Document:

Exhibit

Exhibit 10.08

ROVI CORPORATION
2008 EQUITY INCENTIVE PLAN
NOTICE OF RESTRICTED STOCK UNIT GRANT
Rovi Corporation, (the “Company”) hereby grants you,  [employee name ]   (the “Participant”), Restricted Stock Units under the 2008 Equity Incentive Plan, as amended (the “Plan”).  The date of this Notice of Restricted Stock Unit Grant (“Notice”) is  [grant date].  Subject to the provisions of this Notice, the Restricted Stock Unit Grant Agreement (the “Agreement”) and of the Plan, the features of the Restricted Stock Units are as follows:
Number of Shares:   [shares]
Vesting Commencement Date:  [grant date]
Vesting of Restricted Stock Units:  The Restricted Stock Units will vest over a four-year period according to the following schedule: 
Twenty-five percent (25%) of the Restricted Stock Units shall vest on each 12-month anniversary of the Vesting Commencement Date, subject to Participant continuing to be an employee, consultant, director or independent contractor of the Company or one of its Subsidiaries through the applicable vesting date.

Issuance Schedule:  Subject to any adjustment as set forth in the Plan or Section 12 of the Agreement, one share of Common Stock will be issued for each Restricted Stock Unit that vests at the time set forth in Section 5 of the Agreement.
Unless otherwise defined herein or in the Agreement, capitalized terms herein or in the Agreement will have the defined meanings ascribed to them in the Plan.
The Company and Participant agree that the Restricted Stock Units described in this Notice are governed by the provisions of the Agreement attached to and made a part of this document. The Participant acknowledges receipt of this Notice and the Agreement, represents that the Participant has read and is familiar with the provisions in this Notice and the attached Agreement, and hereby accepts the Restricted Stock Unit Grant subject to all of the terms and conditions set forth in this Notice and the attached Agreement.  
Rovi Corporation                    Accepted by:
PARTICIPANT    
By:      /s/ Thomas Carson                Name:____________________________

Title:    President and CEO                Signature:__________________________
Address: 2830 De La Cruz Blvd            Date:
Santa Clara, California            Address:

ATTACHMENT: Restricted Stock Unit Grant Agreement

ROVI CORPORATION
2008 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT GRANT AGREEMENT
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE NOTICE, THE RESTRICTED STOCK UNITS ARE SUBJECT TO AND MAY BE EXECUTED ONLY IN ACCORDANCE WITH THE PLAN.  ONLY CERTAIN PROVISIONS OF THE PLAN ARE SUMMARIZED IN THIS AGREEMENT.  THE TERMS OF THE PLAN ARE INCORPORATED HEREIN BY REFERENCE.  IN THE EVENT OF ANY CONFLICT BETWEEN THE PROVISIONS IN THIS AGREEMENT AND THE PLAN, THE PROVISIONS IN THE PLAN SHALL GOVERN.  
1.  Grant of Restricted Stock Units.  The Company hereby grants to Participant a Restricted Stock Unit Grant for that number of units of Stock set forth in the Notice. This award represents the right to be issued on a future date one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 12 below) as indicated in the Notice. As of the Date of Grant, the Company will credit to a bookkeeping account maintained by the Company for Participant’s benefit the number of Restricted Stock Units/shares of Common Stock subject to the award. This award was granted in consideration of your services to the Company.
2.  Leave of Absence.  During any authorized leave of absence, the vesting of the Restricted Stock Units shall be suspended after the leave of absence exceeds a period of thirty (30) days.  Vesting of the Restricted Stock Units shall resume upon the participant’s termination of the leave of absence and return to service to the Company and/or its Subsidiaries.  The vesting schedule of the Restricted Stock Units shall be extended by the length of the suspension.

3.  Non-transferability of Restricted Stock Units.  The Restricted Stock Units shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession.  The designation of a beneficiary does not constitute a transfer.  Participant shall not sell, transfer, assign, pledge or otherwise encumber the Restricted Stock Units until all vesting requirements have been met.
4.  Stockholder Rights.  Stock underlying Restricted Stock Units will not be issued until the Restricted Stock Units have vested.  A participant awarded Restricted Stock Units shall have no rights as a Company stockholder with respect to such Restricted Stock Units until such time as the Restricted Stock Units have vested and Stock underlying the Restricted Stock Units has been issued.
5.  Vesting and Earning of Restricted Stock Unit; Date of Issuance.
(a)If Participant continues to serve the Company or Subsidiary as an employee, consultant, director or independent contractor (such service is described herein as maintaining or being involved in a “Service Relationship”), then the Restricted Stock Units shall vest and shares shall be issued as promptly as reasonably practicable thereafter in accordance with the Notice.  The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the withholding obligations set forth in this Agreement, in the event one or more Restricted Stock Units vests, the Company shall issue to Participant one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 12 below). The issuance date determined by this paragraph is referred to as the “Original Issuance Date”. 

(b)If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur as promptly as reasonably practicable thereafter. 

(c)The foregoing notwithstanding, in the event that Participant maintains a Service Relationship at the time a change in control as defined herein occurs, the Board, or the board of directors of any corporation assuming the obligations of the Company hereunder, shall either (a) assume the outstanding Restricted Stock Units or make a substitution on an equitable basis of appropriate Stock of the Company or of the merged, consolidated, or otherwise reorganized corporation which will be issuable in respect to the shares of Stock, or (b) provide that the Restricted Stock Units shall become immediately vested with respect to all the units of the Restricted Stock Unit Grant. For purposes of this Agreement a “change in control” shall mean: (i) a dissolution or liquidation of the Company; (ii) a merger or consolidation in which the Company is not the surviving corporation (other than a merger or consolidation with a wholly-owned subsidiary, a reincorporation of the Company in a different jurisdiction, or other transaction in which there is no substantial change in the stockholders of the Company or their relative stock holdings and the Units are assumed, converted or replaced by the successor corporation, which assumption will be binding on all Participants); (iii) a merger in which the Company is the surviving corporation but after which the stockholders of the Company (other than any stockholder which merges (or which owns or controls another corporation which merges) with the Company in such merger) cease to own their shares or other equity interests in the Company; (iv) the sale of substantially all of the assets of the Company; or (v) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Internal Revenue Code of 1986, as amended, wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the Company from or by the stockholders of the Company). 

(a)The Committee has sole authority to determine whether and to what degree the Restricted Stock Units have vested and been earned and shares are issuable and to interpret the terms and conditions of this Agreement and the Plan.

6.  Termination of Employment.  In the event that Participant’s Service Relationship is terminated for any reason, including death or Disability, and Participant has not yet vested all or part of the Restricted Stock Units pursuant to the Notice and Section 5, then the Restricted Stock Units, to the extent not vested as of Participant’s termination date, shall be forfeited immediately upon such termination, and Participant shall have no further rights with respect to the Restricted Stock Units that have not yet vested.  In jurisdictions requiring notice in advance of an effective termination of the Service Relationship, Participant shall be deemed terminated upon the actual cessation of providing services to the Company notwithstanding any required notice period that must be fulfilled before a termination of the Service Relationship can be effective under applicable laws.  Participant expressly acknowledges and agrees that the termination of his or her Service Relationship shall result in forfeiture of the Restricted Stock Units to the extent the Restricted Stock Units have not vested as of the date of his or her termination of service or employment.  
7.  Payment of Par Value. As a condition to the delivery to Participant of the shares of Stock subject to the Restricted Stock Units after such units have vested, Participant authorizes the Company to deduct from compensation due to Participant from the Company or Participant’s employer, if different (the “Employer”), an amount equal to the par value of the shares of Stock to be issued hereunder.  Such withholding shall be deducted from Participant’s compensation payable on the Company’s or the Employer’s regularly scheduled payroll date immediately prior to each vesting date of the Restricted Stock Units, as set forth in the Notice and in this Agreement, unless otherwise determined by the Committee.  As of the date of this Agreement, the par value for one share of the Company’s common stock is $.001.

8.  Settlement of Restricted Stock Units.  The Company shall not be obligated to deliver any shares of Stock hereunder for such period as may be required by it in order to comply with applicable federal or state statutes, laws and regulations.
9.  No Acquired Rights.  Participant agrees and acknowledges that: 
(a)the Plan is discretionary in nature and that the Company can amend, cancel, or terminate it at any time;

(b)the grant of the Restricted Stock Units under the Plan is voluntary and occasional and does not create any contractual or other right to receive future grants of any Restricted Stock Units or benefits in lieu of any Restricted Stock Units, even if Restricted Stock Units have been granted repeatedly in the past and regardless of any reasonable notice period mandated under local law;

(c)the value of the Restricted Stock Units is an extraordinary item of compensation which is outside the scope of Participant’s employment contract, if any;

(d)the Restricted Stock Units are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating termination, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, retirement benefits, or similar payments;

(e)the Restricted Stock Units shall expire upon termination of Participant’s Service Relationship for any reason except as may otherwise be explicitly provided in the Plan and this Agreement;

(f)the future value of the shares of Stock awarded under the Plan is unknown and cannot be predicted with certainty;

(g)no claim or entitlement to compensation or damages arises from the termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock purchased under the Plan and Participant irrevocably releases the Company  from any such claim; and

(h)Participant’s participation in the Plan shall not create a right to further employment with the Company and shall not interfere with the ability of the Company to terminate Participant’s Service Relationship at any time, with or without cause.

10.  Tax Withholding.
(a)Participant is responsible for, and by accepting the Restricted Stock Units agrees to bear, all taxes of any nature, including withholding taxes, interest or penalties arising out of the grant of the Restricted Stock Units, the vesting of the Restricted Stock Units, the distribution of the shares underlying the Restricted Stock Units, or the subsequent sale of the shares, that are legally imposed upon Participant in connection with the Restricted Stock Units, and the Company does not assume, and will not be liable to any party for, any cost or liability arising in connection with such tax liability legally imposed on Participant.  The Company has not provided any tax advice with respect to the Restricted Stock Units or the disposition of the shares.  Participant should obtain advice from an appropriate independent professional adviser with respect to the taxation implications of any aspect of the Restricted Stock Units, including the grant or vesting of the Restricted Stock Units or the subsequent sale of any shares.

(b)In the event that the Company or the Participant’s employer, including any Subsidiary qualified to deduct tax at source (the “Employer”), is required to withhold minimum statutory withholding amounts (including in connection with income tax, employment or payroll taxes, social security contributions or other similar amounts, with such obligation in aggregate referred to herein as the “Tax Items”) as a result of any event occurring in connection with the Restricted Stock Units, the Employer will satisfy Tax Items by withholding, from the shares to be delivered to the Participant upon vesting, a number of shares having an aggregate fair market value sufficient to pay the Tax Items. The number of shares withheld to satisfy the Tax Items will be rounded up to the nearest whole share. Once the Tax Items have been satisfied by withholding a number of shares for tax purposes, the Participant is deemed to have been issued the full number of shares subject to the release tranche in this grant. The Participant shall pay the Tax Items that the Company may be required to withhold if the Tax Items cannot be satisfied by the means previously described.  The Company has sole discretion to require or permit the Participant to make alternate arrangements satisfactory to the Company for such withholdings in advance of the arising withholding obligations. No shares will be issued unless and until satisfactory arrangements (as determined by the Company) have been made by the Participant with respect to the payment of any income and other taxes which the Company determines must be withheld or collected with respect to such shares. By accepting this award, Participant expressly consents to the withholding of shares and to any additional cash withholding as provided for in this paragraph. 

(c)Participant acknowledges and agrees that the ultimate liability for any tax-related item legally due by Participant is and remains Participant’s responsibility and that the Company and or the Employer (a) make no representations nor undertakings regarding the treatment of any such tax items in connection with any aspect of the Restricted Stock Units, including the grant or vesting of the Restricted Stock Units, the distribution of the shares underlying the Restricted Stock Units, or the subsequent sale of the shares acquired from the Restricted Stock Units; and (b) do not commit to structure the terms or any aspect of the Restricted Stock Units to reduce or eliminate the Participant’s liability for such tax items.  The Company may refuse to deliver the shares if Participant fails to comply with Participant’s obligations in connection with the satisfaction of the Tax Items.

11.  Administration.  The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan, shall be vested in the Committee (as such term is defined in the Plan), and the Committee shall have all powers with respect to this Agreement as are provided in the Plan.  Any interpretation of this Agreement by the Committee and any decision made by it with respect to this Agreement is final and binding.
12.  Adjustments Upon Changes in Capitalization.  In the event of any change in the outstanding Stock of the Company by reason of stock dividends, recapitalization, mergers, consolidations, split-up, combinations or exchanges of shares and the like, the number and kind of shares subject to the Restricted Stock Units immediately prior to such event shall be appropriately adjusted by the Board in accordance with the terms of the Plan, and such adjustment shall be conclusive.
13.  Appendix. The Restricted Stock Units shall be subject to any special provisions set forth in the Appendix for Participant’s country.  Moreover, if Participant relocates to one of the countries included in the Appendix during the life of the Restricted Stock Units or while holding shares of Common Stock acquired under the Plan, the special provisions for such country shall apply to Participant to the extent the Company determines that the application of such provisions is advisable or necessary in order to comply with local law or facilitate the administration of the Plan.  The Appendix constitutes part of this Agreement.
14.  Entire Agreement; Amendment; Binding Effect; Governing Law; Plan Controls.  The Plan is incorporated herein by reference.  The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements 

of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant. The waiver by the Company of a breach of any provision of this Agreement by Participant shall not operate or be construed as a waiver of any subsequent breach by Participant. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, administrators, next-of-kin, successors and assigns. This Agreement is governed by the laws of the state of Delaware.  In the event of any conflict between the terms and provisions of the Plan and this Agreement, the Plan terms and provisions shall govern.  Capitalized terms used but not defined in this Agreement have the meanings assigned to them in the Plan.  Certain other important terms governing this Agreement are contained in the Plan. 
15.  Notices.  All notices and other communications of any kind which either party to this Agreement may be required or may desire to serve on the other party hereto in connection with this Agreement shall be in writing and may be delivered by personal service or by registered or certified mail, return receipt requested, deposited in the United States mail with the postage thereon fully prepaid, addressed to the parties at their respective addresses set forth in the Notice of Restricted Stock Unit.  Service of any such notice or other communication so made by mail shall be deemed complete on the date of actual delivery as shown by the addressee’s registry or certification receipt or at the expiration of the third (3rd) business day after the date of mailing, whichever is earlier in time.  Either party may from time to time by notice in writing served upon the other as aforesaid, designate a different mailing address or a different person to which such notices or other communications are thereafter to be addressed or delivered. 
16.  Severability.  The provisions of this Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
17.  Counterparts; Further Instruments. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.
18.  Compliance with Section 409A of the Code. This award is intended to comply with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h) and without regard to any alternative definition thereunder), then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).Exhibit 10.1 

 

Execution Version

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (the “First Amendment” or this “Amendment”), dated effective
as of December 31, 2015, is entered into by and among STEWART INFORMATION SERVICES CORPORATION, a Delaware corporation (the “Borrower”),
each of the entities listed on the signature pages hereof as guarantors (the “Guarantors”) and COMPASS
BANK, N.A., as administrative agent (the “Administrative Agent”) for the lenders to the Credit Agreement referred to
below (the “Lenders”) and the Lenders party hereto.

 

PRELIMINARY STATEMENT

 

WHEREAS, the
Borrower, the Guarantors, the Administrative Agent and the Lenders entered into that certain Credit Agreement dated as of October 21,
2014 (as may be amended from time to time, the “Credit Agreement”), pursuant to which the Lenders agreed
to make available to the Borrower a revolving credit commitment. All capitalized terms used in this Amendment and not otherwise
defined herein shall have the meanings ascribed to such terms in the Credit Agreement; and

 

WHEREAS, the
Borrower has now asked the Lenders to amend certain provisions of the Credit Agreement; and

 

WHEREAS, the
Lenders are willing do so subject to the terms and conditions set forth herein, provided that the Borrower and Guarantors ratify
and confirm all of their respective obligations under the Credit Agreement and the Loan Documents;

 

NOW, THEREFORE,
in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

1.Amendment.
As of the First Amendment Effective Date, the Credit Agreement is amended as follows:

 

(a)The following
definitions in Section 1.01 of the Credit Agreement are hereby amended and restated in its entirety as follows:

 

“Change
in Control” means (a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any
person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) that becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), except that a person
or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to
acquire (such right, an “option right”), directly or indirectly, of 40% or more of the Equity Interests of the
Borrower entitled to vote for members of the board of directors or equivalent governing body of the borrower on a fully-diluted
basis (and taking into account all such securities that such “person” or “group” has the right to acquire
pursuant to any option right); or (b) during any period of 24 consecutive months, a majority of the members of the board of directors
or other equivalent governing body of the Borrower ceases to be composed of individuals (i) who were members of that board or equivalent
governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body
was approved by Individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body.

 

     

     

    

 

“EBITDA”
means, for any period, without duplication, the Consolidated Net Income for such period, plus cash Interest Expense, income
tax expense, depreciation, amortization and income attributable to non-controlling interests, in each case for the Borrower and
its Subsidiaries on a consolidated basis; provided that the calculation of EBITDA shall exclude the non-cash impairment
charge in the amount of $35,900,000 for the fiscal quarter ended September 30, 2015.

 

(b)Section 5.01 of
the Credit Agreement is hereby amended by amending and restating subsection (d) to read as follows:

 

“(d)promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed
by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Government Authority succeeding to any or
all of the functions of said Commission, or with national securities agencies (other than immaterial correspondence filed in the
ordinary course of business, and comment letters received from the Securities and Exchange Commission or responses thereto), or
distributed by the Borrower or any subsidiary thereof to its shareholders generally, as the case may be; provided, that the Borrower
shall be deemed to have delivered the foregoing to the Administrative Agent and the Lenders if such information has been filed
with the Securities and Exchange Commission and is available on the Edgar site at www.sec.gov or any successor government site
that is freely and readily available to the Administrative Agent and the Lenders without charge, or has been made available on
the Borrower’s website www.stewart.com, and the delivery date therefore shall be deemed to be the first day on which such
information is available to the Administrative Agent and the Lenders on one of such website pages, provided further that the Borrower
will promptly notify the Administrative Agent and the Lenders of each posting to such sites upon the occurrence thereof;”

 

(c)Section 5.02 of
the Credit Agreement is hereby amended by amending and restating subsection (c) to read as follows:

 

     

     

    

 

“(c)the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of any Obligor in an aggregate amount exceeding $5,000,000; and”

 

(d)Section 6.07 of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Restricted
Payments. None of the Obligors will declare or make, or agree to pay or make, any Restricted Payment, except (a) Restricted
Payments to an Obligor; (b) Restricted Payments by the Borrower to any Person other than an Obligor so long as (i) the aggregate
amount of such Restricted Payments during any calendar year does not exceed $35,000,000 and (ii) no Default or Event of Default
exists at the time such Restricted Payment is made or is created as a result of such Restricted Payment; (c) Restricted Payments
by the Borrower under its previously announced share repurchase program, provided that the aggregate amount of such Restricted
Payments shall not exceed $60,000,000 from and after the Effective Date; (d) on or prior to December 31, 2018, Restricted Payments
by the Borrower to repurchase its outstanding shares of common stock in an amount not to exceed $50,000,000 in the aggregate from
and after the First Amendment Effective Date; (e) Restricted Payments by the Borrower in respect of the exchange of Class B common
shares into common shares, including payment to the holders of Class B common shares in an amount not to exceed $12,000,000; and
(f) any Obligor may make Restricted Payments to Stewart Title Guaranty Company.”

 

(e)Section 6.12 of
the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Capital
Expenditures. The Borrower shall not permit consolidated Capital Expenditures to exceed $25,000,000 in the aggregate in any calendar
year; provided, any unused portion of such $25,000,000 allowance that is not used may be carried forward for one (1) year
and utilized the following year; provided further, that such carryover shall not be used unless and until the Borrower shall
have fully utilized the $25,000,000 allowance for said following year and, if unused in a second year, any such carryover shall
not be carried forward any further.”

 

(f)Exhibit H to Credit
Agreement is hereby amended and restated in its entirety to read as set forth on Annex I attached hereto.

 

2.Conditions
Precedent. This Amendment shall become effective on the date on which the following conditions are satisfied (the “First
Amendment Effective Date”):

 

(a)after giving effect
to this Amendment, no Default or Event of Default shall exist;

 

     

     

    

 

(b)the Administrative
Agent (or its counsel) shall have received counterparts of this Amendment, duly executed by the Borrower, each Guarantor and the
Lenders constituting at least the Required Lenders; and

 

(c)all fees and expenses
payable to the Administrative Agent (including the fees and expenses of counsel to the Administrative Agent) accrued to date and
billed shall have been paid in full to the extent invoiced prior to the date hereof, but without prejudice to the later payment
of accrued fees and expenses not so invoiced.

 

3.Ratification.
The Borrower and each of the Guarantors hereby ratify all of its Obligations under the Credit Agreement and each of the Loan Documents
to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents to which it is a party
are and shall continue to be in full force and effect as amended and modified by this Amendment. Nothing in this Amendment extinguishes,
novates or releases any right, claim, lien, security interest or entitlement of the Lenders created by or contained in any of such
documents nor is the Borrower nor any Guarantor released from any covenant, warranty or obligation created by or contained herein
or therein.

 

4.Representations
and Warranties. The Borrower and each Guarantor hereby represent and warrant to the Lenders that (a) this Amendment has been
duly executed and delivered on behalf of the Borrower and each of the Guarantors, (b) this Amendment constitutes a valid and legally
binding agreement enforceable against the Borrower and each of the Guarantors in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (c) after giving
effect to this Amendment, the representations and warranties made by it in the Credit Agreement and the Loan Documents to which
it is a party are true and correct on and as of the date hereof in all material respects as though made as of the date hereof except
to the extent that such representations and warranties expressly relate to an earlier date in which case they are true and correct
as of such earlier date, (d) after giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement
or under any Loan Document, (e) the Persons appearing as Guarantors on the signature pages to this Amendment constitute all Persons
who are required to be Guarantors pursuant to the terms of the Credit Agreement and the other Loan Documents, and (f) the execution,
delivery and performance of this Amendment has been duly authorized by the Borrower and each of the Guarantors.

 

5.Release and
Indemnity.

 

(a)The Borrower and
each Guarantor hereby release and forever discharge the Administrative Agent, each of the Lenders and each affiliate thereof and
each of their respective employees, officers, directors, trustees, agents, attorneys, successors, assigns or other representatives
from any and all claims, demands, damages, actions, cross-actions, causes of action, costs and expenses (including legal expenses),
of any kind or nature whatsoever, whether based on law or equity, which any of said parties has held or may now own or hold, whether
known or unknown, for or because of any matter or thing done, omitted or suffered to be done on or before the actual date upon
which this Amendment is signed by any of such parties arising directly or indirectly out of the Loan Documents, or any other documents,
instruments or any other transactions relating thereto. Such release, waiver, acquittal and discharge shall and does include, without
limitation, any claims of usury, fraud, duress, misrepresentation, lender liability, control, exercise of remedies and all similar
items and claims, which may, or could be, asserted by the Borrower or any Guarantor including any such caused by the actions or
negligence of the indemnified party (other than its gross negligence or willful misconduct).

 

     

     

    

  

(b)The Borrower and
each Guarantor hereby ratify the indemnification provisions contained in the Loan Documents, including, without limitation, Article
VIII and Section 10.03(b) of the Credit Agreement, and agree that the Guarantee is in full force and effect after the
execution and delivery of this Amendment, and that all losses, claims, damages and expenses related thereto shall be covered by
such indemnities.

 

6.Counterparts.
This Amendment may be signed in any number of counterparts, which may be delivered in original, facsimile or electronic form each
of which shall be construed as an original, but all of which together shall constitute one and the same instrument.

 

7.Governing
Law. This Amendment shall be construed in accordance with and governed by the Law of the State of New York, without regard
to such state’s conflict of laws rules.

 

8.Final Agreement
of the Parties. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS AMONG THE PARTIES.

 

 

[Signature pages follow] 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date
first above written.

 

	 	ADMINISTRATIVE AGENT, ISSUING BANK, SWINGLINE LENDER AND LENDER:
	 	 	 
	 	COMPASS BANK, N.A.
	 	 	 
	 	 	 
	 	By:	/s/ Jason Consoli
	 	Name:	Jason Consoli
	 	Title	Senior Vice President

 

     

     

    

 

	 	LENDER:
	 	 	 
	 	ZB, N.A. DBA AMEGY BANK
	 	 	 
	 	 	 
	 	By:	/s/ Jeremy A. Newsom
	 	Name:	Jeremy A. Newsom
	 	Title	Executive Vice President

 

     

     

    

 

	 	LENDER:
	 	 	 
	 	IBERIABANK
	 	 	 
	 	 	 
	 	By:	/s/ Steven C. Krueger
	 	Name:  	Steven C. Krueger
	 	Title	SVP

  

     

     

    

  

	 	LENDER:
	 	 	 
	 	TEXAS CAPITAL BANK, N.A.
	 	 	 
	 	 	 
	 	By:	/s/ Kurt A. Goeringer
	 	Name:	Kurt A. Goeringer
	 	Title	Senior Vice President

 

     

     

    

  

	 	BORROWER:
	 	 	 
	 	STEWART INFORMATION SERVICES CORPORATION, a Delaware corporation
	 	 	 
	 	 	 
	 	By:	/s/ J. Allen Berryman
	 	 	J. Allen Berryman
	 	 	Chief Financial Officer

 

     

     

    

  

	 	GUARANTORS:
	 	 	 
	 	STEWART TITLE COMPANY,
	 	a Texas corporation
	 	 	 
	 	 	 
	 	By:	/s/ J. Allen Berryman
	 	 	J. Allen Berryman
	 	 	Chief Financial Officer

  

 

	 	STEWART LENDER SERVICES, INC.,
	 	a Texas corporation
	 	 	 
	 	 	 
	 	By:	/s/ J. Allen Berryman
	 	 	J. Allen Berryman
	 	 	Vice President

 

 

     

     

    

 

Annex I

 

FORM OF COMPLIANCE
CERTIFICATE

 

The undersigned hereby
certifies that [s]he is a Financial Officer of Stewart Information Services Corporation, a Delaware corporation (the “Borrower”)
and that as such [s]he is authorized to execute this certificate on behalf of the Borrower. With reference to the Credit Agreement
dated October 21, 2014 (together with all amendments or supplements thereto being the “Credit Agreement”),
among the Borrower, the Guarantors party thereto and Compass Bank, the undersigned represents and warrants as follows (each capitalized
term used herein having the same meaning given to it in the Credit Agreement unless otherwise specified):

 

		(a)	The representations and warranties of the Borrower and its Subsidiaries contained in Article
III of the Credit Agreement and in the other Loan Documents were true and correct in all material respects when made, and are
repeated at and as of the time of delivery hereof and to the best of the undersigned’s knowledge are true and correct in
all material respects at and as of the time of delivery, except for such representations and warranties as are by their express
terms limited to a specific date.

 

		(b)	Since the later of the last date of the Credit Agreement or the most recent Compliance Certificate,
no change has occurred either in any case or in the aggregate, in the business, financial condition or results of operations, of
the Borrower or any of its Subsidiaries which would have a Material Adverse Effect.

 

		(c)	The Borrower hereby certifies that no Default has occurred or is continuing or, if a Default has
occurred, the details thereof and any action taken or proposed to be taken with respect thereto are specified on Exhibit A
attached hereto.

 

		(d)	There have been no changes in GAAP or the application thereof since the date of the last audited
financial statements delivered pursuant to Section [______] of the Credit Agreement, or if any change has occurred, the
effect such change would have on the financial statements accompanying this certificate is set forth on Exhibit A attached
hereto.

 

		(e)	Calculations for all financial covenants are set forth in the worksheet attached hereto as Exhibit
B.

 

     

     

    

 

EXECUTED AND DELIVERED
this _____ day of _____________________, 20__.

  

 

	 	BORROWER:
	 	 	 
	 	STEWART INFORMATION SERVICES CORPORATION
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

     

     

    

 

EXHIBIT A

 

DEFAULTS; CHANGES
IN GAAP

 

 

     

     

    

 

EXHIBIT B

 

FINANCIAL COVENANT CALCULATION WORKSHEET

 

($ in 000’s)

 

	 	
        Pro
        Forma Calculation

         
	
        Covenant
        Requirement

         

	Fixed Charge Coverage Ratio	x	> 1.25 to 1.0
	Leverage Ratio	x	< 2.25 to 1.0
	Capital Expenditures	x	See Note 1 below.
	 	 	 
	Fixed Charge Coverage Ratio: calculated as of the fiscal quarter ended _______________, 201_	 	 
	(i)EBITDA for the four quarter period then ended	 	 
	to	 	 
	(ii)the sum of:	 	 
	(a) scheduled principal payments required to be made on Indebtedness of the Borrower and its Subsidiaries for the four quarter period then ended plus	 	 
	(b) cash Interest Expense for the four quarter period then ended plus	 	 
	(c) cash income tax expense for the four quarter period then ended plus	 	 
	(d) Restricted Payments paid by the Borrower as permitted by Section 6.07(b) for the four quarter period then ended.	 	 

 

 

     

     

    

  

	 	 	 
	Leverage Ratio: calculated as of the fiscal quarter ended _____________, 201__	 	 
	(i)total Indebtedness (exclusive of Indebtedness under Investment Securities Lines, contingent liabilities related to escrow and 1031 exchange accounts, letters of credit that are fully collateralized and contingent obligations of the Borrower or any of its Subsidiaries as an account party in respect of letters of credit and letters of guaranty)	 	 
	to	 	 
	(ii)EBITDA for the four quarter period ended on such date	 	 
	 	 	 
	Capital Expenditures: for the calendar year ended December 31, 20___	 	 
	(i) the difference of:	 	 
	(a) expenditures of the Borrower and its Subsidiaries in respect of fixed or capital assets, including the capital portion of the lease payments made in respect of Capital Lease Obligations, in each case which are required to be capitalized on a balance sheet prepared in accordance with GAAP minus	 	 
	(b) any such expenditures for the repair or replacement of any fixed or capital assets which were destroyed or damaged, in whole or in part, to the extent financed by the proceeds of an insurance policy.	 	 

 

 

 

Notes:

 

1. [Include for Compliance
Certificates delivered with annual financial statements only.] Capital Expenditure Limitation: < (a) $20,000,000
for the calendar year ending December 31, 2014, (b) $20,000,000 for the calendar year ending December 31, 2015 and (c)
$25,000,000, for the calendar year ending December 31, 2016 and each calendar year thereafter, plus any unused amounts from
the immediately preceding calendar year after utilizing the allowance for such calendar year.

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