Document:

Exhibit

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AND NON-COMPETITION AGREEMENT

AMENDED AND RESTATED EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”) dated as of September 19, 2017 (the “Effective Date”), by and among EXLSERVICE HOLDINGS, INC., a Delaware corporation (together with its successors and assigns, “Holdings” or the “Company”, and together with any subsidiaries of Holdings, the “Companies”), and Rohit Kapoor (the “Executive”).
W I T N E S S E T H :

A.    The Companies and Executive are currently parties to an Employment and Non-Competition Agreement dated as of April 29, 2015 (as amended and renewed through the date hereof, the “Current Employment Agreement”).
B.    The Company desires to continue to employ Executive, and Executive is willing to continue to be employed by the Company, on the terms and conditions set forth in this Agreement, which shall supersede the Current Employment Agreement, effective as of the Effective Date.
C.    Executive acknowledges that (i) Executive’s continued employment with the Company will provide Executive with trade secrets of and confidential information concerning the Companies and (ii) the covenants contained in this Agreement are essential to protect the business and goodwill of the Companies.
Accordingly, in consideration of the premises and the respective covenants and agreements of the parties set forth below, and intending to be legally bound hereby, the parties agree as follows:
Section 1.    Employment.  The Company hereby continues to employ Executive, and Executive hereby accepts such continued employment, on the terms and conditions set forth in this Agreement.  Executive represents that Executive is not a party to any agreement that restricts Executive’s right or ability to freely carry out Executive’s duties hereunder.
Section 2.        Employment Term.  Subject to the provisions of Section 7 of this Agreement, the term of the Executive’s employment under this Agreement shall commence on January 1, 2018 and end on December 31, 2020 (the “Initial Employment Term”); provided, however, that the Initial Employment Term shall be automatically extended for successive twelve (12) month periods unless, no later than 120 days prior to the expiration of the Initial Employment Term or any extension thereof, either party hereto shall provide written notice to the 

other party hereto of its or his desire not to extend the Employment Term hereof (the Initial Employment Term together with any extension shall be referred to hereinafter as the “Employment Term”).
Section 3.        Duties, Authority, Status and Responsibilities.
(a)    Executive shall serve as the Chief Executive Officer and Vice Chairman of the Company, and in such other positions as the Board of Directors of the Company (the “Board”) may from time to time reasonably determine, subject at all times to the direction, supervision and authority of the Board.  Executive’s duties shall include such duties as the Board may from time to time reasonably assign.  The Company agrees to provide Executive such assistance and work accommodations as are suitable to the character of his positions with the Company and adequate for the performance of his duties.  The Executive shall be based at the Company’s executive offices in the metropolitan New York City area.
(b)    During the Employment Term and except as otherwise agreed by the Company, Executive shall devote Executive’s full employable time, attention and reasonable best efforts to the business affairs of the Companies (except during vacations or illness) and will not actively engage in outside activities, whether or not such activity is pursued for gain, profit or other pecuniary advantage unless such activity (and the amount thereof) is approved by the Board; provided, that, nothing herein shall preclude Executive from (i) engaging in charitable activities and community affairs and (ii) managing Executive’s personal investments and affairs, so long as such activities (x) do not interfere, other than in an immaterial way, with the performance of Executive’s duties and responsibilities hereunder, (y) adversely impact the business or reputation of the Company or any of its affiliates, or (z) constitute a breach of any of Sections 9 through 11 hereof (it being understood that Board approval shall remain required for any foregoing activities engaged in at or on behalf of business organizations.  Executive’s list of approved outside activities with a description of the nature, scope and time commitment for each of such outside activities is attached hereto as Schedule 3(b) (the “Outside Activities”) (it being understood that such approval is based on the descriptions set forth in Schedule 3(b) and the level of activity and the nature of the activities remains consistent with the description set forth therein).  The Board may request Executive to take reasonable steps to terminate an affiliation with any entity listed on Schedule 3(b) as promptly as practicable, but, in any event, no later than three (3) months after such request (provided, however, if Executive is required to divest any equity securities, Executive shall have six (6) months from the date of such request to dispose of such securities), if, in the Board’s reasonable determination, Executive’s affiliation with any such entity listed on Schedule 3(b) presents, or would present, a material harm to the reputation, business or prospects of the Company.  Subject to Executive’s election or appointment as such, Executive further agrees to serve (without additional compensation) if so designated by the stockholders of the Companies, as applicable, during the Employment Term as a director and a member of any committee of the board of directors of any of the Companies.  In addition to the 

2

other titles and responsibilities described in this Section 3, if requested by the Board, Executive shall serve (without additional compensation) during the Employment Term as an officer of any of the subsidiaries of the Company.
Section 4.        Cash Compensation.
(a)    Subject to paragraph (b) below, during the Employment Term, Executive shall receive an annual base salary (the “Base Salary”) of SEVEN HUNDRED AND TWENTY THOUSAND AND 00/100 DOLLARS ($720,000) (the “Initial Base Salary”).  Notwithstanding the provisions of Section 4(b), the Base Salary shall be reviewed no less frequently than annually during the Employment Term for increase, if any, in the sole discretion of the compensation committee of the Board (“Compensation Committee”).  The Base Salary shall not be decreased at any time, or for any purpose, during the Employment Term, unless a Company-wide decrease in pay is implemented.  In such case, any decrease in the Base Salary shall be no greater, as a percentage of the Base Salary, than the lowest percentage decrease in the base salary of any other member of the Company’s senior management.  The Base Salary shall be payable in accordance with the customary payroll practices of the Company for salaried employees.
(b)    Executive shall have an opportunity to receive an annual cash bonus equal to 150% of Base Salary at target, with a maximum payment of no greater than 300% of Base Salary, with respect to each calendar year that ends during the Employment Term.  The Compensation Committee shall determine the criteria and thresholds at which the target and maximum bonus shall be earned, as well as the level of attainment of the bonus criteria below which no bonus shall be earned, and the level of attainment at which a bonus of other than 150% or 300% of Base Salary shall be earned.  To the extent there are extraordinary events such as acquisitions or dispositions, targets will be amended by the Board to reflect those events.  Executive shall be paid Executive’s annual cash bonus (if any) when bonuses are paid generally to senior officers of the Company following completion of the audited financial statements of the Company.  Such bonus shall be paid no later than December 31 of the calendar year following the year in which such bonus is earned.  With respect to any tax year in which the Company is subject to Section 162(m) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder (the “Code”), the Committee may determine to take such actions as shall be necessary to preserve the tax deductibility of the bonus.  In that event, this Section 4(b) shall be construed in a fashion that achieves that goal.
Section 5.        Reimbursement of Expenses.  Executive shall be entitled to receive prompt reimbursement for all travel and business expenses reasonably incurred by Executive (in accordance with the policies and procedures established from time to time by the Company) in performing services hereunder during the Employment Term; provided that Executive shall promptly and properly account therefor in accordance with the Company’s expense policy.
Section 6.        Other Benefits.

3

(a)    Benefit Plans, etc.  During the Employment Term, Executive shall (i) be able to participate in all employee benefit plans and programs that are currently made available to the Company’s senior executives generally or to its employees generally, including, without limitation, pension, profit-sharing, savings and other retirement plans or programs, medical, dental, hospitalization, short-term and long-term disability and life insurance plans or programs, accidental death and dismemberment protection, travel accident insurance, and any other employee welfare benefit plan or program that may be sponsored by the Company from time to time, whether funded or unfunded, and (ii) receive such additional fringe benefits and perquisites as the Board may, in its sole discretion, from time to time determine.  Nothing in this Agreement shall be construed to require the Company to establish or maintain any such plans, programs, benefits or perquisites.
(b)    Tax Planning Assistance.  The Company shall reimburse Executive up to $12,000 per annum for expenses incurred during the Employment Term in connection with personal tax and estate planning.
(c)    Vacations.  Executive shall be entitled to four (4) weeks of vacation with pay during each year that ends during the Employment Term.  Vacations shall not be taken in a manner which will unreasonably interfere with Executive’s duties hereunder.  Executive shall also be entitled to all paid holidays and personal days given by the Company to its senior executives.
(d)    Travel.  See Schedule 6 attached hereto.
(e)    Transportation.  See Schedule 6 attached hereto. 
(f)    Relocation.  If Executive relocates his residence at the request of the Company during the Employment Term, the Company shall reimburse Executive for the cost of relocating himself and his immediate family, as reasonably determined at such time by the Board.
(g)    Additional Fringe Benefits.  During the Employment Term, Executive shall be entitled to additional benefits listed on Schedule 6 hereto. 
(h)    Equity Awards.  Executive shall be eligible to receive equity-based awards annually during the Employment Term.  The Compensation Committee shall have the sole discretion to determine the amount and form of any such awards; provided that in making such determination it shall take into account (i) an aggregate “baseline” value equal to three million five hundred thousand dollars ($3,500,000) (ii) the Company’s performance against budget since the grant date of the immediately preceding annual equity-based awards to Executive, (iii) any changes in market compensation of similarly situated executives since the grant date of the immediately preceding annual equity-based awards to Executive and (iv) “Say-on-Pay” vote considerations.  The baseline value for such annual equity-based awards is subject to review for 

4

increase at the discretion of the Board.  The definitive terms of each such equity-based award shall be consistent with the terms of this Agreement and no less favorable to Executive than the terms applicable to any corresponding award to any of Executive’s direct reports, except that the vesting of any such award shall be no less favorable than on an annual ratable basis over four years from the date of grant and the award mix may be determined at the Compensation Committee’s discretion.  For the sake of clarity, performance modifications to the size of equity awards provided to any of Executive’s direct reports shall not be considered a definitive term and, therefore, are not required to be applied to Executive’s equity awards.
(i)    Timing of Certain Payments.  To the extent that any reimbursements pursuant to Sections 5 or 6 constitute “deferred compensation” under Section 409A (as defined below), any such reimbursement payment due to Executive shall be paid to Executive as promptly as practicable, and in all events on or before the last day of Executive’s taxable year following the taxable year in which the related expense was incurred.  The reimbursements pursuant to Sections 5 or 6 are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that Executive receives in any other taxable year.
Section 7.        Termination.  The Employment Term and Executive’s employment hereunder may be terminated under the following circumstances:
(a)    Death.  The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death.  In that event, (i) Executive’s estate shall be entitled to a lump-sum payment equal to a pro-rata portion of the projected bonus amount for the year during which the death occurs, as reasonably determined by the Compensation Committee, such pro-rata portion to be paid in cash as soon as practicable and in all events within thirty (30) days after the Termination Date and (ii) all outstanding equity awards made to Executive shall become fully vested as of the Termination Date.  Following any termination of Executive’s employment hereunder pursuant to this Section 7(a), and except as set forth in Sections 7(g), 7(h) and 7(i) below, the Company shall have no further obligation to pay any compensation, or provide any benefits, under this Agreement.
(b)    Disability.  Either Party may terminate Executive’s employment hereunder for Disability.  “Disability” shall mean Executive’s inability, due to physical or mental incapacity, to substantially perform Executive’s duties and responsibilities under this Agreement for a period of 180 consecutive days.  In conjunction with determining Disability for purposes of this Agreement, Executive hereby (i) consents to any such examinations which are relevant to a determination of whether Executive is mentally and/or physically disabled and (ii) agrees to furnish such medical information as may be reasonably requested, and to waive any applicable physician-patient privilege that may arise because of such examination.  

5

In the event of Executive’s physical or mental incapacity which the Board reasonably determines is likely to result in Disability, the Company may temporarily remove Executive’s job title and relieve him of his responsibilities until the time when Executive returns to his employment in the same capacity as prior to such incapacity or is terminated in accordance with this Section 7(b), and such removal of title shall not constitute the removal of title (as contemplated by clause (B) of Section 7(d)) for the purpose of determining “Good Reason’ (as defined below).  Notwithstanding the foregoing, if Executive resumes his duties within 180 days of such incapacity, his title and position shall be reinstated.
Following any termination of Executive’s employment hereunder pursuant to this Section 7(b), except as (i) set forth in Sections 7(g), 7(h) and 7(i) below, and (ii) for payment of pro-rata portion of the projected bonus amount for the year during which the termination due to Disability occurs, as reasonably determined by the Compensation Committee, such pro-rata portion to be paid in cash as soon as practicable and in all events within thirty (30) days following the Termination Date, the Company shall have no further obligation to pay any compensation or provide any benefits under this Agreement.
(c)    Termination for Cause; Voluntary Termination; Executive’s Non-Extension of the Employment Term.  The Employment Term and Executive’s employment hereunder (i) may be terminated by the Company for “Cause” (as defined below) by written notice, specifying the grounds for Cause in reasonable detail, (ii) may be terminated by Executive “voluntarily” (that is, other than for Disability or Good Reason in accordance with Section 7(b) or 7(d)) and (iii) shall terminate upon expiration of the Employment Term due to Executive’s giving the Company a notice of his desire not to extend the Employment Term in accordance with Section 2.  “Cause” shall mean:
(A)    a final non-appealable conviction of, or a pleading of no contest to, (i) a crime of moral turpitude which causes serious economic injury or serious injury to the Company’s reputation or (ii) a felony; or
(B)    fraud, embezzlement, gross negligence, self-dealing, dishonesty or other gross and willful misconduct which has caused serious and demonstrable injury to the Company;
(C)    material violation by Executive of any material Company policy, which, if curable, is not remedied within fifteen (15) days after Executive’s receipt of written notice from the Company specifying such violation in reasonable detail;
(D)    willful and continuing failure to substantially perform Executive’s duties (other than for reason of physical or mental incapacity) which failure to perform continues beyond fifteen (15) days after a written demand for substantial improvement in Executive’s performance, identifying specifically and in detail the manner in which improvement is sought, 

6

is delivered to Executive by the Company; provided that a failure to achieve performance objectives shall not by itself constitute Cause and no act or failure to act by Executive shall be considered “willful” unless done or failed to be done by Executive in bad faith and without a reasonable belief that Executive’s actions or omission was in the best interest of the Company; 
(E)    Executive’s failure to reasonably cooperate in an investigation involving the Company by any governmental authority;
(F)    Executive’s material, knowing and intentional failure to comply with applicable laws with respect to the execution of the Company’s business operations, including, without limitation, a knowing and intentional failure to comply with the Prevention of Corruption Act of India, 1988, or the United States Foreign Corrupt Practices Act of 1977, as amended; provided, that, if all of the following conditions exist, there will be a presumption that Executive has acted in accordance with such applicable laws: Executive is following, in good faith, the written advice of counsel, such counsel having been approved by the Board as outside counsel to the Company for regulatory and compliance matters, in the form of a legal memorandum or a written legal opinion, and Executive has, in good faith, provided to such counsel all accurate and truthful facts necessary for such counsel to render such legal memorandum or written legal opinion; 
(G)    Executive’s failure to use his best reasonable efforts to follow the lawful directives of the Board which is not remedied within fifteen (15) days after Executive’s receipt of written notice from the Company specifying such failure in reasonable detail; 
(H)    Executive’s use of alcohol or drugs which materially interferes with the performance of his duties; 
(I)    Executive’s failure to take the reasonable steps necessary to terminate his affiliation with any entity listed on Schedule 3(b) within six months after being requested by the Board, pursuant to Section 3(b) hereof, to take such action; or
(J)    Executive’s material breach of a material provision of this Agreement which is not remedied within fifteen (15) days after Executive’s receipt of written notice from the Company specifying such breach in reasonable detail.
Following any termination or expiration of the Employment Term and Executive’s employment hereunder pursuant to this Section 7(c), and except as set forth in Sections 7(g), 7(i), and (only in the case of expiration of the Employment Term due to notice or non-extension from the Executive) 7(h) and 7(e)(iii), Executive shall not be entitled to receive any further compensation or payments under this Agreement.
(d)    Termination with Good Reason; Without Cause; Company’s Non-Extension of the Employment Term.  The Employment Term and Executive’s employment 

7

hereunder (i) may be terminated by Executive with Good Reason, (ii) may be terminated by the Company “Without Cause” (that is, other than for Disability or Cause in accordance with Section 7(b) or 7(c)) and (iii) shall terminate upon expiration of the Employment Term due to the Company’s giving Executive a notice of its desire not to extend the Employment Term in accordance with Section 2.  “Good Reason” shall mean the occurrence, without Executive’s prior written consent, of any of the following events:
(A)    a substantial reduction of Executive’s duties or responsibilities, or Executive being required to report to any person other than the Board, or an adverse change in Executive’s job title as Chief Executive Officer and Vice Chairman of the Company; provided that, if there is a “Change of Control” (as defined below) and Executive retains similar title and similar authority with the Company or any entity that acquires the Company (or any affiliate or subsidiary of such entity) following such Change of Control, the parties agree that any change in the title of Executive shall not constitute a significant reduction of Executive’s duties and authorities hereunder; it being understood that (y) “Good Reason” shall be deemed to exist if Executive is no longer the chief executive officer of the Company or any entity that acquires the Company, and (z) if the common stock of the Company ceases to be publicly traded on a national securities exchange, then “Good Reason” shall be deemed not to exist if thereafter Executive continues to be the chief executive officer of the Company (or any entity that acquires the Company) and he remains the principal senior-most executive with overall authority (subject to the approval of the Board or the board of directors or equivalent governing body of any entity that acquires the Company over operating plans and budgets;     
(B)    a reduction of Executive’s then Base Salary or annual cash bonus opportunity to below 100% of Base Salary at target other than that described in Section 4(a); 
(C)    a change in the office or location in the metropolitan New York City area where Executive is based on the Effective Date of more than thirty (30) miles, which new location is more than thirty (30) miles from Executive’s primary residence in the metropolitan New York City area; or
(D)    a breach by the Company of any material term of this Agreement;
provided that, a termination by Executive with Good Reason shall be effective only if, within 45 days following Executive’s first becoming aware of circumstances giving rise to Good Reason: (x) Executive delivers a written notice to the Company that describes such circumstances in reasonable detail and requests cure; (y) the Company fails to cure such circumstances within 30 days following its receipt of such notice; and (z) Executive delivers a Notice of Termination with Good Reason to the Company within 15 days after such cure period has expired.   
(e)    Severance.   If Executive’s employment hereunder is terminated pursuant to Section 7(d) hereof or, only with respect to subsection (iii) of this Section 7(e) below, if 

8

Executive gives notice of non-renewal of the Employment Term pursuant to Section 2, Executive will be entitled to:
(i)    payments aggregating 24 months of Base Salary, plus payment of Executive’s actual bonus earned for the year of termination determined (in accordance with the Company’s annual incentive plan and customary practices) as if Executive had remained employed for the full year in which Executive’s employment hereunder terminates and thereafter until the date that the bonus is actually determined and paid, such Base Salary to be paid ratably (subject to Sections 7(m), 7(n) and 12(s)(ii) below, and in accordance with Company’s existing payroll practices but no less frequently than monthly) during the period that commences on the Termination Date and that ends on the second anniversary of such date, and such actual bonus, if any, to be paid ratably (subject to Sections 7(m), 7(n) and 12(s)(ii) below, and in accordance with the Company’s existing payroll practices but no less frequently than monthly) during the period that commences as of the date that the Compensation Committee has determined such bonus amount and ends on the second anniversary of the Termination Date, provided however, that any payment that would otherwise be due under this Section 7(e)(i) prior to the first payroll date that follows the 60th day after the Termination Date shall be accumulated and paid on such first payroll date (but not later than 90 days after the Termination Date, or, if earlier, March 15th of the year following the year in which the Termination Date occurs).  
(ii)    continuation (subject to Sections 7(m), 7(n), and 12(s)(ii) below) of any life insurance coverage provided pursuant to Section 6(a) for the eighteen (18) month period immediately following the Termination Date so long as such continuation of coverage is permitted under the Company’s benefit plans and applicable law; provided, that, such coverage shall terminate if Executive commences employment with a subsequent employer within the applicable period; 
(iii)    with respect to outstanding equity-based awards that were part of the Company’s annual equity grant cycle (and not any one-time or “special” grants), Executive shall be treated as if he were still employed by the Company for a period of two years following the Termination Date; provided, that if Executive’s termination of employment is due to the expiration of the Employment Term due to either party’s giving notice of non-extension of the Employment Term in accordance with Section 2, then with respect to such equity-based awards Executive shall be treated as if he were still employed by the Company for a period of 27 months following the Termination Date.  For clarity, there shall be no acceleration of vesting; Executive shall be permitted to continue to vest in such awards on the same schedule that he would have vested in such awards had he continue to be employed during such two-year or 27-month period, as applicable (subject, in the case of any such awards that are subject to performance-based vesting in addition to service-based vesting, to the achievement of the applicable 

9

performance criteria), and if such awards do not vest by their terms by the end of such two-year or 27-month period, such awards shall be forfeited (and any such awards that could not possibly vest by the end of such two-year or 27-month period shall be forfeited immediately upon the Termination Date); and
(iv)    the benefits set forth in Sections 7(g), 7(h) and 7(i).
Following any termination of Executive’s employment hereunder that is governed by Section 7(d), and except as provided in this Section 7(e), Executive shall not be entitled to receive any compensation or payments under this Agreement.
(f)    Termination Following a Change of Control.  Notwithstanding anything in this Section 7 to the contrary, if Executive’s employment hereunder is involuntarily terminated by the Company Without Cause, Executive terminates his employment hereunder with Good Reason in accordance with Section 7(d) or upon expiration of the Employment Term due to the Company’s giving Executive a notice of its desire not to extend the Employment Term in accordance with Section 2, in each case within 12 months following a Change of Control, or if Executive’s employment hereunder is involuntarily terminated by the Company prior to the date on which the Change in Control occurs, and if it is reasonably demonstrated by Executive that such termination of employment (x) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (y) otherwise arose in connection with or anticipation of a Change in Control, then Executive shall receive, in complete satisfaction of all payments (including severance) due under this Agreement, (i) a lump-sum payment equal to 24 months of Base Salary and (ii) payment of Executive’s actual bonus earned for the year of termination as determined in accordance with the Company’s annual incentive plan and customary practices as if Executive had remained employed hereunder for the full year in which Executive’s employment terminates and thereafter until the bonus is actually determined and paid.  The payment referred to in subclause (i) of this Section 7(f) shall be paid (without duplication of payments previously made in respect of Base Salary under Section 7(e)(i) above, and subject to Sections 7(m), 7(n) and 12(s)(ii) below) on the first payroll date following (but not more than one month after or, if earlier, March 15th of the year following the year in which occurs) the later of (x) the 60th day after the Termination Date and (y) the occurrence of the Change in Control.  The payment referred to in subclause (ii) of this Section 7(f) shall be paid (without duplication of payments previously made in respect of such bonus under Section 7(e)(i) above, and subject to Sections 7(m), 7(n) and 12(s)(ii) below) on the first payroll date following (but not more than one month after or, if earlier, March 15th of the year following the year in which occurs) the latest of (x) 60th day after the Termination Date, (y) the date that the bonus is determined, and (z) the occurrence of the Change in Control.  In addition, upon a termination of employment described in this Section 7(f), (A) Executive shall receive the benefits set forth in Sections 7(g), 7(h) and 7(i), and (B) all unvested equity-based awards granted to Executive on or 

10

after September 30, 2006 shall become fully vested and, in the case of stock options, fully vested and exercisable.
(g)    Post-Termination Health Insurance.  On any termination of Executive’s employment hereunder by the Company Without Cause or by Executive other than (x) due to death or Disability, (y) upon expiration of the Employment Term due to Executive’s giving the Company a notice of his desire not to extend the Employment Term in accordance with Section 2, or (z) by Executive without Good Reason, the Company shall pay on behalf of Executive and his eligible dependents the cost of continued coverage under the Company’s group health plan for eighteen (18) months following the Termination Date in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), subject to such persons making timely elections to continue such coverage pursuant to COBRA and satisfaction of COBRA’s eligibility requirements and other terms, conditions, restrictions and exclusions.  Should COBRA coverage become unavailable due to the Company’s failure to maintain a group health plan, the Company shall reimburse Executive and his dependents for the premium cost of comparable coverage obtained directly by Executive and his dependents for the balance of the 18 month period.  The Company’s obligation to pay such premium costs shall cease at the time Executive (or, in the case of Executive’s death, his eligible dependents) become eligible for comparable health benefits from another employer.  Without limiting the generality of the foregoing, following any termination of Executive’s employment hereunder (other than by the Company for Cause), the Company shall continue to provide Executive with health coverage under the Company’s group health plan, subject to the terms and conditions of such plan as in effect from time to time, provided that with respect to coverage for periods from and after the later of (1) the date that is eighteen (18) months following the Termination Date and (2) the date Executive ceases to be a member of the Board, Executive shall reimburse the Company for its costs of providing this coverage to Executive (and his dependents, as applicable), and provided further that if Executive ceases to be a member of the Board prior to the date that is eighteen (18) months following the Termination Date, Executive shall also reimburse the Company for such costs during the remaining portion of such 18-month period unless the Company is obligated to pay such costs pursuant to the first sentence of this Section 7(g).  All such reimbursements pursuant to the preceding sentence shall be made within 30 days following delivery to Executive by the Company of an invoice therefor.  In addition, if Executive elects COBRA coverage following the cessation of his employment for any reason whatsoever (whether paid by the Company or Executive), the Company will, at the request of Executive, facilitate and use commercially reasonable efforts to cause the conversion of his Company group health insurance coverage to an individual policy upon the expiration of Executive’s eligibility for COBRA coverage; provided that the foregoing is not intended to be a guarantee by the Company that such conversion will be available to Executive at that time.  Any payment made, or benefit provided, to Executive under Section 7(e)(ii) or under this Section 7(g) shall be paid as soon as practicable after it becomes due but in no event (subject to Sections 7(m), 7(n) and 12(s)(ii) below) later than the third 

11

calendar year following the calendar year in which Executive’s “separation from service” (as defined in Section 409A) occurs.   
(h)    On any termination of Executive’s employment hereunder by the Company Without Cause, or by Executive with Good Reason, due to death or Disability or upon expiration of the Employment Term due to either party giving notice of its desire not to extend the Employment Term in accordance with Section 2, prompt payment or provision of any bonus for any calendar year that ended prior to the Termination Date to the extent unpaid, payable as soon as practicable and (subject to Sections 7(n) and 12(s)(ii) below) in all events within thirty (30) days following the Termination Date, and determined on no less favorable a basis than would have applied if Executive had remained employed hereunder through the date the bonus is fully paid (each, a “Prior Year Unpaid Bonus”).
(i)    On any termination of his employment hereunder, Executive shall be entitled to:  (i) payment of (x) any accrued but unpaid Base Salary and vacation days and (y) any unreimbursed expenses under Section 5 that were accrued or incurred through the Termination Date, each of (x) and (y) to be paid in cash as soon as practicable and in all events within thirty (30) days following the Termination Date, and (ii) prompt payment or provision (subject to Sections 7(n) and 12(s)(ii) below) of any amounts or benefits then or thereafter due under applicable law or under the then-applicable terms of any applicable written plan, program, agreement, or arrangement of the Company or its affiliates, other than severance plans or policies (any amount or benefit described in this Section 7(i) being an “Accrued Obligation”.
(j)    As used in this Agreement, “Change of Control” means
(i)    the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then outstanding shares of Series B common stock of Holdings (“Common Stock”), taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change of Control:  (I) any acquisition by the Company or (i) any entity that directly or indirectly is controlled by, controls or is under common control with the Company and (ii) to the extent provided by the Compensation Committee, any entity in which the Company has a significant equity interest (“Affiliate”) on the Effective Date, (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate, (III) any acquisition which 

12

complies with clauses (A), (B) and (C) of subsection (v) of this Section 7(h), or (IV), any acquisition by Executive or any group of persons that include Executive (or any entity controlled by Executive or any group of persons that includes Executive);
(ii)    individuals who, on the date hereof, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of a registration statement of the Company describing such person’s inclusion on the Board, or a proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;
(iii)    the dissolution or liquidation of the Company; 
(iv)    the sale, transfer or other disposition of all or substantially all of the business or assets of the Company; or
(v)    the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination:  (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Company”), or (y) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company), is or becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if 

13

there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination.
(k)    Notice of Termination.  No termination of Executive’s employment hereunder (other than a termination pursuant to Section 7(a)) by the Company or by Executive (each, a “Party”) shall be effective until written notice of termination (the “Notice of Termination”) has been given to the other Party hereto in accordance with Section 8.  In the case of a termination by the Company Without Cause, such notice shall be given not less than thirty (30) days prior to the Termination Date.  In the case of a resignation by Executive without Good Reason, such notice shall be given not less than thirty (30) days prior to the Termination Date.  If the Board concludes it is prepared to immediately terminate Executive for Cause (other than due to the conviction of Executive of a felony), the Board shall put Executive on a leave of absence during which time Executive will forfeit his title and responsibilities but will be provided with an opportunity to appear before the Board, at Executive’s election and with counsel if he so chooses, to present arguments and evidence on his own behalf, at a date and time, not later than the thirtieth (30th) day following the date of delivery of the Notice of Termination, specified by the Board.  Following such hearing, the Board, by an affirmative vote of a majority of its members (not to include Executive if Executive is a member of the Board), shall make a final determination within fourteen (14) days after the date of the hearing, that the action or inaction by Executive specified in the Notice of Termination constitutes, or does not constitute, termination for Cause.  If the Board determines that Executive is not terminated for Cause, the Board shall take any reasonable steps necessary to reinstate Executive in his prior position, with the same title and responsibilities that Executive held prior to receiving the Notice of Termination for Cause described herein.
(l)    Termination Date.  “Termination Date” shall mean (i) if Executive’s employment hereunder is terminated by Executive’s death, the date of Executive’s death, (ii) if Executive’s employment hereunder is terminated for Cause in accordance with Section 7(c), the date specified in the Notice of Termination, (iii) if Executive’s employment hereunder terminates upon expiration of the Employment Term due to notice of non-extension pursuant to Section 2, the date that the Employment Term expires, (iv) if Executive’s employment hereunder is terminated by Executive with Good Reason in accordance with Section 7(d), no later than ten (10) days after the date on which he delivers a Notice of Termination to the Company, and (v) if Executive’s employment hereunder is terminated for any other reason, thirty (30) days after the date on which a Notice of Termination is delivered, but not earlier than the expiration of any applicable cure period provided for herein.

14

(m)    Conditions to Severance.  Executive’s entitlement to payments and benefits under Sections 7(e), 7(f) and 7(g) above (other than Accrued Obligations) shall be (i) conditioned upon Executive’s having provided, within sixty (60) days following the termination of Executive’s employment, an irrevocable waiver and general release of claims in substantially in the form attached hereto as Exhibit A, that has become effective in accordance with its terms, and (ii) subject to the Executive’s not having committed a material breach of the provisions of Sections 9 through 11 of this Agreement that, if curable, has remained uncured for 15 days after the Company has given Executive written notice specifying the breach in reasonable detail and requesting cure, and (iii) if requested by the Company, Executive’s resignation, as of the date of such termination of employment or such other date requested, from the Board and all committees thereof (and, if applicable, from the board of directors (and all committees thereof) of any affiliate of the Company.  
(n)    280G Provision.  In the event that part or all of the consideration, compensation or benefits to be paid to Executive under this Agreement together with the aggregate present value of payments, consideration, compensation and benefits under all other plans, arrangements and agreements applicable to Executive, constitute “excess parachute payments” under Section 280G(b) of the Internal Revenue Code of 1986, as amended (the “Code”), is determined to be subject to an excise tax under Section 4999 of the Code (collectively, the “Parachute Amount”), the amount of excess parachute payments which would otherwise be payable to Executive or for Executive’s benefit shall be reduced to the extent necessary so that no amount of the Parachute Amount is subject to an excise tax under Section 4999 of the Code (the “Reduced Amount”); provided that such amounts shall not be so reduced if, without such reduction, Executive would be entitled to receive and retain, on a present-value net-after-tax basis (including, without limitation, after any excise taxes payable under Section 4999 of the Code), an amount of the Parachute Amount which is greater than the amount, on a present-value net-after-tax basis, that Executive would be entitled to retain upon receipt of the Reduced Amount.   If the determination made pursuant to this Section 7(l) results in a reduction of the payments that would otherwise be paid to Executive except for the application of this Section 7(l), such reduction in payments shall be first applied to reduce any cash severance payments that Executive would otherwise be entitled to receive hereunder (in the reverse chronological order, and thus with last payment reduced first), and shall thereafter be applied to reduce other payments and benefits in a manner that would not result in subjecting Executive to additional taxation under Section 409A of the Code.   
Section 8.        Notice.  All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) on the second business day following the day such notice or other communication is sent, for next-day or next-business-day delivery, by a nationally-recognized overnight courier, (c) when sent by facsimile if the date of delivery is a business day, or otherwise on the next business day, or (d) on the fifth day following the date of deposit in the United States mail if sent first class, postage 

15

prepaid, by registered or certified mail; provided that in the case of delivery in accordance with Section 7(c) or 7(d), a written acknowledgment of receipt is obtained.
The address for any notice to Executive shall be:

his last known home address on file at the Company, with a copy during the Employment Term to Executive at his principal office at the Company
    
with a copy (which shall not constitute notice) to:

Morrison Cohen LLP
909 Third Avenue
New York, NY 10022
Phone: (212) 735-8833
Fax:   (212) 735-8708
Attn:  Robert M. Sedgwick, Esq.

to the Company:

ExlService Holdings, Inc.
350 Park Avenue, 10th Floor
New York, NY  10022
Fax:  (212) 892-1534
Attn:  General Counsel

with a copy (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York  10019-6064
Fax:  (212) 492-0237
Attention:  Lawrence I. Witdorchic, Esq.

or such other address or fax number as such Party has designated by notice given to the other Party in accordance with this Section.  
Section 9.        Covenant Not To Compete.
(a)    Executive acknowledges that the services he is to render to the Company are of a special and unusual character, with a unique value to the Company, the loss of which cannot adequately be compensated by damages or an action at law.  In view of the unique value 

16

to the Companies of the services of Executive for which the Company has contracted hereunder, because of the confidential information to be obtained by, or disclosed to, Executive as herein above set forth, and as a material inducement to the Company to enter into this Agreement and to pay to Executive the compensation stated herein and any additional benefits stated herein, and other good and valuable consideration, Executive covenants and agrees that during the Employment Term and during the “Non-Competition Period,” as defined below, Executive shall not, directly or indirectly, enter into the employment of, tender consulting or other services to, acquire any interest in (whether for Executive’s own account as an individual proprietor, or as a partner, associate, stockholder, officer, director, trustee or otherwise), or otherwise participate in any business that competes, directly or indirectly, with any of the Companies (i) in the same lines of business in the business process outsourcing industry that the Companies are engaged in at the time Executive’s employment is terminated, or if Executive is an employee of any of the Companies, at the time Executive is accused of being in competition with any of the Companies pursuant to this Section 9; (ii) in the provision of the business process outsourcing services provided by the Companies at the time Executive’s employment is terminated, or if Executive is an employee of any of the Companies, at the time Executive is accused of being in competition with any of the Companies pursuant to this Section 9; (iii) in the provision of business process outsourcing services that any of the Companies have taken substantial steps to provide to customers at the time Executive’s employment is terminated, or if Executive is an employee of any of the Companies, at the time Executive is accused of being in competition with any of the Companies pursuant to this Section 9; or (iv) in the provision of business process outsourcing services that any of the Companies are in the process of marketing to existing or potential clients that any of the Companies are taking measures to retain as clients of the Companies, at the time Executive’s employment is terminated, or if Executive is an employee of any of the Companies, at the time Executive is accused of being in competition with any of the Companies pursuant to this Section 9, during the Employment Term.  Executive and the Company acknowledge that clauses (ii), (iii) and (iv) in the immediately preceding sentence shall not be deemed or interpreted to narrow or otherwise limit the scope of clause (i) of such sentence.  Notwithstanding the foregoing, in the event Executive voluntarily terminates employment other than with Good Reason, Executive shall be restricted from engaging in any business process outsourcing business for one year from the Termination Date.  For purposes of this Section 9, the “Non-Competition Period” shall be the one year period following the Termination Date. 
(b)    Notwithstanding the foregoing, nothing in this Agreement shall prevent (A) the purchase or ownership by Executive of up to two percent (2%) in the aggregate of any class of securities of any entity if such securities (i) are listed on a national securities exchange or (ii) are registered under Section 12(g) of the Exchange Act; or (B) the direct or indirect ownership of securities of a private company; provided that Executive is only a passive investor in such company (having no role, duty or responsibility whatsoever in the management, operations or direction of such company) and owns no more than five percent (5%) in the aggregate of any securities of such company.  If Executive’s employment with the Company is 

17

terminated for any reason, and after such termination Executive wishes to take any action, including without limitation, taking a position with another company, which action could potentially be deemed a violation of this Section 9, Executive shall have the right, after providing the Board with all relevant information, to request a consent to such action from the Board which consent shall not be unreasonably withheld.  The Board shall respond to Executive’s request by granting or denying such consent within not more than 30 calendar days from the date the Company receives written notice of such request from Executive.  If Executive disagrees with the Board’s decision relating to the consent, then the disagreement shall be resolved by arbitration under the provisions of Section 12(g) below, as modified by the following two sentences.  A single third-party arbitrator (the “Arbitrator”) shall be appointed as promptly as practicable following the date Executive notifies the Company of his disagreement, and the third party Arbitrator shall make a determination with respect to whether Executive’s action would constitute a legally valid and enforceable violation of Section 9 within not more than thirty (30) days of his appointment, and such determination shall be binding on all of the parties hereto.   The cost of the Arbitrator shall be borne by the Company; provided, however, if the Company substantially prevails in the arbitration, then the cost of the Arbitrator shall be borne by Executive.
Section 10.        Confidential Information.
(a)    Protection of Confidential Information.  Executive acknowledges that the Companies have a legitimate and continuing proprietary interest in the protection of their confidential information and that they have invested substantial sums and will continue to invest substantial sums to develop, maintain and protect such confidential information.  During the Employment Term and at all times thereafter, Executive shall not, except with the written consent of the Company or in connection with carrying out Executive’s duties or responsibilities hereunder, furnish or make accessible to anyone or use for Executive’s own benefit any trade secrets, confidential or proprietary information of any of the Companies, including their business plans, marketing plans, strategies, systems, programs, methods, employee lists, computer programs, insurance profiles and client lists; provided, however, that such protected information shall not include either information required to be disclosed under law or pursuant to an order of a court, governmental agency, arbitration panel or other person or body with apparent jurisdiction or information known to the public or otherwise in the public domain without violation by Executive of this Section 10.
(b)    Property of the Company.  All memoranda, notes, lists, records and other documents or papers (and all copies thereof) relating to the Companies, whether written or stored on electronic media, made or compiled by or on behalf of Executive in the course of Executive’s employment, or made available to Executive in the course of Executive’s employment, relating to any of the Companies, or to any entity which may hereafter become an affiliate thereof, but excluding Executive’s personal effects, rolodexes (including in electronic format) and similar 

18

items, and documents and information relating to Executive’s personal entitlements and obligations, shall be the property of the Company, and shall, except as otherwise agreed by the Company, be delivered to the Company promptly upon the Termination of Executive’s employment with the Company or at any other time upon request.
(c)    Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive will not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. In addition, if Executive files a lawsuit for alleged retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to his attorney and may use the trade secret information in the court proceeding if Executive (i) files any document containing the trade secret under seal and (ii) does not disclose the trade secret, except pursuant to court order.
Section 11.        Non-Disparagement; Non-Solicit.  
(a)    Executive shall make no unfavorable, disparaging or negative comment, remark or statement, whether written or oral (a “Disparaging Statement”), about the Company or any of its affiliates, officers, directors, shareholders, consultants, or employees; provided that he may give truthful testimony before a court, governmental agency, arbitration panel, or similar person or body with apparent jurisdiction, or as otherwise required by law or legal process, and may discuss such matters in confidence with Executive’s attorney(s) and other professional advisors.  During the foregoing period, the Company and its officers and directors (acting in their capacity as officers and directors of the Company) shall make no Disparaging Statement about Executive; provided that any officer or director may give truthful testimony before a court, governmental agency, arbitration panel, or similar person or body with apparent jurisdiction, or as otherwise required by law or legal process, and may discuss such matters in confidence with their or the Company’s attorney(s) and other professional advisors.  Nothing in this Section 11(a) shall be deemed to restrict Executive (or any officers or directors of the Company) from performing their duties to the Company in good faith.
(b)    During the Employment Term and for a period of one year following termination of Executive’s employment (i) Executive may not solicit, encourage, or induce or attempt to solicit, encourage, or induce any (A) current employee, marketing agent, or consultant of any of the Companies to terminate his or her employment, agency, or consultancy with any of the Companies or any (B) prospective employee with whom the Company has had discussions or negotiations within six months prior to Executive’s termination of employment not to establish a relationship with any of the Companies, (ii) induce or attempt to induce any current customer to terminate its relationship with any of the Companies or (iii) induce any potential customer with whom the Company has had discussions or negotiations within six months prior to Executive’s 

19

termination of employment not to establish a relationship with any of the Companies.  Nothing in this Section 11(b) shall be deemed to restrict Executive from performing his duties to the Company in good faith during the Employment Term.
Section 12.        Miscellaneous.
(a)    Mitigation.  Executive shall have no duty to mitigate his damages by seeking other employment and, should Executive actually receive compensation from any such other employment, the payments required hereunder shall not be reduced or offset by any other compensation except as specifically provided herein.
(b)    Limitation of Shareholder Liability.  Executive hereby acknowledges that the shareholders of Holdings are entitled to limited liability under the laws of the State of Delaware applicable to corporations and as such Executive shall not, nor shall he have the right to, make any claim against the shareholders of Holdings relating to any contest or dispute under this Agreement.
(c)    Waiver.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by Executive and an officer of the Company (other than Executive) duly authorized by the Board to execute such amendment, waiver or discharge, which writing specifically identifies the provision being modified, waived or discharged.  No waiver by either party to this Agreement at any time of any breach of the other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  
(d)    Successors and Assigns.  This Agreement shall be binding on and inure to the benefit of the Company and (to the extent provided in Section 12(h)) its successors and assigns.
(e)    Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of New York, without regard to the conflict of laws principles of such State which could cause the application of the laws of any other state.
(f)    Consent to Jurisdiction and Service of Process.  Any claim for injunctive relief pursuant to Section 12(k) below shall be instituted exclusively in any Federal court of the Southern District of New York or any state court located in New York County, State of New York, and each party agrees not to assert, by way of motion, as a defense or otherwise, in any such claim, any claim that it is not subject personally to the jurisdiction of such court, that the claim is brought in an inconvenient forum, that the venue of the claim is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.  Each party 

20

further irrevocably submits to the jurisdiction of such court in any such claim.  Any and all service of process and any other notice in any such claim shall be effective against any party if given personally or by registered or certified mail, return receipt requested, or by any other means of mail that requires a signed receipt, postage prepaid, mailed to such party as herein provided.  Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction.
(g)    Dispute Resolution.  Any dispute, controversy or other claim, other than claims solely for injunctive relief pursuant to Section 12(k) below, arising out of or relating to this Agreement, Executive’s employment with the Company, or the termination of such employment, shall be resolved by binding confidential arbitration, to be held in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.  In reaching their decision, the arbitrator(s) shall have no authority (A) to authorize that any party to the arbitration take more than two depositions, (B) to change, modify or disregard any provision of this Agreement, or (C) to base any part of their decision on any common law principles that are inconsistent with the express terms of this Agreement (including, without limitation, common law principles of constructive termination).  Executive agrees that he shall not bring any claim or action relating to this Agreement, his employment with the Company, or the termination of such employment against the Company’s directors, officers or shareholders and shall not be entitled to any punitive, special or consequential damages in connection with any such claim, dispute or controversy.  In connection with any claim or action brought by any of the Companies or any of their respective directors or, officers or shareholders against Executive, no such person shall be entitled to any punitive, special or consequential damages.  Any court or arbitrator of competent jurisdiction shall be permitted to award to Executive his costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with any dispute arising out of or relating to this Agreement, provided that Executive materially prevails in such dispute.
(h)    Assignment.  This Agreement is a personal contract, and the rights and interests of Executive hereunder may not, during the Employment Term, be sold, transferred, assigned, pledged or hypothecated.  This Agreement may not be assigned by the Company other than to a company (i) which, directly or indirectly controls, is controlled by or is under common control with the Company, or which is a successor in interest to substantially all of the business operations of the Company, and (ii) which assumes in writing or by operation of law, at  the time of the assignment, the Company’s obligation to perform this Agreement; and (iii) which has sufficient capitalization to enable it to meet its assumed obligation to perform this Agreement.
(i)    Severability of Invalid or Unenforceable Provisions.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or 

21

enforceability of any other provision of this Agreement, which shall remain in full force and effect.
(j)    Counterparts.  This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
(k)    Injunctive Relief; Damages.  Executive acknowledges that damages for any breach of Sections 9 through 11 of this Agreement may be difficult to determine and inadequate to remedy the harm which may be caused and, therefore, consents that such Sections may be enforced by temporary or permanent injunction.  Such injunctive relief shall be in addition to and not in place of any other remedies available at law or equity, including damages.  Should any court or tribunal decline to enforce such sections of this Agreement on the basis that such provisions are overly restrictive of activities of Executive as to time, scope or geography, such provisions shall be deemed to be modified to restrict Executive’s activities to the maximum extent of time, scope and geography which such court or tribunal shall find enforceable, and such provisions shall be so enforced.  
(l)    Entire Agreement.  This Agreement supersedes the Current Employment Agreement as in effect prior to the Effective Date.  This Agreement also supersedes any representation, promises or understanding that was made or entered into in connection with negotiating this Agreement.  In the event of any inconsistency between this Agreement and the terms of any other plan, program or arrangement of the Company, this Agreement shall govern.
(m)    Beneficiaries/References.  Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following Executive’s death by giving the Company written notice thereof.  In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to Executive’s beneficiary, estate, executor(s), or other legal representative(s).
(n)    Withholding; Tax Equalization.  The Company shall be entitled to withhold from any payment due to Executive hereunder any amounts required to be withheld by applicable tax laws or regulations. If relevant, the Company shall provide Executive such additional compensation, if any, as is reasonably necessary to ensure that Executive’s total compensation, benefits and bonus payments have the same after-tax value as if Executive were employed in and subject to taxation only in the United States; provided, that, the Company shall reimburse Executive for the amount of the overall increase in his tax liabilities resulting solely from his work-related travel to India.  These equalization payments shall include a tax restoration payment that takes into account the impact of the reimbursements.  Executive agrees that if he receives a refund or other credit on his taxes, he shall repay the Company any amount in excess 

22

of the amount necessary such that the after tax amount retained by Executive is equal to the amount he would have retained had he remained employed in the United States.
(o)    Registration of Shares.  The Company shall, when eligible, register on Form S-8 or such other appropriate form the resale of shares of Common Stock owned by Executive pursuant to the grant or exercise of equity compensation awards held by Executive on the Effective Date or underlying equity compensation awards granted to Executive during the Employment Term.  This is in addition to any registration rights Executive has under any other contract with the Company
(p)    Directors’ Slate.  Executive’s name shall be included on the Company’s recommended slate of directors for each stockholders meeting during the Employment Term at which Executive is eligible for reelection to the Board; provided, however, that Executive agrees to consult in good faith with the Board regarding Executive’s continued service on the Board if and to the extent the Board determines that prevailing standards of corporate governance provide that it is not appropriate for an officer of the Company to serve on the Board.  Executive agrees to tender resignation from the Board upon termination of employment.  In the case of Executive’s termination for any reason other than by the Company for Cause, if and only if (x) Executive continues to own 4% of the Common Stock and (y) no equity securities of the Company are then listed for trading on a national securities exchange or other quotation or trading system, Executive may, subject to the approval of the Board in its sole reasonable determination, designate an individual to be included on the Company’s recommended slate of directors for the next stockholders’ meeting at which directors of the Company are to be elected.
(q)    Legal Fees.  Upon the execution of this Agreement, the Company agrees to promptly pay on behalf of Executive all legal fees and expenses incurred by Executive in connection with the negotiation, drafting, and execution of this Agreement up to a maximum of $50,000.
(r)    Indemnification.  The Company shall indemnify and defend Executive to the fullest extent permitted by the law of the State of Company’s incorporation and the By-Laws and Certificate of Incorporation of the Company with respect to any claims that may be brought against Executive arising out of any action taken or not taken in Executive’s capacity as an officer or director of the Company; provided, that, the Company shall not indemnify and defend Executive with respect to any claims brought against Executive relating to fraudulent or willful misconduct of the Executive, or to other acts as to which indemnification is not allowable under applicable law.  Expenses incurred by Executive in defending any claim shall be paid, or reimbursed, by the Company in advance of the final disposition of such claim promptly upon receipt by the Company of an undertaking by or on behalf of Executive to repay such amount if it shall be ultimately determined that Executive is not entitled to be indemnified by the Company.  In addition, Executive shall be covered, in respect of Executive’s activities as an officer or director of the Company, by the Company’s Directors and Officer liability policy or other 

23

comparable policies obtained by the Company’s successors, to the fullest extent permitted by such policies.  Notwithstanding the foregoing, the Company’s responsibilities under this Section 12(r) shall not apply to any claims raised against Executive after the sixth anniversary of his termination of employment.  It is intended that any indemnification payment or advancement of expenses made hereunder shall be exempt from Section 409A.  Notwithstanding the foregoing, if any indemnification payment or advancement of expenses made hereunder shall be determined to be “deferred compensation” within the meaning of Section 409A, then (i) the amount of the indemnification payment or advancement of expenses during one taxable year shall not affect the amount of the indemnification payments or advancement of expenses during any other taxable year, (ii) the indemnification payments or advancement of expenses must be made on or before the last day of Executive’s taxable year following the year in which the expense was incurred, and (iii) the right to indemnification payments or advancement of expenses hereunder is not subject to liquidation or exchange for another benefit.
(s)    Section 409A.
(i)    The parties intend that any amounts payable hereunder that could constitute “deferred compensation” within the meaning of Section 409A of the Code (“Section 409A”) will be provided in a manner that is compliant with Section 409A (and that avoids the imposition of any “additional tax” thereunder).  In light of the uncertainty as of the date hereof with respect to the proper application of Section 409A, the Company and Executive agree to negotiate in good faith to make amendments to this Agreement as the parties mutually agree are necessary or desirable to avoid the imposition of taxes or penalties under Section 409A.  Notwithstanding the foregoing, Executive shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of Executive in connection with this Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold Executive (or any beneficiary) harmless from any or all of such taxes or penalties.
(ii)    Notwithstanding anything in this Agreement to the contrary, in the event that Executive is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and Executive is not “disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred compensation” subject to Section 409A shall be made to Executive prior to the date that is six (6) months after the date of  Executive’s “separation from service” (as defined in Section 409A) or, if earlier, Executive’s date of death.  Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date.  For purposes of Section 409A, each of the payments that may be made under Section 4(c)(i) are designated as separate payments for purposes of Treasury Regulations Section 1.409A-1(b)(4)(i)(F), 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v)(B).

24

(iii)    Unless the parties to this Agreement otherwise agree in a signed writing, Executive’s employment with the Company shall end on the Termination Date, and Executive shall have no duties after the Termination Date that are inconsistent with his having had a “separation of service” on or before the Termination Date.
[Remainder of Page Left Blank Intentionally; Signature Page Follows]
 

25

IN WITNESS WHEREOF, the parties to this Agreement have executed this Employment and Non-Competition Agreement as of the date first above written.
EXLSERVICE HOLDINGS, INC.

By: /S/ GAREN K. STAGLIN
       Name: Garen K. Staglin
       Title: Chairman of the Board

ROHIT  KAPOOR

By: /S/ ROHIT KAPOOR
       Name:     Rohit Kapoor

26

 
Schedule 3(b)

Outside Activities

1.    CA Technologies
CA Technologies is a NYSE listed software company. Executive is a full time board member of CA Technologies and serves on its Audit and Nominating and Governance Committees. Executive has been a board member since April 2011. This requires Executive to attend scheduled board meetings in person or by telephone. There would also be additional time commitments as and when needed.

2.    Pratham
Pratham is a not for profit organization dedicated to improving education for the underprivileged children in India. Executive is on the board of the NY chapter of Pratham. This requires Executive to attend 3-4 board meetings during the year (most of which are during off business hours).

3.    ASSOCHAM
Executive is the Chairman of ASSOCHAM’s US Chapter. Executive’s time commitments are as and when needed.

4.    Personal Investments
Executive has made a few personal investments:
 – a) ESTEE Advisors - a fund management company.  Executive is on their Board of Advisors and spends minimal time on this activity; 
-- b) One Paper Lane –a technology start-up company that seeks to eliminate paper and streamline processes. Executive is on the board of this privately held company. Time commitment is minimal. 
-- c) other investments – no real time commitment other than to manage Executive’s personal investments.

27

Schedule 6

Benefits for Rohit Kapoor

1.      The Executive may make use of and be reimbursed for First Class travel on company business.  Additionally, once each calendar year during the Employment Term during which Executive spends at least 50% of the calendar year in India, the Company will provide, at its expense, round-trip, business-class air travel between the United States and India for Executive and his immediate family.
2.      The Company shall at its expense maintain a term life insurance policy on the life of the Executive in the face amount of Five Hundred Thousand Dollars (US$500,000) payable to such beneficiaries as Executive may designate; provided that, the Executive does not have any special health risks or conditions that would cause the rate of such life insurance plan to be substantially higher than the average rate for an individual of the same age as the Executive.
3.      The Company shall (i) maintain one automobile for use by the Executive and shall pay the costs of an automobile for the Executive in the United States, with lease or loan payments not to exceed $1,400 per month; (ii) pay directly or shall reimburse the Executive for the cost of insurance and fuel for such automobile; and (iii) provide the Executive with an automobile (Mercedes Benz) in India with a driver and shall pay for all costs, including insurance, repairs and fuel (such fuel payments shall cover the cost of fuel for two automobiles as the Executive uses his own car from time to time for Company business purposes) at a cost not to exceed $12,000 per annum.  
4.      Being that the Company has determined that Executive should have personal security while in India, Executive and his family shall be provided with personal security while in India and paid for by the Company consistent with practices and procedures.
5.      The Company shall pay the initial and yearly membership fees for The Belvedere Club at The Oberoi Hotel.  The fee shall be paid directly to the club.  The Company shall provide certain items of furniture, telecom lines and computer hardware necessary to maintain a home office for Executive.  
For the avoidance of doubt, the benefits provided pursuant to paragraphs 3, 4 and 5 of this Schedule 6 shall be provided without regard to whether Executive spends at least 50% of the calendar year in India.
6.      Once each year during the Term during which the Executive resides in US, the Company will provide, at its expense, round-trip, business-class air travel between the US and India for the Executive and his immediate family.  In any given calendar year, Executive shall 

28

either receive the air travel benefit provided in paragraph 1 of this Schedule 6 or the air travel benefit provided in this paragraph 6, but not both.
7.      During Executive’s travel to India in connection with Company business while Executive’s domicile is in the United States, Executive shall be provided a $150.00 per diem billeting allowance for each night Executive does not stay in a hotel.
8.      The Company shall pay for the annual dues for a luncheon club in India for Executive’s benefit amounting to US$1,000 per annum and the sum may be increased marginally year to year.  The club membership is in Executive’s name (and paid for personally) and will remain as such as the initial fee is avoided.
9.      This paragraph 9 shall apply only in the event that Executive and his immediate family have relocated their residence to India.  In such event, then during the period of Executive’s and his immediate family domicile outside the United States in connection with Company business, the Company shall pay Executive an education allowance equal to the private school tuition of Executive’s children through secondary school; provided, however, that such education allowance shall not cover any costs associated with attendance at any post-secondary institution of higher learning.

29

EXHIBIT A

RELEASE OF CLAIMS

As used in this Release of Claims (this “Release”), the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, proceedings, obligations, debts, accounts, attorneys’ fees, judgments, losses, and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise, except as otherwise provided below.  Capitalized terms used but not defined in this Release will have the meanings given to them in the Amended and Restated Employment Agreement dated as of September 19, 2017, between ExlService Holdings, Inc. (the “Company) and Rohit Kapoor (my “Employment Agreement”).
For and in consideration of the payments and benefits (other than Accrued Obligations) provided to me pursuant to Section 7 of my Employment Agreement (“Severance Benefits”), and other good and valuable consideration, I, for and on behalf of myself and my executors, heirs, administrators, representatives, and assigns, hereby agree to release and forever discharge the Company and each of its direct and indirect parent and subsidiary entities, and all of their respective predecessors, successors, and past, current, and future parent entities, affiliates, subsidiary entities, investors, directors, shareholders, members, officers, general or limited partners, employees, attorneys, agents, and representatives, and the employee benefit plans in which I am or have been a participant by virtue of my employment with or service to the Company (collectively, the “Company Releasees”), from any and all claims that I have or may have had against the Company Releasees based on any events or circumstances arising or occurring on or prior to the date hereof, including without limitation those arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever my employment by or service to the Company or the termination thereof, including without limitation any and all claims arising under federal, state, or local laws relating to employment, including without limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, intentional infliction of emotional distress, whistleblowing, or liability in tort, and claims of any kind that may be brought in any court or administrative agency, and any related claims for attorneys’ fees and costs, including, without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; and any similar state or local law.  I agree further that this Release may be pleaded as a full defense to any claim that is 

30

covered by this Release (collectively, “Covered Claims”) and that is raised in any action, suit, arbitration, or other proceeding that is or may be initiated, prosecuted, or maintained by me or my descendants, dependents, heirs, executors, administrators, or assigns.  By signing this Release, I acknowledge that I intend to waive and release all rights known or unknown that are based on any Covered Claim that I may have against the Company Releasees under these and any other laws.
I acknowledge and agree that as of the date I execute this Release, I have either (x) not filed any Covered Claim against any of the Company Releasees before any local, state, federal, or foreign agency, court, arbitrator, mediator, arbitration or mediation panel, or other body (each individually a “Proceeding”) or (y) if I have filed any such Covered Claim I will promptly withdraw it.  I (i) acknowledge that I will not, on or after the date I execute this Release, initiate or cause to be initiated on my behalf any Proceeding that is based on any Covered Claim, and will not (except as required by law) participate in any Proceeding to the extent that it is based on any Covered Claim; and (ii) waive any right that I may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding and attributable to any Covered Claim, including any Proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”).  I understand that, by executing this Release, I will be limiting the availability of certain remedies that I may have against the Company and limiting also my ability to pursue certain claims against the Company Releasees.
By executing this Release, I specifically release all Covered Claims relating to my employment and its termination under ADEA, a federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans.
Notwithstanding the generality of the foregoing, I do not release (i) claims that arise under, or are preserved by, Section 7 of my Employment Agreement; (ii) claims based on events occurring on or after the date that I execute this Release; (iii) claims against any Company Releasee other than the Company and its affiliates that do not arise out of, or relate to, my employment with the Company or the termination thereof, (iv) claims I have solely in my capacity as a direct or indirect equity holder in any entity, (v) claims for indemnification with respect to services performed prior to the termination of my employment, whether pursuant to a contract, document, instrument, or law, or (vi) claims that cannot be waived by law.  Nothing in this Release shall prevent me from (i) initiating or causing to be initiated on my behalf any claim against the Company before any local, state, or federal agency, court, or other body challenging the validity of the waiver of my claims under the ADEA (but no other portion of such waiver); or (ii) initiating or participating in an investigation or proceeding conducted by the EEOC.
I acknowledge that I have been given at least [21]/[45] days in which to consider this Release.  I acknowledge further that the Company has advised me to consult with an attorney of my choice before signing this Release, and I have had sufficient time to consider the terms of this Release.  I represent and acknowledge that if I execute this Release before [21]/[45] days have 

31

elapsed, I do so knowingly, voluntarily, and upon the advice and with the approval of my legal counsel (if any), and that I voluntarily waive any remaining consideration period.
I understand that after executing this Release, I have the right to revoke it within seven days after its execution.  I understand that this Release will not become effective and enforceable unless the seven-day revocation period passes and I do not revoke the Release in writing.  I understand that this Release may not be revoked after the seven-day revocation period has passed.  I understand also that any revocation of this Release must be made in writing and delivered to the Company at its principal place of business within the seven-day period.
This Release will become effective, irrevocable, and binding on the eighth day after its execution, so long as I have not timely revoked it as set forth above.  I understand and acknowledge that I will not be entitled to the Severance Benefits unless this Release is effective on or before the date that is 60 days following my Termination Date.
I hereby agree to waive any and all claims to re-employment with the Company or any of its affiliates and affirmatively agree not to seek further employment with the Company or any of its affiliates.
The provisions of this Release will be binding upon my heirs, executors, administrators, legal representatives, and assigns.  If any provision of this Release will be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision will be of no force or effect.  The illegality or unenforceability of such provision, however, will have no effect upon and will not impair the enforceability of any other provision of this Release.
This Release will be governed in accordance with the laws of the State of New York, without reference to the principles of conflicts of law.  Any dispute or claim arising out of or relating to this Release or claim of breach hereof will be resolved in accordance with the provisions of Section 12(g) of my Employment Agreement.  By execution of this Release, I am waiving any right to trial by jury in connection with any suit, action, or proceeding under or in connection with this Release.

____________________________________    
Rohit Kapoor

____________________________________    
DATE

32EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”), dated as of October 25, 2017, is by and between TriplePoint Venture
Growth BDC Corp., a Maryland corporation (the “Company”) and each of the parties listed on Schedule 1 hereto (each, a “Buyer” and, collectively, the “Buyers”). 

W I T N E S S E T H: 

WHEREAS, the Company, on the terms and subject to the conditions set forth herein, is issuing and selling to each Buyer the number of
shares set forth on Schedule 1 hereto opposite such Buyer’s name under the “Shares” column (the “Shares”), in each case, of common stock, par value $0.01 per share (the “Common Stock”), of the Company, in each
case, at a price of $13.54 per Share (the “Purchase Price”), for an aggregate purchase price as set forth in Schedule 1 hereto. 

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

SECTION 1. Issuance, Sale and Purchase of Shares; Initial Closing; Subsequent Purchases;
Termination of Additional Issuance Obligation. 
 1.1 Issuance, Sale and Purchase of Shares. Subject to the terms and
conditions of this Agreement, the Company shall issue and sell to each Buyer, and such Buyer shall purchase from the Company, its respective Shares for, and in consideration of delivery by each Buyer of, the Purchase Price for each such Share
payable, in each case, on October 25, 2017 (or such other date mutually agreed upon in writing by the Company and the Buyers) (the “Initial Closing Date”) by wire transfer of immediately available funds to an account designated by the
Company in accordance with the wire instructions set forth on Schedule 2 hereto; provided, however, that the obligation of the Buyers to purchase the Shares on the Initial Closing Date is subject to Mr. James P. Labe, the
Company’s Chief Executive Officer, Mr. Sajal K. Srivastava, the Company’s President, and Mr. Andrew Olson, the Company’s Chief Financial Officer, purchasing an aggregate of 73,855 shares of Common Stock at the Purchase
Price on the Initial Closing Date and on substantially similar terms as those contained in this Agreement (the “Management Purchase”). 

1.2 Initial Closing. The issuance of the Shares pursuant to this Agreement shall occur simultaneously with the delivery to the
Company of the Purchase Price on the Initial Closing Date (the “Transaction”) in accordance with the wire instructions set forth on Schedule 2 hereto. 

1.3 Subsequent Purchases. 
  

	 	(a)	 If, after the Initial Closing Date, the Company issues additional shares of Common Stock to unrelated third
parties other than the Buyers for cash at a price per share that is at or above the Company’s then current net asset value per share (in either a single registered offering or private placement) (the “Third-Party Offering”), then each
Buyer shall be obligated to purchase up to the number of shares of Common Stock set forth opposite such Buyer’s name on Schedule 1 under the “Additional Shares” column (as adjusted for any stock split, stock dividend or other
recapitalization, “Additional Shares”) at the Purchase Price (as adjusted for any stock split, dividend consisting of stock, distribution consisting of stock or other reclassification of the Common Stock, the “Additional Purchase
Price”) from the Company, with each Buyer purchasing the Additional Shares in a single offering and in the same proportion as it purchased Shares in connection with the Transaction (the “Additional Issuance”); provided,
however, (i) each Buyer shall only be obligated to purchase the number of Additional Shares in one Additional Issuance such that after such Additional Issuance such Buyer does not exceed the 2.9% Limitation (as defined below) and the
Buyers in the aggregate do not own more than nine percent (9%) of the outstanding Common Stock; (ii) if the Additional Purchase Price is below the Company’s then current net asset value per share at the time of the one Additional
Issuance, each Buyer shall purchase its respective Additional 

	 	
Shares at a price per share equal to the Company’s then current net asset value per share to the extent the shares of Common Stock sold in the Third-Party Offering immediately prior to the
one Additional Issuance are sold at or above the then current net asset value per share; and (iii) if the Additional Purchase Price is above the Company’s then current net asset value per share at the time of the one Additional Issuance
and the price of the Common Stock sold in the Third-Party Offering is below the Additional Purchase Price, each Buyer shall purchase its respective Additional Shares at the same price of the Common Stock sold in the Third-Party Offering.

  

	 	(b)	(i) The Additional Purchase Price shall be determined on the date of the pricing of the Third-Party Offering; (ii) each Buyer’s obligation to purchase the Additional Shares shall become binding on the date of
the closing of the Third-Party Offering; and (iii) the closing of the purchase of the Additional Shares shall occur on the tenth (10th) day following the closing of the Third-Party Offering
(or, in the event such day is not a business day, on the next business day) (the “Subsequent Closing Date”). 

 1.4
Termination of Additional Purchase Obligation. Each Buyer’s obligation to purchase Additional Shares pursuant to Section 1.3 of this Agreement shall be subject to the conditions contained in Section 5 of this Agreement.
Notwithstanding anything to the contrary, each Buyer’s obligation under Section 1.3 shall terminate immediately upon the earlier of (i) TPVG Advisers LLC (“Advisers”), or another affiliate of TriplePoint Capital LLC, no
longer serving as the Company’s investment adviser, (ii) either James P. Labe or Sajal K. Srivastava are no longer actively involved in the management of the Company or TriplePoint Capital LLC (“Capital”), (iii) October 25,
2018 or (iv) the date on which such Buyer purchases any Additional Shares. 

SECTION 2. Representations and Warranties of the Buyers. Each Buyer, on behalf of itself and not
on behalf of any other Buyer, as applicable, represents and warrants to the Company, as of the date hereof, on the Initial Closing Date and on the Subsequent Closing Date, in each case, as follows: 

2.1 Organization; Authority. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with full right, corporate, partnership or other applicable power and authority, to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder,
and the execution, delivery and performance by such Buyer of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of such Buyer. This Agreement, when executed and
delivered by such Buyer and the Company, shall constitute a valid and legally binding obligation of such Buyer, enforceable against such Buyer in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies, or (c) to the extent the indemnification provisions contained herein may be limited by federal or state securities laws. 

2.2 Private Placement. 

(a) Such Buyer understands that (i) the Shares have not been (and the Additional Shares will not be) registered under the Securities
Act of 1933, as amended (the “Securities Act”) or under any state securities laws, and are being, or will be, offered and sold in reliance under federal and state exemptions for transactions not involving a public offering, (2) no
governmental entity has reviewed, or will review, or made, or will make, any finding or determination as to the fairness or merits or any recommendation or endorsement with respect to an investment in the Shares or Additional Shares,
(3) subject to the Lock-Up Period (as defined herein), the Shares and Additional Shares may not be offered, sold or otherwise transferred by such Buyer except pursuant to an effective registration
statement under the Securities Act or an applicable exemption from the registration requirements of the Securities Act and (4) the following legend restricting the transferability and resale of the Shares and Additional Shares will be placed on
all documents evidencing the Shares and Additional Shares, as applicable: 
 THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE 

  
 2 

 
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF TRIPLEPOINT VENTURE GROWTH BDC CORP. (THE
“CORPORATION”) THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE) OR (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASE (I) AND (II) IN ACCORDANCE WITH ANY APPLICABLE FEDERAL SECURITIES LAWS AND THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
AND SUBJECT TO THE CORPORATION’S RIGHT PRIOR TO ANY SUCH TRANSFER PURSUANT TO CLAUSE (I) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT. IN ADDITION, THE HOLDER WILL NOTIFY
ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF ANY APPLICABLE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 (b) Such Buyer is an
institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D of the Securities Act. Such Buyer is not subject to and is not aware of any facts that would cause such Buyer to be subject to any of
the “Bad Actor” disqualifications as described in Rule 506(d)(1)(i) to (viii) under the Securities Act. 
 (c) The
respective Shares and Additional Shares purchased by such Buyer are being, or will be, acquired by such Buyer for such Buyer’s own account for investment purposes only and not with a view for resale or distribution. Such Buyer was offered its
respective Shares and Additional Shares, as applicable, through private negotiations and not through any general solicitation or general advertising. 

(d) Such Buyer further understands that the exemption from registration afforded by Rule 144 promulgated under the Securities Act (the
provisions of which are known to such Buyer) depends on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for resales of the Shares and Additional Shares acquired hereunder; provided,
however, any resales under Rule 144 are subject to the Lock-Up Period. 
 (e) Such Buyer
(a) either alone or together with its representatives has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of this investment and make an informed decision to so invest, and has
so evaluated the risks and merits of such investment, (b) has the ability to bear the economic risks of this investment and can afford a complete loss of such investment, (c) understands the terms of and risks associated with the
acquisition of its respective Shares and Additional Shares, including, without limitation, a lack of liquidity, pricing availability and risks associated with the industry in which the Company operates, (d) has had the opportunity to review the
Company’s Annual Report on Form 10-K for the Company for the fiscal year ended December 31, 2016, the Quarterly Report on Form 10-Q for the Company for the
quarter ended March 31, 2017, the Quarterly Report on Form 10-Q for the Company for the quarter ended June 30, 2017 and such other disclosure regarding the Company, its business, its financial
condition and its prospects as such Buyer has determined to be necessary in connection with the purchase of its respective Shares and Additional Shares, (e) has had an opportunity to ask such questions and make such inquiries concerning the
Company, its business, its financial condition and its prospects as such Buyer has deemed appropriate in connection with such purchase and to receive satisfactory answers to such questions and inquiries and (f) acknowledges that (i) the
Purchase Price and Additional Purchase Price is based on an estimate (within a range) of the net asset value per share of the Common Stock at September 30, 2017 (the “Estimated NAV Per Share”), plus an estimate of the net investment
income and known net realized and unrealized gains, in each case, on a per share basis (the “Estimated NII and Gains Per Share”), generated by the Company for the period from September 30, 2017 through October 23, 2017; (iii) the
Company’s Board of Directors has not yet determined the fair value of the Company’s investments at September 30, 2017 and, as a result, the Estimated NAV Per Share used in connection with arriving at the Purchase Price and Additional
Purchase Price may differ from the net asset value per share of the Common Stock at September 30, 2017 ultimately reported by the Company after the Board of Directors makes such determinations or as a result of other changes in connection with
finalizing the Company’s financial statements for the quarter ended September 30, 2017; (iv) there are risks inherent in the use of estimates, including the Estimated NAV Per Share and the Estimated NII and Gains Per Share, in arriving at
the Purchase Price and Additional Purchase Price, including that they may be materially different from the finally determined figures thereof, if any; (v) the Estimated NAV Per 

  
 3 

 
Share, the Estimated NII and Gain Per Share and an estimate (within a range) of the Company’s net investment income per share of Common Stock for the three months ended September 30,
2017 have been communicated in writing by the Company to each of the Buyers; and (vi) there will not be any subsequent adjustment to the Purchase Price or Additional Purchase Price in the event that any of the aforementioned estimates used in
arriving at the Purchase Price and Additional Purchase Price differ from the finally determined figures thereof, if any; provided, however, the Additional Purchase Price is subject to modification as specified in Section 1.3(a).

 (f) Such Buyer: (i) is not registered or required to be registered as an “investment company” under the Investment
Company Act of 1940, as amended (the “1940 Act”); (ii) has not elected to be regulated as a business development company (“BDC”) under the 1940 Act; and (iii) if such Buyer is a private investment fund relying on
Section 3(c)(1) or Section 3(c)(7) of the 1940 Act for an exclusion from the definition of “investment company” under the 1940 Act, the acquisition of the Shares and Additional Shares pursuant to this Agreement by such Buyer
shall not cause such Buyer to own after such acquisition, together with any entities it controls, more than two point nine percent (2.9%) of the outstanding Common Stock (the “2.9% Limitation”). 

2.3 No Conflicts; Advice. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, does, or will, (a) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other restriction of any government, governmental agency, or court to which such Buyer is subject or any
provision of its organizational documents or other similar governing instruments, or (b) conflict with, violate or constitute a default under any agreement, credit facility, debt or other instrument or understanding to which such Buyer is a
party, except to the extent that such conflict, violation or default would not impair or delay the Buyer’s ability to consummate, or prohibit the Buyer from consummating, the transactions described in this Agreement. Such Buyer has consulted
such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of its respective Shares and Additional Shares. 

2.4 No Consent. No authorization, approval or other action by, and no notice to or filing with, any governmental, regulatory or legal
authority or any other person is required for the due execution, delivery and performance by such Buyer of this Agreement or the consummation of the transactions contemplated hereby (other than (x) such as has been obtained, given, effected or
taken prior to the date hereof, (y) consents, authorizations, approvals or filings required to be obtained or made by, or notices given to, any regulatory authority having jurisdiction over the Company, as to which such Buyer makes no
representations or warranties and (z) routine filings that are informational in nature and made in the ordinary course of business). 

SECTION 3. Representations and Warranties of the Company. The Company represents and warrants to
each Buyer, as applicable, as of the date hereof, on the Initial Closing Date, and on the Subsequent Closing Date, as follows: 
 3.1
Authorization of Agreement. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland with full corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder, and the execution, delivery and performance by the Company of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate
or similar action on the part of the Company. The Company meets all the requirements of Section 851 of the Internal Revenue Code of 1986, as amended (the “Code”), has filed Form 1120-RIC (U.S.
Income Tax Return for Regulated Investment Companies) for each of its tax years beginning with the tax year ended on December 31, 2014 through and including the tax year ended on December 31, 2016, and qualifies as a “regulated
investment company” (“RIC”) under Subchapter M of the Code, and has been qualified as a RIC at all times since its formation. This Agreement, when executed and delivered by the Company and each Buyer, shall constitute a valid and
legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of
general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (c) to the extent the
indemnification provisions contained herein may be limited by federal or state securities laws. 

  
 4 

 3.2 Authorization of the Shares. The Shares and Additional Shares to be sold by the
Company pursuant to this Agreement have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment of the Purchase Price or Additional Purchase Price, as applicable, will be
validly issued, fully paid and non-assessable; and the issuance and sale of the Shares and Additional Shares to be sold by the Company pursuant to this Agreement are not subject to any preemptive rights,
rights of first refusal or other similar rights of any security holder of the Company or any other person. 
 3.3 No Conflicts.
Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, does, or will, violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or other
restriction of any government, governmental agency, or court to which the Company is subject or any provision of its organizational documents or other similar governing instruments, or conflict with, violate or constitute a default under any
agreement, credit facility, debt or other instrument or understanding to which the Company is a party. 
 3.4 No Consent. No
authorization, approval or other action by, and no notice to or filing with, any governmental, regulatory or legal authority or any other person is required for the due execution, delivery and performance by the Company of this Agreement or the
consummation of the transactions contemplated hereby (other than (x) such as has been obtained, given, effected or taken prior to the date hereof, (y) consents, authorizations, approvals or filings required to be obtained or made by, or
notices given to, any regulatory authority having jurisdiction over each Buyer, as to which the Company makes no representations or warranties and (z) routine filings that are informational in nature and made in the ordinary course of
business). 
 3.5 Offer and Sale of Securities. On or prior to each Additional Issuance, the Company has taken all required action
under the 1940 Act and the rules and regulations of the Securities and Exchange Commission (the “SEC”) under the 1940 Act (the “1940 Act Regulations”) to make the Third-Party Offering and consummate the sale of the Additional
Shares in the one Additional Issuance as contemplated by this Agreement. 
 3.6 Compliance with RIC Requirements. The Company intends
to direct the investment of the net proceeds of the Transaction (and the net proceeds from the Additional Issuance of the Additional Shares) and to continue to conduct its activities in such a manner as to continue to comply with the requirements
for qualification and taxation as a RIC under Subchapter M of the Code. The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code commencing with its taxable year ended December 31, 2014.

 3.7 1940 Act Notification. The Company has elected to be regulated as a BDC under the 1940 Act and has filed with the SEC, pursuant
to Section 54(a) of the 1940 Act, a duly completed and executed Form N-54A (the “1940 Act Notification”); the Company has not filed with the SEC any notice of withdrawal of the 1940 Act
Notification pursuant to Section 54(c) of the 1940 Act; the 1940 Act Notification remains in full force and effect, and, to the Company’s knowledge, no order of suspension or revocation of such election under the 1940 Act has been issued
or proceedings therefore initiated or threatened by the SEC. The operations of the Company are in compliance in all material respects with the applicable provisions of the 1940 Act and the 1940 Act Regulations. 

3.8 Financial Statements. The financial statements of the Company included in its most recent quarterly report on Form 10-Q that was filed with the SEC (the “Form 10-Q”), together with the related schedules and notes, present fairly the financial position of the Company at the dates
indicated and the results of operations, changes in net assets and cash flows of the Company and for the periods specified; and any such financial statements comply as to form with the applicable accounting requirements of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”),and have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved (except as otherwise noted
therein); and the other financial information and data included in the Form 10-Q are accurately derived from such financial statements and the books and records of the Company, as applicable. All “non-GAAP financial measures” (as such term is defined in the rules and regulations of the SEC), if any, contained in the Form 10-Q comply with Item 10(e) of
Regulation S-K of the SEC. 

  
 5 

 SECTION 4. Covenants. 

4.1 Lock-Up. Notwithstanding anything to the contrary in this Agreement, each Buyer shall
not, directly or indirectly, (i) sell, exchange, transfer, assign, pledge, hypothecate, grant any option to purchase or otherwise dispose of or agree to dispose of all or any portion of the Shares or Additional Shares held by such Buyer
(ii) establish or increase a put equivalent position or liquidate or decrease a call equivalent position with respect to any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or warrants or other
rights to purchase Common Stock or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock, or warrants or other rights to purchase Common Stock, whether any such transaction is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, in each case, for a period of eighteen
(18) months from the Closing Date (the “Lock-Up Period”), without the prior written consent of the Company’s Board of Directors; provided, however, that the Lock-Up Period shall expire immediately if (i) Advisers, or another affiliate of Capital, is no longer serving as the Company’s investment adviser or (ii) either James P. Labe or Sajal K. Srivastava
are no longer actively involved in the management of the Company or Capital; provided further, that if any of the shares of Common Stock acquired by Messrs. Labe, Srivastava and Olson in the Management Purchase are disposed of by any of them
prior to the expiration of the Lock-Up Period (the “Disposed Shares”), then the Lock-Up Period shall expire immediately with regard to the number of Shares
held by the Buyers that are in the same proportion as the Disposed Shares are relative to the shares of Common Stock purchased in the Management Purchase. Each Buyer acknowledges that its respective Shares and Additional Shares shall bear the
following restrictive legend: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, EXCHANGED, TRANSFERRED ASSIGNED, PLEDGED, HYPOTHECATED OR IN
ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A LOCK-UP AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). THE SECRETARY OF
THE COMPANY WILL, UPON WRITTEN REQUEST, FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 4.2 Regulated Investment
Company Status. The Company shall use best efforts to maintain its qualification as a RIC under Subchapter M of the Code for so long as the Company remains a BDC regulated under the 1940 Act. 

4.3 Removal of Legends. If, after the expiration of the Lock-Up Period, each Buyer is not
and has not been within the prior 90 days an affiliate of the Company within the meaning of the Securities Act and all applicable conditions of Rule 144 under the Securities Act have been met, the Company will arrange (at its expense) for the
delivery of an opinion of counsel, in form and substance that is satisfactory to the transfer agent of the Common Stock, to assist in the removal of the restrictive legend from such Buyer’s respective portion of the Shares and Additional
Shares, as applicable, subject to delivery by such Buyer of a customary back-up certificate regarding compliance with Rule 144 under the Securities Act. 

4.4 Mirror Voting. Each Buyer shall vote its respective Shares and Additional Shares in the same proportion as the vote of all
holders (excluding the Buyers) of shares of Common Stock; provided, however, such Buyer’s obligation with respect to this Section 4.4 shall only apply to such Buyer’s proportionate share of the Shares and Additional
Shares held by all of the Buyers which in the aggregate exceeds 4.9% of shares of Common Stock outstanding. 
 4.5 Prohibition on
Insider Trading and Compliance With Regulation FD. Each Buyer acknowledges such Buyer has received material nonpublic information about the Company in connection with the Transaction and the Additional Issuance. Each Buyer agrees that it shall
not (a) purchase or sell, directly or indirectly, any securities of the Company (other than the purchase of the Shares in the Transaction or any Additional Shares, in each case, as contemplated by this Agreement) while in possession of relevant
material, nonpublic information relating to the Company or (b) communicate any material nonpublic information to any other person. Each Buyer also acknowledges that the provisions of Regulation FD under the Exchange Act, requires the public
announcement of previously disclosed non-public information if that information is disclosed to anyone who has not agreed to maintain the confidentiality of such information. Each Buyer agrees not to
knowingly take any action that would require the Company to publicly disclose any information about or relating to the non-public information, and to take reasonable steps to ensure that none of the its
representatives take any such action. 

  
 6 

 4.6 Current Public Information. The Company shall file all reports required to be filed by
it under the Exchange Act and shall take such further action as any Buyer may reasonably request, all to the extent required to enable such Buyer to sell Registrable Securities (as defined below) or Shelf Registrable Securities (as defined below)
pursuant to Rule 144. Upon request, the Company shall deliver to any Buyer a written statement as to whether it has complied with such requirements. 

4.7 BDC Status. During the Lock-Up Period, the Company shall use its best efforts to maintain
its status as a BDC. 
 4.8 Certificated Shares. Within twenty (20) days after the Closing Date, the Company shall cause to be
issued certificated shares to each Buyer on Schedule 1 hereto that reflect the amount of Shares opposite such Buyer’s name under the “Shares” column and such certificated shares will bear the restrictive legends required by
Section 2.2(a) and Section 4.1 of this Agreement. 
 SECTION 5. Closing Conditions.

 The Transaction and the Additional Issuance is also subject to the conditions that, as applicable, on the Initial Closing Date and the
Subsequent Closing Date: 
  

	 	(a)	no suspension of the qualification of the Common Stock for offering or sale or trading by the SEC, or initiation or threatening of any proceedings for any of such purposes, shall have occurred; 

 

	 	(b)	all representations and warranties of the Company and each Buyer in this Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
which representations and warranties shall be true in all respects) at and as of the Initial Closing Date and the Subsequent Closing Date, as applicable, and consummation of the Transaction and the Additional Issuance shall constitute a
reaffirmation by each of the Company and each Buyer of each of the representations, warranties and agreements of each such party contained in this Agreement as of the Initial Closing Date and the Subsequent Closing Date, as applicable;

  

	 	(c)	no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and
has the effect of making consummation of the Transaction and the Additional Issuance, as applicable, contemplated hereby illegal or otherwise restraining or prohibiting consummation of the Transaction and the Additional Issuance, as applicable,
contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; 

 

	 	(d)	at the Initial Closing Date, the Company shall have received the proceeds from the Management Purchase; 

  

	 	(e)	the Company’s 1940 Act Notification, as the same may be amended from time to time, remains in full force and effect; 

  

	 	(f)	on the Subsequent Closing Date, the Company’s net asset value per share shall not have declined 25.0% or more below the Estimated NAV Per Share; and 

 

	 	(g)	on or before the Subsequent Closing Date, there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or (ii) a
general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States. 

  
 7 

 SECTION 6. Registration Rights. 

6.1 Piggy-Back Registration Notice. 

(a) If the Company proposes to file any registration statement under the Securities Act (a “Registration Statement”) with respect to
any offering of Common Stock by the Company for its own account or for shareholders of the Company for their respective account (or by the Company and by shareholders of the Company), other than a Registration Statement (i) filed in connection
with any employee stock option or other benefit plan, (ii) for a dividend reinvestment and stock purchase plan or (iii) in connection with a merger or acquisition, then the Company shall (x) give written notice of such proposed filing
to each Buyer no less than ten (10) days before the anticipated filing date of the Registration Statement, which notice shall describe the amount and type of securities to be included in such Registration Statement and the proposed filing date
of the Registration Statement, and (y) offer to each Buyer in such notice the opportunity to register up to the number of Shares and Additional Shares held by such Buyer (together with any other issued and outstanding shares of Common Stock
held by other holders, collectively, the “Registrable Securities”) and such Buyer shall respond to such notice in writing no later than seven (7) days prior to the proposed filing date of the Registration Statement as specified in the
notice (a “Piggy-Back Registration Notice”). The Company may request each Buyer who submits a Piggy-Back Registration Notice to furnish the Company with information as shall be reasonably requested by the Company to effect the registration
of the Registrable Securities, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations. The Company shall prepare and file with the
SEC such amendments and supplements to the Registration Statement and the base prospectus used in connection therewith as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities subject thereto in connection with any Piggyback Offering (as defined below). 
 (b) Subject to Section 6.1(d) hereof, if at
any time on or after the expiration of the Lock-Up Period, the Company proposes to offer and sell shares of Common Stock in an underwritten offering (the “Piggyback Offering”), the Company shall
provide written notice (no less than ten (10) days prior to the launch of the Piggyback Offering) (“Offering Notice”) to each Buyer who has elected to have its respective Shares and Additional Shares included in the Piggy-Back
Registration Notice (“Piggyback Electing Buyer”). Each Piggyback Electing Buyer may participate in the Piggyback Offering and have their respective portion of up to one-third (1/3) of the Registrable
Securities (“Offering Cap”) then held by the Buyers in the aggregate (“Offered Securities”) included in the Piggyback Offering; provided, however, such Piggyback Electing Buyer shall be required to give the Company
written notice of its election to participate in the Piggyback Offering no more than seven (7) days prior to the expected launch date of the Piggyback Offering as specified in the Offering Notice. The Company shall cause the managing
underwriter or underwriters of the Piggyback Offering to offer and sell the Offered Securities on the same terms and conditions as any shares of Common Stock issued by the Company and to permit the sale or other disposition of such Offered
Securities in accordance with the intended method(s) of distribution thereof; provided, however, if the Company in consultation with the underwriters reduces the aggregate number of shares of Common Stock to be offered in the Piggyback
Offering, such reduction shall reduce the number of Offered Securities, on a pro-rata basis, of each Piggyback Electing Buyer. All holders of Offered Securities proposing to distribute their securities through
the Piggyback Offering shall directly or indirectly enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback Offering. Once the Offering Cap has been reached, each Piggyback Electing
Buyer may request the Company’s consent to increase the amount of Offered Securities that may be sold in a Piggyback Offering pursuant to the terms of this Section 6.1. Each Buyer agrees that (1) the Offering Notice constitutes
material non-public information (“MNPI”) under the federal securities laws and that it will not engage in any transaction in any securities of the Company until such notice and the information
contained therein ceases to constitute MNPI and (2) such Buyer shall treat as confidential the receipt of the Offering Notice and shall not disclose or use the information contained in such Offering Notice without the prior written consent of
the Company until such time as the information contained therein is or becomes available to the public generally. 

  
 8 

 (c) Notwithstanding anything to the contrary in this Section 6, no Piggyback Electing Buyer
shall have the right to participate in any offerings of Common Stock which are issued by the Company in an at-the-market offering (“ATM”) in accordance with
Rule 415(a)(4) under the Securities Act and the Company shall have no obligation to comply with the requirements of Section 6.1 for any issuances of Common Stock under the ATM. 

(d) Each Piggyback Electing Buyer’s participation in any Piggyback Offering contemplated by Section 6.1 of this Agreement may be
expressly conditioned upon and subject to the final offering price per share in the Piggyback Offering being not less than a minimum price per share determined by the Piggyback Electing Buyer and set forth in its Piggy-Back Registration Notice (the
“Minimum Price Condition”). If the Minimum Price Condition is not satisfied, the Piggyback Electing Buyer shall be deemed to not have consented to the Piggyback Offering of its Offered Securities in the Piggyback Offering. 

(e) For the avoidance of doubt, if the Company elects to register the resale of the Shares and Additional Shares on the Shelf Registration
Statement (as defined herein) under the Securities Act in furtherance of its obligations under Section 6.1, then the Piggyback Electing Buyers may only resell such shares in connection with an offering initiated by the Company. 

6.2 Shelf Registration. 

(a) On or before the expiration or termination of the Lock-Up Period, the Company shall file with the
SEC a shelf registration statement under the Securities Act (the “Shelf Registration Statement”) in order to register the resale of the Shares and the Additional Shares then held by the Buyers thereunder. In the event the Lock-Up Period is terminated in accordance with the terms of this Agreement, the Company shall promptly file a Shelf Registration Statement with the SEC in order to effectuate the foregoing registration. The Company
shall use its reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing of such Shelf Registration Statement, and once effective, the Company shall
cause such Shelf Registration Statement to remain continuously effective for a period ending on the date on which all of the Registrable Securities subject thereto have been sold pursuant to the Shelf Registration Statement, Rule 144 under the
Securities Act or otherwise. The Shelf Registration Statement shall name each of the Buyers as a selling securityholder and register all of their Shares and Additional Shares. In order for each Buyer to be named as a selling securityholder in such
Shelf Registration Statement, the Company may require such Buyer to furnish the Company with information as shall be reasonably requested by the Company to effect the registration of the Shelf Registrable Securities (as defined below), and shall
execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations. 

(b) In the event that the Shelf Registration Statement is effective, the Buyers shall have the right at any time or from time to time to elect
to sell pursuant to an offering (including an underwritten offering (an “Underwritten Takedown”)) Registrable Securities available for sale pursuant to such registration statement (together with any other issued and outstanding shares of
Common Stock held by other holders, collectively, the “Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect, and the Company shall pay all expenses in accordance with Section 6.3 of this
Agreement. The applicable Buyers shall make such election by delivering to the Company a written request (a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Buyers desire to sell
(the “Shelf Offered Securities”) pursuant to such offering (the “Shelf Offering”). As promptly as practicable, but no later than two (2) business days after receipt of a Shelf Offering Request, the Company shall give written
notice (the “Shelf Offering Notice”) of such Shelf Offering Request to all other holders of Shelf Registrable Securities. The Company shall, as expeditiously as possible, use its reasonable efforts to facilitate such Shelf Offering. 

(c) Notwithstanding the foregoing, if a Buyer wishes to engage in an underwritten block trade off of a Shelf Registration Statement, then
notwithstanding the foregoing time periods, such Buyer only need to notify the Company of the block trade Shelf Offering two (2) business days prior to the day such offering is to commence and the Company shall promptly notify other holders and
such other holders must elect whether or not to participate by the next business day (i.e., one business day prior to the day such offering is to commence) and the Company shall as expeditiously as possible use its reasonable efforts to facilitate
such offering (which may close as early as two (2) business days after the date it commences); provided that holders representing a majority of the Shelf Registrable Securities wishing to engage in the underwritten block trade shall use
commercially reasonable efforts to work with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten
block trade. 

  
 9 

 (d) The Company shall, at the request of the Buyers covered by the Shelf Registration Statement,
file any prospectus supplement and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Buyer to effect such Shelf Offering. 

(e) Priority on Shelf Offerings. If the Shelf Offering is an underwritten offering and the managing underwriters advise the Company
in writing that in their opinion the number of Shelf Registrable Securities and, if permitted hereunder, other shares of Common Stock requested to be included in such offering exceeds the number of Shelf Registrable Securities that can be sold
therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include in such registration or offering, as applicable, prior to the inclusion of any other shares
of Common Stock which are not Shelf Registrable Securities, the number of Shelf Registrable Securities requested by holders to be included that, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the
respective holders thereof on the basis of the amount of Shelf Registrable Securities owned by each such holder that such holder of Shelf Registrable Securities shall have requested to be included therein.

(f) Restrictions on Shelf Offerings. 

(1) The Company may suspend the use of a prospectus that is part of a Shelf Registration Statement for up to 60 days from the date of the
Suspension Notice (as defined below) and therefore suspend sales of the Shelf Registrable Securities (such period, the “Suspension Period”) by providing written notice to the holders if (A) the Company’s board of directors
determines in its reasonable good faith judgment that the offer or sale of Shelf Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any subsidiary to engage in any material
acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other transaction involving the Company or any subsidiary, (B) upon advice
of counsel, the sale of Shelf Registrable Securities pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under applicable law, and (C) either (x) the Company has a bona fide
business purpose for preserving the confidentiality of such transaction or (y) disclosure of such MNPI would have a material adverse effect on the Company or the Company’s ability to consummate such transaction; provided that in
such event, the holders shall be entitled to withdraw such request for a underwritten Shelf Offering and the Company shall pay all registration expenses in connection with such Shelf Offering. The Company may extend the Suspension Period with
the consent of the applicable Buyer, which consent shall not be unreasonably withheld. 
 (2) In the case of an event that causes the Company
to suspend the use of a Shelf Registration Statement as set forth in the preceding paragraph or at any time, when a prospectus relating to a Shelf Offering is required to be delivered under the Securities Act, of the happening of any event as a
result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to this Section 6, at the request of
any such seller, the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Shelf Registrable Securities, such prospectus shall not contain an untrue statement of a material fact
or omit to state any fact necessary to make the statements therein not misleading (a “Suspension Event”), the Company shall give a notice to the holders of Shelf Registrable Securities registered pursuant to such Shelf Registration
Statement (a “Suspension Notice”) to suspend sales of the Shelf Registrable Securities and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its
effect is continuing. If the basis of such suspension is nondisclosure of MNPI, the Company shall not be required to disclose the subject matter of such MNPI to holders. A holder shall not affect any sales of the Shelf Registrable
Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). Each holder agrees that
(1) such notice constitutes MNPI and that it will not engage in any transaction in any securities of the Company until such notice and the information contained therein ceases to constitute MNPI and (2) such holder shall treat as
confidential the receipt of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice without the prior written consent of the Company until such time as the information contained therein is or becomes
available to the public generally, other than as a result of disclosure by the holder in breach of the terms of this Agreement. Holders may recommence effecting sales of the Shelf Registrable Securities pursuant to the Shelf Registration
Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the holders and their counsel, if any, promptly
following the conclusion of any Suspension Event. 

  
 10 

 6.2 Expenses. All fees and expenses incident to the performance of or compliance with
this Section 6 shall be borne by the Company whether or not any Registrable Securities or Shelf Registrable Securities are sold pursuant to a Registration Statement or the Shelf Registration Statement, as applicable. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public
accountants) (A) with respect to filings made with the SEC, (B) with respect to filings required to be made with any trading market on which the Common Stock is then listed for trading, (C) in compliance with applicable state
securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities or the Shelf Registrable Securities ) and
(D) with respect to any filing that may be required to be made by any broker through which a holder of Offered Securities or Shelf Offered Securities, as applicable, intends to make sales of Offered Securities or Shelf Offered Securities, as
applicable, with Financial Industry Regulatory Authority, Inc., (ii) printing expenses, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) fees and expenses of all other
persons or entities retained by the Company in connection with the consummation of the transactions contemplated by this Section 6, and (vi) fees and disbursements of counsel for each of the Buyers incurred by the Buyers in connection with
the sale and delivery of their Registrable Securities and their Shelf Registrable Securities, subject to a cap of $25,000 in the aggregate for all of the Buyers in connection with each Piggyback Offering or Shelf Offering and $75,000 in the
aggregate for all of the Buyers in connection with all such offerings. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Offered
Securities or Shelf Offered Securities, as applicable, on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions, or underwriting discounts, in each case, of any holder of
Offered Securities or Shelf Offered Securities, as applicable. 
 SECTION 7. Publicity. Subject
to Section 8 of this Agreement, any press releases, other public statements or disclosures regarding the subject matter of this Agreement, the Transaction or the other transactions contemplated therein shall be subject to the express prior
written consent of each of the parties hereto after each party has been provided with a reasonable opportunity to review and comment any such press releases, other public statements or disclosures; provided, however, that any press release,
other public statement or disclosure shall be permitted without each parties’ consent to the extent that it does not contain information beyond that included in a prior press release, other public statement or disclosure approved in writing by
each party. Notwithstanding the foregoing any public statement or disclosure that is required by applicable law including the rules of the SEC or any securities exchange, as reasonably advised by the disclosing party’s counsel, may be made
without the prior written consent of each other party, provided, however, that the non-disclosing party is provided with reasonably advance notice of such disclosure and drafts of the proposed public
statement or disclosure. 
 SECTION 8. Confidentiality. Each Buyer acknowledges and understands
that any information about the Company or its business learned in connection with the consummation of the Transaction and each Additional Issuance remains subject to the terms of the Confidentiality Agreement, by and among the Company, Capital and
Private Equity Aggregator LP, dated as of April 19, 2017 (the “Confidentiality Agreement”). 

SECTION 9. Indemnification and Contribution. 

(a) The Company shall indemnify, defend and hold harmless each Buyer (and its respective affiliates, directors, officers, employees, successors
and assigns) from and against any and all losses, claims, damages, liabilities and expenses based upon, arising out of or otherwise in respect of the Transaction and the Additional Issuance relating to any material inaccuracy in, or any material
breach of, the representations or warranties of the Company and the covenants or agreements made by the Company in this Agreement. Each Buyer, severally and not joint, shall indemnify, defend and hold harmless the Company (and its affiliates,
directors, officers, employees, successors and assigns) from and against any and all losses, claims, damages, liabilities and expenses based upon, arising out of or otherwise in respect of the Transaction and the Additional Issuance relating to any
material inaccuracy in, or any material breach of, the representations or warranties of such Buyer and the covenants or agreements made by such Buyer in this Agreement.

  
 11 

 (b) If any Registrable Securities or Shelf Registrable Securities are included in a Registration
Statement or Shelf Registration Statement, as applicable, under Section 6 of this Agreement: 
 A. To the extent permitted by law, the
Company will indemnify and hold harmless each Buyer, and the partners, members, officers, directors, and stockholders of each such Buyer; any underwriter (as defined in the Securities Act) for each such Buyer; and each person, if any, who controls
such Buyer or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages (as defined herein) and any Other Damages (as defined herein), and the Company will pay to each such Buyer, underwriter, controlling person,
or other aforementioned person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages and any Other Damages may result, as such expenses are incurred;
provided, however, that the indemnity agreement contained in this Section 9(b)(A) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent
shall not be unreasonably withheld, nor shall the Company be liable for any Damages and any Other Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information
furnished by or on behalf of any such Buyer, underwriter, controlling person, or other aforementioned person expressly for use in connection with such registration. 

B. To the extent permitted by law, each Buyer, severally and not jointly, will indemnify and hold harmless the Company, and each of its
directors, each of its officers who has signed the registration statement, each person (if any), who controls the Company within the meaning of the Securities Act, any underwriter (as defined in the Securities Act), any other person or entity
selling securities in such Registration Statement or Shelf Registration Statement, as applicable, and any controlling person of any such underwriter or other person or entity, against any Damages, in each case only to the extent that such Damages
arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such Buyer expressly for use in connection with such Registration Statement or Shelf Registration
Statement; and each such Buyer will pay to the Company and each other aforementioned person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result,
as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 9(b)(B) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of
the Buyer, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Buyer by way of indemnity or contribution under Section 9(b)(B) and Section 9(b)(D) exceed the
proceeds from the offering received by such Buyer (net of any selling expenses paid by such Buyer), except in the case of fraud or willful misconduct by such Buyer. 

C. Promptly after receipt by an indemnified party under this Section 9(b) of notice of the commencement of any action (including any
governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 9(b), give the indemnifying party
notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given,
and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the
right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve
such indemnifying party of any liability to the indemnified party under this Section 9(b), to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this 
Section 9(b).

  
 12 

 D. To provide for just and equitable contribution to joint liability under the Securities Act in
any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 9(b) but it is judicially determined (by the entry of a final judgment or decree by a court
of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 9(b) provides for indemnification
in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 9(b), then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a
Buyer’s liability pursuant to this Section 9(b)(D), when combined with the amounts paid or payable by such Buyer pursuant to Section 9(b)(B), exceed the proceeds from the Piggyback Offering or Shelf Offering, as applicable, received
by such Buyer (net of any selling expenses paid by such Buyer), except in the case of willful misconduct or fraud by such Buyer. 
 E.
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with any Piggyback Offering or Shelf Offering, as applicable, are in conflict
with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 F. Unless otherwise superseded by an
underwriting agreement entered into in connection with any Piggyback Offering or Shelf Offering, the obligations of the Company and Buyers under this Section 9(b) shall survive the completion of any offering of Registrable Securities or Shelf
Registrable Securities under this Section 9, and otherwise shall survive the termination of this Agreement. 
 For purposes of this Section 9(b),
“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability
(or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Shelf Registration Statement of the Company, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto or (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading. 
 For purposes of this Section 9(b), “Other Damages” means any loss, damage, claim or liability (joint or several)
to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon any violation or
alleged violation by the Company (or any of its agents or “affiliates” as such term is defined in Rule 405 under the Securities Act) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated
under the Securities Act, the Exchange Act, or any state securities law in connection with the Piggyback Offering or the Shelf Offering. 

SECTION 10. Notices. Any notice required or permitted by this Agreement shall be in writing and shall be
deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile (upon confirmation of receipt), or 72 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid,
addressed to the party to be notified at such address as that party may specify by notice to the other party. 

  
 13 

 SECTION 11. Successors and Assigns. This Agreement
shall be binding on, and inure to the benefit of, the parties hereto and their respective successors, heirs, personal representatives and permitted assigns. 

SECTION 12. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

SECTION 13. Severability. If any provision of this Agreement is held to be invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired hereby and the parties will attempt to agree upon a valid and enforceable provision
that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 

SECTION 14. Entire Agreement. This Agreement and the Confidentiality Agreement represents the
understanding of the parties hereto with respect to the matters contemplated hereby, and there are no written or oral representations, warranties, understandings or agreements with respect hereto except as expressly set forth herein. 

SECTION 15. Amendments; Waivers. No provision of this Agreement may be waived or amended except
in a written instrument signed, in the case of an amendment, by each party or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. 

SECTION 16. Further Assurances. Each Buyer and the Company hereby agrees and provides
further assurances that it will, in the future, execute and deliver any and all further agreements, certificates, instruments and documents and do and perform or cause to be done and performed, all acts and things as may be necessary or appropriate
to carry out the intent and accomplish the purposes of this Agreement. 
 SECTION 17. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in
any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

SECTION 18. Electronic Delivery. This Agreement, the agreements referred to herein, and each
other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or
similar reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof
and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

SECTION 19. MUTUAL WAIVER OF JURY TRIAL. THE COMPANY AND EACH BUYER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 20. CONSENT TO JURISDICTION. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE AFFAIRS OF THE COMPANY. TO THE FULLEST EXTENT THEY MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, THE PARTIES
HERETO IRREVOCABLY WAIVE AND AGREE NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT THEY ARE NOT SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER

  
 14 

 
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. 
 SECTION 21. No Inconsistent Agreements. The Company shall not
hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to any Buyer in this Agreement. 

SECTION 22. Obligations of Buyers. All of the representations, warranties, covenants and
agreements of the Buyers hereunder are several and not joint and relate solely to the proportion of the Shares to be purchased by each Buyer and no Buyer shall be liable for any breach of any representations, warranties, covenants or agreements by
any other Buyer. Nothing contained in this Agreement shall be construed to create as among the Buyers an association, trust, partnership, joint venture, association taxable as a corporation or other entity for the conduct of any business for profit,
or impose a trust or partnership duty, obligation or liability on, or with regard to any Buyer, nor shall any Buyer have the right or authority to assume, create or incur any liability or obligation, express or implied, against, in the name of, or
on behalf of any such other Buyer without the prior written consent of such other Buyer. 
 [Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date
first above-written. 
  

			
	COMPANY:
	
	TRIPLEPOINT VENTURE GROWTH BDC CORP.
		
	By:	 	 /s/ Sajal Srivastava

	Name:	 	Sajal Srivastava
	Title:	 	President

 
			
	BUYERS:
	
	Vintage VII Foreign Income Blocker LLC
	
	By: Vintage VII LP, its sole member
	
	By: Goldman Sachs Asset Management, L.P., its investment manager
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	Vintage VII Offshore Holdings LP
	
	By: VF VII Advisors LLC, its general partner
		
	By:	 	 /s/ John Lewis

	Name:	 	John Lewis
	Title:	 	Manager
	
	Vintage VII Emp Foreign Income Blocker LLC
	
	By: Vintage VII EMP LP, its sole member
	
	By: GSAM Gen-Par, L.L.C., its general partner
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	Vintage VII B Foreign Income Blocker LLC
	
	By: Vintage VII B LP, its sole member
	
	By: Goldman Sachs Asset Management, L.P., its investment manager
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	Vintage VII B Offshore Holdings LP
	
	By: Goldman Sachs Asset Management, L.P., its investment manager
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory

 
			
	Vintage VII B2 Offshore Corporate Holdings LP
	
	By: Goldman Sachs Asset Management, L.P., its investment manager
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	Vintage VII Mgr Hlds LP
	
	By: Goldman Sachs Asset Management, L.P., its investment manager
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	Vintage VII A2 Offshore Holdings LP
	
	By: Goldman Sachs Asset Management, L.P., its investment manager
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	DALPP Series A(2) Foreign Income Blocker LLC
	
	By: DALPP, L.P., its sole member
	
	By: Goldman Sachs DA LLC, its general partner
	
	By: GSAM Gen-Par, L.L.C., its managing member
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory
	
	RA Program 2017 Foreign Income Blocker Ltd
	
	By: GSAM Gen-Par, L.L.C., its director
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory

 
			
	FPP Alternative Investments Foreign Income Blocker LLC
	
	By: FPP Alternative Investments I, LP, its sole member
	
	By: GSAM Gen-Par, L.L.C., its general partner
		
	By:	 	 /s/ Jeanine Lee

	Name:	 	Jeanine Lee
	Title:	 	Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]