Document:

Amended and Restated Credit Agreement, dated as of June 13, 2011

 Exhibit 10.11 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 among 

MONRO MUFFLER BRAKE, INC., 
 Borrower 
 RBS CITIZENS, N.A., 

Administrative Agent 
 BANK OF AMERICA, N.A., 
 Syndication Agent 

JPMORGAN CHASE BANK, N.A. 
 and 
 BRANCH BANKING AND TRUST COMPANY, 

Co-Documentation Agents 
 and 
 THE LENDERS NAMED HEREIN, 

Lenders 

SENIOR SECURED CREDIT FACILITY 
  

			
	RBS CITIZENS, N.A.,	 	 MERRILL, LYNCH, PIERCE,
 FENNER & SMITH INCORPORATED,

	Joint Lead Arranger and Bookrunner	 	Joint Lead Arranger and Bookrunner

 June 13, 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 SECTION 1
	  	 DEFINITIONS AND TERMS
	  	 	1	  
			
	 1.1
	  	 Definitions
	  	 	1	  
	 1.2
	  	 Number and Gender of Words
	  	 	15	  
	 1.3
	  	 Accounting Principles
	  	 	15	  
			
	 SECTION 2
	  	 COMMITMENT
	  	 	16	  
			
	 2.1
	  	 The Facility
	  	 	16	  
	 2.2
	  	 Borrowing Procedure
	  	 	16	  
	 2.3
	  	 LC Subfacility
	  	 	17	  
	 2.4
	  	 Swing Line Subfacility
	  	 	20	  
	 2.5
	  	 Termination
	  	 	21	  
	 2.6
	  	 Optional Increase in Facility Committed Sum
	  	 	21	  
			
	 SECTION 3
	  	 TERMS OF PAYMENT
	  	 	22	  
			
	 3.1
	  	 Notes and Payments
	  	 	22	  
	 3.2
	  	 Interest and Principal Payments
	  	 	22	  
	 3.3
	  	 Interest Options
	  	 	24	  
	 3.4
	  	 Quotation of Rates
	  	 	24	  
	 3.5
	  	 Default Rate
	  	 	24	  
	 3.6
	  	 Interest Recapture
	  	 	24	  
	 3.7
	  	 Interest Calculations
	  	 	25	  
	 3.8
	  	 Maximum Rate
	  	 	25	  
	 3.9
	  	 Interest Periods
	  	 	25	  
	 3.10
	  	 Conversions
	  	 	25	  
	 3.11
	  	 Order of Application
	  	 	26	  
	 3.12
	  	 Sharing of Payments, Etc.
	  	 	26	  
	 3.13
	  	 Offset
	  	 	26	  
	 3.14
	  	 Booking Borrowings
	  	 	26	  
	 3.15
	  	 Basis Unavailable or Inadequate for LIBOR
	  	 	27	  
	 3.16
	  	 Additional Costs
	  	 	27	  
	 3.17
	  	 Change in Laws
	  	 	28	  
	 3.18
	  	 Funding Loss
	  	 	28	  
	 3.19
	  	 Foreign Lenders
	  	 	28	  
	 3.20
	  	 Defaulting Lenders
	  	 	29	  
	 3.21
	  	 Assignment of Committed Sums Under Certain Circumstances
	  	 	31	  
			
	 SECTION 4
	  	 FEES
	  	 	32	  
			
	 4.1
	  	 Treatment of Fees
	  	 	32	  
	 4.2
	  	 LC Fees
	  	 	32	  
	 4.3
	  	 Facility Commitment Fee
	  	 	32	  
	 4.4
	  	 Other Fees
	  	 	32	  

  
 i 

							
	 SECTION 5
	  	 SECURITY
	  	 	32	  
			
	 5.1
	  	 Collateral
	  	 	32	  
	 5.2
	  	 Reaffirmation of Existing Security Documents
	  	 	33	  
	 5.3
	  	 Additional Security and Guaranties
	  	 	33	  
	 5.4
	  	 Financing Statements
	  	 	33	  
			
	 SECTION 6
	  	 CONDITIONS PRECEDENT
	  	 	33	  
			
	 6.1
	  	 Initial Borrowing
	  	 	33	  
	 6.2
	  	 All Borrowings or LCs
	  	 	33	  
	 6.3
	  	 Materiality of Conditions
	  	 	34	  
	 6.4
	  	 Waiver
	  	 	34	  
			
	 SECTION 7
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	34	  
			
	 7.1
	  	 Purpose of Credit Facility
	  	 	34	  
	 7.2
	  	 Corporate Existence, Good Standing, Authority, and Compliance
	  	 	34	  
	 7.3
	  	 Subsidiaries
	  	 	34	  
	 7.4
	  	 Authorization and Contravention
	  	 	34	  
	 7.5
	  	 Binding Effect
	  	 	35	  
	 7.6
	  	 Financial Statements; Fiscal Year
	  	 	35	  
	 7.7
	  	 Litigation
	  	 	35	  
	 7.8
	  	 Taxes
	  	 	35	  
	 7.9
	  	 Environmental Matters
	  	 	35	  
	 7.10
	  	 Employee Plans
	  	 	36	  
	 7.11
	  	 Properties; Liens
	  	 	36	  
	 7.12
	  	 Location; Real Estate Interests
	  	 	36	  
	 7.13
	  	 Government Regulations
	  	 	36	  
	 7.14
	  	 Transactions with Affiliates
	  	 	36	  
	 7.15
	  	 Debt
	  	 	36	  
	 7.16
	  	 Material Agreements
	  	 	36	  
	 7.17
	  	 Insurance
	  	 	36	  
	 7.18
	  	 Labor Matters
	  	 	37	  
	 7.19
	  	 Solvency
	  	 	37	  
	 7.20
	  	 Trade Names
	  	 	37	  
	 7.21
	  	 Intellectual Property
	  	 	37	  
	 7.22
	  	 Full Disclosure
	  	 	37	  
			
	 SECTION 8
	  	 AFFIRMATIVE COVENANTS
	  	 	37	  
			
	 8.1
	  	 Items to be Furnished
	  	 	37	  
	 8.2
	  	 Use of Proceeds
	  	 	39	  
	 8.3
	  	 Books and Records
	  	 	39	  
	 8.4
	  	 Inspections
	  	 	39	  
	 8.5
	  	 Taxes
	  	 	39	  
	 8.6
	  	 Payment of Obligations
	  	 	39	  
	 8.7
	  	 Expenses
	  	 	39	  
	 8.8
	  	 Maintenance of Existence, Assets, and Business
	  	 	39	  
	 8.9
	  	 Insurance
	  	 	39	  
	 8.10
	  	 Preservation and Protection of Rights
	  	 	40	  

  
 ii 

							
	 8.11
	  	 Environmental Laws
	  	 	40	  
	 8.12
	  	 Subsidiaries
	  	 	40	  
	 8.13
	  	 Indemnification
	  	 	41	  
	 8.14
	  	 Further Assurances
	  	 	41	  
	 8.15
	  	 Change of Control
	  	 	42	  
			
	 SECTION 9
	  	 NEGATIVE COVENANTS
	  	 	42	  
			
	 9.1
	  	 Taxes
	  	 	42	  
	 9.2
	  	 Payment of Obligations
	  	 	42	  
	 9.3
	  	 Employee Plans
	  	 	42	  
	 9.4
	  	 Debt and Debt Instruments
	  	 	42	  
	 9.5
	  	 Liens
	  	 	42	  
	 9.6
	  	 Transactions with Affiliates
	  	 	42	  
	 9.7
	  	 Compliance with Laws and Documents
	  	 	42	  
	 9.8
	  	 Loans, Advances and Investments
	  	 	43	  
	 9.9
	  	 Dividends and Distributions
	  	 	44	  
	 9.10
	  	 Sale of Assets
	  	 	44	  
	 9.11
	  	 Mergers and Dissolutions
	  	 	44	  
	 9.12
	  	 Assignment
	  	 	45	  
	 9.13
	  	 Fiscal Year and Accounting Methods
	  	 	45	  
	 9.14
	  	 New Businesses
	  	 	45	  
	 9.15
	  	 Government Regulations
	  	 	45	  
	 9.16
	  	 Leases; Sale-Leasebacks; Tax Leases
	  	 	45	  
	 9.17
	  	 Subsidiaries
	  	 	45	  
			
	 SECTION 10
	  	 FINANCIAL COVENANTS
	  	 	45	  
			
	 SECTION 11
	  	 DEFAULT
	  	 	45	  
			
	 11.1
	  	 Payment of Obligation
	  	 	45	  
	 11.2
	  	 Covenants
	  	 	45	  
	 11.3
	  	 Debtor Relief
	  	 	46	  
	 11.4
	  	 Judgments and Attachments
	  	 	46	  
	 11.5
	  	 Government Action
	  	 	46	  
	 11.6
	  	 Misrepresentation
	  	 	46	  
	 11.7
	  	 Material Adverse Event
	  	 	46	  
	 11.8
	  	 Default Under Other Agreements
	  	 	46	  
	 11.9
	  	 LCs
	  	 	46	  
	 11.10
	  	 Validity and Enforceability of Loan Papers
	  	 	47	  
	 11.11
	  	 Employee Benefit Plans
	  	 	47	  
			
	 SECTION 12
	  	 RIGHTS AND REMEDIES
	  	 	47	  
			
	 12.1
	  	 Remedies Upon Default
	  	 	47	  
	 12.2
	  	 Company Waivers
	  	 	48	  
	 12.3
	  	 Performance by Administrative Agent
	  	 	48	  
	 12.4
	  	 Not in Control
	  	 	48	  
	 12.5
	  	 Course of Dealing
	  	 	48	  
	 12.6
	  	 Cumulative Rights
	  	 	48	  

  
 iii

							
	 12.7
	  	 Application of Proceeds
	  	 	48	  
	 12.8
	  	 Diminution in Value of Collateral
	  	 	48	  
	 12.9
	  	 Certain Proceedings
	  	 	48	  
	 12.10
	  	 Change of Control
	  	 	49	  
			
	 SECTION 13
	  	 AGREEMENT AMONG LENDERS
	  	 	49	  
			
	 13.1
	  	 Administrative Agent
	  	 	49	  
	 13.2
	  	 Expenses
	  	 	50	  
	 13.3
	  	 Proportionate Absorption of Losses
	  	 	50	  
	 13.4
	  	 Delegation of Duties; Reliance
	  	 	51	  
	 13.5
	  	 Limitation of Administrative Agent’s Liability
	  	 	51	  
	 13.6
	  	 Delegation of Duties by Administrative Agent
	  	 	52	  
	 13.7
	  	 Default; Collateral
	  	 	53	  
	 13.8
	  	 Limitation of Liability
	  	 	53	  
	 13.9
	  	 Relationship of Lenders
	  	 	53	  
	 13.10
	  	 Other Agents
	  	 	53	  
	 13.11
	  	 Collateral Matters
	  	 	53	  
	 13.12
	  	 Benefits of Agreement
	  	 	54	  
			
	 SECTION 14
	  	 MISCELLANEOUS
	  	 	54	  
			
	 14.1
	  	 Headings
	  	 	54	  
	 14.2
	  	 Nonbusiness Days; Time
	  	 	54	  
	 14.3
	  	 Communications
	  	 	55	  
	 14.4
	  	 Form and Number of Documents
	  	 	55	  
	 14.5
	  	 Exceptions to Covenants
	  	 	55	  
	 14.6
	  	 Survival
	  	 	55	  
	 14.7
	  	 Governing Law
	  	 	56	  
	 14.8
	  	 Invalid Provisions
	  	 	56	  
	 14.9
	  	 Venue; Service of Process; Jury Trial
	  	 	56	  
	 14.10
	  	 Amendments, Consents, Conflicts, and Waivers
	  	 	57	  
	 14.11
	  	 Multiple Counterparts
	  	 	57	  
	 14.12
	  	 Successors and Assigns; Participations
	  	 	58	  
	 14.13
	  	 Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances
	  	 	59	  
	 14.14
	  	 Confidentiality
	  	 	59	  
	 14.15
	  	 Entirety
	  	 	60	  
	 14.16
	  	 Government Regulations; USA Patriot Act
	  	 	60	  
	 14.17
	  	 No Advisory or Fiduciary Responsibility
	  	 	60	  

  
 iv 

 SCHEDULES AND EXHIBITS 

 

			
	Schedule 1	 	Parties, Addresses, Committed Sums and Wiring Information
	Schedule 6	 	Conditions Precedent
	Schedule 7.2	 	Jurisdictions of Incorporation and Business
	Schedule 7.3	 	Corporate Structure
	Schedule 7.7	 	Litigation
	Schedule 7.9	 	Environmental Matters
	Schedule 7.11	 	Permitted Liens
	Schedule 7.12	 	Chief Executive Office, Location of Material Assets and Real Estate Interests
	Schedule 7.14	 	Transactions with Affiliates
	Schedule 7.15	 	Permitted Debt
	Schedule 7.16	 	Material Agreements
	Schedule 7.20	 	Trade Names
	Schedule 7.21	 	Intellectual Property
	Schedule 9.10	 	Existing Sale\Leaseback Properties
		
	Exhibit A	 	Facility Note
	Exhibit B	 	Swing Line Note
	Exhibit C	 	LC Request
	Exhibit D	 	Borrowing Request
	Exhibit E	 	Conversion Request
	Exhibit F	 	Compliance Certificate
	Annex I	 	Financial Covenants Calculation Worksheet
	Exhibit G	 	Assignment Agreement
	Exhibit H	 	Form of Guaranty

  
 v 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of June     , 2011, (the “Effective
Date”) among Monro Muffler Brake, Inc., a New York corporation (“Borrower”), Lenders (defined below), RBS Citizens, N.A., as Administrative Agent for itself and the other Lenders, Bank of America, N.A., as
Syndication Agent and JPMorgan Chase Bank, N.A. and Branch Banking and Trust Company, as Co-Documentation Agents. 

RECITALS 
 WHEREAS, Borrower, certain Lenders and RBS Citizens, N.A. (successor to Charter One Bank, N.A.), as Administrative Agent, are parties to the Credit Agreement dated as of July 13, 2005 (as heretofore
amended and otherwise modified, the “Existing Credit Agreement”) among Borrower, the Lenders party thereto and RBS Citizens, N.A. (successor to Charter One Bank, N.A.), as Administrative Agent, JPMorgan Chase Bank, N.A., as
Syndication Agent, and Bank of America, N.A., as Documentation Agent, pursuant to which Lenders agreed to make loans and other extensions of credit to Borrower in an initial aggregate principal amount of $125,000,000, which initial aggregate
principal amount was increased to $163,250,000 (the “Existing Facility”), on the terms and conditions set forth in the Existing Credit Agreement. 
 WHEREAS, Borrower has requested that the aggregate principal amount of the Existing Facility be increased and extended pursuant to a five year senior secured revolving credit facility in an aggregate
principal amount of $175,000,000 (the “Facility”) and that the Existing Credit Agreement be amended in certain respects and Lenders are willing to do so upon terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged and confessed, the Existing Credit Agreement is hereby amended and restated as follows: 
 SECTION 1
DEFINITIONS AND TERMS. 
 1.1 Definitions. As used in the Loan Papers: 

ABR means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) one-half of one percent (0.50%) in excess of the Federal Funds Effective Rate in effect on such day and (c) the Adjusted One-Month LIBOR Rate. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective
Rate or the Adjusted One-Month LIBOR Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted One-Month LIBOR Rate, respectively. 

ABR Borrowing means a Borrowing bearing interest at the sum of the ABR plus the Applicable Margin.

 Accountants mean Pricewaterhouse Coopers, LLP or other firm of independent public accountants of nationally
recognized standing retained by Borrower or any other firm acceptable to the Lenders. 

 Acquisition means the acquisition or purchase by Borrower (whether in one or
more separate transactions contemplated as part of the same transaction) of assets, including without limitation, stock, partnership, securities, or other interest in any other Person; excluding however, assets purchased in the ordinary
course of business which are budgeted as part of the Borrower’s annual capital expenditure budget. 
 Adjusted
Debt means Funded Debt, plus the product of eight (8) times Rental Payments. 

Adjusted One-Month LIBOR Rate means an interest rate per annum (rounded upwards, if necessary, to the
next  1/16 of 1%) equal to the sum of
(a) 1.00% per annum plus (b) the quotient of (i) the interest rate determined by Administrative Agent by reference to the Reuters Screen LIBOR01 Page (or on any successor or substitute page) to be the rate at approximately 11:00
a.m. London time, on such date or, if such date is not a Business Day, on the immediately preceding Business Day, for dollar deposits with a maturity equal to one (1) month divided by (ii) one (1) minus the LIBOR Reserve
Percentage (expressed as a decimal) applicable to dollar deposits in the London interbank market with a maturity equal to one (1) month. 
 Affiliate means, as to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person
or any Subsidiary of such Person. The term “control” (including the terms “controlled by” or “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a Person, whether as general partner, through ownership of a Control Percentage of such Person or the general partner of such Person, by contract or otherwise. 

Administrative Agent means RBS Citizens, N.A., and its successor or successors as administrative agent for Lenders under
this Agreement. 
 Agreement means this Credit Agreement, as amended, restated, supplemented, or otherwise
modified from time to time in accordance with Section 14.10. 
 Applicable Margin means at all
times during the applicable periods set forth below: (a) with respect to all LIBOR Rate Borrowings, the applicable percentage set forth below in the column entitled “Applicable Margin for LIBOR Rate Borrowings”; (b) with respect
to all ABR Borrowings, the applicable percentage set forth below in the column entitled “Applicable Margin for ABR Borrowings”; and (c) with respect to the Commitment Fee, the applicable percentage set forth below in the column
entitled “Applicable Margin for Commitment Fee.” 
  

																	
	Period	 	 	Applicable Margin for	 
	 When AD is
greater than
	 	 And less than
or equal to
	 	 	 LIBOR Rate
Borrowings
	 	 	 ABR
Borrowings
	 	 	 Commitment
Fee
	 
		 	 	2.75:1.00	  	 	 	1.00	% 	 	 	0.00	% 	 	 	0.20	% 
	2.75:1.00	 	 	3.25:.100	  	 	 	1.25	% 	 	 	0.00	% 	 	 	0.25	% 
	3.25:1.00	 	 	3.75:1.00	  	 	 	1.50	% 	 	 	0.00	% 	 	 	0.30	% 
	3.75:1.00	 	 	4.25:1.00	  	 	 	1.75	% 	 	 	0.00	% 	 	 	0.35	% 
	4.25:1.00	 				 	 	2.00	% 	 	 	0.00	% 	 	 	0.40	% 

  
 2 

 Definition: “AD” is the abbreviation for Adjusted Debt/EBITDAR
Ratio. 
 Adjusted Debt and EBITDAR are calculated for the most recently-completed Four Quarter Period and the ratio of Adjusted
Debt to EBITDAR is calculated as of the last day of such Four Quarter Period. The Applicable Margin, as adjusted to reflect such calculations, shall become effective on the date of receipt by the Administrative Agent of the Compliance Certificate
applicable to such Four Quarter Period. If Borrower fails to timely furnish to Administrative Agent the Current Financials and any related Compliance Certificate or, if for some other reason, a new Applicable Margin for a current period cannot be
calculated, then the Applicable Margin in effect on the last day of the last Four Quarter Period for which the ratio of Adjusted Debt to EBITDAR was calculated shall remain in effect until a new Applicable Margin can be calculated, which new
Applicable Margin shall become effective as provided in the immediately preceding sentence. During the period commencing on the Effective Date and ending on the date of the delivery of the Compliance Certificate for the first Four Quarter Period
ending after the Effective Date, the Applicable Margin shall be: 1.00% with respect to LIBOR Rate Borrowings, 0.00% with respect to ABR Borrowings and 0.20% with respect to the Commitment Fee 

Arranger means RBS Citizens, N.A., as lead arranger and bookrunner, and Merrill, Lynch, Pierce, Fenner & Smith
Incorporated, as lead arranger and bookrunner. 
 Basel III means the “International Convergence of Capital
Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date hereof. 
 Borrower is defined in the preamble to this Agreement. 

Borrowing means (without duplication) any amount disbursed by (a) one or more Lenders to or on behalf of Borrower
under the Loan Papers, whether such amount constitutes an original disbursement of funds, the continuation of an amount outstanding under the Facility or under the Swing Line Subfacility or the financing of a LC reimbursement obligation under
the Facility or (b) any Lender in accordance with, and to satisfy the obligations of any Company under, any Loan Paper. 
 Borrowing Date means for any Borrowing the date for which funds are requested by Borrower. 
 Borrowing Request means a request substantially in the form of the attached Exhibit D. 
 BSA is defined in Section 14.16(a). 

Business Day means (a) for all purposes, any day other than Saturday, Sunday, and any other day that commercial banks
are authorized by Law to be closed in New York, New York or Boston, Massachusetts and (b) for purposes of any LIBOR Rate Borrowing, a day that satisfies the requirements of clause (a) and is a day that commercial banks are open for
domestic or international business in London. 
 CAPEX means, for any Four Quarter Period, capital expenditures
for fixed or capital assets that are required to be capitalized on a balance sheet prepared in accordance with GAAP minus the sum of (a) any net proceeds of sale/leasebacks permitted by Section 9.10 or
9.16, (b) (without duplication) any capital expenditures incurred for equipment purchased and then sold, transferred or otherwise disposed of pursuant to sale/leaseback facilities permitted pursuant to
Section 9.10 and (c) any net proceeds from any 

  
 3 

 
sales, transfers or other dispositions of any fixed assets permitted by Section 9.10. 
 Capitalized Lease means any lease the obligation for Rental Payments with respect to which is required to be capitalized on a consolidated balance sheet of the lessee and its subsidiaries in
accordance with GAAP. 
 Cash Equivalents means (a) securities with maturities of one year or less from the
date of acquisition issued or fully guaranteed or insured by the United States Government of any agency thereof; (b) certificates of deposit, time deposits, corporate savings accounts overnight bank deposits, bankers acceptances and repurchase
agreements of any commercial bank which has capital and surplus in excess of $100,000,000 having maturities of one year or less from the date of acquisition; (c) commercial paper of an issuer rated at least A-2 by Standard &
Poor’s Ratings Group or P-2 by Moody’s Investors Service, Inc., or carrying an equivalent rating by a nationally recognized rating agency if both of the two named rating agencies cease publishing ratings of investments; (d) money
market accounts or funds with or issued by “Qualified Issuers”; (e) repurchase obligations with a term of not more than 90 days for underlying securities of the types described in clause (a) above entered into with
any bank meeting the qualifications specified in clause (b) above; and (f) demand deposit accounts maintained in the ordinary course of business with any bank, not in excess of $100,000 in the aggregate on deposit with any such bank or any
other financial institution. 
 Change of Control shall mean the occurrence of one or more of the following:
(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group, other than the Ownership Group, of (i) shares representing more than thirty-five percent (35%) of the Common Stock, issued
and outstanding at any time or (ii) more than sixty percent (60%) of the Preferred Stock, issued and outstanding at any time; or (b) the occupancy of a majority of the seats (other than vacant seats) on the board of directors of
Borrower or any Subsidiary of Borrower by persons who were neither (i) nominated by the board of directors of Borrower nor (ii) appointed by directors so nominated. As used in this definition of “Change of Control,”
terms defined in the Securities Exchange Act of 1934 or the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof shall have the respective meanings ascribed to them therein. 

Change in Law means (i) the adoption of any Law, after the Effective Date, (ii) any change in any Law or in the
interpretation or application thereof after the Effective Date or (iii) compliance by any Lender (or, for purposes of Section 3.16(a), by any lending office of such Lender or by any Person controlling such Lender, if any) with any request,
guideline or directive (whether or not having the force of Law) of any Tribunal made or issued after the Effective Date; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Pub. L. 111-203 (signed into law July 21, 2010)) and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a Change in
Law, regardless of the date enacted, adopted or issued. 
 Closing Date means June 13, 2011. 

Code means the Internal Revenue Code of 1986, as amended from time to time, and related rules and regulations promulgated
thereunder by the Internal Revenue Service. 
 Collateral is defined in Section 5.1.

  
 4 

 Commitment Fee is defined in Section 4.3. 

Commitment Usage means, at any time, for each Lender, its Facility Commitment Usage. 

Committed Sum means, with respect to each Lender, the several obligation of such Lender to lend to Borrower one or more
Borrowings in the aggregate principal amounts (which amount is subject to increase as provided in Section 2.6 and to reduction and cancellation as provided in this Agreement, including, without limitation, the provisions of
Section 2.5) stated beside such Lender’s name for the Facility on Schedule 1 as most recently amended under this Agreement. 
 Common Stock means the Borrower’s common stock, $.01 par value per share. 
 Company or Companies means, at any time, Borrower and each of its Subsidiaries. 
 Compliance Certificate means a certificate substantially in the form of the attached Exhibit F and signed by a Responsible Officer. 

Control Percentage means, with respect to any Person (a) in the case of a corporation, the percentage of the
outstanding capital stock of such Person having ordinary voting power which gives the direct or indirect holder of such stock the power to elect a majority of the Board of Directors of such Person and (b) in the case of a limited partnership,
the percentage of the outstanding limited partnership interests of such Person which gives the direct or indirect holder of such limited partnership interests the power to remove the general partner or partners of such Person or to take actions
reserved for the limited partners under the applicable limited partnership act. 
 Conversion Request means a
request substantially in the form of the attached Exhibit E. 
 Current Financials means, at any
time, the consolidated Financial Statements of Borrower and its Subsidiaries most recently delivered to (i) RBS Citizens, N.A. (successor to Charter One Bank, N.A.), as administrative agent under the Existing Credit Agreement) or
(ii) Administrative Agent under Sections 8.1(a) or 8.1(b), as the case may be. 

Debt means (without duplication), for any Person, (a) indebtedness of such Person for borrowed money;
(b) obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations of such Person to pay the deferred purchase price of property or services; (d) obligations of such Person as lessee
under Capitalized Leases required to be capitalized under GAAP; (e) reimbursement obligations in respect of bonds or letters of credit; (f) obligations of such Person under direct or indirect guaranties in respect of, and obligations
(contingent or otherwise) of such Person to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness of others of the kinds referred to in clauses (a) through (e) above; and
(g) indebtedness of others of the kinds referred to in clauses (a) through (f) secured by any Lien on or in respect of any property of such Person whether or not assumed by such Person; provided, however, that all trade
accounts payable and accrued expenses incurred in the ordinary course of business of such Person and not overdue shall be excluded from the foregoing. 
 Debtor Relief Laws means Title 11 of the United States Code and all other applicable state or federal liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments or similar Laws affecting creditors’ Rights in effect from time to time. 

  
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 Default is defined in Section 11. 

Defaulting Lender means any Lender, as reasonably determined by Administrative Agent, that has (a) failed to fund any
portion of Borrowings or participations in any LC within one (1) Business Day of the date required to be funded by it hereunder, (b) notified Borrower, Administrative Agent or any Lender in writing that it does not intend to comply with
any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under any other agreement in which it commits to extend credit,
(c) failed, within one (1) Business Day after a request by Administrative Agent to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Borrowings and participations in then
outstanding LCs and Swing Line Borrowings, (d) otherwise failed to pay over to Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one (1) Business Day of the date when due, or
(e) become or is insolvent or has a parent company that has become or is insolvent or become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any
action in furtherance of, or has indicated its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding or has had a receiver,
conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or has indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not qualify as a
Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or to the exercise of control over such Lender or any Person controlling such Lender, by a governmental authority
or instrumentality thereof. 
 Default Rate means an annual rate of interest equal from day to day to the
lesser of (a) (i) for the principal of all Borrowings, the applicable interest rate for such Borrowing plus 2%, or (ii) the then-existing ABR plus 2% of all fees, interest and other amounts due hereunder and
(b) the Maximum Rate. 
 Distribution means, with respect to any shares of any capital stock or other equity
securities or other interests issued by a Person, (a) the retirement, redemption, purchase, or other acquisition for value of those securities by such Person; (b) the declaration or payment of any dividend on or with respect to those
securities by such Person (except distributions in the form of such securities); (c) any loan or advance by that Person to, or other investment by that Person in, the holder of any of those securities; and (d) any other payment by that
Person with respect to those securities. 
 Dollars and $ means lawful money of the United States of
America. 
 EBITDAR means, as determined, on a rolling twelve month basis and in respect of any Person the sum of
(a) the Net Income of such Person, plus (b) the Interest Expense of such Person for such period as determined in accordance with GAAP and as such item is reported on such Person’s financial statements, plus (c) the income tax
expense of such Person for such period, plus (d) the amount reported as the depreciation of the assets of such Person for such period, computed in accordance with GAAP, and as such item is used in the computation of such Person’s Net
Income for such period, plus (e) the amount reported as the amortization of intangibles for such Person for such period, computed in accordance with GAAP, and as such item is used in the computation of such Person’s Net Income for such
period, plus (f) Rental Payments. 
 Effective Date is defined in the Preamble to this Agreement. 

Employee Plan means an employee pension benefit plan covered by Title IV of ERISA and

  
 6 

 
established or maintained by any Company. 
 Environmental
Law means any Law that relates to the pollution or protection of the environment or to Hazardous Substances. 

ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time, and related rules and
regulations. 
 Existing Security Documents means (a) the Security Agreement, (b) the Negative Pledge
Agreement, (c) the Stock Pledge Agreement, (d) Grant of Security Interest (Trademarks) and (d) each other security agreement, pledge agreement, negative pledge agreement, mortgage, deed of trust, or other agreement or document,
together with all related financing statements and stock powers, executed and delivered by any Person in connection with the Existing Credit Agreement to create a Lender Lien on any of its real or personal property, as each may be amended,
supplemented, modified or restated from time to time. 
 Facility is defined in the recitals to this Agreement.

 Facility Commitment Usage means, at any time, the sum of (a) the Principal Debt, whether under
the Swing Line Subfacility or otherwise, plus (b) the LC Exposure. 
 Facility Committed Sum means, at
any time, the sum of all Committed Sums for all Lenders under the Facility (as increased, reduced or cancelled under this Agreement, including, without limitation, the provisions of Sections 2.5 and 2.6) then in effect.

 Facility Maturity Date means the earlier of (a) June 13, 2016, and (b) the effective date that
Lenders’ commitments to lend under the Facility are otherwise cancelled or terminated in accordance with this Agreement. 
 Facility Note means a promissory note substantially in the form of the attached Exhibit A. 
 FATCA means Sections 1471 through 1474 of the Code, as of the date of this Agreement and any current or future regulations or official interpretations thereof. Solely for purposes of
Section 3.19(a) hereof, FATCA shall include any amendments made to FATCA after the date hereof. 

Federal Funds Effective Rate means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by Administrative Agent from three Federal funds brokers of
recognized standing selected by it. 
 Financial Hedge means a swap, collar, floor, cap, or other contract or
arrangement between any Company and any Lender or another Person reasonably acceptable to Majority Lenders, that is intended to reduce or eliminate the risk of fluctuations in interest rates or currency exchange rates and that is legal and
enforceable under applicable Law. 

  
 7 

 Financial Statements of a Person means balance sheets, profit and loss
statements, reconciliations of capital and surplus, and statements of cash flow prepared (a) according to GAAP, (b) except as stated in Section 1.3, in comparative form to prior year-end figures or corresponding periods
of the preceding fiscal year, as applicable, and (c) on a consolidated basis if that Person had any consolidated Subsidiaries during the applicable period. 
 Four Quarter Period means a period of four full consecutive fiscal quarter-annual periods, taken together as one accounting period. 

Funded Debt means, when determined, on a rolling twelve-month basis, calculated using the month-end balance for each month
on a consolidated basis for the Companies in accordance with GAAP: (a) indebtedness of such Person for borrowed money, (b) obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, and
(c) obligations of such Person as lessee under Capitalized Leases; excluding notes generated in the ordinary course of business payable within one year not to exceed $5,000,000, trade payables and accrued expenses. 

Funding Loss means, without duplication, (a) the administrative or reemployment costs customarily charged by any
Lender (consistent with such Lender’s policies with respect to its other customers) when (i) Borrower fails or refuses (for any reason other than Lender’s failure to comply with this Agreement) to take any Borrowing that it has
requested under this Agreement, or (ii) Borrower prepays or pays any Borrowing or converts any Borrowing to a Borrowing of another Type, in each case, before the last day of the applicable Interest Period, plus (b) an amount equal
to the excess, if any, of the amount of interest that would have accrued on the Borrowing at the elected interest rate during the remainder of the applicable Interest Period (but for such failure, refusal, payment, prepayment or conversion) over the
amount of interest that would accrue on the same Type of Borrowing for an interest period of the same duration as the remainder of the applicable Interest Period. 
 GAAP means generally accepted accounting principles of the Accounting Principles Board of the American Institute of Certified Public Accountants and the Financial Accounting Standards Board
that are applicable from time to time, applied on a basis consistent with those used in preparation of the audited consolidated financial statements referred to in paragraph (f) of Schedule 6 (except for changes to
which Borrower’s Accountants concur). 
 Grant of Security Interest (Trademarks) means the Grant of Security
Interest (Trademarks) dated as of the Closing Date by Borrower in favor of Administrative Agent, as amended, supplemented, modified or restated from time to time. 
 Guarantor means collectively any and all Subsidiaries of the Borrower now or in the future, including, without limitation, Monro Service Corporation. 

Guaranty means a guaranty substantially in the form of the attached Exhibit H. 

Hazardous Substance means any substance (a) the presence of which requires removal, remediation, or investigation
under any Environmental Law, or (b) that is defined or classified as a hazardous waste, hazardous material, pollutant, contaminant, or toxic or hazardous substance under any Environmental Law. 

Hedging Obligation means, with respect to Borrower or any Company, all liabilities of Borrower or such Company to any
Lender (or Affiliates of a Lender) under a Financial Hedge. 

  
 8 

 Interest Coverage Ratio means, in respect of a Person, as of the last day of
each fiscal quarter, the ratio of (a)(i) EBITDAR of such Person for the Four Quarter Period ending on such day minus (ii) CAPEX made by such Person during such Four Quarter Period to (b) the sum of (i) Interest Expense of such
Person for such Four Quarter Period plus (ii) Rental Payments made by such Person during such Four Quarter Period, in each case determined on a consolidated basis in accordance with GAAP. 

Interest Expense means, in respect of a Person, for any Four Quarter Period, all interest paid or accrued and amortization
of debt discount with respect to all Funded Debt of such Person for such period (after giving effect to the net cost associated with all interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, or other financial
arrangements designed to protect such Person against fluctuations in interest rates) and after giving credit for interest income and construction period interest income. 
 Interest Period is determined in accordance with Section 3.9. 
 Laws means all applicable statutes, laws, treaties, ordinances, rules, regulations, orders, writs, injunctions, decrees, judgments, opinions, and interpretations of any Tribunal, as in
effect from time to time. 
 LC means a standby letter of credit or a commercial letter of credit (in such form as
shall be customary in respect of obligations of a similar nature) issued by Administrative Agent under this Agreement and under an LC Agreement. 
 LC Agreement means a letter of credit application and reimbursement agreement (in form and substance satisfactory to Administrative Agent) submitted by Borrower to Administrative Agent for a
letter of credit for the account of any Company. 
 LC Exposure means, at any time, (without duplication) the
sum of (a) the aggregate undrawn and uncancelled portions of all outstanding LCs plus (b) the aggregate unpaid reimbursement obligations of Borrower under drawings or drafts under any LC, excluding Borrowings to fund such
reimbursement obligations under Section 2.3(c). 
 LC Request means a request substantially in
the form of the attached Exhibit C. 
 Lender Liens means Liens in favor of Lenders, or
Administrative Agent on behalf of Lenders, securing any of the Obligation. 
 Lenders means the financial
institutions named on the attached Schedule 1 or on the most recently amended Schedule 1, if any, delivered by Administrative Agent under this Agreement, and, subject to this Agreement, their respective successors
and assigns (but not any Participant who is not otherwise a party to this Agreement). 
 LIBOR Rate Borrowing
means a Borrowing bearing interest at the sum of the LIBOR Rate plus the Applicable Margin. 
 LIBOR
means, for any LIBOR Rate Borrowing, for any Interest Period therefor, the offered rate for deposits of Dollars in an amount approximately equal to the amount of such LIBOR Rate Borrowing for a period equal to such Interest Period which the British
Bankers’ Association fixes as its LIBOR rate as of 11:00 a.m. London time on the day which is two London Banking Days prior to the beginning of 

  
 9 

 
such Interest Period. If Administrative Agent cannot determine such offered rate by the British Bankers’ Association, Administrative Agent may, in its discretion, select a replacement index
based on the arithmetic mean of the quotations, if any, of the interbank offered rate by first class banks in London or New York for deposits in comparable amounts and maturities. 

LIBOR Rate means, relative to a LIBOR Rate Borrowing for any Interest Period, a rate per annum determined by dividing
(i) LIBOR for such Interest Period by (ii) a percentage equal to one hundred percent (100%) minus the LIBOR Reserve Percentage. 
 LIBOR Reserve Percentage means, relative to any day of any Interest Period, the maximum aggregate (without duplication) of the rates (expressed as a decimal fraction) of reserve requirements
(including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements) under any regulations of the Board of Governors of the Federal
Reserve System (the “Board”) or other governmental authority having jurisdiction with respect thereto as issued from time to time and then applicable to assets or liabilities consisting of “Eurocurrency
Liabilities”, as currently defined in Regulation D of the Board, having a term approximately equal or comparable to such Interest Period. 
 Lien means any lien, mortgage, security interest, pledge, assignment, charge, title retention agreement or encumbrance of any kind and any other arrangement for a creditor’s claim to be
satisfied from assets or proceeds prior to the claims of other creditors or the owners. 
 Litigation means any
action by or before any Tribunal. 
 Loan Papers means (a) this Agreement, certificates and reports delivered
under this Agreement, and exhibits and schedules to this Agreement; (b) the Notes, (c) the Security Documents, (d) all other agreements, documents, and instruments in favor of Administrative Agent or Lenders (or Administrative Agent
on behalf of Lenders) ever delivered in connection with or under this Agreement or otherwise delivered in connection with all or any part of the Obligation; (e) all LCs and LC Agreements; (f) any Guaranty; and (g) all renewals,
extensions, and restatements of, and amendments and supplements to, any of the foregoing. 
 Majority Lenders
means at any time (a) prior to the Facility Maturity Date, Lenders having Committed Sums of at least 50.1% of the Facility Committed Sum at such time and (b) on or after the Facility Maturity Date, Lenders having in the aggregate of
(i) outstanding Principal Debt and (ii) LC Exposure of at least 50.1% of the total of all Principal Debt and LC Exposure at such time (or, if there is no Principal Debt or LC Exposure then outstanding, Lenders having Committed Sums of at
least 50.1% of the Facility Committed Sum immediately prior to Facility Maturity Date). 
 Material Adverse Event
means any circumstance or event that, individually or collectively with other circumstances or events, reasonably is expected to result in any (a) impairment of the ability of any Company to perform any of its payment or other material
obligations under any Loan Paper or any Financial Hedge; (b) impairment of the ability of Administrative Agent or any Lender to enforce (i) any of the material obligations of any Company under this Agreement or (ii) any of their
respective Rights under the Loan Papers or any Financial Hedge; or (c) material and adverse effect on the business, assets, property, or condition (financial or otherwise) of the Companies as a whole as represented to Lenders in the Current
Financials. 
 Material Agreement means, for any Person, any agreement (excluding purchase orders and

  
 10 

 
purchase agreements for materials, inventory or services in the ordinary course of business) to which that Person is a party, by which that Person is bound, or to which any assets of that Person
may be subject, and that is not cancelable by that Person upon thirty (30) or fewer days’ notice without liability for further payment other than nominal penalty, and that requires that Person to pay more than $5,000,000 during any
12-month period. 
 Maturity Date means, as applicable, the Facility Maturity Date, or the Swing Line Maturity
Date. 
 Maximum Amount and Maximum Rate respectively mean, for a Lender, the maximum non-usurious
amount and the maximum non-usurious rate of interest that, under applicable Law, such Lender is permitted to contract for, charge, take, reserve, or receive on the Obligation. 
 Minority Interests means any shares of stock of any class of a Subsidiary (other than directors’ qualifying shares as required by law) that are not owned by the Borrower and/or one or
more of its Wholly-Owned Subsidiaries. Minority Interests shall be valued by valuing Minority Interests constituting preferred stock at the voluntary or involuntary liquidating value of such preferred stock, whichever is greater, and by valuing
Minority Interests constituting common stock at the book value of capital and surplus applicable thereto adjusted, if necessary, to reflect any changes from the book value of such common stock required by the foregoing method of valuing Minority
Interests in Preferred Stock. 
 Multiemployer Plan means a multiemployer plan as defined in Sections 3(37) or
4001(a)(3) of ERISA or Section 414(f) of the Code to which any Company (or any Person that, for purposes of Title IV of ERISA, is a member of Borrower’s controlled group or is under common control with Borrower within the meaning of
Section 414 of the Code) is making, or has made, or is accruing, or has accrued, an obligation to make contributions. 

Negative Pledge Agreement means the Negative Pledge Agreement dated as of July 13, 2005 between Borrower, Monro
Leasing, LLC, Monro Service Corporation and Administrative Agent, as amended, supplemented, modified or restated from time to time. 
 Net Income means, in respect of a Person, the net income of such Person computed in accordance with GAAP and as such item is reported from time to time on such Person’s statement of
income and retained earnings (or similar statement) (after deduction for payment of all taxes); provided however, (i) certain costs that in the past were capitalized in the cost of an acquisition, but are now required to be expensed under
Accounting Standards Codification Topic 420 (formerly Statement of Financial Accounting Standards 146), as well as other similar accounting requirements that are issued in the future and require expense treatment of costs that are currently
capitalized in the cost of an acquisition, and (ii) expenses in respect of stock options of such Person for such period as determined in accordance with GAAP and as such item is used in the computation of such Person’s Net Income for such
period in accordance with Accounting Standards Codification Topic 178 (formerly Financial Accounting Standard 123R), in each case shall be excluded from the computation of Net Income. 

Net Worth means as of the date of any determination thereof, the sum of the capital stock of all classes, paid-in-capital
and surplus accounts (net of treasury shares) plus (or minus in the case of a deficit) the retained earnings of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP, after elimination of (i) Minority
Interests; and (ii) the effect, if any, of the Borrower’s interest rate hedging agreements, as determined by the Accountants. 

  
 11 

 Non-U.S. Lender is defined in Section 3.19(a). 

Notes means all outstanding and unpaid Facility Notes, and the Swing Line Note. 

Obligation means, collectively (i) all present and future indebtedness and obligations, and all renewals, increases,
and extensions thereof, or any part thereof, now or hereafter owed to Administrative Agent or any Lender by any Company under any Loan Paper, together with all interest accruing thereon, fees, costs, and expenses (including, without
limitation, all attorneys’ fees and expenses incurred in the enforcement or collection thereof) payable under the Loan Papers or in connection with the protection of Rights under the Loan Papers and (ii) all present and future Hedging
Obligations. 
 OFAC is defined in Section 14.16(a). 

Ownership Group means Peter J. Solomon and Donald Glickman, and their spouses or lineal descendants, or any estate of such
parties or any trust of which any of the foregoing are the exclusive beneficiaries. 
 Participant is defined in
Section 14.12(b). 
 PBGC means the Pension Benefit Guaranty Corporation, or any successor
thereof, established under ERISA. 
 Permitted Debt means, collectively, (i) Debt secured by Permitted
Mortgages and (ii) Debt described on the attached Schedule 7.15. 
 Permitted Liens means,
collectively, (i) Permitted Mortgages and (ii) Liens described on the attached Schedule 7.11. 

Permitted Mortgages means any mortgage in favor of any Lender on Borrower’s premises at the address set forth on the
attached Schedule 1 in an aggregate principal amount not to exceed $10,000,000. 
 Person means an
individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof, or any trustee, receiver,
custodian, or similar official. 
 Potential Default means the occurrence of any event or the existence of any
circumstance that would, upon notice or lapse of time or both, become a Default. 
 Preferred Stock means the
Borrower’s Class C Convertible Preferred Stock, $1.50 par value per share. 
 Prime Rate means, for any day,
the rate of interest announced publicly from time to time by Administrative Agent, after taking into account such factors as Administrative Agent shall in its sole discretion deem appropriate, as its prime rate, automatically fluctuating upward and
downward with and at the time specified in each such announcement without special notice to Borrower or any other Person. However, Administrative Agent’s prime rate may (i) be one of several interest rates, (ii) serve as a basis upon
which effective rates of interest are from time to time calculated for loans referring to the prime rate, and (iii) not be Administrative Agent’s lowest lending interest rate. Administrative Agent may from time to time make various loans
at rates of interest having no relationship to such prime rate. 

  
 12 

 Principal Debt means, at any time, the unpaid principal balance of all
Borrowings under the Facility. 
 Pro Rata and Pro Rata Part means, when determined for any Lender,
(a) if there is no Principal Debt or LC Exposure, the proportion (stated as a percentage) that such Lender’s Committed Sum bears to the Facility Committed Sum or (b) if there is any Principal Debt or LC Exposure, the proportion
(stated as a percentage) that the sum of (i) the Principal Debt owed to such Lender and (ii) and (without duplication) the LC Exposure of such Lender, bears to the (x) aggregate Principal Debt owed to and (y) (without
duplication) the LC Exposure of all Lenders. 
 Purchaser is defined in Section 14.12(c).

 Qualified Issuer means any commercial bank (a) which has capital and surplus in excess of $100,000,000 and
(b) the outstanding long term debt securities of which are rated at least A-2 by Standard & Poor’s Ratings Group, Inc. or at least P-2 by Moody’s Investors Service, Inc., or carry an equivalent rating by a nationally
recognized rating agency if both of the two named rating agencies cease publishing ratings of investments. 
 Regulation D
means Regulation D of the Board of Governors of the Federal Reserve System as the same may be amended or supplemented from time to time. 
 Regulation U means Regulation U of the Board of Governors of the Federal Reserve System as the same may be amended or supplemented from time to time. 

Rental Payments means, as determined, on a rolling twelve month basis ending on the last day of the accounting period
covered by the consolidated financial statements of Borrower and its Subsidiaries, and delivered pursuant to this Agreement, (a) the dollar amount of the fixed payments which Borrower or its Subsidiaries are required to make by the terms of any
lease to its landlords during such period (excluding, however, the sum of: (i) rentals under Capitalized Leases, (ii) maintenance, repairs, taxes and other similar charges included in such payments, (iii) amounts constituting step
rent in accordance with GAAP, (iv) (without duplication) rentals under equipment leases whether operating leases or Capitalized Leases and (v) non-cash rent expense and non-cash rent income under below-market or above-market leases (as
determined in accordance with GAAP) under which Borrower or any Subsidiary is or becomes the lessee as a result of any transaction not prohibited by this Agreement), less (b) (x) rental income and (y) amortization of deferred gains on
sale-leasebacks, such amortization not to exceed $5,000,000 for purposes hereof. 
 Reportable Event means an
event described in Section 4043 of ERISA excluding any such event for which the notice requirement is waived under applicable regulations of the PBGC. 
 Representatives means representatives, officers, directors, employees, attorneys, and agents. 
 Reserve Percentage means, for all Lenders of a LIBOR Rate Borrowing for the relevant Interest Period, the weighted average of the Reserve Requirements, if any, incurred by each Lender on its
Pro Rata Part of such Borrowing. 
 Reserve Requirement means, with respect to any LIBOR Rate Borrowing for the
relevant Interest Period, the maximum aggregate reserve requirements (including all basic, supplemental, emergency, special, marginal and other reserves required by applicable Law) applicable to a member

  
 13 

 
bank of the Federal Reserve System for eurocurrency fundings or liabilities. 
 Responsible Officer means the chairman, president, senior vice-president, executive vice-president, chief executive officer, treasurer, or chief financial officer of Borrower. 

Rights means rights, remedies, powers, privileges, and benefits. 

Security Agreement means the Security Agreement dated as of July 13, 2005 between Borrower, Monro Leasing, LLC, Monro
Service Corporation and Administrative Agent, as amended, supplemented, modified or restated from time to time. 

Security Documents means, collectively, (a) the Existing Security Documents and (b) any other security agreement,
pledge agreement, negative pledge agreement, mortgage, deed of trust, or other agreement or document, together with all related financing statements and stock powers, in form and substance satisfactory to Administrative Agent and its legal counsel,
from time to time executed and delivered by any Person in connection with this Agreement to create a Lender Lien on any of its real or personal property, as each may be amended, supplemented, modified or restated from time to time. 

Stock Pledge Agreement means the Stock Pledge Agreement dated as of July 13, 2005 between Borrower and Administrative
Agent, as amended, supplemented, modified or restated from time to time. 
 Solvent means, as to a Person, that
(a) the aggregate fair market value of its assets exceeds its liabilities; (b) it has sufficient cash flow to enable it to pay its Debts as they mature; and (c) it does not have unreasonably small capital to conduct its businesses.

 Subsidiary of any Person means any entity of which at least 50% (in number of votes) of the stock (or
equivalent interests) is owned of record or beneficially, directly or indirectly, by that Person. 
 Swing Line
Borrowing means any Borrowing under the Swing Line Subfacility. 
 Swing Line Exposure means, at any time,
the aggregate principal amount at such time of the outstanding Swing Line Borrowings. 
 Swing Line Maturity Date
means the earlier of (a) June 13, 2016 or (b) the date of the acceleration of maturity of the Swing Line Subfacility in accordance with Section 12. 

Swing Line Note means a promissory note substantially in the form of the attached Exhibit B, as amended,
supplemented, and restated. 
 Swing Line Subfacility means the facility under the Facility described in
Section 2.4. 
 Taxes means, for any Person, taxes, assessments or other governmental charges
or levies imposed upon it, its income, or any of its properties, franchises, or assets. 
 Tribunal means any
(a) local, state, or federal judicial, executive, or legislative instrumentality; (b) private arbitration board or panel having binding authority with respect to any party to be bound thereby pursuant to a written agreement entered into by
such party; or (c) central bank. 
 Type means any type of Borrowing determined with respect to the
applicable interest option. 

  
 14 

 UCP means the Uniform Customs and Practices for Documentary Credit (1993
version), International Chamber of Commerce Publication No. 500 (as amended or modified from time to time). 
 USA
Patriot Act means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended. 

Wholly-Owned Subsidiary means a Subsidiary owned 100% by Borrower. 

1.2 Number and Gender of Words. The singular includes the plural where appropriate and vice versa, and words of any gender
include each other gender where appropriate. 
 1.3 Accounting Principles. Unless otherwise stated, (a) GAAP
determines all accounting and financial terms and compliance with financial covenants; (b) all accounting principles applied in a current period must be consistent in all material respects with those applied during the preceding comparable
period, unless the change is required by GAAP; provided however, if the Borrower wishes to change an accounting principle that is not consistent with that applied during the preceding comparable period, and is not required under GAAP, such
change shall not be effective unless (i) the Borrower shall have objected in writing to determining such compliance on such basis within ten (10) days of delivery to the Administrative Agent of the financial statements relating to such
period, or (ii) the Majority Lenders shall so object in writing within thirty (30) days after receipt of such financial statements, in either of which events such calculations shall be made on a basis consistent with those used in the
preparation of the latest financial statements as to which such objection shall not have been made (which, if objection is made in respect of the first financial statements delivered under Section 8.1 hereof, shall mean the
Current Financials); and (c) the Borrower shall deliver to the Administrative Agent at the same time as the delivery of any annual or quarterly financial statement under Section 8.1 hereof (i) a description in reasonable
detail of any material variation between the application of accounting principles employed in the preparation of such statement and the application of accounting principles employed in the preparation of the next preceding annual or quarterly
financial statements as to which no objection has been made in accordance with the proviso of subparagraph (b) above and (ii) reasonable estimates of the difference between such statements arising as a consequence thereof.
Notwithstanding the foregoing to the contrary, for changes which are required under GAAP where GAAP does not require restatement or pro forma disclosure of the impact of the change on prior periods, the impact of the change on prior periods will
only be disclosed if reasonably practical to estimate. Furthermore, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth herein, such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein. If either Borrower or Majority Lenders shall so request, Administrative Agent and Borrower shall negotiate in good faith to amend such ratio or requirement to give effect to such change in
GAAP. If Administrative Agent and Borrower agree on such amendment, Administrative Agent shall notify Lenders and distribute such amendment to Lenders and unless Majority Lenders object in writing within ten (10) Business Days of the date
such notice is delivered to Lenders, such amendment shall become effective in accordance with its terms automatically, without any further action on the part of Borrower, Administrative Agent or Lenders; provided that, until so amended, the
Financial Statements required to be delivered by Borrower to Administrative Agent and Lenders pursuant to Section 8.1 hereof shall be accompanied by a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. 

  
 15 

 SECTION 2 COMMITMENT. 

2.1 The Facility. Subject to the provisions in the Loan Papers, each Lender severally and not jointly agrees to lend to Borrower
its Pro Rata Part of one or more Borrowings under the Facility which Borrower may borrow, repay, and reborrow under this Agreement: 
 (a) Each Borrowing under the Facility must occur on a Business Day and no later than the Business Day immediately preceding the Facility Maturity Date; 

(b) Each Borrowing must be in an amount not less than (i) $1,000,000 or a greater integral multiple of $100,000 (if
an ABR Borrowing other than a Swing Line Borrowing or an ABR Borrowing the proceeds of which are used to repay a Swing Line Borrowing) or (ii) $2,000,000 or a greater integral multiple of $100,000 (if a LIBOR Rate Borrowing); and 

(c) When determined, (i) the Facility Commitment Usage may not exceed the Facility Committed Sum and (ii) no
Lender’s Pro Rata Part of the Facility Commitment Usage may exceed such Lender’s Facility Committed Sum. 
 2.2
Borrowing Procedure. The following procedures apply to Borrowings other than Swing Line Borrowings (see Section 2.4) and drawings under an LC (see Section 2.3): 

(a) Borrower may request a Borrowing by submitting to Administrative Agent a Borrowing Request. The Borrowing Request must
be received by Administrative Agent no later than (i) 12:00 noon on the third Business Day preceding the Borrowing Date for any LIBOR Rate Borrowing or (ii) 11:00 a.m. on the Borrowing Date for any ABR Borrowing. Administrative Agent shall
promptly notify each Lender of its receipt of any Borrowing Request and its contents. A Borrowing Request is irrevocable and binding on Borrower. 
 (b) By 2:00 p.m. on the applicable Borrowing Date, each Lender shall remit its Pro Rata Part of each requested Borrowing by wire transfer to Administrative Agent pursuant to Administrative Agent’s
wire transfer instructions on Schedule 1 (or as otherwise directed by Administrative Agent) in funds that are available for immediate use by Administrative Agent. Subject to receipt of such funds, Administrative Agent shall make
such funds available to Borrower as directed in the Borrowing Request (unless Administrative Agent has actual knowledge that any applicable condition precedent has not been satisfied by Borrower and has not been waived by Majority Lenders).

 (c) Absent contrary written notice from a Lender, Administrative Agent may assume that each Lender has made
its Pro Rata Part of the requested Borrowing available to Administrative Agent on the applicable Borrowing Date, and Administrative Agent may, in reliance upon such assumption (but is not required to), make available to Borrower a corresponding
amount. If a Lender fails to make its Pro Rata Part of any requested Borrowing available to Administrative Agent on the applicable Borrowing Date, Administrative Agent may recover the applicable amount on demand (i) from that Lender,
together with interest at the Federal Funds Effective Rate for the period commencing on the date the amount was made available to Borrower by Administrative Agent and ending on (but excluding) the date Administrative Agent recovers the amount
from that Lender or (ii) if that Lender fails to pay its amount upon demand, then from Borrower, together with interest at an annual interest rate equal to the rate applicable to the requested Borrowing for the period commencing on the
Borrowing 

  
 16 

 
Date and ending on (but excluding) the date Administrative Agent recovers the amount from Borrower. No Lender is responsible for the failure of any other Lender to make its Pro Rata Part of any
Borrowing. 
 2.3 LC Subfacility. 

(a) Subject to the terms and conditions of this Agreement and applicable Law, Administrative Agent agrees to issue LCs
under the Facility upon Borrower’s delivery of an LC Request and a duly executed LC Agreement, each of which must be received by Administrative Agent no later than 12:00 noon on the third Business Day before the requested LC is to be issued;
provided that the LC Exposure may not exceed $40,000,000 and the Facility Commitment Usage may not exceed the Facility Commitment Sum. Each LC must expire no later than the earlier (i) of five (5) days before the
Facility Maturity Date and (ii) one (1) year after such LCs issuance (provided that, LCs may, if so requested by Borrower, be self-extending for up to one additional year with up to one hundred twenty (120) days
cancellation notice, but in no event shall the expiration extend beyond the date contemplated by this Section 2.3(a)(i)). 
 (b) Immediately upon Administrative Agent’s issuance of any LC, Administrative Agent shall be deemed to have sold and transferred to each other Lender, and each other Lender shall be deemed
irrevocably and unconditionally to have purchased and received from Administrative Agent, without recourse or warranty, an undivided interest and participation (to the extent of such Lender’s Pro Rata Part of the Facility Commitment Sum) in the
LC and all applicable Rights of Administrative Agent in the LC (other than Rights to receive certain fees provided for in Section 4.2). Administrative Agent agrees to provide a copy of each LC to each other Lender promptly
after issuance. However, Administrative Agent’s failure to promptly send to Lenders a copy of an issued LC shall not affect the rights and obligations of Administrative Agent and Lenders under this Agreement. 

(c) To induce Administrative Agent to issue and maintain LCs, and to induce Lenders to participate in issued LCs, Borrower
agrees to pay or reimburse Administrative Agent (i) within one (1) Business Day after Borrower receives notice from Administrative Agent that any draft or draw request has been properly presented under any LC, or, if the draft or draw
request is for payment at a future date, within one (1) Business Day before the payment date specified in the draw request, the amount paid or to be paid by Administrative Agent and (ii) promptly, upon demand, the amount of any additional
fees Administrative Agent customarily charges for the application and issuance of an LC, for confirming, negotiating or amending LC Agreements, for honoring drafts and draw requests, and taking similar action in connection with letters of credit. If
Borrower does not timely pay or reimburse Administrative Agent for any drafts or draw requests paid or to be paid, Administrative Agent shall fund Borrower’s reimbursement obligations as an ABR Borrowing, Pro Rata among the Lenders, under the
Facility and the proceeds of the ABR Borrowing shall be advanced directly to Administrative Agent to pay Borrower’s unpaid reimbursement obligations. If funds cannot be advanced under the Facility for the immediately preceding
sentence to fund the reimbursement obligations as a Borrowing under the Facility, then Borrower’s reimbursement obligation shall constitute a demand obligation. Borrower’s reimbursement obligations shall accrue interest (x) at the ABR
plus the Applicable Margin from the date Administrative Agent pays the applicable draft or draw request through the date Administrative Agent is paid or reimbursed by Borrower and, (y) if funds are not advanced under the Facility, at the
Default Rate from the date Administrative Agent pays the applicable draft or draw request through the date Administrative Agent is paid or 

  
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reimbursed by Borrower. Borrower’s obligations under this Section 2.3(c) are absolute and unconditional under any and all circumstances and irrespective of any setoff,
counterclaim or defense to payment that Borrower may have at any time against Administrative Agent or any other Person. Administrative Agent shall promptly distribute reimbursement payments received from Borrower to all Lenders according to their
Pro Rata Part of the Facility Commitment Sum. 
 (d) Administrative Agent shall promptly notify Borrower of the
date and amount of any draft or draw request presented for honor under any LC (but failure to give notice will not affect Borrower’s obligations under this Agreement). Administrative Agent shall pay the requested amount upon presentment of a
draft or draw request unless presentment on its face does not comply with the terms of the applicable LC. When making payment, Administrative Agent may disregard (i) any default or potential default that exists under any other agreement and
(ii) obligations under any other agreement that have or have not been performed by the beneficiary or any other Person (and Administrative Agent is not liable for any of those obligations). Borrower’s reimbursement obligations to
Administrative Agent and Lenders, and each Lender’s obligations to Administrative Agent, under this Section 2.3 are absolute and unconditional irrespective of, and Administrative Agent is not responsible for, (1) the
validity, enforceability, sufficiency, accuracy, or genuineness of documents or endorsements (even if they are in any respect invalid, unenforceable, insufficient, inaccurate, fraudulent, or forged), (2) any dispute by any Company with or any
Company’s claims, setoffs, defenses, counterclaims, or other Rights against Administrative Agent, any Lender, or any other Person, or (iii) the occurrence of any Potential Default or Default. 

(e) If Borrower fails to reimburse Administrative Agent as provided in Section 2.3(c) and funds are not
advanced under the Facility to satisfy the reimbursement obligations, Administrative Agent shall promptly notify each Lender of Borrower’s failure, of the date and amount paid, and of each Lender’s Pro Rata Part of the unreimbursed amount.
Each Lender shall promptly and unconditionally make available to Administrative Agent in immediately available funds its Pro Rata Part of the unpaid reimbursement obligation. Such funds are due and payable to Administrative Agent before the close of
business on (i) the Business Day Administrative Agent gives notice to each Lender of Borrower’s reimbursement failure if the notice is received by a Lender before 2:00 p.m. in the time zone where such Lender’s office listed on
Schedule 1 is located, or (ii) on the next succeeding Business Day after the Business Day Administrative Agent gives notice to each Lender of Borrower’s reimbursement failure, if notice is received after 2:00 p.m. in the time
zone where such Lender’s office listed on Schedule 1 is located. All amounts payable by any Lender accrue interest at the Federal Funds Effective Rate from the day the applicable draft or draw is paid by Administrative Agent to
(but not including) the date the amount is paid by the Lender to Administrative Agent. 
 (f) Borrower
acknowledges that each LC is deemed issued upon delivery to the beneficiary or Borrower. If Borrower requests that any LC be delivered to Borrower rather than the beneficiary, and Borrower subsequently cancels that LC, Borrower agrees to return it
to Administrative Agent together with Borrower’s written certification that it has never been delivered to the beneficiary. If any LC is delivered to the beneficiary under Borrower’s instructions, Borrower’s cancellation is
ineffective without Administrative Agent’s receipt of the LC and the beneficiary’s written consent to the cancellation. 
 (g) Administrative Agent agrees with each Lender that it will examine all documents with reasonable care to ascertain that each appears on its face to be in accordance with the terms

  
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and conditions of the LC. Each Lender and Borrower agree that, in paying any draft or draw under any LC, Administrative Agent has no responsibility to obtain any document (other than any
documents expressly required by the respective LC) or to ascertain or inquire as to any document’s validity, enforceability, sufficiency, accuracy, or genuineness or the authority of any Person delivering it. Neither Administrative Agent nor
its Representatives will be liable to any Lender or any Company for any LCs use or for any beneficiary’s acts or omissions. Any action, inaction, error, delay, or omission taken or suffered by Administrative Agent or any of its Representatives
in connection with any LC, applicable draws, drafts, or documents, or the transmission, dispatch, or delivery of any related message or advice, if in conformity with applicable Laws and in accordance with the standards of care specified in the UCP,
is binding upon the Companies and Lenders. Administrative Agent is not liable to any Company or any Lender for any action taken or omitted by Administrative Agent or its Representative in connection with any LC in the absence of gross negligence or
willful misconduct. 
 (h) On the Facility Maturity Date, upon a termination under
Section 2.5, during the continuance of a Default under Section 11.3, or upon any demand by Administrative Agent during the continuance of any other Default, Borrower shall provide to Administrative Agent, for
the benefit of Lenders, cash collateral in an amount equal to the then-existing LC Exposure. Any cash collateral provided by Borrower to Administrative Agent in accordance with this Section 2.3(h) shall be deposited by
Administrative Agent in an interest bearing cash collateral account maintained with Administrative Agent at the office of Administrative Agent and invested in obligations issued or guaranteed by the United States and, upon the surrender of any LC,
Administrative Agent shall deliver the appropriate funds on deposit in such collateral account to Borrower together with interest accrued on such funds. 
 (i) BORROWER SHALL PROTECT, INDEMNIFY, PAY, AND SAVE ADMINISTRATIVE AGENT, EACH LENDER AND THEIR RESPECTIVE REPRESENTATIVES HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, LIABILITIES, DAMAGES,
LOSSES, COSTS, CHARGES AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) WHICH ANY OF THEM MAY INCUR OR BE SUBJECT TO AS A CONSEQUENCE OF THE ISSUANCE OF ANY LC, ANY DISPUTE ABOUT IT, ANY CANCELLATION OF ANY LC BY BORROWER, OR THE FAILURE OF
ADMINISTRATIVE AGENT TO HONOR A DRAFT OR DRAW REQUEST UNDER ANY LC AS A RESULT OF ANY ACT OR OMISSION (WHETHER RIGHT OR WRONG) OF ANY PRESENT OR FUTURE TRIBUNAL. HOWEVER, NO PERSON IS ENTITLED TO INDEMNITY UNDER THE FOREGOING FOR ITS OWN GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT. THE PROVISIONS OF AND UNDERTAKINGS AND INDEMNIFICATION SET FORTH IN THIS PARAGRAPH SHALL SURVIVE THE SATISFACTION AND PAYMENT OF THE OBLIGATION AND TERMINATION OF THIS AGREEMENT. 

(j) Although referenced in any LC, terms of any particular agreement or other obligation to the beneficiary are not
incorporated into this Agreement in any manner. The fees and other amounts payable with respect to each LC are as provided in this Agreement, drafts and draws under each LC are part of the Obligation, and the terms of this Agreement control any
conflict between the terms of this Agreement and any LC Agreement. 
 (k) Each of the parties hereto hereby
acknowledges and agrees that the letters of credit issued under the Existing Credit Agreement and outstanding on the Effective Date are and 

  
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shall be deemed LCs hereunder and Lenders hereby assume and are jointly and severally obligated in all respects with respect to such letters of credit in accordance with the terms of this
Section 2.3. 
 2.4 Swing Line Subfacility. 

(a) For the convenience of the parties, the Administrative Agent, solely for its own account, may make any requested
Borrowing of not less than $500,000 (or a greater integral multiple of $100,000) directly to Borrower as a Swing Line Borrowing without requiring each other Lender to fund its Pro Rata Part thereof unless and until Section 2.4(c)
is applicable. Swing Line Borrowings are subject to the following conditions: 
 (i) Each Swing Line Borrowing
must occur on a Business Day before the Swing Line Maturity Date; 
 (ii) When determined, (x) the aggregate
Swing Line Debt outstanding may not exceed $5,000,000 and (y) the Facility Commitment Usage may not exceed the Facility Committed Sum; 
 (iii) On any date when Borrowings equal to or in excess of $5,000,000 are funded under the Facility, all or a portion of the proceeds of those Borrowings shall be used to repay in full all indebtedness
then outstanding under the Swing Line Subfacility; 
 (iv) Each Swing Line Borrowing is deemed an ABR Borrowing;
and 
 (v) Each Borrowing under the Swing Line Subfacility is available and may be prepaid on same-day telephonic
notice from Borrower to Administrative Agent, if notice is received by Administrative Agent before 11:00 a.m. 
 (b) Each Swing Line Borrowing shall be repaid on the earlier of (i) the date that is five Business Days after the making of such Swing Line Borrowing and (ii) the Swing Line Maturity Date.

 (c) If (i) any Swing Line Borrowing remains outstanding at 12:00 noon on the Business Day immediately
prior to the Business Day on which Swing Line Borrowings are due and payable pursuant to Section 2.4(b) and by such time Administrative Agent shall not have received a Borrowing Request from Borrower pursuant to
Section 2.2 requesting an ABR Borrowing on the following Business Day in an amount at least equal to the aggregate principal amount of such Swing Line Borrowings or (ii) any Swing Line Borrowing remains outstanding during the
existence of a Potential Default or a Default, Administrative Agent shall be deemed to have received a Borrowing Request from Borrower pursuant to Section 2.2 requesting an ABR Borrowing on such following Business Day in an amount
equal to the aggregate amount of such Swing Line Borrowings; provided that such ABR Borrowing shall be made notwithstanding Borrower’s failure to comply with Section 6.2. Notwithstanding the foregoing, if an ABR
Borrowing becomes legally impractical, Administrative Agent shall promptly notify each Lender of Borrower’s failure to pay such Swing Line Borrowings and the unpaid amount of such Swing Line Borrowings. No later than the close of business on
the date Administrative Agent gives notice (if notice is given before 12:00 noon on any Business Day, or, if made at any other time, on the next Business Day following the date of notice), each Lender shall irrevocably and

  
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unconditionally purchase and receive from Administrative Agent a ratable participation in such Swing Line Borrowings and shall make available to Administrative Agent in immediately available
funds its Pro Rata Part of such unpaid amount, together with interest from the date when its payment was due to, but not including, the date of payment, at the Federal Funds Effective Rate. If a Lender does not promptly pay its amount upon
Administrative Agent’s demand, and until such Lender makes the required payment, Administrative Agent is deemed to continue to have outstanding a Swing Line Borrowing in the amount of such Lender’s unpaid obligation. Borrower shall make
each payment of all or any part of any Swing Line Borrowing to Administrative Agent for the ratable benefit of Administrative Agent and those Lenders who have funded their participations in Swing Line Borrowings under this
Section 2.4(c) (but all interest accruing on Swing Line Borrowings before the funding date of any participation is payable solely to Administrative Agent for its own account). 

2.5 Termination. Without premium or penalty, and upon giving at least ten (10) Business Days prior written and irrevocable
notice to Administrative Agent, Borrower may terminate all or part of the unused portion of the Facility Committed Sum. Each partial termination must be in an amount of not less than $5,000,000 or a greater integral multiple of $1,000,000, and shall
be Pro Rata among all Lenders. Once terminated in full, the Facility Committed Sum may not be increased or reinstated. 
 2.6
Optional Increase in Facility Committed Sum. 
 (a) At any time prior to the Facility Maturity Date,
Borrower may, by notice to Administrative Agent (which shall promptly notify Lenders) request an increase the Facility Committed Sum. Such notice shall set forth the requested amount of the increase in the Facility Committed Sum and the date on
which such increase is to become effective (which shall be not fewer than twenty days after the date of such notice), and shall offer each Lender the opportunity to increase its Committed Sum. Each Lender shall, by notice to Borrower and
Administrative Agent given not more than ten Business Days after the date of Borrower’s notice, either agree to increase its Committed Sum or decline to increase its Committed Sum (and any Lender that does not deliver such a notice within such
period of ten Business Days shall be deemed to have declined to increase its Committed Sum). In the event that Lenders agree to increase their Committed Sums by an aggregate amount equal to or greater than the increase in the Facility Committed Sum
requested by Borrower, then the increase will be allocated among Lenders in accordance with their Pro Rata Parts, based on the Facility Commitment Sum on the date of Borrower’s notice of the requested increase in the Facility Committed Sum. In
the event that, on the tenth Business Day after Borrower shall have delivered a notice pursuant to the first sentence of this paragraph, Lenders shall have agreed pursuant to the preceding sentence to increase their Committed Sums by an aggregate
amount less than the increase in the Facility Committed Sum requested by Borrower, Borrower shall have the right to agree with one or more existing Lenders that such Lender’s or Lenders’ Committed Sums shall be increased, or to designate
one or more financial institutions not theretofore a Lender to become a Lender (such designation to be effective only with the prior written consent of Administrative Agent, which consent will not be unreasonably withheld or delayed). Upon execution
and delivery by the Borrower and such Lender or other financial institution of an instrument in form reasonably satisfactory to Administrative Agent, such existing Lender shall have a Committed Sum as therein set forth or such other financial
institution shall become a Lender with a Committed Sum as therein set forth and all the rights and obligations of a Lender with a Committed Sum hereunder; provided that: 

  
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 (i) no Event of Default shall have occurred and be continuing or result
therefrom; 
 (ii) the aggregate amount of all increases on the Facility Committed Sum pursuant to this
Section 2.6(a) shall not exceed $75,000,000; 
 (iii) the Committed Sum of each such other financial
institution shall be not less than $15,000,000; and 
 (iv) immediately after such increase is made, the Facility
Committed Sum shall not exceed $250,000,000. 
 (b) Upon any increase in the Facility Committed Sum pursuant to
Section 2.6(a), Lenders shall on the effective date of such increase, at the direction of Administrative Agent, make appropriate adjustments among themselves in order to ensure that the amount (and Type) of the Borrowings
outstanding to Borrower from each Lender under the Credit Agreement (as of the effective date of such increase) are proportionate to Lenders’ respective Pro Rata Part, after giving effect to any increase of the Committed Sum of any Lender and
to any Committed Sum of any additional financial institution. 
 SECTION 3 TERMS OF PAYMENT. 

3.1 Notes and Payments. 
 (a) Notes. 
 (i) The Principal Debt shall be evidenced by
the Facility Notes, one payable to each Lender in the stated principal amount of its Committed Sum for the Facility. 
 (ii) Principal Debt under the Swing Line Subfacility shall be evidenced by a Swing Line Note payable to the Administrative Agent in the stated principal amount of $5,000,000. 

(b) Payments Generally. Borrower must make each payment and prepayment on the Obligation, without offset,
counterclaim, or deduction, to Administrative Agent’s principal office in Boston, Massachusetts, in funds that will be available for immediate use by Administrative Agent by 12:00 noon on the day due. Payments received after such time shall be
deemed received on the next Business Day. Administrative Agent shall pay to each Lender any payment to which that Lender is entitled on the same day Administrative Agent receives the funds from Borrower if Administrative Agent receives the payment
or prepayment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Administrative Agent does not make payments to Lenders when due, unpaid amounts shall accrue interest at the Federal Funds
Effective Rate from the due date until (but not including) the payment date. 
 3.2 Interest and Principal Payments.

 (a) Interest Payments. Accrued interest on each LIBOR Rate Borrowing is due and payable on the last day
of its respective Interest Period. If any Interest Period with respect to a LIBOR Rate Borrowing is a period greater than three (3) months, then accrued interest is also due 

  
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and payable on the date three (3) months after the commencement of the Interest Period. Accrued interest on each ABR Borrowing is due and payable on each
March 31, June 30, September 30 and December 31 of each year during the term hereof and on the Facility Maturity Date. 
 (b) Principal Payments. The Principal Debt is due and payable on the Facility Maturity Date. 
 (c) Mandatory Prepayments of Proceeds. The following amounts shall be applied to prepay the Principal Debt: 
 (i) 100% of the net proceeds of any sale or issuance of equity of the Borrower, except (A) as provided in clause (iii) below or for Securities issued pursuant to employee stock options
or similar plans and (B) for the issuance of equity securities as consideration for acquisitions permitted by Section 9.8; 
 (ii) 100% of the net proceeds of any sale or other disposition by the Borrower or any of its subsidiaries of any assets (except for sales permitted under Section 9.10) in excess of
$35,000,000 in the aggregate from the Closing Date to the date of such sale or other disposition; 
 (iii) 100%
of the first $25,000,000 of net proceeds resulting from the issuance by Borrower of convertible preferred securities or subordinated debt, and 75% of the net proceeds of any subordinated debt issued thereafter, shall be applied to the prepayment of
Principal Debt, each in accordance with this Section 3.2(c). 
 (d) Mandatory
Prepayment. If (i) the Facility Commitment Usage ever exceeds the Facility Committed Sum or (ii) Borrower’s property becomes the subject of a casualty or condemnation, the proceeds of which exceed $1,000,000 in the aggregate, then
Borrower shall prepay (1) the Principal Debt under the Facility in at least the amount of the excess described in (i) above, (2) the Principal Debt under the Facility by the amount of proceeds of sales described in
Section 3.2(c)(ii) above, and (3) the Principal Debt under the Facility by the amount of proceeds of casualty or condemnation described in (ii) above, together with (x) all accrued and unpaid interest on the
principal amount so prepaid and (y) any resulting Funding Loss; provided, however, that Borrower shall not be required to make any prepayment required by this Section 3.2(d) until the last day of the Interest Period
with respect to such Principal Debt so long as an amount equal to such prepayment is deposited by Borrower in a cash collateral account with Administrative Agent to be held in such account on terms reasonably satisfactory to Administrative Agent.

 (e) Voluntary Prepayment. Borrower may voluntarily repay or prepay all or any part of the Principal
Debt at any time without premium or penalty, subject to the following conditions: 
 (i) Administrative Agent
must receive Borrower’s written payment notice by (A) 12:00 noon on the third Business Day preceding the date of payment of a LIBOR Rate Borrowing and (B) 11:00 a.m. on the date of payment of an ABR Borrowing which shall specify the
payment date, the facility or the subfacility under this Agreement being paid and the Type and amount of the Borrowing(s) to be paid, and which shall constitute an irrevocable and binding obligation of Borrower to make a repayment or prepayment on
the designated date; 

  
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 (ii) each partial repayment or prepayment must be in a minimum amount of at
least $2,000,000 or a greater integral multiple of $100,000 (if a LIBOR Rate Borrowing), or $1,000,000 or a greater integral multiple of $100,000 (if an ABR Borrowing other than under the Swing Line Subfacility) or $500,000 or a greater multiple (if
a Borrowing under the Swing Line Subfacility); 
 (iii) all accrued interest on the portion of the Obligation
being prepaid must also be paid in full on the date of payment; and 
 (iv) Borrower shall pay any related
Funding Loss upon demand. 
 3.3 Interest Options. 

(a) Except as specifically otherwise provided, Borrowings bear interest at an annual rate equal to the lesser of
(i) the ABR plus the Applicable Margin or the LIBOR Rate plus the Applicable Margin (in each case as designated or deemed designated by Borrower and, in the case of LIBOR Rate Borrowings, for the Interest Period designated by Borrower), as the
case may be, and (ii) the Maximum Rate. Each change in the ABR and Maximum Rate is effective, without notice to Borrower or any other Person, upon the effective date of change. 

(b) Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and Administrative Agent,
at the request of Majority Lenders, so notifies Borrower, then, so long as a Default is continuing, (i) no outstanding Borrowing may be made as, converted to or continued as a LIBOR Rate Borrowing and (ii) unless repaid, each LIBOR Rate
Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 3.4 Quotation of
Rates. A Responsible Officer of Borrower may call Administrative Agent before delivering a Borrowing Request to receive an indication of the interest rates then in effect, but the indicated rates do not bind Administrative Agent or Lenders or
affect the interest rate that is actually in effect when Borrower delivers its Borrowing Request or on the Borrowing Date. 

3.5 Default Rate. If permitted by Law, all past-due Principal Debt, Borrower’s past-due payment and reimbursement obligations
in connection with LCs, and past-due interest accruing on any of the foregoing, bears interest from the date due (stated or by acceleration) at the Default Rate until paid, regardless whether payment is made before or after entry of a judgment.

 3.6 Interest Recapture. If the designated interest rate applicable to any Borrowing exceeds the Maximum Rate, the
interest rate on that Borrowing is limited to the Maximum Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the designated rate shall not reduce the interest rate thereon below the Maximum Rate until the total
amount of accrued interest equals the amount of interest that would have accrued if that designated rate had always been in effect. If at maturity (stated or by acceleration), or at final payment of the Notes, the total interest paid or accrued is
less than the interest that would have accrued if the designated rates had always been in effect, then, at that time and to the extent permitted by applicable Law, Borrower shall pay an amount equal to the difference between (a) the
lesser of the amount of interest that would have accrued if the designated rates had always been in effect and the amount of interest that would have accrued if the Maximum Rate had always been in effect, and (b) the amount of
interest actually paid or accrued on the Notes. 

  
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 3.7 Interest Calculations. 

(a) Interest hereunder shall be calculated on the basis of a year of 360 days, except that interest computed by reference
to the ABR at times when the ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). All interest rate determinations and calculations by Administrative Agent are conclusive and binding absent manifest error. 
 (b) The provisions of this Agreement relating to calculation of the ABR and LIBOR Rates are included only for the purpose of determining the rate of interest or other amounts to be paid under this
Agreement that are based upon those rates. 
 3.8 Maximum Rate. Regardless of any provision contained in any Loan Paper
or any document related thereto, it is the intent of the parties to this Agreement that neither Administrative Agent nor any Lender contract for, charge, take, reserve, receive, or apply as interest on all or any part of the Obligation any amount in
excess of the Maximum Rate or the Maximum Amount or receive any unearned interest in violation of any applicable Law, and, if Lenders ever do so, then any excess shall be treated as a partial repayment or prepayment of principal and any remaining
excess shall be refunded to Borrower. In determining if the interest paid or payable exceeds the Maximum Rate, Borrower and Lenders shall, to the maximum extent permitted under applicable Law, (a) treat all Borrowings as but a single extension
of credit (and Lenders and Borrower agree that is the case and that provision in this Agreement for multiple Borrowings is for convenience only); (b) characterize any nonprincipal payment as an expense, fee or premium rather than as interest;
(c) exclude voluntary repayments or prepayments and their effects; and (d) amortize, prorate, allocate, and spread the total amount of interest throughout the entire contemplated term of the Obligation. However, if the Obligation is paid
in full before the end of its full contemplated term, and if the interest received for its actual period of existence exceeds the Maximum Amount, Lenders shall refund any excess (and Lenders may not, to the extent permitted by Law, be subject to any
penalties provided by any Laws for contracting for, charging, taking, reserving, or receiving interest in excess of the Maximum Amount). 
 3.9 Interest Periods. When Borrower requests any LIBOR Rate Borrowing, Borrower may elect the applicable interest period (each an “Interest Period”), which may be, at
Borrower’s option, one (1), two (2), three (3), or six (6) months for LIBOR Rate Borrowings, subject to the following conditions: (a) the initial Interest Period for a LIBOR Rate Borrowing commences on the applicable Borrowing Date or
conversion date, and each subsequent Interest Period applicable to any Borrowing commences on the day when the next preceding applicable Interest Period expires; (b) if any Interest Period for a LIBOR Rate Borrowing begins on a day for which
there exists no numerically corresponding Business Day in the calendar month at the end of the Interest Period (“Ending Calendar Month”), then the Interest Period ends on the next succeeding Business Day of the Ending
Calendar Month, unless there is no succeeding Business Day in the Ending Calendar Month in which case the Interest Period ends on the next preceding Business Day of the Ending Calendar Month; (c) no Interest Period for any portion of Principal
Debt may extend beyond the scheduled repayment date for that portion of Principal Debt; and (d) there may not be in effect at any one time more than six (6) Interest Periods under the Facility. 

3.10 Conversions. Subject to Section 3.3(b), Borrower may (a) on the last day of the applicable Interest Period convert
all or part of a LIBOR Rate Borrowing to an ABR Borrowing; (b) at any time convert all or part of an ABR Borrowing to a LIBOR Rate Borrowing; and (c) elect a new Interest Period for a LIBOR Rate Borrowing. Any such conversion is subject to
the dollar limits and 

  
 25 

 
denominations of Section 2.1 and may be accomplished by delivering a Conversion Request to Administrative Agent no later than (i) 12:00 noon on the third Business Day
before the conversion date for conversion to a LIBOR Rate Borrowing and the last day of the Interest Period, for the election of a new Interest Period, and (ii) 11:00 a.m. on the last day of the Interest Period for conversion to an ABR
Borrowing. Absent Borrower’s notice of conversion or election of a new Interest Period, a LIBOR Rate Borrowing shall be converted to an ABR Borrowing when the applicable Interest Period expires. 

3.11 Order of Application. 
 (a) If no Default or Potential Default exists, any payment shall be applied to the Obligation in the order and manner as provided in this Agreement. 

(b) If a Default or Potential Default exists, any payment (including proceeds from the exercise of any Rights) shall be
applied in the following order: (i) to all fees and expenses for which Administrative Agent or Lenders have not been paid or reimbursed in accordance with the Loan Papers (and if such payment is less than all unpaid or unreimbursed fees and
expenses, then the payment shall be paid against unpaid and unreimbursed fees and expenses in the order of incurrence or due date); (ii) to accrued interest on the Principal Debt; (iii) to the Principal of Debt outstanding under the Swing
Line Subfacility; (iv) to any LC reimbursement obligations that are due and payable and that remain unfunded by any Borrowing under the Facility; (v) to the Principal Debt, (vi) as a deposit with Administrative Agent, for the benefit
of Lenders, as security for and payment of any subsequent LC reimbursement obligations; (vii) ratably to Hedging Obligations and obligations of Borrower or any Company to any Lender in respect of treasury management services or other banking
services; and (ix) the balance, if any, after the Obligation, Hedging Obligations and such other obligations have been indefeasibly paid in full, to Borrower or as otherwise required by Law. 

3.12 Sharing of Payments, Etc. If any Lender obtains any amount (whether voluntary, involuntary or otherwise, including, without
limitation, as a result of exercising its Rights under Section 3.13) that exceeds its combined Pro Rata Part of the Facility Commitment Usage, then that Lender shall purchase from the other Lenders participations that will cause
the purchasing Lender to share the excess amount ratably with each other Lender. If all or any portion of any excess amount is subsequently recovered from the purchasing Lender, then the purchase shall be rescinded and the purchase price restored to
the extent of the recovery. Borrower agrees that any Lender purchasing a participation from another Lender under this section may, to the fullest extent permitted by Law, exercise all of its Rights of payment (including the Right of offset)
with respect to that participation as fully as if that Lender were the direct creditor of Borrower in the amount of that participation. 
 3.13 Offset. If a Default exists, each Lender is entitled, but is not obligated, to exercise (for the benefit of all Lenders in accordance with Section 3.12) the Rights of offset
and banker’s Lien against each and every account and other property, or any interest therein, that any Company may now or hereafter have with, or which is now or hereafter in the possession of, that Lender to the extent of the full amount of
the Obligation owed to it. 
 3.14 Booking Borrowings. To the extent permitted by Law, any Lender may make, carry, or
transfer its Borrowings at, to, or for the account of any of its branch offices or the office of any of its Affiliates. However, no Affiliate is entitled to receive any greater payment under Section 3.16 than the transferor Lender
would have been entitled to receive with respect to those Borrowings. 

  
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 3.15 Basis Unavailable or Inadequate for LIBOR. If, on or before any date when LIBOR
Rate is to be determined for a Borrowing, Administrative Agent, or any Lender determines (and Majority Lenders agree with that determination) that the basis for determining the applicable rate is not available or that the resulting rate does not
accurately reflect the cost to Lenders of making or converting Borrowings at that rate for the applicable Interest Period, then Administrative Agent shall promptly notify Borrower and Lenders of that determination (which is conclusive and binding on
Borrower absent manifest error) and the applicable Borrowing shall bear interest at the sum of the ABR plus the Applicable Margin. Until Administrative Agent notifies Borrower that those circumstances no longer exist, Lenders’
commitments under this Agreement to make, or to convert to, LIBOR Rate Borrowings (as the case may be) will be suspended. 

3.16 Additional Costs. 
 With respect to any Law, requirement, request, directive, or change affecting banking institutions generally: 
 (a) With respect to any LIBOR Rate Borrowing or ABR Borrowing, if (i) any Change in Law imposes, modifies, or deems applicable (or if compliance by any Lender therewith results in) any requirement
that any reserves (including, without limitation, any marginal, emergency, supplemental, or special reserves) be maintained or increased, and (ii) those reserves reduce any sums receivable by that Lender under this Agreement or increase the
costs incurred by that Lender in advancing or maintaining any portion of any LIBOR Rate Borrowing, or ABR Borrowing, then (unless the effect is already reflected in the rate of interest then applicable under this Agreement) that Lender (through
Administrative Agent) shall deliver to Borrower a certificate setting forth in reasonable detail the basis and calculation of the amount necessary to compensate it for its reduction or increase (which certificate is conclusive and binding absent
manifest error), and Borrower shall promptly pay that amount to that Lender upon demand. The provisions of and undertakings and indemnification set forth in this paragraph shall survive the satisfaction and payment of the Obligation and termination
of this Agreement. 
 (b) With respect to any Borrowing or LC, if any Change in Law regarding capital adequacy
(or compliance by Administrative Agent (as issuer of LCs) or any Lender therewith), reduces the rate of return on the capital of Administrative Agent (as issuer of LCs) or such Lender, or the holding company of Administrative Agent or such Lender,
as a consequence of its obligations under this Agreement to a level below that which it otherwise could have achieved (taking into consideration its policies with respect to capital adequacy) by an amount deemed by it to be material (and it may, in
determining the amount, use reasonable assumptions and allocations of costs and expenses and use any reasonable averaging or attribution method), then (unless the effect is already reflected in the rate of interest then applicable under this
Agreement) Administrative Agent or that Lender (through Administrative Agent) shall notify Borrower and deliver to Borrower a certificate setting forth in reasonable detail the calculation of the amount necessary to compensate it (which certificate
is conclusive and binding absent manifest error), and Borrower shall promptly pay that amount to Administrative Agent or that Lender upon demand. The provisions of and undertakings and indemnification set forth in this paragraph shall survive the
satisfaction and payment of the Obligation and termination of this Agreement. 
 (c) Any Taxes payable by
Administrative Agent or any Lender or ruled (by a Tribunal) payable by Administrative Agent or any Lender in respect of this Agreement or any other Loan Paper shall, if permitted by Law, be paid by Borrower, together with interest and

  
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penalties, if any (except for (i)(1) Taxes imposed on or measured by the net income of Administrative Agent or that Lender (2) franchise or similar taxes of the Administrative Agent or that
Lender and (3) amounts requested to be withheld for Taxes pursuant to the last sentence of Section 3.19 and (ii) interest and penalties incurred as a result of the gross negligence or willful misconduct of Administrative
Agent or any Lender). Administrative Agent or that Lender (through Administrative Agent) shall notify Borrower and deliver to Borrower a certificate setting forth in reasonable detail the basis and calculation of the amount of payable Taxes, which
certificate is conclusive and binding (absent manifest error), and Borrower shall promptly pay that amount to Administrative Agent for its account or the account of that Lender, as the case may be. If Administrative Agent or that Lender subsequently
receives a refund of the Taxes paid to it by Borrower, then the recipient shall promptly pay the refund to Borrower. 
 3.17
Change in Laws. If any Change in Law makes it unlawful for any Lender to make or maintain any Borrowing based on the LIBOR Rate Borrowings, then that Lender shall promptly notify Borrower and Administrative Agent, and (a) as to
undisbursed funds, that requested Borrowing shall be made as an ABR Borrowing subject to the higher of the Prime Rate and the Federal Funds Effective Rate plus 1%, and (b), as to any outstanding Borrowing, (i) if maintaining the Borrowing
until the last day of the applicable Interest Period is unlawful, the Borrowing shall be converted to an ABR Borrowing as of the date of notice, and Borrower shall pay any related Funding Loss, or (ii) if not prohibited by Law, the Borrowing
shall be converted to an ABR Borrowing as of the last day of the applicable Interest Period, or (iii) if any conversion will not resolve the unlawfulness, Borrower shall promptly prepay the Borrowing, without penalty, together with any related
Funding Loss. 
 3.18 Funding Loss. BORROWER AGREES TO
INDEMNIFY EACH LENDER AGAINST, AND PAY TO IT UPON DEMAND, ANY FUNDING
LOSS OF THAT LENDER. When any Lender demands that Borrower pay any Funding Loss, that Lender shall deliver to Borrower and Administrative Agent a certificate setting forth in reasonable
detail the basis for imposing Funding Loss and the calculation of the amount, which calculation is conclusive and binding absent manifest error. The provisions of and undertakings and indemnification set forth in this paragraph shall survive the
satisfaction and payment of the Obligation and termination of this Agreement. 
 3.19 Foreign Lenders. 

(a) Each Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code
(a “Non-U.S. Lender”) shall deliver to Administrative Agent, prior to the receipt of any payment subject to withholding under the Code (or upon accepting an assignment of an interest herein), two duly signed completed copies
of either IRS Form W-8BEN or any successor thereto (relating to such Non-U.S. Lender and entitling it to an exemption from, or reduction of, withholding tax on all payments to be made to such Non-U.S. Lender by Borrower pursuant to this Agreement)
or IRS Form W-8ECI or any successor thereto (relating to all payments to be made to such Non-U.S. Lender by Borrower pursuant to this Agreement) or such other evidence satisfactory to Administrative Agent that such Non-U.S. Lender is entitled to an
exemption from, or reduction of, United States withholding tax, including any exemption pursuant to Section 881(c) of the Code. Thereafter and from time to time, each such Non-U.S. Lender shall (i) upon the written request of
Administrative Agent promptly submit to Administrative Agent such additional duly completed and signed copies of one of such forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing authorities) as
may then be available under the then current United States laws and regulations to avoid, or such evidence as is satisfactory to Administrative Agent of any available exemption 

  
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from or reduction of, United States withholding taxes in respect of all payments to be made to such Non-U.S. Lender by Borrower pursuant to this Agreement and (ii) promptly notify
Administrative Agent of any change in circumstance which would modify or render invalid any claimed exemption or reduction. Each Non-U.S. Lender, to the extent it does not act or ceases to act for its own account with respect to any portion of any
sums paid or payable to such Lender under any of the Loan Papers (for example, in the case of a participation by such Lender), shall deliver to Administrative Agent on the date when such Non-U.S. Lender ceases to act for its own account with respect
to any portion of any such sums paid or payable, and at such other times as may be necessary in the determination of Administrative Agent (in the reasonable exercise of its discretion), (A) two duly signed completed copies of the forms or
statements required to be provided by such Lender as set forth above, to establish the portion of any such sums paid or payable with respect to which such Lender acts for its own account that is not subject to U.S. withholding tax, and (B) two
duly signed completed copies of IRS Form W-8IMY (or any successor thereto), together with any information such Lender chooses to transmit with such form, and any other certificate or statement of exemption required under the Code, to establish that
such Lender is not acting for its own account with respect to a portion of any sums payable to such Lender. Borrower shall not be required to pay any additional amount to any Non-U.S. Lender under this Section 3.19(a) (i) with respect to
any Taxes required to be deducted or withheld on the basis of the information, certificates or statements of exemption such Lender transmits with an IRS Form W-8IMY pursuant to this Section 3.19(a) or (ii) if such Lender shall have failed
to satisfy the provisions of this Section 3.19(a) on the date such Lender became a Lender or ceases to act for its own account with respect to any payment under any of the Loan Papers. Nothing in this Section 3.19(a) shall relieve Borrower
of its obligation to pay any amounts due pursuant to this Section 3.19 in the event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or
application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender or other Person for the account of which such Lender receives any sums
payable under any of the Loan Papers is not subject to withholding or is subject to withholding at a reduced rate. Administrative Agent may, without reduction, withhold any Taxes required to be deducted and withheld from any payment under any of the
Loan Papers with respect to which Borrower is not required to pay additional amounts under this Section 3.19(a). 
 (b) If a payment made to any Lender hereunder would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower and Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by
Borrower or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower or Administrative Agent as may
be necessary for Borrower and Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from
such payment. 
 3.20 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender
becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

  
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 (a) fees under Section 4.3 shall cease to accrue on that portion of
such Defaulting Lender’s Committed Sum that remains unfunded or which has not been included in any LC Exposure; 
 (b) the Committed Sum and Commitment Usage of such Defaulting Lender shall not be included in determining whether all Lenders or Majority Lenders have taken or may take any action hereunder (including any
consent to any amendment or waiver pursuant to Section 14.10), provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which adversely affects such Defaulting Lender differently
than other affected Lenders shall require the consent of such Defaulting Lender. 
 (c) if any LC Exposure or
Swing Line Exposure exists at the time a Lender becomes a Defaulting Lender then: 
 (i) all or any part of the
contingent obligations of Lenders in respect of such LC Exposure and Swing Line Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent the sum of all
non-Defaulting Lenders Credit Exposures plus such Defaulting Lender’s LC Exposure and Swing Line Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, Borrower shall,
within one (1) Business Day following notice by Administrative Agent, (A) prepay the Swing Line Borrowings and (B) cash collateralize such Defaulting Lender’s Pro Rata Part of the LC Exposure (after giving effect to any partial
reallocation pursuant to clause (i) above) in a manner satisfactory to Administrative Agent for so long as such LC Exposure is outstanding; 
 (iii) if Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to this Section 3.20(c), Borrower shall not be required to pay any fees to such Defaulting
Lender pursuant to Section 4.2 with respect to such cash collateralized portion of the Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to this Section 3.20(c), then the fees
payable to the Lenders pursuant to Section 4.2 shall be adjusted in accordance with such non-Defaulting Lenders’ Pro Rata Part of the Facility Committed Sum; and 

(v) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this
Section 3.20(c), then, without prejudice to any rights or remedies of Administrative Agent or any Lender hereunder, all fees payable to Lenders pursuant to Section 4.2 with respect to such Defaulting Lender’s LC Exposure that is
neither cash collateralized nor reallocated shall be payable to Administrative Agent until such LC Exposure is fully cash collateralized and/or reallocated; 
 (d) so long as any Lender is a Defaulting Lender, Administrative Agent shall not be (i) required to fund any Swing Line Borrowing or (ii) required to issue, amend, renew, increase or extend any
LC unless it is satisfied, it its sole discretion, that the related exposure will be 100% 

  
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covered by the Committed Sums of the non-Defaulting Lenders and/or cash collateral will be provided by Borrower in accordance with Section 3.20(c), and participating interests in any such
newly issued, amended, renewed, increased or extended LC or newly made Swing Line Borrowing shall be allocated among non-Defaulting Lenders in a manner consistent with Section 3.20(c)(i) (and Defaulting Lenders shall not participate therein);
and 
 (e) any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest,
fees or otherwise) shall, in lieu of being distributed to such Defaulting Lender, be retained by Administrative Agent in a segregated account and subject to any applicable requirements of law, be applied (i) first, to the payment of any
amounts owing by such Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of cash collateralization of any participating interest in any LC in respect of which such Defaulting Lender has failed to fund its
portion thereof as required by this Agreement, as determined by Administrative Agent, (iii) third, if so determined by Administrative Agent and Borrower, held in such account as cash collateral for future funding obligations of any
Defaulting Lender under this Agreement, (iv) fourth, pro rata, to the payment of any amounts owing to Borrower or Lenders as a result of any judgment of a court of competent jurisdiction obtained by Borrower or any Lender against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement and (v) fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction, provided that if such
payment is (x) a prepayment of the principal amount of any Borrowing and (y) made at a time when the conditions set forth in Section 6.2 are satisfied, such payment shall be applied solely to prepay the Borrowings of all
non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Borrowings of any Defaulting Lender. 
 In the
event that Administrative Agent and Borrower each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date the LC Exposure and Swing Line Exposure of Lenders shall be
readjusted to reflect the inclusion of such Lender’s Committed Sum and on such date such Lender shall purchase at par such of the Borrowings of the other Lenders as Administrative Agent shall determine may be necessary in order for such Lender
to hold such Borrowings in accordance with its Pro Rata Part. Except as expressly modified by this Section 3.20, the performance by Borrower under any Loan Paper shall not be excused or otherwise modified as a result of this Section 3.20.

 3.21 Assignment of Committed Sums Under Certain Circumstances. In the event that any Lender becomes a Defaulting
Lender, Borrower shall have the right, at its own expense, upon notice to such Lender and Administrative Agent to require such Lender to transfer and assign without recourse (in accordance with and subject to the restrictions contained in
Section 14.12) all its interest, rights and obligations under this Agreement to one or more other financial institutions acceptable to Borrower (unless an Event of Default has occurred and is continuing) and Administrative Agent (which in each
case shall not be unreasonably withheld), which shall assume such obligations; provided that (i) no such assignment shall conflict with any law, rule or regulation or order of any Tribunal and (ii) Borrower or the assignee or
assignees, as the case may be, shall pay to each affected Lender in immediately available funds on the date of such assignment the principal of and interest accrued to the date of payment on the Borrowings made by it hereunder and all other amounts
accrued for its account or owed to it hereunder. Upon receipt by the applicable Lender of all amounts required to be paid to such Lender pursuant to this Section 3.21, Administrative Agent shall be entitled (but not obligated) and authorized to
execute an Assignment Agreement on behalf of such Lender, and any such Assignment Agreement so executed by Administrative Agent and the assignee shall be effective for purposes of this Section 3.21 and Section 14.12. A Lender shall not be
required to make any such assignment if, prior to Administrative Agent’s 

  
 31 

 
approval of such assignment, the circumstances entitling Borrower to require such assignment cease to apply. 
 SECTION 4 FEES. 
 4.1 Treatment of Fees. The fees
described in this Section 4 are calculated on the basis of actual number of days (including the first day but excluding the last day) elapsed, but computed as if each calendar year consisted of three hundred sixty (360) days,
unless computation would result in an interest rate in excess of the Maximum Rate in which event the computation is made on the basis of a year of 365 or 366 days, as the case may be. The fees described in this Section 4 are in
all events subject to the provisions of Section 3.8 of this Agreement. 
 4.2 LC Fees. As a condition
to the issuance or extension of a LC, Borrower shall pay to Administrative Agent (and such payment shall accompany each LC Request) a fee equal to (a) one-eighth of one percent (0.125%) multiplied by (b) the face amount of the LC,
payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, and on the Facility Maturity Date. Borrower shall also pay a commission on all outstanding LCs at a per annum rate equal to
the Applicable Margin with respect to LIBOR Rate Borrowings on the face amount of each LC. Such commission shall be payable quarterly in arrears to Administrative Agent for ratable distribution among the Lenders participating in the Facility.
Borrower also agrees to pay on demand and solely for the account of Administrative Agent, any and all additional customary LC fees including those relating to administering, issuing, confirming, negotiating or amending LCs. 

4.3 Facility Commitment Fee. Borrower shall pay to Administrative Agent for the account of each Lender a commitment fee
(“Commitment Fee”), payable as it accrues on each March 31, June 30, September 30, and December 31, and on the Facility Maturity Date, equal to the Applicable Margin times the amount by which (a) such
Lender’s Facility Committed Sum exceeds (b) such Lender’s average daily Facility Commitment Usage, in each case during the calendar quarter ending on such date. If there is any change in the Applicable Margin during any quarter, the
average daily amount shall be computed and multiplied by the Applicable Margin separately for each period that such Applicable Margin was in effect during such quarter. 
 4.4 Other Fees. Borrower shall pay to Administrative Agent, Lenders, and Arrangers, for their own account, fees and other amounts payable in the amounts and at the times separately agreed upon
between Borrower and such Persons in connection with the transactions contemplated hereby. 
 SECTION 5 SECURITY.

 5.1 Collateral. Full and complete payment of the Obligation is secured by all of the property (together with
proceeds thereof and any additional collateral ever furnished under Section 5.2, the “Collateral”) described in the following Security Documents: a security agreement in respect of all accounts receivable,
equipment (except as otherwise provided pursuant to the terms of such security agreement), fixtures, inventory, escrow accounts and other personal property of the Borrower, a pledge agreement executed by the Borrower of all owned capital stock of
any Subsidiary, provided that the pledge as respects the capital stock of a foreign Subsidiary shall be limited to sixty-five percent (65%) of such Subsidiary’s capital stock, and a negative pledge agreement of the Borrower not to
encumber any tangible personal property or real property, whether owned or leased, with any Liens other than as agreed to by Administrative Agent and Permitted Liens. 

  
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 5.2 Reaffirmation of Existing Security Documents. 

(a) Borrower hereby (i) reaffirms all of its agreements and obligations under the Existing Security Documents,
(ii) reaffirms that all Obligations of Borrower under or in connection with this Agreement are “Obligations” as that term is defined in each of the Existing Security Documents and (iii) reaffirms that all
Obligations are and shall continue to be secured by the Existing Security Documents, which remain in full force and effect and are hereby ratified and confirmed. 

(b) Borrower and each Guarantor shall execute and deliver amendments to the Existing Security Documents and the schedules
thereto (each if form and substance satisfactory to Administrative Agent) to the extent necessary to give effect to this Section 5.2. 
 5.3 Additional Security and Guaranties. Administrative Agent may, without notice or demand and without affecting any Person’s obligations under the Loan Papers, from time to time
(a) receive and hold additional collateral from any Person for the payment of all or any part of the Obligation and, subject to Section 14.10(b), exchange, enforce or release all or any part of that collateral and (b) accept and hold
any endorsement or guaranty of payment of all or any part of the Obligation and, subject to Section 14.10(b), release any endorser or guarantor, or any Person who has given any other security for the payment of all or any part of the
Obligation, or any other Person in any way obligated to pay all or any part of the Obligation. 
 5.4 Financing
Statements. Borrower will file, or cause to be filed, financing statements and will execute, or cause to be executed, stock powers and other writings in the form and content reasonably required by Administrative Agent, and Borrower will pay all
costs of filing any financing, continuation or termination statements, or other action taken by Administrative Agent relating to the Collateral, including, without limitation, costs and expenses of any Lien search reasonably required by
Administrative Agent. 
 SECTION 6 CONDITIONS PRECEDENT. 

6.1 Initial Borrowing. Lenders will not be obligated to fund the initial Borrowing unless Administrative Agent has timely received
(a) a Borrowing Request and (b) all of the items described on the attached Schedule 6. 
 6.2
All Borrowings or LCs. In addition, Lenders will not be obligated to fund (as opposed to continue or convert) any Borrowing, and Administrative Agent will not be obligated to issue any LC, as the case may be, unless on the applicable
Borrowing Date, issue date, or creation date (and after giving effect to the requested Borrowing or LC), as the case may be: (a) Administrative Agent shall have timely received a Borrowing Request or LC Request (together with the applicable
duly executed LC Agreement), as the case may be; (b) Administrative Agent shall have received any applicable LC fee; (c) all of the representations and warranties of the Borrower in the Loan Papers are true and correct in all material
respects (unless they speak to a specific date or are based on facts which have changed by transactions contemplated or permitted by this Agreement); (d) no Default or Potential Default exists; and (e) the funding of the Borrowing or
issuance of the LC, as the case may be, is permitted by Law. Upon Administrative Agent’s request, Borrower shall deliver to Administrative Agent evidence substantiating any of the matters in the Loan Papers that are necessary to enable Borrower
to qualify for the Borrowing or LC, as the case may be. 

  
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 6.3 Materiality of Conditions. Each condition precedent in this Agreement (including,
without limitation, those on the attached Schedule 6) is material to the transactions contemplated by this Agreement, and time is of the essence with respect to each condition precedent. 

6.4 Waiver. Subject to the prior approval of Majority Lenders, Lenders may fund any Borrowing, and Administrative Agent may issue
any LC, without all conditions being satisfied, but, to the extent permitted by Law, that funding and issuance shall not be deemed to be a waiver of the requirement that each condition precedent be satisfied as a prerequisite for any subsequent
funding or issuance, unless Majority Lenders specifically waive each item in writing. 
 SECTION 7 REPRESENTATIONS AND
WARRANTIES. Borrower represents and warrants to Administrative Agent and Lenders as follows: 
 7.1 Purpose of Credit
Facility. Borrower will use proceeds of Facility Borrowings and LCs for working capital and general corporate purposes of the Companies, to refinance certain indebtedness of Borrower and to finance Acquisitions permitted pursuant to
Section 9.8. No Company is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U
of the Board of Governors of the Federal Reserve System, as amended. No part of the proceeds of any LC draft or drawing, or Borrowing will be used, directly or indirectly, for a purpose that violates any Law, including without limitation, the
provisions of Regulation U. 
 7.2 Corporate Existence, Good Standing, Authority, and Compliance. Each Company is duly
organized, validly existing, and in good standing under the Laws of the jurisdiction in which it is incorporated or organized as identified on the attached Schedule 7.2 or on the most recently amended Schedule 7.2. Except
where failure is not a Material Adverse Event, each Company (a) is duly qualified to transact business and is in good standing as a foreign corporation or other entity in each jurisdiction where the nature and extent of its business and
properties require due qualification and good standing (those jurisdictions being identified on the attached Schedule 7.2 or on the most recently amended Schedule 7.2; (b) possesses all requisite authority, permits,
and power to conduct its business as is now being, or is contemplated by this Agreement to be, conducted; and (c) is in compliance with all applicable Laws, except in each case where the failure to so qualify, to possess such authority,
permits, or power or to comply with such Law would not cause a Material Adverse Event. 
 7.3 Subsidiaries. As of the
date of this Agreement, Borrower has no Subsidiaries except as disclosed on the attached Schedule 7.3 or on the most recently amended Schedule 7.3 reflecting changes to the schedule as a result of transactions permitted
by this Agreement. All of the outstanding shares of capital stock (or similar voting interests) of those Subsidiaries are duly authorized, validly issued, fully paid and nonassessable and are owned of record and beneficially as set forth thereon,
free and clear of any Liens, restrictions, claims or Rights of another Person, other than Permitted Liens, and are not subject to any warrant, option or other acquisition Right of any Person or subject to any transfer restriction except for
restrictions imposed by securities Laws and general corporate Laws. 
 7.4 Authorization and Contravention. The execution
and delivery by each Company of each Loan Paper or related document to which it is a party and the performance by it of its obligations thereunder (a) are within its corporate power; (b) have been duly authorized by all necessary corporate
action; (c) require no action by or filing with any Tribunal (other than any action or filing that has been taken or made on or before the date of this Agreement or which would not cause a Material Adverse Event); (d) do not violate any
provision of its charter or bylaws; (e) do not violate any provision of Law 

  
 34 

 
or order of any Tribunal applicable to it, other than violations that individually or collectively are not a Material Adverse Event; (f) do not violate any Material Agreements to which it is
a party, other than a violation which would not cause a Material Adverse Event; or (g) do not result in the creation or imposition of any Lien (other than the Lender Liens) on any asset of any Company. 

7.5 Binding Effect. Upon execution and delivery by all parties thereto, each Loan Paper will constitute a legal and binding
obligation of each Company party thereto, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws and general principles of equity. 

7.6 Financial Statements; Fiscal Year. The Current Financials were prepared in accordance with GAAP and present fairly, in all
material respects, the consolidated financial condition, results of operations, and cash flows of the Companies as of, and for the portion of the fiscal year ending, on the date or dates thereof (subject only to normal year-end adjustments). All
material liabilities of the Companies as of the date or dates of the Current Financials are reflected therein or in the notes thereto. Except for transactions directly related to, or specifically contemplated by, the Loan Papers, no subsequent
material adverse changes have occurred in the consolidated financial condition of the Companies from that shown in the Current Financials, nor has any Company incurred any subsequent material liability. The fiscal year of each Company ends on the
last Saturday in March. 
 7.7 Litigation. Except as disclosed on the attached Schedule 7.7 or the most
recently amended Schedule 7.7, no Company is subject to, or aware of the threat of, any Litigation that is reasonably likely to be determined adversely to any Company and, if so adversely determined, is a Material Adverse Event. Except
as permitted under Section 11.4, no outstanding and unpaid judgments against any Company exist. 
 7.8
Taxes. All Tax returns of each Company required to be filed have been filed (or extensions have been granted) before delinquency, except for returns for which the failure to file is not a Material Adverse Event, and all Taxes imposed upon
each Company that are due and payable have been paid before delinquency, other than Taxes for which the criteria for Permitted Liens have been satisfied or for which nonpayment is not a Material Adverse Event. 

7.9 Environmental Matters. Except as disclosed on Schedule 7.9 or on the most recently amended Schedule
7.9, (a) no Company knows of any environmental condition or circumstance materially adversely affecting any Company’s properties taken as a whole or operations; (b) no Company has received any report of any Company’s
material violation of any Environmental Law;(c) no Company knows that any Company is under any obligation to remedy any material violation of any Environmental Law; or (d) no facility of any Company is used for, or to the knowledge of any
Company has been used for, storage, treatment, or disposal of any Hazardous Substance, excluding the storage of Hazardous Substances in amounts commonly and lawfully used in automotive repair shops which have been handled in compliance with
applicable Environmental Law. Except as disclosed in Schedule 7.9, each Company has taken prudent steps to determine that its properties and operations do not violate any Environmental Law, other than violations that are not,
individually or in the aggregate, a Material Adverse Event, except where such condition, circumstance, violation or non-compliance would not reasonably be expected to have a monetary impact or cost to the Borrower equal to or in excess of five
percent (5%) of the Borrower’s pre-tax income during the preceding Four Quarter Period, such amount not to exceed $5,000,000. 

  
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 7.10 Employee Plans. Except where occurrence or existence is not a Material Adverse
Event, (a) no Employee Plan has incurred an “accumulated funding deficiency” (as defined in section 302 of ERISA or section 412 of the Code); (b) no Company has incurred liability under ERISA to the PBGC in connection with any
Employee Plan (other than required insurance premiums, all of which have been paid); (c) no Company has withdrawn in whole or in part from participation in a Multiemployer Plan; (d) no Company has engaged in any “prohibited
transaction” (as defined in section 406 of ERISA or section 4975 of the Code); and (e) no Reportable Event has occurred, excluding events for which the notice requirement is waived under applicable PBGC regulations. 

7.11 Properties; Liens. Each Company has good and marketable title to all its property reflected on the Current Financials (except
for property that is obsolete or that has been disposed in the ordinary course of business or, after the date of this Agreement, as otherwise permitted by Section 9.10 or Section 9.11). Except for Permitted
Liens, no Lien exists on any property of any Company, and the execution, delivery, performance, or observance of the Loan Papers will not require or result in the creation of any Lien (other than Lender Liens) on any Company’s property.

 7.12 Location; Real Estate Interests. Each Company’s chief executive office is located at the address on the
attached Schedule 7.12 or on the most recently amended Schedule 7.12. Each Company’s books and records concerning accounts and accounts receivable are located at its chief executive office, and all of its
inventory (other than inventory on consignment, in transit or in the possession of a subcontractor of any Company) is in its possession and, together with the Company’s other material assets, are located, until sold in the ordinary course of
business, at one or more of the locations on the attached Schedule 7.12 or on the most recently amended Schedule 7.12. Except as described on the attached Schedule 7.12, or on the most recently
amended Schedule 7.12, no Company has any ownership, leasehold, or other interest in real estate. 
 7.13
Government Regulations. No Company is subject to regulation under the Investment Company Act of 1940, as amended. 
 7.14
Transactions with Affiliates. Except as disclosed on the attached Schedule 7.14 other than the most recently amended Schedule 7.14 (if the disclosures are approved by Majority Lenders), no Company is a party to a
material transaction with any of its Affiliates (excluding other Companies), other than transactions in the ordinary course of business and upon fair and reasonable terms not materially less favorable than it could obtain or could become entitled to
in an arm’s-length transaction with a Person that was not its Affiliate. For purposes of this Section 7.14, a transaction is “material” if it requires any Company to pay more than $5,000,000 during the term of the
governing agreement. 
 7.15 Debt. No Company is an obligor on any Funded Debt, other than Permitted Debt. 

7.16 Material Agreements. No Company is a party to any Material Agreement, other than the Loan Papers, any Financial Hedge
permitted hereunder and the Material Agreements described on the attached Schedule 7.16. All described Material Agreements are in full force and effect, and no default or potential default exists on the part of any Company thereunder
that is a Material Adverse Event. 
 7.17 Insurance. Each Company maintains with financially sound, responsible, and
reputable insurance companies or associations (or, as to workers’ compensation or similar insurance, with an insurance fund or by self-insurance authorized by the jurisdictions in which it operates) insurance concerning its properties and
businesses against casualties and contingencies and of types and in amounts (and with co-insurance and deductibles) as is customary in the case of similar businesses. 

  
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 7.18 Labor Matters. No actual or threatened strikes, labor disputes, slow downs,
walkouts, or other concerted interruptions of operations by the employees of any Company that are a Material Adverse Event exist. Hours worked by and payment made to employees of the Companies have not been in violation of the Fair Labor Standards
Act or any other applicable Law dealing with labor matters, other than any violations, individually or collectively, that are not a Material Adverse Event. All payments due from any Company for employee health and welfare insurance have been paid or
accrued as a liability on its books, other than any nonpayments that are not, individually or collectively, a Material Adverse Event. 
 7.19 Solvency. On each Borrowing Date, each Company is, and after giving effect to the requested Borrowing will be, Solvent. 

7.20 Trade Names. No Company has used or transacted business under any other corporate or trade name in the five-year period
preceding the initial Borrowing Date, except as disclosed on the attached Schedule 7.20. 
 7.21 Intellectual
Property. Each Company owns or has the right to use all material licenses, patents, patent applications, copyrights, service marks, trademarks, trademark applications, and trade names necessary to continue to conduct its businesses as presently
conducted by it and proposed to be conducted by it immediately after the date of this Agreement. Each Company is conducting its business without infringement or claim of infringement of any license, patent, copyright, service mark, trademark, trade
name, trade secret or other intellectual property right of others, other than any infringements or claims that, if successfully asserted against or determined adversely to any Company, would not, individually or collectively, constitute a Material
Adverse Event. To the knowledge of any Company, no infringement or claim of infringement by others of any material license, patent, copyright, service mark, trademark, trade name, trade secret or other intellectual property of any Company exists.
Except as disclosed on the attached Schedule 7.21, or on the most recently amended Schedule 7.21, no Company has any ownership or other interest in any United States or foreign trademark applications or
registrations thereof, patent applications or issued patents, or copyright applications or registrations thereof. 
 7.22
Full Disclosure. All information previously furnished, furnished on the date of this Agreement, and furnished in the future, by any Company to Administrative Agent in connection with the Loan Papers (a) was, is, and will be, true and
accurate in all material respects or based on reasonable estimates on the date the information is stated or certified and (b) did not, does not, and will not, fail to state any fact the omission of which would otherwise make any such
information materially misleading. 
 SECTION 8 AFFIRMATIVE COVENANTS. So long as Lenders are committed to fund any
Borrowings and Administrative Agent is committed to issue LCs under this Agreement, and thereafter until the Obligation is paid in full, Borrower covenants and agrees as follows: 

8.1 Items to be Furnished. Borrower shall cause the following to be furnished to Administrative Agent and each Lender: 

(a) Promptly after preparation, and no later than one hundred (100) days after the last day of each fiscal year of
Borrower, Financial Statements showing the consolidated financial condition and results of operations of the Companies as of, and for the year ended on, that last day, accompanied by: 

(i) the unqualified opinion of Borrower’s Accountants, based on an audit using generally accepted auditing standards,
that the Financial Statements were prepared 

  
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in accordance with GAAP and present fairly, in all material respects, the consolidated financial condition and results of operations of the Companies, 

(ii) certificate from the accounting firm to Administrative Agent indicating that during its audit it obtained no
knowledge of any Default or Potential Default or, if it obtained knowledge, the nature and period of existence thereof, and 
 (iii) a Compliance Certificate with respect to the Financial Statements. 
 (b) Promptly after preparation, and no later than fifty (50) days after the last day of the first three fiscal quarters of Borrower, Financial Statements showing the consolidated financial condition
and results of operations of the Companies for the fiscal quarter and for the period from the beginning of the current fiscal year to the last day of the fiscal quarter, subject to ordinary year-end adjustments, accompanied by a Compliance
Certificate with respect to the Financial Statements. 
 (c) Within thirty (30) days after the end of each
fiscal year of Borrower (commencing with the fiscal year ending on or about March 31, 2011), the financial budget for the next succeeding fiscal year, accompanied by a certificate executed by a Responsible Officer certifying that the budget was
prepared by Borrower based on assumptions that, in light of the historical performance of the Companies and their prospects for the future, are reasonable as of the date prepared. 

(d) Promptly after receipt, a copy of each interim or special audit report and management letter issued by Borrower’s
Accountants with respect to any Company or its financial records. 
 (e) Notice, promptly after Borrower knows or
has reason to know, of (i) the existence and status of any Litigation that, if determined adversely to any Company, would be a Material Adverse Event; (ii) any change in any material fact or circumstance represented or warranted by any
Company in any Loan Paper; (iii) the receipt by any Company of notice of any violation or alleged violation of ERISA or any Environmental Law (which individually or collectively with other violations or allegations could constitute a Material
Adverse Event); or (iv) a Default or Potential Default, specifying the nature thereof and what action the Companies have taken, are taking, or propose to take. 

(f) Promptly after filing, copies of all material reports or filings filed by or on behalf of any Company with any
Tribunal. 
 (g) Promptly following a request therefor, all documentation and other information that any Lender
reasonably requests in writing as necessary in order for it to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act. 

(h) Promptly upon reasonable request by Administrative Agent or Majority Lenders (through Administrative Agent),
information (not otherwise required to be furnished under the Loan Papers) respecting the business affairs, assets, and liabilities of the Companies and opinions, projections, certifications, and documents in addition to those mentioned in this
Agreement. 

  
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 8.2 Use of Proceeds. Borrower shall use the proceeds of Borrowings only for the
purposes set forth in Section 7.1. 
 8.3 Books and Records. Borrower will, and will cause each other
Company, to maintain books, records, and accounts necessary to prepare financial statements in accordance with GAAP. 
 8.4
Inspections. Upon reasonable request and reasonable prior notice, Borrower will, and will cause each other Company, to allow Administrative Agent or any Lender (or their Representatives) to inspect any of its properties, to review reports,
files, and other records, and to make and take away copies, to conduct tests or investigations, and to discuss any of its affairs, conditions, and finances with its other creditors, directors, officers, employees, or representatives from time to
time, during reasonable business hours. 
 8.5 Taxes. Borrower will, and will cause each other Company, to promptly pay
when due any and all Taxes, other than Taxes which are being contested in good faith by lawful proceedings diligently conducted, against which reserve or other provision required by GAAP has been made, and in respect of which levy and execution of
any Lien have been and continue to be stayed. 
 8.6 Payment of Obligations. Borrower will, and will cause each other
Company, to promptly pay (or renew and extend) all of its material obligations as they become due (unless the obligations are being contested in good faith by appropriate proceedings). 

8.7 Expenses. Borrower shall promptly pay, within five (5) days following the receipt of an invoice therefor setting forth
the amount thereof (a) all costs, fees, and expenses paid or incurred by Administrative Agent and Arranger in connection with the arrangement, syndication, and negotiation of the Facility and the negotiation, preparation, delivery, and
execution of the Loan Papers and any related amendment, waiver, or consent (including in each case, without limitation, the reasonable fees and expenses of Administrative Agent’s and Arranger’s counsel) and (b) all costs, fees, and
expenses of Lenders, Administrative Agent, and Arranger incurred by Administrative Agent, Arranger, or any Lender in connection with the enforcement of the obligations of any Company arising under the Loan Papers or the exercise of any Rights
arising under the Loan Papers (including, but not limited to, reasonable attorneys’ fees, expenses, and costs paid or incurred in connection with any workout or restructure and any action taken in connection with any Debtor Relief Laws), all of
which shall be a part of the Obligation and shall bear interest, if not paid upon demand, at the Default Rate until repaid. 

8.8 Maintenance of Existence, Assets, and Business. Except as otherwise permitted by Section 9.11, Borrower
will, and will cause each other Company to (a) maintain its corporate existence and good standing in its state of incorporation and its authority to transact business in all other states where failure to maintain its authority to transact
business is a Material Adverse Event; (b) maintain all licenses, permits, and franchises necessary for its business where failure to do so is a Material Adverse Event; (c) keep all of its assets that are useful in and necessary to its
business in good working order and condition (ordinary wear and tear excepted) and make all necessary repairs and replacements. 

8.9 Insurance. Borrower will, and will cause each other Company to, maintain with financially sound, responsible, and reputable
insurance companies or associations (or, as to workers’ compensation or similar insurance, with an insurance fund or by self-insurance authorized by the jurisdictions in which it operates) insurance concerning its properties and businesses
against casualties and contingencies and of types and in amounts (and with co-insurance and deductibles) as is customary in the case of similar businesses similarly situated, which insurance may provide for reasonable deductibility

  
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from coverage thereof. Borrower shall, and shall cause each other Company to, deliver to Administrative Agent certificates of insurance for each policy of insurance and evidence of payment of all
premiums which certificates of insurance shall name Administrative Agent as an additional insured, secured party, mortgagee and loss payee and which provide Administrative Agent with at least thirty (30) days notice of cancellation or reduction
in coverage. If any insurance policy covered by an insurance certificate previously delivered to Administrative Agent is altered or canceled, then Borrower shall cause to be promptly delivered to Administrative Agent a replacement certificate (in
form and substance satisfactory to Administrative Agent). 
 8.10 Preservation and Protection of Rights. Borrower will,
and will cause each other Company to, perform the acts and duly authorize, execute, acknowledge, deliver, file, and record any additional writings as Administrative Agent or Majority Lenders may reasonably deem necessary or appropriate to perfect
and maintain the Lender Liens and preserve and protect the Rights of Administrative Agent and Lenders under any Loan Paper. 

8.11 Environmental Laws. Borrower will, and will cause each other Company to, (a) conduct its business so as to comply with
all applicable Environmental Laws and shall promptly take corrective action to remedy any non-compliance with any Environmental Law, except where failure to comply or take action would not have a monetary impact or cost to the Borrower equal to or
in excess of five percent (5%) of the Borrower’s pre-tax income during the preceding Four Quarter Period, or would otherwise be a Material Adverse Event, such amount in no event to exceed $5,000,000 and (b) establish and maintain a
management system designed to ensure compliance with applicable Environmental Laws and minimize financial and other risks to each Company arising under applicable Environmental Laws or as the result of environmentally related injuries to Persons or
property. Borrower shall deliver reasonable evidence of compliance with the foregoing covenant to Administrative Agent within thirty (30) days after any request from Majority Lenders. 

8.12 Subsidiaries. Borrower shall pledge to Administrative Agent for the benefit of Lenders all stock of each Person that becomes
a Subsidiary of Borrower after the date of this Agreement (whether as a result of acquisition, creation, or otherwise) within ten (10) days after becoming a Subsidiary of Borrower and shall execute and deliver a stock power in form acceptable
to Administrative Agent, as well as the original stock certificate. Borrower further agrees, (i) within ten (10) days after any Person becomes a Subsidiary of Borrower, that Borrower will cause such Subsidiary to execute a Guaranty and
shall promptly deliver such executed Guaranty to Administrative Agent and (ii) within ninety (90) days after such Person becomes a Subsidiary of the Borrower, that the Borrower will cause such Subsidiary to deliver to Administrative Agent
(A) a certificate from the secretary of the such Subsidiary attaching (I) a true and complete copy of the resolutions of its board of directors (or equivalent) and of all documents evidencing all necessary corporate (or equivalent) action
(in form and substance satisfactory to Administrative Agent) taken by it to authorize the execution and delivery of the Loan Papers to which it is a party and the transactions contemplated thereby, (II) attaching a true and complete copy of its
organizational documents, (III) setting forth the incumbency of its officer or officers or other analogous counterpart who may sign the Loan Papers, including therein a signature specimen of such officer or officers and (IV) attaching a certificate
of good standing (or equivalent) of the secretary of state of the jurisdiction of its organization and of each other jurisdiction in which it is qualified to do business, (B) Uniform Commercial Code, tax and judgment lien search reports with
respect to each applicable public office where Liens are or may be filed in respect of such Subsidiary disclosing that there are no Liens of record in such official’s office covering any Collateral or showing such Subsidiary as debtor
thereunder (other than Liens permitted to exist pursuant to Section 9.5), (C) legal opinions from counsel to such Subsidiary as may be reasonably required by Administrative Agent and (D) to the extent

  
 40 

 
requested, all documentation and all other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA Patriot Act. 
 8.13 Indemnification. BORROWER WILL, AND WILL CAUSE EACH OTHER COMPANY TO, JOINTLY
AND SEVERALLY, INDEMNIFY, PROTECT, AND HOLD ADMINISTRATIVE AGENT, ARRANGER, AND LENDERS AND THEIR RESPECTIVE PARENTS, SUBSIDIARIES, REPRESENTATIVES, SUCCESSORS, AND ASSIGNS (INCLUDING ALL OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS) (COLLECTIVELY,
THE “INDEMNIFIED PARTIES”) HARMLESS FROM AND AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, CLAIMS, AND PROCEEDINGS AND ALL COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION, ALL
ATTORNEYS’ FEES AND LEGAL EXPENSES WHETHER OR NOT SUIT IS BROUGHT), AND DISBURSEMENTS OF ANY KIND OR NATURE (THE “INDEMNIFIED LIABILITIES”) THAT MAY AT ANY TIME BE IMPOSED ON, INCURRED BY OR ASSERTED AGAINST THE INDEMNIFIED
PARTIES, IN ANY WAY RELATING TO OR ARISING OUT OF (A) THE DIRECT OR INDIRECT RESULT OF THE VIOLATION BY ANY COMPANY OF ANY ENVIRONMENTAL LAW; (B) ANY COMPANY’S GENERATION, MANUFACTURE, PRODUCTION, STORAGE, RELEASE, THREATENED RELEASE,
DISCHARGE, DISPOSAL, OR PRESENCE IN CONNECTION WITH ITS PROPERTIES OF A HAZARDOUS SUBSTANCE (INCLUDING, WITHOUT LIMITATION, (I) ALL DAMAGES OF ANY USE, GENERATION, MANUFACTURE, PRODUCTION, STORAGE, RELEASE, THREATENED RELEASE, DISCHARGE,
DISPOSAL, OR PRESENCE OR (II) THE COSTS OF ANY ENVIRONMENTAL INVESTIGATION, MONITORING, REPAIR, CLEANUP, OR DETOXIFICATION AND THE PREPARATION AND IMPLEMENTATION OF ANY CLOSURE, REMEDIAL OR OTHER PLANS); OR (C) THE LOAN PAPERS OR ANY OF THE
TRANSACTIONS CONTEMPLATED THEREIN; PROVIDED HOWEVER, IF THERE IS MORE THAN ONE INDEMNIFIED PARTY HAVING A RIGHT TO DEFEND SUCH CLAIM, ACTION, PROCEEDING OR SUIT AS AFORESAID, THE OBLIGATION OF BORROWER AND THE OTHER COMPANIES TO PAY THE FEES AND
EXPENSES OF SUCH INDEMNIFIED PARTIES SHALL BE LIMITED TO ONE FIRM OF ATTORNEYS. ANY INDEMNIFIED PARTY SHALL ALSO HAVE THE RIGHT TO EMPLOY SEPARATE COUNSEL AND TO PARTICIPATE IN ITS DEFENSE, BUT THE FEES AND EXPENSES OF SUCH COUNSEL SHALL BE BORNE BY
SUCH INDEMNIFIED PARTY. ANY DECISION BY AN INDEMNIFIED PARTY TO EMPLOY ITS OWN COUNSEL (WHETHER OR NOT AT BORROWER’S EXPENSE) SHALL IN NO WAY AFFECT ANY RIGHTS OF SUCH INDEMNIFIED PARTY OTHERWISE ARISING UNDER THIS SECTION 8.13. IN
ADDITION, BORROWER AND THE OTHER COMPANIES WILL NOT BE LIABLE FOR ANY SETTLEMENT OF ANY CLAIM, ACTION, PROCEEDING OR SUIT UNLESS BORROWER HAS CONSENTED THERETO IN WRITING. HOWEVER, ALTHOUGH EACH INDEMNIFIED PARTY HAS THE RIGHT TO BE INDEMNIFIED
UNDER THE LOAN PAPERS FOR ITS OWN ORDINARY NEGLIGENCE, NO INDEMNIFIED PARTY HAS THE RIGHT TO BE INDEMNIFIED UNDER THE LOAN PAPERS FOR ITS OWN FRAUD, GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT. THE PROVISIONS OF AND UNDERTAKINGS AND INDEMNIFICATION SET
FORTH IN THIS PARAGRAPH SHALL SURVIVE THE SATISFACTION AND PAYMENT OF THE OBLIGATION AND TERMINATION OF THIS AGREEMENT. 

8.14 Further Assurances. The Borrower shall, and shall cause each Guarantor to, do such further things and execute such additional
documents (including, without limitation, the perfection of 

  
 41 

 
security interest, in after-acquired property) as are reasonably requested by Lenders or the Administrative Agent. 
 8.15 Change of Control. Borrower shall promptly, but in any event within five (5) Business Days, give written notice to Administrative Agent upon obtaining knowledge of the occurrence of a
Change of Control. 
 SECTION 9 NEGATIVE COVENANTS. So long as Lenders are committed to fund Borrowings and the
Administrative Agent is committed to issue LCs under this Agreement, and thereafter until the Obligation is paid in full, Borrower covenants and agrees as follows: 
 9.1 Taxes. Borrower may not and may not permit any Company to use any portion of the proceeds of any Borrowing to pay the wages of employees, unless a timely payment to or deposit with the United
States of America of all amounts of Tax required to be deducted and withheld with respect to such wages is also made. 
 9.2
Payment of Obligations. Borrower may not and may not permit any Company to voluntarily prepay principal of, or interest on, any Debt other than the Obligation, if a Default or Potential Default exists. 

9.3 Employee Plans. Except where a Material Adverse Event would not result, Borrower may not and may not permit any Company to
permit any of the events or circumstances described in Section 7.10 to exist or occur. 
 9.4 Debt and
Debt Instruments. Borrower may not and may not permit any Company to create, incur, or suffer to exist any Funded Debt, other than Permitted Debt, nor materially modify any Debt that is subordinate to the Obligations or any document or
instrument evidencing such Debt. 
 9.5 Liens. Borrower may not and may not permit any Company to (a) create, incur,
or suffer or permit to be created or incurred or to exist any Lien upon any of its assets other than Permitted Liens or (b) enter into or permit to exist any arrangement or agreement that directly or indirectly prohibits any Company from
creating or incurring any Lien on any of its assets, other than the Loan Papers and leases that place a Lien prohibition on only the leased property. 
 9.6 Transactions with Affiliates. Except as disclosed on the attached Schedule 7.14, or on the most recently amended Schedule 7.14, (if the disclosures are approved by
Majority Lenders), Borrower may not and may not permit any Company to enter into any material transaction with any of its Affiliates (excluding other Companies), other than transactions in the ordinary course of business and upon fair and reasonable
terms not materially less favorable than it could obtain or could become entitled to in an arm’s-length transaction with a Person that was not its Affiliate. For purposes of this Section 9.6, a transaction is
“material” if it requires any Company to pay more than $5,000,000 during the term of the agreement governing such transaction. 
 9.7 Compliance with Laws and Documents. Borrower may not and may not permit any Company to (a) violate the provisions of any Laws applicable to it or of any Material Agreement to which it is a
party if that violation alone, or when aggregated with all other violations, would be a Material Adverse Event; (b) violate the provisions of its charter or bylaws; or (c) repeal, replace, or amend any provision of its charter or bylaws if
that action would be a Material Adverse Event. 

  
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 9.8 Loans, Advances and Investments. Except as permitted by
Section 9.9 or Section 9.11, Borrower may not and may not permit any Company to make any loan, advance, extension of credit or capital contribution to, make any investment in, or purchase or commit to purchase
any stock or other securities or evidences of Debt of, or interests in, any other Person; provided, however, Borrower or a Company may make an advance to, investment in or purchase from another Person if: 

(1) (a) such action results in the acquisition of such Person by Borrower or such Company, (b) such action
results in the Borrower’s direct or indirect ownership of new stores, (c) such Person is in a line of business which is substantially the same as or complementary to the Borrower’s principal line of business, (d) the executive
offices of such Person are located in either the United States or Canada, and (e) immediately after giving effect to such acquisition, the Companies shall be in pro forma compliance with all covenants under Article 10 (which pro
forma compliance shall be calculated based on the actual results of Borrower for the immediately preceding Four Quarter Period and the projected EBITDA and Debt of such Person for the immediately succeeding Four Quarter Period as reasonably
determined by Borrower) and shall not be in Default or Potential Default under this Agreement; provided that if any acquisition described in this clause (1) is in excess of an aggregate cost to Borrower or such Company of more than
$50,000,000 (excluding any loans, advances or other extensions of credit or capital contributions made or to be made by Borrower or such Company in connection with the consummation of such acquisition), Borrower shall deliver to Administrative
Agent, prior to the consummation of such acquisition, a certificate of a Responsible Officer of Borrower in form and substance satisfactory to Administrative Agent demonstrating, on a pro forma basis after giving effect to such acquisition that the
Companies shall be in compliance with all covenants in this Agreement, or 
 (2) such action is used to
provide financial assistance to third parties that may be purchasing or subleasing certain facilities owned or leased by Borrower and the cumulative principal amount of such financing is not greater than $10,000,000 (provided that such third party
loans shall be assigned to Lenders and shall not exceed a term of five (5) years), or 
 (3) such action is
for investments in Cash Equivalents, or 
 (4) such action is for investments in marketable securities
traded on a national securities exchange for which there can be obtained a publicly quoted fair market value and the aggregate fair market value of such marketable securities is not greater than $5,000,000 at any time, or 

(5) (a) such action results in the acquisition of a minority ownership interest in such Person by Borrower or such
Company, (b) such Person is in a line of business which is substantially the same as or complementary to the Borrower’s principal line of business, (c) the executive offices of such Person are located in either the United States or
Canada, and (d) immediately after giving effect to such acquisition, the Companies shall be in pro forma compliance with all covenants under Article 10 (which pro forma compliance shall be calculated based on the actual results of
Borrower for the immediately preceding Four Quarter Period and the projected EBITDA and Debt of such Person for the immediately succeeding Four Quarter Period as reasonably determined by Borrower) and shall not be in Default or Potential Default
under this Agreement; provided that if any acquisition described in this clause (5) is in excess of an aggregate cost to Borrower or such Company of more than $30,000,000 (excluding any loans, advances or other extensions of credit or
capital contributions made or to be made by Borrower or such Company in connection with the consummation of such acquisition), Borrower shall deliver 

  
 43 

 
to Administrative Agent, prior to the consummation of such acquisition, a certificate of a Responsible Officer of Borrower in form and substance satisfactory to Administrative Agent
demonstrating, on a pro forma basis after giving effect to such acquisition that the Companies shall be in compliance with all covenants in this Agreement. 
 9.9 Dividends and Distributions. Borrower may not and may not permit any Company to declare, make, or pay any Distribution other than Distributions declared, made, or paid by (a) Borrower
wholly in the form of its capital stock; (b) any other Company to Borrower; (c) Borrower in cash in respect of the retirement, redemption, purchase or other acquisition of its Capital Stock or other equity securities, provided that,
before and after giving effect to any such retirement, redemption, purchase or other acquisition, the Companies shall be in compliance with all covenants under Article 10 and shall not be in Default or Potential Default under this
Agreement; and (d) Borrower in cash in respect of dividends on its Capital Stock or other equity securities in an aggregate amount in any Four Quarter Period not to exceed an amount equal to 50% of the Net Income of Borrower and its
Subsidiaries for the immediately preceding Four Quarter Period, provided that, before and after giving effect to any such cash dividend permitted to be made under this clause (d), the Companies shall be in compliance with all covenants under
Article 10 and shall not be in Default or Potential Default under this Agreement. Borrower may not and may not permit any Company to enter into or permit to exist any arrangement or agreement (other than the Loan Papers) that prohibits
it from paying dividends or other distributions to its shareholders. 
 9.10 Sale of Assets. Borrower may not and may not
permit any Company to sell, assign, lease, transfer, or otherwise dispose of any of its assets, other than (a) sales of inventory in the ordinary course of business; (b) the sale, discount, or transfer of delinquent accounts receivable in
the ordinary course of business for purposes of collection; (c) occasional sales, leases, or other dispositions of immaterial assets for consideration not less than fair market value; (d) sales, leases, or other dispositions of assets that
are obsolete or have negligible fair market value; (e) sales of equipment for a fair and adequate consideration (but if replacement equipment is necessary for the proper operation of the business of the seller, the seller must promptly replace
the sold equipment); (f) sale and leasebacks of real property that do not in the aggregate exceed forty percent (40%) of the Borrower’s capital expenditures in the prior fiscal year; (g) sale, lease, or other disposition by a
Company of its assets to the Borrower; (h) sale and leasebacks of equipment that are acquired and sold within twelve (12) months of acquisition of such equipment, (i) sales of assets or sale-leasebacks (as defined in
Section 9.16) of assets the aggregate net proceeds in respect of which do not exceed $50,000,000 during the period from the Closing Date to the Facility Maturity Date and sold for a price which is within a fair market value for
such assets, provided that if the net proceeds from any single transaction in respect of any sale-leaseback of assets is in excess of $15,000,000, Borrower shall deliver to Administrative Agent, prior to the consummation of such
sale-leaseback, a certificate of a Responsible Officer of Borrower demonstrating, on a pro forma basis after giving effect to such sale-leaseback that the Companies shall be in compliance with all covenants in this Agreement; or (j) as
disclosed on the attached Schedule 9.10. 
 9.11 Mergers and Dissolutions. Borrower may not and may not
permit any Company to merge or consolidate with any other Person or liquidate, wind up, or dissolve (or suffer any liquidation or dissolution); provided, however, if after giving effect thereto, no Default shall have occurred and be
continuing (a) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation; (b) any Person other than the Borrower may merge into any Subsidiary of the Borrower in a transaction in which the
surviving entity is such Subsidiary; and (c) any Subsidiary of the Borrower may liquidate or dissolve so long as the Borrower determines in good faith that such liquidation or dissolution is in the best interest of the Borrower. 

  
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 9.12 Assignment. Borrower may not and may not permit any Company to assign or
transfer any of its Rights, duties, or obligations under any of the Loan Papers. 
 9.13 Fiscal Year and Accounting
Methods. Borrower may not and may not permit any Company to change its fiscal year or its method of accounting (other than immaterial changes in methods or as required or permitted by GAAP). 

9.14 New Businesses. Borrower may not and may not permit any Company to engage in any business except the businesses in
which they are presently engaged and any other reasonably related business. 
 9.15 Government Regulations. Borrower may
not and may not permit any Company to conduct its business in a way that it becomes regulated under the Investment Company Act of 1940, as amended. 
 9.16 Leases; Sale-Leasebacks; Tax Leases. Except as otherwise permitted by Section 9.10, the Borrower will not, and will not permit any Subsidiary to, enter into any arrangement
whereby the Borrower or any such Subsidiary shall sell or transfer property owned by the Borrower or such Subsidiary and then or thereafter as Lessee rent or lease such property (any such arrangement being herein referred to as a
“sale-leaseback”). 
 9.17 Subsidiaries. Permit any Person other than a Company to acquire,
directly or indirectly, beneficially or of record, shares representing more than twenty percent (20%) of the aggregate ordinary voting power represented by the issued and outstanding capital stock of any Subsidiary of the Borrower. 

SECTION 10 FINANCIAL COVENANTS. So long as Lenders are committed to fund Borrowings and Administrative Agent is committed to
issue LCs under this Agreement, and thereafter until the Obligation is paid and performed in full, Borrower covenants and agrees to comply with the following financial covenants as calculated on the last day of each fiscal quarter period and
certified by Borrower in the most recent Compliance Certificate delivered to Administrative Agent, on behalf of the Lenders, from time to time in accordance with the terms of this Agreement: 

(a) Interest Coverage Ratio. At all times, Borrower shall not permit the Interest Coverage Ratio to be less than
1.95 to 1.00. 
 (b) Adjusted Debt to EBITDAR. At no time shall Adjusted Debt to EBITDAR exceed 4.50 to
1.00. 
 SECTION 11 DEFAULT. The term Default means the occurrence of any one or more of the following events: 

11.1 Payment of Obligation. The failure of any Company to pay any part of the Obligation within five (5) Business Days after
it becomes due and payable under the Loan Papers. 
 11.2 Covenants. The failure of Borrower (and, if applicable, any
other Company) to punctually and properly perform, observe, and comply with: 
 (a) Any covenant or agreement
contained in Sections 8.2, 9.2, 9.9, 9.10, 9.11, 9.12, or 9.16; 

  
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 (b) Any covenant or agreement contained in Section 8.1(a)
and (b), 8.3, 8.4, 8.8, 9.3, 9.4, 9.8, 9.13, 9.14, 9.15, or 9.17, and failure continues for ten
(10) days after the first to occur of (i) Borrower knows of or (ii) Borrower receives notice from Administrative Agent of, such failure; or 
 (c) Any other covenant or agreement contained in any Loan Paper (other than the covenants to pay the Obligation and the covenants in clauses (a) and (b) preceding),
and failure continues for thirty (30) days after the first to occur of (i) Borrower knows of or (ii) Borrower receives notice from Administrative Agent of, such failure. 

11.3 Debtor Relief. Any Company (a) is not Solvent; (b) fails to pay its Debts generally as they become due;
(c) voluntarily seeks, consents to, or acquiesces in the benefit of any Debtor Relief Law; or (d) becomes a party to or is made the subject of any proceeding provided for by any Debtor Relief Law, other than as a creditor or claimant, that
could suspend or otherwise adversely affect the Rights of Administrative Agent or any Lender granted in the Loan Papers (unless, if the proceeding is involuntary, the applicable petition is dismissed within sixty (60) days after its
filing). 
 11.4 Judgments and Attachments. Any Company fails, within sixty (60) days after entry, to pay, bond or
otherwise discharge any judgment or order for the payment of money in excess of $5,000,000 (individually or collectively) or any warrant of attachment, sequestration, or similar proceeding against any Company’s assets having a value
(individually or collectively) of $5,000,000, which is neither (a) stayed on appeal nor (b) diligently contested in good faith by appropriate proceedings and adequate reserves have been set aside on its books in accordance with GAAP.

 11.5 Government Action. (a) A final non-appealable order is issued by any Tribunal (including, but not limited
to, the United States Justice Department) seeking to cause any Company to divest a significant portion of its assets under any antitrust, restraint of trade, unfair competition, industry regulation or similar Laws or (b) any Tribunal condemns,
seizes or otherwise appropriates or takes custody or control of all or any substantial portion of the assets of any Company. 

11.6 Misrepresentation. Any representation or warranty made by any Company contained in any Loan Paper at any time proves to have
been materially incorrect when made. 
 11.7 Material Adverse Event. A Material Adverse Event occurs and is continuing.

 11.8 Default Under Other Agreements. (a) Any Company fails to pay when due (after lapse of any applicable grace
period) any Debt in excess (individually or collectively) of $5,000,000; (b) any default exists under any agreement to which a Company is a party, the effect of which is to cause, or to permit any Person (other than a Company) to cause, an
amount in excess (individually or collectively) of $5,000,000 to become due and payable by any Company before its stated maturity; or (c) any Debt in excess (individually or collectively) of $5,000,000 is declared to be due and payable or
required to be prepaid by any Company before its stated maturity. 
 11.9 LCs. Administrative Agent is served with, or
becomes subject to, a court order, injunction, or other process or decree restraining or seeking to restrain it from paying any amount under any LC and either (a) a drawing has occurred under the LC and Borrower has refused to reimburse
Administrative Agent for payment or (b) the expiration date of the LC has occurred but the right of any beneficiary thereunder to draw under the LC has been extended past the expiration date in connection with the pendency of the related court
action or proceeding and Borrower has failed to deposit with 

  
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Administrative Agent cash collateral in an amount equal to Administrative Agent’s maximum exposure under the LC. 
 11.10 Validity and Enforceability of Loan Papers. Except in accordance with its terms or as otherwise expressly permitted by this Agreement, any Loan Paper at any time after its execution and
delivery ceases to be in full force and effect in any material respect or is declared by a Tribunal to be null and void or its validity or enforceability is contested in writing by any Company party thereto or any Company denies in writing that it
has any further liability or obligations under any Loan Paper to which it is a party. 
 11.11 Employee Benefit Plans.
Any of the following exists with respect to any Employee Plan of any Company: (a) a Reportable Event; (b) disqualification or involuntary termination proceedings; (c) voluntary termination proceedings are initiated while a funding
deficiency (as determined under section 412 of the Code) exists; (d) withdrawal liability exists with respect to a Multiemployer Plan; (e) a trustee is appointed by any federal district court or the PBGC to administer an Employee Plan;
(f) termination proceedings are initiated by the PBGC; (g) failure by any Company to promptly notify Administrative Agent upon its receipt of notice of any proceeding or other actions that may result in termination of an Employee Plan if
the proceeding or termination would constitute a Material Adverse Event. 
 SECTION 12 RIGHTS AND REMEDIES. 

12.1 Remedies Upon Default. 
 (a) If a Default (i) occurs under Section 11.3(c) or (ii) occurs and is continuing under Section 11.3(a), (b), or (d), the
commitment to extend credit under this Agreement automatically terminates, the entire unpaid balance of the Obligation automatically becomes due and payable without any action of any kind whatsoever, and Borrower must provide cash collateral in an
amount equal to the then-existing LC Exposure. 
 (b) If a Default occurs and is continuing, subject to the terms
of Section 13.5(b), Administrative Agent may (with the consent of, and must, upon the request of, Majority Lenders), do any one or more of the following: (i) if the maturity of the Obligation has not already been accelerated
under Section 12.1(a), declare the entire unpaid balance of all or any part of the Obligation immediately due and payable, whereupon it is due and payable; (ii) terminate the commitments of Lenders to extend credit under this
Agreement; (iii) reduce any claim to judgment; (iv) to the extent permitted by Law, exercise (or request each Lender to, and each Lender is entitled to, exercise) the Rights of offset or banker’s Lien against the interest of any
Company in and to every account and other property of any Company that are in the possession of Administrative Agent or any Lender to the extent of the full amount of the Obligation (and to the extent permitted by Law, each Company is deemed
directly obligated to each Lender in the full amount of the Obligation for this purpose); (v) demand Borrower to provide cash collateral in an amount equal to the LC Exposure then existing; and (vi) exercise any and all other legal or
equitable Rights afforded by the Loan Papers, the Laws of the State of New York, or any other applicable jurisdiction. 
 (c) If, in reliance on Section 13.5(b), Administrative Agent refuses to take any action under Section 12.1(b) at the request of Majority Lenders, then Majority
Lenders may take that action. 

  
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 12.2 Company Waivers. To the extent permitted by Law, each Company waives presentment
and demand for payment, protest, notice of intention to accelerate, notice of acceleration, and notice of protest and nonpayment and agrees that its liability with respect to all or any part of the Obligation is not affected by any renewal or
extension in the time of payment of all or any part of the Obligation, by any indulgence, or by any release or change in any security for the payment of all or any part of the Obligation. 

12.3 Performance by Administrative Agent. If any covenant, duty or agreement of any Company is not performed in accordance with
the terms of the Loan Papers, Administrative Agent may, while a Default exists, at its option (but subject to the approval of Majority Lenders), perform or attempt to perform that covenant, duty or agreement on behalf of that Company (and any amount
expended by Administrative Agent in its performance or attempted performance is payable by the Companies, jointly and severally, to Administrative Agent on demand, becomes part of the Obligation, and bears interest at the Default Rate from the date
of Administrative Agent’s expenditure until paid). However, neither Administrative Agent nor any Lender assumes or shall have, except by its express written consent, any liability or responsibility for the performance of any covenant, duty, or
agreement of any Company. 
 12.4 Not in Control. None of the covenants or other provisions contained in any Loan Paper
shall, or shall be deemed to, give Administrative Agent or Lenders the Right to exercise control over the assets (including, without limitation, real property), affairs, or management of any Company; the power of Administrative Agent and Lenders is
limited to the Right to exercise the remedies provided in this Section 12. 
 12.5 Course of Dealing.
The acceptance by Administrative Agent or Lenders of any partial payment on the Obligation shall not be deemed to be a waiver of any Default then existing. No waiver by Administrative Agent, Majority Lenders, or Lenders of any Default shall be
deemed to be a waiver of any other then-existing or subsequent Default. No delay or omission by Administrative Agent, Majority Lenders, or Lenders in exercising any Right under the Loan Papers will impair that Right or be construed as a waiver
thereof or any acquiescence therein, nor will any single or partial exercise of any Right preclude other or further exercise thereof or the exercise of any other Right under the Loan Papers or otherwise. 

12.6 Cumulative Rights. All Rights available to Administrative Agent, Majority Lenders, and Lenders under the Loan Papers are
cumulative of and in addition to all other Rights granted to Administrative Agent, Majority Lenders, and Lenders at law or in equity, whether or not the Obligation is due and payable and whether or not Administrative Agent, Majority Lenders, or
Lenders have instituted any suit for collection, foreclosure, or other action in connection with the Loan Papers. 
 12.7
Application of Proceeds. Any and all proceeds ever received by Administrative Agent or Lenders from the exercise of any Rights pertaining to the Obligation shall be applied to the Obligation according to Section 3.11.

 12.8 Diminution in Value of Collateral. Neither Administrative Agent nor any Lender has any liability or
responsibility whatsoever for any diminution in or loss of value of any collateral now or hereafter securing payment or performance of all or any part of the Obligation (other than diminution in or loss of value caused by its gross negligence or
willful misconduct). 
 12.9 Certain Proceedings. Borrower will promptly execute and deliver, or cause the execution and
delivery of, all applications, certificates, instruments, registration statements, and all other documents 

  
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and papers Administrative Agent or Majority Lenders reasonably request in connection with the obtaining of any consent, approval, registration, qualification, permit, license, or authorization of
any Tribunal or other Person necessary or appropriate for the effective exercise of any Rights under the Loan Papers. Because Borrower agrees that Administrative Agent’s and Majority Lenders’ remedies at Law for failure of Borrower to
comply with the provisions of this paragraph would be inadequate and that failure would not be adequately compensable in damages, Borrower agrees that the covenants of this paragraph may be specifically enforced. 

12.10 Change of Control. Notwithstanding anything to the contrary contained in this Agreement, the Majority Lenders may, upon the
happening of a Change of Control, declare the Notes due and payable on a date not earlier than sixty (60) days after delivery of written notice to Borrower. The Notes then outstanding (including all Principal Debt plus accrued interest thereon
and any other amounts owed by Borrower to Administrative Agent or Lenders pursuant to this Agreement or any other Loan Paper) shall thereupon become automatically due and payable on the date set forth in such notice without any further notice or
demand of any kind. 
 SECTION 13 AGREEMENT AMONG LENDERS. 

13.1 Administrative Agent. 
 (a) Each Lender appoints Administrative Agent (and Administrative Agent accepts appointment) as its nominee and agent, in its name and on its behalf: (i) to act as its nominee and on its behalf in,
under and in accordance with all Loan Papers; (ii) to arrange the means whereby its funds are to be made available to Borrower under the Loan Papers; (iii) to take any action that it properly requests under the Loan Papers (subject to the
concurrence of other Lenders as may be required under the Loan Papers); (iv) to receive all documents and items to be furnished to it under the Loan Papers; (v) to be the secured party, mortgagee, beneficiary, recipient, and similar party
in respect of any collateral for the benefit of Lenders; (vi) to promptly distribute to it all material information, requests, documents, and items received from Borrower under the Loan Papers; (vii) to promptly distribute to it its
ratable part of each payment or prepayment (whether voluntary, as proceeds of collateral upon or after foreclosure, as proceeds of insurance thereon, or otherwise) in accordance with the terms of the Loan Papers (including without limitation,
environmental notices, notices of default and all financial statements and Compliance Certificates); and (viii) to deliver to the appropriate Persons requests, demands, approvals, and consents received from it. However, Administrative Agent may
not be required to take any action that exposes it to personal liability or that is contrary to any Loan Paper or applicable Law. 
 (b) If the initial or any successor Administrative Agent ever ceases to be a party to this Agreement or if the initial or any successor Administrative Agent ever resigns (whether voluntarily or at the
request of Majority Lenders), then Majority Lenders shall appoint the successor Administrative Agent from among the Lenders with Commitment Sums of at least $25,000,000 (other than the resigning Administrative Agent). If Majority Lenders fail to
appoint a successor Administrative Agent within thirty (30) days after the resigning Administrative Agent has given notice of resignation or Majority Lenders have removed the resigning Administrative Agent, then the resigning Administrative
Agent may, on behalf of Lenders and with the consent of the Borrower, which shall not be unreasonably withheld or delayed, appoint a successor Administrative Agent, which must be a commercial bank having a combined capital and surplus of at least
$1,000,000,000 (as shown on its most recently published statement of condition). Upon its acceptance of appointment as successor Administrative Agent, the successor Administrative 

  
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Agent succeeds to and becomes vested with all of the Rights of the prior Administrative Agent, and the prior Administrative Agent is discharged from its duties and obligations of Administrative
Agent under the Loan Papers (but, when used in connection with LCs issued and outstanding before the appointment of the successor Administrative Agent, “Administrative Agent” shall continue to refer solely to RBS Citizens, N.A.), and each
Lender shall execute such documents as any Lender, the resigning or removed Administrative Agent, or the successor Administrative Agent reasonably request to reflect the change. After any Administrative Agent’s resignation or removal as
Administrative Agent under the Loan Papers, the provisions of this Section 13 inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Papers. 

(c) Administrative Agent, in its capacity as a Lender, has the same Rights under the Loan Papers as any other Lender and
may exercise those Rights as if it were not acting as Administrative Agent; the term “Lender” shall, unless the context otherwise indicates, include Administrative Agent; and Administrative Agent’s resignation or removal shall not
impair or otherwise affect any Rights that it has or may have in its capacity as an individual Lender. Each Lender and Borrower agree that Administrative Agent is not a fiduciary for Lenders or for Borrower but simply is acting in the capacity
described in this Agreement to alleviate administrative burdens for Borrower and Lenders, that Administrative Agent has no duties or responsibilities to Lenders or Borrower except those expressly set forth in the Loan Papers, and that Administrative
Agent in its capacity as a Lender has all Rights of any other Lender. 
 (d) Administrative Agent may now or
hereafter be engaged in one or more loan, letter of credit, leasing or other financing transaction with Borrower, act as trustee or depositary for Borrower, or otherwise be engaged in other transactions with Borrower (the “other
activities”) not the subject of the Loan Papers. Without limiting the Rights of Lenders specifically set forth in the Loan Papers, Administrative Agent is not responsible to account to Lenders for those other activities, and no Lender
shall have any interest in any other activities, any present or future guaranties by or for the account of Borrower that are not contemplated or included in the Loan Papers, any present or future offset exercised by Administrative Agent in
respect of those other activities, any present or future property taken as security for any of those other activities, or any property now or hereafter in Administrative Agent’s possession or control that may be or become security for the
obligations of Borrower arising under the Loan Papers by reason of the general description of indebtedness secured or of property contained in any other agreements, documents, or instruments related to any of those other activities (but, if any
payments in respect of those guaranties or that property or the proceeds thereof is applied by Administrative Agent to reduce the Obligation, then each Lender is entitled to share ratably in the application as provided in the Loan Papers).

 13.2 Expenses. Each Lender shall pay its Pro Rata Part of any reasonable expenses (including, without limitation,
court costs, reasonable attorneys’ fees, and other costs of collection) incurred by Administrative Agent (while acting in such capacity) in connection with any of the Loan Papers if Administrative Agent is not reimbursed from other sources
within thirty (30) days after incurrence. Each Lender is entitled to receive its Pro Rata Part of any reimbursement that it makes to Administrative Agent if Administrative Agent is subsequently reimbursed from other sources. 

13.3 Proportionate Absorption of Losses. Except as otherwise provided in the Loan Papers, nothing in the Loan Papers gives any
Lender any advantage over any other Lender insofar as the Obligation (other than any Hedging Obligation) is concerned or to relieve any Lender from ratably 

  
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absorbing any losses sustained with respect to the Obligation (except (x) for Hedging Obligations and (y) to the extent unilateral actions or inactions by any Lender result in Borrower
or any other obligor on the Obligation having any credit, allowance, setoff, defense, or counterclaim solely with respect to all or any part of that Lender’s Pro Rata Part of the Obligation). 

13.4 Delegation of Duties; Reliance. Lenders may perform any of their duties or exercise any of their Rights under the Loan Papers
by or through Administrative Agent, and Lenders and Administrative Agent may perform any of their duties or exercise any of their Rights under the Loan Papers by or through their respective Representatives. Administrative Agent, Lenders and their
respective Representatives (a) are entitled to rely upon (and shall be protected in relying upon) any written or oral statement believed by it or them to be genuine and correct and to have been signed or made by the proper Person and, with
respect to legal matters, upon opinion of counsel selected by Administrative Agent or that Lender (but nothing in this clause (a) permits Administrative Agent to rely on (i) oral statements if a writing is required by this
Agreement or (ii) any other writing if a specific writing is required by this Agreement), (b) are entitled to deem and treat each Lender as the owner and holder of its Pro Rata Part of the Principal Debt for all purposes until, subject to
Section 14.12, written notice of the assignment or transfer is given to and received by Administrative Agent (and any request, authorization, consent or approval of any Lender is conclusive and binding on each subsequent holder,
assignee or transferee of or Participant in that Lender’s Pro Rata Part of the Principal Debt until that notice is given and received), (c) are not deemed to have notice of the occurrence of a Default unless a responsible officer of
Administrative Agent, who handles matters associated with the Loan Papers and transactions thereunder, has actual knowledge or Administrative Agent has been notified by a Lender or Borrower, and (d) are entitled to consult with legal counsel
(including counsel for Borrower), independent accountants, and other experts selected by Administrative Agent and are not liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of counsel, accountants,
or experts. 
 13.5 Limitation of Administrative Agent’s Liability. 

(a) Neither Administrative Agent nor any of its Representatives will be liable for any action taken or omitted to be taken
by it or them under the Loan Papers in good faith and believed by it or them to be within the discretion or power conferred upon it or them by the Loan Papers or be responsible for the consequences of any error of judgment (except for fraud, gross
negligence or willful misconduct), and neither Administrative Agent nor any of its Representatives has a fiduciary relationship with any Lender by virtue of the Loan Papers (but nothing in this Agreement negates the obligation of Administrative
Agent to account for funds received by it for the account of any Lender). 
 (b) Unless indemnified to its
satisfaction, Administrative Agent may not be compelled to do any act under the Loan Papers or to take any action toward the execution or enforcement of the powers thereby created or to prosecute or defend any suit in respect of the Loan Papers. If
Administrative Agent requests instructions from Lenders, or Majority Lenders, as the case may be, with respect to any act or action in connection with any Loan Paper, Administrative Agent is entitled to refrain (without incurring any liability to
any Person by so refraining) from that act or action unless and until it has received instructions. In no event, however, may Administrative Agent or any of its Representatives be required to take any action that it or they determine could incur for
it or them criminal or onerous civil liability. Without limiting the generality of the foregoing, no Lender has any right of action against Administrative Agent as a result of Administrative Agent’s acting or refraining from acting under this
Agreement 

  
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in accordance with instructions of Majority Lenders, or, if unanimity is required, in accordance with instructions of all Lenders. 

(c) Administrative Agent is not responsible to any Lender or any Participant for, and each Lender represents and warrants
that it has not relied upon Administrative Agent in respect of, (i) the creditworthiness of any Company and the risks involved to that Lender, (ii) the effectiveness, enforceability, genuineness, validity or due execution of any Loan Paper
(other than by Administrative Agent), (iii) any representation, warranty, document, certificate, report or statement made therein (other than by Administrative Agent) or furnished thereunder or in connection therewith, (iv) the adequacy of
any collateral now or hereafter securing the Obligation or the existence, priority or perfection of any Lien now or hereafter granted or purported to be granted on the collateral under any Loan Paper, or (v) the observance of or compliance with
any of the terms, covenants or conditions of any Loan Paper on the part of any Company. EACH LENDER AGREES TO INDEMNIFY ADMINISTRATIVE AGENT
AND ITS REPRESENTATIVES AND HOLD THEM HARMLESS FROM AND AGAINST (BUT
LIMITED TO SUCH LENDER’S PRO RATA PART OF) ANY AND ALL
LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS, REASONABLE
EXPENSES, AND REASONABLE DISBURSEMENTS OF ANY KIND OR NATURE WHATSOEVER THAT
MAY BE IMPOSED ON, ASSERTED AGAINST, OR INCURRED BY THEM IN ANY
WAY RELATING TO OR ARISING OUT OF THE LOAN PAPERS OR ANY
ACTION TAKEN OR OMITTED BY THEM UNDER THE LOAN PAPERS IF
ADMINISTRATIVE AGENT AND ITS REPRESENTATIVES ARE NOT REIMBURSED FOR SUCH AMOUNTS
BY ANY COMPANY. ALTHOUGH ADMINISTRATIVE AGENT AND ITS REPRESENTATIVES HAVE THE
RIGHT TO BE INDEMNIFIED UNDER THIS AGREEMENT FOR ITS OR THEIR OWN
ORDINARY NEGLIGENCE, ADMINISTRATIVE AGENT AND ITS REPRESENTATIVES DO NOT HAVE THE
RIGHT TO BE INDEMNIFIED UNDER THIS AGREEMENT FOR ITS OR THEIR OWN
FRAUD, GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT. 
 13.6 Delegation of Duties by Administrative Agent. Administrative Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Loan Paper
by or through any one or more sub-agents appointed by Administrative Agent and any sub-agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Loan Paper by or through any one or more
sub-agents appointed by such sub-agent with the approval of Administrative Agent (such appointing sub-agent is referred to in this Section 13.6 as an “Appointing Sub-Agent”). Administrative Agent and each
such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory, indemnification and other provisions of this Section 13 and of
Section 8.13 shall apply to any of the Affiliates of Administrative Agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. All of the rights, benefits, and privileges (including the exculpatory and indemnification provisions) of this Section 13 and of Section 8.13 shall apply to each such sub-agent and to the
Affiliates of each such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein. Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the
Administrative Agent and/or an Appointing Sub-Agent, (i) such sub-agent shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to
indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification)
directly, without the consent or joinder of any other Person, against any or all of the Companies and Lenders, (ii) such rights, benefits and privileges 

  
 52 

 
(including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent, and (iii) such sub-agent shall only have obligations to
Administrative Agent and, if applicable, an Appointing Sub-Agent and not to any Company, Lender or any other Person and no Company, Lender or any other Person shall have any rights, directly or indirectly, as a third party beneficiary or otherwise,
against such sub-agent; provided, that, notwithstanding anything herein to the contrary, (i) Administrative Agent shall remain solely responsible for the performance of its obligations under the Loan Papers and for any actions and/or
omissions by any agent and/or sub-agent of Administrative Agent and (ii) Administrative Agent’s Rights and obligations under the Loan Papers shall remain unchanged. 
 13.7 Default; Collateral. If Administrative Agent receives notice of a Default from Borrower or any Lender, Administrative Agent shall notify Lenders of such Default and Lenders agree to promptly
confer in order that Majority Lenders or Lenders, as the case may be, may agree upon a course of action for the enforcement of the Rights of Lenders. Unless and until Administrative Agent receives directions from Majority Lenders, Administrative
Agent shall refrain from taking any action (without incurring any liability to any Person for so refraining), provided that, unless and until the Administrative Agent has received such directions, the Administrative Agent may, at its option,
take such actions as it deems appropriate without the direction of the Majority Lenders in circumstances where the ability of Lenders to recover the Obligation may otherwise be materially impaired. In actions with respect to any property of
Borrower, Administrative Agent is acting for the ratable benefit of each Lender. Administrative Agent shall hold, for the ratable benefit of all Lenders, any security it receives for the Obligation or any guaranty of the Obligation it receives upon
or in lieu of foreclosure. 
 13.8 Limitation of Liability. No Lender or any Participant will incur any liability to any
other Lender or Participant except for acts or omissions in bad faith, and neither Administrative Agent nor any Lender or Participant will incur any liability to any other Person for any act or omission of any other Lender or any Participant.

 13.9 Relationship of Lenders. The Loan Papers, and the documents delivered in connection therewith, do not create a
partnership or joint venture among Administrative Agent and Lenders or among Lenders. 
 13.10 Other Agents. None of the
Lenders identified on the cover page or signature pages of this Agreement or otherwise herein as being the “Syndication Agent” or a “Documentation Agent” (collectively, the “Other Agents”) shall have any
right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of the Other Agents in deciding to enter into
this Agreement or in taking or refraining from taking any action hereunder or pursuant hereto. 
 13.11 Collateral
Matters. 
 (a) Each Lender authorizes and directs Administrative Agent to enter into the Security Documents
for the ratable benefit of Lenders. Each Lender agrees that any action taken by Administrative Agent concerning any Collateral with the consent of, or at the request of, Majority Lenders in accordance with the provisions of this Agreement, the
Security Documents or the other Loan Papers, and the exercise by Administrative Agent (with the consent of, or at the request of, Majority Lenders) of powers concerning the Collateral set forth in any Loan Paper, together with other reasonably
incidental powers, shall be authorized and binding upon all Lenders. 

  
 53 

 (b) Administrative Agent is authorized on behalf of all Lenders, without the
necessity of any notice to or further consent from any Lender, from time to time before a Default or Potential Default, to take any action with respect to any Collateral or Security Documents that may be necessary to perfect and maintain perfected
the Lender Liens upon the Collateral granted by the Security Documents. 
 (c) Administrative Agent has no
obligation whatsoever to any Lender or to any other Person to assure that the Collateral exists or is owned by any Company or is cared for or protected. 
 (d) Administrative Agent shall exercise the same care and prudent judgment with respect to the Collateral and the Security Documents as it normally and customarily exercises in respect of similar
collateral and security documents. 
 (e) Lenders irrevocably authorize Administrative Agent, at its option and
in its discretion, to release any Lender Lien upon any Collateral (i) upon full payment of the Obligation; (ii) constituting property being sold or disposed of as permitted under Section 9.10, if Administrative Agent
determines that the property being sold or disposed is being sold or disposed in accordance with the requirements and limitations of Section 9.10 and Administrative Agent concurrently receives all mandatory prepayments with
respect thereto, if any, in accordance with Section 9.10; (iii) constituting property in which no Company owned any interest at the time the Lender Lien was granted or at any time thereafter; (iv) constituting property
leased to any Company under a lease that has expired or been terminated in a transaction permitted under this Agreement or is about to expire and that has not been, and is not intended by that Company to be, renewed; (v) consisting of an
instrument evidencing Debt pledged to Administrative Agent (for the benefit of Lenders), if the Debt evidenced thereby has been paid in full; or (vi) if approved, authorized or ratified in writing by Majority Lenders subject to
Section 14.10(b)(vi). Upon request by Administrative Agent at any time, Lenders will confirm in writing Administrative Agent’s authority to release particular types or items of Collateral under this
Section 13.11(e). 
 13.12 Benefits of Agreement. None of the provisions of this
Section 13 inure to the benefit of any Company or any other Person other than Administrative Agent and Lenders; consequently, no Company or any other Person is entitled to rely upon, or to raise as a defense, in any manner
whatsoever, the failure of Administrative Agent or any Lender to comply with these provisions. 
 SECTION 14 MISCELLANEOUS.

 14.1 Headings. The headings, captions and arrangements used in any of the Loan Papers are, unless specified otherwise,
for convenience only and shall not be deemed to limit, amplify, or modify the terms of the Loan Papers, nor affect the meaning thereof. 
 14.2 Nonbusiness Days; Time. Any payment or action that is due under any Loan Paper on a non-Business Day may be delayed until the next-succeeding Business Day (but interest shall continue to
accrue on any applicable payment until payment is in fact made) unless the payment concerns a LIBOR Rate Borrowing, in which case if the next-succeeding Business Day is in the next calendar month, then such payment shall be made on the
next-preceding Business Day. Unless otherwise indicated, all time references (e.g., 10:00 a.m.) are to New York, New York time. 

  
 54 

 14.3 Communications. 

(a) Unless otherwise specifically provided, whenever any Loan Paper requires or permits any consent, approval, notice,
request, demand or other communication from one party to another, communication must be in writing (which may be by telex or facsimile) to be effective and shall be deemed to have been given (i) if by telex, when transmitted to the appropriate
telex number and the appropriate answerback is received; (ii) if by facsimile, when transmitted to the appropriate facsimile number (and all communications sent by facsimile must be confirmed promptly thereafter by telephone; but any
requirement in this parenthetical shall not affect the date when the facsimile shall be deemed to have been delivered); (iii) if by mail, on the third Business Day after it is enclosed in an envelope and properly addressed, stamped, sealed,
certified mail, return receipt requested, and deposited in the appropriate official postal service; or (iv) if by any other means, when actually delivered. Until changed by notice pursuant to this Agreement, the address (and facsimile number)
for each party to a Loan Paper is set forth on the attached Schedule 1. 
 (b) Notices and
other communications to Lenders and Administrative Agent hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Section by electronic communication.
Administrative Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications. Unless Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

 14.4 Form and Number of Documents. The form, substance, and number of counterparts of each writing to be furnished
under this Agreement must be satisfactory to Administrative Agent and its counsel. 
 14.5 Exceptions to Covenants.
Borrower may not and may not permit any Company to take or fail to take any action that is permitted as an exception to any of the covenants contained in any Loan Paper if that action or omission would result in the breach of any other covenant
contained in any Loan Paper. 
 14.6 Survival. All covenants, agreements, undertakings, representations, and warranties
made in any of the Loan Papers survive all closings under the Loan Papers and, except as otherwise indicated, are not affected by any investigation made by any party. 

  
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 14.7 Governing Law. Except as expressly provided in a Loan Paper, the Laws (other
than conflict-of-laws provisions) of the State of New York and of the United States of America govern the Rights and duties of the parties to the Loan Papers and the validity, construction, enforcement, and interpretation of the Loan Papers.

 14.8 Invalid Provisions. Any provision in any Loan Paper held to be illegal, invalid, or unenforceable is fully
severable; the appropriate Loan Paper shall be construed and enforced as if that provision had never been included; and the remaining provisions shall remain in full force and effect and shall not be affected by the severed provision. Administrative
Agent, Lenders, and each Company party to the affected Loan Paper agree to negotiate, in good faith, the terms of a replacement provision as similar to the severed provision as may be possible and be legal, valid, and enforceable. However, if the
provision held to be illegal, invalid, or unenforceable is a material part of this Agreement, such invalid, illegal, or unenforceable provision shall be, to the extent permitted by Law, replaced by a clause or provision judicially construed and
interpreted to be as similar in substance and content to the original terms of such illegal, invalid, or unenforceable clause or provision as the context thereof would reasonably allow, so that such clause or provision would thereafter be legal,
valid and enforceable. 
 14.9 Venue; Service of Process; Jury Trial. EACH PARTY TO ANY LOAN PAPER, IN EACH CASE FOR
ITSELF, ITS SUCCESSORS AND ASSIGNS (AND IN THE CASE OF BORROWER, FOR EACH OTHER COMPANY), (a) IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS OF THE STATE OF NEW YORK; (b) IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY LITIGATION ARISING OUT OF OR IN CONNECTION WITH THE LOAN PAPERS AND THE OBLIGATION BROUGHT IN DISTRICT COURTS OF NEW YORK, NEW YORK OR IN
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; (c) IRREVOCABLY WAIVES ANY CLAIMS THAT ANY LITIGATION BROUGHT IN ANY OF THE AFOREMENTIONED COURTS HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; (d) IRREVOCABLY CONSENTS
TO THE SERVICE OF PROCESS OUT OF ANY OF THOSE COURTS IN ANY LITIGATION BY THE MAILING OF COPIES THEREOF BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID, BY HAND-DELIVERY, OR BY DELIVERY BY A NATIONALLY RECOGNIZED COURIER SERVICE, AND
SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY OF THE LEGAL PROCESS AT ITS ADDRESS SET FORTH IN THIS AGREEMENT; (e) IRREVOCABLY AGREES THAT ANY LEGAL PROCEEDING AGAINST ANY PARTY TO ANY LOAN PAPER ARISING OUT OF OR IN CONNECTION WITH THE LOAN
PAPERS OR THE OBLIGATION MAY BE BROUGHT IN ONE OF THE AFOREMENTIONED COURTS; AND (f) IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW, ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
ANY LOAN PAPER. The scope of each of the foregoing waivers is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including, without limitation, contract
claims, tort claims, breach of duty claims, and all other common law and statutory claims. Borrower (for itself and on behalf of each other Company) acknowledges that these waivers are a material inducement to Administrative Agent’s and each
Lender’s agreement to enter into a business relationship, that Administrative Agent and each Lender have already relied on these waivers in entering into this Agreement, and that Administrative Agent and each Lender will continue to rely on
each of these waivers in related future dealings. Borrower (for itself and on behalf of each other Company) further warrants and represents that it has reviewed these waivers with its legal counsel and that it knowingly and voluntarily agrees to
each waiver following consultation with legal counsel. THE WAIVERS IN THIS SECTION 

  
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14.9 ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THESE WAIVERS SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, SUPPLEMENTS, OR REPLACEMENTS TO
OR OF THIS OR ANY OTHER LOAN PAPER. In the event of Litigation, this Agreement may be filed as a written consent to a trial by the court. 
 14.10 Amendments, Consents, Conflicts, and Waivers. 
 (a)
Unless otherwise specifically provided, (i) this Agreement may be amended only by an instrument in writing executed by Borrower, Administrative Agent and Majority Lenders and supplemented only by documents delivered or to be delivered in
accordance with the express terms of this Agreement and (ii) the other Loan Papers may only be the subject of an amendment, modification, or waiver that has been approved by Majority Lenders and Borrower. 

(b) Any amendment, consent or waiver under this Agreement or any Loan Paper that purports to accomplish any of the
following must be in writing and executed by Borrower and Administrative Agent and executed (or approved, as the case may be) by each Lender: (i) extend the due date or decrease the amount of any scheduled payment of the Obligation beyond the
date specified in the Loan Papers; (ii) decrease any rate or amount of interest, fees, or other sums payable to Administrative Agent or Lenders under this Agreement (except such reductions as are contemplated by this Agreement);
(iii) change the definition of “Applicable Margin,” “Commitment Usage,” “Committed Sum,” “Facility Committed Sum,” “Majority
Lenders,” “Maturity Date” or “Facility Maturity Date”; (iv) increase or decrease any one or more Lenders’ Committed Sums except as provided in this Agreement;
(v) except as permitted by Section 9.10, consent to the release of all or a material portion of the Collateral under the Security Documents; (vi) change the provisions of Section 13 to the
detriment of any Lender; (vii) change any provision requiring ratable distributions to Lenders; (viii) subject any Lender to a greater obligation than expressly provided in this Agreement; or (ix) change this clause
(b) or any other matter specifically requiring the consent of all Lenders under this Agreement. 

(c) Any conflict or ambiguity between the terms and provisions of this Agreement and terms and provisions in any other
Loan Paper is controlled by the terms and provisions of this Agreement. 
 (d) No course of dealing or any
failure or delay by Administrative Agent, any Lender, or any of their respective Representatives with respect to exercising any Right of Administrative Agent or any Lender under this Agreement operates as a waiver thereof. A waiver must be in
writing and signed by Administrative Agent and Lenders (or Majority Lenders, if permitted under this Agreement) to be effective, and a waiver will be effective only in the specific instance and for the specific purpose for which it is given.

 14.11 Multiple Counterparts. Any Loan Paper may be executed in a number of identical counterparts, each of which shall
be deemed an original for all purposes and all of which constitute, collectively, one agreement; but, in making proof of thereof, it shall not be necessary to produce or account for more than one counterpart. Each Lender need not execute the same
counterpart of this Agreement so long as identical counterparts are executed by Borrower, each Lender, and Administrative Agent. This Agreement shall become effective when counterparts of this Agreement have been executed and delivered to
Administrative Agent by each Lender, Administrative Agent and Borrower, or, in the case only of Lenders, when Administrative Agent has received facsimile, telexed or other evidence 

  
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satisfactory to it that each Lender has executed and is delivering to Administrative Agent a counterpart of this Agreement. 

14.12 Successors and Assigns; Participations. 

(a) Each Loan Paper binds and inures to the benefit of the parties thereto, any intended beneficiary thereof, and each of
their respective successors and permitted assigns. No Lender may transfer, pledge, assign, sell any participation in, or otherwise encumber its portion of the Obligation except as permitted by this Section 14.12. 

(b) Subject to the provisions of this section and in accordance with applicable Law, any Lender may, in the ordinary
course of its commercial banking business, at any time sell to one or more Persons that is not a Company or an Affiliate of a Company (each a “Participant”) participating interests in its portion of the Obligation. The
selling Lender shall remain a “Lender” under this Agreement (and the Participant shall not constitute a “Lender” under this Agreement) and its obligations under this Agreement shall remain unchanged. The selling Lender shall
remain solely responsible for the performance of its obligations under the Loan Papers and shall remain the holder of its share of the Principal Debt for all purposes under this Agreement. Borrower and Administrative Agent shall continue to deal
solely and directly with the selling Lender in connection with that Lender’s Rights and obligations under the Loan Papers. Participants have no Rights under the Loan Papers, other than certain voting Rights as provided below. Subject to the
following, each Lender may obtain (on behalf of its Participants) the benefits of Section 3 with respect to all participations in its part of the Obligation outstanding from time to time so long as Borrower is not obligated to pay
any amount in excess of the amount that would be due to that Lender under Section 3 calculated as though no participations have been made. No Lender may sell any participating interest under which the Participant has any Rights to
approve any amendment, modification or waiver of any Loan Paper, except to the extent the amendment, modification or waiver extends the due date for payment of any principal, interest or fees due under the Loan Papers, reduces the interest
rate or the amount of principal or fees applicable to the Obligation (except reductions contemplated by this Agreement), or releases a material portion of the Collateral, if any, for the Obligation (other than releases of collateral permitted
by Section 13.11(e)). However, if a Participant is entitled to the benefits of Section 3 or a Lender grants Rights to its Participants to approve amendments to or waivers of the Loan Papers respecting the
matters described in the previous sentence, then that Lender must include a voting mechanism in the relevant participation agreement whereby a majority of its portion of the Obligation (whether held by it or participated) shall control the vote for
all of that Lender’s portion of the Obligation. Except in the case of the sale of a participating interest to another Lender, the relevant participation agreement shall prohibit the Participant from transferring, pledging, assigning, selling
participations in, or otherwise encumbering its portion of the Obligation. 
 (c) Subject to the provisions of
this section, any Lender may at any time, in the ordinary course of its commercial banking business, (i) without the consent of Borrower or Administrative Agent, assign all or any part of its Rights and obligations under the Loan Papers to any
of its Affiliates or any other Lender (each a “Purchaser”) and (ii) upon the prior written consent of Borrower and Administrative Agent (which will not be unreasonably withheld or delayed), assign to any other Person
that is not (A) a Company or an Affiliate of a Company or (B) a business competitor of any Company (each of which is also a “Purchaser”) a proportionate part (not less than the greater of (x) $5,000,000 or
(y) its remaining balance, and an integral multiple of $1,000,000) of all or any part of its Rights and obligations under the Loan Papers; 

  
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provided, however, that such assigning Lender must retain an obligation hereunder to fund at least $10,000,000 of the Facility, unless otherwise agreed by the Borrower and Administrative
Agent (such consent not to be unreasonably withheld or delayed). In each case, the Purchaser shall assume those Rights and obligations under an assignment agreement substantially in the form of the attached Exhibit G. Each assignment
under this Section 14.12 (c) shall include a ratable interest in the assigning Lender’s Rights and obligations under the Facility. Upon (i) delivery to Borrower and Administrative Agent (A) of an assignment
agreement electronically executed and delivered via an electronic settlement system acceptable to the Administrative Agent or (B) an assignment agreement manually executed and (ii) payment of a fee of $3,500 from the transferee to
Administrative Agent, from and after the assignment’s effective date (which shall be after the date of delivery), the Purchaser shall for all purposes be a Lender party to this Agreement and shall have all the Rights and obligations of a Lender
under this Agreement to the same extent as if it were an original party to this Agreement with commitments as set forth in the assignment agreement, and the transferor Lender shall be released from its obligations under this Agreement to a
corresponding extent, and, except as provided in the following sentence, no further consent or action by Borrower, Lenders or Administrative Agent shall be required. Upon the consummation of any transfer to a Purchaser under this clause
(c), the then-existing Schedule 1 shall automatically be deemed to reflect the name, address, and Committed Sum of such Purchaser, Borrower shall execute and deliver to each of the transferor Lender and the Purchaser a
Facility Note in the face amount of its respective Committed Sum under the Facility following transfer, and, upon receipt of its new Facility Note, the transferor Lender shall return to Borrower the Facility Note previously delivered to it
under this Agreement. A Purchaser is subject to all the provisions in this section as if it were a Lender signatory to this Agreement as of the date of this Agreement. 

(d) Any Lender may at any time, without the consent of Borrower or Administrative Agent, assign all or any part of its
Rights under the Loan Papers to a Federal Reserve Bank without releasing the transferor Lender from its obligations thereunder. 
 (e) The words “execution,” “signed,” “signature,” and words of like import in any assignment agreement shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

14.13 Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances. Each Company’s obligations under the Loan
Papers remain in full force and effect until the Facility Committed Sum is terminated and the Obligation is paid in full (except for provisions under the Loan Papers which by their terms expressly survive payment of the Obligation and
termination of the Loan Papers). If at any time any payment of the principal of or interest on any Note or any other amount payable by Borrower or any other obligor on the Obligation under any Loan Paper is rescinded or must be restored or returned
upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, the obligations of each Company under the Loan Papers with respect to that payment shall be reinstated as though the payment had been due but not made at that time.

 14.14 Confidentiality. Borrower, Administrative Agent, Arranger and Lenders agree to keep all information concerning
the structure and documentation of this Agreement confidential, including 

  
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without limitation all information of a confidential nature received by them from Borrower pursuant to this Agreement; provided, however, that such information may be disclosed:
(a) to directors, officers, employees, agents, representatives, or outside counsel of Borrower or of the Administrative Agent or any Lender or any Affiliate of any Lender; (b) to any auditor, government official, or examiner;
(c) pursuant to any subpoena or other order of any court or administrative agency or otherwise as may be required by applicable law, rule, or regulation; (d) to any other Person if reasonably incidental to the administration of the credit
facility provided herein; (e) in connection with any litigation to which such Lender or any of its Affiliates may be a party; (f) to the extent necessary in connection with the exercise of any remedy under this Agreement or any other Loan
Paper; (g) subject to provisions substantially similar to those contained in this Section 14.14 to any actual or proposed participant or assignee; or (h) to any assignee of or participant in, or prospective assignee of
or participant in, any Lender’s Borrowings or its Committed Sum or any part thereof under any credit agreement who, in each case set forth in clauses (a) through (h), agrees in writing to be bound by the terms
of this Section; and provided further, that no confidentiality obligation shall attach to any information which (1) is or becomes publicly known, through no wrongful act on the part of any Person who shall have received such information,
(2) is rightfully received by such Person from a third party, (3) is independently developed by such Person, or (4) is explicitly approved for release by Borrower. 

14.15 Entirety. THIS AGREEMENT AND THE OTHER WRITTEN LOAN PAPERS (EACH AS AMENDED IN WRITING FROM TIME TO TIME) EXECUTED
BY ANY COMPANY, ANY LENDER, OR ADMINISTRATIVE AGENT REPRESENT THE FINAL AGREEMENT AMONG THE COMPANIES, LENDERS, AND ADMINISTRATIVE AGENT AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 14.16 Government Regulations; USA Patriot Act.

 (a) Borrower shall (i) ensure that no person who owns a controlling interest in or otherwise controls
Borrower is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the Department of the Treasury or included in
any Executive Orders of the President of the United States of America (“Executive Orders”), that prohibits or limits Lenders from making any advance or extension of credit to Borrower or from otherwise conducting business
with Borrower, and (ii) ensure that the proceeds of the Borrowings shall not be used to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto. Further, Borrower shall comply,
and cause its Subsidiaries to comply, with all applicable Bank Secrecy Act (“BSA”) laws and regulations, as amended. 
 (b) Each of Administrative Agent and each Lender hereby notifies Borrower that, pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies
Borrower, which information includes the name and address of Borrower and its Subsidiaries and other information that will allow Administrative Agent and such Lender to identify Borrower and its Subsidiaries in accordance with the USA Patriot Act.

 14.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Paper), Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement
provided by Lenders are arm’s-length commercial 

  
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transactions between Borrower and its Affiliates, on the one hand, and Lenders, on the other hand, (B) Borrower has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (C) Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Papers; (ii) (A) each Lender is
and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower or any of its Affiliates, or any other Person
and (B) no Lender has any obligation to Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Papers; and (iii) each Lender and
their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrower and its Affiliates, and no Lender has any obligation to disclose any of such interests to Borrower or its
Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that it may have against any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 EXECUTED as of the day and year first written above. 

 

			
	MONRO MUFFLER BRAKE, INC., as Borrower
		
	By:	 	 /s/ Catherine D’Amico

	Name:	 	 Catherine D’Amico

	Title:	 	 Executive Vice President – Finance, Treasurer and Chief Financial
Officer

  
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Muffler Credit Agreement–Signature Page 

 
			
	RBS CITIZENS, N.A.,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Daniel Bernard

	Name:	 	 Daniel Bernard

	Title:	 	 Senior Vice President

  
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Muffler Credit Agreement–Signature Page 

 
			
	BANK OF AMERICA, N.A.,
	as Syndication Agent and a Lender
		
	By:	 	 /s/ Colleen O’Brien

	Name:	 	 Colleen O’Brien

	Title:	 	 Senior Vice President

  
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Muffler Credit Agreement–Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Thomas C. Strasenburgh

	Name:	 	Thomas C. Strasenburgh
	Title:	 	 Authorization Officer

  
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Muffler Credit Agreement–Signature Page 

 
			
	BRANCH BANKING AND TRUST COMPANY,
	as Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Kenneth M. Blackwell

	Name:	 	 Kenneth M. Blackwell

	Title:	 	 Senior Vice President

  
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Muffler Credit Agreement–Signature Page 

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Joseph M. Koenig

	Name:	 	 Joseph M. Koenig

	Title:	 	 Vice President

  
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Muffler Credit Agreement–Signature Page 

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Nancy B. Rencis

	Name:	 	 Nancy B. Rencis

	Title:	 	 Senior Vice President

  
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Muffler Credit Agreement–Signature Page 

 
			
	FIRST NIAGARA BANK, N.A., as a Lender
		
	By:	 	 /s/ Philip M. Hendrix

	Name:	 	 Philip M. Hendrix

	Title:	 	 Vice President

  
 Monro
Muffler Credit Agreement–Signature PageSection 382 Rights Plan, dated as of June 15, 2011

 Exhibit 4.1 

 
  

 
 MedCath Corporation

 and 
 American Stock Transfer & Trust Company, LLC 
 as Rights Agent

 Rights Agreement 
 Dated as of June 15, 2011 
  

 
  

 RIGHTS AGREEMENT 

Rights Agreement, dated as of June 15, 2011 (this “Agreement”), between MedCath Corporation, Inc.,
a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as Rights Agent (the “Rights Agent”). 

RECITALS 
 WHEREAS, on June 13, 2011, the Board of Directors (the “Board”) of the Company adopted this Agreement, and has authorized and declared a dividend of one preferred stock purchase
right (a “Right”) for each share of Common Stock (as defined in Section 1.6) of the Company outstanding at the close of business on June 29, 2011 (the “Record Date”) and has authorized and directed
the issuance of one Right (subject to adjustment as provided herein) with respect to each share of Common Stock that shall become outstanding between the Record Date and the earliest of the Distribution Date and the Expiration Date (as such terms
are defined in Sections 3.1 and 7.1), each Right initially representing the right to purchase one one-thousandth (subject to adjustment) of a share of Series A Junior Participating Preferred Stock (the “Preferred Stock”) of
the Company having the rights, powers and preferences set forth in the form of Certificate of Designations of Series A Junior Participating Preferred Stock attached hereto as Exhibit A, upon the terms and subject to the conditions hereinafter
set forth, provided, however, that Rights may be issued with respect to Common Stock that shall become outstanding after the Distribution Date and prior to the Expiration Date in accordance with Section 22; 

WHEREAS, an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended
(the “Code”), in respect of the Company may jeopardize or endanger the value or availability of certain of the Company’s tax attributes (the, “Tax Attributes”); and 

WHEREAS, the Company views its Tax Attributes as a valuable asset of the Company, which is likely to inure to the benefit
of the Company and its stockholders, and the Company believes that it is in the best interests of the Company and its stockholders that the Company provide for the protection of the Company’s Tax Attributes on the terms and conditions set forth
herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the
parties hereby agree as follows: 
 Section 1. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings indicated: 
 1.1. “Acquiring Person” shall mean any Person
who or which, together with all Affiliates and Associates of such Person, from and after the date of this Agreement shall be the Beneficial Owner of 4.99% or more of the Common Stock then outstanding, but shall not include (i) an Exempt Person
or (ii) any Existing Holder, unless and until such time as such Existing Holder shall become the Beneficial Owner of (A) a percentage of the Common Stock then outstanding that is more than the aggregate percentage of the outstanding Common
Stock that 

  
 2 

 
such Existing Holder Beneficially Owns immediately prior to the first public announcement of the adoption of this Agreement (such aggregate amount being the “Exempt Ownership
Percentage” ) or (B) less than 4.99% of the Common Stock then outstanding (after which time, if such Person shall be the Beneficial Owner of 4.99% or more of the Common Stock then outstanding, such Person shall be or become deemed an
“Acquiring Person”). Notwithstanding the foregoing, no Person shall become an “Acquiring Person” as the result of an acquisition of Common Stock by the Company which, by reducing the number of shares outstanding, increases the
proportionate number of shares Beneficially Owned by such Person to 4.99% (or, in the case of an Existing Holder, the Exempt Ownership Percentage) or more of the Common Stock then outstanding; provided, however, that if a Person shall become
the Beneficial Owner of 4.99% (or, in the case of an Existing Holder, the Exempt Ownership Percentage) or more of the Common Stock then outstanding solely by reason of share purchases by the Company and shall, after such share purchases by the
Company, become the Beneficial Owner of one or more additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock in Common Stock or pursuant to a split or
subdivision of the outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless, upon becoming the Beneficial Owner of such additional Common Stock, such Person does not Beneficially Own 4.99% (or, in the
case of an Existing Holder, the Exempt Ownership Percentage) or more of the Common Stock then outstanding. Notwithstanding the foregoing, if the Board determines in good faith that a Person who would otherwise be an “Acquiring Person,” as
defined pursuant to the foregoing provisions of this Section 1.1, has become such inadvertently (including, without limitation, because (A) such Person was unaware that it Beneficially Owned a percentage of Common Stock that would
otherwise cause such Person to be an “Acquiring Person” or (B) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences of such Beneficial Ownership under this
Agreement), and such Person divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an Acquiring Person, as defined pursuant to the foregoing provisions of this Section 1.1,
then such Person shall not be deemed to be or have become an “Acquiring Person” at any time for any purposes of this Agreement. For all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding at any
particular time, for purposes of determining the particular percentage of such outstanding Common Stock of which any Person is the Beneficial Owner, shall be made pursuant to and in accordance with Section 382 of the Code and the Treasury
Regulations promulgated thereunder. 
 1.2. “Affiliate” and “Associate” shall
have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect on the date of this Agreement, and to
the extent not included within the foregoing clause of this Section 1.2, shall also include, with respect to any Person, any other Person (other than an Exempt Person or an Existing Holder) whose Common Stock would be deemed constructively
owned by such first Person for purposes of Section 382 of the Code and Treasury Regulations promulgated thereunder. 
 1.3. A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own” or have “Beneficial Ownership” of any securities:

  
 3 

 1.3.1. which such Person or any of such Person’s Affiliates or
Associates directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (A) voting power which includes the power to vote, or to direct the voting of, such security (except that a Person
shall not be deemed to be the Beneficial Owner of any security under this clause (A) if such voting power arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made
pursuant to, and in accordance with, Section 14(a) of the Exchange Act by means of a solicitation statement filed on Schedule 14A), and/or (B) investment power which includes the power to dispose, or to direct the disposition of such
security; 
 1.3.2. which such Person or any of such Person’s Affiliates or Associates directly or
indirectly, has the Right to Acquire; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, (w) securities tendered pursuant to a tender or exchange offer made by or on behalf of such
Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, (x) securities which such Person has a Right to Acquire upon the exercise of Rights at any time prior to the time
that any Person becomes an Acquiring Person, or (y) securities issuable upon the exercise of Rights from and after the time that any Person becomes an Acquiring Person if such Rights were acquired by such Person or any of such Person’s
Affiliates or Associates prior to the Distribution Date or pursuant to Section 3.1 or Section 22 (“Original Rights”) or pursuant to Section 11.9 or Section 11.15 with respect to an
adjustment to Original Rights; 
 1.3.3. which are Beneficially Owned, directly or indirectly, by any other
Person (or any Affiliate or Associate thereof) with whom such Person or any of such Person’s Affiliates or Associates, has an agreement, arrangement or understanding to act together for the purpose of acquiring, holding, voting or disposing of
any securities of the Company, including if the effect of such agreement, arrangement or understanding is to treat such Persons as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations under Section 382 of the
Code(except that a Person shall not be deemed to be the Beneficial Owner of any security under this clause 1.3.3 if such voting power arises solely from a revocable proxy or consent given to such Person in response to a public proxy or
consent solicitation made pursuant to, and in accordance with, Section 14(a) of the Exchange Act by means of a solicitation statement filed on Schedule 14A); 

1.3.4. of which such Person would otherwise be deemed to be the beneficial owner pursuant to Rule 13d-3 under the
Exchange Act; or 
 1.3.5. which such Person would be deemed to actually or constructively own for purposes of
Section 382 of the Code, or any successor provision or replacement provision. 
 No Person shall be deemed
to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities which such Person or any of such Person’s Affiliates or Associates would otherwise be deemed to
“Beneficially Own” pursuant to this Section 1.3 (x) solely as a result of any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s Affiliates or Associates), or
any tender, voting or support agreement entered into by such Person (or one or more of such Person’s Affiliates or Associates) in connection therewith, if, prior to such Person becoming an Acquiring Person, the Board has approved such merger or
other acquisition agreement, or such tender, 

  
 4 

 
voting or support agreement, (y) solely as a result of the Right to Acquire such securities unless the acquisition or transfer of such Right to Acquire would be deemed, on the date of such
acquisition or transfer, to constitute the exercise of such Right to Acquire for purposes of Section 1.382-4(d) of the Treasury Regulations promulgated under Section 382 of the Code, or (z) solely as a result of any agreement,
arrangement, understanding or relationship unless the effect thereof is to treat such Person, or any of such Person’s Affiliates or Associates, as an “entity” under Section 1.382-3(a)(1) of the Treasury Regulations promulgated
under Section 382 of the Code. 
 No Person who is an officer, director or employee of an Exempt Person
shall be deemed, solely by reason of such Person’s status or authority as such, to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “Beneficially Own” any securities that are “Beneficially
Owned” (as defined in this Section 1.3), including, without limitation, in a fiduciary capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person. 

1.4. “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking
institutions in the State of New York are authorized or obligated by law or executive order to close. 
 1.5.
“close of business” on any given date shall mean 5:00 p.m., New York time, on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 p.m., New York time, on the next succeeding Business Day.

 1.6. “Common Stock” shall mean the common stock, par value $0.01 per share, of the Company.

 1.7. “Exempt Person” shall mean (i) the Company, any Subsidiary of the Company, in each
case including, without limitation, the officers and board of directors thereof acting in their fiduciary capacity, or any employee benefit plan of the Company or of any Subsidiary of the Company or any entity or trustee holding shares of capital
stock of the Company for or pursuant to the terms of any such plan, or for the purpose of funding other employee benefits for employees of the Company or any Subsidiary of the Company, (ii) any Person deemed to be an “Exempt Person”
in accordance with Section 28, and (iii) any other Person whose Beneficial Ownership (together with all Affiliates and Associates of such Person) of 4.99% or more of the then-outstanding Common Stock (or, in the case of an Existing
Holder, shares of Common Stock in excess of the Exempt Ownership Percentage) will not, as determined by the Board in its sole discretion, jeopardize or endanger the value or availability to the Company of the Tax Attributes, or if the Board has
determined in good faith that such Person shall be an “Exempt Person”; provided, however, that any Person deemed to be an “Exempt Person” pursuant to this subclause (iii) will cease to be an “Exempt
Person” if the Board thereafter makes a contrary determination with respect to the effect of such Person’s Beneficial Ownership (together with all Affiliates and Associates of such Person). 

1.8. “Existing Holder” shall mean any Person who, immediately prior to the first public announcement of
the adoption of this Agreement, is the Beneficial Owner of 4.99% or more of the Common Stock then outstanding, together with any Affiliates and Associates of such Person. 

  
 5 

 1.9. “Person” shall mean any individual, partnership, joint
venture, limited liability company, firm, corporation, unincorporated association, trust or other entity, and shall include any successor (by merger or otherwise) of such entity. 

1.10. “Right to Acquire” shall mean a legal, equitable or contractual right to acquire any securities
(whether directly or indirectly and whether exercisable immediately, or only after the passage of time, compliance with regulatory requirements, fulfillment of a condition or otherwise), pursuant to any agreement, arrangement or understanding,
whether or not in writing (excluding customary agreements entered into in good faith with and between an underwriter and selling group members in connection with a firm commitment underwriting registered under the Securities Act of 1933, as amended
(the “Securities Act”)), or upon the exercise of any option, warrant or right, through conversion of a security, pursuant to the power to revoke a trust, discretionary account or similar arrangement, pursuant to the power to
terminate a repurchase or similar so-called “stock borrowing” agreement or arrangement, or pursuant to the automatic termination of a trust, discretionary account or similar arrangement. 

1.11. “Stock Acquisition Date” shall mean the first date of public announcement (which, for purposes of
this definition, shall include, without limitation, the filing of a report pursuant to Section 13(d) of the Exchange Act or pursuant to a comparable successor statute) by the Company or an Acquiring Person that an Acquiring Person has become
such or that discloses information which reveals the existence of an Acquiring Person or such earlier date as a majority of the Board shall become aware of the existence of an Acquiring Person. 

1.12. “Subsidiary” of any Person shall mean any partnership, joint venture, limited liability company,
firm, corporation, unincorporated association, trust or other entity of which a majority of the voting power of the voting equity securities or equity interests is owned, of record or beneficially, directly or indirectly, by such Person. 

1.13. A “Trigger Event” shall be deemed to have occurred upon any Person becoming an Acquiring Person.

 1.14. The following terms shall have the meanings defined for such terms in the Sections set forth below:

  

			
	 Term
	  	 Section

	 Adjustment Shares
	  	11.1.2
	 Agreement
	  	Preamble
	 Board
	  	Recitals
	 Book Entry Shares
	  	3.1
	 Code
	  	Recitals
	 common stock equivalent
	  	11.1.3
	 Company
	  	Preamble
	 current per share market price
	  	11.4.1
	 Current Value
	  	11.1.3
	 Distribution Date
	  	3.1
	 equivalent preferred stock
	  	11.2

  
 6 

			
	 Exchange Act
	  	1.2
	 Exchange Consideration
	  	27.1
	 Exempt Ownership Percentage
	  	1.1
	 Exemption Request
	  	28
	 Expiration Date
	  	7.1
	 Final Expiration Date
	  	7.1
	 Tax Attributes
	  	Recitals
	 Original Rights
	  	1.3.2
	 Preferred Stock
	  	Recitals
	 Purchase Price
	  	4
	 Record Date
	  	Recitals
	 Redemption Date
	  	7.1
	 Redemption Price
	  	23.1
	 Requesting Person
	  	28
	 Right
	  	Recitals
	 Right Certificate
	  	3.1
	 Rights Agent
	  	Preamble
	 Securities Act
	  	1.10
	 Security
	  	11.4.1
	 Spread
	  	11.1.3
	 Substitution Period
	  	11.1.3
	 Summary of Rights
	  	3.2
	 Trading Day
	  	11.4.1
	 Trust
	  	27.1
	 Trust Agreement
	  	27.1

 Section 2.
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company and the holders of the Rights (who, in accordance with Section 3, shall prior to the Distribution Date also be the holders of the
Common Stock) in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable. In the event the Company
appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agent shall be as the Company shall determine. Contemporaneously with such appointment, if any, the Company shall notify the Rights Agent thereof.

  
 7 

 Section 3. Issuance of Right Certificates. 

3.1. Rights Evidenced by Stock Certificates. Until the earlier of (i) the tenth
(10th) Business Day after the Stock Acquisition Date
or (ii) the tenth (10th) Business Day after the
date of the commencement of, or first public announcement of, the intent of any Person (other than an Exempt Person) to commence, a tender or exchange offer the consummation of which would result in any Person (other than an Exempt Person) becoming
the Beneficial Owner of Common Stock aggregating 4.99% or more of the then outstanding Common Stock (the earlier of (i) and (ii) being herein referred to as the “Distribution Date”), (x) the Rights (unless earlier
expired, redeemed or terminated) will be evidenced (subject to the provisions of Section 3.2) by the certificates for Common Stock registered in the names of the holders thereof or, in the case of uncertificated shares of Common Stock
registered in book entry form (“Book Entry Shares”), by notation in book entry (which certificates for Common Stock and Book Entry Shares shall also be deemed to be Right Certificates) and not by separate certificates, and (y) the
Rights (and the right to receive certificates therefor) will be transferable only in connection with the transfer of the underlying Common Stock. The preceding sentence notwithstanding, prior to the occurrence of a Distribution Date specified as a
result of an event described in clause (ii) (or such later Distribution Date as the Board may select pursuant to this sentence), the Board may postpone, one or more times, the Distribution Date which would occur as a result of an event
described in clause (ii) beyond the date set forth in such clause (ii). Nothing herein shall permit such a postponement of a Distribution Date after a Person becomes an Acquiring Person, except as a result of the operation of the third sentence
of Section 1.1. As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign and the Company (or, if requested, the Rights Agent) will send, by first-class, postage-prepaid
mail, to each record holder of Common Stock as of the close of business on the Distribution Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the address of such holder shown on the records of the
Company, one or more certificates for Rights, in substantially the form of Exhibit B hereto (a “Right Certificate”), evidencing one Right (subject to adjustment as provided herein) for each share of Common Stock so held. As
of the Distribution Date, the Rights will be evidenced solely by such Right Certificates. 
 3.2. Summary of
Rights. On the Record Date or as soon as practicable thereafter, the Company will send or cause to be sent a copy of a Summary of Rights to Purchase Preferred Stock, in substantially the form attached hereto as Exhibit C (the
“Summary of Rights”), by first-class, postage-prepaid mail, to each record holder of Common Stock as of the close of business on the Record Date (other than any Acquiring Person or any Associate or Affiliate of any Acquiring
Person), at the address of such holder shown on the records of the Company. With respect to certificates for Common Stock and Book Entry Shares outstanding as of the close of business on the Record Date, until the Distribution Date (or the earlier
Expiration Date), the Rights will be evidenced by such certificates for Common Stock registered in the names of the holders thereof or Book Entry Shares, as applicable, together with a copy of the Summary of Rights and the registered holders of the
Common Stock shall also be registered holders of the associated Rights. Until the Distribution Date (or the earlier Expiration Date), the surrender for transfer of any certificate for Common Stock or Book Entry Shares outstanding at the close of
business on the Record Date, with or without a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated with the Common Stock represented thereby and the Book Entry Shares, as applicable. 

  
 8 

 3.3. New Certificates and Uncertificated Shares After Record Date.
Certificates for Common Stock which become outstanding after the Record Date but prior to the earliest of the Distribution Date or the Expiration Date, shall have impressed, printed, stamped, written or otherwise affixed onto them the following
legend: 
 This certificate also evidences and entitles the holder hereof to certain rights as set forth in an
Agreement between MedCath Corporation (the “Company”) and American Stock Transfer & Trust Company, LLC, as Rights Agent, dated as of June 15, 2011, as the same may be amended from time to time (the “Agreement”), the
terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Agreement, such Rights will be evidenced by separate
certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the Agreement without charge after receipt of a written request therefor. As described in the Agreement, Rights
which are owned by, transferred to or have been owned by Acquiring Persons or Associates or Affiliates thereof (as defined in the Agreement) shall become null and void and will no longer be transferable. 

With respect to any Book Entry Shares, such legend shall be included in a notice to the record holder of such shares in accordance with
applicable law. Until the Distribution Date (or the earlier Expiration Date), the Rights associated with the Common Stock represented by such certificates and such Book Entry Shares shall be evidenced by such certificates and the Book Entry Shares
alone, and the surrender for transfer of any such certificates or Book Entry Shares, except as otherwise provided herein, shall also constitute the transfer of the Rights associated with the Common Stock represented thereby. In the event that the
Company purchases or acquires any Common Stock after the Record Date but prior to the Distribution Date, any Rights associated with such Common Stock shall be deemed canceled and retired so that the Company shall not be entitled to exercise any
Rights associated with the shares of Common Stock that are no longer outstanding. 
 Notwithstanding this
Section 3.3, neither the omission of the legend, nor the failure to provide the notice thereof, shall affect the enforceability of any part of this Agreement or the rights of any holder of the Rights. 

Section 4. Form of Right Certificates. The Right Certificates (and the forms of election to purchase shares,
certification and assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock
exchange or trading system on which the Rights may from time to time be listed or quoted, or to conform to usage. Subject to the terms and conditions hereof, the Right Certificates, whenever issued, shall be dated as of the Record Date, and shall
show the date of countersignature by the Rights Agent, and on their face shall entitle the holders thereof to purchase such number of one one-thousandths of a share of Preferred Stock as shall be set forth therein at the price per one one-thousandth
of a share of Preferred 

  
 9 

 
Stock set forth therein (the “Purchase Price”), but the number of such one one-thousandths of a share of Preferred Stock and the Purchase Price shall be subject to adjustment as
provided herein. 
 Section 5. Countersignature and Registration. The Right Certificates shall be
executed on behalf of the Company by the President and Chief Executive Officer, the Treasurer, the Secretary or any Vice President, shall have affixed thereto the Company’s seal or a facsimile thereof, and shall be attested by the Corporate
Secretary or any Assistant Secretary of the Company or by such other officers as the Board may designate, either manually or by facsimile signature. The Right Certificates shall be countersigned, either manually or by facsimile signature, by an
authorized signatory of the Rights Agent, but it shall not be necessary for the same signatory to countersign all of the Right Certificates hereunder. No Right Certificate shall be valid for any purpose unless so countersigned. In case any officer
of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be
countersigned by the Rights Agent, and issued and delivered by the Company with the same force and effect as though the person who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificate may be
signed on behalf of the Company by any person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Agreement any
such person was not such an officer. 
 Following the Distribution Date, the Rights Agent will keep or cause to
be kept, at its principal office, books for registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on
its face by each of the Right Certificates, the certificate number of each of the Right Certificates and the date of each of the Right Certificates. 
 Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. Subject to the provisions of Section 11.1.2 and
Section 14, at any time after the close of business on the Distribution Date, and at or prior to the close of business on the Expiration Date, any Right Certificate or Right Certificates (other than Right Certificates representing Rights
that have become void pursuant to Section 11.1.2 or that have been exchanged pursuant to Section 27) may be transferred, split up or combined or exchanged for another Right Certificate or Right Certificates, entitling the
registered holder to purchase a like number of one one-thousandths of a share of Preferred Stock as the Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up
or combine or exchange any Right Certificate shall make such request in writing delivered to the Rights Agent, and shall surrender, together with any required form of assignment and certificate duly completed, the Right Certificate or Right
Certificates to be transferred, split up or combined or exchanged at the office of the Rights Agent designated for such purpose. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer
of any such surrendered Right Certificate or Right Certificates until the registered holder shall have completed and signed the certificate contained in the form of assignment on the reverse side of such Right Certificate or Right Certificates and
shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. Thereupon, the Rights Agent shall countersign and deliver
to 

  
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the person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company may require payment from the holders of Right Certificates of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up or combination or exchange of such Right Certificates. 

Subject to the provisions of Section 11.1.2, at any time after the Distribution Date and prior to the
Expiration Date, upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to them, and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if
mutilated, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 

Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. 

7.1. Exercise of Rights. Subject to Section 11.1.2 and except as otherwise provided herein, the
registered holder of any Right Certificate may exercise the Rights evidenced thereby in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase and certification on the
reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price for the total number of one one-thousandths of a share of Preferred Stock
(or other securities, cash or other assets) as to which the Rights are exercised, at or prior to the time (the “Expiration Date”) that is the earliest of (i) the close of business on September 30, 2013 (the “Final
Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 (the “Redemption Date”), (iii) the time at which the Rights are exchanged as provided in
Section 27, or (iv) the time at which the Company’s Board of Directors determines that the Tax Attributes are fully utilized or no longer available under Section 382 of the Code or that this Agreement is no longer required
to protect the value or availability of the Tax Attributes. 
 7.2. Purchase. The Purchase Price for each
one one-thousandth of a share of Preferred Stock pursuant to the exercise of a Right shall be initially $20.00, shall be subject to adjustment from time to time as provided in Sections 11 and 26 and shall be payable in lawful money of
the United States of America in accordance with Section 7.3. 
 7.3. Payment Procedures. Upon
receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and certification duly executed, accompanied by payment of the aggregate Purchase Price for the total number of one one-thousandths of a share of
Preferred Stock to be purchased and an amount equal to any applicable transfer tax required to be paid by the holder of such Right Certificate in accordance with Section 9, in cash or by certified or cashier’s check or money order
payable to the order of the Company, the Rights Agent shall thereupon promptly (i)(A) requisition from any transfer agent of the Preferred Stock (or make available, if the Rights Agent is the transfer agent) certificates for the number of shares of
Preferred Stock to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) if the Company shall have 

  
 11 

 
elected to deposit the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a depository agent, requisition from the depositary agent depositary receipts
representing interests in such number of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the Preferred Stock represented by such receipts shall be deposited by the transfer agent with the
depositary agent) and the Company hereby directs the depositary agent to comply with all such requests, (ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of the issuance of fractional shares in accordance
with Section 14 or otherwise in accordance with Section 11.1.3, (iii) promptly after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of
such Right Certificate, registered in such name or names as may be designated by such holder and (iv) when appropriate, after receipt, promptly deliver such cash to or upon the order of the registered holder of such Right Certificate. In the
event that the Company is obligated to issue other securities of the Company, pay cash and/or distribute other property pursuant to Section 11.1.3, the Company will make all arrangements necessary so that such other securities, cash
and/or other property are available for distribution by the Rights Agent, if and when appropriate. 
 7.4.
Partial Exercise. In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by
the Rights Agent and delivered to the registered holder of such Right Certificate or to his or her duly authorized assigns, subject to the provisions of Section 14. 

7.5. Full Information Concerning Ownership. Notwithstanding anything in this Agreement to the contrary, neither
the Rights Agent nor the Company shall be obligated to undertake any action with respect to a registered holder of Rights upon the occurrence of any purported exercise as set forth in this Section 7 unless the certificate contained in
the form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such exercise shall have been duly completed and executed by the registered holder thereof and the Company shall have been provided with such
additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request. 

Section 8. Cancellation and Destruction of Right Certificates. All Right Certificates surrendered for the purpose
of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled
by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so
cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company, or shall, at the written request of the
Company, destroy such canceled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. 
 Section 9. Reservation and Availability of Capital Stock. The Company covenants and agrees that, from and after the Distribution Date, it will cause to be reserved and

  
 12 

 
kept available out of its authorized and unissued Preferred Stock (and, following the occurrence of a Trigger Event, out of its authorized and unissued Common Stock or other securities or out of
its shares held in its treasury) the number of shares of Preferred Stock (and, following the occurrence of a Trigger Event, Common Stock and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights.

 So long as the Preferred Stock (and, following the occurrence of a Trigger Event, Common Stock and/or other
securities) issuable upon the exercise of Rights may be listed on any national securities exchange or traded in the over-the-counter market, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable,
all shares reserved for such issuance to be listed or admitted to trading on such exchange or market upon official notice of issuance upon such exercise. 
 The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Stock (and, following the occurrence of a Trigger Event, Common Stock and/or other
securities) delivered upon exercise of Rights shall, at the time of delivery of the certificates for such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable shares.

 From and after such time as the Rights become exercisable, the Company shall use its best efforts, if then
necessary to permit the issuance of Preferred Stock upon the exercise of Rights, to register and qualify such Preferred Stock under the Securities Act and any applicable state securities or “Blue Sky” laws (to the extent exemptions
therefrom are not available), cause such registration statement and qualifications to become effective as soon as possible after such filing and keep such registration and qualifications effective until the earlier of the date as of which the Rights
are no longer exercisable for such securities and the Expiration Date. The Company may temporarily suspend, for a period of time not to exceed one hundred twenty (120) days, the exercisability of the Rights in order to prepare and file a
registration statement under the Securities Act and permit it to become effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a
public announcement at such time as the suspension is no longer in effect. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless the requisite qualification in such
jurisdiction shall have been obtained and until a registration statement under the Securities Act (if required) shall have been declared effective. 
 The Company further covenants and agrees that it will pay when due and payable any and all Federal and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the
Right Certificates or of any Preferred Stock (or Common Stock and/or other securities, as the case may be) upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable in respect of any
transfer or delivery of Right Certificates to a person other than, or the issuance or delivery of certificates for the Preferred Stock (or Common Stock and/or other securities, as the case may be) in a name other than that of, the registered holder
of the Right Certificate evidencing Rights surrendered for exercise or to issue or deliver any certificates for Preferred Stock (or Common Stock and/or other securities, as the case may be) in a name other than that of the registered holder upon the
exercise of any Rights until any such tax shall have been paid (any such tax being payable by the 

  
 13 

 
registered holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s satisfaction that no such tax is due. 

Section 10. Preferred Stock Record Date. Each person in whose name any certificate for Preferred Stock (or Common
Stock and/or other securities, as the case may be) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred Stock (or Common Stock and/or other securities, as the case may be)
represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; provided,
however, that if the date of such surrender and payment is a date upon which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the Company are closed, such person shall be deemed to have become
the record holder of such shares (fractional or otherwise) on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the
Company are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred Stock for which the Rights shall be exercisable, including, without limitation,
the right to vote or to receive dividends or other distributions, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

Section 11. Adjustment of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number of
shares of Preferred Stock or other securities or property purchasable upon exercise of each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11. 

11.1. Post-Execution Events. 

11.1.1. Corporate Dividends, Reclassifications, Etc. In the event the Company shall, at any time after the date of
this Agreement, (A) declare and pay a dividend on the Preferred Stock payable in Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock into a smaller number of shares of Preferred
Stock or (D) issue any shares of its capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation),
except as otherwise provided in this Section 11.1.1, the Purchase Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of
shares of capital stock issuable on such date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had
been exercised immediately prior to such date and at a time when the Preferred Stock transfer books of the Company were open, he would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or
reclassification; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. If
an event occurs which would require an adjustment under both Section 11.1.1 and Section 11.1.2, the adjustment provided for 

  
 14 

 
in this Section 11.1.1 shall be in addition to, and shall be made prior to, the adjustment required pursuant to, Section 11.1.2. 

11.1.2. Acquiring Person Events; Triggering Events. Subject to Section 27, in the event that a Trigger
Event occurs, then, from and after the first occurrence of such event, each holder of a Right, except as provided below, shall thereafter have a right to receive, upon exercise thereof at a price per Right equal to the then current Purchase Price
multiplied by the number of one one-thousandths of a share of Preferred Stock for which a Right is then exercisable (without giving effect to this Section 11.1.2), in accordance with the terms of this Agreement and in lieu of Preferred
Stock, such number of shares of Common Stock as shall equal the result obtained by (x) multiplying the then current Purchase Price by the then number of one one-thousandths of a share of Preferred Stock for which a Right is then exercisable
(without giving effect to this Section 11.1.2) and (y) dividing that product by 50% of the current per share market price of the Common Stock (determined pursuant to Section 11.4) on the first of the date of the
occurrence of, or the date of the first public announcement of, a Trigger Event (the “Adjustment Shares”); provided that the Purchase Price and the number of Adjustment Shares shall thereafter be subject to further adjustment
as appropriate in accordance with Section 11.6. Notwithstanding the foregoing, upon the occurrence of a Trigger Event, any Rights that are or were acquired or Beneficially Owned by (1) any Acquiring Person or any Associate or
Affiliate thereof, (2) a transferee of any Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (3) a transferee of any Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity
interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan,
arrangement or understanding which has as a primary purpose or effect avoidance of this Section 11.1.2, and subsequent transferees, shall become void without any further action, and any holder (whether or not such holder is an Acquiring
Person or an Associate or Affiliate of an Acquiring Person) of such Rights shall thereafter have no right to exercise such Rights under any provision of this Agreement or otherwise. From and after the Trigger Event, no Right Certificate shall be
issued pursuant to Section 3 or Section 6 that represents Rights that are or have become void pursuant to the provisions of this paragraph, and any Right Certificate delivered to the Rights Agent that represents Rights that
are or have become void pursuant to the provisions of this paragraph shall be canceled. 
 The Company shall use
all reasonable efforts to ensure that the provisions of this Section 11.1.2 are complied with, but shall have no liability to any holder of Right Certificates or any other Person as a result of its failure to make any determinations with
respect to any Acquiring Person or its Affiliates, Associates or transferees hereunder. 
 11.1.3.
Insufficient Shares. The Company may at its option substitute for Common Stock issuable upon the exercise of Rights in accordance with the foregoing Section 11.1.2 a number of shares of Preferred Stock or fraction thereof such
that the current per share market price of one share of Preferred Stock multiplied by such number or fraction is equal to the current per share market price of one share of Common Stock. In the event that upon the

  
 15 

 
occurrence of a Trigger Event there shall not be sufficient Common Stock authorized but unissued, or held by the Company as treasury shares, to permit the exercise in full of the Rights in
accordance with the foregoing Section 11.1.2, the Company shall take all such action as may be necessary to authorize additional Common Stock for issuance upon exercise of the Rights, provided, however, that if the Company
determines that it is unable to cause the authorization of a sufficient number of additional shares of Common Stock, then, in the event the Rights become exercisable, the Company, with respect to each Right and to the extent necessary and permitted
by applicable law and any agreements or instruments in effect on the date hereof to which it is a party, shall: (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current
Value”), over (2) the Purchase Price (such excess, the “Spread”) and (B) with respect to each Right (other than Rights which have become void pursuant to Section 11.1.2), make adequate provision to
substitute for the Adjustment Shares, upon payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price, (3) Preferred Stock, (4) other equity securities of the Company (including, without limitation,
shares, or fractions of shares, of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the Common Stock, the Board has deemed in good faith to have substantially the same value as
the Common Stock) (each such share of preferred stock or fractions of shares of preferred stock constituting a “common stock equivalent”)), (5) debt securities of the Company, (6) other assets or (7) any combination
of the foregoing having an aggregate value equal to the Current Value, where such aggregate value has been determined by the Board based upon the advice of a nationally recognized investment banking firm selected in good faith by the Board;
provided, however, that if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the occurrence of a Trigger Event, then the Company shall be obligated to
deliver, to the extent necessary and permitted by applicable law and any agreements or instruments in effect on the date hereof to which it is a party, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price,
Common Stock (to the extent available) and then, if necessary, such number or fractions of Preferred Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board
shall determine in good faith that it is unlikely that sufficient additional Common Stock would be authorized for issuance upon exercise in full of the Rights, the thirty (30) day period set forth above may be extended and re-extended to the
extent necessary, but not more than ninety (90) days following the occurrence of a Trigger Event, in order that the Company may seek stockholder approval for the authorization of such additional shares (such period as may be extended, the
“Substitution Period”). To the extent that the Company determines that some actions need be taken pursuant to the second and/or third sentences of this Section 11.1.3, the Company (x) shall provide that such action
shall apply uniformly to all outstanding Rights, and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form
of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily
suspended as well as a public announcement at such time as the suspension is no longer in effect. For purposes of this Section 11.1.3, the value of a share of Common Stock shall be the current per share market price (as determined
pursuant to Section 11.4) on the date of the occurrence of a Trigger Event and the value of any “common stock equivalent” shall be deemed to have the same 

  
 16 

 
value as the Common Stock on such date. The Board may, but shall not be required to, establish procedures to allocate the right to receive Common Stock upon the exercise of the Rights among
holders of Rights pursuant to this Section 11.1.3. 
 11.2. Dilutive Rights Offering. In case
the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling them (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or
purchase Preferred Stock (or securities having the same rights, privileges and preferences as the Preferred Stock (“equivalent preferred stock”)) or securities convertible into Preferred Stock or equivalent preferred stock at a
price per share of Preferred Stock or per share of equivalent preferred stock (or having a conversion or exercise price per share, if a security convertible into or exercisable for Preferred Stock or equivalent preferred stock) less than the current
per share market price of the Preferred Stock (as determined pursuant to Section 11.4) on such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock and shares of equivalent preferred stock outstanding on such record date plus the number of shares of Preferred Stock and
shares of equivalent preferred stock which the aggregate offering price of the total number of shares of Preferred Stock and/or shares of equivalent preferred stock to be offered (and/or the aggregate initial conversion price of the convertible
securities so to be offered) would purchase at such current per share market price and the denominator of which shall be the number of shares of Preferred Stock and shares of equivalent preferred stock outstanding on such record date plus the number
of additional Preferred Stock and/or shares of equivalent preferred stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided, however, that in no event
shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a consideration
part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the
Rights Agent and the holders of the Rights. Preferred Stock and shares of equivalent preferred stock owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed outstanding for the purpose of any such
computation. Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such rights or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then be in
effect if such record date had not been fixed. 
 11.3. Distributions. In case the Company shall fix a
record date for the making of a distribution to all holders of the Preferred Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of
indebtedness, cash, securities or assets (other than a regular periodic cash dividend at a rate not in excess of 125% of the rate of the last regular periodic cash dividend theretofore paid or, in case regular periodic cash dividends have not
theretofore been paid, at a rate not in excess of 50% of the average net income per share of the Company for the four quarters ended immediately prior to the payment of such dividend, or a dividend payable in Preferred Stock (which dividend, for
purposes of this Agreement, shall be subject to the provisions of Section 11.1.1(A))) or convertible securities, or subscription rights or warrants 

  
 17 

 
(excluding those referred to in Section 11.2), the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately
prior to such record date by a fraction, the numerator of which shall be the current per share market price of the Preferred Stock (as determined pursuant to Section 11.4) on such record date, less the fair market value (as determined in
good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the cash, assets, securities or evidences of indebtedness so to be distributed or of such subscription rights or warrants
applicable to one share of Preferred Stock and the denominator of which shall be such current per share market price of the Preferred Stock (as determined pursuant to Section 11.4); provided, however, that in no event shall the
consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively whenever such a record
date is fixed; and in the event that such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed. 

11.4. Current Per Share Market Value. 

11.4.1. General. For the purpose of any computation hereunder, the “current per share market
price” of any security (a “Security” for the purpose of this Section 11.4.1) on any date shall be deemed to be the average of the daily closing prices per share of such Security for the thirty
(30) consecutive Trading Days (as such term is hereinafter defined) immediately prior to such date; provided, however, that in the event that the current per share market price of the Security is determined during any period following
the announcement by the issuer of such Security of (i) a dividend or distribution on such Security payable in shares of such Security or securities convertible into such shares or (ii) any subdivision, combination or reclassification of
such Security, and prior to the expiration of thirty (30) Trading Days after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the
“current per share market price” shall be appropriately adjusted to reflect the current market price per share equivalent of such Security. The closing price for each day shall be the last sale price, regular way, or, in case no such sale
takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities
exchange on which the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market, as reported thereby or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional
market maker making a market in the Security selected by the Board. If on any such date no such market maker is making a market in the Security, the fair value of the Security on such date as determined in good faith by the Board shall be used. The
term “Trading Day” shall mean a day on which the principal national securities exchange on which the Security is listed or admitted to trading is open for the transaction of business or, if the Security is not listed or admitted to
trading on any national securities exchange, a Business Day. If the Security is not publicly held or not so listed or traded, or if on any such date the Security is not so quoted and no such market maker is making a market in the Security,
“current per share market price” shall mean the fair value per share as 

  
 18 

 
determined in good faith by the Board or, if at the time of such determination there is an Acquiring Person, by a nationally recognized investment banking firm selected by the Board, which shall
have the duty to make such determination in a reasonable and objective manner, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

11.4.2. Preferred Stock. Notwithstanding Section 11.4.1, for the purpose of any computation hereunder,
the “current per share market price” of the Preferred Stock shall be determined in the same manner as set forth above in Section 11.4.1 (other than the last sentence thereof). If the current per share market price of the
Preferred Stock cannot be determined in the manner described in Section 11.4.1, the “current per share market price” of the Preferred Stock shall be conclusively deemed to be an amount equal to 1,000 (as such number may be
appropriately adjusted for such events as stock splits, stock dividends and recapitalizations with respect to the Common Stock occurring after the date of this Agreement) multiplied by the current per share market price of the Common Stock (as
determined pursuant to Section 11.4.1). If neither the Common Stock nor the Preferred Stock are publicly held or so listed or traded, or if on any such date neither the Common Stock nor the Preferred Stock are so quoted and no such
market maker is making a market in either the Common Stock or the Preferred Stock, “current per share market price” of the Preferred Stock shall mean the fair value per share as determined in good faith by the Board, or, if at the time of
such determination there is an Acquiring Person, by a nationally recognized investment banking firm selected by the Board, which shall have the duty to make such determination in a reasonable and objective manner, which determination shall be
described in a statement filed with the Rights Agent and shall be conclusive for all purposes. For purposes of this Agreement, the “current per share market price” of one one-thousandth of a share of Preferred Stock shall be equal to the
“current per share market price” of one share of Preferred Stock divided by 1,000. 
 11.5.
Insignificant Changes. No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Purchase Price. Any adjustments which by reason of this Section 11.5
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one-hundred thousandth of a share of
Preferred Stock or the nearest one-hundredth of a share of Common Stock or other share or security, as the case may be. 
 11.6. Shares Other Than Preferred Stock. If as a result of an adjustment made pursuant to Section 11.1, the holder of any Right thereafter exercised shall become entitled to receive any
shares of capital stock of the Company other than Preferred Stock, thereafter the number of such other shares so receivable upon exercise of any Right 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 Preferred Stock contained in Sections 11.1, 11.2, 11.3, 11.5, 11.8, 11.9 and 11.13, and the provisions of Sections 7, 9, 10 and 14 with respect to the Preferred Stock
shall apply on like terms to any such other shares. 
 11.7. Rights Issued Prior to Adjustment. All
Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a share of

  
 19 

 
Preferred Stock purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 

11.8. Effect of Adjustments. Unless the Company shall have exercised its election as provided in
Section 11.9, upon each adjustment of the Purchase Price as a result of the calculations made in Sections 11.2 and 11.3, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence
the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths of a share of Preferred Stock (calculated to the nearest one-hundred thousandth of a share of Preferred Stock) obtained by (i) multiplying (x) the
number of one one-thousandths of a share of Preferred Stock covered by a Right immediately prior to this adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the
product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price. 

11.9. Adjustment in Number of Rights. The Company may elect on or after the date of any adjustment of the Purchase
Price to adjust the number of Rights, in substitution for any adjustment in the number of one one-thousandths of a share of Preferred Stock issuable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of
Rights shall be exercisable for the number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall
become that number of Rights (calculated to the nearest ten-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the
Purchase Price. The Company shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be
the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement. If Right Certificates have been issued,
upon each adjustment of the number of Rights pursuant to this Section 11.9, the Company may, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates
evidencing, subject to Section 14, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution
and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after
such adjustment. Right Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted Purchase Price) and shall be registered in the names of
the holders of record of Right Certificates on the record date specified in the public announcement. 
 11.10.
Right Certificates Unchanged. Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a share of Preferred Stock issuable upon the exercise of the Rights, the Right Certificates theretofore and
thereafter issued may continue to express the Purchase Price per share and the number of one one-thousandths of a share of Preferred Stock which were expressed in the initial Right Certificates issued hereunder. 

  
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 11.11. Par Value Limitations. Before taking any action that would
cause an adjustment reducing the Purchase Price below one one-thousandth of the then par value, if any, of the Preferred Stock or other shares of capital stock issuable upon exercise of the Rights, the Company shall take any corporate action which
may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Preferred Stock or other such shares at such adjusted Purchase Price. 

11.12. Deferred Issuance. In any case in which this Section 11 shall require that an adjustment in the
Purchase Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the holder of any Right exercised after such record date of that number of shares of
Preferred Stock and shares of other capital stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Stock and shares of other capital stock or other securities, assets or cash of the Company, if any,
issuable upon such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right
to receive such additional shares upon the occurrence of the event requiring such adjustment. 
 11.13.
Reduction in Purchase Price. Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this
Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any consolidation or subdivision of the Preferred Stock, issuance wholly for cash of any of the Preferred Stock at less than
the current market price, issuance wholly for cash of Preferred Stock or securities which by their terms are convertible into or exchangeable for Preferred Stock, dividends on Preferred Stock payable in Preferred Stock or issuance of rights, options
or warrants referred to hereinabove in this Section 11, hereafter made by the Company to holders of its Preferred Stock shall not be taxable to such stockholders. 

11.14. Company Not to Diminish Benefits of Rights. The Company covenants and agrees that after the earlier of the
Stock Acquisition Date or Distribution Date it will not, except as permitted by Section 23, Section 26 or Section 27, take (or permit any Subsidiary to take) any action if at the time such action is taken it is
reasonably foreseeable that such action will substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights. 
 11.15. Adjustment of Rights Associated with Common Stock. Notwithstanding anything contained in this Agreement to the contrary, in the event that the Company shall at any time after the date hereof
and prior to the Distribution Date (i) declare or pay any dividend on the outstanding Common Stock payable in shares of Common Stock, (ii) effect a subdivision or consolidation of the outstanding Common Stock (by reclassification or
otherwise than by the payment of dividends payable in shares of Common Stock), or (iii) combine the outstanding Common Stock into a greater or lesser number of shares of Common Stock, then in any such case, the number of Rights associated with
each share of Common Stock then outstanding, or issued or delivered thereafter but prior to the Distribution Date or in accordance with Section 22 shall be proportionately adjusted so that the number of Rights thereafter associated with
each share of Common Stock following any such event shall equal the result obtained by multiplying 

  
 21 

 
the number of Rights associated with each share of Common Stock immediately prior to such event by a fraction, the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of shares of Common Stock outstanding immediately following the occurrence of such event. The adjustments provided for in this
Section 11.15 shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or consolidation is effected. 

Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided
in Section 11, the Company shall (a) promptly prepare a certificate setting forth such adjustment, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Rights Agent and with each
transfer agent for the Common Stock or the Preferred Stock a copy of such certificate and (c) mail a brief summary thereof to each holder of a Right Certificate in accordance with Section 25. The Rights Agent shall be fully
protected in relying on any such certificate and on any adjustment therein contained and shall not be deemed to have knowledge of any such adjustment unless and until it shall have received such certificate. 

Section 13. [Reserved]. 
 Section 14. Fractional Rights and Fractional Shares. 

14.1. Cash in Lieu of Fractional Rights. The Company shall not be required to issue fractions of Rights or to
distribute Right Certificates which evidence fractional Rights (except prior to the Distribution Date in accordance with Section 11.15). In lieu of such fractional Rights, there shall be paid to the registered holders of the Right
Certificates with regard to which such fractional Rights would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14.1, the current market
value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the last sale price, regular
way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed on the
principal national securities exchange on which the Rights are listed or admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the
high bid and low asked prices in the over-the-counter market, as reported by such system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in the Rights selected by the Board. If on any such date no such market maker is making a market in the Rights, the current market value of the Rights on such date shall be the fair value of the Rights as
determined in good faith by the Board, or, if at the time of such determination there is an Acquiring Person, by a nationally recognized investment banking firm selected by the Board, which shall have the duty to make such determination in a
reasonable and objective manner, which determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

  
 22 

 14.2. Cash in Lieu of Fractional Shares of Preferred Stock. The
Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock) upon exercise or exchange of the Rights or to distribute
certificates which evidence fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock). Interests in fractions of shares of Preferred Stock in integral multiples of
one one-thousandth of a share of Preferred Stock may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it; provided, that such agreement
shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as Beneficial Owners of the Preferred Stock represented by such depositary receipts. In lieu of fractional
shares of Preferred Stock that are not integral multiples of one one-thousandth of a share of Preferred Stock, the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised or exchanged as herein
provided an amount in cash equal to the same fraction of the current per share market price of one share of Preferred Stock (as determined in accordance with Section 14.1) for the Trading Day immediately prior to the date of such
exercise or exchange. 
 14.3. Cash in Lieu of Fractional Shares of Common Stock. The Company shall not
be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company shall pay
to the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock (as
determined in accordance with Section 14.1) for the Trading Day immediately prior to the date of such exercise or exchange. 
 14.4. Waiver of Right to Receive Fractional Rights or Shares. The holder of a Right by the acceptance of the Rights expressly waives his right to receive any fractional Rights or any fractional
shares upon exercise or exchange of a Right, except as permitted by this Section 14. 
 Section 15.
Rights of Action. All rights of action in respect of this Agreement, except the rights of action given to the Rights Agent under Section 18, are vested in the respective registered holders of the Right Certificates (and, prior to
the Distribution Date, the registered holders of the Common Stock); and any registered holder of any Right Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of the Rights Agent or of the holder of any other
Right Certificate (or, prior to the Distribution Date, of the Common Stock), may, in his own behalf and for his own benefit, enforce this Agreement, and may institute and maintain any suit, action or proceeding against the Company to enforce this
Agreement, or otherwise enforce or act in respect of his right to exercise the Rights evidenced by such Right Certificate (or, prior to the Distribution Date, such Common Stock) in the manner provided in such Right Certificate and in this Agreement.
Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and shall be entitled to specific
performance of the obligations under, and injunctive relief against actual or 

  
 23 

 
threatened violations of, the obligations of any Person (including, without limitation, the Company) subject to this Agreement. 

Section 16. Agreement of Right Holders. Every holder of a Right by accepting the same consents and agrees with the
Company and the Rights Agent and with every other holder of a Right that: 
 (a) prior to the
Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Stock; 
 (b) as of and after the Distribution Date, the Right Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office of the Rights Agent designated for such
purpose, duly endorsed or accompanied by a proper instrument of transfer with all required certifications completed; and 
 (c) the Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the associated Common Stock certificate) is registered as the
absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Stock certificate made by anyone other than the Company or the Rights Agent) for all
purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary. 
 Section 17. Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of
the Preferred Stock or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of
any Right Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 24), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right
Certificate shall have been exercised in accordance with the provisions hereof. 
 Section 18. Concerning the
Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Rights Agent, its
reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to
hold it harmless against, any loss, liability, or expense, incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and
administration of this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly. 

  
 24 

 The Rights Agent shall be protected and shall incur no liability for or in
respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance upon any Right Certificate or certificate for the Preferred Stock or the Common Stock or for other securities of the Company,
instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where
necessary, verified or acknowledged, by the proper Person or Persons. 
 Section 19. Merger or Consolidation
or Change of Name of Rights Agent. Any corporation, limited liability company or other entity into which the Rights Agent or any successor Rights Agent may be merged, converted or with which it may be consolidated, or any corporation, limited
liability company or other entity resulting from any merger, conversion or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation or limited liability company succeeding to the corporate trust or
stock transfer business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided that such corporation, limited liability company or other entity would be eligible for appointment as a successor Rights Agent under the provisions of Section 21. In case at the time such successor Rights Agent shall
succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right
Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the
name of the successor Rights Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement. 

In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall
have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been
countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this
Agreement. 
 Section 20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations
imposed by this Agreement upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 

20.1. Legal Counsel. The Rights Agent may consult with legal counsel selected by it (who may be legal counsel for
the Company), and the opinion of such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 

20.2. Certificates as to Facts or Matters. Whenever in the performance of its duties under this Agreement the
Rights Agent shall deem it necessary or desirable that any fact 

  
 25 

 
or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the President and Chief Executive Officer, the Treasurer, the Secretary or any Vice President of the Company and delivered to the Rights Agent;
and such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

20.3. Standard of Care. The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or
willful misconduct. 
 20.4. Reliance on Agreement and Right Certificates. The Rights Agent shall not be
liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Right Certificates (except as to its countersignature thereof) or be required to verify the same, but all such statements and recitals are and
shall be deemed to have been made by the Company only. 
 20.5. No Responsibility as to Certain Matters.
The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right
Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the
exercisability of the Rights (including the Rights becoming void pursuant to Section 11.1.2) or any adjustment required under the provisions of Sections 3, 11, 23 or 27 or responsible for the manner, method or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after actual notice of any such change or adjustment); nor shall it
by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Preferred Stock or other securities to be issued pursuant to this Agreement or any Right Certificate or as to whether any Preferred
Stock will, when so issued, be validly authorized and issued, fully paid and nonassessable. 
 20.6. Further
Assurance by Company. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be
required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 
 20.7. Authorized Company Officers. The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any one of the President
and Chief Executive Officer, the Treasurer, the Secretary or any Vice President, and to apply to such officers for advice or instructions in connection with its duties under this Agreement, and it shall not be liable for any action taken or suffered
to be taken by it in good faith in accordance with instructions of any such officer or for any delay in acting while waiting for these instructions. Any application by the Rights Agent for written instructions from the Company may, at the option of
the Rights Agent, set forth in writing any action proposed to 

  
 26 

 
be taken or omitted by the Rights Agent with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken or such omission shall be
effective. The Rights Agent shall not be liable to the Company for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified therein (which date shall not be
less than three (3) Business Days after the date any such officer actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking of any such action (or the effective date
in the case of omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken or omitted. 

20.8. Freedom to Trade in Company Securities. The Rights Agent and any stockholder, director, officer or employee
of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or obtain a pecuniary interest in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise
act as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity. 

20.9. Reliance on Attorneys and Agents. The Rights Agent may execute and exercise any of the rights or powers
hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or
agents or for any loss to the Company resulting from any such act, omission, default, neglect or misconduct, provided that reasonable care was exercised in the selection and continued employment thereof. 

20.10. Incomplete Certificate. If, with respect to any Right Certificate surrendered to the Rights Agent for
exercise or transfer, the certificate contained in the form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been completed to certify the holder is not an Acquiring Person (or an
Affiliate or Associate thereof), the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company. 

20.11. Rights Holders List. At any time and from time to time after the Distribution Date, upon the request of the
Company, the Rights Agent shall promptly deliver to the Company a list, as of the most recent practicable date (or as of such earlier date as may be specified by the Company), of the holders of record of Rights. 

Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged
from its duties under this Agreement upon thirty (30) days’ notice in writing mailed to the Company and to each transfer agent of the Common Stock and/or Preferred Stock, as applicable, by registered or certified mail. Following the
Distribution Date, the Company shall promptly notify the holders of the Right Certificates by first-class mail of any such resignation. The Company may remove the Rights Agent or any successor Rights Agent upon thirty (30) days’ notice in
writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock and/or Preferred Stock, as applicable, by registered or certified mail, and to the holders of the Right Certificates

  
 27 

 
by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the resigning, removed, or incapacitated Rights Agent shall remit to the
Company, or to any successor Rights Agent designated by the Company, all books, records, funds, certificates or other documents or instruments of any kind then in its possession which were acquired by such resigning, removed or incapacitated Rights
Agent in connection with its services as Rights Agent hereunder, and shall thereafter be discharged from all duties and obligations hereunder. Following notice of such removal, resignation or incapacity, the Company shall appoint a successor to such
Rights Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply to any court of competent
jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the State of New York or the State of
Delaware (or any other state of the United States so long as such corporation is authorized to do business as a banking institution in the State of New York or the State of Delaware) in good standing, having an office in the State of New York or the
State of Delaware, which is authorized under such laws to exercise stock transfer or corporate trust powers and is subject to supervision or examination by Federal or state authority and which has at the time of its appointment as Rights Agent a
combined capital and surplus of at least $100 million. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or
deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not
later than the effective date of any such appointment the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock and/or Preferred Stock, as applicable, and, following the
Distribution Date, mail a notice thereof in writing to the registered holders of the Right Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or
validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 
 Section 22. Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right
Certificates evidencing Rights in such form as may be approved by its Board to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable under the Right Certificates
made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Common Stock following the Distribution Date and prior to the Expiration Date, the Company shall, with respect to Common Stock so
issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement, granted or awarded, or upon exercise, conversion or exchange of securities hereinafter issued by the Company, in each case existing prior to the
Distribution Date, issue Right Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such Right Certificate shall be issued if, and to the extent that, the
Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company or the 

  
 28 

 
Person to whom such Right Certificate would be issued and (ii) no such Right Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in
lieu of the issuance thereof. 
 Section 23. Redemption. 

23.1. Right to Redeem. The Board may, at its option, at any time prior to a Trigger Event, redeem all but not less
than all of the then outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend, recapitalization or similar transaction occurring after the date hereof (such redemption price being
hereinafter referred to as the “Redemption Price”), and the Company may, at its option, pay the Redemption Price in Common Stock (based on the “current per share market price,” determined pursuant to
Section 11.4, of the Common Stock at the time of redemption), cash or any other form of consideration deemed appropriate by the Board. The redemption of the Rights by the Board may be made effective at such time, on such basis and
subject to such conditions as the Board in its sole discretion may establish. 
 23.2. Redemption
Procedures. Immediately upon the action of the Board ordering the redemption of the Rights (or at such later time as the Board may establish for the effectiveness of such redemption), and without any further action and without any notice, the
right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price for each Right so held. The Company shall promptly give public notice of such redemption; provided,
however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. The Company shall promptly give, or cause the Rights Agent to give, notice of such redemption to the holders of the then
outstanding Rights by mailing such notice to all such holders at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Stock.
Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption shall state the method by which the payment of the Redemption Price will be made. Neither
the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 27, and other than in
connection with the purchase, acquisition or redemption of Common Stock prior to the Distribution Date. 

Section 24. Notice of Certain Events. In case the Company shall propose at any time after the earlier of the Stock
Acquisition Date and the Distribution Date (a) to pay any dividend payable in stock of any class to the holders of Preferred Stock or to make any other distribution to the holders of Preferred Stock (other than a regular periodic cash dividend
at a rate not in excess of 125% of the rate of the last regular periodic cash dividend theretofore paid or, in case regular periodic cash dividends have not theretofore been paid, at a rate not in excess of 50% of the average net income per share of
the Company for the four quarters ended immediately prior to the payment of such dividends, or a stock dividend on, or a subdivision, combination or reclassification of the Common Stock), or (b) to offer to the holders of Preferred Stock rights
or warrants to subscribe for or to purchase any additional Preferred Stock or shares of stock of any class or any other securities, rights or options, or (c) to effect any reclassification of its Preferred Stock (other than a reclassification
involving only the subdivision of outstanding 

  
 29 

 
Preferred Stock), or (d) to effect any consolidation or merger into or with, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other
transfer), in one or more transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person (other than pursuant to a merger or other acquisition agreement of the type excluded
from the definition of “Beneficial Ownership” in Section 1.3), or (e) to effect the liquidation, dissolution or winding up of the Company, or (f) to declare or pay any dividend on the Common Stock payable in Common
Stock or to effect a subdivision, combination or consolidation of the Common Stock (by reclassification or otherwise than by payment of dividends in Common Stock), then, in each such case, the Company shall give to the Rights Agent and to each
holder of a Right Certificate, in accordance with Section 25, a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend, distribution of rights or warrants, or the date on which such
reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of the Preferred Stock and/or Common Stock, if any such date is to be fixed, and
such notice shall be so given in the case of any action covered by clause (a) or (b) above at least ten (10) days prior to the record date for determining holders of the Preferred Stock for purposes of such action, and in the case of
any such other action, at least ten (10) days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the Preferred Stock and/or Common Stock, whichever shall be the earlier. 

In case any event set forth in Section 11.1.2 shall occur, then, in any such case, (i) the Company shall
as soon as practicable thereafter give to the Rights Agent and to each holder of a Right Certificate, in accordance with Section 25, a notice of the occurrence of such event, which notice shall describe the event and the consequences of
the event to holders of Rights under Section 11.1.2, and (ii) all references in this Section 24 to Preferred Stock shall be deemed thereafter to refer to Common Stock and/or, if appropriate, other securities. 

Section 25. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by
the holder of any Right Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows: 

MedCath Corporation 
 10720 Sikes Place, Suite 200 
 Charlotte, North Carolina 28277

 Subject to the provisions of Section 21 and Section 24, any notice or demand authorized by this
Agreement to be given or made by the Company or by the holder of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing
with the Company) as follows: 
 American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, NY 11219 
 Attention: Corporate Actions 

  
 30 

 
With a copy to (which shall not constitute notice to the Rights Agent): 
 American Stock Transfer & Trust Company, LLC 
 6201 15th
Avenue 
 Brooklyn, NY 11219 

Attention: General Counsel 
 Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate (or, prior to the Distribution Date, to the holder of any
certificate representing Common Stock) shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company; provided that prior to the
Distribution Date a filing by the Company with the Securities and Exchange Commission shall constitute sufficient notice to the holders of securities of the Company, including the Rights, for purposes of this Agreement and no other notice need be
given. 
 Section 26. Supplements and Amendments. For so long as the Rights are then redeemable, the
Company may in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of this Agreement in any respect without the approval of any holders of Rights or Common Stock. From and after
the time that the Rights are no longer redeemable, the Company may, and the Rights Agent shall, if the Company so directs, from time to time supplement or amend this Agreement without the approval of any holders of Rights (i) to cure any
ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein or (ii) to make any other changes or provisions in regard to matters or questions arising hereunder
which the Company may deem necessary or desirable, including but not limited to extending the Final Expiration Date; provided, however, that no such supplement or amendment shall adversely affect the interests of the holders of Rights as such
(other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person), and no such supplement or amendment may cause the Rights again to become redeemable or cause this Agreement again to become amendable as to an Acquiring Person or
an Affiliate or Associate of an Acquiring Person other than in accordance with this sentence; provided further, that the right of the Board to extend the Distribution Date shall not require any amendment or supplement hereunder. Upon the
delivery of a certificate from an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 26, the Rights Agent shall execute such supplement or amendment.

 Section 27. Exchange. 

27.1. Exchange of Common Stock for Rights. The Board may, at its option, at any time after the occurrence of a
Trigger Event, exchange Common Stock for all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 11.1.2) by exchanging at an exchange ratio of
one share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such amount per Right being hereinafter

  
 31 

 
referred to as the “Exchange Consideration”). Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after any Acquiring Person shall
have become the Beneficial Owner of 50% or more of the Common Stock then outstanding. The exchange of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may
establish. Without limiting the foregoing, prior to effecting an exchange pursuant to this Section 27, the Board of Directors may direct the Company to enter into a Trust Agreement in such form and with such terms as the Board of Directors
shall then approve (the “Trust Agreement”). If the Board of Directors so directs, the Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the “Trust”) all of the
shares of Common Stock issuable pursuant to the exchange (or any portion thereof that have not theretofore been issued in connection with the exchange). From and after the time at which such shares are issued to the Trust, all stockholders then
entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any dividends or distributions made thereon after the date on which such shares are deposited in the Trust) only from the Trust and solely upon
compliance with the relevant terms and provisions of the Trust Agreement. Any shares of Common Stock issued at the direction of the Board in connection herewith shall be validly issued, fully paid and nonassessable shares of Common Stock or
Preferred Stock (as the case may be), and the Company shall be deemed to have received as consideration for such issuance a benefit having a value that is at least equal to the aggregate par value of the shares so issued. 

27.2. Exchange Procedures. Immediately upon the action of the Board ordering the exchange for any Rights pursuant
to Section 27.1 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive the Exchange Consideration. The Company
shall promptly give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly shall mail a notice of any such exchange
to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.
Each such notice of exchange shall state the method by which the exchange of the Common Stock for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected
pro rata based on the number of Rights (other than the Rights that have become void pursuant to the provisions of Section 11.1.2) held by each holder of Rights. 

27.3. Insufficient Shares. The Company may at its option substitute, and, in the event that there shall not be
sufficient Common Stock issued but not outstanding or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with this Section 27, the Company shall substitute to the extent of such
insufficiency, for each share of Common Stock that would otherwise be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or equivalent preferred stock, as such term is defined in Section 11.2)
such that the current per share market price (determined pursuant to Section 11.4) of one share of Preferred Stock (or equivalent preferred stock) multiplied by such number or fraction is equal to the current per share market price of
one share of Common Stock (determined pursuant to Section 11.4) as of the date of such exchange. 

  
 32 

 Section 28. Process to Seek Exemption. Any Person who desires to
effect any acquisition of Common Stock that would, if consummated, result in such Person (together with its Affiliates and Associates) beneficially owning 4.99% or more of the then outstanding Common Stock (or, in the case of an Existing Holder,
shares of Common Stock in excess of the Exempt Ownership Percentage) (a “Requesting Person”) may, prior to the Stock Acquisition Date and in accordance with this Section 28, request that the Board grant an exemption with
respect to such acquisition under this Agreement so that such Person would be deemed to be an “Exempt Person” under subsection (ii) of Section 1.7 hereof for purposes of this Agreement (an “Exemption Request”).
An Exemption Request shall be in proper form and shall be delivered by registered mail, return receipt requested, to the Secretary of the Company at the principal executive office of the Company. To be in proper form, an Exemption Request shall set
forth (i) the name and address of the Requesting Person, (ii) the number and percentage of shares of Common Stock then Beneficially Owned by the Requesting Person, together with all Affiliates and Associates of the Requesting Person, and
(iii) a reasonably detailed description of the transaction or transactions by which the Requesting Person would propose to acquire Beneficial Ownership of Common Stock aggregating 4.99% or more of the then outstanding Common Stock (or, in the
case of an Existing Holder, shares of Common Stock in excess of the Exempt Ownership Percentage) and the maximum number and percentage of shares of Common Stock that the Requesting Person proposes to acquire. The Board shall make a determination
whether to grant an exemption in response to an Exemption Request as promptly as practicable (and, in any event, within ten (10) Business Days) after receipt thereof; provided, that the failure of the Board to make a determination within such
period shall be deemed to constitute the denial by the Board of the Exemption Request. The Board shall only grant an exemption in response to an Exemption Request if the Board determines in its sole discretion that the acquisition of Beneficial
Ownership of Common Stock by the Requesting Person will not jeopardize or endanger the value or availability to the Company of the Tax Attributes. Any exemption granted hereunder may be granted in whole or in part, and may be subject to limitations
or conditions (including a requirement that the Requesting Person agree that it will not acquire Beneficial Ownership of shares of Common Stock in excess of the maximum number and percentage of shares approved by the Board), in each case as and to
the extent the Board shall determine necessary or desirable to provide for the protection of the Company’s Tax Attributes. Any Exemption Request may be submitted on a confidential basis and, except to the extent required by applicable law, the
Company shall maintain the confidentiality of such Exemption Request and the Board’s determination with respect thereto. 
 Section 29. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder. 
 Section 30. Benefits of this Agreement. Nothing in this Agreement
shall be construed to give to any Person or corporation other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock) any legal or equitable right, remedy or
claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock). 

  
 33 

 Section 31. Determination and Actions by the Board. The Board shall
have the exclusive power and authority to administer this Agreement and to exercise the rights and powers specifically granted to the Board or to the Company, or as may be necessary or advisable in the administration of this Agreement, including,
without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable for the administration of this Agreement (including, without limitation, a
determination to redeem or not redeem the Rights or amend this Agreement). All such actions, calculations, interpretations and determinations that are done or made by the Board in good faith shall be final, conclusive and binding on the Company, the
Rights Agent, the holders of the Rights, as such, and all other parties. 
 Section 32. Severability. If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 Section 33.
Governing Law. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the internal laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the
laws of such State applicable to contracts to be made and performed entirely within such State. 
 Section 34.
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 Section 35. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

[Signature Page Follows] 

  
 34 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed, as of the day and year first above written. 
  

			
	MedCath Corporation
		
	By	 	/s/ O. Edwin French
		 	Name:  O. Edwin French
		 	Title:    President

  

			
	American Stock Transfer & Trust Company, LLC, as Rights Agent
		
	By	 	/s/ Karishma P. Kadian
		 	Name:  Karishma P. Kadian
		 	Title:    Counsel

  
 35 

 EXHIBIT A 

FORM OF 

CERTIFICATE OF DESIGNATIONS 
 of 
 SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 

of 
 MEDCATH
CORPORATION 
 (Pursuant to Section 151 of the 
 General Corporation Law of the State of Delaware) 
  

 

MedCath Corporation, a corporation organized and existing under the General Corporation Law of the State of Delaware
(hereinafter called the “Corporation”), hereby certifies that the following resolution was adopted by the Board of Directors of the Corporation as required by Section 151 of the General Corporation Law of the State of Delaware
at a meeting duly called and held on June 13, 2011. 
 RESOLVED, that pursuant to the authority granted to
and vested in the Board of Directors of this Corporation (hereinafter called the “Board of Directors” or the “Board”) in accordance with the provisions of the Amended and Restated Certificate of Incorporation of
this Corporation the Board of Directors hereby creates a series of Preferred Stock, par value $0.01 per share (the “Preferred Stock”), of the Corporation and hereby states the designation and number of shares, and fixes the relative
rights, powers and preferences, and qualifications, limitations and restrictions thereof as follows: 
 Section
1. Designation and Amount. The shares of such series shall be designated as “Series A Junior Participating Preferred Stock” (the “Series A Preferred Stock”) and the number of shares constituting the Series A
Preferred Stock shall be 22,000. Such number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less
than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into
Series A Preferred Stock. 
 Section 2. Dividends and Distributions. 

(A) Subject to the prior and superior rights of the holders of any shares of any class or series of stock
of this Corporation ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred 

  
 A-1

 
Stock, in preference to the holders of Common Stock, par value $0.01 per share (the “Common Stock”), of the Corporation, and of any other stock ranking junior to the Series A
Preferred Stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and December in each
year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock,
in an amount per share (rounded to the nearest cent) equal to the greater of (a) $1.00 or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times
the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise),
declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In
the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to
such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of
which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 (B) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock as provided in paragraph (A) of this Section 2 immediately after it declares a dividend or
distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment
Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Series A Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 

(C) Dividends shall begin to accrue and be cumulative on outstanding shares of Series A Preferred Stock
from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock entitled to receive a
quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest.

  
 A-2

 
Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a
share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series A Preferred Stock entitled to receive payment of a dividend or distribution
declared thereon, which record date shall be not more than sixty (60) days prior to the date fixed for the payment thereof. 
 Section 3. Voting Rights. The holders of shares of Series A Preferred Stock shall have the following voting rights: 

(A) Subject to the provision for adjustment hereinafter set forth, each share of Series A Preferred Stock
shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common
Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is
the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

(B) Except as otherwise provided herein, in any other Certificate of Designations creating a series of
Preferred Stock or any similar stock, or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class
on all matters submitted to a vote of stockholders of the Corporation. 
 (C) Except as set forth
herein, or as otherwise provided by law, holders of Series A Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth
herein) for taking any corporate action. 
 (D) If, at the time of any annual meeting of
stockholders for the election of directors, the equivalent of six quarterly dividends (whether or not consecutive) payable on any share or shares of Series A Preferred Stock are in default, the number of directors constituting the Board of Directors
of the Corporation shall be increased by two. In addition to voting together with the holders of Common Stock for the election of other directors of the Corporation, the holders of record of the Series A Preferred Stock, voting separately as a class
to the exclusion of the holders of Common Stock, shall be entitled at such meeting of stockholders (and at each subsequent annual meeting of stockholders), unless all dividends in arrears on the Series A Preferred Stock have been paid or declared
and set apart for payment prior thereto, to vote for the election of two directors of the 

  
 A-3

 
Corporation, the holders of any Series A Preferred Stock being entitled to cast a number of votes per share of Series A Preferred Stock as is specified in paragraph (A) of this
Section 3. Each such additional director shall serve until the next annual meeting of stockholders for the election of directors, or until his successor shall be elected and shall qualify, or until his right to hold such office terminates
pursuant to the provisions of this Section 3(D). Until the default in payments of all dividends which permitted the election of said directors shall cease to exist, any director who shall have been so elected pursuant to the provisions of this
Section 3(D) may be removed at any time, without cause, only by the affirmative vote of the holders of the shares of Series A Preferred Stock at the time entitled to cast a majority of the votes entitled to be cast for the election of any such
director at a special meeting of such holders called for that purpose, and any vacancy thereby created may be filled by the vote of such holders. If and when such default shall cease to exist, the holders of the Series A Preferred Stock shall be
divested of the foregoing special voting rights, subject to revesting in the event of each and every subsequent like default in payments of dividends. Upon the termination of the foregoing special voting rights, the terms of office of all persons
who may have been elected directors pursuant to said special voting rights shall forthwith terminate, and the number of directors constituting the Board of Directors shall be reduced by two. The voting rights granted by this Section 3(D) shall
be in addition to any other voting rights granted to the holders of the Series A Preferred Stock in this Section 3. 
 Section 4. Certain Restrictions. 
 (A)
Whenever quarterly dividends or other dividends or distributions payable on the Series A Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared,
on shares of Series A Preferred Stock outstanding shall have been paid in full, the Corporation shall not: 
 (i) declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred
Stock; 
 (ii) declare or pay dividends, or make any other distributions, on any shares of stock
ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred Stock and all such parity stock on which dividends are payable or
in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; 
 (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock,
provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (both as to dividends and upon dissolution, liquidation or
winding up) to the Series A Preferred Stock; or 

  
 A-4

 (iv) redeem or purchase or otherwise acquire for
consideration any shares of Series A Preferred Stock, or any shares of stock ranking on a parity with the Series A Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of
Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good
faith will result in fair and equitable treatment among the respective series or classes. 
 (B)
The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or
otherwise acquire such shares at such time and in such manner. 
 Section 5. Reacquired Shares. Any
shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but
unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein, in the Amended and Restated Certificate of Incorporation or in any other
Certificate of Designations creating a series of Preferred Stock or any similar stock or as otherwise required by law. 
 Section 6. Liquidation, Dissolution or Winding Up. 
 (A) Upon any liquidation, dissolution or winding up of the Corporation, voluntary or otherwise no distribution shall be made (i) to the holders of shares of stock ranking junior (either as to
dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock unless, prior thereto, the holders of Series A Preferred Stock shall have received an amount per share (the “Series A Liquidation Preference”) equal
to $10 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, provided that the holders of shares of Series A Preferred Stock shall be entitled to receive an
aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of Common Stock, or (ii) to the holders of shares of stock ranking on a
parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except distributions made ratably on the Series A Preferred Stock and all such parity stock in proportion to the total amounts to which
the holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision,
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the
aggregate amount to which holders of Series A Preferred Stock were entitled immediately prior to such event under the proviso in clause (i) of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of

  
 A-5

 
which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that are outstanding immediately prior
to such event. 
 (B) In the event, however, that there are not sufficient assets available to
permit payment in full of the Series A Liquidation Preference and the liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series A Preferred Stock in respect thereof, then the
assets available for such distribution shall be distributed ratably to the holders of the Series A Preferred Stock and the holders of such parity shares in proportion to their respective liquidation preferences. 

(C) Neither the merger or consolidation of the Corporation into or with another corporation nor the merger
or consolidation of any other corporation into or with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this Section 6. 

Section 7. Consolidation, Merger, etc. In case the Corporation shall enter into any consolidation, merger,
combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Preferred Stock shall at the same time be
similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may
be, into which or for which each share of Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision, combination or
consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth
in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 Section 8. No Redemption. The Series A Preferred Stock shall not be redeemable by the Corporation. 
 Section 9. Rank. The Series A Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up, junior to all series
of any other class of the Corporation’s Preferred Stock, except to the extent that any such other series specifically provides that it shall rank on a parity with or junior to the Series A Preferred Stock. 

Section 10. Amendment. At any time any shares of Series A Preferred Stock are outstanding, the Amended and
Restated Certificate of Incorporation of the Corporation shall not be further amended in any manner which would materially alter or change the powers, 

  
 A-6

 
preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series
A Preferred Stock, voting separately as a single class. 
 Section 11. Fractional Shares. Series A
Preferred Stock may be issued in fractions of a share that shall entitle the holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all
other rights of holders of Series A Preferred Stock. 

*        *        * 

  
 A-7

 IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf
of the Corporation by the undersigned this      day of June, 2011. 
  

			
	MEDCATH CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-8

 EXHIBIT B 

Form of Right Certificate 
  

			
	 Certificate No. R-
	  	                     Rights

NOT EXERCISABLE AFTER SEPTEMBER 30, 2013 OR EARLIER IF NOTICE OF REDEMPTION OR EXCHANGE IS GIVEN, OR IF THE BOARD OF
DIRECTORS DETERMINES THAT THE TAX ATTRIBUTES (AS DEFINED IN THE AGREEMENT) ARE NO LONGER AVAILABLE. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE AGREEMENT. UNDER CERTAIN CIRCUMSTANCES
(SPECIFIED IN SECTION 11.1.2 OF THE AGREEMENT), RIGHTS BENEFICIALLY OWNED BY OR TRANSFERRED TO AN ACQUIRING PERSON (AS DEFINED IN THE AGREEMENT), OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS WILL BECOME NULL AND VOID AND WILL NO LONGER BE
TRANSFERABLE. 
 Right Certificate 
 MEDCATH CORPORATION 
 This certifies that _______________,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of June 15, 2011, as the same
may be amended from time to time (the “Agreement”), between MedCath Corporation, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability
trust company, as Rights Agent (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date and prior to 5:00 P.M. (New York time) on September 30, 2013, at the offices of the Rights Agent, or its
successors as Rights Agent, designated for such purpose, one one-thousandth of a fully paid, nonassessable share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Stock”), of the Company, at
a purchase price of $20.00 per one one-thousandth of a share of Preferred Stock, subject to adjustment (the “Purchase Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase and
certification duly executed. The number of Rights evidenced by this Right Certificate (and the number of one one-thousandths of a share of Preferred Stock which may be purchased upon exercise thereof) set forth above, and the Purchase Price set
forth above, are the number and Purchase Price as of                     , 20     based on the Preferred Stock as
constituted at such date. Capitalized terms used in this Right Certificate without definition shall have the meanings ascribed to them in the Agreement. As provided in the Agreement, the Purchase Price and the number of shares of Preferred Stock
which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events. 

This Right Certificate is subject to all of the terms, provisions and conditions of the Agreement, which terms,
provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Agreement reference is hereby made for a full 

  
 B-1

 
description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates. Copies of the Agreement
are on file at the principal offices of the Company and the Rights Agent. 
 This Right Certificate, with or
without other Right Certificates, upon surrender at the offices of the Rights Agent designated for such purpose, may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of one one-thousandths of a share of Preferred Stock as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be
exercised in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised. 

Subject to the provisions of the Agreement, the Board may, at its option, (i) redeem the Rights evidenced by this
Right Certificate at a redemption price of $0.01 per Right or (ii) exchange Common Stock for the Rights evidenced by this Certificate, in whole or in part. 

No fractional Preferred Stock will be issued upon the exercise of any Right or Rights evidenced hereby (other than
fractions of Preferred Stock which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depository receipts), but in lieu thereof a cash payment will be made, as
provided in the Agreement. 
 No holder of this Right Certificate, as such, shall be entitled to vote or receive
dividends or be deemed for any purpose the holder of the Preferred Stock or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Agreement or herein be construed to
confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right
Certificate shall have been exercised as provided in the Agreement. 
 If any term, provision, covenant or
restriction of the Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of the Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated. 
 This Right Certificate shall not be valid or
binding for any purpose until it shall have been countersigned by the Rights Agent. 

  
 B-2

 WITNESS the facsimile signature of the proper officers of the Company and
its corporate seal. 
 Dated as of
                    , 20__. 
  

									
	 Attest:
	 		 	MEDCATH CORPORATION
					
	By:	 	 	 		 	By:	 	 
		 	 Name:
 Title:
	 		 		 	 Name:
 Title:

  

			
	Countersigned:
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Rights Agent
		
	By:	 	 
		 	Authorized Signature

  
 B-3

 Form of Reverse Side of Right Certificate 

FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such holder 
 desires to transfer the
Right Certificate.) 
  

			
	FOR VALUE RECEIVED	 	 

			
	hereby sells, assigns and transfers unto 	  	 
		
	 	  	 
		
	 	  	 

 (Please print name and address 

of transferee) 

Rights evidenced by this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute
and appoint                      Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power
of substitution. 
 Dated:
                         

 

	
	
	
	  
	Signature

  

	
	Signature Guaranteed:
	
	  
	

 Signatures must be guaranteed by an “eligible guarantor institution” as
defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended. 
  

  
 B-4

   

 
 The undersigned hereby certifies
that: 
 (1) the Rights evidenced by this Right Certificate are not Beneficially Owned by and are not being
assigned to an Acquiring Person or an Affiliate or an Associate thereof; and 
 (2) after due inquiry and to the
best knowledge of the undersigned, the undersigned did not acquire the Rights evidenced by this Right Certificate from any person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate thereof. 

Dated:
                             

 

	
	
	  
	Signature

  
 B-5

 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to 
 exercise the Right Certificate.) 
 To MedCath Corporation: 

The undersigned hereby irrevocably elects to exercise
                 Rights represented by this Right Certificate to purchase the Preferred Stock issuable upon the exercise of such Rights (or such other securities
or property of the Company or of any other Person which may be issuable upon the exercise of the Rights) and requests that certificates for such stock be issued in the name of: 

 

			
	  	 	  
	  	 	  
	 (Please print name and address)
	 	
		 	
	 	 	

 If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right
Certificate for the balance remaining of such Rights shall be registered in the name of and delivered to: 
 Please insert social security

 or other identifying number 
  

			
	  	 	  
	  	 	  
	 (Please print name and address)
	 	
		 	
	 	 	

 Dated:
                         

 

	
	
	
	  
	Signature

  

	
	Signature Guaranteed:
	
	  
	

 Signatures must be guaranteed by an “eligible guarantor institution” as
defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended. 

  
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 The undersigned hereby certifies that: 

(1) the Rights evidenced by this Right Certificate are not Beneficially Owned by and are not being assigned to an
Acquiring Person or an Affiliate or an Associate thereof; and 
 (2) after due inquiry and to the best knowledge
of the undersigned, the undersigned did not acquire the Rights evidenced by this Right Certificate from any person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate thereof. 

Dated:                        
         
  

	
	
	  
	Signature

  

 
 NOTICE 

The signature in the foregoing Form of Assignment and Form of Election to Purchase must conform to the name as written
upon the face of this Right Certificate in every particular, without alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form of Assignment or Form of Election to Purchase is not completed, the Company will deem the Beneficial Owner of the Rights evidenced by this Right
Certificate to be an Acquiring Person or an Affiliate or Associate hereof and such Assignment or Election to Purchase will not be honored. 

  
 B-7

 EXHIBIT C 

AS DESCRIBED IN THE RIGHTS AGREEMENT, UNDER 

CERTAIN CIRCUMSTANCES, RIGHTS WHICH ARE HELD BY OR HAVE BEEN HELD 

BY AN ACQUIRING PERSON OR ASSOCIATES OR 

AFFILIATES THEREOF (AS DEFINED IN 
 THE RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES 
 THEREOF SHALL
BECOME NULL AND VOID AND WILL 
 NO LONGER BE TRANSFERABLE. 

SUMMARY OF RIGHTS TO PURCHASE 
 PREFERRED SHARES 
 On June 13, 2011 the Board of Directors of
MedCath Corporation (the “Company”) declared a dividend of one preferred stock purchase right (a “Right”) for each share of common stock, par value $0.01 per share (the “Common Stock”), of the
Company outstanding at the close of business on June 29, 2011 (the “Record Date”). As long as the Rights are attached to the Common Stock, the Company will issue one Right (subject to adjustment) with each new share of Common
Stock so that all such shares will have attached Rights. When exercisable, each Right will entitle the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock (the
“Preferred Stock”) at a price of $20.00 per one one-thousandth of a share of Preferred Stock, subject to adjustment (the “Purchase Price”). The description and terms of the Rights are set forth in a Rights
Agreement, dated as of June 15, 2011, as the same may be amended from time to time (the “Agreement”), between the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights
Agent”). 
 By adopting the rights agreement, the Board of Directors is seeking to protect certain of
the Company’s tax attributes (the “Tax Attributes”). The Tax Attributes can be a valuable asset of the Company, which may inure to the benefit of the Company and its stockholders. However, if the Company experiences an
“ownership change,” as defined in Section 382 of the Internal Revenue Code (the “Code”), its ability to take advantage of the Tax Attributes could be substantially limited, which could significantly impair the value
of the asset. Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more “five percent stockholders” increases by more than fifty percentage points over the lowest percentage of
stock owned by such stockholders at any time during the prior three-year period or, if sooner, since the last “ownership change” experienced by the Company. A rights agreement with a 4.99% “trigger” threshold is intended to act
as a deterrent to any person acquiring 4.99% or more of the outstanding shares of Common Stock without the approval of the Board of Directors. This would protect the Tax Attributes because changes in ownership by a person owning less than 4.99% of
the Common Stock are not included in the calculation of “ownership change” for purposes of Section 382 of the Code. 
 Until the earlier to occur of (i) the tenth business day following a public announcement that a person or group of affiliated or associated persons has acquired beneficial ownership of 4.99% or more
of the Common Stock (an “Acquiring Person”) or (ii) ten Business Days (or such later date as may be determined by action of the Board of Directors prior to such 

  
 C-1

 
time as any person or group of affiliated persons becomes an Acquiring Person) following the commencement or announcement of an intention to make a tender offer or exchange offer the consummation
of which would result in the beneficial ownership by a person or group of 4.99% or more of the Common Stock (the earlier of (i) and (ii) being called the “Distribution Date”), the Rights will be evidenced, with respect to
any of the Common Stock certificates outstanding as of the Record Date, by such Common Stock certificate (or, with respect to any shares of Common Stock held in book entry form, by the notation in book entry) together with a copy of this Summary of
Rights. The Agreement provides that any person who beneficially owned 4.99% or more of the Common Stock on the date the Agreement was adopted, together with any affiliates and associates of that person (each an “Existing Holder”),
shall not be deemed to be an “Acquiring Person” for purposes of the Agreement unless the Existing Holder becomes the beneficial owner of (x) a percentage of the Common Stock then outstanding that is more than the aggregate percentage
of the outstanding Common Stock that such Existing Holder beneficially owns as of the date of the Agreement or (y) less than 4.99% of the Common Stock then outstanding (after which, if the Existing Holder becomes the beneficial owner of 4.99%
or more of the Common Stock then outstanding, the Existing Holder shall be deemed to be an “Acquiring Person”). The Agreement includes a procedure whereby the Board of Directors will consider requests to exempt certain proposed
acquisitions of Common Stock from the applicable ownership trigger if the Board determines that the requested acquisition will not jeopardize or endanger the value or availability of the Tax Attributes to the Company. The Agreement also provides
that the Board may declare that any person that has otherwise become an “Acquiring Person” shall be exempt from the operation of the Plan, notwithstanding any acquisition resulting in such person otherwise becoming an Acquiring Person, if
the Board determines in its sole discretion that such person’s beneficial ownership will not jeopardize or endanger the value or availability of the Tax Attributes, or if the Board otherwise determines in good faith that such person shall be an
exempt person. 
 The Agreement provides that until the Distribution Date (or earlier redemption, exchange,
termination or expiration of the Rights), the Rights will be transferred with and only with the Common Stock. Until the Distribution Date (or earlier redemption, exchange, termination or expiration of the Rights), new Common Stock certificates
issued after the close of business on the Record Date upon transfer or new issuance of the Common Stock will contain a notation incorporating the Agreement by reference, and the Company will deliver a notice to that effect upon the transfer or new
issuance of book entry shares. Until the Distribution Date (or earlier redemption, exchange, termination or expiration of the Rights), the surrender for transfer of any certificates for Common Stock or any book entry shares, with or without such
notation, notice or a copy of this Summary of Rights, will also constitute the transfer of the Rights associated with the Common Stock represented by such certificate or the book entry shares. As soon as practicable following the Distribution Date,
separate certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the Common Stock as of the close of business on the Distribution Date and such separate Right Certificates alone will evidence
the Rights. 
 The Rights are not exercisable until the Distribution Date. The Rights will expire on
September 30, 2013, subject to the Company’s right to extend such date (the “Final Expiration Date”), unless earlier redeemed or exchanged by the Company or terminated. 

  
 C-2

 Each share of Preferred Stock purchasable upon exercise of the Rights will
be entitled, when, as and if declared, to a minimum preferential quarterly dividend payment of the greater of (a) $1.00 per share, or (b) an aggregate dividend of 1,000 times the dividend, if any, declared per share of Common Stock. In the
event of liquidation, dissolution or winding up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential liquidation payment of $10 per share (plus any accrued but unpaid dividends), provided that such holders of
the Preferred Stock will be entitled to an aggregate payment of 1,000 times the payment made per share of Common Stock. Each share of Preferred Stock will have 1,000 votes and will vote together with the Common Stock. Finally, in the event of any
merger, consolidation or other transaction in which Common Stock are exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. Preferred Stock will not be redeemable. These rights
are protected by customary antidilution provisions. Because of the nature of the Preferred Stock’s dividend, liquidation and voting rights, the value of one one-thousandth of a share of Preferred Stock purchasable upon exercise of each Right
should approximate the value of one share of Common Stock. 
 The Purchase Price payable, and the number of
shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or
reclassification of the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights or warrants to subscribe for or purchase Preferred Stock or convertible securities at less than the current market price of the
Preferred Stock or (iii) upon the distribution to holders of the Preferred Stock of evidences of indebtedness, cash, securities or assets (excluding regular periodic cash dividends at a rate not in excess of 125% of the rate of the last regular
periodic cash dividend theretofore paid or, in case regular periodic cash dividends have not theretofore been paid, at a rate not in excess of 50% of the average net income per share of the Company for the four quarters ended immediately prior to
the payment of such dividend, or dividends payable in Preferred Stock (which dividends will be subject to the adjustment described in clause (i) above)) or of subscription rights or warrants (other than those referred to above). 

In the event that a Person becomes an Acquiring Person, each holder of a Right, other than Rights that are or were
acquired or beneficially owned by the Acquiring Person (which Rights will thereafter be void), will thereafter have the right to receive upon exercise that number of shares of Common Stock having a market value of two times the then current Purchase
Price of the Right. 
 At any time after a Person becomes an Acquiring Person and prior to the acquisition by
such Acquiring Person of 50% or more of the outstanding Common Stock, the Board of Directors may cause the Company to exchange the Rights (other than Rights owned by an Acquiring Person which will have become void), in whole or in part, for Common
Stock at an exchange rate of one share of Common Stock per Right (subject to adjustment). 
 No adjustment in
the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional Preferred Stock or Common Stock will be issued (other than fractions of Preferred Stock which are integral
multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be evidenced by depository receipts), and in lieu thereof, a payment in cash will be 

  
 C-3

 
made based on the market price of the Preferred Stock or Common Stock on the last trading date prior to the date of exercise. 

The Rights may be redeemed in whole, but not in part, at a price of $0.01 per Right (the “Redemption
Price”) by the Board of Directors at any time prior to the time that an Acquiring Person has become such. The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in
its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. 

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company beyond those
as an existing stockholder, including, without limitation, the right to vote or to receive dividends. 
 Any of
the provisions of the Agreement may be amended by the Board of Directors for so long as the Rights are then redeemable. After the Rights are no longer redeemable, the Company may amend or supplement the Agreement in any manner that does not
adversely affect the interests of the holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person). 
 A copy of the Agreement has been filed with the Securities and Exchange Commission as an Exhibit to a Current Report on Form 8-K. A copy of the Agreement is available free of charge from the Company. This
summary description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is incorporated herein by reference. 

  
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