Document:

sfix-ex101_7.htm

Exhibit 10.1

THIRD AMENDMENT

 

THIS THIRD AMENDMENT (this “Amendment”) is made and entered into as of January 29, 2018, by and between POST-MONTGOMERY ASSOCIATES, a California general partnership (“Landlord”), and STITCH FIX, INC., a Delaware corporation (“Tenant”).

 

RECITALS

 

	
 
	
A.
	
Landlord and Tenant are parties to that certain Office Lease dated November 10, 2015 (the “Original Lease”), which Original Lease has been previously amended by that certain First Amendment dated February 22, 2016 and that certain Second Amendment dated September 6, 2017 (collectively, the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 95,250 square feet of rentable area in the building (the “Original Premises”) located at One Montgomery Street, San Francisco, California (the “Building”), comprised of (i) approximately 19,063 square feet of rentable area described as Suite 1100 on the eleventh (11th) floor of the Building; (ii) approximately 19,064 square feet of rentable area described as Suite 1200 on the twelfth (12th) floor of the Building; (iii) approximately 19,068 square feet of rentable area described as Suite 1300 on the thirteenth (13th) floor of the Building; (iv)  approximately 18,953 square feet of rentable area described as Suite 1400 on the fourteenth (14th) floor of the Building; and (v) approximately 19,102 square feet of rentable area described as Suite 1500 on the fifteenth (15th) floor of the Building.
	
 

 

	
 
	
B.
	
Tenant has requested that additional space containing approximately 38,701 square feet of rentable area in the Building comprised of (i) approximately 19,351 square feet of rentable area described as Suite 800 on the eighth (8th) floor of the Building; and (ii) approximately 19,350 square feet of rentable area described as Suite 900 on the ninth (9th) floor of the Building (collectively, the “Expansion Space”), as shown on Exhibit A attached hereto, be added to the Original Premises and that the Lease be appropriately amended and Landlord is willing to do the same on the following terms and conditions.
	
 

 

	
 
	
C.
	
The Lease by its terms shall expire on November 30, 2023 (“Prior Expiration Date”), and the parties desire to extend the Term of the Lease, all on the following terms and conditions.
	
 

 

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

 

	
 
	
1.
	
Expansion and Effective Date.

 

	
 
	
1.1
	
Effective as of June 1, 2018 (the “Expansion Effective Date”), the Original Premises is increased from approximately 95,250 square feet of rentable area in the Building to approximately 133,951 square feet of rentable area in the Building by the addition of the Expansion Space, and from and after the Expansion Effective Date, the Original Premises and the Expansion Space, collectively, shall be deemed the “Premises”, as defined in the Lease, and as used herein. The Term for the Expansion Space shall commence on the Expansion Effective Date and end on the Extended Expiration Date (defined below). The Expansion Space is subject to all the terms and conditions of the Lease except as expressly modified herein and except that Tenant shall not be entitled to receive any allowances,
	
 

 

{2119-01688/00771566;8}

1

 

abatements or other financial concessions granted with respect to the Original Premises unless such concessions are expressly provided for herein with respect to the Expansion Space; provided, however, that the foregoing shall not be deemed to amend or modify any right for Tenant to receive abatement subject to and in accordance with the terms and conditions of Section 8.3 (Interruption or Unavailability of Services), Article 12 (Damage or Destruction) or Article 13 (Eminent Domain) of the Original Lease.

 

	
 
	
1.2
	
The Expansion Effective Date shall be delayed to the extent that Landlord fails to deliver possession of the Expansion Space for any reason, including but not limited to, holding over by prior occupants. Any such delay in the Expansion Effective Date shall not  subject Landlord to any liability for any loss or damage resulting therefrom. If the Expansion Effective Date is delayed, the Extended Expiration Date under the Lease shall not be similarly extended.
	
 

 

	
 
	
2.
	
Extension. The Term of the Lease is hereby extended for a period of fifty-four (54) months and shall expire on May 31, 2028 (the “Extended Expiration Date”), unless sooner terminated in accordance with the terms of the Lease. That portion of the Term commencing the day immediately following the Prior Expiration Date (the “Extension Date”) and ending on the Extended Expiration Date shall be referred to herein as the “Extended Term”.
	
 

 

	
 
	
3.
	
Base Rent.

 

	
 
	
3.1
	
Original Premises Through Prior Expiration Date. Base Rent, Escalation Rent and all other charges under the Lease shall be payable as provided therein with respect to the Original Premises through and including the Prior Expiration Date.
	
 

 

	
 
	
3.2
	
Original Premises From and After Extension Date. As of the Extension Date, the schedule of Base Rent payable with respect to the Original Premises during the Extended Term is the following:
	
 

 

					
	
Period
	
Rentable Square Footage
	
Annual Rate Per Square Foot
	
Annual Base Rent
	
Monthly Base Rent

	
12/1/2023 – 6/30/2024
	
95,250
	
$86.09
	
$8,200,072.50
	
$683,339.38

	
7/1/2024 – 6/30/2025
	
95,250
	
$88.67
	
$8,446,074.68
	
$703,839.56

	
7/1/2025 – 6/30/2026
	
95,250
	
$91.33
	
$8,699,456.92
	
$724,954.74

	
7/1/2026 – 6/30/2027
	
95,250
	
$94.07
	
$8,960,440.62
	
$746,703.39

	
7/1/2027 – 5/31/2028
	
95,250
	
$96.90
	
$9,229,253.84
	
$769,104.49

All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended hereby.

 

	
 
	
3.3
	
Expansion Space From Expansion Effective Date Through Extended Expiration Date. As of the Expansion Effective Date, the schedule of Base Rent payable with respect to the Expansion Space for the balance of the original Term and the Extended Term is the following:
	
 

 

{2119-01688/00771566;8}

2

 

					
					
	
Period
	
Rentable Square Footage
	
Annual Rate Per Square Foot
	
Annual Base Rent
	
Monthly Base Rent

	
6/1/2018 – 6/30/2018
	
38,701
	
$72.10
	
$2,790,342.10
	
$232,528.51

	
7/1/2018 – 6/30/2019
	
38,701
	
$74.26
	
$2,873,936.26
	
$239,494.69

	
7/1/2019 – 6/30/2020
	
38,701
	
$76.49
	
$2,960,239.49
	
$246,686.62

	
7/1/2020 – 6/30/2021
	
38,701
	
$78.79
	
$3,049,251.79
	
$254,104.32

	
7/1/2021 – 6/30/2022
	
38,701
	
$81.15
	
$3,140,586.15
	
$261,715.51

	
7/1/2022 – 6/30/2023
	
38,701
	
$83.58
	
$3,234,629.58
	
$269,552.47

	
7/1/2023 – 6/30/2024
	
38,701
	
$86.09
	
$3,331,769.09
	
$277,647.42

	
7/1/2024 – 6/30/2025
	
38,701
	
$88.67
	
$3,431,722.16
	
$285,976.85

	
7/1/2025 – 6/30/2026
	
38,701
	
$91.33
	
$3,534,673.83
	
$294,556.15

	
7/1/2026 – 6/30/2027
	
38,701
	
$94.07
	
$3,640,714.04
	
$303,392.84

	
7/1/2027 – 5/31/2028
	
38,701
	
$96.90
	
$3,749,935.46
	
$312,494.62

All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended hereby, except that, subject to Abated Base Rent (as defined below), the third (3rd) full month’s Base Rent for Suite 800 and the fifth (5th) full month’s Base Rent for Suite 900 (such amount, equal to $239,494.69, in the aggregate, is hereinafter referred to hereunder as the “Prepaid Rent”) shall be paid by Tenant concurrent with Tenant’s execution and delivery of this Amendment to Landlord. Notwithstanding anything in the Lease, as amended hereby, to the contrary, so long as Tenant is not in default beyond  applicable notice and cure periods under the Lease, as amended hereby, Tenant shall be entitled to an abatement of Base Rent as follows: (i) with respect to Suite 800, in the amounts of (1) $116,267.26 for the month of June of 2018, and (2) $119,750.44 for the month of July of 2018; and (ii) with respect to Suite 900, in the amounts of (a) $116,261.25 for the month of June of 2018, and (b) $119,744.25 for the months of July, August and September of 2018 (the period commencing June 1, 2018 and continuing through September 30, 2018 is hereinafter referred to as the “Rent Abatement Period”). The maximum total amount of Base Rent abated in accordance with the foregoing shall equal

$ $711,511.70 (the “Abated Base Rent”). If Tenant defaults beyond applicable notice and cure periods under the Lease, as amended hereby, at any time during the Rent Abatement Period and fails to cure such default within any applicable cure period under the Lease, as amended hereby, then Tenant’s right to receive the Abated Base Rent shall toll (and Tenant shall be required to pay Base Rent during such period of any Tenant default) until Tenant has cured, to Landlord’s reasonable satisfaction, such default and at such time Tenant shall be entitled to receive any unapplied Abated Base Rent until fully applied. Only Base Rent shall be abated pursuant to this Section, as more particularly described herein, and Escalation Rent and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.

 

	
 
	
4.
	
Letter of Credit.

 

	
 
	
4.1
	
Increased Face Amount. From and after the Expansion Effective Date, the face amount of the Letter of Credit (as defined in Article 37 of the Original Lease) required under the Lease is increased from $8,200,184.00 to $11,950,119.46 (the “Increased Face Amount”). Within ten (10) days after the full execution and delivery of this Amendment by Landlord and Tenant, Tenant shall deliver to Landlord (i) an amendment to the
	
 

 

{2119-01688/00771566;8}

3

 

existing Letter of Credit currently held by Landlord under the Lease (the  “Existing Letter of Credit”), which amendment shall be in form and substance reasonably satisfactory to Landlord, amending the face amount of the Existing Letter of Credit to be the Increased Face Amount and amending the LOC Expiration Date (as defined in Section 37.2 of the Original Lease) to be July 31, 2028; or (ii) a replacement letter of credit (the “Replacement Letter of Credit”) with a face amount equal to the Increased Face Amount and a LOC Expiration Date of July 31, 2028, which Replacement Letter of Credit shall comply with the terms of Article 37 of the Original Lease. In the event Tenant delivers a Replacement Letter of Credit in accordance with the foregoing, then, within thirty (30) days following Landlord’s receipt of the Replacement Letter of Credit, Landlord shall return the Existing Letter of Credit to Tenant (and Landlord agrees to reasonably cooperate with Tenant, at no cost or expense to Landlord, in connection therewith).

 

	
 
	
4.2
	
Letter of Credit Reduction. Section 37.10 of the Original Lease is hereby deleted in its entirety and replaced with the following:
	
 

 

“Subject to the remaining terms of this Section 37, following June 1, 2022 (the “LC Reduction Period Commencement Date”), if (a) Tenant has not been in monetary default under this Lease (as described in Section 20.1(a) above) or otherwise in default beyond any applicable notice and cure period, and (b) Tenant’s Financial Information (defined below) reflects annual revenues for Tenant’s immediately preceding fiscal year of no less than Seven Hundred Million and 00/100 Dollars ($700,000,000.00), and (c) Tenant’s Financial Information reflects adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (excluding any stock-based compensation) (“EBITDA”) equal to or greater than Ninety-Five Million and 00/100 Dollars ($95,000,000.00), in the aggregate, during the prior twelve (12) consecutive full calendar months (collectively, the “LC Reduction Conditions Precedent”), then Tenant shall have the right to reduce the face amount of the Letter of Credit (each, a “Reduction Event”) so that the reduced Letter of Credit amounts shall be as follows: (i) $9,560,095.57 effective as of the later of (A) thirty (30) days following the date Landlord receives a Reduction Notice (defined below), or (B) July 1, 2022; (ii) $7,170,071.68 effective as of the later of (A) thirty (30) days following the date Landlord receives Tenant’s Reduction Notice or (B) July 1, 2023; (iii) $4,780,047.78 effective as of the later of (A) thirty (30) days following the date Landlord receives a Reduction Notice or (B) July 1, 2024; and (iv) $2,390,023.89 effective as of the later of (A) thirty (30) days following the date Landlord receives a Reduction Notice or (B) July 1, 2024. However, in no event will the face amount of the Letter of Credit during the Term of the Lease (as such may be extended) in accordance with the foregoing be reduced to less than $2,390,023.89. If Tenant believes that it is entitled to a reduction in the face amount of the Letter of Credit, Tenant shall provide Landlord with written notice requesting that the face amount of the Letter of Credit be reduced as provided above (the “Reduction Notice”). Concurrent with Tenant’s delivery of the Reduction Notice, Tenant shall deliver to Landlord for its review Tenant’s financial statements prepared in accordance with generally accepted accounting principles and audited by a public accounting firm reasonably acceptable to Landlord, and any other financial information reasonably requested by Landlord evidencing Tenant’s full satisfaction of the LC Reduction Conditions and the occurrence of a Reduction Event (“Tenant’s Financial Information”). Notwithstanding the foregoing, so long as Tenant is a publicly traded company on an “over-the-counter” market or any recognized national or international securities exchange

 

{2119-01688/00771566;8}

4

 

and Landlord reasonably determines that Tenant’s Financial Information is sufficiently available to Landlord in the public domain, then Tenant’s obligation to provide Tenant’s Financial Information shall be deemed satisfied by the publicly available financial information for Tenant. If Tenant does not qualify for a particular Reduction Event set forth in the above described schedule, then such Reduction Event and any further remaining Reduction Events shall be delayed on an annual basis.  Notwithstanding  anything to the contrary contained herein, an Event of Default has occurred, at any time prior to the effective date of any proposed or requested reduction of the face amount of the Letter of Credit, then Tenant’s right to reduce the face amount of the Letter of Credit, as described herein, shall be null and void and of no further force and effect as to the reduction opportunities that may remain unexercised by Tenant at such time. If Tenant provides Landlord with a Reduction Notice, and Tenant is entitled to reduce the face amount of the Letter of Credit as provided herein, any reduction in the face amount Letter of Credit amount shall be accomplished by Tenant providing Landlord with a substitute Letter of Credit in the reduced amount, which substitute Letter of Credit shall comply with the requirements of this Section 37 or at Tenant’s option, Tenant’s delivery of an amendment to the Letter of Credit reducing the face amount of the Letter of Credit in form and substance reasonably satisfactory to Landlord. If Tenant elects to deliver a substitute Letter of Credit, then upon such delivery, Landlord shall, at no cost to Landlord, promptly return the then-existing Letter of Credit to Tenant and will agree to execute such reasonable correspondence as may be reasonably required by the issuing bank to cause the termination of such prior Letter of Credit.”.

 

	
 
	
5.
	
 Tenant’s Percentage Share. For the period commencing with the Expansion Effective Date and ending on the Extended Expiration Date, Tenant’s Percentage Share for the Expansion Space will be adjusted to be 5.73% of the Building (i.e., 38,701/675,432). Tenant’s Percentage Share for the Expansion Space and the Original Premises is, collectively, 19.83% of the Building (i.e., 133,951/675,432).
	
 

 

	
 
	
6.
	
Additional Rent.

 

	
 
	
6.1
	
Original Premises for the Extended Term. For the period commencing with the Extension Date and ending on the Extended Expiration Date, Tenant shall pay all additional Rent payable under the Lease, including Escalation Rent applicable to the Original Premises, in accordance with the terms of the Lease, as amended hereby;  provided, however, that effective as of the Expansion Effective Date, the Base Year for computation of Escalation Rent applicable to the Original Premises is amended from 2016 to 2018.
	
 

 

	
 
	
6.2
	
Expansion Space From Expansion Effective Date Through Extended Expiration Date. For the period commencing with the Expansion Effective Date and ending on the Extended Expiration Date, Tenant shall pay Escalation Rent applicable to the Expansion Space in accordance with the terms of the Lease; provided, however, during such period, the Base Year for the computation of Escalation Rent with respect to the Expansion Space is calendar year 2018.
	
 

 

{2119-01688/00771566;8}

5

 

	
 
	
7.
	
Improvements to Expansion Space.

 

	
 
	
7.1
	
Condition of Expansion Space. Tenant has inspected the Expansion Space and agrees to accept the same “as is” without any agreements, representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements, except as may be expressly provided otherwise in this Amendment. However, notwithstanding the foregoing, Landlord agrees that the Expansion Space shall be broom clean and free of personal property and debris and that the Building Systems located in or serving the Expansion Space shall be in good working order as of the date Landlord delivers possession of the Expansion Space to Tenant. Except to the extent caused by the acts or omissions of Tenant or any of the other Tenant Parties or by any alterations or improvements performed by or on behalf of Tenant, if such Building Systems are not in good working order as of the date possession of the Expansion Space is delivered to Tenant and Tenant provides Landlord with notice of the same within sixty (60) days following the date Landlord delivers possession of the Expansion Space, Landlord shall be responsible for repairing or restoring the same and will proceed to do so promptly upon receipt of notice tendered to Landlord within such sixty (60) day period; provided, however, the foregoing shall not limit or relieve Landlord of its express repair and maintenance obligations under the Lease, as amended hereby. As of the date hereof, to Landlord’s  actual knowledge, Landlord has no actual knowledge that the Expansion Space is in violation of Requirements. For purposes of this Section, “Landlord’s actual knowledge”  and “knowledge” shall be deemed to mean and limited to the current actual knowledge of the Property Manager at the time of execution of this Amendment and not any implied, imputed, or constructive knowledge of said individual or of Landlord or any Landlord of Landlord’s agents, employees or related entities and without any independent investigation or inquiry having been made or any implied duty to investigate or make any inquiries; it being understood and agreed that such individual shall have no personal liability in any manner whatsoever hereunder or otherwise related to the transactions contemplated hereby.
	
 

 

	
 
	
7.2
	
Responsibility for Improvements to Expansion Space.  Tenant may perform improvements to the Expansion Space in accordance with the terms of Exhibit B attached hereto and Tenant shall be entitled to an improvement allowance in connection with such work as more fully described in Exhibit B. Landlord shall perform improvements to the Expansion Space in accordance with the terms of Exhibit B attached hereto.
	
 

 

	
 
	
8.
	
Early Access to Expansion Space. Subject to the terms of this Section 8 and provided that this Amendment has been fully executed by all parties and Tenant has delivered the Prepaid Rent, the amendment to the Existing Letter of Credit or the Replacement Letter of Credit, as applicable, and any insurance certificates required hereunder, Landlord grants Tenant the right to enter the Expansion Space as of April 1, 2018, at Tenant’s sole risk, solely for the purpose of performing the Tenant Alterations (as described in Exhibit B attached hereto), installing telecommunications and data cabling, equipment, furnishings and other personalty and, in the event Tenant substantially completes the Tenant Alterations prior to the Expansion Effective Date, for the Permitted Use. Such possession prior to the Expansion Effective Date shall be subject to all of the terms and conditions of the Lease, as amended hereby, except that Tenant shall not be required to pay Base Rent or Escalation Rent or for the use of the elevators located in the Building with respect to the period of time prior to the Expansion Effective Date during which Tenant occupies the Expansion Space solely for such purposes. However, Tenant shall be liable for any utilities or special services
	
 

 

{2119-01688/00771566;8}

6

 

provided to Tenant during such period. Said early possession shall not advance the Extended Expiration Date.

 

	
 
	
9.
	
Other Pertinent Provisions. Landlord and Tenant agree that, effective as of the date of this Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects:
	
 

 

	
 
	
9.1
	
Parking. Effective as of the date on which Landlord delivers the Expansion Space to Tenant, Tenant’s parking spaces shall be increased from twenty-three (23) parking spaces to thirty-three (33) parking spaces. Except as modified herein, the use of such unreserved parking spaces shall be subject to the terms of the Lease.
	
 

 

	
 
	
9.2
	
Insurance. Tenant’s insurance required under Article 14 of the Original Lease (“Tenant’s Insurance”) shall include the Expansion Space. Tenant shall provide Landlord with a certificate of insurance, in form and substance satisfactory to Landlord and otherwise in compliance with Article 14 of the Original Lease, evidencing that, on or before the date on which Landlord tenders possession of the Expansion Space to Tenant pursuant to the terms of this Amendment, Tenant’s Insurance also covers the Expansion Space, and thereafter as necessary to assure that Landlord always has current certificates evidencing Tenant’s Insurance.
	
 

 

	
 
	
9.3
	
Tenant Improvements. Tenant hereby acknowledges and agrees that Landlord has fulfilled all of its obligations pursuant to Exhibit “C” to the Original Lease.
	
 

 

	
 
	
9.4
	
Fire Stairs. Landlord consents to the use of the Building fire stairs, subject to and in accordance with Section 31.3(h) of the Original Lease, by Tenant for travel only by Tenant’s employees between the eighth (8th) and ninth (9th) floors of the Building, so long as Tenant occupies the entirety of said floors. In addition, notwithstanding anything to the contrary contained in Section 31.3(h) of the Original Lease, Landlord consents to the use of the Building fire Stairs from the eighth (8th) and ninth (9th) floors of the Building to the eleventh (11th) through fifteenth (15th) floors of the Building, so long as Tenant occupies the entirety of said floors. However, even though the foregoing consent grants Tenant the right to use the Building fire stairs between two (2) non-adjacent floors of the Premises, Tenant’s use of the Building fire stairs shall be subject to all other provisions of Section 31(h) of the Original Lease. The foregoing shall not be deemed to amend or modify Tenant’s ability to use such Building fire stairs with respect to the adjoining floors of the Original Premises (which, as of the date of this Amendment, include the eleventh (11th), twelfth (12), thirteenth (13th), fourteenth (14th) and fifteenth (15th) floors of the Building), subject to and in accordance with the terms and conditions of Section 31.3(h) of the Original Lease.
	
 

 

	
 
	
10.
	
Miscellaneous.

 

	
 
	
10.1
	
This Amendment, including Exhibit A (Outline and Location of Expansion Space) and Exhibit B (Tenant Alterations) attached hereto, sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the
	
 

 

{2119-01688/00771566;8}

7

 

Premises, or any similar economic incentives that may have been provided Tenant in connection with entering into the Lease, unless specifically set forth in this Amendment.

 

	
 
	
10.2
	
Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect. In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control. The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this Amendment.
	
 

 

	
 
	
10.3
	
Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant. Neither Landlord nor Tenant shall be bound by this Amendment until Landlord and Tenant have fully executed and delivered this Amendment.
	
 

 

Tenant hereby represents to Landlord that Tenant has dealt with no broker in connection with this Amendment other than Hugh Scott and Michael DeMaria of Jones Lang LaSalle (“Tenant’s Broker”). Tenant agrees to indemnify and hold Landlord and the other Indemnitees harmless from all claims of any other brokers claiming to have represented Tenant in connection with this Amendment. Tenant’s Broker shall be paid by Landlord pursuant to a separate written agreement.

 

	
 
	
10.4
	
Each signatory of this Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.
	
 

 

	
 
	
10.5
	
Tenant represents to Landlord that Tenant is not in violation of any Anti-Terrorism Law (defined below), and that Tenant is not, as of the date hereof: (i)  conducting  any business or engaging in any transaction or dealing with any Prohibited Person (defined below), including the making or receiving of any contribution of funds, goods or services to or for the benefit of any Prohibited Person; (ii) dealing in, or otherwise engaging in  any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; or (iii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in, any Anti-Terrorism Law. In addition, Tenant represents that neither Tenant nor any of its affiliates, officers, directors, shareholders, members or lease guarantor, as applicable, is a Prohibited Person. If the foregoing representation is untrue at any time during the Term (as the same may be extended), an Event of Default under the Lease will be deemed to have occurred, without the necessity of notice to Tenant. As used herein, the term “Anti-Terrorism Law” shall mean any laws relating to terrorism, anti-terrorism, money-laundering or anti-money laundering activities, including without limitation the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, Executive Order No. 13224, and Title 3 of the USA Patriot Act, and any regulations promulgated under any of them. As used herein, the term “Prohibited Person” shall mean (i) A person or entity that is listed in the Annex to Executive Order No. 13224, or a person or entity owned or controlled by an entity that is listed in the Annex to Executive Order No. 13224; (ii) a person or entity with whom Landlord is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; or (iii) a person or entity that is named as a
	
 

 

{2119-01688/00771566;8}

8

 

“specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/ofac/t11sdn.pdf, or at any replacement website or other official publication of such list.

 

	
 
	
10.6
	
Pursuant to California Civil Code Section 1938, Landlord hereby notifies Tenant that as of the date of this Amendment, the Premises have not undergone inspection by a “Certified Access Specialist” (“CASp”) to determine whether the Premises meet all applicable construction-related accessibility standards under California Civil Code Section 55.53. Landlord hereby discloses pursuant to California Civil Code Section 1938 as follows: “A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.” Landlord and Tenant hereby acknowledge and agree that in the event that Tenant elects to perform a CASp inspection of the Premises hereunder (the “Inspection”), such Inspection shall be (a) performed at Tenant’s sole cost and expense, (b) limited to the Premises (as then defined under the Lease, as amended hereby) and (c) performed by a CASp who has been approved or designated by Landlord prior to the Inspection. Any Inspection must be performed in a manner which minimizes the disruption of business activities in the Building, and at a time reasonably approved by Landlord. Landlord reserves the right to be present during the Inspection. Tenant agrees to: (i) promptly provide to Landlord a copy of the report or certification prepared by the CASp inspector upon request (the “Report”), (ii) keep the information contained in the Report confidential, except to the extent required by Requirements, or to the extent disclosure is needed in order to complete any necessary modifications or improvements required to comply with all applicable accessibility standards under state or federal Requirements, as well as any other repairs, upgrades, improvements, modifications or alterations required by the Report or that may be otherwise required to comply with applicable Requirements or accessibility requirements (the “Access Improvements”).  In the event Tenant elects  to perform an Inspection (it being agreed that if Tenant does not elect to perform an Inspection, the terms and conditions of this Lease shall control with respect to Landlord’s and Tenant’s respective maintenance and repair obligations), Tenant shall be solely responsible for the cost of Access Improvements to the Premises or the Building necessary to correct any such violations of construction-related accessibility standards identified by such Inspection as required by Requirements, which Access Improvements may, at Landlord’s option, be performed in whole or in part by Landlord at Tenant’s expense, payable as additional rent within thirty (30) days following Landlord’s demand. The terms of this Section 10.8 with respect to CASp inspections shall only apply in the event  Tenant exercises its right to perform a CASp inspection of the Premises. Otherwise, the terms of the Lease, as amended hereby, with respect to compliance, repairs and maintenance obligations of the parties shall apply.
	
 

 

{2119-01688/00771566;8}

9

 

	
 
	
10.7
	
Notwithstanding anything in the Lease, as amended hereby, to the contrary, if Landlord or any affiliate of Landlord is or has elected to qualify as a real estate investment trust (“REIT”), any service required or permitted to be performed by Landlord pursuant to the Lease, as amended hereby, the charge or cost of which may be treated as impermissible tenant service income under the laws governing a REIT, may be performed by a taxable REIT subsidiary that is affiliated with either Landlord or Landlord’s property manager, an independent contractor of Landlord or Landlord’s property manager (the “Service Provider”). If Tenant is subject to a charge under the Lease, as amended hereby, for any such service, then, at Landlord’s direction, Tenant will pay such charge either to Landlord for further payment to the Service Provider or directly to the Service Provider, and, in either case, (i) Landlord will credit such payment against additional Rent due from Tenant under the Lease, as amended hereby, for such service, and (ii) such payment to the Service Provider will not relieve Landlord from any obligation under the Lease, as amended hereby, concerning the provisions of such service.
	
 

 

	
 
	
10.8
	
Redress for any claim against Landlord under the Lease and this Amendment shall be limited to and enforceable only against and to the extent of Landlord’s interest in the Building. The obligations of Landlord under the Lease are not intended to and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be, its investment manager, the general partners thereof, or any beneficiaries, stockholders, employees, or agents of Landlord or the investment manager, and in no case shall Landlord be liable to Tenant hereunder for any lost profits, damage to business, or any form of special, indirect or consequential damages.
	
 

 

[Signature Page Follows]

 

{2119-01688/00771566;8}

10

 

IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed this Amendment as of the date first written above.

 

	
LANDLORD:
	
TENANT:

	
 
	
 

	
POST-MONTGOMERY ASSOCIATES,

a California general partnership
	
STITCH FIX, INC.,

a Delaware corporation

	
 
	
 
	
 
	
 

	
By:
	
PR Post Montgomery LLC,

a Delaware limited liability company
	
 
	
 

	
Its:
	
Partner
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
By:
	
PRISA LHC, LLC,

a Delaware limited liability company
	
 
	
 

	
 
	
Its:
	
Managing Member
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Kristin Paul
	
By:
	
/s/ Paul Yee

	
 
	
 
	
Name:
	
Kristin Paul
	
Name:
	
Paul Yee

	
 
	
 
	
Title:
	
Vice President
	
Title:
	
CFO

	
 
	
 
	
 
	
 

	
By:
	
The Prudential Insurance Company of  America, a New Jersey corporation, acting solely on behalf of and for the benefit of, and with its liability limited to the assets of, its insurance company separate account, PRISA
	
 
	
 

	
Its:
	
Partner
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ Kristin Paul
	
 
	
 

	
 
	
Name:
	
Kristin Paul
	
 
	
 

	
 
	
Title:
	
Vice President
	
 
	
 

 

{2119-01688/00771566;8}

11

 

EXHIBIT A – OUTLINE AND LOCATION OF EXPANSION SPACE

attached to and made a part of the Amendment dated as of January 10, 2018, between POST-MONTGOMERY ASSOCIATES, a California general partnership, as Landlord and STITCH FIX, INC., a Delaware corporation, as Tenant

Exhibit A is intended only to show the general layout of the Expansion Space as of the beginning of Expansion Effective Date. It does not in any way supersede any of Landlord’s rights set  forth in the Lease with respect to arrangements and/or locations of public parts of the Building and changes in such arrangements and/or locations. It is not to be scaled; any measurements or distances shown should be taken as approximate.

SUITE 800

 

{2119-01688/00771566;8}

 

A-1

 
 

 

SUITE 900

 

{2119-01688/00771566;8}

 

A-2

 
 

 

EXHIBIT B – TENANT ALTERATIONS

attached to and made a part of the Amendment dated as of January 10, 2018, between POST-MONTGOMERY ASSOCIATES, a California general partnership, as Landlord and STITCH FIX, INC., a Delaware corporation, as Tenant

 

Except where clearly inconsistent or inapplicable, the provisions of the Lease, as amended, are incorporated into this Exhibit B (this “Work Letter”), and capitalized terms used without being defined in this Work Letter shall have the meanings given them in the Lease, as amended. The purpose of this Work Letter is to set forth how the Tenant Alterations (defined below) in the Expansion Space and the Original Premises are to be constructed and designed, who will be responsible for constructing the Tenant Alterations, who will pay for the Tenant Alterations and the time schedule for completion of the Tenant Alterations. Landlord and Tenant hereby agree as follows:

 

1.Tenant Alterations. Tenant, following the delivery of the Expansion Space by Landlord and the full and final execution and delivery of the Amendment to which this Exhibit B is attached and the Prepaid Rent, the Letter of Credit and insurance certificates required under the Amendment, shall have the right to perform alterations and improvements in the Original Premises and the Expansion Space (the “Tenant Alterations”). Tenant acknowledges  and agrees that if the Tenant Alterations incorporate changes to the light fixtures in the Original Premises or the Expansion Space, as applicable, they must reasonably incorporate the Building Standard (defined below) light harvesting lighting system for energy efficiency.

 

2.Preparation of Plans and Specifications.

 

2.1Tenant shall cause the plans and specifications for the Tenant Alterations (the “Plans and Specifications”) to be prepared by an architect selected by Tenant and approved by Landlord (the “Architect”) (Landlord hereby approves Arthur J. Gensler Architects if such entity is selected by Tenant), and shall submit the same to Landlord. Landlord shall approve or disapprove the Plans and Specifications by providing written notice to Tenant, specifying any changes or modifications Landlord desires in the Plans and Specifications. Landlord shall not require Tenant to convert the HVAC controls serving the Expansion Space to DDC; provided, however, that in the event any such conversion is required by law or otherwise, Tenant, not Landlord shall be liable for the cost and performance thereof (subject to application of the Allowance, as defined below). Landlord shall advise Tenant within ten (10) business days after Landlord’s receipt of the Final Working Drawings for the Tenant Alterations if the same are approved, or, if the Final Working Drawings are not reasonably satisfactory or are incomplete in any respect, disapproved, in which event Landlord shall include in its notice of disapproval a reasonably detailed explanation as to which items are not satisfactory or complete and the reason(s) therefor. If Tenant is so advised, Tenant shall draft Plans and Specifications in accordance with such review and any disapproval of Landlord in connection therewith, and Landlord shall approve or disapprove the resubmitted Plans and Specifications, based upon the criteria set forth in this Exhibit B, within five (5) business days after Landlord receives such resubmitted Plans and Specifications. The scope of Landlord’s review of the revised Plans and Specifications will be limited to Tenant’s correction of the items noted in Landlord’s initial

 

{2119-01688/00771566;8}

 

B-1

 
 

 

notice of disapproval. The process outlined in the preceding two sentences shall be repeated  until Landlord and Tenant have mutually agreed on the Plans and Specifications. The final Plans and Specifications shall, to the extent required by the applicable provisions of the Lease, as amended, incorporate any and all work required by governmental authorities as a condition to approval of a building permit, including, without limitation, any improvements, whether required to the Original Premises, the Expansion Space or any Common Areas, that are required to comply with applicable Requirements which are triggered by the inclusion within the Plans and Specifications of any Tenant Alterations. Tenant may, at its election and concurrently with its submission to Landlord of Plans and Specifications for approval, tender a request to Landlord in accordance with the notice requirement and process governing the removal of Specialty Alterations as set forth in Section 10.6 of the Lease.

 

2.2Unless otherwise specifically called out on the Plans and Specifications, Contractor (defined below) shall use Building Standard materials in the construction of all Tenant Alterations. “Building Standard” means those minimum standard specifications established by Landlord governing the type, quality and quantity of materials and installation procedures for tenant spaces in the Building, including floor coverings, wall coverings, window treatments (if any), ceilings (if Tenant does not elect to use an open-ceiling plan), doors, hardware, lighting, distribution of Building Systems, which specifications shall be supplied by Landlord to Tenant upon request. Landlord reserves the right to modify Building Standards from time to time; but in no event will Tenant be required to modify Plans and Specifications which have previously been approved by Landlord as a consequence of Landlord’s modification of any such Building Standards.

 

3.Construction of Tenant Alterations.

 

3.1Tenant shall secure independent bids from three (3) general contractors approved by Landlord based on the Plans and Specifications. Landlord hereby approves a General Conditions and Fee bid process for Tenant’s selection of the general contractor. The general contractor selected by Tenant (the “Contractor”) shall cause the Tenant Alterations to be constructed in accordance with the final Plans and Specifications (as approved by both parties in accordance with Section 2 above). Landlord shall have the right to reasonably approve of the Contractor and any subcontractors used in connection with the Tenant Alterations. Landlord hereby approves Novo Construction if such entity is selected by Tenant to be the Contractor.

 

3.2Provided no Event of Default on the part of Tenant then exists, Landlord agrees to contribute (i) the sum of up to $2,709,070.00 (representing $70.00 per rentable square foot of the Expansion Space) (the “Expansion Space Allowance”) toward the cost of performing the Tenant Alterations in preparation of Tenant’s occupancy of the Expansion Space; and (ii) the sum of up to $952,500.00 (representing $10.00 per rentable square foot of the Original Premises) toward the cost of performing the Tenant Alterations in the Original Premises and/or the Expansion Space (the “Refurbishment Allowance” and, together with the Expansion Space Allowance, the “Allowance”). In no event shall any portion of the Expansion Space Allowance be applied toward Tenant Alterations in the Original Premises. The Allowance may only be used for the cost of preparing design, permitting and construction documents, project management

 

{2119-01688/00771566;8}

 

B-2

 
 

 

fees and costs and mechanical and electrical plans for the Tenant Alterations and for hard costs in connection with the Tenant Alterations. Without limiting the generality of the foregoing, in no event shall Tenant use any portion of the Allowance in connection with a sublease of the Original Premises and/or the Expansion Space or an assignment of Tenant’s interest in the Lease (including, without limitation, for any improvements made to the Original Premises or the Expansion Space by or on behalf of Tenant in connection therewith). In the event that Tenant shall fail to use the entire Allowance (i.e., the entire Expansion Space Allowance and the entire Refurbishment Allowance) on or before June 30, 2020, such unused amount shall revert to Landlord and Tenant shall have no further rights with respect thereto.

 

3.3During the design and construction of the Tenant Alterations, Landlord shall make monthly disbursements of the Allowance as follows:

 

(a)Monthly Disbursements. Once each calendar month during the design and construction of the Tenant Alterations (a “Submittal Date”), Tenant may deliver to Landlord:

(i) a request for payment of the Contractor, approved by Tenant, on AIA forms G702 or G703 (or comparable forms reasonably approved by Landlord); (ii) invoices from Tenant’s suppliers or vendors (including Architect and Tenant’s project manager), for labor rendered and materials delivered to the Original Premises or the Expansion Space, as applicable; and (iii) executed conditional mechanic’s lien releases; provided, however, that with respect to fees and expenses of the Architect, or construction or project managers or other similar consultants who do not have legal right to file liens (collectively, the “Non Contribution Items”), Tenant shall only be required to deliver to Landlord on or before the applicable Submittal Date, an invoice of the cost for the applicable Non-Contribution Items and proof of payment. Within thirty (30) days thereafter, Landlord shall deliver a check to Tenant made in payment of the lesser of: (A) the amounts so requested by Tenant, less a ten percent (10%) retention (the aggregate amount of such retentions to be known as the “Final Retention”), and (B) the balance of any remaining available portion of the Allowance (not including the Final Retention), provided, however, that no such retention shall be applicable to the fees of the Architect, engineers, Tenant’s project manager and other similar consultants who do not have a legal right to file liens.

 

(b)Final Retention. A check for the Final Retention shall be delivered by Landlord to Tenant following the completion of construction of the Tenant Alterations, provided that (i) Tenant delivers to Landlord properly executed mechanics lien releases in compliance with both California Civil Code Section 8134 and either Section 8136 or Section 8138 from Contractor and Tenant’s subcontractors and material suppliers and any other party which has lien rights in connection with the construction of the Tenant Alterations and (ii) Architect delivers to Landlord a certificate, in a form reasonably acceptable to Landlord, certifying that the construction of the Tenant Alterations has been substantially completed. The Allowance shall be paid to Tenant.

 

(c)Notwithstanding anything herein to the contrary, Landlord shall not be obligated to disburse any portion of the Allowance during the continuance of an uncured Event of Default under the Lease, as amended, and Landlord’s obligation to disburse shall only resume when and if such Event of Default is cured. Tenant has elected to retain its own project manager

 

{2119-01688/00771566;8}

 

B-3

 
 

 

to oversee the construction of the Tenant Alterations, Landlord shall be entitled to deduct from the Allowance a construction management fee equal to one percent (1%) of the construction costs of the Tenant Alterations (however, such construction costs will not include costs incurred by Tenant for installation of cabling/wiring related, Tenant’s furniture, Tenant’s audio visual equipment costs and any costs related to the acquisition or installation of furniture).

 

(d)If Tenant does not submit a request for payment of the entire Allowance to Landlord in accordance with the provisions contained in this Exhibit B on or before June 30, 2020, which outside date will be extended on a day for day basis for each day the design and construction of the Tenant Alterations is delayed due to Landlord Delays or events of Force Majeure, any unused amount shall accrue to the sole benefit of Landlord, it being understood that Tenant shall not be entitled to any credit, abatement or other concession in connection therewith.

 

4.[Intentionally Omitted]

 

5.Changes in Work.

 

5.1Landlord shall not be required to undertake or make changes in the base Building shell and core (“Base, Shell and Core”) in connection with the Tenant Alterations. The “Base, Shell and Core” shall consist of the Building shell and exterior, the core area, including the necessary mechanical, electrical, sprinkler, plumbing, life safety, heating air conditioning, ventilation and structural systems within the Building core, stubbed out to the face of the core wall at locations determined by Landlord, finished core area toilet rooms including necessary plumbing fixtures, ceramic tile floors, accessories, ceilings and lighting, and those portions of the Original Premises or the Expansion Space, as applicable, which were in existence prior to the construction of the Tenant Alterations. Subject to the express terms and conditions of the Lease, Tenant shall accept the Base, Shell and Core in their present “as is” condition and with no representations or warranties as to their condition or suitability for Tenant’s purposes. To the extent the Base, Shell and Core must be changed or added to in order to accommodate the special needs of Tenant, such changes or additions shall be paid for by Tenant.

 

5.2Tenant shall have the right to request, in writing, changes to the Plans and Specifications and to the Tenant Alterations, subject to Landlord’s prior reasonable approval. Landlord shall, within five (5) business days of receipt of such request, either (i) approve the Tenant Change in writing, or (ii) disapprove the Tenant Change and deliver a notice to Tenant specifying in reasonably sufficient detail the reasons for Landlord’s disapproval.

 

6.Tenant’s Representative. Tenant has designated Jessie Ely (xxxxx@xxxxx.xxx) as its sole representative with respect to the matters set forth in this Work Letter, who shall have full authority and responsibility to act on behalf of the Tenant as required in this Work Letter.

 

7.Landlord’s Representative. Landlord has designated Michael Shum (xxxxx@xxxxx.xxx) as its sole representatives with respect to the matters set forth in this Work Letter, who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Work Letter.

 

{2119-01688/00771566;8}

 

B-4

 
 

 

 

8.ADA Restroom Work. In the event the Building restrooms currently existing in the Expansion Space are in violation of the ADA as the same is in effect, interpreted and enforced on the date of the Amendment (the “Restroom Violation”), Tenant shall be entitled to request an additional allowance of up to $91,000.00 per floor of the Expansion Space (the “ADA Restroom Allowance”) from Landlord to be used solely to correct any such Restroom Violations (the “ADA Restroom Work”). Tenant shall be entitled to apply no more than $91,000.00 of the ADA Restroom Allowance towards the cost of the ADA Restroom Work on each floor of the Expansion Space. In addition, Tenant shall be entitled to an additional allowance of up to

$21,000.00 per floor of the Expansion Space (the “Fountain Allowance” and, together with the ADA Restroom Allowance, the “Compliance Allowance”) to be used solely in connection with the installation of drinking fountains in the Expansion Space (the “Fountain Installation Work”). The ADA Restroom Allowance shall be allocable solely towards the costs and  expenses reasonably and actually incurred by Tenant for the ADA Restroom Work and the Fountain Allowance shall be allocable solely towards the costs and expenses reasonably and actually incurred by Tenant in connection with the Fountain Installation Work in the Expansion Space. In addition, Tenant shall be entitled to apply no more than $21,000.00 of the Fountain Allowance towards the cost of the Fountain Installation Work on each floor of the Expansion Space. The Compliance Allowance shall be disbursed in the same manner as the Allowance, subject to and in accordance with the terms and conditions of this Exhibit B applicable thereto. Notwithstanding the foregoing, the ADA Restroom Allowance shall in no event be applicable if and only to the extent that the Tenant Alterations modify or demolish or otherwise impact or affect the subject restrooms so that a portion of a Restroom Violation will be improved, altered or modified as a part of the Tenant Alterations. The terms and conditions of this Exhibit B as applicable to Tenant’s construction of the Tenant Alterations shall apply also to Tenant’s construction of the ADA Restroom Work and the Fountain Installation Work.

 

9.Landlord Delays.

 

(a)Landlord Delays. The Expansion Effective Date shall be extended by the number of days of delay of the Substantial Completion (as defined below) of the Tenant Alterations in the Expansion Space caused by a Landlord Delay. “Landlord Delay” shall mean actual delays in the Substantial Completion of the improvements within the Expansion Space which delays construction beyond the applicable construction period and which results from the active negligence or willful misconduct or materially unreasonable acts (when judged in accordance with industry custom and practices) of Landlord or Landlord’s agents, employees or contractors, including without limitation the failure of Landlord to timely approve or disapprove any Plans and Specifications in accordance with the terms and conditions of this Exhibit B.

 

(b)Determination of Delay. If Tenant contends that a Landlord Delay has occurred, Tenant shall notify Landlord in writing of the event which constitutes such Landlord Delay (“Delay Notice”). Tenant will additionally use reasonable efforts to mitigate the effects of any Landlord Delay through the re-sequencing or re-scheduling of work, if feasible, but this sentence will not be deemed to require Tenant to incur overtime or after-hours costs unless Landlord agrees in writing to bear such costs. If such actions, inaction or circumstance described

 

{2119-01688/00771566;8}

 

B-5

 
 

 

in the notice and Landlord Delay are not cured by Landlord within one (1) business day of Landlord’s receipt of the Delay Notice, then a Landlord Delay shall be deemed to have occurred commencing as of the date of Landlord’s receipt of the Delay Notice and ending as of the date such delay ends.

 

(c)Definition of Substantial Completion. For purposes of this Exhibit B, “Substantial Completion” of the Tenant Alterations shall mean completion of construction of the Tenant Alterations in the Original Premises or the Expansion Space, as applicable, pursuant to the approved Plans and Specifications, with the exception of any punch list items.

 

10.Additional Provisions. Except as otherwise expressly provided herein, nothing contained in this Exhibit B shall render Landlord liable for any damages or other claims by Tenant or be deemed a constructive eviction of Tenant of the Premises or entitle Tenant to any credit, abatement or adjustment of rent or other sums payable under the Lease, as amended. This Work Letter sets forth the entire agreement of Landlord and Tenant with respect to the completion of the Tenant Alterations. Neither this Work Letter nor any of the provisions contained in this Work Letter may be changed or waived, except by a written instrument signed by both parties.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

{2119-01688/00771566;8}

 

B-6EX-10.1

 Exhibit 10.1 
  

					
		  	February 1, 2018
		
	To:	  	 NetScout Systems, Inc.
 310
Littleton Road
 Westford, MA 01886

		  	Attention:	  	 Paul M. Canavan, CFA
 Sr. Director, Corporate
Finance

		  	Telephone:	  	(978) 614-4192
		  	Email:	  	Paul.Canavan@netscout.com
		
	From:	  	 JPMorgan Chase Bank, National Association

London Branch
 25 Bank Street

Canary Wharf
 London E14 5JP

England

		
	Re:	  	Issuer Forward Repurchase Transaction

 Ladies and Gentlemen: 

The purpose of this communication (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered
into between JPMorgan Chase Bank, National Association, London Branch (“Dealer”) and NetScout Systems, Inc. (“Counterparty”) on the Trade Date specified below (the “Transaction”). The terms of the
Transaction shall be set forth in this Confirmation. This Confirmation shall constitute a “Confirmation” as referred to in the ISDA Master Agreement specified below. 

1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (including the Annex thereto) (the
“2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each
case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity Definitions will govern. 

This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this
Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Dealer and Counterparty had executed an agreement in
such form (without any Schedule but with (i) the election that the “Cross Default” provisions of Section 5(a)(vi) shall apply to Dealer as if (x) the “Threshold Amount” with respect to Dealer were equal to 3% of
JPMorgan Chase & Co.’s shareholders’ equity as of the Trade Date (provided that (a) the phrase “, or becoming capable at such time of being declared,” shall be deleted from clause (1) of such
Section 5(a)(vi) of the Agreement, and (b) the following sentence shall be added to the end thereof: “Notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) above if (a) the event or
condition referred to in (1) or the failure to pay referred to in (2) is caused by an error or omission of an administrative or operational nature, (b) funds were available to Dealer to enable it to make the relevant payment when due,
and (c) such payment is made within three Local Business Days after notice of such failure is given by Counterparty.”) and (y) “Specified Indebtedness” had the meaning specified in Section 14 of the Agreement, except that
such term shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business; and (ii) the other elections set forth in this Confirmation. For the avoidance of doubt, the Transaction shall be
the only Transaction under the Agreement. 
 All provisions contained in, or incorporated by reference to, the Agreement will govern this
Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. The Transaction is a Share Forward Transaction within the
meaning set forth in the Equity Definitions. 

 2. The terms of the particular Transaction to which this Confirmation relates are as follows: 

General Terms: 
  

	 Trade Date: 
	As provided in Annex B to this Confirmation. 

  

	 Seller: 
	Dealer 

  

	 Buyer: 
	Counterparty 

  

	 Shares: 
	The common stock of Counterparty, par value USD 0.001 per share (Exchange Symbol: “NTCT”) 

  

	 Prepayment: 
	Applicable 

  

	 Prepayment Amount: 
	As provided in Annex B to this Confirmation. 

  

	 Prepayment Date: 
	As provided in Annex B to this Confirmation. 

  

	 Exchange: 
	NASDAQ Global Select Market 

  

	 Related Exchange(s): 
	All Exchanges 

  

	 Calculation Agent: 
	Dealer; provided that, notwithstanding anything to the contrary, all determinations, adjustments and calculations performed by Dealer in its capacity as Calculation Agent, as well as any determinations, adjustments or calculations by
Dealer in any other capacity, pursuant to this Confirmation, the Agreement and the Equity Definitions shall be made in good faith and in a commercially reasonable manner, including, without limitation, with respect to calculations, adjustments and
determinations that are made in its sole discretion or otherwise. In the event the Calculation Agent or Dealer makes any calculation, adjustment or determination pursuant to this Confirmation, the Agreement or the Equity Definitions, the Calculation
Agent or Dealer shall, within a commercially reasonable period of time, and in any event within five Local Business Days, notify Counterparty of such determination, adjustment or calculation and provide an explanation in reasonable detail of the
basis for any such determination, adjustment or calculation (including any quotations, market data or information from external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing
Calculation Agent’s or Dealer’s proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information); provided that following the occurrence of an Event of Default
pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the Defaulting Party, Counterparty shall have the right to designate a nationally recognized dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as
the Calculation Agent. 

  

	 	 The Calculation Agent shall use commercially reasonable efforts to make any adjustment required or, to the extent it makes any
such adjustment, permitted to be made to the terms of the Transaction as promptly as reasonably practicable following the occurrence of the event giving rise to any such adjustment, and the Calculation Agent shall use commercially reasonable efforts
to notify Counterparty of the event giving rise to such adjustment, the terms being adjusted and, for each term so adjusted, such term as so adjusted, in each case, as promptly as reasonably practicable after giving effect to such adjustment.

  
 2 

	 	 
Notwithstanding anything to the contrary in this Confirmation, the Calculation Agent shall not adjust the date of any Relevant Day to occur on a date which is not also Relevant Day.

 Valuation Terms: 
  

	 Relevant Day: 
	As provided in Annex B to this Confirmation; provided that, each Relevant Day for Dealer shall be every second Scheduled Trading Day after the last Scheduled Trading Day so listed, in each case, that occurs prior to the completion of all
payments and deliveries under the Transaction. 

  

	 Averaging Dates: 
	Each of the consecutive Relevant Days commencing on, and including, the Relevant Day immediately following the Trade Date and ending on, and including, the Final Averaging Date. 

 

	 Final Averaging Date: 
	The Scheduled Final Averaging Date; provided that, anything herein notwithstanding, Dealer shall have the right, in its sole and absolute discretion, at any time to accelerate the Final Averaging Date, in whole or in part, to any Relevant
Day that is on or after the Scheduled Earliest Acceleration Date by written notice to Counterparty no later than 8:00 P.M., New York City time, on the next Relevant Day immediately following the accelerated Final Averaging Date. 

 

	 	In the case of any acceleration of the Final Averaging Date in part (a “Partial Acceleration”), Dealer shall specify in its written notice to Counterparty accelerating the Final Averaging Date the
corresponding percentage of the Prepayment Amount that is subject to valuation on the related Valuation Date, and Calculation Agent shall adjust the terms of the Transaction as it deems appropriate, in a commercially reasonable manner, in order to
take into account the occurrence of such Partial Acceleration (including cumulative adjustments to take into account all Partial Accelerations that occur during the term of the Transaction). 

 

	 Scheduled Final Averaging Date: 
	As provided in Annex B to this Confirmation. 

  

	 Scheduled Earliest Acceleration Date: 
	As provided in Annex B to this Confirmation. 

  

	 Valuation Date: 
	The Final Averaging Date. 

  

	 Averaging Date Disruption: 
	 Modified Postponement, provided that notwithstanding anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on
any Averaging Date, the Calculation Agent shall, acting in good faith and commercially reasonable manner: (i) postpone the Scheduled Final Averaging Date to the next Relevant Day in accordance with Modified Postponement (as modified herein) or
(ii) determine that such Averaging Date is a Disrupted Day only in part, in which case the Calculation Agent shall (x) determine the VWAP Price in a commercially reasonable manner for such Disrupted Day based on Rule 10b-18 eligible transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market Disruption Event and (y) determine the Settlement Price based on an appropriately
weighted average instead of the arithmetic average described under “Settlement Price” below. In each such case, the Calculation Agent shall promptly notify Counterparty in writing of (A) circumstances giving rise to such Disrupted
Day, and 

  
 3 

	 	 
(B) any such weighting, extension or suspension as soon as reasonably practicable after the occurrence of such Disrupted Day. Any Exchange Business Day on which, as of the date hereof, the
Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day; if a closure of the Exchange prior to its normal close of trading on any Relevant Day is scheduled following the date hereof,
then such Relevant Day shall be deemed to be a Disrupted Day in full. 

  

	 Market Disruption Events: 
	Section 6.3(a) of the Equity Definitions is hereby amended (A) by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
Valuation Time or Knock-out Valuation Time, as the case may be” in clause (ii) thereof, and (B) by replacing the words “or (iii) an Early Closure.” therein with “(iii) an
Early Closure, or (iv) a Regulatory Disruption.” 

  

	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof. 

 

	 	Notwithstanding the foregoing, any Market Disruption Event that does not have a material impact on the ability of Dealer to transact in the Shares shall be deemed not to constitute a Market Disruption Event.

  

	 Regulatory Disruption: 
	In the event that Dealer concludes based on commercially reasonable means and upon the advice of counsel that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures for Dealer
(whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer and provided that such policies and procedures are related to legal and regulatory issues and are generally applicable
hereunder and in similar situations and applied to the Transaction in a non-discriminatory manner, and including, without limitation, Rule 10b-18, Rule 10b-5, Regulations 13D-G and Regulations 14D-E, each under the Exchange Act), to refrain from or decrease any market activity in
connection with the Transaction in order to maintain, establish or unwind a commercially reasonable hedge position. Dealer shall, no later than the close of business on any affected day, notify Counterparty as soon as reasonably practicable that a
Regulatory Disruption has occurred and the Averaging Dates affected by it. 

 Settlement Terms: 

 

	 Initial Share Delivery: 
	On the Initial Share Delivery Date, Dealer shall deliver to Counterparty the Initial Shares. 

  

	 Initial Share Delivery Date: 
	As provided in Annex B to this Confirmation. 

  

	 Initial Shares: 
	As provided in Annex B to this Confirmation. 

  

	 Settlement Date: 
	The Exchange Business Day that falls three Clearance System Business Days following the Valuation Date. 

  

	 Settlement: 
	On the Settlement Date, Dealer shall deliver to Counterparty the Number of Shares to be Delivered, if a positive number. If the Number of Shares to be Delivered is a negative number, the Counterparty Settlement Provisions in Annex A shall apply.

  
 4 

	 Number of Shares to be Delivered: 
	A number of Shares equal to (a) the Prepayment Amount divided by (b) (i) the Settlement Price minus (ii) the Discount; provided that the Number of Shares to be Delivered as so determined shall be reduced by the
number of Shares delivered on the Initial Share Delivery Date. 

  

	 Settlement Price: 
	The arithmetic average of the VWAP Prices for all Averaging Dates. 

  

	 VWAP Price: 
	For any Averaging Date, the Rule 10b-18 dollar volume weighted average price per Share for such day based on transactions executed during such day, as reported on Bloomberg screen “NTCT<Equity>
AQR SEC” (or any successor thereto) or, in the event such price is not so reported on such day for any reason or is manifestly incorrect, as reasonably determined by the Calculation Agent using a volume weighted method. 

 

	 Discount: 
	As provided in Annex B to this Confirmation. 

  

	 Excess Dividend Amount: 
	For the avoidance of doubt, all references to the Excess Dividend Amount in Section 9.2(a)(iii) of the Equity Definitions shall be deleted. 

  

	 Other Applicable Provisions: 
	To the extent either party is obligated to deliver Shares hereunder, the provisions of the last sentence of Section 9.2 and Sections 9.8, 9.9, 9.10, 9.11 (except that the Representation and Agreement contained in Section 9.11 of the
Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the Issuer of the
Shares) and 9.12 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction. 

 Dividends:

  

	 Dividend: 
	Any dividend or distribution on the Shares other than any dividend or distribution of the type described in Sections 11.2(e)(i), 11.2(e)(ii)(A) or 11.2(e)(ii)(B) of the Equity Definitions. 

Share Adjustments: 
  

	 Method of Adjustment: 
	Calculation Agent Adjustment; provided that the declaration or payment of Dividends shall not be a Potential Adjustment Event. 

  

	 	It shall constitute an additional Potential Adjustment Event if the Scheduled Final Averaging Date is postponed pursuant to “Averaging Date Disruption” above, in which case the Calculation Agent may, in its
commercially reasonable discretion, adjust any relevant terms of the Transaction as the Calculation Agent determines appropriate to account for the economic effect on the Transaction of such postponement. 

Extraordinary Events: 

Consequences of Merger Events: 
  

	 (a) Share-for-Share:

	Modified Calculation Agent Adjustment 

  

	 (b) Share-for-Other:

	Cancellation and Payment 

  

	 (c) Share-for-Combined:

	Component Adjustment 

  

	 Tender Offer: 
	Applicable; provided that the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions will be amended by replacing “10%” with “25%” in the third and fourth line thereof.

  
 5 

 Consequences of Tender Offers: 

 

	 (a) Share-for-Share:

	Modified Calculation Agent Adjustment 

  

	 (b) Share-for-Other:

	Modified Calculation Agent Adjustment 

  

	 (c) Share-for-Combined:

	Modified Calculation Agent Adjustment 

  

	 Composition of Combined Consideration: 
	Not Applicable 

  

	 Consequences of Announcement Events: 
	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, any adjustments for an Announcement Event shall be made solely pursuant to Section 9(a) below. 

 

	 Announcement Event: 
	The occurrence of an Announcement Date in respect of a potential Acquisition Transaction (as defined in Section 9 below). 

  

	 Announcement Date: 
	The date of the first public announcement in relation to an Acquisition Transaction, or any publicly announced change or amendment to the announcement giving rise to an Announcement Date. 

 

	 Provisions applicable to Merger Events and Tender Offers: 
	The consequences set forth opposite “Consequences of Merger Events” and “Consequences of Tender Offers” above shall apply regardless of whether a particular Merger Event or Tender Offer relates to an Announcement Date for
which an adjustment has been made pursuant to Consequences of Announcement Events, without duplication of any such adjustment. 

  

	 New Shares: 
	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) thereof shall be deleted in its entirety (including the word “and” following such clause (i)) and replaced with
“publicly quoted, traded or listed on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)”. 

 

	 Nationalization, Insolvency or Delisting: 
	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United
States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ
Global Market or The NASDAQ Global Select Market (or their respective successors); if the Shares are immediately re-listed, re-traded or
re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange. 

Additional Disruption Events: 
  

	 Change in Law: 
	Applicable 

  

	 Failure to Deliver: 
	Applicable 

  

	 Insolvency Filing: 
	Applicable 

  

	 Hedging Disruption: 
	Applicable 

  

	 Increased Cost of Hedging: 
	Applicable 

  
 6 

	 Loss of Stock Borrow: 
	Applicable 

  

	 Maximum Stock Loan Rate: 
	As provided in Annex B to this Confirmation. 

  

	 Increased Cost of Stock Borrow: 
	Applicable 

  

	 Initial Stock Loan Rate: 
	As provided in Annex B to this Confirmation. 

  

	 Hedging Party: 
	For all applicable Potential Adjustment Events and Extraordinary Events, Dealer 

  

	 Determining Party: 
	For all Extraordinary Events, Dealer 

  

	 Non-Reliance: 
	Applicable 

  

	 Agreements and Acknowledgments 
Regarding Hedging Activities: 
	Applicable 

  

	 Additional Acknowledgments: 
	Applicable 

 3. Account Details: 

(a) Account for payments to Counterparty: To be provided. 

(b) Account for delivery of Shares to Counterparty: To be provided. 

(c) Account for payments to Dealer: 

Bank:              JPMorgan Chase Bank, N.A. 

ABA#:            021000021 

Acct No.:        099997979 

Beneficiary:    JPMorgan Chase Bank, N.A. New York 

Ref:                 Derivatives 

(d) Account for delivery of Shares to Dealer: 

DTC 0352 
 4. Offices: 

(a) The Office of Counterparty for the Transaction is: Counterparty is not a Multibranch Party 

(b) The Office of Dealer for the Transaction is: London, England 

JPMorgan Chase Bank, National Association 

London Branch 
 25 Bank Street

 Canary Wharf 
 London E14 5JP

 England 
 5. Notices: For purposes of
this Confirmation: 
 (a) Address for notices or communications to Counterparty: 

NetScout Systems, Inc. 
 310
Littleton Road 
 Westford, MA 01886 

Attention:        Paul M. Canavan, CFA 

                        
Sr. Director, Corporate Finance 
 Telephone:      (978) 614-4192 

Email:             Paul.Canavan@netscout.com 

  
 7 

 with a copy to 

NetScout Systems, Inc. 
 310
Littleton Road 
 Westford, MA 01886 

Attention:        Anthony Piazza 

                        
Vice President, Finance and Real Estate 
 Telephone:      (978)
614-4286 

Email:             Anthony.piazza@netscout.com 

with a copy to 
 NetScout
Systems, Inc. 
 310 Littleton Road 

Westford, MA 01886 

Attention:        Scott G Hodgdon 

                        
Sr. Director, Corporate and Securities Counsel 
 Telephone:      (978)
614-4059 

Email:             scott.hodgdon@netscout.com 

(b) Address for notices or communications to Dealer: 

JPMorgan Chase Bank, National Association 

EDG Marketing Support 
 Email:
edg_notices@jpmorgan.com 
 edg_ny_corporate_sales_support@jpmorgan.com 

With a copy to: 

Attention:        Sanjeet S. Dewal 

Title:               Executive Director, Corporate Equity
Derivatives 
 Telephone:      (212) 622-8783 

Email:             sanjeet.s.dewal@jpmorgan.com 

6. Additional Provisions Relating to Transactions in the Shares. 

(a) Counterparty acknowledges and agrees that the Initial Shares delivered on the Initial Share Delivery Date may be sold short to
Counterparty. Counterparty further acknowledges and agrees that Dealer may, during (i) the period from the date hereof to the Valuation Date or, if later, the Scheduled Earliest Acceleration Date without regard to any adjustment thereof
pursuant to “Special Provisions regarding Transaction Announcements” below, and (ii) the period from and including the first Settlement Valuation Date to and including the last Settlement Valuation Date, if any (together, the
“Relevant Period”), purchase Shares in connection with the Transaction, which Shares may be used to cover all or a portion of such short sale or may be delivered to Counterparty. Such purchases will be conducted independently of
Counterparty. The timing of such purchases by Dealer, the number of Shares purchased by Dealer on any day, the price paid per Share pursuant to such purchases and the manner in which such purchases are made, including without limitation whether such
purchases are made on any securities exchange or privately, shall be within the absolute discretion of Dealer. It is the intent of the parties that the Transaction comply with the requirements of Rule
10b5-1(c)(1)(i)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the parties agree that this Confirmation shall be interpreted to comply with the requirements of
Rule 10b5-1(c), and Counterparty shall not take any action that results in the Transaction not so complying with such requirements. Without limiting the generality of the preceding sentence, Counterparty
acknowledges and agrees that (A) Counterparty does not have, and shall not attempt to exercise, any influence over how, when or whether Dealer effects any purchases of Shares in connection with the Transaction, (B) during the period
beginning on (but excluding) the date of this Confirmation and ending on (and 

  
 8 

 
including) the last day of the Relevant Period, neither Counterparty nor its officers or employees shall, directly or indirectly, communicate any information regarding Counterparty or the Shares
to any EDG Trading Personnel, as set forth on Annex C hereto, (C) Counterparty is entering into the Transaction in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation,
Rule 10b-5 promulgated under the Exchange Act and (D) Counterparty will not alter or deviate from this Confirmation or, except for the Other Transaction described below, enter into or alter a
corresponding hedging transaction with respect to the Shares. Counterparty also acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation must be effected in accordance with the requirements for the
amendment or termination of a “plan” as defined in Rule 10b5-1(c) under the Exchange Act. Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination
shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, and no such amendment, modification or waiver shall be made at any time at which
Counterparty or any officer or director of Counterparty is aware of any material nonpublic information regarding Counterparty or the Shares. 

(b) The Shares are not, and Counterparty will not cause the Shares to be, subject to a “restricted period” (as defined in Regulation
M promulgated under the Exchange Act) at any time during the Relevant Period, unless Counterparty has provided written notice to Dealer of such “restricted period” not later than the Scheduled Trading Day immediately preceding the
first day of such “restricted period”; Counterparty acknowledges that any such notice may cause a Regulatory Disruption to occur; accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set
forth in Section 6(a)(B) above. 
 (c) Counterparty shall, at least one day prior to the first day of the Relevant Period, notify
Dealer of the total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception
contained in Rule 10b-18(b)(4) by or for Counterparty or any of its affiliated purchasers during each of the four calendar weeks preceding the first day of the Relevant Period and during the calendar week in
which the first day of the Relevant Period occurs (“Rule 10b-18 purchase”, “blocks” and “affiliated purchaser” each being used as defined in Rule
10b-18). 
 (d) During the Relevant Period, Counterparty shall (i) notify Dealer prior to the
opening of trading in the Shares on any day on which Counterparty makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act of 1933, as amended (the “Securities Act”) of any merger,
acquisition, or similar transaction involving a recapitalization relating to Counterparty (other than any such transaction in which the consideration consists solely of cash and there is no valuation period), (ii) promptly notify Dealer following
any such announcement that such announcement has been made, and (iii) promptly deliver to Dealer following the making of any such announcement a certificate indicating (A) Counterparty’s average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during the three full calendar months preceding the date of the announcement of such transaction and (B) Counterparty’s
block purchases (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar months preceding the date of the
announcement of such transaction. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. Counterparty acknowledges that any such
public announcement may result in a Regulatory Disruption and may cause the Relevant Period to be suspended. Accordingly, Counterparty acknowledges that its actions in relation to any such announcement or transaction must comply with the standards
set forth in Section 6(a) above. 
 (e) Without the prior written consent of Dealer, Counterparty shall not, and shall cause its
affiliated purchasers (each as defined in Rule 10b-18) not to, directly or indirectly (including, without limitation, by means of a cash-settled or other derivative instrument) purchase, offer to purchase,
place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any
security convertible into or exchangeable for Shares during the Relevant Period; provided that, Counterparty may enter into an accelerated share repurchase transaction substantially similar to the Transaction with another dealer on the date
hereof (the “Other Transaction”) so long as no “Relevant Day” under the Other Transaction is a Relevant Day hereunder, provided that purchases made or deemed to be made by Counterparty from its employees, retirees
or directors in connection with any equity incentive or deferred compensation plan shall not be subject to this Section 6(e), so long as such purchases do not constitute “Rule 10b-18 purchases”
(as defined under Rule 10b-18(a)(13)). For the avoidance of doubt, nothing in this Section 6(e) shall preclude purchases of shares by an agent independent of the issuer (as defined in Rule 10b-18) pursuant to or in connection with any employee benefit or dividend plan. 

  
 9 

 7. Representations, Warranties and Agreements. 

(a) In addition to the representations, warranties and agreements in the Agreement and those contained elsewhere herein, Counterparty
represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 
 (i) As of the Trade Date, and as of
the date of any election by Counterparty of the Share Termination Alternative under (and as defined in) Section 10(a) below, (A) Counterparty is not aware of any material nonpublic information regarding Counterparty or the Shares and
(B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent
statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading. 
 (ii) Without limiting the generality of Section 13.1 of the
Equity Definitions, Counterparty acknowledges that Dealer is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC
Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts
in Entity’s Own Equity (or any successor issue statements) or under FASB’s Liabilities & Equity Project. 

(iii) Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 
 (iv)
Counterparty has publicly disclosed that its Board of Directors approved the institution of a program for the acquisition of Shares, including via accelerated stock buyback programs. 

(v) Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any
security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act, and will not
engage in any other securities or derivative transaction to such ends. 
 (vi) Counterparty is not, and after giving effect
to the transactions contemplated hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(vii) On the Trade Date, the Prepayment Date, the Initial Share Delivery Date and the Settlement Date, Counterparty is not, or
will not be, “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the Shares
hereunder in compliance with the corporate laws of the jurisdiction of its incorporation. 
 (viii) Counterparty shall not
declare or pay any Dividend (as defined above) to holders of record as of any date occurring prior to the Settlement Date or, if the provisions of Annex A apply, the Cash Settlement Payment Date. In the event that Counterparty declares or pays any
Dividend, Dealer may designate any Scheduled Trading Day that is a Relevant Day hereunder as an Early Termination Date with respect to the Transaction, and the Transaction shall be the sole Affected Transaction and Counterparty shall be the sole
Affected Party (any Early Termination Amount owed pursuant to this Section 7(a)(viii) will not take into account any cash Dividend declared or paid by the Counterparty). 

(ix) Counterparty understands no obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance and
that such obligations will not be guaranteed by any affiliate of Dealer or any governmental agency. 

  
 10 

 (x) Counterparty (A) is capable of evaluating investment risks
independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated
persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least USD 50,000,000 as of the date hereof. 

(xi) The assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income Security Act of
1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law. 
 (b) Each of Dealer and Counterparty agrees
and represents that it is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended. 

(c) Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities
Act, by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of
its investment, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the
distribution or resale thereof, and (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state
securities laws. 
 (d) Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap
participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge that it is the intent of the parties that (A) this
Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination
value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy Code and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code and a “payment or other
transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and (B) Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(o), 546(e), 546(g), 548(d)(2),
555, 560 and 561 of the Bankruptcy Code. 
 8. Agreements and Acknowledgements Regarding Hedging. 

Counterparty acknowledges and agrees that: 

(a) During the Relevant Period, Dealer and its Affiliates may buy or sell Shares or other securities or buy or sell options or futures
contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction; 
 (b)
Dealer and its Affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; 

(c) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty’s
securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Settlement Price and/or the VWAP Price; and 

(d) Any market activities of Dealer and its Affiliates with respect to Shares may affect the market price and volatility of Shares, as well as
the Settlement Price and/or the VWAP Price, each in a manner that may be adverse to Counterparty. 

  
 11 

 9. Special Provisions regarding Transaction Announcements. 

(a) If a Transaction Announcement occurs on or prior to the Settlement Date, then the Calculation Agent shall make such adjustments based on
commercially reasonable means to the Discount to account for the economic effect of the Transaction Announcement. If a Transaction Announcement occurs after the Trade Date but prior to the Scheduled Earliest Acceleration Date, the Scheduled Earliest
Acceleration Date shall be adjusted to be the date of such Transaction Announcement, provided that such day shall be a Relevant Day. 

(b) “Transaction Announcement” means (i) the announcement of an Acquisition Transaction, (ii) an announcement that
Counterparty or any of its subsidiaries has entered into an agreement, a letter of intent or an understanding to enter into an Acquisition Transaction, (iii) the announcement by Counterparty or any of its subsidiaries of an intention to solicit
or enter into, or to explore strategic alternatives or other similar undertaking that may include, an Acquisition Transaction, or (iv) any other announcement that in the reasonable judgment of the Calculation Agent is reasonably likely to be
completed and that, if completed, would result in an Acquisition Transaction. For the avoidance of doubt, announcements as used in this definition of Transaction Announcement refer to any public announcement whether made by the Counterparty, any of
its subsidiaries or a third party. 
 “Acquisition Transaction” means (i) any Merger Event (and for purposes of this
definition the definition of Merger Event shall be read with the references therein to “100%” being replaced by “25%” and to “50%” by “75%” and as if the clause beginning immediately following the definition
of Reverse Merger therein to the end of such definition were deleted) or Tender Offer, or any other transaction involving the merger of Counterparty with or into any third party, (ii) the sale or transfer of all or substantially all of the
assets of Counterparty, (iii) a recapitalization, reclassification, binding share exchange or other similar transaction, (iv) any acquisition, lease, exchange, transfer, disposition (including by way of
spin-off or distribution) of assets (including any capital stock or other ownership interests in subsidiaries) or other similar event by Counterparty or any of its subsidiaries where the aggregate
consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds 25% of the market capitalization of Counterparty and (v) any transaction in which Counterparty or its board of directors has a legal obligation to make a
recommendation to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the Exchange Act or otherwise). 

10. Other Provisions. 
 (a)
Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If either party would owe the other party any amount pursuant to Sections 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or pursuant to
Section 6(d)(ii) of the Agreement (a “Payment Obligation”), Counterparty shall have the right, in its sole discretion, to satisfy or to require Dealer to satisfy, as the case may be, any such Payment Obligation, in whole or in
part, by the Share Termination Alternative (as defined below) by giving irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 9:30 A.M. New York City time on the Merger Date, Tender Offer Date,
Announcement Date, Early Termination Date or date of cancellation or termination in respect of an Extraordinary Event, as applicable (“Notice of Share Termination”); provided that if Dealer would owe Counterparty the Payment
Obligation and Counterparty, in its sole discretion, does not elect to require Dealer to satisfy such Payment Obligation by the Share Termination Alternative in whole, Dealer shall have the right, in its good faith and commercially reasonable
discretion, to elect to satisfy any portion of such Payment Obligation that Counterparty has not so elected by the Share Termination Alternative, notwithstanding Counterparty’s failure to elect or election to the contrary; and provided
further in the event of (i) an Insolvency, a Nationalization, a Merger Event or a Tender Offer, in each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (ii) an Event of Default in
which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control, Dealer shall elect the
method of settlement for a Payment Obligation. Upon such Notice of Share Termination, the following provisions shall apply on the Relevant Day immediately following the Merger Date, Tender Offer Date, Announcement Date, Early Termination Date or
date of cancellation or termination in respect of an Extraordinary Event, as applicable, with respect to the Payment Obligation or such portion of the Payment Obligation for which the Share Termination Alternative has been elected (the
“Applicable Portion”): 
  

	 Share Termination Alternative: 
	 Applicable and means, if delivery pursuant to the Share Termination Alternative is owed by Dealer, that Dealer shall deliver to Counterparty the Share
Termination Delivery Property on the date on which the Payment Obligation would otherwise be 

  
 12 

	 	 
due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, or such later date as the Calculation Agent may reasonably determine
(the “Share Termination Payment Date”), in satisfaction of the Payment Obligation or the Applicable Portion, as the case may be. If delivery pursuant to the Share Termination Alternative is owed by Counterparty, paragraphs 2 through
5 of Annex A shall apply as if such delivery were a settlement of the Transaction to which Net Share Settlement (as defined in Annex A) applied, the Cash Settlement Payment Date were the Early Termination Date, the Forward Cash Settlement Amount
were zero (0) minus the Payment Obligation (or the Applicable Portion, as the case may be) owed by Counterparty, and “Shares” as used in Annex A were replaced by “Share Termination Delivery Units.”

  

	 Share Termination Delivery Property: 
	A number of Share Termination Delivery Units, as calculated by the Calculation Agent in a commercially reasonable manner, equal to the Payment Obligation (or the Applicable Portion, as the case may be) divided by the Share Termination Unit
Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate
the Share Termination Unit Price. 

  

	 Share Termination Unit Price: 
	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in good faith and by
commercially reasonable means and notified by the Calculation Agent to the parties at the time of notification of the Payment Obligation. 

  

	 Share Termination Delivery Unit: 
	In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization, Merger Event or Tender Offer, one Share or a unit consisting of the number or amount of
each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Insolvency, Nationalization, Merger Event or Tender Offer.
If such Insolvency, Nationalization, Merger Event or Tender Offer involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash. 

 

	 Failure to Deliver: 
	Applicable 

  

	 Other applicable provisions: 
	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.10, 9.11 (except that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any
representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws arising as a result of the fact that Counterparty is the issuer of the Shares or any portion of the Share Termination
Delivery Units) and 9.12 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction, except that all references to “Shares” shall be read as references to “Share Termination Delivery
Units”. 

 (b) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to
it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time
other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. 

  
 13 

 (c) No Security. The parties acknowledge that this Confirmation is not secured by any
collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 
 (d)
Reserved. 
 (e) Staggered Settlement. If Dealer would owe Counterparty any Shares pursuant to the “Settlement
Terms” above, Dealer may, by notice to Counterparty on or prior to the Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares deliverable on such Nominal Settlement Date on two or more dates (each, a
“Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows: (i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior
to such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver under “Settlement Terms” above among the Staggered Settlement Dates or delivery times; and (ii) the aggregate number of
Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. 

(f) Adjustments. For the avoidance of doubt, whenever the Calculation Agent or the Determining Party is called upon to make an
adjustment pursuant to the terms of this Confirmation or the Definitions, such adjustments shall be made in a commercially reasonable manner based on commercially reasonable inputs and, to the extent of any adjustments or amendments to the terms of
this Confirmation or the Transaction, the Confirmation and Transaction shall retain (i) contingencies to exercise that are not an observable market, other than the market for the Counterparty’s stock or an observable index, other than an
index calculated or measured solely by reference to the Counterparty’s own operations, (ii) the commercially reasonable nature of adjustments permitted to the Transaction (such as to consider changes in volatility, expected dividends,
stock price, strike price, stock loan rate or liquidity relevant to the Shares, other commercially reasonable option pricing inputs and the ability to maintain a commercially reasonable hedge position relating to the underlying shares) and
(iii) settlement in Shares as the default settlement method (subject to Counterparty’s ability to elect otherwise subject to certain conditions) pursuant to Section 10(a) above and Annex A below. 

(g) Transfer and Assignment. Dealer may transfer or assign its rights and obligations hereunder and under the Agreement, in whole or in
part, to any of its Affiliates, (i) whose senior unsecured credit rating at the time of any such transfer or assignment is greater than or equal to Dealer’s rating, or (ii) whose obligations under this Transaction are subject to a
guaranty by JPMorgan Chase & Co.; provided that such guaranty is reasonably acceptable to Counterparty, and provided further that Counterparty will not be required to pay or deliver more or receive less hereunder as a result
of such transfer or assignment by Dealer then in the absence of such transfer or assignment. 
 (h) Additional Termination Event. It
shall constitute an Additional Termination Event with respect to which the Transaction is the sole Affected Transaction and Counterparty is the sole Affected Party and Dealer shall be the party entitled to designate an Early Termination Date
pursuant to Section 6(b) of the Agreement if, at any time during the Relevant Period, the VWAP Price, as determined by the Calculation Agent, is at or below the Threshold Price (as provided in Annex B to this Confirmation) for three
(3) consecutive Exchange Business Days. 
 (i) Amendments to Equity Definitions. The following amendments shall be made to the
Equity Definitions: 
 (i) Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “diluting
or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “material effect on the relevant Transaction”; 

(ii) The first sentence of Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended
to read as follows: ‘(c) If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction or Share Forward Transaction, then following the announcement or occurrence
of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has a material economic effect on the Transaction and, if so, will (i) make appropriate adjustment(s), if any, to any one or more
of:’ and the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative” and replacing such words with the word “material” and deleting
the words “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words
“(and, for the avoidance of doubt, adjustments may be made to account solely for changes in volatility, stock loan rate or liquidity relative to the relevant Shares)”; 

  
 14 

 (iii) Section 11.2(e)(vii) of the Equity Definitions is hereby amended by
deleting the words “diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “material economic effect on the relevant Transaction”; 

(iv) Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth line thereof the word
“or” after the word “official” and inserting a comma therefor, and (2) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) at Dealer’s option,
the occurrence of any of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that issuer”; 

(v) Section 12.9(b)(iv) of the Equity Definitions is hereby amended by (A) deleting (1) subsection (A) in its
entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each case” in subsection (B); and (B) deleting the phrase “neither the Non-Hedging
Party nor the Lending Party lends Shares in the amount of the Hedging Shares or” in the penultimate sentence; and 

(vi) Section 12.9(b)(v) of the Equity Definitions is hereby amended by (A) adding the word “or” immediately
before subsection “(B)” and deleting the comma at the end of subsection (A); and (B)(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding subsection (C) and (3) replacing in
the penultimate sentence the words “either party” with “the Hedging Party” and (4) deleting clause (X) in the final sentence. 

(j) No Netting and Set-off. Each party waives any and all rights it may have to set off
obligations arising under the Agreement and the Transaction against other obligations between the parties, whether arising under any other agreement, applicable law or otherwise. 

(k) Termination Currency. The Termination Currency shall be USD. 

(l) Designation by Dealer. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to
purchase, sell, receive or deliver any Shares or other securities to or from Counterparty and Section 10(f) hereof, Dealer (the “Designator”) may designate any of its Affiliates (the “Designee”) to deliver or
take delivery, as the case may be, and otherwise perform its obligations to deliver, if any, or take delivery of, as the case may be, any such Shares or other securities in respect of the Transaction, and the Designee may assume such obligations, if
any. Such designation shall not relieve the Designator of any of its obligations, if any, hereunder. Notwithstanding the previous sentence, if the Designee shall have performed the obligations, if any, of the Designator hereunder, then the
Designator shall be discharged of its obligations, if any, to Counterparty to the extent of such performance. 
 (m) Wall Street
Transparency and Accountability Act of 2010. The parties hereby agree that none of (v) Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), (w) any similar legal certainty provision in
any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, (x) the enactment of WSTAA or any regulation under WSTAA, (y) any requirement under WSTAA nor (z) an amendment made by WSTAA, shall limit or
otherwise impair either party’s rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or
similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, Loss of Stock Borrow, Increased
Cost of Stock Borrow or Illegality). 
 (n) No Condition of Confidentiality. Effective from the date of commencement of discussions
concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any
kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

  
 15 

 (o) Tax Matters. 

(i) Withholding Tax Imposed on Payments to Non-US Counterparties Under the United States Foreign
Account Tax Compliance Act. “Tax” and “Indemnifiable Tax”, each as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471
through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Tax Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the
Tax Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Tax Code (a “FATCA Withholding
Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement. 

(ii) HIRE Act. “Tax” and “Indemnifiable Tax”, each as defined in Section 14 of the Agreement,
shall not include any tax imposed on payments treated as dividends from sources within the United States under Section 871(m) of the Tax Code or any regulations issued thereunder. 

(iii) Tax Documentation. Counterparty shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, (a) on or before the date of execution of this Confirmation and (b) promptly upon learning that any such tax form previously provided by Counterparty has become obsolete or
incorrect. Additionally, Counterparty shall, promptly upon request by Dealer, provide such other tax forms and documents requested by Dealer. 

(p) GOVERNING LAW. THIS CONFIRMATION AND THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO THE CHOICE OF LAW RULES THEREOF EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THE TRANSACTION, THIS CONFIRMATION AND THE AGREEMENT. 

(q) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE TRANSACTION, THIS CONFIRMATION AND THE AGREEMENT. 
 (r) Communications with
Employees of J.P. Morgan Securities LLC. If Counterparty interacts with any employee of J.P. Morgan Securities LLC with respect to any Transaction, Counterparty is hereby notified that such employee will act solely as an authorized
representative of Dealer (and not as a representative of J.P. Morgan Securities LLC) in connection with such Transaction. 
 [Signature
Page Follows] 

  
 16 

 Exhibit 10.1 

Please confirm your agreement to be bound by the terms stated herein by executing the copy of this Confirmation enclosed for that purpose and
returning it to us by email to the address for Notices indicated above. 
  

			
	Yours sincerely,
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

 
			
		
	By:	 	/s/ Sanjeet Dewal
	Name:	 	Sanjeet Dewal
	Title:	 	Executive Director, Corporate Equity Derivatives

  

			
	Confirmed as of the date first above written:
	
	NETSCOUT SYSTEMS, INC.

			
		
	By:	 	/s/ Jean Bua
	Name:	 	Jean Bua
	Title:	 	Executive Vice President & Chief Financial Officer

  
 [Signature
Page to the ASR Confirmation] 

 ANNEX A 

COUNTERPARTY SETTLEMENT PROVISIONS 

1. The following Counterparty Settlement Provisions shall apply to the extent indicated under the Confirmation: 

 

	 Settlement Currency: 
	USD 

  

	 Settlement Method Election: 
	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and (ii) the
Electing Party may make a settlement method election only if the Electing Party represents and warrants to Dealer in writing on the date it notifies Dealer of its election that, as of such date, (A) none of Counterparty and its officers and
directors is aware of any material nonpublic information regarding Counterparty or the Shares and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act when considered
as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. 

  

	 Electing Party: 
	Counterparty 

  

	 Settlement Method Election Date: 
	Any Exchange Business Days at least ten (10) Scheduled Trading Days prior to the Valuation Date; provided that if Dealer accelerates the Final Averaging Date pursuant to the proviso to the definition of Final Averaging Date, the
Settlement Method Election Date shall be the second Exchange Business Day immediately following the Valuation Date. 

  

	 Default Settlement Method: 
	Net Share Settlement 

  

	 Special Settlement: 
	Either (i) a settlement to which this Annex A applies that follows the occurrence of a Transaction Announcement to which Section 9 of this Confirmation applies or (ii) any settlement to which paragraphs 2 through 5 of this Annex A
apply that follows a termination or cancellation of the Transaction pursuant to Section 6 of the Agreement or Article 12 of the Equity Definitions to which Section 10(a) of this Confirmation applies. 

 

	 Forward Cash Settlement Amount: 
	The Number of Shares to be Delivered multiplied by the Settlement Valuation Price. 

  

	 Settlement Valuation Price: 
	The arithmetic average of the VWAP Prices for all Settlement Valuation Dates, subject to Averaging Date Disruption, determined as if each Settlement Valuation Date were an Averaging Date (with Averaging Date Disruption applying as if the last
Settlement Valuation Date were the Final Averaging Date and the Settlement Valuation Price were the Settlement Price). 

  

	 Settlement Valuation Dates: 
	A number of Relevant Days selected by Dealer in its reasonable discretion required in order to unwind a commercially reasonable hedge position in a commercially reasonable manner, beginning on the Relevant Day immediately following the later of
the Settlement Method Election Date and the Final Averaging Date. 

  
 A-1 

	 Cash Settlement: 
	If Cash Settlement is applicable, then Counterparty shall pay to Dealer the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date. 

 

	 Cash Settlement Payment Date: 
	The date one Settlement Cycle following the last Settlement Valuation Date. 

  

	 Net Share Settlement Procedures: 
	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 5 below. 

2. Net Share Settlement shall be made by delivery on the Settlement Date of a number of Shares equal to the product of a commercially
reasonable discount percentage determined by Dealer and the absolute value of the Number of Shares to be Delivered; provided that in the case of a Special Settlement, Net Share Settlement shall be made (i) by delivery on the Cash
Settlement Payment Date (such date, the “Net Share Settlement Date”) of a number of Shares (the “Restricted Payment Shares”) with a value equal to the absolute value of the Forward Cash Settlement Amount, with such
Shares’ value based on the realizable and commercially reasonable market value thereof to Dealer (which value shall take into account an illiquidity discount resulting from the fact that the Restricted Payment Shares will not be registered for
resale), as determined by the Calculation Agent in good faith (the “Restricted Share Value”), and paragraph 3 of this Annex A shall apply to such Restricted Payment Shares, and (ii) by delivery of the Make-Whole Payment Shares
as described in paragraph 4 below. 
 3. (a) All Restricted Payment Shares and Make-Whole Payment Shares shall be delivered to Dealer (or
any affiliate of Dealer designated by Dealer) pursuant to the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof. 

(b) As of or prior to the date of delivery, Dealer and any potential purchaser of any such Shares from Dealer (or any affiliate of Dealer
designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation with respect to Counterparty customary in scope for private placements of equity securities of similar size
for an issuance of its size (including, without limitation, the right to have made available to them for inspection all financial and other records, pertinent corporate documents and other information reasonably requested by them). 

(c) As of the date of delivery, Counterparty shall enter into an agreement (a “Private Placement Agreement”) with Dealer (or
any affiliate of Dealer designated by Dealer) in connection with the private placement of such Shares by Counterparty to Dealer (or any such affiliate) and the private resale of such Shares by Dealer (or any such affiliate), substantially similar to
private placement purchase agreements of similar size customary for private placements of equity securities for an issuance of its size, in form and substance commercially reasonably satisfactory to Dealer, which Private Placement Agreement shall
include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates, and
shall provide for the payment by Counterparty of all commercially reasonable fees and expenses in connection with such resale, including all commercially reasonable fees and expenses of counsel for Dealer, and shall contain representations,
warranties and agreements of Counterparty reasonably necessary or advisable to establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales. 

(d) Counterparty shall not take or cause to be taken any action that would make unavailable either (i) the exemption set forth in
Section 4(a)(2) of the Securities Act for the sale of any Restricted Payment Shares or Make-Whole Payment Shares by Counterparty to Dealer or (ii) an exemption from the registration requirements of the Securities Act reasonably acceptable
to Dealer for resales of Restricted Payment Shares and Make-Whole Payment Shares by Dealer (or an affiliate of Dealer). 
 4. If Restricted
Payment Shares are delivered in accordance with paragraph 3 above, on the last Settlement Valuation Date, a balance (the “Settlement Balance”) shall be established with an initial balance equal to the absolute value of the Forward
Cash Settlement Amount. Following the delivery of Restricted Payment Shares or any Make-Whole Payment Shares, Dealer shall sell all such Restricted Payment Shares or Make-Whole Payment Shares in a commercially reasonable manner over a commercially
reasonable period of time to unwind a commercially reasonable hedge position. 

  
 A-2 

 
At the end of each Exchange Business Day upon which sales have been made, the Settlement Balance shall be reduced by an amount equal to the aggregate proceeds received by Dealer or its affiliate
upon the sale of such Restricted Payment Shares or Make-Whole Payment Shares, less a customary and commercially reasonable private placement fee for private placements of common stock by similar issuers. If, on any Exchange Business Day, all
Restricted Payment Shares and Make-Whole Payment Shares have been sold and the Settlement Balance has not been reduced to zero, Counterparty shall (i) deliver to Dealer or as directed by Dealer one Settlement Cycle following such Exchange
Business Day an additional number of Shares (the “Make-Whole Payment Shares” and, together with the Restricted Payment Shares, the “Payment Shares”) equal to (x) the Settlement Balance as of such Exchange
Business Day divided by (y) the Restricted Share Value of the Make-Whole Payment Shares as of such Exchange Business Day or (ii) promptly deliver to Dealer cash in an amount equal to the then remaining Settlement Balance. This
provision shall be applied successively until either the Settlement Balance is reduced to zero or the aggregate number of Restricted Payment Shares and Make-Whole Payment Shares equals the Maximum Deliverable Number. If on any Exchange Business Day,
Restricted Payment Shares and Make-Whole Payment Shares remain unsold and the Settlement Balance has been reduced to zero, Dealer shall promptly return such unsold Restricted Payment Shares or Make-Whole Payment Shares. 

5. Notwithstanding the foregoing, in no event shall Counterparty be required to deliver more than the Maximum Deliverable Number of Shares
hereunder. “Maximum Deliverable Number” means the number of Shares set forth as such in Annex B to this Confirmation. Counterparty represents and warrants to Dealer (which representation and warranty shall be deemed to be repeated
on each day from the date hereof to the Settlement Date or, if Counterparty has elected to deliver any Payment Shares hereunder in connection with a Special Settlement, to the date on which resale of such Payment Shares is completed (the
“Final Resale Date”)) that the Maximum Deliverable Number is equal to or less than the number of authorized but unissued Shares of Counterparty that are not reserved for future issuance in connection with transactions in such Shares
(other than the transactions under this Confirmation) on the date of the determination of the Maximum Deliverable Number (such Shares, the “Available Shares”). In the event Counterparty shall not have delivered the full number of
Shares otherwise deliverable as a result of this paragraph 5 (the resulting deficit, the “Deficit Shares”), Counterparty shall be continually obligated to deliver, from time to time until the full number of Deficit Shares have been
delivered pursuant to this paragraph, Shares when, and to the extent that, (i) Shares are repurchased, acquired or otherwise received by Counterparty or any of its subsidiaries after the date hereof (whether or not in exchange for cash, fair
value or any other consideration), (ii) authorized and unissued Shares reserved for issuance in respect of other transactions prior to such date which prior to the relevant date become no longer so reserved or (iii) Counterparty additionally
authorizes any unissued Shares that are not reserved for other transactions. Counterparty shall promptly notify Dealer of the occurrence of any of the foregoing events (including the number of Shares subject to clause (i), (ii) or (iii) and the
corresponding number of Shares to be delivered) and promptly deliver such Shares thereafter. 

  
 A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]