Document:

Securities Purchase Agreement dated August 3, 2009

 Exhibit 10.1 
 ANTIGENICS INC. 
 SECURITIES PURCHASE AGREEMENT 
 This Securities Purchase Agreement (this “Agreement”) is made and entered into as of August 3, 2009, by and among Antigenics
Inc., a Delaware corporation (the “Company”) and the investors signatory hereto and identified for convenience on Schedule I attached hereto (each, a “Purchaser”, and collectively, the
“Purchasers”). 
 RECITALS 
 WHEREAS, the Company desires to issue and sell to the Purchasers, and the Purchasers desire to purchase from the Company, (i) an aggregate of up to 4,385,965 shares of Common Stock, par value $0.01 per share, of
the Company (the “Common Stock”), (ii) an aggregate of up to 1,973,685 warrants in substantially the form of Exhibit A hereto (the “4 Year Warrants”), each 4 Year Warrant allowing the
holder thereof to purchase a share of Common Stock at a strike price of $2.50 per share and (iii) an aggregate of up to 2,192,982 warrants in substantially the form of Exhibit B hereto (the “6 Month
Warrants”, and together with the 4 Year Warrants, the “Warrants”), each 6 Month Warrant allowing the holder thereof to purchase a share of Common Stock at a strike price of $2.31 per share. 
 WHEREAS, the Company and each Purchaser are executing and delivering this Agreement in reliance upon exemption from securities registration afforded by
Regulation D (“Regulation D”) as promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”).

 NOW, THEREFORE, in consideration of the foregoing, the mutual promises hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. AGREEMENT TO PURCHASE AND SELL
SECURITIES. 
 (a) Authorization. The Company’s Board of Directors has authorized (i) the issuance and sale,
pursuant to the terms and conditions of this Agreement, of an aggregate of up to 4,385,965 shares of Common Stock (the “Shares”) and (ii) the issuance and sale, pursuant to the terms and conditions of this Agreement, of
an aggregate of up to 1,973,685 of 4 Year Warrants and 2,192,982 6 Month Warrants (the Shares, the Warrants and the Common Stock issuable upon exercise of the Warrants, collectively, the “Securities”). 
 (b) Agreement to Purchase and Sell Securities. Subject to the terms and conditions of this Agreement, each Purchaser, severally and not
jointly, agrees to purchase, and the Company agrees to sell and issue to each Purchaser, at the Closing (as defined below), the number of Shares and Warrants identified on the signature pages hereto. The purchase price of each Share, 4 Year Warrant
and 6 Month Warrant shall be $2.28. 

 (c) Use of Proceeds. The Company intends to use the net proceeds from the sale of the
Securities hereunder for working capital and general corporate purposes and not for the satisfaction of any portion of the Company’s long-term debt (other than payment of trade payables, interest payments and accrued expenses, or settlement of
intercompany balances in the ordinary course of the Company’s business and consistent with prior practices), or to redeem any Common Stock or other securities of the Company or to settle any outstanding Action. 
 (d) Obligations Several, Not Joint. The obligations of each Purchaser under this Agreement are several and not joint with the obligations
of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. The decision of each of the Purchasers to purchase Securities pursuant to this Agreement has
been made by such Purchaser independently of any other Purchaser. Nothing contained herein, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to independently
protect and enforce such Purchaser’s rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.

 2. CLOSING. 
 (a) Closing. The purchase and sale of the Shares and Warrants shall take place at the offices of Ropes & Gray LLP, 10:00 a.m., New York City time, on August 4, 2009, or at such other time and place as the
Company, on the one hand, and Purchasers purchasing a majority of the Shares mutually agree upon (which time and place are referred to in this Agreement as the “Closing”). The date of the Closing is referred to herein as the
“Closing Date”. On the Closing Date, each Purchaser shall wire the aggregate purchase price for the Shares and Warrants to the Company to such account as it shall designate, and the Company shall, against such payment,
irrevocably authorize and instruct its transfer agent to issue to each Purchaser one or more stock certificates (the “Certificates”) and Warrants registered in the name of said Purchaser, and bearing the legend set forth in
Section 4(j) herein. Notwithstanding the foregoing, payment of the aggregate purchase price may be made promptly after receipt by the Purchasers’ custodian of the Certificates and Warrants, provided that such order of transmission is
required by the Purchaser’s established internal policy or procedure. 
 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 Except as set forth in the SEC Documents (as defined below), the Company hereby represents and warrants to each Purchaser that as of the date hereof
(except with respect to any representations and warranties that speak as of a specified date, which shall be true and correct as of such date): 
 (a) Organization Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of 

  

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Delaware and has all power and authority required to (i) own, operate and occupy its properties and assets and to carry on its business as presently
conducted and (ii) enter into this Agreement and the other agreements, instruments and documents contemplated hereby, and to consummate the transactions contemplated hereby and thereby. The Company is qualified to do business and is in good
standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect and, to the Company’s Knowledge, no proceeding has been initiated, pending or threatened in any such jurisdiction revoking, limiting or
curtailing or seeking to revoke, limit or curtail such qualifications. As used in this Agreement, “Material Adverse Effect” means a material adverse effect on, or a material adverse change in, the business, operations,
financial condition, results of operations, assets or liabilities of the Company and its subsidiaries, taken as a whole. 
 (b)
Capitalization. The capitalization of the Company, prior to the issuance of the Securities, is as follows: 
 (i) The
authorized capital stock of the Company consists of 250 million shares of Common Stock, par value $0.01 per share, and 25 million shares of Preferred Stock, par value $0.01 per share (the “Preferred Stock”).

 (ii) As of July 27, 2009, the issued and outstanding capital stock of the Company consisted of (A) 79,772,240 shares of
Common Stock, (B) 31,620 shares of Series A Convertible Preferred Stock and (C) 3,105 shares of Series B Convertible Preferred Stock. The shares of issued and outstanding capital stock of the Company (x) have been duly authorized and
validly issued, are fully paid and nonassessable and have not been issued in violation of or are not otherwise subject to any preemptive or other similar rights and (y) have been issued in compliance in all material respects with all applicable
federal and state securities laws. 
 (iii) As of June 30, 2009, the Company had four equity incentive plans: the 1999 Equity
Incentive Plan, as amended, the 2009 Equity Incentive Plan, the 1999 Employee Stock Purchase Plan and the 2009 Employee Stock Purchase Plan (each referred to herein as a “Plan” and collectively as the
“Plans”). As of June 30, 2009, the Company had (1) 6,835,131 shares of Common Stock reserved for issuance upon exercise of outstanding options, (2) no shares of Common Stock reserved for issuance upon exercise
of outstanding warrants, (3) 1,872,919 shares of Common Stock reserved for issuance upon the vesting of nonvested stock, and (4) 13,778,849 shares reserved for issuance under the Plans. Each stock option granted by the Company under the
Plan (i) was granted in accordance with the terms of the Company’s stock option plans, and (ii) was granted with an exercise price at least equal to the fair market value of the Common Stock on the date such option would be considered
granted under generally accepted accounting principles in the United States and applicable law and no option has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant,
stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects. As of
June 30, 2009, the Company had a Director Deferred Compensation Plan under which 192,986 shares are issuable under the terms of the plan and 164,068 shares are reserved for issuance. 
  

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 (iv) As of June 30, 2009, the Company’s outstanding Series A Convertible Preferred
Stock was convertible into 2 million shares of Common Stock, the Company’s outstanding 5.25% convertible senior notes due 2025 were convertible into 1,974,917 shares of Common Stock, and the Company’s 8% senior secured convertible
notes due 2011 were convertible into 8,806,249 shares of Common Stock. 
 (v) Except as set forth in Section 3(b)(iii) above or
as otherwise set forth in Section 3(b) of the disclosure letter dated August 3, 2009, attached hereto as Exhibit C (the “Disclosure Letter”), (i) there are no outstanding securities or instruments of the
Company which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is or may become bound to redeem a security of the Company; (ii) there are no securities or
instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities; and (iii) the Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any
similar plan or agreement 
 With the exception of the foregoing, as of the date hereof, there are no outstanding subscriptions, options,
warrants, convertible or exchangeable securities or other rights granted to or by the Company to purchase shares of Common Stock or other securities of the Company, and there are no commitments, plans or arrangements to issue any shares of Common
Stock or any security convertible into or exchangeable for Common Stock. 
 (c) Subsidiary. Except for the subsidiaries listed
in Section 3(c) of the Disclosure Letter (the “Subsidiaries”), the Company does not have any subsidiaries, and the Company does not own any capital stock of, assets comprising the business of, obligations of, or any
other interest (including any equity or partnership interest) in, any person or entity. Each of the Subsidiaries is duly organized and validly existing in good standing under the laws of its respective state of incorporation or organization. Each of
the Subsidiaries has full power and authority to own, operate and occupy its properties and to conduct its business as presently conducted and is registered or qualified to do business and in good standing in each jurisdiction in which it owns or
leases property or transacts business and where the failure to be so qualified would have a Material Adverse Effect and, to the Company’s Knowledge, no proceeding has been initiated, pending or threatened in any such jurisdiction revoking,
limiting or curtailing or seeking to revoke, limit or curtail such qualifications. 
 (d) Due Authorization. All corporate
actions on the part of the Company necessary for (i) the authorization, execution, delivery of, and the performance of all obligations of the Company under this Agreement and (ii) the authorization, issuance, reservation for issuance and
delivery of all of the Securities being sold under this Agreement have been taken, no further consent or authorization of the Company, its Board of Directors or its stockholders is required, and this Agreement and the Warrants each constitutes the
valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms. There are no shareholder agreements, voting agreements, or other similar arrangements, preferred investment terms (other than as
expressly set forth in Section 3(b) above) or preemption rights for existing stockholders, with respect to the Company’s capital stock to which the Company is a party or, to the actual knowledge of any of the officers of the Company or any
of its Subsidiaries (“Company Knowledge” or the “Company’s Knowledge”) between or among any of the Company’s stockholders. 
  

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 (e) Valid Issuance of Securities. 
 (i) Securities. The Securities will be, upon payment therefor by the Purchasers in accordance with this Agreement, and, if applicable, the
Warrant, duly authorized, validly issued, fully paid and non-assessable free and clear from all taxes, liens, claims and encumbrances with respect to the issuance of the Securities and will not be subject to any preemptive rights or similar rights.

 (ii) Compliance with Securities Laws. Subject to the accuracy of the representations made by the Purchasers in
Section 4 hereof, the Securities will be issued and sold to the Purchasers in compliance with applicable exemptions from (A) the registration and prospectus delivery requirements of the Securities Act and (B) the registration and
qualification requirements of all applicable securities laws of the states of the United States and any other jurisdiction represented by a Purchaser in a Questionnaire to be its jurisdiction of residence. 
 (f) Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or
filing with, or notice to, any federal, state or local governmental authority on the part of the Company is required in connection with the issuance and sale of the Securities to the Purchasers by the Company, or the consummation of the other
transactions contemplated by this Agreement, except (i) such filings as have been made prior to the date hereof, (ii) the filing of a notification form with The Nasdaq Stock Market (“Nasdaq”) and (iii) the
filing of a Notice of Sale of Securities on Form D with the SEC under Regulation D of the Securities Act and such additional post-Closing filings as may be required to comply with applicable federal and state securities laws and the
listing requirements of the Nasdaq. 
 (g) Non-Contravention. The execution, delivery and performance of this Agreement by the
Company, and the consummation by the Company of the transactions contemplated hereby (including issuance of the Securities), do not (i) contravene or conflict with the Certificate of Incorporation (the “Certificate of
Incorporation”) or Bylaws (the “Bylaws”) of the Company or any Subsidiary; (ii) assuming the accuracy of the representations and warranties made by the Purchasers in Section 4 hereof, constitute a
violation in any material respect of any provision of any federal, state, local or foreign law, rule, regulation, order, judgment or decree applicable to the Company or any Subsidiary or by which any of the Company’s or any Subsidiary’s
assets are bound or affected; or (iii) constitute a default or require any consent under, give rise to any right of termination, cancellation or acceleration of, or to a loss of any material benefit to which the Company or any Subsidiary is
entitled under, or result in the creation or imposition of any material lien, claim or encumbrance on any assets of the Company or any Subsidiary under, any agreement, credit facility, debt or other instrument or other understanding to which the
Company or any Subsidiary is a party or is bound or any permit, license or similar right relating to the Company or any Subsidiary or by which the Company or any Subsidiary may be bound or affected. The transactions contemplated under this Agreement
(together with any issuance by the Company or entering into by the Company of any options or 

  

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other derivative securities in respect of its stock, whether or not undertaken as part of the transactions entered into under this Agreement), is not
intended to be, and do not constitute, fraudulent, deceptive, manipulative or otherwise unlawful acts, practices or trading activities by the Company for purposes of applicable U.S. federal and state securities laws and regulations and all rules and
regulations of any exchange on which the Company’s stock is listed, including, without limitation, any actions or omissions which would violate or require the disgorgement of profits under any of: (i) Sections 9(a), 10(b) or 16 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any rules or regulations adopted thereunder; (ii) Regulation M under the Securities Act; or (iii) Rule 5250(b)(1) of the Nasdaq. 
 (h) Litigation. Except as set forth in Section 3(h) of the Disclosure Letter, there is no action, suit, proceeding, claim,
arbitration or investigation (“Action”) pending or, to the Company’s Knowledge, threatened: (i) against the Company or any Subsidiary, their activities, properties or assets, or any officer, director or employee of
the Company or any Subsidiary in connection with such officer’s, director’s or employee’s relationship with, or actions taken on behalf of, the Company or any Subsidiary that individually or in the aggregate has had or could
reasonably be expected to have a Material Adverse Effect, or (ii) that seeks to prevent, enjoin, alter, challenge or delay or would otherwise adversely effect the transactions contemplated by this Agreement (including the issuance of the
Securities). Neither the Company nor any Subsidiary, to the Company’s Knowledge, is a party to or subject to the provisions of, any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. The SEC has
not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act. The Company and each Subsidiary has, in all material respects, complied with all
laws, regulations and orders applicable to their respective businesses, including Pharmaceutical Laws (as defined below), and have all material permits and licenses required thereby. For purposes of this Agreement, “Pharmaceutical
Laws” shall mean any federal, state, local or foreign law, statute, rule or regulation relating to the development, commercialization and sale of pharmaceutical and biotechnology products and devices, including all applicable
regulations of the U.S. Food and Drug Administration (the “FDA”). 
 (i) Compliance with Law and
Charter Documents. Neither the Company nor any Subsidiary is in violation or default of any provisions of its Certificate of Incorporation, Bylaws or similar organizational document, as applicable. Each of the Company and its Subsidiaries have
materially complied and is currently in material compliance with all applicable statutes, laws, rules, regulations and orders of the United States of America and all states thereof, foreign countries and other governmental bodies and agencies having
jurisdiction over the Company’s and the Subsidiaries’ businesses or properties, and neither the Company nor any of its Subsidiaries has received notice that it is in violation of, any statute, rule or regulation of any governmental
authority applicable to them, including without limitation, all applicable rules and regulations of the FDA. Neither the Company nor any Subsidiary is in default (and there exists no condition which, with or without the passage of time or giving of
notice or both, would constitute a default) in any respect in the performance of any bond, debenture, note or any other evidence of indebtedness in any indenture, mortgage, deed of trust or any other agreement or instrument to which the Company or
any Subsidiary is a party or by which the Company or any Subsidiary is bound or by which the properties of the Company or any Subsidiary are bound, which default would be reasonably likely to have a Material Adverse Effect. 
  

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 (j) SEC Documents. 
 (i) Reports. Except as set forth in Section 3(j) of the Disclosure Letter, the Company has filed in a timely manner all reports,
schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act and the rules and regulations promulgated thereunder. The Company has filed on the SEC’s EDGAR
system, prior to the date hereof, its Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (the “Form 10-K”), its quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2009 (the
“Form 10-Q”), its Proxy Statement for its Annual Meeting of Stockholders held on June 10, 2009 (the “Proxy Statement”), and any Current Report on Form 8-K
(“Form 8-Ks”) required to be filed by the Company with the SEC for events occurring since January 1, 2008 and prior to the date of this Agreement (the Form 10-K, Form 10-Q, Proxy Statement and Form 8-Ks, together
with all exhibits, schedules and other attachments that are filed with such documents, are collectively referred to herein as the “SEC Documents”). Each SEC Document, as of its date (or, if amended or superseded by a filing
prior to the applicable Closing Date, then on the date of such filing), did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading. Each SEC Document, as it may have been subsequently amended by filings made by the Company with the SEC prior to the date hereof, complied in all material respects with the requirements of the Exchange Act
and the rules and regulations of the SEC promulgated thereunder applicable to such SEC Document. As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form and substance in all material
respects with applicable accounting requirements and published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles, consistently applied in
the United States (“GAAP”), during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent
they may exclude footnotes or may be condensed or summary statements), correspond to the books and records of the Company and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of
operations and cash flows for the periods then ended. The Company is not required to file and will not be required to file any agreement, note, lease, mortgage, deed or other instrument entered into prior to the date of this Agreement and to which
the Company is a party or by which the Company is bound which has not been previously filed or incorporated by reference as an exhibit to the SEC Documents. 
 (ii) Sarbanes-Oxley. The Chief Executive Officer and the Chief Financial Officer of the Company have signed, and the Company has furnished to the SEC, all certifications required by Sections 302 and 906
of the Sarbanes-Oxley Act of 2002. Such certifications contain no exceptions to the matters certified therein and have not been modified or withdrawn; and neither the Company nor any of its officers has received notice from any governmental entity
questioning or challenging the accuracy of such certifications. The Company is in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations issued thereunder by the
SEC. 
  

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 (k) Absence of Certain Changes. Since January 1, 2009, the business and operations of
the Company and each of its Subsidiaries have been conducted in the ordinary course consistent with past practice, and there has not been: 
 (i) any declaration, setting aside or payment of any dividend or other distribution of the assets of the Company with respect to any shares of capital stock of the Company; or 
 (ii) any repurchase, redemption or other acquisition by the Company or any Subsidiary of any outstanding shares of the Company’s capital
stock; 
 (iii) any damage, destruction or loss to the Company’s or its Subsidiaries’ properties or assets, whether or not
covered by insurance, except for such occurrences, individually and collectively, that have not had, and would not reasonably be expected to have, a Material Adverse Effect; 
 (iv) any waiver by the Company or any Subsidiary of a valuable right or of a material debt owed to it; 
 (v) any material change by the Company in its accounting principles, methods or practices or in the manner in which it keeps its accounting books
and records, except any such change required by a change in GAAP or by the SEC; or 
 (vi) any material change or amendment to, or
any waiver of any material right under a material contract or arrangement by which the Company, any Subsidiary or any of their assets or properties is bound or subject; 
 (vii) the Company has not incurred any liabilities (contingent or otherwise) other than trade payables, accrued expenses and other liabilities incurred in the ordinary course of business consistent with past
practice; 
 (viii) the Company has not issued any equity securities to any officer, director or affiliate, except securities issued
pursuant to existing Company stock option or purchase plans or executive and director corporate arrangements disclosed in the SEC Reports; and 
 (ix) any other event or condition of any character, except for such events and conditions that have not resulted, and are not reasonably expected to result either individually or collectively, in a Material Adverse Effect.

 (l) Intellectual Property. The Company and each Subsidiary owns or possesses sufficient rights to use all patents, patent
rights, inventions, trade secrets, know-how, trademarks, service-marks, copyrights Internet domain names and other intellectual property (collectively, “Intellectual Property”), for the conduct of their businesses as
currently conducted. Neither the Company nor any Subsidiary has received any notice of, and has no Company Knowledge of, any infringement by others of any Intellectual Property of the Company or any of its Subsidiaries which is reasonably expected
to have a Material Adverse Effect and the Company is not aware of the unenforceability or invalidity of any patents owned or licensed by 

  

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the Company or any Subsidiary, which is reasonably expected to have a Material Adverse Effect. There is no pending, or to the Company’s Knowledge
threatened, claim, action or proceeding against the Company or any of its Subsidiaries with respect to any Intellectual Property. Neither the Company nor any Subsidiary has Company Knowledge of any infringement or improper use by any third party
with respect to any Intellectual Property of the Company or its Subsidiaries which is reasonably expected to have a Material Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their Intellectual Property. All of the licenses and sublicenses and consent, and patent assignments, royalty or other agreements concerning the Intellectual Property which are necessary for the conduct of the
Company’s or any of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted to which the Company or any Subsidiary is a party or by which any of their assets are bound (other than generally
commercially available, non-custom, off-the-shelf software application programs having a retail acquisition price of less than $25,000 per license) (collectively, “License Agreements”) are valid and binding obligations of the
Company or its Subsidiaries that are parties thereto and, to the Company’s Knowledge, the other parties thereto, enforceable in accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally, and there exists no event or condition which will result in a material violation or material breach of or
constitute (with or without due notice or lapse of time or both) a material default by the Company or any of its Subsidiaries under any such License Agreement. 
 (m) Registration Rights. Except as provided in Section 5 herein or as set forth on Section 3(m) of the Disclosure Letter, the Company is not currently subject to any agreement providing any
person or entity any rights (including piggyback registration rights) to have any securities of the Company registered with the SEC or registered or qualified with any other governmental authority. 
 (n) Title to Property and Assets. Except as set forth on Section 3(n) of the Disclosure Letter, the properties and assets of the
Company and its Subsidiaries are owned by the Company and its Subsidiaries free and clear of all mortgages, deeds of trust, liens, charges, encumbrances and security interests except for (i) statutory liens for the payment of current taxes that
are not yet delinquent and (ii) liens, encumbrances and security interests that are in the ordinary course of business and do not materially detract from the value of the properties and assets of the Company and its Subsidiaries, taken as a
whole. With respect to the property and assets it leases, each of the Company and its Subsidiaries are in compliance with such leases in all material respects. 
 (o) Taxes. Except as set forth in Section 3(o) of the Disclosure Letter, the Company and each of its Subsidiaries have filed or have obtained currently effective extensions with respect to all
federal, state, county, local and foreign tax returns which are required to be filed by it, such returns are complete and accurate and all taxes shown thereon to be due have been timely paid. No controversy with respect to taxes of any type with
respect to the Company and its Subsidiaries is pending or, to the Company’s Knowledge, threatened. The Company and each of its Subsidiaries has withheld or collected from each payment made to its employees the amount of all taxes required to be
withheld or collected therefrom and has paid all 

  

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such amounts to the appropriate taxing authorities when due (including, but not limited to, federal income taxes, Federal Insurance Contribution Act taxes
and Federal Unemployment Tax Act taxes). The Company has no Company Knowledge of any liability of any tax to be imposed upon the income, properties or assets of the Company or any Subsidiary that is not adequately provided for. 
 (p) Insurance. The Company and each of its Subsidiaries maintains insurance of the types and in the amounts that the Company reasonably
believes is prudent and adequate for its business, all of which insurance is in full force and effect. Neither the Company nor any Subsidiary has Company Knowledge that it will be unable to renew its existing insurance coverage as and when the
coverage expires. 
 (q) Labor Relations. No material labor dispute exists or, to the Company’s Knowledge, is imminent
with respect to any of the employees of the Company or any Subsidiary. None of the Company’s or any Subsidiary’s employees is a member of a union that relates to such employee’s relationship with the Company, and neither the Company
nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and each Subsidiary believes that its relationship with its employees is good. No executive officer of the Company (as defined in Rule 501(f) of the 1933
Act) has notified the Company or any Subsidiary that such officer intends to leave the Company or any such Subsidiary or otherwise terminate such officer’s employment with the Company or any such Subsidiary. No executive officer, to the
Company’s Knowledge, is in violation of any term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant, and the
continued employment of each such executive officer does not subject the Company or any Subsidiary to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local
and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, have a Material
Adverse Effect. 
 (r) Internal Accounting Controls. The Company and each of its Subsidiaries maintain a system of internal
accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for
assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (s) Transactions with Officers and Directors. None of the officers or directors of the Company has entered into any transaction with the Company or any Subsidiary that would be required to be disclosed pursuant to
Item 404(a) of Regulation S-K of the SEC. 
 (t) General Solicitation. Neither the Company nor any other person or entity
authorized by the Company to act on its behalf has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offers or sales of the Securities. 
  

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 (u) No Integrated Offering. Neither the Company, nor any affiliate of the Company, nor any
person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior
offerings by the Company for purposes of the Securities Act, or any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of the Nasdaq. 
 (v) Nasdaq Listing Matters. The Common Stock of the Company is quoted on the Nasdaq Capital Market under the ticker symbol
“AGEN.” The Company has not received any notice that, and has no reason to believe that, it is not in compliance with the listing or maintenance requirements of Nasdaq. The issuance and sale of the Securities under this Agreement do not
contravene the rules and regulations of Nasdaq. 
 (w) Investment Company. The Company is not now, and after the sale of the
Securities under this Agreement and the application of the net proceeds from the sale of the Securities will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (x) Registration Statement Matters. Assuming the completion and timely delivery of the Registration Statement/Suitability Questionnaire,
attached hereto as Appendix I (the “Questionnaire”), by each Purchaser to the Company, the Company is not aware of any facts or circumstances that would prohibit or delay the preparation and filing of a registration statement
with respect to the Registrable Shares. 
 (y) Market. The Company has not taken and will not take, directly or indirectly,
any action designed to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Common Stock of the Company to facilitate the sale or resale of the Securities. 
 (z) Application of Anti-Takeover Provisions. There is no control share acquisition, business combination, poison pill (including any
distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Certificate of Incorporation (or similar charter documents) that would become applicable to the Purchasers as a result of the issuance of the
Securities. 
 (aa) Registration Matters. The Company has taken no action and does not anticipate taking any action designed
to terminate, or likely to have the effect of terminating, the registration of the Common Stock under the Exchange Act and the Company has not received any notification that the SEC is contemplating terminating such registration. 
 (bb) Environmental Matters. 
 (i) The Company and each of its Subsidiaries have complied in all material respects with all applicable Environmental Laws (as defined below). There is no pending or, to the Company’s Knowledge, threatened civil or criminal
litigation, violation, 

  

 11 

 
formal administrative proceeding, or investigation, inquiry or information request by any Governmental Entity, relating to any Environmental Law involving
the Company or any Subsidiary. For purposes of this Agreement, “Environmental Law” means any federal, state, local or foreign law, statute, rule or regulation or the common law relating to the environment or
occupational health and safety, including any statute, regulation, administrative decision or order pertaining to (A) treatment, storage, disposal, generation and transportation of industrial, toxic or hazardous materials or substances or solid
or hazardous waste; (B) air, water and noise pollution; (C) groundwater and soil contamination; (D) the release or threatened release into the environment of industrial, toxic or hazardous materials or substances, or solid or
hazardous waste, including emissions, discharges, injections, spills, escapes or dumping of pollutants, contaminants or chemicals; (E) the protection of wild life, marine life and wetlands, including all endangered and threatened species;
(F) storage tanks, vessels, containers, abandoned or discarded barrels and other closed receptacles; (G) health and safety of employees and other persons; or (H) manufacturing, processing, using, distributing, treating, storing,
disposing, transporting or handling of materials regulated under any law as pollutants, contaminants, toxic or hazardous materials or substances, or oil or petroleum products or solid or hazardous waste. As used above, the terms “release”
and “environment” shall have the meaning set forth in the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”). 
 (ii) Neither the Company nor any Subsidiary have any material liabilities or material obligations arising from the release of any Materials of
Environmental Concern (as defined below) into the environment. For purposes of this Agreement, “Materials of Environmental Concern” shall mean any chemicals, pollutants or contaminants, hazardous substances (as
such term is defined under CERCLA), solid wastes and hazardous wastes (as such terms are defined under the Resource Conservation and Recovery Act), toxic materials, oil or petroleum and petroleum products or any other material subject to regulation
under any Environmental Law. 
 (iii) Neither the Company nor any Subsidiary is a party to or bound by any court order,
administrative order, consent order or other agreement between the Company, a Subsidiary and any Governmental Entity entered into in connection with any legal obligation or liability arising under any Environmental Law. 
 (iv) The Company is not aware of any material environmental liability of any solid or hazardous waste transporter or treatment, storage or
disposal facility that has been used by the Company or any Subsidiary. 
 (cc) United States Real Property Holding Company.

 (i) The Company is not now and has never been a “United States real property holding corporation,” as defined in
§897(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation §1.897-2(b), and the Company has filed with the Internal Revenue Service all statements, if any, with its United
States income tax returns, which are required under Treasury Regulation §1.897-2(h). 
  

 12 

 (ii) The Company hereby agrees to provide prompt notice to each Purchaser following any
“determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Company becomes a United States real property holding corporation. In addition, upon a written request by a Purchaser, the Company shall
provide such Purchaser with a written statement informing the Purchaser whether the Purchaser’s interest in the Company constitutes a United States real property interest. The Company’s determination shall comply with the requirements of
Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the Internal Revenue Service, in accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2)
or any successor regulation, that such statement has been made. The Company’s written statement to the Purchaser shall be delivered to the Purchaser within ten (10) Business Days of the Purchaser’s written request therefor. For
purposes of this Agreement, “Business Day” means a day that is not a Saturday or Sunday, on which banks in New York City are open for the general transaction of business. 
 (dd) Benefit Plans. Except as set forth in Section 3(dd) of the Disclosure Letter, neither the Company nor any Plan Affiliate (as
defined below) has maintained, sponsored, adopted, made contributions to or obligated itself to make contributions to or to pay any benefits or grant rights under or with respect to any Employee Benefit Plan (as defined below), whether written,
oral, voluntary or pursuant to a collective bargaining agreement or law, under which the Company has a material unfunded liability, nor has the Company otherwise failed to meet any of its obligations under any employee benefit plan. As used herein,
“Plan Affiliate” means any person or entity with which the Company constitutes all or part of a controlled group of corporations, a group of trades or businesses under common control or an affiliated service
group, as each of those terms are defined in Section 414 of the Code. As used herein, “Employee Benefit Plan” means, collectively, each bonus, deferred compensation, incentive compensation, stock purchase,
stock option, severance or termination pay, health or other medical, life, disability or other insurance, supplemental unemployment benefit, profit sharing, pension, retirement, supplemental retirement or other employee benefit plan, program,
agreement or arrangement, whether written or unwritten, formal or informal, maintained or contributed to or required to be contributed to by any person for the benefit of any employee or former employee of the Company or its affiliates or their
dependants or beneficiaries, as well as the compensation practices and policies regarding vacations, sick leaves, leaves of absence and all perquisites of employment other than those mandated by any legal requirement and shall include to the extent
applicable to the Company, without limitation, “Employee Pension Benefit Plans” (as defined in Section 3(2) of ERISA (as defined below), “Employee Welfare Benefit Plan” (as defined in Section 3(1) of ERISA) and
“Multi-employer Plan” (as defined in Section 3(37) of ERISA)). As used herein, “ERISA” means the Employee Retirement Income Security Act of 1974 and any law of any foreign jurisdiction of similar
import. The Company has made all “matching” contributions required pursuant to the terms of the Company’s 401(k) plan or otherwise promised to employees (in writing or orally). 
 (ee) Foreign Corrupt Practices Act; Etc. Each of the Company and its Subsidiaries and, to the Company’s Knowledge, their respective
officers, directors, employees and agents are in compliance with and have not violated the Foreign Corrupt Practices Act of 1977, as amended, or any rules and regulations thereunder, or any similar laws of any foreign jurisdiction. To the
Company’s Knowledge, no governmental or political official in any country 

  

 13 

 
is or has been employed by, or acted as a consultant to or held any material beneficial ownership interest in the Company or any Subsidiary. The Company and
its Subsidiaries and, to the Company’s Knowledge, their respective officers, directors, employees and agents are in compliance with and have not violated the U.S. money laundering laws or regulations, the U.S. Bank Secrecy Act, as amended by
the USA Patriot Act of 2001 (including any recordkeeping or reporting requirements thereunder), or the anti-money laundering laws or regulations of any jurisdiction. 
 (ff) Brokers. Other than Rodman & Renshaw, LLC, the Company has not engaged any brokers, finders or agents, or incurred, or will incur, directly or indirectly, any liability for brokerage or
finder’s fees or agents’ commissions or any similar charges in connection with this Agreement and the transactions contemplated hereby. 
 (gg) Regulatory Permits. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct its
respective business as described in the SEC Reports, except where the failure to possess such permits, individually or in the aggregate, has not and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect (“Material Permits”), and (i) neither the Company nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Material Permits, and (ii) the
Company is unaware of any facts or circumstances that the Company would reasonably expect to give rise to the revocation or modification of any Material Permits. 
 (hh) Disclosure. Except as set forth in Section 3(hh) of the Disclosure Letter, the Company confirms that neither it nor any of its officers or directors nor any other person or entity acting on its
or their behalf has provided, any Purchaser or its respective agents or counsel with any information that it believes constitutes or could reasonably be expected to constitute material, non-public information except insofar as the existence,
provisions and terms of this Agreement, the Warrants and the documents contemplated hereby (collectively, the “Transaction Documents”) and the proposed transactions hereunder may constitute such information, all of which will
be disclosed by the Company in the Press Release as contemplated by Section 9(l) hereof. The Company understands and confirms that the Purchasers will rely on the foregoing representations in effecting transactions in securities of the Company.
No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, operations or financial conditions, which, under applicable law, rule or regulation, requires
public disclosure or announcement by the Company but which has not been so publicly announced or disclosed (assuming for this purpose that the Company’s reports filed under the Exchange Act are being incorporated into an effective registration
statement filed by the Company under the Securities Act), except for the announcement of this Agreement and related transactions. 
 (ii)
Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company (or any Subsidiary) and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in
its Exchange Act filings and is not so disclosed or that otherwise would have a Material Adverse Effect. 
  

 14 

 (jj) Acknowledgment Regarding Purchasers’ Purchase of Securities. Except as set forth
in Section 3(jj) of the Disclosure Letter, the Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby or thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated
thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the
Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated
hereby by the Company and its representatives. 
 4. REPRESENTATIONS, WARRANTIES AND CERTAIN AGREEMENTS OF THE PURCHASER. Each
Purchaser hereby represents and warrants to the Company as of the date hereof, and agrees that: 
 (a) Organization Good Standing
and Qualification. The Purchaser has all power and authority required to enter into this Agreement and the other agreements, instruments and documents contemplated hereby, and to consummate the transactions contemplated hereby and thereby.

 (b) Authorization. The execution of this Agreement has been duly authorized by all necessary action on the part of the
Purchaser. This Agreement constitutes the Purchaser’s legal, valid and binding obligation, enforceable in accordance with its terms, except (i) as may be limited by (A) applicable bankruptcy, insolvency, reorganization or other laws
of general application relating to or affecting the enforcement of creditors’ rights generally and (B) the effect of rules of law governing the availability of equitable remedies and (ii) as rights to indemnity or contribution may be
limited under federal or state securities laws or by principles of public policy thereunder. 
 (c) Litigation. There is no
action pending, or to its knowledge, threatened, to which such Purchaser is a party that is reasonably likely to prevent, enjoin, alter or delay the transactions contemplated by this Agreement. 
 (d) Purchase for Own Account. The Securities are being acquired without a view to the public resale or distribution thereof within the
meaning of the Securities Act. The Purchaser represents that it has not been formed for the specific purpose of acquiring the Securities. Notwithstanding the foregoing, the parties hereto acknowledge the Purchaser’s right at all times to sell
or otherwise dispose of all or any part of such securities in compliance with applicable federal and state securities laws and the laws of any other applicable jurisdiction, and as otherwise contemplated by this Agreement. 
 (e) Investment Experience. The Purchaser understands that the purchase of the Securities involves substantial risk. The Purchaser has
experience as an investor in securities of companies and acknowledges that it can bear the economic risk of its investment 

  

 15 

 
in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of this
investment in the Securities and protecting its own interests in connection with this investment. 
 (f) Accredited Investor
Status. The Purchaser is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act. 
 (g) Reliance Upon Purchaser’s Representations. The Purchaser understands that the issuance and sale of the Securities to it will not be registered under the Securities Act, the securities laws of any State of the United
States or the securities laws of any other applicable jurisdiction, on the ground that such issuance and sale will be exempt from registration under the Securities Act pursuant to Section 4(2) thereof, and exempt from any comparable
registration requirement under the securities laws of any other applicable jurisdiction, and that the Company’s reliance on such exemption is based on each Purchaser’s representations set forth herein. 
 (h) Receipt of Information. The Purchaser has had an opportunity to ask questions and receive answers from the Company regarding the terms
and conditions of the issuance and sale of the Securities, and the business, properties, prospects and financial condition of the Company and to obtain any additional information requested and has received and considered all information it deems
relevant to make an informed decision to purchase the Securities. Neither such inquiries nor any other investigation conducted by or on behalf of such Purchaser or its representatives or counsel shall modify, amend or affect such Purchaser’s
right to rely on the truth, accuracy and completeness of such information and the Company’s representations and warranties contained in this Agreement. 
 (i) Restricted Securities. The Purchaser understands that the Securities have not been registered under the Securities Act, the securities laws of any State of the United States or the securities laws of
any other applicable jurisdiction. 
 (j) Legend. (i) The Purchaser agrees that the Certificates for the Shares (and any
shares of Common Stock issuable upon exercise of a Warrant) shall bear the following legend: 
 “THESE SECURITIES HAVE NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY EVIDENCE REASONABLY ACCEPTABLE TO THE COMPANY TO SUCH EFFECT, THE FORM AND SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.” 
  

 16 

 Certificates evidencing the Shares or any other securities shall not contain any legend, (i) while a
registration statement (including any Registration Statement (as defined in Section 5(a)(i) below)) covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares or securities pursuant
to Rule 144, (iii) if such Shares or securities are eligible for sale under Rule 144 not subject to volume limitations or (iv) if such legend is not required under applicable requirements of the Securities Act. The Company shall cause its
counsel to issue a legal opinion to the Company’s transfer agent promptly after the date on which a Registration Statement is declared effective (the “Effective Date”) if such legal opinion is required by the
Company’s transfer agent to effect the removal of the legend hereunder. The Company agrees that following an Effective Date or at such time as such legend is no longer required under this Section 4(j), it will, no later than three
(3) Business Days following the delivery by a Purchaser to the Company or to the Company’s transfer agent of a certificate representing shares issued with a restrictive legend, deliver or cause to be delivered to such Purchaser a
certificate representing such shares that is free from all restrictive and other restrictive legends. The Company may not make any notation on its records or give instructions to any transfer agent of the Company that enlarge the restrictions on
transfer set forth in Section 4(i) or this Section 4(j). Any fees associated with the removal of the legend referred to in this Section 4(j) shall be borne by the Company. 
 Each Purchaser, severally and not jointly with the other Purchasers, agrees that the removal of the restrictive legend from certificates representing the
Shares or securities as set forth in this Section 4(j) is predicated upon the Purchaser’s covenant that the Purchaser only will sell any Shares or securities pursuant to either the registration requirements of the Securities Act, including
any applicable prospectus delivery requirements, or an exemption therefrom. 
 (k) Restrictions on Short Sales. The Purchaser
represents, warrants and covenants that it has not and will not, directly or indirectly, during the period beginning on the date on which the Company or any agent of the Company first contacted such Purchaser regarding the transactions contemplated
by this Agreement and ending on the issuance of the Press Release, engage in (i) any “short sales” (as such term is defined in Rule 200 of Regulation SHO promulgated under the Exchange Act) of the Common Stock, including, without
limitation, the maintaining of any short position with respect to, establishing or maintaining a “put equivalent position” (within the meaning of Rule 16a-1(h) under the Exchange Act) with respect to, entering into any swap,
derivative transaction or other similar arrangement (whether any such transaction is to be settled by delivery of Common Stock, other securities, cash or other consideration) that transfers to another, in whole or in part, any economic consequences
or ownership, or otherwise disposes of, any of the Securities by the Purchaser or (ii) any hedging transaction which establishes a net short position with respect to the Securities (clauses (i) and (ii) together, a “Short
Sale”); except for (1) Short Sales by a Purchaser which was, prior to the date on which such Purchaser was first contacted by the Company or any agent of the Company, regarding the transactions contemplated by this Agreement, a
market maker for the Common Stock, provided that such Short Sales are in the ordinary course of business of such Purchaser and are in compliance with the Securities Act, the rules and regulations of the Securities Act and such other securities laws
as may be applicable, (2) Short Sales by the Purchaser which by virtue 

  

 17 

 
of the procedures of such Purchaser are made without knowledge of the transactions contemplated by this Agreement, or (3) Short Sales by the Purchaser
to the extent that such Purchaser is acting in the capacity of a broker-dealer executing unsolicited third-party transactions. 
 (l)
Questionnaires. The Purchaser has completed or caused to be completed the Questionnaire for use in preparation of a Registration Statement, and the answers to such Questionnaires are true and correct as of the date of this Agreement in
all material respects; provided, that the Purchasers shall be entitled to update such information by providing written notice thereof to the Company at least 48 hours before effective date of such Registration Statement. 
 5. REGISTRATION; COMPLIANCE WITH THE SECURITIES ACT. 
 (a) Registration of the Securities. The Company hereby agrees that it shall prepare and file with the SEC no later than 30 calendar days following the date the initial registration statement filed in
connection with the securities purchase agreement dated July 30, 2009 between the Company and the investor signatory thereto is declared effective by the SEC (the “Filing Deadline”), a registration statement on Form S-1
or Form S-3 (together with any other registration statements filed under this Section 5 and any preliminary or final prospectus, exhibit, supplement or amendment included therein, the “Registration Statements”), to
enable the resale of the Shares and shares of Common Stock underlying the Warrants (the shares of Common Stock underlying the Warrants the “Warrant Shares”) (together with any shares of Common Stock issued as a dividend or
other distribution with respect to, or in exchange for, or in replacement of, the Shares or the Warrant Shares, the “Registrable Shares”) by holders of such Shares and/or Warrant Shares from time to time on a continuous basis
pursuant to Rule 415 under the Securities Act. The Company shall use commercially reasonable efforts to cause a Registration Statement to be declared effective, within sixty (60) days following the Filing Deadline (the “Required
Effective Date”) or, in the event of a review of such Registration Statement by the SEC, the Required Effective Date will be within ninety (90) days following the Filing Deadline and, subject to exceptions provided herein, to
remain continuously effective until the earlier of (A) the fifth anniversary of the effective date of such Registration Statement, (B) the date on which all Registrable Shares have been publicly sold thereunder, or (C) the date on
which all of the Registrable Shares (other than Registrable Shares held by an individual who is not an affiliate of the Company due to his or her status as an executive of the Company), can be sold pursuant to Rule 144 promulgated under the
Securities Act (as such rule may be amended from time to time) not subject to volume limitations (the “Registration Period”). If the Company receives notification from the SEC that a Registration Statement will receive no
action or review from the SEC, then the Company will use its commercially reasonable efforts to cause such Registration Statement to become effective within three (3) Business Days after such SEC notification; 
 (b) Registration Procedures. In connection with the Company’s registration obligations hereunder, the Company shall: 
 (i) Not less than two (2) Business Days prior to the filing of a Registration Statement and not less than one Business Day prior to the
filing of any related 

  

 18 

 
prospectus (a “Prospectus”) or any amendment or supplement thereto (except for Annual Reports on Form 10-K, and Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), furnish to each Purchaser or Person to whom Registrable Shares have been transferred (each, a “Holder”) copies of such Registration Statement,
Prospectus or amendment or supplement thereto, as proposed to be filed, which documents will be subject to the review of such Holder. The Company shall make a good faith effort to accommodate any reasonable objection to any Registration Statement or
amendment or supplement thereto, provided that, the Company is notified of such objection in writing no later than one (1) Business Days after the Holders have been so furnished copies of such documents. 
 (ii) (A) Prepare and file with the SEC such amendments (including post effective amendments) and supplements to each Registration Statement and
the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Shares for the Registration Period and prepare and file with the SEC such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Shares; (B) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this
Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424; (C) respond as promptly as reasonably practicable to any comments received from the SEC with respect to each Registration Statement or any amendment thereto and,
as promptly as reasonably possible, provide the Holders true and complete copies of all correspondence from and to the SEC relating to such Registration Statement that pertains to the Holders as “Selling Stockholders” but not any comments
that would result in the disclosure to the Holders of material and non-public information concerning the Company; and (D) comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable
Shares covered by a Registration Statement until such time as all of such Registrable Shares shall have been disposed of (subject to the terms of this Agreement) in accordance with the intended methods of disposition by the Holders thereof as set
forth in such Registration Statement as so amended or in such Prospectus as so supplemented. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this
Section 5(b)(ii)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the Exchange Act, the Company shall have incorporated such report by reference into such Registration Statement, if
applicable, or shall file such amendments or supplements with the SEC on the same day on which the Exchange Act report which created the requirement for the Company to amend or supplement such Registration Statement was filed. 
 (iii) Notify the Holders (which notice shall, pursuant to clauses (C) through (F) hereof, be accompanied by an instruction to suspend
the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (A)(1) below, not less than three Business Days prior to such filing, in the case of (C) and (D) below, not more
than one Business Day after such issuance or receipt and in the case of (E) below, not less than three Business Days prior to the financial statements in any Registration Statement becoming ineligible for inclusion therein and, in the case of
(F) below not more than one Business Day after the occurrence or existence of such corporate development) and (if requested by any such Person) confirm such notice in writing no later than one Business Day following the day (A)(1) when a
Prospectus or any Prospectus supplement or post effective 

  

 19 

 
amendment to a Registration Statement is proposed to be filed; (2) when the SEC notifies the Company whether there will be a “review” of such
Registration Statement and whenever the SEC comments in writing on any Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to the
Holders as a “Selling Stockholder” or to the “Plan of Distribution”, but not information which the Company believes would constitute material and non-public information); and (3) with respect to each Registration Statement
or any post effective amendment, when the same has become effective; (B) of any request by the SEC or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information that pertains to the Holders as “Selling Stockholders” or the “Plan of Distribution”; (C) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the
effectiveness of a Registration Statement covering any or all of the Registrable Shares or the initiation of any Action or other proceeding for that purpose; (D) of the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable Shares for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (E) of the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under
which they were made), not misleading; and (F) the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in
the best interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided that any and all of such information shall remain confidential to each Holder until such information otherwise becomes public,
unless disclosure by a Holder is required by law; provided, further, that notwithstanding each Holder’s agreement to keep such information confidential, the Holders make no acknowledgement that any such information is material, non-public
information. 
 (iv) Use commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of
(i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, as soon as practicable.

 (v) If requested by a Holder, furnish to such Holder, without charge, at least one conformed copy of each Registration Statement
and each amendment thereto and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the SEC; provided, that the Company shall have no
obligation to provide any document pursuant to this clause that is available on the SEC’s EDGAR system. 
  

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 (vi) Prior to any resale of Registrable Shares by a Holder, use its commercially reasonable
efforts to register or qualify, unless an exemption from registration and qualification applies, the Registrable Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably
requests in writing, to keep each such registration or qualification (or exemption therefrom) effective during the Registration Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of
the Registrable Shares covered by such Registration Statements; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that would subject the
Company to general service of process in any jurisdiction where it is not then so subject or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 
 (vii) If requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Shares to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by this Agreement and under law, of all restrictive legends, and to enable such Registrable Shares to
be in such denominations and registered in such names as any such Holders may reasonably request. In connection therewith, if required by the Company’s transfer agent, the Company shall promptly after the effectiveness of a Registration
Statement cause an opinion of counsel as to the effectiveness of such Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer
agent, which authorize and direct the transfer agent to issue such Registrable Shares without legend upon sale by the Holder of such shares of Registrable Shares under a Registration Statement. 
 (viii) Following the occurrence of any event contemplated by Section 5(c)(iii) through (vi), as promptly as practicable, prepare a
supplement or amendment, including a post effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other
required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they were made), not misleading. 
 (c) Liquidated Damages. If during the Registration Period: (i) a Registration Statement is not filed with the SEC on or prior to the Filing Deadline, (ii) the Company fails to file with the SEC
a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within three (3) Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that a Registration
Statement will not be “reviewed,” or not subject to further review, (iii) prior to the Effective Date, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the SEC in respect of such
Registration Statement within ten (10) Business Days after the receipt of comments by or notice from the SEC that such amendment is required in order for the Registration Statement to be declared effective, (iv) the Registration Statement
is not declared effective by the SEC (or otherwise does not become effective) on or prior to the Required Effective Date, (v) the Company fails to keep the Common Stock continuously listed 

  

 21 

 
on the Nasdaq Stock Market or any electronic bulletin board or (vi) after its Effective Date, such Registration Statement ceases for any reason
(including without limitation by reason of a stop order, or the Company’s failure to update a Registration Statement), to remain continuously effective as to all Shares for which it is required to be effective or the Holders are not permitted
to utilize the Prospectus therein to resell such Shares (including, without limitation, in accordance with Section 5(d) below) for an aggregate of more than 10 consecutive Business Days or for more than an aggregate of 20 Business Days in any
12-month period (which need not be consecutive), (any such failure or breach in clauses (i) through (vi) above being referred to as an “Event,” and, for purposes of clauses (i), (iv) or (v), the date on which
such Event occurs, or for purposes of clause (ii), the date on which such three (3) Business Day period is exceeded, or for purposes of clause (iii), the date which such 10 calendar day period is exceeded, or for purposes of clause (v) the
date on which such 10 consecutive or 20 Business Day period (as applicable) is exceeded, being referred to as “Event Date”), then in addition to any other rights available to the Holders hereunder or under applicable law:
(x) on each such Event Date, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal to 1.5% of the aggregate purchase price paid by such Purchaser (or to the extent such Holder is a direct or
indirect transferee of a Purchaser, such Purchaser) pursuant to this Agreement (which remedy shall not be exclusive of any other remedies available under this Agreement); and (y) on each monthly anniversary of each such Event Date thereof (if
the applicable Event shall not have been cured by such date) until the applicable Event is cured or Rule 144 is available to permit the resale of such Registrable Shares without manner of sale or volume limitations, the Company shall pay to each
Holder an amount in cash, as liquidated damages and not as a penalty, equal to 1.5% of the aggregate purchase price paid by such Holder (or to the extent such Holder is a direct or indirect transferee of a Purchaser, such Purchaser) pursuant to this
Agreement (which remedy shall not be exclusive of any other remedies available under this Agreement); provided, however, in no event shall the Company be responsible for paying any liquidated damages under this subsection (c)(i) for any Event
in which the Company was able to meet such deadline, but was delayed due to a Holder’s right to review under Section 5(b) and (ii) if the SEC limits the number of Registrable Shares permitted to be registered on the Registration
Statement to any Purchaser, with respect to the affected shares, provided that the Company uses diligent efforts to effect the registration of the remaining Registrable Shares promptly following the sixth month after the Registration Statement
becomes effective. If the Company fails to pay any liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 8% per annum (or such lesser maximum amount that
is permitted to be paid by applicable law) to the Holder, accruing daily from the date such liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The liquidated damages pursuant to the terms hereof shall
apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event, except in the case of the first Event Date. In the event that the Company registers some but not all of the Shares held by the Holders, the liquidated damages
referred to above for any monthly period shall be reduced to equal the amount determined by multiplying the amount of liquidated damages as determined above by a fraction, the numerator of which shall be the number of Shares held by the Holders for
which there is not an effective Registration Statement at such time and the denominator of which shall be the number of Shares held by the Holders at such time. Notwithstanding anything to the contrary in this Agreement, in no event will the
liquidated damages, including interest, paid to a Holder under this Section 5(c) be greater than 10% of the aggregate purchase price paid by such Holder (or to the extent such Holder is a direct or indirect transferee of a Purchaser, such
Purchaser) pursuant to this Agreement. 
  

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 (d) Transfer of Registrable Shares After Registration; Suspension. 
 (i) Each Holder agrees that it will not offer to sell or make any sale, assignment, pledge, hypothecation or other transfer with respect to the
Registrable Shares that would constitute a sale within the meaning of the Securities Act except pursuant to (1) a Registration Statement, (2) Rule 144 of the Securities Act or (3) another exemption from registration under the
Securities Act, and that it will promptly notify the Company of any changes in the information set forth in a Registration Statement after it is prepared regarding the Holder. 
 (ii) In the event of: (A) any request by the SEC or any other federal or state governmental authority during the period of effectiveness of
a Registration Statement for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (B) the issuance by the SEC or any other federal or state governmental authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (C) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Shares for sale in any jurisdiction or the initiation of any proceeding for such purpose, or (D) any event or circumstance which necessitates the making of any changes in a Registration Statement or
Prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of a Registration Statement, it will not contain any untrue statement of a material fact or any omission to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or any omission to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, then the Company shall deliver a certificate in writing to the Holders listed as selling securityholders in the
Prospectus (the “Suspension Notice”) to the effect of the foregoing (which notice will not disclose the content of any material non-public information and will indicate the date of the beginning and end of the intended period
of suspension, if known), and, upon receipt of such Suspension Notice, the Holders will discontinue disposition of Registrable Shares covered by a Registration Statement or Prospectus (a “Suspension”) until the Holders’
receipt of copies of a supplemented or amended Prospectus prepared and filed by the Company, or until the Holders are advised in writing by the Company that the current Prospectus may be used, and have received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference in any such prospectus. In the event of any Suspension, the Company will use its commercially reasonable efforts to cause the use of the Prospectus so suspended to be
resumed as soon as possible after delivery of a Suspension Notice to the Holders. 
 (e) Indemnification. 
 (i) Indemnification by the Company. To the fullest extent permitted by law, the Company will indemnify, hold harmless and defend
(A) each Holder, and the directors, officers, partners, employees, agents, representatives of, and each person or entity, 

  

 23 

 
if any, who controls (within the meaning of the Securities Act or the Exchange Act) any Holder (each, a “Holder Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or reasonable expenses, joint or several, (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC,
whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject with respect to any Claims (or actions or proceedings, whether
commenced or threatened, in respect thereof) that arise out of or are based upon: 
 (1) any untrue statement or alleged untrue statement of
a material fact contained in a Registration Statement (including any post-effective amendment thereto) or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; or 
 (2) any untrue statement or alleged untrue statement of a material
fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with
the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading; (the matters in the foregoing
clauses (1) and (2) being, collectively, “Violations”). 
 Subject to subsection (e)(iv) below, the Company
shall reimburse each Holder Indemnified Person, as applicable, promptly as such reasonable expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Holder Indemnified Person, as applicable. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this subsection (e) shall not (i) apply to a Claim by a Holder Indemnified Person to the extent such Claim arises directly from a Violation which occurs in reliance upon and in conformity
with information furnished in writing to the Company by a Holder Indemnified Person, expressly for use in connection with the preparation of a Registration Statement or any such amendment thereof or supplement thereto; (ii) be available to the
extent such Claim is based on a failure to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company, (iii) apply to amounts paid in settlement of any Claim, if
such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, and (iv) apply to a Claim by a Holder Indemnified Person arising out of any untrue statement or alleged untrue
statement of a material fact contained in a prospectus, or omission or alleged omission to state a material fact necessary to make such statement not misleading in any prospectus that is corrected in any subsequent prospectus that was delivered to
such Holder before the pertinent sale or sales by such Holder. 
  

 24 

 (ii) Indemnification by the Holders. In connection with any Registration Statement in
which a Holder is participating, by such participation each Holder agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in subsection (e)(i) above, the Company, each of
its directors, each of its officers who signs a Registration Statement, each of the Company’s agents or representatives, and each person or entity, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act
(each, a “Company Indemnified Person”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, to the extent such Claim or Indemnified
Damages arises directly from any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Holder specifically for use in
connection with such Registration Statement; and, subject to subsection (e)(v) below, such Holder will reimburse any legal or other reasonable expenses incurred by them in connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this subsection (e)(ii) and the agreement with respect to contribution set forth below shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of such Holder, which consent shall not be unreasonably withheld; provided, further, however, that the Holder shall be liable under this subsection (e)(ii) for only that amount of a Claim or Indemnified Damages as does not exceed the net
proceeds to such Holder as a result of the sale of the Registrable Shares pursuant to a Registration Statement giving rise to such liability. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of such Company Indemnified Person. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this subsection (e)(ii) with respect to any prospectus shall not inure to the benefit of any Company
Indemnified Person if the untrue statement or omission of material fact contained in the prospectus was corrected on a timely basis in the prospectus, as then amended or supplemented. 
 (iii) Indemnification Procedure. Promptly after receipt by any person entitled to indemnification under this subsection (e) (each, an
“Indemnified Party”) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Party shall, if a Claim in respect thereof is to be
made against any indemnifying party under this subsection (e), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Party; provided, however, that the Holder
Indemnified Persons and the Company Indemnified Persons shall each have the right to retain their own counsel with the fees and expenses of not more than one counsel for the Holder Indemnified Persons as a group or the Company Indemnified Persons as
a group, as applicable, to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the Indemnified Party, the representation by such counsel of the Indemnified Parties, as applicable, and the indemnifying party would
be inappropriate due to actual or potential conflicting interests between such Holder Indemnified Persons and Company Indemnified Persons, as applicable, and any other party represented by such counsel in such proceeding. In the case of a Holder
Indemnified Person, legal counsel referred to in the immediately preceding sentence (the “Holder Legal Counsel”) shall be selected by the Holders then holding a majority 

  

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in interest of the Registrable Shares. The Holder Legal Counsel shall not represent any Holder Indemnified Person that sends such counsel written notice that
such Holder Indemnified Person does not wish such counsel to represent it in connection with the matters discussed in this subsection. The Holder Indemnified Persons, other than any Holder Indemnified Person that delivers the notice discussed in the
preceding sentence, will be deemed to waive any conflict of interest or potential conflict of interest that may arise as a result of the representation of such Holder Indemnified Persons by the Holder Legal Counsel in connection with the subject
matter of the Claim. Each Indemnified Party shall cooperate with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information
reasonably available to such Indemnified Party which relates to such action or claim. The indemnifying party shall keep each Indemnified Party apprised as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent, which consent shall not be unreasonably withheld. No indemnifying party shall, without the prior written consent of
an Indemnified Party, consent to entry of any judgment or enter into any settlement or other compromise which (i) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release
from all liability in respect of such claim or litigation, (ii) requires any admission of wrongdoing by such Indemnified Party or (iii) obligates or requires an Indemnified Party to take, or refrain from taking, any action. Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to an Indemnified Party under this subsection (e), except to the
extent that the indemnifying party is materially prejudiced in its ability to defend such action. 
 (iv) Payments. The
indemnification required by this subsection (e) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. The indemnity
agreements contained herein shall be in addition to (a) any cause of action or similar right of the an Indemnified Party against the indemnifying party or others, and (b) any liabilities the indemnifying party may be subject to pursuant to
the law. 
 (v) Contribution. If for any reason the indemnification provided for in this subsection (e) is unavailable to
an Indemnified Party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the Indemnified Party, as a result of Claims in such proportion as is
appropriate to reflect the relative fault of the Indemnified Party and the indemnifying party, as well as any other relevant equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the
Securities Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of a holder of Registrable Shares be greater in amount than the dollar amount of the net
proceeds (net of all expenses paid by such holder in connection with any claim relating to this subsection (e)(v) and the amount of any damages such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission) received by it upon the sale of the Registrable Shares giving rise to such contribution obligation. The Holders’ obligation to contribute pursuant to this subsection (e)(v) are several and not joint. 
  

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 (vi) Survival. The obligations of the Company and the Holders under this Section 5(e)
shall survive completion of any offering of Registrable Shares and the termination of this Agreement. 
 (f) Rule 144
Information. For so long as the Registration Period continues, the Company shall file in a timely manner all reports required to be filed by it under the Exchange Act and the rules and regulations promulgated thereunder and shall take such
further action to the extent required to enable the Holders to sell the Registrable Shares pursuant to Rule 144 under the Securities Act (as such rule may be amended from time to time). 
 (g) Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under
this Section 5 (excluding any underwriting discounts and selling commissions) shall be borne by the Company whether or not any Registrable Shares are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any trading market on which the Common Stock is then
listed for trading and (B) in compliance with applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the
Registrable Shares and determination of the eligibility of the Registrable Shares for investment under the laws of such jurisdictions as requested by the Holders consistent with Section 5(b)(vi)), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Shares and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Shares included in such Registration
Statement), (iii) messenger, telephone and delivery expenses, (iv) the filing fees with FINRA under FINRA Rule 2710, if requested by any Holder in connection with their resales of Registrable Shares, (v) Securities Act liability
insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Section 5. In addition, the Company
shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Section 5 (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Shares on any securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions of any Holder. 
 (h) No Piggyback on Registrations. Neither the Company nor
any of its security holders or any other party (other than the Holders in such capacity pursuant hereto or pursuant to Section 5(i) below) may include securities of the Company in a Registration Statement other than the Registrable Shares, and
the Company shall not after the date of this Agreement enter into any agreement providing any right to any of its security holders or any other party to register any securities in a Registration Statement filed pursuant to this Section 5.

  

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 (i) Piggy-Back Registrations. If at any time during the Registration Period there is not
an effective Registration Statement covering all of the Registrable Shares and the Company shall determine to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the
Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any
entity or business or equity securities issuable in connection with stock option or other employee or director benefit plans, then the Company shall send to each Holder holding Registrable Shares for which there is not an effective Registration
Statement written notice of such determination and, if within fifteen days after receipt of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Shares
such Holder requests to be registered, subject to customary underwriter cutbacks applicable to all holders of registration rights on a pro rata basis (along with other holders of piggyback registration rights with respect to the Company); provided,
that (i) the Company shall not be required to register any Registrable Shares pursuant to this Section 5(i) that are eligible for resale under Rule 144 promulgated under the Securities Act or that are the subject of a then effective
Registration Statement and (ii) if at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall
determine for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to such Holder and, thereupon, (i) in the case of a determination not to register,
shall be relieved of its obligation to register any Registrable Shares pursuant to this Section 5(i) in connection with such registration (but not from its obligation to pay expenses in accordance with Section 5(g) hereof), and
(ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Shares being registered pursuant to this Section 5(i) for the same period as the delay in registering such other securities.

 6. OTHER AGREEMENTS OF THE PARTIES. 
 (a) Reservation of Common Stock. The Company shall take all action necessary to at all times have authorized, and reserved for the purpose of issuance from and after the Closing Date, no less than 100%
of the maximum number of shares of Common Stock issuable upon exercise of the Warrants. 
 (b) Reporting Status. During the
two year period from and after the Effective Date of any Registration Statement filed hereunder, the Company shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and
regulations thereunder would otherwise permit such termination, provided, however, the Company shall be entitled to terminate its status as an issuer in connection with a business combination transaction with a third-party or a 13E-3
transaction. 
 (c) Form D and Blue Sky. With respect to each Closing, the Company agrees to timely file a Form D with respect
to the Securities as required under Regulation D and to provide a copy thereof to each Purchaser promptly after such filing. The Company, on or before each Closing, shall take such action as the Company shall reasonably determine is necessary in
order to obtain an exemption for or to qualify the Securities for sale to the 

  

 28 

 
Purchasers at the Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or to
obtain an exemption from such qualification). The Company shall make all filings and reports relating to the offer and sale of the Securities required under applicable securities or “Blue Sky” laws of the states of the United States
following each Closing consistent with Section 5(b)(vi). 
 (d) No Integration. The Company shall not, and shall use its
commercially reasonable efforts to ensure that no affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that will be
integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities to the Purchasers, or that will be integrated with the offer or sale of the Securities for
purposes of the rules and regulations of Nasdaq such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 
 (e) Subsequent Registrations. Except for those existing registration rights discussed in Section 3(m) above or the filing of a
prospectus supplement in connection with an existing registration statement of the Company, other than pursuant to a Registration Statement, prior to the date that is 60 days (or 30 days in the event that there are less than $20 million of gross
proceeds from the sale of the Securities hereunder) after the Effective Date of the Registration Statement, the Company shall not file any registration statement (other than on Form S-8 or, in connection with an acquisition, on Form S-4) with the
SEC with respect to any securities of the Company. 
 (f) Indemnification. 
 (i) Indemnification of Purchasers. In addition to the indemnity provided in Section 5(e) of this Agreement, the Company will indemnify
and hold each Purchaser and its directors, officers, shareholders, members, partners, affiliates, employees and agents (and any other persons or entities with a functionally equivalent role of a person or entity holding such titles notwithstanding a
lack of such title or any other title), each person or entity who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents,
members, partners or employees (and any other persons or entities with a functionally equivalent role of a person or entity holding such titles notwithstanding a lack of such title or any other title) of such controlling person (each, a
“Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, out of pocket costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to third party claims against such Purchaser relating to any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents. Notwithstanding anything to the contrary contained herein, the Company will not be liable to any Purchaser Party under this Agreement to the extent, but
only to the extent that a loss, claim, damage or liability arises out of or is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in
the other Transaction Documents. 
  

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 (ii) Conduct of Indemnification Proceedings. Promptly after receipt by any person
or entity (the “Purchaser Indemnified Person”) of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding or investigation in respect of which
indemnity may be sought pursuant to Section 6(f)(i), such Purchaser Indemnified Person shall promptly notify the Company in writing and the Company shall assume the defense thereof, including the employment of counsel, and shall assume the
payment of all fees and expenses; provided, however, that the failure of any Purchaser Indemnified Person so to notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually
prejudiced by such failure to notify. In any such proceeding, any Purchaser Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Purchaser Indemnified Person
unless: (i) the Company and the Purchaser Indemnified Person shall have mutually agreed to the retention of such counsel; (ii) the Company shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably
satisfactory to such Purchaser Indemnified Person in such proceeding; or (iii) in the reasonable judgment of counsel to such Purchaser Indemnified Person, representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them, provided, however, in no event, shall the Company be obligated to cover the reasonable fees and expenses of more than five such separate counsel (one for each Purchaser hereunder). The
Company shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. Without the prior written consent of the Purchaser Indemnified Person,
which consent shall not be unreasonably withheld, delayed or conditioned, the Company shall not effect any settlement of any pending or threatened proceeding in respect of which any Purchaser Indemnified Person is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Purchaser Indemnified Person from all liability arising out of such proceeding. 
 (g) Listing of Securities. Prior to the execution of this Agreement or promptly following the date hereof, the Company shall have taken or
shall take all necessary action to cause the Shares and the Warrant Shares underlying the Warrants to be listed upon the Nasdaq Capital Market and shall maintain, so long as any other shares of Common Stock shall be so listed, such listing. Further,
if the Company applies to have its Common Stock or other securities listed on any other trading market, it shall include in such application the Shares and the Warrant Shares underlying the Warrants and will take such other action as is necessary to
cause the Shares and the Warrant Shares underlying the Warrants to be listed on such other trading market as promptly as practicable. 
 7. CONDITIONS TO THE PURCHASER’S OBLIGATIONS AT CLOSING. The obligations of each Purchaser under Section 1(b) and 1(d) of this Agreement are subject to the fulfillment, on or before the Closing, of each of the
following conditions, any of which may be waived in writing by a Purchaser as to itself only: 
 (a) Representations and
Warranties. Each of the representations and warranties of the Company contained in Section 3 shall be true and correct in all material respects on and as of the date hereof (provided, however, that such qualification shall only apply
to representations or warranties not otherwise qualified by materiality) and on and as of the date 

  

 30 

 
of the Closing, with the same effect as though such representations and warranties had been made as of the Closing (except for representations and warranties
that speak as of a specific date). 
 (b) Performance. The Company shall have performed and complied in all material respects
with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by them, respectively, on or before the Closing, and shall have obtained all approvals, consents and qualifications
necessary to complete the sale and other transactions described herein; provided, however, that the Company may furnish to each Purchaser a facsimile copy of the stock certificate representing the Shares purchased at the Closing, with the
original stock certificate to be delivered on the next Business Day. 
 (c) Compliance Certificate. The Company will have
delivered to the Purchasers a certificate signed on its behalf by its Chief Executive Officer or Chief Financial Officer certifying that the conditions specified in Section 7 hereof with respect to the Company have been fulfilled. 

(d) Securities Exemptions. The offer and sale of the Securities to the Purchasers pursuant to this Agreement shall be exempt from the
registration requirements of the Securities Act and the registration and/or qualification requirements of all applicable state and foreign securities laws. 
 (e) No Suspension of Trading or Listing of Common Stock. The Common Stock of the Company (i) shall be listed on the Nasdaq Capital Market and (ii) shall not have been suspended from trading on
the Nasdaq Capital Market. The Company shall have filed a Listing of Additional Shares application to cause the Shares and the shares of Common Stock issuable upon exercise of the Warrants to be listed on the Nasdaq Capital Market. 
 (f) Company Good Standing Certificates. The Company shall have delivered to the Purchasers (i) certificates from the Secretaries of
State of the State of Delaware and the Commonwealth of Massachusetts, dated as of a date within five (5) days of the date of the Closing, with respect to the good standing of the Company in such states, and (ii) certificates from
appropriate state officials, dated as of a date within five (5) days of the date of the Closing, with respect to the good standing of the Company’s U.S. Subsidiaries in their respective jurisdictions of organization. 
 (g) Secretary’s Certificate. The Company shall have delivered to the Purchasers, a copy of a certificate of the Company executed by
the Secretary or an Assistant Secretary of the Company attaching and certifying to the truth and correctness of (A) the Certificate of Incorporation, (B) the Bylaws and (C) the resolutions adopted by the Company’s Board of
Directors in connection with the transactions contemplated by this Agreement. 
 (h) Opinion of Company Counsel. The
Purchasers will have received an opinion on behalf of the Company, dated as of the Closing Date, from Ropes & Gray LLP, counsel to the Company, substantially in the form attached hereto as Exhibit D. 
  

 31 

 (i) No Statute or Rule Challenging Transaction. No statute, rule, regulation, executive
order, decree, ruling, injunction, action, proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted by any court or governmental authority of competent jurisdiction or any self-regulatory organization or the
staff of any of the foregoing, having authority over the matters contemplated hereby which questions the validity of, or challenges or prohibits the consummation of, any of the transactions contemplated by this Agreement. 
 8. CONDITIONS TO THE OBLIGATIONS OF THE COMPANY AT CLOSING. The obligations of the Company to the Purchasers under this Agreement are
subject to the fulfillment or waiver, on or before the Closing, of each of the following conditions: 
 (a) Representations and
Warranties. The representations and warranties of each Purchaser contained in Section 4 shall be true and correct in all material respects on and as of the date hereof (provided, however, that such qualification shall only apply to
representations and warranties not otherwise qualified by materiality) and on and as of the date of the Closing, with the same effect as though such representations and warranties had been made as of the Closing. 
 (b) Performance. Each Purchaser shall have performed and complied in all material respects with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by it on or before the Closing (including, without limitation, the completion of the Questionnaire, which shall be furnished to the Company), and shall have obtained all
approvals, consents and qualifications of such Purchaser necessary to complete the purchase and sale described herein. 
 (c)
Securities Exemptions. The offer and sale of the Securities to the Purchasers pursuant to this Agreement shall be exempt from the registration requirements of the Securities Act and the registration and/or qualification requirements of
all applicable state and foreign securities laws. 
 (d) Payment of Purchase Price. The Purchasers shall have delivered to the
Company, by wire transfer of immediately available funds, full payment of the purchase price for the Shares and Warrants purchased at the Closing. 
 (e) No Statute or Rule Challenging Transaction. No statute, rule, regulation, executive order, decree, ruling, injunction, action, proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted
by any court or governmental authority of competent jurisdiction or any self-regulatory organization or the staff of any of the foregoing, having authority over the matters contemplated hereby which questions the validity of, or challenges or
prohibits the consummation of, any of the transactions contemplated by this Agreement. 
 9. MISCELLANEOUS. 
 (a) Successors and Assigns. The terms and conditions of this Agreement will inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. The Company shall not be permitted to assign this Agreement 

  

 32 

 
or any of their respective rights or obligations hereunder. This Agreement is for the sole benefit of the Company and the Purchasers and their respective
successors and permitted assigns, and nothing in this Agreement (whether expressed or implied) will give or be construed to give any other person or entity any legal or equitable rights in connection with this Agreement except that Indemnified
Parties and Purchaser Indemnified Parties are intended beneficiaries of Sections 5(e) and 6(f). Any Purchaser may assign its rights under this Agreement to any person to whom such Purchaser assigns or transfers any of the Securities, provided that
such transferee agrees in writing to be bound by the terms and provisions of this Agreement, and such transfer is in compliance with the terms and provisions of this Agreement and permitted by federal and state securities laws. 
 (b) Governing Law; Submission to Jurisdiction. This Agreement will be governed by and construed and enforced under the internal laws of
the State of New York, without reference to principles of conflict of laws or choice of laws. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. The Company hereby irrevocably and unconditionally submits, for itself and its property to the exclusive jurisdiction of any New York State court or federal
court of the United States sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement. The Company irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or federal court sitting in New York City, and
the Company hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (c) Survival. The representations and warranties contained in this Agreement and the provisions of Sections 5, 6 and 9 shall survive the
Closing contemplated hereunder and the delivery of the Securities. 
 (d) Counterparts. This Agreement may be executed in two
or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 
 (e) Headings. The headings and captions used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs,
exhibits and schedules will, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by reference. 
 (f) Notices. Any notices and other communications required or permitted under this Agreement shall be in writing and shall be delivered
(i) personally by hand or by courier, (ii) mailed by United States first-class mail, postage prepaid or (iii) sent by facsimile directed (1) if to a Purchaser, at the Purchaser’s address or facsimile number set forth 

  

 33 

 
on Appendix I attached hereto, or at such address or facsimile number as the Purchaser may designate by giving at least ten (10) days’ advance
written notice to the Company or (2) if to the Company, to its address or facsimile number set forth below, or at such other address or facsimile number as the Company may designate by giving at least ten (10) days’ advance written
notice to the Purchasers. All such notices and other communications shall be deemed given upon (i) receipt or refusal of receipt, if delivered personally, (ii) three days after being placed in the mail, if mailed, or
(iii) confirmation of facsimile transfer, if faxed. 
 The address of the Company for the purpose of this Section 9(f) is as
follows: 
 Antigenics Inc. 
 162
Fifth Avenue, Suite 900 
 New York, New York 10010 
 Tel: (212) 994-8200 
 Fax: (212) 994-8299 
 Attention: Chief Financial Officer 
 with a
copy to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Tel: (617) 951-7000 
 Fax: (617) 951-7050 
 Attention: Paul Kinsella 
 and 
 Antigenics Inc. 
 3 Forbes Road 

Lexington, Massachusetts 02421 
 Attention:
Legal Department 
 Tel: 781-674-4400 
 Fax: 781-674-4200 
 (g) Amendments and Waivers. This Agreement may be amended and the observance of any term of this
Agreement may be waived only with the written consent of the Company and Purchasers holding at least eighty percent (80%) of the outstanding Shares; provided that any provision for the sole benefit of the Company may be waived by the Company.
Any amendment effected in accordance with this Section 9(g) will be binding upon the Company, each Purchaser and their respective successors and permitted assigns. 
 (h) Severability. If any provision of this Agreement is held to be unenforceable under applicable law, such provision will be excluded from this Agreement and the balance of the Agreement will be
interpreted as if such provision were so excluded and will be enforceable in accordance with its terms. The parties will attempt in good faith to agree upon 

  

 34 

 
a valid and enforceable provision which shall be a commercially reasonable substitute for any provision that is excluded pursuant to the preceding sentence,
and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 (i) Entire Agreement. This Agreement,
together with all exhibits and schedules hereto and thereto constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements,
understandings, duties or obligations between the parties with respect to the subject matter hereof. 
 (j) Meaning of Include and
Including. Whenever in this Agreement the word “include” or “including” is used, it shall be deemed to mean “include, without limitation” or “including, without limitation,” as the case may be, and the
language following “include” or “including” shall not be deemed to set forth an exhaustive list. 
 (k) Fees,
Costs and Expenses. Except as otherwise provided for in this Agreement, all fees, costs and expenses (including attorneys’ fees and expenses) incurred by any party hereto in connection with the preparation, negotiation and execution of this
Agreement and the exhibits and schedules hereto and the consummation of the transactions contemplated hereby and thereby (including the costs associated with any filings with, or compliance with any of the requirements of any governmental
authorities), shall be the sole and exclusive responsibility of such party. 
 (l) 8-K Filing; Press Release and Publicity. As
soon as practicable following the execution of this Agreement, but in no event later than 8:30 a.m., eastern time, on the Business Day following the execution of this Agreement, the Company shall issue and publicly disseminate the Press Release
(defined below), and no later than 96 hours following the Closing, the Company shall file a Current Report on Form 8-K with the SEC describing the terms of the transactions contemplated by this Agreement and attaching this Agreement and the Press
Release as exhibits to such filing (the “8-K Filing” including all attachments). Neither the Company nor any Purchaser shall issue any press releases or any other public statements with respect to the transactions
contemplated by this Agreement; provided, however, that the Company shall be required, without the prior approval of any Purchaser, to issue a press release (the “Press Release”) in accordance with Rule 135c
under the Securities Act with respect to the consummation of the transactions contemplated by this Agreement (i) in substantial conformity with the 8-K Filing and (ii) as is required by applicable laws and regulations; and, provided
further, that neither the Press Release nor any other release may identify a Purchaser unless such Purchaser has consented thereto in writing, or as required by law; and provided further, that the Company may publicly reference the transaction in
connection with Company earnings releases, investor presentations and other communications provided that such communications shall not include any information related to the transaction that was not otherwise disclosed in the Press Release and the
Company’s SEC filings. 
 (m) Waivers. No waiver by any party to this Agreement of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right
hereunder in any manner impair the exercise of any such right accruing to it thereafter. 
  

 35 

 (n) Stock Splits, Dividends and other Similar Events. The provisions of this Agreement
shall be appropriately adjusted to reflect any stock split, dividend in the form of common stock, reorganization or other similar event that may occur with respect to the Company after the date hereof. 
 (o) Remedies. In addition to being entitled to exercise all rights provided herein, each Purchaser and the Company will be entitled to
specific performance under this Agreement. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive in any
action for specific performance of any such obligation the defense that a remedy at law would be adequate. 
 (p) Rescission and
Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under any of the Transaction
Documents and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any such
relevant notice, demand or election in whole or in part without prejudice to its future actions and rights. 
 (q) Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under the Transaction Documents are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the
performance of the obligations of any other Purchaser under any Transaction Document. The decision of each Purchaser to purchase Securities pursuant to this Agreement and the other Transaction Documents has been made by such Purchaser independently
of any other Purchaser and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the
Company or any Subsidiary which may have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser and any of its agents or employees shall have any liability to any other Purchaser (or any other
person or entity) relating to or arising from any such information, materials, statement or opinions. Nothing contained in the Transaction Documents, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by any of the
Transaction Documents or any document contemplated thereby. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as agent of
such Purchaser in connection with monitoring its investment in the Securities or enforcing its rights under any of the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without
limitation the rights arising out of the Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. The Company acknowledges that 

  

 36 

 
each of the Purchasers has been provided with the same Transaction Documents for the purpose of closing a transaction with multiple Purchasers and not
because it was required or requested to do so by any Purchaser. The Company’s obligations to each Purchaser under the Transaction Documents are identical to its obligations to each other Purchaser other than such differences resulting solely
from the number of Securities purchased by such Purchaser, but regardless of whether such obligations are memorialized herein or in another agreement between the Company and a Purchaser. 
 [Remainder of page intentionally left blank.] 
 * * * 
  

 37 

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

			
	ANTIGENICS INC.
		
	By:	 	 /s/ Shalini Sharp

	Name:	 	Shalini Sharp
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE FOR PURCHASERS FOLLOW] 
  

 [SECURITIES PURCHASE AGREEMENT] 

					
		 	NAME OF PURCHASER:	 	 Iroquois Master Fund Ltd.

  

			
	By:	 	 /s/ Richard Abbe

	Name:	 	Richard Abbe
	Title:	 	GP
	
	 Number of Shares: 1,461,988
 Number of
4 Year Warrants: 657,895
 Number of 6 Month Warrants: 730,994
 Aggregate Purchase Price: $ 3,333,332.64

  

					
	Address for Notices:	 	
			
		 	  
	 	
		 	  
	 	
		 	  
	 	
		 	  
	 	
	
	Address for delivery of securities, if different:

  

 [SECURITIES PURCHASE AGREEMENT] 

					
		 	NAME OF PURCHASER:	 	 Cranshire Capital, L.P.

  

			
	By:	 	 /s/ Mitch Kopin

	Name:	 	Mitch Kopin
	Title:	 	President – Downsview Capital, Inc.
		 	 The General Partner

	
	 Number of Shares: 1,461,989
 Number of
4 Year Warrants: 657,895
 Number of 6 Month Warrants: 730,994
 Aggregate Purchase Price: $ 3,333,334.94

  

					
	Address for Notices:	 	
			
		 	 3100 Dundee Road, Suite 703
	 	
		 	 Northbrook, IL 60062
	 	
		 	  
	 	
		 	  
	 	
	
	 Address for delivery of securities, if different:
     Same as above

  

 [SECURITIES PURCHASE AGREEMENT] 

					
		 	NAME OF PURCHASER:	 	 Hudson Bay Overseas Fund, Ltd.

			
	By: Hudson Bay Capital Management LP, Investment Manager
		
	By:	 	 /s/ Yoav Roth

	Name:	 	Yoav Roth
	Title:	 	Authorized Signatory
	
	 Number of Shares: 935,672
 Number of 4
Year Warrants: 421,053
 Number of 6 Month Warrants: 467,836
 Aggregate Purchase Price: $ 2,133,332.16

  

			
	Address for Notices:
		
		 	 120 Broadway, 40th Floor

		 	 New York, NY 10271

		 	 Facsimile: +1 (646) 214-7946

		 	 E-mail: investments@hudsonbaycapital.com

  

			
	Address for delivery of securities, if different:
		 	Same as above

  

 [SECURITIES PURCHASE AGREEMENT] 

					
		 	NAME OF PURCHASER:	 	 Hudson Bay Fund LP

			
	By: Hudson Bay Capital Management LP, Investment Manager

  

			
	By:	 	 /s/ Yoav Roth

	Name:	 	Yoav Roth
	Title:	 	Authorized Signatory
	
	 Number of Shares: 526,316
 Number of 4
Year Warrants: 236,842
 Number of 6 Month Warrants: 263,158
 Aggregate Purchase Price: $ 1,200,000.48

  

			
	Address for Notices: 
		
		 	 120 Broadway, 40th Floor

		 	 New York, NY 10271

		 	 Facsimile: +1 (646) 214-7946

		 	 E-mail: investments@hudsonbaycapital.com

	
	Address for delivery of securities, if different:

  

 [SECURITIES PURCHASE AGREEMENT] 

 SCHEDULE I 
  

												
	 Buyer
	  	 Address
	  	Number of
Shares	  	Number of
4 Year
Warrants	  	Number of
6 Month
Warrants	  	Aggregate
Purchase Price
	 Iroquois Master Fund Ltd.
	  	 641 Lexington Ave., 26th Fl.
 New York, NY
10022
	  	1,461,988	  	657,895	  	730,994	  	$	3,333,332.64
						
	 Cranshire Capital, L.P.
	  	 3100 Dundee Road, Suite 703
 Northbrook, IL
60062
	  	1,461,989	  	657,895	  	730,994	  	$	3,333,334.94
						
	 Hudson Bay Fund LP
	  	 c/o Hudson Bay Capital
 Management LP
 120 Broadway, 40th Floor
 New York, NY 10271 
 With a copy to:
 Schulte Roth & Zabel LLP
 919 Third Avenue
 New York, NY 10022
 Attn: Eleazer N. Klein, Esq.
	  	526,316	  	236,842	  	236,158	  	$	1,200,000.48
						
	 Hudson Bay Overseas Fund, Ltd.
	  	 c/o Hudson Bay Capital
 Management LP
 120 Broadway, 40th Floor
 New York, NY 10271 
 With a copy to:
 Schulte Roth & Zabel LLP
 919 Third Avenue
 New York, NY 10022
 Attn: Eleazer N. Klein, Esq.
	  	935,672	  	421,053	  	467,836	  	$	2,133,332.16

  

 [SECURITIES PURCHASE AGREEMENT] 

 APPENDIX I 
 ANTIGENICS INC. 
 REGISTRATION STATEMENT/SUITABILITY QUESTIONNAIRE 
 PART A 
 In connection with the preparation of the Registration
Statement, please provide us with the following information: 
 GENERAL INFORMATION 
 NOTE: If you are an individual, please answer only questions 1, 5 and 6 and proceed to Part B. 
  

			
	1.	  	Pursuant to the “Selling Stockholder” section of the Registration Statement, please state your/your organization’s name exactly as it should appear in the Registration Statement.

		
		  	  

		
	2.	  	State whether your organization is a publicly-held entity or a subsidiary of a publicly-held entity (i.e., an entity that has a class of securities registered under the Exchange
Act).
		
		  	 Yes               No
            

		
		  	If a subsidiary of a publicly-held entity, please identify the publicly-held parent entity:
		
		  	  

		
	3.	  	State whether your organization is an investment company or a subsidiary of an investment company registered under the Investment Company Act of 1940.
		
		  	 Yes               No
            

		
		  	If a subsidiary of an investment company, please identify the investment company parent entity:
		
		  	  

		
	4.	  	If you answered “No” to questions 2 and 3, state the number of natural persons, publicly-held entities or investment companies who have or share voting or investment control over the
Registrable Shares.
		
		  	 Number:             

  

 [SECURITIES PURCHASE AGREEMENT] 

			
		  	Please identify those natural persons, publicly-held entities or investment companies:
		
		  	  

		  	  

		
	5.	  	Please provide the number of securities of the Company that you/your organization will beneficially own:
		
		  	  

		
	6.	  	Have you/your organization or any of its affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of your organization) had any material
relationship within the past three years with the Company or its affiliates?
		
		  	 Yes               No
            

		
		  	If yes, please indicate the nature of any such relationships below:
		
		  	  

		  	  

		
	7.	  	State whether your organization is a registered broker-dealer.
		
		  	 Yes               No
            

		
	8.	  	If your organization is a registered broker-dealer, did your organization receive the Registrable Shares as compensation for underwriting activities and, if so, provide a brief description of
the transaction(s) involved.
		
		  	 Yes               No
            

		
		  	  

		  	  

		
	9.	  	State whether your organization is an affiliate of a registered broker-dealer and if so, list the name(s) of the broker-dealer affiliate(s).
		
		  	 Yes               No
            

		
		  	  

		  	  

		
	10.	  	If your organization is an affiliate of a registered broker-dealer:

					
			
		  	a.	  	 Did your organization purchase the Registrable Shares in the ordinary course of business?

			
		  		  	 Yes               No
            

  

 [SECURITIES PURCHASE AGREEMENT] 

					
		  		  	If the answer is “No,” to question (a) state any exceptions below:
			
		  		  	  

		  		  	  

			
		  	b.	  	 At the time of the purchase of the Registrable Shares, did your organization have any agreements or understandings, directly or indirectly, with any person to
distribute the Registrable Shares?

			
		  		  	 Yes               No
            

			
		  		  	If the answer is “Yes,” to question (b), please identify such agreements or understandings below:
			
		  		  	  

		  		  	  

 PART B 
 IDENTIFICATION 
  

			
		
	 Name:
	 	  

			
		
	Address of principal place of business/primary residence:	 	  

			
	  

			
		
	If an entity, state (or country) of formation or incorporation:	 	  

			
		
	Contact Person:	 	  

			
		
	Telephone Number:	 	  

			
		
	Facsimile Number:	 	  

			
		
	Email Address:	 	  

			
		
	Type of Investor (corporation, partnership, trust, individual, etc.):	 	  

			
		
	Employer Identification Number/Social Security Number:	 	  

  

 [SECURITIES PURCHASE AGREEMENT] 

 STATUS AS AN ACCREDITED INVESTOR 
 Please confirm that the Purchaser is an “accredited investor” as defined under the Securities Act of 1933, as amended (the “Act”), by checking all applicable boxes to indicate the exemption
qualifying you as an accredited investor, as provided in Rule 501(a) under the Act. 
  ̈ a
corporation, organization described in Section 501(c)(3) of the Internal Revenue Code, a Massachusetts or similar business trust or a partnership, in each case, not formed for the purpose of this investment, with total assets in excess of
$5,000,000; 
  ̈ a private business development company as defined in Section 202(a)(22) of the
Investment Advisers Act of 1940; 
  ̈ a Small Business Investment Company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; 
  ̈
 an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; 
  ̈ a bank as defined in Section 3(a)(2) or a savings and loan association or other institution defined in Section 3(a)(5)(A) of the Act acting in either an individual or
fiduciary capacity; 
  ̈ an insurance company as defined in Section 2(13) of the Securities Act;

  ̈ an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act
of 1974 whose investment decision is made by a fiduciary which is either a bank, savings and loan association, insurance company, or registered investment advisor, or whose total assets exceed $5,000,000, or, if a self-directed plan, a plan whose
investment decisions are made solely by persons who are accredited investors; 
  ̈ a director, executive
officer or general partner of the issuer of the securities being offered or sold; 
  ̈ a natural person
whose individual net worth, or joint net worth with your spouse, at the time of purchase exceeds $1,000,000; 
  ̈
 a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with your spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same
income level in the current year; 
  ̈ a trust with total assets in excess of $5,000,000, not formed for
the specific purpose of acquiring the securities offered, purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the Securities Act; or 
  ̈ an entity in which all the equity owners are accredited investors. 
  

 [SECURITIES PURCHASE AGREEMENT] 

 FOREIGN INVESTOR EXEMPT STATUS 
 All Purchasers that are not residents of the United States must indicate the exemption qualifying it to purchase the Securities by checking the applicable box below: 
  ̈ Purchaser is a resident of the United Kingdom that qualifies as a High Net Worth Institution. “High Net
Worth Institution” means any of the following: (i) a body corporate which has, or which is a member of the same group as an undertaking which has, called up share capital or net assets of not less than £5million, or, if the
body corporate has more than 20 members or is a subsidiary of an undertaking with more than 20 members, £500,000; (ii) an unincorporated association or partnership which has net assets of not less than £5million; or (iii) a
trust where the aggregate value of cash and investments forming part of the trust’s assets (before deducting liabilities) is £10million or more, or has been £10million or more anytime during the year preceding the date of this
Agreement. 
  ̈ Purchaser is a resident of a member state of the European Union and qualifies as a
Qualified Investor. “Qualified Investor” means any legal entity which meets two or more of the following: (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more
than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts. 
  

 [SECURITIES PURCHASE AGREEMENT] 

 SIGNATURE TO QUESTIONNAIRE 
 The above information is true and correct in all material respects, and the undersigned recognizes that the Company and its respective counsel are relying on the truth and accuracy of such information in reliance on
an exemption from registration under the Securities Act. The undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to the investment. 
 By executing below the undersigned accepts its obligations as a Purchaser under the Securities Purchase Agreement, dated as of August 3, 2009,
between the Company and the Purchasers party thereto (the “Agreement”), and represents that it has read and understands the Agreement. 
 By executing below the undersigned covenants and agrees that it will only sell Registrable Shares covered by the Registration Statement in a manner specified in Exhibit A to this Questionnaire. 
 Executed at
                                        ,
                                on
                    , 2009. 
 Name of
Individual/Entity: 
  

							
	  
	  	
				
	By:	 	  
	  		  	
	(Signature)	  		  	
			
	  
	  		  	
	(Name and title of signatory)	  		  	

 All capitalized terms used but not defined herein have the meanings ascribed to them in the Agreement. 

  

 [SECURITIES PURCHASE AGREEMENT] 

 EXHIBIT A TO QUESTIONNAIRE 
 PLAN OF DISTRIBUTION 
 The selling stockholders, which as used herein includes
donees, pledgees, transferees or other successors-in-interest selling shares of common stock or interests in shares of common stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or
other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in
private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.

 The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein: 
  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 short sales effected after the effective date of the registration statement of which this prospectus is a part; 

  

	 	•	 	 through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; 

  

	 	•	 	 broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; and 

 

	 	•	 	 a combination of any such methods of sale. 

 The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured
parties may offer and sell the shares of common stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of common stock in other circumstances, in which case the
transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

 In connection with the sale of our common stock or interests therein, the selling stockholders may enter
into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The selling stockholders may also sell shares of our
common stock short and deliver these securities to close out their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 
 The aggregate proceeds to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less discounts or commissions, if any. Each of the selling stockholders reserves the right
to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents. We will not receive any of the proceeds from this offering. 
 The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act of
1933, provided that they meet the criteria and conform to the requirements of that rule. 
 The selling stockholders and any underwriters,
broker-dealers or agents that participate in the sale of the common stock or interests therein may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or
profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders are subject to the prospectus delivery requirements of the Securities Act. 
 To the extent required, the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices and public
offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to
the registration statement that includes this prospectus. 
 In order to comply with the securities laws of some states, if applicable, the
common stock may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified for sale or an exemption from
registration or qualification requirements is available and is complied with. 
 We have advised the selling stockholders that the
anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the 

  

 2 

 
activities of the selling stockholders and their affiliates. In addition, we will make copies of this prospectus (as it may be supplemented or amended from
time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the
sale of the shares against certain liabilities, including liabilities arising under the Securities Act. 
 We have agreed to indemnify the
selling stockholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus. 
 We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier
of (1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement (2) the date on which the shares may be sold without volume limitations by non-affiliates
pursuant to Rule 144 of the Securities Act or eleven years after the registration statement becomes effective. 
  

 3Stock Purchase Agreement

 EXHIBIT 10.1 
 EXECUTION COPY 
  
  
  
 STOCK PURCHASE AGREEMENT 
 among

 UMB FUND SERVICES, INC., 
 a Wisconsin corporation, 
 JEFFREY D. CLARK, 
 BONNIE J. CLARK, 
 MICHELLE JENSEN, 
 CHAD J. ALLEN, 
 JERRY A.
WRIGHT, 
 JILL L. CALTON, 
 and, solely with respect to Section 10.2(c), 
 UMB FINANCIAL CORPORATION, 
 a Missouri corporation 
 Dated as of
May 7, 2009 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
	 Section 1.
	  	Defined Terms	  	1
	 1.1
	  	Definitions	  	1
			
	 Section 2.
	  	Sale and Purchase of Stock	  	10
	 2.1
	  	Purchase Price	  	10
	 2.2
	  	Payment of Purchase Price	  	10
	 2.3
	  	Post-Closing Adjustment	  	11
			
	 Section 3.
	  	Other Transactions and Agreements	  	12
	 3.1
	  	The Incentive Bonus Plan	  	12
	 3.2
	  	Jeffrey D. Clark Employment, Non-Competition and Non-Solicitation Agreement	  	12
	 3.3
	  	Bonnie J. Clark Non-Competition and Non-Solicitation Agreement	  	13
	 3.4
	  	Software Assignment and License Agreement	  	13
			
	 Section 4.
	  	Closing	  	13
	 4.1
	  	Date and Time of Closing	  	13
	 4.2
	  	Actions to be Taken at the Closing	  	13
			
	 Section 5.
	  	Representations and Warranties of Selling Shareholders	  	15
	 5.1
	  	Good Standing and Corporate Power of Company	  	15
	 5.2
	  	Capitalization and Voting Rights	  	15
	 5.3
	  	Subsidiaries/Other Ownership Interests	  	16
	 5.4
	  	Authorization	  	16
	 5.5
	  	No Conflicts	  	16
	 5.6
	  	Consents	  	17
	 5.7
	  	Litigation	  	17
	 5.8
	  	Intellectual Property	  	17
	 5.9
	  	Contracts	  	19
	 5.10
	  	Customer Contracts	  	20
	 5.11
	  	Financial Statements	  	21
	 5.12
	  	Liabilities	  	21
	 5.13
	  	Changes	  	21
	 5.14
	  	Taxes and Tax Returns	  	23
	 5.15
	  	Permits	  	25
	 5.16
	  	Environmental Laws	  	25
	 5.17
	  	Title to Property and Condition of Assets	  	26
	 5.18
	  	Labor Agreements and Actions	  	27
	 5.19
	  	Insurance	  	27
	 5.20
	  	Employee Benefits	  	27
	 5.21
	  	Brokers	  	30
	 5.22
	  	Accounts Receivable	  	30
	 5.23
	  	Books of Account; Records	  	30

  

 i 

					
	 5.24
	  	Bank Accounts, Depositories; Powers of Attorney	  	31
	 5.25
	  	Sufficiency of Assets; Fictitious Names	  	31
			
	 Section 6.
	  	Additional Representations and Warranties of Selling Shareholders	  	31
	 6.1
	  	Legal Power; Capacity	  	31
	 6.2
	  	Authorization	  	31
	 6.3
	  	No Orders or Proceedings	  	31
	 6.4
	  	Compliance with Other Instruments	  	31
	 6.5
	  	Governmental Consents	  	32
	 6.6
	  	Title	  	32
	 6.7
	  	Representation	  	32
			
	 Section 7.
	  	Representations and Warranties of Purchaser	  	32
	 7.1
	  	Good Standing and Corporate Power	  	32
	 7.2
	  	Authorization	  	32
	 7.3
	  	No Conflicts	  	33
	 7.4
	  	Governmental Approvals and Filings	  	33
	 7.5
	  	Brokers	  	33
	 7.6
	  	Acquisition of Purchased Stock	  	33
	 7.7
	  	Financial Capacity	  	33
	 7.8
	  	Capitalization and Voting Rights	  	33
	 7.9
	  	Subsidiaries/Other Ownership Interests	  	33
	 7.10
	  	Litigation	  	34
	 7.11
	  	Intellectual Property	  	34
	 7.12
	  	Contracts	  	34
	 7.13
	  	Financial Statements	  	34
	 7.14
	  	Liabilities	  	34
	 7.15
	  	Compliance with Laws	  	35
	 7.16
	  	Permits	  	35
			
	 Section 8.
	  	Other Agreements of the Parties	  	35
	 8.1
	  	Transfer of Intellectual Property	  	35
	 8.2
	  	Further Assurances	  	35
	 8.3
	  	Access to Records After Closing	  	35
	 8.4
	  	Reserved	  	35
	 8.5
	  	Tax Matters	  	35
	 8.6
	  	Section 338(h)(10) Election	  	38
	 8.7
	  	Insurance; Errors and Omission Tail	  	39
			
	 Section 9.
	  	Shareholders’ Representative	  	40
	 9.1
	  	Appointment	  	40
	 9.2
	  	Vacancy	  	41
	 9.3
	  	Reliance	  	41
	 9.4
	  	Liability	  	41
	 9.5
	  	Authority	  	41
			
	 Section 10.
	  	Indemnification and Related Matters	  	41

  

 ii 

					
	 10.1
	  	Survival of Representations, Warranties and Agreements	  	41
	 10.2
	  	Indemnification	  	42
	 10.3
	  	Limitations; Right of Offset; Deductible	  	43
	 10.4
	  	No Implied Representations	  	45
	 10.5
	  	Indemnification Claims	  	45
	 10.6
	  	Defense of Third Party Actions	  	45
	 10.7
	  	Subrogation	  	47
	 10.8
	  	Exclusivity	  	47
	 10.9
	  	Representation	  	47
			
	 Section 11.
	  	Miscellaneous Provisions	  	47
	 11.1
	  	Expenses	  	47
	 11.2
	  	Publicity	  	47
	 11.3
	  	Governing Law	  	48
	 11.4
	  	Time of the Essence	  	48
	 11.5
	  	Notices	  	48
	 11.6
	  	Table of Contents and Headings	  	49
	 11.7
	  	Assignment	  	49
	 11.8
	  	Parties in Interest	  	49
	 11.9
	  	Severability	  	49
	 11.10
	  	Entire Agreement	  	49
	 11.11
	  	Waiver	  	49
	 11.12
	  	Amendments	  	50
	 11.13
	  	Interpretation of Agreement	  	50

  

			
	EXHIBIT A   [RESERVED]	  	A-1
		
	EXHIBIT B   [RESERVED]	  	B-1
		
	EXHIBIT C   Earnout Amounts	  	C-1
		
	EXHIBIT D   [RESERVED]	  	D-1
		
	EXHIBIT E   Key Company Employees	  	E-1
		
	EXHIBIT F   Purchase Price Allocation	  	F-1

  

 iii 

 Disclosure Schedules: 
  

			
	Schedule 1.1	  	Permitted Encumbrances
	Schedule 5.1	  	Foreign Qualification
	Schedule 5.2	  	Capitalization
	Schedule 5.5	  	Conflicts
	Schedule 5.6	  	Consents
	Schedule 5.7	  	Litigation
	Schedule 5.8	  	Intellectual Property
	Schedule 5.9	  	Material Contracts
	Schedule 5.9(b)	  	Exceptions to Enforceability
	Schedule 5.10	  	Customer Contracts
	Schedule 5.11(c)	  	Accounting Methodologies
	Schedule 5.12	  	Liabilities
	Schedule 5.13	  	Changes
	Schedule 5.14	  	Taxes
	Schedule 5.15	  	Permits
	Schedule 5.17	  	Title to Property
	Schedule 5.18	  	Labor Agreements
	Schedule 5.19	  	Insurance
	Schedule 5.20	  	Employee Plans
	Schedule 5.22	  	Accounts Receivable
	Schedule 5.23	  	Books of Account; Records
	Schedule 5.24	  	Bank Accounts
	Schedule 8.1	  	Excluded Assets
	Schedule 8.7	  	E&O Insurance

  

 iv 

 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of May 7, 2009, by and among UMB Fund Services, Inc., a Wisconsin
corporation (“Purchaser”), Jeffrey D. Clark, an individual resident of Utah, Bonnie J. Clark, an individual resident of Utah (collectively, the “Principal Shareholders”), Michelle Jensen, Chad J. Allen, Jerry A.
Wright, Jill L. Calton (collectively, the “Managing Directors” and, together with the Principal Shareholders, the “Selling Shareholders”), Jeffrey D. Clark, in his capacity as Shareholders’ Representative, and,
solely with respect to Section 10.2(c) of this Agreement, UMB Financial Corporation, a Missouri corporation (the “Parent” and, together with Purchaser, the “Purchaser Parties”). 
 RECITALS 
 A. The
Selling Shareholders desire to sell all of the issued and outstanding shares of capital stock of J.D. Clark & Co., Inc., a Utah corporation (the “Company”), as set forth in Schedule 5.2 to this Agreement (the
“Purchased Stock”). 
 B. Purchaser wishes to acquire the Purchased Stock from the Selling Shareholders, for the
consideration and on the terms set forth in this Agreement. 
 C. The Purchased Stock represents 100% of the outstanding equity interests in
the Company. 
 AGREEMENT 
 In consideration of the representations, warranties, covenants and agreements contained herein and the other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Purchaser
and the Selling Shareholders, intending to be legally bound, agree as follows: 
 Section 1. Defined Terms. 
 1.1 Definitions. For purposes of this Agreement (including the Disclosure Schedules) the following terms have the meanings ascribed to them in this
Section 1.1: 
 “Accounting Arbitrator” has the meaning specified in Section 2.3. 
 “Additional Purchase Price Amount” shall have the meaning specified in Exhibit C. 
 “Agreement” has the meaning specified above in the introductory paragraph to this Agreement. 
 “Annual Financial Statements” means the internally prepared unaudited balance sheet as of December 31, 2006, December 31, 2007
and the audited balance sheet as of December 31, 2008, and the related internally prepared unaudited statements of income for the years ended December 31, 2006 and December 31, 2007, and the audited statements of income, stockholders
equity and cash flows for the year ended December 31, 2008, of the Company. 

 “Arcstone” has the meaning specified in Section 5.21. 
 “Breach” means any breach of, or any inaccuracy in, any representation or warranty, or any breach or nonfulfillment of any covenant or
obligation in or of this Agreement. 
 “Business Day” means any day other than a Saturday, Sunday or a day in which banks in
New York are not open for business. 
 “Claim Notice” has the meaning specified in Section 10.5. 
 “Claimant” has the meaning specified in Section 10.5. 
 “Closing” has the meaning specified in Section 4.1. 
 “Closing Cash Payment” has the meaning specified in Section 2.1(a). 
 “Closing
Date” means the time and date on which the Closing actually takes place. 
 “Closing Date Balance Sheet” has the
meaning specified in Section 2.3. 
 “Closing Date Fixed Assets” means the book value of the furniture and fixtures of
the Company, net of depreciation, as of the Closing Date, as determined in accordance with GAAP. 
 “Closing Date Net Working
Capital” means the following as of 12:00 A.M. Mountain time on the Closing Date: (a) the sum of the current assets of the Company, including cash equivalents and accounts receivable, minus (b) the sum of
the current liabilities of the Company, in each case determined in accordance with GAAP.  
 “Closing Financial Statements
Delivery Date” has the meaning specified in Section 2.3. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Common Stock” has the meaning specified in Section 5.2. 
 “Company” has the meaning specified above in the introductory paragraph to this Agreement. 
 “Company Intellectual Property” means all Intellectual Property listed on Schedule 5.8(a) and any other Intellectual Property owned by
the Company. 
 “Consent” means any approval, consent, ratification, waiver or other authorization (including any
authorization from a Governmental Body). 
 “Contemplated Transactions” means the transactions contemplated by this
Agreement and the other Transaction Agreements. 
 “Contract” means any agreement, contract, obligation, promise or
undertaking (whether written or oral and whether express or implied) that is legally binding. 
  

 2 

 “Core Representations” has the meaning specified in Section 10.1. 
 “Customer Contracts” has the meaning specified in Section 5.10. 
 “Damages” means, collectively, all losses, liabilities, damages (including incidental but excluding consequential damages and diminution
in value), demands, claims, suits, actions, causes of action, judgments, assessments, costs and expenses, including interest, penalties, reasonable attorneys’ fees, any and all reasonable expenses incurred in investigating, preparing or
defending against any litigation, commenced or threatened, and any and all amounts paid in settlement of any claim or litigation, whether or not involving a third-party claim; provided, however, that, with respect to a third-party claim,
incidental and consequential damages and diminution in value damages awarded pursuant to a final non-appealable court order shall be considered Damages to the extent of such third-party claim, and provided further, that for purposes of
computing the amount of Damages incurred by any Person under Section 10 of this Agreement, there shall be deducted: 
 1.
the net amount of any Tax benefit actually received by such Person or any of such Person’s affiliates in connection with such Damages; and 
 2. the net amount actually recovered pursuant to any insurance policy that is actually received by such Person in connection with such Damages, less any deductible payments, premium increases or costs of enforcement
arising from such Damages. 
 “Deductible Amount” has the meaning specified in Section 10.3. 
 “Determination Date” has the meaning specified in Section 2.3. 
 “Disclosure Schedules” means the Disclosure Schedules delivered by the Selling Shareholders to Purchaser concurrently with the execution
and delivery of the Agreement and attached to the Agreement. 
 “Discussion Period” shall have the meaning specified in
Section 2.3(a). 
 “Earn-out Amount” means the sum of the Incentive Bonus Pool Amount and the Additional Purchase Price
Amount. 
 “Employee Plans” has the meaning specified in Section 5.20. 
 “Encumbrance” means any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, equity, trust, equitable
interest, claim, preference, right of possession, lease, tenancy, license, encroachment, covenant, infringement, interference, Order, proxy, option, right of first refusal, preemptive right, community property interest, defect, impediment,
exception, reservation, limitation, impairment, imperfection of title, condition or restriction of any nature (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, any restriction
on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset), other than a Permitted Encumbrance.

  

 3 

 “Entity” means any corporation (including any non-profit corporation), general
partnership, limited partnership, limited liability partnership, joint venture, estate, trust, cooperative, foundation, society, political party, union, company (including any limited liability company or joint stock company), firm or other
enterprise, association, organization or entity. 
 “Environmental Laws” has the meaning specified in Section 5.16.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor law, and rules and
regulations issued pursuant to that Act or any successor law. 
 “ERISA Affiliates” has the meaning specified in
Section 5.20(a). 
 “Excluded Assets” has the meaning specified in Section 8.1. 
 “Financial Statements” has the meaning specified in Section 5.11. 
 “GAAP” means generally accepted accounting principles for financial reporting in the United States, applied on a consistent basis.

 “Governmental Body” means any nation, principality, state, commonwealth, province, territory, county, city, town,
village, municipality, district or other jurisdiction of any nature; any federal, state, local, municipal, foreign or other government; any governmental or quasi-governmental authority of any nature (including any governmental division, subdivision,
department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or Entity and any court or other tribunal); any multi-national organization or body; and/or
individual, Entity or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature. 
 “Incentive Bonus Plan” means the incentive bonus plan as agreed upon by the parties. 
 “Incentive Bonus Pool Amount” shall have the meaning specified in Exhibit C. 
 “Income Tax” means any federal, state or local Tax determined with respect to the net income (taking into account capital gains) of the
taxpayer. 
 “Income Tax Return” means any return, declaration, report, claim for refund, or information return or statement
relating to Income Taxes, including any schedule or attachment thereto. 
 “Indebtedness” means, without duplication:
(a) all indebtedness or other obligations for borrowed money, whether current, short-term or long-term, secured or unsecured, including all overdrafts and negative cash balances, (b) all indebtedness for the deferred purchase price for
purchase of property or services that is not evidenced by trade payables, such as reimbursement and other obligations for surety bonds and letters of credit, (c) obligations evidenced by notes, bonds, debentures or similar instruments,
(d) all lease obligations under leases that are capital leases in accordance with GAAP, (e) all off-balance sheet financing, including synthetic leases and project financing, (f) any negative cash position in any bank account,
(g) all payment obligations in respect of banker’s 

  

 4 

 
acceptances or letters of credit (other than stand-by letters of credit in support of ordinary course trade payables), (h) all liability with respect to
interest rate swaps, collars, caps and similar hedging obligations, and (i) all indebtedness referred to in clauses (a) through (h) above of any other Person that is either guaranteed by, or secured by an Encumbrance upon any property
owned by, the Company, and (j) accrued and unpaid interest on, and prepayment premiums, penalties or similar contractual changes arising as a result of the discharge of, any such foregoing obligation, in each case constituting a Liability of
the Company. 
 “Indemnified Party” has the meaning specified in Section 10.6. 
 “Indemnifying Party” has the meaning specified in Section 10.6. 
 “Integris” has the meaning specified in Section 5.21. 
 “Intellectual Property” means any intellectual or industrial property and other proprietary rights that may exist or be created under
the laws of any jurisdiction throughout the world, and any applications for registration and registrations of the foregoing property and the foregoing rights (whether pending, existing, abandoned or expired), including, without limitation:

 1. all registered or unregistered trademarks, service marks, trade names and general intangibles of a similar nature
(including corporate names, logos, trade dress, slogans, and product names), and the goodwill associated therewith, and all rights in Internet web sites, Internet domain names, uniform resource locators, and keywords and purchased search terms;

 2. all patents and patent applications (including originals, divisions, continuations, continuations-in-part,
re-examinations, extensions or reissues thereof), and all inventions and discoveries (whether patentable or unpatentable and whether or not reduced to practice) and all improvements thereto; 
 3. all copyrightable works and registered and unregistered copyrights in both published and unpublished works and all sui generis
rights in data and databases, and all moral rights therein; and 
 4. all information that derives economic value from not
being generally known to other Persons, and any other information that is proprietary or confidential to the Company or its subsidiaries, including, without limitation, know-how, ideas, processes, documentation, information, formulas, data, customer
and supplier lists business, and marketing plans, pricing and cost information, software (in both object code and source code form), data, process technology, plans, drawings, designs, and specifications (collectively, “Proprietary
Information”). 
 “Interim Financial Statements” mean the internally prepared balance sheet as of April 30,
2009, and the related internally prepared statement of income for the three (3) month period ended April 30, 2009, of the Company. 
 “IRS” means the United States Internal Revenue Service. 
  

 5 

 “Key Company Employees” means the Company employees set forth on Exhibit E. 

“Knowledge” means actual knowledge after reasonable inquiry or any knowledge that a Person should have acquired as a result of his or
her position as an officer or owner of the Company. 
 “Leases” has the meaning specified in Section 5.17(d).

 “Legal Requirement” means any federal, state, local, municipal, foreign or other law, statute, legislation, constitution,
principle of common law, resolution, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, ruling, directive, pronouncement, requirement, specification, determination, decision, opinion or interpretation that is, has
been or may in the future be issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the authority of any Governmental Body. 
 “Liability” means any obligation or liability of any nature (including any known, unknown, undisclosed, unaccrued, unasserted,
contingent, indirect, conditional, implied, vicarious, derivative, joint, several or secondary liability), due or to become due, regardless of whether such obligation, duty or liability would be required to be disclosed on a balance sheet,
regardless of whether such debt, obligation, duty or liability is immediately due and payable, including but not limited to Indebtedness of the Company. 
 “Licensed Intellectual Property” means all Intellectual Property that is used by the Company pursuant to a license or other right granted by a third party. 
 “License Effective Date” shall mean the first day following Closing. 
 “Material Adverse Change” means any event, change, development, effect, condition or occurrence that, either individually or in
the aggregate with all other such events, changes, developments, effects, conditions or occurrences, has had, or with the passage of time, could reasonably be expected to have, a material adverse effect on the condition (financial or otherwise),
operations, business, properties or assets of the Company, other than any event, change, development or occurrence relating to (a) changes in general economic conditions, financial markets or interest rates, (b) a declaration of war, major
hostilities, acts of terrorism or other national calamity, or (c) changes in general in the condition of the industries in which the Company operates. 
 “Matter” means any claim, demand, dispute, action, suit, examination, audit, proceeding, investigation, inquiry or other similar matter. 
 “Managing Directors” has the meaning specified above in the introductory paragraph of this Agreement. 
 “Minimum Fixed Assets” means the book value of the furniture and fixture assets, net of depreciation, of at least $1.25 million, as
determined in accordance with GAAP. 
 “Multiemployer Plan” has the meaning specified in Section 5.20(f). 

 

 6 

 “Multiple Employer Plan” has the meaning specified in Section 5.20(f). 

“Net Negative Working Capital Payment” has the meaning specified in Section 2.3(b). 
 “Net Positive Working Capital Payment” has the meaning specified in Section 2.3(c). 
 “Objection Period” shall have the meaning specified in Section 2.3. 
 “Order” means any order, judgment, injunction, edict, decree, ruling, pronouncement, determination, decision, opinion, verdict,
sentence, subpoena, writ or award that is, has been or may in the future be issued, made, entered, rendered or otherwise put into effect by or under the authority of any court, administrative agency or other Governmental Body or any arbitrator or
arbitration panel; or any contract with any Governmental Body that is, has been or may in the future be entered into in connection with any Proceeding. 
 “Parent” has the meaning specified above in the introductory paragraph to this Agreement. 
 “Parent Financial Statements” has the meaning specified in Section 7.13. 
 “Permit” means
all permits, licenses, registrations, certificates, orders, clearances or approvals of any Governmental Body that are required for the Company to conduct its business as currently conducted. 
 “Permitted Encumbrance” means any (i) liens for Taxes for the current tax year not yet due and payable, (ii) liens for
Taxes that are being contested in good faith through appropriate proceedings, all as set forth on Schedule 1.1 attached hereto, (iii) purchase money indebtedness as set forth on Schedule 1.1 attached hereto; and (iv) the security interest
in favor of the landlord under the Office Lease Agreement between Property Reserve, Inc., by and through its authorized agent Zions Securities Corporation and Company , dated as of April 27, 2006 and First Lease Amendment, dated as of
April 22, 2008.  
 “Person” means any individual, corporation, association, general partnership, limited
partnership, venture, trust, association, firm, organization, company, business, Entity, union, society, government (or political subdivision thereof) or governmental agency, authority or instrumentality. 
 “Post-Closing Adjustment” shall have the meaning specified in Section 2.3. 
 “Post-Closing Period Tax Returns” has the meaning specified in Section 8.5(b). 
 “Post-Closing Tax Period” has the meaning specified in Section 8.5(b). 
 “Praesideo” has the meaning specified in Section 8.1. 
 “Praesideo Software” has the meaning specified in the SALA. 
 “Pre-Closing Period Tax Returns” has the meaning specified in Section 8.5(a). 
  

 7 

 “Pre-Closing Tax Period” has the meaning specified in Section 8.5(b). 

“Proceeding” means any action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative,
investigative or appellate proceeding and any informal proceeding), prosecution, contest, hearing, inquiry, inquest, audit, examination or investigation that is, has been or may in the future be commenced, brought, conducted or heard by or before,
or that otherwise has involved or may involve, any Governmental Body or any arbitrator or arbitration panel; provided, however, that, except solely for the purposes of the representation made in Section 5.14(b) and for purposes of the first
sentence of Section 10.6(b), the term “Proceeding” shall not include any administrative or judicial action, proceeding, audit, examination or investigation with respect to any Tax. 
 “Profit Sharing Plan” means the Company Profit Sharing Plan (effective January 1, 1992), as amended. 
 “Purchase Price” has the meaning specified in Section 2.1. 
 “Purchased Stock” has the meaning specified in the Recitals. 
 “Purchaser” has the meaning specified above in the introductory paragraph to this Agreement. 
 “Purchaser Financial Statements” has the meaning specified in Section 7.13. 
 “Purchaser Parties” has the meaning specified above in the introductory paragraph to this Agreement. 
 “Purchaser Indemnified Party” has the meaning specified in Section 10.2. 
 “Real Property” has the meaning specified in Section 5.17. 
 “Representatives” of a Person shall include: 
 (a) such Person’s affiliates, shareholders, directors, officers, employees, agents, attorneys, accountants and representatives; and

 (b) all shareholders, directors, officers, employees, agents, attorneys, accountants and representatives of each of such
Person’s affiliates. 
 “Response Period” has the meaning specified in Section 10.6(b). 
 “Retirement Plan” has the meaning specified in Section 8.8. 
 “Retirement Plan Service Contract” has the meaning specified in Section 8.8. 
 “SALA” means the software license and assignment agreement between Praesideo and the Company in the form agreed upon by the parties.

  

 8 

 “Section 338(h)(10) Election” has the meaning specified in Section 8.6(a).

 “Section 338 Forms” has the meaning specified in Section 8.6(a). 
 “Seller Indemnified Party” has the meaning specified in Section 10.2. 
 “Selling Shareholders” has the meaning specified above in the introductory paragraph to this Agreement. 
 “Shareholders’ Representative” has the meaning specified in Section 9.1. 
 “Straddle Period Tax Returns” has the meaning specified in Section 8.5(b). 
 “Target Net Working Capital” means $652,000; provided, however, that the Target Net Working Capital will be increased or decreased, as
appropriate, for each dollar by which the Company’s May and June 2009 billings are less than or greater than $1,500,000 in the aggregate. The Target Net Working Capital will be increased by any employer taxes (FICA and Medicare)
attributable to pre-Closing compensation that have not been paid, including, but not limited to, taxes for Company stock and bonus payments issued to employees. For the purposes of the above provisions, the Company’s May and June 2009 billings
shall be equal to the sums properly billed between the Closing Date and June 30, 2009 and either collected during the period or reasonably believed to be fully collectible. 
 “Tax” means any tax (including any income tax, franchise tax, capital gains tax, estimated tax, gross receipts tax, license value added
tax, surtax, excise tax, ad valorem tax, transfer tax, stamp tax, sales tax, use tax, transfer tax, registration tax, value added tax, property tax, business tax, occupation tax, inventory tax, occupancy tax, withholding tax, social security tax (or
similar), unemployment tax, disability tax, or payroll tax), escheat tax or unclaimed property liability, any related charge or amount (including any fine, penalty or interest) and including any obligations to indemnify or otherwise assume or
succeed to the Tax liability of any other Person. 
 “Tax Return” means any return (including any information return),
report, statement, declaration, estimate, schedule, notice, notification, form, election, certificate or other document or information required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment,
collection or payment of any Tax. 
 “Transaction Agreements” mean: 
 1. this Agreement; 
 2. the Incentive Bonus Plan in the form agreed upon by the parties; 
 3. an employment, non-competition and
non-solicitation agreement between the Company and Jeffrey D. Clark in the form agreed upon by the parties (the “Jeff Clark Employment Agreement”); 
  

 9 

 4. a non-competition and non-solicitation agreement between the Company and Bonnie J.
Clark in the form agreed upon by the parties (the “Bonnie J. Clark Non-Competition and Non-Solicitation Agreement”); 
 5. a retention bonus and non-competition agreement signed by each of the Managing Directors in the form agreed upon by the parties (the “Managing Directors’ Retention Agreements”); 
 6. a release signed by each Selling Shareholders in the form agreed upon by the parties (the “Selling Shareholders’
Release”); 
 7. the retention bonus and non-solicitation agreement signed by each of the Key Company Employees in
the form agreed upon by the parties (the “Key Company Employees’ Retention Agreements”); and 
 8. the
SALA. 
 Section 2. Sale and Purchase of Stock. 
 2.1 Purchase Price. On the basis of the representations, warranties and agreements contained herein, Purchaser will purchase from each of the Selling Shareholders, and the Selling Shareholders shall sell to the Purchaser, the respective
number of shares of Purchased Stock set forth on Schedule 5.2 hereto opposite such Selling Shareholder’s name. The aggregate purchase price (the “Purchase Price”) payable by Purchaser for the Purchased Stock shall be the sum
of: 
 (a) $23,054,256 (the “Closing Cash Payment”), (which, for explanatory purposes only, was calculated
based upon an amount equal to 50% of a mutually agreed upon purchase price that will be based upon 4.5 times annual revenue calculated in accordance with GAAP and based upon the Company’s quarterly run rate for the three (3) months
ended March 31, 2009, multiplied by four (4), and excluding Hall, Cannell, Family Office and any revenue generated from known fund closings but including new business known as of the Closing Date as long as there was a signed contract and the
customer had been billed on or prior to March 30, 2009); plus or minus, as applicable, 
 (b) the
Post-Closing Adjustment; plus 
 (c) the Additional Purchase Price Amounts. 
 2.2 Payment of Purchase Price. The Purchase Price shall be paid as follows: 
 (a) At the Closing, Purchaser shall deliver the Closing Cash Payment to the Shareholders’ Representative, and the Shareholders’
Representative shall pay directly to third parties the transaction costs listed in the flow of funds memorandum delivered by the Shareholders’ Representative to the Purchaser. After the payments described in the preceding sentence, the
Shareholders’ Representative shall deliver to each Selling Shareholder his or her pro rata share of the remaining Closing Cash Payment (which in the case of the Managing Directors, shall be reduced for the applicable withholding amounts that
are to be paid by the Shareholders’ Representative to the Company to enable the Company to make payment to the appropriate taxing 

  

 10 

 
authorities), and each Selling shareholder’s pro rata share of the remaining Closing Cash Payment shall be based upon a ratio, the numerator of which is
the total number of shares of Purchased Stock sold by such Selling Shareholder at Closing as specified opposite such Selling Shareholder’s name on Schedule 5.2 hereto, and the denominator of which is the total number of all outstanding shares
of Common Stock of the Company (whether or not sold at Closing) (the “Shares”). In exchange therefore, each Selling Shareholder shall deliver to Purchaser stock certificate(s) representing the number of shares of Purchased Stock opposite
such Selling Shareholder’s name on Schedule 5.2 hereto and accompanied by a separate stock assignment duly endorsed by such Selling Shareholder, unqualifiedly assigning all such shares of Purchased Stock to Purchaser; 
 (b) The Post-Closing Adjustment shall be paid in accordance with Section 2.3 below; and 
 (c) Subject to Purchaser’s right of setoff in Section 10.3, the Additional Purchase Price Amounts, if any, shall be calculated
and payable in accordance with Exhibit C. 
 (d) Except as expressly provided, all payments under this Agreement to the
Selling Shareholders shall be allocated among the Selling Shareholders in accordance with the proportionate interests set forth in Schedule 5.2. 
 2.3 Post-Closing Adjustment. 
 (a) As promptly as practicable, but not more than seventy five (75) days after
the Closing Date (the date on which the Closing Date Balance Sheet is delivered, the “Closing Financial Statements Delivery Date”), the Purchaser shall cause the Company to prepare and deliver to the Selling Shareholders a balance
sheet of the Company (the “Closing Date Balance Sheet”) as of the Closing Date and a calculation of Closing Date Net Working Capital and the Closing Date Fixed Assets and the resulting adjustments to the Purchase Price specified in
this Section 2.3(a) and proration of any rents, prepaid items (including client fees) and other applicable items as of the Closing Date (the “Post-Closing Adjustment”). The Closing Date Balance Sheet and such calculations shall
be accompanied by a certificate of the Purchaser’s Chief Financial Officer to the effect that (x) the Closing Date Balance Sheet presents fairly, in all material respects in accordance with GAAP, the financial condition of the Company as
of the Closing Date and (y) the Closing Date Fixed Assets and Closing Date Net Working Capital were calculated in accordance with GAAP and the provisions of this Agreement. The Selling Shareholders and their Representatives shall be entitled to
reasonable access during normal business hours to the relevant records, personnel and working papers, and shall be entitled to copies of such records and working papers, of the Company to aid in the review of the Closing Date Balance Sheet and the
calculations of the Closing Date Fixed Assets and Closing Date Net Working Capital. The Closing Date Balance Sheet and the calculation of the Closing Date Fixed Assets and Closing Date Net Working Capital shall be deemed to be accepted by the
Selling Shareholders and shall be conclusive for the purposes of the adjustment described in Section 2.3(b) except in the event that the Selling Shareholders shall have delivered, within thirty (30) days after the Closing Financial
Statements Delivery Date (the “Objection Period”), a written notice to the Purchaser setting forth objections thereto. If a change proposed by the Selling Shareholders is disputed by Purchaser then the Selling Shareholders and
Purchaser shall negotiate in good faith to 

  

 11 

 
resolve such dispute. If, after a period of thirty (30) days following the date on which the Selling Shareholders deliver to Purchaser notice of
proposed changes (the “Discussion Period”), any such proposed change still remains disputed, then Purchaser and the Selling Shareholders hereby agree that both parties will make presentations to a mutually agreed upon independent
accounting firm (the “Accounting Arbitrator”), which shall resolve any remaining disputes. The Accounting Arbitrator shall act as an arbitrator to make a determination with respect to the issues that are disputed by the parties,
based on the presentations by both the Selling Shareholders and the Purchaser, and by independent review by the Accounting Arbitrator if deemed necessary in the sole discretion of the Accounting Arbitrator, which determination shall be limited to
only those issues that remain in dispute. The decision of the Accounting Arbitrator shall be made within thirty (30) days following submission of the dispute to the Accounting Arbitrator and shall be final and binding. The fees and expenses of
the Accounting Arbitrator, if any, shall be split between the Purchaser and the Selling Shareholders. The date (the “Determination Date”) on which Closing Date Net Working Capital is finally determined pursuant to this
Section 2.3(a) shall be deemed to be the earliest of the following dates: (i) the date of expiration of the Objection Period if the Selling Shareholders have not delivered written notice of objection thereto prior to such date;
(ii) the date of expiration of the Discussion Period if Purchaser and the Selling Shareholders have resolved all disputed amounts prior to such date; or (iii) the date on which the Accounting Arbitrator determines the disputed amounts.

 (b) In the event that the Target Net Working Capital exceeds the Closing Date Net Working Capital (such excess being the
“Net Negative Working Capital Payment”), then the Selling Shareholders shall pay to Purchaser an amount equal to the Net Negative Working Capital Payment. 
 (c) In the event that the Closing Date Net Working Capital exceeds the Target Net Working Capital (such excess being the “Net
Positive Working Capital Payment”), then Purchaser shall pay to the Shareholder’s Representative an amount equal to the Net Positive Working Capital Payment, and the Shareholder’s Representative shall pay each of the Selling
Shareholders his or her share of the Net Positive Working Capital Payment, on a pro rata basis (in accordance with the ratios described in Section 2.2(a)).  
 (d) Any payments required to be made by the Selling Shareholders or Purchaser pursuant to this Section 2.3 shall be made within seven
(7) Business Days following the Determination Date by wire transfer of immediately available funds to an account designated by the recipient of such payment. 
 Section 3. Other Transactions and Agreements. 
 3.1 The Incentive Bonus Plan. The Company shall enter into the Incentive Bonus Plan
substantially in the form agreed upon by the parties. 
 3.2 Jeffrey D. Clark Employment, Non-Competition and Non-Solicitation Agreement. At
the Closing, the Company and Jeffrey D. Clark shall enter into the Jeff Clark Employment Agreement. 
  

 12 

 3.3 Bonnie J. Clark Non-Competition and Non-Solicitation Agreement. At the Closing, Bonnie J. Clark shall
enter into the Bonnie J. Clark Non-Competition and Non-Solicitation Agreement. 
 3.4 Software Assignment and License Agreement. At the
Closing, Praesideo and the Company shall enter into the SALA and Praesideo shall deliver to the Company the Source Code as required thereunder. 
 Section 4.
Closing. 
 4.1 Date and Time of Closing. The closing of the Contemplated Transactions (the “Closing”) shall take place by
exchanging documents via electronic mail, facsimile or overnight courier at 1:00 p.m. (MST) on May 7, 2009, or at such other time and place as Purchaser and the Selling Shareholders may agree. 
 4.2 Actions to be Taken at the Closing. At the Closing: 
 (a) the Selling Shareholders shall deliver to Purchaser the stock certificates representing the Purchased Stock in accordance with Section 2.2 hereof, free and clear of all liens and Encumbrances (other than
transfer restrictions under applicable federal and state securities laws); 
 (b) Purchaser shall pay the Closing Cash Payment
in accordance with Section 2.2 hereof; 
 (c) Bonnie J. Clark shall resign from her positions as a director and officer
of the Company; and 
 (d) The Principal Shareholders shall deliver, or cause to be delivered, to Purchaser the following
documents: 
 (i) a certificate of good standing of the Company issued by the Secretary of State of the State of Utah dated
not more than one Business Day prior to Closing; 
 (ii) the Jeff Clark Employment Agreement; 
 (iii) the Bonnie J. Clark Non-Competition and Non-Solicitation Agreement; 
 (iv) the Selling Shareholder Releases; 
 (v) the Managing Directors’ Retention Agreements executed by the Managing Directors; 
 (vi) evidence of a tail policy for errors and omissions and professional liability insurance for periods prior to Closing in accordance with Section 8.7 hereto; 
  

 13 

 (vii) evidence of the transfer to the Company by Praesideo Technologies, LLC, free and
clear of all liens and Encumbrances, of certain assets listed on Schedule 5.8(a) attached hereto; 
 (viii) evidence of the
termination of the lease by the Company of the aircraft with registration number N600DE; 
 (ix) evidence of the
Company’s adoption of the Incentive Bonus Plan for the Managing Directors and the Key Company Employees to take effect as of the first day immediately following the Closing Date; 
 (x) the SALA, executed by the signatories thereto; 
 (xi) pay-off letters, lien discharges, releases of guarantees and any other documents as are reasonably required by Purchaser in order to
satisfy all Indebtedness of the Company simultaneously with Closing; 
 (xii) An IRS Form 8023 prepared by the Purchaser to
the satisfaction of the Company and signed by each of the Selling Shareholders; 
 (xiii) A letter of good standing from the
Utah State Tax Commission certifying that the Company has filed all State of Utah franchise and income tax returns and paid all State of Utah income and franchise taxes due as of April 22, 2009; 
 (xiv) All of the Company’ corporate records books and stock transfer ledgers; 
 (xv) The Landlord Consent to Tenant Reorganization between the Company and Property Reserve, Inc.; 
 (xvi) The Landlord Consent to Sublease between the Company and Property Reserve, Inc.; 
 (xvii) Evidence of a minimum of $1.25 million in Minimum Fixed Assets of the Company, as determined in accordance with GAAP, as of and
immediately following the Closing; and 
 (xviii) such other documents and instruments as shall reasonably be required by
Purchaser to be executed and delivered by any Selling Shareholder or the Company in order to fully and effectively consummate the Contemplated Transactions. 
  

 14 

 Section 5. Representations and Warranties of Selling Shareholders. Subject to the limitations set forth in
Section 10 and this Section 5 of this Agreement, each of the Selling Shareholders, jointly and severally, represents and warrants to Purchaser as follows, except as disclosed in the Disclosure Schedules by reference to the applicable
section number below or where it is clearly apparent that disclosure set forth in a different section of the Disclosure Schedules was intended. 
 5.1 Good Standing and Corporate Power of Company. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Utah. The Company has all requisite corporate power and authority to own,
lease, use and operate its properties and to conduct the business in which it is currently, and as it is currently proposed to be, engaged and has all requisite corporate power and authority to execute, deliver and perform its obligations under the
Transaction Agreements to which it is a party. The Company is duly qualified and in good standing to transact business in the jurisdictions set forth in Schedule 5.1, which are the only jurisdictions in which the nature of its business or its
other activities, or the properties that it owns, leases or operates, requires it to qualify to do business as a foreign corporation. The Company has not received any written notice, or, to the Knowledge of the Selling Shareholders, any verbal
notice, within the three (3) years prior to the Closing Date from any official of any Governmental Body in any jurisdiction to the effect that the Company is required to be qualified or authorized to do business in such jurisdiction, in which
the Company is not so qualified or has not obtained such authorization. 
 5.2 Capitalization and Voting Rights. 
 (a) The authorized capital stock of the Company consists solely of (i) Two Thousand (2,000) shares of common stock, with a par
value of $.10 per share (“Common Stock”), of which 1,053 shares are issued and outstanding, and none are held in Treasury. 
 (b) The Selling Shareholders own beneficially and of record all of the Common Stock constituting the Purchased Stock, which is all of the issued and outstanding capital stock of the Company. The number of shares owned
by each of the Selling Shareholders is set forth in Schedule 5.2. 
 (c) Each share of Common Stock, including the Purchased
Stock, has been duly authorized and validly issued and is fully paid and nonassessable. No shares of Common Stock, including the Purchased Stock, were issued in violation of any preemptive or similar rights. The issuance and sale of all securities
of the Company have been in full compliance with all applicable state and federal laws concerning the issuance of securities. 
 (d) There are no outstanding subscriptions, options, warrants, puts, calls, purchase rights (including conversion or preemptive rights), agreements, understandings, claims or other commitments or rights of any type relating to the issuance,
sale or transfer by the Company or any Selling Shareholder of any securities of the Company, nor are there outstanding any securities which are convertible into or exchangeable for shares of capital stock or equity interests of the Company. The
Company does not have any obligation of any kind to issue additional securities or to pay for any securities of any predecessor. There are no outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with
respect to the Company’s capital stock or equity interests. 
  

 15 

 5.3 Subsidiaries/Other Ownership Interests. The Company has, and during the five-year period prior to the
date of this Agreement, has (a) had, no subsidiaries, and (b) not owned or controlled, directly or indirectly, any interest in any other corporation, association, or other business entity. The Company is not a participant in any joint
venture or partnership. The Company is not, directly or indirectly, subject to any obligation or requirement to provide funds to, or invest (in the form of a loan, capital contribution or otherwise) in any company, partnership, association, joint
venture or similar non corporate business enterprise. 
 5.4 Authorization. The execution, delivery and performance of this Agreement by each
Selling Shareholder have been duly authorized by all necessary action on the part of each Selling Shareholder, and no other action on the part of such Selling Shareholder is necessary to authorize the execution, delivery and performance of the
Transaction Agreements and the consummation of the Contemplated Transactions. This Agreement has been duly and validly executed and delivered by each Selling Shareholder and constitutes, and upon the execution and delivery by such Selling
Shareholder of the Transaction Agreements to which he or she is a party, such Transaction Agreements shall constitute, legal, valid and binding obligations of such Selling Shareholder enforceable against such Selling Shareholder in accordance with
their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganizations, moratorium or other laws affecting creditors’ rights generally. 
 5.5 No Conflicts. Except as set forth in Schedule 5.5, the execution and delivery by each Selling Shareholder of the Transaction Agreements to which he or she is a party, the performance of his or her obligations
under such Transaction Agreements and the consummation of the Contemplated Transactions do not and shall not: 
 (a) conflict
with, contravene or result in a violation or breach of any of (i) the terms, conditions or provisions of the Company’s articles of incorporation or bylaws, or (ii) any resolutions adopted by the directors or shareholders of the
Company; 
 (b) conflict with, contravene or result in a violation or breach of, or give any Governmental Body or other Person
the right to challenge any of the Contemplated Transactions or to exercise any remedy or obtain any relief under, any term or provision of any law or Order applicable to the Company or any Selling Shareholder, or any assets owned or used by the
Company; 
 (c) conflict with or result in a violation or breach of, or constitute a default under, any Contract or license to
which the Company or any Selling Shareholder is a party or by which any of the Company’s assets and properties is bound; 
 (d) contravene, conflict with, or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or modify, any material Permit that is held by the
Company or that otherwise relates to the business of, or any of the material assets owned or used by the Company; 
  

 16 

 (e) contravene, conflict with, or result in a violation or Breach of any provision of, or
give any Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Customer Contract or other Contract; or 
 (f) result in the imposition or creation of any Encumbrance upon or with respect to any of the assets owned by the Company. 
 5.6 Consents. Except as set forth in Schedule 5.6, no Consent, approval, Order or authorization of, or registration, qualification, designation,
declaration or filing with, any Governmental Body or any Person on the part of the Company or any Selling Shareholder is required in connection with the execution and delivery of this Agreement or the consummation of any of the Contemplated
Transactions. 
 5.7 Litigation. Except as noted in Schedule 5.7, there are no (and over the last five years there have been no) Proceedings
pending or, to the Knowledge of the Selling Shareholders, threatened against the Company (or any of its employees, officers or directors in connection with the business or affairs of the Company), before any federal, state, local or foreign court or
Governmental Body in which the amount in dispute exceeds (or exceeded) $10,000 or that has resulted or could reasonably be expected to result in liability or loss for the Company of more than $10,000. Except as noted in Schedule 5.7, there exist no
disputes or conflicts that the Selling Shareholders reasonably expect to result in any Proceeding to which the Company is a party and that has resulted or could reasonably be expected to result in liability or loss for the Company of more than
$10,000. There are no Proceedings pending or, to the Knowledge of the Selling Shareholders, threatened for the purpose of enjoining or preventing this Agreement or the Contemplated Transactions or otherwise challenging the validity or propriety of
the transactions contemplated by this Agreement. The Company is not subject to any judgment, Order or decree, or governmental restrictions specifically naming the Company. 
 5.8 Intellectual Property. With respect to the Praesideo Software, and all Intellectual Property, Company Intellectual Property and Company Licensed
Intellectual Property therein and thereto, the representations and warranties of the Selling Shareholders under this Section 5.8 and the disclosures set forth on Schedule 5.8(a) shall be made as of the License Effective Date. 
 (a) Schedule 5.8(a) sets forth a true and complete list of (i) all registered Company Intellectual Property, (ii) all software
assigned to the Company or licensed to the Company pursuant to the SALA, and (iii) all unregistered trademarks that are material to the Company’s business as it is currently operated but excluding trademarks specifically associated with
the software assigned or to be licensed under the SALA. The Company has not received any written notice of infringement upon or conflict with the asserted rights of others as to Intellectual Property. Except as set forth in Schedule 5.8(a), the
Company has the right to use the Company Intellectual Property, including the Proprietary Information, free and clear of any rights, liens, encumbrances or claims of others, except for Permitted Encumbrances and except for the rights of third
parties in independently developed Proprietary Information similar or identical to that of the Company and not Known to the Selling Shareholders or derived from any Proprietary Information of the Company or Praesideo and disclosed to such third
parties by Company, Praesideo or its agents or contractors. 
  

 17 

 (b) To the Knowledge of the Selling Shareholders, the Company Intellectual Property and
the Licensed Intellectual Property include all of the Intellectual Property used in the operation of the business of the Company as of the date hereof. 
 (c) The Company is the exclusive owner of the entire right, title and interest in and to the Company Intellectual Property (other than the Praesideo Software), and, as between the Company and the third parties who
have provided Licensed Intellectual Property to the Company, has a valid right to use the Licensed Intellectual Property in connection with the Company’s business as it is currently operated, subject only to (i) the terms of the license
agreements required to be disclosed in Schedule 5.9 and any other license agreements applicable to the Licensed Intellectual Property (the “License Agreements”), and to (ii) any third party patent rights not Known to the Selling
Shareholders. To the Knowledge of the Selling Shareholders, the Company Intellectual Property has not been adjudged invalid or unenforceable in whole or in part and is valid, subsisting and enforceable. 
 (d) The conduct of the Company’s business as currently conducted does not infringe, conflict with, dilute, misappropriate, or
otherwise violate the trade secrets or copyrights of any third person, and to the Knowledge of the Selling Shareholders, the conduct of the Company’s business as currently conducted does not infringe, conflict with, dilute, misappropriate, or
otherwise violate the Intellectual Property of any third Person, and, to the Knowledge of the Selling Shareholders, no action, claim, inquiry, or proceeding alleging any of the foregoing is pending against the Company, and, to the Knowledge of the
Selling Shareholders, no claim, suit or action has been threatened or asserted against the Selling Shareholders or the Company alleging any of the foregoing. To the Knowledge of the Selling Shareholders, no Person is engaging in any activity that
infringes the Company Intellectual Property. 
 (e) No Company Intellectual Property or, to the Knowledge of the Selling
Shareholders, Licensed Intellectual Property is subject to any outstanding decree, order, injunction, judgment or ruling involving the Company and materially restricting the use of such Company Intellectual Property or Licensed Intellectual Property
or that would impair the validity or enforceability of such Company Intellectual Property. The consummation of the Contemplated Transactions will not result in the termination or impairment of any Company Intellectual Property or, by the terms of
any agreement to which any Licensed Intellectual Property is subject, any Licensed Intellectual Property. 
 (f) The Company
does not utilize any inventions of any of the employees of the Company (or people the Company currently intends to hire) or consultants made prior to their employment by the Company, in the conduct of the Company’s business as currently
conducted, except for inventions that have been assigned or licensed to the Company as of the date hereof. The Company has taken reasonable steps to promote and preserve the security and confidentiality of its Proprietary Information. 
 (g) All ownership and other rights relating to the Praesideo intellectual property set forth on Schedule 5.8 attached hereto have
been properly transferred to the Company prior to the Closing Date pursuant to the SALA. 
  

 18 

 (h) Company has utilized industry standard anti-virus software to ensure that the
Software (as defined in the SALA), does not contain any virus, disabling code, worm, trap door, back door, timer, clock, counter or other limiting routine, instruction or design that would damage data or cause the Software to become inoperable or
incapable of being used in manner currently used in the business. 
 5.9 Contracts. 
 (a) Schedule 5.9(a) contains a complete and accurate list of all Contracts to which the Company is a party or bound by (other than
Customer Contracts, which are listed in Schedule 5.10 as described below): 
 (i) that involve any lease (whether of real
or personal property) that involve annual rentals of $10,000 or more; 
 (ii) that involve any payments or commitments for the
purchase or sale by the Company of materials, supplies, goods, services, equipment or other assets providing for aggregate payments by the Company of $25,000 or more; 
 (iii) that are material to the condition, operations, assets or business of the Company; 
 (iv) that constitute any partnership, joint venture or other similar agreement involving the Company; 
 (v) that relate to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets or otherwise);

 (vi) that includes any covenants limiting or in any way purporting to restrict the freedom of the Company to compete in any
line of business in any geographic area or to employ or otherwise engage any Person; 
 (vii) with any present or former
director, shareholder or officer of the Company, or any Person related by blood or marriage to any such Person, or any Person controlling, controlled by or under common control with any such Person, or with any employee, agent or consultant of the
Company not terminable by the Company at will; 
 (viii) that relates to the securities of the Company or rights in connection
therewith; 
 (ix) that constitutes any Contract pursuant to which any Intellectual Property Rights are licensed or
sublicensed to or from the Company; 
 (x) that constitutes any Contract under which the Company has loaned money or promised
to lend money, or made any other loan or advance to, or other investment in, any other Person, or that involves Indebtedness or guaranties of Indebtedness, in each case in excess of $5,000; 
  

 19 

 (xi) that constitutes any collective bargaining agreement or similar labor related
Contract; 
 (xii) that extend beyond one year, unless cancelable by the Company or sixty (60) days’ or fewer notice
without liability, penalty or premium in excess of $5,000; 
 (xiii) that provide for the future purchase by the Company of
any materials, equipment, services or supplies in excess of $5,000 per year and that continue for a period of more than twelve (12) months including periods covered by any option to renew by either party) or provide for a price in excess of
current market prices or is in excess of normal operating requirements over its remaining term; 
 (xiv) that includes any
obligation or commitment that materially limits the freedom of the Company to sell, lease, license or otherwise distribute any product, service, client information or software system or program (including any agreement, Contract, or other
arrangement or understanding with any vendor that obligates the Company to distribute, exclusively, products supplied by such vendor or any client information or software system or program); or 
 (xv) that sets forth any obligation or commitment providing for indemnification or responsibility for the obligations or losses of any
Person. 
 True, correct and complete copies of all such written (and summaries of all such oral or implied) Contracts have been delivered to Purchaser.

 (b) Except as disclosed in Schedule 5.9(b): (i) each of such Contracts is valid and binding, in full force and
effect and enforceable in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally;
(ii) neither the Company nor, to the Knowledge of the Selling Shareholders, any other party thereto is in violation of, in default or breach in any respect under the terms of any such Contract; (iii) to the Knowledge of the Selling
Shareholders no event has occurred that, with the passing of time or the giving of notice or both would result in a default or breach of any such Contract, or allow for termination or cancellation thereof; and (iv) the Company has not received
any written notice from any party to any such Contract listed in Schedule 5.9 of any intention to terminate, cancel or otherwise fail to perform any obligations of such party under any such Contract. 
 5.10 Customer Contracts. Set forth on Schedule 5.10 hereto is a complete and accurate list of all the Company’s Contracts with customers (the
“Customer Contracts”). Each such Customer Contract is valid and binding, in full force and effect, and enforceable in accordance with its terms, except to the extent that such enforcement may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.
The Company has performed and is in compliance with all of the material terms of the Customer Contracts and all instruments and agreements relating thereto and no default or event of default, or event or condition which with notice or lapse of time
or both would constitute such a default or event of default, on its part or, to the Knowledge of the Selling Shareholders, on the part of any other party thereto exists with respect to any such Customer Contract. To the Knowledge of the Selling
Shareholders, no such Customer Contract contains any material contractual requirement with which there is a reasonable likelihood the Company will be unable to comply. 
  

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 5.11 Financial Statements. 
 (a) The Company has delivered to Purchaser (i) the Annual Financial Statements, and (ii) the Interim Financial Statements
(collectively, the “Financial Statements”). Except as described in Section 5.11(c) with respect to the 2006 annual financial statements, the Financial Statements have been prepared in accordance with GAAP, on a consistent basis
through the periods indicated, and fairly present in all material respects the financial condition and results of operation of the Company, subject, in the case of the Interim Financial Statements, to normal recurring year end adjustments (the
effect of which will not, individually or in the aggregate, be materially adverse). No financial statements of any Person other than the Company are required, under GAAP, to be included in the consolidated financial statements of the Company. There
have been no material adverse changes in the assets, liabilities or financial condition of the Company since the date of the Interim Financial Statements. 
 (b) The audited balance sheet of the Company as of December 31, 2008, and the related audited statements of income, stockholders equity and cash flows of the Company for the year ended December 31, 2008,
fairly present in all material respects the financial condition and the results of operation of the Company as of and for the twelve month period then ended all in accordance with GAAP. 
 (c) The accounting methodologies set forth in Schedule 5.11(c) fully and accurately reflect the methods used by the Company to prepare its
financial statements prior to the 2007 audited financial statements. 
 5.12 Liabilities. Except as set forth in Schedule 5.12, the
Company has no Liabilities or obligations of any nature (whether obsolete, accrued, contingent or otherwise) of a nature required to be disclosed on a balance sheet in accordance with GAAP, other than (i) Liabilities incurred in the ordinary
course of business subsequent to December 31, 2008, and (ii) obligations under Contracts incurred in the ordinary course of business so long as such Contract is either disclosed in Schedule 5.9 or 5.10 or is not required by the terms
of Section 5.9 to be disclosed. Schedule 5.12 lists all Liabilities and obligations of the Company that by their terms require payment or performance in an aggregate amount in excess of $25,000 that are not included in the Financial Statements
or otherwise relate to the Company’s provision of services in the ordinary course of business under the Contracts disclosed in Schedule 5.9 and 5.10. The Company has no Indebtedness except as disclosed in Schedule 5.12. 
 5.13 Changes. Except as disclosed in Schedule 5.13, since December 31, 2008, there has not been: 
 (a) any Material Adverse Change in the Company; 
  

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 (b) any material Damages or destruction or loss, whether or not covered by insurance,
adversely affecting the assets, properties, financial condition, operating results or business of the Company; 
 (c) any
waiver by the Company of a material right or of a material Indebtedness owed to it; 
 (d) any satisfaction or discharge of
any material Encumbrance or payment of any material obligation by the Company; 
 (e) any material waiver, change, amendment,
release, rescission or termination of, or accord or satisfaction with respect to, any terms, conditions or provisions of any Contract required to be set forth on Schedule 5.9 or 5.10 by which the Company or any of its assets or properties is
bound or subject; 
 (f) any change in any compensation or benefit arrangement or agreement with any employee, director,
officer, shareholder, consultant or agent of the Company; 
 (g) any change in the Company’s authorized or issued capital
stock or capital structure or any issuance of stocks, bonds or other securities of the Company; 
 (h) any loans made to the
Company; 
 (i) other than any distributions to cover any Tax liabilities of the Selling Shareholders and any distributions of
the Excluded Assets, including cash, any payment of any dividend or other distribution of the Company’s assets in respect of any of the Company’s capital stock; 
 (j) any sale, assignment or transfer of any Intellectual Property or Proprietary Information of the Company other than in the ordinary
course of business; provided, however, in any event, that there has been no such sale, assignment or transfer of Fast Pro, Deal Manager or Hedge Fund Pro (including the Investor Relation Manager features of Hedge Fund Pro); 
 (k) any transaction to which the Company is a party other than in the ordinary course of business; 
 (l) any resignation or termination of any officer, key employee or group of employees of the Company; and the Company, to the Knowledge of
the Selling Shareholders, does not know of the impending resignation or termination of employment of any such officer, key employee or group of employees; 
 (m) any direct or indirect loans, advances or capital contributions made by the Company to any shareholder, employee, officer or director of the Company or to any other Person; 
 (n) any labor dispute or labor organization activity related to the Company; 
  

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 (o) any Indebtedness incurred, assumed or guaranteed by the Company, except those for
amounts incurred in the ordinary course of business and less than $5,000 in the aggregate; 
 (p) any material change in the
Company’s method of doing business or any change in accounting principles or practices or its method of application of such principles or practices; 
 (q) any sale of Company furniture or equipment except as permitted pursuant to Section 8.1; 
 (r) any Encumbrance imposed or agreed to be imposed on the property or assets of the Company except for Permitted Encumbrances; or 
 (s) any agreement or commitment by the Company to do any of the things described in this Section 5.13. 
 5.14 Taxes and Tax Returns. 
 (a) The Company has filed all Tax Returns required to be filed by it and has paid all
Taxes due and owing by the Company, whether or not shown on such return. All such Tax Returns were correct and complete in all respects and were prepared in substantial compliance with all applicable laws and regulations. 
 (b) To the Knowledge of the Selling Shareholders, the Company is not currently, and during the last five years has not been, subject to
any audit or examination, no administrative or judicial Tax Proceedings are pending with respect to any Tax Return previously filed by the Company, and no notice of deficiency or proposed adjustment involving Tax has been issued to the Company by
any Taxing authority. 
 (c) The Company has not waived any statute of limitations or agreed to any extension of time that is
currently in effect in respect of any Taxes or agreed to any extension of time with respect to any Tax deficiency. 
 (d) The
Company is not a party to a Tax sharing agreement or any other agreement to indemnify any Person for any Tax liability. 
 (e)
The Company has been a validly electing “S corporation” within the meaning of sections 1361 and 1362 of the Code at all times since March 5, 1992 and will be an S corporation up to and including the Closing Date.

 (f) The Company has never been a member of an affiliated group of corporations within the meaning of section 1504 of
the Code and does not have any Liability for the Taxes of any Person (other than the Company or its predecessor corporation) under Treas. Reg. § 1.1502-6 (or any similar provision of state, local or foreign law) or as a transferee or
successor, by contract or otherwise. 
  

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 (g) No claim has even been made by an authority in a jurisdiction where the Company does
not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction. There are no Encumbrances for Taxes (other than Permitted Encumbrances) upon any of the assets of the Company. 
 (h) The Company has withheld and paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to
any employee, independent contractor, creditor, stockholder, or other third party. 
 (i) The Company has not received from
any foreign, federal, state, or local taxing authority (including jurisdictions where the Company has not filed Tax Returns) any (i) notice indicating an intent to open an audit or other review, or (ii) request for information related to
Tax matters. 
 (j) Schedule 5.14(j) lists all federal, state, local, and foreign income Tax Returns filed with respect
to the Company for taxable periods ended on or after December 31, 2004 and, indicates those Tax Returns that have been audited. The Company has delivered to Purchaser correct and complete copies of all federal income Tax Returns, examination
reports, and statements of deficiencies assessed against or agreed to by the Company filed or received since December 31, 2004. 
 (k) The Company is not a party to any agreement, Contract, arrangement or plan that has resulted or could result, separately or in the aggregate, in the payment of (i) any “excess parachute payment” within the meaning of Code
§ 280G (or any corresponding provision of state, local or foreign Tax law), or (ii) any amount that will not be fully deductible as a result of Code § 162(m) (or any corresponding provision of state, local or foreign Tax
law). 
 (l) The Company has not been a United States real property holding corporation within the meaning of Code
§ 897(c)(2) during the applicable period specified in Code § 897(c)(1)(A)(ii). 
 (m) The unpaid Taxes of
the Company (A) did not, as of the date of the Interim Financial Statements, exceed the reserve for Tax Liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on
the face of the Interim Financial Statements (rather than in any notes thereto), and (B) do not exceed that reserve as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of the Company in
filing its Tax Returns. Since the date of the Interim Financial Statements, the Company has not incurred any liability for Taxes arising from extraordinary gains or losses, as that term is used in generally accepted accounting principles, outside
the ordinary course of business consistent with past custom and practice. 
 (n) The Company will not be required to include
any item of income in taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any prepaid amount received on or prior to the Closing Date. 
 (o) The Company has not changed its method of accounting for any taxable period ending on or prior to the Closing Date. 
  

 24 

 (p) The Company has not entered into an installment sale, other sale or exchange
transaction or open transaction involving the receipt of contingent or other future payments other than as contemplated by this Agreement. 
 (q) The Company has not entered into a “closing agreement” as described in Code section 7121 (or any corresponding or similar provision of state, local or foreign Tax law). 
 (r) The Company has not engaged in any transaction governed in whole or in part by section 355 of the Code or section 361 of the Code.

 (s) No real estate transfer or other transfer Taxes, or any documentary, sales, use, stamp, registration or other such
Taxes and fees, shall be incurred in connection with the Contemplated Transactions. 
 (t) All of the facts represented by the
Principal Shareholders in a letter dated December 23, 2008 (and attachments thereto) to the Internal Revenue Service at the Ogden, Utah Service Center are, and were at the time made, true, accurate and complete (with the exception that the
Managing Directors became shareholders in the Company). 
 5.15 Permits. Schedule 5.15 includes a complete and accurate list of all of
the Company’s Permits. The Company (i) has all material Permits in accordance with Legal Requirements which are necessary for the conduct of the Company’s business, each of which is currently valid and in full force and effect, is
final and not subject to review on appeal and is not the subject of any pending or to the Knowledge of the Selling Shareholders, threatened attack by direct or collateral proceedings, and (ii) is in material compliance with each Permit relating
to it or any of its properties under applicable Legal Requirements. The Company is exempt from registration under the Investment Advisers Act of 1940. Since its date of organization, the Company has not, to the Knowledge of the Selling Shareholders,
been the subject of any investigation conducted by any grand jury, administrative agency or other governmental authority. The Company has not and, to the Knowledge of the Selling Shareholders, and its officers, directors and employees have not,
directly or indirectly, made authorized or received any payment, contribution or gift of money, property, or services, in violation of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization or the
holder of, or any aspirant to, any elective or appointive office of any Governmental Body, or (iii) otherwise. 
 5.16 Environmental
Laws. The Company conducts its business and operations in compliance with all applicable environmental laws, ordinances and regulations (“Environmental Laws”). The Company has not received notice of any material claim, action, suit,
proceeding, hearing or investigation against the Company based on or related to the manufacture, processing, distribution, use, treatment, storage, disposal or transport of hazardous material or waste. The Company is not in violation of any
applicable Environmental Law that has resulted or could reasonably be expected to result in a liability or loss for the Company of more than $10,000. The Company has not received any official or formal notification of any current, pending or
outstanding violation of Environmental Laws by any previous occupants of the premises currently leased by the Company. 
  

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 5.17 Title to Property and Condition of Assets. 
 (a) The Company owns no real property. Schedule 5.17 sets forth a complete and accurate list of all real property and improvements
leased by the Company (collectively “Real Property”). The Company has valid and subsisting fee or leasehold rights in the Real Property, free and clear of Encumbrances. 
 (b) Schedule 5.17 also sets forth a complete and accurate list of all of the material items of equipment, machinery, computers,
chattels, tools, parts, furniture, furnishings, fixtures and supplies of every nature owned or leased by the Company in connection with its business. The Company has good and marketable fee simple title to such items described in Schedule 5.17
as being owned by it, and valid and subsisting leasehold rights in such items described in Schedule 5.17 as being leased by it, free and clear of all mortgages, pledges, security interests, charges, liens and other encumbrances. 
 (c) The property and assets set forth on Schedule 5.17 constitute substantially all of the property now used in or necessary for the
conduct of the business of the Company and are in reasonably good operating condition and in a reasonably good state of repair, ordinary wear and tear excepted. 
 (d) The Company has provided to Purchaser a true, correct and complete copy of each lease (collectively, the “Leases” and
singly, the “Lease”) referenced on Schedule 5.17; each Lease is in full force and effect, has not been modified, amended, added onto, extended or renewed except as set forth on Schedule 5.17, and each Lease is binding
upon, and enforceable against, the landlord under each Lease and the Company in accordance with the respective terms thereof. 
 (e) As of the date hereof, with respect to each Lease, neither the landlord thereunder nor the Company is in breach of, or in default under, the Lease, and the Company knows of no (a) event or condition which, with the passage of time
or the giving of notice or both, would constitute such a breach or default by the Company or the landlord under any Lease or (b) claims by third parties against the Company or the landlord relating to the leased premises under any of the
Leases, or the respective uses of such leased premises. 
 (f) Neither the Company nor the landlord under any Lease has
commenced any action, or received any notice, with respect to the termination of any Lease. The Company’s interest in the Lease has not been assigned, pledged or encumbered by the Company, and no part of the leased premises under any Lease has
been sublet by the Company. 
 (g) The Company has not entered into any agreement to pay any real estate broker in connection
with the leasing of any of the leased premises under any Lease to the Company. 
 (h) To the Knowledge of the Selling
Shareholders, all construction required to be performed by the respective landlord under each Lease has been fully completed in a manner satisfactory to the Company, and that payment of any tenant allowance or similar up-front sum from the landlord
has been made in full. 
  

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 (i) The lease term for each Lease is set forth and described on Schedule 5.17 as
well as the current monthly base rent the Company is obligated to pay under each Lease. 
 5.18 Labor Agreements and Actions. The Company is
not bound by or subject to (and none of its assets or properties is bound by or subject to) any Contract or arrangement with any labor union, and no labor union has requested, or to the Knowledge of the Selling Shareholders, has sought to represent
any of the employees, representatives or agents of the Company. The Selling Shareholders are not aware of any officer or key employee, or that any group of key employees, intends to terminate their employment with the Company, nor does the Company
have a present intention to terminate the employment of any of the foregoing, except as set forth on Schedule 5.18. The Company has complied in all material respects with all applicable state and federal equal employment opportunity and other
laws related to employment. The Company has withheld all amounts required by law or agreement to be withheld by it from the wages, salaries and other payments to its employees and is not liable for any arrears of wages or any taxes or penalties for
failure to comply with any of the foregoing. There are no pending, or, to the Knowledge of the Selling Shareholders, threatened or anticipated employment discrimination charges or complaints against or involving the Company before any federal,
state, or local board, department, commission or agency. To the Knowledge of the Selling Shareholders and their ERISA Affiliates, there is no organizational activity being made or threatened by or on behalf of any labor union with respect to any
employees of the Company or any ERISA Affiliate. 
 5.19 Insurance. The Company is insured with respect to its properties and the conduct of
its business in such amounts and against such risks as are required by applicable law. A true, correct and complete list of all such insurance policies and bonds in force in which the Company is named as an insured party, or for which the Company
has paid any premiums, is set forth in Schedule 5.19, and such list correctly states the name of the insurer and the policy number. Such policies are in full force and effect and, to the Knowledge of the Selling Shareholders, have been underwritten
by unaffiliated insurers. The Company has paid all premiums on such policies due and payable prior to the date of this Agreement. The policies include a tail policy for professional liability insurance, with the coverages set forth in
Schedule 5.19, which covers the five year period ending on the Closing Date. The Company is not in material default with respect to its obligations under such policies and to the Knowledge of the Selling Shareholders, has not done anything by
way of action or inaction that invalidated any of such policies in whole or in part. 
 5.20 Employee Benefits. 
 (a) Schedule 5.20(a) lists as of the date hereof all employee benefit plans (as defined in Section 3(3) of ERISA), and all
bonus, stock option, stock purchase, phantom equity, incentive, deferred compensation, supplemental retirement, health, life, Code Section 125 cafeteria or disability insurance, dependent care, severance and other similar fringe or employee
benefit plans, programs or arrangements and any current employment or executive compensation or severance agreements written or otherwise maintained or contributed to for the benefit of or relating to any employee or former employee of the Company
or any trade or business (whether or not incorporated) that is a member of a controlled group including the Company or that is under common control with the Company within the meaning of Section 414 of the Code (an “ERISA
Affiliate”), to the extent that the Company or any ERISA Affiliate currently has or may incur liability for payments or benefits thereunder, as well as each plan 

  

 27 

 
with respect to which the Company or an ERISA Affiliate could incur liability under Section 4069 (if such plan has been or were terminated) or
Section 4212(c) of ERISA (together, the “Employee Plans”). The Company has made available to Purchaser a copy of (i) the two (2) most recent annual reports on Form 5500 filed with the IRS for each disclosed
Employee Plan where such report is required and (ii) the documents and instruments governing each such Employee Plan, if any, (including where applicable, without limitation, the plan document, summary plan description or other summary, most
recent actuarial report, and trust or other funding arrangement). Except as set forth in Schedule 5.20(a), neither the Company nor any ERISA Affiliate has incurred any material liability (contingent or otherwise) with respect to any such Employee
Plan (other than with respect to contributions required thereunder); each Employee Plan has been maintained in all material respects in accordance with its terms and with ERISA and the Code; and there has been no material violation of any reporting
or disclosure requirement imposed by ERISA or the Code. Each Employee Plan intended to be qualified under Section 401(a) of the Code, is documented on a prototype or volume submitter plan document that has received a favorable notification or
opinion letter on which the Company or ERISA Affiliate is entitled to rely as to the Employee Plan’s qualification. Except as set forth in Schedule 5.20(a), for each Employee Plan which has received such a determination, there has been no
event, condition or circumstance that has adversely affected or is likely to adversely affect such qualified status. Except as set forth in Schedule 5.20(a), no “party in interest” (as defined on Section 3(14) of ERISA) of any
Employee Plan has participated in, engaged in or been a party to any transaction that is prohibited under Section 4975 of the Code or Section 406 of ERISA and not exempt under Section 4975 of the Code or Section 408 of ERISA (or
any administrative class or individual exemption issued thereunder), respectively. With respect to any Employee Plan, (i) neither the Company, nor any of its ERISA affiliates has had asserted against it any claim for taxes under Chapter 43
of Subtitle D of the Code and Section 5000 of the Code, or for penalties under ERISA Section 502(c), (i) or (l), nor, to the Knowledge of the Selling Shareholders, is there a basis for any such claim, and (ii) except as set
forth in Schedule 5.20(a), no officer, director or employee of the Company has committed a breach of any fiduciary responsibility or obligation imposed by Title I of ERISA. Except as set forth in Schedule 5.20(a), other than routine claims for
benefits, there is no claim or proceeding (including any audit or investigation) pending or, to the Knowledge of the Selling Shareholders, threatened, involving any Employee Plan by any Person, or by the IRS, the United States Department of Labor or
any other Governmental Body against such Employee Plan or the Company or any ERISA Affiliate. 
 (b) Schedule 5.20(b) sets
forth a list as of the date hereof of all agreements with consultants who are individuals obligating the Company or any ERISA Affiliate to make annual cash payments in an amount of One Hundred Thousand Dollars ($100,000) or more. The Company has
made available to Purchaser copies of all such agreements. 
 (c) Except as contemplated by the Agreement or as otherwise
provided in Schedule 5.20(a), there will be no payment, accrual of additional benefits, acceleration of payments or vesting of any benefit under any Employee Plan or any other agreement or arrangement to which the Company or any ERISA Affiliate
is a party, and no employee, officer or director of the Company or any ERISA Affiliate will become entitled to severance, termination allowance or similar payments, solely by reason of entering into or in connection with the Contemplated
Transactions. 
  

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 (d) No Employee Plan that is a welfare benefit plan within the meaning of
Section 3(1) of ERISA provides benefits to former employees of the Company or its ERISA affiliates other than as required by Section 4980B of the Code or similar state laws. Except as set forth in Schedule 5.20(d), the Company and its
ERISA affiliates have complied in all material respects with the provisions of Part 6 of Title I of ERISA and Sections 4980B, 9801, 9802, 9811 and 9812 of the Code. 
 (e) There are no controversies relating to any Employee Plan or other labor matters pending or, to the Knowledge of the Selling
Shareholders, threatened between the Company or any ERISA Affiliate and any of its employees, other than controversies that would not, individually or in the aggregate, result in any charge, assessment, levy, fine or other liability being imposed
upon or incurred by the Company. Neither the Company nor any ERISA Affiliate is a party to any collective bargaining agreement or other labor union contract applicable to persons employed by the Company or any ERISA Affiliate nor does the Company
nor any ERISA Affiliate know of any activities or proceedings of any labor union to organize any such employees. No strikes, work stoppage, grievance, claim of unfair labor practice, or labor dispute against the Company or any ERISA Affiliate has
occurred, is pending or, to the Knowledge of the Selling Shareholders or any ERISA Affiliate, threatened, and to the Knowledge of the Selling Shareholders and their ERISA Affiliates there is no basis for any of the foregoing. 
 (f) Neither the Company nor any of its ERISA affiliates sponsors or has ever sponsored, maintained, contributed to, or incurred an
obligation to contribute or incurred a liability (contingent or otherwise) with respect to any Multiemployer Plan or to a Multiple Employer Plan. For these purposes, “Multiemployer Plan” means a multiemployer plan, as defined in
Section 3(37) and 4001(a)(3) of ERISA, and “Multiple Employer Plan” means any Employee Plan sponsored by more than one employer, within the meaning of Sections 4063 or 4064 of ERISA or Section 413(c) of the Code.
Neither the Company nor any of its ERISA affiliates has, or reasonably could be expected to have, any liability under Title IV of ERISA with respect to any other type of Employee Plan. 
 (g) To the extent permitted by applicable law and the applicable Employee Plan, each Employee Plan can be amended or terminated at any
time, without consent from any other party and without liability other than for benefits accrued as of the date of such amendment or termination (other than charges incurred as a result of such termination). The Company and its ERISA affiliates have
made full and timely payment of all amounts required to be contributed or paid as expenses or accrued such payments in accordance with normal procedures under the terms of each Employee Plan and applicable law, and the Company and its ERISA
affiliates shall continue to do so through the Closing. 
 (h) The Company and its ERISA affiliates have complied in all
material respects with the laws of any foreign jurisdiction with respect to any employee benefit plan or arrangements maintained in such jurisdiction in which the employees of the Company or any ERISA Affiliate participate. 
  

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 (i) The Company has no commitment, intention or understanding to create, terminate or
adopt any Employee Plan that would result in any additional liability to the Company. Since the beginning of the current fiscal year of any Employee Plan, no event has occurred and no condition or circumstance has existed that reasonably would be
expected to result in an increase in the benefits under or the expense of maintaining such Employee Plan from the level of benefits or expense incurred for the most recently completed fiscal year of such Employee Plan. 
 (j) Each Employee Plan that is a “nonqualified deferred compensation plan” within the meaning of Code Section 409A(d)(1),
and each award thereunder, in each case that is subject to Code Section 409A, have been operated in compliance with the plan’s terms, to the extent consistent with Section 409A, and the applicable guidance issued by the IRS and the
Department of Treasury, including Notice 2005-1. To the extent an issue is not addressed in Notice 2005-1 or other applicable guidance, each Plan has been operated by applying a reasonable, good faith interpretation of IRC
Section 409A. 
 5.21 Brokers. Neither the Company nor any Selling Shareholder has retained any investment banker, broker or finder in
connection with any of the Contemplated Transactions other than (a) Integris Partners, Ltd., a Colorado limited liability company (“Integris”), and (b) Arcstone Partners, Inc., a Colorado corporation
(“Arcstone”) and neither the Company nor any Selling Shareholder has incurred or agreed to pay, other than to Integris and Arcstone, or taken any other action that would entitle any Person to receive, any brokerage fee,
finder’s fee or other fee or commission with respect to any of the Contemplated Transactions. The Selling Shareholders are solely responsible to pay all such fees, including the investment banking fee of Integris, and the valuation services of
Arcstone, and Purchaser has no liability or obligation to pay any fees or commissions to Integris or Arcstone or any other parties with respect to the Contemplated Transactions. 
 5.22 Accounts Receivable. A complete and accurate list of all accounts and notes receivable, investments, security deposit and prepaid expenses of the
Company as of March 31, 2009, is set forth in Schedule 5.22. All accounts and notes receivable of the Company as of March 31, 2009, and arising between such date and the Closing Date, that are outstanding as of the Closing Date arise
from valid obligations arising from services actually rendered in the ordinary course of business. There is no contest, claim, or right of set-off or counterclaim on the part of any obligor regarding any of the accounts receivable. Except as set
forth in Schedule 5.22, since January 1, 2007, there have been no accounts receivable of the Company converted to notes receivable or otherwise extended. None of the accounts or notes receivable are due from any party related to or
affiliated with any Selling Shareholder or the Company. 
 5.23 Books of Account; Records. Except as set forth in Schedule 5.23, the
Company’s general ledgers, stock record book and minute books are complete and correct in all material respects. The stock transfer records of the Company correctly reflect and record each issuance and transfer of capital stock or other equity
interests, the issuance and exercise of all warrants, options or similar rights with respect to shares of capital stock or other equity interests, and the issuance and cancellation of all certificates and instruments representing shares of capital
stock or other equity interests or warrants or similar rights with respect to capital stock or other equity interests. 
  

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 5.24 Bank Accounts, Depositories; Powers of Attorney. Set forth in Schedule 5.24 is a true, correct
and complete list of the names and locations of all banks or other depositories in which the Company has accounts or safe-deposit boxes, and the names of the Persons authorized to draw thereon, borrow therefrom or have access thereto. Except as set
forth in Schedule 5.24, no Person has a power of attorney from the Company. 
 5.25 Sufficiency of Assets; Fictitious Names. The
properties and assets owned by, or currently leased or licensed by, the Company comprise all of the material properties and assets currently used by the Company and in its business and are sufficient for the operation of the business on a basis
consistent with past practice in all material respects. The Company has not used any fictitious names other than J.D. Clark & Co. and J.D. Clark Company. 
 5.26 Other J.D. Clark Entities. The representations and warranties in Sections 5.7, 5.12, 5.14 (other than 5.14(e)), 5.18 and 5.20 also apply to J.D. Clark Company, Inc. and J.D. Clark & Co., previously
dissolved entities. Moreover, J.D. Clark & Co. was a validly electing “S corporation” within the meaning of Sections 1361 and 1362 of the Code at all times from its incorporation until its state law dissolution. 
 Section 6. Additional Representations and Warranties of Selling Shareholders. The Principal Shareholders, jointly and severally, and each of the Selling Shareholders
other than the Principal Shareholders, severally and not jointly, represent and warrant to the Purchaser with respect to the shares of Purchased Stock to be sold by such Selling Shareholder, as follows: 
 6.1 Legal Power; Capacity. Such Selling Shareholder has all requisite legal power, capacity and financial capacity to execute and deliver this Agreement,
to sell and convey the shares of Purchased Stock to be sold by such Selling Shareholder hereunder, and to carry out and perform his or her obligations under the terms of this Agreement. 
 6.2 Authorization. The execution, delivery and performance of this Agreement by such Selling Shareholder has been duly authorized by all requisite
action, and this Agreement constitutes a valid and binding obligation of such Selling Shareholder, enforceable against him or her in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganizations,
moratorium or other laws affecting creditors’ rights generally. 
 6.3 No Orders or Proceedings. Such Selling Shareholder is not subject
to any Order that will have an adverse effect on such Selling Shareholder’s ability to comply with or perform any of such Selling Shareholder’s covenants or obligations under the Agreement. There is no Proceeding pending, and, to the
Knowledge of such Selling Shareholder, no Person has threatened in writing to commence any Proceeding, that will have an adverse effect on the ability of such Selling Shareholder to comply with or perform any of such Selling Shareholder’s
covenants or obligations under the Agreement. To the Knowledge of such Selling Shareholder, no event has occurred, and no claim, dispute or other condition or circumstance exists, that might give rise to or serve as a basis for the commencement of
any such Proceeding. 
 6.4 Compliance with Other Instruments. The execution, delivery and performance of and compliance with this Agreement
by such Selling Shareholder and the sale and transfer of the Purchased Stock by such Selling Shareholder pursuant to the terms hereof will not result in (A) any violation or breach by such Selling Shareholder of any other agreement, court
order, judgment, decree, statute, rule or regulation to which he or she is a party or by which he or she is bound, (B) any conflict with or default under any such term, or (C) the creation of any pledge, lien or other encumbrance on the
properties or assets of such Selling Shareholder. 
  

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 6.5 Governmental Consents. No consent, approval or authorization of, or designation, declaration or
filing with, any federal or state governmental authority is required on the part of such Selling Shareholder in connection with the valid sale and transfer of the Purchased Stock to be sold by such Selling Shareholder hereunder or the consummation
of any other transactions contemplated hereby. 
 6.6 Title. Such Selling Shareholder has good and marketable title to the Purchased Stock
proposed to be sold by such Selling Shareholder hereunder, and full right, power and authority to enter into this Agreement and to sell, assign, transfer and deliver the Purchased Stock, free and clear of all voting trust arrangements, liens,
encumbrances, restrictions or claims whatsoever, and upon delivery and payment at the Closing of the amount paid with respect to such Purchased Stock at Closing, Purchaser will acquire good and marketable title thereto, free and clear of all liens,
encumbrances, claims, restrictions, voting trusts or other defects of title whatsoever. 
 6.7 Representation. Such Selling Shareholder
acknowledges that the Principal Shareholders and the Purchaser are represented by separate legal counsel and that such Selling Shareholder has been advised that he or she may wish to consult independent legal counsel with regard to the transactions
contemplated by this Agreement. Such Selling Shareholder further acknowledges that he or she has had the opportunity to consult with such independent legal counsel or has chosen not to do so. 
 Section 7. Representations and Warranties of Purchaser. Purchaser represents and warrants as follows: 
 7.1 Good Standing and Corporate Power. Purchaser is validly existing and in good standing as a corporation under the laws of the State of Wisconsin and
has all necessary corporate power to execute and deliver this Agreement and to perform its obligations under the Transaction Agreements and to consummate the Contemplated Transactions. Purchaser’s financial resources are sufficient to enable it
to purchase the Purchased Stock. 
 7.2 Authorization. The execution, delivery and performance of this Agreement on behalf of Purchaser have
been duly authorized by all necessary action on the part of Purchaser and its board of directors, and no other action on the part of Purchaser is necessary to authorize the execution, delivery and performance of the Transaction Agreements and the
consummation of the Contemplated Transactions. This Agreement has been duly and validly executed and delivered by Purchaser and constitutes, and upon the execution and delivery by Purchaser of the Transaction Agreements, the Transaction Agreements
shall constitute, legal, valid and binding obligations of Purchaser enforceable against it in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganizations, moratorium or other laws affecting
creditors’ rights generally. 
  

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 7.3 No Conflicts. The execution and delivery by Purchaser of the Transaction Agreements, the performance
of its obligations under the Transaction Agreements and the consummation of the Contemplated Transactions do not and shall not: 
 (a) Conflict with or result in a violation or breach of any of the terms, conditions or provisions of Purchaser’s Articles of Incorporation or Bylaws; 
 (b) Conflict with or result in a violation or breach of any term or provision of any material law or order applicable to Purchaser; or

 (c) Conflict with or result in a violation or breach of, or constitute a default under, or require Purchaser to obtain any
consent or approval under the terms of, any material Contract or license to which Purchaser is a party or by which any of Purchaser’s assets and properties is bound. 
 7.4 Governmental Approvals and Filings. No consent, approval or action of, filing with or notice to any Governmental Body on the part of Purchaser is required in connection with the execution, delivery and performance
of the Transaction Agreements or the consummation of the Contemplated Transactions. 
 7.5 Brokers. Purchaser has not retained any broker or
finder in connection with any of the Contemplated Transactions, and Purchaser has not incurred or agreed to pay, or taken any other action that would entitle any Person to receive, any brokerage fee, finder’s fee or other similar fee or
commission with respect to any of the Contemplated Transactions. 
 7.6 Acquisition of Purchased Stock. Purchaser is acquiring the Purchased
Stock for its own account and for investment, and not with a view to, or for sale in connection with, any distribution of any of such Purchased Stock. 
 7.7 Financial Capacity. The Purchaser Parties have adequate uncommitted liquid reserves available to make the payments required by Section 2.2 and otherwise to consummate the Contemplated Transactions, without
needing third-party financing or third-party consent that is not otherwise provided or addressed herein. 
 7.8 Capitalization and Voting
Rights. All of Purchaser’s outstanding equity interests are owned beneficially and of record by Parent. There are no outstanding subscriptions, options, warrants, puts, calls, purchase rights (including conversion or preemptive rights),
agreements, understandings, claims or other commitments or rights of any type relating to of any securities of Purchaser. 
 7.9
Subsidiaries/Other Ownership Interests. Purchaser has, and during the five-year period prior to the date of this Agreement, has had, no subsidiaries, other than UMB Distribution Services, LLC and Grand Avenue Distribution Services, LLC, and
Purchaser does not otherwise presently own or control, directly or indirectly, any interest in any other corporation, association, or other business entity. Purchaser is not a participant in any joint venture or partnership. 
  

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 7.10 Litigation. As of the date of this Agreement, there are no Proceedings pending or to the Knowledge
of Purchaser, threatened against Purchaser (or any of its employees, officers or directors in connection with the business or affairs of Purchaser), before any federal, state, local or foreign court or Governmental Body in which the amount in
dispute exceeds (or exceeded) $10,000 or that has resulted or could reasonably be expected to result in liability or loss for Purchaser of more than $10,000. Purchaser is not subject to any judgment, Order or decree, or governmental restrictions
specifically naming Purchaser. 
 7.11 Intellectual Property. Purchaser has not received any notice of infringement upon or conflict with the
asserted rights of others as to its Intellectual Property. Purchaser has the right to use the Intellectual Property and Proprietary Information which it uses in connection with its alternative investments business (excluding its business of
providing services to mutual funds registered under the Investment Company Act of 1940, as amended), free and clear of any rights, liens, encumbrances or claims of others. To the knowledge of Purchaser, the conduct of Purchaser’s business as
currently conducted does not infringe, conflict with, dilute, misappropriate, or otherwise violate the Intellectual Property of any third Person. 
 7.12 Contracts. Each Contract which is material to the business (but excluding contracts related to the provision of services to mutual funds registered under the Investment Company Act of 1940, as amended) of Purchaser, including but not
limited to customer Contracts, is valid and binding, in full force and effect, and enforceable in accordance with its terms, except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, and by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. Purchaser has performed and is in
compliance with all of the material terms of such Contracts and all instruments and agreements relating thereto and no default or event of default, or event or condition which with notice or lapse of time or both would constitute such a default or
event of default, on its part or, on the part of any other party thereto exists with respect to any such Contract. 
 7.13 Financial
Statements. Purchaser has delivered to the Company the audited balance sheet as of December 31, 2006, December 31, 2007 and December 31, 2008, and the related internally prepared unaudited statements of income for the years ended
December 31, 2006 and December 31, 2007, and December 31, 2008, of Parent (the “Parent Financial Statements”). The Parent Financial Statements have been prepared in accordance with GAAP and do, on a consistent basis
through the periods indicated, fairly present in all material respects the financial condition and results of operation of Parent. Purchaser has delivered certain unaudited financial information of Purchaser to the Principal Shareholders (the
“Purchaser Financial Statements”). The Purchaser Financial Statements have been prepared on a consistent basis through the periods indicated and fairly present in all material respects the revenues and liabilities of Purchaser for
2008 and the first quarter of 2009. 
 7.14 Liabilities. Purchaser has no material Liabilities or obligations of any kind (whether obsolete,
accrued, contingent or otherwise) of a nature required to be disclosed on a balance sheet prepared in accordance with GAAP, other than those disclosed in the Parent Financial Statements. 
  

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 7.15 Compliance with Laws. Purchaser has conducted and is currently conducting its business in compliance
with all applicable laws, rules, regulations, ordinances, codes, judgments and orders, the violation of which would have any adverse effect on the UMBFS Revenues. 
 7.16 Permits. Purchaser (i) has all material Permits in accordance with Legal Requirements which are necessary for the conduct of Purchaser’s business, and (ii) is in material compliance with each
Permit relating to it or any of its properties under applicable Legal Requirements. 
 Section 8. Other Agreements of the Parties. 
 8.1 Transfer of Intellectual Property. The parties also acknowledge and agree that on or before the Closing Date, Praesideo Technologies, LLC
(“Praesideo”) shall transfer certain of its certain intellectual property software assets pursuant to the SALA. The parties also agree that the Company shall distribute the Company assets identified on Schedule 8.1 hereto (the
“Excluded Assets”) to the Principal Shareholders. 
 8.2 Further Assurances. At any time and from time to time from and
after the Closing, the Selling Shareholders and Purchaser shall, at the request of any of the other parties, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such instruments and other documents and perform or
cause to be performed such acts and provide such information, as may reasonably be required to evidence or effectuate the Contemplated Transactions or for the performance by the Company, the Selling Shareholders or Purchaser of any of their other
respective obligations under this Agreement. 
 8.3 Access to Records After Closing. From and after the Closing Date, each party hereto and
their respective Representatives shall have reasonable access to inspect and copy all books and records relating to the Company that the other parties hereto or their respective Representatives may retain after the Closing Date. Such access shall be
afforded by the party maintaining such records upon receipt of reasonable advance notice and during normal business hours. Nothing contained in this Section 8.3 shall require Purchaser or the Company to retain any books or records longer than
such books or records would otherwise have been retained in the ordinary course of business but for the Contemplated Transactions; provided, however, that if the party maintaining such records shall desire to dispose of any of such books and
records, such party shall, prior to such disposition, give the other party hereto a reasonable opportunity, at such other party’s expense, to segregate and remove such books and records as such other party may select. 
 8.4 Reserved. 
 8.5 Tax Matters. The
following provisions shall govern the allocation of responsibility as between Purchaser and the Selling Shareholders for certain tax matters following the Closing Date: 
 (a) The Selling Shareholders shall prepare or cause to be prepared and file or cause to be filed all Income Tax Returns for the Company
(including, without limitation, IRS Form 1120S and Schedules K-1) for all periods ending on or prior to the Closing Date that are filed after the Closing Date (the “Pre-Closing Period Tax Returns”). Purchaser shall be
entitled to review 

  

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such Pre-Closing Period Tax Returns prior to filing and shall be entitled to comment on and request reasonable changes consistent with applicable law and
regulations to any items on such Pre-Closing Period Tax Returns that could affect any material Tax liability of the Purchaser for periods ending after the Closing Date. The Selling Shareholders shall include any income, gain, loss, deduction or
other Tax items for such periods on any Tax Return in a manner consistent with the Schedule K-1s prepared in connection with the Pre-Closing Period Tax Returns. 
 (b) The Purchaser shall be responsible for preparing and filing all Tax Returns of the Company required to be filed after the Closing Date
other than the Pre-Closing Period Tax Returns (the “Post Closing Period Tax Returns”). The Selling Shareholders shall be entitled to review such Post-Closing Period Tax Returns prior to filing and shall be entitled to comment on and
request reasonable changes consistent with applicable law and regulations to any items on such Post-Closing Period Tax Returns that could affect any material Tax liability of the Selling Shareholders for periods ending prior to or as of the Closing
Date. For the avoidance of doubt, the Purchaser shall prepare and file all Tax Returns for any period that includes but does not end on the Closing Date (the “Straddle Period Tax Returns”). For purposes of preparing the Straddle
Period Tax Returns, the Purchaser shall apportion any Taxes that are imposed on a periodic basis and that are payable for a taxable period that includes but does not end on the Closing Date, as between the portion of such taxable period beginning
prior to and ending as of the Closing Date (the “Pre-Closing Tax Period”) and the period beginning the day after the Closing Date and ending after the Closing Date (the “Post-Closing Tax Period”). In preparing the
Straddle Period Tax Returns, the portion of such Tax based on or measured by income or receipts of the Company attributed to the Pre-Closing Tax Period shall be determined based on an interim closing of the books as of the close of business on the
Closing Date and the amount of other Taxes shall be the amount of such Tax for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in the Pre-Closing Tax Period and the denominator of which is the number
of days in the entire taxable period. 
 (c) Notwithstanding any other provision in this Agreement, the Selling Shareholders
shall be liable for Taxes imposed on the Company for any taxable year that ends on or prior to the Closing Date and, with respect to any Straddle Period, for all Taxes attributable to any Pre-Closing Tax Period; provided, however, that the
Selling Shareholders shall be liable only to the extent that such Taxes exceed the amount, if any, reserved for such Taxes on the Closing Date Balance Sheet or any amounts otherwise included as a current Tax liability for purposes of the calculation
of the Closing Date Net Working Capital. 
 (d) Purchaser, the Company and the Selling Shareholders shall cooperate fully, as
and to the extent reasonably requested by the other party, in connection with the filing of Tax Returns and any audit, litigation or other proceeding with respect to Taxes. Such cooperation shall include the retention and (upon the other
party’s request) the provision of records and information reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of
any material provided hereunder. The Company, the Selling Shareholders and Purchaser agree (i) to retain all books and records with respect to Tax matters pertinent to the Company relating to any taxable period beginning before the Closing Date
until expiration of the statute of limitations (and, to 

  

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the extent notified by Purchaser or the Selling Shareholders, any extensions thereof) of the respective taxable periods, and to abide by all record retention
agreements entered into with any taxing authority, and (ii) to give the other party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other party so requests, the Company, the
Purchaser or the Selling Shareholders, as the case may be, shall allow the other party to take possession of such books and records. 
 (e) Purchaser and the Selling Shareholders further agree, upon request, to use their commercially reasonable efforts to obtain any certificate or other document from any governmental authority or any other Person as may be necessary to
mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the transactions contemplated hereby). 
 (f) Any refunds, credits, or other reductions or benefits with respect to Taxes for any taxable period ending on or prior to the Closing Date shall be for the account of the Selling Shareholders and, upon
Purchaser’s receipt or effective realization of any such Tax-related benefits, the Purchaser shall notify the Selling Shareholders of such benefits and, if and as necessary, make prompt payment to the Selling Shareholders in respect of such
Tax-related benefits. All other refunds, credits or other reductions or benefits with respect to Taxes shall be for the benefit of the Company. 
 (g) The Shareholders’ Representative acting on behalf of the Selling Shareholders and the Company with respect to Pre-Closing Tax Periods, and in conjunction with counsel selected by the Shareholders’
Representative and jointly with the Purchaser and its counsel and/or tax accountants as to, and in, every action taken, shall use their commercially reasonable efforts to promptly obtain a certificate, letter, or other written document from a duly
authorized representative of the IRS (beyond the written documentation that has previously been obtained by the Shareholders’ Representative) that further confirms the validity of the Company’s Subchapter S election from and after
March 5, 1992 through the Closing Date, in a manner that is acceptable to Purchaser in its reasonable discretion after consultation with its auditors. For purposes of the preceding sentence, the parties agree that such commercially reasonable
efforts shall include, but not necessarily be limited to, (1) attempting to provide further documentation to support the fact that all taxable income of the Company for its S corporation years was reported by the Selling Shareholders for such
years, (2) engaging in additional communications with the IRS Service Center in Ogden, Utah, and (3) inquiring with the IRS as to whether issuing a private letter ruling on any aspect of the matter that would further confirm the Subchapter
S status of the Company and, if possible, taking steps necessary to obtain such a private letter ruling from the IRS. Counsel and/or tax accountants of the Purchaser shall participate in any and all oral or written communications with the IRS. The
parties further agree that this Section 8.5(g) shall not operate so as to be duplicative with some other provision of this Agreement (including Sections 8.5(d) and (e) above), and that if after the commercially reasonable efforts
contemplated by this Section 8.5(g) the Shareholders’ Representative is unable to obtain an additional certificate, letter, or other written document from the IRS (beyond the written documentation that has already been obtained by the
Shareholders’ Representative) that the Shareholders’ Representative and the Selling Shareholders and the Company with respect to Pre-Closing Tax Periods shall be considered to have satisfied their obligations under this
Section 8.5(g); provided, however, that any and all representations and warranties and Section 10.2(a) indemnity obligations under this Agreement shall remain in full force and effect. Any and all efforts undertaken by the
Shareholders’ Representative and counsel selected by him under this Section 8.5(g) shall be at the expense of the Shareholders’ Representative. 
  

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 8.6 Section 338(h)(10) Election. 
 (a) The Selling Shareholders shall join with Purchaser in making an election under Section 338(h)(10) of the Code and under any
applicable similar provisions of state law (collectively, a “Section 338(h)(10) Election”) with respect to the purchase of the Purchased Stock. Each Selling Shareholder will include any income, gain, loss, deduction or other Tax
item resulting from the Section 338(h)(10) Election on their respective Tax Returns in accordance with applicable law. Selling Shareholders and Purchaser agree that the Purchase Price shall be allocated to the Company’s assets in a manner
substantially consistent with the fair market values and methodology as set forth in Exhibit F. In addition to the executed Form 8023 delivered to Purchaser at Closing pursuant to Section 4.2(d)(xviii), the Selling Shareholders shall use their
commercially reasonable efforts to cooperate with Purchaser and timely execute any additional Section 338(h)(10) Forms prepared by Purchaser and delivered to the Selling Shareholders after the Closing. The Purchaser shall be responsible for the
timely preparation and filing of the Section 338(h)(10) Election. The Purchaser shall be solely responsible for the cost of preparing and filing the Section 338(h)(10) Election and any related Section 338 Forms (including any
subsequent amendments or modifications that may be required as a result of any adjustments to the Purchase Price under Section 2.2 or otherwise). With respect to any additional Section 338 Forms that are delivered to the Selling
Shareholders for execution after the Closing, the Selling Shareholders shall be entitled to a reasonable period in which to review such Section 338(h)(10) Election and related Section 338 Forms prior to filing (such period being in all
events no less than 60 days prior to the applicable due date) and shall be entitled to comment on and request reasonable changes to any items on such Section 338(h)(10) Election and related Section 338 Forms that could affect any material
item of taxable income, gain, loss, deduction, credit or other material Tax attribute of the Company or the Selling Shareholders. “Section 338 Forms” shall mean all returns, documents, statements, and other forms that are required
to be submitted to any federal, state, local or foreign taxing authority in connection with a Section 338(h)(10) Election, including, without limitation, an IRS Form 8023 (together with any schedules or attachments thereto) that are required
pursuant to applicable Treasury Regulations. 
 (b) Reserved. 
 (c) In connection with the Section 338(h)(10) Election and the preparation of any applicable Section 338 Forms, and as soon as
reasonably practicable following the Closing Date (and in no event later than 60 days after the Closing Date), the parties will allocate the Purchase Price paid to the Selling Shareholders among the assets of the Company according to an allocation
that is mutually agreeable to the parties and that is consistent with applicable law (including applicable Treasury Regulations under Section 338 of the Code). The Purchaser shall use such allocation in preparing the Section 338(h)(10)
Election and applicable Section 338 Forms. The mutually agreed allocation shall be subsequently amended or modified as may be required as a result of any adjustments to the Purchase Price under Section 2.2 or otherwise. Purchaser and the
Selling Shareholders 

  

 38 

 
also agree to file all applicable Tax Returns consistent with the mutually agreed allocation and shall not make any inconsistent written statements in any
Tax work papers or take any inconsistent position on any Tax Return, in any refund claim, during the course of any IRS audit or other Tax audit, for any financial or regulatory purpose, in any litigation, investigation or otherwise. Purchaser and
the Selling Shareholders shall notify each other if a notice is received from the IRS (or other taxing authority or other Governmental Body) proposing an allocation different than the mutually agreed allocation. Purchaser and the Selling
Shareholders shall cooperate fully in connection with the appropriate tax reporting and tax characterization of any Additional Purchase Price Amounts payable under Section 2.2, including, but not limited to, specifically allocating any such
payments when made to Company’s Class VII assets (goodwill and going-concern value) in accordance with the mutually agreed allocation, and imputing an appropriate amount of interest in connection with any such payments under sections 483 and
1274 or other applicable provisions of the Code or similar provisions of state and local law. 
 8.7 Insurance; Errors and Omission Tail.

 (a) The Principal Shareholders, at the Principal Shareholders’ sole cost and expense, have acquired the insurance
policy attached hereto as Schedule 8.7. 
 8.8 Employment and Benefit Plans. 
 (a) Purchaser agrees that each Key Employee and Managing Director of the Company who continues employment with the Company after the
Closing Date shall be employed at the same rate of salary provided immediately prior to the Closing Date and shall be considered for a reasonable salary increase in the normal course of business on or about July 1, 2009. Except as specifically
provided otherwise in this Section, Continuing Employees shall be eligible for benefits and incentive programs comparable to those made available by Purchaser to similarly situated employees of Purchaser, at a cost and on terms and conditions
comparable to those provided to similarly situated employees of Purchaser; provided, however, that continuance on a transitional basis of the Company’s existing medical, dental, vision and Code Section 125 plans at the same cost and in
accordance with the terms and conditions of such plans in effect as of Closing shall not be deemed to violate the terms of this Section. Nothing in this Agreement (i) shall require Purchaser or the Company to continue to employ any particular
Company Employee following the Closing Date, or (ii) except as specifically provided otherwise herein, shall alter or limit Purchaser’s ability to amend, modify, or terminate any benefit plan, program, agreement, or arrangement.

 (b) Immediately prior to Closing, the Company shall pay or cause to be paid to each employee of the Company all vacation
leave that has been accrued and unused by such employees as of the Closing Date. On and after the Closing Date, Continuing Employees shall accrue paid time off under the terms and conditions of Purchaser’s paid time off program (as the same may
be modified from time to time); provided, however, that for the portion of the calendar year 2009 on and after the Closing, in no event shall any Continuing Employee receive fewer days of paid time off (on an annualized basis) under such program
than the number of days of paid time off such individual would have been entitled to under the Company’s vacation pay program as in effect immediately prior to Closing. In addition, for the portion of calendar year 2009 on and after the
Closing, the Company shall maintain seven (7) paid holidays, the identity of which shall be determined in good faith by the Board of Directors of the Company. 
  

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 (c) Prior to the Closing, the Company shall transfer and assign plan sponsorship of the
Profit Sharing Plan to Praesideo Management, LLC. Contemporaneous with such transfer and assignment of plan sponsorship of the Profit Sharing Plan, the Company shall also (i) resign as plan administrator of the Profit Sharing Plan and
(ii) terminate itself as a party from any and all contracts, agreements, programs or arrangements with Rocky Mountain Employee Benefits, Inc. or any other person relating to services being performed with respect to the Profit Sharing Plan (each
a “Retirement Plan Service Contract”). The Selling Shareholders shall cause Praesideo Management LLC to accept its position as both successor plan sponsor and successor plan administrator of the Profit Sharing Plan and become the
successor party to each Retirement Plan Service Contract. The Selling Shareholders shall also cause Praesideo Management LLC to accept all Liabilities from the Company with respect to the Company’s participation in, sponsorship of, and
relationship to the Profit Sharing Plan. Prior to Closing, the Selling Shareholders shall present to Purchaser acceptable evidence that Praesideo Management LLC has accepted all duties and obligations associated with being successor plan sponsor and
successor plan administrator of the Profit Sharing Plan and successor to each Retirement Plan Service Contract and that it has assumed all of the Company’s Liabilities relating to the Profit Sharing Plan. 
 8.9 Praesideo Software Licenses: With respect to the Praesideo Software, the representations and warranties of Selling Shareholders under
Section 5.9 hereof shall be true and correct as of the License Effective Date. On the License Effective Date, the Selling Shareholders shall deliver to Purchaser a certificate dated as of the License Effective Date and signed by the Selling
shareholders certifying the representations and warranties in this Section 8.9. 
 8.10 Key Company Employees’ Retention
Agreements. Promptly following Closing, the Principal Shareholders shall use commercially reasonable efforts to deliver the Key Company Employees’ Retention Agreements executed by the Key Company Employees, to the Purchaser. 
 Section 9. Shareholders’ Representative. 
 9.1
Appointment. By their execution of this Agreement and the tendering of their share certificates, each Selling Shareholder irrevocably appoints Jeffrey D. Clark as its exclusive agent and attorney-in-fact to act on its behalf with respect to any and
all matters, claims, controversies, or disputes arising out of the terms of this Agreement and the Contemplated Transactions (the “Shareholders’ Representative”), and agrees that the Shareholders’ Representative shall have
the power to take any and all actions that the Shareholders’ Representative believes to be necessary or appropriate or in the best interests of the Selling Shareholders, as fully as if each such Selling Shareholder were acting on its own
behalf, including defending all indemnification claims, consenting to, compromising or settling all indemnification claims, negotiating with the Purchaser Parties with respect to all matters arising under this Agreement and the Transaction
Agreements, accepting notices on behalf of all Selling Shareholders, and taking any and all other actions specified in or contemplated by this Agreement. 
  

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 9.2 Vacancy. In the event that the Shareholders’ Representative resigns from such position, the
Selling Shareholders shall select another representative reasonably satisfactory to fill such vacancy and such substituted representative shall be deemed to be the Shareholders’ Representative for all purposes of this Agreement. 
 9.3 Reliance. The Purchaser Parties shall have the right to rely on any actions taken or omitted to be taken by the Shareholders’ Representative as
being the acts or omissions of the Selling Shareholders, without the need for any inquiry, and any such actions or omissions shall be binding upon all of the Selling Shareholders. 
 9.4 Liability. The Selling Shareholders agree to hold the Shareholders’ Representative free and harmless from and indemnify the Shareholders’
Representative against any and all Damages which the Shareholders’ Representative may sustain as a result of any action taken in good faith under this Agreement as the Shareholders’ Representative determines in the Shareholders’
Representative’s sole and absolute discretion to be reasonably necessary to carry out the Shareholders’ Representative’s duties under this Agreement. The Shareholders’ Representative shall not be liable to any Selling Shareholder
with respect to any action taken or omitted to be taken by the Shareholders’ Representative pursuant to this appointment or in connection with this Agreement unless such action or omission results from or arises out of fraud or intentional
misrepresentation on the part of the Shareholders’ Representative. 
 9.5 Authority. The authority granted to the Shareholders’
Representative pursuant to this Section 9 is independent and severable, is irrevocable and coupled with an interest, and shall be enforceable notwithstanding any rights or remedies that any Selling Shareholder may have in connection with the
Contemplated Transactions. 
 Section 10. Indemnification and Related Matters. 
 10.1 Survival of Representations, Warranties and Agreements. Subject to the limitations set forth in this Section 10 and notwithstanding any investigation conducted or knowledge acquired at any time with regard
thereto by or on behalf of Purchaser, the representations, warranties and covenants and agreements of the Purchaser and the Selling Shareholders set forth in this Agreement shall survive the execution and delivery of this Agreement for a period of
twenty-four (24) months following the Closing Date; provided, however, that the representations and warranties set forth in Section 5.2 (Capitalization and Voting Rights), Section 6.2 (Authorization), Section 6.6 (Title to
Stock), and Section 7.2 (Authorization) (collectively, the “Core Representations”) shall survive indefinitely, and the representations and warranties set forth in Section 5.8 (Intellectual Property), 5.14 (Taxes), 5.16
(Environmental), and 5.20 (Employee Benefits) shall survive until 90 days after the expiration of the applicable statute of limitations. 
 Notwithstanding the foregoing, if, prior to the expiration of any representations or warranty, written notice of an alleged breach giving rise to a claim for indemnification is duly delivered by an Indemnified Party to an Indemnifying Party
in accordance with Section 10.5, or an action based upon an alleged breach is commenced against an Indemnifying Party by an Indemnified Party, then no such Indemnified Party shall be precluded from pursuing such alleged breach, or from
recovering from any Indemnifying Party (whether through the courts or otherwise) on the specific claim, suit or action, by reason or such expiration otherwise provided for above until resolution of the matter in accordance with this Agreement. This
Section 10.1 shall not limit any covenant or agreement of the parties hereto that by its terms contemplates performance after the execution hereof. 
  

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 10.2 Indemnification. Subject to the limitations set forth in Section 10.3 below, and subject to
Section 10.4 below: 
 (a) The Selling Shareholders shall, severally and not jointly, except as described in
Section 10.2(b), hold harmless and indemnify Purchaser and its successors (individually referred to herein as a “Purchaser Indemnified Party”), and will reimburse a Purchaser Indemnified Party for, from and against any and all
Damages incurred or suffered by a Purchaser Indemnified Party as a result of, arising from or in connection with: 
 (i) Any
Breach by such Selling Shareholders of any representations or warranties made by such Selling Shareholder of this Agreement; 
 (ii) Any Breach of any covenants or obligations made by such Selling Shareholder in this Agreement; 
 (iii) Any
third party claim of any person that is based upon related to or arising out of any employment-related acts or omissions of or relating to the Company prior to Closing, regardless of whether the event or matter giving rise to the claim is contained
in the Disclosure Schedules; 
 (iv) Any liability or obligation with respect to stock appreciation, phantom stock, profit
participation or similar rights granted by Selling Shareholders or the Company prior to Closing and any liability or obligation relating to the Strata Litigation (as defined in Schedule 5.7), any remaining claims of the Strata Parties (as defined in
Schedule 5.7) or any liability or obligations arising from or relating to Cannell Capital LLC v. J.D. Clark & Co., Inc. (as listed in Scheduled 5.7); 
 (v) any losses, expenses, penalties, liabilities or obligations with respect to (1) any failure of the Company to have been a validly
electing “S corporation” within the meaning of sections 1361 and 1362 of the Code at all times between March 5, 1992 and the Closing Date, and (2)_ Taxes of the Company for or relating to periods (or portions thereof) ending on or
before Closing, in each case to the extent the amount of the Taxes is not taken into consideration in the calculation of the Closing Date Net Working Capital as finally determined pursuant to Section 2.3 hereof, and (3) any tax withholding
liabilities of any nature, or failure to pay taxes for affiliated entities using the J.D. Clark name. For the avoidance of doubt, the losses, expenses, penalties, liabilities and obligations for which the Selling Shareholders are providing
indemnification under this Section 10.2(a)(v) shall include (without limitation) those arising from, or relating in any way to, the Purchaser’s obligation to pay additional Taxes as a result of the Company’s failure to have a validly
electing “S corporation” as described above, and any loss of a step-up basis and the benefits of increased amortization or depreciation associated therewith and any potential loss of Section 338(h)(10) tax benefits or accounting
benefits; 
  

 42 

 (vi) Any liability or obligation arising from actions or inactions, at any time, whether
arising before or after Closing, (A) under any Profit Sharing Plan of the Company, including but not limited to the J.D. Clark & Co., Inc. Profit Sharing Plan or any predecessor plan thereof; and (B) under the Company Code
Section 125 cafeteria plan; 
 (vii) Any liability or obligation or losses or costs, including but not limited to any
diminution in value that is finally determined by a final non-appealable court order, or other costs or damages to Purchaser, arising out of, caused by or resulting from the Principal Shareholders’ transfer of Company stock to the Managing
Directors, whether arising before or after Closing and including but not limited to any noncompliance with federal or state securities laws and any losses or costs as a result of the exercise of any recession rights against the Company under such
federal or state securities laws; and 
 (viii) Any third party claim that is based upon, related to, or arising out of any
agreements, transactions, acts, or omissions of or relating to the Company and/or its operation occurring or existing at or prior to the Closing, regardless of whether the event or matter giving rise to such claim is disclosed in the schedules
hereto, including but not limited to any liability or obligation relating to the Global Vault funds and any allegations of infringement of Intellectual Property rights by any third party relating to the period prior to Closing; provided, however,
that nothing in this Section 10.2(a)(viii) shall require any of the Selling Shareholders to hold harmless, indemnify or reimburse any Purchaser Indemnified Party with respect to (x) any obligation or payment that is or may become due under
any Contract listed on the exhibits or schedules attached hereto, pursuant to the terms thereof (other than with respect to any pre-Closing breach thereof by the Company), (y) any Liability specified in the Interim Financial Statements, and
(z) any trade and similar payables incurred in the ordinary course of business since the date of the Interim Financial Statements. 
 (b) Subject to the limitations set forth in Section 10.3 below, with respect to any claim made by a Purchaser Indemnified Party against a Principal Shareholder pursuant to Section 10.2(a), the Principal
Shareholders shall be jointly and severally liable for such indemnification obligation. 
 (c) Subject to the limitations set
forth in Section 10.3 below, the Purchaser Parties shall hold harmless and indemnify the Selling Shareholders and their respective executors, administrators and successors (individually referred to herein as a “Seller Indemnified
Party”) from and against any and all Damages incurred or suffered by any Seller Indemnified Party as a result of, arising from or in connection with: 
 (i) Any Breach by Purchaser of any representations and warranties made by Purchaser in this Agreement; or 
 (ii) Any Breach of any of the covenants or obligations made by Purchaser in this Agreement. 
  

 43 

 10.3 Limitations; Right of Offset; Deductible. 
 (a) Except as otherwise set forth in this Section 10.3, the Selling Shareholders’ aggregate liability under
Section 10.2(a)(i), (iii) and (viii) and the Purchaser’s liability under Section 10.2(c)(i) shall be limited to Damages not exceeding Twelve Million Five Hundred Thousand Dollars ($12,500,000); provided, however, that
with respect to Breaches of Section 5.14 (Taxes), Section 5.20 (Employee Benefits) and Section 6.6 (Title), and indemnification claims pursuant to Section 10.2(a)(iv), Section 10.2(a)(v), Section 10.2(a)(vi) and
Section 10.2(a)(vii), the Principal Shareholders’ liability shall not be capped; and provided further, with respect to the Core Representations (other than Section 6.6 (Title), Section 5.11(b) (GAAP Compliance) and
Section 5.16 (Environmental), the Selling Shareholders’ aggregate maximum liability shall be limited to Damages not exceeding their pro rata share of the Purchase Price. In addition, except as set forth in this Section 10.3, the
Principal Shareholders’ aggregate liability under Section 10.2 shall be limited to their collective portion of the Purchase Price actually received by the Selling Shareholders. 
 (b) If any Purchaser Indemnified Party has delivered a valid Claim Notice to Principal Shareholders and such claim has not been fully
resolved prior to the time scheduled for payment of any Earn-out Amount, Purchaser shall have the right, notwithstanding anything to the contrary in this Agreement or any Transaction Agreement, to withhold from the amount otherwise due with respect
to such Earn-out Amount (on a proportionate basis as between the corresponding Incentive Bonus Pool Amount and Additional Purchase Price Amount) the amount or estimated amount of the Purchaser’s indemnifiable claim as set forth in the Claim
Notice; provided, however, in the event that Purchaser withholds any amounts pursuant to this Section 10.3(b), any amounts disputed by the Selling Shareholders must be placed into escrow with a party reasonably approved by Selling
Shareholders until any such dispute is finally resolved. 
 (c) Without limiting the effect of any of the other limitations
set forth herein, neither Purchaser nor Selling Shareholders shall be entitled to any indemnification payment hereunder, except to the extent that the cumulative amount of the Damages actually incurred as a direct result of all Breaches of
representations and warranties of the party seeking indemnification hereunder actually exceeds Seven Hundred and Fifty Thousand Dollars $750,000 (the “Deductible Amount”); and such party seeking indemnification shall only be
entitled to indemnification only with respect to the amount by which the cumulative amount of the Damages actually incurred as a direct result of all such Breaches of such representations, warranties and covenants actually exceeds the Deductible
Amount; provided, however, that Purchaser shall be entitled to indemnification for the entire amount of any Damages resulting from breaches by the Selling Shareholders of any Core Representations, of Sections 5.11(a), 5.11(b), 5.14, 5.16 or
5.20 and of indemnification claims pursuant to Section 10.2(a)(iii), 10.2(a)(iv), 10.2(a)(v), Section 10.2(a)(vi) or 10.2(a)(vii), or with respect to any intentional or fraudulent misrepresentation on the part of the Selling Shareholders.

 (d) In the event Purchaser has a claim for Damages under one or more of the representations, warranties or covenants of
this Agreement and also under its Section 10.2(a)(viii) indemnity covenant with respect to a single event, Purchaser agrees that it will not seek double recovery for its Damages relating to such single event. In addition, to the extent
Purchaser has a claim for Damages under this Agreement, Purchaser agrees to diligently pursue all insurance remedies available, including without limitation, insurance available under the tail policy referred to in Section 8.7 above, prior to
seeking any indemnification from the Selling Shareholders. 
  

 44 

 10.4 No Implied Representations. Purchaser and the Selling Shareholders acknowledge that, except as
expressly provided in this Agreement, none of the parties hereto, and none of the Representatives of either party hereto, has made or is making any representations or warranties whatsoever, implied or otherwise, and neither party has relied or is
relying on any representation, warranty, covenant, undertaking, promise, forecast or other statement whatsoever, whether written or oral (from either party or its Representatives), other than as expressly set forth in this Agreement. 
 10.5 Indemnification Claims. If either party hereto (the “Claimant”) wishes to assert an indemnification claim against the other party
hereto, the Claimant shall deliver to the other party a written notice (a “Claim Notice”) setting forth: 
 (a) a description of the representation, warranty or covenant alleged to have been breached by such other party; 
 (b) to the extent known or reasonably ascertainable, a reasonably detailed description of the facts and circumstances giving rise to the alleged breach of such representation, warranty or covenant; and 
 (c) to the extent known or reasonably ascertainable, a reasonably detailed description of, and a reasonable estimate, to the extent
reasonably available, of the total amount of, the Damages actually incurred or expected to be incurred by the Claimant as a direct result of such alleged breach. 
 A claim for indemnification for any Matter not involving a third-party claim may be asserted by delivery of a Claim Notice satisfying the requirements of the preceding sentence. 
 Any Claim Notice that is delivered to the Selling Shareholders in contravention of the requirements set forth in this Section 10.5 shall not be
deemed to have been “duly delivered” for purposes of Section 10.1; provided, however, that the failure to notify or delay in notifying the Indemnifying Party shall not relieve the Indemnifying Party of its obligations pursuant
to this Section 10, except to the extent the Indemnifying Party is materially prejudiced as a result thereof; provided however, in no event will a claim be deemed to have been “duly delivered” if such failure is not cured prior to the
expiration of the applicable survival period. 
 10.6 Defense of Third Party Actions. 
 (a) If either party hereto (the “Indemnified Party”) receives notice or otherwise obtains knowledge of any Matter or any
threatened Matter that may give rise to an indemnification claim against the other party hereto (the “Indemnifying Party”), then the Indemnified Party shall promptly deliver to the Indemnifying Party a written notice describing such
Matter in reasonable detail, but failure to give timely notice to the Indemnifying Party of the commencement of such claim will not relieve the Indemnifying Party of any liability it may have to any Indemnified Party, except to the extent that the
Indemnifying Party demonstrates that the defense of such action is prejudiced by the Indemnified Party’s failure to give such notice, as described in Section 10.6(c) below. 
  

 45 

 (b) If any Proceeding referred to in Section 10.6(a) is brought against an
Indemnified Party and it gives notice to the Indemnifying Party of the commencement of such Proceeding, the Indemnifying Party will be entitled to participate in such Proceeding and, and to the extent that it wishes (unless (i) the Indemnifying
Party is also a party to such Proceeding and the Indemnified Party determines in good faith that joint representation would be inappropriate, or (ii) the Indemnifying Party fails to provide reasonable assurance to the Indemnified Party of its
financial capacity to defend such Proceeding and provide indemnification with respect to such Proceeding), to assume the defense of such Proceeding with counsel satisfactory to the Indemnified Party at the Indemnifying Party’s expense by giving
notice of its intention to do so to the Indemnified Party within 20 days (the “Response Period”) of receipt of the Indemnified Party of such third-party action (and during such 20-day period the Indemnified Party shall provide
all reasonable cooperation to the Indemnifying Party). For the avoidance of doubt, the Principal Shareholders shall be entitled to assume the defense of any potential third-party claim that might potentially be brought in connection with the
validity of the Company’s Subchapter S election (provided that the requirements of the preceding sentence and Section 8.5(g) are otherwise satisfied) at the Principal Shareholders’ cost and expense; provided, further, that Purchaser
shall be entitled to fully participate in any such defense at its cost and expense. If the Indemnifying Party assumes the defense of a Proceeding, (i) no compromise or settlement of such claims may be effected by the Indemnifying Party without
the Indemnified Party’s consent unless (A) there is no finding or admission of any violation of Legal Requirements or any violation of the rights of any Person and no effect on any other claims that may be made against the Indemnified
Party, and (B) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party; and (ii) the Indemnified Party will have no liability with respect to any compromise or settlement of such claims effected without
its consent, and any such settlement, compromise or consent must include, as an unconditional term, the giving by the Claimant or the plaintiff to such Indemnified Party (and its subsidiaries and affiliates) a release from all liability in respect
of such indemnifiable Claim. 
 (c) Notwithstanding the foregoing: (i) such Indemnified Party shall have the right to
employ its own counsel in any such case, but the fees and expenses of such counsel shall be payable by such Indemnified Party; and (ii) the rights of such Indemnified Party to be indemnified in respect of indemnifiable claims resulting from the
assertion of liability by third parties shall not be adversely affected by its failure to give notice pursuant to the foregoing provisions unless, and, if so, only to the extent that, the other party is materially prejudiced by such failure. With
respect to any assertion of liability by a third-party that results in an indemnifiable claim, the parties shall make available to each other all relevant information in their possession that is material to any such assertion. If the Indemnifying
Party assumes the defense of an indemnifiable claim, the Indemnifying Party shall reasonably defend such claim until it is fully and finally settled or otherwise resolved. 
  

 46 

 (d) In the event that the Indemnifying Party fails to assume the defense of an
Indemnified Party against any such indemnifiable claim within the Response Period, or the Indemnifying Party fails to reasonably defend such indemnifiable claim after assuming the defense thereof, the Indemnified Party shall have the right to
defend, compromise or settle such indemnifiable claim on behalf, for the account, and at the risk of the Indemnifying Party, subject to provisions of this Section 10; provided, however, that the Indemnified Party shall not, without the
Indemnifying Party’s prior written consent (which shall not be unreasonably withheld), settle or compromise such indemnifiable claim or consent to entry of any judgment in respect of such indemnifiable claim unless such settlement, compromise
or consent includes, as an unconditional term, the giving by the Claimant or the plaintiff to such Indemnified Party (and its subsidiaries and affiliates) a release from all liability in respect of such indemnifiable claim and does not involve any
finding or admission of liability by the Indemnified Party. 
 10.7 Subrogation. To the extent that the Indemnifying Party makes or is
required to make any indemnification payment to the Indemnified Party, the Indemnifying Party shall be entitled to exercise, and shall be subrogated to, any rights and remedies (including rights of indemnity, rights of contribution and other rights
of recovery) that the Indemnified Party or any of the Indemnified Party’s Representatives may have against any other Person with respect to any Damages, circumstances or Matter to which such indemnification payment is directly or indirectly
related. The Indemnified Party shall permit the Indemnifying Party to use the name of the Indemnified Party and the names of the Indemnified Party’s representatives in any transaction or in any Proceeding or other matter involving any such
rights or remedies in such manner as may be approved by the Indemnified Party, such consent not to be unreasonably withheld. 
 10.8
Exclusivity. The right of each party hereto to assert indemnification claims and receive indemnification payments pursuant to this Section 10 shall be exclusive (except with respect to any intentional or fraudulent misrepresentation regarding
the subject matter of this Agreement) of or limit any other remedies available to such party. 
 10.9 Representation. After the Closing, it
is possible that Holme Roberts & Owen, LLP will represent the Principal Shareholders in connection with any claims made pursuant to the Transaction Agreements. The Company hereby agrees that Holme Roberts & Owen, LLP may represent
the Principal Shareholders in the future in connection with any claims that may be made pursuant to the Transaction Agreements. Purchaser hereby acknowledges and consents to this prospective waiver by the Company. 
 Section 11. Miscellaneous Provisions. 
 11.1 Expenses. Other
than as specifically provided in this Agreement, each party hereto shall pay all of its own costs and expenses incurred or to be incurred in negotiating and preparing this Agreement and in closing and carrying out the Contemplated Transactions.

 11.2 Publicity. No press release, publicity, disclosure or notice to any Person concerning any of the Contemplated Transactions shall be
issued, given, made or otherwise disseminated by any party to this Agreement at any time (whether prior to, at or after the Closing) without the prior written approval of the other parties hereto, except pursuant to a Legal Requirement, including
securities laws; provided that the party with such obligation will use its commercially reasonable efforts to allow the other party an opportunity to comment on its proposed disclosure, and, in any event, that such other party will be provided with
an advance opportunity to review such disclosure. 
  

 47 

 11.3 Governing Law. This Agreement shall be construed in accordance with, and governed in all respects
by, the laws of the State of Delaware (without giving effect to principles of conflicts of law). 
 11.4 Time of the Essence. Time is of the
essence for this Agreement. 
 11.5 Notices. All notices and other communications under this Agreement shall be in writing and shall be
deemed to have been duly received (a) if given by certified or registered mail, return receipt requested, postage prepaid, three Business Days after being deposited in the US mails, and (b) if given by courier or other means, when received
or personally delivered, and addressed as follows (or at such other address as the intended recipient shall have specified in a written notice given to the other party hereto): 
 if to Purchaser: 
 Dennis R. Rilinger, General
Counsel 
 UMB Financial Corporation 
 1010 Grand Blvd., 6th Floor 
 Kansas City, MO 64106 
 with a copy to:

 Victoria R. Westerhaus, Esq. 
 Stinson, Morrison Hecker 
 1201 Walnut Suite 2900 
 Kansas City Missouri 64106 
 if to the Selling Shareholders: 
 Jeff and Bonnie Clark 
 4780 North Pole Patch
Drive 
 Pleasant View UT 84414 
 Jerry Wright 
 6480 South 2800 East 
 Uinta UT 84403 
 Chad Allen 
 397 North 3125 West 
 Layton UT 84041

  

 48 

 Jill Calton 
 1262 34th Street 
 Ogden UT 84403 
 Michelle Jensen 
 367 N. Canyon Creek Circle

 Layton UT 84040 
 with a copy to: 
 Hendrik F. Jordaan, Esq. 
 Holme Roberts & Owen, LLP 
 1700 Lincoln, Suite 4100 
 Denver, CO 80203 
 Fax: (303) 866-0200

 11.6 Table of Contents and Headings. The table of contents of this Agreement and the underlined headings contained in this Agreement are
for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement. 
 11.7 Assignment. No party hereto may assign any of its rights or delegate any of its obligations under this Agreement to any other Person without the
prior written consent of the other parties hereto; which shall not be unreasonably withheld. 
 11.8 Parties in Interest. Nothing in this
Agreement is intended to provide any rights or remedies to any Person (including any employee or creditor of the Company) other than the parties hereto. 
 11.9 Severability. In the event that any provision of this Agreement, or the application of such provision to any Person or set of circumstances, shall be determined to be invalid, unlawful, void or unenforceable to
any extent, the remainder of this Agreement, and the application of such provision to Persons or circumstances other than those as to which it is determined to be invalid, unlawful, void or unenforceable, shall not be affected and shall continue to
be valid and enforceable to the fullest extent permitted by law. 
 11.10 Entire Agreement. This Agreement, together with the Transaction
Agreements, schedules and exhibits attached thereto, set forth the entire understanding of Purchaser and the Selling Shareholders and supersede all other agreements and understandings between those parties relating to the subject matter hereof and
thereof. 
 11.11 Waiver. No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this
Agreement, and no delay on the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy
shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. 
  

 49 

 11.12 Amendments. This Agreement may not be amended, modified, altered or supplemented except by means of
a written instrument executed on behalf of Purchaser and the Principal Shareholders. 
 11.13 Interpretation of Agreement. 
 (a) Each party hereto acknowledges that it has participated in the drafting of this Agreement, and any applicable rule of construction to
the effect that ambiguities are to be resolved against the drafting party shall not be applied in connection with the construction or interpretation of this Agreement. 
 (b) Whenever required by the context hereof, the singular number shall include the plural, and vice versa; the masculine gender shall
include the feminine and neuter genders; and the neuter gender shall include the masculine and feminine genders. 
 (c) As
used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, and shall be deemed to be followed by the words “without limitation.” 
 (d) References herein to “Sections” and “Exhibits” are intended to refer to Sections of and Exhibits to
this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 50 

 This Agreement has been duly executed and delivered by Purchaser Parties and the Selling Shareholders as
of the date set forth above. 
  

			
	 PURCHASER PARTIES:
  
 UMB FINANCIAL CORPORATION, a Missouri corporation

		
	By:	 	/s/ Peter J. deSilva
	Name:	 	Peter J. deSilva
	Title:	 	President and COO

  

			
	UMB FUND SERVICES, a Wisconsin corporation
		
	By:	 	/s/ John P. Zader
	Name:	 	John P. Zader
	Title:	 	Chief Executive Officer

  

			
	SELLING SHAREHOLDERS:
		
	By:	 	/s/ Jeffrey D. Clark
		 	Jeffrey D. Clark
		
	By:	 	/s/ Bonnie J. Clark
		 	Bonnie J. Clark
		
	By:	 	/s/ Michelle Jensen
		 	Michelle Jensen
		
	By:	 	/s/ Chad J. Allen
		 	Chad J. Allen
		
	By:	 	/s/ Jerry A. Wright
		 	Jerry A. Wright
		
	By:	 	/s/ Jill L. Calton
		 	Jill L. Calton

 [Signature page of Stock Purchase Agreement] 

 EXHIBIT A 
 [RESERVED] 
  

 A-1 

 EXHIBIT B 
 [RESERVED] 
  

 B-1 

 EXHIBIT C  
 Earn-out Amounts 
 The parties agree that the Earn-out Amounts, and corresponding Incentive
Bonus Pool Amounts and Additional Purchase Price Amounts, shall be calculated and paid in accordance with this Exhibit C as set forth below. 
 (a) Certain Defined Terms. For purposes of this Exhibit C, the following terms have the meanings ascribed to them below: 
 (i) “Additional Purchase Price Amount” shall have the meaning ascribed to it in Section (d) of this Exhibit C. 
 (ii) “Adjusted Earn-out Payments Metrics” shall have the meaning set forth in Subsection (f)(i) of this Exhibit C.

 (iii) “Base Revenue” (which shall be used solely for purposes of determining Revenue Growth and the
Revenue Multiplier for the Company’s first fiscal year 2010 (covering the period from May 1, 2009 through April 30, 2010)) shall be equal to $14,101,532 and has been computed by adding (A) the Revenue of the Company calculated
consistent with the calculation of the Closing Cash Payment pursuant to Section 2.1(a) (i.e., using the Company’s revenue run rate from January 1, 2009 through March 31, 2009 (with exclusions as provided for in this
Agreement) of $2,561,584 and multiplying such amount by four, which equals $10,246,336), plus (B) the UMBFS Alternative Investment Revenue as computed under the methodology set forth in Section (b)(iii) of this Exhibit C (i.e., using
Purchaser’s revenue run rate (with specified exclusions) from January 1, 2009 through March 31, 2009 of $963,799, multiplied by four, which equals $3,855,196).
 (iv) “Cause” shall have the meaning ascribed to it in the Employment, Non-Competition and Non-Solicitation Agreement of
Jeffery D. Clark dated as of May 7, 2009. 
 (v) “Change in Control” shall mean (A) the sale,
lease, conveyance or other disposition of all or substantially all of the assets of Purchaser, the Company or Parent to any person or group (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934), (B) the merger
or consolidation of Purchaser or the Company (or any of their respective direct or indirect parent entities) where the shareholders of Purchaser, the Company or the applicable parent entity immediately before the transaction do not own 50% or more
of the surviving company, (C) the liquidation or dissolution of Purchaser, the Company or any of their respective parent entities, or (D) the occurrence of any other transaction that results in a person or company, or group of affiliated
persons or companies, acquiring within a twelve (12)-month period, directly or indirectly, 50% or more of the total voting power of the stock of Purchaser, the Company (or any of their respective direct or indirect parent entities). 
  

 C-1 

 (vi) “Clark” shall mean Jeffrey D. Clark. 
 (vii) “Earn-out Term” shall have the meaning ascribed to it in Section (c) of this Exhibit C. 
 (viii) “Good Reason” shall have the meaning ascribed to it in the Employment, Non-Competition and Non-Solicitation
Agreement of Clark dated as of May 7, 2009. 
 (ix) “Incentive Bonus Pool Amount” shall have the meaning
ascribed to it in the Incentive Bonus Plan. 
 (x) “Profit,” for any particular fiscal year, shall mean the
consolidated profit of the Company and its subsidiaries, if any, determined in accordance with GAAP, applied consistent with past practices of the Company (but reflecting adjustments required by GAAP); provided, however, that the determination of
“Profit” shall not include: 
 (1) any extraordinary gain or loss that is mutually agreed upon by the Company and
Purchaser; 
 (2) any intercompany charges or allocations of general or administrative expenses between the Company and the
Purchaser Parties or the Purchaser Parties’ affiliates which have not been approved by the Principal Shareholders; 
 (3)
any amounts paid pursuant to the Incentive Bonus Plan; 
 (4) any legal fees, broker fees, insurance premiums or other costs
or expenses directly or indirectly incurred to facilitate the Contemplated Transactions, or any bonuses or similar payments paid prior to or on the Closing Date in connection with the Contemplated Transactions, including all such amounts as
reflected in the flow of funds memorandum which as been provided to the Purchaser herewith; 
 (5) any allocation of employee
benefits-related expenses from the Purchaser Parties or their affiliates which exceeds the actual per-capita cost of the benefits; 
 (6) any costs or expenses attributable to employees or independent contractors that are not approved by Clark and are on terms or conditions that are more burdensome to the Company than the terms and conditions prevailing in the industry
generally; 
 (7) any interest expense; 
 (8) any transactions between the Company and the Purchaser Parties or their affiliates that are not reflected on an arm’s length
basis; 

 (9) any costs and expenses associated with any audit regarding the Closing Date Net
Working Capital or any Earn-out Amount; and 
 (10) any federal, state or local income taxes. 
 For the avoidance of doubt, any increase in the historical depreciation and amortization expenses of the Company that is associated in any way with the
Section 338(h)(10) election for tax purposes (or associated in any way with any similar adjustments that may be required for GAAP) shall not be considered for purposes of determining “Profit.” 
 (xi) “Profit Margin,” for any particular fiscal year, shall mean the profit margin of the Company, for such fiscal year,
determined by dividing Profit by Revenue; provided however that for purposes of annually determining the profit margin of the Company for purposes of determining the applicable Profit Margin Modifier (see below) for the applicable year: 

 

	 	1.	In instances where the Revenue derived from a client is attributed to the Company pursuant to the provisions of this Exhibit C, but some or all of the services associated with such
Revenue are in fact being provided by the Purchaser (e.g., a client who contracted with the Company for services but which prefers to receive those services from the Milwaukee or Philadelphia offices of Purchaser), then for purposes of calculating
the Profit associated with such client, an amount for expenses equal to the average client profit margin of the Company multiplied by the revenues received from such client shall be subtracted from the revenues received from such client.

  

	 	2.	In instances where a client whose Revenues are not attributed to Company under the provisions of this Exhibit C, but which is receiving services from the Company (e.g., a client who
contracted with Purchaser for services but who prefers to receive those services from Company’s Ogden offices), then the Company’s expenses shall be reduced by an amount equal to the Company’s average expense ratio for such services,
multiplied by the revenues received from Purchaser from the client, for purposes of determining the Company’s annual Profit Margin. For the avoidance of doubt, the Revenue of such client is not included in the Company’s Revenue for
purposes of this Exhibit C. 

 (xii) “Profit Margin Modifier” shall mean: 
  

	 	(A)	During the first fiscal year of the Earn-out Term, a percentage, between 0% and 100%, inclusive, such that (a) a Profit Margin of less than 10% equates to a Profit Margin
Modifier of 0%, (b) a Profit Margin of 25% or more equates to a Profit Margin Modifier of 100%, and (c) a Profit Margin equal to or greater than 10% and less than 25% shall equal a Profit Margin Modifier equal to the percentage reflected
in the table below, with linear interpolation for all numbers between 10% and 25%. The table below sets forth examples reflecting the calculation of the Profit Margin Modifier. 

  

				
	 Profit Margin
	  	Profit
Margin
Modifier	 
	 25% or more
	  	100	% 
	 22.5%
	  	87.5	% 
	 20%
	  	75	% 
	 17.5%
	  	62.5	% 
	 15%
	  	50	% 
	 12.5%
	  	37.5	% 
	 10%
	  	25	% 
	 < 10%
	  	0	% 

	 	(B)	After the first fiscal year of the Earn-out Term, a percentage, between 0% and 100%, inclusive, such that (a) a Profit Margin of less than 10% equates to a Profit Margin
Modifier of 0%, (b) a Profit Margin of 40% or more equates to a Profit Margin Modifier of 100%, and (c) a Profit Margin equal to or greater than 10% and less than 40% shall equal a Profit Margin Modifier equal to the percentage reflected
in the table below, with linear interpolation for all numbers between 10% and 40%. The table below sets forth examples reflecting the calculation of the Profit Margin Modifier. 

  

				
	 Profit Margin
	  	Profit
Margin
Modifier	 
	 40% or more
	  	100	% 
	 35%
	  	87.5	% 
	 30%
	  	75	% 
	 25%
	  	62.5	% 
	 20%
	  	50	% 
	 15%
	  	37.5	% 
	 10%
	  	25	% 
	 < 10%
	  	0	% 

 (xiii) “Revenue,” for any particular fiscal year, shall mean the revenue of the
Company, for such fiscal year, determined in accordance with GAAP, and solely for purposes of determining Revenue Growth under the provisions of subsections (xiv) and (xv) below, adjusted as set forth in Section (b)(iv) of this Exhibit C.

 (xiv) “Revenue Multiplier,” for any particular fiscal year, shall mean
the number designated in the column titled “Revenue Multiplier” in the table below and corresponding to the Revenue Growth achieved by the Company with respect to such fiscal year, as reflected in the column entitled “Revenue
Growth.” 
  

			
	 Revenue Growth (RG)
	  	Revenue
Multiplier
	 RG < 0%
	  	0
	 0% < RG < 2.5%
	  	1
	 2.5% < RG < 5%
	  	2
	 5% < RG <10%
	  	3
	 10% < RG < 15%
	  	3.5
	 15% < RG < 20%
	  	4
	 20% < RG < 25%
	  	5
	 25% < RG <30%
	  	6
	 30% < RG
	  	7

 (xv) “Revenue Growth,” for any particular fiscal year, shall be
calculated as follows: 
  

	 	(A)	the difference between (x) Revenue for such current fiscal year, minus (y) Revenue for the prior fiscal year, 

  

	 	(B)	divided by Revenue for the prior fiscal year. 

 For
the avoidance of doubt, Revenue Growth for the Company’s first fiscal year 2010 (covering the period from May 1, 2009 through April 30, 2010) shall be calculated by dividing (A) the difference between (x) the Revenue for the
fiscal year 2010 and (y) Base Revenue by (B) Base Revenue. 
 (b) Adjustments to “Revenue” Solely for purposes of
determining the Revenue Growth used to compute the Revenue Multiplier used to compute the Earn-out Amounts, the parties agree that the following adjustments shall be made to “Revenue” ; for the avoidance of doubt, none of the adjustments
provided for in this subsection (b) shall be applicable in any determination of the “Revenue” referenced in subsection (d)(i)(a) below: 
 (i) “Existing UMBFS Customer” means any entity that, as of the Closing Date, both: (a) is currently receiving services from the Purchaser, and (b) has already received a bill for such
services. 
 (ii) “UMBFS Prospect” means any entity on the written list of prospects separately agreed to by
the parties. 
 (iii) “Existing UMBFS Alternative Investment Revenue” means Revenues received by UMBFS in
consideration of its provisions of alternative investment services, from Existing UMBFS Customers, but does not include any Revenues associated with any additional funds, accounts, or other collective investment vehicle advised by or associated with
Hatterus Capital Investment Management, LLC or Hatterus Capital Investment Partners, LLC or any of their affiliates for which Purchaser may be hereafter retained to provide services; for the avoidance of doubt, it is agreed that Existing UMBFS
Alternative Investment Revenue does not include Revenues associated with any UMBFS Prospect and does not include any Revenues received by UMB Bank N.A. for custody, cash management or other services (other than services provided by the
Company). 

 (iv) The parties agree that the Existing UMBFS Alternative Investment Revenues will be
deemed to be included within the “Revenue” of the Company solely for the purposes of the computation of the applicable Revenue Growth and Revenue Multiplier provided for in section (a) (xiv) and (xv) above. 
 (c) Earn-out Hurdles. The Earn-out Amounts shall be determined for each of the Company’s fiscal years ending in 2010, 2011, 2012 and
2013 (the “Earn-out Term”). The Company’s fiscal year shall be from May 1 through April 30 for each year, starting May 1, 2009 for the 2010 fiscal year, May 1, 2010 for the 2011 fiscal year, and so forth.
The Earn-out Amount with respect to any particular fiscal year during the Earn-out Term shall be subject to the Company’s achievement of the following two (2) hurdles during such fiscal year: 
 (i) Revenue Growth equal to or greater than 0% during such fiscal year; and 
 (ii) Profit Margin equal to or greater than 10% during such fiscal year. 
 (d) Calculation of Earn-out Amounts; Allocation of Earn-out Amounts as between Incentive Bonus Pool Amount and Additional Purchase Price Amount.

 (i) If, with respect to any particular fiscal year during the Earn-out Term, the Company meets or exceeds the hurdles
described in Section (c) of this Exhibit C, then, subject to the set-off rights set forth in Section 10.3(b), the Purchaser shall pay to the Selling Shareholders an aggregate amount (the “Additional Purchase Price
Amount”) as follows for such fiscal year: 
 (a) the Revenue for such fiscal year, multiplied by 
 (b) the Revenue Multiplier for such fiscal year; multiplied by 
 (c) the Profit Margin Modifier for such fiscal year; and that product then divided by  
 (d) eight
(8) (the quotient of (c) and (d) is the “Earn-out Amount”); and 
 (e) such Earn-out Amount then reduced by
the Incentive Bonus Pool Amount. 
 (ii) At the same time any Additional Purchase Price Amount is paid to the Selling
Shareholders, the Incentive Bonus Pool Amount (net of any applicable Tax withholdings) shall be paid to applicable Managing Directors and the Key Company Employees pursuant to the Incentive Bonus Plan. 
 The Additional Purchase Price Amount shall be allocated and paid to the Selling Shareholders in the same relative proportions as payments made pursuant to
Section 2.2(a). 

 (iii) Notwithstanding anything to the contrary in this Agreement (including this
Exhibit C): 
 (a) if the Company, directly or indirectly, sells, exchanges or otherwise disposes of any material portion
of its assets or liabilities, other than in the ordinary course of business (a “Material Disposition”), then the revenues associated with such assets, or the liabilities associated with such expenses, shall be disregarded for
purposes of computing Revenues, Earn-out Amounts, Revenue Growth, Additional Purchase Price Amounts, Incentive Bonus Pool Amounts and all other computations made pursuant to this Exhibit C for the relevant partial or whole year or years following
such sale, exchange or disposition during the Earn-out Term; and 
 (b) if the Company or Purchaser, directly or indirectly,
purchases, exchanges or otherwise acquires any material assets or liabilities other than in the ordinary course of business (a “Material Acquisition”), then the revenues associated with such assets, or the liabilities associated
with such expenses, shall be disregarded for purposes of computing Revenues, Earn-out Amounts, Revenue Growth, Additional Purchase Price Amounts, Incentive Bonus Pool Amounts and all other computations made pursuant to this Exhibit C for the
relevant partial or whole year or years following such purchase, exchange or acquisition during the Earn-out Term. 
 (e) Audit and
Financial Statements. For the purpose of determining the Earn-out Amount for each year during the Earn-out Term, the Company’s financial statements shall be audited in accordance with GAAP and adjusted as set forth in Section (b)(iv) of
this Exhibit C, applied consistent with past practices of the Company (subject to adjustments for GAAP) by an independent certified public accounting firm of Purchaser’s and the Selling Shareholders’ joint selection. Within sixty
(60) days after each of April 30, 2010, 2011, 2012 and 2013, such accounting firm shall determine the Revenue, Revenue Growth, Profit, Profit Margin and Earn-out Amount with respect to such prior fiscal year from the results of each such
audit and consistent with the terms of this Agreement (including this Exhibit C), and shall furnish the Principal Shareholders and Purchaser with a true, correct and complete copy of such audit and such determination. Each party agrees to
cooperate in, and to provide all information necessary or reasonably requested by such accounting firm in connection with, the conduct of such audit. 
 In addition, the parties agree that the Selling Shareholders shall pay rent at fair market rates for any space utilized by them (other than in their capacities as employees or agents of the Company) or by any of their
companies and Praesideo shall pay fees at fair market rates for the Company services utilized. Any dispute arising from or relating to any of the Earn-out Amounts shall be resolved in accordance with the dispute resolution provisions of this
Agreement of which this Exhibit C is a part. Purchaser shall pay Additional Purchase Price Amounts that are due in accordance with this Exhibit C to the Selling Shareholders within thirty (30) days following the Purchaser’s
receipt of the aforementioned audit and determination by the accounting firm, and Purchaser shall make payment of Additional Purchase Price Amounts by wire transfer of immediately available funds to such accounts as the Shareholder Representative
shall direct. 

 (f) Computation of Earn-out Payments in the Event of a Public Offering, a Change in Control or
Involuntary Termination. 
 (i) Upon Public Offering. If, on or prior to the end of the Earn-out Term,
(A) Purchaser, the Company or any of their respective successors, consummates any transaction involving the registration and underwritten sale of shares of common stock or securities convertible into or exchangeable for common stock of any of
such entities, resulting in gross proceeds to any of such entities of at least $50 million, and (B) the Company terminates Clark’s employment without Cause or Clark voluntarily terminates his employment with the Company (other than
for Good Reason), then the Purchaser shall pay the Selling Shareholders Additional Purchase Price Amounts (not already paid) and shall also pay the Managing Directors and the Key Company Employees the Incentive Bonus Pool Amounts computed based upon
the greater of (X) a Revenue Multiplier of 4.5 and a profit multiplier of 100%, or (Y) the actual Revenue Multiplier and profit multiplier for each remaining period (the “Adjusted Earn-out Payments Metrics”) and in
accordance with the time frames set forth in Subsection (e) above. 
 (ii) Change of Control. If, on or
prior to the end of the Earn-out Term, (A) a Change in Control occurs, and (B) the Company terminates Clark’s employment without Cause or Clark terminates his employment with the Company for Good Reason, then the Purchaser shall pay
the Selling Shareholders the Additional Purchase Price Amounts (not already paid) computed based upon the greater of the Adjusted Earn-out Payments Metrics and in accordance with the time frames set forth in Subsection (e) above and shall also
pay the Managing Directors and the Key Company Employees the Incentive Bonus Pool Amounts computed using the Adjusted Earn-out Payments Metrics and in accordance with time frames set forth in Subsection (e) above. 
 (iii) Payments Upon Termination of Employment Without Cause or For Good Reason. If the Company terminates Clark’s
employment without Cause or Clark terminates his employment with the Company for Good Reason, then the Purchaser shall pay the Selling Shareholders the Additional Purchase Price Amounts (not already paid) computed based upon the greater of the
Adjusted Earn-out Payments Metrics and in accordance with the time frames set forth in Subsection (e) above and shall also pay the Managing Directors and the Key Company Employees the Incentive Bonus Pool Amounts computed using the Adjusted
Earn-out Payments Metrics and in accordance with the time frames set forth in Subsection (e) above. 
 (iv)
Termination of Employment For Cause; Voluntary Termination. If the Company terminates Clark’s employment for Cause or if Clark voluntarily terminates his employment with the Company (without Good Reason), then the Earn-out Amounts
will continue to be calculated and be payable in accordance with Subsections (d) and (e) of this Exhibit C. 

 (g) Certain Additional Covenants. The Principal Shareholders and the Purchaser covenant that, at
all times during the Earn-out Term: 
 (i) Purchaser agrees that it will not dissolve, liquidate, cease, or wind-up the
operations of the Company (and shall cause the Company not to be dissolved or liquidated or its business or affairs, in whole or in substantial part, ceased or wound-up); provided, however, that the Purchaser may merge or consolidate the Company in
the event Clark is no longer with the Company or for valid business reasons; provided, further, that any such merger or consolidation is subject to approval by Clark, which approval shall not be unreasonably withheld; 
 (ii) Purchaser and the Principal Shareholders agree that they will act in good faith, with reasonable diligence and will use commercially
reasonable efforts consistent with the overall financial and business objectives and requirements of the Company and Purchaser to facilitate the achievement of the earn-out; and 
 (iii) If Clark’s employment with the Company is terminated without Cause or Clark terminates his employment for Good Reason,
Purchaser agrees to continue to calculate the Earn-out Amounts in a manner consistent with GAAP and this Schedule C and the methods of calculation used by the parties prior to any such termination, subject to adjustments to reflect GAAP and to the
following covenants: 
 (A) to operate and price the Company’s services consistent with the Company’s past practices
and the overall financial and business objectives and requirements of the Company and Purchaser or as consented to by Clark, such consent not to be unreasonably withheld; and 
 (B) to provide such reasonable funding to the Company as the parties mutually agree is reasonably necessary for the Company to achieve the
Earn-out Amounts. 
 (iv) During the Earn-out Term and for as long as Clark is employed by the Company, Purchaser agrees to
maintain Clark on the Board and the board of directors of Purchaser. If Clark’s employment with the Company is terminated without Cause or Clark terminates his employment for Good Reason, Purchaser agrees to grant Clark observation rights on
the Board and the board of directors of Purchaser during the remainder of the Earn-out Term. If Clark is terminated for Cause or terminates his employment without Good Reason, Purchaser shall have no obligation to either maintain Clark on the Board
or the board of directors of Purchaser or to provide him with any board observer rights on such boards of directors. 

 EXHIBIT D 
 [RESERVED] 
  

 D-1 

 EXHIBIT E 
 Key Company Employees 
 Michelle Jensen 
 Chad J. Allen 
 Jerry A. Wright 
 Jill L. Calton 
 Kenneth Lower 
 Monica J. Christensen

 Amy E. Nuttall 
 Callie McDaniel 
 Katie Brown 
 Melanie L. Conger 
 Spencer Erickson 
 Chelsea Chen 
 Brittany Allred 
 Michael Siler 
 Troy Joosten 
 Tyler Barker 
 Josh Clark 
 Cindy Murray 
 Jeremy Woodward 
  

 E-1 

 EXHIBIT F  
 Purchase Price Allocation 
 Pursuant to Section 8.6(c) of the Agreement, the Selling
Shareholders and the Purchaser will allocate the Purchase Price paid to the Selling Shareholders among the assets of the Company according to an allocation that is mutually agreeable to the parties and that is consistent with applicable law
(including applicable Treasury Regulations under Section 338 of the Code). For purposes of performing such allocation of the Purchase Price, the parties agree that the amount to be allocated to any of the Company’s Class IV and Class V
assets shall be approximately equal to the current book value shown on the March 31, 2009 balance sheet prepared as part of the Interim Financial Statements, and the parties currently anticipate that the aggregate amount to be allocated to the
non-competition agreements of the Selling Shareholders shall not exceed $1,500,000 (One Million Five Hundred Thousand Dollars). 
  

 F-1

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