Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 
 THIS AMENDMENT
NO. 2, dated as of September 25, 2013 (this “Amendment”), of the Credit Agreement referenced below by and among HURON CONSULTING GROUP INC., a Delaware corporation, as Borrower, the Guarantors identified herein, the Lenders
identified on the signature pages hereto, and BANK OF AMERICA, N.A., as Administrative Agent for and on behalf of the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement. 

W I T N E S S E T H 

WHEREAS, a $450 million credit facility consisting of a $247.5 million revolving credit facility and a $202.5 million term loan facility has
been established in favor of the Borrower pursuant to the terms of that certain Amended and Restated Credit Agreement dated as of April 14, 2011 (as amended and modified, the “Credit Agreement”) by and among Huron Consulting
Group Inc., a Delaware corporation, as Borrower, certain subsidiaries of Huron Consulting Group Inc., as Guarantors, the Lenders identified therein and Bank of America, N.A., as Administrative Agent and Collateral Agent; 

WHEREAS, the Borrower has requested certain modifications to the terms of the Credit Agreement, including, among other things, an extension of
the credit facilities under the Credit Agreement; and 
 WHEREAS, the Lenders have agreed to the requested amendments on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Amendment. The Credit Agreement is, effective as of the Amendment No. 2 Effective Date (as defined below), hereby
amended as follows: 
 1.1. In Section 1.01 (Defined Terms), the following terms are added, or amended, to read as
follows: 
 “Amendment No. 2” means Amendment No. 2, dated as of September 25, 2013, to this
Credit Agreement. 
 “Amendment No. 2 Effective Date” means the date on which the conditions to
effectiveness for Amendment No. 2 have been met and Amendment No. 2 becomes effective, being September 25, 2013. 

“Applicable Percentage” means the following percentages per annum, based upon the Consolidated Leverage Ratio
as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b): 
  

																			
	 	  	 	  	Revolving Loans and Term Loan	 	 	 	 	 	 	 
	 Pricing

Tier
	  	 Consolidated Leverage

Ratio
	  	Eurodollar Rate
Loans	 	 	Base Rate
Loans	 	 	Letter of
Credit Fee	 	 	Commitment
Fee	 
	 4
	  	> 2.5:1.0	  	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 	 	 	0.30	% 
	 3
	  	> 1.75:1.0, but £ 2.5:1.0	  	 	1.75	% 	 	 	0.75	% 	 	 	1.75	% 	 	 	0.25	% 
	 2
	  	> 1.0:1.0, but £ 1.75:1.0	  	 	1.50	% 	 	 	0.50	% 	 	 	1.50	% 	 	 	0.20	% 
	 1
	  	£ 1.0:1.0	  	 	1.25	% 	 	 	0.25	% 	 	 	1.25	% 	 	 	0.15	% 

 Any increase or decrease in the Applicable Percentage resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(b); provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Tier 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have
been delivered and shall remain in effect until the first Business Day immediately following the date on which such Compliance Certificate is delivered in accordance with Section 7.02(b). The Applicable Percentage in effect from the
Amendment No. 2 Effective Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(b) for the fiscal quarter ending September 30, 2013
shall be determined based upon Pricing Tier 2. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Percentage for any period shall be subject to the provisions of Section 2.10(b).

 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located and: 

(a) if such day relates to any interest rate settings as to a Eurodollar Rate Loan denominated in Dollars, any fundings,
disbursements, settlements and payments in Dollars in respect of any such Eurodollar Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Credit Agreement in respect of any such Eurodollar Rate Loan, means any such day that
is also a London Banking Day; 
 (b) if such day relates to any interest rate settings as to a Eurodollar Rate Loan
denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurodollar Rate Loan, or any other dealings in Euro to be carried out pursuant to this Credit Agreement in respect of any such Eurodollar Rate
Loan, means a TARGET Day; 
 (c) if such day relates to any interest rate settings as to a Eurodollar Rate Loan denominated
in a currency other than Dollars or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and 

(d) if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in
respect of a Eurodollar Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Credit Agreement in respect of any such Eurodollar Rate Loan
(other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency. 

  
 2 

 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the
contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 
 “Connection Income Taxes” means Other
Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself
is the subject of any Sanction. 
 “Eurodollar Base Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan: 

(i) in the case of Eurodollar Rate Loan denominated in a LIBOR Quoted Currency, the rate per annum equal to the London
Interbank Offered Rate or a successor thereto as approved by the Administrative Agent (“LIBOR”), as published by Reuters (or such other commercially available source providing quotations of LIBOR as may be designated by the
Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period; 
 (iv) in the case of any other Eurodollar Rate Loan denominated in a Non-LIBOR Quoted Currency, the reference rate designated by the Administrative Agent as the representative market reference rate therefor; 

(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at
approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day; and 

(c) for all Non-LIBOR Quoted Currencies, the calculation of the applicable reference
rate shall be determined in accordance with market practice. 
 “Excluded Swap Obligation” means, with
respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guaranty by such Guarantor hereunder of, or the grant under a Loan Document by such Guarantor of a security interest to secure, such Swap Obligation
(or any Support Obligation in respect thereof) is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the 

  
 3 

 
Commodity Exchange Act (determined after giving effect to Section 4.08 and any other “keepwell”, support or other agreement for the benefit of such Guarantor and any and all
guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the guaranty by such Guarantor hereunder, or grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply to only the portion of such Swap Obligations that is attributable to Swap Contracts for which such guaranty or security interest becomes
excluded in accordance with the first sentence of this definition. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or
Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender
changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), 3.01(a)(iii) or 3.01(c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately
before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal
withholding Taxes imposed pursuant to FATCA. 
 “FATCA” means Sections 1471 through 1474 of the Internal
Revenue Code, as of the date of the Amendment No. 2 Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and
(b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State
thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Guarantors”
means (a) each Person identified on the signature pages hereto as a “Guarantor”, (b) each other Person that becomes a Guarantor pursuant to the terms hereof, and (c) the Borrower, for purposes of obligations of Subsidiaries
under Swap Contracts and Treasury Management Agreements and any Swap Obligations of a Specified Loan Party (determined before giving effect to Sections 4.01 and 4.08 hereof) under the guaranty hereunder, and in each such case, together
with their successors and permitted assigns. 
 “Indemnified Taxes” means (a) Taxes, other than
Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“LIBOR” shall have the meaning provided in the definition of “Eurodollar Base Rate”. 

  
 4 

 “LIBOR Quoted Currency” means each of the following currencies:
Dollars, Euro, Sterling and Yen; in each case as long as there is a published LIBOR rate with respect thereto. 

“Master Agreement” has the meaning specified in the definition of “Swap Contract.” 

“Maturity Date” means (a) as to the Revolving Obligations, the Revolving Termination Date, and
(b) as to the Term Loan, September 25, 2018. 
 “Non-LIBOR Quoted Currency” means any currency
other than a LIBOR Quoted Currency. 
 “Obligations” means, with respect to each Loan Party, without
duplication, (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding
under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (b) all obligations under any Swap Contract between the Borrower or any of its
Subsidiaries, on the one hand, and any Lender or Affiliate of a Lender, on the other hand, to the extent permitted hereunder and (c) all obligations under any Treasury Management Agreement between the Borrower or any of its Subsidiaries, on the
one hand, and any Lender or Affiliate of a Lender, on the other hand; provided, however, that the “Obligations” of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or
former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Participant Register” has the meaning specified in Section 11.06(d). 

“Permitted Acquisition” means an Investment consisting of an Acquisition by the Borrower or any Subsidiary,
provided that (a) no Default or Event of Default shall exist immediately before or immediately after giving effect thereto on a Pro Forma Basis, (b) the property acquired (or the property of the Person acquired) in such Acquisition
is used or useful in the same or a similar line of business as the Borrower and its Subsidiaries were engaged in on the Closing Date (or any reasonable extensions or expansions thereof), (c) in the case of an Acquisition of the Equity Interests
of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition, (d) in the case of any Acquisition, or series of related Acquisitions, with Acquisition Consideration
in excess of 

  
 5 

 
$15 million the Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that the Loan Parties will be in compliance with the financial covenants
set forth in Section 8.11 as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) after giving
effect to such Acquisition on a Pro Forma Basis, (e) the representations and warranties made by the Loan Parties in each Loan Document shall be true and correct in all material respects at and as if made as of the date of such Acquisition
(after giving effect thereto), (f) if such transaction involves the purchase of an interest in a partnership between any Loan Party as a general partner and entities unaffiliated with the Borrower as the other partners, such transaction shall
be effected by having such equity interest acquired by a corporate holding company directly or indirectly wholly-owned by such Loan Party newly formed for the sole purpose of effecting such transaction, and
(g) the Acquisition Consideration for any such Acquisition, or series of related Acquisitions, shall not exceed $75 million. 

“Qualified ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that
qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act. 
 “Rate Determination Date” means two (2) Business Days prior to the
commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent). 

“Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment
to be made by or on account of any obligation of any Loan Party hereunder. 
 “Revolving Termination Date”
means September 25, 2018. 
 “Sanctions” means any international economic sanction administered or
enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“Specified Loan Party” has the meaning specified in Section 4.08. 

“Swap Obligations” means with respect to any Guarantor, any obligation to pay or perform under any agreement,
contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which
utilizes a single shared platform and which was launched on November 19, 2007. 
 “TARGET Day” means
any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for settlement of payments in Euro. 

“U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Internal Revenue Code. 

  
 6 

 “U.S. Tax Compliance Certificate” has the meaning specified in
Section 3.01(e)(ii)(B)(III). 
 1.2. Clause (a)(v) of Section 1.02 is hereby amended to read as follows:

 (v) any reference to any law shall include all statutory and regulatory, rules, regulations, orders and provisions
consolidating, amending replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and 

1.3. Section 2.05(b)(iii) is amended and restated to read as follows: 

(iii) [Intentionally Omitted]. 

1.4. Section 2.07(c) is amended to read as follows: 

 

																			
	 Payment Date
	  	Amount	 	  	TLA Balance	 	  	Payment Date	  	Amount	 	  	TLA Balance	 
		  				  	$	181,250,000	  	  		  				  			
	 Sep 30, 2013
	  	$	6,250,000	  	  	$	175,000,000	  	  	Mar 31, 2016	  	$	7,500,000	  	  	$	107,500,000	  
	 Dec 31, 2013
	  	$	6,250,000	  	  	$	168,750,000	  	  	Jun 30, 2016	  	$	7,500,000	  	  	$	100,000,000	  
	 Mar 31, 2014
	  	$	6,250,000	  	  	$	162,500,000	  	  	Sep 30, 2016	  	$	7,500,000	  	  	$	92,500,000	  
	 Jun 30, 2014
	  	$	6,250,000	  	  	$	156,250,000	  	  	Dec 31, 2016	  	$	7,500,000	  	  	$	85,000,000	  
	 Sep 30, 2014
	  	$	6,250,000	  	  	$	150,000,000	  	  	Mar 31, 2017	  	$	7,500,000	  	  	$	77,500,000	  
	 Dec 31, 2014
	  	$	6,250,000	  	  	$	143,750,000	  	  	Jun 30, 2017	  	$	7,500,000	  	  	$	70,000,000	  
	 Mar 31, 2015
	  	$	6,250,000	  	  	$	137,500,000	  	  	Sep 30, 2017	  	$	7,500,000	  	  	$	62,500,000	  
	 Jun 30, 2015
	  	$	7,500,000	  	  	$	130,000,000	  	  	Dec 31, 2017	  	$	7,500,000	  	  	$	55,000,000	  
	 Sep 30, 2015
	  	$	7,500,000	  	  	$	122,500,000	  	  	Mar 31, 2018	  	$	7,500,000	  	  	$	47,500,000	  
	 Dec 31, 2015
	  	$	7,500,000	  	  	$	115,000,000	  	  	Jun 30, 2018	  	$	7,500,000	  	  	$	40,000,000	  
		  				  				  	Maturity Date	  	$	40,000,000	  	  	$	0	  
		  				  				  		  	  
	  
	 	  			
		  				  				  		  	$	181,250,000	  	  			

 1.5. Sections 3.01 through 3.04, inclusive, are amended to read as follows: 

3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on
account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the
Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon
the basis of the information and documentation to be delivered pursuant to subsection (e) below. 
 (ii) If any
Loan Party or the Administrative Agent shall be required by the Internal Revenue Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative
Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall
timely pay 

  
 7 

 
the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Internal Revenue Code, and (C) to the extent that the withholding or deduction is made on
account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable
under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(iii) If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Internal Revenue
Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and
documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such
withholding or deduction been made. 
 (b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions
of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Laws, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Tax Indemnifications. 

(i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in
respect thereof within ten days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect
thereof within ten days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below. 

(ii) Each Lender and the L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof
within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already

  
 8 

 
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as
applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties,
as applicable, against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may
be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

(d) Evidence of Payments. Upon request by any Loan Party or the Administrative Agent, as the case may be, after any
payment of Taxes by such Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent or the Administrative Agent shall deliver to such
Loan Party, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably
satisfactory to such Loan Party or the Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax
Documentation. 
 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(e)(ii)(A), 3.01(e)(ii)(B) and 3.01(e)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 
 (A) any Lender that is a U.S.
Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

  
 9 

 (B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (I) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form
W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments
under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such
tax treaty; 
 (II) executed originals of Internal Revenue Service Form W-8ECI, 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit 3.01-A to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

(IV) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of
Exhibit 3.01-B or Exhibit 3.01-C, IRS Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit 3.01-D on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
 10 

 (D) if a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause
(D), “FATCA” shall include any amendments made to FATCA after the Amendment No. 2 Effective Date. 
 (iii)
Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the
Borrower and the Administrative Agent in writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds.
Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of
Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to
the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the
Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to
make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person. 

(g) Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. 

  
 11 

 3.02 Illegality. If any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate (whether denominated in
Dollars or an Alternative Currency), or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits
of, Dollars or Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (a) any obligation of such Lender to make or continue Eurodollar Rate Loans in the
affected currency or currencies or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is
determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the
Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the
Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in Dollars, convert all of such Lender’s Eurodollar Rate Loans to Base Rate Loans (the interest rate
on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component
thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted. 
 3.03 Inability to Determine Rates If in connection
with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (a) either the Administrative Agent or the Required Lenders determine in good faith that (i) deposits (whether in Dollars or an Alternative Currency)
are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (ii) adequate and reasonable means do not exist for determining the
Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan (whether in Dollars or an Alternative Currency) or in connection with an existing or proposed Base Rate Loan which is based on the Eurodollar Base
Rate, or (b) the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding
such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans in the affected currency or currencies shall be
suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Base Rate component of the Base Rate, the
utilization of the Eurodollar Base Rate component in determining the Base Rate shall be suspended, in each case, until the Administrative Agent (upon the instruction of the Required Lenders, which instruction shall be given by the Required Lenders,
as soon as the circumstances described in this 

  
 12 

 
Section 3.03 no longer exist) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans in the affected currency or currencies (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans
in the amount specified therein. 
 Notwithstanding the foregoing, in the case of a pending request for a Eurodollar Rate
Loan or conversion or continuation in an Alternative Currency as to which the Administrative Agent has made the determination described in clause (a) of the first sentence of this section, the Administrative Agent, in consultation with the
Borrower and the Lenders, may establish an alternative interest rate that reflects the all-in-cost of funds to the Administrative Agent for funding Loans in the
applicable currency and amount, and with the same Interest Period as the Eurodollar Rate Loan requested to be made, converted or continued, as the case may be (the “Impacted Loans”), in which case, such alternative rate of interest
shall apply with respect to the Impacted Loans until (x) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this section, (y) the Required Lenders notify
the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (z) any Lender determines that any Law has made it unlawful, or that
any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge
interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof. 

3.04 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate) or the L/C Issuer; 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; or 
 (iii) impose on any Lender or the L/C Issuer or the London interbank market any other condition,
cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any
Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of
Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount)
then, upon request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such
additional costs incurred or reduction suffered. 

  
 13 

 (b) Capital Requirements. If any Lender or the L/C Issuer determines that
any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of
reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the
Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect
to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of
a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the
Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to
the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer
pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the six-month period referred to above shall be extended to include the period of retroactive effect thereof). 

1.6. Section 3.06 is amended to read as follows: 

3.06 Mitigation of Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or
requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a
notice pursuant to Section 3.02, then at the request of the Borrower such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, 

  
 14 

 
would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case
may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment. 

(b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, and in each case, such Lender has declined or is unable to designate a
different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13. 

1.7. Section 4.01(b) is amended to read as follows: 

(b) Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, Swap Contracts,
Treasury Management Agreements or the other documents relating to the Guaranteed Obligations, (i) the obligations of each Guarantor under this Credit Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the
largest amount that would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable provisions of any applicable state law and (ii) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap
Obligations with respect to such Guarantor. 
 1.8. A new Section 4.08 is hereby added to the Credit Agreement,
immediately following Section 4.07 of the Credit Agreement, to read as follows: 
 4.08 Keepwell. Each Loan Party
that is a Qualified ECP Guarantor at the time the guaranty provided in this Article IV by any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange Act (a “Specified Loan
Party”) or the grant of a security interest under the Loan Documents by any such Specified Loan Party, in either case, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents
in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article IV
voidable under applicable Debtor Relief Laws, and not for any greater amount). The obligations and undertakings of each applicable Loan Party under this Section shall remain in full force and effect until the Guaranteed Obligations have been
indefeasibly paid and performed in full and the commitments relating thereto have expired or been terminated. Each Loan Party intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations and a
“keepwell, support, or other agreement” for the benefit of each Specified Loan Party that would otherwise not constitute an “eligible contract participant” for any Swap Obligation for all purposes of the Commodity Exchange Act.

 1.9. A new Section 6.23 is added to read as follows: 

6.23 OFAC. Neither the Borrower, nor any of its Subsidiaries, or, to the knowledge of the Borrower and its Subsidiaries,
any director, officer, employee, agent affiliate or representative thereof is an individual or entity currently the subject of any Sanctions, nor is the Borrower or any Subsidiary located, organized or resident in a country or territory that is the
subject of Sanctions. 

  
 15 

 1.10. A new Section 7.14 is added to read as follows: 

7.14 Sanctions. The Borrower will not, directly or indirectly, use the proceeds of any Credit Extension, or lend,
contribute or otherwise provide such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund activities of or business with any individual or entity in a Designated Jurisdiction that, at the time of funding, is the
subject of Sanctions, or in any other manner that will result in a violation by any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swingline Lender or otherwise, of Sanctions.

 1.11. In Section 8.03 (Indebtedness), subsection (i) is amended to read as follows: 

(i) unsecured Indebtedness for borrowed money of the Borrower in an aggregate principal amount not to exceed $250 million,
provided that (i) no Default or Event of Default shall exist immediately before or immediately after giving effect thereto on a Pro Forma Basis, (ii) the Borrower shall deliver a certificate from a Responsible Officer in form and detail
reasonably satisfactory to the Administrative Agent confirming the foregoing and demonstrating compliance with the financial covenants after giving effect thereto on a Pro Forma Basis, and (iii) the covenants, terms and conditions of such
Indebtedness shall not be more restrictive, in any material respect, than the covenants, terms and conditions hereunder; 

1.12. Section 8.11(b) (Financial Covenants – Consolidated Leverage Ratio) is amended to read as follows: 

(b) Consolidated Leverage Ratio. As of the end of each fiscal quarter, the Consolidated Leverage Ratio will be not
greater than: 
  

																	
	 	  	Fiscal Quarters	 
	Fiscal Years	  	March 31	 	  	June 30	 	  	September 30	 	  	December 31	 
	 2012
	  				  	 	3.00:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  
	 2013
	  	 	3.25:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  
	 2014
	  	 	3.25:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  
	 2015 and after
	  	 	3.00:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  	  	 	3.00:1.0	  

 1.13. Section 9.03 is amended by inserting the following at the end of the last paragraph
thereof: 
 Excluded Swap Obligations with respect to any Guarantor shall not be paid with the amounts received from such
Guarantor or its assets but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise set forth above in this Section. 

Section 2. Representations and Warranties, No Default. Each of the Loan Parties hereby represents and warrants that as of the
Amendment No. 2 Effective Date, after giving effect to the amendments set forth in this Amendment, (i) no Default or Event of Default exists and is continuing, (ii) all representations and warranties contained in the Credit Agreement
are true and correct in all material respects on and as of the date hereof, as though made on and as of the date hereof, except to the extent 

  
 16 

 
that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date, (iii) since the
date of the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2012, and the related consolidated statements of income or operations, shareholders’ equity and cash flows of the
Borrower and its Subsidiaries for such fiscal year, including the notes thereto, there has been no event or circumstance that has had or would reasonably be expected to have a Material Adverse Effect, and (iv) each of the updated disclosure
schedules to the Credit Agreement, attached hereto as Exhibit A, are true and correct in all material respects on and as of the Amendment No. 2 Effective Date. 

Section 3. Effectiveness. This Amendment shall become effective on the date (such date, if any, the “Amendment
No. 2 Effective Date”) that the following conditions have been satisfied: 
 3.1. Consents. The
Administrative Agent shall have received (a) signed consents to this Amendment from the Lenders, and (b) executed signature pages hereto from each Loan Party; 

3.2. Fees. The Administrative Agent shall have received all fees required to be paid, and all expenses (including the
reasonable fees and expenses of legal counsel), on or before the Amendment No. 2 Effective Date; 
 3.3. Legal
Opinions. The Administrative Agent shall have received a favorable legal opinion from Barnes & Thornburg, LLP, counsel to the Loan Parties, covering such matters as the Administrative Agent may reasonably request and otherwise
reasonably satisfactory to the Administrative Agent; 
 3.4. Officer’s Certificate. The Administrative Agent
shall have received a certificate of a Responsible Officer of the Borrower dated the Amendment No. 2 Effective Date certifying that (a) all representations and warranties shall be true and correct in all material respects on and as of the
Amendment No. 2 Effective Date (although any representations and warranties which expressly relate to a given date or period shall be required to be true and correct in all material respects as of the respective date or for the respective
period, as the case may be), before and after giving effect to the Borrowing and to the application of the proceeds therefrom, as though made on and as of such date and (b) no Default or Event of Default shall have occurred and be continuing
and (c) since the date of the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2012, and the related consolidated statements of income or operations, shareholders’ equity
and cash flows of the Borrower and its Subsidiaries for such fiscal year, including the notes thereto, there has been no event or circumstance that has had or would reasonably be expected to have a Material Adverse Effect; and 

3.5. Closing Certificates. The Administrative Agent shall have received from the Loan Parties certified copies of
resolutions and Organization Documents, or “no change” certifications from the deliveries made on the Closing Date, and updated incumbency certificates and specimen signatures, as appropriate. 

Section 4. Guarantor Acknowledgment. Each Guarantor acknowledges and consents to all of the terms and conditions of this
Amendment, affirms its Guaranteed Obligations under and in respect of the Loan Documents and agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge any Guarantor’s obligations under
the Loan Documents, except as expressly set forth therein. 

  
 17 

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

Section 6. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
ILLINOIS. 
 Section 7. Expenses. The Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in
connection with the preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of Moore & Van Allen PLLC. 

Section 8. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the
meaning hereof. 
 Section 9. Effect of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, any other Agent, the Swing Line Lender or the L/C Issuer, in each case under the Credit Agreement or
any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any
other Loan Document. Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document is hereby ratified and
re-affirmed in all respects and shall continue in full force and effect. Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it
pursuant to the Collateral Documents. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 2 Effective Date, all references to the Credit Agreement in any Loan Document and
all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as
amended by this Amendment. Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement
as amended hereby. 
 [Signature pages follow] 

  
 18 

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

							
	BORROWER:	 	HURON CONSULTING GROUP INC.,	 	
		 	a Delaware corporation	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	
			
	GUARANTORS:	 	HURON CONSULTING GROUP HOLDINGS LLC,	 	
		 	a Delaware limited liability company	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	
			
		 	HURON CONSULTING SERVICES LLC,	 	
		 	a Delaware limited liability company	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	
			
		 	HURON MANAGEMENT SERVICES LLC,	 	
		 	 formerly known as WELLSPRING MANAGEMENT SERVICES LLC,

a Delaware limited liability company
	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	
			
		 	HURON DEMAND LLC,	 	
		 	a Delaware limited liability company	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	

							
		 	HURON TECHNOLOGIES INC.,	 	
		 	a Delaware corporation	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	
			
		 	 LEGALSOURCE LLC,
 a Delaware limited
liability company
	 	
				
		 	By:	 	/s/ C. Mark Hussey	 	
		 	Name: C. Mark Hussey	 	
		 	Title: Executive Vice President, Chief Financial Officer, and Treasurer	 	
			
		 	 HURON CORPORATE FINANCE LLC,
 a
Delaware limited liability company
	 	
				
		 	By:	 	/s/ Geoffrey Frankel	 	
		 	Name: Geoffrey Frankel	 	
		 	Title: President and Chief Compliance Officer	 	

							
	ADMINISTRATIVE	 	BANK OF AMERICA, N.A.,	 	
	AGENT:	 	as Administrative Agent and Collateral Agent	 	
				
		 	By:	 	/s/ Maria A. McClain	 	
		 	Name: Maria A. McClain	 	
		 	Title: Vice President	 	

							
	LENDERS:	 	BANK OF AMERICA, N.A.,	 	
		 	as L/C Issuer, Swing Line Lender and Lender	 	
				
		 	By:	 	/s/ Brian McDonald	 	
		 	Name: Brian McDonald	 	
		 	Title: Senior Vice President	 	
			
		 	JPMORGAN CHASE BANK, N.A.,	 	
		 	as Lender	 	
				
		 	By:	 	/s/ Joseph W. Lococo	 	
		 	Name: Joseph W. Lococo	 	
		 	Title: Authorized Officer	 	
			
		 	PNC BANK, NATIONAL ASSOCIATION,	 	
		 	as Lender	 	
				
		 	By:	 	/s/ Patrick Flaherty	 	
		 	Name: Patrick Flaherty	 	
		 	Title: Vice President	 	
			
		 	BMO HARRIS BANK N.A.,	 	
		 	as Lender	 	
				
		 	By:	 	/s/ Joseph Jacob	 	
		 	Name: Joseph Jacob	 	
		 	Title: Vice President	 	
			
		 	KEYBANK NATIONAL ASSOCIATION,	 	
		 	as Lender	 	
				
		 	By:	 	/s/ James A. Gelle	 	
		 	Name: James A. Gelle	 	
		 	Title: Vice President	 	

							
		 	FIFTH THIRD BANK,	 	
		 	as Lender	 	
				
		 	By:	 	/s/ S. Bradley McDougall	 	
		 	Name: S. Bradley McDougall	 	
		 	Title: Vice President	 	
			
		 	THE NORTHERN TRUST COMPANY, as Lender	 	
				
		 	By:	 	/s/ M. Scott Randall	 	
		 	Name: M. Scott Randall	 	
		 	Title: Second Vice President	 	
			
		 	RBS CITIZENS, N.A., as Lender	 	
				
		 	By:	 	/s/ R. Michael Newton	 	
		 	Name: R. Michael Newton	 	
		 	Title: Senior Vice President	 	
			
		 	 THE PRIVATEBANK AND TRUST COMPANY,

as Lender
	 	
				
		 	By:	 	/s/ James M. Feldman	 	
		 	Name: James M. Feldman	 	
		 	Title: Managing Director	 	
			
		 	 FIRSTMERIT BANK, N.A.,
 as
Lender
	 	
				
		 	By:	 	/s/ Tim Daniels	 	
		 	Name: Tim Daniels	 	
		 	Title: Senior Vice President	 	

							
		 	NORTHBROOK BANK & TRUST COMPANY,	 	
		 	as Lender	 	
				
		 	By:	 	/s/ Nathan Margol	 	
		 	Name: Nathan Margol	 	
		 	Title: Senior Vice President	 	
			
		 	 COMPASS BANK,
 as Lender
	 	
				
		 	By:	 	/s/ Jeff Bork	 	
		 	Name: Jeff Bork	 	
		 	Title: Senior Vice President	 	
			
		 	 ASSOCIATED BANK, NATIONAL ASSOCIATION,

as Lender
	 	
				
		 	By:	 	/s/ Adam F. Lutostanski	 	
		 	Name: Adam F. Lutostanski	 	
		 	Title: Senior Vice President	 	
			
		 	 THE HUNTINGTON NATIONAL BANK,
 as
Lender
	 	
				
		 	By:	 	/s/ Lori Cummins-Meyer	 	
		 	Name: Lori Cummins-Meyer	 	
		 	Title: Vice President	 	
			
		 	 U.S. BANK NATIONAL ASSOCIATION,
 as
Lender
	 	
				
		 	By:	 	/s/ Stephanie Lis	 	
		 	Name: Stephanie Lis	 	
		 	Title: Vice President	 	

  

 Exhibit A 

Updated Disclosure Schedules 

 Schedule 6.06 

Litigation 
 On
December 9, 2009, plaintiff, Associates Against Outlier Fraud, filed a First Amended qui tam complaint against Huron Consulting Group, Inc., and others under the federal and New York state False Claims Act (“FCA”) in the
United States District Court for the Southern District of New York. The federal and state FCA authorize private individuals (known as “relators”) to sue on behalf of the government (known as “qui tam” actions)
alleging that false or fraudulent claims were knowingly submitted to the government. Once a qui tam action is filed, the government may elect to intervene in the action. If the government declines to intervene, the relator may
proceed with the action. Under the federal and state FCA, the government may recover treble damages and civil penalties (civil penalties of up to $11,000 per violation under the federal FCA and $12,000 per violation under the state
FCA). On January 6, 2010, the United States declined to intervene in the lawsuit. On February 2, 2010, Huron filed a motion to dismiss the relator’s federal and state claims. On August 25, 2010, the Court granted
Huron’s motion to dismiss without prejudice. On September 29, 2010, relator filed a Second Amended Complaint alleging that Huron and others caused St. Vincent Catholic Medical Center to receive more than $30 million in inflated outlier
payments under the Medicare and Medicaid programs in violation of the federal and state FCA and also seeks to recover an unspecified amount of civil penalties. On March 5, 2013, the U.S. District Court for the Southern District of New York
granted summary judgment in favor of Huron, dismissing the claims with prejudice. The plaintiffs appealed to the Second Circuit Court of Appeals, where the matter is fully briefed and awaiting oral argument or a ruling. 

 Schedule 6.17 

Trademarks: 
  

									
	 Trademark
	  	 Registration or
Application Date
	  	Registration or
Application No.	 	  	 Jurisdiction

	 AEOS
	  	December 20, 2011	  	 	85/500182	  	  	United States
	 BOOST-IRB
	  	May 4, 2010	  	 	3785598	  	  	United States
	 CAR
	  	January 25, 2012	  	 	85/524563	  	  	United States
	 CLICK
	  	April 21, 2011	  	 	4116232	  	  	United States
	 DELIVERING VALUE | DRIVING RESULTS
	  	March 9, 2011	  	 	4127872	  	  	United States
	 ECRT
	  	November 13, 2007	  	 	3335183	  	  	United States
	 EFACS
	  	March 8, 2011	  	 	4143973	  	  	United States
	 ERCR
	  	November 2, 2010	  	 	3869404	  	  	United States
	 EXPERIENCE. REDEFINED.
	  	January 27, 2009	  	 	3566372	  	  	United States
	 GRANTSXPRESS
	  	December 12, 2011	  	 	85/493245	  	  	United States
	 HURON CONSULTING GROUP Logo
	  	February 3, 2009	  	 	3568857	  	  	United States
	 HURON EDUCATION
	  	January 15, 2013	  	 	4276351	  	  	United States
	 HURON HEALTHCARE
	  	June 23, 2011	  	 	4101995	  	  	United States
	 HURON LEGAL
	  	March 22, 2011	  	 	4127935	  	  	United States
	 HURON LIFE SCIENCES
	  	January 15, 2013	  	 	4276352	  	  	United States
	 HURON Logo
	  	May 18, 2010	  	 	3789634	  	  	United States
	 ICA
	  	March 8, 2011	  	 	3928873	  	  	United States
	 IMPACT
	  	February 3, 2010	  	 	3948929	  	  	United States
	 LES
	  	August 2, 1994	  	 	1848333	  	  	United States
	 MOR
	  	September 20, 1994	  	 	1855342	  	  	United States
	 ONTRAC
	  	October 23, 2001	  	 	2499555	  	  	United States
	 PATIENT PROGRESSION
	  	March 8, 2005	  	 	2930834	  	  	United States
	 PATIENTONTRAC
	  	August 19, 2008	  	 	3490156	  	  	United States
	 PORTFOLIO PROCUREMENT METHODOLOGY
	  	July 8, 2008	  	 	3463180	  	  	United States
	 R3CON
	  	December 8, 2010	  	 	4002028	  	  	United States
	 RAMP
	  	July 15, 2008	  	 	3467414	  	  	United States
	 REVENUE ASCENT
	  	September 25, 2012	  	 	4214788	  	  	United States

									
	 Trademark
	  	 Registration or
Application Date
	  	Registration or
Application No.	 	  	 Jurisdiction

	 SOFTWARE FOR THE BUSINESS OF RESEARCH
	  	April 21, 2011	  	 	4116231	  	  	United States
	 STOCKAMP
	  	March 8, 2005	  	 	2930970	  	  	United States
	 TRAC
	  	October 5, 1999	  	 	2282743	  	  	United States
	 V3LOCITY
	  	September 8, 2009	  	 	3680440	  	  	United States
	 V3LOCITY logo
	  	October 21, 2008	  	 	3519477	  	  	United States
	 WELLSPRING PARTNERS
	  	August 10, 2010	  	 	3830771	  	  	United States
	 WELLSPRING STOCKAMP HURON HEALTHCARE LOGO
	  	March 9, 2010	  	 	3986679	  	  	United States
	 YOUR MISSION | OUR SOLUTIONS
	  	May 13, 2010	  	 	3988380	  	  	United States
	 CLICK COMMERCE
	  	July 29, 2010	  	 	1490588	  	  	Canada
	 HURON CONSULTING
	  	August 13, 2010	  	 	5346042	  	  	Japan
	 HURON CONSULTING GROUP Logo
	  	December 17, 2010	  	 	5377231	  	  	Japan
	 HURON CONSULTING GROUP Logo
	  	June 1, 2012	  	 	10934123	  	  	CTM
	 HURON CONSULTING GROUP
	  	December 18, 2003	  	 	002700763	  	  	CTM
	 HURON CONSULTING GROUP
	  	August 13, 2010	  	 	5346041	  	  	Japan
	 HURON CONSULTING GROUP
	  	November 24, 2008	  	 	104470	  	  	Jordan
	 HURON CONSULTING GROUP
	  	November 24, 2008	  	 	104471	  	  	Jordan
	 HURON CONSULTING GROUP
	  	November 24, 2008	  	 	104772	  	  	Jordan
	 HURON CONSULTING GROUP
	  	November 24, 2008	  	 	104774	  	  	Jordan

  
 2 

									
	 HURON CONSULTING GROUP
	  	December 22, 2008	  	 	55247	  	  	Qatar
	 HURON CONSULTING GROUP
	  	December 22, 2008	  	 	55248	  	  	Qatar
	 HURON CONSULTING GROUP
	  	December 22, 2008	  	 	55249	  	  	Qatar
	 HURON CONSULTING GROUP
	  	December 22, 2008	  	 	55250	  	  	Qatar
	 HURON CONSULTING GROUP Logo
	  	June 7, 2012	  	 	57080/2012	  	  	Switzerland
	 HURON CONSULTING GROUP
	  	November 30, 2008	  	 	123123	  	  	United Arab Emirates
	 HURON CONSULTING GROUP
	  	November 30, 2008	  	 	123124	  	  	United Arab Emirates
	 HURON CONSULTING GROUP
	  	November 30, 2008	  	 	123125	  	  	United Arab Emirates
	 HURON CONSULTING GROUP
	  	November 30, 2008	  	 	123126	  	  	United Arab Emirates
	 HURON CONSULTING GROUP
	  	May 17, 2002	  	 	2300773	  	  	United Kingdom
	 HURON
	  	June 1, 2012	  	 	10934057	  	  	CTM
	 HURON
	  	December 18, 2003	  	 	002700946	  	  	CTM
	 HURON
	  	November 24, 2008	  	 	104124	  	  	Jordan
	 HURON
	  	November 24, 2008	  	 	104125	  	  	Jordan
	 HURON
	  	November 24, 2008	  	 	104126	  	  	Jordan
	 HURON
	  	November 24, 2008	  	 	104127	  	  	Jordan
	 HURON
	  	December 22, 2008	  	 	55243	  	  	Qatar
	 HURON
	  	December 22, 2008	  	 	55244	  	  	Qatar
	 HURON
	  	December 22, 2008	  	 	55245	  	  	Qatar
	 HURON
	  	December 22, 2008	  	 	55246	  	  	Qatar
	 HURON
	  	December 28 2009	  	 	1122/61	  	  	Saudi Arabia
	 HURON
	  	October 10, 2009	  	 	1098/3	  	  	Saudi Arabia
	 HURON
	  	October 10, 2009	  	 	1098/4	  	  	Saudi Arabia
	 HURON
	  	October 10, 2009	  	 	1098/5	  	  	Saudi Arabia
	 HURON
	  	June 7, 2012	  	 	57079/2012	  	  	Switzerland

  
 3 

									
	 HURON
	  	November 30, 2008	  	 	123119	  	  	United Arab Emirates
	 HURON
	  	November 30, 2008	  	 	123120	  	  	United Arab Emirates
	 HURON
	  	November 30, 2008	  	 	123121	  	  	United Arab Emirates
	 HURON
	  	November 30, 2008	  	 	123122	  	  	United Arab Emirates
	 HURON
	  	May 17, 2002	  	 	2300774	  	  	United Kingdom
	 ICA
	  	January 7, 2009	  	 	006946388	  	  	CTM
	 THE HURON GROUP
	  	May 27, 2009	  	 	006323273	  	  	CTM
	 THE HURON GROUP
	  	October 4, 2007	  	 	1608063	  	  	India
	 THE HURON GROUP
	  	May 29, 2008	  	 	896116	  	  	Mexico
	 THE HURON GROUP
	  	October 16,2008	  	 	896162	  	  	Mexico
	 THE HURON GROUP
	  	May 7, 2009	  	 	896168	  	  	Mexico
	 THE HURON GROUP
	  	May 29, 2008	  	 	896170	  	  	Mexico
	 V3LOCITY
	  	June 11, 2009	  	 	006382451	  	  	CTM
	 V3LOCITY
	  	November 12, 2007	  	 	1620252	  	  	India
	 V3LOCITY A HURON SOLUTION
	  	January 7, 2009	  	 	006591978	  	  	CTM
	 V3LOCITY A HURON SOLUTION
	  	January 24, 2008	  	 	1645465	  	  	India

 Copyrights: 
  

							
	 Title
	  	 Status
	  	Date	  	Jurisdiction
	 Effort Certification & Reporting Technology (ECRT)
	  	 Registered
 TX0006406659
	  	January 27, 2006	  	United States
	 ONTRAC Version. 1.5.
	  	 Registered
 TXU000912528
	  	September 25, 2009	  	United States
	 STAT Worklist – IV: Cleveland
	  	 Registered
 TXU000912533
	  	September 25, 2009	  	United States
	 Clinic Foundation TRAC Version 2.7
	  	 Registered
 TXU000912527
	  	September 25, 2009	  	United States
	 ECRT v.3.0.1—U.S. Copyright
	  	 Registered
 TX0007247956
	  	April 6, 2010	  	United States
	 Healthcare Compliance Professional’s Guide To Clinical Trials
	  	TX0007411723	  	October 20, 2008	  	United States
	 Loss Reserve Model v. 24.0
	  	TXU001577052	  	May 21, 2008	  	United States

 Patents: 
 None. 

  
 4 

 Schedule 11.02 

NOTICE ADDRESSES 
 HURON CONSULTING
GROUP INC. 
 550 West Van Buren 
 Chicago, Illinois
60607 
 Attention: Mr. Mark Hussey 
 Telephone: (312) 583-8740 
 Facsimile: (312) 583-3002 

BANK OF AMERICA, N.A., as Administrative Agent, Issuing Lender, a Lender, and an Arranger 

Notices of Borrowing, Conversion and Continuation 
 Bank of
America Plaza 
 901 Main Street 
 Dallas, Texas 75202-3714 

			
	Attention:	  	Betty Coleman
		
	Telephone:	  	(214) 209-0993
	Facsimile:	  	(214) 290-9419
	Email:	  	betty.coleman@baml.com
		
	Wiring Instructions:	  	 ABA No. 026-009-593
 Account No.
1292-000-883
 (Credit Services)
 Reference: Huron
Consulting

 Letters of Credit 
 Trade
Operations – Scranton 
 1FleetWay Scranton, PA 18507 

			
	Attention:	  	Al Malave
	Mail Code:	  	PA6-580-02-30
	Telephone:	  	(570) 330-4212
	Facsimile:	  	(570) 330-4186
	Email:	  	mailto: alfonso.malave@baml.com

 All Other Notices 
 101 S.
Tryon Street, 15th Floor 
 Charlotte, NC 28255 

			
	Attention:	  	Maria A. McClain, Agency Officer
	Mail Code:	  	NC1-002-15-36
	Telephone:	  	(980) 388-1935
	Facsimile:	  	(704) 409-0913
	Email:	  	Maria.a.mcclain@baml.com

 With a copy to: 

135 South LaSalle Street 
 Chicago, Illinois 60603 

			
	Attention:	  	Brian M. McDonald
	Mail Code:	  	IL4-135-04-13
	Telephone:	  	(312) 992-6326
	 Facsimile:
 Email:
	  	 (312) 904-6546

brian.m.mcdonald@baml.comEX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of September 25, 2013, is by and among Ampio Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), and the investors identified on Schedule I attached hereto (collectively the “Investors”). 

RECITALS 
 WHEREAS, the
Company has filed with the Securities and Exchange Commission (the “Commission”) the Registration Statement (as defined below) relating to the offer and sale from time to time of the Company’s securities, including shares of
its common stock, par value $0.0001 per share (the “Common Stock”); 
 WHEREAS, the Company is offering for sale shares of
Common Stock (the “Offered Shares”) pursuant to the Registration Statement; and 
 WHEREAS, the Investors desire to
purchase from the Company the Offered Shares on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
foregoing recitals (which are deemed to be a part of this Agreement), mutual covenants, representations, warranties and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Definitions. As used herein, the following terms have the meanings
indicated: 
 “Business Day” means any day other than Saturday, Sunday or a day on which banks in the City of New York are
authorized or required to be closed. 
 “knowledge” means with respect to any statement made to the Company’s
knowledge, that statement is based upon the actual knowledge of one or more officers of the Company, after reasonable investigation, having responsibility for the matter or matters that are the subject of the statement. 

“Loss” shall have the meaning set forth in Section 5 hereof. 

“Material Adverse Effect” means a material adverse effect on (a) the business, property, operations, condition
(financial or otherwise) or prospects of the Company and its Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any of the other Transaction Documents or the rights or remedies of the Investors hereunder or
thereunder or (c) the ability of the Company or any of its Subsidiaries to perform their respective obligations under the Transaction Documents. 

“Person” shall mean any individual, partnership, limited liability company, joint venture, firm, corporation, association,
trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 

 “Prospectus” shall have the meaning set forth in Section 4(b)(6) hereof.

 “Prospectus Supplement” shall mean the prospectus supplement filed regarding the Offered Shares with the Commission
pursuant to Rule 424(b) promulgated under the Securities Act (“Rule 424(b)”) and deemed to be part of the Registration Statement. 

“Registration Statement” shall mean the registration statement on Form S-3 (File No. 333-177116), including a
prospectus, and including all amendments and supplements thereto (including the Prospectus Supplement), relating to the offer and sale of certain of the Company’s Common Stock, including the Offered Shares. References herein to the term
“Registration Statement” as of any date shall mean such effective registration statement, as amended or supplemented to such date, including all information and documents incorporated by reference therein as of such date. 

“SEC Documents” shall mean all reports, forms, statements and other documents (including all amendments and supplements
thereto) required to be filed with, or submitted to, the Commission by the Company and its Subsidiaries pursuant to the Securities Act and the Exchange Act at any time on or after September 1, 2012 and the Registration Statement. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Subsidiary” shall mean any Person in which the Company, directly or indirectly, (A) owns more than 50% of the capital
stock or other equity interests, (B) has the power to elect a majority of the board of directors or similar governing body, or (C) or has the power to direct the business and policies. 

“Transaction Documents” shall mean, collectively, this Agreement, the Transfer Agent Instruction Letter, and each of the
other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time. 

2. Purchase of Common Stock. Subject and pursuant to the terms and conditions set forth in this Agreement, the Company agrees that it
will issue and sell to the Investors, and the Investors agree that they will purchase from the Company, the number of Offered Shares set forth on Schedule I attached hereto. The aggregate purchase price for the Offered Shares (the
“Aggregate Purchase Price”) and the purchase price for each share of Common Stock is set forth on Schedule I attached hereto. The closing of the purchase and sale of the Offered Shares will take place on September 30, 2013,
or such other date or time as the parties may agree upon in writing (the “Closing”). 
 3. Deliveries at Closing.

 (a) Deliveries by the Investor. At the Closing, each Investor shall deliver to the Company the Aggregate Purchase Price set forth
next to their name on Schedule I attached hereto by wire transfer of immediately available funds to a bank account designated in writing by the Company to the Investors, which funds will be delivered to the Company in consideration of the
Offered Shares issued at the Closing. 

  
 2 

 (b) Deliveries by the Company. At the Closing, the Company shall issue irrevocable
instructions to its transfer agent (the “Transfer Agent Instruction Letter”) to electronically transmit the shares of Common Stock purchased by each Investor by crediting the account of each Investor’s prime broker with DTC
through its Deposit Withdrawal Agent Commission (“DWAC”) system. 
 4. Representations, Warranties, Covenants and
Agreements. 
 (a) Investor Representations, Warranties and Covenants. Each Investor represents, warrants, covenants and agrees
as follows as of the date hereof and as of the Closing: 
 (1) Investor has received and reviewed copies of the Registration
Statement and the Prospectus, including all documents and information incorporated by reference therein and amendments thereto, and understands that no Person has been authorized to give any information or to make any representations that were not
contained in the Registration Statement and the Prospectus, and Investor has not relied on any such other information or representations (other than the Company’s statements, representations and warranties set forth in this Agreement) in making
a decision to purchase the Offered Shares. Investor hereby consents to receiving delivery of the Registration Statement and the Prospectus, including all documents and information incorporated by reference therein and amendments thereto, by
electronic mail. Investor understands that an investment in the Company involves a high degree of risk for the reasons, among others, set forth under the caption “Risk Factors” in the Prospectus. 

(2) Investor acknowledges that it has sole responsibility for its own due diligence investigation and its own investment
decision, and that in connection with its investigation of the accuracy of the information contained or incorporated by reference in the Registration Statement and the Prospectus and its investment decision, Investor has not relied on any
representation or information, as the case may be, not set forth in this Agreement, the Registration Statement or the Prospectus, or any Person affiliated with the Company or on the fact that any other Person has decided to purchase the Offered
Shares. 
 (3) The execution and delivery of this Agreement by Investor and the performance of this Agreement and the
consummation by Investor of the transactions contemplated hereby have been duly authorized by all necessary corporate or partnership action of Investor, as applicable, and this Agreement, when duly executed and delivered by Investor, will constitute
a valid and legally binding instrument, enforceable in accordance with its terms against Investor, except as enforcement hereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization or similar laws or court decisions
affecting enforcement of creditors’ rights generally and except as enforcement hereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

(4) Except for rights to purchase the Offered Shares pursuant to this Agreement and except as set forth on Schedule
4(a)(4) hereto, Investor does not own any equity securities of the Company, any options or warrants to acquire such securities, any securities exercisable for, convertible into or exchangeable for such securities, or own or possess any other
right (contractual or otherwise) to purchase or acquire such securities. 

  
 3 

 (b) Company Representations, Warranties and Covenants. The Company hereby represents and
warrants (and where applicable, covenants and agrees) as follows as of the date hereof and as of the Closing: 
 (1) The
Company has been duly incorporated and has a valid existence and the authorization to transact business as a corporation under the laws of the State of Delaware, with corporate power and authority to own its properties and conduct its business as
now being conducted and as described in the Registration Statement, Prospectus and the SEC Documents, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other
jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except for such jurisdictions wherein the failure to be so qualified and in good standing would not individually or in the aggregate
have a Material Adverse Effect. 
 (2) Each Subsidiary of the Company has been duly organized or incorporated and is validly
existing under the laws of its jurisdiction of incorporation or organization, with power and authority to own its properties and conduct its business as now being conducted and as described in the Registration Statement, Prospectus and the SEC
Documents, and has been duly qualified for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except for
such jurisdictions wherein the failure to be so qualified and in good standing would not individually or in the aggregate have a Material Adverse Effect. 

(3) The execution, delivery and performance of this Agreement by the Company and the consummation of the transactions
contemplated hereby are within the corporate powers of the Company and have been duly authorized by all necessary corporate action on the part of the Company and this Agreement, when duly executed and delivered by the parties hereto, will constitute
a valid and legally binding instrument of the Company enforceable in accordance with its terms, except as enforcement hereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization or similar laws or court decisions
affecting enforcement of creditors’ rights generally and except as enforcement hereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

(4) The Offered Shares have been duly authorized by the Company, and when issued and delivered by the Company against payment
therefor as contemplated by this Agreement, the Offered Shares will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof, and
will conform to the description of the Common Stock contained in the Prospectus. The issuance by the Company of the Offered Shares has been registered under the Securities Act and all of the Offered Shares are freely transferable and freely tradable
by each Investor without restriction. 

  
 4 

 (5) The execution and delivery of this Agreement do not, and the compliance by
the Company with the terms hereof will not, (i) violate the Certificate of Incorporation (as amended to date) of the Company (including, without limitation, any certificates of designation contained therein) or the By-Laws (as amended to date)
of the Company or any other organizational documents of the Company or any of its Subsidiaries, (ii) conflict with, result in a breach or violation of any of the terms or provisions of, constitute a material default under, or give to others any
rights of termination, amendment, acceleration or cancellation of any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound or to which any of their properties or assets are subject, or (iii) result in a violation of, or failure to be in compliance with, any applicable statute or any order, judgment, decree, rule or regulation of any court
or governmental, regulatory or self-regulatory agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their properties or assets, except where such breach, violation, default or the failure to be in compliance would
not individually or in the aggregate have a Material Adverse Effect and would not adversely affect the ability of the Company to issue and sell the Offered Shares; and no consent, approval, authorization, order, registration, filing or qualification
of or with any such court or governmental, regulatory or self-regulatory agency or body is required for the valid authorization, execution, delivery and performance by the Company of this Agreement or the issuance of the Offered Shares, except for
the filing of a Form 8-K, the filing of the Prospectus Supplement, the filing of a Notification of Listing of Additional Shares with NYSE MKT LLC, and for such consents, approvals, authorizations, registrations, filings or qualifications as may be
required under state securities or “blue sky” laws. 
 (6) The Company meets the requirements for use of Form S-3
under the Securities Act. The Registration Statement, which covers the Offered Shares, including a form of prospectus and such amendments or supplements to such Registration Statement as may have been required prior to the date of this Agreement,
has been prepared by the Company under the provisions of the Securities Act, has been filed with the Commission, has become effective and filed with the Commission and incorporates by reference documents which the Company has filed in accordance
with the provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company has prepared a Prospectus Supplement to the prospectus included in the Registration Statement referred to above, setting forth
the terms of the offering and sale of the Offered Shares and additional information concerning the Company and its business and will promptly file the Prospectus Supplement with the Commission pursuant to Rule 424(b). No stop order suspending the
effectiveness of the Registration Statement or any post-effective amendment thereto, or any part thereof, has been issued and served on the Company, and no proceedings for that purpose are pending or, to the knowledge of the Company, threatened by
the Commission. The form of prospectus included in the Registration Statement as of the date hereof, as amended or supplemented from time to time (including the Prospectus Supplement), is referred to herein as the “Prospectus.” Any
reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated (or deemed to be incorporated) by reference therein, and any reference herein to
the terms 

  
 5 

 
“amend,” “amendment” or “supplement” with respect to the Registration Statement or Prospectus shall be deemed to refer to and include the filing after the execution
hereof of any document with the Commission deemed to be incorporated by reference therein. 
 Each part of the Registration
Statement, when such part became or becomes effective, and the Prospectus and any amendment or supplement thereto, on the date of filing thereof with the Commission and at the date hereof and the date of the Closing, did or will in all material
respects comply with all applicable provisions of the Securities Act and the Exchange Act. Each part of the Registration Statement, when such part became or becomes effective, did not or will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. The Prospectus and any amendment or supplement thereto, on the date of filing thereof with the Commission, did not or
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The foregoing representations and
warranties in this Section 4(b)(6) do not apply to any statements or omissions made in reliance on and in conformity with information relating to the Investors furnished in writing to the Company by the Investors specifically for inclusion in
the Registration Statement or Prospectus or any amendment or supplement thereto. 
 (7) The audited consolidated balance
sheets of the Company as at December 31, 2012 and December 31, 2011, and the related consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an audit report from
Ehrhardt Keefe Steiner & Hottman PC, present fairly in all material respects the consolidated financial condition of the Company as at such date, and the consolidated results of its operations and its consolidated cash flows for the
respective fiscal years then ended. The unaudited condensed consolidated balance sheet of the Company as at June 30, 2013, and the related unaudited condensed consolidated statements of operations and cash flows for such period, present fairly
the consolidated financial condition of the Company as at such date, and the consolidated results of its operations and its consolidated cash flows for the such period then ended (subject to normal year end audit adjustments). All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) applied consistently throughout the periods involved (except as
approved by the aforementioned firm of accountants and disclosed therein). 
 (8) Since June 30, 2013, there has been no
development or event that has had or could reasonably be expected to have a Material Adverse Effect. Since the date of the Company’s most recent audited financial statements contained in a Form 10-K, except as disclosed in the SEC Documents
filed subsequent thereto, neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business or (iii) made any
material capital expenditures, individually or in the aggregate. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership,
liquidation or winding up, nor 

  
 6 

 
does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of
any fact which would reasonably lead a creditor to do so. 
 (9) There is no pending or, to the Company’s knowledge,
threatened action, suit or proceeding, nor any injunction, writ, restraining order or other order of any nature against or affecting any the Company or any of its Subsidiaries, its officers or directors, or the property of the Company or any of its
Subsidiaries, in any court or tribunal, or before any arbitrator of any kind or before or by any Governmental Authority (i) asserting the invalidity of this Agreement or the other Transaction Documents, (ii) seeking to prevent the
consummation of any of the transactions contemplated hereby or thereby, (iii) seeking any determination or ruling that might materially and adversely affect (A) the performance by the Company of this Agreement or the other Transaction
Documents or (B) the validity or enforceability of this Agreement or the other Transaction Documents or (iv) asserting a claim for payment of money adverse to the Company or any of its Subsidiaries or the conduct of its or their business
other than the litigation disclosed in the SEC Documents, except in each, as would not in the aggregate reasonably be expected to have a Material Adverse Effect. “Governmental Authority” means the government of the United States or
any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government. 
 (10) The Company and each of its Subsidiaries has good
title to, or a valid leasehold interest in, all of its property (other than intellectual property) that is essential to its business as conducted on the date hereof. For the avoidance of doubt, it is understood and agreed that the Company and each
of its Subsidiaries may, as part of its respective business, grant licenses to third parties to use intellectual property owned or developed by the Company and its Subsidiaries. 

(11) The Company and each of its Subsidiaries has filed or caused to be filed all Federal, state and other material tax returns
that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any
Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Company);
no tax lien has been filed, and, to the knowledge of the Company, no claim is being asserted, with respect to any such tax, fee or other charge, other than as would not reasonably be expected to have a Material Adverse Effect. 

(12) There are no holders of securities of the Company having preemptive rights to purchase Common Stock. There are no holders
or beneficial owners of securities of the Company having rights to registration thereof whose securities have not been previously registered or who have not waived such rights with respect to the registration of the Company’s securities on the
Registration Statement. 

  
 7 

 (13) The Company is not an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

(14) The Company and each Subsidiary is in compliance with all applicable requirements of the Sarbanes-Oxley Act of 2002 that
are effective as of the date hereof, and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof. 

(15) Since September 1, 2012, the Company has filed with or submitted to the Commission all SEC Documents. As of their
respective dates, each of the SEC Documents complied in all material respects with the requirements of the Securities Act or the Exchange Act and the rules and regulations of the Commission promulgated thereunder applicable to such SEC Document. The
Company has filed with the Commission all “material contracts” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Exchange Act) that are required to be filed as exhibits to the SEC Documents and there are no
contracts or other documents that are required under the Exchange Act to be described in the SEC Documents that are not so described. No SEC Document, when filed, or, in the case of any SEC Document amended or superseded prior to the date of this
Agreement, then on the date of such amending or superseding filing, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. Any SEC Document filed with the Commission prior to Closing, when filed, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. 

(16) Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no
strikes or other labor disputes against the Company or any of its Subsidiaries pending or, to the knowledge of the Company, threatened; (b) hours worked by and payment made to employees of the Company or any of its Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable law dealing with such matters; and (c) all payments due from the Company or any of its Subsidiaries on account of employee health and welfare insurance have been paid or accrued
as a liability on the books of the Company and its Subsidiaries. 
 (17) Except as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect: (i) each employee benefit plan, within the meaning of Section 3(3) of Employee Retirement Income Security Act of 1974, as amended from time to time
(“ERISA”), for which the Company or any ERISA Affiliate has any liability (each, a “Plan”) has been maintained in all material respects in compliance with its terms and the requirements of any applicable statutes,
orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii)

  
 8 

 
for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no failure to satisfy the minimum funding standard of Section 412 of the Code
or Section 302 of ERISA, whether or not waived, has occurred or is reasonably expected to occur; (iv) with respect to each Plan that is subject to Title IV of ERISA, the fair market value of the assets of each Plan is no more than $100,000
less than the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is
reasonably expected to occur with respect to any Plan; and (vi) neither the Company nor any ERISA Affiliate has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums
to the Pension Benefit Guaranty Corporation (or any successor), in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within the meaning of Section 4001(a)(3) of ERISA). “ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under Section 414 of the Code. 

(18) Except as disclosed in the SEC Documents, none of the officers, directors or employees or affiliates of the Company or any
of its Subsidiaries is presently a party to any transaction with the Company or any of its Subsidiaries (other than for ordinary course services as employees, officers or directors), including any contract, agreement or other arrangement providing
for the furnishing of services to or by, providing for use of property, or otherwise requiring payments to or from any such officer, director or employee or, to the knowledge of the Company or any of its Subsidiaries, any corporation, partnership,
trust or other Person in which any such officer, director or employee or affiliate has a substantial interest or is an employee, officer, director, trustee or partner. 

(19) The patents owned by the Company and its Subsidiaries have not been adjudged invalid or unenforceable, in whole or in
part, and, except as would not individually or in the aggregate reasonably be expected to have a Material Adverse Effect. 

(20) Assuming the accuracy of the Investors’ representations and warranties set forth in Section 4(a), neither the
Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of
the Offered Shares to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any market or exchange on which any of the securities of the Company are listed or designated. 

(21) The Company acknowledges and agrees that each Investor is acting solely in the capacity of an arm’s length purchaser
with respect to the Transaction Documents and the transactions contemplated hereby and thereby and that no Investor is (i) an officer or director of the Company or any of its Subsidiaries, or (ii) an “affiliate” (as defined in
Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule 144”)) of the Company (an “Affiliate”) or any of its Subsidiaries. The Company further acknowledges that no Investor is
acting as a financial advisor or fiduciary of the 

  
 9 

 
Company or any of its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by an Investor
or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Investor’s purchase of the Offered Shares. The Company further represents to
each Investor that the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives. 

(22) No statement or information contained in this Agreement, any other Transaction Document or any other document, certificate
or statement furnished by or on behalf of the Company to the Investors, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Transaction Documents, contained as of the date such statement,
information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading, when taken together with all statements
contained in such documents and the Company’s filings and furnishings with the Commission. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein,
the Company’s filings and furnishings with the Commission, in the other Transaction Documents or in any other documents, certificates and statements furnished to the Investors for use in connection with the transactions contemplated hereby and
by the other Transaction Documents. 
 (23) The Company confirms that neither it nor, to its knowledge, any other Person
acting on its behalf has provided any of the Investors or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company or any of its Subsidiaries,
other than the existence of the transactions contemplated by this Agreement and the Transaction Documents. The Company understands and confirms that each of the Investors will rely on the foregoing representations in effecting transactions in
securities of the Company. All disclosure provided to the Investors regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the
Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under
which they were made, not misleading. Each material press release issued by the Company or any of its Subsidiaries during the twelve (12) months preceding the date of this Agreement did not at the time of release contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading. No event or circumstance has occurred
or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law,
rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly disclosed. The Company acknowledges and 

  
 10 

 
agrees that no Investor makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 4(a). 

(24) The Company is solvent and will not become insolvent after giving effect to the transactions contemplated by this
Agreement and each of the other Transaction Documents. 
 (25) Neither the Company nor any of its Subsidiaries has, and, to
the knowledge of the Company, no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company or any of its
Subsidiaries to facilitate the sale or resale of any of the Offered Shares, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Offered Shares, or (iii) paid or agreed to pay to any Person any
compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries. 
 5.
Indemnification. 
 (a) Subject to the limitations and other provisions of this Section 5, the Company covenants and agrees to
indemnify, defend and hold harmless the Investors and their respective directors, officers, partners, managers, shareholders, members, employees, agents, representatives, successors, assigns and employees and each other Person, if any, who controls
(within the meaning of the Securities Act) any such Investor or other Persons (each, an “Investor Party”) from and against any and all Losses arising from claims by third parties resulting from, incurred in connection with or
arising out of (but only to the extent of) (a) any breach of any representation, warranty or covenant of the Company contained herein, (b) the failure of the Company to perform any of the Company’s agreements, covenants or obligations
contained herein (other than if any such claim was a result of a breach by the Investor under this Agreement) or (c) any action instituted against the Indemnitee by a third party with respect to the transactions contemplated by this Agreement.
The term “Loss” or any similar term shall mean any and all damages, deficiencies, costs, claims, fines, judgments, amounts paid in settlement, expenses of investigation, interest, penalties, taxes, assessments, out-of-pocket expenses
(including reasonable attorneys’ and auditors’ fees and disbursements, witness fees and court costs) but specifically excluding consequential, special, punitive, multiple and other similar damages. The party or parties being indemnified
are referred to herein as the “Indemnitee” and the indemnifying party is referred to herein as the “Indemnitor.” 
 (b)
Indemnification Procedure. 
 (1) Any party who receives notice of a potential claim that may, in the judgment of such
party, result in a Loss shall use all reasonable efforts to provide the parties hereto notice thereof within fifteen (15) days of the filing or other written assertion of any such claim against the Indemnitee, provided that failure or delay or
alleged delay in providing such notice shall not adversely affect such party’s right to indemnification hereunder, unless and then only to the extent that such failure or delay or alleged delay has resulted in actual prejudice to the
Indemnitor, including, without 

  
 11 

 
limitation, by the expiration of a statute of limitations. In the event that any party shall incur or suffer any Losses in respect of which indemnification may be sought by such party hereunder,
the Indemnitee shall assert a claim for indemnification by written notice (a “Notice”) to the Indemnitor stating the nature and basis of such claim. 

(2) If indemnification is sought, the Indemnitor shall, if necessary, retain counsel reasonably satisfactory to the Indemnitee,
it being agreed that Goodwin Procter LLP is satisfactory, and have the option (i) to conduct any proceedings or negotiations in connection therewith, (ii) to take all other steps to settle or defend any such claim (provided that the
Indemnitor shall not settle any such claim without the consent of the Indemnitee which consent shall not be unreasonably withheld or delayed) and (iii) to employ counsel to contest any such claim or liability in the name of the Indemnitee or
otherwise. In any event, the Indemnitee shall be entitled to participate at its own expense and by its own counsel in any proceedings relating to any third party claim. The Indemnitor shall, within fifteen (15) Business Days of receipt of the
Notice, notify the Indemnitee of its intention to assume the defense of such claim. If (i) the Indemnitor shall decline to assume the defense of any such claim, (ii) the Indemnitor shall fail to notify the Indemnitee within fifteen
(15) Business Days after receipt of the Notice of the Indemnitor’s election to defend such claim or (iii) in the reasonable opinion of counsel for the Indemnitee, the representation by the same counsel of the Indemnitor and the
Indemnitee would be inappropriate due to actual or potential material differing interests between such Indemnitee and any other party represented by such counsel in such proceeding, then in each such case the Indemnitor shall not have the right to
direct the defense of such action on behalf of the Indemnitee and the Indemnitee shall, at the sole expense of the Indemnitor, defend against such claim; provided, that the Indemnitee may not settle such claim without the consent of the Indemnitor
(which consent will not be unreasonably withheld or delayed). The Indemnitor shall pay for only one separate legal counsel for the Indemnitees, and such legal counsel shall be selected by the Investors. The reasonable expenses of all proceedings,
contests or lawsuits in respect of such claims shall be borne and paid by the Indemnitor if the Indemnitee is entitled to indemnification hereunder and the Indemnitor shall pay the Indemnitee, in immediately available funds, the amount of any
Losses, within a reasonable time of the incurrence of such Losses. Regardless of which party shall assume the defense or negotiation of the settlement of the claim, the parties agree to cooperate fully with one another in connection therewith.
Anything in this Section 5 to the contrary notwithstanding, the Indemnitor shall not, without the Indemnitee’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any
future obligation on the Indemnitee or which does not include, as an unconditional term thereof, the giving by the claimant or plaintiff to the Indemnitee, a release from all liability in respect of such claim. 

  
 12 

 6. Conditions. 

(a) The obligation of each Investor to purchase and acquire the Offered Shares hereunder shall be subject to the conditions that: 

(1) All representations and warranties of the Company herein shall be true and correct in all material respects as of and on
each of the date of this Agreement and the date of the Closing; 
 (2) The Company shall have performed all of its
obligations hereunder; including but not limited to delivery of the shares of Common Stock included in the Offered Shares through DWAC; and 

(3) The Prospectus Supplement shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time
period prescribed for such filing, no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission, and
the Investor shall have received the Prospectus in accordance with the federal securities laws. 
 (b) The obligation of the Company to sell
the Offered Shares hereunder shall be subject to the conditions that: 
 (1) All representations and warranties and other
statements of the Investors herein shall be true and correct in all material respects as of and on each of the date of this Agreement and the date of the Closing; and 

(2) The Investors shall have performed all of their obligations hereunder, including but not limited to payment of the
Aggregate Purchase Price as provided herein. 
 7. Additional Agreements. 

(a) No Short Sales. The Investors shall not, during the period ending 120 days after the date of the Prospectus Supplement, engage,
directly or indirectly, in any Short Sales involving the Company’s securities. For purposes of this Section 7(a), the term “Short Sales” shall include, without limitation, (i) all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions”
(as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis), and (ii) sales and other transactions through non-U.S. broker dealers or foreign regulated brokers (but shall not be deemed to
include the location and/or reservation of borrowable shares of Common Stock). 
 8. Miscellaneous. 

(a) Binding Agreement; Assignment. This Agreement shall be binding upon, and shall inure solely to the benefit of, each of the
parties hereto, and each of their respective heirs, executors, administrators, successors and permitted assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. The Company may not assign any of its rights
or obligations hereunder to any other person or entity without the prior written consent of the Investors. 

  
 13 

 (b) Entire Agreement. This Agreement, including the Schedules and Exhibits attached hereto
and the other Transaction Documents, constitute the entire understanding between the parties hereto with respect to the subject matter hereof and may be amended only by written execution by both parties. Upon execution by the Company and the
Investors, this Agreement shall be binding on each of the parties hereto. 
 (c) Consent To Jurisdiction. THIS AGREEMENT SHALL BE
ENFORCED, GOVERNED AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF SUCH STATE.
FURTHERMORE, THE INVESTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE FEDERAL OR STATE COURTS LOCATED IN THE STATE OF NEW YORK IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
EACH OF THE COMPANY AND THE INVESTORS (AND, TO THE EXTENT PERMITTED BY LAW, ON BEHALF OF ITS AND THEIR EQUITY HOLDERS AND CREDITORS) HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (d) The representations,
warranties, agreements and covenants shall survive the Closing. Each Investor shall be responsible only for its own representations, warranties, agreements and covenants hereunder. 

(e) Notices. Any notice, request or other communication to be given or made under this Agreement shall be in writing. Such notice,
request or other communication shall be deemed to have been duly given or made when it shall be delivered by hand, overnight mail, international courier (confirmed by facsimile), or facsimile (with a hard copy delivered within two (2) Business
Days) to the Party to which it is required or permitted to be given or made at such Party’s address specified below or at such other address as such Party shall have designated by notice to the other Parties. 

For the Company: 
 Ampio
Pharmaceuticals, Inc. 
 5445 DTC Parkway 

Suite 925 
 Greenwood Village,
Colorado 80111 
 Attention: Chief Executive Officer 

Facsimile: (720) 437-6501 

with a courtesy copy to: 

Goodwin Procter LLP 
 620 Eighth
Avenue 
 New York, New York 10018 

  
 14 

 Attention: Stephen M. Davis, Esq. 

Facsimile: (646) 558-4078 

If to an Investor: 
 To the
address set forth next to such Investor’s name on Schedule I hereto or to such other Person at such other place as the parties shall designate to one another in writing. 

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one in the same agreement. 

(g) Telecopy Execution and Delivery. A facsimile, telecopy, PDF or other reproduction of this Agreement may be executed by one or more
parties hereto, and an executed copy of this Agreement may be delivered by one or more parties by facsimile, e-mail or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such
execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party, all parties agree to execute an original of this Agreement as well as any facsimile, telecopy or reproduction thereof. The parties
hereto hereby agree that neither shall raise the execution of facsimile, telecopy, PDF or other reproduction of this Agreement, or the fact that any signature or document was transmitted or communicated by facsimile, e-mail or similar electronic
transmission device, as a defense to the formation of this Agreement. 
 [Signature pages follow] 

  
 15 

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

  

			
	COMPANY:
	
	Ampio Pharmaceuticals, Inc.
		
	By:	 	 /s/ Michael Macaluso

	Name: Michael Macaluso
	Title: Chairman & CEO

 
			
	INVESTORS:
	
	  

	(Signature if individual)
		
	By:	 	  

	(Signature if representative)
	Name:
	Title:
	
	Address:

 Schedule I 

Purchase Price Per Share of Common Stock: $5.50. 
  

									
	 Name and Address of Investor
	  	Aggregate Purchase
Price	 	  	Number of Offered
Shares	 
		  				  			
	 TOTAL
	  	$	25,301,755	  	  	 	4,600,319

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