Document:

Convertible Note

 

EXHIBIT 4.1

THE SHARES REPRESENTED BY THIS CONVERTIBLE NOTE HAVE NOT BEEN REGISTERED UNDER THE FEDERAL OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR HYPOTHECATED IN ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH LAWS AS MAY BE APPLICABLE OR, AN OPINION OF COUNSEL, SATISFACTORY TO ASPEN, THAT AN EXEMPTION FROM SUCH APPLICABLE LAWS EXIST.

CONVERTIBLE NOTE

		
	$2,000,000.00

	DECEMBER 1, 2017

FOR VALUE RECEIVED, Aspen Group, Inc., a Delaware corporation (“Aspen”), hereby promises to pay to the order of Educaciόn Significatίva, LLC, a Delaware limited liability company (the “Holder”) at 7675 Mission Valley Road, San Diego, CA 92108, or at such other office as the Holder designates in writing to Aspen, the principal sum of Two Million Dollars ($2,000,000) together with interest thereon computed at the annual rate of eight percent (8%) per annum. Unless earlier converted into shares of common stock, par value $0.001 per share, of Aspen (“Aspen Common Stock”), pursuant to the terms of this Convertible Note (this “Note”), One Million Dollars ($1,000,000) plus accrued and unpaid interest shall be due and payable on December 1, 2018 (“First Maturity Date”) and One Million Dollars ($1,000,000) plus accrued and unpaid interest shall be due and payable on December 1, 2019 (“Second Maturity Date”). While in default, this Note shall bear interest at the rate of eighteen percent (18%) per annum or such maximum rate of interest allowable under the laws of the State of Delaware. Payments shall be made in lawful money of the United States.

1.

Conversion to Aspen Common Stock. Subject to Section 3(c), in lieu of receiving payment in cash at the applicable maturity date, and with at least ten (10) days written notice by the Holder to Aspen prior to the First Maturity Date or the Second Maturity Date, as applicable (a “Conversion Notice” and the tenth (10th) day prior to such First Maturity Date or Second Maturity Date, as applicable, the “Conversion Date”), the Holder shall have the right: (a) on the First Maturity Date, to convert a portion of the principal amount of this Note equal to One Million Dollars ($1,000,000) plus accrued and unpaid interest into shares of Aspen Common Stock, and (b) on the Second Maturity Date, to convert a portion of the principal amount of this Note equal to One Million Dollars ($1,000,000) plus accrued and unpaid interest into shares of Aspen Common Stock. In each case, the number of shares of Aspen Common Stock issuable to the Holder upon such conversion shall be equal to (i) the portion of the aggregate principal amount of the Note, and accrued and unpaid interest thereon, so converted, divided by (ii) the volume weighted average price per share for Aspen Common Stock on the Trading Market (as defined below) for the ten (10) Trading Day (as defined below) period ending as of the end of the last Trading Day immediately prior to such First Maturity Date or Second Maturity Date, as applicable (the “Conversion Price”), rounded up to the nearest whole share. For purposes of the foregoing, “Trading Market” shall mean the Nasdaq Stock Market . (the “Nasdaq”) or, if the Nasdaq is not the principal trading market for such security, then 

 

the principal securities exchange or trading market where such security is listed or traded; provided, that if the Conversion Price cannot be calculated for the Aspen Common Stock on such date in the manner provided above, the Conversion Price shall be the fair market value as mutually determined by Aspen and the Holder; provided, further, that in no event shall the Conversion Price be less than $2.00 per share, subject to adjustment as provided in Section 3. “Trading Day” means any day on which the Aspen Common Stock is tradable for any period on the Nasdaq, or on the principal securities exchange or other securities market on which the Aspen Common Stock is then being traded.

2.

Method of Conversion. Subject to Section 1, this Note may be converted by the Holder by submitting to Aspen a Conversion Notice by e-mail or other reasonable means of communication dispatched prior to 5:00 p.m., New York, New York time on the Conversion Date. The Holder shall not be required to physically surrender this Note to Aspen unless the entire unpaid principal amount of this Note is so converted. The Holder and Aspen shall maintain records showing the principal amount so converted and the dates of such conversions so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records of Aspen shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders this Note to Aspen, whereupon Aspen will forthwith issue and deliver upon the order of the Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in the aggregate the remaining unpaid principal amount of this Note.

Upon receipt by Aspen from the Holder of an e-mail, or other reasonable means of communication of a Conversion Notice meeting the requirements for conversion, Aspen shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Aspen Common Stock issuable upon such conversion within five (5) business days after such receipt. Upon receipt by Aspen of a Conversion Notice, the Holder shall be deemed to be the holder of record of the Aspen Common Stock issuable upon such conversion, and the outstanding principal amount and the amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion. All rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Aspen Common Stock or other securities as herein provided on such conversion. In lieu of delivering physical certificates representing the Aspen Common Stock issuable upon conversion, provided Aspen is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Holder, Aspen shall use commercially reasonable efforts to cause its transfer agent to electronically transmit the Aspen Common Stock issuable upon conversion to the Holder by crediting the account of the Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system. Alternatively, if such shares of Aspen Common Stock are not eligible for deposit via the DWAC system, upon request of the Holder, Aspen shall use commercially reasonable efforts to cause its transfer agent to issue the Aspen Common Stock issuable upon conversion to the Holder in book-entry form.

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3.

Anti-Dilution Protection.

(a)

In the event, prior to the payment of this Note, Aspen shall issue any of its shares of Aspen Common Stock as a stock dividend or shall subdivide the number of outstanding shares of Aspen Common Stock into a greater number of shares, then, in either of such events, the shares obtainable pursuant to conversion of this Note shall be increased proportionately; and, conversely, in the event that Aspen shall reduce the number of outstanding shares of Aspen Common Stock by combining such shares into a smaller number of shares, then, in such event, the number of shares of Aspen Common Stock obtainable pursuant to the conversion of this Note shall be decreased proportionately. Any dividend paid or distributed upon Aspen Common Stock in shares of any other class of capital stock of Aspen or securities convertible into shares of Aspen Common Stock shall be treated as a dividend paid in Aspen Common Stock to the extent that the shares of Aspen Common Stock are issuable upon the conversion of the Note. In the event that Aspen shall pay a dividend consisting of the securities of any other entity or in cash or other property, upon conversion of this Note, the Holder shall receive the securities, cash, or property which the Holder would have been entitled to if the Holder had converted this Note immediately prior to the record date of such dividend.

(b)

In the event, prior to the payment of this Note, Aspen shall be recapitalized by reclassifying its outstanding Aspen Common Stock (other than into shares of common stock with a different par value, or by changing its outstanding shares of common stock to shares without par value), or in the event Aspen or a successor corporation, partnership, limited liability company or other entity (any of which is defined as a “Corporation”) shall consolidate or merge with or convey all or substantially all of its, or of any successor Corporation’s property and assets to any other Corporation or Corporations (any such other Corporation being included within the meaning of the term “successor Corporation” used in the context of any consolidation or merger of any other Corporation with, or the sale of all or substantially all of the property of any such other Corporation to, another Corporation or Corporations), or in the event of any other material change in the capital structure of Aspen or of any successor Corporation by reason of any reclassification, reorganization, recapitalization, consolidation, merger, conveyance or otherwise, then, as a condition of any such reclassification, reorganization, recapitalization, consolidation, merger or conveyance, a prompt, proportionate, equitable, lawful and adequate provision shall be made whereby the Holder of this Note shall thereafter have the right to receive, upon the basis and the terms and conditions specified in this Note, in lieu of the securities of Aspen theretofore issuable upon the conversion of this Note, such shares, securities or assets as may be issued or payable with respect to or in exchange for the number of securities of Aspen theretofore obtainable upon conversion of this Note as provided above had such reclassification, reorganization, recapitalization, consolidation, merger or conveyance not taken place; and in any such event, the rights of the Holder of this Note to any adjustment in the number of shares of Aspen Common Stock obtainable upon conversion of this Note, as provided, shall continue and be preserved in respect of any shares, securities or assets which the Holder becomes entitled to obtain. Notwithstanding anything herein to the contrary, this Section 3(b) shall not apply to a merger with a subsidiary provided Aspen is the continuing Corporation and provided further such merger does not result in any reclassification, capital reorganization or other change of the securities issuable under this Note. The foregoing provisions of this Section 3(b) shall apply to successive reclassification, capital reorganizations and changes of securities and to successive consolidation, mergers, sales or conveyances.

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(c)

In the event Aspen, at any time while this Note shall remain outstanding, shall sell all or substantially all of its assets, or dissolve, liquidate, or wind up its affairs, prompt, proportionate, equitable, lawful and adequate provision shall be made as part of the terms of any such sale, dissolution, liquidation, or winding up such that the Holder of this Note may thereafter receive, upon exercise hereof, in lieu of the securities of Aspen which it would have been entitled to receive, the same kind and amount of any shares, securities or assets as may be issuable, distributable or payable upon any such sale, dissolution, liquidation or winding up with respect to each share of Aspen Common Stock; provided, however, that in the event of any such sale, dissolution, liquidation or winding up, the right to convert this Note shall terminate on a date fixed by Aspen, such date so fixed to be not earlier than 6:00 p.m., New York time, on the 30th day after the date on which notice of such termination of the right to convert this Note has been given by mail to the Holder of this Note at such Holder’s address as it appears on the books of Aspen.

4.

Event of Default. The following shall constitute events of default (individually, an “Event of Default”):

(a)

Aspen shall default in the payment, when due or payable, of an obligation to pay interest or principal under this Note, which default is not cured by payment in full of the amount due within ten (10) days from the date such amount is due;

(b)

Aspen shall fail to comply in any way with any of the other terms, covenants or conditions contained in this Note, which default is not cured within ten (10) days from the date that the Holder notifies Aspen in writing of the occurrence of such default;

(c)

Aspen shall commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts, or seeking appointment of a receiver, custodian, trustee or other similar official for it or for all or any substantial part of its assets;

(d)

There shall be commenced against Aspen any case, proceeding or other action which results in the entry of an order for relief or any such adjudication or appointment remains undismissed, undischarged or unbonded for a period of thirty (30) days;

(e)

There shall be commenced against Aspen, any case proceeding or other action seeking issuance of a warrant of attachment, execution, restraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within ten (10) days from the entry thereof;

(f)

Aspen shall make an assignment for the benefit of creditors;

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(g)

Aspen shall be unable to, or shall admit in writing the inability to, pay its debts as they become due; or

(h)

Aspen shall take any action indicating its consent to, approval of, or acquiescence in, or in furtherance of, any of the foregoing;

then, upon, or any time thereafter during the continuance of, any such Event of Default, the Holder may declare the entire unpaid balance of this Note then outstanding, together with accrued interest thereon, if any, to be immediately due and payable.

5.

No Prepayment. This Note may not be prepaid, in whole or in part, without the prior written consent of the Holder.

6.

Miscellaneous.

(a)

All makers and endorsers now or hereafter becoming parties hereto jointly and severally waive demand, presentment, notice of non-payment and protest.

(b)

This Note may not be changed or terminated orally, but only with an agreement in writing, signed by the parties against whom enforcement of any waiver, change, modification, or discharge is sought with such agreement being effective and binding only upon attachment hereto.

(c)

This Note and the rights and obligations of the Holder and of the undersigned shall be governed and construed in accordance with the laws of the State of Delaware.

(d)

Any suit, action or proceeding brought by the Holder to enforce this Note shall be brought in the courts of New York State sitting in the Borough of Manhattan, New York County, or in federal District Court for the Southern District of New York, and, for all purposes of any such action, suit or proceeding, Aspen hereby irrevocably submits to the exclusive jurisdiction of such courts, and waives any objection to such choice of venue based on forum non conveniens or any other legal or equitable doctrine.

(e)

All notices, offers, acceptance and any other acts under this Note (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by Federal Express or similar overnight next business day delivery, or by email delivery followed by overnight next business day delivery, as follows:

If to the Company:

Aspen Group, Inc.

276 Fifth Avenue, Suite 306A

NY, NY 10001  

E-mail: michael.mathews@aspen.edu

Attention: Michael D. Matthews, CEO

or to such other address as it, by notice to the Holder may designate from time to time.

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(f)

Subject to compliance with the Securities Act of 1933 and applicable state securities laws, the Holder may transfer this Note and the underlying Aspen Common Stock.

(g)

This Note is subject to that certain Asset Purchase Agreement, dated as of May 13, 2017 (as the same may be amended from time to time, the “Agreement”), and, solely to the extent provided in Section 8.06(c) of the Agreement, Aspen may set off any amounts due Aspen pursuant to Article VIII of the Agreement against sums due under this Note.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, Aspen has caused this Note to be executed as of the date aforesaid.

			
	 
	By: 

	 

	 
	 
	Michael D. Mathews, Chief Executive Officer

7EX-10.1

 Exhibit 10.1 

REFINANCING AGREEMENT AND FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of
November 27, 2017 (the “Refinancing Amendment Closing Date”), among Expo Event Midco, Inc., a Delaware corporation (“Holdings”), Emerald Expositions Holding, Inc., a Delaware corporation (the “Initial
Borrower”), the Co-Borrowers from time to time party to the Credit Agreement referred to below (the “Co-Borrowers” and, together with the
Initial Borrower, each a “Borrower” and, collectively, the “Borrowers”), Bank of America, N.A., as Administrative Agent for the Lenders and Collateral Agent for the Secured Parties (in such capacities, the
“Administrative Agent”) and as Refinancing Lender (the “Refinancing Lender”), and, for purposes of Section 10 hereof, each Guarantor party hereto. 

WHEREAS, reference is hereby made to the Amended and Restated Credit Agreement, dated as of May 22, 2017, among Holdings, the Borrowers,
the Subsidiary Guarantors party thereto, the Lenders party thereto, the Issuing Lenders from time to time party thereto and the Administrative Agent (as amended, supplemented, amended and restated or otherwise modified from time to time prior to the
date hereof, the “Existing Credit Agreement” and, as amended by this Amendment, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the Existing
Credit Agreement or the Credit Agreement, as the context may require); 
 WHEREAS, the Borrowers have requested that, in accordance with
Section 2.25 of the Existing Credit Agreement, the Existing Credit Agreement be amended to, among other things (a) refinance in full all Initial Term Loans outstanding immediately prior to the effectiveness of this
Amendment (the “Existing Term Loans”) with the Refinancing Term Loans (as defined below) and (b) make certain other changes as more fully set forth below; 

WHEREAS, subject to the terms and conditions of the Existing Credit Agreement, and pursuant to Section 2.25 thereof,
and except as expressly otherwise set forth herein, immediately after giving effect to this Amendment, the Refinancing Term Loans shall have the same terms as the Initial Term Loans, and the Refinancing Term Loans shall be “Term Loans” for
all purposes of and under the Credit Agreement; 
 WHEREAS, to accomplish the foregoing, the Borrowers, the Administrative Agent and the
Refinancing Lender are willing to amend the Existing Credit Agreement as set forth herein; and 
 WHEREAS, the amendments to the Existing
Credit Agreement set forth herein are each subject to the satisfaction of the conditions precedent to effectiveness referred to herein and shall become effective as provided herein. 

 NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.    Refinancing Term Loans. 

(a)    Terms. Except as set forth in Section 2 herein, the Refinancing Term Loans shall
have the same terms as the Initial Term Loans. 
 (b)    Certain Agreements and Consents. 

(i)    The parties hereto hereby agree that, for all purposes under the Credit Agreement and the other Loan
Documents, (A) the Refinancing Term Loans will constitute Loans and Term Loans and (B) the Refinancing Lender will be a Lender and a Term Lender. 

(ii)    Each of the Borrowers and the other Loan Parties hereby consents to the provisions of this
Section 1, including without limitation Section 1(b)(iii) below. 

(iii)    For the purposes of Section 11.6 of the Credit Agreement, the Borrower
Representative consents hereby to the assignment by the Refinancing Lender of its Refinancing Term Loans to each assignee that has been disclosed by the Refinancing Lender to, and agreed by, the Borrower Representative on or prior to the Refinancing
Amendment Closing Date. 
 Section 2.    Amendments. 

Each of the following amendments, which are made pursuant to Section 11.1 of the Existing Credit Agreement, are
necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effectuate the provisions set forth in Section 2.25 of the Existing Credit Agreement. 

(a)    Amendment to Schedule 1.1. The Term Commitments table in
Schedule 1.1 of the Existing Credit Agreement is hereby amended by deleting the Term Commitments table therein in its entirety and replacing it with the Term Commitments table attached to Annex A hereto. 

(b)    Amendments to Section 1.1: Definitions. 

(i)    Section 1.1 of the Existing Credit Agreement is hereby amended by adding
the following definitions in proper alphabetical sequence: 
 “Benefit Plan”: any of (a) an
“employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA
Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“Engagement Letter of November 2017”: the engagement letter, dated as of November 27, 2017, among the
Joint Lead Arrangers, the Initial Borrower and the other parties thereto, as amended, supplemented, amended and restated or otherwise modified from time to time. 

  
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 “First Amendment”: the Refinancing Agreement and First
Amendment to Amended and Restated Credit Agreement, dated as of November 27, 2017, by and among the Loan Parties, the Refinancing Lender and the Administrative Agent. 

“PTE”: a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption
may be amended from time to time. 
 “Refinancing Amendment Closing Date”: November 27, 2017, which is
the date on which each of the conditions set forth in Section 4 of the First Amendment has been satisfied and the Refinancing Term Loans have been funded by the Refinancing Lender. 

“Refinancing Lender”: Bank of America, N.A. 

“Refinancing Term Loans”: the loans made pursuant to the First Amendment. 

“Refinancing Term Loan Commitments”: as defined in the definition of “Term Commitment.” 

(ii)     Section 1.1 of the Existing Credit Agreement is hereby amended by
deleting the definitions set forth below in their entirety and replacing them with the following:  

“Loan Documents”: this Agreement, the First Amendment, any Intercreditor Agreement, the Notes, the Security
Documents, a Refinancing Amendment, if any, an Incremental Amendment, if any, a Co-Borrower Joinder, if any, and a Loan Modification Agreement, if any. 

“Term Commitment”: as to any Lender, (i) the obligation of such Lender, if any, to make a Term Loan to
any Borrower in a principal amount not to exceed the amount set forth under the heading “Refinancing Term Loan Commitments” opposite such Lender’s name on Schedule 1.1 (its “Refinancing Term Loan
Commitments”), (ii) the Incremental Term Commitments, if any, issued after the Refinancing Amendment Closing Date pursuant to Section 2.24 or (iii) Other Term Commitments, if any, issued after the Refinancing
Amendment Closing Date pursuant to a Refinancing Amendment entered into pursuant to Section 2.25. The aggregate amount of the Refinancing Term Loan Commitments is $563,587,500.00. 

“Term Loan”: an Initial Term Loan, an Other Term Loan or an Incremental Term Loan, as the context requires
(and, in each case, including an extension thereof), including for the avoidance of doubt, the Refinancing Term Loans. 

  
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 (iii)    Section 1.1 of the
Existing Credit Agreement is hereby amended by deleting clause (b) of the definition of “Applicable Margin” in its entirety and replacing it with the following: 

(b)    any Refinancing Term Loan, (i) initially, 2.75% per annum in the case of Eurodollar Loans and 1.75% per annum
in the case of ABR Loans and (ii) from and after the first Business Day immediately following the delivery to the Administrative Agent of a Compliance Certificate (pursuant to Section 6.2(c)), commencing with the first
full fiscal quarter of the Initial Borrower ending after the Refinancing Amendment Closing Date, wherein the Total First Lien Net Leverage Ratio is (A) greater than 2.75 to 1.00, 2.75% per annum in the case of Eurodollar Loans and 1.75% per
annum in the case of ABR Loans and (B) less than or equal to 2.75 to 1.00, 2.50% per annum in the case of Eurodollar Loans and 1.50% per annum in the case of ABR Loans; 

(iv)    Section 1.1 of the Existing Credit Agreement is hereby amended by replacing the reference to
“Initial Term Loans” with “Refinancing Term Loans” in the definition of “Repricing Transaction”. 

(c)    Amendment to Section 2.1. Section 2.1 of the Existing Credit
Agreement is hereby amended by adding at the end thereof the following sentence: 
 Subject to the terms and conditions
hereof and of the First Amendment, the Refinancing Lender agrees to make a single Refinancing Term Loan to the Borrowers on the Refinancing Amendment Closing Date in Dollars and in an amount not to exceed the amount of the Refinancing Term Loan
Commitment of such Lender on the Refinancing Amendment Closing Date. To the extent the Refinancing Term Loans shall not have been funded as of such time, the Refinancing Term Loan Commitments shall automatically terminate at 5:00 P.M., New York City
time, on the Refinancing Amendment Closing Date. 
 (d)    [Reserved]. 

(e)    Amendment to Section 2.10(b). Section 2.10(b) of the Existing
Credit Agreement is hereby amended by replacing (i) the reference to “Effective Date” with “Refinancing Amendment Closing Date” and (ii) the references to “Initial Term Loans” with “Refinancing Term
Loans”. 
 (f)    Amendment to Section 2.19. Section 2.19 of
the Existing Credit Agreement is hereby amended by adding at the end thereof the following sentence: 
 (j) For purposes of determining
withholding Taxes imposed under FATCA, the Initial Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered
obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

  
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 (g)    Amendment to Section 2.24(a)(viii).
Section 2.24(a)(viii) of the Existing Credit Agreement is hereby amended by replacing the references to “Initial Term Loans” with “Refinancing Term Loans”. 

(h)    Amendment to Section 4.11. Section 4.11 of the Existing Credit
Agreement is hereby amended by replacing it in its entirety with the following: 
 (a) Except as would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, (a) neither a Reportable Event nor a failure to meet the minimum funding standards of Section 412 or 430 of the Code or Section 302 or 303 of ERISA has occurred during the
five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, (b) each Plan has been operated and maintained in compliance in all respects with applicable Law, including the applicable
provisions of ERISA and the Code, and the governing documents for such Plan, (c) no termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period, (d) the present
value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value
of the assets of such Plan allocable to such accrued benefits by a material amount, (e) neither the Initial Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has resulted or
could reasonably be expected to result in a material liability under ERISA which remains unsatisfied and (f) no such Multiemployer Plan is Insolvent. 

(b) As of the Refinancing Amendment Closing Date and throughout the term of this Agreement, at least one of the following is and will be true
with respect to the Borrowers: 
 (i) the Borrowers are not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for
certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank
collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to the

  
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Borrowers’ entering into and performance of this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and
thereunder, or 
 (iii) (A) the Borrowers are an investment fund managed by a “Qualified Professional Asset Manager” (within
the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Borrowers to enter into and perform this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the
Commitments and each action or obligation hereunder and thereunder, (C) the entering into and performance of this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder
and thereunder, each satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of the Borrowers, the
requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to the Borrowers’ entering into and performance of this Agreement, the other Loan Documents, the Loans, the
Letters of Credit or the Commitments and each action or obligation hereunder and thereunder, or 
 (iv) such other representation, warranty
and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and the Borrowers.  

(c) In addition, unless sub-clause (i) in the immediately preceding clause (b) is true with
respect to the Borrowers or the Borrowers have not provided another representation, warranty and covenant as described in sub-clause (iv) in the immediately preceding clause (b), the Borrowers further
represent and warrant, as of the Refinancing Amendment Closing Date and throughout the term of this Agreement, that: 
 (i) none of the
Administrative Agent, any Lender, any Joint Lead Arranger or any Affiliate of the foregoing is a fiduciary with respect to the assets of the Borrowers (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), 
 (ii) the Person making the investment
decision on behalf of the Borrowers with respect to the entrance into and performance of this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder is
independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total
assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), 

  
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 (iii) the Person making the investment decision on behalf of the Borrowers with respect to the
entrance into and performance of this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder is capable of evaluating investment risks independently, both in
general and with regard to particular transactions and investment strategies (including in respect of the Obligations), 
 (iv) the Person
making the investment decision on behalf of the Borrowers with respect to the entrance into and performance of this Agreement, any documents related to this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and
each action or obligation hereunder and thereunder is a fiduciary under ERISA or the Code, or both, with respect to this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder
and thereunder, and 
 (v) no fee or other compensation is being paid directly to the to the Administrative Agent, any Joint Lead Arranger
or any Lender or any Affiliates of the foregoing for investment advice (as opposed to other services) in connection with the transactions contemplated hereby or by any Loan Document. 

(c) The Administrative Agent, each Joint Lead Arranger and each Lender hereby inform the Borrowers that such Person is not undertaking to
provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person or an Affiliate has a financial interest in the transactions contemplated hereby in that
such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit or the Commitments, (ii) may recognize a gain if it purchased the Loans, the Letters of Credit or the
Commitments for an amount less than the par amount thereof or sells the Loans, the Letters of Credit or the Commitments for an amount in excess of what it paid therefor or extended to the Borrowers hereunder and/or (iii) may receive fees or
other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees,
administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees,
breakage or other early termination fees or fees similar to the foregoing. 

  
 7 

 (i)    Amendment to Section 6.14.
Section 6.14 of the Existing Credit Agreement is hereby amended by adding, immediately following the third sentence, the following: 

The proceeds of the Refinancing Term Loans made on the Refinancing Amendment Closing Date shall be used solely to refinance the
Initial Term Loans outstanding on the Refinancing Amendment Closing Date and to pay costs and expenses in connection therewith. 

(j)    Amendment to Section 10. Section 10 of the Existing Credit
Agreement is hereby amended by adding at the end thereof the following Section 10.14: 

Section 10.14. Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and each Joint Lead
Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true: 

(i)    such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

(ii)    the transaction exemption set forth in one or more PTEs, such as PTE
84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii)    (A) such Lender is an investment fund managed by a “Qualified Professional Asset
Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the
requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of
Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
or 

  
 8 

 (iv)    such other representation, warranty and covenant as
may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b)    In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that: 

(i)    none of the Administrative Agent or any Joint Lead Arranger or any of their respective Affiliates is
a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), 

(ii)    the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank,
an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E), 
 (iii)    the Person making the
investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks
independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations), 

(iv)    the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and
this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v)    no fee or other compensation is being paid directly to the Administrative Agent or any Joint Lead
Arranger or any of their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement. 

  
 9 

 (c)    The Administrative Agent and each Joint Lead Arranger
hereby inform the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial
interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may
recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or
other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees,
administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees,
breakage or other early termination fees or fees similar to the foregoing. 
 (k)    Amendment to
Section 11.12. Section 11.12 of the Existing Credit Agreement is hereby amended by adding after the term “Engagement Letter” the following reference: “, the Engagement Letter of
November 2017”. 
 Section 3.    Representations and Warranties. Each of
the Loan Parties (in the case of Holdings, only in respect of itself to the extent set forth in this Section 3) represent and warrant to the Administrative Agent and the Lenders (including the Refinancing Lender) as of the
Refinancing Amendment Closing Date that:  
 (a)    all
representations and warranties of the Borrowers and each other Loan Party contained in Section 4 of the Existing Credit Agreement and the Credit Agreement and in any other Loan Document are true and correct in all material
respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Refinancing Amendment Closing Date immediately before (in the case of the Existing Credit Agreement) and immediately after (in
the case of the Credit Agreement) giving effect thereto, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if
any such representation or warranty is already qualified by materiality) as of such earlier date; and 
 (b)    no
Default or Event of Default exists or has occurred and is continuing on and as of the Refinancing Amendment Closing Date immediately before (in the case of the Existing Credit Agreement) and immediately after (in the case of the Credit Agreement)
giving effect to the funding of the Refinancing Term Loans. 

  
 10 

 Section 4.    Conditions to effectiveness of
this Amendment. The obligations of the Refinancing Lender to make the Refinancing Term Loans on the Refinancing Amendment Closing Date shall be subject to the satisfaction of the following conditions precedent: 

(i)    Loan Documents. The Administrative Agent shall have received the following: 

(1)    Counterparts of this Amendment that, when taken together, bear the signatures of (A) Holdings,
(B) the Borrowers, (C) each Guarantor and (D) the Refinancing Lender. 
 (2)    A Borrowing
Request, executed and delivered by the Borrowers with respect to the Refinancing Term Loans to be funded or deemed funded on the Refinancing Amendment Closing Date, duly executed and delivered by the Borrowers, prior to (x) 1:00 P.M., New York City
time, on the anticipated Refinancing Amendment Closing Date, in the case of ABR Loans, and (y) 2:00 P.M., New York City time, one Business Day prior to the Refinancing Amendment Closing Date, in the case of Eurodollar Loans. 

(ii)    Fees and Expenses. The Refinancing Lender and Bank of America, N.A., in its capacity as lead arranger (the
“Repricing Lead Arranger”) (and their respective affiliates), and the Administrative Agent shall have received all fees required to be paid on or prior to the Refinancing Amendment Closing Date. All expenses of the Repricing Lead
Arranger (and its affiliates) and the Administrative Agent, for which reasonably detailed invoices have been presented (including the reasonable fees and expenses of legal counsel to the Administrative Agent) to the Initial Borrower at least three
(3) Business Days prior to the Refinancing Amendment Closing Date, shall have been paid. 
 (iii)    Closing
Certificate; Certified Certificate of Incorporation or Formation; Good Standing Certificates. The Administrative Agent shall have received (i) a certificate of each Loan Party, dated as of the Refinancing Amendment Closing Date, in form and
substance reasonably acceptable to the Administrative Agent, with appropriate insertions and attachments, including certified organizational authorizations, incumbency certifications, the certificate of incorporation or other similar Organizational
Document of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and bylaws or other similar Organizational Document of each Loan Party certified by a Responsible Officer as being in full force
and effect on the Refinancing Amendment Closing Date (or, in the case of each Subsidiary Guarantor which became a party to the Credit Agreement prior to the Refinancing Amendment Closing Date, a certificate certifying that the Organizational
Documents of such Subsidiary Guarantor remain in full force and effect and have not been amended, supplemented or otherwise modified since the date such documents have most recently been delivered to the Administrative Agent) and (ii) a good
standing certificate for each Borrower and for each Loan Party organized in the state of Delaware. 
 (iv)    Legal
Opinion. The Administrative Agent shall have received the executed legal opinion of Fried, Frank, Harris, Shriver & Jacobson, LLP, special counsel to the Loan Parties, which shall be in form and substance reasonably satisfactory to the
Administrative Agent. 
 (v)    Solvency Certificate. The Administrative Agent shall have received a Solvency
Certificate, which demonstrates that, as of the Refinancing Amendment Closing Date, immediately after the Refinancing Amendment Closing Date and immediately following the funding of the Refinancing Term Loans and after giving effect to the
application of the proceeds of the Refinancing Term Loan, Holdings and its Subsidiaries on a consolidated basis, are and will continue to be, Solvent. 

  
 11 

 (vi)    No Default or Event of Default. At the time of and immediately
after the Refinancing Amendment Closing Date and the funding of the Refinancing Term Loans, no Default or Event of Default shall have occurred and be continuing. 

(vii)    Representations and Warranties. The representations and warranties set forth in
Section 3 of this Amendment shall be true and correct in all material respects on the Refinancing Amendment Closing Date with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date. 

(viii)    Compliance with Section 2.25. The incurrence of the Refinancing Term Loans on the
Refinancing Amendment Closing Date shall comply with the requirements of Section 2.25 of the Credit Agreement. 

Section 5.    Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile transmission or by email in Adobe “.pdf” format shall be effective as delivery of a manually executed counterpart hereof. 

Section 6.    Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 Section 7.    Waivers Of Jury Trial. EACH OF
HOLDINGS, THE BORROWERS, THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE REFINANCING LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT AND FOR
ANY COUNTERCLAIM THEREIN. 
 Section 8.    Headings. The headings of this
Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 9.    Effect of this Amendment. Except as expressly set forth herein, this
Amendment shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other provision of the Existing Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. As of the Refinancing Amendment Closing Date, each reference in the Existing Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Existing Credit Agreement (including, without limitation, by

  
 12 

 
means of words like “thereunder,” “thereof” and words of like import), shall mean and be a reference to the Credit Agreement, and this Amendment and the Existing
Credit Agreement shall be read together and construed as a single instrument. This Amendment shall constitute a Loan Document. 

Section 10.    Acknowledgement and Affirmation. Each Loan Party party hereto
hereby expressly acknowledges that (i) all of its obligations under the Guarantee, the Security Documents and the other Loan Documents to which it is a party are hereby reaffirmed and remain in full force and effect on a continuous basis,
(ii) its grant of security interests pursuant to the Security Documents is hereby reaffirmed and remains in full force and effect after giving effect to this Amendment, (iii) the Obligations include, among other things and without
limitation, the due and punctual payment of principal of, interest on, and premium (if any) on, the Refinancing Term Loans funded on the Refinancing Amendment Closing Date and (iv) except as expressly set forth herein, the execution of this
Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations. 

Section 11.    No Novation. By its execution of this Amendment, each of the
parties hereto acknowledges and agrees that the terms of this Amendment do not constitute a novation, but, rather, a supplement of the terms of the pre-existing indebtedness and related agreements, as
evidenced by the Credit Agreement. 
 [signature pages follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written. 
  

			
	EMERALD EXPOSITIONS HOLDING, INC.
		
	By:	 	 /s/ David Gosling

	Name:	 	David Gosling
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	EXPO EVENT MIDCO, INC.
		
	By:	 	 /s/ Amir Motamedi

	Name:	 	Amir Motamedi
	Title:	 	Vice President and Secretary
	
	EMERALD EXPOSITIONS, LLC
		
	By:	 	 /s/ David Gosling

	Name:	 	David Gosling
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	PIZZA GROUP, LLC
		
	By:	 	 /s/ David Gosling

	Name:	 	David Gosling
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	GLM HOLDINGS LLC
		
	By:	 	 /s/ David Gosling

	Name:	 	David Gosling
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	GEORGE LITTLE MANAGEMENT, LLC
		
	By:	 	 /s/ David Gosling

	Name:	 	David Gosling
	Title:	 	Senior Vice President, General Counsel and Secretary

			
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent and Refinancing Lender

		
	By:	 	 /s/ Sanjay Rihjwani

	Name:	 	Sanjay Rihjwani
	Title:	 	Managing Director

 Annex A 

SCHEDULE 1.1 

COMMITMENTS 
 Term Commitments

  

					
	 Refinancing Lender
	  	Term Commitment	 
	 Bank of America N.A.
	  	$	563,587,500.00	 
	 Total
	  	$	563,587,500.00

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