judgment of Lender, such designation or assignment (a) would eliminate or materially reduce amounts
payable pursuant to any such Section, as the case may be, in the future, (b) would not subject Lender to any unreimbursed cost or expense, and (c) would not otherwise be disadvantageous to Lender (as determined in its reasonable
discretion). Without limitation of the provisions of Section 10.1, Borrower hereby agrees to pay all costs and expenses incurred by Lender in connection with any such designation or assignment. 

2.12. Notes. Lender may request that Advances made by it be evidenced by a promissory note (a “Note”). In such event,
Borrower shall prepare, execute and deliver to Lender a Note payable to the order of Lender (or, if requested by Lender, to Lender and its registered assigns) and in a form approved by Lender. Thereafter, subject to
Section 2.8, the Advances evidenced by such Notes and interest thereon shall at all times be represented by one or more Notes in such form payable to the order of the payee named therein (or, if any such Note is a
registered note, to such payee and its registered assigns) and this Agreement. 
  

	3.	 REPRESENTATIONS AND WARRANTIES 

To induce Lender to make the Advances and to incur Letter of Credit Obligations, the Loan Parties, jointly and severally, hereby make the
following representations and warranties to Lender as of the Closing Date, as of the date of the making of each Advance (or other extension of credit), and as of any other date such representations and warranties are deemed made pursuant to the
terms of the other Loan Documents, each and all of which shall survive the execution and delivery of this Agreement. 
 3.1. Existence
and Power; Affected Financial Institution. Each Loan Party and each Subsidiary is, as of the Closing Date, an entity as specified on Schedule 3.1, is duly organized, validly existing and in good standing under the Laws of its jurisdiction
of organization or incorporation, has the same legal name as it appears in the Organizational Documents of such Loan Party or any Subsidiary and an organizational identification number (if any), in each case as specified (as of the Closing Date) on
Schedule 3.1, and has all powers and all governmental licenses, authorizations, registrations, permits, consents and approvals required under all applicable Laws and required in order to carry on its business as now conducted (collectively,
“Permits”), except where the failure to have such Permits could not reasonably be expected to have 

  
 13 

 
a Material Adverse Effect. Each Loan Party and each Subsidiary is qualified to do business as a foreign entity in each jurisdiction in which it is required to be so qualified, which jurisdictions
as of the Closing Date are specified on Schedule 3.1, except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 3.1, as of the Closing Date, no Loan
Party or any Subsidiary has in the five (5) year period preceding the Closing Date, had any name other than its current name, or been incorporated or organized under the Laws of any jurisdiction other than its current jurisdiction of
incorporation or organization, or been party to any merger, consolidation or other change in structure. No Loan Party nor any Subsidiary thereof is an Affected Financial Institution. 

3.2. Organization and Authorization; No Contravention. The execution, delivery and performance by each Loan Party of the Loan Documents
to which it is a party (a) are within its powers, (b) have been duly authorized by all necessary action pursuant to its Organizational Documents and applicable Law, (c) require no further action by or in respect of, or filing or
registration with, or notice to or authorization or approval of, any Governmental Authority, and will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its Subsidiaries (except Liens created pursuant to
the Loan Documents), and (d) do not violate, conflict with or cause a breach or a default under (i) any Law, (ii) any of the Organizational Documents of any Loan Party or any Subsidiary or (iii) any agreement or instrument
binding upon it, except for such violations, conflicts, breaches or defaults as would not, with respect to each of clauses (i) and (iii), reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

3.3. Binding Effect. Each of the Loan Documents to which any Loan Party is a party constitutes a valid and binding agreement or
instrument of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar Laws relating to the enforcement of
creditors’ rights generally and by general equitable principles. 
 3.4. Capitalization. The issued and outstanding and
authorized Stock of each Subsidiary as of the Closing Date is as set forth on Schedule 3.4. All issued and outstanding Stock of each Subsidiary is duly authorized and validly issued (and, in the case of a Subsidiary that is a corporation,
fully paid and non-assessable), free and clear of all Liens other than those in favor of Lender, and such Stock was issued in compliance, in all material respects, with all applicable Laws. The identity of the
holders of the Stock of each Subsidiary and the percentage of their actual and fully diluted ownership of the Stock of each Subsidiary, in each case as of the Closing Date, is set forth on Schedule 3.4. No shares of the Stock of any
Subsidiary, other than those described above, are issued and outstanding as of the Closing Date. Except as set forth on Schedule 3.4, as of the Closing Date there are no preemptive or other outstanding rights, options, warrants, conversion
rights or similar agreements or understandings for the purchase or acquisition of any Stock of any Subsidiary. 

  
 14 

 3.5. Financial Information. 

(a) Annual Statements. The consolidated balance sheet of the Borrower and its Subsidiaries and the related consolidated statements of
operations, shareholders’ equity and cash flows for the most recent Fiscal Year then ended, in each case as reported in Borrower’s annual report on form 10-K, as filed with the SEC, copies of which
have been delivered or made available to Lender from time to time pursuant to the terms of this Agreement, fairly present in all material respects, in conformity with GAAP, the consolidated financial position of the Borrower and its Subsidiaries as
of such date and their consolidated results of operations, changes in shareholders’ equity and cash flows for such Fiscal Year. 
 (b)
Quarterly Statements. The consolidated balance sheet of the Borrower and its Subsidiaries and the related consolidated statements of operations and cash flows for the most recent Fiscal Quarter then ended (other than the fourth Fiscal Quarter
of each Fiscal Year), in each case as reported in Borrower’s Quarterly Report on Form 10-Q, as filed with the SEC, copies of which have been delivered or made available to Lender from time to time
pursuant to the terms of this Agreement, fairly present in all material respects, in conformity with GAAP, the consolidated financial position of the Borrower and its Subsidiaries as of such date and their consolidated results of operations and cash
flows for the Fiscal Quarter then ended (subject to normal year-end adjustments and the absence of footnote disclosures). 

(c) Pro Forma Balance Sheet. The pro forma balance sheet of the Loan Parties and their Subsidiaries as of September 30, 2022 a
copy of which has been delivered to Lender, fairly presents in all material respects, on a basis consistent with the Financial Statements referred to in Section 3.5(a), the consolidated financial position of the Borrower
and its Subsidiaries as of such date, adjusted to give effect (as if such events had occurred on such date) to (i) the making of any Advances and the issuance of any Letters of Credit to be made on the Closing Date, (ii) the application of
the proceeds therefrom as contemplated by the Loan Documents, and (iii) the payment of all legal, accounting and other fees related thereto to the extent known at the time of the preparation of such balance sheet. As of the date of such pro
forma balance sheet and the date hereof, no Loan Party or any Subsidiary had or has any material liabilities, contingent or otherwise, including liabilities for Taxes, long term leases or forward or long term commitments, which are not properly
reflected on such balance sheet. 
 (d) Projections. The Projections delivered on the date hereof have been prepared by the Borrower
in light of the past operations of its businesses, but including future payments of known contingent liabilities, including the Concorde Acquisition, and reflect projections for the period beginning on October 1, 2022 and ending on
September 30, 2025, on a month-by-month basis for the first year and on a
year-by-year basis thereafter. The Projections are based upon the same accounting principles as those used in the preparation of the Financial Statements described above
and the estimates and assumptions stated therein, all of which the Borrower believes to be reasonable and fair in light of current conditions and current facts known to any Loan Party and, as of the Closing Date, reflect the Borrower’s good
faith and reasonable estimates of the future financial performance of Borrower and its Subsidiaries for the period set forth therein. The Projections are not a guaranty of future performance, and actual results may differ materially from the
Projections. 
 (e) No Material Adverse Effect. Since June 30, 2022, there has been no Material Adverse Effect. 

  
 15 

 3.6. Litigation. There are no actions, suits, proceedings, claims or disputes
pending, or to the best knowledge of each Loan Party, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against any Loan Party, any Subsidiary or any of their respective properties which individually
or in the aggregate: 
 (a) purport to affect or pertain to this Agreement, any other Loan Document, or any of the transactions contemplated
hereby or thereby; 
 (b) would reasonably be expected to have, either individually or in the aggregate as to all Loan Parties, a Material
Adverse Effect; or 
 (c) seek an injunction or other equitable relief which would reasonably be expected to have, either individually or in
the aggregate as to all Loan Parties, a Material Adverse Effect. 
 No injunction, writ, temporary restraining order or any order of any
nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement or any other Loan Document, or directing that the transactions provided for herein or
therein not be consummated as herein or therein provided. As of the Closing Date, no Loan Party or any Subsidiary is the subject of an audit or, to each Loan Party’s knowledge, any review or investigation by any Governmental Authority
(excluding the IRS and other taxing authorities) concerning the violation or possible violation of any requirement of Law. Borrower shall immediately disclose to Lender any changed circumstance or event, which causes any of the representations
herein to be inaccurate or untrue. 
 3.7. Ownership of Property. Each Loan Party and each Subsidiary is the lawful owner of, has
good and marketable title to and is in lawful possession of, or has valid leasehold interests in, all properties and other assets (real or personal, tangible, intangible or mixed) purported or reported to be owned or leased (as the case may be) by
such Person, except as may have been disposed of in the Ordinary Course of Business or otherwise in compliance with the terms hereof. 

3.8. No Default. No Default or Event of Default has occurred and is continuing. No Loan Party or any Subsidiary is in breach or
default, nor has any Loan Party received any notice stating a breach or default may exist, under or with respect to any contract, agreement, lease or other instrument to which it is a party or by which its property is bound or affected, except for
any such breach or default as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 3.9.
Labor Matters. As of the Closing Date, there are no strikes or other labor disputes pending or, to any Loan Party’s knowledge, threatened against any Loan Party or any Subsidiary. Hours worked and payments made to the employees of the
Loan Parties and the Subsidiaries have not been in material violation of the Fair Labor Standards Act or any other applicable Law dealing with such matters. All payments due from the Loan Parties and the Subsidiaries, or for which any material claim
may be made against any of them, on account of wages and employee and retiree health and welfare insurance and other benefits have been paid or accrued as a liability on their books, as the case may be. The consummation of the transactions
contemplated by the Loan Documents will not give rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which it is a party or by which it is bound. 

  
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 3.10. Regulated Entities. No Loan Party or any Subsidiary is an “investment
company” or a company “controlled” by an “investment company” or a “subsidiary” of an “investment company,” all within the meaning of the Investment Company Act of 1940. 

3.11. Margin Regulations. None of the proceeds from the Advances have been or will be used, directly or indirectly, for the purpose of
purchasing or carrying any Margin Stock, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any Margin Stock or for any other purpose which could reasonably be expected to cause any of the
Advances to be considered a “purpose credit” within the meaning of Regulation T, U or X of the Federal Reserve Board. 
 3.12.
Compliance With Laws; Anti-Terrorism Laws. 
 (a) Laws Generally. Each Loan Party and each Subsidiary is in compliance in all
material respects with the requirements of all applicable Laws, except where noncompliance would not reasonably be expected to have a Material Adverse Effect. 

(b) Foreign Assets Control Regulations and Anti-Money Laundering. Each Loan Party and each Subsidiary and their respective directors,
officers and employees and, to the best knowledge of each of them, their agents, is in compliance in all material respects with all applicable sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets
Control (“OFAC”), the U.S. Department of State, or other relevant sanctions authority, and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant
to it (collectively, “Sanctions”). No Loan Party or Subsidiary thereof and, to their knowledge, no Affiliate of a Loan Party, including, to their knowledge, any director, officer, employee or agent, is an individual or an entity
that is (i) a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN List”) with which a U.S. Person cannot deal or otherwise engage in business transactions,
(ii) a Person who is otherwise the target of Sanctions such that a Person cannot deal or otherwise engage in business transactions with such Person, or (iii) is controlled by (including by virtue of such person being a director (or
manager) or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any person or entity on the SDN List or a foreign government that is the target of Sanctions such that the entry into, or performance under, this
Agreement or any other Loan Document would be prohibited under Law. 
 (c) USA Patriot Act. The Loan Parties, each Subsidiary thereof
and, to their knowledge, each of their Affiliates are in compliance with the Trading with the Enemy Act, and each of the foreign assets control regulations of the U.S. Treasury Department and any other enabling legislation or executive order
relating thereto, the USA Patriot Act, and any other federal or state Laws relating to “know your customer” and anti-money laundering rules and regulations. No part of the proceeds of any Advance will be used directly or
indirectly for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977. 

  
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 (d) None of the funds of any Loan Party that are used to repay any obligation under this
Agreement shall constitute property of, or shall be beneficially owned directly or indirectly by, any Person that is the subject of Sanctions. 

3.13. Taxes. All federal and state income Tax returns and all other material Tax returns, reports and statements required to be filed
by or on behalf of each Loan Party and Subsidiary have been filed with the appropriate Governmental Authorities in all jurisdictions in which such returns, reports and statements are required to be filed and, except to the extent subject to a
Permitted Contest, and all Taxes (including real property Taxes) and other charges shown to be due and payable in respect thereof owing by a Loan Party or a Subsidiary have been timely paid prior to the date on which any fine, penalty, interest,
late charge or loss may be added thereto for nonpayment thereof. Each of the Loan Parties is solely a resident for tax purposes of the United States and has no office, branch or permanent establishment outside of the United States. 

3.14. Compliance with ERISA. 

(a) ERISA Plans. Each ERISA Plan (and the related trusts and funding agreements) complies in form and in operation with, has been
administered in compliance with, and the terms of each ERISA Plan satisfy the requirements of, applicable Law including ERISA and the IRC in all material respects. Each ERISA Plan which is intended to be qualified under Section 401(a) of the
IRC is so qualified, and the IRS has issued a favorable determination or opinion letter with respect to each such ERISA Plan which may be relied on currently. No Loan Party or any Subsidiary has incurred liability for any material excise tax under
any of Sections 4971 through 5000A of the IRC. 
 (b) Pension Plans and Multiemployer Plans. During the thirty-six (36) month period prior to the Closing Date or the making of any Advance or the issuance of any Letter of Credit, (i) no steps have been taken to terminate any Pension Plan that could reasonably
be expected to result in a material payment liability to any Loan Party or any Subsidiary and (ii) no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under ERISA or the IRC. No condition
exists or event or transaction has occurred with respect to any ERISA Plan or Multiemployer Plan which could result in the incurrence by any Loan Party or any Subsidiary of any material liability, fine, Tax or penalty. No Loan Party or any
Subsidiary has incurred liability to the PBGC (other than for current premiums) with respect to any Pension Plan or Multiemployer Plan. Except as could not reasonably be expected to result in a material payment liability to any Loan Party or any
Subsidiary, all contributions (if any) have been made on a timely basis to any Multiemployer Plan that are required to be made by any Loan Party, any Subsidiary or any ERISA Affiliate under the terms of the plan or of any collective bargaining
agreement or by applicable Law. No Loan Party, Subsidiary or any ERISA Affiliate has withdrawn or partially withdrawn from any Multiemployer Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or
demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, could result in a withdrawal or partial withdrawal from any such plan. No Loan Party, Subsidiary or any ERISA
Affiliate has received any notice with respect to any Multiemployer Plan, that increased contributions may be required to avoid a reduction in plan benefits or the imposition of any excise Tax, that any such plan is or has been funded at a rate less
than that required under Section 412 of the IRC, that any such plan is or may be terminated, or that any such plan is or may become insolvent. 

  
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 (c) ERISA Compliance. No Loan Party is as of the Closing Date, or will become on or
after the Closing Date, (a) an employee benefit plan subject to Part 4 of Subtitle B of Title I of ERISA, (b) a plan or account subject to Section 4975 of the IRC, (c) an entity deemed to hold “plan assets” of any such
plans or accounts for purposes of ERISA or the IRC, as determined pursuant to Section 3(42) of ERISA, or (d) a “governmental plan” within the meaning of Section 3(32) of ERISA. 

3.15. Brokers. Except for fees contractually incurred by a Loan Party or Affiliate of a Loan Party and payable in full on or prior to
the Closing Date, no Loan Party or Affiliate of a Loan Party has any obligation to any broker, finder or other intermediary in respect of any finder’s or brokerage fees in connection with any Loan Document. 

3.16. Material Contracts. Except for the Organizational Documents and the other agreements set forth on Schedule 3.16
(collectively, the “Material Contracts”), as of the Closing Date there are no (a) employment agreements covering the management of any Loan Party or any Subsidiary, (b) collective bargaining agreements or other labor
agreements covering any employees of any Loan Party or any Subsidiary, (c) agreements for managerial, consulting or similar services to which any Loan Party or any Subsidiary is a party or by which it is bound, (d) agreements regarding any
Loan Party or any Subsidiary, its assets or operations or any investment therein to which any of its equity holders is a party or by which it is bound, (e) real estate leases, Intellectual Property licenses or other lease or license agreements
to which any Loan Party or any Subsidiary is a party, either as lessor or lessee, or as licensor or licensee, or (f) customer, distribution, marketing or supply agreements to which any Loan Party or any Subsidiary is a party, in each case with
respect to the preceding clauses (a), (c), (d), (e) and (f) involving payment of more than $5,000,000 in any year, or (g) partnership agreements to which any Loan Party is a general partner or joint venture agreements to which any Loan
Party is a party. Schedule 3.16 sets forth, with respect to each real estate lease agreement to which any Loan Party or any Subsidiary is a party as of the Closing Date that is required to be listed pursuant to clause (e) above, the
address of the subject property and the annual rental (or, where applicable, a general description of the method of computing the annual rental). The consummation of the transactions contemplated by the Loan Documents will not give rise to a right
of termination in favor of any party (other than any Loan Party) to any Material Contract. 
 3.17. Environmental Compliance. Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: 
 (a) Hazardous Materials.
Except in each case as set forth on Schedule 3.17(a), (i) to Borrower’s knowledge, no Hazardous Materials are located on any properties now or previously owned, leased or operated by any Loan Party or any Subsidiary or have been
released into the environment, or deposited, discharged, placed or disposed of at, on, under or near any of such properties in a manner that would require the taking of any action under any Environmental Law and have given rise to, or could
reasonably be expected to give rise to, remediation costs and 

  
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expenses on the part of the Loan Parties in excess of $2,500,000; (ii) no portion of any such property is being used, or to Borrower’s knowledge, has been used at any previous time, for
the disposal, storage, treatment, processing or other handling of Hazardous Materials nor is any such property affected by any Hazardous Materials Contamination; and (iii) all oral or written notifications of a release of Hazardous Materials
required to be filed by or on behalf of any Loan Party or any Subsidiary under any applicable Environmental Law have been filed or are in the process of being timely filed by or on behalf of the applicable Loan Party or Subsidiary. 

(b) Notices Regarding Environmental Compliance. Except in each case as set forth on Schedule 3.17(b), no notice, notification,
demand, request for information, citation, summons, complaint or order has been issued, no complaint has been filed, and no penalty has been assessed and no investigation or review is pending, or to any Loan Party’s knowledge, threatened by any
Governmental Authority or other Person with respect to, in any such case, any (i) alleged violation by any Loan Party or any Subsidiary of any Environmental Law, (ii) alleged failure by any Loan Party or any Subsidiary to have any Permits
required in connection with the conduct of its business or to comply with the terms and conditions thereof, (iii) any generation, treatment, storage, recycling, transportation or disposal of any Hazardous Materials, or (iv) release of
Hazardous Materials. 
 (c) Properties Requiring Remediation. Except in each case as set forth on Schedule 3.17(c), no
property now owned or leased by any Loan Party or any Subsidiary and, to the knowledge of each Loan Party, no such property previously owned or leased by any Loan Party, or any Subsidiary which any Loan Party or any Subsidiary has, directly or
indirectly, transported or arranged for the transportation of any Hazardous Materials, is listed or, to any Loan Party’s knowledge, proposed for listing, on the National Priorities List promulgated pursuant to CERCLA, or CERCLIS (as defined in
CERCLA) or any similar state list or is the subject of federal, state or local enforcement actions or, to the knowledge of any Loan Party, other investigations which may lead to claims against any Loan Party or any Subsidiary for clean-up costs, remedial work, damage to natural resources or personal injury claims, including claims under CERCLA. 

(d) Underground Storage Tanks. Except in each case as set forth on Schedule 3.17(d), there are no underground storage tanks
located on any property owned or leased by any Loan Party or any Subsidiary that are not properly registered or permitted under applicable Environmental Laws or, to Borrower’s knowledge, that are leaking or disposing of Hazardous Materials.

 (e) Environmental Liens. Except in each case as set forth on Schedule 3.17(e), there are no Liens under or pursuant to any
applicable Environmental Laws on any real property or other assets owned or leased by any Loan Party or any Subsidiary, and no actions by any Governmental Authority have been taken or, to the knowledge of any Loan Party, are in process which could
subject any of such properties or assets to such Liens. 
 For purposes of this Section 3.17, each Loan Party and each Subsidiary
shall be deemed to include any business or business entity (including a corporation) which is, in whole or in part, a predecessor of such Loan Party. 

  
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 3.18. Intellectual Property. Except as would not reasonably be expected to have a
Material Adverse Effect, each Loan Party owns, is licensed to use or otherwise has the right to use, all Intellectual Property that is material to the condition (financial or other), business or operations of such Loan Party. Except as would not
reasonably be expected to have a Material Adverse Effect, all Intellectual Property of each Loan Party is duly and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations, filings or issuances. Each
Loan Party and each Subsidiary, to its knowledge after due inquiry, conducts its business without infringement or claim of infringement of any material Intellectual Property rights of others and there is no infringement or claim of infringement by
others of any material Intellectual Property rights of any Loan Party or any Subsidiary. 
 3.19. Real Property Interests. Except for
leasehold interests and ownership or other interests set forth on Schedule 3.19, no Loan Party or Subsidiary has, as of the Closing Date, any ownership, leasehold or other interest in real property. 

3.20. Full Disclosure. The information (financial or otherwise) furnished by or on behalf of any Loan Party or any Subsidiary to Lender
pursuant to the Loan Documents or in connection with the consummation of the transactions contemplated by the Loan Documents, when taken as a whole, at the time of disclosure does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements contained herein or therein not misleading in light of the circumstances under which such statements were made. All Projections delivered to Lender have been prepared on the basis of the assumptions
stated therein. Such Projections represent the Loan Parties’ estimate of the future financial performance of the Loan Parties and their Subsidiaries and such assumptions were believed by the Loan Parties to be fair and reasonable in light of
current business conditions at the time made; provided, that the Loan Parties can give no assurance that such Projections will be attained. As of the Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is
true and correct in all material respects. 
 3.21. [Reserved]. 

3.22. Insurance. Schedule 3.22 lists all insurance policies of any nature maintained, as of the Closing Date, for current
occurrences by each Loan Party and Subsidiary, as well as a summary of the terms of each such policy. Each Loan Party and each Subsidiary thereof currently maintains all insurance that is required to be maintained pursuant to
Section 4.4 hereof. 
 3.23. Deposit and Disbursement Accounts. Schedule 3.23 lists all banks and
other financial institutions at which any Loan Party maintains deposit or other accounts as of the Closing Date and Schedule 3.23 correctly identifies the name, address and email of each depository, the name in which the account is held, a
description of the purpose of the account, and the complete account number therefor. 
 3.24. [Reserved]. 

3.25. [Reserved]. 

  
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 3.26. Solvency. Both before and after giving effect to, as applicable with respect to
any date of determination pursuant to the terms of this Agreement: (a) the Advances and Letter of Credit Obligations to be made or incurred on the Closing Date or such other date as Advances and Letter of Credit Obligations requested hereunder
are made or incurred, (b) the disbursement of the proceeds of such Advances pursuant to the instructions of Borrower, and (c) the payment and accrual of all transaction costs in connection with the foregoing, each Loan Party is and will be
Solvent. 
 3.27. Affiliate Transactions. Except as set forth on Schedule 3.27, as of the date of this Agreement there are no
existing or proposed agreements, arrangements, understandings, or transactions between any Loan Party and any of the officers, members, managers, directors, stockholders, parents, other interest holders, employees, or Affiliates (other than
Subsidiaries) of any Loan Party or any members of their respective immediate families, that are required to be disclosed in accordance with the rules and regulations of the SEC. 

3.28. Representations and Warranties in Loan Documents. All representations and warranties made by each Loan Party in the Loan
Documents are true and correct in all material respects as of the Closing Date, the date of making of each Advance (or other extension of credit) and as of any date that any Loan Party is expressly obligated to confirm the same under this Agreement
or any other Loan Document. 
  

	4.	 AFFIRMATIVE COVENANTS 

Each Loan Party executing this Agreement jointly and severally hereby agrees as to all Loan Parties that, from and after the date hereof and
until the Termination Date: 
 4.1. Maintenance of Existence and Conduct of Business. 

(a) Each Loan Party shall and shall cause its Subsidiaries to: (i) do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate and, as applicable, limited liability company or other organizational existence and its material rights and franchises; (ii) continue to conduct its business substantially as now conducted or as otherwise
permitted hereunder; (iii) at all times maintain, preserve and protect all of its assets and properties used or useful in the conduct of its business, and keep the same in good repair, working order and condition in all material respects
(taking into consideration ordinary wear and tear) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and improvements thereto consistent with industry practices; and (iv) transact business only
in such corporate (or, as applicable, limited liability company or other organizational) and trade names as are set forth in Schedule 4.1 (or otherwise set forth in any relevant joinder documentation or otherwise notified to Lender in
writing), in each case of subsection (ii) through (iv) of this Section 4.1(a), except as would not reasonably be expected to have a Material Adverse Effect. 

(b) Without limiting the generality of the foregoing and notwithstanding any limitation contained therein, each Loan Party shall maintain in
full force and effect, to the extent material to the conduct of its business, (i) its status as an “eligible institution,” as defined in 34 C.F.R. Sections 600.2 and 600.5 (to the extent applicable), (ii) its eligibility to
participate in all Title IV Programs in which and to the extent that it currently participates, (iii) its Accreditations, and (iv) its licenses to provide postsecondary education in all jurisdictions where it is so licensed. 

  
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 4.2. Payment of Charges. 

(a) Subject to Section 4.2(b), each Loan Party shall, and shall cause each of its Subsidiaries to, pay and discharge
or cause to be paid and discharged promptly all Charges payable by it, including (i) Charges imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all Charges with respect to Tax, social security and
unemployment withholding with respect to its employees, (ii) lawful claims for labor, materials, supplies and services or otherwise, and (iii) all storage or rental charges payable to warehousemen, processors and bailees, in each case,
before any thereof shall become past due, except in the case of clauses (ii) and (iii) where the failure to pay or discharge such Charges would not result in liabilities in excess of $5,000,000 as to all Loan Parties. 

(b) Each Loan Party may in good faith contest, by appropriate proceedings, the validity or amount of any Charges, Taxes or claims described in
Section 4.2(a); provided, that (i) adequate reserves with respect to such contest are maintained on the books of such Loan Party, in accordance with GAAP; (ii) no Lien shall be imposed to secure payment of
such Charges that is superior to any of the Liens securing payment of the Obligations and such contest is maintained and prosecuted continuously and with diligence and operates to suspend collection or enforcement of such Charges, (iii) none of
the Collateral becomes subject to forfeiture or loss as a result of such contest, and (iv) such Loan Party shall promptly pay or discharge such contested Charges, Taxes or claims and all additional charges, interest, penalties and expenses, if
any, and shall deliver to Lender evidence reasonably acceptable to Lender of such compliance, payment or discharge, if such contest is terminated or discontinued adversely to such Loan Party or the conditions set forth in this
Section 4.2(b) are no longer met. 
 4.3. Books and Records. Each Loan Party shall, and shall cause each of
its Subsidiaries to, keep adequate books and records with respect to its business activities from which the Borrower may prepare consolidated financial statements in accordance with GAAP and on a basis consistent with the Financial Statements
delivered to Lender on or prior to the Closing Date. 
 4.4. Insurance; Damage to or Destruction of Collateral. 

(a) The Loan Parties shall, and shall cause each of their Subsidiaries to, at their sole cost and expense, maintain policies of insurance of
the types and in amounts that are customary for businesses comparable in size to the Borrower and its Subsidiaries and operating in the same business as the Loan Parties. Such policies of insurance (or the lender’s loss payable and additional
insured endorsements delivered to Lender) shall contain provisions pursuant to which the insurer agrees to provide 30 days (or 10 days in the case of non-payment) prior written notice to Lender in the event of
any non-renewal, cancellation or amendment of any such insurance policy. If any Loan Party or any such Subsidiary at any time or times hereafter shall fail to obtain or maintain any of the policies of
insurance required above or to pay all premiums relating thereto, Lender may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that Lender deems
advisable. Lender shall have no obligation to obtain insurance for any Loan Party or any such Subsidiary or pay any premiums therefor. By doing so, Lender shall not be deemed to have waived any Default or Event of Default arising from the failure of
such Loan Party or Subsidiary to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys’ fees, court costs and other charges related thereto, shall be payable on demand by Borrower to Lender
and shall be additional Obligations hereunder secured by the Collateral. 

  
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 (b) Each Loan Party shall deliver to Lender, in form and substance reasonably satisfactory
to Lender, endorsements to (i) all special form (“all risk”) and business interruption insurance naming Lender as lender loss payee, and (ii) all general liability and other liability policies naming Lender as additional insured.
Each Loan Party irrevocably makes, constitutes and appoints Lender (and all officers, employees or agents designated by Lender), so long as any Event of Default has occurred and is continuing, as each Loan Party’s true and lawful attorney in
fact for the purpose of making, settling and adjusting claims under such special form policies of insurance, endorsing the name of each Loan Party on any check or other item of payment for the proceeds of such special form policies of insurance and
for making all determinations and decisions with respect to such special form policies of insurance. Lender shall have no duty to exercise any rights or powers granted to it pursuant to the foregoing power-of-attorney. The Loan Parties shall promptly notify Lender of any loss, damage, or destruction to the Collateral in the amount of $5,000,000 or more, whether or not covered by insurance. 

4.5. Compliance with Laws. Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with all federal, state, local
and foreign Laws and regulations applicable to it, including ERISA, labor Laws, and Environmental Laws and Environmental Permits, except to the extent that the failure to comply, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect. Each Loan Party and each Subsidiary will maintain in effect policies and procedures reasonably designed to ensure compliance by them and their respective directors, officers, employees and agents with applicable
Sanctions. Each Loan Party and each Subsidiary will comply with commercially reasonable requests by Lender for information or documentation regarding each Loan Party’s and Subsidiary’s compliance with any applicable Law. Without limiting
the generality of the foregoing, Borrower will, and will cause each Subsidiary to, comply with (i) all applicable Laws, the violation of which would terminate or materially impair the eligibility of Borrower or any Subsidiary to participate, if
applicable, in Title IV Programs, (ii) the federal Truth-in-Lending Act, 15 U.S.C. § 1601 et seq., and all other consumer credit laws
applicable to Borrower or any Subsidiary in connection with the advancing of student loans, except for such laws and regulations the violation of which, in the aggregate, will not have a Material Adverse Effect, (iii) all statutory and
regulatory requirements for authorization to provide post-secondary education in the jurisdictions in which its educational facilities are located, except for such requirements the violation of which will not
have a Material Adverse Effect, (iv) if applicable, all requirements for continuing its Accreditations, except for such requirements the violation of which will not have a Material Adverse Effect, and (v) all requirements concerning the
limitation on the receipt of Title IV Program funding under the “90/10 Rule” codified at 34 C.F.R. § 600.5(d) and HEA except for such requirements, the violation of which would not have a Material Adverse Effect. In addition, except
as would not have a Material Adverse Effect, the Borrower will, and will cause each Subsidiary to, maintain a cohort default rate for any School that shall not exceed as of the end of any Fiscal Year: (A) the maximum percentage permitted by the
DOE for the applicable three consecutive cohort fiscal years in order for such School to participate in Title IV Programs or (B) the maximum percentage permitted by the DOE for the applicable cohort fiscal year in order for such School to
participate in Title IV Programs. For purposes of this Section 4.5, a “cohort fiscal year” is a twelve month period commencing on October 1 of a year and ending on September 30 of the following year.

 4.6. Intellectual Property. Each Loan Party will, and will cause each of its Subsidiaries to, conduct its business and affairs
without infringement of or interference with any Intellectual Property of any other Person and shall comply in with the terms of its Licenses, except in each case to the extent any failure to do the foregoing would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 4.7. Environmental Matters. Each Loan Party shall and shall cause each of its
Subsidiaries to: (a) conduct its operations and keep and maintain its Real Estate in compliance with all Environmental Laws and Environmental Permits other than noncompliance that could not reasonably be expected to have a Material Adverse
Effect; (b) implement any and all investigation, remediation, removal and response actions that are appropriate or necessary to maintain the value and marketability of the Real Estate or to otherwise comply with Environmental Laws and
Environmental Permits pertaining to the presence, generation, treatment, storage, use, disposal, transportation or Release of any Hazardous Material on, at, in, under, above, to, from or about any of its Real Estate in all material respects;
(c) notify Lender promptly after such Loan Party becomes aware of any violation of Environmental Laws or Environmental Permits or any Release on, at, in, under, above, to, from or about any Real Estate that is reasonably likely to result in
Environmental Liabilities in excess of $5,000,000 and (d) promptly forward to Lender a copy of any order, notice, request for information or any communication or report received by such Loan Party in connection with any such violation or
Release or any other matter relating to any Environmental Laws or Environmental Permits that could reasonably be expected to result in Environmental Liabilities in excess of $5,000,000 in each case whether or not the Environmental Protection Agency
or any Governmental Authority has taken or threatened any action in connection with any such violation, Release or other matter. If Lender at any time has a reasonable basis to believe that there may be a violation of any Environmental Laws or
Environmental Permits by any Loan Party or any Environmental Liability arising thereunder, or a Release of Hazardous Materials on, at, in, under, above, to, from or about any of its Real Estate, that, in each case, would reasonably be expected to
have a Material Adverse Effect, then each Loan Party shall, upon Lender’s written request (i) cause the performance of such environmental audits including subsurface sampling of soil and groundwater, and preparation of such environmental
reports, at the Loan Parties’ expense, as Lender may from time to time reasonably request, which shall be conducted by reputable environmental consulting firms reasonably acceptable to Lender and shall be in form and substance reasonably
acceptable to Lender, and (ii) permit Lender or its representatives to have access to all Real Estate for the purpose of conducting such environmental audits and testing as Lender deems appropriate, including subsurface sampling of soil and
groundwater. The Loan Parties shall reimburse Lender for the costs of such audits and tests and the same will constitute a part of the Obligations secured hereunder. 

4.8. Bank Products. Within one hundred eighty (180) days of the Closing Date and at all times thereafter, each Loan Party shall
utilize the Lender as its primary provider of Bank Products, including as holder of its primary depository and remittance accounts, and the primary provider of custodial accounts. 

4.9. Maintenance of Property; Material Contracts. Each Loan Party shall maintain, and shall cause each of its Subsidiaries to maintain,
and preserve all its property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted and shall make all necessary repairs thereto and renewals and replacements thereof except where the failure to
do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. The Loan Parties will notify Lender in writing, within five (5) Business Days after the earlier of when a Loan Party learns, or
is notified of the occurrence, of any breach by a Loan Party of, a notice of termination or acceleration of, or any demand for adequate assurances under, any Material Contract. 

  
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 4.10. Inspection of Property and Books and Records; Appraisals. Each Loan Party
shall, and shall cause each of its Subsidiaries to, with respect to each owned, leased, or controlled property, during normal business hours and upon reasonable advance notice (unless an Event of Default shall have occurred and be continuing, in
which event no notice shall be required and Lender shall have access at any and all times during the continuance thereof): (i) provide access to such property to Lender and any of its Related Persons, as frequently as Lender determines to be
appropriate; and (ii) permit Lender and any of its Related Persons to conduct field examinations, audit, inspect and make extracts and copies from all of such Loan Party’s books and records, in each instance, at the Loan Parties’
expense; provided, the Loan Parties shall only be obligated to reimburse Lender for the expenses for two such field examinations, audits and inspections per year, unless an Event of Default has occurred and is continuing. 

4.11. Use of Proceeds. Borrower shall use the proceeds of the Advances solely as follows: (a)to pay costs and expenses required to be
paid pursuant to Section 10.1, (b) to fund all or part of the Concorde Acquisition, and (c) for working capital, capital expenditures, Permitted Acquisitions and other general corporate (and, as applicable, limited
liability company or other organizational) purposes not in contravention of any requirement of Law and not in violation of this Agreement or the other Loan Documents. 

4.12. Further Assurances. 

(a) Each Loan Party shall, and shall cause each of its Subsidiaries to, ensure that all written information, exhibits and reports furnished to
Lender, when taken as a whole, at the time furnished do not and will not contain any untrue statement of a material fact and do not and will not omit to state any material fact or any fact necessary to make the statements contained therein not
misleading in light of the circumstances in which made, and will promptly disclose to Lender and correct any material defect or error that may be discovered therein or in any Loan Document or in the execution, acknowledgement or recordation thereof.

 (b) Promptly upon request by Lender, the Loan Parties shall and, subject to the limitations set forth herein and in the Collateral
Documents, shall cause each of their Subsidiaries to take such additional actions and execute such documents as Lender may reasonably require from time to time in order (i) to carry out more effectively the purposes of this Agreement or any
other Loan Document, (ii) to subject to the Liens created by any of the Collateral Documents any of the properties, rights or interests covered by any of the Collateral Documents, (iii) to perfect and maintain the validity, effectiveness
and priority of any of the Collateral Documents and the Liens intended to be created thereby, and (iv) to better assure, convey, grant, assign, transfer, preserve, protect and confirm to Lender the rights granted or now or hereafter intended to
be granted to Lender under any Loan Document. Without limiting the generality of the foregoing and except as otherwise approved in writing by Lender, the Loan Parties shall cause each of their Domestic Subsidiaries, any Person acquired, formed or
created as a result of a statutory division of a Loan Party, and any former Immaterial Subsidiary, within thirty (30) days (or such longer period to 

  
 26 

 
which Lender consents in its sole discretion) after formation, creation or acquisition thereof, or the cessation of such Domestic Subsidiary to be an Immaterial Subsidiary, as applicable, to
guaranty the Obligations and grant to Lender a security interest in such Person’s personal property, subject to the limitations set forth herein and in the applicable Collateral Documents, to secure such guaranty. 

(c) Furthermore and except as otherwise approved in writing by Lender, each Loan Party shall pledge all of the Stock of each of the
Subsidiaries directly owned by it to Lender to secure the Obligations, concurrently with such Loan Party becoming a Loan Party. In connection with each pledge of Stock, the Loan Parties shall deliver, or cause to be delivered, to Lender, irrevocable
proxies and stock powers and/or assignments, as applicable, duly executed in blank. 
 (d) The Loan Parties shall deliver, or cause to be
delivered, to Lender appropriate resolutions, secretary certificates, certified Organizational Documents and, if requested by Lender, legal opinions relating to the matters described in this Section 4.12 (which opinions
shall be in form and substance reasonably acceptable to Lender and, to the extent applicable, substantially similar to the opinions delivered on the Closing Date), in each instance with respect to each Loan Party formed or acquired after the Closing
Date. In addition to, and without limiting, any of the foregoing, promptly following any request therefor, the Loan Parties shall deliver, or cause to be delivered, to Lender: (i) such other information regarding the operations, material
changes in ownership of Stock, business affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as Lender may reasonably request and (ii) information and documentation reasonably
requested by Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

4.13. Post-Closing Matters. Each Loan Party shall, and shall cause each of its
Subsidiaries to, execute and deliver the documents and complete the tasks expressed on Schedule 4.13 in each instance within the time limits specified therein. 
  

	5.	 NEGATIVE COVENANTS 

Each Loan Party executing this Agreement jointly and severally hereby agrees as to all Loan Parties that, without the consent of Lender, from
and after the date hereof and until the Termination Date: 
 5.1. Asset Dispositions, Etc. Except as expressly permitted under
Section 5.8 or Section 5.13, no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, sell, assign, lease, convey, transfer, undergo a statutory division
or otherwise dispose of (whether in one or a series of transactions) any property (including the Stock of any Subsidiary, whether in a public or a private offering or otherwise, and accounts and notes receivable, with or without recourse) or enter
into any agreement to do any of the foregoing, except: 
 (a) dispositions in the Ordinary Course of Business to any Person other than an
Affiliate of a Loan Party, of (i) Inventory (provided, however, that a sale in the Ordinary Course of Business will not include a transfer in total or partial satisfaction of any liabilities) or (ii)
worn-out or surplus Equipment having a book value not exceeding $10,000,000 in the aggregate in any Fiscal Year as to all Loan Parties and subject to the provisions of
Section 2.2(b)(ii); 

  
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 (b) dispositions not otherwise permitted hereunder which are made for fair market value and
the mandatory prepayment in the amount of net proceeds of such disposition is made if and to the extent required by Section 2.2(b); provided, that (i) at the time of any disposition, no Event of Default shall
exist or shall result from such disposition, (ii) not less than 100% of the aggregate consideration for such disposition shall be paid in cash, and (iii) the aggregate fair market value of all assets so sold by the Loan Parties and their
Subsidiaries, together, shall not exceed in any Fiscal Year $10,000,000; 
 (c) (i) dispositions of Cash Equivalents in the Ordinary
Course of Business made to a Person that is not an Affiliate of any Loan Party and (ii) conversions of Cash Equivalents into cash or other Cash Equivalents; and 

(d) dispositions from (i) a Loan Party to a Loan Party or (ii) from a non-Loan Party
Subsidiary to another non-Loan Party Subsidiary. 
 5.2. Investments; Loans and Advances.
Except as otherwise expressly permitted by this Section 5.2, no Loan Party shall, nor shall it permit any of its Subsidiaries to, make or permit to exist any Investment in, or make, accrue or permit to exist loans or
advances of money to, any Person, through the direct or indirect lending of money, holding of securities or otherwise, except that: 
 (a)
each Loan Party and its Subsidiaries may hold investments comprised of notes payable, or stock or other securities issued by Account Debtors to such Loan Party or Subsidiary pursuant to negotiated agreements with respect to settlement of such
Account Debtor’s Accounts in the Ordinary Course of Business, consistent with past practices; 
 (b) each Loan Party and its
Subsidiaries may maintain its existing Investments in its Subsidiaries made as of the Closing Date; 
 (c) each Loan Party may maintain
deposit and other accounts in accordance with Section 4.8; 
 (d) each Loan Party may make Permitted Acquisitions;

 (e) each Loan Party may otherwise make Investments consisting of Cash Equivalents; and 

(f) (i) each Loan Party may make Investments in other Loan Parties, (ii) each non-Loan Party
Subsidiary may make Investments in each Loan Party and (iii) the Loan Parties may make Investments in non-Loan Party Subsidiaries in an aggregate amount not to exceed $10,000,000 at any time outstanding
pursuant to this clause (iii). 

  
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 5.3. Indebtedness. 

No Loan Party shall, nor shall it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except
(without duplication): 
 (a) Indebtedness secured by purchase money security interests and Capital Leases permitted in
Section 5.7(c); 
 (b) the Advances and the other Obligations; 

(c) unfunded employee benefit plan obligations and liabilities to the extent they are permitted to remain unfunded under applicable Law; 

(d) existing Indebtedness described on Schedule 5.3 and refinancings thereof or amendments or modifications thereof that do not have
the effect of increasing the principal amount thereof (except for increases by any amount necessary to cover reasonable fees and expenses incurred in connection therewith) or changing the amortization thereof (other than to extend the same) and that
are otherwise on terms and conditions no less favorable (except for any increase in interest or fee rates to then-market rates) to any Loan Party or Lender, as determined by Lender, than the terms of the Indebtedness being refinanced, amended or
modified; 
 (e) to the extent constituting Indebtedness, Contingent Obligations permitted pursuant to
Section 5.6; 
 (f) Indebtedness consisting of intercompany loans and advances made by Borrower to any other Loan
Party or by any Guarantor to Borrower; provided, that: (A) Borrower shall have executed and delivered to each such Guarantor, and each such Guarantor shall have executed and delivered to Borrower, on the date of such loan or advance, a
demand note (collectively, the “Intercompany Notes”) to evidence any such intercompany Indebtedness owing at any time by Borrower to such Guarantor or by such Guarantor to Borrower, which Intercompany Notes shall be in form and
substance reasonably satisfactory to Lender and shall be pledged and delivered to Lender pursuant to the Guaranty and Security Agreement as additional collateral security for the Obligations; (B) Borrower shall record all Intercompany Notes on
its books and records in a manner reasonably satisfactory to Lender; (C) the obligations of each Loan Party under any such Intercompany Notes shall be subordinated to the Obligations in a manner reasonably satisfactory to Lender; (D) at
the time any such Intercompany Note is made by Borrower and after giving effect thereto, Borrower shall be Solvent; (E) no Default or Event of Default would occur and be continuing after giving effect to any such proposed Intercompany Note; and
(F) the aggregate balance of all such Intercompany Notes owing to Borrower shall not exceed $10,000,000 at any time; 
 (g)
Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case
incurred in the ordinary course of business; 
 (h) Indebtedness of any Loan Party in respect of performance bonds, bid bonds, appeal bonds,
surety bonds and similar obligations, in each case provided in the Ordinary Course of Business; and 
 (i) other Indebtedness in an
aggregate principal amount not to exceed $10,000,000 at any time outstanding. 

  
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 5.4. Employee Loans and Affiliate Transactions. 

No Loan Party shall, nor shall it permit any of its Subsidiaries to, enter into any transaction with any Affiliate of such Loan Party or of
any such Subsidiary, except: 
 (a) as expressly permitted by this Agreement; 

(b) in the Ordinary Course of Business and pursuant to the reasonable requirements of the business of such Loan Party or Subsidiary upon fair
and reasonable terms no less favorable to such Loan Party or Subsidiary than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of Borrower or such Subsidiary, in each case, exclusive of any loans or
advances except to the extent expressly permitted by Sections 5.3(f), 5.4(c) and 5.4(d); 
 (c) transactions between
Loan Parties or between non-Loan Party Subsidiaries; and 
 (d) transactions with Affiliates
existing as of the Closing Date and described in Schedule 5.4. 
 5.5. Capital Structure and Business. Except as expressly
permitted under Section 5.8 or Section 5.13 no Subsidiary shall, nor shall it permit any of its Subsidiaries to, make any material changes in its equity structure or issue any Stock; nor shall any
Loan Party otherwise amend any of its Organizational Document in any material respect, in each case, which would be materially adverse to Lender. No Loan Party shall, nor shall it permit any of its Subsidiaries to, engage in any line of business
other than the same or a similar line of business as the Borrower and its Subsidiaries were engaged in on the Closing Date (or any reasonable extensions or expansions thereof consistent with Borrower’s Growth and Diversification Strategy). 

5.6. Contingent Obligations. No Loan Party shall, nor shall it permit any of its Subsidiaries to, create, incur, assume or permit to
exist any Contingent Obligations except in respect of the Obligations and except: 
 (a) endorsements for collection or deposit in the
Ordinary Course of Business; 
 (b) Rate Contract Obligations to Lender or its Affiliates; 

(c) Contingent Obligations of the Loan Parties and their Subsidiaries existing as of the Closing Date and listed on Schedule 5.6,
including extensions and renewals thereof which do not increase the amount of such Contingent Obligations or impose materially more restrictive or adverse terms on the Loan Parties and their Subsidiaries as compared to the terms of the Contingent
Obligation being renewed or extended; 
 (d) Contingent Obligations arising under indemnity agreements to title insurers to cause such title
insurers to issue to Lender title insurance policies; 

  
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 (e) Contingent Obligations arising with respect to customary indemnification obligations in
favor of purchasers in connection with dispositions permitted under Section 5.1(b); 
 (f) Contingent
Obligations arising under Letters of Credit; 
 (g) Contingent Obligations arising under guaranties made in the Ordinary Course of Business
of obligations of any Loan Party, which obligations are otherwise permitted hereunder; provided, that if such obligation is subordinated to the Obligations, such guaranty shall be subordinated to the same extent; and 

(h) Contingent Obligations under the Loan Documents. 

5.7. Liens. No Loan Party shall, nor shall it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on
or with respect to its Accounts or any of its other properties or assets (whether now owned or hereafter acquired) except for the following: 

(a) Permitted Encumbrances; 
 (b)
Liens in existence on the date hereof and summarized on Schedule 5.7 securing Indebtedness described on Schedule 5.3 and permitted refinancings, extensions and renewals thereof, including extensions or renewals of any such Liens;
provided, that the principal amount so secured is not increased and the Lien does not attach to any other property; and 
 (c) Liens
created after the date hereof by conditional sale or other title retention agreements (including Capital Leases) or in connection with purchase money Indebtedness with respect to Equipment and Fixtures acquired by any Loan Party in the Ordinary
Course of Business, involving the incurrence of an aggregate amount of purchase money Indebtedness and Capital Lease Obligations of not more than $10,000,000 outstanding at any one time for all such Liens (provided that such Liens attach only
to the Equipment and Fixtures subject to such purchase money debt and such Indebtedness is incurred within 20 days following such purchase and does not exceed 100% of the purchase price of the subject assets). 

In addition, no Loan Party shall, nor shall it permit any of its Subsidiaries to, become a party to any agreement, note, indenture or instrument, or take any
other action, that would prohibit the creation of a Lien on any of its properties or other assets in favor of Lender as additional collateral for the Obligations, except operating leases, Capital Leases or Licenses permitted hereunder which prohibit
Liens solely upon the assets that are subject thereto. 
 5.8. Consolidations and Mergers. No Loan Party shall, nor shall it permit
any of its Subsidiaries to, merge, consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter
acquired) to or in favor of any Person or undergo any statutory division, except (a) as expressly permitted by Sections 5.1 and 5.2 and (b) upon not less than 15 Business Days prior written notice to Lender, (i) any
Subsidiary of Borrower may merge with, dissolve or liquidate into (in each case in accordance with applicable Law) Borrower or a Wholly-Owned Subsidiary of Borrower which is a Domestic Subsidiary; provided, that (A) Borrower or
such Wholly-Owned Subsidiary which is a Domestic Subsidiary shall be the continuing or surviving entity (and Borrower shall be the continuing or surviving entity if 

  
 31 

 
Borrower is a party to such transaction), (B) the Loan Parties provide Lender with copies of all applicable documentation relating thereto, and (C) all actions required to maintain perfected
Liens on the Stock of the surviving entity and other Collateral in favor of Lender shall have been completed and (ii) any Foreign Subsidiary may merge with or dissolve or liquidate into another Foreign Subsidiary; provided, that
the Loan Parties provide Lender with copies of all applicable documentation relating thereto. 
 5.9. ERISA. No Loan Party shall, nor
shall cause or permit any of its Subsidiaries or ERISA Affiliates to, cause or permit to occur (a) an event that could result in the imposition of a Lien under Section 430 or 6321 of the IRC or Section 303 or 4068 of ERISA or
(b) an ERISA Event to the extent such ERISA Event would reasonably be expected to result in Taxes, penalties and other liability in excess of $2,500,000 in the aggregate. 

5.10. Hazardous Materials. No Loan Party shall, nor shall it permit any of its Subsidiaries to, cause or permit a Release of any
Hazardous Material on, at, in, under, above, to, from or about any of the Real Estate where such Release would (a) violate in any respect, or form the basis for any Environmental Liabilities under, any Environmental Laws or Environmental
Permits or (b) otherwise adversely impact the value or marketability of any of the Real Estate or any of the Collateral, other than, in each case, such violations or Environmental Liabilities that would not reasonably be expected to have a
Material Adverse Effect. 
 5.11. Sale Leasebacks. No Loan Party shall, nor shall it permit any of its Subsidiaries to, engage in any
sale leaseback, synthetic lease or similar transaction involving any of its assets, except a transaction (a) that concerns unencumbered real property of such loan which is continuing in use for substantially the same purpose or purposes as such
real property being sold or transferred was previously utilized in connection with the Loan Parties business, (b) that involves assets which in the aggregate do not exceed of Ten Million dollars ($10,000,000), and (c) where the Borrower or
another Loan Party receives not less than 100% of the sale consideration. 
 5.12. Restricted Payments. No Loan Party shall, nor
shall it permit any of its Subsidiaries to, declare or make any Restricted Payments except that: 
 (a) (i) any Wholly-Owned Subsidiary of
Borrower may declare and pay dividends to Borrower or any Wholly-Owned Subsidiary of Borrower, and (ii) any Loan Party or Subsidiary may declare and make dividend payments or other distributions payable solely in its Stock; 

(b) Borrower may redeem or repurchase Stock and make Preferred Dividends, provided all of the following conditions are satisfied: 

(i) no Default or Event of Default has occurred and is continuing or would arise as a result of such Restricted Payment; and

 (ii) after giving effect to such Restricted Payment, the Loan Parties are in compliance on a pro forma basis with the
covenants set forth in Section 6.1 and 6.2, recomputed for the most recent Fiscal Quarter for which financial statements have been delivered. 

  
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 5.13. Change of Corporate Name or Location; Change of Fiscal Year. No Loan Party
shall, nor shall it permit any of its Subsidiaries to, (a) change its name as it appears in official filings in the state of its incorporation or other organization, (b) change its chief executive office, principal place of business,
business offices or warehouses or locations at which Collateral is held or stored, or the location of its records concerning the Collateral, (c) change the type of entity that it is, (d) change its organization identification number, if
any, issued by its state of incorporation or other organization, or (e) change its state of incorporation or organization, unless in each case (i) at least 30 days prior written notice (or such later notice as is acceptable to Lender in
its sole discretion) is given by such Loan Party to Lender and Lender has provided written acknowledgment that any reasonable action requested by Lender in connection therewith, including to continue the perfection of any Liens in favor of Lender in
any Collateral, has been completed or taken, (ii) the priority of all Liens in favor of Lender is not adversely affected, and (iii) any such new location shall be in the continental United States. No Loan Party shall change its Fiscal Year
without Lender’s prior written consent. 
 5.14. No Restriction on Distributions; No Negative Pledges. 

(a) Except pursuant to the Loan Documents, no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create
or otherwise cause or suffer to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Loan Party or any Subsidiary to pay dividends or make any other distribution on any of the Stock of such Loan Party
or Subsidiary or to pay fees, including management fees, or make other payments and distributions to Borrower or any other Loan Party. No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, enter into, assume or
become subject to any contractual obligation prohibiting or otherwise restricting the existence of any Lien upon any of its assets in favor of Lender, whether now owned or hereafter acquired except in connection with any document or instrument
governing Liens permitted pursuant to Section 5.7(c) provided that any such restriction contained therein relates only to the asset or assets subject to such permitted Liens. 

(b) No Loan Party or any Subsidiary shall issue any Stock (i) if such issuance would result in an Event of Default under
Section 9.1(l) and (ii) with respect to each direct Subsidiary of a Loan Party, unless such Stock is pledged to Lender as security for the Obligations, on substantially the same terms and conditions as the Stock of the
direct Subsidiaries of the Loan Parties is pledged to Lender as of the Closing Date. 
 5.15. [Intentionally Omitted.] 

5.16. Affiliate Compensation and Fees. No Loan Party shall, nor shall it permit any of its Subsidiaries to, pay any management,
consulting or similar fees to any Affiliate of any Loan Party or to any officer, director (or manager) or employee of any Loan Party or any Affiliate of any Loan Party except payment of: 

(a) reasonable compensation to officers and employees for actual services rendered to the Loan Parties in the Ordinary Course of Business; and

 (b) reasonable outside directors’ (or managers’) fees and reimbursement of actual out-of-pocket expenses incurred in connection with attending board of director (or manager) meetings 

  
 33 

 5.17. Margin Stock; Use of Proceeds. No Loan Party shall, nor shall it permit any of
its Subsidiaries to, use any portion of the Advance proceeds, directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of any Loan Party or Subsidiary or others incurred to purchase or carry Margin
Stock, or otherwise in any manner which is in contravention of any requirement of applicable Law or in violation of this Agreement. 
 5.18.
Sanctions; Use of Proceeds. No Loan Party shall, nor shall it permit any of its Subsidiaries to, fail to comply with the Laws, regulations and executive orders referred to in Section 3.12. No Loan Party will,
directly or indirectly, use the proceeds of the Advances or Letters of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or
with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the
Advances or Letters of Credit, whether as Lender, underwriter, advisor, investor, or otherwise). 
  

	6.	 FINANCIAL COVENANTS 

6.1. Total Leverage Ratio. The Borrower shall not permit the Total Leverage Ratio to be greater than 3.00 to 1.00 as of the end of any
Fiscal Quarter, commencing with the Fiscal Quarter ending on or after December 31, 2022. 
 6.2. Fixed Charge Coverage Ratio.
The Borrower shall not permit the Fixed Charge Coverage Ratio to be less than 1.25 to 1.00 as of the end of any Fiscal Quarter, commencing with the Fiscal Quarter ending December 31, 2022. 

6.3. Financial Responsibility Composite Score. The Borrower shall not permit the Financial Responsibility Composite Score to be less
than (i) 1.4 as of the end of any Fiscal Year, commencing with the Fiscal Year ending September 30, 2023, and (ii) 1.5 as of the end of any Fiscal Year, commencing with the Fiscal Year ending September 30, 2024. 

6.4. Quick Ratio. Borrower shall maintain a Quick Ratio of (i) 0.85 to 1.00 or greater at all times during which all or any
portion of the Initial Draw remains outstanding (provided that, for purposes of this Section 6.4(i), it is estimated that at least $80,000,000, or such lesser amount equal to the then-outstanding portion of the Initial Draw, of Quick Assets
shall be comprised of cash and/or Cash Equivalents, and held with Fifth Third in a depository account of the Borrower’s, without restriction on the use of funds), and (ii) .60 to 1.00 or greater, at all other times. 

6.5. Maximum Outstandings. Notwithstanding the other terms and conditions hereof, Borrower will not permit the Revolving Exposure to
exceed $20,000,000 for a single thirty (30) consecutive day period, during the period commencing on the date of the Initial Draw and ending on the date which falls twenty (20) months thereafter. 

For purposes of determining satisfaction of any term or condition that requires compliance on a pro forma basis with the covenants set forth in Sections
6.1 and 6.2 prior to the date the Borrower delivers financial statements for the Fiscal Quarter ending December 31, 2022, compliance will be determined based on the most recently filed 10K or 10Q of the Borrower, and will assume that
the financial covenant levels applicable on December 31, 2022 are applicable on the last day of the fiscal period covered by such 10-K or 10-Q filed with the SEC.

  
 34 

	7.	 FINANCIAL STATEMENTS AND INFORMATION 

7.1. Reports and Notices. 

(a) Financial Statements and Projections. Each Loan Party executing this Agreement hereby agrees that from and after the Closing Date
and until the Termination Date, it shall deliver or cause to be delivered to Lender (it being agreed that any information which is publicly available from the SEC’s website shall have been delivered to Lender) the Financial Statements, notices,
Projections and other information at the times, to the Persons and in the manner set forth below: 
 (i) Within thirty
(30) days after filing, a copy Borrower’s annual report on form 10-K filed with the SEC; 

(ii) Within thirty (30) days after filing, a copy Borrower’s quarterly report on form
10-Q filed with the SEC; 
 (iii) Within ninety (90) days after the end of each
Fiscal Year of Borrower, a projected income statement substantially in the form attached as Schedule 7.1(a)(iii) for the subsequent Fiscal Year prepared in accordance with GAAP; 

(iv) Within thirty (30) days after filing the annual report on form 10-K or each
quarterly report on form 10-Q of Borrower, a Compliance Certificate substantially in the form attached as Schedule 7.1(a)(iv) to the Lender demonstrating compliance with the Financial Covenants,
certified by a Responsible Officer of Borrower. 
 (b) [Reserved] 

(c) [Reserved] 
 (d)
Default Notices. As soon as practicable, and in any event within 5 Business Days after an executive officer of any Loan Party has actual knowledge of the existence of any Default, Event of Default or other event that has had a Material
Adverse Effect, written notice specifying the nature of such Default or Event of Default or other event, including the anticipated effect thereof. 

(e) Regulatory Filings. As soon as practicable, and in any event within 5 Business Days after the same are available, copies of each
annual report or proxy statement sent to the equity holders of the Borrower or any Subsidiary, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower or any Subsidiary may file or be required
to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Lender pursuant hereto (it being agreed that any information which is publicly available from the
SEC’s website shall have been delivered to Lender); 

  
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 (f) Regulatory Investigations. As soon as practicable, and in any event within 5
Business Days after receipt thereof by the Borrower or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency (other than reviews of the Borrower’s periodic reports in the ordinary course) regarding financial or other operational results of the Borrower or any
Subsidiary; 
 (g) [Reserved] 

(h) [Reserved] 
 (i)
Supplemental Schedules. Supplemental disclosures, if any, required by Section 4.6. 
 (j)
Litigation. In writing, promptly upon learning thereof, notice of any Litigation commenced or threatened against any Loan Party that (i) seeks damages in excess of $5,000,000, (ii) seeks injunctive relief, (iii) is asserted or
instituted against any ERISA Plan, its fiduciaries or its assets or against any Loan Party or ERISA Affiliate in connection with any ERISA Plan, (iv) alleges criminal misconduct by any Loan Party, or (v) alleges the violation of any Law
regarding, or seeks remedies in connection with, any Environmental Liabilities. 
 (k) Insurance Notices. Disclosure of losses or
casualties required by Section 4.4. 
 (l) Lease Default Notices. (i) Within 5 Business Days after
receipt thereof, copies of any and all material default notices received under or with respect to any leased location where any material portion of the Collateral is located, and (ii) such other notices or documents as Lender may reasonably
request. 
 (m) Rate Contracts. Within 2 Business Days after entering into such agreement or amendment, copies of all interest rate,
commodity or currency hedging agreements or amendments thereto entered into by any Loan Party and a counterparty other than Lender. 
 (n)
Other Documents. Promptly following any request therefor, such other information regarding the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of any Loan Party’s or
any of its Subsidiaries’ business or financial condition as Lender shall, from time to time, reasonably request. 
  

	8.	 CONDITIONS PRECEDENT. 

8.1. Conditions to the Initial Advances. Lender shall not be obligated to make any Advance or incur any Letter of Credit Obligations on
the Closing Date, or to take, fulfill, or perform any other action hereunder, until the following conditions have been satisfied or provided for in a manner reasonably satisfactory to Lender, or waived in writing by Lender: 

(a) Credit Agreement; Loan Documents. This Agreement and the other Loan Documents or counterparts hereof and thereof shall have been
duly executed by, and delivered to, Borrower, each other Loan Party, and Lender; and Lender shall have received such documents, instruments, agreements and legal opinions as Lender shall reasonably request in connection with the transactions
contemplated by this Agreement and the other Loan Documents, each in form and substance reasonably satisfactory to Lender. 

  
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 (b) Approvals. Lender shall have received (i) satisfactory evidence that the
Loan Parties have obtained all required consents and approvals of all Persons including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Loan Documents or (ii) an officer’s
certificate in form and substance reasonably satisfactory to Lender affirming that no such consents or approvals are required. 
 (c)
Payment of Fees. Borrower shall have paid the Fees and expenses required to be paid on the Closing Date in the respective amounts specified in Section 2.4(e), and shall have reimbursed Lender for all Fees, costs and
expenses of closing presented as of the Closing Date. 
 (d) Capital Structure: Other Indebtedness. The capital structure of each
Loan Party and Subsidiary and the terms and conditions of all Indebtedness of each Loan Party and Subsidiary shall be acceptable to Lender in its sole discretion. 

(e) KYC Information; Beneficial Ownership. Lender shall have received (i) documentation and other information reasonably requested
by Lender in order to comply with applicable Law, including the USA PATRIOT Act, and (ii) to the extent Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification.

 (f) Initial Draw. The Initial Draw shall be advanced to an account of Borrower’s at Fifth Third or its Affiliate and held
until satisfaction of all conditions precedent to the Concorde Acquisition have been met. 
 8.2. Further Conditions to Each Advance.
Lender shall not be obligated to fund any Advance, convert or continue any Advance as a Tranche Rate Loan or incur any Letter of Credit Obligation, if, as of the date thereof: 

(a) any representation or warranty by any Loan Party contained herein or in any other Loan Document, or which are contained in any certificate
or other document furnished at any time under or in connection herewith or therewith, is or becomes untrue or incorrect in any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties
that are already qualified or modified by materiality or Material Adverse Effect in the text thereof), except to the extent that such representation or warranty expressly relates to an earlier date in which case such representation or warranty is
untrue or incorrect in any material respect as of such earlier date (except that such material qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) and, in
each case, except for changes therein expressly permitted or expressly contemplated by this Agreement; 
 (b) any Default or Event of
Default has occurred and is continuing or would result after giving effect to any Advance (or the incurrence of any Letter of Credit Obligation); 

  
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 (c) after giving effect to any Advance (or the incurrence of any Letter of Credit
Obligations), the outstanding aggregate amount of the Revolving Exposure would exceed the Revolving Loan Commitment or the limitations imposed by Section 6.5; or 

(d) an event shall have occurred, or a condition shall exist, that has or could be reasonably expected to have a Material Adverse Effect. 

The request and acceptance by Borrower of the proceeds of any Advance (including the incurrence of any Letter of Credit Obligations or the conversion or
continuation of any Advance into, or as, a Tranche Rate Loan) shall be deemed to constitute, as of the date thereof, (i) a representation and warranty by each Loan Party that the conditions in this Section 8.2 have
been satisfied and (ii) a reaffirmation by each Loan Party of the granting and continuance of Lender’s Liens on the Collateral pursuant to the Collateral Documents. 
  

	9.	 EVENTS OF DEFAULT; RIGHTS AND REMEDIES 

9.1. Events of Default. The occurrence of any one or more of the following events (regardless of the reason therefor and whether or not
caused by or within the control of any Loan Party) shall constitute an “Event of Default” hereunder: 
 (a) Borrower
(i) fails to make any payment of principal of, or interest on, or Fees owing in respect of, the Advances or any of the other Obligations when due and payable, including any failure to cure any Overadvance in accordance with
Section 2.2(b)(i), or (ii) fails to pay or reimburse Lender for any expense reimbursable hereunder or under any other Loan Document within 5 days following Lender’s demand for such reimbursement or payment of
expenses; or 
 (b) Any Loan Party fails or neglects to perform, keep or observe any of the provisions of Sections 3.12, 4.1,
4.4, 4.5, 4.8, 4.9 4.10, 4.12, 5 or 6, respectively; or 
 (c) Any Loan Party fails
or neglects to perform, keep or observe any of the provisions of Section 7, respectively, and the same shall remain unremedied for 3 Business Days or more; provided, however, that the Loan Parties shall not have the
right to cure any default under 7 respectively, if any such default has occurred more than three (3) times in any 12 month period; or 

(d) Any Loan Party fails or neglects to perform, keep or observe any other provision of this Agreement or of any of the other Loan Documents
(other than any provision embodied in or covered by any other clause of this Section 9.1) and the same shall remain unremedied for 30 days or more; provided, however, that such
30-day cure period shall not apply to: (i) a breach of any provision that cannot be cured or (ii) a breach or default of any other Loan Document if a period of cure is expressly provided for in such
other Loan Document with respect to a breach or default under such other Loan Document; or 
 (e) A default or breach occurs under any
agreement, document or instrument to which any Loan Party is a party (determined exclusive of the Loan Documents) that is not cured within any applicable grace period therefor, and such default or breach (i) involves the failure to make any
payment when due in respect of any Indebtedness or Contingent Obligations (determined 

  
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exclusive of the Obligations) of any Loan Party and the aggregate principal amount of such Indebtedness or Contingent Obligation is in excess of $2,000,000 in the aggregate (including
(x) undrawn committed or available amounts and (y) amounts owing to all creditors under any combined or syndicated credit arrangements), or (ii) causes, or permits any holder of such Indebtedness or Contingent Obligations or a trustee
to cause, Indebtedness or Contingent Obligations or a portion thereof in excess of $2,000,000 in the aggregate to become due prior to its stated maturity or prior to its regularly scheduled dates of payment, or cash collateral to be demanded in
respect thereof, in each case, regardless of whether such default is waived, or such right is exercised, by such holder or trustee; or 

(f) Any representation or warranty herein or in any Loan Document or in any written statement, report, Financial Statement or certificate made
or delivered to Lender by any Loan Party is untrue or incorrect in any material respect as of the date when made or deemed made; or 
 (g)
Assets of any Loan Party with a fair market value of $2,000,000 or more are attached, seized, levied upon or subjected to a writ or distress warrant, or come within the possession of any receiver, trustee, custodian or assignee for the benefit of
creditors of any Loan Party and such condition continues for 30 days or more; or 
 (h) A case or proceeding is commenced against any Loan
Party seeking a decree or order in respect of such Loan Party (i) under the Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or other similar Law, (ii) appointing a custodian, receiver, liquidator, assignee,
trustee or sequestrator (or similar official) for such Loan Party or for any substantial part of any such Loan Party’s assets, or (iii) ordering the winding up or liquidation of the affairs of such Loan Party, and such case or proceeding
shall remain undismissed or unstayed for 60 days or more or a decree or order granting the relief sought in such case or proceeding is granted by a court of competent jurisdiction; or 

(i) Any Loan Party (i) files a petition seeking relief under the Bankruptcy Code or any other applicable federal, state or foreign
bankruptcy or other similar Law, (ii) consents to or fails to contest in a timely and appropriate manner to the institution of proceedings thereunder or to the filing of any such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar official) for such Loan Party or for any substantial part of any such Loan Party’s assets, (iii) makes an assignment for the benefit of creditors, or
(iv) takes any action in furtherance of any of the foregoing, or (v) admits in writing its inability to, or is generally unable to, pay its debts as such debts become due; or 

(j) (i) A final judgment or judgments for the payment of money in excess of $2,000,000 in the aggregate at any time are outstanding against
one or more of the Loan Parties (which judgments are not covered by insurance policies as to which liability has been accepted by the insurance carrier), and the same are not, within 30 days after the entry thereof, discharged or execution thereof
stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay, (ii) any action shall be taken by a judgment creditor to attach or levy upon any property of any Loan Party to enforce any such
judgment under clause (i) above obtained against a Loan Party, or (iii) any Loan Party shall fail within 30 days after the entry thereof to discharge or stay pending appeal one or more non-monetary
judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; or 

  
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 (k) Any material provision of any Loan Document for any reason ceases to be valid, binding
and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the
Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms), or any Lien created under any Loan Document ceases to be a valid and perfected first-priority Lien (except as otherwise expressly
permitted herein or therein) in any of the Collateral purported to be covered thereby; or 
 (l) Any Change of Control occurs; or 

(m) The occurrence of a Significant Regulatory Event, if such Significant Regulatory Event would reasonably be expected to have a Material
Adverse Effect. 
 9.2. Remedies. 

(a) If any Event of Default has occurred and is continuing, Lender may, without notice, suspend the Revolving Loan Commitment with respect to
additional Revolving Credit Advances and/or the incurrence of additional Letter of Credit Obligations. If any Event of Default has occurred and is continuing, Lender may, without notice except as otherwise expressly provided herein, increase the
rate of interest applicable to the Advances and the Letter of Credit Fees to the Default Rate. 
 (b) If any Event of Default has occurred
and is continuing, Lender may, without notice: (i) terminate the Revolving Loan Commitment with respect to further Advances or the incurrence of further Letter of Credit Obligations; (ii) reduce the Revolving Loan Commitment from time to
time; (iii) declare all or any portion of the Obligations, including all or any portion of any Advance to be forthwith due and payable, and require that the Letter of Credit Obligations be cash collateralized in the manner set forth in Annex
A, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by Borrower and each other Loan Party; or (iv) exercise any rights and remedies provided to Lender under the Loan Documents or at
law or equity, including all remedies provided under the Code; provided, that upon the occurrence of an Event of Default specified in Sections 9.1(h) or (i), the Revolving Loan Commitment shall be immediately terminated and all
of the Obligations, including the Advances and Letter of Credit Obligations, shall become immediately due and payable without declaration, notice or demand by any Person. 

(c) At the election of Lender, after the occurrence of an Event of Default and for so long as it continues, the Tranche Rate election will not
be available to Borrower and as the Interest Periods for Tranche Rate Loans then in effect expire, such Advances shall be converted into Base Rate Loans. 

  
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 (d) During the continuance of any Event of Default, Lender is hereby authorized by each Loan
Party at any time or from time to time, with contemporaneous notice to Borrower (any prior notice being hereby expressly waived) to set off and to appropriate and to apply any and all (i) balances held by Lender or any of Lender’s
Affiliates at any of its offices for the account of any Loan Party (regardless of whether such balances are then due to such Loan Party), and (ii) other property at any time held or owing by Lender or any of Lender’s Affiliates to or for
the credit or for the account of any Loan Party, against and on account of any of the Obligations. Each Loan Party agrees, to the fullest extent permitted by Law, that Lender and any of Lender’s Affiliates may exercise its right to set off with
respect to the Obligations as provided in this Section 9.2. 
 9.3. Application of Proceeds. 

(a) After Event of Default. Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the
continuance of an Event of Default, each Loan Party irrevocably waives the right to direct the application of any and all payments at any time or times thereafter received by Lender from or on behalf of Borrower or any Guarantor of all or any part
of the Obligations and any and all proceeds of Collateral received by Lender, and, as between the Loan Parties on the one hand and Lender on the other, Lender shall have the continuing and exclusive right to apply and to reapply any and all payments
received against the Obligations and any and all proceeds of Collateral received by Lender in such manner as Lender may deem advisable notwithstanding any previous application by Lender. 

(b) Residuary. Any balance remaining after giving effect to the applications set forth in this Section 9.3
shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out any of the applications set forth in this Section 9.3,
(i) amounts received shall be applied in the numerical order provided until paid in full prior to the application to the next succeeding category and (ii) each of the Persons entitled to receive a payment or cash collateral in any
particular category shall receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category. 

9.4. Waivers by Loan Parties. Except as otherwise provided for in this Agreement or by applicable Law, each Loan Party waives:
(a) presentment, demand and protest and notice of presentment, dishonor, notice of intent to accelerate, notice of acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all
commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at any time held by Lender on which any Loan Party may in any way be liable, and hereby ratifies and confirms whatever Lender may do in this regard,
(b) all rights to notice and a hearing prior to Lender’s taking possession or control of, or to Lender’s replevy, attachment or levy upon, the Collateral or any bond or security that might be required by any court prior to allowing
Lender to exercise any of its remedies, and (c) the benefit of all valuation, appraisal, marshaling and exemption Laws. 
  

	10.	 EXPENSES AND INDEMNITY 

10.1. Expenses. Each Loan Party hereby jointly and severally agrees to promptly pay (i) all reasonable, documented actual costs and
out of pocket expenses of Lender (including the reasonable, documented fees, costs and expenses of one counsel to, and independent appraisers and consultants retained by, Lender) in connection with the examination, review, due diligence

  
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investigation, documentation, negotiation, closing and syndication of the transactions contemplated by the Loan Documents, in connection with the performance by Lender of its rights and remedies
under the Loan Documents and in connection with the continued administration of the Loan Documents including (A) any amendments, modifications, consents and waivers to and/or under any and all Loan Documents, (B) any periodic public record
searches conducted by or at the request of Lender (including title investigations, Uniform Commercial Code searches, fixture filing searches, judgment, pending Litigation and tax lien searches and searches of applicable corporate, limited liability
company, partnership and related records concerning the continued existence, organization and good standing of certain Persons), and (C) subject to Section 4.13, any appraisals and any internal audit reviews, field
examinations and Collateral examinations (which shall be reimbursed, in addition to the out-of-pocket costs and expenses of such examiners, at the per diem rate per
individual charged by Lender for its examiners or charged to Lender by third-party examiners)), (ii) without limitation of the preceding clause (i), all reasonable actual costs and out of pocket expenses of Lender in connection with
(A) the creation, perfection and maintenance of Liens pursuant to the Loan Documents and (B) protecting, storing, insuring, handling, maintaining or selling any Collateral, (iii) without limitation of the preceding clause (i), all
actual costs and out of pocket expenses of Lender in connection with (A) any Litigation, dispute, suit or proceeding relating to any Loan Document and (B) any workout, collection, bankruptcy, insolvency, post-judgment or other enforcement
proceedings under any and all of the Loan Documents, and (iv) all actual costs and out of pocket expenses incurred by Lender in connection with any Litigation, dispute, suit or proceeding relating to any Loan Document and in connection with any
workout, collection, bankruptcy, insolvency, post-judgment or other enforcement proceedings under any and all Loan Documents, provided, that to the extent that the actual costs and expenses referred to in this clause (iv) consist of
reasonable fees, costs and expenses of counsel, Borrower shall be obligated to pay such reasonable fees, costs and expenses for counsel to Lender and local counsel to Lender in each relevant jurisdiction. 

10.2. Indemnity. Each Loan Party hereby agrees to indemnify, pay and hold harmless Lender and the Affiliates, officers, directors,
employees, trustees, agents, investment advisors, collateral managers, servicers, and counsel of Lender (collectively called the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for such Indemnitee) in connection with any investigative, response, remedial,
administrative or judicial matter or proceeding, whether or not such Indemnitee shall be designated a party thereto and including any such proceeding initiated by or on behalf of a Loan Party or any Affiliate thereof, and the reasonable expenses of
investigation by engineers, environmental consultants and similar technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained by Lender) asserting any right to payment for the transactions
contemplated hereby, which may be imposed on, incurred by or asserted against such Indemnitee as a result of or in connection with the transactions contemplated hereby or by the other Loan Documents (including (i) (A) as a direct or
indirect result of the presence on or under, or escape, seepage, leakage, spillage, discharge, emission or release from, any property now or previously owned, leased or operated by a Loan Party or any other Person of any Hazardous Materials or any
Hazardous Materials Contamination, (B) arising out of or relating to the offsite disposal of any materials generated or present on any such property, or (C) arising out of or resulting from the environmental condition of any such property
or the applicability of any governmental requirements relating to Hazardous 

  
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Materials, whether or not occasioned wholly or in part by any condition, accident or event caused by any act or omission of any Loan Party, and (ii) proposed and actual extensions of credit
under this Agreement) and the use or intended use of the proceeds of the Advances and Letters of Credit, except that the Loan Parties shall not have any obligation under this Section to an Indemnitee with respect to any liability resulting solely
from the gross negligence or willful misconduct of such Indemnitee or any of its Affiliates, as determined by a final non-appealable judgment of a court of competent jurisdiction. To the extent that the
undertaking set forth in the immediately preceding sentence may be unenforceable, the Loan Parties shall contribute the maximum portion which it is permitted to pay and satisfy under applicable Law to the payment and satisfaction of all such
indemnified liabilities incurred by the Indemnitees or any of them. NOTICE IS HEREBY GIVEN THAT THIS AGREEMENT CONTAINS INDEMNIFICATION PROVISIONS IN THIS SECTION 10.2 THAT APPLY TO, AND EACH LOAN PARTY HEREBY ACKNOWLEDGES AND AGREES THAT THE
FOREGOING INDEMNITY SHALL BE APPLICABLE TO, ANY LOSSES, DAMAGES AND LIABILTIES THAT HAVE RESULTED FROM OR ARE ALLEGED TO HAVE RESULTED FROM THE ACTIVE OR PASSIVE OR THE SOLE, JOINT OR CONCURRENT ORDINARY NEGLIGENCE OF LENDER OR ANY OTHER INDEMNITEE
UNDER THIS SECTION 10.2. 
  

	11.	 MISCELLANEOUS 

11.1. Survival. All agreements, representations and warranties made herein and in every other Loan Document shall survive the execution
and delivery of this Agreement and the other Loan Documents. The provisions of Sections 2.5(f), 2.9, 2.10, 10, and 11 shall survive the payment of the Obligations and any termination of this Agreement. 

11.2. No Waivers. No failure or delay by Lender in exercising any right, power or privilege under any Loan Document 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. The rights and remedies herein and therein provided shall be cumulative and not
exclusive of any rights or remedies provided by Law. Any reference in any Loan Document to the “continuing” nature of any Event of Default shall not be construed as establishing or otherwise indicating that Borrower or any other Loan Party
has the independent right to cure any such Event of Default, but is rather presented merely for convenience should such Event of Default be waived in accordance with the terms of the applicable Loan Documents. 

11.3. Notices. 
 (a) All
notices, requests and other communications to any party hereunder shall be in writing (including prepaid overnight courier, e-mail, electronic submissions or similar writing, but not facsimile transmission)
and shall be given to such party at its address or e-mail address set forth on the signature pages hereof or at such other address or e-mail address as such party may
hereafter specify for the purpose by notice to Lender and Borrower; provided, that notices, requests or other communications shall be permitted by e-mail or other electronic submissions only in
accordance with the provisions of Section 11.3(b). Each such notice, request or other communication shall be effective (i) if given by e-mail or other electronic submissions, as
set forth in Section 11.3(c) or (ii) if given by mail, prepaid overnight courier or any other means, when received at the applicable address specified by this Section. Notwithstanding anything to the contrary herein,
and for the avoidance of any doubt, notices, requests and other communications delivered by facsimile transmission do not satisfy the requirements of this Section 11.3. 

  
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 (b) Notices and other communications to the parties hereto may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites); provided, that (i) the foregoing shall not apply to notices sent directly to any party hereto if such party has
notified Lender that it has elected not to receive notices by electronic communication (which election may be limited to particular notices) and (ii) any Notice of Borrowing, Notice of Conversion or any notices regarding request for advances
hereunder shall be delivered or furnished by Borrower by electronic communication in accordance with all procedures established by or otherwise acceptable to Lender from time to time in its sole discretion. 

(c) Unless Lender otherwise prescribes, (i) notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or
other written acknowledgment), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address
as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided, that if any such notice or other communication is not sent or posted during
normal business hours, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day. 

11.4. Severability. In case any provision of or obligation under this Agreement or any other Loan Document shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

11.5. Amendments and Waivers. No provision of this Agreement or any other Loan Document may be amended, waived or otherwise modified
unless such amendment, waiver or other modification is in writing and is signed or otherwise approved by Borrower and Lender. Notwithstanding the foregoing, Borrower and each of the other Loan Parties hereby authorize Lender to (i) correct any
patent (or scrivener’s) errors or other erroneous content in the Loan Documents, (ii) date any dates and fill in any blanks or other missing content in any of the Loan Documents, and (iii) replace or substitute pages, as applicable,
in each Loan Document that were changed to correct such errors or fill in such dates, missing content or blanks (each a “Corrected Document”), in each case, without the need for a written amendment signed by the parties;
provided that Lender shall send a copy of any such Corrected Document to Borrower (which copy may be given by electronic mail). Without limiting the generality of any of the foregoing, Borrower further covenants that it shall, and shall cause
each of the other Loan Parties to, execute, acknowledge and deliver, or cause to be executed, acknowledged or delivered (or, as applicable, re-execute, re-acknowledge
and re-deliver), (A) each agreement, instrument or other document that was incorrectly drafted and signed at the Closing Date and (B) all such further assurances and other agreements, instruments or
documents, and take or cause to be taken all such other actions, as Lender shall request from time to time to permit Lender to evidence or give effect to the express terms and conditions of this Agreement and the other Loan Documents and any of the
transactions contemplated hereby, including to perfect (or continue the perfection of) and protect Lender’s Liens upon the Collateral, and shall take such other action as may be requested by Lender to give effect to or carry out the intent and
purposes of this Agreement. 

  
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 11.6. Assignments; Participations. 

(a) Assignments. With the prior written consent of the Borrower (not to be unreasonably withheld or delayed), Lender (and any
subsequent assignee of Lender) may transfer and assign all or any of its rights or delegate any or all of its duties under this Agreement and/or the other Loan Documents; provided that no consent of the Borrower shall be required in connection with
(i) any assignment to an Affiliate of the assignor, (ii) any assignment, if an Event of Default has occurred and is continuing (the determination of such Event of Default to be in Lender’s sole discretion), and (iii) any
assignment to any corporation or association into which the Lender may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its business, or any line of business, or assets as
a whole or substantially as a whole (and in respect of (iii), such corporation or association shall be and become the successor Lender under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its
predecessor, without the execution or filing of any instrument or paper or the performance of any further act). Subject to the confidentiality provisions of Section 11.8, Lender may, without obtaining any consent of any
Loan Party, disclose to all prospective and actual assignees and Participants all financial, business and other information about the Loan Parties which Lender may possess at any time. For the avoidance of doubt, Lender may, without obtaining any
consent of any Loan Party, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank;
provided, that no such pledge or assignment shall release Lender from any of its obligations hereunder or substitute any such pledgee or assignee for Lender as a party hereto. 

(b) Participations. Lender may at any time, without the consent of, or notice to, Borrower, sell to one or more Persons participating
interests in its Advances, commitments or other interests hereunder (any such Person, a “Participant”). In the event of a sale by Lender of a participating interest to a Participant, (i) Lender’s obligations hereunder
shall remain unchanged for all purposes, (ii) Borrower shall continue to deal solely and directly with Lender in connection with Lender’s rights and obligations hereunder, and (iii) all amounts payable by Borrower shall be determined
as if Lender had not sold such participation and shall be paid directly to Lender, provided, however, notwithstanding the foregoing, Borrower hereby agrees that each Participant shall be entitled to the benefits of
Section 2.10 and the requirements under Section 2.9(c) (it being understood that the documentation required under Section 2.9(c) shall be delivered to Lender) to the same
extent as if it were Lender; provided, further, a Participant shall not be entitled to receive any greater payment under Section 2.10, with respect to any participation, than Lender would have been entitled to
receive, except to the extent such entitlement to receive a greater payment results from a change in Law, regulation ruling, treaty or other action or doctrine of a Governmental Authority that occurs after the date the Participant acquired the
applicable participation. Borrower acknowledges that Participants have and will have certain rights under their respective participation agreements with Lender that may, subject to the terms of the participation agreements, require Lender to obtain
the consent (collectively, “Participant Consents”) of some or all of the Participants before Lender takes or refrains from taking certain actions (other than as 

  
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expressly required by the Loan Documents) or grants waivers, consents or approvals in respect of the Advances, the Loan Documents or the Collateral. None of the Participants, however, will have
Participant Consent rights which are greater than those rights and remedies Lender has under the Loan Documents. In addition, from time to time, Lender may request instructions from the Participants in respect of the actions, waivers, consents or
approvals which by the terms of any of the Loan Documents Lender is permitted or required to take or to grant or to not take or grant (“Participant Instructions”). If the Participant Consents are, pursuant to the terms of the
respective participation agreements, required or Participant Instructions are requested, Lender will, notwithstanding anything to the contrary in this Section 11.6(b), (A) be absolutely empowered to take or refrain from
taking any action (other than as expressly required by the Loan Documents) or withhold any waiver, consent or approval, and (B) not be under any liability whatsoever to any Person, including Borrower and any Participant, from taking or
refraining from taking any action or withholding any waiver, consent or approval under any of the Loan Documents until it has received the requisite Participant Consents or, as applicable, the Participant Instructions. Borrower agrees that if
amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest
in amounts owing under this Agreement and with respect to any Letter of Credit to the same extent as if the amount of its participating interest were owing directly to it as Lender under this Agreement. If Lender sells a participation to a
Participant as provided under this Section 11.6(b), it shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name and
address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Advances or other obligations under the Loan Documents (the “Participant Register”); provided, that Lender
shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive and binding absent manifest error, and Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Lender shall have no responsibility for maintaining a Participant
Register. 
 (c) Loan Party Assignments. No Loan Party may assign, delegate or otherwise transfer any of its rights or other
obligations hereunder or under any other Loan Document without the prior written consent of Lender. 
 11.7. Headings. Headings and
captions used in the Loan Documents (including the Exhibits, Schedules and Annexes hereto and thereto) are included for convenience of reference only and shall not be given any substantive effect. 

11.8. Confidentiality. Lender shall hold all non-public information regarding the Loan Parties
and their respective businesses identified as such by Borrower and obtained by Lender by a Loan Party pursuant to the requirements hereof in accordance with Lender’s customary procedures for handling information of such nature, except that
disclosure of such information may be made (i) to Lender’s Affiliates and the partners, directors, officers, employees, 

  
 46 

 
agents, trustees, administrators, managers, auditors, professional consultants, advisors and representatives of Lender and of Lender’s Affiliates (collectively, the “Related
Parties” of Lender) (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (ii) to rating agencies,
insurance industry associations and portfolio management services, (iii) to prospective transferees or purchasers of or participants in any interest in the Advances and, as applicable, the Loan Documents, to prospective contractual
counterparties (or the professional advisors thereto) in Rate Contracts permitted hereby and to prospective providers of Bank Products, provided, that any such Persons shall have agreed to be bound by the provisions of this
Section 11.8, (iv) to the extent requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties, including any self-regulatory authority, (v) to any other party
hereto, (vi) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(vii) as required by Law, subpoena, judicial order or similar order and in connection with any Litigation, (viii) as may be required in connection with the examination, audit or similar investigation of such Person, (ix) with the
consent of Borrower, (x) to the extent such information (A) becomes publicly available other than as a result of a breach of this Section, or (B) becomes available to Lender or any of its Related Parties on a nonconfidential basis
from a source other than the Loan Parties, and (xi) to a Person that is a trustee, investment advisor, collateral manager, servicer, noteholder or secured party in a Securitization (as hereinafter defined) in connection with the administration,
servicing and reporting on the assets serving as collateral for such Securitization. For the purposes of this Section, “Securitization” shall mean a public or private offering by Lender or any of its Affiliates or their respective
successors and assigns, of Stock or debt securities which represent an interest in, or which are collateralized, in whole or in part, by the Advances. Confidential information shall include only such information identified as such at the time
provided to Lender and shall not include information that either (A) is in the public domain, or becomes part of the public domain after disclosure to such Person through no fault of such Person, or (B) is disclosed to such Person by a
Person other than a Loan Party, provided, Lender does not have actual knowledge that such Person is prohibited from disclosing such information. The obligations of Lender under this Section 11.8 shall supersede and
replace the obligations of Lender under any confidentiality agreement in respect of this financing executed and delivered by Lender prior to the date hereof. 

11.9. Waiver of Consequential and Other Damages. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and
each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Advance or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for
any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby. 

  
 47 

 11.10. Marshaling; Payments Set Aside. Lender shall not be under any obligation to
marshal any assets in payment of any or all of the Obligations. To the extent that any Loan Party makes any payment or Lender enforces its Liens or Lender exercises its right of set-off, and such payment or
the proceeds of such enforcement or set-off is subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid by anyone, then to the extent of such recovery, the
Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefore, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred. 
 11.11. GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT, EACH
NOTE AND EACH OTHER LOAN DOCUMENT, AND ALL MATTERS RELATING HERETO OR THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. EACH LOAN PARTY
HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND IRREVOCABLY AGREES THAT, SUBJECT TO LENDER’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH LOAN PARTY EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. EACH LOAN PARTY HEREBY WAIVES
PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON EACH SUCH LOAN PARTY BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO SUCH LOAN PARTY AT THE ADDRESS SET FORTH IN THIS
AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE 10 DAYS AFTER THE SAME HAS BEEN POSTED. 
 11.12. WAIVER OF JURY TRIAL. TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH LOAN PARTY AND LENDER HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
THEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN PARTY AND LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED
ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH LOAN PARTY AND LENDER WARRANT AND REPRESENT THAT EACH HAS HAD THE OPPORTUNITY OF
REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 

  
 48 

 11.13. Publication; Advertisement. 

(a) Publication. No Loan Party will directly or indirectly publish, disclose or otherwise use in any public disclosure, advertising
material, promotional material, press release or interview, any reference to the name, logo or any trademark of Fifth Third or any of its Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case except (i) as
required by Law, subpoena or judicial or similar order, in which case the applicable Loan Party shall give Lender prior written notice of such publication or other disclosure or (ii) with Fifth Third’s prior written consent. 

(b) Advertisement. Following public disclosure by Borrower of this Agreement, each Loan Party hereby authorizes Lender to publish the
name of such Loan Party, the existence of the financing arrangements referenced under this Agreement, the primary purpose and/or structure of those arrangements, the amount of credit extended under each facility, the title and role of each party to
this Agreement, and the total amount of the financing evidenced hereby in any “tombstone”, comparable advertisement or press release which Lender elects to submit for publication. In addition, each Loan Party agrees that Lender may provide
lending industry trade organizations with information necessary and customary for inclusion in league table measurements after the Closing Date. With respect to any of the foregoing, Lender shall provide Borrower with an opportunity to review and
confer with Lender regarding the contents of any such tombstone, advertisement or information, as applicable, prior to its submission for publication and, following such review period, Lender may, from time to time, publish such information in any
media form desired by Lender, until such time that Borrower shall have requested Lender cease any such further publication. 
 11.14.
Counterparts; Integration. This Agreement and the other Loan Documents may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. Signatures by facsimile or other electronic transmission (including “pdf” or “tif” format) shall bind the parties hereto. This Agreement and the other Loan Documents constitute the entire agreement and understanding
among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 

11.15. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Agreement. 
 11.16. USA PATRIOT Act Notification. Lender hereby notifies each Loan Party that
pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information and documentation that identifies such Loan Party, which information includes the name and address of each Loan Party and such other
information that will allow Lender to identify such Loan Party in accordance with the USA PATRIOT Act. The Loan Parties agree to, promptly following a request by Lender, provide all such other documentation and information that Lender requests in
order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, and the Beneficial Ownership Regulation. 

  
 49 

 11.17. Acknowledgement and Consent to Bail-In of
Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full
or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in
lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any applicable Resolution Authority. 

11.18. CALIFORNIA JUDICIAL REFERENCE. In the event any legal proceeding is filed in a court of or in the State of California (the
“Court”) by or against a Loan Party or Lender in connection with any controversy, dispute or claim directly or indirectly arising out of or relating to this Agreement, any Notes issued pursuant hereto (if any), the Loan Documents or
the transactions contemplated thereby (whether based on contract, tort or any other theory) (each, a “Claim”) and the waiver set forth in the preceding Section 11.12 is not enforceable in such action or
proceeding, the Loan Parties and Lender (by its acceptance hereof) agree as follows: 
 (a) With the exception of the matters specified in
Section 11.18(b) below, any Claim will be determined by a general reference proceeding in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.2, including any revision or
replacement of such statutes or rules hereafter enacted. The Loan Parties and Lender intend this general reference agreement to be specifically enforceable in accordance with California Code of Civil Procedure Section 638, including any
revision or replacement of such statute or rule hereafter enacted. Except as otherwise provided in this and the other related Loan Documents, venue for the reference proceeding will be in the state or federal court in the county or district where
venue is otherwise appropriate under applicable Law. 
 (b) The following matters shall not be subject to a general reference proceeding:
(i) judicial or non-judicial foreclosure of any security interests in real or personal property; (ii) exercise of self-help remedies (including, without limitation,
set-off); (iii) appointment of a receiver; and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or
preliminary injunctions or other 

  
 50 

 
injunction relief). This Section 11.18 does not limit the right of the Loan Parties or Lender to exercise or oppose any of the rights and remedies described in
Section 11.18(b) (i) - (iv) and any such exercise or opposition does not waive the right of the Loan Parties or Lender to a reference proceeding pursuant to this Section 11.18. 

(c) Upon the written request of the Loan Parties or Lender, the Loan Parties and Lender shall select a single referee, who shall be a retired
judge or justice. If the Loan Parties and Lender do not agree upon a referee within ten (10) days of such written request then the Loan Parties or Lender may request the Court to appoint a referee pursuant to California Code of Civil Procedure
Section 640(b), including any revision or replacement of such statute or rule hereafter enacted. 
 (d) All proceedings and hearings
conducted before the referee, except for trial, shall be conducted without a court reporter, except when the Loan Parties or Lender so requests, a court reporter will be used and the referee will be provided a courtesy copy of the transcript. The
party making such request shall have the obligation to arrange for and pay costs of the court reporter, provided that such costs, along with the referee’s fees, shall ultimately be borne by the party who does not prevail, as determined by the
referee. 
 (e) The referee may require one or more prehearing conferences. The Loan Parties and Lender shall be entitled to discovery, and
the referee shall oversee discovery in accordance with the rules of discovery, and may enforce all discovery orders in the same manner as any trial court judge in proceedings at law in the State of California. The referee shall apply the rules of
evidence applicable to proceedings at law in the State of California and shall determine all issues in accordance with applicable state and federal law. The referee shall be empowered to enter equitable as well as legal relief and rule on any motion
which would be authorized in a trial, including, without limitation, motions for default judgment or summary judgment. The referee shall report the referee’s decision, which report shall also include findings of fact and conclusions of law.

 (f) THE LOAN PARTIES AND LENDER RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE
DECIDED BY A REFEREE AND NOT BY A JURY. 
 [Signature pages follow] 

  
 51 

 IN WITNESS WHEREOF, this Agreement has been duly executed 

 

			
	BORROWER:
	
	UNIVERSAL TECHNICAL INSTITUTE, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	Chief Executive Officer
	
	Borrower’s Address for Notices:
	
	 Universal Technical Institute, Inc.

4225 E. Windrose Drive, Suite 200
 Phoenix, Arizona
85032

	
	Attn: Jerome Grant, Chief Executive Officer

  
 Signature Page
to Credit Agreement 

			
	LOAN PARTIES:	  	UTI HOLDINGS INC.

  

			
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	STUDENT FUNDING GROUP, LLC
		
	By:	 	Universal Technical Institute, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	Chief Executive Officer
	
	HCP ED HOLDINGS, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF ARIZONA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	U.T.I, OF ILLINOIS, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF CALIFORNIA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page
to Credit Agreement 

 
			
	UNIVERSAL TECHNICAL INSTITUTE OF SOUTHERN CALIFORNIA, LLC
		
	By:	 	Universal Technical Institute of California, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF NORTH CAROLINA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF TEXAS, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF PENNSYLVANIA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE NORTHEAST, LLC
		
	By:	 	UTI Holdings Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page
to Credit Agreement 

 
			
	UNIVERSAL TECHNICAL INSTITUTE OF PHOENIX, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF NORTHERN CALIFORNIA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	CUSTOM TRAINING GROUP, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	MICHIGAN INSTITUTE OF AERONAUTICS, INC. d/b/a MIAT College of Technology
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF ARIZONA, LLC
		
	By:	 	Universal Technical Institute of Arizona, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page to
Credit Agreement 

 
			
	UTI SOUTH FLORIDA, LLC
		
	By:	 	Universal Technical Institute of Arizona, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE VENTURES, LLC
		
	By:	 	Universal Technical Institute, Inc.
	Its Manager
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	Chief Executive Officer
	
	UTI WEST TEXAS, LLC
		
	By:	 	Universal Technical Institute of Texas, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF NORTHERN TEXAS, LLC
		
	By:	 	Universal Technical Institute of Texas, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page to
Credit Agreement 

 
			
	LENDER:
	
	FIFTH THIRD BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Jeff Thom
	Name:	 	Jeff Thom
	Title:	 	Senior Vice President
	
	Lender’s Address for Notices:
	
	 Fifth Third Bank, National Association

3633 Inland Empire Blvd., Suite 920

	Ontario, California 91764

  
 Signature Page to
Credit Agreement 

 ANNEX A 

to 
 CREDIT AGREEMENT

 LETTERS OF CREDIT 

(a) Issuance. 

(i) Subject to the terms and conditions of the Agreement, Lender agrees to incur, from time to time prior to the Commitment
Termination Date, upon the request of Borrower and for Borrower’s or any Subsidiary’s account, Letter of Credit Obligations with respect to Letters of Credit issued by Lender for Borrower’s or any Subsidiary’s account. Borrower
shall give Lender at least five Business Days prior written notice requesting the incurrence of any Letter of Credit Obligation. The notice shall be accompanied by a completed Letter of Credit application. Notwithstanding anything contained herein
to the contrary, Letter of Credit applications by Borrower and communications by Lender may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and between Borrower and Lender. Borrower
hereby authorizes Lender to accept, act upon, and treat as genuine and original (but without any obligation of Lender to do any of the foregoing) applications, authorizations, and other requests regardless of the manner communicated, including those
sent or communicated via overnight courier, certified or non-certified mail, fax, email, electronic code, or phone, so long as Lender does not have actual knowledge that a particular application,
authorization, or other request is not authorized by Borrower. 
 (ii) Letters of Credit issued hereunder shall constitute
utilization of the Commitments. A Letter of Credit shall be issued, extended, reinstated, or otherwise amended only if (and upon issuance, extension, reinstatement or other amendment of each Letter of Credit Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance, extension, reinstatement or other amendment, (i) the aggregate amount of Letter of Credit Obligations shall not at any time exceed $20,000,000.00 (the “L/C Sublimit”); and
(ii) Revolving Exposure shall not exceed the Revolving Loan Commitment. 
 (iii) Borrower is responsible for preparing
or approving the text of each Letter of Credit as submitted to and as issued by Lender and as received by the beneficiary, notwithstanding any drafting recommendations or forms provided by Lender. Lender’s recommendation or drafting of text or
Lender’s use or non-use or refusal to use text submitted by Borrower shall not affect Borrower’s ultimate responsibility. Borrower is responsible for Lender’s failure to apply, or to observe
standard practice as applied to, Letter of Credit terms or conditions, and for terms or conditions that (A) are erroneous, ambiguous, inconsistent, insufficient, ineffective, or illegal, (B) require Lender to respond to a demand in fewer
than three Business Days, or (C) require or allow Borrower to sign, issue, or present a document. Notwithstanding anything to the contrary in this Agreement, Lender’s obligation to issue, amend, or extend the expiration date of a Letter of
Credit is subject to its review and approval of the proposed terms of the Letter of Credit (and any amendment thereof) in its sole discretion. Borrower represents and warrants to Lender that 

  
 Annex A 

 
Borrower is familiar with, and understands, applicable Law and letter of credit practice. If requested by Lender, Borrower will execute, deliver, and submit a letter of credit application and
reimbursement agreement on Lender’s standard forms in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any such letter of
credit application or reimbursement agreement, the terms and conditions of this Agreement will control, for so long as Borrower and Lender are subject thereto. Notwithstanding anything to the contrary in this Agreement but subject to Borrower’s
ultimate responsibility as set forth above in this paragraph (a), Lender’s obligation to issue, amend, or extend the expiration date of a Letter of Credit is subject to its review and approval of the proposed terms of the Letter of Credit (and
any amendment thereof) in its sole discretion. 
 (iv) Borrower will notify Lender in writing no later than three Business
Days after Borrower first becomes aware of any objection Borrower may have to Lender’s issuance or amendment of a Letter of Credit, Lender’s acceptance or rejection of a presentation under any Letter of Credit, or any other action or
inaction taken or proposed to be taken by Lender under or in connection with this Agreement or any other agreement, document, or instrument relating hereto; provided, however, that if Lender reasonably believes that it is obligated to take
any action, including, but not limited to, the payment on a Letter of Credit in a period of time less than three Business Days, Lender is allowed to take such action without liability to Borrower. Borrower’s failure to give timely and specific
notice of objection shall automatically waive Borrower’s objection, authorize or ratify Lender’s action or inaction, and absolutely preclude Borrower from raising the objection as a defense or claim against Lender (or any Indemnitee). If
Lender approaches Borrower for a waiver of discrepancies in a presentation, then Borrower must respond within three Business Days. Lender may treat Borrower’s failure to respond as a waiver of the indicated discrepancies, but need not itself
accept Borrower’s implied or express waiver of discrepancies as binding on Lender. Borrower’s acceptance or retention of any documents presented under or in connection with a Letter of Credit (including, but not limited to, originals or
copies of documents sent directly to Borrower) or of any property for which payment is supported by any Letter of Credit shall ratify Lender’s honor of the relevant presentation and absolutely preclude Borrower from raising a defense or claim
against Lender (or any Indemnitee) with respect to such honor. 
 (b) Expiration Date. Except for Evergreen Letters of Credit that
are subject to the terms and conditions set forth in this paragraph, no Letter of Credit shall have an expiration date that is later than the earlier of (i) one year following the date of issuance thereof (or, in the case of any extension of
the expiration date thereof, whether automatic or by amendment, one year after the then-current expiration date of such Letter of Credit) unless otherwise permitted by Lender (subject to the other provisions
of this Agreement) and (ii) the date that is five Business Days before the Commitment Termination Date, and Lender shall not be under any obligation to incur Letter of Credit Obligations in respect of any Letter of Credit having an expiration
date that is later than the Commitment Termination Date. If Borrower so requests in any notice requesting the issuance of a Letter of Credit (or the amendment of an outstanding Letter of Credit), Lender may, in its sole discretion, agree to issue a
Letter of Credit that has automatic extension provisions (each, an “Evergreen Letter of Credit”), provided that any such Evergreen Letter of Credit shall 

  
 Annex A 

 
permit Lender to prevent any such extension at least once in each one-year period (commencing with the date of issuance of such Letter of Credit) by giving
prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such one-year period to be agreed upon by
Borrower and Lender at the time such Letter of Credit is issued. Unless otherwise directed by Lender, Borrower shall not be required to make a specific request to Lender for any such extension. 

(c) Reimbursement and Interim Interest. 

(i) If Lender shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse Lender by paying to Lender
an amount equal to such disbursement in immediately available U.S. dollars, without withholding, deduction, or setoff, not later than 1:00 p.m. prevailing local time in New York, NY on (i) the Business Day that Borrower receives notice of
Lender’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in New York, NY; or (ii) the Business Day immediately following the day that Borrower receives such notice, if such notice is not received prior to
such time, with interest at the rate applicable to Base Rate Loans for the additional calendar day(s) elapsed; provided that, if such disbursement by Lender is not less than $250,000, Borrower may, subject to the conditions to borrowing set forth in
the Agreement, request in accordance with Section 2.1 that such payment be financed with a Revolving Credit Advance in an equivalent amount, and to the extent so financed, Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting Revolving Credit Advance. Lender’s records showing the dates and amounts of payments due and disbursements made shall be presumed correct and complete and, if Borrower does not object within
five Business Days after receiving the information, shall be final. 
 (ii) If Borrower fails to reimburse Lender for any
amount disbursed when due pursuant to paragraph (c)(i) above, then the unpaid amount shall bear interest, for each day from and including the date such disbursement is made to but excluding the date that Borrower reimburses Lender for such
disbursement, at the Default Rate. 
 (d) Limitations. Lender shall not be under any obligation to issue any Letter of Credit if:

 (i) any order, judgment, or decree of any Governmental Authority or arbitrator shall enjoin or restrain, or purport to
enjoin or restrain, Lender from issuing such Letter of Credit, or request that Lender refrain from, or, if in the sole discretion of Lender, any Law applicable to Lender shall prohibit the issuance of letters of credit generally or such Letter of
Credit in particular, or any such order, judgment or decree, or Law shall impose upon Lender with respect to such Letter of Credit any restriction, reserve, capital, or liquidity requirement (for which Lender is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon Lender any unreimbursed loss, cost, or expense that was not applicable on the Closing Date and that Lender in good faith deems material to it; 

  
 Annex A 

 (ii) the issuance of such Letter of Credit would violate one or more
policies of Lender; or 
 (iii) except as otherwise agreed by Lender, such Letter of Credit is in an initial amount less than
$250,000. 
 Lender shall be under no obligation to amend any Letter of Credit if (A) Lender would have no obligation at such time to issue the Letter
of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit. 

(e) Cash Collateral. 

(i) If Borrower is required to provide cash collateral for any Letter of Credit Obligations pursuant to this Agreement,
including Section 9.2 of this Agreement, prior to the Commitment Termination Date, Borrower will pay to Lender cash or Cash Equivalents acceptable to Lender (“Cash Collateral”) in an amount equal to 103% of
the Letter of Credit Obligations plus accrued and unpaid interest thereon. Such Cash Collateral shall be held by Lender and pledged to, and subject to the control of, Lender. Borrower hereby pledges and grants to Lender a security interest in all
such Cash Collateral and all proceeds thereof, as security for the payment of all amounts due in respect of the Letter of Credit Obligations and other Obligations, whether or not then due. This Agreement, including this paragraph (e)(i), shall
constitute a security agreement under applicable Law. 
 (ii) If any Letter of Credit Obligations, whether or not then due
and payable, shall for any reason be outstanding on the Commitment Termination Date, Borrower shall provide Cash Collateral within two Business Days therefor in the manner described, and subject to the terms and conditions as set forth, above. 

(iii) From time to time after funds are deposited as Cash Collateral by Borrower, whether before or after the Commitment
Termination Date, Lender may apply such funds then held by it to the payment of any amounts, and in such order as Lender may elect, as shall be or shall become due and payable by Borrower to Lender with respect to such Letter of Credit Obligations
of Borrower and, upon the satisfaction in full of all Letter of Credit Obligations of Borrower, to any other Obligations then due and payable. 

(iv) Neither Borrower nor any Person claiming on behalf of or through Borrower shall have any right to withdraw any of the Cash
Collateral, except that upon the termination of all Letter of Credit Obligations (which requires the return of all original Letters of Credit) and the payment of all amounts payable by Borrower to Lender in respect thereof, any remaining Cash
Collateral shall be applied to other Obligations then due and owing and upon payment in full of such Obligations any remaining amount shall be paid to Borrower or as otherwise required by Law. Interest earned, if any, on Cash Collateral shall be
held as additional collateral. 

  
 Annex A 

 (f) Fees and Expenses. In addition to the Letter of Credit Fees payable pursuant to
Section 2.4(e)(iii) of this Agreement, Borrower shall pay to Lender, on demand, such Letter of Credit Fees as are set forth from time to time in Lender’s Fee schedule for letters of credit. Borrower acknowledges that
Lender may modify such Fee schedule at any time and will communicate such new Fee schedule information to Borrower as required in the notice provision hereunder. Such new Fees will be effective 30 days after such notice and shall apply as of such
date to all existing and future Letters of Credit issued by Lender. In the event of any inconsistency between the Fees set forth in this Agreement and the Fees set forth in such Fee schedule, the Fees set forth in this Agreement will control. 

(g) Obligations Absolute. The obligation of Borrower to reimburse Lender for payments made with respect to any Letter of Credit
Obligation shall be absolute, unconditional, and irrevocable, and not subject to abatement, reduction, withholding, deduction, deferment, interruption, recoupment, or other right (whether legal, equitable, or otherwise) for any reason whatsoever,
without necessity of presentment, demand, protest, or other formalities. Such obligations of Borrower shall be paid strictly in accordance with the terms hereof under all circumstances, including and/or despite any of the following: 

(i) any lack of validity or enforceability of any Letter of Credit or this Agreement or the other Loan Documents or any other
agreement; 
 (ii) the existence of any claim, setoff, defense (including suretyship), or other right that Borrower or any of
its Affiliates may at any time have against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such transferee may be acting), Lender, or any other Person, whether in connection with this Agreement, the
Letter of Credit, the transactions contemplated herein or therein, or any unrelated transaction (including any underlying transaction between Borrower or any of its Affiliates and the beneficiary for which the Letter of Credit was procured); 

(iii) any draft, demand, certificate or any other document presented under any Letter of Credit proving to be forged,
fraudulent, invalid, or insufficient in any respect, or any statement therein being untrue or inaccurate in any respect; 

(iv) payment by Lender under any Letter of Credit or guaranty thereof against presentation of a demand, draft, certificate, or
other document that does not comply with the terms of such Letter of Credit or such guaranty; 
 (v) the fact that a Default
or an Event of Default has occurred and is continuing; 
 (vi) any bankruptcy, insolvency, receivership, reorganization, or
similar proceeding discharging or otherwise affecting Borrower or any of its Affiliates; 
 (vii) Lender’s rights and
remedies with respect to any collateral; 
 (viii) Borrower’s claims, rights, or remedies against any of its Affiliates;

 (ix) Lender’s waiver or release of any obligation of Borrower; 

  
 Annex A 

 (x) any amendment, supplement, restatement, or renewal of this Agreement or
any other agreement, document, or instrument relating hereto; 
 (xi) any loss or damage to any collateral; 

(xii) the failure of any lien or security interest in favor of Lender to attach, be perfected or recorded, or remain perfected
or recorded; 
 (xiii) Lender’s release of any collateral, or taking of additional collateral, and Borrower waives any
and all rights with respect to all of the foregoing; or 
 (xiv) any other circumstance or event whatsoever, whether or not
similar to any of the foregoing that might, but for the provisions of this section, constitute a legal or equitable discharge of, or provide a right of setoff against, Borrower’s obligations hereunder. 

(h) Lender Discretion. 

(i) For Borrower’s account, Lender may at any time provide in a Letter of Credit or otherwise agree to do or do the
following: 
 (A) send the Letter of Credit via the Society for Worldwide Interbank Financial Telecommunication
(“SWIFT”) network and bind Borrower directly and as an indemnifier to the rules applicable to SWIFT messages (including, but not limited to, rules obligating Borrower or Lender to pay bank charges); 

(B) assert, waive, or, with any necessary consent from the beneficiary or other person or entity, amend any provision in the
Letter of Credit or applicable practice that primarily concerns issuer operations including, but not limited to, (A) identification of the Letter of Credit in any presentation, (B) marking of the Letter of Credit to reflect a transfer,
payment, or other action, (C) specification of the business days and hours, manner, and place for Lender receiving a presentation, effecting honor, and giving notice of dishonor under the Letter of Credit, (D) duration of the period(s) for
examination, approaching Borrower for a waiver, or sending a notice of refusal, (E) disposition of the beneficiary’s documents after dishonor or while approaching Borrower for a waiver, and (F) replacement of a lost Letter of Credit
or recognition of a successor beneficiary; 
 (C) discount an accepted draft or deferred payment undertaking incurred under
the Letter of Credit, at the request of the beneficiary or other third party, without affecting the amount or due date of Borrower’s obligations to reimburse or pay fees to Lender; 

  
 Annex A 

 (D) select any branch, bank office, or Lender affiliate or any other bank or
financial institution or affiliate for issuing, advising, transferring, confirming, and/or nominating bank or person or entity under the law and practice of the place where it acts (if the Letter of Credit permits advice, transfer, confirmation,
and/or nomination) to act under contract with Lender as a letter of credit processing agent for Lender in Lender’s issuance of the Letter of Credit or processing of demands or in any other action that Lender is required or permitted to take
under the Letter of Credit; 
 (E) accept documents that appear on their face to be in substantial compliance with the terms
and conditions of a Letter of Credit without responsibility for further investigation and disregarding any information or data outside of the face of the documents, regardless of any notice or information to the contrary, and may honor and make
payment upon any presentation that appears on its face to substantially comply with the terms and conditions of a Letter of Credit, whether or not the Letter of Credit requires strict compliance and without regard to any non-documentary condition in such Letter of Credit (including, but not limited to, honor of a draft that is non-negotiable or informal, honor up to the amount available under
the Letter of Credit of a demand claiming more than that amount, honor of a draft or other document that lacks a reference to the Letter of Credit, honor of a presentation of documents that include inconsistent extraneous data, and allowance of a
grace period of one business day for timing requirements under the Letter of Credit); 
 (F) decline to accept any documents
and make payment if such documents are not in strict compliance with the terms and conditions of a Letter of Credit; 
 (G)
provide for or submit to arbitration, mediation, DOCDEX (the ICC Banking Commission’s informal dispute resolution service), or the like for the resolution of some or all disputes with the beneficiary or other person or entity; and 

(H) replace a purportedly lost, stolen, or destroyed original Letter of Credit or amendment thereto with a replacement marked
as such or waive a requirement for its presentation. 
 (ii) Unless specifically committed to do so in a writing signed by
Lender, Lender is not required to issue any Letter of Credit amendment. If the Letter of Credit may be extended or terminated by a notice given or other action taken by Lender (with or without the passage of time), then, whether or not requested to
do so by Borrower, Lender shall have the right to give such notice or take such action, to fail or refuse to do so, or to fail to retain proof of doing so. If Lender gives such notice or takes such action at Borrower’s request, then Borrower
shall obtain the beneficiary’s acknowledgement and, in the case of Letter of Credit termination, return the original Letter of Credit. If Lender fails or refuses to give notice of non-extension or
termination at Borrower’s timely written request, then Lender’s Letter of Credit Fees shall be calculated as if Lender had given such notice or taken such action. 

  
 Annex A 

 (iii) If the beneficiary or another person or entity claims that Lender has
wrongfully repudiated or dishonored a Letter of Credit, then Lender shall have the right to defend or settle the claim, with or without joining Borrower in any proceeding or negotiation and without regard to whether the claimant asserts that Lender
is precluded from relying on a valid defense. Borrower shall have the obligation to mitigate damages and, if Lender pays or settles a claim then Borrower will reimburse, indemnify, account for any benefits, and cooperate with Lender as subrogee.

 (iv) Lender’s actions in one or more instances shall not waive its right, with or without notice to Borrower, to use
its discretion differently in other similar instances and shall not establish a course of conduct on which Borrower may rely in any other instances under the same or other Letter of Credit. 

(i) Indemnification; Nature of Duties. 

(i) In addition to amounts payable as elsewhere provided in this Agreement, Borrower hereby agrees to pay and to protect,
indemnify, and save harmless Lender and each other Indemnitee from and against any and all claims, demands, liabilities, damages, losses, costs, charges, and expenses (including reasonable attorneys’ fees and allocated costs of internal and
external counsel) that Lender may incur or be subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit or guaranty thereof, (B) the failure of Lender seeking indemnification or of Lender to honor a
demand for payment under any Letter of Credit or guaranty thereof as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority, (C) arising from or incurred
in connection with any breach of a representation, warranty, or covenant by Borrower; (D) arising out of or resulting from any suit, action, claim, proceeding, or governmental investigation, pending or threatened, whether based on statute,
regulation, or order, or tort, or contract, or otherwise, before any court or governmental authority (and irrespective of who may be the prevailing party); (E) arising out of or in connection with any payment or action taken in connection with any
Letter of Credit, including, without limitation, any action or proceeding seeking to restrain any drawing under a Letter of Credit or to compel or restrain any payment or any other action under a Letter of Credit or this Agreement (and irrespective
of who may be the prevailing party); or (F) arising out of or in connection with any act or omission of any governmental authority or other cause beyond the Indemnitee’s reasonable control; except in each case to the extent such claim,
liability, loss, damage, tax, penalty, interest, judgment, cost, or expense is found to have resulted from the gross negligence or willful misconduct of an Indemnitee (as finally determined by a court of competent jurisdiction in a non-appealable matter). 
 (ii) As between Lender and Borrower, Borrower assumes all risks
of the acts and omissions of, or misuse of any Letter of Credit by, beneficiaries of any Letter of Credit. In furtherance and not in limitation of the foregoing, to the fullest extent permitted by Law, Lender shall not be responsible for:
(A) the form, validity, sufficiency, accuracy, genuineness, or legal effect of any document issued by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in

  
 Annex A 

 
any or all respects invalid, insufficient, inaccurate, fraudulent, or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign
any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (C) failure of the beneficiary of any Letter of Credit to comply fully and strictly
with the conditions required in order to demand payment under such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex, or otherwise, whether or not
they may be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a payment under any Letter of Credit or guaranty thereof or of the
proceeds thereof; (G) the credit of the proceeds of any drawing under any Letter of Credit or guaranty thereof; and (H) any consequences arising from causes beyond the control of Lender. None of the above shall affect, impair, or prevent
the vesting of any of Lender’s rights or powers hereunder or under this Agreement. 
 (iii) Limitations on
Remedies. 
 (A) Nothing contained herein shall be deemed to limit or to expand any waivers, covenants, or indemnities
made by Borrower in favor of Lender in any letter of credit application, reimbursement agreement, or similar document, instrument, or agreement between Borrower and Lender. 

(B) EXCEPT AS MAY BE EXPRESSLY PROVIDED IN THIS AGREEMENT, LENDER SHALL NOT BE LIABLE TO BORROWER IN CONTRACT, TORT, OR
OTHERWISE FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES. 
 (C) Borrower must take action to avoid and
reduce the amount of damages claimed against Lender (or any other Indemnitee, as applicable). 
 (D) Borrower’s
aggregate remedies against Lender for honoring a presentation or retaining honored documents in breach of Lender’s obligations to Borrower (whether arising under this Agreement, any other agreement, document, or instrument relating hereto,
applicable letter of credit practice or law, or any other applicable law) are limited to the aggregate amounts paid by Borrower to Lender with respect to the honored presentation. 

(E) In any dispute or litigation between Borrower and Lender, Borrower shall pay Lender’s reasonable attorneys’ fees,
expert witness fees, and other expenses of litigation or dispute resolution, unless Borrower obtains a non-appealable award for damages against Lender, as so ordered by a court of competent jurisdiction. If
Borrower prevails in an action based on forgery or fraud of the beneficiary or other presenter, this does not relieve Borrower from its obligation to pay Lender’s fees and expenses in contesting the entry or maintenance of injunctive relief.

  
 Annex A 

 (iv) Borrower agrees that, in the absence of gross negligence or willful
misconduct on the part of Lender (as finally determined by a court of competent jurisdiction), L/C Issuer will be deemed to have exercised care in determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. 
 (j) Letters of Credit Issued for account of Subsidiaries. Notwithstanding that a Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, Borrower shall be obligated as a primary obligor as set forth herein for any and all drawings under such Letter of Credit, and irrevocably waives any
defenses that might otherwise be available to it as a guarantor or surety of the obligations of such Subsidiary. Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of Borrower,
and that Borrower’s business derives substantial benefits from the businesses of such Subsidiaries. To the extent that any Letter of Credit is issued for the account of any Subsidiary of Borrower, Borrower agrees that (i) such Subsidiary
shall have no rights against Lender, and Borrower shall hold Lender harmless with respect to any claim or other attempted exercise of rights by such Subsidiary against Lender, (ii) Borrower shall be responsible for the obligations in respect of
such Letter of Credit under this Agreement and any application or reimbursement agreement, (iii) Borrower shall have the sole right to give instructions and make agreements with respect to this Agreement and the Letter of Credit, and the
disposition of documents related thereto, and (iv) Borrower shall have all powers and rights in respect of any security arising in connection with the Letter of Credit and the transactions related thereto. Borrower shall, at the request of
Lender, cause such Subsidiary to execute and deliver an agreement confirming the terms specified in the immediately preceding sentence and acknowledging that it is bound thereby. 

(k) Rules of Practice. Unless otherwise expressly agreed by Lender and Borrower when a Letter of Credit is issued by it, (i) the
rules of the International Standby Practices, ICC Publication No. 590 (as amended, supplemented, restated, and/or republished from time to time, the “ISP”) shall apply to each standby Letter of Credit. Notwithstanding the
foregoing, Lender shall not be responsible to Borrower for, and Lender’s rights and remedies against Borrower shall not be impaired by, any action or inaction of Lender required or permitted under any law, order, or practice that is required or
permitted to be applied to any Letter of Credit or this Agreement, including the Laws or any order of a jurisdiction where Lender, the beneficiary, or any advising, transferring, confirming, or nominated bank or person or entity is located, the
practice stated in the ISP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the International Chamber of Commerce Banking Commission, the Bankers Association for Finance and Trade, or the Institute of
International Banking Law & Practice, whether or not any Letter of Credit chooses such laws or practice rules. 
 (l)
Survival. The provisions of this Annex A shall survive the payment of the Obligations, any termination of this Agreement, and the assignment of any rights hereunder. 

  
 Annex A 

 APPENDIX I 

to 
 CREDIT AGREEMENT

 DEFINITIONS 

“Account Debtor” means any Person who may become obligated to a Loan Party under, with respect to, or on account of, an
Account, any Chattel Paper or any General Intangibles (including a payment intangible). 
 “Accounts” means all rights,
titles and interests of each Loan Party in all of such Loan Party’s “accounts,” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, including (a) all accounts receivable, other
receivables, book debts and other forms of obligations, (including any such obligations that may be characterized as an account or contract right under the Code), (b) all of each Loan Party’s rights in, to and under all purchase orders or
receipts for goods or services, (c) all of each Loan Party’s rights to any Goods represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to
returned, reclaimed or repossessed Goods), (d) all rights to payment due to any Loan Party for property sold, leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued, for a secondary obligation
incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to be rendered by such Loan
Party or in connection with any other transaction (whether or not yet earned by performance on the part of such Loan Party), (e) all healthcare insurance receivables, and (f) all Supporting Obligations and other collateral security of any
kind, now or hereafter in existence, given by any Account Debtor or other Person with respect to any of the foregoing. 

“Accreditation” means the status of public recognition granted by any Accrediting Body to an educational institution that
meets the Accrediting Body’s standards and requirements, which approval is required for the educational institution to participate in the Title IV Programs. 

“Accrediting Body” means any entity or organization recognized by the DOE pursuant to 34 C.F.R. 602 et seq. 

“Advance” means any Revolving Credit Advance. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Affiliate” means, with respect to any Person, (a) each Person that, directly or indirectly, owns or controls, whether
beneficially, or as a trustee, guardian or other fiduciary, 10% or more of the Stock having ordinary voting power in the election of directors (or managers) of such Person, (b) each Person that controls, is controlled by or is under common
control with such Person, (c) each of such Person’s officers, directors, members, managers, joint venturers and partners, and (d) in the case of a Loan Party, the immediate family members, spouses and lineal descendants of individuals
who are Affiliates of such Loan Party. For the purposes of this definition, “control” of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether
through the ownership of voting securities, by contract or otherwise; provided, however, that, with respect to the Loan Parties, the term “Affiliate” shall specifically exclude Lender. 

  
 Appendix I 

 “Agreement” means the Credit Agreement, dated as of the Closing Date, by
and among Borrower, the other Loan Parties party thereto, and Lender. 
 “Anti-Terrorism Laws” means any Laws relating to
terrorism or money laundering, including Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by OFAC. 

“Applicable Margin” means, as of any date, the applicable per annum rate set forth below in the applicable column in the
table below based on the then-current Total Leverage Ratio. 
  

									
	 Pricing Grid

Level
	  	Total Leverage
Ratio	 	Tranche Rate
Margin
applicable to
Revolving
Credit Advances
& Letters of
Credit	 	Base Rate
Margin
applicable to
Revolving
Credit Advances	 	Unused Line Fee
	 I
	  	≥ 2.25%	 	2.25%	 	0.00%	 	0.25%
	 II
	  	≥ 1.50% but
<2.25%	 	2.00%	 	0.00%	 	0.25%
	 III
	  	<1.50%	 	1.75%	 	0.00%	 	0.25%

 For purposes of determining the Applicable Margins, the Total Leverage Ratio will, on and after the First Pricing Grid
Determination Date, be determined as of the First Pricing Grid Determination Date and as of the end of each Fiscal Quarter and Fiscal Year of Borrower ending on or after the First Pricing Grid Determination Date (each such date being a
“Determination Date”). The “First Pricing Grid Determination Date” occurring on and after the Closing Date will be December 31, 2022. On Lender’s receipt of the financial statements and Compliance
Certificate required to be delivered to Lender pursuant to the Credit Agreement, the Applicable Margins will be subject to adjustment in accordance with the table set forth above based on the then Total Leverage Ratio. The foregoing
adjustment, if applicable, will become effective on the first Business Day of the first calendar month after Lender’s receipt of the financial statements and Compliance Certificate required to be delivered to Lender pursuant to the Credit
Agreement until the next succeeding effective date of adjustment pursuant to this paragraph. Each of the financial statements and Compliance Certificate required to be delivered to Lender must be delivered to Lender in compliance with the Credit
Agreement. If, however, either the financial statements or the Compliance Certificate required to be delivered to Lender pursuant to the Credit Agreement have not been delivered in accordance therewith, then, at Lender’s option, commencing on
the date 

  
 Appendix I 

 
upon which such financial statements or Compliance Certificate should have been delivered in accordance with the Credit Agreement and continuing until such financial statements or Compliance
Certificate are actually delivered in accordance with the Credit Agreement, for purposes of determining the Applicable Margins, the pricing associated with Pricing Grid Level I will be applicable. From the Closing Date until the earliest of
(i) the first adjustment after the First Pricing Grid Determination Date in accordance with the terms hereof, or (ii) the date that the Lender Advances the Initial Draw, the Applicable Margins shall be as set forth in Pricing Grid Level I,
provided however, that if at any time prior to the First Pricing Grid Determination Date all or part of the Initial Draw is advanced, the Applicable Margins shall be set at Pricing Grid Level II. Notwithstanding that Pricing Grid Levels could
include a Total Leverage Ratio that is in violation of the applicable ratio required by the Credit Agreement (e.g., by providing for a Total Leverage Ratio in the table set forth above which is more than the then permitted covenant level set
forth in the Credit Agreement), if Borrower violates the Financial Covenant set forth in the Credit Agreement for any Fiscal Quarter-end or Fiscal Year-end, then Lender
may, without notice and in addition to any increase in the Applicable Margins pursuant to this paragraph, implement the Default Rate. In the event that any Compliance Certificate delivered to Lender is inaccurate, and such inaccuracy, if corrected,
would have led to the imposition of a higher Applicable Margin for any period than the Applicable Margin applied for that period, then (i) Borrower shall immediately deliver to Lender a corrected Compliance Certificate for that period,
(ii) the Applicable Margin shall be determined based on the corrected Compliance Certificate for that period, and (iii) Borrower shall immediately pay to Lender the accrued additional interest owing as a result of such increased Applicable
Margin for that period. This paragraph shall not limit the rights of Lender with respect to Section 2.4(c) and Section 9 hereof, and shall survive the termination of this Agreement until the
payment in full in cash of the aggregate outstanding principal balance of the Advances. 
 “Availability” means, as of any
date of determination, the Revolving Loan Commitment, less the then-current Revolving Exposure. 
 “AZ Campus Loan
Documents” means any Loan Document as defined under that certain Credit Agreement dated as of May 12, 2021, by and among Borrower, Universal Technical Institute of Arizona, LLC, a Delaware limited liability company, and Lender, as
amended, restated, supplemented, or otherwise modified from time to time. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing Law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other Law, regulation or rule applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms, or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  
 Appendix I 

 “Bank Product” means any of the following products, services or facilities
extended to any Loan Party from time to time by Lender or any of Affiliate of Lender or any Person who was Lender or an Affiliate of Lender at the time it provided such products, services or facilities: (a) any services in connection with
operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft,
depository, information reporting, lockbox services, stop payment services, and other treasury management services; (b) commercial credit card and merchant card services; and (c) other banking products or services as may be requested by
any Loan Party, other than Letters of Credit and Rate Contracts. 
 “Bankruptcy Code” means the provisions of Title 11 of
the United States Code, 11 U.S.C. §§ 101 et seq. 
 “Base Rate” means a variable per annum rate, as of any date
of determination, equal to the Prime Rate. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. Lender may make commercial loans or other loans at rates of interest at, above
or below the Base Rate. Any change in the Base Rate shall be effective for purposes of this Agreement on the date of such change without notice to Borrower. 

“Base Rate Loans” means Advances that accrue interest by reference to the Base Rate, in accordance with the terms of the
Agreement. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 
 “BillPayer Service” means
Lender’s (or, as applicable, its Affiliate’s) then current automated bill paying service, as established and implemented by Lender (or such Affiliate) in accordance with its methods and procedures periodically in effect. 

“Blocked Person” means any Person: (a) listed in the annex to, or otherwise subject to the provisions of, Executive
Order No. 13224, (b) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (c) with which Lender is prohibited
from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224, or (e) that is named a
“specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Borrower” has the meaning ascribed thereto in the preamble to the Agreement. 

  
 Appendix I 

 “Borrower’s Growth and Diversification Strategy” means new campus
buildouts, program expansion and optimization across existing campuses, new program launches, and acquisitions of other integrable education-based businesses which diversify revenue channels, and geographies, including those which mitigate
Borrower’s reliance on Title IV revenue and related funding of sources. 
 “Borrower’s Investment Policy” means
Borrower’s Investment Policy and Procedures dated as of September 14, 2009. 
 “Borrowing Availability” means, as
of any date of determination, Availability at such time, minus the aggregate Revolving Exposure at such time. 
 “Business
Day” means (a) with respect to all notices and determinations, including Interest Payment Dates, in connection with the Tranche Rate, any day that commercial banks in New York, New York are required by law to be open for business and
that is a U.S. Government Securities Business Day, which means any day other than a Saturday, Sunday, or day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for
the entire day for purposes of trading in United States government securities and (b) in all other cases, any day on which commercial banks in New York, NY or Cincinnati, Ohio are required by Law to be open for business; provided that,
notwithstanding anything to the contrary in this definition of “Business Day”, at any time during which a Rate Contract with Lender is then in effect with respect to all or a portion of the Obligations, then the definitions of
“Business Day” and “Banking Day”, as applicable, pursuant to such Rate Contract shall govern with respect to all applicable notices and determinations in connection with such portion of the Obligations arising under such Rate
Contract. Periods of days referred to in the Loan Documents will be counted in calendar days unless Business Days are expressly prescribed. 

“Capital Expenditures” means, with respect to any Person, all expenditures (by the expenditure of cash or the incurrence of
Indebtedness) by such Person during any measuring period for any fixed assets or improvements or for replacements, substitutions or additions thereto, that have a useful life of more than 1 year and that are required to be capitalized under GAAP.

 “Capital Lease” means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such
Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person. 

“Capital Lease Obligation” means, with respect to any Capital Lease of any Person, the amount of the obligation of the lessee
thereunder that, in accordance with GAAP, would appear on a balance sheet of such lessee in respect of such Capital Lease. 
 “Cash
Collateral” has the meaning ascribed to it on Annex A to the Agreement. 

  
 Appendix I 

 “Cash Equivalents” means (a) any readily-marketable securities
(i) issued by, or directly, unconditionally and fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full
faith and credit of the United States federal government, (b) any readily-marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such
state or any public instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1” from Moody’s,
(c) any commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and issued by any Person organized under the Laws of any state
of the United States, (d) any Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by (i) Lender or (ii) any commercial bank that is (A) organized
under the Laws of the United States, any state thereof or the District of Columbia, (B) “adequately capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has Tier 1 capital (as defined in
such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clause (a), (b), (c) or
(d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody’s the highest rating obtainable for money market funds in the United
States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days, and (f) such other Investments of Borrower or its Subsidiaries in the form of
short term marketable debt securities or such other short-term, highly liquid Investments readily convertible into cash, and made in accordance with Borrower’s Investment Policy. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980. 

“Certificate of Designations” means the Certificate of Designations of the Series A Convertible Preferred Stock, dated
June 26, 2016, which fixes the voting powers, designations, preferences and relative, participating, optional or other special rights, qualifications, limitations or restrictions of the Series A Preferred Stock. 

“Change in Law” means the occurrence, after the date of the Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 

  
 Appendix I 

 “Change of Control” means any of the following: (a) any person or
group of persons (within the meaning of the Securities Exchange Act of 1934) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission
under the Securities Exchange Act of 1934) of 35% or more of the issued and outstanding shares of capital Stock of Borrower having the right to vote for the election of directors of Borrower under ordinary circumstances; (b) during any period
of 12 consecutive calendar months, individuals who at the beginning of such period constituted the board of directors of Borrower (together with any new directors whose election by the board of directors of Borrower or whose nomination for election
by the Stockholders of Borrower was approved by a vote of a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for
any reason other than death or disability to constitute a majority of the directors then in office; or (c) Borrower ceases to own and control all of the economic and voting rights associated with all of the outstanding capital Stock of any of
its Subsidiaries, other than pursuant to a transaction permitted under this Agreement. 
 “Charges” means all federal,
state, county, city, municipal, local, foreign or other governmental Taxes (including Taxes owed to the PBGC at the time due and payable), levies, assessments, charges, Liens, claims or encumbrances upon or relating to (a) the Collateral,
(b) the Obligations, (c) the employees, payroll, income or gross receipts of any Loan Party, (d) any Loan Party’s ownership or use of any properties or other assets, or (e) any other aspect of any Loan Party’s business.

 “Chattel Paper” means all rights, titles and interests of each Loan Party in all of such Loan Party’s “chattel
paper,” as such term is defined in the Code, including electronic chattel paper, whether now owned or existing or hereafter acquired or arising, wherever located. 

“Closing Date” means the date set forth in the Preamble to this Agreement. 

“Code” means the Uniform Commercial Code as the same may, from time to time, be enacted and in effect in the State of New
York; provided, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article
or Division 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of Law, any or all of the attachment, perfection or priority of, or remedies with respect to, Lender’s Lien on any Collateral
is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

“Collateral” means the property covered by the Guaranty and Security Agreement and the other Collateral Documents and any
other property, real or personal, tangible or intangible, whether now owned or existing or hereafter acquired or arising, that may at any time be or become subject to a security interest or Lien in favor of Lender to secure the Obligations, but
specifically excluding the Excluded Property. 

  
 Appendix I 

 “Collateral Documents” means the Guaranty and Security Agreement, the
Guaranties, the Note, and all other agreements heretofore, now or hereafter entered into in favor of Lender guarantying payment of, or granting a Lien upon property as security for payment of, the Obligations. 

“Collateral Reports” means the reports and information with respect to the Collateral delivered pursuant to
Section 7 to this Agreement. 
 “Commitment Termination Date” means the earliest of
(a) three year anniversary of the Closing Date, (b) the date of termination of Lender’s obligations to make Advances and to incur Letter of Credit Obligations or permit existing Advances to remain outstanding pursuant to
Section 9.2(b), and (c) the date of indefeasible prepayment in full by Borrower of the Advances and the cancellation and return (or stand-by guaranty) of all Letters of Credit or
the cash collateralization of all Letter of Credit Obligations pursuant to Annex A to the Agreement, and the termination and permanent reduction of the Revolving Loan Commitment to $0. 

“Commitments” means the Revolving Loan Commitment. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Compliance Certificate” means (A) a certificate substantially in the form of Schedule
7.1(a)(iv) attached hereto, showing the calculations used in determining compliance with each of the Financial Covenants and (B) the certification of the Chief Financial Officer of the Loan Parties that (i) such financial information
presents fairly in accordance with GAAP (subject to normal year-end adjustments and the absence of footnote disclosures) the financial position, results of operations and statements of cash flows of the Loan
Parties, on both a consolidated and consolidating basis, as at the end of such Fiscal Quarter and for that portion of the Fiscal Year then ended, (ii) any other information presented is true, correct and complete in all material respects and
that there was no Default or Event of Default in existence as of such time or, if a Default or Event of Default has occurred and is continuing, describing the nature thereof and all efforts undertaken to cure such Default or Event of Default. 

“Concorde” means Concorde Career Colleges, Inc., a Delaware corporation. 

“Concorde Acquisition” the purchase of all of the outstanding Stock of Concorde by Borrower, pursuant to the Concorde
Purchase Agreement. 
 “Concorde Purchase Agreement” means that certain Stock Purchase Agreement among Borrower, Concorde,
Liberty Partners Holdings 28, L.L.C., a Delaware limited liability company, and Liberty Investment IIC, LLC, a Delaware limited liability company, and Liberty Partners, L.P., a Delaware limited partnership, dated as of May 3, 2022, as amended
from time to time. 

  
 Appendix I 

 “Conforming Changes” means, with respect to the use, administration of, or
any conventions associated with the Tranche Rate or any proposed Successor Rate, as applicable, any changes to the terms of this Agreement related to the timing, frequency, and methodology of determining rates and making payments of interest,
including changes to the definition of Business Day, lookback periods or observation shift, prepayments, and borrowing, conversion, or continuation notices, and other technical, administrative, or operational matters, as may be appropriate, in the
discretion of Lender, to reflect the adoption and implementation of such applicable rate and to permit the administration thereof by Lender in an operationally feasible manner and, to the extent feasible, consistent with market practice. 

“Consolidated EBITDA” means, for any period, the sum of the following determined on a consolidated basis, without
duplication, for the Borrower and its Subsidiaries in accordance with GAAP; (a) consolidated net income of the Borrower and its Subsidiaries, plus (b) the sum of the following, to the extent deducted in determining net income for such
period:(i) the provision for income taxes payable during such period, (ii) interest expense, (iii) amortization, depreciation and other non-cash charges including net stock-based compensation (except
to the extent that such non-cash charges are reserved for cash charges to be taken in the future), (iv) fees, costs, and expenses (including legal, accounting and financing costs) expensed during such period
in connection with any of potential acquisitions, new program, and campus start-up costs, and (v) the amount of any non-recurring restructuring charge, reserve,
integration costs, or other business optimization expense, cost, or operating expenditure in connection with the foregoing, including those one-time charges incurred pursuant to Borrower’s Growth and
Diversification Strategy; (provided that, for any period, the aggregate amount added back pursuant to clauses (iv) and (v) shall not exceed 20% of Consolidated EBITDA for such period (after giving effect to any such amounts)), less (c) the
sum of the following, without duplication, to the extent included in determining consolidated income for such period: (i) any extraordinary gains or unusual and nonrecurring gains for such period and
(ii) non-cash gains or non-cash items increasing consolidated income for such period; provided however, that for purposes of calculating Consolidated EBITDA for any
relevant trailing twelve month period: 
 (1) Consolidated EBITDA will be calculated on a pro forma basis to give effect to the Concorde
Acquisition, as such amounts may be adjusted pursuant to any permitted addback or adjustments provided for in (iv) through (v) above projected by the Borrower in good faith to result from actions taken or to be taken no later than twelve
(12) months after the date of the Concorde Acquisition, which addbacks or adjustments shall specifically be identified by the Borrower, be factually supportable and certified by the Borrower in any applicable Compliance Certificate and
calculated on a pro forma basis as realized on the first day of the relevant period (subject to the 20% maximum set forth above); and 
 (2)
notwithstanding the foregoing, Consolidated EBITDA shall also include without duplication Concorde’s trailing twelve-months of earnings which (a) for the Fiscal Quarter ended December 31, 2022, will be estimated to be $15,000,000, (b)
for the Fiscal Quarter ended March 31, 2023, will be estimated to be $15,000,000, (c) for the Fiscal Quarter ended June 30, 2023, will be estimated to be $15,000,000, and (d) for the Fiscal Quarter ended September 30, 2023, will
be estimated to be $6,000,000, as such amounts may be adjusted pursuant to any permitted addbacks or adjustments provided for in (1) above (“Concorde’s EBITDA”). 

  
 Appendix I 

 “Contingent Obligation” means, as to any Person, any direct or indirect
liability, contingent or otherwise, of that Person: (a) with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect
thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in
part) against loss with respect thereto; (b) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (c) under any Rate Contracts; (d) to
make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; or (e) for the obligations of another
Person through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial
condition or any balance sheet item or level of income of another Person. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the
maximum amount so guaranteed or supported. 
 “Contracts” means all rights, titles and interests of each Loan Party in such
Loan Party’s “contracts,” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, in any event, including all contracts, undertakings, or agreements (other than rights evidenced by Chattel
Paper, Documents or Instruments) in or under which any Loan Party may now or hereafter have any right, title or interest, including any agreement relating to the terms of payment or the terms of performance of any Account. 

“Control Letter” means a letter agreement between Lender and (a) the issuer of uncertificated securities with respect to
uncertificated securities in the name of any Loan Party, (b) a securities intermediary with respect to securities, whether certificated or uncertificated, securities entitlements and other financial assets held in a securities account in the
name of any Loan Party, or (c) a futures commission merchant or clearing house, as applicable, with respect to commodity accounts and commodity contracts held by any Loan Party, whereby, among other things, the issuer, securities intermediary
or futures commission merchant limits any security interest in the applicable financial assets in a manner reasonably satisfactory to Lender, acknowledges the Lien of Lender, on such financial assets, and agrees to follow the instructions or
entitlement orders of Lender without further consent by the affected Loan Party. 
 “Copyright License” means any and all
rights now owned or hereafter acquired by any Loan Party under any written agreement granting any right to use any Copyright or Copyright registration. 

“Copyrights” means all of the following now owned or hereafter adopted or acquired by any Loan Party: (a) all copyrights
and General Intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States
Copyright Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof, and (b) all reissues, extensions or renewals thereof. 

“Current Liabilities” means all Indebtedness maturing on demand or within twelve (12) months from the date as of which
Current Liabilities are to be determined (including, without limitation, liabilities, including taxes accrued as estimated, as may properly be classified as current liabilities in accordance with GAAP), and excluding intercompany loans. 

  
 Appendix I 

 “Daily Simple SOFR” means a rate based on SOFR with interest accruing on a
simple daily basis in arrears with a methodology and conventions selected by Lender. 
 “Default” means any event that,
with the passage of time or notice or both, would, unless cured or waived, become an Event of Default. 
 “Default Rate”
has the meaning ascribed to it in Section 2.4(c) of the Agreement. 
 “Deposit Accounts” means
all “deposit accounts” as such term in defined in the Code, now or hereafter held in the name of any Loan Party. 

“Documents” means all rights, titles and interests of each Loan Party in such Loan Party’s “documents,” as
such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located. 

“DOE” means the United States Department of Education and any successor agency administering Title IV Programs. 

“Dollars” or “$” means lawful currency of the United States of America. 

“Domestic Subsidiary” means any Subsidiary organized within the United States of America. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Swap Counterparty” means Lender and any Affiliate of Lender that at any time it occupies such role or capacity
(whether or not it remains in such capacity) enters into a Rate Contract permitted hereunder with Borrower or any Subsidiary of Borrower. 

“Environmental Laws” means all applicable federal, state, local and foreign Laws, statutes, ordinances, codes, rules,
standards and regulations, now or hereafter in effect, and any applicable judicial or administrative interpretation thereof, including any applicable judicial or administrative order, consent decree, order or judgment, imposing liability or
standards of conduct 

  
 Appendix I 

 
for or relating to the regulation and protection of human health, safety, the environment and natural resources (including ambient air, surface water, groundwater, wetlands, land surface or
subsurface strata, wildlife, aquatic species and vegetation). Environmental Laws include CERCLA; the Hazardous Materials Transportation Authorization Act of 1994 (49 U.S.C. §§ 5101 et seq.); the Federal Insecticide, Fungicide, and
Rodenticide Act (7 U.S.C. §§ 136 et seq.); the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et seq.); the Toxic Substance Control Act (15 U.S.C. §§ 2601 et seq.); the Clean Air Act (42 U.S.C. §§ 7401 et seq.);
the Federal Water Pollution Control Act (33 U.S.C. §§ 1251 et seq.); the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.); and the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), and any and all
regulations promulgated thereunder, and all analogous state, local and foreign counterparts or equivalents and any transfer of ownership notification or approval statutes. 

“Environmental Liabilities” means, with respect to any Person, all liabilities, obligations, responsibilities, response,
remedial and removal costs, investigation and feasibility study costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, natural resource damages, consequential damages, treble damages, costs and
expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related to any claim, suit, action, investigation, proceeding or demand by
any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, including any arising under or related to any Environmental Laws, Environmental Permits, or in connection with any
Release or threatened Release or presence of a Hazardous Material whether on, at, in, under, from or about or in the vicinity of any real or personal property. 

“Environmental Permits” means all permits, licenses, authorizations, certificates, approvals or registrations required by any
Governmental Authority under any Environmental Laws. 
 “Equipment” means all rights, titles and interests of each Loan
Party in such Loan Party’s “equipment,” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located and, in any event, including all such Loan Party’s machinery and
equipment, including processing equipment, conveyors, machine tools, data processing and computer equipment, including embedded Software and peripheral equipment and all engineering, processing and manufacturing equipment, office machinery,
furniture, materials handling equipment, tools, attachments, accessories, automotive equipment, trailers, trucks, forklifts, molds, dies, stamps, motor vehicles, rolling stock and other equipment of every kind and nature, trade fixtures and fixtures
not forming a part of real property, together with all additions and accessions thereto, replacements therefor, all parts therefor, all substitutes for any of the foregoing, fuel therefor, and all manuals, drawings, instructions, warranties and
rights with respect thereto, and all products and proceeds thereof and condemnation awards and insurance proceeds with respect thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder. 

  
 Appendix I 

 “ERISA Affiliate” means, with respect to any Loan Party, any trade or
business (whether or not incorporated) that, together with such Loan Party, are treated as a single employer within the meaning of Sections 414(b), (c), (m) or (o) of the IRC. 

“ERISA Event” means, with respect to any Loan Party or any ERISA Affiliate, (a) any event described in
Section 4043(c) of ERISA with respect to a ERISA Plan; (b) the withdrawal of any Loan Party or ERISA Affiliate from a ERISA Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in
Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of any Loan Party or any ERISA Affiliate from any Multiemployer Plan; (d) the filing of a notice of intent to terminate a ERISA Plan or the treatment of a plan
amendment as a termination under Section 4041 of ERISA; (e) the institution of proceedings to terminate a ERISA Plan or Multiemployer Plan by the PBGC; (f) the failure by any Loan Party or ERISA Affiliate to make when due required
contributions to a Multiemployer Plan or ERISA Plan unless such failure is cured within 30 days; (g) any other event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of,
or the appointment of a trustee to administer, any ERISA Plan or Multiemployer Plan or for the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the termination of a Multiemployer Plan under Section 4041A of ERISA or
the reorganization or insolvency of a Multiemployer Plan under Section 4241 or 4245 of ERISA; or (i) the loss of a Qualified Plan’s qualification or tax exempt status; or (j) the termination of an ERISA Plan described in
Section 4064 of ERISA. 
 “ERISA Plan” means any “employee benefit plan”, as such term is defined in
Section 3(3) of ERISA (other than a Multiemployer Plan), which any Loan Party maintains, sponsors or contributes to, or, in the case of an employee benefit plan which is subject to Section 412 of the IRC or Title IV of ERISA, to which
Borrower or any ERISA Affiliate may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding 5 years, or by reason of being deemed
to be a contributing sponsor under Section 4069 of ERISA. 
 “EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” has the meaning ascribed to it in Section 9.1 of the Agreement. 

“Evergreen Letter of Credit” has the meaning ascribed to it in clause (b) of Annex A to this Agreement. 

“Excluded Account” means any (i) deposit account or securities account specially and exclusively used in the ordinary
course of business for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party or any of their respective Subsidiaries’ employees, which accounts are funded only in the ordinary course of
business and not in excess of any amounts necessary to fulfill payroll obligations that are then currently owing, (ii) 401(k) accounts, escrow accounts and trust accounts and any other accounts the pledge or encumbrance of which would be prohibited
by applicable Law, and (iii) deposit accounts into which payments with respect to governmental payors are deposited and for which assignment is prohibited under applicable Law (but not including any deposit accounts into which such governmental
payor deposited payments are swept). 

  
 Appendix I 

 “Excluded Property” means, collectively, (i) any permit, license or
contractual obligation entered into by any Loan Party (x) to the extent that any such permit, license or contractual obligation or any requirement of Law applicable thereto prohibits the creation of a Lien thereon (other than to the extent that
any such prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or
9-409 of the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity), (y) which would be abandoned, invalidated, or
unenforceable as a result of the creation of a Lien in favor of Lender (other than to the extent that any such consequences set forth in this clause (y) would be rendered ineffective pursuant to Sections
9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision
or provisions) of any relevant jurisdiction or any other applicable law or principles of equity), or (z) to the extent that the creation of a Lien in favor of Lender would result in a breach or termination pursuant to the terms of or a default
under any such permit, license or contractual obligation (other than to the extent that any such consequences set forth in this clause (z) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any
other applicable law or principles of equity); (ii) property owned by any Loan Party that is subject to a purchase money Lien or a Capital Lease if the contractual obligation pursuant to which such Lien is granted (or in the document providing for
such Capital Lease) prohibits or requires the consent of any Person other than a Loan Party or its Affiliates which has not been obtained as a condition to the creation of any other Lien on such equipment; (iii) any “intent to use”
Trademark applications for which a statement of use has not been filed (but only until such statement is filed), and (iv) and Excluded Accounts. 

“Excluded Swap Obligation” means, with respect to any Person that has guaranteed a Swap Obligation, including the grant of a
Lien to secure the guaranty of such Swap Obligation, any Swap Obligation if, and to the extent that, such Swap Obligation is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the
regulations thereunder at the time the guaranty or grant of such Lien becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the
portion of such Swap Obligation that is attributable to swaps for which such Swap Obligation or security interest is or becomes illegal. 

“Excluded Taxes” mean any of the following Taxes imposed on or with respect to Lender or any other recipient of a payment
under any Loan Document or required to be withheld or deducted from a payment to such recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes in each case, (i) by the
jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office or, in the case of Lender in which its applicable lending office is located or (ii) that are Other
Connection Taxes; (b) any United States federal withholding Taxes that would not have been imposed but for Lender’s failure to comply with Section 2.9(c) of the Agreement; and (c) any United States federal
withholding Taxes imposed under FATCA. 

  
 Appendix I 

 “Executive Order No. 13224” means Executive Order
No. 13224 (effective September 24, 2001). 
 “Fair Labor Standards Act” means the Fair Labor Standards Act, 29
U.S.C. §201 et seq. 
 “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of the Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any intergovernmental agreements entered into by the United States with respect thereto, current or future regulations or official
interpretations thereof, in each case implementing such IRC Sections, and any agreement entered into pursuant to Section 1471(b)(1) of the IRC. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Fees” means any and all fees payable to Lender pursuant to the Agreement or any of the other Loan Documents. 

“Fifth Third” means Fifth Third Bank, National Association. 

“Fifth Third Lease Documents” means, collectively, any lease, lease contract, lease agreement, master lease, sublease,
schedule or other document or agreement executed by any Person evidencing, governing, guarantying or securing any of the Fifth Third Lease Obligations, and “Fifth Third Lease Document” means any one of the Fifth Third Lease
Documents; in each case as now in effect or as at any time after the date of the Agreement amended, modified, supplemented, restated, or otherwise changed and any substitute or replacement agreements, instruments, or documents accepted by Fifth
Third or an Affiliate of Fifth Third. 
 “Fifth Third Lease Obligations” means any and all liabilities, obligations and
other Indebtedness of any Loan Party owed to Fifth Third, Fifth Third Equipment Finance Company, or any other Affiliate of Fifth Third Bancorp of every kind and description, whether now existing or hereafter arising, including those owed by any Loan
Party to others and acquired by Fifth Third or any Affiliate of Fifth Third Bancorp, by purchase, assignment or otherwise, whether direct or indirect, primary or as guarantor or surety, absolute or contingent, liquidated or unliquidated, matured or
unmatured, related or unrelated, and howsoever and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), in each case arising out of,
pursuant to, in connection with or under any lease or other transfer of the right to possession and use of goods for a term in return for consideration. 

“Financial Covenants” means the financial covenants set forth in Section 6 to the Agreement. 

  
 Appendix I 

 “Financial Responsibility Composite Score” means the composite score of the
Borrower’s equity, primary reserve and net income ratios described in 34 C.F.R. Sections 668.171(b)(1) and Section 668.172 and appendices A and B to Subpart L of 34 C.F.R. of Section 668, provided that if at any time the
Borrower or any Subsidiary is required by the DOE to report such composite score on a school-by-school or other basis, such score shall also refer to the composite score
for each school or other Person required to be reported to the DOE. 
 “Financial Statements” means the consolidated and
consolidating income statements, statements of cash flows and balance sheets of the Loan Parties and their Subsidiaries delivered in accordance with Section 7.1 to the Agreement. 

“FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989. 

“Fiscal Quarter” means any of the quarterly accounting periods of the Loan Parties, ending on March 31, June 30,
September 30, and December 31 of each year. 
 “Fiscal Year” means any of the annual accounting periods of the
Loan Parties ending on September 30 of each year. 
 “Fixed Charge Coverage Ratio” means, for the trailing twelve
(12) month period then-ending, for the Borrower and its Subsidiaries on a consolidated basis during such period, the ratio of (a) Consolidated EBITDA less distributions, dividends, permitted Stock redemptions, repurchases, and the lesser
of $30,000,000, or, the amount of Capital Expenditures actually incurred during such period, and less other extraordinary items, to (b) the consolidated sum of (i) interest expense, and (ii) all principal payments with respect to
Indebtedness that were paid or were due and payable by all consolidated entities during the period, and all cash taxes paid in the same such period. 

“Fixtures” means all rights, titles and interests of each Loan Party in such Loan Party’s “fixtures” as such
term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located. 
 “Foreign
Subsidiary” means any Subsidiary other than a Domestic Subsidiary. 
 “Funded Indebtedness” means all Indebtedness
(i) in respect of money borrowed or (ii) evidenced by a note, debenture (senior or subordinated) or other like written obligation to pay money, or (iii) Capitalized Lease Obligations, or (iv) in respect of obligations under
conditional sales or other title retention agreements, net of all cash and Cash Equivalents to the extent subject to Lender’s Lien, in an amount not to exceed $30,000,000. 

“GAAP” means generally accepted accounting principles in the United States of America, consistently applied. 

  
 Appendix I 

 “General Intangibles” means all rights, titles and interests of each Loan
Party in such Loan Party’s “general intangibles,” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, including all right, title and interest that such Loan Party may now or hereafter
have in or under any Contract, all payment intangibles, customer lists, Licenses, Copyrights, Trademarks, Patents, and all applications therefor and reissues, extensions or renewals thereof, rights in Intellectual Property, interests in
partnerships, joint ventures and other business associations, licenses, permits, copyrights, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs,
knowledge, know how, software, data bases, data, skill, expertise, experience, processes, models, drawings, materials and records, goodwill (including the goodwill associated with any Trademark or Trademark License), all rights and claims in or
under insurance policies (including insurance for fire, damage, loss and casualty, whether covering personal property, real property, tangible rights or intangible rights, all liability, life, key man and business interruption insurance, and all
unearned premiums), uncertificated securities, chooses in action, deposit, checking and other bank accounts, rights to receive tax refunds and other payments, rights to receive dividends, distributions, cash, Instruments and other property in
respect of or in exchange for pledged Stock and Investment Property, rights of indemnification, all books and records, correspondence, credit files, invoices and other papers, including all tapes, cards, computer runs and other papers and documents
in the possession or under the control of such Loan Party or any computer bureau or service company from time to time acting for such Loan Party. 

“Goods” means all rights, titles and interests of each Loan Party in such Loan Party’s “goods” as defined in
the Code, whether now owned or existing or hereafter acquired or arising, wherever located, including embedded software to the extent included in “goods” as defined in the Code, manufactured homes, standing timber that is cut and removed
for sale and unborn young of animals. 
 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantors” means each Domestic Subsidiary of Borrower, other than each Immaterial Subsidiary, and each other Person, if
any, that guarantees any of the Obligations after the Closing Date. 
 “Guaranty” by any Person, means any obligation,
contingent or otherwise, of such Person directly or indirectly guarantying any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligations, direct or indirect, contingent or otherwise,
of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets,
goods, securities or services, to take or pay, or to maintain financial statement conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided, that the term Guaranty shall not include endorsement for collection or deposit in the ordinary course of business. The term
“Guaranty” used as a verb has a corresponding meaning. 

  
 Appendix I 

 “Guaranty and Security Agreement” means the Guaranty and Security Agreement
of even date herewith entered into by and among Lender and each Loan Party that is a signatory thereto. 
 “Hazardous
Material” means (a) any “hazardous substance” as defined in CERCLA, (b) any “hazardous waste” as defined by the Resource Conservation and Recovery Act, (c) asbestos, (d) polychlorinated biphenyls,
(e) petroleum, its derivatives, by products and other hydrocarbons, (f) mold, and (g) any other pollutant, toxic, radioactive, caustic or otherwise hazardous substance regulated under Environmental Laws. 

“Hazardous Materials Contamination” means contamination (whether now existing or hereafter occurring) of the improvements,
buildings, facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives
thereof, generated on, emanating from or disposed of in connection with the relevant property. 
 “IL Campus Loan
Documents” means any Loan Document as defined under that certain Loan Agreement dated as of April 14, 2022, by and among 2611 Corporate West Drive Venture LLC, a Delaware limited liability company, and Valley National Bank, a national
banking association (“Valley National”), as amended, restated, supplemented, or otherwise modified from time to time. 

“Immaterial Subsidiary” means each of (i) Universal Technical Institute of Massachusetts, Inc., a Delaware corporation,
(ii) Clinton Education Group, Inc., a Delaware corporation, (iii) Universal Technical Institute of Virginia, Inc., a Delaware corporation, (iv) Universal Technical Institute BMS, L.L.C., a Delaware limited liability company, (v) 2611
Corporate West Drive Venture LLC, a Delaware limited liability company, and (vi) such other Subsidiaries of the Loan Parties, as Lender may designate in writing from time to time; provided however, upon repayment of the obligations due under
the IL Campus Loan Documents, 2611 Corporate West Drive Venture LLC, a Delaware limited liability company, shall cease to be an Immaterial Subsidiary hereunder. 

“Indebtedness” means, with respect to any Person, without duplication (a) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property, but excluding obligations to trade creditors incurred in the ordinary course of business that are unsecured and not overdue by more than ninety (90) days unless being contested in good
faith, (b) all reimbursement and other obligations with respect to letters of credit, bankers’ acceptances and surety bonds, whether or not matured, (c) all obligations evidenced by notes, bonds, debentures or similar instruments,
(d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the
event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations and the present value (discounted at the Base Rate as in effect on the Closing Date) of future rental payments under all synthetic leases,
(f) all obligations of such Person under commodity purchase or option agreements or other commodity price hedging arrangements, in each case whether contingent or matured, (g) all obligations of such Person under any foreign exchange
contract, currency swap agreement, interest rate swap, cap or collar agreement or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, in each case whether
contingent or matured, (h) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Stock 

  
 Appendix I 

 
in such Person or any other Person or any warrant, right or option to acquire such Stock, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends, (i) all Indebtedness referred to above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in
property or other assets (including accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, (j) earnouts, to the extent required to be reflected as a
liability on the balance sheet in accordance with GAAP, and (k) the Obligations. 
 “Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by, or on account of any obligation of, any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 “Indemnitees” has the meaning ascribed to it in Section 10.2 of the Agreement. 

“Index Floor” has the meaning given to such term in the definition of “Tranche Rate.” 

“Initial Draw” means one or more Advances under the Revolving Loan Commitment for purposes of funding the Concorde
Acquisition and/or other working capital needs that occurs on the Closing Date or otherwise prior to the Concorde Acquisition in an aggregate amount up to $100,000,000. 

“Insolvency Event” means, with respect to any Person, when such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business, appointed for it, or, in the good faith
determination of Lender, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided, that an Insolvency Event shall not result solely by virtue of any
ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts
within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality), to reject, repudiate, disavow or disaffirm any contracts or agreements made by such
Person. 
 “Instruments” means all rights, titles and interests of each Loan Party in such Loan Party’s
“instruments,” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located, and, in any event, including all certificated securities, all certificates of deposit, and all promissory
notes and other evidences of indebtedness, other than instruments that constitute, or are a part of a group of writings that constitute, Chattel Paper. 

“Intellectual Property” means any and all Licenses, Patents, Copyrights, Trademarks, and the goodwill associated with such
Trademarks. 

  
 Appendix I 

 “Intercompany Notes” has the meaning ascribed to it in
Section 5.3 of the Agreement. 
 “Interest Payment Date” means, all as determined by Lender in
accordance with the Loan Documents and Lender’s loan systems and procedures periodically in effect (and subject to the terms of any BillPayer Service, as applicable): (a) as to any Base Rate Loan, the Unused Line Fee, and any Letter of
Credit Fees, the first day of each quarter, and (b) as to any Tranche Rate Loan, the last day of the applicable Interest Period; provided that, in addition to the foregoing, each of (x) the date upon which the Revolving Loan
Commitment has been terminated and the Advances have been paid in full and (y) the Commitment Termination Date shall be deemed to be an “Interest Payment Date” with respect to any interest and any applicable Unused Line Fee that has
then accrued under the Agreement. 
 “Interest Period” means, with respect to any Tranche Rate Loan, a period commencing on
the date of such Tranche Rate Loan and ending on the numerically corresponding day in the calendar month that is one or three months thereafter, as designated by Borrower to Lender from time to time in a Notice of Borrowing or Notice of Conversion
or as otherwise set pursuant to the terms of this Agreement, as applicable, determined by Lender in accordance with the Agreement and Lender’s loan systems and procedures periodically in effect, including in accordance with the following terms
and conditions, as applicable: 
 (a) in the case of immediately successive Interest Periods with respect to a continued
Tranche Rate Loan, each successive Interest Period shall commence on the day on which the immediately preceding Interest Period expires, with interest for such day to be calculated based upon the interest rate in effect for the new Interest Period;

 (b) if an Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall end on the
next succeeding Business Day; provided that, if the next succeeding Business Day falls in a new month, such Interest Period shall end on the immediately preceding Business Day; and 

(c) if any Interest Period begins on a Business Day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period, then the Interest Period shall end on the last Business Day of the calendar month ending at the end of such Interest Period. 

“Inventory” means all rights, titles and interest of each Loan Party in such Loan Party’s “inventory,” as such
term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located, and in any event including inventory, merchandise, goods and other personal property that are held by or on behalf of any Loan Party for
sale or lease or are furnished or are to be furnished under a contract of service, or that constitute raw materials, work in process, finished goods, returned goods, supplies or materials of any kind, nature or description used or consumed or to be
used or consumed in such Loan Party’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded software. 

  
 Appendix I 

 “Investment” means, with respect to any Person, any investment by such
Person in any other Person (including Affiliates) in the form of loans, guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of
business, and (b) bona fide Accounts arising in the ordinary course of business), or acquisitions of Indebtedness, Stock, or all or substantially all of the assets of such other Person (or of any division or business line of such other Person),
including any transfer of assets pursuant to statutory division, and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 

“Investment Property” means all rights, titles and interests of each Loan Party in such Loan Party’s “investment
property” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, wherever located, including (a) all securities, whether certificated or uncertificated, including stocks, bonds, interests in
limited liability companies, partnership interests, treasuries, certificates of deposit, and mutual fund shares; (b) all securities entitlements of any Loan Party, including the rights of such Loan Party to any securities account and the
financial assets held by a securities intermediary in such securities account and any free credit balance or other money owing by any securities intermediary with respect to that account; (c) all securities accounts of any Loan Party;
(d) all commodity contracts of any Loan Party; and (e) all commodity accounts held by any Loan Party. 
 “IRC”
means the Internal Revenue Code of 1986, as amended, and all regulations promulgated thereunder. 
 “IRS” means the United
States Internal Revenue Service. 
 “ISDA Definitions” means the 2006 ISDA Definitions or the 2021 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. or any successor thereto (“ISDA”), as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time by ISDA. 
 “ISP” has the meaning ascribed to it in clause (k) of Annex A to this Agreement. 

“Law” and “Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions,
regulations, guidances, guidelines, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, governmental agreements and governmental restrictions, whether now or hereafter in effect. 

“L/C Sublimit” has the meaning ascribed to it in Annex A to the Agreement. 

“Lender” has the meaning ascribed thereto in the preamble to the Agreement and shall additionally include, for the avoidance
of any doubt, (i) upon any assignment by Fifth Third pursuant to Section 11.6 of the Agreement, such assignee of Fifth Third and (ii) the respective successors of each of the foregoing. In addition to the
foregoing, solely for the purpose of identifying the Persons entitled to share in payments and collections from the Collateral as more fully set forth in the Agreement and the Collateral Documents, the term “Lender” shall include Eligible
Swap Counterparties and any provider of Bank Products. 

  
 Appendix I 

 “Letter of Credit Fee” has the meaning ascribed to it in
Section 2.4(e)(iii) of the Agreement. 
 “Letter of Credit Obligations” means all outstanding obligations
incurred by Lender at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Lender. The amount of the Letter of Credit Obligations at any time shall
equal the maximum amount that may be payable by Lender thereupon or pursuant thereto. 
 “Letter(s) of Credit” means any
standby letters of credit issued for the account of Borrower by Lender. 
 “Letter of Credit Rights” means all rights,
titles and interests of each Loan Party in such Loan Party’s “letter-of-credit rights” as such term is defined in the Code, whether now owned or existing
or hereafter acquired or arising, including rights to payment or performance under a letter of credit, whether or not such Loan Party, as beneficiary, has demanded or is entitled to demand payment or performance. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now held or
hereafter acquired by any Loan Party. 
 “Lien” means any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement,
any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Code or comparable Law of any jurisdiction). 

“Litigation” means any action, suit or proceeding before any court, mediator, arbitrator or Governmental Authority. 

“Liquidation Preference” means the liquidation preference of the Series A Preferred Stock, as adjusted from time to time,
pursuant to the Certificate of Designations. The Liquidation Preference as of March 31, 2021 was $100 per share of Series A Preferred Stock. 

“Loan Account” has the meaning ascribed to it in Section 2.8 of the Agreement. 

“Loan Documents” means, collectively, the Agreement, the Collateral Documents, the Notes, the Fifth Third Lease Documents,
each agreement entered into in respect of Bank Products, each Rate Contract with an Eligible Swap Counterparty, and all other agreements, instruments, documents and certificates executed and delivered to, or in favor of, Lender and including all
other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, and delivered to Lender in
connection with the Agreement or the transactions contemplated thereby. Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements,
amendments and restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 

  
 Appendix I 

 “Loan Parties” means, collectively, Borrower and each Guarantor and
“Loan Party” means any of Borrower or any Guarantor. 
 “Margin Stock” has the meaning ascribed to it in
Regulation U of the Federal Reserve Board. 
 “Material Adverse Effect” means a material adverse effect on (a) the
business, assets, operations, prospects or financial or other condition of the Loan Parties and their Subsidiaries, taken as a whole, (b) the Loan Parties’ ability to pay any of the Advances or any of the other Obligations in accordance
with the terms of the Agreement, the ability of the Guarantors to honor their obligations pursuant to their Guaranties (c) the Collateral or Lender’s Liens on the Collateral or the priority of such Liens, or (d) Lender’s rights
and remedies under the Agreement and the other Loan Documents. 
 “Material Contracts” has the meaning ascribed to it in
Section 3.16 of the Agreement. 
 “Maximum Lawful Rate” has the meaning ascribed to it in
Section 2.4(d) of the Agreement. 
 “Multiemployer Plan” means a multiemployer plan, that is
intended to meet the definition set forth in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate may have any liability. 

“Non-Extension Notice Date” has the meaning ascribed to it in clause (b) of
Annex A to this Agreement. 
 “Note” has the meaning given to it in Section 2.14 of the
Agreement. 
 “Notice of Borrowing” shall mean a notice of borrowing with respect to any Advance hereunder, which notice
shall be in form and substance, and delivered by Borrower to Lender in a manner, acceptable to Lender in its sole discretion. 

“Notice of Conversion” shall mean a notice of conversion with respect to any Advance hereunder, which notice shall be in form
and substance, and delivered by Borrower to Lender in a manner, acceptable to Lender in its sole discretion. 

“Obligations” means all loans, advances, debts, liabilities and obligations for the performance of covenants, tasks or duties
or for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable) owing by any Loan Party to Lender, or any Affiliate of Lender, and all covenants and duties regarding
such amounts, of any kind or nature, present or future, whether direct or indirect (including acquired by assignment), related or unrelated, absolute or contingent, due or to become 

  
 Appendix I 

 
due, now existing or hereafter arising and however acquired, and whether or not evidenced by any note, agreement, letter of credit agreement or other instrument. The term “Obligations”
includes all principal, interest, Fees, expenses, reasonable attorneys’ fees and any other sum chargeable to any Loan Party under, or arising out of, the Agreement, the Note, any of the other Loan Documents or any agreement entered into in
respect of Bank Products, all Fifth Third Lease Obligations, and all Rate Contract Obligations (including all amounts that accrue after the commencement of any case or proceeding by or against any Loan Party in bankruptcy, whether or not allowed in
such case or proceeding). Notwithstanding the foregoing, “Obligations” of a Guarantor shall not include Excluded Swap Obligations with respect to such Guarantor. 

“OFAC” has the meaning ascribed to it in Section 3.12(b) of the Agreement. 

“Ordinary Course of Business” means, in respect of any transaction involving any Loan Party, the ordinary course of such Loan
Party’s business, as conducted by such Loan Party in accordance with past practices. 
 “Organizational Documents”
means, with respect to any Person other than a natural person, the documents by which such Person was organized (such as a certificate of incorporation, certificate of limited partnership or articles of organization, and including any certificates
of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such Person (such as by-laws, a partnership agreement or an operating, limited liability
company or members agreement). 
 “Other Connection Taxes” means with respect to any recipient of a payment under the
Agreement or any Loan Document, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced the Agreement or other Loan Document, or sold or assigned an interest in any
Obligation, the Agreement or other Loan Document). 
 “Other Taxes” means all present or future stamp, transfer, excise,
value added, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, other than Other Connection Taxes that are imposed on an assignment by Lender after the date hereof, other than any assignment made at the request of any Loan Party or following an
Event of Default under Section 9.1(a), (h), (i) or (k) of the Agreement. 

“Overadvance” has the meaning ascribed to it in Section 2.2(b)(i) of the Agreement. 

“Participant” has the meaning ascribed to it in Section 11.6(b) of the Agreement. 

“Participant Register” has the meaning ascribed to it in Section 11.6(b) of the Agreement. 

  
 Appendix I 

 “Patent License” means rights under any written agreement now owned or
hereafter acquired by any Loan Party granting any right with respect to any invention on which a Patent is in existence. 

“Patents” means all of the following in which any Loan Party now holds or hereafter acquires any interest: (a) all
letters patent of the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or of any other country, including registrations, recordings and applications in the
United States Patent and Trademark Office or in any similar office or agency of the United States, any State or any other country, and (b) all reissues, continuations, continuations in part or extensions thereof. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means an ERISA Plan described in Section 3(2) of ERISA. 

“Permits” has the meaning ascribed to it in Section 3.1 of the Agreement. 

“Permitted Acquisition” means (i) the Concorde Acquisition and (ii) an Investment consisting of an acquisition by
the Borrower or any Subsidiary, provided that (a) no Default or Event of Default shall have occurred and be continuing or would result from such acquisition, (b) the property acquired (or the property of the Person acquired) in such
acquisition is used or useful in the same or a similar line of business as the Borrower and its Subsidiaries were engaged in on the Closing Date (or any reasonable extensions or expansions thereof consistent with Borrower’s Growth and
Diversification Strategy), (c) in the case of an acquisition of the Stock of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such acquisition, (d) the Borrower shall have
delivered to the Administrative Agent a Compliance Certificate on a pro forma basis demonstrating that the Loan Parties would be in compliance with the financial covenants set forth in Section 6 recomputed as of the end of
the period of the four Fiscal Quarters most recently ended for which the Borrower has delivered financial statements after giving effect to such acquisition on a pro forma basis, (e) the representations and warranties made by the Loan Parties
in each Loan Document shall be true and correct in all material respects at and as if made as of the date of such acquisition (after giving effect thereto), except for any representation and warranty that is qualified by materiality or reference to
Material Adverse Effect which such representation and warranty shall be true and correct in all respects on and as of the date of such acquisition, except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date, (f) if such transaction involves the purchase of an interest in a partnership between any Loan Party as a general partner and entities unaffiliated with the Borrower as the
other partners, such transaction shall be effected by having such Stock acquired by a corporate holding company directly or indirectly wholly-owned by such Loan Party newly formed for the sole purpose of
effecting such transaction, and (g) immediately after giving effect to such Acquisition, the aggregate cash and non-cash consideration (including assumed Indebtedness, the good faith estimate by the
Borrower of the maximum amount of any deferred purchase price obligations (including earn-out payment obligations) and Stock) for all Acquisitions under (ii) hereof during the term of this Agreement shall
not exceed $50,000,000. 

  
 Appendix I 

 “Permitted Contest” means a contest maintained in good faith by appropriate
proceedings promptly instituted and diligently conducted and with respect to which such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made; provided, that compliance with the
obligation that is the subject of such contest is effectively stayed during such challenge. 
 “Permitted Discretion” means
a determination made in good faith and in the exercise (from the perspective of a secured asset-based lender) of commercially reasonably business judgment. 

“Permitted Encumbrances” means the following encumbrances: (a) Liens for taxes or assessments or other governmental
Charges not yet due and payable or which are being contested in accordance with Section 4.2(b) of the Agreement; (b) pledges or deposits of money securing statutory obligations under workmen’s compensation,
unemployment insurance, social security or public liability Laws or similar legislation (excluding Liens under ERISA); (c) pledges or deposits of money securing bids, tenders, contracts (other than contracts for the payment of money) or leases
to which any Loan Party is a party as lessee made in the Ordinary Course of Business; (d) inchoate and unperfected workers’, mechanics’ or similar Liens arising in the Ordinary Course of Business, so long as such Liens attach only to
Equipment, Fixtures and/or Real Estate; (e) landlords’, carriers’, warehousemen’s, suppliers’ or other similar possessory Liens arising in the Ordinary Course of Business and securing liabilities that are not yet due and
payable (unless such liabilities are being contested in good faith by appropriate proceedings and appropriate reserves have been established in accordance with GAAP), so long as such Liens attach only to Inventory; (f) cash deposits securing,
or in lieu of, surety, appeal or customs bonds in proceedings to which any Loan Party is a party; (g) any attachment or judgment Lien not constituting an Event of Default under Section 9.1(j) of the Agreement;
(h) zoning restrictions, easements, licenses, or other restrictions on the use of any Real Estate or other minor irregularities in title (including leasehold title) thereto, so long as the same do not materially impair the use, value, or
marketability of such Real Estate; and (i) presently existing or hereafter created Liens in favor of Lender. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality, division, agency,
body or department thereof). 
 “Preferred Dividends” means the noncumulative cash dividend on each share of Series A
Preferred Stock payable out of Borrower’s legally available funds semi-annually in arrears on September 30 and March 31 of each year which begin to accrue on the first day of the applicable dividend period at a rate of seven and one-half percent (7.5%) per annum on the Liquidation Preference then in effect, as such amount is adjusted from time to time pursuant to the Certificate of Designations, before any dividends are declared, set apart
or paid upon any capital Stock of Borrower ranking junior to the Series A Preferred Stock; provided, however, if the foregoing cash dividend is not paid, the Liquidation Preference is increased to an amount equal to the Liquidation Preference then
in effect plus an amount reflecting that Liquidation Preference multiplied by the cash dividend rate then in effect plus two percent (2.0%) per annum. 

  
 Appendix I 

 “Presentments” has the meaning ascribed to it in
Section 2.3 of the Agreement. 
 “Prime Rate” means, as of any date, the greater of: (a) 3.5% (b)
the rate that Fifth Third publicly announces, publishes or designates from time to time as its index rate or prime rate, or any successor rate thereto, in effect at its principal office. Such rate is a reference rate and does not necessarily
represent the lowest or best rate actually charged to any customer. Fifth Third may make commercial loans or other loans at rates of interest at, above or below its index rate or prime rate. 

“Proceeds” means all “proceeds”, as such term is defined in the Code, including (a) any and all proceeds of
any insurance, indemnity, warranty or guaranty payable to any Loan Party from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to any Loan Party from time to time in
connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any Person acting under color of governmental authority), (c) any claim of any Loan Party
against third parties (i) for past, present or future infringement of any Patent or Patent License, or (ii) for past, present or future infringement or dilution of any Copyright, Copyright License, Trademark or Trademark License, or for
injury to the goodwill associated with any Trademark or Trademark License, (d) any recoveries by any Loan Party against third parties with respect to any litigation or dispute concerning any of the Collateral including claims arising out of the
loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral, (e) all amounts collected on, or distributed on account of, other Collateral, including dividends, interest,
distributions and Instruments with respect to Investment Property and pledged Stock, and (f) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral and
all rights arising out of Collateral. 
 “Projections” means, with respect to the Borrower and its Subsidiaries, the
forecasted consolidated: (a) balance sheets; (b) statements of operations; (c) statements of cash flows; and (d) statements of shareholders’ equity, all prepared in a manner consistent with the historical Financial
Statements of the Borrower and its Subsidiaries, together with appropriate supporting details and a statement of underlying assumptions. 

“Qualified Plan” means an ERISA Plan that is intended to be tax qualified under Section 401(a) of the IRC. 

“Quick Assets” means all unencumbered cash and Cash Equivalents, plus any note and accounts receivable, to the extent such
assets may properly be classified as current assets in accordance with GAAP, provided that, for the purpose of determining the Quick Assets of Borrower, notes and accounts receivable shall be included only if good and collectible and payable on
demand or within twelve (12) months from the date as of which Quick Assets are to be determined (and if not directly or indirectly renewable or extendible, at the option of the Borrower, by their terms or by the terms of any instrument or
agreement relating thereto, beyond such twelve (12) months) and shall be taken at their face value less reserves determined to be sufficient in accordance with GAAP. 

  
 Appendix I 

 “Quick Ratio” means, as of any date of determination, a ratio of
(a) Quick Assets to (b) Current Liabilities. 
 “Rate Contract” means any agreement, device or arrangement
providing for payments which are related to fluctuations of commodities, currencies, or interest rates, exchange rates, forward rates, or equity prices, including Dollar denominated or cross currency interest rate exchange agreements, forward
currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants, and any agreement pertaining to equity derivative transactions (e.g., equity or equity index
swaps, options, caps, floors, collars and forwards), including any ISDA Master Agreement (including the Existing ISDA), and any schedules, confirmations and documents and other confirming evidence between the parties confirming transactions
thereunder, all whether now existing or hereafter arising, and in each case as amended, modified or supplemented from time to time. 

“Rate Contract Obligations” means any and all obligations of a Loan Party to an Eligible Swap Counterparty, whether absolute,
contingent or otherwise and howsoever and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under or in connection with
(a) any and all Rate Contracts between a Loan Party and an Eligible Swap Counterparty, and (b) any and all cancellations, buy-backs, reversals, terminations or assignments of any such Rate Contract.

 “Real Estate” means each of, and collectively, (a) the real estate listed on Schedule 3.19 of the Agreement
and (b) each parcel of real estate contemplated by Section 4.15(e) of the Agreement. 
 “Real Estate
Loan Document(s)” means any of the AZ Campus Loan Documents or IL Campus Loan Documents. 
 “Regulatory Letter of
Credit” means a letter of credit issued for the account of the Borrower or any Subsidiary for the purpose of satisfying the obligations of the Borrower or such Subsidiary under the Higher Education Act or any similar state or federal
statute or maintaining the eligibility of the Borrower or such Subsidiary to participate in any programs administered thereunder (including any Title IV Programs). 

“Reimbursement Obligations” means, at any date, the obligations of Borrower then outstanding to reimburse Lender, for
payments made by Lender under a Letter of Credit. 
 “Related Persons” means, with respect to any Person, each Affiliate of
such Person and each director, officer, employee, manager, member, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor (including those retained in connection with the
satisfaction or attempted satisfaction of any condition set forth in Article VIII) and other consultants and agents of or to such Person or any of its Affiliates. 

  
 Appendix I 

 “Release” means any release, threatened release, spill, emission, leaking,
pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material in the indoor or outdoor environment, including the movement of Hazardous Material through or in
the air, soil, surface water, ground water or property. 
 “Remittances” means all checks, drafts, money orders, and other
items and all cash, electronic transfers, and other remittances of every kind due a Loan Party on its Accounts or other Collateral. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Responsible Officer” means any of the Chief Executive Officer, Chief Financial Officer or any other officer
of Borrower designated by Borrower and acceptable to Lender. 
 “Restricted Payment” means, with respect to any Loan Party
or Subsidiary (a) the declaration or payment of any dividend or distribution or the incurrence of any liability to make any other payment or distribution of cash or other property or assets in respect of Stock; (b) any payment on account
of the purchase, redemption, defeasance, sinking fund or other retirement of such Loan Party’s or Subsidiary’s Stock or any other payment or distribution made in respect thereof, either directly or indirectly; (c) any payment made to
redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Stock of such Loan Party or Subsidiary now or hereafter outstanding; (d) any payment of a claim for the
rescission of the purchase or sale of, or for material damages arising from the purchase or sale of, any shares of such Loan Party’s or Subsidiary’s Stock or of a claim for reimbursement, indemnification or contribution arising out of or
related to any such claim for damages or rescission; (e) any payment, loan, contribution, or other transfer of funds or other property to any Stockholder of such Loan Party or Subsidiary other than payment of compensation in the Ordinary Course
of Business to Stockholders who are employees of such Loan Party or Subsidiary; and (f) any transfer or other distribution of property to any Person other than a Loan Party pursuant to a statutory division. 

“Revolving Credit Advance” has the meaning ascribed to it in Section 2.1(a) of the Agreement and
may, as the context may require, include any Overadvance. 
 “Revolving Exposure” means, at any time, the sum of
(i) the aggregate outstanding principal amount of Revolving Credit Advances at such time, plus (ii) the aggregate Letter of Credit Obligations outstanding at such time. 

“Revolving Loan” means, at any time, the sum of (a) the aggregate amount of Revolving Credit Advances outstanding
plus (b) the aggregate Letter of Credit Obligations. Unless the context otherwise requires, references to the outstanding principal balance of the Revolving Loan shall include the outstanding balance of Letter of Credit Obligations. 

  
 Appendix I 

 “Revolving Loan Commitment” means the aggregate commitment of Lender to
make Revolving Credit Advances or incur Letter of Credit Obligations, in amount not to exceed $100,000,000.00. 

“Sanctions” has the meaning ascribed to it in Section 3.12(b) of the Agreement. 

“Scheduled Unavailability Date” has the meaning ascribed to it in Section 2.5(c) of the Agreement.

 “School” means each of (a) Borrower and (b) any other post-secondary institution of higher education that has
received Accreditation and is operated by the Borrower or any Subsidiary. 
 “SDN List” has the meaning ascribed to it in
Section 3.12(b) of the Agreement. 
 “SEC” means the Securities and Exchange Commission, or any
Governmental Authority succeeding to any of its principal functions. 
 “Series A Preferred Stock” means Borrower’s
Series A Preferred Stock, par value $0.0001 per share. 
 “Significant Regulatory Event” means the failure of the Borrower
or any Subsidiary to (a) maintain the status of any School as an “eligible institution” as defined in 34 C.F.R. Sections 600.2 and 600.5, (b) maintain the eligibility of any School to participate in one or more Title IV Programs,
(c) maintain all Accreditations for any School or (d) maintain all accreditations, licenses, permits and authorizations required for any School to participate in one or more Title IV Programs (including, in each case, any such failure that
results in any substantial limitation on, or suspension or termination of, eligibility of such School to participate in one or more Title IV Programs), which failure of any of the types described in clauses (a), (b), (c) and (d) either (i)
affects one or more Schools which either (A) contributed in the aggregate more than 20% of the Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant
to Section 7.01(a) or (b) or (B) owned assets which comprise in the aggregate more than 20% of the total assets of the Borrower and its Subsidiaries as of the end of the period of the four fiscal quarters most
recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b), (ii) would have caused the Loan Parties to fail to be in compliance with the financial covenants in
Section 6 as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) if the
aggregate amount of Consolidated EBITDA and Consolidated Tangible Net Worth contributed by such Schools during such period were excluded from the calculation of such financial covenants or (iii) results in the loss of the eligibility of one or
more Schools to participate in the William D. Ford Federal Direct Loan (Direct Loan) Program, the Federal Pell Grant Program or one or more other Title IV Programs that contributed in the aggregate more than 10% of the Title IV revenues received by
the Borrower and its Subsidiaries for the fiscal year most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a). 

  
 Appendix I 

 “SOFR” means, with respect to any Business Day, a rate per annum equal to
the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator) on the administrator’s website (or any successor source for the secured overnight financing rate identified as such by the
administrator) at approximately 2:30 p.m. (New York City time) on the immediately succeeding Business Day. 
 “Software”
means all rights, titles and interests of each Loan Party in such Loan Party’s “software” as such term is defined in the Code, whether now owned or existing or hereafter acquired or arising, other than software embedded in any
category of Goods, including all computer programs and all supporting information provided in connection with a transaction related to any program. 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) the fair value of the property
of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person; (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and
liabilities mature; and (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of
contingent liabilities (such as litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that can be reasonably be
expected to become an actual or matured liability. 
 “Special Flood Hazard Area” is an area identified by the United
States Federal Emergency Management Agency as an area with a special flood or mudflow, and/or flood related erosion hazard. 

“Spread Adjustment” means a mathematical or other adjustment to an alternate benchmark rate selected pursuant to
Section 2.5(c) of the Agreement and such adjustment may be positive, negative, or zero, subject to the specific Spread Adjustments set forth in Section 2.5(c). 

“Stock” means all shares, options, warrants, general or limited partnership interests, membership interests, units or other
equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other “equity security” (as such
term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934). 

“Stockholder” means, with respect to any Person, each holder of Stock of such Person. 

“Subsidiary” means, with respect to any Person, (a) any corporation of which an aggregate of more than 50% of the
outstanding Stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, Stock of any other class or classes of such corporation shall have or might have voting power by
reason 

  
 Appendix I 

 
of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such Person, or with respect to which any
such Person has the right to vote or designate the vote of more than 50% of such Stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited liability company in which such Person and/or one or more
Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital contribution) of more than 50% or of which any such Person is a general partner or may exercise the powers of a general partner.
Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of a Loan Party. 

“Successor Rate” shall mean any successor index rate determined pursuant to Section 2.5(c) from
time to time, including any applicable Spread Adjustment. 
 “Supporting Obligations” means all “supporting
obligations” as such term is defined in the Code, including letters of credit and guaranties issued in support of Accounts, Chattel Paper, Documents, General Intangibles, Instruments, or Investment Property. 

“Swap Contract” means any “swap agreement”, as defined in Section 101 of the Bankruptcy Code. 

“Swap Obligation” means any obligation in respect of a Swap Contract that constitutes a “swap” within the meaning
of Section 1a(47) of the Commodity Exchange Act, as amended from time to time. 
 “Taxes” means all present or future
taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means, with respect to a Tranche Rate Loan for any Interest Period, the forward-looking SOFR rate administered by
CME Group, Inc. (or other administrator selected by Lender) and published on the applicable Bloomberg LP screen page (or such other commercially available source providing such quotations as may be selected by Lender), fixed by the administrator
thereof two Business Days prior to the commencement of the applicable Interest Period (provided, however, that if Term SOFR is not published for such Business Day, then Term SOFR shall be determined by reference to the immediately preceding Business
Day on which such rate is published), adjusted for reserves if Lender is required to maintain reserves with respect to the relevant Advances, all as determined by Lender in accordance with the Agreement and Lender’s loan systems and procedures
periodically in effect. 
 “Termination Date” means the date on which (a) the Advances have been indefeasibly repaid
in full, (b) all other Obligations under the Agreement and the other Loan Documents have been completely discharged, (c) all Letter of Credit Obligations have been cash collateralized, cancelled or backed by standby letters of credit in
accordance with Annex A to the Agreement, and (d) the Revolving Loan Commitment under the Agreement has been terminated and Borrower shall not have any further right to borrow any monies or request any further extensions of credit under the
Agreement. 

  
 Appendix I 

 “Total Leverage Ratio” shall mean the ratio of Funded Indebtedness to
Consolidated EBITDA for the Borrower and its Subsidiaries, as measured on a rolling twelve month basis. 
 “Title IV” means
Title IV of the Higher Education Act. 
 “Title IV Compliance Audit” means, with respect to any School, the annual
compliance audit of such School’s administration of its Title IV Programs as required under 34 C.F.R. Section 668.23. 

“Title IV Programs” means the Title IV Programs as defined in 34 C.F.R. Section 668.1(c). 

“Trademark License” means rights under any written agreement now owned or hereafter acquired by any Loan Party granting any
right to use any Trademark. 
 “Trademarks” means all of the following now owned or hereafter adopted or acquired by any
Loan Party: (a) all trademarks, trade names, corporate (and, as applicable, limited liability company) names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the
foregoing have appeared or appear, designs and general intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including registrations, recordings and
applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof; (b) all reissues, extensions or
renewals thereof; and (c) all goodwill associated with or symbolized by any of the foregoing. 
 “Tranche Rate” means,
with respect to any Interest Period, the greater of (a) 0% (the “Index Floor”) and (b) Term SOFR relating to quotations for 1 or 3 months, as selected by Borrower in its Notice of Borrowing or Notice of Conversion, or as
otherwise set pursuant to the terms of this Agreement, as applicable. Each determination by Lender of the Tranche Rate shall be conclusive and binding in the absence of manifest error. Notwithstanding anything to the contrary contained in the
Agreement, at any time during which a Rate Contract is then in effect with respect to all or a portion of the Obligations bearing interest based upon the Tranche Rate or any Successor Rate, the Index Floor shall be disregarded and no longer of any
force and effect with respect to such Obligations (or portion thereof) subject to such Rate Contract. 
 “Tranche Rate
Adjustment” means, with respect to any Term SOFR Loan, a percentage per annum equal to 0.10%, if the Interest Period is (i) one (1) month and (ii) 0.15%, if the Interest Period is three (3) months, 

“Tranche Rate Loans” means any Advances that accrue interest by reference to the Tranche Rate for an Interest Period elected
by Borrower in accordance with Section 2.5(a) of the Agreement and the other terms of the Agreement. 

  
 Appendix I 

 “UK Financial Institution” means any BRRD Undertaking (as such term is
defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “U.S. Person” means a “United States person” within the
meaning of Section 7701(a)(30) of the IRC. 
 “USA PATRIOT Act” means the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act, Title III of Pub. L. 107-56 signed into law October 26, 2001). 

“Wholly-Owned Subsidiary” of a Person means any Subsidiary of such Person, all of the Stock of which (other than
directors’ qualifying shares required by law) are owned by such Person, either directly or through one or more Wholly-Owned Subsidiaries of such Person. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 

  
 Appendix IEX-10.2

 Exhibit 10.2 

GUARANTY AND SECURITY AGREEMENT 

THIS GUARANTY AND SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, this
“Security Agreement”), dated as of November 18, 2022, is made by UNIVERSAL TECHNICAL INSTITUTE, INC., a Delaware corporation (“Borrower”), each party identified as a “Guarantor” on the
signature pages attached hereto (“Guarantor”; and, together with the Borrower, collectively, “Grantors” and each a “Grantor”), in favor of FIFTH THIRD BANK, NATIONAL ASSOCIATION
(“Lender”). 
 RECITALS 

A. Pursuant to that certain Credit Agreement of even date herewith by and among the Borrower, any other Loan Parties from time to time party
thereto, and Lender (including all annexes, exhibits and schedules thereto, as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), Lender has agreed to extend certain
financial accommodations to or for the direct or indirect benefit of Grantors. 
 B. In order to induce Lender to enter into the Credit
Agreement and the other Loan Documents and to induce Lender to make Advances and to incur Letter of Credit Obligations as provided for in the Credit Agreement, (i) each Grantor has agreed to grant to Lender a continuing Lien on the Collateral
(as defined below) to secure the Secured Obligations (as defined below) and (ii) each Guarantor has agreed to guaranty the Guarantied Obligations. 

C. Each Guarantor is an Affiliate of the Borrower and, as such, will benefit by virtue of the financial accommodations extended to the
Borrower by Lender. These recitals shall be construed as part of this Security Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Grantors and Lender agree as follows: 
 1. DEFINED TERMS. Unless
otherwise defined herein, capitalized terms or matters of construction defined or established in the Credit Agreement (including Appendix A attached thereto) shall be applied herein as defined or established therein. All other undefined terms
contained in this Security Agreement, unless the context indicates otherwise, shall have the meanings provided for by the Code to the extent the same are used or defined therein. 

In addition to those terms defined elsewhere in this Security Agreement, as used in this Security Agreement, the following terms shall have the following
meanings: 
 “Excluded Property” means, as of any date of determination, subject to the provisos to this definition
below, collectively: 
 (a) any Equipment and Fixtures owned by a Grantor that are subject to a valid purchase money Lien or Capital
Lease to the extent that (x) the purchase money Indebtedness or Capital Lease Obligation is permitted under the Credit Agreement and (y) the contractual agreement pursuant to which such Lien is granted (or in the document providing for
such purchase money Lien or Capital Lease Obligation) prohibits or requires the consent of any Person (other than such Grantor or any of its Affiliates) as a condition to the creation of any other Lien on such Equipment or Fixtures; 

 (b) United States
intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a Lien thereon would impair the validity or enforceability
of such intent-to-use trademark applications under applicable federal Law; provided that, upon submission and acceptance by the United States Patent and Trademark Office
of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall automatically be
considered Collateral; 
 (c) any permit, license or contractual obligation entered into by any Grantor (x) to the extent that any such
permit, license or contractual obligation or any requirement of Law applicable thereto prohibits the creation of a Lien thereon (other than to the extent that any such prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision or
provisions) of any relevant jurisdiction or any other applicable law or principles of equity), (y) which would be abandoned, invalidated, or unenforceable as a result of the creation of a Lien in favor of Lender (other than to the extent that any
such consequences set forth in in this clause (y) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity), or (z) to the extent that the creation of a
Lien in favor of Lender would result in a breach or termination pursuant to the terms of or a default under any such permit, license or contractual obligation (other than to the extent that any such consequences set forth in this clause
(z) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity); and 

(d) any (i) deposit account or securities account specially and exclusively used in the ordinary course of business for payroll, payroll
taxes and other employee wage and benefit payments to or for the benefit of any Grantor or any of their respective Subsidiaries’ employees, which accounts are funded only in the ordinary course of business and not in excess of any amounts
necessary to fulfill payroll obligations that are then currently owing, (ii) 401(k) accounts, escrow accounts and trust accounts and any other accounts the pledge or encumbrance of which would be prohibited by applicable Law, and (iii) deposit
accounts into which payments with respect to governmental payors are deposited and for which assignment is prohibited under applicable Law (but not including any deposit accounts into which such governmental payor deposited payments are swept). 

provided, that: 
 (i) the exclusions set
forth above in clause (a) of this definition shall in no way: (A) apply or be effective, or be deemed, construed or interpreted to apply or be effective, to the extent that (x) any described prohibitions or restrictions are
ineffective under applicable Law or (y) any consent or waiver has been obtained that would permit Lender’s Lien to attach notwithstanding the prohibition or restriction on the pledge of any such property or assets, or (B) limit,
impair, or otherwise adversely affect, or be deemed, construed or interpreted to limit, impair or otherwise adversely affect, any of Lender’s continuing Liens upon any rights or interests of any Grantor in or to (x) monies due or to become
due under or in connection with any described Equipment or fixtures or (y) any Proceeds from the sale, license, lease or other disposition of any such Equipment or fixtures; and 

(ii) immediately and automatically upon the ineffectiveness, inapplicability, lapse or termination of any restriction, exclusion or
prohibition described above in this definition, the Collateral shall include, and each applicable Grantor shall be automatically deemed to have granted to Lender (effective on and after such ineffectiveness, inapplicability, lapse or termination) a
security interest in and Lien on, all such assets, rights, property and interests, as the case may be, as if such provision had never been in effect. 

  
 -2- 

 “Guarantied Obligations” means all of the Obligations (including any Rate
Contract Obligations and any Obligations due and owing with respect to Bank Products) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Event, regardless of
whether allowed or allowable in whole or in part as a claim in any such Insolvency Event), Fees, expenses (including any Fees or expenses that accrue after the commencement of an Insolvency Event, regardless of whether allowed or allowable in whole
or in part as a claim in any such Insolvency Event), or otherwise, and any and all expenses (including reasonable counsel fees and expenses) incurred by Lender in enforcing any rights under any of the Loan Documents. Without limiting the generality
of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Obligations and would be owed by the Borrower to Lender but for the fact that such amounts are unenforceable or not allowable, including due to the
existence of a bankruptcy, reorganization, other Insolvency Event or similar proceeding involving the Borrower or any Guarantor; provided that, anything to the contrary contained in the foregoing notwithstanding, the Guarantied Obligations
shall exclude any Excluded Swap Obligation. 
 “Guaranty and Security Agreement Supplement” means an instrument
substantially in the form of Exhibit I hereto. 
 “Intercompany Note” means any promissory note evidencing loans made by
any Grantor to any other Grantor. 
 “Issuers” means the collective reference to each issuer of any Investment Property.

 “Intellectual Property Security Agreement” means any security agreement in form and substance satisfactory to Lender for
filing with the United States Copyright Office or the United States Patent and Trademark Office, as applicable. 
 “Pledged
Equity” means the equity interests listed on Schedule V, together with any other equity interests, certificates, options or rights of any nature whatsoever in respect of the equity interests of any Person that may be issued or
granted to, or held by, any Grantor while this Security Agreement is in effect. 
 “Pledged Notes” means all promissory
notes listed on Schedule V, all Intercompany Notes at any time issued to any Grantor and all other promissory notes issued to or held by any Grantor from time to time. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding
$10,000,000 at the time the relevant guaranty, keepwell, or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other Person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 “Secured Obligations” means, collectively, all of the Obligations and all of the Guarantied Obligations;
provided, that, the term Secured Obligations, as it pertains to (a) the Borrower, shall refer to, and shall be deemed to refer to, all of the Obligations or (b) one or more Guarantors, shall refer to, and shall be deemed to refer
to, all of the Guarantied Obligations. 
 “Securities Act” means the Securities Act of 1933, as amended. 

  
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 2. GUARANTY. 

(a) Guaranty. 
 (i) In
recognition of the direct and indirect benefits to be received by each Guarantor from the proceeds of the Revolving Loans, the issuance of the Letters of Credit, and the entering into of the Bank Products or Rate Contracts and by virtue of the
financial accommodations to be made to the Borrower (or any one or more of them) or any other Loan Party, each Guarantor, jointly and severally, hereby unconditionally and irrevocably guarantees as a primary obligor and not merely as an
accommodation party the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations. If any or all of the Obligations constituting Guarantied Obligations becomes due and payable, each
Guarantor, unconditionally and irrevocably, and without the need for demand, protest, or any other notice or formality, promises to pay such indebtedness to Lender, together with any and all expenses that may be incurred by Lender in demanding,
enforcing, or collecting any of the Guarantied Obligations (including the enforcement of any Collateral for such Guarantied Obligations or any Collateral for the obligations of the Guarantors under this Security Agreement). 

(ii) If any claim is ever made upon Lender for repayment or recovery of any amount or amounts received in payment of or on account of any or
all of the Guarantied Obligations and Lender repays all or part of said amount by reason of (A) any judgment, decree, or order of any court or administrative body having jurisdiction over such payee or any of its property, or (B) any
settlement or compromise of any such claim effected by such payee with any such claimant (including the Borrower or any Guarantor), then and in each such event, each Guarantor agrees that any such judgment, decree, order, settlement, or compromise
shall be binding upon such Guarantor, notwithstanding any revocation (or purported revocation) of this Security Agreement or other instrument evidencing any liability of any Grantor, and each Guarantor shall be and remain liable to the aforesaid
payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by Lender. 

(b) Bankruptcy. Additionally, each Guarantor unconditionally and irrevocably guarantees the payment of any and all of the Guarantied
Obligations to Lender, whether or not due or payable by any Loan Party upon the occurrence of any of the events specified in Sections 9.1(h) or 9.1(i) of the Credit Agreement, and irrevocably and unconditionally
promises to pay such indebtedness to Lender, without the requirement of demand, protest, or any other notice or other formality, in lawful money of the United States. 

(c) Liability Absolute. The liability of each Guarantor hereunder is primary, absolute, and unconditional, and is independent of any
security for or other guaranty of the Guarantied Obligations, whether executed by any other Guarantor or by any other Person, and the liability of each Guarantor hereunder shall not be affected or impaired by (i) any payment on, or in reduction
of, any such other guaranty or undertaking, (ii) any dissolution, termination, or increase, decrease, or change in personnel by any Grantor, (iii) any payment made to Lender on account of the Secured Obligations which Lender repays to any
Grantor pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding (or any settlement or compromise of any claim made in such a proceeding relating to such payment), and each Guarantor waives
any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (iv) any action or inaction by Lender, or (v) any invalidity, irregularity, avoidability, or unenforceability of all or any part of
the Secured Obligations or of any security therefor. 

  
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 (d) Continued Effect. This Security Agreement includes all present and future
Guarantied Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof,
or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part. To the maximum extent permitted by Law, each Guarantor hereby waives any right to revoke this Security Agreement as to
future Guarantied Obligations and waives the benefits of California Civil Code Section 2815 and/or similar statues, if and to the extent applicable. If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor
acknowledges and agrees that (i) no such revocation shall be effective until written notice thereof has been received by Lender, (ii) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by
Lender of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (iii) no such revocation shall apply to any Guarantied
Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of Lender in existence on the date of such revocation, (iv) no payment by any Guarantor, the Borrower, or from any other source,
prior to the date of Lender’s receipt of written notice of such revocation shall reduce the maximum obligation of such Guarantor hereunder, and (v) any payment by the Borrower or from any other source other than such Guarantor subsequent
to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum
obligation of such Guarantor hereunder. This Security Agreement shall be binding upon each Guarantor, its successors and assigns, and shall inure to the benefit of and be enforceable by Lender and its successors, transferees, or assigns. 

(e) Guaranty of Payment. The guaranty by each Guarantor hereunder is a guaranty of payment and not of collection. The obligations of
each Guarantor hereunder are independent of the obligations of any other Guarantor or Grantor or any other Person and a separate action or actions may be brought and prosecuted against one or more Guarantors whether or not any action is brought
against any other Guarantor or Grantor or any other Person and whether or not any other Guarantor or Grantor or any other Person be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by Law, the benefit of
any statute of limitations affecting its liability hereunder or the enforcement hereof determined exclusive of the Applicable Statute of Limitations provided for in Section 2(k). Any payment by any Grantor or other
circumstance which operates to toll any statute of limitations as to any Grantor (determined exclusive of the Applicable Statute of Limitations provided for in Section 2(k)) shall operate to toll the statute of limitations
as to each Guarantor. 
 (f) Actions by Lender, etc. Each Guarantor authorizes Lender, without notice or demand, and
without affecting or impairing its liability hereunder, from time to time to: 
 (i) change the manner, place, or terms of payment of, or
change or extend the time of payment of, renew, increase, accelerate, or alter: (A) any of the Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or Fees thereon); or (B) any security
therefor or any liability incurred directly or indirectly in respect thereof, and this Security Agreement shall apply to the Obligations as so changed, extended, renewed, or altered; 

(ii) take and hold security for the payment of the Secured Obligations and sell, exchange, release, impair, surrender, realize upon, collect,
settle, or otherwise deal with in any manner and in any order any property at any time pledged or mortgaged to secure any of the Secured Obligations (including any of the obligations of all or any one or more Guarantors under this Security
Agreement) incurred directly or indirectly in respect thereof or hereof, or any offset on account thereof; 
 (iii) exercise or refrain
from exercising any rights against any Grantor; 
 (iv) release or substitute any one or more endorsers, guarantors, any Grantor, or other
obligors; 

  
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 (v) settle or compromise any of the Secured Obligations, any security therefor, or any
liability (including any of those of any of the Guarantors under this Security Agreement) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability
(whether due or not) of any Grantor to its creditors; 
 (vi) apply any sums by whomever paid or however realized to any liability or
liabilities of any Grantor to Lender regardless of what liability or liabilities of such Grantor remain unpaid; 
 (vii) consent to or
waive any breach of, or any act, omission, or default under, this Security Agreement, any other Loan Document, any agreement in respect of Bank Products, any Rate Contract or any of the instruments or agreements referred to herein or therein, or
otherwise amend, modify, or supplement this Security Agreement, any other Loan Document, any agreement in respect of Bank Products, any Rate Contract or any of such other instruments or agreements; or 

(viii) take any other action that could, under otherwise applicable principles of Law, give rise to a legal or equitable discharge of one or
more Guarantors from all or part of its or their respective liabilities under this Security Agreement. 
 (g) Capacity. It is not
necessary for Lender to inquire into the capacity or powers of any Guarantor or the officers, directors, managers, members, partners or agents acting or purporting to act on its behalf, and any Obligations made or created in reliance upon the
professed exercise of such powers shall be guarantied hereunder. 
 (h) Waiver of Certain Defenses. Each Guarantor jointly and
severally guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any Law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of such terms or
the rights of Lender with respect thereto. The obligations of each Guarantor under this Security Agreement are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to
enforce such obligations, irrespective of whether any action is brought against any other Guarantor or whether any other Guarantor is joined in any such action or actions. The liability of each Guarantor under this Security Agreement shall be
absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives, any defense it may now or hereafter have in any way relating to, any or all of the following (provided that nothing in this Section 2(h) shall in any way
limit Guarantor’s rights under any debtor relief law or any defense of payment of the Guarantied Obligations): 
 (i) any lack of
validity or enforceability of any Loan Document or any agreement or instrument relating thereto; 
 (ii) any change in the time, manner, or
place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guarantied Obligations resulting from the
extension of additional credit. 
 (iii) any taking, exchange, release, or non-perfection of any
Lien on any Collateral, or any taking, release, surrender, compromise, amendment, waiver of, or consent to departure from any other guaranty, for all or any of the Guarantied Obligations; 

(iv) the existence of any claim, set-off, defense, or other right that any Guarantor may have at any
time against any Person, including Lender; 

  
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 (v) any defense, set-off, counterclaim, or claim,
of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; 

(vi) any right or defense arising by reason of any claim or defense based upon an election of remedies by Lender including any defense based
upon an impairment or elimination of such Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any other Grantor or any guarantors or sureties; 

(vii) any change, restructuring, or termination of the corporate, limited liability company, or partnership structure or existence of any
Grantor; or 
 (viii) all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that
are or may become available to a Guarantor by reason of California Civil Code Sections 2787 to 2855, inclusive, and any applicable Law requiring marshaling of assets, including, without limitation, California Civil Code Sections 2899 and 3433; 

(ix) all rights and any defenses arising out of an election of remedies by Lender even though that the election of remedies, such as a non-judicial foreclosure with respect to security for a Guarantied Obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against Borrower by operation of Section 580d of the
California Code of Civil Procedure or otherwise; 
 (x) all rights and defenses that Guarantor may have because the Obligations are secured
by real property. This means that, among other things, (A) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and (B) if Lender forecloses on any real property
collateral pledged by Borrower: (1) the amount of Borrower’s obligation may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price; and
(2) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and
defenses Guarantor may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights and defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil
Procedure; or 
 (xi) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or any
other guarantor or surety. 
 (i) General Waivers. 

(i) Each Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require Lender to
(A) proceed against any other Grantor or any other Person, (B) proceed against or exhaust any security held from any other Grantor or any other Person, (C) protect, secure, perfect, or insure any security interest or Lien on any
property subject thereto or exhaust any right to take any action against any other Grantor, any other Person, or any Collateral or other collateral for the Secured Obligations, or (D) pursue any other remedy in Lender’s power whatsoever.
Each Guarantor waives any defense based on or arising out of any defense of any Grantor or any other Person, other than payment of the Guarantied Obligations to the extent of such payment, based on or arising out of the disability of any Grantor or
any other Person, or the validity, legality, or unenforceability of the Secured Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Grantor other than payment of the Secured Obligations to the
extent of such payment. Lender may foreclose upon any Collateral held by Lender by one or more judicial or nonjudicial sales or other dispositions, 

  
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whether or not every aspect of any such sale is commercially reasonable or otherwise fails to comply with applicable Law, or may exercise any other right or remedy Lender may have against any
Grantor or any other Person, or any security, in each case, without affecting or impairing in any way the liability of any of the Guarantors hereunder except to the extent the Guarantied Obligations have been paid. 

(ii) Each Guarantor waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notices of
protest, notices of dishonor, notices of acceptance of this Security Agreement, notices of the existence, creation, or incurring of new or additional Obligations or other financial accommodations, and all other notices to which a Guarantor might
otherwise be entitled or which might be required by Law to be given by Lender. Each Guarantor waives notice of any Default or Event of Default under any of the Loan Documents. Each Guarantor assumes all responsibility for being and keeping itself
informed of each Grantor’s financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope, and extent of the risks which each Guarantor assumes and incurs hereunder,
and agrees that Lender shall have no duty to advise any Guarantor of information known to them regarding such circumstances or risks. 

(iii) To the fullest extent permitted by applicable Law, each Guarantor hereby waives: (A) any right to assert against Lender any
defense (legal or equitable), set-off, counterclaim, or claim which any Guarantor may now or at any time hereafter have against the Borrower or any other party liable to Lender; (B) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any
security therefor; (C) any right or defense arising by reason of any claim or defense based upon an election of remedies by Lender, including any defense based upon an impairment or elimination of such Guarantor’s rights of subrogation,
reimbursement, contribution, or indemnity of such Guarantor against the Borrower or any other guarantor or surety; and (D) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof
(determined exclusive of the Applicable Statute of Limitations provided for in Section 2(k)), and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations
(determined exclusive of the Applicable Statute of Limitations provided for in Section 2(k)) shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s
liability hereunder. 
 (iv) No Guarantor will exercise any rights that it may now or hereafter acquire against any other Grantor or any
other guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Security Agreement, including any right of subrogation, reimbursement, exoneration, contribution or indemnification
and any right to participate in any claim or remedy of Lender against any other Grantor or any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the
right to take or receive from any other Grantor or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such
claim, remedy or right, unless and until all of the Guarantied Obligations and all other amounts payable under this Security Agreement shall have been paid in full in cash and the Revolving Loan Commitment has been terminated. If any amount shall be
paid to any Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be credited and applied to the Guarantied Obligations and all other
amounts payable under this Security Agreement, whether matured or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other amounts payable under this Security Agreement
thereafter arising. Notwithstanding anything to the contrary contained in this Security Agreement, no Guarantor may exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or
seek recourse against or with respect to any property or asset of, any other Grantor (the “Foreclosed Grantor”), including after payment in full of the Secured Obligations, if all or any portion of the Secured Obligations have been
satisfied in connection with an exercise of remedies in respect of the Pledged Equity of such Foreclosed Grantor whether pursuant to this Security Agreement or otherwise. 

  
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 (v) Each Guarantor represents, warrants, and agrees that each of the waivers set forth
above is made with full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary to any applicable Law or public policy, such waivers shall be effective to the maximum extent permitted by Law. 

(j) Keepwell. Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to
provide such funds or other support as may be needed from time to time by each other Grantor to guaranty and otherwise honor all Obligations in respect of Swap Obligations. The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect until payment in full of the Guarantied Obligations. Each Qualified ECP Guarantor intends that this Section 2(j) constitutes, and this Section 2(j) shall be deemed
to constitute, a “keepwell, support, or other agreement” for the benefit of each other Grantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

(k) Maximum Liability. If the obligations of any Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or
unenforceable on account of the amount of such Guarantor’s liability hereunder, in any action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the
rights of creditors generally, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by any Guarantor or any other Person, be automatically limited and reduced to the highest
amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being “Maximum Liability”). In determining the Maximum Liability, if any, on the amount of any
Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that (i) all rights of subrogation, indemnification and contribution which such Guarantor may have under this
Section 2, any other agreement or applicable Law shall be taken into account and (ii) each Guarantor recognize ratable rights of contribution from each other and each other Grantor and have an equitable allocation of
liabilities among them rather than be deemed to be insolvent (or in contemplation thereof) by reason of an arbitrary interpretation of this Security Agreement. Subject to the restrictions, limitations and other terms of this Security Agreement, each
Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its ratable, as among themselves, share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against each
other Guarantor and each other Grantor hereunder which has not paid its ratable, as among themselves, share of such payment. For purposes of this Section 2(k), Maximum Liability also shall be calculated after giving effect
to the operation of any statute of limitation or other applicable Law (collectively, the “Applicable Statute of Limitations”) which has the effect of extinguishing (by reason of the passage of time) a cause of action or proceeding
or claim for relief that could otherwise (if not for the Applicable Statute of Limitations) render a Guarantor’s obligations under this Security Agreement unenforceable, void or avoidable. The above provisions of this
Section 2(k) are intended solely to preserve the rights of Lender to the maximum extent not subject to avoidance under applicable Law, and no Guarantor or other Grantor or any other Person shall have any right
or claim under this Section with respect to such Maximum Liability except to the extent necessary in any case or proceeding commenced against any Guarantor under the Bankruptcy Code or any other applicable federal, state or foreign bankruptcy or
other similar Law so that none of the obligations of any Guarantor under this Security Agreement shall be rendered voidable under applicable Law. 

  
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 (l) Subordination of Debt to Guarantor. 

(i) Any indebtedness of Borrower or any of its respective Affiliates, to any of the Guarantors or their respective Affiliates, whether now or
hereafter existing, whether direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account or otherwise, and irrespective of the
person or persons in whose favor such debts or liabilities may, at their inception, have been or may hereafter be created, or the manner in which they have been or may hereafter be acquired by the Guarantors, including, without limitation, all
rights and claims of the Guarantors against Borrower (arising as a result of subrogation or otherwise) as a result of each Guarantor’s payment of all or a portion of the Guarantied Obligation, together with any interest thereon (collectively,
“Guarantor Claims”), shall be and hereby is deferred, postponed and subordinated to the prior payment in full of the Loan. Further, until the Guarantors are released from this Guaranty, the Guarantors agree that should any of
the Guarantors receive any payment, satisfaction or security for any Guarantor Claim, the same shall be delivered to Lender in the form received (endorsed or assigned as may be appropriate) for application on account of, or as security for, the Loan
and until so delivered to Lender, shall be held in trust for Lender as security for the Loan. 
 (ii) In the event of receivership,
bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving the Guarantors as debtors, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and
receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Each Guarantor hereby assigns such dividends and payments to Lender. Should Lender receive,
for application against the Guarantied Obligation, any dividend or payment which is otherwise payable to the Guarantors and which, as between the Borrower and the Guarantors, shall constitute a credit against the Guarantor Claims, then, upon payment
to Lender in full of the Guarantied Obligation, the Guarantors shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guarantied Obligation,
and such subrogation shall be with respect to that portion of the Guarantied Obligation which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims. 

(iii) Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets
securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantied Obligation,
regardless of whether such encumbrances in favor of the Guarantors or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, each Guarantor shall not (i) exercise or enforce any
creditor’s right such Guarantor may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or
joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances held by the Guarantors on
assets of Borrower. 
 (m) Enforcement Costs. Each Guarantor hereby agrees to pay, on written demand by Lender, all costs incurred by
Lender in collecting any amount payable under this guaranty or enforcing or protecting its rights under the Loan Documents, in each case whether or not legal proceedings are commenced (the “Enforcement Costs”). Such fees and
expenses shall be in addition to the Guarantied Obligations and shall include, without limitation, costs and expenses of both in-house and outside counsel, paralegals and other hired professionals, special
servicing fees (including portfolio management fees), court fees, costs incurred in connection with pre-trial, trial and appellate level proceedings (including discovery and expert witnesses), costs incurred
in post-judgment collection efforts or in any bankruptcy proceeding to the extent such costs relate to the Guarantied Obligations or the enforcement of this guaranty. Amounts incurred by Lender shall be immediately due and payable, and shall
bear interest at the Default Rate from the date of disbursement until paid in full upon Lender’s written demand for payment. This Section shall survive the payment in full of the Guarantied Obligations. 

  
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 3. GRANT OF LIEN. 

(a) Grant. To secure the prompt and complete payment, performance and observance of all of the Secured Obligations when due (whether
upon stated maturity, mandatory prepayment, acceleration or otherwise), each Grantor hereby pledges, assigns, hypothecates, transfers, conveys, delivers and grants to Lender a continuing Lien upon and security interest in all of its right, title and
interest in, to and under the following personal property of such Grantor, whether now owned by or owing to, or hereafter acquired by or arising in favor of, such Grantor (including under any trade names, styles or derivations thereof), and whether
owned by or consigned by or to, or leased from or to, such Grantor, and regardless of where located (all of which being hereinafter collectively referred to as the “Collateral”), including: 

(i) all Accounts; 
 (ii) all
Chattel Paper; 
 (iii) all Contracts; 

(iv) all Deposit Accounts, including all Collection Accounts, Controlled Disbursement Accounts, Disbursement Accounts, and all other bank
accounts and all funds on deposit therein; 
 (v) all Documents; 

(vi) all Farm Products; 

(vii) all General Intangibles (including payment intangibles and Software); 

(viii) all Goods (including Equipment, Fixtures and Inventory); 

(ix) all Instruments; 
 (x)
all Investment Property; 
 (xi) all Letter of Credit Rights; 

(xii) all money, cash or cash equivalents; 

(xiii) all Supporting Obligations; 

(xiv) all Commercial Tort Claims; 

(xv) all interest, dividends, distributions, cash, instruments, and other property received, receivable or otherwise payable or distributed
in respect of, or in exchange for, any of the foregoing; 
 (xvi) all certificates and instruments representing or evidencing any of the
foregoing; and 

  
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 (xvii) to the extent not otherwise included in the foregoing, all Proceeds, products, tort
claims, insurance claims and all other rights to payment and all accessions to, substitutions and replacements for, and rents and profits of or arising from, each of the foregoing; provided, however, that the Collateral shall not include any
Excluded Property, but only for so long as such property or assets constitute “Excluded Property” as set forth, in the manner, and to the extent, expressly provided in the definition thereof.  

(b) Setoff. In addition, to secure the prompt and complete payment, performance and observance of the Secured Obligations, and in order
to induce Lender as aforesaid, each Grantor hereby grants to Lender a right of setoff against the property of such Grantor held by Lender or any agent of Lender, including all property described above in Section 3(a) now or
hereafter in the possession or custody of, or in transit to, Lender or any agent of Lender, for any purpose (including safekeeping, collection or pledge), for the account of such Grantor, or as to which such Grantor may have any right or power. 

4. LENDER’S RIGHTS; LIMITATIONS ON LENDER’S OBLIGATIONS. 

(a) No Liability Under Contracts. It is expressly agreed by each Grantor that, anything herein to the contrary notwithstanding, such
Grantor shall remain liable under any and all Contracts and Licenses to which it is a party to observe and perform all the conditions and obligations to be observed and performed by it thereunder. Lender shall have no obligation or liability under
any such Contract or License by reason of or arising out of this Security Agreement or the granting herein of a Lien thereon or the receipt by Lender of any payment relating to any such Contract or License pursuant hereto. Lender shall not be
required or obligated in any manner to perform or fulfill any of the obligations of any Grantor under or pursuant to any such Contract or License, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment
received by it or the sufficiency of any performance by any party under any such Contract or License, or to present or file any claims, or to take any action to collect or enforce any performance or the payment of any amounts that may have been
assigned to it or to which it may be entitled at any time or times. 
 (b) Notifying Account Debtors. Lender may, at any time after
an Event of Default shall have occurred and be continuing, without prior notice to any Grantor, notify Account Debtors obligated under Accounts or Chattel Paper of any Grantor and other Persons obligated on Collateral that Lender has a Lien thereon
and that payments thereunder shall be made directly to Lender. Upon the request of Lender after an Event of Default shall have occurred and be continuing, each Grantor shall so notify any such Account Debtor or other Persons obligated on the
Collateral, and once any such notice has been given by any Grantor, no Grantor shall give any contrary instructions to such Account Debtor or other Person without Lender’s prior written consent. 

(c) Verification; Information. Lender may, at any time after an Event of Default shall have occurred and be continuing, in
Lender’s own name, in the name of a nominee of Lender, in the name of any Grantor or in the name of a nominee of any Grantor, communicate (by mail, telephone, facsimile, email or otherwise) with Account Debtors obligated under Accounts or
Chattel Paper of such Grantor and other Persons obligated on Collateral to verify with such Persons, to Lender’s satisfaction, the existence, amount and terms of, and any other matter relating to, any such Accounts or Chattel Paper or other
Collateral. If an Event of Default shall have occurred and be continuing, each Grantor, at its own expense, shall cause the independent certified public accountants then engaged by such Grantor to prepare and deliver to Lender at any time and from
time to time promptly upon Lender’s request the following reports with respect to each Grantor: (i) a reconciliation of all Accounts and Chattel Paper; (ii) an aging of all Accounts and Chattel Paper; (iii) trial balances; and
(iv) a test verification of such Accounts and Chattel Paper as Lender may request. Each Grantor, at its own expense, shall deliver to Lender the results of each physical verification, if any, which such Grantor may in its discretion have made,
or caused any other Person to have made on its behalf, of all or any portion of its Inventory. 

  
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 (d) Payments Held in Trust. If, notwithstanding the giving of any notice hereunder
directing that payments be made directly to Lender, any Account Debtor of any Grantor or any other Person obligated on Collateral shall make payments to a Grantor, such Grantor shall hold all such payments it receives in trust for Lender, without
commingling the same with other funds or property of, or held by, such Grantor and shall deliver the same to Lender in the manner set forth in Annex B to the Credit Agreement, in the identical form received, together with any necessary
endorsements. 
 (e) Other Rights. Lender may, at any time after an Event of Default shall have occurred and be continuing, without
prior notice to any Grantor and without demand or other process, and without payment of any rent or any other charge, (i) enter the premises of any Grantor and, without breach of the peace, until Lender completes the enforcement of its rights
in the Collateral, take possession of such premises or place custodians in exclusive control thereof, remain on such premises and use the same and any Grantor’s Equipment for the purpose of collecting or realizing upon any of the Collateral and
(ii) exercise any and all of its rights under any and all of the Collateral Documents. 
 5. REPRESENTATIONS AND WARRANTIES.
Each Grantor represents and warrants that: 
 (a) Rights in the Collateral. Such Grantor is the legal and beneficial owner of the
Collateral, free and clear of all Liens, claims or security interests of very nature whatsoever, except such as are created pursuant to this Security Agreement and the other Loan Documents or as are permitted by the Credit Agreement, and such
Grantor has rights in and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder and such Collateral is free and clear of any and all Liens other than Permitted Encumbrances. 

(b) Filings. As of the Closing Date, no effective security agreement, financing statement, equivalent security or Lien instrument,
continuation statement, or financing statement amendment or assignment covering all or any part of the Collateral is on file or of record in any public office, except such as may have been filed (i) by any Grantor in favor of Lender pursuant to
this Security Agreement or the other Loan Documents, or (ii) in connection with any other Permitted Encumbrance. 
 (c) Liens.
This Security Agreement is effective to create a valid and continuing Lien upon the Collateral. Upon filing of appropriate financing statements in the jurisdictions listed in Schedule I hereto, Lender shall have a perfected Lien on the
Collateral with respect to which a Lien may be perfected by filing pursuant to the Code, which Lien (i) shall be prior to all other Liens, except Permitted Encumbrances that would be prior to Liens in favor of Lender as a matter of law, and
(ii) is enforceable as such as against any and all creditors of, and purchasers from, such Grantor (other than purchasers and lessees of Inventory in the ordinary course of business). All action by such Grantor necessary or desirable to perfect
by filing such Lien on each item of the Collateral has been duly taken. 
 (d) Instruments, Letter of Credit Rights and Chattel
Paper. As of the Closing Date, Schedule II hereto lists all Instruments with an original principal amount in excess of $1,000,000 (either individually or in the aggregate for all Grantors), Letter of Credit Rights and Chattel Paper, each
with an original principal amount in excess of $1,000,000, of each Grantor. All action by such Grantor necessary or desirable to protect and perfect the Lien in favor of Lender on each item of Collateral set forth in Schedule II (including,
upon Lender’s request, the prompt delivery of all originals thereof to Lender and the legending of all such Chattel Paper as required by Section 6(b)) has been duly taken. The Lien in favor of Lender on the Collateral
listed in Schedule II hereto is prior to all other Liens, except Permitted Encumbrances that would be prior to the Liens in favor of Lender as a matter of law, and is enforceable as such against any and all creditors of and purchasers from
such Grantor. 

  
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 (e) Grantor Information; Locations of Collateral and Records. As of the Closing Date,
each Grantor’s name as it appears in official filings in its jurisdiction of organization, the type of entity of each Grantor (including corporation, partnership, limited partnership or limited liability company), each Grantor’s
jurisdiction of organization, the location of each Grantor’s chief executive office, principal place of business, corporate or other offices, all warehouses and premises where tangible Collateral with a value in excess of $1,000,000 (either
individually or in the aggregate for all Grantors) is stored or located, and the locations of its books and records concerning the Collateral are set forth in Schedule III hereto. Each Grantor has only one jurisdiction of organization. 

(f) [Reserved]. 
 (g)
[Reserved]. 
 (h) Intellectual Property. As of the Closing Date, such Grantor has no interest in, or title to, any
Intellectual Property except as set forth in Schedule IV hereto. This Security Agreement is effective to create a valid and continuing Lien upon the Intellectual Property of each Grantor. Upon the filing of each Intellectual Property Security
Agreement with each of the United States Copyright Office and the United States Patent and Trademark Office, as applicable, and the filing of additional financing statements in all applicable jurisdictions listed in Schedule I hereto:
(i) Lender shall have perfected Liens upon each Grantor’s Intellectual Property; (ii) such perfected Liens shall be enforceable as such as against any and all creditors of and purchasers from such Grantor; and (iii) all action
necessary or desirable to protect and perfect Lender’s Lien on such Grantor’s Intellectual Property shall have been duly taken; provided, that (A) the registration of unregistered copyrights and the recordation of the Lien thereon in
the United States Copyright Office may be necessary to render such Lien effective under federal Law against such subsequent transferees of such copyrights; (B) actions, filings and/or recordings may be required to be made under applicable non-United States Law with respect to Intellectual Property filed or registered in jurisdictions outside of the United States; and (C) additional actions, filings and/or recordings in the United States Patent
and Trademark Office and United States Copyright Office may be required with respect to the perfection of Lender’s Lien on the Intellectual Property acquired by such Grantor after the date hereof. 

(i) Investment Property. 

(i) The shares of Pledged Equity pledged by each Grantor hereunder constitute all the issued and outstanding equity interests of each Issuer
owned by such Grantor. Upon Lender’s request, Grantors shall promptly deliver to Lender all certificates, if any, evidencing the Pledged Equity pledged by any Grantor hereunder. No Issuer of Pledged Equity has elected pursuant to the provisions
of Section 8-103 of the Code to provide that its equity interests are securities governed by Article 8 of the Code, except to the extent that such equity interests have been evidenced by certificates
that, in the case of such equity interests owned by any Grantor, may be delivered to Lender pursuant to this Security Agreement. 
 (ii)
All of the Pledged Equity has been duly and validly issued and is fully paid and nonassessable. 
 (iii) Upon Lender’s request,
Grantors shall promptly deliver to Lender all of the original Pledged Notes then in existence. Each of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its
terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing). 

  
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 (iv) Schedule V lists all Investment Property owned by each Grantor. Each Grantor is
the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except the Lien created by this Security
Agreement and, in the case of Investment Property which does not constitute Pledged Equity or Pledged Notes, for Permitted Encumbrances. 

(j) Leasehold Interest. [Intentionally Omitted.] 

(k) Other Excluded Property. Except with respect to any agreement for purchase money Indebtedness, or any Capital Lease Obligation,
with respect to any Equipment or Fixture to the extent the Indebtedness secured thereby is permitted under the Credit Agreement, to the knowledge of each Grantor, there are no effective restrictions, prohibitions or exclusions set forth in any lease
or other agreement to which any Grantor is a party which are not terminated or rendered unenforceable or otherwise deemed ineffective by the Code or other applicable law affecting any Grantor or any of its property, or to which any Grantor’s
property is subject as of the date hereof. 
 (l) Survival. The representations and warranties set forth in this
Section 5 shall survive the execution and delivery of this Security Agreement. 
 6. COVENANTS. Each
Grantor covenants and agrees with Lender that, from and after the date of this Security Agreement and until the Termination Date: 
 (a)
Further Assurances; Pledge of Instruments; Chattel Paper. 
 (i) At any time and from time to time, upon the written request of
Lender and at the sole expense of Grantors, such Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further actions as Lender may deem desirable to obtain the full benefits of this
Security Agreement and of the rights and powers herein granted, including (A) using its commercially reasonable efforts to secure all consents and approvals necessary or appropriate for the assignment to or for the benefit of Lender of any
License or Contract held by such Grantor and to enforce the Liens granted hereunder and (B) filing any financing or continuation statements under the Code with respect to the Liens granted hereunder or under any other Loan Document. 

(ii) Upon Lender’s request, such Grantor shall promptly deliver to Lender all Collateral consisting of negotiable Documents,
certificated securities, Chattel Paper, Letter of Credit Rights and Instruments (in each case, accompanied by stock powers, allonges or other instruments of transfer, as applicable, executed in blank) promptly after such Grantor receives the same.

 (iii) If any Grantor is or becomes the beneficiary of a letter of credit, then such Grantor shall promptly, and in any event within two
Business Days after becoming such a beneficiary, notify Lender thereof and enter into a tri-party agreement with Lender and the issuer or confirmation bank with respect to all Letter of Credit Rights in
connection with such letter of credit, assigning such Letter of Credit Rights to Lender and directing all payments thereunder to the Collection Account or another bank account designated by Lender, which
tri-party agreement shall be in form and substance reasonably satisfactory to Lender. 
 (iv) Upon
Lender’s request, such Grantor shall promptly take all steps necessary to grant Lender control of all electronic chattel paper in accordance with the Code and all “transferable records” as defined in each of the Uniform Electronic
Transactions Act and the Electronic Signatures in Global and National Commerce Act. 

  
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 (v) Such Grantor hereby irrevocably authorizes Lender at any time and from time to time to
file in any filing office in any jurisdiction with respect to the Lien created hereby any initial financing statement and any amendment thereto that (A) describes the Collateral (1) as all assets of such Grantor or words of similar effect,
regardless of whether any particular asset included in the Collateral falls within the scope of Article 9 of the Code in such jurisdiction, or (2) as being of an equal or lesser scope or with greater detail, and (B) contains any other
information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment, including (1) whether such Grantor is an organization and the type of organization of such Grantor,
and (2) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the
Collateral relates. Each Grantor agrees to furnish any such information to Lender promptly upon Lender’s request therefor. Each Grantor also ratifies its authorization for Lender to have filed in any jurisdiction with respect to the Lien
created hereby any initial statement or amendment thereto if filed prior to the date hereof. 
 (vi) Such Grantor shall promptly, and in
any event within five Business Days after such Grantor becomes aware of its acquisition of any Commercial Tort Claim in excess of $1,000,000, notify Lender of such claim acquired by it and unless otherwise consented to by Lender, such Grantor shall
enter into a supplement to this Security Agreement, granting to Lender a Lien on such claim. 
 (b) Maintenance of Books and Records.
Such Grantor shall keep and maintain, at its own cost and expense, satisfactory and complete records of each item of Collateral to which it purports to grant a Lien hereunder, including a record of any and all payments received and any and all
credits granted with respect to each such item of Collateral and all other dealings with respect to each such item of Collateral. Such Grantor shall mark its books and records pertaining to each such item of Collateral to evidence this Security
Agreement and the Liens granted hereby. Upon Lender’s request, any Chattel Paper or Instruments in any Grantor’s possession shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are
subject to the Lien of Fifth Third Bank, National Association.” 
 (c) Covenants Regarding Intellectual Property. 

(i) Such Grantor shall notify Lender as soon as practicable (but in any event not to exceed two Business Days) if it knows or has reason to
know (A) that any application or registration relating to any of its Licenses, Patents, Trademarks or Copyrights may become abandoned or dedicated, or (B) of any adverse determination or development (including the institution of, or any
such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court) regarding such Grantor’s ownership of any such License, Patent, Trademark or Copyright, its
right to register the same, or to keep and maintain the same. 
 (ii) In no event shall such Grantor, either directly or through any agent,
employee, licensee or designee, file an application for the registration of any Patent, Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency without giving
Lender prior written notice thereof, and, upon request of Lender, such Grantor shall execute and deliver any and all security documents as Lender may request, including an Intellectual Property Security Agreement, to evidence Lender’s Lien on
such Patent, Trademark or Copyright, and the General Intangibles of such Grantor relating thereto or represented thereby. 
 (iii) Such
Grantor shall take all actions deemed necessary by such Grantor in its good faith business judgment or reasonably requested by Lender (A) to maintain and pursue each application, (B) to obtain the relevant registration, and (C) to
maintain its registration of each of the Patents, Trademarks and Copyrights (now or hereafter existing), including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and
cancellation proceedings. 

  
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 (iv) In the event that any Grantor’s Intellectual Property is infringed upon, or
misappropriated or diluted by a third party, such Grantor shall, unless such Grantor shall reasonably determine that such Intellectual Property is not material to the conduct of its business or operations, promptly sue for infringement,
misappropriation or dilution, and seek recovery of any and all damages resulting from, such infringement, misappropriation or dilution, and shall take such other actions as Lender shall deem appropriate under the circumstances to protect such
Intellectual Property. 
 (d) Equipment; Inventory. 

(i) Upon request of Lender, each Grantor shall promptly deliver to Lender any and all certificates of title, applications for title or
similar evidence of ownership of any Equipment, including motor vehicles with a fair market value in excess of $250,000, and shall cause Lender to be named as lienholder on any such certificate of title or other evidence of ownership. No Grantor
shall permit any Equipment to become Fixtures to real property other than real property subject to mortgages or deeds of trust in favor of Lender. 

(ii) Each Grantor, as applicable, shall (A) obtain, produce, manufacture, package, store, market, distribute and sell all of its
Inventory, including any Inventory that consists, or that could be deemed to consist, of Hazardous Materials, in accordance with all applicable Law and (B) promptly notify Lender if such Grantor is required to obtain any Permit that is not
readily available to Lender or any other Person with respect to the acquisition, production, manufacturing, packaging, storage, marketing, distribution or sale of any of such Grantor’s Inventory. 

(e) Excluded Property. In addition to, and without limiting, any of the other terms and conditions set forth herein or in any of the
other Loan Documents, no Grantor shall: (i) amend any lease or other agreement in effect as of the date hereof so that the grant of a security interest therein or in connection therewith to Lender would result in the classification of any
property or assets subject to such lease or other agreement as, in any instance, Excluded Property and (ii) without the prior consent of Lender, enter into any lease or other agreement after the date hereof which by its terms would give rise to
an exclusion set forth in the definition of Excluded Property except (A) to the extent of any general prohibition against a complete assignment of such lease or other agreement in which a Grantor is a lessee pursuant to the terms thereof
without the consent of such Grantor’s lessor (provided, that nothing in this Security Agreement shall, or shall be construed to, constitute Lender’s agreement that the foregoing restriction is valid or is not otherwise rendered
ineffective under the Code or other applicable law) and (B) any agreement for purchase money Indebtedness, or any Capital Lease Obligation, with respect to any Equipment or Fixture to the extent the Indebtedness secured thereby is permitted
under the Credit Agreement. 
 (f) Investment Property. 

(i) Within ninety (90) days following the Closing Date, and from time to time upon Lender’s request, all certificates and/or
instruments evidencing the Pledged Equity shall promptly be delivered to and held by or on behalf of Lender pursuant hereto. All Pledged Equity shall be accompanied by (A) duly executed instruments of transfer to be assigned in blank, in form
and substance reasonably satisfactory to Lender in each instance, (B) a duly executed irrevocable proxy, in form and substance reasonably satisfactory to Lender in each instance (an “Irrevocable Proxy”), and (C) a duly
acknowledged equity interest registration page, in blank, from the applicable Issuer, in form and substance reasonably satisfactory to Lender in each instance (a “Registration Page”). If such Grantor shall receive any certificate,
option or rights in respect of the equity interests of any Issuer, whether in addition to, in substitution of, as 

  
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a conversion of, or in exchange for, any of the Pledged Equity, or otherwise in respect thereof, such Grantor shall accept the same as agent of Lender, hold the same in trust for Lender and, upon
Lender’s request, promptly deliver the same forthwith to Lender in the exact form received, duly indorsed by such Grantor to Lender, if required, together with an undated instrument of transfer covering such certificate duly executed in blank
by such Grantor and with, if Lender so requests, signature guaranteed, to be held by Lender, subject to the terms hereof, as additional Collateral for the Secured Obligations. If such Grantor acquires Pledged Equity with respect to any Issuer
following the date hereof that is not an Issuer of Pledged Equity as of the date hereof, such Grantor shall, upon Lender’s request, promptly deliver an executed Irrevocable Proxy and Registration Page with respect to such new Issuer to Lender.
Upon the occurrence and during the continuance of an Event of Default, (1) any sums paid upon or in respect of the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to Lender to be held, at Lender’s
option, either by it hereunder as additional Collateral for the Secured Obligations or applied to the Obligations as provided in the Credit Agreement, and (2) in case any distribution of capital shall be made on or in respect of the Investment
Property or any property shall be distributed upon or with respect to the Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed
shall, unless otherwise subject to a perfected Lien in favor of Lender, upon Lender’s request, promptly be delivered to Lender to be held, at Lender’s option, either by it hereunder as additional Collateral for the Secured Obligations or
applied to the Obligations as provided in the Credit Agreement. Upon the occurrence and during the continuance of an Event of Default, if any sums of money or property so paid or distributed in respect of the Investment Property shall be received by
such Grantor, unless otherwise permitted hereunder or under the Credit Agreement, such Grantor shall, until such money or property is paid or delivered to Lender, hold such money or property in trust for Lender, segregated from other funds of such
Grantor, as additional Collateral for the Secured Obligations. 
 (ii) Without the prior written consent of Lender, such Grantor will not
(A) vote to enable, or take any other action to permit, any Issuer to issue any equity interests of any nature or to issue any other securities or interests convertible into or granting the right to purchase or exchange for any equity interests
of any nature of any Issuer, (B) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment Property or Proceeds thereof (except pursuant to a transaction expressly permitted by the Credit
Agreement) other than, with respect to Investment Property not constituting Pledged Stock or Pledged Notes, any such action which is not prohibited by the Credit Agreement, (C) create, incur or permit to exist any Lien or option in favor of, or
any claim of any Person with respect to, any of the Investment Property or Proceeds thereof, or any interest therein, except for Permitted Encumbrances, or (D) enter into any agreement or undertaking restricting the right or ability of such
Grantor or Lender to sell, assign or transfer any of the Investment Property or Proceeds thereof, except, with respect to such Investment Property, shareholders’ agreements entered into by such Grantor with respect to Persons in which such
Grantor maintains an ownership interest of 50% or less. 
 (iii) In the case of each Grantor which is an Issuer, such Issuer agrees that
(A) it will be bound by the terms of this Security Agreement relating to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (B) it will notify Lender promptly in writing of the
occurrence of any of the events described in Section 6(f)(i) with respect to the Investment Property issued by it and (C) the terms of Sections 8(e) and each Irrevocable Proxy with respect to the Pledged Equity
of such Grantor shall apply to such Grantor with respect to all actions that may be required of it pursuant to Section 8(e) or such Irrevocable Proxy regarding the Investment Property issued by it. 

(iv) Such Grantor recognizes that Lender may be unable to effect a public sale of any or all the Pledged Equity, by reason of certain
prohibitions contained in the Securities Act and applicable state securities Laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obligated to agree, among other
things, to acquire 

  
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such securities for their own account for investment and not with a view to the distribution or resale thereof. Lender shall be under no obligation to delay a sale of any of the Pledged Equity
for the period of time necessary to permit the Issuer thereof to register such securities or other interests for public sale under the Securities Act, or under applicable state securities Laws, even if such Issuer would agree to do so. Such Grantor
agrees to the maximum extent permitted by applicable Law that following the occurrence and during the continuance of an Event of Default it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension,
moratorium or redemption Law now or hereafter in force except for a defense that no Event of Default has occurred in order to prevent or delay the enforcement of this Security Agreement, or the absolute sale of the whole or any part of the Pledged
Equity or the possession thereof by any purchaser at any sale hereunder, and such Grantor waives the benefit of all such Laws to the extent it may lawfully do so. 

(v) Such Grantor agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make
such sale or sales of all or any portion of the Pledged Equity pursuant to this Section 6(f) valid and binding and in compliance with applicable Law. Such Grantor further agrees that a breach of any of the covenants
contained in this Section 6(f) will cause irreparable injury to Lender, that Lender has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this
Section 6(f) shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense
that no Event of Default has occurred under the Credit Agreement. 
 (g) Locations. Such Grantor shall give Lender at least twenty
(20) days prior written notice of any intention to (i) relocate the tangible Collateral (other than if such Collateral is Inventory in transit, Equipment out for repair or servicing in the Ordinary Course of Business, in the possession of
employees, intangible Collateral, or Collateral that does not exceed $1,000,000 either individually or in the aggregate for all Grantors) or any of the records relating to the Collateral from the locations listed on
Schedule III attached to this Security Agreement, and (ii) acquire any new location where records of such Grantor with respect to the Collateral are located or any tangible Collateral is located, and shall submit to
Lender an updated Schedule III to reflect such additional new locations (provided such Grantor’s failure to do so shall not impair Lender’s Lien thereon). Any additional filings or refilings reasonably requested
by Lender as a result of any such relocation in order to maintain the Lender’s Lien on the Collateral shall be at the Grantors’ joint and several expense. 

(h) Indemnification. In any suit, proceeding or action brought by Lender relating to any Collateral for any sum owing with respect
thereto (to the extent Lender is entitled to bring such suit, proceedings or action pursuant to the terms hereof or under applicable Law) or to enforce any rights or claims with respect thereto, each Grantor shall save, indemnify and hold Lender
harmless from and against all expenses (including reasonable attorneys’ fees and expenses), loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of any Person obligated on the
Collateral, arising out of a breach by any Grantor of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor or its successors by any such Grantor, except in the
case of Lender, to the extent such expense, loss, or damage is attributable solely to the gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. All such obligations of such Grantor shall be and
remain enforceable against and only against Grantors and shall not be enforceable against Lender. Each Grantor’s obligations under this Section 6(h) shall survive the termination of this Security Agreement. 

(i) Compliance with Terms of Accounts, Chattel Paper and Agreements. Such Grantor shall perform and comply with all obligations in
respect of the Collateral and all other agreements to which it is a party or by which it is bound relating to the Collateral, except where such non-performance or
non-compliance could not reasonably be expected to result in a Material Adverse Effect. 

  
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 (j) Limitation on Liens on Collateral. Such Grantor shall not create, incur, assume
or permit to exist, and such Grantor shall defend the Collateral against, and take such other action as is necessary to remove, any Lien upon the Collateral except Permitted Encumbrances, and shall defend the right, title and interest of Lender in
and to such Grantor’s rights under the Collateral against the claims and demands of all Persons. 
 (k) Limitations on
Disposition. Such Grantor shall not sell, lease, license, transfer or otherwise dispose of any of the Collateral, or attempt or contract to do so, except as permitted by the Credit Agreement. 

(l) Further Identification of Collateral. Such Grantor shall, if so requested by Lender, furnish to Lender, as often as Lender
reasonably requests, statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Lender may reasonably request, all in such detail as Lender may specify. 

(m) Notices. Such Grantor shall advise Lender promptly, in detail, (i) of any Lien (other than Permitted Encumbrances) or claim
made or asserted against any of the Collateral, and (ii) of the occurrence of any other event that would have a Material Adverse Effect on the aggregate value of the Collateral or on the Liens created hereunder or under any other Loan Document.

 (n) Good Standing Certificates. Promptly after Lender’s request, which request Lender may make from time to time, such
Grantor shall provide to Lender a certificate of good standing from its jurisdiction of organization. 
 (o) No Reorganization or
Division. Without limiting any other prohibitions involving Grantors contained in the Credit Agreement, and notwithstanding any other provisions to the contrary in any Loan Document, no Grantor shall, without the prior written consent of Lender:
(i) reincorporate or reorganize itself under the Laws of any jurisdiction or (ii) consummate, or take or permit any action to effectuate, a statutory division under applicable Law (including any transfer or allocation of assets effected by
any such statutory division). 
 (p) Terminations; Amendments Not Authorized. Each Grantor acknowledges and agrees that it will not
file any financing statement or amendment or termination statement with respect to any financing statement filed hereunder without the prior written consent of Lender, subject to such Grantor’s rights under
Section 9-509(d)(2) of the Code. 
 (q) Authorized Terminations. Lender will promptly
deliver to each Grantor for filing or authorize each Grantor to prepare and file termination statements and releases. 
 (r)
Additional Grantors. Pursuant to Section 4.12(b) of the Credit Agreement, each Domestic Subsidiary (other than Immaterial Subsidiaries) not a party hereto on the date of hereof shall deliver to Lender within thirty (30) days
(or such longer period to which Lender consents in its sole discretion) after formation, creation or acquisition thereof, an additional Guaranty and Security Agreement Supplement to Lender’s satisfaction. Upon execution and delivery by the
Lender and such Domestic Subsidiary of a Guaranty and Security Agreement Supplement, such Domestic Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of
any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect. 

  
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 7. LENDER’S APPOINTMENT AS ATTORNEY-IN-FACT. Each Grantor hereby irrevocably constitutes and appoints Lender (and all officers, employees or agents designated by Lender), with full power of substitution, as such Grantor’s true
and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, from
time to time in Lender’s discretion, to take any and all appropriate action and to execute and deliver any and all documents and Instruments that may be necessary or desirable to accomplish the purposes of the Loan Documents and, without
limiting the generality of the foregoing, such Grantor hereby grants to Lender the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, and at any time when an Event of Default has occurred and is continuing, to
do the following, subject to any limitation expressly provided for in the Credit Agreement or any other Loan Document: (a) change the mailing address of such Grantor, open a post office box on behalf of such Grantor, open mail for such Grantor,
and ask, demand, collect, give acquittances and receipts for, take possession of, or endorse and receive payment of, any checks, drafts, notes, acceptances, or other Instruments for the payment of moneys due, and endorse any invoices, freight or
express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, and notices in connection with any of the Collateral; (b) effect any repairs to any of the Collateral, or continue or obtain any
insurance and pay all or any part of the premiums therefor and costs thereof, and make, settle and adjust all claims under such policies of insurance, and make all determinations and decisions with respect to such policies; (c) pay or discharge
any Taxes or Liens (other than Liens permitted under this Security Agreement or the Credit Agreement) levied or placed on or threatened against such Grantor or the Collateral; (d) defend any suit, action or proceeding brought against such
Grantor if such Grantor does not defend such suit, action or proceeding or if Lender believes that such Grantor is not pursuing such defense in a manner that will maximize the recovery to Lender, and settle, compromise or adjust any suit, action, or
proceeding described above and, in connection therewith, give such discharges or releases as Lender may deem appropriate; (e) file or prosecute any claim, litigation, suit or proceeding in any court of competent jurisdiction or before any
arbitrator, or take any other action otherwise deemed appropriate by Lender for the purpose of collecting any and all such moneys due to such Grantor whenever payable and to enforce any other right in respect of the Collateral; (f) sell,
transfer, pledge, make any agreement with respect to, or otherwise deal with, any Collateral, and execute, in connection with such sale or action, any endorsements, assignments or other instruments of conveyance or transfer in connection therewith;
(g) cause the certified public accountants then engaged by such Grantor to prepare and deliver to Lender at any time and from time to time, promptly upon Lender’s request, the following reports: (i) a reconciliation of all of its
Accounts and Chattel Paper, (ii) an aging of all such Accounts and Chattel Paper; (iii) trial balances; (iv) test verifications of such Accounts and Chattel Paper as Lender may request; and (v) the results of each physical
verification of its Inventory; (h) communicate in its own name or in the name of others with any Account Debtors of such Grantor, parties to any Contracts of such Grantor or other obligors of such Grantor in respect of Instruments, Chattel
Paper or General Intangibles of such Grantor with regard to the assignment of the right, title and interest of such Grantor in, to and under such Accounts, Contracts, Instruments, Chattel Paper, General Intangibles and other matters relating
thereto; (i) file such financing statements with respect to this Security Agreement, with or without such Grantor’s signature, or file a photocopy of this Security Agreement in substitution for a financing statement, as Lender may deem
appropriate and to execute in Grantor’s name such financing statements and amendments thereto and continuation statements that may require such Grantor’s signature; (j) execute, in connection with any sale provided for in any Loan
Document, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral and to otherwise direct such sale or resale, all as though Lender were the absolute owner of the Collateral for all purposes; and
(k) do, at Lender’s option and such Grantor’s expense, at any time or from time to time, all acts and other things that Lender reasonably deems necessary to perfect, preserve, or realize upon the Collateral and Lender’s Liens
thereon, all as fully and effectively as such Grantor might do. Each Grantor hereby ratifies, to the extent permitted by Law, all that Lender shall lawfully do or cause to be done by virtue hereof. The power of attorney granted herein is a power
coupled with an interest and shall be irrevocable until the Termination Date. The powers conferred on Lender pursuant to this Section 7 are solely to protect Lender’s Liens upon

  
 -21- 

 
and interests in the Collateral and shall not impose any duty upon Lender to exercise any such powers except as otherwise expressly provided for herein. Lender agrees that (A) except for the
powers granted in clause (a) above, it shall not exercise any power or authority granted pursuant to this Section 7 unless an Event of Default has occurred and is continuing, and (B) Lender shall account for any
moneys received by Lender in respect of any foreclosure on or disposition of any of the Collateral pursuant to the powers of attorney granted herein; provided, that, except as set forth in Section 10, Lender shall
not have any duty of any kind as to any Collateral except as otherwise expressly required under applicable Law, and Lender shall be accountable only for amounts that they actually receive as a result of the exercise of such powers. NONE OF LENDER OR
ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL BE RESPONSIBLE TO ANY GRANTOR FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR OTHERWISE, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION, OR FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

8. REMEDIES; RIGHTS UPON DEFAULT. 

(a) Remedies Generally. If any Event of Default shall have occurred and be continuing: 

(i) In addition to all other rights and remedies granted to it under this Security Agreement, the Credit Agreement, the other Loan Documents
and under any other instrument or agreement securing, evidencing or relating to any of the Secured Obligations, Lender may exercise all rights and remedies of a secured party under the Code. Without limiting the generality of the foregoing, each
Grantor expressly agrees that in any such event Lender, without demand of performance or other demand, advertisement or notice of any kind (except the notice specified in clause (ii) below of the time and place of any public or private sale) to
or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code and other applicable Law), may immediately enter upon the premises of such
Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and an opportunity for a hearing on Lender’s claim or action and may
collect, receive, assemble, process, appropriate and realize upon the Collateral, or any part thereof, and may sell, lease, license, assign, give an option or options to purchase, sell or otherwise dispose of and deliver said Collateral (or contract
to do so), or any part thereof, in one or more parcels at a public or private sale or sales, or at any exchange, at such prices as it may deem appropriate, for cash or on credit or for future delivery without assumption of any credit risk. Lender
shall have the right upon any such public sale or sales and, to the extent permitted by Law, upon any such private sale or sales, to purchase, for the benefit of Lender, the whole or any part of said Collateral so sold, free of any right or equity
of redemption, which equity of redemption each Grantor hereby releases. Such sales may be adjourned or continued from time to time with or without notice. Lender shall have the right to conduct such sales on any Grantor’s premises or elsewhere
and shall have the right to use any Grantor’s premises without charge for such sales at such time or times as Lender deems necessary or advisable. 

(ii) Each Grantor further agrees, at Lender’s request, to assemble the Collateral and make it available to Lender at a place or places
designated by Lender as convenient to Lender and such Grantor, whether at such Grantor’s premises or elsewhere. Until Lender is able to effect a sale, lease, or other disposition of Collateral, Lender shall have the right to hold or use the
Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by Lender. Lender shall have no obligation to any Grantor to maintain or
preserve the rights of such Grantor as against third parties with respect to Collateral while Collateral is in the possession of Lender. Lender may, if it so elects, seek the appointment of a receiver or

  
 -22- 

 
keeper to take possession of Collateral and to enforce any of Lender’s remedies without, except as may be required by applicable state Laws, prior notice or hearing as to such appointment.
Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Obligations as provided in the Credit Agreement, and only after so paying over such net proceeds, and after the payment by
Lender of any other amount required by any provision of Law, need Lender account for the surplus, if any, to any Grantor. Each Grantor waives, to the maximum extent permitted by applicable Law, all claims, damages, and demands against Lender arising
out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. Each Grantor agrees that 10 days’
prior notice by Lender of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification of such matters. To the extent not prohibited by Law, Grantors shall remain jointly and severally
liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations, including any reasonable attorneys’ fees or other expenses incurred by Lender to collect such deficiency. 

(b) Waivers. Except as otherwise specifically provided herein, each Grantor hereby waives (to the maximum extent permitted by
applicable Law) presentment, demand, protest or any notice of any kind in connection with this Security Agreement or any Collateral. 
 (c)
Commercial Reasonableness. To the extent that applicable Law imposes duties on Lender to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for Lender
(i) to fail to incur expenses deemed significant by Lender to prepare Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to
obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other Law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed
of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors
and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the
Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more
professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types
included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as
title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure Lender against risks of loss, collection or disposition of Collateral or to provide to Lender a guaranteed return from the collection or
disposition of Collateral, or (xii) to the extent deemed appropriate by Lender, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Lender in the collection or disposition of any of the
Collateral. Each Grantor acknowledges that the purpose of this Section 8(c) is to provide non-exhaustive indications of what actions or omissions by Lender would not be commercially
unreasonable in Lender’s exercise of remedies against the Collateral and that other actions or omissions by Lender shall not be deemed commercially unreasonable solely on account of not being indicated in this
Section 8(c). Without limiting the generality of the foregoing, nothing contained in this Section 8(c) shall be construed to grant any rights to any Grantor or to impose any duties on Lender that
would not have been granted or imposed by this Security Agreement or by applicable Law in the absence of this Section 8(c). 
  

  
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 (d) Waiver of Certain Defenses. To the extent not prohibited by Law, Lender shall not
be required to make any demand upon, or pursue or exhaust any of its respective rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Obligations or to pursue or exhaust
any of its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof. Lender shall not be required to marshal the Collateral or any guarantee of the Obligations or to resort to the Collateral or any such
guarantee in any particular order, and all of its rights hereunder or under any other Loan Document shall be cumulative. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage
of, and covenants not to assert against Lender any valuation, stay, appraisement, extension, redemption or similar Laws and any and all rights, protections or defenses it may have as a guarantor or surety now or hereafter existing that, but for this
provision, might be applicable to a guarantor or surety or to the sale of any Collateral made pursuant to the judgment, order or decree of any court, or privately pursuant to the power of sale conferred by this Security Agreement, or otherwise. 

(e) Investment Property. 

(i) Unless an Event of Default shall have occurred and be continuing and Lender shall have given notice to the relevant Grantor of
Lender’s intent to exercise its corresponding rights pursuant to Section 8(e)(ii), each Grantor shall be permitted to receive all cash dividends and distributions paid in respect of the Pledged Equity and all payments
made in respect of the Pledged Notes, to the extent permitted in the Credit Agreement, and to exercise all voting and other rights with respect to the Investment Property; provided, that no vote shall be cast or other right exercised or
action taken which could reasonably be expected to materially impair the Collateral, taken as a whole, or which would violate any provision of the Credit Agreement, this Security Agreement or any other Loan Document. 

(ii) If an Event of Default shall occur and be continuing, and Lender shall give contemporaneous notice of its intent to exercise its rights
under the Loan Documents or applicable Law to the relevant Grantor or Grantors, Lender shall have the right to (A) receive any and all cash dividends and distributions, payments or other Proceeds paid in respect of the Investment Property and
make application thereof to the Obligations in accordance with the terms of the Credit Agreement, (B) transfer and register any or all of the Investment Property in the name of Lender or its nominee, it being acknowledged by each Grantor (in
its capacity as Grantor and, if such Grantor is an Issuer of any Investment Property, as Issuer) that such transfer and registration may be effected by Lender by the delivery of a Registration Page to the applicable Issuer reflecting Lender or its
designee as the holder of such Investment Property, or otherwise by Lender through its irrevocable appointment as attorney-in-fact pursuant to this Security Agreement
and each Irrevocable Proxy, (C) exercise, or permit its nominee to exercise, all voting and other rights pertaining to such Investment Property as a holder of such Investment Property, with full power of substitution to do so,
(D) exercise, or permit its nominee to exercise, any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute owner thereof (including
the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other structure of any Issuer, or upon the exercise by
any Grantor or Lender of any right, privilege or option pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent,
registrar or other designated agency upon such terms and conditions as Lender may determine), and including with respect to the Pledged Equity, giving or withholding written consents of stockholders, partners or members, calling special meetings of
stockholders, partners or members and voting at such meetings and otherwise act with respect to the Investment Property as if Lender were the outright owner thereof, (E) exercise any other rights or remedies Lender may have under the Code or
other applicable Law, and (F) take any action and execute any instrument which Lender may deem necessary or advisable to accomplish the purposes of this Security Agreement, all without liability except to account for property actually received
by it, but Lender shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 

  
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 (iii) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property
pledged by such Grantor hereunder to (A) comply with any instruction received by it from Lender in writing that (1) states that an Event of Default has occurred and is continuing and (2) is otherwise in accordance with the terms of this Security
Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (B) unless otherwise expressly permitted hereby, pay any dividends, distributions or other
payments with respect to the Investment Property directly to Lender 
 (iv) Any transfer to Lender or its nominee, or registration in the
name of Lender or its nominee, of the whole or any part of the Investment Property, whether by the delivery of a Registration Page to an Issuer or otherwise, shall be made solely for purposes of effectuating voting or other consensual rights with
respect to the Investment Property in accordance with the terms of this Security Agreement and is not intended to effectuate any transfer of ownership of the Investment Property. Notwithstanding any delivery or modification of a Registration Page or
exercise of an Irrevocable Proxy, Lender shall not be deemed the owner of, or assume any obligations of the owner or holder of any Investment Property unless and until Lender accepts such obligations in writing or otherwise takes steps to foreclose
its Lien on the Investment Property and become the owner thereof under applicable Law (including via sale as described in this Security Agreement). 

(v) Each Grantor further agrees that a breach of any of the covenants contained in this Section 8(e) will cause irreparable injury to Lender,
that Lender shall have no adequate remedy at law in respect of such breach and, as a consequence, agrees that each and every covenant contained in this Section 8(e) shall be specifically enforceable against such Grantor, and each Grantor hereby
waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that the Secured Obligations are not then due and payable in accordance with the agreements and instruments governing and
evidencing such obligations. 
 9. GRANT OF LICENSE TO USE INTELLECTUAL PROPERTY. Solely for the purpose of enabling Lender to
exercise its rights and remedies under Section 8 (including, without limiting the terms of Section 8, in order to take possession of, hold, preserve, process, assemble, prepare for sale, market for
sale, sell or otherwise dispose of Collateral) at such time or times as Lender shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to Lender an irrevocable,
non-exclusive license (exercisable without payment of royalty or other compensation to such Grantor) to use, license or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and
wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. 

10. LIMITATION ON LENDER’S DUTIES IN RESPECT OF COLLATERAL. Lender shall use reasonable care with respect to the Collateral in its
possession or under its control. Lender shall not have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of Lender, or any income thereon or as to the preservation of rights
against prior parties or any other rights pertaining thereto. 
 11. REINSTATEMENT. This Security Agreement shall remain in full
force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors, or should
a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part
thereof, is, pursuant to applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, 

  
 -25- 

 
whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any
part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

12. NOTICES. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give or serve upon any other party any communication with respect to this Security Agreement,
each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided for in the Credit Agreement. 

13. SEVERABILITY. Whenever possible, each provision of this Security Agreement shall be interpreted in such a manner as to be effective
and valid under applicable Law, but if any provision of this Security Agreement shall be prohibited by or invalid under applicable Law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the
remainder of such provision or the remaining provisions of this Security Agreement. This Security Agreement is to be read, construed and applied together with the Credit Agreement and the other Loan Documents which, taken together, set forth the
complete understanding and agreement of Lender and Grantors with respect to the matters referred to herein and therein. 
 14. NO WAIVER;
CUMULATIVE REMEDIES. Lender shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing and signed by Lender, and then only to the extent
therein set forth. A waiver by Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that Lender would otherwise have on any future occasion. No failure by Lender to exercise, nor any
delay in exercising, any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies provided hereunder are cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by Law. None of the terms or provisions of this
Security Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by Lender and each Grantor. 

15. LIMITATION BY LAW. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the
exercise thereof does not violate any applicable provision of Law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions of Law that may be controlling and to be limited to the extent
necessary so that they do not render this Security Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable Law. 

16. TERMINATION OF THIS SECURITY AGREEMENT. Subject to Section 2(a)(ii) and
Section 11, this Security Agreement shall terminate upon the Termination Date. 
 17. SUCCESSORS AND
ASSIGNS. This Security Agreement and all obligations of Grantors hereunder shall be binding upon the successors and assigns of each Grantor (including any
debtor-in-possession on behalf of such Grantor) and shall, together with the rights and remedies of Lender hereunder, inure to the benefit of Lender, all future holders
of any Instrument evidencing any of the Obligations and their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or Instrument evidencing any of the
Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to Lender hereunder. No Grantor may assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Security Agreement. 

  
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 18. COUNTERPARTS. This Security Agreement may be authenticated in any number of
separate counterparts, each of which shall collectively and separately constitute one and the same agreement. This Security Agreement may be authenticated by manual signature, facsimile or other electronic transmission or, if approved in writing by
Lender, electronic means, all of which shall be equally valid. Delivery of an executed signature page of this Security Agreement by facsimile transmission or by electronic transmission shall be as effective as delivery of a manually executed
counterpart hereof. 
 19. GOVERNING LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO
THE PRINCIPLES THEREOF REGARDING CONFLICT OF LAWS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND ANY APPLICABLE LAWS OF THE UNITED
STATES. EACH GRANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, STATE OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES AMONG GRANTORS AND
LENDER PERTAINING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT LENDER AND GRANTORS ACKNOWLEDGE THAT ANY
APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF HAMILTON COUNTY; PROVIDED, FURTHER, THAT NOTHING IN THIS SECURITY AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE LENDER FROM BRINGING SUIT OR TAKING OTHER
LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE SECURED OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF LENDER. EACH GRANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH GRANTOR HEREBY WAIVES ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF
SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH GRANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND
OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH GRANTOR AT THE ADDRESS SET FORTH ON ITS SIGNATURE PAGE TO THE CREDIT AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH GRANTOR’S
ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. 
 20. WAIVER OF JURY TRIAL;
JUDICIAL REFERENCE. Section 11.12 and Section 11.18 of the Credit Agreement are incorporated herein by reference mutatis mutandis. 

21. SECTION TITLES. The Section titles contained in this Security Agreement are and shall be without substantive meaning or content of
any kind whatsoever and are not a part of the agreement between the parties hereto. 

  
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 22. NO STRICT CONSTRUCTION. The parties hereto have participated jointly in the
negotiation and drafting of this Security Agreement. In the event an ambiguity or question of intent or interpretation arises, this Security Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Security Agreement. 
 23.
ADVICE OF COUNSEL. Each of the parties hereto represents to each other party hereto that it has discussed this Security Agreement (and, specifically, the provisions of Sections 19 and 20) with its counsel. 

24. BENEFIT OF LENDER. All Liens granted or contemplated hereby shall be for the benefit of Lender, and all proceeds or payments
realized from Collateral in accordance herewith shall be applied to the Obligations in accordance with the terms of the Credit Agreement. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK] 

  
 -28- 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be
executed and delivered by its duly authorized officer as of the date first set forth above, and each of the Grantors has caused this Security Agreement to be executed under seal. 

 

							
	BORROWER:	 		 	UNIVERSAL TECHNICAL INSTITUTE, INC.
				
		 		 	By:	 	/s/ Jerome Grant
		 		 	Name:	 	Jerome Grant
		 		 	Title:	 	Chief Executive Officer

  

							
	GUARANTORS:	 		 	UTI HOLDINGS INC.
				
		 		 	By:	 	 /s/ Chris Kevane

		 		 	Name:	 	Chris Kevane
		 		 	Title:	 	Vice President and Secretary
			
		 		 	STUDENT FUNDING GROUP, LLC
			
		 		 	By: Universal Technical Institute, Inc. Its Sole Member
				
		 		 	By:	 	/s/ Jerome Grant
		 		 	Name:	 	Jerome Grant
		 		 	Title:	 	Chief Executive Officer
			
		 		 	HCP ED HOLDINGS, INC.
				
		 		 	By:	 	/s/ Jerome Grant
		 		 	Name:	 	Jerome Grant
		 		 	Title:	 	President
			
		 		 	UNIVERSAL TECHNICAL INSTITUTE OF ARIZONA, INC.
				
		 		 	By:	 	/s/ Jerome Grant
		 		 	Name:	 	Jerome Grant
		 		 	Title:	 	President
			
		 		 	U.T.I, OF ILLINOIS, INC.
				
		 		 	By:	 	/s/ Jerome Grant
		 		 	Name:	 	Jerome Grant
		 		 	Title:	 	President

  
 Signature Page to
Guaranty and Security Agreement 

 
			
	UNIVERSAL TECHNICAL INSTITUTE OF CALIFORNIA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF SOUTHERN CALIFORNIA, LLC
		
	By:	 	 Universal Technical Institute of California, Inc.

Its Sole Member

		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF NORTH CAROLINA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF TEXAS, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF PENNSYLVANIA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page to
Guaranty and Security Agreement 

 
			
	UNIVERSAL TECHNICAL INSTITUTE NORTHEAST, LLC
		
	By:	 	UTI Holdings Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF PHOENIX, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF NORTHERN CALIFORNIA, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	CUSTOM TRAINING GROUP, INC.
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	MICHIGAN INSTITUTE OF AERONAUTICS, INC. d/b/a MIAT College of Technology
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page to
Guaranty and Security Agreement 

 
			
	UNIVERSAL TECHNICAL INSTITUTE OF ARIZONA, LLC
	
	 By: Universal Technical Institute of Arizona, Inc.

Its Sole Member

		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UTI SOUTH FLORIDA, LLC
	 By: Universal Technical Institute of Arizona, Inc.

Its Sole Member

		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE VENTURES, LLC
		
	By:	 	Universal Technical Institute, Inc.
	Its Manager
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	Chief Executive Officer
	
	UTI WEST TEXAS, LLC
	
	 By: Universal Technical Institute of Texas, Inc.

Its Sole Member

		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President
	
	UNIVERSAL TECHNICAL INSTITUTE OF NORTHERN TEXAS, LLC
		
	By:	 	Universal Technical Institute of Texas, Inc.
	Its Sole Member
		
	By:	 	/s/ Jerome Grant
	Name:	 	Jerome Grant
	Title:	 	President

  
 Signature Page to
Guaranty and Security Agreement 

							
	LENDER:	 		 	FIFTH THIRD BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Jeff Thom
		 		 	Name:	 	Jeff Thom
		 		 	Title:	 	Senior Vice President

  
 Signature Page to
Guaranty and Security Agreement 

 SCHEDULE I 

to 
 GUARANTY AND SECURITY
AGREEMENT 
 FILING JURISDICTIONS 
  

			
	 Name of Entity
	  	Filing Jurisdiction
	 Universal Technical Institute, Inc.
	  	Delaware
	 UTI Holdings, Inc.
	  	Arizona
	 Student Funding Group, LLC
	  	Arizona
	 HCP Ed Holdings, Inc.
	  	Delaware
	 Michigan Institute of Aeronautics, Inc.
	  	Michigan
	 Universal Technical Institute of Arizona, Inc.
	  	Delaware
	 Universal Technical Institute of Arizona, LLC
	  	Delaware
	 UTI South Florida, LLC
	  	Delaware
	 U.T.I, of Illinois, Inc.
	  	Illinois
	 Universal Technical Institute Ventures, LLC
	  	Delaware
	 Universal Technical Institute of California, Inc.
	  	California
	 Universal Technical Institute of Southern California, LLC
	  	Delaware
	 Universal Technical Institute of North Carolina, Inc.
	  	Delaware
	 Universal Technical Institute of Texas, Inc.
	  	Texas
	 UTI West Texas, LLC
	  	Delaware
	 Universal Technical Institute of Northern Texas, LLC
	  	Delaware
	 Universal Technical Institute of Pennsylvania, Inc.
	  	Delaware
	 Universal Technical Institute Northeast, LLC
	  	Delaware
	 Universal Technical Institute of Phoenix, Inc.
	  	Delaware
	 Universal Technical Institute of Northern California, Inc.
	  	California
	 Custom Training Group, Inc.
	  	California

 SCHEDULE II 

to 
 GUARANTY AND SECURITY
AGREEMENT 
 INSTRUMENTS CHATTEL PAPER 

AND 
 LETTER OF CREDIT
RIGHTS 
 Instruments: 
  

	 	1.	 None. 

Chattel Paper: 
  

	 	1.	 None. 

Letter of Credit Rights: 
  

	 	1.	 None. 

 SCHEDULE III 

to 
 GUARANTY AND SECURITY
AGREEMENT 
 SCHEDULE OF OFFICES, LOCATIONS OF COLLATERAL AND RECORDS 

 

									
	 Official Name of Grantor
	  	Type of
Entity	  	Jurisdiction
of
Organization	  	 Principal Place of Business
and Chief
Executive Office
	  	 Other Collateral Locations

	Universal Technical Institute, Inc.	  	Corporation	  	Delaware	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	 9494 Haven Ave, Rancho Cucamonga, CA
 4175 E.
Conant St., Long Beach, CA
 4100 Duckhorn Dr., Sacramento, CA

10695 W. Pierce St., Avondale, AZ
 2601 SW 145th Ave. Miramar,
FL
 2844 W. Deer Valley Rd., Phoenix, AZ
 9751 Delegates Dr.,
Orlando, FL
 721 Lockhaven Dr., Houston, TX
 301 W. Howard
Lane, Austin, TX
 5151 Regent
 Blvd., Irving, TX

2611 Corporate West Drive, Lisle, IL
 2955 S. Haggerty Rd.,
Canton, MI
 533 Northpark Central Dr., Houston, TX
 220 Byers
Creek Rd., Mooresville, NC
 750 Pennsylvania Dr., Exton, PA

1515 Broad St,
 Bloomfield, NJ

									
	UTI Holdings, Inc.	  	Corporation	  	Arizona	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	 9494 Haven Ave, Rancho Cucamonga, CA
 4175 E.
Conant St., Long Beach, CA
 4100 Duckhorn Dr., Sacramento, CA

10695 W. Pierce St., Avondale, AZ
 2601 SW 145th Ave. Miramar,
FL
 2844 W. Deer Valley Rd., Phoenix, AZ
 9751 Delegates Dr.,
Orlando, FL
 721 Lockhaven Dr., Houston, TX
 301 W. Howard
Lane, Austin, TX
 5151 Regent
 Blvd., Irving, TX

2611 Corporate West Drive, Lisle, IL
 2955 S. Haggerty Rd.,
Canton, MI
 533 Northpark Central Dr., Houston, TX
 220 Byers
Creek Rd., Mooresville, NC
 750 Pennsylvania Dr., Exton, PA

1515 Broad St,
 Bloomfield,
NJ

									
	Student Funding Group, LLC	  	Limited
Liability
Company	  	Arizona	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	N/A
					
	HCP Ed Holdings, Inc.	  	Corporation	  	Delaware	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	 2955 S. Haggerty Rd., Canton, MI
 533 Northpark
Central Dr., Houston, TX

					
	Michigan Institute of Aeronautics, Inc.	  	Corporation	  	Michigan	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	 2955 S. Haggerty Rd., Canton, MI
 533 Northpark
Central Dr., Houston, TX

					
	Universal Technical Institute of Arizona, Inc.	  	Corporation	  	Delaware	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	 10695 W. Pierce St., Avondale, AZ
 2601 SW 145th
Ave. Miramar, FL

					
	Universal Technical Institute of Arizona, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose Drive, Suite 200, Phoenix, AZ 85032	  	N/A

									
	UTI South Florida, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	2601 SW 145th Ave. Miramar, FL
					
	U.T.I, of Illinois, Inc.	  	Corporation	  	Illinois	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	2611 Corporate West Drive, Lisle, IL
					
	Universal Technical Institute Ventures, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	2611 Corporate West Drive, Lisle, IL
					
	Universal Technical Institute of California, Inc.	  	Corporation	  	California	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	 9494 Haven Ave, Rancho Cucamonga, CA

4175 E. Conant St., Long Beach, CA

					
	Universal Technical Institute of Southern California, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	4175 E. Conant St., Long Beach, CA
					
	Universal Technical Institute of North Carolina, Inc.	  	Corporation	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	220 Byers Creek Rd., Mooresville, NC
					
	Universal Technical Institute of Texas, Inc.	  	Corporation	  	Texas	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	721 Lockhaven Dr., Houston, TX
					
	UTI West Texas, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	301 W. Howard Lane, Austin, TX
					
	Universal Technical Institute of Northern Texas, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	 5151 Regent
 Blvd., Irving,
TX

									
	Universal Technical Institute of Pennsylvania, Inc.	  	Corporation	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	750 Pennsylvania Dr., Exton, PA
					
	Universal Technical Institute Northeast, LLC	  	Limited
Liability
Company	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	 1515 Broad St,
 Bloomfield,
NJ

					
	Universal Technical Institute of Phoenix, Inc.	  	Corporation	  	Delaware	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	 10695 W. Pierce St., Avondale, AZ
 9751
Delegates Dr., Orlando, FL

					
	Universal Technical Institute of Northern California, Inc.	  	Corporation	  	California	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	4100 Duckhorn Dr., Sacramento, CA
					
	Custom Training Group, Inc.	  	Corporation	  	California	  	4225 E. Windrose
Drive, Suite 200,
Phoenix, AZ 85032	  	 9494 Haven Ave, Rancho Cucamonga, CA

4175 E. Conant St., Long Beach, CA
 4100 Duckhorn Dr., Sacramento,
CA
 10695 W. Pierce St., Avondale, AZ
 2844 W. Deer Valley Rd.,
Phoenix, AZ
 9751 Delegates Dr., Orlando, FL
 721 Lockhaven
Dr., Houston, TX
 5151 Regent
 Blvd., Irving, TX

2611 Corporate West Drive, Lisle, IL
 2955 S. Haggerty Rd.,
Canton, MI
 533 Northpark Central Dr., Houston, TX
 220 Byers
Creek Rd., Mooresville, NC
 750 Pennsylvania Dr., Exton, PA

1515 Broad St,
 Bloomfield,
NJ

 SCHEDULE IV 

to 
 GUARANTY AND SECURITY
AGREEMENT 
 INTELLECTUAL PROPERTY 

Michigan Institute of Aeronautics, Inc. 

(Michigan Corporation) 

U.S. Trademarks 
 Trademark
Registrations 
  

					
	 Mark
	  	Reg. No.	  	Reg. Date
	 MIAT COLLEGE OF TECHNOLOGY
	  	6614379	  	01/11/2022
	 MIAT
	  	5181537	  	04/11/2017
	 MIAT and Design
	  	3746644	  	02/09/2010

 Foreign Trademarks 

Trademark Registrations 
  

							
	 Mark
	  	Jurisdiction	  	Reg. No.	  	Reg. Date
	 MIAT COLLEGE OF TECHNOLOGY
	  	Mexico	  	2273463	  	07/09/2021
	 MIAT
	  	Mexico	  	1767522	  	06/23/2017

 Universal Technical Institute, Inc. 

(Delaware Corporation) 

U.S. Trademarks 
 Trademark
Registrations 
  

					
	 Mark
	  	Reg. No.	  	Reg. Date
	 VETS TO TECHS and Design
	  	4857821	  	11/24/2015
	 VETS TO TECHS
	  	4857820	  	11/24/2015
	 CHOSEN BY INDUSTRY. READY TO WORK.
	  	4268051	  	01/01/2013
	 MMI MARINE MECHANICS INSTITUTE A DIVISION OF UNIVERSAL TECHNICAL INSTITUTE and Design
	  	3549509	  	12/23/2008
	 MMI MOTORCYCLE MECHANICS INSTITUTE A DIVISION OF UNIVERSAL TECHNICAL INSTITUTE and
Design
	  	3549507	  	12/23/2008
	 P POWER & PERFORMANCE and Design
	  	3487231	  	08/19/2008
	 YAMAPRO
	  	3425918	  	05/13/2008
	 POWER AND PERFORMANCE
	  	3145299	  	09/19/2006
	 MOTORCYCLE MECHANICS INSTITUTE
	  	3049114	  	01/24/2006
	 MARINE MECHANICS INSTITUTE
	  	3027376	  	12/13/2005
	 UTI
	  	3001436	  	09/27/2005
	 MMI
	  	2985507	  	08/16/2005
	 MMI
	  	2985506	  	08/16/2005
	 UNIVERSAL TECHNICAL INSTITUTE
	  	2985505	  	08/16/2005
	 UT (Stylized)
	  	2970677	  	07/19/2005

 Foreign Trademarks 

Trademark Registrations 
  

							
	 Mark
	  	Jurisdiction	  	Reg. No.	  	Reg. Date
	  
 

	  	China	  	11988482	  	06/21/2014

 UTI Holdings, Inc. 

(Arizona Corporation) 

U.S. Trademark 
 Trademark
Registration 
  

					
	 Mark
	  	Reg. No.	  	Reg. Date
	 FACT
	  	2429878	  	02/20/2001

 Custom Training Group, Inc. 

(California Corporation) 

U.S. Copyright 
 Copyright
Registration 
  

					
	 Title
	  	Reg. No.	  	Reg. Date
	 HARLEY-DAVIDSON FUNDAMENTALS I.
	  	TX0005062068	  	01/18/2000

 Student Funding Group, LLC 

(Arizona Limited Liability Company) 

U.S. Copyright 
 Copyright
Registration 
  

					
	 Title
	  	Reg. No.	  	Reg. Date
	 I PAY, YOU REPAY: A DIALOGUE ON FINANCIAL AID BETWEEN PARENTS AND STUDENTS.
	  	TXu001658674	  	12/01/2009

 Universal Technical Institute, Inc. 

(Delaware Corporation) 

U.S. Copyright 
 Copyright
Registration 
  

					
	 Title
	  	Reg. No.	  	Reg. Date
	 A GUIDE TO IM 240.
	  	TX0003951084	  	11/15/1994

 SCHEDULE V 

to 
 GUARANTY AND SECURITY
AGREEMENT 
 SCHEDULE OF INVESTMENT PROPERTY 
  

	A.	 PLEDGED EQUITY 

 

							
	 Grantor (owner of
Record of such Pledged
Equity)
	  	 Issuer
	  	 Pledged Equity Description
	  	Percentage
of Issuer
	 Universal Technical Institute, Inc.
	  	UTI Holdings, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	 Universal Technical Institute, Inc.
	  	Student Funding Group, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	 UTI Holdings, Inc.
	  	HCP Ed Holdings, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	 HCP Ed Holdings, Inc.
	  	Michigan Institute of Aeronautics, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	 UTI Holdings, Inc.
	  	Universal Technical Institute of Arizona, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	 Universal Technical Institute of Arizona, Inc.
	  	Universal Technical Institute of Arizona, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	 Universal Technical Institute of Arizona, Inc.
	  	UTI South Florida, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	 UTI Holdings, Inc.
	  	U.T.I, of Illinois, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	 U.T.I, of Illinois, Inc.
	  	Universal Technical Institute Ventures, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	 UTI Holdings, Inc.
	  	Universal Technical Institute of California, Inc.	  	100% of the issued and outstanding capital interest.	  	100%

							
				
	Universal Technical Institute of California, Inc.	  	Universal Technical Institute of Southern California, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Universal Technical Institute of North Carolina, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Universal Technical Institute of Texas, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	Universal Technical Institute of Texas, Inc.	  	UTI West Texas, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	Universal Technical Institute of Texas, Inc.	  	Universal Technical Institute of Northern Texas, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Universal Technical Institute of Pennsylvania, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Universal Technical Institute Northeast, LLC	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Universal Technical Institute of Phoenix, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Universal Technical Institute of Northern California, Inc.	  	100% of the issued and outstanding capital interest.	  	100%
				
	UTI Holdings, Inc.	  	Custom Training Group, Inc.	  	100% of the issued and outstanding capital interest.	  	100%

	B.	 PLEDGED NOTES 

 

	 	1.	 None. 

  

	C.	 OTHER INVESTMENT PROPERTY 

N/A 

 EXHIBIT I 

FORM OF GUARANTY AND SECURITY AGREEMENT SUPPLEMENT 

THIS GUARANTY AND SECURITY AGREEMENT SUPPLEMENT, dated as of [●], (this “Supplement”), supplements the Guaranty and
Security Agreement, dated as of November 18, 2022 (the “Agreement”), among UNIVERSAL TECHNICAL INSTITUTE, INC., a Delaware corporation (the “Borrower”), the Grantors from time to time party thereto, and FIFTH
THIRD BANK, NATIONAL ASSOCIATION, as Lender (the “Lender”). 
 (a)    Reference is made to the Credit
Agreement, dated as of November 18, 2022 (as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the other Loan Parties from time
to time party thereto and the Lender. 
 (b)    Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to such terms in the Agreement. 
 (c)    The Grantors have entered into the Agreement in
order to induce the Lender (i) to make Loans and to issue Letters of Credit, (ii) to enter into and/or maintain Rate Contracts, if applicable, and (iii) to provide Bank Products, if applicable. Section 6(r) of the Agreement
provides that additional Domestic Subsidiaries of the Borrower may become Grantors under the Agreement by execution and delivery of an instrument in the form of this Supplement. Each of the undersigned Domestic Subsidiaries (each a “New
Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Loam Party under the Grantor under the Agreement in order to, among other things, induce the Lender to make additional Loans,
to issue additional Letters of Credit, to enter into and/or maintain Rate Contracts and to enter into and/or maintain Bank Products and as consideration for Loans previously made, Letters of Credit previously issued and currently existing Rate
Contracts and Bank Products. 
 Accordingly, the Lender and the New Subsidiary agree as follows: 

Section 1.    In accordance with Section 6(r) of the Agreement, the New Subsidiary by its
signature below becomes a Grantor under the Agreement with the same force and effect as if originally named therein as a Grantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Agreement applicable to it as a
Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct in all material respects (except that any representation and warranty that is qualified as to
“materiality” or “Material Adverse Effect” shall be true and correct in all respects) on and as of the date hereof; provided that, to the extent that such representations and warranties specifically refer to the Closing
Date, with respect to the New Subsidiary such reference shall be deemed a reference to the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations does hereby
grant to the Lender, its successors and permitted assigns, a security interest in and lien on all of the New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Agreement) of the New Subsidiary. Each reference to
a “Grantor” in the Agreement shall be deemed to include the New Subsidiary as if originally named therein as a Grantor. The Agreement is hereby incorporated herein by reference. 

Section 2.    The New Subsidiary represents and warrants to the Lender that (i) it has the
power and authority to enter into this Supplement and (ii) this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,
except as such enforceability may be limited by debtor relief laws, general principles of equity and an implied covenant of good faith and fair dealing. 

 Section 3.    This Supplement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Supplement shall become effective when the Lender shall have received a counterpart of this
Supplement that bears the signature of the New Subsidiary and the Lender has executed a counterpart hereof. Delivery by facsimile or by electronic .pdf copy of an executed counterpart of a signature page to this Supplement shall be effective as
delivery of an original executed counterpart of this Supplement. The Lender may also require that any such documents and signatures delivered by facsimile, .pdf or other electronic means be confirmed by a manually signed original thereof;
provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile, .pdf or other electronic means. 

Section 4.    Except as expressly supplemented hereby, the Agreement shall remain in full force
and effect. 
 Section 5.    Sections 19 and 20 of the Agreement is hereby incorporated by
reference as if fully stated herein and shall apply to this Supplement, mutatis mutandis. 

Section 6.    If any provision of this Supplement is held to be illegal, invalid or
unenforceable, the legality, validity and enforceability of the remaining provisions of this Supplement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 7.    All communications
and notices hereunder shall be in writing and given as provided in Section 12 of the Agreement. 

Section 8.    The New Subsidiary agrees to reimburse the Lender, on the same terms and to the
same extent as provided for in Section 10.1 of the Credit Agreement, for its reasonable and documented out-of-pocket expenses in connection with this Supplement,
including all attorneys’ fees. 
 [Signature pages follow] 

 IN WITNESS WHEREOF, the New Subsidiary and the Lender have duly executed this Guaranty and
Security Agreement as of the day and year first above written. 
  

									
	NEW SUBSIDIARY:	 		 	[____________________________________________]

  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	 FIFTH THIRD BANK, NATIONAL ASSOCIATION,

as Lender

		
	 By:
	 	      

	 Name:
	 	     

	 Title:

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