Document:

EX-4.1

 Exhibit 4.1 

AMENDED AND RESTATED WARRANT AGREEMENT 

THIS AMENDED AND RESTATED WARRANT AGREEMENT (“Warrant Agreement”), dated as of September 24, 2013, by and
between NV5 HOLDINGS, INC., a Delaware corporation (the “Company”), and Registrar and Transfer Company, a New Jersey corporation (the “Warrant Agent”). 

W I T N E S S E T H 

WHEREAS, the Company and the Warrant Agent are parties to that certain Warrant Agreement dated as of April 2, 2013 (the
“Original Warrant Agreement”). 
 WHEREAS, pursuant to the terms of the Original Warrant Agreement, the
Company engaged in an initial public offering of up to 1,610,000 units (the “Units”) at an offering price of $6.00 per Unit (the “Offering”). Each Unit consists of one share of common stock, $0.01 par
value, of the Company (the “Common Stock”), and one Warrant to purchase one share of Common Stock (each, a “Warrant” and collectively, the “Warrants”). The Warrants are
exercisable upon the terms and conditions and subject to adjustment in certain circumstances, all as set forth in this Warrant Agreement. 

WHEREAS, the Company engaged in the Offering of the Units, and in connection therewith, issued and delivered 1,610,000 underlying
Warrants to public investors. In addition, the Company agreed to issue to the underwriter for the Offering, warrants to purchase 10.0% of the securities issued in the Offering (exclusive of any securities issued pursuant to the exercise of the
underwriters’ over-allotment option), which resulted in the issuance of an additional 140,000 Warrants. Each Warrant entitles the holder thereof to purchase one share of Common Stock at the purchase price of $7.80 per share (the
“Warrant Price”), subject to adjustment as described herein, at any time commencing as of the Separation Date (as defined herein) and ending on March 27, 2018 (the “Expiration Date”) or upon
earlier redemption. 
 WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form
S-1 for the registration under the Securities Act of 1933, as amended (the “Act”), of, among other securities, the Units, the Common Stock, and the Warrants. 

WHEREAS, pursuant to Section 12 of the Original Warrant Agreement, the Warrant Agent and the Company may by supplemental
agreement make any changes or corrections to the Original Warrant Agreement: (i) that they shall deem appropriate to cure any ambiguity or to correct any defective or inconsistent provision or manifest mistake or error herein contained; or
(ii) that they may deem necessary or desirable and which shall not adversely affect the purchase or other material rights of the Registered Holders (defined below). 

WHEREAS, in accordance with Section 12 of the Original Warrant Agreement, the Company and the Warrant Agent wish to amend,
supersede and replace in all respects the terms and conditions of the Original Warrant Agreement with this Warrant Agreement in order to amend: (i) Section 3.1 to provide that the Company, in its sole discretion, may extend the
duration of the Warrants by delaying the Expiration Date; provided, however that the Company will provide notice to the Registered Holders of the Warrants of such extension of not less than twenty (20) days; and provided, further, that any such
extension shall be identical in duration among all of the Warrants, and (ii) Section 3.2 to provide that the Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date for a period of not
less than ten (10) business days; provided, however that any such reduction shall be identical among all of the Warrants. 

 WHEREAS, the Company desires that the Warrant Agent continue to act on its behalf in
connection with the (i) issuance, transfer and exchange of the Book Entry Warrant Certificates (as defined herein) or Definitive Warrant Certificates (as defined herein), as applicable, representing the Warrants (collectively, the
“Warrant Certificates”), (ii) the exercise of the Warrants by the registered holders thereof (together with any permitted registered successors or assigns, the “Registered Holders”) and
(iii) the adjustment of the Warrants in certain events as contained herein in accordance with the terms of the Warrants and this Warrant Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto hereby agree as follows: 

1. APPOINTMENT OF WARRANT AGENT. The Company hereby appoints the Warrant Agent as its agent to issue the Warrant
Certificates, as set forth herein, subject to resignation or replacement of the Warrant Agent as provided herein. The Warrant Agent agrees to accept such appointment, subject to the terms and conditions as set forth herein and to issue, and exchange
the Warrant Certificates pursuant to the terms provided for herein and to notify the Company’s transfer agent to issue the certificates representing the appropriate number of shares of Common Stock (or other consideration) upon exercise of the
Warrants. The Company agrees to issue and honor the Warrants on the terms and conditions as herein set forth and to instruct its transfer agent to issue its Common Stock (or other securities) upon notice from the Warrant Agent of the proper exercise
of any Warrant. The Warrant Agent is hereby empowered to enforce any rights of the Registered Holders for the benefit of any Registered Holders, subject to the terms and conditions contained herein. 

2. ISSUANCE OF WARRANT CERTIFICATES. 

2.1. Form of Warrant Certificate. All Warrants shall be issued substantially in the form annexed hereto as Exhibit A. The terms
of any such Warrant Certificate are incorporated herein by reference. All of the Warrants shall initially be represented by one or more book-entry certificates (each a “Book Entry Warrant Certificate”). 

2.2. Execution of Warrants. The Warrants shall be issued in registered form only. No Warrants shall have been duly and validly issued
until a Registered Holder has received a Warrant Certificate executed by the Chairman of the Board of Directors, Chief Executive Officer or the President of the Company and the Secretary, Treasurer or Assistant Secretary of the Company and such
Certificate is countersigned by an authorized officer of the Warrant Agent. Any Warrant Certificate may be executed by the officers of the Company by means of a facsimile signature. In the event the person whose signature has been placed upon any
Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.3. Maximum Number of Warrants. The Company hereby authorizes the Warrant Agent to issue up to an aggregate of 1,750,000 Warrants
pursuant to the Company’s written instruction and the terms hereof, subject to adjustment as hereafter provided in Section 4 hereof. 

2.4. Rights Of A Registered Holder. Subject to adjustment as provided herein, each Warrant shall evidence the right to purchase one
share of the Company’s Common Stock at the Warrant Price. Following the Expiration Date, any Warrant not previously exercised shall be null and void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall
cease at the close of business on the Expiration Date. 

  
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 2.5. Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Warrants shall initially be represented by one or more Book-Entry Warrant Certificates deposited with the
Depository Trust Company (the “Depository”) and registered in the name of CEDE & Co., a nominee of the Depository. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained by (i) the Depository or its nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depository (such institution, with respect to a Warrant
in its account, a “Participant”). 
 If the Depository subsequently ceases to make its book-entry settlement system
available for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available
in, book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the
Depository definitive certificates representing the Warrants (“Definitive Warrant Certificates”) in physical form evidencing such Warrants. Such Definitive Warrant Certificates shall be in the form annexed hereto as
Exhibit A, as applicable, with appropriate insertions, modifications, and omissions, as provided above. 
 2.6. Beneficial Owner;
Registered Holder. The term “beneficial owner” shall mean, on or after the Separation Date (as defined below), any person in whose name ownership of a beneficial interest in the Warrants evidenced by a Book-Entry Warrant Certificate is
recorded in the records maintained by the Depository or its nominee, and prior to the Separation Date, the person in whose name the Unit of which such Warrant or part thereof was originally part of, as registered upon the register relating to such
Units. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the Registered Holder (the person in whose name such Warrant shall be registered upon the Warrant Register), as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any
exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

2.7. Detachability of Warrants. The securities comprising the Units will not be separately transferable until September 27, 2013
(the “Separation Date”). On or after the Separation Date, the Registered Holder may surrender a Warrant to the Warrant Agent, whereupon the Warrant Agent shall execute and deliver to the Registered Holder a new Definitive
Warrant Certificate entitling the Registered Holder to purchase the same number of shares of Common Stock, but without the legend which states: 

“UNTIL SEPTEMBER 27, 2013, THIS WARRANT MAY NOT BE TRANSFERRED SEPARATELY, SPLIT UP, COMBINED OR EXCHANGED, BUT MAY ONLY BE TRANSFERRED,
SPLIT UP, COMBINED OR EXCHANGED TOGETHER WITH THE SHARES OF COMMON STOCK OF NV5 HOLDINGS, INC. WITH WHICH IT WAS SOLD AS A UNIT. 

  
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 3. EXERCISE OF WARRANT. 

3.1. Exercise Period. The Warrants may be exercised, in whole or in part, at any time commencing on the Separation Date and ending at
5:00 P.M., New York City time, on the Expiration Date or earlier upon redemption (the “Exercise Period”); provided, however that Warrants will only be exercisable if a registration statement relating to the common stock
issuable upon exercise of the Warrants is effective and current. If the Expiration Date is not a Business day (defined below), it shall automatically be extended to 5:00 P.M. on the next day which is a Business Day. “Business
Day” means any day other than a Saturday, Sunday, or holiday on which banks in New York City are authorized by law to close. The Company, in its sole discretion, may extend the duration of the Warrants by delaying the Expiration Date;
provided, however, that the Company will provide notice to the Registered Holders of the Warrants of such extension of not less than twenty (20) days; and provided, further, that any such extension shall be identical in duration among all of
the Warrants. 
 3.2. Means of Exercise. In order to exercise a Warrant, the Registered Holder must present and surrender the Warrant
Certificate to the Warrant Agent at its office, with the subscription form on the back of the Warrant Certificate (the “Subscription Form”) duly executed and accompanied by payment in full, in the form of cash, by bank wire
transfer in immediately available funds, or by certified check or bank draft payable to the Company or its successor, of the aggregate Warrant Price for the number of shares of Common Stock specified in such Subscription Form. The Company, in its
sole discretion, may lower the Warrant Price at any time prior to the Expiration Date for a period of not less than ten (10) business days; provided, however, that any such reduction shall be identical among all of the Warrants. 

3.3. Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant may be exercised by the Registered Holder
thereof by delivering, not later than 5:00 P.M., New York City time, on any Business Day during the Exercise Period (the “Exercise Date”) to the Warrant Agent at the office of the Warrant Agent, or at the office of its
successor as Warrant Agent, (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”),
free on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purpose in writing by the Warrant Agent to the Depository from time to time, (ii) the Subscription Form properly completed and
executed, or in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depository’s procedures; and (iii) the Warrant Price for each full share of Common Stock as to which the Warrants
are exercised and any and all applicable taxes due in connection with the exercise of the Warrants, the exchange of the Warrants for the Common Stock, and the issuance of the Common Stock in full, in lawful money of the United States, by cash, by
bank wire transfer in immediately available funds, or by certified check or bank draft payable to the Company. 
 (a) If any of (i) the
Definitive Warrant Certificate or the Book-Entry Warrant Certificate, (ii) the Subscription Form, or (iii) the Warrant Price therefor, is received by the Warrant Agent after 5:00 P.M., New York City time, on a specified day or if such day
is not a Business Day, the Warrants will be deemed to be received and exercised on, and the applicable Exercise Date shall be the Business Day next succeeding such day. If the Warrants are received or deemed to be received after the Expiration Date,
the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned to the Registered Holder or Participant, as the case may be, as soon as practicable, and all rights thereunder and all rights in respect thereof
under this Warrant Agreement shall cease at the close of business on the Expiration Date. In no event will interest accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any
exercise of Warrants will be determined by the Company in its sole discretion and such determination will be final and binding upon the Registered Holder and the Warrant Agent. Neither the Company nor the Warrant Agent shall have any obligation to
inform a Registered Holder of the invalidity of any exercise of Warrants. 

  
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 (b) The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in
the account of the Company maintained with the Warrant Agent for such purpose and shall advise the Company at the end of each Business Day on which funds for the exercise of the Warrants are received of the amount so deposited to its account. The
Warrant Agent shall promptly confirm such telephonic advice to the Company in writing. 
 (c) The Warrant Agent shall, by 11:00 A.M., New
York City time, on the Business Day following the Exercise Date of any Warrant, advise the Company and the transfer agent and registrar in respect of (i) the shares of Common Stock issuable upon such exercise as to the number of Warrants
exercised in accordance with the terms and conditions of this Warrant Agreement, (ii) the instructions of each Registered Holder or Participant, as the case may be, with respect to delivery of the shares of Common Stock issuable upon such
exercise, and the delivery of Definitive Warrant Certificates, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise, (iii) in case of a Book-Entry Warrant Certificate, the notation that shall be made to
the records maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise, and (iv) such other information as
the Company or such transfer agent and registrar shall reasonably require. 
 (d) The Company shall, by 5:00 P.M., New York City time, on
the third Business Day next succeeding the Exercise Date of any Warrant and the clearance of the funds in payment of the Warrant Price, execute, issue, and deliver to the Warrant Agent, the shares of Common Stock to which such Registered Holder or
Participant, as the case may be, is entitled, in fully registered form, registered in such name or names as may be directed by such Registered Holder or the Participant, as the case may be. Upon receipt of such shares of Common Stock, the Warrant
Agent shall, by 5:00 P.M., New York City time, on the fifth Business Day next succeeding such Exercise Date, transmit such shares of Common Stock to or upon the order of the Registered Holder or Participant, as the case may be. 

(e) In lieu of delivering physical certificates representing the shares of Common Stock issuable upon exercise, provided the Company’s
transfer agent is participating in the Depository Fast Automated Securities Transfer program, the Company shall use its reasonable best efforts to cause its transfer agent to electronically transmit the shares of Common Stock issuable upon exercise
to the Registered Holder or Participant by crediting the account of Registered Holder’s prime broker with Depository or of the Participant through its Deposit Withdrawal Agent Commission system. The time periods for delivery described in the
immediately preceding paragraph shall apply to the electronic transmittals described herein. 
 (f) The accrual of dividends, if any, on the
shares of Common Stock issued upon the valid exercise of any Warrant will be governed by the terms generally applicable to the shares of Common Stock. Starting with the Exercise Date, the former Registered Holder of the Warrants exercised will be
entitled to the benefits generally available to other holders of shares of Common Stock and such former Registered Holder’s right to receive payments of dividends and any other amounts payable in respect of the shares of Common Stock shall be
governed by, and shall be subject to, the terms and provisions generally applicable to such shares of Common Stock. 
 (g) Warrants may be
exercised only in whole numbers of shares of Common Stock. No fractional shares of Common Stock are to be issued upon the exercise of the Warrant, but rather the number of shares of Common Stock to be issued shall be rounded down to the nearest
whole number. If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant Certificate for the number of unexercised Warrants remaining shall be executed by the Company and countersigned by the Warrant Agent, and
delivered to the holder of such Warrant Certificate at the 

  
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address specified on the books of the Warrant Agent or as otherwise specified by such Registered Holder. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are
exercised, a notation shall be made to the records maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. 

(h) The Company will pay all documentary stamp or other taxes or governmental charge attributable to the initial issuance of shares of Common
Stock upon the exercise of Warrants; provided, however, that the Company shall not be required to pay any stamp or other tax or governmental charge required to be paid in connection with any transfer involved in the issue of the shares of Common
Stock in a name other than that of the Registered Holder of a Warrant Certificate surrendered upon the exercise of Warrants; and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any shares of
Common Stock until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 

3.4. Issuance of Warrant Certificates. Subject to Section 5.4 of this Warrant Agreement, and notwithstanding the foregoing,
the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with respect to the Common Stock is effective or (ii) in the opinion of counsel to the
Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the
Registered Holders reside. Warrants may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise would be unlawful. 

3.5. Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement
shall be validly issued, fully paid, and non-assessable. 
 3.6. Date of Issuance. Each person in whose name any such certificate for
shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of
such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next
succeeding date on which the stock transfer books are open. 
 3.7. No Cash Settlement. Notwithstanding anything to the contrary
contained in this Warrant Agreement, under no circumstances will the Company be required to net cash settle the exercise of the Warrants. As a result, any or all of the Warrants may expire worthless. 

4. ADJUSTMENT OF WARRANT PRICE AND NUMBER OF SHARES PURCHASABLE AND OTHER ITEMS IN CERTAIN EVENTS. The Warrant Price and the
number of shares of Common Stock purchasable upon exercise of any Warrant and the other terms and conditions of the Warrant shall be subject to adjustment and modification as follows in the circumstances provided: 

4.1. The Warrant Price and the resulting number of shares of Common Stock issuable under each Warrant shall be subject to adjustment as
follows: 
 (a) If the Company, after the date of this Warrant Agreement but before its exercise: 

 

	 	(i)	pays a dividend or any other distribution payable in shares of its Common Stock; 

  
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	 	(ii)	subdivides its outstanding shares of Common Stock into a greater number of shares; 

  

	 	(iii)	combines its outstanding shares of Common Stock into a smaller number of shares; or 

  

	 	(iv)	issues by reclassification of its shares of Common Stock any shares of capital stock of the Company (other than a change in par value); 

the Warrant Price in effect and the number of shares purchasable upon the exercise of such Warrant immediately prior to such action shall be adjusted so that
the Registered Holder of each Warrant may receive the number of shares of Common Stock of the Company to which it would have been entitled upon such action if such Registered Holder had so exercised the Warrant immediately prior thereto. An
adjustment made pursuant to this Section 4 shall become effective immediately after the record date for the determination of owners of Common Stock entitled thereto in the case of a dividend or distribution, and shall become effective
immediately after the effective date in the case of a subdivision, combination, reclassification, or issuance of rights, options or warrants retroactive to the record date, if any, for such event. 

(b) No payment or adjustment shall be made by or on behalf of the Company on account of any cash dividends on the Common Stock issued upon any
exercise of a Warrant which was declared for payment to the holders of Common Stock of record as of a date prior to the date on which such Warrant is exercised. 

(c) Upon each adjustment of the Warrant Price made pursuant to this Section 4, each Warrant shall thereafter (until another such
adjustment) evidence the right to purchase that number of shares of Common Stock (calculated to the nearest hundredth) obtained by dividing the initial Warrant Price by the Warrant Price in effect after such adjustment. 

(d) The Company’s failure to give the notice required by this Section 4 or any defect therein shall not affect the validity
of such action listed under this Section 4.1. 
 (e) For the purpose of this Section 4.1, the term “shares of
Common Stock” shall mean (i) the class of Common Stock designated as the Common Stock at the date of this Warrant Agreement, or (ii) any other class of Common Stock resulting from successive changes or reclassifications of such shares
consisting solely of changes in par value, from no par value to par value or from par value to no par value. In the event that at any time, as a result of an adjustment made pursuant to this Section 4, the Registered Holder shall become
entitled to purchase any shares of the Company other than shares of Common Stock, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Warrant Price of such shares shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares of Common Stock contained in this Section 4.1. 

4.2. Liquidation, Dissolution or Winding Up. Notwithstanding any other provisions hereof, in the event of the liquidation, dissolution,
or winding up of the affairs of the Company (other than in connection with a merger or sale or conveyance of all or substantially all of its assets outside of the ordinary course of business), the right to exercise each Warrant shall terminate and
expire at the close of business on the last full business day before the earliest date fixed for the payment of any distributable amount on the Common Stock. The Company shall cause a notice to be mailed to each Registered Holder at least twenty
(20) days prior to the applicable record date for such payment stating the date on which such liquidation, dissolution or winding up is expected to become effective, and the date on which it is expected that holders of shares of Common Stock of
record shall be entitled to exchange their shares of 

  
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Common Stock for securities or other property or assets (including cash) deliverable upon such liquidation, dissolution or winding up, and that each Registered Holder may exercise outstanding
Warrants during such 20-day period and, thereby, receive consideration in the liquidation on the same basis as other previously outstanding shares of the same class as the shares acquired upon exercise. The Company’s failure to give notice
required by this Section 4.2 or any defect therein shall not affect the validity of such liquidation, dissolution or winding up. 

4.3. Merger, Consolidation, etc. 

(a) In case of any merger of the Company into any other entity or sale or conveyance of all or substantially all of its assets outside of the
ordinary course of business, or similar reorganization, including, but not limited to, in connection with the formation of a holding company (such merger, sale, conveyance, or reorganization a “Change”), then, as a condition
of such Change, lawful and adequate provisions shall be made whereby the Registered Holders shall thereafter have the right to receive upon payment of the Warrant Price in effect immediately prior to such Change, upon the basis and upon the terms
and conditions specified in this Warrant Agreement (including, but not limited to, all provisions contained in this Section 4), and in lieu of the shares of the Company’s Common Stock purchasable upon the exercise of the Warrants,
such shares of Common Stock, securities, cash or assets which such Registered Holder would have been entitled to receive after the happening of such Change had such Warrant been exercised immediately prior to such Change. The provisions of this
Section 4.3 shall similarly apply to successive Changes. The Company shall cause a notice to be mailed to each Registered Holder at least twenty (20) days prior to the applicable record date for the Change covered by this
Section 4.3(a) and shall provide notice of the Change and shall set forth the first and last date on which the Registered Holder may exercise outstanding Warrants. The Company’s failure to give the notice required by this
Section 4.3(a) or any defect therein shall not affect the validity of the Change covered by this Section 4.3(a). 

(b) Notwithstanding the foregoing, if as a result of such Change, holders of the Company’s Common Stock shall receive consideration other
than solely in shares of Common Stock or other securities in exchange for their Common Stock, the Company may, at its option, fulfill its obligation hereunder by causing the notice required by Section 4.3(a) hereof to include notice to
Registered Holders of the opportunity to exercise their Warrants before the applicable record date for the Change, and thereby receive consideration in the Change, on the same basis as other previously outstanding shares of the same class as the
shares acquired upon exercise. If the notice specified in the preceding sentence is provided to Registered Holders, Warrants not exercised in accordance with this Section 4.3(b) before consummation of the Change shall be cancelled and
become null and void on the effective date of the Change. The notice provided by the Warrant Agent pursuant to this Section 4.3(b) shall include a description of the terms of this Warrant Agreement providing for cancellation of the
Warrants in the event that Warrants are not exercised by the prescribed date. The Company’s failure to give any notice required by this Section 4.3(b) or any defect therein shall not affect the validity of any such Change. 

4.4. Duty to Make Fair Adjustments in Certain Cases. If any event occurs as to which in the opinion of the Board of Directors of the
Company the other provisions of this Section 4 are not strictly applicable, or if strictly applicable would not fairly protect the purchase rights of the Registered Holders in accordance with the essential intent and principles of this
Warrant Agreement, then the Board of Directors shall make an adjustment in the application of such provisions, in accordance with such essential intent and principles, as to protect the purchase rights of the Registered Holders. Notwithstanding the
foregoing, the issuance of Common Stock or any securities convertible into Common Stock by the Company either for cash or in a merger, consolidation, exchange or acquisition shall not, by itself, constitute a basis for requiring any adjustment in
the Warrants unless specifically enumerated herein. 

  
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 4.5. Good Faith Determination. Any determination as to whether an adjustment or limitation
of exercise is required pursuant to this Section 4 (and the amount of any adjustment) shall be binding upon the Registered Holders and the Company if made in good faith by the Board of Directors. 

4.6. Notice of Adjustment. Upon every adjustment of the Warrant Price or the number of shares issuable on exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, or 4.3, then, in any such event, the
Company shall give written notice to the Registered Holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such event 
 4.7. No Change of Warrant Certificate Necessary. Irrespective of any adjustment in
the Warrant Price or in the number or kind of shares issuable upon exercise of the Warrants, the Warrant Certificates may continue to express the same price and number and kind of shares as are stated in the Warrant Certificates as initially issued.
However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in
exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 4.8. No Fractional Shares upon
Adjustment. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be
issued to the Warrant holder. 
 4.9. Notice of Certain Transactions. In the event that the Company shall propose to (a) offer
the holders of its Common Stock rights to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities, rights or options, (b) issue any rights, options or warrants
entitling the holders of Common Stock to subscribe for shares of Common Stock or (c) make a tender offer, redemption offer or exchange offer with respect to the Common Stock, the Company shall send to the Registered Holders a notice of such
proposed action or offer. Such notice shall be mailed to the Registered Holders at their addresses as they appear in the Warrant Register, which shall specify the record date for the purposes of such dividend, distribution or rights, or the date
such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be fixed, and shall briefly indicate the effect of such action on the Common Stock and on the number and kind of any
other shares of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise of each Warrant and the Warrant Price after giving effect to any adjustment pursuant to this
Section 4 which would be required as a result of such action. Such notice shall be given as promptly as practicable after the Board has determined to take any such action and (x) in the case of any action covered by clause (a) or
(b) above, at least 10 days prior to the record date for determining the holders of the Common Stock for purposes of such action or (y) in the case of any other such action, at least 20 days prior to the date of the taking of such proposed
action or the date of participation therein by the holders of Common Stock, whichever shall be the earlier. 

  
 9 

 5. SHARES TO BE FULLY PAID; RESERVATION OF SHARES. The Company covenants and agrees
for the benefit of the Registered Holders: 
 5.1. Due Authorization and Valid Issuance. That all shares of Common Stock which may be
issued upon the exercise of the rights represented by the Warrant Certificates will, upon issue and payment of the aggregate Warrant Price therefore, be duly authorized, validly issued, fully paid and
non-assessable and free and clear of all liens and encumbrances, with no personal liability attaching to the ownership thereof. 

5.2. Sufficient Number of Shares. That during the period within which the rights represented by the Warrant Certificates may be
exercised, the Company will at all times have authorized and reserved for the purpose of issue upon exercise of the rights evidenced by the Warrant Certificates, a sufficient number of shares of Common Stock to provide for the exercise of the rights
represented by the Warrant Certificates. 
 5.3. Assurance of No Securities Law Violation. That the Company will take all such action
as may be necessary to ensure that the shares of Common Stock issuable upon the exercise of the Warrants may be so issued without violation of any applicable federal or state law or regulation, or of any requirements of any securities exchange upon
which any capital Common Stock of the Company may be listed, if any. 
 5.4. Registration of Common Stock. The Company agrees that
prior to the commencement of the Exercise Period, it shall use its best efforts to prepare and file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the
registration under the Act of the Common Stock issuable upon exercise of the Warrants, and it shall take such action as is necessary to qualify for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior to the commencement of the Exercise Period and to maintain the effectiveness of such registration
statement and ensure that a prospectus is available for delivery to the Warrant holders until the expiration of the Warrants in accordance with the provisions of this Warrant Agreement. The Warrants shall not be exercisable and the Company shall not
be obligated to issue Common Stock unless, at the time a holder seeks to exercise Warrants, a prospectus related to the Common Stock issuable upon exercise of the Warrants is current and the Common Stock has been registered or qualified or deemed to
be exempt under the laws of the state of residence of the holder of the Warrants. In addition, the Company agrees to use its best efforts to register such securities under the blue sky laws of the states of residence of exercising warrant holders,
if permitted by the blue sky laws of such jurisdictions, in the event that an exemption is not available. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of Roth Capital Partners,
LLC. 
 6. EXCHANGE, ASSIGNMENT OR LOSS OF WARRANT CERTIFICATE. 

6.1. Exchange. The Warrants shall be exchangeable at the option of the Registered Holder, upon presentation and surrender of the
Warrant Certificate at the office of the Warrant Agent for other Warrant Certificates of different denominations. Any Warrant Certificate may be divided or combined with other Warrant Certificates into a Warrant Certificate evidencing the same
aggregate number of Warrants. 
 6.2. Transfer or Assignment. Prior to the Separation Date, the Warrants may be transferred or
exchanged only as part of the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. For the avoidance of doubt, each

  
 10 

 
transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Upon surrender of the Warrant Certificate and similar Warrant
Certificates at the principal office of the Warrant Agent, by the Registered Holder hereof in person or by an attorney duly authorized in writing, with the election to transfer Section properly completed and duly executed, such Warrant
Certificates may be transferred or exchanged in the manner provided in the Warrant Certificate and without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor, evidencing in the aggregate the number
of Warrants evidenced by the Warrant Certificates so surrendered and registered in the name or names as requested by the then registered owner thereof or by an attorney duly authorized in writing; provided, however, that except as otherwise provided
herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a successor
depository; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has
received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. Upon any such registration of transfer, the Company shall execute, and the Warrant
Agent shall countersign and deliver, in the name of the designated transferee a new Warrant certificate or Warrant certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants. Warrants transferred
pursuant to this Section shall be accompanied by a proper payment of any applicable transfer taxes. 
 6.3. Lost or Destroyed
Warrant Certificates. Upon receipt by the Warrant Agent of evidence satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate and (i) in the case of such loss, theft or destruction, of reasonably satisfactory
indemnification and bonding, or (ii) if mutilated, upon surrender and cancellation of such Warrant Certificate, the Warrant Agent shall execute and deliver a new Warrant Certificate of like tenor. Any such new Warrant Certificate executed and
delivered shall constitute an additional contractual obligation on the part of the Company, whether or not the Warrant Certificate so lost, stolen, destroyed or mutilated shall be at any time enforceable by anyone. 

6.4. Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result
in the issuance of a Warrant Certificate for a fraction of a Warrant. 
 7. REDEMPTION. 

7.1. Redemption. Subject to Section 5.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the
option of the Company, at any time after they become exercisable and prior to the Expiration Date, at the office of the Warrant Agent, upon the notice referred to in Section 7.2, at the price of $0.01 per Warrant (the
“Redemption Price”), provided, however, that the last reported sales price of the Common Stock has been equal to or greater than the $12.00 per share for the 20-trading-day period ending on the third business day prior to the
notice of redemption to the Registered Holders and there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants current and available. 

7.2. Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants permitted to be
redeemed pursuant to Section 7.1 (the “Redeemable Warrants”), the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less
than 30 days prior to the date fixed for redemption to the Registered Holders of the Redeemable Warrants at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given on the date sent whether or not the Registered Holder received such notice. 

  
 11 

 7.3. Exercise After Notice of Redemption. The Redeemable Warrants may be exercised for
cash in accordance with Section 3 of this Warrant Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 7.2 hereof and prior to the time and date fixed for redemption. On
and after the redemption date, the record holder of the Redeemable Warrants shall have no further rights except to receive the Redemption Price upon surrender of the Redeemable Warrants. 

7.4. Outstanding Warrants Only. The Company understands that the redemption rights provided for by this Section 7 apply
only to outstanding Redeemable Warrants. To the extent a person holds rights to purchase Redeemable Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the
Redeemable Warrants issued upon such exercise provided that the criteria for redemption is met, including the opportunity of the Redeemable Warrant holders to exercise prior to redemption pursuant to Section 7.3. 

8. NO ISSUANCE OF FRACTIONAL INTERESTS IN COMMON STOCK. The Company shall not be required to issue fractional shares of Common
Stock on the exercise of the Warrants. If any fraction of a share of Common Stock would be issuable upon the exercise of the Warrants (or any specified portion thereof), the Company shall pay an amount in cash (or reduce the Warrant Price by an
amount) equal to the product of such fraction and the fair market value of a share of the Common Stock, as determined by the Company in the good faith exercise of its discretion. 

9. NO RIGHTS AS STOCKHOLDERS. Except as specifically provided in this Warrant Agreement, nothing contained in this Warrant
Agreement or in the Warrant Certificates shall be construed as conferring upon the Registered Holders or any permitted transferees the right to vote or to receive dividends or to receive notice as holders of Common Stock in respect of any meeting of
holders of Common Stock for the election of directors of the Company or any other matter, or any rights whatsoever as holders of Common Stock of the Company. 

10. AGREEMENT OF REGISTERED HOLDERS. Every Registered Holder of a Warrant, by such Registered Holder’s acceptance
thereof, consents and agrees with the Company, the Warrant Agent and every other Registered Holder of a Warrant that the Company and the Warrant Agent may deem and treat the person in whose name the Warrant Certificate is registered as the
Registered Holder and as the absolute, true and lawful owner of the Warrants represented thereby for all purposes, and neither the Company nor the Warrant Agent shall be affected by any notice or knowledge to the contrary. 

11. DUTIES OF WARRANT AGENT. The Warrant Agent acts hereunder as agent and in a ministerial capacity for the Company, and its
duties shall be determined solely by the provisions hereof. The Warrant Agent shall not, by issuing and delivering Warrant Certificates or by any other act hereunder be deemed to make any representations as to the validity, value or authorization of
the Warrant Certificates or the Warrants represented thereby or of any securities or other property delivered upon exercise of any Warrant or whether any Common Stock issued upon exercise of any Warrant is fully paid and non-assessable. 

The Warrant Agent shall not at any time be under any duty or responsibility to any Registered Holder of Warrant Certificates to make or cause
to be made any adjustment of the Warrant Price provided in this Warrant Agreement, or to determine whether any fact exists which may require any such adjustment, or with respect to the nature or extent of any such adjustment, when made, or with
respect to the method employed in making the same. It shall not (i) be liable for any recital or statement of facts 

  
 12 

 
contained herein or for any action taken, suffered or omitted by it in reliance on any Warrant Certificate or other document or instrument believed by it in good faith to be genuine and to have
been signed or presented by the proper party or parties, (ii) be responsible for any failure on the part of the Company to comply with any of its covenants and obligations contained in this Warrant Agreement or in any Warrant Certificate, or
(iii) be liable for any act or omission in connection with this Warrant Agreement except for its own negligence or willful misconduct. 

The Warrant Agent may at any time consult with counsel satisfactory to it (who may be counsel for the Company) and shall incur no liability or
responsibility for any action taken, suffered or omitted by it in good faith in accordance with the opinion or advice of such counsel. 

Any notice, statement, instruction, request, direction, order or demand by the Company shall be sufficiently evidenced if given orally by the
Chairman of the Board of Directors, the Chief Executive Officer, President or Chief Financial Officer of the Company, provided that such instructions shall be reaffirmed in a written instrument executed by the officer giving such written
instructions and delivered to the Warrant Agent pursuant to Section 13.5 hereof. The Warrant Agent shall not be liable for any action taken, suffered or omitted by it in accordance with such notice, statement, instruction, request,
direction, order or demand believed by it to be genuine. 
 The Company agrees to pay the Warrant Agent reasonable compensation for its
services hereunder and to reimburse it for its reasonable expenses hereunder and further agrees to indemnify the Warrant Agent and save it harmless against any and all losses, expenses and liabilities, including judgments, costs and counsel fees,
for anything done or omitted by the Warrant Agent in the execution of its duties and powers hereunder except losses, expenses and liabilities arising as a result of the Warrant Agent’s negligence or willful misconduct. 

The Warrant Agent may resign its duties and be discharged from all further duties and liabilities hereunder (except liabilities arising as a
result of the Warrant Agent’s own negligence or willful misconduct), after giving sixty (60) days prior written notice to the Company. At least thirty (30) days prior to the date such resignation is to become effective, the Warrant
Agent shall cause a copy of such notice of resignation to be mailed to the Registered Holder of each Warrant Certificate at the Company’s expense. Upon such resignation, or any inability of the Warrant Agent to act as such hereunder, the
Company shall appoint a new Warrant agent in writing. The Company shall have complete discretion in the naming of a new Warrant agent, who may be an affiliate, subsidiary or department of the Company, or any person used by the Company as transfer
agent for the Common Stock. If the Company shall fail to make such appointment within a period of fifteen (15) days after it has been notified in writing of such resignation by the resigning Warrant Agent, then the Registered Holder of any
Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant agent. 
 The Company may, upon
notice to the Registered Holders, remove and replace the Warrant Agent if the Warrant Agent is the transfer agent for the Company’s Common Stock and the Warrant Agent ceases to be the transfer agent for the Company’s Common Stock for any
reason. 
 After acceptance in writing of an appointment by a new Warrant agent is received by the Company, such new Warrant agent shall be
vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as the Warrant Agent, without any further assurance, conveyance, act or deed. Any former Warrant agent hereby agrees to cooperate with and
deliver all records and Warrant Certificates to the new Warrant agent at the direction of the new agent and the Company. 

  
 13 

 Not later than the effective date of an appointment of a new Warrant agent by the Company, the
Company shall file notice with the resigning or terminated Warrant agent and shall forthwith cause a copy of such notice to be mailed to each Registered Holder. 

Any corporation into which the Warrant Agent or any new Warrant agent may be converted or merged or any corporation resulting from any
consolidation to which the Warrant Agent or any new Warrant agent shall be a party or any corporation succeeding to the trust business of the Warrant Agent shall be a successor Warrant agent under this Warrant Agreement without any further act. Any
such successor Warrant agent shall promptly cause notice of its succession as Warrant agent to be mailed to the Company and to each Registered Holder. 

Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company. 

12. MODIFICATION OF AGREEMENT. The Warrant Agent and the Company may by supplemental agreement make any changes or corrections
in this Warrant Agreement: (i) that they shall deem appropriate to cure any ambiguity or to correct any defective or inconsistent provision or manifest mistake or error herein contained; or (ii) that they may deem necessary or desirable
and which shall not adversely affect the purchase or other material rights of the Registered Holders of Warrant Certificates. This Warrant Agreement shall not otherwise be modified, supplemented or amended in any respect except with the consent in
writing of the Registered Holders of Warrant Certificates representing not less than 50% of the Warrants then outstanding, but no such amendment, modification or supplement which changes the number or nature of the securities purchasable upon the
exercise of any Warrant, increases the Warrant Price or accelerates the Expiration Date, shall be made without the consent in writing of each and every Registered Holder (but no consent shall be required for such changes as are specifically
contemplated by this Warrant Agreement, including that the Company may extend the duration of the Exercise Period or lower the Warrant Price pursuant to Sections 3.1 and 3.2, respectively). 

13. MISCELLANEOUS. 

13.1. Entire Agreement. This Warrant Agreement and the form of Warrant Certificate annexed hereto as Exhibit A contains the
entire Warrant Agreement between the parties hereto with respect to the transactions contemplated by this Warrant Agreement and supersedes all prior negotiations, arrangements or understandings with respect thereto. 

13.2. Counterparts. This Warrant Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement and each of which shall be deemed an original. 
 13.3. Governing Law. This Warrant Agreement shall be governed by the
laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. 
 13.4. Descriptive Headings.
The descriptive headings of this Warrant Agreement are for convenience only and shall not control or affect the meaning or construction of any provision of this Warrant Agreement. 

13.5. Notices. Any notice or other communications required hereunder to be given to a Registered Holder shall be in writing and shall
be sufficiently given, if mailed (first class, postage prepaid), or personally delivered, addressed in the name and at the address of such Registered Holder appearing from time to time on the records of the Warrant Agent. Notices or other
communications to the Company shall be deemed to have been sufficiently given if delivered by hand or certified mailed to the Company as follows, or at such other address as the Company shall have designated by written notice to the Warrant Agent:

  
 14 

 NV5 Holdings, Inc. 

200 South Park Road, Suite 350 

Hollywood, Florida 33021 
 Attn:
General Counsel 
 with a copy to: 

DLA Piper LLP (US) 
 2525 East
Camelback Road, Suite 1000 
 Phoenix, Arizona 85016 

Attn: David P. Lewis, Esq. 

Notices or other communications to the Warrant Agent shall be deemed to have been sufficiently given if delivered by hand or mailed (first
class, postage prepaid) to its then principal office. Notice by mail shall be deemed given when deposited in the mail, postage prepaid. 

13.6. Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns. 
 13.7. Persons Having Rights Under this Warrant
Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
Registered Holders of the Warrants and, for the purposes of Sections 5.4, 7.1 and 7.4 hereof, the representative of the underwriters, any right, remedy or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. The representative of the underwriters (on behalf of the underwriters) shall be deemed to be a third party beneficiary of this Agreement with respect to Sections 5.4, 7.1 and
7.4 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the representative of the underwriters with respect
Sections 5.4, 7.1 and 7.4 hereof) and their successors and assigns and of the Registered Holders of the Warrants. 

[Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the Company and the Warrant Agent have executed this Warrant Agreement
by their duly authorized officers as of the date first set forth above. 
  

			
	NV5 HOLDINGS, INC.
		
	By:	 	 /s/ Dickerson Wright

	Name:	 	Dickerson Wright
	Its:	 	Chairman and Chief Executive Officer
	
	REGISTRAR AND TRANSFER COMPANY
		
	By:	 	 /s/ Nicola Giancaspro

	Name:	 	Nicola Giancaspro
	Its:	 	Vice President

  
 16 

 FORM OF WARRANT 

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON THE EXERCISE OF THE WARRANT) ARE SUBJECT TO THE TERMS AND
CONDITIONS SET FORTH IN THE WARRANT AGREEMENT DATED AS OF APRIL 2, 2013, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (THE “WARRANT AGREEMENT”). COPIES OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S
PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE. 
 UNTIL SEPTEMBER 27, 2013, THIS WARRANT MAY NOT BE TRANSFERRED SEPARATELY, SPLIT UP, COMBINED OR EXCHANGED,
BUT MAY ONLY BE TRANSFERRED, SPLIT UP, COMBINED OR EXCHANGED TOGETHER WITH THE SHARES OF COMMON STOCK OF NV5 HOLDINGS, INC. WITH WHICH IT WAS SOLD AS A UNIT. 

SPECIMEN WARRANT CERTIFICATE 
  

			
	Certificate Number	  	
	             	  	                     Warrants    

 THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M. 

NEW YORK CITY TIME, ON THE EXPIRATION DATE 

NV5 HOLDINGS, INC. 
 CUSIP 62945V
117 
 WARRANT 
 This certifies
that FOR VALUE RECEIVED
                                        
or his, her or its registered assigns (the “Holder”) is the registered owner of
                             warrants (“Warrants”) of NV5 Holdings, Inc., a
Delaware corporation (the “Company”). The Warrants are subject to the terms and conditions set forth in this certificate and the Warrant Agreement, and all capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to them in the Warrant Agreement. Each Warrant entitles the Holder to purchase one share of common stock, par value $0.01, of the Company (“Common Stock”), at any time after the Separation Date upon the
presentation and surrender of this Warrant Certificate with the Subscription Form on the reverse side hereof duly executed, at the corporate office of the Warrant Agent, accompanied by payment of the Warrant Price in the form permitted under the
Warrant Agreement. 
 This Warrant Certificate and each Warrant represented hereby are issued pursuant to and are subject in all respects to
the terms and conditions set forth in the Warrant Agreement, a copy of which may be obtained from the Company at 200 South Park Road, Suite 350, Hollywood, Florida 33021 or the Warrant Agent at 10 Commerce Drive, Cranford, New Jersey 07016, by a
written request from the Holder hereof or which may be inspected by any Holder or his agent at the principal office of the Company or the Warrant Agent. 

No fractional shares of Common Stock will be issued upon exercise of the Warrant. In the case of the exercise of less than all the Warrants
represented hereby, the Company shall cancel this Warrant Certificate upon the surrender hereof and shall execute and deliver a new Warrant Certificate or Warrant Certificates of like tenor, which the Warrant Agent shall countersign, for the balance
of such Warrants. 

  
 1 

 Prior to due presentment for registration of transfer hereof, the Company and the Warrant Agent
shall treat the Holder as the absolute owner hereof and of each Warrant represented hereby for all purposes and shall not be affected by any notice to the contrary. 

This Warrant Certificate shall be governed by and construed in accordance with the laws of the State of New York. 

This Warrant Certificate is not valid unless countersigned by the Warrant Agent. 

This Warrant does not entitle the Holder to any of the rights of a stockholder of the Company. 

Subject to Section 7 of the Warrant Agreement, the Company may redeem all, but not less than all, of the Warrants, at the option
of the Company, at any time after the Warrants become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 7.2 of the Warrant Agreement, at the price of $0.01 per Warrant
(the “Redemption Price”), provided, however, that the last sales price of the Common Stock has been equal to or greater than the $12.00 per share for the 20-trading-day period ending on
the third business day prior to the notice of redemption to the Registered Holders. 
 IN WITNESS WHEREOF, the Company has caused
this Warrant Certificate to be duly executed, manually or in facsimile by two of its officers thereunto duly authorized and a facsimile of its corporate seal to be imprinted thereon. 

 

													
	(SEAL)	 		 	NV5 HOLDINGS, INC.	 		 	
							
	Dated:	 	  
	 		 	By:	 	  
	 		 	
		 		 		 		 	Chairman, CEO or President	 		 	
							
	Dated:	 	  
	 		 	By:	 	  
	 		 	
		 		 		 		 	Secretary, Treasurer or Assistant Secretary	 		 	

  

					
	REGISTRAR AND TRANSFER COMPANY
		
	As Warrant Agent	 	
			
	By:	 	  
	 	
		 	Authorized Officer	 	

  
  
  

 

  
 2 

 SUBSCRIPTION FORM 

To Be Executed by the Registered Holder in Order to Exercise Warrants 

The undersigned registered holder irrevocably elects to exercise
                    Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of
such Warrants, and requests that certificates for such shares shall be issued in the name of 
  

					
			
	Name	 	                                      
                                         
                                         
                      	  	

					
		 	                                    (please 
typewrite or print in block letters)	  	
			
	Address	 	                                     
                                         
                                         
                   	  	

					
			
	Address	 	                                     
                                         
                                         
                   	  	

					
			
	Tax Identification Number	 	                                     
                                         
                              	  	

					
		
	and be delivered to	  	

					
			
	Name	 	                                     
                                         
                                         
                       	  	

					
		 	                                    (please
typewrite or print in block letters)	  	
			
	Address	 	                                     
                                         
                                         
                   	  	

					
			
	Address	 	                                     
                                         
                                         
                   	  	

 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant
Certificate for the balance of such Warrants be registered in the name of, and delivered to, the registered holder at the address stated below: 
  

			
	Dated:                             	 	Signature
                                         
                                   
		
		 	Address
                                         
                                     
		
		 	Address
                                         
                                     
		
		 	Tax Identification NumberForm of Management Agreement

Table of Contents

 Exhibit 10.28 

 
  

 MANAGEMENT AND ADVISORY AGREEMENT 

dated as of [•], 2013 

between 
 NEW MEDIA
INVESTMENT GROUP INC. 
 and 

FIG LLC 

Table of Contents

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	DEFINITIONS	  	 	1	  
			
	 SECTION 2.
	 	APPOINTMENT AND DUTIES OF THE MANAGER	  	 	2	  
			
	 SECTION 3.
	 	DEVOTION OF TIME; ADDITIONAL ACTIVITIES	  	 	7	  
			
	 SECTION 4.
	 	AGENCY	  	 	7	  
			
	 SECTION 5.
	 	BANK ACCOUNTS	  	 	7	  
			
	 SECTION 6.
	 	RECORDS; CONFIDENTIALITY	  	 	8	  
			
	 SECTION 7.
	 	OBLIGATIONS OF MANAGER; RESTRICTIONS	  	 	8	  
			
	 SECTION 8.
	 	COMPENSATION	  	 	9	  
			
	 SECTION 9.
	 	EXPENSES OF THE COMPANY	  	 	10	  
			
	 SECTION 10.
	 	CALCULATIONS OF EXPENSES	  	 	12	  
			
	 SECTION 11.
	 	LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION	  	 	12	  
			
	 SECTION 12.
	 	NO JOINT VENTURE	  	 	13	  
			
	 SECTION 13.
	 	TERM; TERMINATION	  	 	13	  
			
	 SECTION 14.
	 	ASSIGNMENT	  	 	14	  
			
	 SECTION 15.
	 	TERMINATION FOR CAUSE	  	 	15	  
			
	 SECTION 16.
	 	ACTION UPON TERMINATION	  	 	15	  
			
	 SECTION 17.
	 	RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST	  	 	16	  
			
	 SECTION 18.
	 	NOTICES	  	 	17	  
			
	 SECTION 19.
	 	BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS	  	 	17	  
			
	 SECTION 20.
	 	ENTIRE AGREEMENT	  	 	17	  
			
	 SECTION 21.
	 	CONTROLLING LAW	  	 	18	  
			
	 SECTION 22.
	 	INDULGENCES, NOT WAIVERS	  	 	18	  
			
	 SECTION 23.
	 	TITLES NOT TO AFFECT INTERPRETATION	  	 	18	  
			
	 SECTION 24.
	 	EXECUTION IN COUNTERPARTS	  	 	18	  
			
	 SECTION 25.
	 	PROVISIONS SEPARABLE	  	 	18	  
			
	 SECTION 26.
	 	GENDER	  	 	18	  

  
 i 

Table of Contents

 MANAGEMENT AND ADVISORY AGREEMENT 

THIS MANAGEMENT AND ADVISORY AGREEMENT, is made as of [•]1, 2013 (the
“Agreement”) by and among NEW MEDIA INVESTMENT GROUP INC., a Delaware corporation (the “Company”), and FIG LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 

W I T N E S S E T H: 
 WHEREAS,
the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities of or available to the Manager and to have the Manager undertake the duties and responsibilities hereinafter set forth, on
behalf of the Company, as provided in this Agreement; and 
 WHEREAS, the Manager is willing to render such services on the terms and
conditions hereinafter set forth. 
 NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL AGREEMENTS HEREIN SET FORTH, THE PARTIES HERETO AGREE AS
FOLLOWS: 
 SECTION 1. DEFINITIONS. 

The following terms have the meanings assigned them: 

(a) “Agreement” means this Management and Advisory Agreement, as amended from time to time. 

(b) “Board of Directors” means the Board of Directors of the Company. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Common Share” means a share of capital stock of the Company now or hereafter authorized as common voting stock of the Company.

 (e) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(f) “Adjusted Net Income” means net income (computed in accordance with GAAP) plus depreciation and amortization, and after
adjustments for unconsolidated partnerships, joint ventures and permanent cash tax savings. Adjusted Net Income will be computed on an unconsolidated basis. The computation of Adjusted Net Income may be adjusted at the direction of the Independent
Directors based on changes in, or certain applications of, GAAP. 
 (g) “Governing Instruments” means, with regard to any entity,
the articles of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating
agreement in the case of a limited liability company, or, in each case, comparable governing documents. 
  

	1 	Date will be the “Effective Date” as defined in the Plan. 

  
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 (h) “Independent Directors” means the members of the Board of Directors who are not
officers or employees of the Manager. 
 (i) “Investment Company Act” means the Investment Company Act of 1940, as amended. 

(j) “Investments” means the investments of the Company. 

(k) “Junior Share” means a share of capital stock of the Company now or hereafter authorized or reclassified that has dividend
rights, or rights upon liquidation, winding up and dissolution, that are inferior or junior to the Ordinary Shares. 
 (l)
“Listing” means the commencement date of regular-way trading of Common Shares of the Company on a major U.S. national securities exchange. 

(m) “Ordinary Share” means a share of the Company’s Common Shares, par value $0.01 per share. Where relevant in this Agreement,
“Ordinary Shares” includes shares of the Company’s Common Shares, par value $0.01 per share, issued upon conversion of Preferred Shares or Junior Shares. 

(n) “Plan” means the Debtors’ Joint Prepackaged Chapter 11 Plan dated as of September 20, 2013 (together with all
Exhibits, Annexes and Schedules thereto), in each case as amended, supplemented or otherwise modified from time to time, in the cases captioned in re: Gatehouse Media, Inc., et al., Case
No 13-[            ] ([            ]) in the United States Bankruptcy Court for the District of Delaware. 

(o) “Preferred Share” means a share of capital stock of the Company now or hereafter authorized or reclassified that has dividend
rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Ordinary Shares. 
 (p)
“Subsidiary” means any subsidiary of the Company and any partnership, the general partner of which is the Company or any subsidiary of the Company and any limited liability company, the managing member of which is the Company or any
subsidiary of the Company. 
 SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 

(a) The Company hereby appoints the Manager to manage the assets of the Company subject to the further terms and conditions set forth in this
Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise
agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 

  
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 (b) The Manager, in its capacity as manager of the assets and the day-to-day operations of the
Company, at all times will be subject to the supervision of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority identified
herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and will perform (or cause to be performed) such services and activities relating to the assets and operations of the Company as
may be appropriate, including, without limitation: 
 (i) serving as the Company’s consultant with respect to the periodic review of the
investment criteria and parameters for Investments, borrowings and operations; 
 (ii) investigation, analysis, valuation and selection of
investment opportunities; 
 (iii) with respect to prospective Investments by the Company and dispositions of Investments, conducting
negotiations with brokers, sellers and purchasers and their respective agents and representatives, investment bankers and owners of privately and publicly held companies; 

(iv) engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors that provide services
relating to the Investments, including, but not limited to, investment banking, legal advisory, tax advisory, accounting advisory, securities brokerage, real estate advisory and brokerage, and other financial and consulting services as the Manager
determines from time to time is advisable; 
 (v) negotiating on behalf of the Company for the sale, exchange or other disposition of any
Investments; 
 (vi) coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting
all matters with the joint venture or co-investment partners; 
 (vii) providing executive and administrative personnel, office space and
office services required in rendering services to the Company; 
 (viii) administering the day-to-day operations of the Company and
performing and supervising the performance of such other administrative functions necessary in the management of the Company as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues
and the payment of the Company’s debts and obligations and maintenance of appropriate computer services to perform such administrative functions; 

  
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 (ix) communicating on behalf of the Company with the holders of any equity or debt securities of
the Company as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders; 

(x) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

(xi) evaluating and recommending to the Board of Directors modifications to the hedging strategies in effect on the date hereof and engaging in
hedging activities on behalf of the Company; 
 (xii) counseling the Company regarding the maintenance of its exemption from the Investment
Company Act and monitoring compliance with the requirements for maintaining an exemption from that Act; 
 (xiii) assisting the Company in
developing criteria that are specifically tailored to the Company’s investment objectives and making available to the Company its knowledge and experience with respect to its target assets; 

(xiv) representing and making recommendations to the Company in connection with the purchase and finance, and commitment to purchase and
finance, of its target assets, and in connection with the sale and commitment to sell such assets; 
 (xv) monitoring the operating
performance of the Investments and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance, valuation and budgeted or projected operating results; 

(xvi) investing and re-investing any moneys and securities of the Company (including investing in short-term Investments pending investment in
Investments, payment of fees, costs and expenses, or payments of dividends or distributions to stockholders and partners of the Company) and advising the Company as to its capital structure and capital raising; 

(xvii) causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting
procedures, compliance procedures and testing systems with respect to financial reporting obligations and to conduct quarterly compliance reviews with respect thereto; 

(xviii) causing the Company to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 

(xix) assisting the Company in complying with all regulatory requirements applicable to the Company in respect of its business activities,
including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents required under the Exchange Act; 

  
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 (xx) taking all necessary actions to enable the Company to make required tax filings and reports,
including soliciting stockholders for required information to the extent provided by the provisions of the Code; 
 (xxi) handling and
resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s
day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 
 (xxii)
using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company to be reasonable or customary and within any budgeted parameters or expense guidelines set by the Board of Directors from time to time; 

(xxiii) performing such other services as may be required from time to time for management and other activities relating to the assets of the
Company as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; and 

(xxiv) using commercially reasonable efforts to cause the Company to comply with all applicable laws. 

Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio Management Services”) on
behalf of the Company with respect to the Investments. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other investment opportunities in connection with, the Company’s portfolio of
assets; the collection of information and the submission of reports pertaining to the Company’s assets, general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets; acting as liaison
between the Company and banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring
services (the “Monitoring Services”) on behalf of the Company with respect to any services provided by third parties, which the Manager determines are material to the performance of the business. 

(c) The Manager may enter into agreements with other parties, including its affiliates (subject to Section 2(d) below), for the purpose of
engaging one or more asset managers for and on behalf, and at the sole cost and expense, of the Company to provide operations management, asset management, personnel management, development and/or similar services to the Company (including, without
limitation, Portfolio Management Services and Monitoring Services) with respect to the Investments, pursuant to management agreement(s) with terms which are then customary for agreements regarding the management or servicing of assets similar in
type, quality and value to the assets of the Company; provided, that (i) with respect to Portfolio Management Services, (A) any such agreements shall be subject to the Company’s prior written approval and (B) the Manager shall
remain liable for the performance of such Portfolio Management Services, and (ii) with respect to Monitoring Services, any such agreements shall be subject to the Company’s prior written approval. 

  
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 (d) Transactions between the Manager and any affiliate (including, but not limited to, any
amendments to this Agreement or any issuance by the Company of equity to existing shareholders as of the date of this Agreement that would change the relative equity ownership percentages among such existing shareholders) must be approved in advance
by the majority of the Independent Directors and be determined by such Independent Directors to be in the best interests of the Company. If any affiliate transaction involving the acquisition of an asset from the Manager or an affiliate of the
Manager is not approved in advance by a majority of the Independent Directors, then the Manager may be required to repurchase the asset at the purchase price (plus closing costs) to the Company. 

(e) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of accountants, legal counsel,
appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the
Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its employees or affiliates. Commencing from the Listing, the Company shall pay or reimburse the
Manager or its affiliates performing such services for the cost thereof; provided, that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to perform such services
pursuant to agreements negotiated on an arm’s-length basis. 
 (f) As frequently as the Manager
may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, with respect to any Investment (i) reports and information on the
Company’s operations and asset performance and (ii) other information reasonably requested by the Company. 
 (g) The Manager shall
prepare, or cause to be prepared, at the sole cost and expense of the Company, all reports, financial or otherwise, with respect to the Company reasonably required by the Board of Directors in order for the Company to comply with its Governing
Instruments or any other materials required to be filed with any governmental body or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an
annual audit of the Company’s books of account by a nationally recognized independent accounting firm. 
 (h) The Manager shall prepare
regular reports for the Board of Directors to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, performance and compliance with policies approved by the Board of Directors. 

(i) Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional monies is proven
by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this

  
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Agreement, the Manager shall not be required to expend money (“Excess Funds”) in excess of that contained in any applicable Company Account (as herein defined) or otherwise made
available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 13(a) of this Agreement to
terminate this Agreement due to the Manager’s unsatisfactory performance. 
 (j) In performing its duties under this Section 2, the
Manager shall be entitled to rely reasonably on qualified experts hired by the Manager. 
 SECTION 3. DEVOTION OF
TIME; ADDITIONAL ACTIVITIES. 
 (a) The Manager will be responsible for the compensation and benefits of the Chief Executive Officer after
the Listing, which compensation and benefits shall be subject to the review and approval of the Compensation Committee of the Board of Directors. Any increase to the Chief Executive Officer’s compensation and benefits in effect as of the date
of this Agreement shall either be approved by the Manager in its sole and absolute discretion or be paid for by the Company. 
 (b) Nothing
herein shall prevent the Manager or any of its affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other person or entity, including investment in,
or advisory service to others investing in, any type of media or media related investment, including investments which meet the principal investment objectives of the Company. 

(c) Managers, members, partners, officers, employees and agents of the Manager or affiliates of the Manager may serve as directors, officers,
employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as from time to time amended, or by any resolutions duly adopted by the Board of Directors pursuant to the
Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company. 

SECTION 4. AGENCY. 

The Manager shall act as agent of the Company in making, acquiring, financing and disposing of Investments, disbursing and collecting the
Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company,
the Board of Directors, holders of the Company’s securities or the Company’s representatives or properties. 
 
SECTION 5. BANK ACCOUNTS. 
 At the direction of the Board of Directors, the Manager may establish and maintain one or more bank accounts
in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company 

  
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Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall
from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 

SECTION 6. RECORDS; CONFIDENTIALITY. 

The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of
account and records shall be accessible for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon ten (10) business days advance written notice. The Manager shall keep confidential any and
all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information to nonaffiliated third parties except with the prior written consent of the Board of Directors. 

SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 

(a) The Manager shall require each seller or transferor of Investment assets to the Company to make such representations and warranties
regarding such assets as may, in the judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments. 

(b) The Manager shall refrain from any action that, in its sole judgment made in good faith, would violate any law, rule or regulation of any
governmental body or agency having jurisdiction over the Company or any Subsidiary or that would otherwise not be permitted by such entity’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the
Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the
Manager, its directors, officers, stockholders and employees shall not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners for any act or omission by the
Manager, its directors, officers, stockholders or employees except as provided in Section 11 of this Agreement. 
 (c) The Manager shall
not (i) consummate any transaction which would involve the acquisition by the Company of property in which the Manager or any affiliate thereof has an ownership interest or the sale by the Company of property to the Manager or any affiliate
thereof, or (ii) under circumstances where the Manager is subject to an actual or potential conflict of interest because it manages both the Company and another Person (not an Affiliate of the Company) with which the Company has a contractual
relationship, take any action constituting the granting to such Person of a waiver, forbearance or other relief, or the enforcement against such Person of remedies, under or with respect to the applicable contract, unless such transaction or action,
as the case may be and in each case, is approved by a majority of the Independent Directors. 

  
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 (d) The Manager shall at all times during the term of this Agreement (including the Initial Term
and any renewal term) maintain a tangible net worth equal to or greater than $1,000,000. Additionally, during such period the Manager shall maintain “errors and omissions” insurance coverage and other insurance coverage which is
customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily
maintained by other managers or servicers of similar assets. 
 SECTION 8. COMPENSATION. 

(a) During the term of this Agreement (as the same may be extended from time to time) commencing from the Listing, the Manager will receive an
annual management fee (the “Management Fee”) equal to 1.50% of the Company’s “Total Equity.” The Management Fee shall be calculated and paid monthly in arrears based upon the weighted daily average of the Total Equity of the
Company for such month. The term “Total Equity” for any period means the sum of (i) the equity value as of [•]2, plus (ii) the total net proceeds to the Company
from any equity capital hereafter raised by the Company or any Subsidiary of the Company (exclusive, with respect to any Subsidiary, of capital of such Subsidiary consisting of a capital contribution or other form of capital investment made by the
Company or another Subsidiary of the Company), including capital effectively raised through the issuance of capital in a transaction, plus (iii) the value of contributions made by partners other than the Company, from time to time, to
the capital of any Subsidiary (reduced proportionately in the case of a Subsidiary to the extent that the Company owns, directly or indirectly, less than 100% of the equity interests in such Subsidiary), plus (iv) the equity value of any assets
contributed to the Company prior to or after the date of this Agreement (to the extent not previously included) less (iv) any capital dividends or capital distributions made by the Company to its stockholders or, without duplication, by
any Subsidiary to its stockholders, partners or other equity holders. 
 (b) The Manager shall compute each installment of the Management Fee
within 15 days after the end of the calendar month with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall thereafter, for informational purposes only and subject in any
event to Section 13(a) of this Agreement, promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Management Fee shown therein shall be due and payable no later than the earlier to occur of
(i) the date which is 20 days after the end of the calendar month with respect to which such installment is payable and (ii) the date which is two (2) business days after the date of delivery to the Board of Directors of such
computations. 
 (c) The Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of
this Agreement. 
  

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 (d) The Board of Directors may, by written notice to the Manager delivered ten (10) days
prior to the date on which any payment of the Incentive Compensation is payable, request that the Manager accept all or a portion of such payment in the form of issued Common Shares, which notice shall specify the amount of the payment of the
Incentive Compensation, the amount thereof which the Company intends to pay in cash, if any, and the amount thereof which the Company intends to pay in the form of such Common Shares in the number of such shares as determined by the Board of
Directors. Within five (5) days following receipt of said notice, the Manager shall notify the Company in writing, such election to be made by the Manager in its sole discretion, whether it will accept such portion of such payment in the form
of such shares and in such number of such shares. 
 (e) Commencing from the Listing, in addition to the Management Fee otherwise payable
hereunder, the Company shall pay the Manager on a quarterly basis annual incentive compensation on a cumulative, but not compounding, basis, in an amount equal to the product of 25% of the dollar amount by which (a) the Adjusted Net Income
(before such payment) of the Company exceeds (b)(i) the weighted daily average Total Equity (plus cash capital raising costs), multiplied by, (ii) a simple interest rate of ten percent (10%) per annum. The obligation of the Company
to pay the Incentive Compensation shall survive the expiration or earlier termination of this Agreement, subject to Section 16(b). 

(f) Commencing from the Listing, upon the successful completion of an offering of Common Shares or Preferred Shares by the Company, the Company
shall pay and issue to the Manager options to purchase Common Shares equal to 10% of the number of Common Shares or Preferred Shares sold in the offering (excluding any Common Shares or Preferred Shares issued to Newcastle Investment Corp. or its
affiliates in the DJ Contribution (as defined in the Plan)) with an exercise price equal to the price per Common Share or Preferred Share, as the case may be, paid by the public or other ultimate purchaser in the offering. For the avoidance of
doubt, the Listing shall not constitute an “offering” for purposes of this Section 8(f). 
 SECTION
9. EXPENSES OF THE COMPANY. 
 The Company shall pay all of its expenses and shall reimburse the Manager for documented expenses of the
Manager incurred on its behalf (collectively, the “Expenses”). Expenses include all costs and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the following: 

(a) expenses in connection with the issuance and transaction costs incident to the acquisitions, disposition and financing of Investments; 

(b) travel and other out-of-pocket expenses incurred by managers, officers, employees and agents of the Manager in connection with the
purchase, financing, refinancing, sale or other disposition, or asset management of an Investment; 

  
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 (c) costs of legal, accounting, tax, auditing, administrative and other services rendered for the
Company by providers retained by the Manager or, if provided by the Manager’s employees, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to
agreements negotiated on an arm’s-length basis; 
 (d) the compensation and expenses of the Independent Directors and the cost of
liability insurance to indemnify the Company’s directors and officers; 
 (e) compensation and expenses of the Company’s custodian
and transfer agent, if any; 
 (f) costs associated with the establishment and maintenance of any credit facilities and other indebtedness of
the Company (including commitment fees, legal fees, closing and other costs) or any securities offerings of the Company; 
 (g) costs
associated with any computer software or hardware that is used solely for the Company; 
 (h) all other costs and expenses relating to the
Company’s business and investment operations, including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing, operating and disposing of Investments, including appraisal, reporting, audit and
legal fees; 
 (i) all insurance costs incurred in connection with the operation of the Company’s business except for the costs
attributable to the insurance that the Manager elects to carry for itself and its employees; 
 (j) expenses relating to any office or office
facilities maintained for the Company or Investments separate from the office or offices of the Manager; 
 (k) expenses connected with the
payments of interest, dividends or distributions in cash or any other form made or caused to be made by the Board of Directors to or on account of the holders of securities of the Company or its Subsidiaries, including, without limitation, in
connection with any dividend reinvestment plan; 
 (l) expenses connected with communications to holders of securities of the Company or its
Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without
limitation, all costs of preparing and filing required reports with the Securities and Exchange Commission, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s
stock on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to its shareholders and proxy materials with respect to any meeting
of the shareholders of the Company; 

  
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 (m) all other expenses actually incurred by the Manager which are reasonably necessary for the
performance by the Manager of its duties and functions under this Agreement; and 
 (n) Without regard to the amount of compensation received
under this Agreement by the Manager, the Manager shall bear the following expenses, except as expressly set forth otherwise herein: (i) wages and salaries of the Manager’s officers and employees; (ii) rent attributable to the space
occupied by the Manager; and (iii) all other “overhead” expenses of the Manager. 
 SECTION 10.
CALCULATIONS OF EXPENSES. 
 The Manager shall prepare a statement documenting the Expenses of the Company and the Expenses incurred by the
Manager on behalf of the Company during each calendar month, and shall deliver such statement to the Company within 20 days after the end of each calendar month. Expenses incurred by the Manager on behalf of the Company shall be reimbursed monthly
to the Manager on the first business day of the month immediately following the date of delivery of such statement. 
 
SECTION 11. LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION. 
 (a) The Manager assumes no responsibility under this Agreement other
than to render the services called for under this Agreement in good faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth
in Section 7(b) of this Agreement. The Manager, its members, managers, officers and employees will not be liable to the Company or any Subsidiary, to the Board of Directors, or the Company’s or any Subsidiary’s stockholders or
partners for any acts or omissions by the Manager, its members, managers, officers or employees, pursuant to or in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless
disregard of the Manager’s duties under this Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its members, managers, officers and employees and each other Person, if any, controlling the
Manager (each, an “Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from any acts
or omissions of such Indemnified Party made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct, gross negligence or reckless disregard
of the Manager’s duties under this Agreement. 
 (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the
Company, its shareholders, directors, officers and employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands,
charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement. 

  
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 SECTION 12. NO JOINT VENTURE. 

Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on
either of them. 
 SECTION 13. TERM; TERMINATION. 

(a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until the date that is three
(3) years after the date hereof, and thereafter on each anniversary of such date be deemed renewed automatically each year for an additional one-year period unless (i) a majority consisting of at least two-thirds of the Independent
Directors or a simple majority of the holders of outstanding Common Shares, reasonably agree that there has been unsatisfactory performance that is materially detrimental to the Company or (ii) a simple majority of the Independent Directors
agree that the Management Fee payable to the Manager is unfair; provided, that the Company shall not have the right to terminate this Agreement under clause (ii) foregoing if the Manager agrees to continue to provide the services under this
Agreement at a fee that the Independent Directors have determined to be fair. If the Company elects not to renew this Agreement at the expiration of the original term or any such one-year extension term as set forth above, the Company shall deliver
to the Manager prior written notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in this Section 13(a) of this Agreement not less than 60 days prior to the
expiration of the then existing term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination Date”), not less than 60 days from the date of the notice, on which the Manager
shall cease to provide services under this Agreement and this Agreement shall terminate on such date; provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the
Manager is unfair, the Manager shall have the right to renegotiate the Management Fee by delivering to the Company, no fewer than forty-five (45) days prior to the prospective Effective Termination Date, written notice (any such notice, a
“Notice of Proposal to Negotiate”) of its intention to renegotiate its compensation under this Agreement. Thereupon, the Company and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager
under this Agreement. Provided that the Manager and the Company agree to a revised Management Fee (or other compensation structure) within 45 days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed
of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the Management Fee shall be the revised Management Fee (or other compensation structure) then agreed upon by the
parties to this Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised Management Fee promptly upon reaching an agreement regarding same. In the event that the Company and the
Manager are unable to agree to a revised Management Fee during such 45 day period, this Agreement shall terminate, such termination to be effective on the date which is the later of (A) ten (10) days following the end of such 45 day period
and (B) the Effective Termination Date originally set forth in the Termination Notice. 

  
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 (b) In the event that this Agreement is terminated in accordance with the provisions of
Section 13(a) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to the amount of the Management Fee earned by the Manager
during the period consisting of the twelve (12) full, consecutive calendar months immediately preceding such termination. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

(c) No later than sixty (60) days prior to the anniversary date of this Agreement of any year during the Term, the Manager may deliver
written notice to the Company informing it of the Manager’s intention not to renew the Term, whereupon the Term of this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary of the Closing
Date next following the delivery of such notice. 
 (d) If this Agreement is terminated pursuant to this Section 13, such termination
shall be without any further liability or obligation of either party to the other, except as provided in Section 13(b) and Section 16 of this Agreement. In addition, Section 11 of this Agreement shall survive termination of this
Agreement. 
 SECTION 14. ASSIGNMENT. 

(a) Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its assignment,
in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors; provided, however, that no such consent shall be required in the case of an assignment
by the Manager to an entity whose day-to-day business and operations are managed and supervised by Mr. Wesley R. Edens (the “Principal”), provided, further, that such transaction is determined at the time not to be an
“assignment” for purposes of Section 205 of the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated under such act and the interpretations thereof issued by the Securities and Exchange Commission.
Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition,
the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of
assignment by the Company to a successor to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 

  
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 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any
or all of its responsibilities under Sections 2(b), 2(c) and 2(d) of this Agreement to any of its affiliates in accordance with the terms of this Agreement applicable to any such subcontract or assignment, and the Company hereby consents to any such
assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any
amounts payable to the Manager under this Agreement. 
 SECTION 15. TERMINATION FOR CAUSE. 

(a) The Company may terminate this Agreement effective upon sixty (60) days prior written notice of termination from the Company to the
Manager, without payment of any Termination Fee, if any act of fraud, misappropriation of funds, or embezzlement against the Company or other willful violation of this Agreement by the Manager in its corporate capacity (as distinguished from the
acts of any employees of the Manager which are taken without the complicity of the Principal) under this Agreement or in the event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement. 

(b) The Manager may terminate this Agreement effective upon sixty (60) days prior written notice of termination to the Company in the
event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such
default and requesting that the same be remedied in such 30 day period. 
 SECTION 16. ACTION UPON TERMINATION.

 (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager
shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination
Fee. Upon such termination, the Manager shall forthwith: 
 (i) after deducting any accrued compensation and reimbursement for its expenses
to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and 

(iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

  
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 (b) In the event that this Agreement is terminated, the Company shall have the option, to be
exercised by written notice to the Manager within ten (10) days following such termination, to purchase from the Manager the right of the Manager to receive the Incentive Compensation. In exchange therefor the Company will be obligated to pay
the Manager a cash purchase price (the “Cash Price”) equal to the amount of the Incentive Compensation that would be paid to the Manager if all of the Company’s assets were sold for cash at their then current fair market value (taking
into account, among other things, expected future performance of the underlying investments, the “Fair Market Value”). In the event that the Company does not elect to exercise such option to purchase the Incentive Compensation, the Manager
shall have the right to require the Company to do so at the Cash Price by delivering to the Company written notice within twenty (20) days following such termination. The Fair Market Value shall be determined by independent appraisal to be
conducted by a nationally recognized appraisal firm mutually agreed upon by the Company and the Manager. If the Company and the Manager are unable to agree upon an appraisal firm, then each of the Company and the Manager shall choose an independent
appraisal firm to conduct an appraisal. In such event, (i) if the appraisals prepared by the two appraisers so selected are the same or differ by an amount that does not exceed 20% of the higher of the two appraisals, the Fair Market Value will
be deemed to be the average of such appraisals, and (ii) if the two appraisals differ by more than 20% of the higher of the two appraisals, the two appraisers together shall select a third nationally recognized appraisal firm to conduct an
appraisal. If the two appraisers are unable to agree as to the identity of such third appraiser, either of the Manager and the Company may request that the American Arbitration Association (“AAA”) select the third appraiser, which shall
then be selected by the AAA. The Fair Market Value will then be deemed to be the amount determined by such third appraiser, but in no event less than the lower or more than the higher of the first two appraisals made under this Section 16(b).

 SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST. 

The Manager agrees that any money or other property of the Company or Subsidiary held by the Manager under this Agreement shall be held by the
Manager as custodian for the Company or Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a
written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this
Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than sixty (60) days following such request. The Manager shall not be liable to the
Company, any Subsidiary, the Independent Directors, or the Company’s or a Subsidiary’s stockholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property
released to the Company or any Subsidiary in accordance with the first sentence of this Section 17. The Company and any Subsidiary shall indemnify the Manager and its members, managers, officers and employees against any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this
Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 11 of this Agreement. 

  
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 SECTION 18. NOTICES. 

Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this
Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery
by facsimile transmission or email against answerback, (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

	 	(a)	If to the Company: 

 New Media Investment Group Inc. 

c/o FIG LLC 
 1345 Avenue of the
Americas 
 46th Floor 
 New
York, New York 10105 
 Attention: Mr. Cameron MacDougall 

Attention: Mr. Michael Reed 
  

	 	(b)	If to the Manager: 

 FIG LLC 1345 

Avenue of the Americas 
 46th
Floor 
 New York, New York 10105 

Attention: Mr. Randal A. Nardone 

Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the
provisions of this Section 18 for the giving of notice. 
 SECTION 19. BINDING NATURE OF AGREEMENT;
SUCCESSORS AND ASSIGNS. 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
personal representatives, successors and permitted assigns as provided in this Agreement. 
 SECTION 20. ENTIRE
AGREEMENT. 
 This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of
this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express
terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing. 

  
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 SECTION 21. CONTROLLING LAW. 

This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed,
interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 

SECTION 22. INDULGENCES, NOT WAIVERS. 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to
have granted such waiver. 
 SECTION 23. TITLES NOT TO AFFECT INTERPRETATION. 

The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement
nor are they to be used in the construction or interpretation of this Agreement. 
 SECTION 24. EXECUTION IN
COUNTERPARTS. 
 This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 
 SECTION 25. PROVISIONS SEPARABLE. 

The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 
SECTION 26. GENDER. 
 Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include
any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

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

			
	COMPANY:
	
	 NEW MEDIA INVESTMENT GROUP INC.,
 a
Delaware corporation

		
	 By:
	 	  

		 	Name:
		 	Title:
	 MANAGER:

	
	 FIG LLC,

a Delaware limited liability company

		
	 By:
	 	  

		 	Name:
		 	Title:

  
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