Document:

Document

Exhibit 4.3

															
					
					

GREAT WESTERN BANCORP, INC.

Issuer

And

U.S. BANK NATIONAL ASSOCIATION

Trustee

INDENTURE

Dated as of [ ]

SUBORDINATED DEBT SECURITIES
															
					
					

						
	CROSS-REFERENCE TABLE	
	CERTAIN SECTIONS OF THIS INDENTURE RELATING TO	
	SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE	
	TRUST INDENTURE ACT OF 1939	
		
	Trust Indenture Act Section	Indenture Section
	§310(a)(1)	609
	(a)(2)	609
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	609
	(b)	608; 610
	§311(a)	613
	(b)	613
	§312(a)	701; 702
	(b)	702
	(c)	702
	§313(a)	703
	(b)	703
	(c)	703
	(d)	703
	§314(a)	704
	(a)(1)	704
	(a)(2)	704
	(a)(3)	704
	(a)(4)	1004
	(b)	Not Applicable
	(c)(1)	102
	(c)(2)	102
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	102
	(f)	Not Applicable
	§315(a)	601, 603
	(b)	602
	(c)	601
	(d)	601
	(e)	514
	§316(a)	101
	(a)(1)(A)	502; 512
	(a)(1)(B)	513
	(a)(2)	Not Applicable
	(b)	508
	(c)	104
	§317(a)(1)	503
	(a)(2)	504
	(b)	1003
	§318(a)	107
	NOTE: This table shall not, for any purpose, be deemed to be a part of the Indenture.	
	________________________________________	

						
	TABLE OF CONTENTS	
		
		Page
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1

	Section 1.01. Definitions	1

	Section 1.02. Compliance Certificates and Opinions	5

	Section 1.03. Form of Documents Delivered to Trustee	6

	Section 1.04. Acts of Holders; Record Dates	7

	Section 1.05. Notices, Etc., to Trustee and Company	8

	Section 1.06. Notice to Holders; Waiver	8

	Section 1.07. Conflict with Trust Indenture Act	8

	Section 1.08. Effect of Headings and Table of Contents	8

	Section 1.09. Successors and Assigns	8

	Section 1.10. Separability Clause	9

	Section 1.11. Benefits of Indenture	9

	Section 1.12. Governing Law	9

	Section 1.13. Legal Holidays	9

	Section 1.14. Language of Notices, Etc.	9

	Section 1.15. Interest Limitation	9

	Section 1.16. No Personal Liability of Officers, Directors, Employees or Shareholders	10

	Section 1.17. Applicability of Depositary	10

	Section 1.18. Duplicate Originals; Electronic Delivery	10

	ARTICLE II SECURITY FORMS	10

	Section 2.01. Forms Generally	10

	Section 2.02. Form of Face of Security	11

	Section 2.03. Form of Reverse of Security	13

	Section 2.04. Global Securities	16

	Section 2.05. Form of Trustee’s Certificate and Authorization	16

	ARTICLE III THE SECURITIES	16

	Section 3.01. Amount Unlimited; Issuable in Series	17

	Section 3.02. Denominations	19

	Section 3.03. Execution, Authentication, Delivery and Dating	19

	Section 3.04. Temporary Securities	20

	Section 3.05. Registration, Registration of Transfer and Exchange	21

	Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities	22

	Section 3.07. Payment of Interest; Interest Rights Preserved	22

	Section 3.08. Persons Deemed Owners	23

	Section 3.09. Cancellation	24

	Section 3.10. Computation of Interest	24

	Section 3.11. CUSIP Numbers	24

	ARTICLE IV SATISFACTION AND DISCHARGE	24

	Section 4.01. Satisfaction and Discharge of Indenture	24

	Section 4.02. Application of Trust Money	25

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	TABLE OF CONTENTS	
		
	ARTICLE V DEFAULTS AND REMEDIES	25

	Section 5.01. Events of Default	25

	Section 5.02. Acceleration of Maturity; Rescission and Annulment	26

	Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee	27

	Section 5.04. Trustee May File Proofs of Claim	27

	Section 5.05. Trustee May Enforce Claims Without Possession of Securities	27

	Section 5.06. Application of Money Collected	28

	Section 5.07. Limitation on Suits	28

	Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest	28

	Section 5.09. Restoration of Rights and Remedies	28

	Section 5.10. Rights and Remedies Cumulative	29

	Section 5.11. Delay or Omission Not Waiver	29

	Section 5.12. Control by Holders	29

	Section 5.13. Waiver of Past Defaults	29

	Section 5.14. Undertaking for Costs	30

	ARTICLE VI THE TRUSTEE	30

	Section 6.01. Certain Duties and Responsibilities	30

	Section 6.02. Notice of Defaults	31

	Section 6.03. Certain Rights of Trustee	31

	Section 6.04. Not Responsible for Recitals or Issuance of Securities	32

	Section 6.05. May Hold Securities	32

	Section 6.06. Money Held in Trust	32

	Section 6.07. Compensation and Reimbursement	32

	Section 6.08. Disqualification; Conflicting Interests	33

	Section 6.09. Corporate Trustee Required; Eligibility	33

	Section 6.10. Resignation and Removal; Appointment of Successor	34

	Section 6.11. Acceptance of Appointment by Successor	35

	Section 6.12. Merger, Conversion, Consolidation or Succession to Business	35

	Section 6.13. Preferential Collection of Claims Against Company	35

	Section 6.14. Appointment of Authenticating Agent	36

	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY	37

	Section 7.01. Company to Furnish Trustee Names and Addresses of Holders	37

	Section 7.02. Preservation of Information; Communications to Holders	37

	Section 7.03. Reports by Trustee	37

	Section 7.04. Reports by Company	37

	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	37

	Section 8.01. Company May Consolidate, Etc., Only on Certain Terms	38

	Section 8.02. Successor Substituted	38

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	TABLE OF CONTENTS	
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	38

	Section 9.01. Supplemental Indentures Without Consent of Holders	39

	Section 9.02. Supplemental Indentures with Consent of Holders	39

	Section 9.03. Execution of Supplemental Indentures	40

	Section 9.04. Effect of Supplemental Indentures	40

	Section 9.05. Conformity with Trust Indenture Act	40

	Section 9.06. Reference in Securities to Supplemental Indentures	40

	ARTICLE X COVENANTS	40

	Section 10.01. Payment of Principal, Premium and Interest	41

	Section 10.02. Maintenance of Office or Agency	41

	Section 10.03. Money for Securities Payments to Be Held in Trust	41

	Section 10.04. Statement by Officers as to Default; Change in Fiscal Year	42

	Section 10.05. Waiver of Certain Covenants	42

	ARTICLE XI REDEMPTION OF SECURITIES	42

	Section 11.01. Applicability of Article	43

	Section 11.02. Election to Redeem; Notice to Trustee	43

	Section 11.03. Selection by Trustee of Securities to be Redeemed	43

	Section 11.04. Notice of Redemption	43

	Section 11.05. Deposit of Redemption Price	44

	Section 11.06. Securities Payable on Redemption Date	44

	Section 11.07. Securities Redeemed in Part	44

	ARTICLE XII SINKING FUNDS	44

	Section 12.01. Applicability of Article	45

	Section 12.02. Satisfaction of Sinking Fund Payments with Securities	45

	Section 12.03. Redemption of Securities for Sinking Fund	45

	ARTICLE XIII DEFEASANCE	45

	Section 13.01. Applicability of Article	46

	Section 13.02. Legal Defeasance	46

	Section 13.03. Covenant Defeasance	47

	Section 13.04. Application by Trustee of Funds Deposited for Payment of Securities	48

	Section 13.05. Repayment to Company	48

	Section 13.06. Reinstatement	48

	ARTICLE XIV SUBORDINATION OF SECURITIES	49

	Section 14.01. Securities Subordinated to Senior Debt	49

iii

INDENTURE dated as of [•], between GREAT WESTERN BANCORP, INC., a Delaware corporation (the “Company”), having its principal office at 225 S. Main Ave., Sioux Falls SD 57104, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America (the “Trustee”), having a corporate trust office at 60 Livingston Ave., St. Paul, MN 55107, Attn: Great Western Bank Administrator.
RECITALS OF THE COMPANY
The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured subordinated debentures, notes or other evidences of indebtedness (to the extent authenticated and delivered under this Indenture, the “Securities”), to be issued in one or more series as provided in this Indenture.
All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.
This Indenture is subject to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent applicable, shall be governed by such provisions.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows:

ARTICLE I
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101. Definitions
For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:
(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;
(2) all other terms used herein which are defined in the Trust Indenture Act, 
(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;
(4) the word “including” means “including without limitation”;
(5) the words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and
(6) the words “Article” and “Section” refer to an Article and Section, respectively, of this Indenture.
“Act”, when used with respect to any Holder, has the meaning specified in Section 104.  
“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities of one or more series.
“Authorized Newspaper” means a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the financial community of such place.
1

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors or the protection of creditors.
“Board of Directors” means:
(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board;
(2) with respect to a partnership, the Board of Directors of the general partner of the partnership;
(3) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and
(4) with respect to any other Person (including a business trust), the board of trustees or committee of such Person serving a similar function.
“Board Resolution” means a copy of a resolution certified by the Corporate Secretary of the Company, the principal financial officer of the Company or any other authorized officer of the Company or a Person duly authorized by any of them, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities and the forms and terms thereof), such action may be taken by any committee, officer or employee of the Company authorized to take such action by the Board of Directors as evidenced by a Board Resolution.
“Business Day”, when used with respect to any Place of Payment or other location, means, except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or other location are authorized or obligated by law, executive order or regulation to close.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then any body performing such duties at such time.
“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.
“Company Request” or “Company Order” means a written request or order signed in the name of the Company by any one of the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the President, a Vice President, the Chief Financial Officer, the Chief Accounting Officer or the Controller of the Company, and by any one of the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.
“Corporate Trust Office” means the office of the Trustee located at U.S. Bank National Association, Attn: Great Western Bank Administrator, 60 Livingston Ave., St. Paul, MN 55107, or at such other address as the Trustee shall have notified to the Company and the Holders.
“Corporation” means a corporation, association, partnership (general or limited), limited liability company, joint-stock company or business trust.
“Covenant Defeasance” has the meaning specified in Section 13.03.
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
“Debt” means any debt for money borrowed.
“Default” means, with respect to a series of Securities, any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.
“Defaulted Interest” has the meaning specified in Section 3.07.
“Defeasance” has the meaning specified in Section 13.02.
“Definitive Security” means a Security other than a Global Security or a temporary Security.
2

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter shall mean or include each Person which is then a Depositary hereunder, and if at any time there is more than one such Person, shall be a collective reference to such Persons.
“Dollar” or “$” means such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.
“DTC” has the meaning specified in Section 1.04.
“Event of Default” has the meaning specified in Section 5.01.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any statute successor thereto.
“Fiscal Year” means, with respect to the Company, each 12-month period beginning on October 1 and ending on September 30.
“GAAP” means accounting principles generally accepted in the United States, consistently applied, as from time to time in effect.
“Global Security” means a Security in global form that evidences all or part of the Securities of any series and is registered in the name of the Depositary for such Securities or a nominee thereof.
“Holder” means a Person in whose name a Security is registered in the Security Register.
“Indenture” means this instrument as originally executed or as it may from time to time be amended, supplemented or otherwise modified in accordance herewith, including by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 3.01.
“Interest” means, with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, interest payable after Maturity.
 “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.
“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.
“Officers’ Certificate” of a Person means a certificate signed by any two of the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the President, a Vice President, the Chief Financial Officer, the Chief Accounting Officer, the Controller, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Person, or if such Person is a partnership, of its general partner, and delivered to the Trustee. One of the officers or such other Persons (as applicable) signing an Officers’ Certificate given pursuant to Section 10.04 shall be the principal executive, financial or accounting officer of the Person, or if such Person is a partnership, of its general partner.
“Opinion of Counsel” means a written opinion of legal counsel, who may be an employee of or counsel for the Company, which opinion shall comply with the provisions of Sections 1.02 and 1.03.
“Original Issue Discount Security” means any Security which provides for an amount less than the stated principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.
3

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except:
(1) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;
(2) Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided, however, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor has been made;
(3) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; and
(4) Securities, except to the extent provided in Sections 13.02 and 13.03, with respect to which the Company has effected Defeasance or Covenant Defeasance as provided in Article XIII;
provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 502, (B) the principal amount of a Security denominated in one or more currencies or currency units other than Dollars shall be the Dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 301 on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent (as so determined) on the date of original issuance of such Security, of the amount determined as provided in clause (A) above) of such Security, and (C) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee actually knows to be so owned shall be so disregarded. Securities so owned as described in clause (C) above which have been pledged in good faith may be regarded as Outstanding if the pledgee certifies to the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.
“Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.
“Periodic Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any, with respect thereto, and any other terms specified as contemplated by Section 3.01 with respect thereto, are to be determined by the Company upon the issuance of such Securities.
“Person” means any individual, Corporation, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof.
“Place of Payment”, when used with respect to the Securities of any series, means, unless otherwise specifically provided for with respect to such series as contemplated by Section 3.01, the office specified as such in Section 10.02 and such other place or places where, subject to the provisions of Section 10.02, the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.01.
“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same Debt as the mutilated, destroyed, lost or stolen Security.
4

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.
“Redemption Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed, determined for such Security pursuant to this Indenture, as contemplated by Section 3.01 and/or by the terms of such Security.
“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301.
“Securities” has the meaning specified in the first recital of this Indenture.
“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05.
“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.
“Stated Maturity”, when used with respect to the principal of any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable, and does not include any contingent obligation to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.
“Subsidiary” means, with respect to any Person, any entity of which more than 50% of the total voting power of the equity interests entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof; or any partnership of which more than 50% of the partners’ equity interests, considering all partners’ equity interests as a single class, is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or combination thereof.
“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force on the date as of which this instrument was executed, except as otherwise provided in Section 9.05; provided, however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.
“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture, until a successor Trustee shall have replaced it pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder. If at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean each Trustee with respect to Securities of that series.
“U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, each of which are not callable or redeemable at the option of the issuer thereof.

Section 1.02. Compliance Certificates and Opinions
Upon any application or request by the Company to the Trustee to take or refrain from taking any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by officers of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.
5

Every Officers’ Certificate or Opinion of Counsel (except for certificates provided for in Section 10.04) shall include:
(1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto,
(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(3) a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

Section 1.03. Form of Documents Delivered to Trustee
In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.
Any certificate or opinion of an officer of or counsel for the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.
Any certificate or opinion of an officer of or counsel for the Company may be delivered electronically.
Whenever, subsequent to the receipt by the Trustee of any Board Resolution, Officers’ Certificate, Opinion of Counsel or other document or instrument, a clerical, typographical or other inadvertent or unintentional error or omission shall be discovered therein, a new document or instrument may be substituted therefor in corrected form with the same force and effect as if originally received in the corrected form and, irrespective of the date or dates of the actual execution and/or delivery thereof, such substitute document or instrument shall be deemed to have been executed and/or delivered as of the date or dates required with respect to the document or instrument for which it is substituted. Without limiting the generality of the foregoing, any Securities issued under the authority of such defective document or instrument shall nevertheless be the valid obligations of the Company entitled to the benefits of this Indenture equally and ratably with all other Outstanding Securities.
6

Section 1.04. Acts of Holders; Record Dates
Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 3.15 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.
Without limiting the generality of the foregoing, a Holder, including a Depositary that is a Holder of a Global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security. With respect to any Global Security the Depositary for which is The Depository Trust Company (“DTC”), any consent or other action given, made or taken by an “agent member” of DTC by electronic means in accordance with the Automated Tender Offer Procedures system or other applicable procedures of, and pursuant to authorization by, DTC shall be deemed to constitute the “Act” of the Holder of such Global Security, and such Act shall be deemed to have been delivered to the Company and the Trustee upon the delivery by DTC of an “agent’s message” or other notice of such consent or other action having been so given, made or taken in accordance with the applicable procedures of DTC.
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such Person the execution thereof. Where such execution is by a signer acting in a capacity other than the signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of the signer’s authority. The fact and date of the execution of any such instrument or writing or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.
The ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s holding the same, shall be proved by the Security Register.
Any request, demand, authorization, direction, notice, consent, waiver or other action of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security.
Without limiting the foregoing, a Holder entitled hereunder to give or take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal amount.
The Company may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders of Securities of such series, but the Company shall have no obligation to do so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the relevant action, whether or not such Holders remain Holders after such record date.
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Section 1.05. Notices, Etc., to Trustee and Company
Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with
(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made in writing and actually received by the Trustee at its office at U.S. Bank National Association, Attn: Great Western Bank Administrator, 60 Livingston Ave., St. Paul, MN 55107, or at any other address previously furnished in writing by the Trustee, or
(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company, addressed to it at 225 S. Main Ave., Sioux Falls SD 57104, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Trustee by the Company.

Section 1.06. Notice to Holders; Waiver
Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid (if international mail, by air mail), to each Holder affected by such event, at its address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
In case of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.
Where this Indenture provides for notice or other communication with respect to any event to a Holder of a Global Security, such notice or other communication shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its applicable procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice or other communication.

Section 1.07. Conflict with Trust Indenture Act
If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.

Section 1.08. Effect of Headings and Table of Contents
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

Section 1.09. Successors and Assigns
All covenants and agreements in this Indenture and the Securities by the Company shall bind its successors and assigns, whether so expressed or not. All covenants and agreements in this Indenture and the Securities by the Trustee shall bind its successors and assigns, whether so expressed or not.
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Section 1.10. Separability Clause
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 1.11. Benefits of Indenture
Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of any designated senior debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 1.12. Governing Law
This Indenture and the Securities shall be governed by and construed in accordance with the law of the state of New York without reference to its principles of conflict of laws (other than Section 5-1401 of the General Obligations Law).

Section 1.13. Legal Holidays
In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of the Securities of any series which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

Section 1.14. Language of Notices, Etc.
Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.

Section 1.15. Interest Limitation
It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest.
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The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.

Section 1.16. No Personal Liability of Officers, Directors, Employees or Shareholders
Obligations of the Company under this Indenture and the Securities hereunder are payable only out of cash flow and assets of the Company. The Trustee, and each Holder of a Security by its acceptance thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Company under this Indenture or such Securities by reason of his, her or its status. The agreements set forth in this Section are part of the consideration for the issuance of the Securities.

Section 1.17. Applicability of Depositary
Notwithstanding any other provision of this Indenture, so long as a series of Securities is a Global Security, the parties hereto will be bound at all times by the applicable procedures of the Depositary with respect to such series, and the Trustee shall not be deemed to have knowledge, at any time, of the identity of the beneficial owners of the Securities unless it shall have been provided with a list of the beneficial owners by the Depository as of such time.

Section 1.18. Duplicate Originals; Electronic Delivery
The parties may execute any number of counterparts of this Indenture and of any indenture supplemental hereto. Each executed copy hereof or thereof shall be an original, but all of such copies together shall represent one and the same instrument. The exchange of copies hereof or thereof and of signature pages hereto or thereto by facsimile or electronic format (e.g., .pdf or .tif) transmission shall constitute effective execution and delivery as to the respective parties hereto or thereto, and may be used in lieu of the original such document for all purposes. Signatures of the parties hereto or thereto transmitted by facsimile or electronic format (e.g., .pdf or .tif) shall be deemed to be original signatures for all purposes.

ARTICLE II
SECURITY FORMS

Section 2.01. Forms Generally
The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of any securities exchange or automated quotation system on which the Securities of such series may be listed or traded or of any Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities. Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form by the Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities in that form.
The Definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.
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Section 2.02. Form of Face of Security
The form of the Securities shall be as follows:
[Insert any legend required by the United States Internal Revenue Code and the regulations thereunder.]
[If a Global Security, insert legend required by Section 2.04 of the Indenture]
[If applicable, insert-UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
GREAT WESTERN BANCORP, INC.
[TITLE OF SECURITY]
						
	No.	$

[CUSIP No.] 
GREAT WESTERN BANCORP, INC., a Delaware corporation (together with any successor thereto under the Indenture hereinafter referred to, the “Company”), for value received, hereby promises to pay to [ ], or registered assigns, the principal sum of [ ] United States Dollars [state other currency] on [ ] [if the Security is to bear interest prior to Maturity, insert-, and to pay interest thereon from [ ], or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on [ ] and [ ] in each year, commencing [ ], at the rate of [ ] % per annum, until the principal hereof is paid or made available for payment [if applicable, insert-, and at the rate of [ ] % per annum on any overdue principal and premium and on any overdue installment of interest]. [If applicable, insert-The amount of interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean, when used with respect to any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law, executive order or regulation to close.] The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the [ ] or [ ] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in such Indenture].
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[If the Security is not to bear interest prior to Maturity, insert-The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of [ ]% per annum, which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of [ ]% per annum, which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]
[If a Global Security, insert-Payment of the principal of [(and premium, if any)] and [if applicable, insert-any such] interest on this Security will be made by transfer of immediately available funds to a bank account in [ ] designated by the Holder in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts [state other currency].]
[If a Definitive Security, insert-Payment of the principal of [(and premium, if any)] and [if applicable, insert-any such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in [ ], [in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Company (as provided in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of [ ] in [ ] and [ ] in [ ], or at such other offices or agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in [ ] (so long as the applicable Paying Agent has received proper transfer instructions in writing at least [ ] days prior to the payment date)] [if applicable, insert-; provided, however, that payment of interest may be made at the option of the Company by [United States Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar] [state other currency] account maintained by the payee with a bank in [ ] [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to the applicable Interest Payment Date)].]
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
															
	Dated:				
					
				GREAT WESTERN BANCORP, INC.	
					
				By:	
				Name:	
				Title:	

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Section 2.03. Form of Reverse of Security
The form of the reverse side of the Securities shall be as follows:
This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture dated as of [ ] (the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (together with any successor trustee under the Indenture, the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee, the holders of any designated senior debt and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is one of the series designated on the face hereof [if applicable, insert-, limited in aggregate principal amount to U.S. $ [ ]].
[If applicable, insert-The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert-(1) on in any year commencing with the year [ ] and ending with the year [ ] through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert-on or after [ ]], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert-on or before [ ], [ ]%, and if redeemed] during the 12-month period beginning [ ] of the years indicated,
															
	Year		Redemption Price for Redemption Through Operation of the Sinking Fund		Redemption Price for Redemption Otherwise Than Through Operation of Sinking Fund
					

and thereafter at a Redemption Price equal to [ ]% of the principal amount, together in the case of any such redemption [if applicable, insert-(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]
 [If applicable, insert-The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, (1) on [ ] in any year commencing with the year [ ] and ending with the year [ ] through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert-on or after [ ]], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning of the years indicated,
															
	Year		Redemption Price for Redemption Through Operation of the Sinking Fund		Redemption Price for Redemption Otherwise Than Through Operation of Sinking Fund
					

and thereafter at a Redemption Price equal to [ ] % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]
[If applicable, insert-The sinking fund for this series provides for the redemption on [ ] in each year beginning with the year [ ] and ending with the year [ ] of [if applicable,-not less than $[ ] (“mandatory sinking fund”) and not more than] $[ ] aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable,-mandatory] sinking fund payments may be credited against subsequent [if applicable,-mandatory] sinking fund payments otherwise required to be made [if applicable,-in the inverse order in which they become due].]
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[If the Security is subject to redemption in part of any kind, insert-In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]
[If applicable, insert-The Securities of this series are not redeemable prior to Stated Maturity.]
[If the Security is not an Original Issue Discount Security, insert-If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.]
[If the Security is an Original Issue Discount Security, insert-If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to-insert formula for determining the amount. Upon payment (1) of the amount of principal so declared due and payable, and (2) of interest on any overdue principal and overdue interest, all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.]
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of not less than the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as one class), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture. The Indenture permits, with certain exceptions as therein provided, the Holders of a majority in principal amount of Securities of any series then Outstanding to waive past defaults under the Indenture with respect to such series and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee, the Trustee shall have been offered indemnity reasonably satisfactory to it, the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or [any premium or] interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall, without the consent of the Holder, alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and [any premium and] interest on this Security at the times, place(s) and rate, and in the coin or currency, herein prescribed, except for Section 1.15 of the Indenture (which limits interest to the maximum amount permissible by law), the provisions of which are incorporated herein by reference.
[If a Global Security, insert-This Global Security or portion hereof may not be exchanged for Definitive Securities of this series except in the limited circumstances provided in the Indenture.
The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not be considered the Holders thereof for any purpose under the Indenture.]
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[If a Definitive Security, insert-As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in [if applicable, insert-any place where the principal of and any premium and interest on this Security are payable] [if applicable, insert-[ ] [, or, subject to any laws or regulations applicable thereto and to the right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of [ ] in [ ] and in [ ] or at such other offices or agencies as the Company may designate]], duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.]
The Securities of this series are issuable only in registered form without coupons in denominations of U.S. $ [state other currency] and any integral multiple in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
This Security is subordinated in right of payment to any designated senior debt, to the extent provided in the Indenture.
Obligations of the Company under the Indenture and the Securities thereunder, including this Security, are payable only out of cash flow and assets of the Company. The Trustee, and each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that no director, officer, employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Company under the Indenture or such Securities by reason of his, her or its status.
The Indenture contains provisions that relieve the Company from the obligation to comply with certain restrictive covenants in the Indenture and for satisfaction and discharge at any time of the entire indebtedness upon compliance by the Company with certain conditions set forth in the Indenture.
This Security shall be governed by and construed in accordance with the laws of the state of New York.
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
[If a Definitive Security, insert as a separate page-
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto [ ] (Please Print or Typewrite Name and Address of Assignee) the within instrument of GREAT WESTERN BANCORP, INC., and does hereby irrevocably constitute and appoint [ ] Attorney to transfer said instrument on the books of the within-named Company, with full power of substitution in the premises.
Please Insert Social Security or
Other Identifying Number of Assignee:
															
	Dated:				(Signature)
					

Signature Guarantee:
(Participant in a Recognized Signature
Guaranty Medallion Program)
NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.]
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Section 2.04. Global Securities
Every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.
If Securities of a series are issuable in whole or in part in the form of one or more Global Securities, as contemplated by Section 3.01, then, notwithstanding Section 3.01(9) and Section 3.02, any Global Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and upon instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions of Sections 3.03, 3.04 and 3.05, the Trustee shall deliver and redeliver any Global Security in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel).
The provisions of the last sentence of Section 3.03 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal amount of Securities represented thereby.

Section 2.05. Form of Trustee’s Certificate and Authorization
The Trustee’s certificates of authentication shall be in substantially the following form:
This is one of the Securities of the series designated and referred to in the within-mentioned Indenture.
												
			U.S. Bank National Association	
			As Trustee	
				
			By:	
				Authorized Signatory

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ARTICLE III
THE SECURITIES

Section 3.01. Amount Unlimited; Issuable in Series
The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution (and, subject to Section 3.03, to the extent established pursuant to rather than set forth in a Board Resolution, in an Officers’ Certificate or Company Order setting forth, or determining the manner of, such establishment) or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:
(1) the form and title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);
(2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder);
(3) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;
(4) the date or dates on which the Securities will be issued and on which the principal of, and premium, if any, on the Securities of the series is payable or the method of determination thereof;
(5) the rate or rates (which may be fixed or variable) at which the Securities of the series shall bear interest, if any, or the method of determination thereof, the date or dates from which such interest shall accrue, or the method of determination thereof, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date;
(6) the place or places where, subject to the provisions of Section 10.02, the principal of and any premium and interest on Securities of the series shall be payable, Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange and notices, and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;
(7) the period or periods, if any, within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company or otherwise, if the Company is to have that option;
(8) the obligation, if any, and the option, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or upon the happening of a specified event or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;
(9) if other than minimum denominations of $1,000 and any integral multiple in excess thereof, the minimum denominations in which Securities of the series shall be issuable;
(10) whether payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without deduction for taxes, assessments or governmental charges paid by Holders of the series;
(11) the currency, currencies or currency units in which payment of the principal of and any premium and interest on any Securities of the series shall be denominated, payable, redeemable or purchasable if other than Dollars and the manner of determining the equivalent thereof in Dollars for purposes of the definition of “Outstanding” in Section 1.01;
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(12) if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index (including an index based on a currency or currencies other than that in which the Securities of that series are payable), the index, any replacement indices, the manner in which such indices shall be selected and the manner in which such amounts shall be determined;
(13) if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made;
(14) the right, if any, of the Company to defer payments of interest by extending the interest payment periods and specify the duration of such extension, the Interest Payment Dates on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred shall be payable;
(15) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 504 or the method of determination thereof;
(16) if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities (and whether in temporary or permanent global form) and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 3.05 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered;
(17) any deletions from, modifications of or additions to the Events of Default set forth in Section 5.01 or the covenants of the Company set forth in Article X pertaining to the Securities of the series;
(18) if and the terms and conditions upon which any Securities of the series may be converted into or exchanged for securities, which may include capital stock, of any class or series of the Company or any other issuer;
(19) if other than as provided in Article IV and Sections 13.02 and 13.03, the terms and conditions upon which and the manner in which such series of Securities may be defeased or discharged;
(20) if other than the Trustee, the identity of any other trustee, the Security Registrar and any Paying Agent;
(21) if other than as provided in Section 3.05, any restrictions or other provisions with respect to the transfer or exchange of the Securities; and
(22) any other terms of the Securities of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01(3)).
All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution or Officers’ Certificate referred to above or in any such indenture supplemental hereto.
Any such Board Resolution or Officers’ Certificate referred to above with respect to Securities of any series filed with the Trustee on or before the initial issuance of the Securities of such series shall be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed to be a part of the Indenture for all purposes relating to Securities of such series as fully as if such Board Resolution or Officers’ Certificate were set forth herein in full.
All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional Securities of such series or for the establishment of additional terms with respect to the Securities of such series.
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If any of the terms of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or Company Order setting forth, or providing the manner for determining, the terms of the series.
With respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide general terms for Securities of such series and provide either that the specific terms of particular Securities of such series shall be specified in a Company Order, or that such terms shall be determined by the Company, or one or more of the Company’s agents designated in an Officers’ Certificate, in accordance with a Company Order.

Section 3.02. Denominations
The Securities of each series shall be issuable only in registered form without coupons in such denominations as shall be specified as contemplated by Section 3.01. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in minimum denominations of $1,000 and any integral multiple in excess thereof.

Section 3.03. Execution, Authentication, Delivery and Dating
The Securities shall be executed on behalf of the Company by the Chairman of the Board, the Vice Chairman of the Board, the Chief Executive Officer, the President, a Vice President, the Chief Financial Officer, the Chief Accounting Officer, the Controller, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company and need not be attested. The signature of any of these officers on the Securities may be manual or facsimile.
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.
At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided, however, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures (including the receipt by the Trustee of oral or electronic instructions from the Company or its duly authorized agents, thereafter promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company Order delivered to the Trustee prior to the time of the first authentication of Securities of such series. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, in addition to any Officers’ Certificate and Opinion of Counsel required to be furnished to the Trustee pursuant to Section 1.02, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel to the effect that:
(1) if the form (or the manner of determining the form) of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.01, that such form has been established in conformity with the provisions of this Indenture;
(2) if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established by or pursuant to a Board Resolution as permitted by Section 3.01, that such terms have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established in conformity with the provisions of this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel;
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(3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equitable principles, whether applied in an action at law or in equity, and will be entitled to the benefits of this Indenture, equally and ratably with all other Securities, if any, of such series Outstanding; and
(4) such other matters as the Trustee may reasonably request;
or, if the authentication and delivery relates to a new series of Securities created by an indenture supplemental hereto, an Opinion of Counsel to the effect that all conditions precedent to the execution of the supplemental indenture with respect to that series of Securities have been complied with, the Company has the power to execute and deliver any such supplemental indenture and has taken all necessary action for those purposes and any such supplemental indenture has been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equitable principles, whether applied in an action at law or in equity).
Notwithstanding that such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities, under the Securities and this Indenture or otherwise, in a manner which is not reasonably acceptable to the Trustee.
Notwithstanding the provisions of Sections 1.02, 3.01 and the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Board Resolution, Officers’ Certificate, Company Order, Opinion of Counsel or supplemental indenture otherwise required pursuant thereto at or prior to the time of authentication of each Security of such series, so long as such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.
With respect to Securities of a series not to be originally issued all at one time, the Trustee may rely upon the Opinion of Counsel and the other documents delivered pursuant to Sections 2.01 and 3.01 and this Section, as applicable, in connection with the first authentication of Securities of such series and any subsequent request by the Company to the Trustee to authenticate Securities of such series upon their original issuance shall constitute a representation and warranty by the Company that as of the date of such request, the statements made in the Officers’ Certificate shall be true and correct as if made on such date.
Each Security shall be dated the date of its authentication.
No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09 for all purposes of this Indenture, such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

Section 3.04. Temporary Securities
Pending the preparation of Definitive Securities of any series, the Company may execute, and upon receipt of the documents required by Sections 1.02, 2.01, 3.01 and 3.03, as applicable, together with a Company Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities of like series in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.
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If temporary Securities of any series are issued, the Company will cause Definitive Securities of that series to be prepared without unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company maintained pursuant to Section 10.02 for the purpose of exchanges of Securities of such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more Definitive Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such series and tenor.

Section 3.05. Registration, Registration of Transfer and Exchange
The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company in a Place of Payment being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Company hereby appoints the Trustee as the initial security registrar for the purpose of registering Securities and transfers of Securities as herein provided (the registrar responsible for so registering Securities and transfers thereof being herein sometimes referred to as the “Security Registrar”). The Company may at any time replace such Security Registrar, change such office or agency or act as its own Security Registrar. The Company will give prompt written notice to the Trustee of any change of the Security Registrar or of the location of such office or agency. At all reasonable times the Security Register shall be available for inspection by the Trustee.
Upon surrender for registration of transfer of any Security of any series at the office or agency of the Company maintained pursuant to Section 10.02 for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.
At the option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.
All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed, by the Holder thereof or its attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04 or 11.07 not involving any transfer.
Neither the Trustee nor the Company shall be required (1) to issue, register the transfer of or exchange Securities of any series (or of any series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of that series selected for redemption under Section 11.03 and ending at the close of business on the day of such mailing, (2) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part, or (3) to register the transfer of or exchange any Security between a Regular Record Date and the next succeeding Interest Payment Date.
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Notwithstanding any other provision in this Indenture and except as otherwise specified as contemplated by Section 3.01, no Global Security may be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security or any nominee thereof, and no such transfer may be registered, except as provided in this paragraph. Every Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security, except as provided in this paragraph. If (1) (A) the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act, and (B) a successor Depositary is not appointed by the Company within 90 days, (2) an Event of Default has occurred and is continuing with respect to the Securities of such series and the Security Registrar has received a request from the Depositary to issue certificated securities in lieu of all or a portion of the Global Securities of such series (in which case the Company shall deliver certificated securities within 30 days of such request) or (3) the Company determines in its sole discretion that Securities of a series issued in global form shall no longer be represented by a Global Security, then such Global Security may be exchanged by such Depositary for Definitive Securities of the same series, of any authorized denomination and of a like aggregate principal amount and tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be registered to, such Persons as such Depositary shall direct.

Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities
If any mutilated Security is surrendered to the Trustee, together with such security or indemnity as may be required by the Company or the Trustee to save each of them and any agent of either of them harmless, the Company shall execute and upon its request the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding.
If there shall be delivered to the Company and the Trustee (1) evidence to their satisfaction of the destruction, loss or theft of any Security and (2) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. If, after the delivery of such new Security, a bona fide purchaser of the original Security in lieu of which such new Security was issued presents for payment or registration such original Security, the Trustee shall be entitled to recover such new Security from the party to whom it was delivered or any party taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Company and the Trustee in connection therewith.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security (and, for clarity, Article XI shall not apply to such payment).
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. Every new Security of any series issued pursuant to this Section in exchange for any mutilated Security or in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

Section 3.07. Payment of Interest; Interest Rights Preserved
Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.
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Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:
(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at its address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).
(2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which such Securities may be listed or traded, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
Subject to the foregoing provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.
For each series of Securities, the Company shall, prior to 11:00 a.m. (New York City time) (or such later time of day to which the Trustee may agree) on each payment date for principal and premium, if any, and interest, if any, deposit with the Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date.

Section 3.08. Persons Deemed Owners
Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 3.05 and 3.07) any interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.
No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
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Section 3.09. Cancellation
In order for any Securities to be surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment such Security must be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures, and the Trustee shall thereafter, from time to time upon written request, deliver to the Company a certificate with respect to such disposition.

Section 3.10. Computation of Interest
Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months and interest on the Securities of each series for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month.

Section 3.11. CUSIP Numbers
The Company in issuing the Securities may use CUSIP numbers (in addition to the other identification numbers printed on the Securities), and, if so, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such CUSIP numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such CUSIP numbers. The Company will promptly notify the Trustee of any change in the CUSIP numbers.

ARTICLE IV
SATISFACTION AND DISCHARGE

Section 4.01. Satisfaction and Discharge of Indenture
This Indenture shall upon Company Request cease to be of further effect with respect to Securities of any series (except as to any surviving rights of registration of transfer or exchange of such Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when
(1) either
(A) all such Securities theretofore authenticated and delivered (other than (i) such Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, and (ii) such Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or 
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(B) all such Securities not theretofore delivered to the Trustee for cancellation
(i) have become due and payable;
(ii) will become due and payable at their Stated Maturity within one year, or
(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,
and, in the case of clause (i), (ii) or (iii) above, the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money in the currency or currency units in which such Securities are payable sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;
(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities; and
(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities of any series, (i) the obligations of the Company to the Trustee under Section 6.07, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign under Section 6.10 shall survive, and (ii) if money shall have been deposited with the Trustee pursuant to clause (1)(B) above, the obligations of the Company and/or the Trustee under Sections 4.02, 6.06, 7.01 and 10.02 and the last paragraph of Section 10.03 shall survive.

Section 4.02. Application of Trust Money
Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee, but such money need not be segregated from other funds except to the extent required by law.

ARTICLE V
DEFAULTS AND REMEDIES

Section 5.01. Events of Default
“Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):
(1) default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days (whether or not such payment is prohibited by the provisions of Article XIV hereof), or
(2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity (whether or not such payment is prohibited by the provisions of Article XIV hereof); or
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(3) default in the performance, or breach, of any term, covenant or warranty of the Company in this Indenture (other than a term, covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a notice of Default hereunder; or
(4) the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents to the entry of any order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (D) makes a general assignment for the benefit of its creditors; or
(5) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints a Custodian of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company; and the order or decree remains unstayed and in effect for 90 days; or
(6) any other Event of Default provided as contemplated by Section 301 with respect to Securities of that series.

Section 5.02. Acceleration of Maturity; Rescission and Annulment
If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.
At any time after such declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if
(1) the Company has paid or deposited with the Trustee a sum sufficient to pay
(A) all overdue interest on the Securities of that series;
(B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,
(C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and
(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and
(2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.
No such recission shall affect any subsequent Default or impair any right consequent thereon.
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Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee
The Company covenants that if
(1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days (whether or not such payment is prohibited by the provisions of Article XIV hereof), or
(2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof (whether or not such payment is prohibited by the provisions of Article XIV hereof),
then the Company will, upon demand of the Trustee, pay to it, for the benefit of Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and other amounts due to the Trustee pursuant to Section 6.07.
If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, or any other obligor upon such Securities, wherever situated.
If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

Section 5.04. Trustee May File Proofs of Claim
In case of any judicial proceeding relative to the Company, or any other obligor upon the Securities, their property or their creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any Custodian, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07.
No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

Section 5.05. Trustee May Enforce Claims Without Possession of Securities
All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due to the Trustee under Section 6.07, be for the ratable benefit of Holders of the Securities in respect of which such judgment has been recovered.
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Section 5.06. Application of Money Collected
Any money or property collected or to be applied by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
FIRST: to the payment of all amounts due the Trustee under Section 6.07;
SECOND: subject to Article XIV, to the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and
THIRD: the balance, if any, to the Company.

Section 5.07. Limitation on Suits
No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or a Security, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;
(2) Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(3) such Holder or Holders have offered and, if requested, provided to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that may be incurred in compliance with such request;
(4) the Trustee for 60 days after its receipt of such notice, request and offer and, if requested, provision of such security or indemnity has failed to institute any such proceeding; and
(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by Holders of a majority in principal amount of the Outstanding Securities of that series;
it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest
Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Sections 3.05 and 3.07) interest on such Security on the respective Stated Maturity expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

Section 5.09. Restoration of Rights and Remedies
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then in every such case, subject to any determination in such proceeding, the Company, the Trustee and Holders shall be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and Holders shall continue as though no such proceeding had been instituted.
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Section 5.10. Rights and Remedies Cumulative
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 5.11. Delay or Omission Not Waiver
No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 5.12. Control by Holders
Subject to the provisions of Sections 5.07 and 6.03, Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series; provided, however, that
(1) such direction shall not be in conflict with any rule of law or with this Indenture;
(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; 
(3) such Holder or Holders have offered and, if requested, provided to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that may be incurred in compliance with such request; and; 
(4) subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability or would otherwise be contrary to applicable law.

Section 5.13. Waiver of Past Defaults
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series may on behalf of Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except
(1) a continuing default in the payment of the principal of or any premium or interest on any Security of such series, or
(2) a default in respect of a covenant of provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.
Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
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Section 5.14. Undertaking for Costs
In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Trustee or the Company, in any suit instituted by any Holder (or group of Holders) holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or in any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security on or after the respective Stated Maturity expressed by such Security (or, in the case of redemption or repayment, on or after the Redemption Date).

ARTICLE VI
THE TRUSTEE

Section 6.01. Certain Duties and Responsibilities
(a) Except during the continuance of an Event of Default with respect to any series of Securities:
(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of such series, and no implied covenants or obligations shall read into this Indenture against the Trustee; and
(2)  in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture.
(b) In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise with respect to the Securities of such series such rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such person’s own affairs.
(c) No provisions of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that:
(1) this Subsection shall not be construed to limit the effect of clause (a) above;
(2) the Trustee shall not be liable for any error of judgment made in good faith by a responsible officer, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;
(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders or a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and
(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.
(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section.
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Section 6.02. Notice of Defaults
Subject to the following paragraph, if a Default occurs and is continuing with respect to the Securities of any series, the Trustee shall, within 90 days after it occurs, transmit, in the manner and to the extent provided in Section 3.13(c) of the Trust Indenture Act, notice of all uncured or unwaived Defaults known to it; provided, however, that, except in the case of a Default in payment on the Securities of any series, the Trustee shall be protected in withholding the notice if and so long as the board of directors, the executive committee or a trust committee of directors or responsible officers of the Trustee determine in good faith that withholding such notice is in the interests of Holders of Securities of such series; provided, further, however, that, in the case of any Default specified in Section 5.01(3) with respect to the Securities of such series, no such notice to Holders shall be given until at least 90 days after the occurrence thereof.
The Trustee shall not be deemed to have notice or be charged with knowledge of any Default, except a Default under Sections 5.01(1) or 5.01(2) herein, unless the Trustee shall have received from the Company or from any Holder written notice thereof at its Corporate Trust Office, and such notice references the Securities in this Indenture. In the absence of any such notice, the Trustee may conclusively assume that no such Default exists.

Section 6.03. Certain Rights of Trustee
Subject to the provisions of Section 6.01:
(1) the Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
(2) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (or in the case of a Periodic Offering, as agreed in procedures set forth in a Company Order pursuant to Section 3.03) and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;
(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;
(4) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;
(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;
(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may, without obligation to do so, make such further inquiry or investigation into such facts or matters as it may see fit; and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
(7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
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(8) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded;
(9) the rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and
(10) in no event shall the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

Section 6.04. Not Responsible for Recitals or Issuance of Securities
The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

Section 6.05. May Hold Securities
The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

Section 6.06. Money Held in Trust
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

Section 6.07. Compensation and Reimbursement
The Company agrees:
(1) to pay to the Trustee from time to time such compensation for all services rendered by it hereunder as shall be mutually agreed upon by the Company and the Trustee in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2) to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or bad faith; and
(3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder (and the reasonable fees and disbursements of its agents, attorneys, accountants and experts and taxes (other than taxes based upon, measured by or determined by the income of the Trustee)). The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the 
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Trustee to so notify the Company will not relieve the Company of its obligations under this Section, except to the extent the Company has been prejudiced thereby. Upon the election of the Company, the Company will have the right to assume the defense of the claim, and the Trustee will cooperate in the defense. The Trustee may have separate counsel at its own expense, but if the Trustee has been reasonably advised by counsel that there is an actual or potential conflict of interest or may be one or more legal defenses available to it that are different from or additional to those available to the Company and in the reasonable judgment of such counsel it is advisable for the Trustee to engage separate counsel, then the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. Notwithstanding the foregoing, in no event shall the Company have the right, without the Trustee’s consent, to settle any such claim if such settlement (i) arises from or is part of any criminal action, suit or proceeding, (ii) contains a stipulation to, confession of judgment with respect to, or admission or acknowledgement of, any liability or wrongdoing on the part of the Trustee, (iii) provides for injunctive relief, or other relief other than monetary damages, or (iv) does not contain an unconditional release of the Trustee from all liability on all claims that are the subject matter of the related dispute or proceeding.
The obligations of the Company under this Section to compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder.
The Trustee shall have a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders.
Without limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(4) or Section 5.01(5), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law.
The provisions of this Section shall survive the satisfaction and discharge of this Indenture and the Defeasance or Covenant Defeasance of the Securities and the resignation or removal of the Trustee.

Section 6.08. Disqualification; Conflicting Interests
If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

Section 6.09. Corporate Trustee Required; Eligibility
There shall at all times be one or more Trustees hereunder with respect to the Securities of each series, at least one of which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus required by the Trust Indenture Act. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
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Section 6.10. Resignation and Removal; Appointment of Successor
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the removed Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.
If at any time:
(1) the Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
(2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder, or
(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (A) the Company, acting pursuant to the authority of a Board Resolution, may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.
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Section 6.11. Acceptance of Appointment by Successor
(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, and all property and money held by such retiring Trustee hereunder; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to any claim provided for in Section 6.07, execute and deliver an instrument transferring to such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.
(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees as co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, but, on request of the Company, or any successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to any claim provided for in Section 6.07, duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.
 (c) Upon the reasonable request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in clause (a) or (b) above.
(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

Section 6.12. Merger, Conversion, Consolidation or Succession to Business
Any Corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee shall adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

Section 6.13. Preferential Collection of Claims Against Company
If and when the Trustee shall be or become a creditor of the Company, or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any such other obligor.
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Section 6.14. Appointment of Authenticating Agent
The Trustee (upon notice to the Company) may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue (in accordance with procedures acceptable to the Trustee) and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a Corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.
Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of such Authenticating Agent, shall continue to be an Authenticating Agent, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or such Authenticating Agent.
An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.
Except with respect to an Authenticating Agent appointed at the request of the Company, the Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation (for which the Company shall not be responsible) for its services under this Section.
If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
															
					U.S. Bank National Association
					As Trustee
					
	Date:			By:	
					
				As Authenticating Agent	
					
				By:	
					
				Authorized Signatory	

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ARTICLE VII
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

Section 7.01. Company to Furnish Trustee Names and Addresses of Holders
The Company will furnish or cause to be furnished to the Trustee:
(1) semi-annually, not later than each Interest Payment Date in each year (or, if interest is payable quarterly, then quarterly, not later than every second Interest Payment Date in each year), a list for each series of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of the preceding Regular Record Date, and
(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that if and so long as the Trustee shall be the Security Registrar for Securities of a series, no such list need be furnished with respect to such series of Securities.

Section 7.02. Preservation of Information; Communications to Holders
The Trustee shall comply with the obligations imposed upon it pursuant to Section 3.12 of the Trust Indenture Act.
The rights of the Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.
Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to the names and addresses of Holders made pursuant to the Trust Indenture Act.

Section 7.03. Reports by Trustee
As promptly as practicable after each May 15 beginning with the May 15 following the date of this Indenture, and in any event prior to July 15 in each year, the Trustee shall mail to each Holder a brief report dated as of May 15 that complies with Trust Indenture Act Section 3.13(a). The Trustee shall also comply with Trust Indenture Act Section 3.13(b). Prior to delivery to the Holders, the Trustee shall deliver to the Company a copy of any report it delivers to Holders pursuant to this Section 7.03; provided, however, that no recourse may be taken against the Trustee for its failure to deliver a copy of such report to the Company prior to its delivery of the report to the Holders.
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.

Section 7.04. Reports by Company
The Company shall file with the Trustee and the Commission, and transmit to Holders, in accordance with Trust Indenture Act Section 3.14(a) and the rules and regulations prescribed from time to time by the Commission, such information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by Trust Indenture Act Section 3.14(a) and such rules and regulations.

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ARTICLE VIII
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.01. Company May Consolidate, Etc., Only on Certain Terms
The Company shall not, in a single transaction or a series of related transactions, consolidate with or merge into any other Person, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its and its Subsidiaries’ properties and assets, taken as a whole, to any other Person, unless:
(1) the Person formed by such consolidation or into which the Company is merged or the Person which acquires by sale, conveyance or transfer or other disposition, or which leases, all or substantially all of such properties and assets shall be a Corporation, shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every other covenant of this Indenture on the part of the Company to be performed or observed;
(2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Default or Event of Default shall have occurred and be continuing;
(3) if, as a result of any such consolidation or merger or such conveyance, transfer or lease, such properties or assets would become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby and such encumbrances shall be deemed to be permitted by this Indenture; and
(4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.
For clarity, this Section and Section 8.02 shall not apply to the merger of any Person into the Company, provided that the Company is the surviving entity of such merger.

Section 8.02. Successor Substituted
Upon any consolidation of the Company with, or merger of the Company into, any other Person or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of the Company in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities and may liquidate and dissolve.

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ARTICLE IX
SUPPLEMENTAL INDENTURES

Section 9.01. Supplemental Indentures Without Consent of Holders
Without the consent of any Holder, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
(1) to evidence the succession of another Person to the Company under this Indenture and the Securities and the assumption by such successor Person of the obligations of the Company hereunder;
(2) to add covenants and Events of Default for the benefit of the Holders of all or any series of such Securities or to surrender any right or power conferred by this Indenture upon the Company or to make any change that does not adversely affect the legal rights hereunder of any Holder in any material respect;
(3) to add to, change or eliminate any of the provisions of this Indenture, provided that any such addition, change or elimination shall become effective only after there are no such Securities of any series entitled to the benefit of such provision Outstanding;
(4) to establish the forms or terms of the Securities of any series issued hereunder;
(5) to cure any ambiguity or omission or to correct any defect or inconsistency in this Indenture, or to conform the text of this Indenture or the Securities to the description of the Securities in the prospectus or prospectus supplement relating thereto;
(6) to evidence the acceptance of appointment by a successor Trustee with respect to one or more series of Securities or otherwise;
(7) to effect or maintain the qualification of this Indenture under the Trust Indenture Act;
(8) to provide for uncertificated Securities in addition to certificated Securities, or otherwise to alter the provisions of Articles II and III, including to facilitate the issuance, legending or transfer of the Securities, in a manner that does not materially adversely affect any Holder and does not result in any violation of applicable securities law;
(9) to supplement any provisions of this Indenture necessary to permit or facilitate the Defeasance, Covenant Defeasance or discharge of any series of Securities, provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series; and
(10) to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may be listed or traded.

Section 9.02. Supplemental Indentures with Consent of Holders
With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture (voting as one class), the Company and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture, or modifying in any manner the rights of Holders of Securities of such series under this Indenture; provided that the Company and the Trustee may not, without the consent of the Holder of each Outstanding Security affected thereby:
(1) change the Stated Maturity of the principal of, or any installment of principal of or interest, if any, on, any Security, or reduce the principal amount thereof or premium, if any, on or the rate of interest thereon, or adversely affect any right to convert or exchange any Security into any other security, or alter the method of computation of interest, or make any Security payable in money other than that stated in such Security;
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(2) reduce the percentage in principal amount of Securities required for any such supplemental indenture or for any waiver provided for in this Indenture;
(3) change the Company’s obligation to maintain an office or agency for payment of Securities and the other matters specified herein;
(4) impair the right to institute suit for the enforcement of any payment of principal of, premium, if any, or interest on, any Security; or
(5) modify any of the provisions of this Indenture relating to the execution of supplemental indentures with the consent of Holders of Securities which are discussed in this Section;
(6) or modify any provisions relating to the waiver by Holders of Securities of past defaults and covenants, except to increase any required percentage or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby.
A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.
It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

Section 9.03. Execution of Supplemental Indentures
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall enter into any supplemental indenture which does not adversely affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Section 9.04. Effect of Supplemental Indentures
Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

Section 9.05. Conformity with Trust Indenture Act
Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

Section 9.06. Reference in Securities to Supplemental Indentures
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. Failure to make a notation or issue a new Security shall not affect the validity and effect of any amendment, supplement or waiver.

40

ARTICLE X
COVENANTS

Section 10.01. Payment of Principal, Premium and Interest
The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

Section 10.02. Maintenance of Office or Agency
The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
Except as otherwise specified with respect to a series of Securities as contemplated by Section 3.01, the Company hereby initially designates as the Place of Payment for each series of Securities the Corporate Trust Office, and initially appoints the Trustee at its Corporate Trust Office as the Paying Agent, as the Company’s office or agency for each such purpose.
With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 3.01, the Corporate Trust Office shall be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the applicable procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture.

Section 10.03. Money for Securities Payments to Be Held in Trust
If the Company or any of its Subsidiaries shall at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.
Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.
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The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; (2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest, if any, on the Securities of that series; and (3) during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series.
The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.
Any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company pursuant to a Company Request and the Trustee or any Paying Agent shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the state whose escheat laws control for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the state whose escheat laws control.

Section 10.04. Statement by Officers as to Default; Change in Fiscal Year
The Company will deliver to the Trustee, within 150 days after the end of each Fiscal Year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such Defaults and the nature and status thereof of which they may have knowledge.
The Company will notify the Trustee of any change in the Company’s Fiscal Year.

Section 10.05. Waiver of Certain Covenants
The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 10.02 through 10.04 with respect to the Securities of any series if before the time for such compliance Holders of at least a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.
A waiver which changes or eliminates any term, provision or condition of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such term, provision or condition, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

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ARTICLE XI
REDEMPTION OF SECURITIES

Section 11.01. Applicability of Article
Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article.

Section 11.02. Election to Redeem; Notice to Trustee
The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, not less than 35 nor more than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities (1) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (2) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

Section 11.03. Selection by Trustee of Securities to be Redeemed
If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot or any other method that complies with any securities exchange or other applicable requirements of DTC for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple in excess thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series.
The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

Section 11.04. Notice of Redemption
Notice of redemption shall be given by first-class mail (if international mail, by air mail), postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register, provided that notice of redemption may be mailed more than 60 days prior to the Redemption Date in the case of a Defeasance or Covenant Defeasance or a discharge pursuant to Article IV.
All notices of redemption shall state:
(1) the Redemption Date;
(2) the Redemption Price or, if the Redemption Price is not determinable prior to the giving of such notice, the method for calculating the Redemption Price;
(3) if less than all the Outstanding Securities of any series and of a specified tenor are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed,
(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and that, unless the Company defaults in the payment of the Redemption Price, interest on such Security will cease to accrue on and after said date;
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(5) the place or places where such Securities are to be surrendered for payment of the Redemption Price, and
(6) that the redemption is for a sinking fund, if such is the case.
Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company’s request made at least five Business Days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of the Company.

Section 11.05. Deposit of Redemption Price
On or prior to 11:00 a.m. (New York City time) on any Redemption Date (or such later time of day to which the Trustee may agree), the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. The Trustee shall not be required to make any such deposit in the event that the Company fails to do so. The contemplated redemption shall be conditioned on the deposit by the Company of the required moneys thereby. The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company Request any money held by them that has been deposited pursuant to this Section in excess of the amounts required to pay such Redemption Price.

Section 11.06. Securities Payable on Redemption Date
Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.
If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

Section 11.07. Securities Redeemed in Part
Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge to such Holder, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

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ARTICLE XII
SINKING FUNDS

Section 12.01. Applicability of Article
The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series.
The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

Section 12.02. Satisfaction of Sinking Fund Payments with Securities
The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption), and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

Section 12.03. Redemption of Securities for Sinking Fund
Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.02 and stating the basis for such credit and that such Securities have not been previously so credited, and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.05, 11.06 and 11.07.

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ARTICLE XIII
DEFEASANCE

Section 13.01. Applicability of Article
The provisions of this Article shall be applicable to each series of Securities except as otherwise specified as contemplated by Section 301 for Securities of such series.

Section 13.02. Legal Defeasance
In addition to discharge of the Indenture pursuant to Section 4.01, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Securities of a series on the 91st day after the date of the deposit referred to in clause (1) below, and the provisions of this Indenture with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Securities of such series and the Company’s right of optional redemption, if any, (ii) substitution of mutilated, destroyed, lost or stolen Securities, (iii) rights of Holders of Securities to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor or on the specified redemption dates therefor (but not upon acceleration), and remaining rights of the Holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder, and the Company’s obligations in connection therewith (including, but not limited to, Section 6.07), (v) the rights, if any, to convert or exchange the Securities of such series, (vi) the rights of Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the obligations of the Company under Section 10.02), and the Trustee, at the expense of the Company, shall, upon a Company Request, execute proper instruments acknowledging the same, if the conditions set forth below are satisfied (“Defeasance”):
(1) the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for the purposes of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any series of Securities the payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (i) the principal and interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series;
(2) the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the effect that, and such opinion shall confirm that, Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, Defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, Defeasance and discharge had not occurred;
(3) if the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made;
(4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than any Default or Event of Default resulting from the incurrence of Debt the proceeds of which are to be applied to such deposit, and the granting of any liens in connection therewith);
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(5) such Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act);
(6) such Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound;
(7) such Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and
(8) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the Defeasance contemplated by this provision have been complied with.
For this purpose, such Defeasance means that the Company and any other obligor upon the Securities of such series shall be deemed to have paid and discharged the entire debt represented by the Securities of such series, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 13.04 and the rights and obligations referred to in clause (i) through (vii), inclusive, of the first paragraph of this Section, and to have satisfied all its other obligations under the Securities of such series and this Indenture insofar as the Securities of such series are concerned.

Section 13.03. Covenant Defeasance
The Company and any other obligor shall be released on the 91st day after the date of the deposit referred to in clause (1) below from its obligations under Section 7.04 and Article VIII with respect to the Securities of any series on and after the date the conditions set forth below are satisfied (“Covenant Defeasance”), and the Securities of such series shall thereafter be deemed to be not “Outstanding” for the purposes of any request, demand, authorization, direction, notice, waiver, consent or declaration or other action or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly by reason of any reference elsewhere herein to such Section or by reason of any reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 501, but, except as specified above, the remainder of this Indenture and the Securities of such series shall be unaffected thereby. The following shall be the conditions to Covenant Defeasance:
(1) the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any series of Securities the payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (i) the principal and interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory sinking fund payments on the day on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series;
(2) the Company has delivered to the Trustee an Opinion of Counsel which shall confirm that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same time as would have been the case if such deposit and Covenant Defeasance had not occurred;
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(3) if the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made;
(4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than any Default or Event of Default resulting from the incurrence of Debt the proceeds of which are to be applied to such deposit, and the granting of any liens in connection therewith);
(5) such Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act);
(6) such Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound;
(7) such Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and
(8) the Company has delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent provided for relating to the Covenant Defeasance contemplated by this provision have been complied with.

Section 13.04. Application by Trustee of Funds Deposited for Payment of Securities
Subject to the provisions of the last paragraph of Section 10.03, all moneys or U.S. Government Obligations deposited with the Trustee pursuant to Section 13.02 or 13.03 (and all funds earned on such moneys or U.S. Government Obligations) shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.

Section 13.05. Repayment to Company
The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company Request any money and U.S. Government Obligations held by them at any time that have been deposited pursuant to Section 13.02 or 13.03, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee, are in excess of the amounts required to effect the Defeasance or Covenant Defeasance with respect to the Outstanding Securities in question.
The provisions of the last paragraph of Section 10.03 shall apply to any money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any series of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 13.02 or 13.03.

Section 13.06. Reinstatement
If the Trustee or the Paying Agent is unable to apply any money or U. S. Government Obligations in accordance with this Article by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture and the Securities of the applicable series shall be revived and reinstated as though no deposit had occurred pursuant to this Indenture until such time as the Trustee or the Paying Agent is permitted to apply all such money or U. S. Government Obligations in accordance with this Article; provided, however, that if the Company has made any payment of principal of or interest on any Securities of such series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or the Paying Agent.
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ARTICLE XIV
SUBORDINATION OF SECURITIES

Section 14.01. Securities Subordinated to Senior Debt
The payment by the Company of the principal of, premium, if any, and interest, if any, on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to such Securities.

[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed in multiple counterparts, each of which so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument, all as of the day and year first above written.
															
				GREAT WESTERN BANCORP, INC.	
					
				By:	
				Name:	
				Title:	
					
				U.S. BANK NATIONAL ASSOCIATION, as Trustee
	
					
				By:	
				Name:	
				Title:	

[Signature Page to Indenture]
															
					
					

50Document

Exhibit 10.1

SECOND AMENDMENT AND CONSENT TO
LOAN AND SECURITY AGREEMENT

This Second Amendment and Consent to Loan and Security Agreement (this “Amendment”) is entered into this 27th day of May, 2020, by and among: (a) SILICON VALLEY BANK (“Bank”) and (b) (i) SYNACOR, INC., a Delaware corporation (“Synacor”), (ii) NTV INTERNET HOLDINGS, LLC, a Delaware limited liability company (“NTV”), and (iii) SYNC HOLDINGS, LLC, a Delaware limited liability company (“Sync”, and together with Synacor and NTV, individually and collectively, jointly and severally, the “Borrower”).

RECITALS

A.Bank and Borrower have entered into that certain Loan and Security Agreement dated as of August 7, 2019, as amended by that certain First Amendment to Loan and Security Agreement dated as of April 30, 2020 by and between Borrower and Bank (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).

B.Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

C.Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.

D.Borrower has notified Bank that Borrower has entered into an Agreement and Plan of Merger and Reorganization dated as of February 11, 2020 in substantially the form attached hereto as Schedule 1 (the “Merger Agreement”), pursuant to which, (a) Borrower shall form a new wholly-owned Subsidiary, Quantum Merger Sub I, Inc., a Minnesota corporation (“Merger Sub”), and (b) Merger Sub shall merge with and into Qumu Corporation, a Minnesota corporation (“Qumu”), which shall result in, among other things, Qumu being a surviving corporation and a wholly-owned Subsidiary of Borrower ((a) and (b), and the other transactions contemplated by the Merger Agreement, collectively, the “Qumu Acquisition”).

E.Borrower has requested that Bank consent to the Qumu Acquisition.

F.Bank has agreed to so amend certain provisions of the Loan Agreement and consent to the Qumu Acquisition, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

AGREEMENT

        
1

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1.Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.Amendments to Loan Agreement.
2.1 Section 6.8(a) (Accounts). Section 6.8(a) is amended by deleting the words “fifty percent (50.0%)” appearing therein, and inserting in lieu thereof the words “eighty percent (80.0%)”.
2.2 Section 6.9(b) (Free Cash Flow). Section 6.9(b) is amended in its entirety and replaced with the following:

“          (b)        Free Cash Flow. To be tested as of the end of each fiscal quarter  that is a Testing Quarter, measured on a trailing six-month basis, determined on a consolidated basis with respect to Borrower and its Subsidiaries, Free Cash Flow of at least: (i) for the six-month period ending on September 30, 2019, ($2,000,000.00), (ii) for the six-month period ending on December 31, 2019, $0.00, (iii) for the six-month period ending on March 31, 2020, $0.00, (iv) for the six-month period ending on June 30, 2020, ($4,000,000.00), (v) for the six-month period ending on September 30, 2020, ($3,000,000.00), and (vi) for the six-month period ending on December 31, 2020, ($2,000,000.00).

With respect to the period ending March 31, 2021 and each testing period thereafter, the Free Cash Flow covenant levels shall be established, based upon, among other factors, Bank’s then current underwriting and Borrower’s Board- approved operating plan and financial projections, in form and substance acceptable to Bank. Notwithstanding the foregoing, commencing as of March 31, 2021, and as of the last day of each fiscal quarter thereafter, the Free Cash Flow covenant levels shall be Zero Dollars ($0.00) unless Borrower otherwise agrees in writing on or before March 1, 2021 (which agreement shall be set forth in a written amendment to this Agreement) to any Free Cash Flow covenant levels proposed by Bank with respect to such testing periods.”

2.3 Section 13.1 (Definitions). The following term and its respective definition appearing in Section 13.1 is amended in its entirety and replaced with the following:

“          “Adjusted EBITDA” shall mean, calculated on a consolidated basis with respect to Borrower and its Subsidiaries, (a) Net Income, plus (b) Interest Expense, plus (c) to the extent deducted in the calculation of Net Income, depreciation expense and amortization expense, plus (d) income tax 
        
2

expense, plus  (e) stock compensation, plus (f) non-cash items and one-time expenses approved by Bank in its sole discretion (including, without limitation, (i) for the trailing six- month period ending on March 31, 2020, restructuring, legal, and professional fees in an aggregate amount not to exceed Two Million Dollars ($2,000,000.00), (ii) for the trailing six-month period ending on June 30, 2020, restructuring, legal, and professional fees in an aggregate amount not to exceed Two Million Dollars ($2,000,000.00), and (iii) for the trailing six-month period ending on September 30, 2020, restructuring, legal, and professional fees in an aggregate amount not to exceed One Million Dollars ($1,000,000.00).”
2.4 Exhibit B (Compliance Certificate). The Compliance Certificate attached as Exhibit B to the Loan Agreement is amended in its entirety and replaced with the Compliance Certificate attached as Schedule 2 hereto.
3.  Consent. Bank hereby consents to the Qumu Acquisition and agrees that neither the execution of the Merger Agreement nor the consummation of the Qumu Acquisition shall, in and of itself, constitute an Event of Default under Section 7.1 of the Loan Agreement (relative to dispositions), Section 7.2 (relative to change in control), Section 7.3 of the Loan Agreement (relative to mergers or acquisitions), Section 7.7 of the Loan Agreement (relative to distributions and investments), or Section 7.8 of the Loan Agreement (relative to transactions with Affiliates) provided that (a) Borrower shall be a surviving legal entity after the consummation of the Qumu Acquisition, (b) the consideration paid by Borrower in connection with the Qumu Acquisition shall consist only of shares of common stock and certain cash payments in lieu of fractional shares, in each case, in the manner and in the amounts set forth in Section 2.3 of the Merger Agreement, (c) Borrower shall not assume nor incur any Indebtedness or Liens in connection with the Qumu Acquisition, (d) the Qumu Acquisition shall occur on or prior to September 30, 2020, (e) Borrower shall, within thirty (30) days prior to the consummation of the Qumu Acquisition, provide Bank with certified copies, dated as of a recent date, of financing statement searches with respect to Qumu accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been terminated or released, (f) Borrower shall, within sixty (60) days after the consummation of the Qumu Acquisition, (i) cause Qumu to provide to Bank a joinder to the Loan Agreement to cause Qumu and any of Qumu’s direct and indirect Subsidiaries (in Bank’s sole and absolute discretion) to become a co-borrower thereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority perfected security interest in all assets (including Intellectual Property) of Qumu and any of Qumu’s direct and indirect Subsidiaries (in Bank’s sole and absolute discretion)), (ii) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in Qumu and any of Qumu’s direct and indirect Subsidiaries (in Bank’s sole and absolute discretion), in form and substance satisfactory to Bank, and (iii) provide to Bank all other documentation in form and substance satisfactory to Bank which, in their opinion, is appropriate with respect to the execution and delivery of the applicable documentation referred to effect such a joinder to the Loan Agreement and (g) no Event of Default shall occur or continue both before and immediately after giving effect to the Qumu Acquisition. The consent provided for herein is a one-time consent relating only to the Qumu Acquisition, and shall not be 
        
3

deemed to constitute an agreement by the Bank to any future consent or waiver of the terms and conditions of the Loan Agreement.

4. Limitation of Amendments.

4.1  The amendments set forth in Section 2 above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
4.2  This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
5. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
5.1  Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
5.2  Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
5.3  The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
5.4  The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
5.5  The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
5.6  The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or 
        
4

authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
5.7  This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
6. Release by Borrower.
A.  FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Bank and its present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment (collectively “Released Claims”). Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, the recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing.
B. In furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows:
“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” (Emphasis added.)

C. By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied 
        
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upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.
D. This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Bank to enter into this Amendment, and that Bank would not have done so but for Bank’s expectation that such release is valid and enforceable in all events.
 E.  Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as follows:
1 Except as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.
2 Borrower has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.
3 The terms of this Amendment are contractual and not a mere recital.
4 This Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is signed freely, and without duress, by Borrower.
5 Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released herein.
7. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
8. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
        
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9. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) Borrower’s payment to Bank of (i) a fully earned, non-refundable amendment fee in an amount equal to Ten Thousand Dollars ($10,000.00) and (ii) Bank’s legal fees and expenses incurred in connection with this Amendment.

[SIGNATURE PAGE BELOW]
        
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

BANK
SILICON VALLEY BANK

By: /s/ Michelle Gallipeau
Name: Michelle Gallipeau
Title: Vice President

BORROWER
SYNACOR, INC.

By: /s/ Timothy J. Heasley
Name: Timothy J. Heasley
Title: Chief Financial Officer

NTV INTERNET HOLDINGS, LLC

By: /s/ Timothy J. Heasley 
Name: Timothy J. Heasley
Title: Manager

SYNC HOLDINGS, LLC

By: /s/ Timothy J. Heasley 
Name: Timothy J. Heasley
Title: Manager
        
8

Schedule 1

Merger Agreement
        
9

AGREEMENT AND PLAN OF MERGER AND REORGANIZATION
by and among
SYNACOR, INC. 
QUANTUM MERGER SUB I, INC. 
and 
QUMU CORPORATION
February 11, 2020

        
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	TABLE OF CONTENTS		
			Page 
	ARTICLE I THE MERGER		2
	1.1	The Merger	2
	1.2	The Surviving Corporation of the Merger	2
	1.3	General Effects of the Merger	3
	1.4	Effect of the Merger on Capital Stock of the Merging Corporations	3
	1.5	Settlement of Certain Qumu Liabilities	7
	1.6	Further Action	7
	1.7	Tax Reorganization	7
	ARTICLE II THE CLOSING		8
	2.1	The Closing	8
	2.2	Conditions to Closing	8
	2.3	Issuance of Merger Consideration After the Closing	12
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF QUMU		16
	3.1	Organization and Qualification	16
	3.2	Authority; Approvals and Enforceability	16
	3.3	Required Filings and Consents	17
	3.4	Articles of Incorporation and Bylaws	18
	3.5	Capitalization	18
	3.6	Subsidiaries	21
	3.7	SEC Reports	21
	3.8	Financial Statements and Internal Controls	22
	3.9	Undisclosed Liabilities	23
	3.1	Subsequent Changes	23
	3.11	Real Property	23
	3.12	Tangible Property	24
	3.13	Intellectual Property	24
	3.14	Material Contracts	27
	3.15	Tax Matters	29
	3.16	Employee Benefit Matters	31
	3.17	Labor Matters	34
	3.18	Environmental Matters	35
	3.19	Compliance with Laws	36
	3.2	Permits	37
	3.21	Legal Proceedings and Orders	38
	3.22	Insurance	38
	3.23	No Ownership of Synacor Capital Stock	38
	3.24	Takeover Statutes	38
	3.25	Brokers, Finders and Financial Advisors	38

        
i

									
	3.26	No Other Representations	39
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SYNACOR AND MERGER SUB		39
	4.1	Organization and Qualification	39
	4.2	Authority; Approvals and Enforceability	40
	4.3	Required Filings and Consents	40
	4.4	Certificate of Incorporation and Bylaws	41
	4.5	Capitalization	42
	4.6	Subsidiaries	44
	4.7	SEC Reports	44
	4.8	Financial Statements and Internal Controls	45
	4.9	Undisclosed Liabilities	46
	4.1	Subsequent Changes	46
	4.11	Real Property	47
	4.12	Tangible Property	47
	4.13	Intellectual Property	47
	4.14	Material Contracts	50
	4.15	Tax Matters	52
	4.16	Employee Benefit Matters	54
	4.17	Labor Matters	57
	4.18	Environmental Matters.	58
	4.19	Compliance with Laws	59
	4.2	Permits	60
	4.21	Legal Proceedings and Orders.	61
	4.22	Insurance	61
	4.23	No Ownership of Qumu Capital Stock	61
	4.24	Takeover Statutes	61
	4.25	Brokers, Finders and Financial Advisors	61
	4.26	Merger Sub	62
	4.27	No Other Representations	62
	ARTICLE V CONDUCT OF BUSINESS		62
	5.1	Affirmative Obligations	62
	5.2	Negative Obligations	62
	ARTICLE VI NON-SOLICITATION OF ALTERNATIVE TRANSACTIONS		67
	6.1	Termination of Existing Discussions	67
	6.2	No Solicitation or Facilitation of Acquisition Proposals	67
	6.3	Permitted Discussions and Information Sharing	69
	6.4	Responsibility for Actions of Representatives	70
	6.5	Notification Requirements	70
	ARTICLE VII ADDITIONAL AGREEMENTS		71

        
ii

									
	7.1	Efforts to Complete Merger	71
	7.2	Regulatory Filings and Clearances	72
	7.3	Registration Statement and Joint Proxy Statement/Prospectus	73
	7.4	Shareholder Meetings and Board Recommendations	75
	7.5	Access; Notice and Consultation; Confidentiality	79
	7.6	Public Announcements	81
	7.7	Employee Plans	82
	7.8	Directors’ and Officers’ Indemnification and Insurance	83
	7.9	Listing of Synacor Shares	85
	7.1	Takeover Statutes	85
	7.11	Section 16 Matters	86
	7.12	Tax Matters	86
	7.13	Delisting	87
	7.14	Obligations of Merger Sub	87
	ARTICLE VIII GOVERNANCE MATTERS		87
	8.1	Synacor Board of Directors	87
	8.2	Synacor Executive Officers	87
	8.3	Effectuation	88
	ARTICLE IX TERMINATION OF AGREEMENT		88
	9.1	Termination	88
	9.2	Effect of Termination	89
	9.3	Fees and Expenses	90
	ARTICLE X GENERAL PROVISIONS		93
	10.1	Certain Interpretations	93
	10.2	Non-Survival of Representations and Warranties	94
	10.3	Notices	94
	10.4	Assignment	95
	10.5	Amendment	95
	10.6	Extension; Waiver	95
	10.7	Specific Performance	96
	10.8	Failure or Indulgence Not Waiver; Remedies Cumulative	96
	10.9	Severability	97
	10.1	Entire Agreement	97
	10.11	No Third Party Beneficiaries	97
	10.12	Governing Law	97
	10.13	Consent to Jurisdiction	97
	10.14	Waiver of Jury Trial	97
	10.15	Counterparts	98

        
iii

Exhibits
Exhibit A-1 – Qumu Supporting Officers and Directors
Exhibit A-2 – Form of Qumu Support Agreement
Exhibit B-1 – Synacor Supporting Officers and Directors
Exhibit B-2 – Form of Synacor Support Agreement
Exhibit C – Form of Synacor Tax Certificate
Exhibit D – Form of Qumu Tax Certificate
Exhibit E – Form of Tax-Free Reorganization Opinion

Schedules
Schedule 2.2(b)(viii)(A) – Necessary Consents
Schedule 2.2(b)(viii)(B) – Terminated or Amended Contracts
Schedule 7.7(d) – Employee Plan Provisions
Schedule 8.2 – Synacor Executive Officers 
Qumu Disclosure Letter
Synacor Disclosure Letter
        
iv

OMITTED SCHEDULES TO THE AGREEMENT AND PLAN OF MERGER AND REORGANIZATION
Certain exhibits and schedules to this Agreement and Plan of Merger and Reorganization have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Synacor, Inc. hereby undertakes to provide to the Securities and Exchange Commission copies of such documents upon request; provided, however, that Synacor, Inc. reserves the right to request confidential treatment for portions of any such documents.

        
v

AGREEMENT AND PLAN OF MERGER AND REORGANIZATION
This AGREEMENT AND PLAN OF MERGER AND REORGANIZATION (this “Agreement”) is made and entered into as of February 11, 2020 by and among Synacor, Inc., a Delaware corporation (“Synacor”), Quantum Merger Sub I, Inc., a Minnesota corporation and a direct, wholly owned subsidiary of Synacor (“Merger Sub”), and Qumu Corporation, a Minnesota corporation (“Qumu”).  All capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in Annex A.
W I T N E S S E T H:
WHEREAS, each of the respective boards of directors and any required committees of Synacor, Merger Sub and Qumu have approved and deemed advisable and in the best interests of each of their respective shareholders, (i) this Agreement and the transactions contemplated hereby, and (ii) the entry into this Agreement and agreement to consummate the transactions contemplated hereby, including the plan of merger (as such term is described in Section 302A.611 of the Minnesota Business Corporation Act (the “MBCA”)) contained herein (the “Plan of Merger”), pursuant to which, among other things, Merger Sub will be merged with and into Qumu (the “Merger”) in accordance with the terms and conditions set forth in this Agreement and the applicable provisions of the MBCA, Qumu will continue as the surviving corporation of the Merger and as a wholly owned subsidiary of Synacor and each share of Qumu Common Stock outstanding immediately prior to the Effective Time (as defined herein) will be canceled and converted into the right to receive the consideration set forth herein, all upon the terms and subject to the conditions set forth in this Agreement.
WHEREAS, for U.S. federal income tax purposes, it is intended that the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and that this Agreement will be, and is hereby, adopted as a plan of reorganization within the meaning of Treasury Regulations Section 1.368-2(g), and intend to file the statement required by Treasury Regulation Section 1.368-3(a).
WHEREAS, concurrently with the execution and delivery of this Agreement, as a condition and inducement to the willingness of Synacor and Merger Sub to enter into this Agreement, each of the officers and directors of Qumu (together with certain of their respective Affiliates) set forth on Exhibit A-1, in their respective capacities as shareholders of Qumu, have entered into support agreements with Synacor substantially in the form attached hereto as Exhibit A-2 (each, a “Qumu Support Agreement” and collectively, the “Qumu Support Agreements”).
WHEREAS, concurrently with the execution and delivery of this Agreement, as a condition and inducement to the willingness of Qumu to enter into this Agreement, each of the officers and directors of Synacor (together with certain of their respective Affiliates) set forth on Exhibit B-1, in their respective capacities as shareholders of Synacor, have entered into support agreements with Qumu substantially in the form attached hereto as Exhibit B-2 (each, a “Synacor Support Agreement” and collectively, the “Synacor Support Agreements”).

WHEREAS, concurrently with the execution and delivery of this Agreement, as a condition to the willingness of Synacor to enter into this Agreement, certain key employees of Qumu have each executed “at will” employment agreements or offer letters with Synacor or a Subsidiary of Synacor (including the Surviving Corporation) and such other employment documents as Synacor shall have requested, including without limitation a proprietary information and inventions assignment agreement and an agreement to be bound by Synacor’s employee handbook, insider trading policy and anti-corruption policy (collectively, the “Employment Agreements”), each in the form provided by Synacor and reasonably acceptable to Qumu, each to be effective upon the Closing.
NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements set forth herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Synacor, Merger Sub and Qumu hereby agree as follows:
Article I  THE MERGER
1.1 The Merger.  Upon the terms and subject to the conditions set forth in this Agreement and the applicable provisions of the MBCA, at the Effective Time, Merger Sub shall be merged with and into Qumu, the separate corporate existence of Merger Sub shall thereupon cease and Qumu shall continue as the surviving corporation of the Merger and a wholly owned subsidiary of Synacor.  Qumu, as the surviving corporation of the Merger, is sometimes referred to herein as the “Surviving Corporation.” Upon the terms and subject to the conditions set forth in this Agreement, on the Closing Date, Synacor, Merger Sub and Qumu shall cause the Merger to be consummated under the MBCA by executing as required by the MBCA and filing articles of merger in customary form and substance (the “Articles of Merger”) with the Secretary of State of the State of Minnesota (the “Minnesota Secretary of State”), and shall make all other filings and recordings required under the MBCA in connection with the Merger, in each case, in accordance with the applicable provisions of the MBCA.  The time of such filing and acceptance by the Minnesota Secretary of State, or such later time as may be agreed in writing by Synacor and Qumu and specified in the Articles of Merger, is referred to herein as the “Effective Time.”
1.2 The Surviving Corporation of the Merger.
(a) Articles of Incorporation and Bylaws of the Surviving Corporation.
(i) Articles of Incorporation.  Subject to the terms of Section 7.8(a), effective at the Effective Time by virtue of the Merger, the Articles of Incorporation of Qumu shall be amended and restated in its entirety to read identically to the Articles of Incorporation of Merger Sub, as in effect immediately prior to the Effective Time, and such amended and restated Articles of Incorporation shall become the Articles of Incorporation of the Surviving Corporation until thereafter amended in accordance with the applicable provisions of the MBCA and such Articles of Incorporation; provided, however, that at the Effective Time the Articles of Incorporation of the Surviving Corporation shall be amended so that the name of the Surviving Corporation shall be “Qumu Corporation.”
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(ii) Bylaws.  Subject to the terms of Section 7.8(a), Synacor and Qumu shall take such actions reasonably necessary to cause the Bylaws of Merger Sub, as in effect immediately prior to the Effective Time, to become the Bylaws of the Surviving Corporation as of immediately following the Effective Time, until thereafter amended in accordance with the applicable provisions of the MBCA, the Articles of Incorporation of the Surviving Corporation and such Bylaws.
(b) Directors and Officers of the Surviving Corporation.   
(i) Directors.  Immediately following the Effective Time, the board of directors of the Surviving Corporation shall be the same as the Synacor Board immediately prior to the Effective Time but after giving effect to Section 8.1 hereof.
(ii) Officers.  Immediately following the Effective Time, the officers of the Surviving Corporation shall be the same as the officers of Synacor immediately prior to the Effective Time but after giving effect to Section 8.2 hereof.
1.3 General Effects of the Merger.  The effects of the Merger shall be as provided in this Agreement and the applicable provisions of the MBCA.  Without limiting the generality of the foregoing, and subject thereto, at the Effective Time all of the property, rights, privileges, immunities, powers and franchises of Qumu and Merger Sub shall vest in the Surviving Corporation, and all debts, liabilities and duties of Qumu and Merger Sub shall become the debts, liabilities and duties of the Surviving Corporation.
1.4 Effect of the Merger on Capital Stock of the Merging Corporations.
(a) Capital Stock of Merger Sub.  Each share of common stock, par value $0.01 per share, of Merger Sub that is outstanding immediately prior to the Effective Time shall be converted into one validly issued, fully paid and nonassessable share of common stock of the Surviving Corporation.  Each certificate evidencing ownership of such shares of common stock of Merger Sub shall thereafter evidence ownership of shares of common stock of the Surviving Corporation.
(b) Capital Stock of Qumu.  
(i) Generally.  Upon the terms and subject to the conditions set forth in this Agreement, at the Effective Time, by virtue of the Merger and without any action on the part of Synacor, Merger Sub, Qumu, or the holders of any of the following securities, other than as otherwise set forth in this Section 1.4(b), each share of Qumu Common Stock that is outstanding immediately prior to the Effective Time shall be canceled and extinguished and automatically converted into the right to receive 1.61 validly issued, fully paid and non-assessable shares of Synacor Common Stock (such ratio, as such number may be adjusted in accordance with this Section 1.4(b)(i), the “Exchange Ratio”) and the cash payable in lieu of fractional shares pursuant to this Section 1.4(b)(i) (the “Common Stock Consideration”) upon the surrender of such share of Qumu Common Stock in the manner provided in Section 2.3(c) (or in the case of a lost, stolen or destroyed certificate, upon delivery of an affidavit of loss and indemnity in the 
3

manner provided in Section 2.3(e)); provided, however, that (x) the Exchange Ratio shall be appropriately adjusted to reflect fully the effect of any stock split, reverse stock split, stock dividend (including any dividend or distribution of securities convertible into Synacor Common Stock or Qumu Common Stock), reorganization, recapitalization, reclassification or other like change with respect to Synacor Common Stock or Qumu Common Stock having a record date on or after the date of this Agreement and prior to the Effective Time (provided, that nothing in this proviso shall be construed to permit Synacor or Qumu to take any action with respect to its securities that is prohibited by the terms of this Agreement), and (y) notwithstanding the foregoing or anything to the contrary set forth herein, no fraction of a share of Synacor Common Stock will be issued by virtue of the Merger, and in lieu thereof, each holder of record of shares of Qumu Common Stock who would otherwise be entitled to a fraction of a share of Synacor Common Stock pursuant to this Section 1.4(b)(i) (after aggregating all fractional shares of Synacor Common Stock that otherwise would be received by such holder of record) shall, upon the surrender of such share of Qumu Common Stock in the manner provided in Section 2.3(c) (or in the case of a lost, stolen or destroyed certificate, upon delivery of an affidavit of loss and indemnity in the manner provided in Section 2.3(e)), receive an amount of cash (rounded down to the nearest whole cent), without interest, equal to the product obtained by multiplying such fraction by the Closing Average.  From and after the Effective Time, all shares of Qumu Common Stock shall no longer be outstanding and shall automatically be canceled, retired and cease to exist, and each holder of shares of Qumu Common Stock shall cease to have any rights with respect thereto, except the right to receive the shares of Synacor Common Stock issuable in respect thereof pursuant to this Section 1.4(b)(i), cash in lieu of any fractional shares payable in respect thereof pursuant to this Section 1.4(b)(i) and any dividends or other distributions payable in respect thereof pursuant to Section 2.3(d).  All shares of Synacor Common Stock issued upon the surrender for exchange of shares of Qumu Common Stock in accordance with the terms hereof (including any cash paid in respect thereof pursuant to this Section 1.4(b)(i) in lieu of a fractional share of Synacor Common Stock and any dividends or other distributions paid in respect thereof pursuant to Section 2.3(d)) shall be deemed to have been issued in full satisfaction of all rights pertaining to such shares of Qumu Common Stock, and there shall be no further registration of transfers on the records of the Surviving Corporation of shares of Qumu Common Stock which were outstanding immediately prior to the Effective Time.  If, after the Effective Time, a Certificate representing shares of Qumu Common Stock is presented to the Surviving Corporation for any reason, then such Certificate shall be canceled and exchanged for the Common Stock Consideration in accordance with this Section 1.4(b), any cash payable in respect thereof pursuant to this Section 1.4(b)(i) in lieu of a fractional share of Synacor Common Stock and any dividends or other distributions payable in respect thereof pursuant to Section 2.3(d).
(ii) Owned Shares of Qumu Common Stock.  Notwithstanding anything to the contrary set forth herein, upon the terms and subject to the conditions set forth in this Agreement, at the Effective Time, by virtue of the Merger and without any action on the part of Synacor, Merger Sub, Qumu, or the holders of any of the following securities, each share of Qumu Common Stock that is owned by Synacor, Merger Sub or Qumu, or by any direct or indirect wholly owned Subsidiary of Synacor, Merger Sub or Qumu, in each case immediately 
4

prior to the Effective Time, shall be canceled and extinguished without any conversion thereof or consideration paid therefor.
(c) Qumu Stock Awards.  Immediately prior to the Effective Time, each Qumu Stock Award that was granted prior to the date hereof and is outstanding (and with respect to Qumu Stock Options, exercisable) immediately prior to the Effective Time shall become fully vested and any restrictions or risk of forfeiture shall lapse.  Any Qumu Common Stock required to be issued to the holder of such Qumu Stock Award following such required acceleration of vesting, lapse of restrictions, settlement or delivery shall be deemed to be issued and outstanding as of immediately prior to the Effective Time and treated in accordance with Section 1.4(b).  After giving effect to the foregoing, at the Effective Time, by virtue of the Merger and without necessity of any further action, each Qumu Stock Option that was granted prior to the date hereof and is outstanding and exercisable immediately prior to the Effective Time, shall terminate and be cancelled, with the holder thereof becoming entitled to receive, on the date on which the Effective Time occurs, an amount in cash, without interest and subject to Section 2.3(g), equal to: (i) the excess, if any, of (A) the Fair Market Value (as defined below) of one share of Qumu Common Stock on the Closing Date over (B) the exercise price per share of Qumu Common Stock subject to such Qumu Stock Option multiplied by (ii) the number of shares of Qumu Common Stock subject to such Qumu Stock Option at the Effective Time and if the exercise price of such Qumu Stock Option is equal to or greater than the Fair Market Value, such Qumu Stock Option shall terminate and be cancelled without any consideration being payable in respect thereof.  For purposes of this Section 1.4(c), “Fair Market Value” shall be the last reported sales price on Nasdaq of one share of Qumu Common Stock on the Closing Date.  As soon as practicable following the Effective Time, but in no event later than the first regularly scheduled payroll date that is at least 30 calendar days following the Effective Time, the Surviving Corporation shall make a payroll payment through the Surviving Corporation’s or Synacor’s payroll provider, subject to Section 2.3(g), of the amounts determined under this Section 1.4(c) to the applicable holders thereof; provided that if any payment owed to a holder of a Qumu Stock Option cannot be made through such payroll provider, then the Surviving Corporation or Synacor will issue a check for such payment to the holder thereof, subject to Section 2.3(g).
(d) Interim Qumu Stock Awards.  At the Effective Time, by virtue of the Merger and without necessity of any further action, each Qumu Stock Award that is granted on or after the date hereof, is held by a current service provider of Qumu and is outstanding immediately prior to the Effective Time shall not be subject to the provisions of Section 1.4(c) but shall be assumed by Synacor as follows:
(i) Restricted Stock Awards.  At the Effective Time, by virtue of the Merger and without necessity of any further action, each award of Qumu Restricted Stock (i.e., Qumu Common Stock that remains subject to a risk of forfeiture or other service‐based condition under the applicable Qumu Restricted Stock Award agreement) that is outstanding immediately prior to the Effective Time, shall be assumed by Synacor and converted into a right to receive that number of shares of Synacor Common Stock equal to the product obtained by multiplying (x) the number of shares of Qumu Restricted Stock by (y) the Exchange Ratio, rounded down to the nearest whole share of Synacor Common Stock (each, an “Assumed 
5

Restricted Stock Award”).  Each Assumed Restricted Stock Award shall otherwise be subject to the same terms and conditions (including as to the satisfaction of service-based requirements and settlement) as were applicable under respective Qumu Restricted Stock award agreement immediately prior to the Effective Time.
(ii) Stock Options.  At the Effective Time, by virtue of the Merger and without necessity of any further action, each Qumu Stock Option, that is outstanding immediately prior to the Effective Time, whether or not then vested or exercisable, shall be assumed by Synacor and converted into an option to acquire that number of shares of Synacor Common Stock equal to the product obtained by multiplying (x) the number of shares of Qumu Common Stock subject to such Qumu Stock Option by (y) the Exchange Ratio, rounded down to the nearest whole share of Synacor Common Stock (each, an “Assumed Option”).  Each Assumed Option shall otherwise be subject to the same terms and conditions (including as to vesting and exercisability) as were applicable under the respective Qumu Stock Option and Qumu Stock Plan immediately prior to the Effective Time (after giving effect to Section 1.4(c) to the extent required), except that each Assumed Option shall have an exercise price per share equal to the quotient obtained by dividing (x) the per share exercise price of Qumu Common Stock subject to such Assumed Option by (y) the Exchange Ratio (which price per share shall be rounded up to the nearest whole cent).  It is the intention of the parties that each Assumed Option that qualified as a United States-based incentive stock option (as defined in Section 422 of the Code) shall continue to so qualify, to the maximum extent permissible, following the Effective Time and that any Assumed Option that was exempt from or complied with Code 409A as of immediately prior to the Effective Time continues to be exempt from or comply with Code 409A as applicable, as of immediately after the Effective Time.
(iii) Qumu Restricted Stock Units and Qumu Performance Stock Units.  At the Effective Time, by virtue of the Merger and without necessity of any further action, each Qumu Restricted Stock Unit and each Qumu Performance Stock Unit that is outstanding immediately prior to the Effective Time and remains subject to the satisfaction of service-based or performance-based requirements under the respective Qumu Restricted Stock Unit or Qumu Performance Stock Unit shall be assumed by Synacor and converted into an award to receive that number of shares of Synacor Common Stock equal to the product obtained by multiplying (x) the number of shares of Qumu Common Stock subject to such Qumu Restricted Stock Unit or Qumu Performance Stock Unit immediately prior to the Effective Time by (y) the Exchange Ratio, rounded down to the nearest whole share of Synacor Common Stock (each, an “Assumed Stock Unit”).  Each Assumed Stock Unit shall otherwise be subject to the same terms and conditions (including as to the satisfaction of service-based and performance-based requirements and settlement) as were applicable under the respective Qumu Restricted Stock Unit or Qumu Performance Stock Unit immediately prior to the Effective Time; provided that any such Stock Unit that complied with Code 409A as of immediately prior to the Effective Time continues to comply with Code 409A as of immediately after the Effective Time.
(e) Warrants.  
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(i) Prior to the Effective Time, Qumu shall deliver to the holders of Qumu Warrants notices consistent with the terms and conditions of the applicable Qumu Warrant.
(ii) Prior to the Effective Time, Qumu shall take all necessary action so that the Qumu Warrants shall be cancelled and extinguished at the Effective Time and shall not be assumed by Synacor in the Merger (which for the avoidance of doubt, may include the proper exercise of the iStudy Warrant for Qumu Common Stock immediately prior to the Effective Time, such that the Qumu Common Stock issued thereunder shall be deemed to be issued and outstanding as of immediately prior to the Effective Time and treated in accordance with Section 1.4(b)).
(f) Registration Statements for Assumed Options and Other Awards.  At the Effective Time, and provided there are any Assumed Options, Assumed Restricted Stock Awards or Assumed Stock Units at the Effective Time per operation of Section 1.4(d), Synacor shall assume all the obligations of Qumu under the Qumu Stock Plan, each outstanding Assumed Option, Assumed Restricted Stock Award, and Assumed Stock Unit, and the agreements evidencing the grants thereof.  As soon as practicable after the Effective Time, Synacor shall deliver to the holders of Assumed Options, Assumed Restricted Stock Awards, and Assumed Stock Units appropriate notices setting forth such holders’ rights, and the agreements evidencing the grants of such Assumed Options, Assumed Restricted Stock Awards, and Assumed Stock Units shall otherwise continue in effect.  As soon as practicable following the Effective Time, but in no event later than five (5) business days following the Effective Time, Synacor shall file a registration statement under the Securities Act on Form S-8 or another appropriate form (and use its reasonable best efforts to maintain the effectiveness thereof and maintain the current status of the prospectuses contained therein) relating to shares of Synacor Common Stock issuable with respect to the Assumed Options, Assumed Restricted Stock Awards, and Assumed Stock Units, and shall use its reasonable best efforts to cause such registration statement to remain in effect for so long as such Assumed Options, Assumed Restricted Stock Awards, and Assumed Stock Units remain outstanding.
1.5 Settlement of Certain Qumu Liabilities.  At or prior to the Closing, Qumu will pay (i) all broker’s, finder’s, financial advisor’s or other similar fees or commissions and expenses due to Stifel in connection with the Merger and the transactions contemplated hereby and (ii) all expenses incurred by the Qumu and its Subsidiaries in connection with negotiating this Agreement, holding the Qumu Shareholders Meeting, soliciting and obtaining the Qumu Shareholder Approval and as is otherwise set forth in Section 9.3(a) hereof.
1.6 Further Action.  If, at any time after the Effective Time, any further action is necessary or desirable to carry out the purposes or intent of this Agreement and to vest the Surviving Corporation with full right, title and possession to all assets, property, rights, privileges, immunities, powers and franchises of Qumu and Merger Sub, the directors and officers of Qumu and Merger Sub shall have the authority to take all such lawful and necessary action.
1.7 Tax Reorganization.  The parties hereto intend, for U.S. federal income tax purposes, that the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code and the Treasury Regulations promulgated thereunder, and that this Agreement is hereby 
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adopted as a plan of reorganization for purposes of Section 354 and Section 361 of the Code and within the meaning of Treasury Regulations Section 1.368-2(g), to which Qumu, Synacor and the Merger Sub are parties under Section 368(b) of the Code.
ARTICLE II   THE CLOSING
2.1 The Closing.  The consummation of the Merger shall take place at a closing (the “Closing”) to occur at the offices of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, 220 West 42nd Street, 17th Floor, New York, NY 10036, (a) on a date and at a time to be agreed upon by Synacor and Qumu, which date shall be no later than the second (2nd) business day after the satisfaction or waiver (to the extent permitted hereunder) of the last to be satisfied or waived of the conditions set forth in Section 2.2 (other than those conditions that by their terms are to be satisfied or waived (if permitted hereunder) at the Closing, but subject to the satisfaction or waiver (to the extent permitted hereunder) of such conditions), or (b) at such other location, date and time as Synacor and Qumu shall mutually agree upon in writing.  The date upon which the Closing shall actually occur pursuant hereto is referred to herein as the “Closing Date.”  The parties intend that the Closing will be effected, to the extent practicable, by conference call, the electronic delivery of documents, and, if requested by a party, the prior physical exchange of certain other documents and instruments to be held in escrow by outside counsel to the recipient party pending authorization to release at the Closing.
2.2 Conditions to Closing.  
(a) Mutual Conditions to Closing.  The respective obligations of Synacor, Merger Sub and Qumu to consummate the Merger shall be subject to the satisfaction, at or prior to the Closing, of each of the following conditions:
(i) No Prohibitive Legal Requirements.  No Governmental Authority of competent jurisdiction in the Agreed Jurisdictions shall have enacted, issued, promulgated, entered, or enforced any Legal Requirement that is in effect and has the effect of making the Merger or any other transactions contemplated by this Agreement illegal or prohibiting the consummation of the Merger or any other transactions contemplated by this Agreement.
(ii) No Prohibitive Orders.  No Governmental Authority of competent jurisdiction in the Agreed Jurisdictions shall have issued or granted any Order (whether temporary, preliminary or permanent) that has the effect of making the Merger or any other transactions contemplated by this Agreement illegal or prohibiting the consummation of the Merger or any other transactions contemplated by this Agreement.
(iii) Effectiveness of the Registration Statement.  The Registration Statement shall have been declared effective by the SEC under the Securities Act.  No stop order suspending the effectiveness of the Registration Statement shall have been issued by the SEC and no proceeding for that purpose, and no similar proceeding in respect of the Joint Proxy Statement/Prospectus, shall have been initiated or threatened in writing by the SEC that has not been withdrawn.
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(iv) Requisite Shareholder Approvals.  The Requisite Qumu Shareholder Approval and the Requisite Synacor Shareholder Approval shall have been obtained.
(v) Antitrust Approvals.  Any governmental approval or other consent or waiting period expirations or terminations (and any extensions thereof) required to be obtained with respect to the Merger under any Antitrust Law shall have been obtained and shall remain in full force and effect.
(vi) Nasdaq Listing.  The shares of Synacor Common Stock issuable in the Merger, the shares of Synacor Common Stock issuable upon the exercise of all Assumed Options (if any), the shares of Synacor Common Stock issued upon conversion of all Assumed Restricted Stock Awards (if any) and the shares of Synacor Common Stock issuable in settlement of all Assumed Stock Units (if any) shall have been authorized for listing on Nasdaq subject to official notice of issuance.
(vii) Tax Opinions.  Synacor shall have received a written opinion of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, in customary form and substance reasonably satisfactory to Synacor, and Qumu shall have received a written opinion of Ballard Spahr LLP, in customary form and substance reasonably satisfactory to Qumu, each dated as of the Closing Date and each to the effect that, on the basis of facts, representations and assumptions set forth or referred to in such opinion that are consistent with the state of facts existing at the Effective Time, and substantially in the form set forth in Exhibit E hereto, the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code.  The issuance of such opinions shall be conditioned upon the receipt by such counsel of customary representation letters from each of Synacor, Merger Sub and Qumu, as provided in Section 7.12(b).  If either such counsel is unable or unwilling to provide such opinion, Synacor or Qumu, as applicable, will use reasonable best efforts to appoint another independent tax advisor of national reputation to provide such opinion.
(b) Additional Synacor and Merger Sub Conditions to Closing.  The obligations of Synacor and Merger Sub to consummate the Merger are also subject to the satisfaction or waiver, at or prior to the Closing, of each of the following additional conditions (each of which conditions may be waived exclusively by Synacor and Merger Sub in their sole and absolute discretion):
(i) Compliance with Agreements and Covenants.  Qumu shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by it at or prior to the Closing Date.
(ii) Accuracy of Representations and Warranties.  
(A) The representations and warranties of Qumu set forth in Section 3.1 (Organization and Qualification), Section 3.2 (Authority; Approvals and Enforceability), Section 3.3(b) (Required Filings and Consents), Section 3.4 (Articles of Incorporation and Bylaws) and Section 3.24 (Takeover Statutes) (the “Qumu Fundamental Representations”) (i) shall have been true and correct in all material respects as of the date of this 
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Agreement, and (ii) shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as if made on and as of such date, except, in each case, for those representations and warranties that address matters only as of a particular date (which representations shall have been true and correct in all material respects as of such date).
(B) The representations and warranties of Qumu set forth in Section 3.5(a), Section 3.5(b), Section 3.5(c), Section 3.5(d) and Section 3.5(e) (the “Qumu Capitalization Representations”) (i) shall have been true and correct as of the date of this Agreement, and (ii) shall be true and correct on and as of the Closing Date with the same force and effect as if made on and as of such date, except, in each case, for any inaccuracies that would not, individually or in the aggregate, reflect an underrepresentation of the number of fully diluted shares of Qumu Common Stock, before giving effect to the Merger, of more than 0.25% from that reflected in the Qumu Capitalization Representations, except, in each case, for those representations and warranties that address matters only as of a particular date (which representations shall have been true and correct as of such date except for any inaccuracies that would not, individually or in the aggregate, reflect an underrepresentation of the number of fully diluted shares of Qumu Common Stock, before giving effect to the Merger, of more than 0.25% from that reflected in the Qumu Capitalization Representations).
(C) The representations and warranties of Qumu set forth in this Agreement (other than the Qumu Fundamental Representations and the Qumu Capitalization Representations) (i) shall have been true and correct as of the date of this Agreement, and (ii) shall be true and correct on and as of the Closing Date with the same force and effect as if made on and as of such date, except, in the case of the foregoing clauses (i) and (ii), (A) for any failure to be so true and correct which has not had, and would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, and (B) for those representations and warranties which address matters only as of a particular date (which representations shall have been true and correct as of such particular date, except for any failure to be so true and correct as of such date which has not had, and would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect); provided, however, that for purposes of determining the accuracy of the representations and warranties of Qumu set forth in this Agreement for purposes of this Section 2.2(b)(ii)(C), (1) all qualifications based on a “Qumu Material Adverse Effect” and all materiality qualifications and other qualifications based on the word “material” or similar phrases contained in such representations and warranties shall be disregarded (it being understood and hereby agreed that (x) the phrase “similar phrases” as used in this proviso shall not be deemed to include any dollar thresholds contained in any such representations and warranties, and (y) the representation and warranty set forth in clause (i) of Section 3.10 and the term “Qumu Material Contract” shall not be disregarded pursuant to the terms of this proviso), and (2) any update of or modification to the Qumu Disclosure Letter made or purported to have been made after the date hereof shall be disregarded.
(iii) No Qumu Material Adverse Effect.  Since the date hereof, there shall not have occurred or arisen any Qumu Material Adverse Effect that is continuing.
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(iv) Officer’s Certificate.  Synacor shall have received a certificate, signed for and on behalf of Qumu by the chief executive officer and the chief financial officer of Qumu, certifying the satisfaction of the conditions set forth in this Section 2.2(b).
(v) Termination of Qumu Terminating Plans.  Synacor shall have received evidence satisfactory to it that the Qumu Terminating Plans have been terminated.
(vi) Employment Agreements.  As of the Closing, all of the Employment Agreements entered into concurrently with the execution and delivery of this Agreement shall be in full force and effect, and no party to those Employment Agreements shall have terminated, rescinded or repudiated any of his or her Employment Agreement.
(vii) FIRPTA Certificate.  Synacor shall have received (A) an original signed statement from Qumu that Qumu is not, and has not been at any time during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code, a “United States real property holding corporation,” as defined in Section 897(c)(2) of the Code, conforming to the requirements of Treasury Regulations Section 1.1445-2(c)(3) and 1.897-2(h), and (B) an original signed notice to be delivered to the IRS in accordance with the requirements of Treasury Regulations Section 1.897-2(h)(2), together with written authorization for Synacor to deliver such notice to the IRS on behalf of Qumu following the Closing, each dated as of the Closing Date, duly executed by an authorized officer of Qumu.
(viii) Consents; Amendments; Terminations.
(A) Qumu shall have delivered to Synacor duly executed copies of the consents, waivers or approvals set forth in Schedule 2.2(b)(viii)(A) hereto, in form and substance reasonably satisfactory to Synacor; and
(B) Qumu shall have delivered to Synacor duly executed copies of the amendments to, or terminations of, the Contracts set forth in Schedule 2.2(b)(viii)(B) hereto, in form and substance satisfactory to Synacor. 
(c) Additional Qumu Conditions to Closing.  The obligation of Qumu to consummate the Merger is also subject to the satisfaction or waiver, at or prior to the Closing, of each of the following additional conditions (each of which conditions may be waived exclusively by Qumu in its sole and absolute discretion):
(i) Compliance with Agreements and Covenants.  Synacor and Merger Sub shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by them at or prior to the Closing Date.
(ii) Accuracy of Representations and Warranties.  
(A) The representations and warranties of Synacor set forth in Section 4.1 (Organization and Qualification), Section 4.2 (Authority; Approvals and 
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Enforceability), Section 4.3(b) (Required Filings and Consents), Section 4.4 (Certificate of Incorporation and Bylaws) and Section 4.24 (Takeover Statutes) (the “Synacor Fundamental Representations”) (i) shall have been true and correct in all material respects as of the date of this Agreement, and (ii) shall be true and correct in all material respects on and as of the Closing Date with the same force and effect as if made on and as of such date, except, in each case, for those representations and warranties that address matters only as of a particular date (which representations shall have been true and correct in all material respects as of such date).
(B) The representations and warranties of Synacor set forth in Section 4.5(a), Section 4.5(b), Section 4.5(c), Section 4.5(d) and Section 4.5(e) (the “Synacor Capitalization Representations”) (i) shall have been true and correct as of the date of this Agreement, and (ii) shall be true and correct on and as of the Closing Date with the same force and effect as if made on and as of such date, except, in each case, for any inaccuracies that would not, individually or in the aggregate, reflect an underrepresentation of the number of fully diluted shares of Synacor Common Stock, before giving effect to the Merger, of more than 0.25% from that reflected in the Synacor Capitalization Representations, except, in each case, for those representations and warranties that address matters only as of a particular date (which representations shall have been true and correct as of such date except for any inaccuracies that would not, individually or in the aggregate, reflect an underrepresentation of the number of fully diluted shares of Synacor Common Stock, before giving effect to the Merger, of more than 0.25% from that reflected in the Synacor Capitalization Representations).
(C) The representations and warranties of Synacor set forth in this Agreement (other than the Synacor Fundamental Representations and the Synacor Capitalization Representations) (i) shall have been true and correct as of the date of this Agreement, and (ii) shall be true and correct on and as of the Closing Date with the same force and effect as if made on and as of such date, except, in the case of the foregoing clauses (i) and (ii), (A) for any failure to be so true and correct which has not had, and would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, and (B) for those representations and warranties which address matters only as of a particular date (which representations shall have been true and correct as of such particular date, except for any failure to be so true and correct as of such date which has not had, and would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect); provided, however, that for purposes of determining the accuracy of the representations and warranties of Synacor set forth in this Agreement for purposes of this Section 2.2(c)(ii)(C), (1) all qualifications based on a “Synacor Material Adverse Effect” and all materiality qualifications and other qualifications based on the word “material” or similar phrases contained in such representations and warranties shall be disregarded (it being understood and hereby agreed that (x) the phrase “similar phrases” as used in this proviso shall not be deemed to include any dollar thresholds contained in any such representations and warranties, and (y) the representation and warranty set forth in clause (i) of Section 4.10 and the term “Synacor Material Contract” shall not be disregarded pursuant to the terms of this proviso), and (2) any update of or modification to the Synacor Disclosure Letter made or purported to have been made after the date hereof shall be disregarded.
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(iii) No Synacor Material Adverse Effect.  Since the date hereof, there shall not have occurred or arisen any Synacor Material Adverse Effect that is continuing.
(iv) Officer’s Certificate.  Qumu shall have received a certificate, signed for and on behalf of Synacor by the chief executive officer and the chief financial officer of Synacor, certifying the satisfaction of the conditions set forth in this Section 2.2(c).
2.3 Issuance of Merger Consideration After the Closing.
(a) Exchange Agent.  Prior to the Closing Date, Synacor shall select a bank or trust company reasonably acceptable to Qumu to act as the exchange agent for the Merger pursuant to an exchange agent agreement in form and substance reasonably satisfactory to Qumu (the “Exchange Agent”).
(b) Exchange Fund.  
(i) Creation of Exchange Fund.  As promptly as practicable following the Effective Time (and in any event, within ten (10) business days thereafter), Synacor shall deposit with the Exchange Agent for exchange in accordance with this Article II, the shares of Synacor Common Stock (which shall be in uncertificated book entry form) issuable pursuant to Section 1.4(b)(i) in exchange for shares of Qumu Common Stock.  In addition, Synacor shall make available from time to time after the Effective Time as necessary, cash in an amount sufficient to pay any cash payable pursuant to Section 1.4(b)(i) in lieu of fractional shares of Synacor Common Stock and any dividends or distributions to which holders of shares of Qumu Common Stock may be entitled pursuant to Section 2.3(d).  Any Synacor Common Stock and cash deposited with the Exchange Agent shall hereinafter be referred to as the “Exchange Fund.”
(ii) Termination of Exchange Fund.  Any portion of the Exchange Fund which remains undistributed to the holders of Certificates one hundred and eighty (180) days after the Effective Time shall, at the request of Synacor or the Surviving Corporation, be delivered to Synacor or the Surviving Corporation or otherwise according to the instruction of Synacor or the Surviving Corporation, and any holders of the Certificates who have not surrendered such Certificates in compliance with this Section 2.3 shall after such delivery to Synacor and the Surviving Corporation look only to Synacor and the Surviving Corporation (subject to any applicable abandoned property, escheat or other similar Legal Requirement) as general creditors thereof for delivery or payment of the applicable shares of Synacor Common Stock issuable in respect thereof pursuant to Section 1.4(b)(i), cash payable in respect thereof pursuant to Section 1.4(b)(i) in lieu of any fractional shares of Synacor Common Stock and any dividends or other distributions payable in respect thereof pursuant to Section 2.3(d).
(c) Exchange Procedures.  As promptly as practicable following the Effective Time, Synacor shall cause the Exchange Agent to mail to each holder of record (as of immediately prior to the Effective Time) of shares of Qumu Common Stock that were converted pursuant to Section 1.4(b) (i) a letter of transmittal in customary form as Qumu and Synacor may reasonably agree which shall specify that delivery shall be effected, and risk of loss and title shall pass (x) with respect to the certificate or certificates (the “Certificates”) that immediately prior to 
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the Effective Time represented outstanding shares of Qumu Common Stock, only upon delivery of the Certificates (or effective affidavits in lieu thereof) to the Exchange Agent and (y) with respect to outstanding shares of Qumu Common Stock held in book-entry immediately prior to the Effective Time (“Book-Entry Shares”), upon proper delivery of any “agent’s message” regarding the book-entry transfer of such Book-Entry Shares (or such other evidence, if any, of the transfer as the Exchange Agent may reasonably request) and (ii) instructions for use in effecting the surrender of the Certificates or Book-Entry Shares, as applicable, in exchange for whole shares of Synacor Common Stock pursuant to Section 1.4(b)(i), cash payable in respect thereof pursuant to Section 1.4(b)(i) in lieu of any fractional shares of Synacor Common Stock and any dividends or other distributions payable in respect thereof pursuant to Section 2.3(d).  Upon surrender of Certificates (or effective affidavits in lieu thereof) or Book-Entry Shares, as applicable, for cancellation to the Exchange Agent or to such other agent or agents as may be appointed by Synacor, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates or Book-Entry Shares, as applicable, shall be entitled to receive in exchange therefor the number of whole shares of Synacor Common Stock (after taking into account all Certificates or such Book-Entry Shares surrendered by such holder of record) such holder is entitled to receive pursuant to Section 1.4(b)(i) (which shall be in uncertificated book entry form), payment of any cash such holder is entitled to receive pursuant to Section 1.4(b)(i) in lieu of fractional shares of Synacor Common Stock and any dividends or distributions such holder is entitled to receive pursuant to Section 2.3(d), and the Certificates or Book-Entry Shares, as applicable, so surrendered shall forthwith be canceled.  The Exchange Agent shall accept such Certificates or Book-Entry Shares, as applicable, upon compliance with such reasonable terms and conditions as the Exchange Agent may impose for an orderly exchange thereof in accordance with normal and customary exchange practices.  No interest shall be paid or accrued for the benefit of holders of the Certificates or Book-Entry Shares, as applicable, on the cash amounts payable upon the surrender of such Certificates pursuant to this Section 2.3.  Until so surrendered, from and after the Effective Time outstanding Certificates or Book-Entry Shares, as applicable, shall be deemed to evidence only the ownership of the number of full shares of Synacor Common Stock into which such shares of Qumu Common Stock shall have been so converted and the right to receive an amount in cash in lieu of the issuance of any fractional shares in accordance with Section 1.4(b)(i) and any dividends or distributions payable pursuant to Section 2.3(d).  
(d) Dividends and Distributions.  Whenever a dividend or other distribution is declared or made after the date hereof with respect to Synacor Common Stock with a record date after the Effective Time, such declaration shall include a dividend or other distribution in respect of all shares of Synacor Common Stock issuable pursuant to this Agreement.  No dividends or other distributions declared or made after the date hereof with respect to Synacor Common Stock with a record date after the Effective Time will be paid to the holders of any unsurrendered Certificates or Book-Entry Shares, as applicable, with respect to the shares of Synacor Common Stock represented thereby until the holders of record of such Certificates or Book-Entry Shares shall surrender such Certificates or Book-Entry Shares, respectively.  Subject to applicable Legal Requirements, following surrender of any Certificates or Book Entry Shares in the manner provided in Section 2.3(c), the Exchange Agent shall deliver to the record holders thereof, without interest, promptly after such surrender, the number of whole shares of Synacor Common 
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Stock issued in exchange therefor along with any such dividends or other distributions with a record date after the Effective Time and theretofore paid with respect to such whole shares of Synacor Common Stock.
(e) Lost, Stolen or Destroyed Certificates.  In the event that any Certificates shall have been lost, stolen or destroyed, the Exchange Agent shall issue in exchange for such lost, stolen or destroyed Certificates, upon the making of an affidavit of that fact by the holder thereof, the shares of Synacor Common Stock issuable in respect thereof pursuant to Section 1.4(b)(i), the cash payable in respect thereof pursuant to Section 1.4(b)(i) in lieu of fractional shares of Synacor Common Stock and any dividends or distributions payable in respect thereof pursuant to Section 2.3(d); provided, however, that Synacor may, in its discretion and as a condition precedent to the issuance thereof, require the owners of such lost, stolen or destroyed Certificates to deliver a customary indemnity against any claim that may be made against Synacor, the Surviving Corporation or the Exchange Agent with respect to the Certificates alleged to have been lost, stolen or destroyed.
(f) Transferred Shares.  In the event that a transfer of ownership of shares of Qumu Common Stock is not registered in the stock transfer books or ledger of Qumu, or if shares of Synacor Common Stock are to be issued in a name other than that in which the Certificates or Book-Entry Shares, as applicable, surrendered in exchange therefor are registered, it will be a condition of the issuance thereof that the Certificates or Book-Entry Shares, as applicable, so surrendered are properly endorsed and otherwise in proper form for surrender and transfer and the Person requesting such payment has paid to Synacor (or any agent designated by Synacor) any transfer or other Taxes required by reason of the issuance of shares of Synacor Common Stock in any name other than that of the registered holder of the Certificates surrendered, or established to the satisfaction of Synacor (or any agent designated by Synacor) that such transfer or other Taxes have been paid or are otherwise not payable.
(g) Tax Withholding.  Each of the Exchange Agent, Synacor and the Surviving Corporation shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement, such amounts as may be required to be deducted or withheld therefrom under any provision of U.S. federal, state, local or non-U.S. tax law or under any applicable Legal Requirement and shall be entitled to request any reasonably appropriate Tax forms, including IRS Form W-9 (or the appropriate IRS Form W-8, as applicable), from any Person receiving payments hereunder.  To the extent such amounts are so deducted or withheld and paid over to the appropriate Governmental Authority, such amounts shall be treated for all purposes as having been paid to the Person to whom such amounts would otherwise have been paid.
(h) No Liability.  Notwithstanding anything to the contrary set forth in this Agreement, none of the Exchange Agent, Synacor, the Surviving Corporation or any other party hereto shall be liable to a holder of shares of Synacor Common Stock or Qumu Common Stock for any amount properly paid to a public official pursuant to any applicable abandoned property, escheat or other similar Legal Requirement.  Any portion of the Exchange Fund which remains undistributed to the holders of Certificates or Book-Entry Shares as of the second (2nd) anniversary of the Effective Time (or immediately prior to such earlier date on which the 
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Exchange Fund would otherwise escheat to, or become the property of, any Governmental Authority) shall, to the extent permissible by Legal Requirement, become the property of the Surviving Corporation, free and clear of all claims or interest of any Person previously entitled thereto.
(i) Investment of the Exchange Fund.  Any funds included in the Exchange Fund may be invested by the Exchange Agent, as directed by Synacor.  Any interest and other income resulting from such investments shall promptly be paid to Synacor.  Any loss of any of the funds included in the Exchange Fund shall be for the account of Synacor and shall not alter Synacor’s obligation to cause to be paid any amounts owed to holders of Qumu Common Stock pursuant to Article I and this Article II.
ARTICLE III   REPRESENTATIONS AND WARRANTIES OF QUMU
Except (i) as set forth in the disclosure letter that has been prepared by Qumu and delivered by Qumu to Synacor in connection with the execution and delivery of this Agreement, dated as of the date hereof (the “Qumu Disclosure Letter”), which expressly identifies the Section (or, if applicable, subsection) to which such exception relates (it being understood and hereby agreed that any disclosure in the Qumu Disclosure Letter relating to one Section or subsection shall also apply to any other Sections and subsections if and to the extent that it is readily apparent on the face of such disclosure (without reference to the underlying documents referenced therein) that such disclosure also relates to such other Sections or subsections), or (ii) as set forth in any Qumu SEC Reports filed with, or furnished to, the SEC and publicly available on or after January 1, 2019 and prior to the date hereof (other than in any “risk factors” or other disclosure statements included therein that are cautionary, predictive or forward looking in nature and not statements of historical fact; provided that the exception provided for in this clause (ii) shall (x) be applied with respect to a particular representation or warranty in this Article III only to the extent that it is reasonably apparent from the text of such reports that such disclosure relates to such representation or warranty, and (y) not apply to the representations and warranties in Section 3.1, Section 3.2, Section 3.4, Section 3.5, Section 3.6 and clause (i) of Section 3.10), Qumu hereby represents and warrants to Synacor and Merger Sub as follows:
3.1 Organization and Qualification.  Qumu is duly organized, validly existing and in good standing under the laws of the State of Minnesota and has all requisite corporate power and authority necessary to enable it to own, lease and operate the properties it purports to own, lease or operate and to conduct its business as it is currently conducted.  Qumu is duly qualified or licensed as a foreign corporation to do business, and is in good standing, in each jurisdiction where the character or location of the properties owned, leased or operated by it or the nature of its activities makes such qualification or licensing necessary, except to the extent that the failure to be so qualified or licensed and in good standing would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect.  
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3.2 Authority; Approvals and Enforceability.
(a) Qumu has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and subject only to the approval of the Qumu Shareholders as described below, to consummate the Merger and the other transactions contemplated hereby in accordance with the terms hereof.
(b) The execution and delivery of this Agreement (including the Plan of Merger) by Qumu, and performance by Qumu of its obligations hereunder, and the consummation of the Merger and the other transactions contemplated hereby, have been duly and validly approved by the Qumu Board (the “Qumu Board”) and a committee of disinterested directors of the Board formed in accordance with Section 302A.673 of the MBCA (the “Committee of Disinterested Directors”).  As of the date of this Agreement and prior to the execution and delivery of the Qumu Support Agreements, the Qumu Board and the Committee of Disinterested Directors have each unanimously (i) approved, and declared advisable this Agreement (including the Plan of Merger) and the Merger and other transactions contemplated hereby upon and subject to the terms and conditions set forth herein (such approval having been made in accordance with the MBCA, including for purposes of Sections 302A.613, Subd.1 and 302A.673 thereof), (ii) determined that this Agreement (including the Plan of Merger) and the Merger and other transactions contemplated hereby are fair to, and in the best interests of, Qumu and the Qumu Shareholders, (iii) in the case of the Board, has directed that Qumu submit this Agreement (including the Plan of Merger) to the Qumu Shareholders for approval by them as promptly as practicable and (iv) resolved to recommend that the Qumu Shareholders approve this Agreement (including the Plan of Merger) (the “Qumu Voting Proposal”) at the Qumu Shareholder Meeting.  As of the date of this Agreement, the foregoing Qumu Voting Proposal has not been withdrawn, revoked or modified in any respect.  As of the date of this Agreement and prior to the execution and delivery of the Qumu Support Agreements, the Committee of Disinterested Directors has unanimously approved the Qumu Support Agreements.  The Qumu Board has received an opinion of Stifel, Nicolaus & Company, Incorporated (“Stifel”) to the effect that, as of the date of such opinion, and based upon and subject to the various assumptions, qualifications, limitations and other matters set forth therein, the Exchange Ratio to be received pursuant to and in accordance with, the terms of this Agreement by the holders of shares of Qumu Common Stock (other than Synacor or any Affiliate of Synacor), is fair to such holders, from a financial point of view, and, as of the date of this Agreement, the foregoing opinion has not been withdrawn, revoked or modified in any respect.
(c) Except for the approval of the Qumu Voting Proposal by the affirmative vote of the holders of a majority of the outstanding shares of Qumu Common Stock entitled to vote at a meeting of the Qumu Shareholders called to consider the Qumu Voting Proposal (the “Requisite Qumu Shareholder Approval”) and assuming the accuracy of the representations and warranties set forth in Section 4.23 of this Agreement, no other corporate proceedings on the part of Qumu are necessary to approve or adopt this Agreement under applicable Legal Requirements and to consummate the Merger and other transactions contemplated hereby in accordance with the terms hereof.
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(d) This Agreement has been duly and validly executed and delivered by Qumu, and assuming due authorization, execution and delivery by Synacor and Merger Sub, this Agreement constitutes a valid and binding obligation of Qumu, enforceable against Qumu in accordance with its terms, except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Legal Requirements affecting creditors’ rights generally, or by principles governing the availability of equitable remedies.
3.3 Required Filings and Consents.
(a) The execution and delivery by Qumu of this Agreement do not, and the performance by Qumu of its covenants and agreements under this Agreement and the consummation by Qumu of the transactions contemplated by this Agreement will not, (i) assuming receipt of the Requisite Qumu Shareholder Approval conflict with or violate the Qumu Articles of Incorporation or the Qumu Bylaws or any Qumu Subsidiary Documents, (ii) assuming receipt of the government approvals contemplated by Section 3.3(b) conflict with or violate any Legal Requirements applicable to Qumu or any of its Subsidiaries or by which its or any of their respective properties is bound or affected, (iii) require notice to or the consent of any Person under, result in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default), or impair Qumu’s or any of its Subsidiaries’ rights or alter the rights or obligations of any third party under, or give to any third party any rights of termination, amendment, payment, acceleration or cancellation of, or result in the creation of a Lien on any of the properties or assets (including intangible assets) of Qumu or any of its Subsidiaries pursuant to, any Qumu Material Contract, or (iv) give rise to or result in any person having, or having the right to exercise, any preemptive rights, rights of first refusal, rights to acquire or similar rights with respect to any capital stock of Qumu or any of its Subsidiaries or any of their respective assets or properties, except in the case of the preceding clauses (ii) through (iv), inclusive, as would not reasonably be expected to be, individually or in the aggregate, material to Qumu and its Subsidiaries, taken as a whole.
(b) The execution and delivery by Qumu of this Agreement do not, and the performance by Qumu of its covenants and agreements under this Agreement and the consummation by Qumu of the transactions contemplated by this Agreement (including the Merger) will not, require any consent, approval, order, license, authorization, registration, declaration or permit of, or filing with or notification to, any Governmental Authority, except (i) as may be required by applicable Antitrust Laws, (ii)  the filing of the Joint Proxy Statement/Prospectus with the SEC in accordance with the Exchange Act and as may be required under the Securities Act, (iii) such consents, approvals, orders, licenses, authorizations, registrations, declarations, permits, filings, and notifications as may be required under applicable United States federal and state securities laws, (iv) the filing of the Articles of Merger or other documents as required by the MBCA and (v) such other consents, approvals, orders, registrations, declarations, permits, filings and notifications which, if not obtained or made, would not reasonably be expected to be, individually or in the aggregate, material to Qumu and its Subsidiaries, taken as a whole.
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3.4 Articles of Incorporation and Bylaws.  Qumu has heretofore made available to Synacor a complete and accurate copy of the Qumu Articles of Incorporation and Qumu Bylaws, along with the charter and bylaws (or equivalent organizational documents) each as amended to date, of each of its Subsidiaries (the “Qumu Subsidiary Documents”).  The Qumu Articles of Incorporation, Qumu Bylaws and Qumu Subsidiary Documents, each as amended to date, are in full force and effect, and neither the Qumu Board nor, to the Knowledge of Qumu, any Qumu Shareholder has taken any action to amend the Qumu Articles of Incorporation or the Qumu Bylaws in any respect.  Qumu has not taken any action in breach or violation of any of the provisions of the Qumu Articles of Incorporation or the Qumu Bylaws, and each Subsidiary is not in breach or violation of any of the material provisions of their respective Qumu Subsidiary Documents, except, in the case of a Subsidiary, as would not reasonably be expected to be, individually or in the aggregate, material to Qumu and its Subsidiaries, taken as a whole.
3.5 Capitalization.
(a) The authorized capital stock of Qumu consists of 30,000,000 shares of capital stock of which 29,750,000 shares are Qumu Common Stock and 250,000 shares are Qumu Preferred Stock, all of which are designated Series A Junior Participating Preferred Shares.  As of February 9, 2020: 
(i)  13,553,468 shares of Qumu Common Stock were issued and outstanding (including 179,631 shares of Qumu Restricted Stock);
(ii) 3,230,320 shares of Qumu Common Stock were reserved for issuance pursuant to awards granted under the Qumu Stock Plan, of which 1,055,000 shares were subject to outstanding and unexercised Qumu Stock Options, 132,996 shares were subject to outstanding Qumu Restricted Stock Units and 40,599 shares were subject to outstanding Qumu Performance Stock Units;
(iii) 925,000 shares of Qumu Common Stock were subject to the ESW Warrant; 
(iv) 314,286 shares of Qumu Common Stock were subject to the Hale Warrant;
(v) 100,000 shares of Qumu Common Stock were subject to the iStudy Warrant; and 
(vi) no shares of Qumu Preferred Stock were issued and outstanding.  
(b) Since February 9, 2020, Qumu has not issued any securities (including derivative securities) except for shares of Qumu Common Stock issued upon exercise of Qumu Stock Awards or the settlement of Qumu Restricted Stock Units, in each case, outstanding on or prior to February 9, 2020.
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(c) Other than the Qumu Stock Plan, there are no stock option plans or any other plan or agreement adopted by Qumu that provides for the issuance of equity to any current or former service provider of Qumu.  Qumu has made available to Synacor complete and accurate copies of the Qumu Stock Plan and the forms of all award agreements evidencing outstanding Qumu Stock Awards, and all agreements under the Qumu Stock Plan that materially deviate from such forms of award agreement.  
(d) Section 3.5(d) of the Qumu Disclosure Letter sets forth a complete and accurate list as of February 9, 2020 of all outstanding equity-based awards, whether payable in stock, cash or other property or any combination of the foregoing, including the Qumu Warrants (the “Qumu Stock Awards”), granted under the Qumu Stock Plans or otherwise, indicating, with respect to each Qumu Stock Award then outstanding, the type of award granted, the number of shares of Qumu Common Stock subject to such Qumu Stock Award and the exercise or purchase price (if any), date of grant, vesting schedule, expiration date, and any performance targets or similar conditions to exercisability or settlement thereof, including the extent to which any vesting had occurred as of February 9, 2020, if the Qumu Stock Award is exercisable for more than six (6) months following the holder’s termination (other than for disability or death), and whether (and to what extent) the vesting of such Qumu Stock Award may be accelerated in any way by the consummation of the transactions contemplated by this Agreement (alone or in combination with any other event, including the termination of employment or engagement or change in position of any holder thereof following or in connection with the consummation of the Merger).  The terms of the Qumu Stock Plans and Qumu Stock Awards permit the treatment of each Qumu Stock Award as provided in this Agreement, without the consent or approval of the holders thereof or the Qumu Shareholders.
(e) Except as described in Section 3.5(a), 3.5(b) and 3.5(d) of the Qumu Disclosure Letter, no capital stock of Qumu or any of its Subsidiaries or any security convertible or exchangeable into or exercisable for such capital stock, is issued, reserved for issuance or outstanding as of the date of this Agreement.  Except as described in Section 3.5(d) of this Agreement and except for changes since the date of this Agreement resulting from the exercise of employee stock options outstanding on such date or described on Section 3.5(d) of the Qumu Disclosure Letter, there are no exercisable securities, there are no options, preemptive rights, warrants, calls, rights, commitments, agreements, arrangements or understandings of any kind to which Qumu or any of its Subsidiaries is a party, or by which Qumu or any of its Subsidiaries is bound, obligating Qumu or any of its Subsidiaries to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock of Qumu or any of its Subsidiaries or obligating Qumu or any of its Subsidiaries to grant, extend or accelerate the vesting of or enter into any such option, warrant, call, right, commitment, agreement, arrangement or understanding.  There are no shareholder agreements, voting trusts, proxies or other similar agreements, arrangements or understandings to which Qumu or any of its Subsidiaries is a party, or by which it or they are bound, obligating Qumu or any of its Subsidiaries with respect to any shares of capital stock of Qumu or any of its Subsidiaries.  There are no rights or obligations, contingent or otherwise (including rights of first refusal in favor of Qumu), of Qumu or any of its Subsidiaries, to repurchase, redeem or otherwise acquire any shares of capital stock of Qumu or any of its Subsidiaries or to provide funds to or make any investment (in the form of a loan, capital 
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contribution or otherwise) in any such Subsidiary or any other entity.  There are no registration rights or other agreements, arrangements or understandings to which Qumu or any of its Subsidiaries is a party, or by which it or they are bound, obligating Qumu or any of its Subsidiaries with respect to any shares of Qumu Common Stock or shares of capital stock of any such Subsidiary.  Qumu does not have outstanding any bonds, debentures, notes or other obligations the holders of which have the right to vote (or are convertible into or exercisable for securities having the right to vote) with the Qumu Shareholders on any matter.  Except as described in Sections 3.5(a), 3.5(b) and 3.5(d) of the Qumu Disclosure Letter, as of February 9, 2020 there are no outstanding stock options, restricted stock units, restricted stock, stock appreciation rights, “phantom” stock rights, performance units or other compensatory rights or awards (in each case, issued by Qumu or any of its Subsidiaries), that are convertible into or exercisable for a share of Qumu Common Stock on a deferred basis or otherwise or other rights that are linked to, or based upon, the value of Qumu Common Stock.  All Qumu Stock Awards are evidenced by award agreements in substantially the forms previously made available to Synacor or disclosed in the Qumu SEC Reports filed with, or furnished to, the SEC and publicly available on or after January 1, 2019 and prior to the date hereof.
(f) All outstanding shares of Qumu Common Stock are, and all shares of Qumu Common Stock reserved for issuance as specified above will be, upon issuance on the terms and conditions specified in the instruments pursuant to which they are issuable, duly authorized, validly issued, fully paid and nonassessable and not subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of the MBCA, the Qumu Articles of Incorporation or the Qumu Bylaws or any agreement to which Qumu is a party or otherwise bound.  None of the outstanding shares of Qumu Common Stock have been issued in violation of any United States federal or state securities laws or any foreign securities laws.  All of the outstanding shares of capital stock of each of the Subsidiaries of Qumu are duly authorized, validly issued, fully paid and nonassessable, and all such shares (other than directors’ qualifying shares in the case of foreign Subsidiaries) are owned by Qumu or a Subsidiary of Qumu free and clear of any and all Liens.  There are no accrued and unpaid dividends with respect to any outstanding shares of capital stock of Qumu or any of its Subsidiaries.
(g) Qumu Common Stock constitutes the only class of equity securities of Qumu or its Subsidiaries registered or required to be registered under the Exchange Act.
3.6 Subsidiaries.
A complete and accurate list of all of the Subsidiaries of Qumu, together with the jurisdiction of incorporation of each Subsidiary and the percentage of each Subsidiary’s issued or outstanding capital stock owned by Qumu or another Subsidiary or Affiliate of Qumu, is set forth in Section 3.6 of the Qumu Disclosure Letter.  Qumu does not own, directly or indirectly, any capital stock of, or other equity, voting or similar interest in, or any interest convertible into or exchangeable or exercisable for any equity, voting or similar interest in, any Person, excluding securities in any publicly traded company held for investment by Qumu and comprising less than one percent (1%) of the outstanding voting and nonvoting stock of such company.  Each 
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Subsidiary of Qumu is duly organized, validly existing and in good standing under the Legal Requirements of its jurisdiction of organization (to the extent such concepts exist in such jurisdictions) and has all requisite corporate or other power and authority necessary to enable it to own, lease and operate the properties it purports to own, lease or operate and to conduct its business as it is currently conducted, except to the extent that the failure to be so organized or existing or in good standing or have such power or authority would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect.  Each Subsidiary of Qumu is duly qualified or licensed as a foreign corporation to do business, and is in good standing, in each jurisdiction (to the extent such concepts exist in such jurisdictions) where the character or location of the properties owned, leased or operated by it or the nature of its activities makes such qualification or licensing necessary, except to the extent that the failure to be so qualified or licensed and in good standing would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect.
3.7 SEC Reports.  Qumu has filed and made available to Synacor all forms, reports, schedules, statements and other documents, including any exhibits thereto, required to be filed by Qumu with the SEC since January 1, 2018 (collectively, the “Qumu SEC Reports”).  The Qumu SEC Reports, including all forms, reports and documents filed by Qumu with the SEC after the date hereof and prior to the Effective Time, (i) were and, in the case of the Qumu SEC Reports filed after the date hereof, will be, prepared in accordance with the applicable requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, and the rules and regulations thereunder, and (ii) did not at the time they were filed (or if amended or superseded by a filing prior to the date of this Agreement, then on the date of such filing), and in the case of such forms, reports and documents filed by Qumu with the SEC after the date of this Agreement, will not as of the time they are filed, contain any untrue statement of a material fact or omit to state a material fact required to be stated in such Qumu SEC Reports or necessary in order to make the statements in such Qumu SEC Reports, in light of the circumstances under which they were and will be made, not misleading.  None of the Subsidiaries of Qumu is required to file any forms, reports, schedules, statements or other documents with the SEC.
3.8 Financial Statements and Internal Controls.
(a) Each of the consolidated financial statements (including, in each case, any related notes and schedules), contained in the Qumu SEC Reports, including any Qumu SEC Reports filed after the date of this Agreement, complied or will comply, as of its respective date, in all material respects with all applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, was or will be prepared in accordance with GAAP (except as may be indicated in the notes thereto) applied on a consistent basis throughout the periods involved and fairly presented in all material respects or will fairly present in all material respects the consolidated financial position of Qumu and its Subsidiaries as of the respective dates thereof and the consolidated results of its operations and cash flows for the periods indicated, except that any unaudited interim financial statements are subject to normal and recurring year-end adjustments which have not been and are not expected to be material in amount, individually or in the aggregate.
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(b) The chief executive officer and chief financial officer of Qumu have made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the statements contained in any such certifications are complete and correct, and Qumu is otherwise in compliance with all applicable effective provisions of the Sarbanes-Oxley Act and the applicable listing and corporate governance rules of Nasdaq.  
(c) Qumu and each of its Subsidiaries has established and maintains, adheres to and enforces a system of internal accounting controls which are effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP, including policies and procedures that (i) require the maintenance of records that in reasonable detail accurately and fairly reflect the material transactions and dispositions of the assets of Qumu and its Subsidiaries, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of Qumu and its Subsidiaries are being made only in accordance with appropriate authorizations of management and the Qumu Board and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of Qumu and its Subsidiaries.  
(d) To the Knowledge of Qumu and except as otherwise disclosed in the Qumu SEC Reports, neither Qumu nor its independent auditors have identified (i) any significant deficiency or material weakness in the system of internal accounting controls utilized by Qumu and its Subsidiaries, (ii) any fraud, whether or not material, that involves Qumu’s management or other employees who have a role in the preparation of financial statements or the internal accounting controls utilized by Qumu and its Subsidiaries or (iii) any claim or allegation regarding any of the foregoing.
(e) Neither Qumu nor any of its Subsidiaries is a party to, or has any commitment to become a party to, any joint venture, partnership agreement or any similar Contract (including any Contract relating to any transaction, arrangement or relationship between or among Qumu or any of its Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other hand (such as any arrangement described in Section 303(a)(4) of Regulation S-K of the SEC)) where the purpose or effect of such arrangement is to avoid disclosure of any material transaction involving, or material liabilities of, Qumu or any of its Subsidiaries in Qumu’s consolidated financial statements.
(f) Neither Qumu nor any of its Subsidiaries nor, to the Knowledge of Qumu, any director, officer, auditor, accountant, consultant or representative of Qumu or any of its Subsidiaries has received or otherwise had or obtained Knowledge of any substantive complaint, allegation, assertion or claim, whether written or oral, that Qumu or any of its Subsidiaries has (i) on or since January 1, 2017, engaged in questionable accounting or auditing practices or (ii) prior to January 1, 2017, engaged in questionable accounting or auditing practices which have not be fully remediated.  No current or former attorney representing Qumu or any of its Subsidiaries has reported evidence of a material violation of securities laws, breach of fiduciary duty or similar 
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violation by Qumu or any of its officers, directors, employees or agents to the current the Qumu Board or any committee thereof or to any current director or executive officer of Qumu.
(g) To the Knowledge of Qumu, there is no investigation threatened or pending by any law enforcement agency regarding the commission or possible commission of any crime or the violation or possible violation of any applicable Legal Requirements of the type described in Section 806 of the Sarbanes-Oxley Act by Qumu or any of its Subsidiaries.
3.9 Undisclosed Liabilities.  Except as reflected in the Qumu Balance Sheet, neither Qumu nor any of its Subsidiaries has any Liabilities, other than (i) Liabilities incurred since the date of the Qumu Balance Sheet in the ordinary course of business consistent with past practice, (ii) Liabilities under this Agreement or expressly permitted to be incurred under this Agreement, and (iii) Liabilities that, individually and in the aggregate, have not had, and would not reasonably be expected to be, individually or in the aggregate, material to Qumu and its Subsidiaries, taken as a whole.  
3.10 Subsequent Changes.  Since the date of the Qumu Balance Sheet through the date hereof, Qumu has conducted its business in the ordinary course of business consistent with past practice and, since such date through the date hereof, there has not occurred (i) any Qumu Material Adverse Effect or (ii) any action taken by Qumu or event that would have required the consent of Synacor pursuant to Section 5.2(a), (c)-(f), (h), (j)-(m), (p)-(r), and (t)-(v) had such action or event occurred after the date of this Agreement.
3.11 Real Property.  Qumu and each of its Subsidiaries have a valid leasehold interest in, all the real properties which it purports to own or lease, including all the real properties reflected in the Qumu Balance Sheet.  All real property leases, subleases, licenses or other occupancy agreements to which Qumu or any of its Subsidiaries is a party (collectively, the “Qumu Real Property Leases”) are in full force and effect, except where the failure of such Qumu Real Property Leases to be in full force and effect would not be reasonably likely to result in a Qumu Material Adverse Effect.  There is no default by Qumu or any of its Subsidiaries under any of the Qumu Real Property Leases, or, to the Knowledge of Qumu, defaults by any other party thereto, except such defaults as have been waived in writing or cured or such defaults that in the aggregate would not be reasonably likely to result in a Qumu Material Adverse Effect.  Section 3.11 of the Qumu Disclosure Letter contains a complete and accurate list of all Qumu Real Property Leases providing for the payment of annual rent in excess of $100,000 (each, a “Qumu Material Real Property Lease”) and lists for each such Qumu Material Real Property Lease (i) the address of the property to which such Qumu Material Real Property Lease pertains, (ii) the annual rent and (iii) the purpose of the facility to which such Qumu Material Real Property Lease pertains.
3.12 Tangible Property.  Qumu and each of its Subsidiaries have good and valid title to, or a valid leasehold interest in, all the tangible properties and assets which it purports to own or lease, including all the tangible properties and assets reflected in the Qumu Balance Sheet.  All tangible properties and assets reflected in the Qumu Balance Sheet are held free and clear of all Liens, except for Liens reflected on the Qumu Balance Sheet and Liens for current Taxes not yet due and for which adequate reserves have been established in accordance with GAAP and other 
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Liens that do not materially impair the use of the property or assets subject thereto.  The machinery, equipment, furniture, fixtures and other tangible personal property and assets owned, leased or used by Qumu or any of its Subsidiaries are, in the aggregate, sufficient and adequate to carry on their respective businesses in all material respects as conducted as of the date hereof, and Qumu and its Subsidiaries are in possession of and have good title to, or valid leasehold interests in or valid rights under contract to use, such machinery, equipment, furniture, fixtures and other tangible personal property and assets that are material to Qumu and its Subsidiaries, taken as a whole, free and clear of all Liens, except for conditions or defects in title that in the aggregate would not be reasonably likely to result in a Qumu Material Adverse Effect.
3.13 Intellectual Property.
(a) Section 3.13(a) of the Qumu Disclosure Letter contains a complete and accurate list of all material Qumu Intellectual Property that is Registered Intellectual Property (collectively the “Qumu Registered Intellectual Property”).  All material Qumu Registered Intellectual Property is, to the Knowledge of Qumu, subsisting, valid (or in the case of applications, applied for) and enforceable.  
(b) All Qumu Intellectual Property is owned by or exclusively licensed to Qumu or one or more of its Subsidiaries free and clear of any Liens (excluding any non-exclusive licenses entered into in the ordinary course of business).  The Qumu Intellectual Property, together with the Intellectual Property Rights licensed or otherwise validly available to Qumu and its Subsidiaries pursuant to valid and enforceable Contracts between Qumu or any of its Subsidiaries and a third party, constitutes all of the Intellectual Property Rights that are necessary and sufficient for the conduct of the business of Qumu and its Subsidiaries as currently conducted.  To the Knowledge of Qumu, all material Qumu Intellectual Property is, and following the transactions contemplated hereby shall be, freely transferable, licensable and alienable without the consent of, or notice or payment of any kind to any Governmental Authority or third party.  Neither Qumu nor any of its Subsidiaries has granted an exclusive license to any third party, or in the four (4) years prior to the date of this Agreement transferred ownership to any third party, of any material Technology or Intellectual Property Rights that are or were owned by Qumu or a Subsidiary of Qumu.
(c) To the Knowledge of Qumu, neither Qumu nor its Subsidiaries has, in the conduct of the business of Qumu and its Subsidiaries as currently conducted, infringed upon, violated or used without authorization or license, any Intellectual Property Rights owned by any third Person, except as would not reasonably be expected to be, individually or in the aggregate, material to the business of Qumu or any of its Subsidiaries, taken as a whole.  There is no pending or, to the Knowledge of Qumu, threatened (and at no time within the four (4) years prior to the date of this Agreement has there been pending or threatened any) Legal Proceeding against Qumu or any of its Subsidiaries involving a material claim of infringement or misappropriation of any Intellectual Property Rights of any third Person, or challenging the ownership, validity, or enforceability of any rights in Qumu Intellectual Property.  Qumu is not party to any settlements, covenants not to sue, consents, decrees, stipulations, judgments, or Orders resulting from Legal Proceedings, which (i) materially restrict Qumu’s or any of its Subsidiaries’ rights to use, license 
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or transfer any material Qumu Intellectual Property, or (ii) compel or require Qumu or any of its Subsidiaries to license or transfer any material Qumu Intellectual Property.  
(d) There are no Legal Proceedings brought by Qumu or any of its Subsidiaries within the four (4) years prior to the date of this Agreement against any third party with respect to any Qumu Intellectual Property, which remain unresolved as of the date hereof.
(e) Neither Qumu nor any of its Subsidiaries, nor, to the Knowledge of Qumu, any other party thereto, is in material breach of: (i) any Contracts pursuant to which a third party has licensed to Qumu or any of its Subsidiaries any Intellectual Property Right that is material to the business of Qumu or any Qumu Subsidiary taken as a whole (“Qumu In Licenses”), or (ii) any Contracts pursuant to which Qumu or any of its Subsidiaries has granted a third Person or Affiliate any rights or licenses to any material Qumu Intellectual Property Rights and that is material to the business of Qumu or any Qumu Subsidiary (“Qumu Out Licenses” and together with the Qumu In Licenses, the “Qumu IP Licenses”).
(f) The consummation of the transactions contemplated hereby will not result in or cause: (A) (i) the breach by Qumu or any of its Subsidiaries of any Qumu IP License that is material to the business of Qumu or any of its Subsidiaries, (ii) the termination, impairment or restriction of any right or license granted to Qumu or any of its Subsidiaries under a Qumu IP License, or (iii) Qumu or any of its Subsidiaries to grant, or expand the scope of a prior grant, to a third party of any rights to any material Qumu Intellectual Property (including by release of any source code that is not Open Source Software), except (with respect to clauses (ii) and (iii)) as would not reasonably be expected to be material to the business of Qumu or any of its Subsidiaries, taken as a whole or (B) as a result of any Qumu Material Contract to which Qumu or any of its Subsidiaries is a party, a third party to become licensed to, or otherwise have rights to, any material Intellectual Property Rights of Synacor or any of its Subsidiaries.
(g) To the Knowledge of Qumu, Qumu and its Subsidiaries are in compliance with all terms and conditions of any license for Open Source Software, except as would not reasonably be expected to be, individually or in the aggregate, material to the business of Qumu or any of its Subsidiaries, taken as a whole.
(h) Except as described in Section 3.13(h) of the Qumu Disclosure Letter, no proprietary source code (excluding, for clarity, any Open Source Software) for any Qumu Product has been delivered, licensed or made available to any escrow agent or other third party who is not, as of the date of this Agreement, or was not, at the time, an employee, consultant or contractor of Qumu or a Subsidiary of Qumu or was not subject to a written confidentiality agreement with Qumu or a Subsidiary of Qumu.  Except as described in Section 3.13(h) of the Qumu Disclosure Letter, to the Knowledge of Qumu, neither Qumu nor any Subsidiary of Qumu has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make available the proprietary source code (excluding, for clarity, any Open Source Software) for any Qumu Product to any escrow agent or other third Person, other than any employee, consultant or contractor of Qumu or a Subsidiary of Qumu under confidentiality obligations that prohibit the disclosure of such proprietary source code to any third party.
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(i) Each current and former employee, consultant and contractor of Qumu or a Subsidiary of Qumu who was or is involved in the creation or development of any Qumu Products, as well as any other material Qumu Intellectual Property, has signed and delivered a written Contract that assigns to Qumu or a Subsidiary of Qumu any such Intellectual Property Rights.  Qumu and its Subsidiaries have taken commercially reasonable steps to protect and preserve the confidentiality of all confidential or trade secret information of Qumu or a Subsidiary of Qumu (including any source code) that is material to the business of Qumu or any Qumu Subsidiary or information provided by any third party to Qumu or its Subsidiaries subject to confidentiality obligations. 
(j) Section 3.13(j) of the Qumu Disclosure Letter contains a list of each standards-setting organization or similar organizations in which Qumu or any of its Subsidiaries has participated in the past four (4) years, or is currently participating in that could require or obligate Qumu or any of its Subsidiaries to grant or offer to any other Person any license or right to use any Qumu Intellectual Property.
(k) No government funding, facilities of a university, college, other educational institution or research center was used in the development of any material Qumu Intellectual Property.
(l) The Processing by Qumu or any Subsidiary of Qumu of any Personal Information, as well as all communications from Qumu and Subsidiaries of Qumu to users, partners or customers that contain or include Personal Information (whether sent directly or, to Qumu’s Knowledge, through third-party providers) has complied in all material respects with (i) all Legal Requirements, (ii) Qumu’s and its Subsidiaries’ existing contractual commitments with third parties and (iii) Qumu’s and its Subsidiaries’ privacy policies and any other terms applicable to the Processing of Personal Information from individuals by Qumu or any of its Subsidiaries or any of their agents, except where the failure to so comply would not reasonably be expected to be, individually or in the aggregate, material to the business of Qumu or any of its Subsidiaries, taken as a whole.  As of the date hereof, no claims have been asserted in writing or, to the Knowledge of Qumu, are threatened in writing against Qumu or any Subsidiary of Qumu by any third party alleging a violation of any third party’s privacy rights that would reasonably be expected to be, individually or in the aggregate, material to the business of Qumu or any of its Subsidiaries, taken as a whole.  To the Knowledge of Qumu, neither Qumu, nor any Subsidiary of Qumu, nor any of their service providers has suffered any breach in security that has permitted or resulted in any unauthorized access to or disclosure of Personal Information.
(m) To the Knowledge of Qumu, the Qumu Products are free from any material defect, bug or programming, design or documentation error or disrupting, disabling, harming or corrupting code that would constitute a Qumu Material Adverse Effect.  To the Knowledge of Qumu, none of the Qumu Products contain any “back door,” “drop dead device,” “time bomb,” “Trojan horse,” “virus” or “worm” (as such terms are commonly understood in the software industry), vulnerability or any other similar malicious code (“Malicious Code”) that would constitute a Qumu Material Adverse Effect.
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(n) Qumu and its Subsidiaries have information technology systems that are sufficient in all material respects to operate the business of Qumu and its Subsidiaries as it is currently conducted.  Qumu and its Subsidiaries have taken reasonable steps and implemented reasonable procedures to ensure that information technology systems used in connection with the operation of the business of Qumu and its Subsidiaries, and data stored or transmitted on such systems, are secure.  To the Knowledge of Qumu, such systems are free from Malicious Code, except as would not reasonably be expected to be, individually or in the aggregate, material to the business of Qumu or any of its Subsidiaries, taken as a whole.  
3.14 Material Contracts.
(a) For all purposes of and under this Agreement, a “Qumu Material Contract” shall mean (in each case, excluding any Qumu Employee Plan and any Qumu Non-U.S. Employee Plan) to the extent currently in effect:
(i) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) with respect to Qumu and its Subsidiaries;
(ii) any Contract (A) containing any covenant limiting the right of Qumu or any of its Subsidiaries to engage, or to compete with any Person (other than standard employee non-solicitation restrictions), in any line of business or geographic area, (B) containing any covenant prohibiting Qumu or any of its Subsidiaries (or, after the Closing Date, Synacor) from engaging in business with any Person or levying a fine, charge or other payment for doing so, (C) pursuant to which any Person is granted most favored customer pricing, or containing any other similar pricing restrictions, or (D) containing any covenant limiting the right of Qumu to enter into any reseller, referral partner or similar partner agreements with third parties;
(iii) any Contract expressly providing for the development of any material Technology by Qumu or any of its Subsidiaries or requiring Qumu or any of its Subsidiaries to make available or otherwise disclose the source code of any Qumu Products to any Person (other than Contracts for Open Source Software);
(iv) any Contract (A) relating to the disposition or acquisition by Qumu or any of its Subsidiaries of any material business or entity, or the material assets of a business or entity, whether by way of merger, consolidation, stock purchase, asset purchase, license or otherwise, or pursuant to which Qumu has a material ownership interest in any business enterprise other than Qumu’s Subsidiaries;
(v) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts relating to the borrowing of money or extension of credit, in each case in excess of $100,000, other than (A) accounts receivables and payables, (B) loans to direct or indirect wholly owned Subsidiaries, and (C) advances to employees for travel and business expenses, in each case in the ordinary course of business consistent with past practice; 
(vi) any settlement Contract with ongoing obligations (other than solely ongoing confidentiality obligations) other than (A) releases that are immaterial in nature or 
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amount entered into in the ordinary course of business, or (B) settlement Contracts only involving the payment of cash in amounts that do not exceed $100,000 in any individual case; 
(vii) any collective bargaining agreement; 
(viii) any Contract (excluding any purchase orders, statements of work and any other Contracts that are not master agreements and that do not contain any material terms that apply generally to transactions with the applicable customer) for the sale of Qumu Products with any customer who, in the year ended December 31, 2018 or the year ended December 31, 2019, was one of the twenty (20) largest sources of revenues for Qumu and its Subsidiaries, based on amounts paid or payable;
(ix) any Contract (excluding any purchase orders, statements of work and any other Contracts that are not master agreements and that do not contain any material terms that apply generally to transactions with the applicable customer) with any vendor of Qumu or any of its Subsidiaries who, in the year ended December 31, 2018 or the year ended December 31, 2019, was one of the twenty (20) largest sources of payment obligations for Qumu and its Subsidiaries, based on amounts paid or payable;
(x) any Contract that provides for payment obligations by Qumu or any of its Subsidiaries in any twelve (12) month period of $250,000 or more in any individual case that is not terminable by Qumu or its Subsidiaries upon notice of sixty (60) days or less without material liability to Qumu or its Subsidiaries and is not disclosed pursuant to clauses (i) through (ix) above, inclusive; 
(xi) any Contract relating to the settlement of any Legal Proceeding; and
(xii) any Contract, or group of Contracts with a Person (or group of affiliated Persons), the termination of which would be reasonably expected to be, individually or in the aggregate, material to Qumu and its Subsidiaries, taken as a whole and is not disclosed pursuant to clauses (i) through (xi) above, inclusive.
(b) Section 3.14(b) of the Qumu Disclosure Letter contains a complete and accurate list of all Qumu Material Contracts as of the date hereof, to or by which Qumu or any of its Subsidiaries is a party or is bound, and identifies each subsection of Section 3.14(a) that describes such Qumu Material Contract.
(c) Each Qumu Material Contract is valid and binding on Qumu (and/or each such Subsidiary of Qumu party thereto) and is in full force and effect, other than those Contracts that by their terms have expired or been terminated since the date hereof, and neither Qumu nor any of its Subsidiaries party thereto, nor, to the Knowledge of Qumu, any other party thereto, is in breach of, or default under, any such Qumu Material Contract, and no event has occurred that with notice or lapse of time or both would constitute such a breach or default thereunder by Qumu or any of its Subsidiaries, or, to the Knowledge of Qumu, any other party thereto, except for such failures to be in full force and effect and such breaches and defaults that would not 
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reasonably be expected to be, individually or in the aggregate, material to Qumu and its Subsidiaries, taken as a whole.
3.15 Tax Matters.
(a) Each of Qumu and its Subsidiaries has prepared and timely filed (taking into account any extension of time within which to file) all income and other material Tax Returns required to be filed and all such Tax Returns are true, correct and complete in all material respects.
(b) Each of Qumu and its Subsidiaries has paid all material Taxes that are required to be paid, except with respect to matters for which adequate reserves have been established on the Financial Statements in accordance with GAAP.
(c) No deficiencies for Taxes against Qumu or any of its Subsidiaries have been claimed, proposed or assessed in writing by any Governmental Authority that remain unpaid except for deficiencies with respect to which adequate reserves have been established in accordance with GAAP.
(d) There are no audits, examinations, investigations or other proceedings in respect of income Taxes or other material Taxes pending or threatened in writing with respect to Qumu or any of its Subsidiaries.
(e) There are no Liens for Taxes on any of the assets of Qumu or any of its Subsidiaries other than Liens for Taxes not yet due and payable or being contested in good faith and for which adequate reserves have been established on the Financial Statements in accordance with GAAP.
(f) Each of Qumu and its Subsidiaries have withheld and paid all material 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.
(g) Neither Qumu nor any Qumu Subsidiary is a party to any Tax allocation agreement, Tax sharing agreement, Tax indemnity agreement, or other similar agreement or arrangement (other than customary commercial Contracts entered into in the ordinary course of business the primary purpose of which does not relate to Taxes).
(h) Neither Qumu nor any Qumu Subsidiary has ever been a member of an affiliated group filing a consolidated, combined or unitary Tax Return (other than a group the common parent of which is Qumu).  Neither Qumu nor any Qumu Subsidiary has any Liability for the Taxes of any Person (other than Qumu and any Qumu Subsidiary) under Treasury Regulations section 1.1502-6 (or any similar provision of state, local, or non-U.S. law), as a transferee or successor, by Contract, or otherwise (other than customary commercial Contracts entered into in the ordinary course of business the primary purpose of which does not relate to Taxes).
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(i) Neither Qumu nor any Qumu Subsidiary will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any Tax period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting for Tax purposes; (ii) use of an improper method of accounting for a Tax period ending on or prior to the Closing Date; (iii) “closing agreement” as described in Section 7121 of the Code (or any similar provision of state, local or foreign Legal Requirements) executed on or prior to the Closing Date; (iv) intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or any similar provision of state, local or foreign Legal Requirements) consummated on or prior to the Closing Date; (v) installment sale or open transaction disposition made on or prior to the Closing Date; (vi) prepaid amount received on or prior to the Closing Date; or (vii) election under Section 108(i) of the Code (or any similar provision of state, local or foreign Legal Requirements).  Qumu has not made any election under Section 965(h) of the Code.
(j) None of Qumu or any of its Subsidiaries has been a “controlled corporation” or a “distributing corporation” in any distribution occurring during the two-year period ending on the date hereof that was purported or intended to be governed by Section 355 of the Code (or any similar provision of state, local or foreign Tax law).
(k) Qumu and its Subsidiaries are in compliance in all material respects with all terms and conditions of any Tax exemption, Tax holiday or other Tax reduction Contract or order with respect to Qumu and each of its Subsidiaries.
(l) None of Qumu or any of its Subsidiaries has engaged in a “reportable transaction,” within the meaning of Treas. Reg. Section 1.6011-4(b), including any transaction that is the same or substantially similar to one of the types of transactions that the IRS has determined to be a tax avoidance transaction and identified by notice, regulation or other form of published guidance as a “listed transaction,” as set forth in Treas. Reg. Section 1.6011-4(b)(2).
(m) Qumu has not been nor will it be required to include in income any amount under Section 965 of the Code. 
(n) Qumu is not a party to a gain recognition agreement under Section 367 of the Code.
(o)  Qumu and each of its Subsidiaries are in compliance in all material respects with all applicable transfer pricing laws, including the execution and maintenance of contemporaneous documentation substantiating the transfer pricing practice and methodology.  All intercompany agreements have been adequately documented, and such documents have been duly executed in a timely manner.  The prices for any property or services (or for the use of any property), including, without limitation, interest and other prices for financial services, provided by or to Qumu or any of its Subsidiaries are arm’s-length prices for purposes of the relevant transfer pricing laws, including Treasury Regulations promulgated under Section 482 of the Code (or any comparable provisions of state, local or foreign Legal Requirements).  
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(p) Neither Qumu nor any of its Subsidiaries has ever participated in an international boycott as defined in Section 999 of the Code.
(q) Neither Qumu nor any of its Subsidiaries are, or ever have been, a (i) “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Code or an entity that has ever made the election provided under section 897(i) of the Code; (ii) a “passive foreign investment company” within the meaning of section 1297 of the Code; or (iii) a “controlled foreign corporation” within the meaning of section 957 of the Code. 
(r) None of Qumu or any of its Subsidiaries has taken any action or knows of any fact or circumstance that could reasonably be expected to prevent or impede the Merger from qualifying as a “reorganization” within the meaning of Section 368(a) of the Code.
3.16 Employee Benefit Matters.
(a) Section 3.16(a) of the Qumu Disclosure Letter sets forth a complete and accurate list of all material Qumu Employee Plans.  With respect to each Qumu Employee Plan maintained or sponsored by a professional employer organization (“PEO Plans”), the representations and warranties in this Section 3.16 are made with respect to Qumu’s participation in any PEO Plan as a participating employer.  Each PEO Plan is identified as such on Section 3.16(a) of the Qumu Disclosure Letter and no representation or warranty is made with respect to any other participating employer in a PEO Plan or as to the PEO Plan as a whole.  Other than as required by applicable Legal Requirements or as otherwise required by this Agreement or in the ordinary course of business, neither Qumu nor any ERISA Affiliate of Qumu has committed to any officer, or publicly communicated to any other employees to establish any new Qumu Employee Plan, to modify or amend (except as required by applicable law) any Qumu Employee Plan or to adopt or enter into any Qumu Employee Plan.
(b) With respect to each Qumu Employee Plan, Qumu has made available to Synacor complete and accurate copies of (i) such Qumu Employee Plan (or a written summary of any unwritten plan) together with all amendments thereto and all related trust documents, (ii) the most recent summary plan descriptions, including any summary of material modifications thereto and any material description made available to participants therein, (iii) in the case of any plan that is intended to be qualified under Section 401(a) of the Code, the most recent determination, opinion, notification or advisory letter from the IRS, and correspondence between the IRS or the DOL on the one hand and Qumu on the other hand with respect to such letter, (iv) group annuity contracts, insurance contracts or other funding vehicles, administration and similar material agreements, investment management or investment advisory agreements, (v) in the case of any plan for which Forms 5500 are required to be filed, the most recent annual report (Form 5500) with schedules attached, (vi) the most recent financial statements for such Qumu Employee Plan, and (vii) all material correspondence to or from any governmental agency relating to any Qumu Employee Plan within the past year.  
(c) Except as would not reasonably be expected to result in a Qumu Material Adverse Effect, (i) each Qumu Employee Plan has been established, maintained and administered in accordance with all applicable Legal Requirements, including if applicable, 
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ERISA and the Code, and in accordance with its terms, and (ii) each of Qumu, Qumu’s Subsidiaries and their respective ERISA Affiliates have (A) met their obligations with respect to each Qumu Employee Plan and (B) have timely made or properly accrued on the financial statements in accordance with GAAP all required contributions or other amounts payable with respect thereto.
(d) All Qumu Employee Plans that are intended to be qualified under Section 401(a) of the Code, and all trusts that are intended to be qualified under Section 501(a) of the Code (each, a “Qumu Qualified Plan”), have (i) received determination, opinion or advisory letters from the IRS to the effect that such Qumu Employee Plans are qualified and the plans and trusts related thereto are exempt from federal income taxes under Sections 401(a) and 501(a), respectively, of the Code, or Qumu has remaining a period of time under applicable U.S. Department of the Treasury regulations or IRS pronouncements in which to apply for such a letter and to make any amendments necessary to obtain a favorable determination as to the qualified status of each such Qumu Qualified Plan and (ii) no such determination, opinion or advisory letter has been revoked and no event or circumstance exists that has materially and adversely affected or would reasonably be expected to materially and adversely affect such qualification or exemption.  Except as would not reasonably be expected to result in Qumu Material Adverse Effect, no “prohibited transaction,” within the meaning of Section 4975 of the Code or Sections 406 and 407 of ERISA, and not otherwise exempt under Section 408 of ERISA, has occurred with respect to any Qumu Employee Plan.
(e) Neither Qumu, any of Qumu’s Subsidiaries nor any of their respective ERISA Affiliates has in the preceding six (6) years maintained, participated in or contributed to (or been obligated to contribute to), or can reasonably expect to have future liability with respect to (i) a Pension Plan subject to Title IV of ERISA or Section 412 of the Code; (ii) a “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA), (iii) a “multiple employer plan” as defined in ERISA or the Code, or (iv) multiple employer welfare arrangement (within the meaning of Section 3(40) of ERISA).  No Qumu Employee Plan is funded by, associated with or related to a “voluntary employees’ beneficiary association” within the meaning of Section 501(c)(9) of the Code.  No Qumu Employee Plan provides health benefits that are not fully insured through an insurance contract.
(f) Each Qumu Employee Plan (other than the Qumu Stock Plan or an employment, severance, change in control or similar agreement with an individual) is amendable and terminable unilaterally by Qumu and any of Qumu’s Subsidiaries party thereto or covered thereby at any time without material liability to Qumu or any of its Subsidiaries as a result thereof, other than for benefits accrued as of the date of such amendment or termination and routine administrative costs.  
(g) Other than as required under Section 601 et seq. of ERISA or equivalent state or local law, Qumu does not have any material liability in respect of, or material obligation to provide, health or other welfare benefits (excluding normal claims for benefits under Qumu’s group life insurance, accidental death and dismemberment insurance and disability plans and policies) or coverage to any person following retirement or other termination of employment 
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(other than continuation coverage through the end of the month in which such termination or retirement occurs).  
(h) There is no action, suit, proceeding, claim, arbitration, audit or investigation pending or, to the Knowledge of Qumu, threatened or reasonably anticipated, with respect to any Qumu Employee Plan or the assets of any Qumu Employee Plan or Qumu Non-U.S. Employee Plan or the assets of any Qumu Non-U.S. Employee Plan, other than claims for benefits in the ordinary course. 
(i) Except as would not reasonably be expected to result in a Qumu Material Adverse Effect, each Qumu Non-U.S. Employee Plan is in material compliance with all applicable Legal Requirements of each applicable jurisdiction.  Each such Qumu Non-U.S. Employee Plan is funded to the extent required by applicable Legal Requirements or the applicable terms of such plan or has been accrued for to the extent required by GAAP or other applicable accounting rules.  Section 3.16(i) of the Qumu Disclosure Letter contains a complete and accurate list of each country in which Qumu or any of its Subsidiaries or Affiliates has employees or independent contractors as of the date of the Qumu Balance Sheet.
(j) Section 3.16(j) of the Qumu Disclosure Letter sets forth a complete and accurate list of (i) all employment agreements with employees of Qumu or any of its Subsidiaries, other than (A) standard form offer letters, (B) other similar employment agreements entered into in the ordinary course of business and (C) agreements materially consistent with such standard forms, in the case of (A), (B) and (C) that can be terminated by Qumu without notice, liability or obligation; and (ii) all severance agreements, programs and policies of Qumu or any of its Subsidiaries with or relating to its Section 16 officers, excluding programs and policies required to be maintained by Legal Requirement.
(k) Other than as set forth on Section 3.16(k) of the Qumu Disclosure Letter and Sections 1.4(c) and 7.7(c) of this Agreement, the negotiation or consummation of the transactions contemplated by this Agreement will not, either alone or in combination with another event, (i) entitle any current or former employee, director, consultant or officer of Qumu or any Subsidiary of Qumu to any acceleration, increase in acceleration rights, severance, or increase in severance pay, or any other material compensation or benefit, (ii) accelerate the time of distribution, payment or vesting (whether or not in connection with a non-competition provision), a lapse of repurchase rights or increase the amount of any material compensation or benefits due any such employee, director or officer, (iii) result in the forgiveness of indebtedness, or (iv) trigger an obligation to fund benefits.  No payment or benefit which will or may be made by Qumu or its ERISA Affiliates will, either alone or together with any other event or events, give rise to the payment of any amount that would not be deductible pursuant to Section 280G of the Code.  There is no contract, agreement, plan or arrangement to which Qumu or any Subsidiary of Qumu is a party or by which it is bound that provides any individual with the right to a gross-up, indemnification, reimbursement or other payment for any excise or additional taxes, interest or penalties incurred pursuant to Section 409A or Section 4999 of the Code.
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(l) Each “nonqualified deferred compensation plan” (as defined in Section 409A(d)(1) of the Code) maintained or sponsored by Qumu or any Subsidiary of Qumu has been documented and operated in material compliance with Section 409A of the Code.  
(m) Each of Qumu and the Qumu Subsidiaries complies in all material respects with the applicable requirements under the Affordable Care Act, the Code, ERISA, COBRA, HIPAA, and other federal requirements for employer-sponsored health plans, and any corresponding requirements under state statutes, with respect to each Qumu Employee Plan that is a group health plan within the meaning of Section 733(a) of ERISA, Section 5000(b)(1) of the Code, or such state statute.
3.17 Labor Matters.
(a) Qumu and each of its Subsidiaries are in compliance in all material respects with all applicable Legal Requirements respecting employment and employment practices.  To the Knowledge of Qumu, there are no actions pending or threatened to be brought or filed, by or with any Governmental Authority by any employee or former employee or contractor of Qumu, including, without limitation, any claims related to unfair labor practices, employment discrimination, harassment, retaliation, wage and hour laws, or any other employment related matter arising under applicable Legal Requirements.  To the Knowledge of Qumu, within the past three (3) years no allegations of sexual harassment or sexual misconduct have been made against any director or officer of Qumu or any of its Subsidiaries and Qumu has not entered into any settlement agreement related to allegations of sexual harassment or sexual misconduct by any director, officer or employee of Qumu or any of its Subsidiaries.  Qumu and each of its Subsidiaries (i) has withheld and reported all amounts required by law or by agreement to be withheld and reported with respect to wages, salaries and other payments to employees; (ii) is not liable for any arrears of wages, salaries, commissions, bonuses or other direct compensation for any services performed for Qumu or any of its Subsidiaries, or any taxes or any penalty for failure to comply with any of the foregoing; and (iii) is not liable for any payment to any trust or other fund governed by or maintained by or on behalf of any Governmental Authority, with respect to unemployment compensation benefits, social security or other benefits or obligations for employees (other than routine payments to be made in the normal course of business and consistent with past practice), except in each case, for any failure to withhold, report or pay which would have or could reasonably be expected to have a Qumu Material Adverse Effect.
(b) Neither Qumu nor any of its Subsidiaries is or has been a party to, or is in the process of negotiating, or bound by any collective bargaining agreement, works council arrangement or agreement or other agreement with a labor union or like organization.  To the Knowledge of Qumu: (i) there are no current labor union organizing activities with respect to any employees of Qumu and/or any of its Subsidiaries, (ii) no labor union, labor organization, trade union, works council, or group of employees of Qumu and/or any of its Subsidiaries has made a demand (whether formal or informal) for recognition or certification, (iii) there are no representation or certification proceedings or petitions seeking a representation proceeding presently pending or threatened in writing to be brought or filed with the National Labor Relations Board or any other labor relations tribunal or authority, and (iv) there are no pending or 
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threatened labor strikes, lockouts, slowdowns, work stoppages, job action, picketing or threats thereof, against or affecting Qumu or any of its Subsidiaries.
(c) Except as would not be expected to result in a Qumu Material Adverse Effect, Qumu and each of its Subsidiaries are and have been in material compliance with the Worker Adjustment and Retraining Notification Act of 1988, as amended (the “WARN Act”), and any similar Legal Requirements relating to plant closings and layoffs.  Neither Qumu nor any of its Subsidiaries is currently engaged in any layoffs or employment terminations sufficient in number to trigger application of the WARN Act or any similar Legal Requirements.  
(d) No employee of Qumu or any of its Subsidiaries (i) to the Knowledge of Qumu is in violation of any term of any patent disclosure agreement, non-competition agreement, or any restrictive covenant to a former employer relating to the right of any such employee to be employed by Qumu or any of its Subsidiaries because of the nature of the business conducted or presently proposed to be conducted by Qumu or any of its Subsidiaries or relating to the use of trade secrets or proprietary information of others, or (ii) in the case of any key employee or group of key employees, has, to the Knowledge of Qumu, given notice as of the date of this Agreement to Qumu or any of its Subsidiaries that such employee or any employee in a group of key employees intends to terminate his or her employment with Qumu or any of its Subsidiaries and neither Qumu nor any of its Subsidiaries has a present intention to terminate the employment of any of the foregoing.
3.18 Environmental Matters.
(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, no Hazardous Materials are present on any real property that is currently owned, operated, occupied, controlled or leased by Qumu or any of its Subsidiaries or were present on any real property at the time it ceased to be owned, operated, occupied, controlled or leased by Qumu or its Subsidiaries, including the land, the improvements thereon, the groundwater thereunder and the surface water thereon.  Except as would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, there are no underground storage tanks, asbestos which is friable or likely to become friable or PCBs present on any real property currently owned, operated, occupied, controlled or leased by Qumu or any of its Subsidiaries or as a consequence of the acts of Qumu, its Subsidiaries or their agents.
(b) Except as would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, Qumu and its Subsidiaries have conducted all Hazardous Material Activities in compliance in all material respects with all applicable Environmental Laws.  Except as would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, the Hazardous Materials Activities of Qumu and its Subsidiaries prior to the Closing have not resulted in the exposure of any Person to a Hazardous Material in a manner which has caused or could reasonably be expected to cause an adverse health effect to any such Person.
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(c) Except as would not reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect, Qumu and its Subsidiaries have complied in all material respects with all covenants and conditions of any Qumu Permit relating to Environmental Laws which is or has been in force with respect to its Hazardous Materials Activities.  No circumstances exist which could reasonably be expected to cause any material Qumu Permit relating to Environmental Laws to be revoked, modified, or rendered non-renewable upon payment of the permit fee.
(d) No action, proceeding, revocation proceeding, amendment procedure, writ, injunction or claim is pending, or to the Knowledge of Qumu, threatened, concerning or relating to any Qumu Permit relating to Environmental Laws or any Hazardous Materials Activity of Qumu or any of its Subsidiaries that would reasonably be expected to have, individually or in the aggregate, a Qumu Material Adverse Effect.
(e) Neither Qumu nor any of its Subsidiaries is aware of any fact or circumstance that could result in any Liability under an Environmental Law which would reasonably be expected to have a Qumu Material Adverse Effect.  Except as would not reasonably be expected to have a Qumu Material Adverse Effect, neither Qumu nor any Subsidiary has entered into any Contract that may require it to guarantee, reimburse, pledge, defend, hold harmless or indemnify any other party with respect to liabilities arising out of Environmental Laws or the Hazardous Materials Activities of Qumu or any of its Subsidiaries.
(f) Qumu and the Subsidiaries have delivered to Synacor or made available for inspection by Synacor and its agents, representatives and employees all material environmental site assessments and environmental audits in Qumu’s possession or control.  Qumu and its Subsidiaries have complied in all material respects with all environmental disclosure obligations imposed by applicable law with respect to this transaction.
3.19 Compliance with Laws.
(a) Generally.  Qumu and its Subsidiaries are in compliance in all material respects with, and are not in any material respect in default under or violation of (and have not received any notice of material non-compliance, default or violation with respect to) any Legal Requirement applicable to Qumu or any of its Subsidiaries or by which any of their respective properties is bound.
(b) Foreign Corrupt Practices Act.  Neither Qumu nor any of its Subsidiaries (including any of their respective officers, directors, agents, employees or other Person associated with or acting on their behalf) have, directly or indirectly, taken any action which would cause it to be in material violation of the Foreign Corrupt Practices Act of 1977, as amended, or any rules or regulations thereunder (“FCPA”), the United Kingdom Bribery Act of 2010, Organization of Economic Cooperation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or any similar anti-corruption or anti-bribery laws applicable to Qumu or its Subsidiaries (collectively, “Anti-Corruption Laws”), used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, made, offered or authorized any unlawful 
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payment to foreign or domestic government officials or employees, whether directly or indirectly, or made, offered or authorized any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment, whether directly or indirectly.  Neither Qumu, any of its Subsidiaries nor any other entity under their control have conducted an internal investigation, or been informally or formally investigated, charged, or prosecuted, for conduct related to applicable Anti-Corruption Laws.  Qumu has established sufficient internal controls and procedures to ensure compliance with applicable Anti-Corruption Laws, accurately accounted for all payments to third parties, disclosed all payments or provisions to foreign officials (as defined by the FCPA), and made available all of such documentation to Synacor.
(c) Export Control Laws.  
(i) Qumu and each of its Subsidiaries have complied in all material respects with all applicable export and re-export control and trade and economic sanctions Legal Requirements (“Export Controls”), including the Export Administration Regulations (“EAR”) maintained by the U.S. Department of Commerce, trade and economic sanctions maintained by the Treasury Department’s Office of Foreign Assets Control (“OFAC”), and the International Traffic in Arms Regulations (“ITAR”) maintained by the Department of State and any applicable anti-boycott compliance regulations.  Neither Qumu nor any of its Subsidiaries has directly or indirectly sold, exported, re-exported, transferred, diverted, or otherwise disposed of any products, software, technology, or technical data to any destination, entity, or Person prohibited by the Legal Requirements of the United States, without obtaining prior authorization from the competent government authorities as required by Export Controls.  Qumu and its Subsidiaries are in compliance with all applicable import Legal Requirements (“Import Restrictions”), including Title 19 of the U.S. Code and Title 19 of the Code of Federal Regulations.
(ii) Section 3.19(c)(ii) of the Qumu Disclosure Letter accurately describes all of (A) the goods, services, items, software, technology, and technical data of Qumu and its Subsidiaries along with the appropriate classification, including their Export Control Classification Numbers (“ECCNs”) or designation on the U.S. Munitions List (“USML”); (B) the countries to which these goods, services, items, software, technology, or technical data have been exported; and (C) the licenses and license exceptions currently held or claimed by Qumu and its Subsidiaries for the export of goods, services, items, software, technology, or technical data.  The listed licenses and license exceptions are all of the licenses and exceptions necessary for the continued export or re-export of goods, services, items, software, technology, or technical data of Qumu or any of its Subsidiaries.  All such licenses are valid and in full force and effect.  Qumu and its Subsidiaries have complied with all terms and conditions of any license issued or approved by the Directorate of Defense Trade Controls, the Bureau of Industry and Security, or the Office of Foreign Assets Control which is or has been in force or other authorization issued pursuant to Export Controls.
(iii) Neither Qumu nor any of its Subsidiaries has Knowledge of any fact or circumstance that would result in any Liability for any material violation of Export Control and Import Restrictions.   
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3.20 Permits.  Qumu and its Subsidiaries hold all permits, licenses, easements, variances, exemptions, consents, certificates, authorizations, registrations, orders and other approvals from Governmental Authorities that are material to the operation of the business of Qumu and its Subsidiaries taken as a whole as currently conducted (collectively, the “Qumu Permits”).  The Qumu Permits are in full force and effect, have not been violated in any material respect and, to the Knowledge of Qumu, no suspension, revocation or cancellation thereof has been threatened, and there is no Legal Proceeding pending or, to the Knowledge of Qumu, threatened, seeking the suspension, revocation or cancellation of any Qumu Permits.  No Qumu Permit shall cease to be effective as a result of the consummation of the transactions contemplated by this Agreement.
3.21 Legal Proceedings and Orders.  
(a) Legal Proceedings.  There are no material Legal Proceedings (other than arising from or relating to the Merger or any of the other transactions contemplated by this Agreement), (i) pending against Qumu or any of its Subsidiaries or any of their respective properties or assets, or (ii) to the Knowledge of Qumu, threatened against Qumu or any of its Subsidiaries, or any of their respective properties or assets.  
(b) Orders.  Neither Qumu nor any Subsidiary of Qumu is subject to any outstanding Order that would reasonably be expected to prevent or materially delay the consummation of the transactions contemplated by this Agreement.  There has not been nor are there currently any internal investigations or inquiries being conducted by Qumu, the Qumu Board (or any committee thereof) or any third party at the request of any of the foregoing concerning any financial, accounting, conflict of interest, self-dealing, fraudulent or deceptive conduct or other misfeasance or malfeasance issues.
3.22 Insurance.  All fire and casualty, general liability, business interruption, product liability, sprinkler and water damage insurance policies and other forms of insurance maintained by Qumu or any of its Subsidiaries have been made available to Synacor.  Each such policy is in full force and effect and all premiums due thereon have been paid in full.
3.23 No Ownership of Synacor Capital Stock.  Neither Qumu nor any of its Affiliates (nor any of its “Associates” as defined in Section 203 of the General Corporation Law of the State of Delaware (the “DGCL”)) is or has been during the past three (3) years an “interested stockholder” of Synacor as defined in Section 203 of the DGCL. 
3.24 Takeover Statutes.  Assuming the accuracy of the representations and warranties set forth in Section 4.23 of this Agreement, the Qumu Board or the Committee of Disinterested Directors, as the case may be, has adopted such resolutions as are necessary to render inapplicable to this Agreement, the Merger and any of the other transactions contemplated thereby, including the Qumu Support Agreements, the restrictions on “business combinations” (as defined in Section 302A.011 of the MBCA) as set forth in Section 302A.673 of the MBCA and any other Takeover Statutes (including Sections 302A.671 and 302A.675 of the MBCA).  Other than Sections 302A.671, 302A.673 and 301A.675 of the MBCA, no “business combination,” “fair price,” “moratorium,” “control share acquisition” or other similar anti-takeover statute or regulation under the laws of the State of Delaware or other applicable 
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Legal Requirement (each, a “Takeover Statute”) is applicable to Qumu, the Merger or any of the other transactions contemplated by this Agreement or the Qumu Support Agreements.
3.25 Brokers, Finders and Financial Advisors.  No broker, finder or investment banker (other than Stifel, whose fees will be paid by Qumu) is entitled to any brokerage, finder’s or other similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Qumu or any of its Subsidiaries.  Prior to the execution of this Agreement, Qumu has furnished to Synacor a complete and accurate copy of all agreements between Qumu and Stifel pursuant to which such firm would be entitled to any such payment.
3.26 No Other Representations.  Except as expressly set forth in this Article III, neither Qumu nor any of its Subsidiaries has made any representation or warranty, express or implied, to Synacor in connection with this Agreement, the Merger or any of the other transactions contemplated hereby.  Qumu acknowledges and agrees that except as expressly set forth in Article IV, neither Synacor nor any of its Subsidiaries has made to Qumu, nor has Qumu relied upon, any representation or warranty, express or implied, in connection with this Agreement, the Merger or any of the other transactions contemplated hereby.
ARTICLE IV   REPRESENTATIONS AND WARRANTIES OF SYNACOR AND MERGER SUB
Except (i) as set forth in the disclosure letter that has been prepared by Synacor and delivered by Synacor to Qumu in connection with the execution and delivery of this Agreement, dated as of the date hereof (the “Synacor Disclosure Letter”), which expressly identifies the Section (or, if applicable, subsection) to which such exception relates (it being understood and hereby agreed that any disclosure in the Synacor Disclosure Letter relating to one Section or subsection shall also apply to any other Sections and subsections if and to the extent that it is readily apparent on the face of such disclosure (without reference to the underlying documents referenced therein) that such disclosure also relates to such other Sections or subsections), or (ii) as set forth in any Synacor SEC Reports filed with, or furnished to, the SEC and publicly available on or after January 1, 2019 and prior to the date hereof (other than in any “risk factors” or other disclosure statements included therein that are cautionary, predictive or forward looking in nature and not statements of historical fact; provided that the exception provided for in this clause (ii) shall (x) be applied with respect to a particular representation or warranty in this Article IV only to the extent that it is reasonably apparent from the text of such reports that such disclosure relates to such representation or warranty, and (y) not apply to the representations and warranties in Section 4.1, Section 4.2, Section 4.4, Section 4.5, Section 4.6 and clause (i) of Section 4.10), Synacor and Merger Sub hereby represent and warrant to Qumu as follows:
4.1 Organization and Qualification.  Each of Synacor and Merger Sub is duly organized, validly existing and in good standing under the laws of the State of Delaware and the State of Minnesota, respectively, and have all requisite corporate power and authority necessary to enable each to own, lease and operate the properties it purports to own, lease or operate and to conduct its business as it is currently conducted.  Each of Synacor and Merger Sub is duly qualified or licensed as a foreign corporation to do business, and is in good standing, in each jurisdiction 
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where the character or location of the properties owned, leased or operated by it or the nature of its activities makes such qualification or licensing necessary, except to the extent that the failure to be so qualified or licensed and in good standing would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect.  
4.2 Authority; Approvals and Enforceability.
(a) Each of Synacor and Merger Sub has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and subject only to the approval of the Synacor Shareholders as described below, to consummate the Merger and the other transactions contemplated hereby in accordance with the terms hereof.
(b) The execution and delivery of this Agreement (including the Plan of Merger) by Synacor, and performance by Synacor of its obligations hereunder, and the consummation of the Merger and the other transactions contemplated hereby, have been duly and validly approved by the Synacor board of directors (the “Synacor Board”).  As of the date of this Agreement, the Synacor Board has unanimously (i) approved, and declared advisable this Agreement (including the Plan of Merger) and the Merger and other transactions contemplated hereby upon and subject to the terms and conditions set forth herein, (ii) determined that this Agreement (including the Plan of Merger) and the Merger and other transactions contemplated hereby are fair to, and in the best interests of, Synacor and the Synacor Shareholders and (iii) resolved to recommend that the Synacor Shareholders approve the issuance of shares of Synacor Common Stock in the Merger (the “Synacor Voting Proposal”) at the Synacor Shareholder Meeting.  As of the date of this Agreement, the foregoing Synacor Voting Proposal has not been withdrawn, revoked or modified in any respect.  Prior to making the foregoing determinations, the Synacor Board received an opinion of Canaccord Genuity LLC (“Canaccord”) to the effect that, as of the date of such opinion and based upon and subject to the various limitations, matters, qualifications and assumptions set forth therein, the Exchange Ratio is fair, from a financial point of view, to Synacor, and, as of the date of this Agreement, the foregoing opinion has not been withdrawn, revoked or modified in any respect.
(c) Except for the approval of the Synacor Voting Proposal by the affirmative vote of a majority of votes present or represented by proxy at the Synacor Shareholder Meeting called to consider the Synacor Voting Proposal (the “Requisite Synacor Shareholder Approval”) and assuming the accuracy of the representations and warranties set forth in Section 3.23 of this Agreement, no other corporate proceedings on the part of Synacor are necessary to approve or adopt this Agreement under applicable Legal Requirements and to consummate the Merger and other transactions contemplated hereby in accordance with the terms hereof.
(d) This Agreement has been duly and validly executed and delivered by each of Synacor and Merger Sub, and assuming due authorization, execution and delivery by Qumu, this Agreement constitutes a valid and binding obligation of each of Synacor and Merger Sub, enforceable against each of Synacor and Merger Sub in accordance with its terms, except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Legal Requirements affecting creditors’ rights generally, or by principles governing the availability of equitable remedies.
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4.3 Required Filings and Consents.
(a) The execution and delivery by Synacor of this Agreement do not, and the performance by Synacor of its covenants and agreements under this Agreement and the consummation by Synacor of the transactions contemplated by this Agreement will not, (i) assuming receipt of the Requisite Synacor Shareholder Approval, conflict with or violate the Synacor Certificate of Incorporation or the Synacor Bylaws or any Synacor Subsidiary Documents, (ii) assuming receipt of the government approvals contemplated by Section 4.3(b) conflict with or violate any Legal Requirements applicable to Synacor or any of its Subsidiaries or by which its or any of their respective properties is bound or affected, (iii) require notice to or the consent of any Person under, result in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default), or impair Synacor’s or any of its Subsidiaries’ rights or alter the rights or obligations of any third party under, or give to any third party any rights of termination, amendment, payment, acceleration or cancellation of, or result in the creation of a Lien on any of the properties or assets (including intangible assets) of Synacor or any of its Subsidiaries pursuant to, any Synacor Material Contract, or (iv) give rise to or result in any person having, or having the right to exercise, any preemptive rights, rights of first refusal, rights to acquire or similar rights with respect to any capital stock of Synacor or any of its Subsidiaries or any of their respective assets or properties, except in the case of the preceding clauses (ii) through (iv), inclusive, as would not reasonably be expected to be, individually or in the aggregate, material to Synacor and its Subsidiaries, taken as a whole.
(b) The execution and delivery by Synacor of this Agreement do not, and the performance by Synacor of its covenants and agreements under this Agreement and the consummation by Synacor of the transactions contemplated by this Agreement (including the Merger) will not, require any consent, approval, order, license, authorization, registration, declaration or permit of, or filing with or notification to, any Governmental Authority, except (i) as may be required by applicable Antitrust Laws, (ii) the filing of the Registration Statement and the Joint Proxy Statement/Prospectus with the SEC in accordance with the Exchange Act and as may be required under the Securities Act, (iii) such consents, approvals, orders, licenses, authorizations, registrations, declarations, permits, filings, and notifications as may be required under applicable United States federal and state securities laws, (iv) the filing of the Articles of Merger or other documents as required by the MBCA and (v) such other consents, approvals, orders, registrations, declarations, permits, filings and notifications which, if not obtained or made, would not reasonably be expected to be, individually or in the aggregate, material to Synacor and its Subsidiaries, taken as a whole.
4.4 Certificate of Incorporation and Bylaws.  Synacor has heretofore made available to Qumu a complete and accurate copy of the Synacor Certificate of Incorporation and Synacor Bylaws, along with the charter and bylaws (or equivalent organizational documents) each as amended to date, of each of its Subsidiaries (the “Synacor Subsidiary Documents”).  The Synacor Certificate of Incorporation, Synacor Bylaws and Synacor Subsidiary Documents, each as amended to date, are in full force and effect, and neither the Synacor Board nor, to the Knowledge of Synacor, any Synacor Shareholder has taken any action to amend the Synacor Certificate of Incorporation or the Synacor Bylaws in any respect.  Synacor has not taken any 
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action in breach or violation of any of the provisions of the Synacor Certificate of Incorporation or the Synacor Bylaws, and each Subsidiary is not in breach or violation of any of the material provisions of their respective Synacor Subsidiary Documents, except, in the case of a Subsidiary, as would not reasonably be expected to be, individually or in the aggregate, material to Synacor and its Subsidiaries, taken as a whole.
4.5 Capitalization.
(a) The authorized capital stock of Synacor consists of 100,000,000 shares of Synacor Common Stock, and 10,000,000 shares of Synacor Preferred Stock.  As of February 6, 2020: 
(i) 39,274,052 shares of Synacor Common Stock were issued and outstanding;
(ii) 455,583 shares of Synacor Common Stock were reserved for issuance pursuant to awards granted under the Synacor 2006 Stock Plan (the “Synacor 2006 Stock Plan”), all of which were subject to outstanding and unexercised options to purchase shares of Synacor Common Stock;
(iii) A total of 15,546,452 shares of Synacor Common Stock were reserved for the issuance of awards over the term of the Synacor Amended and Restated 2012 Equity Incentive Plan (the “Synacor 2012 Stock Plan”) of which 4,258,057 shares were subject to outstanding and unexercised options to purchase shares of Synacor Common Stock, 545,719 shares were subject to outstanding Synacor Restricted Stock Units and 297,789 shares were subject to outstanding Synacor Performance Stock Units;
(iv) 2,001,338 shares of Synacor Common Stock were reserved for issuance pursuant to an executive equity compensation plan not approved by the Synacor stockholders (the “Bhise Option”); 
(v) 1,000,000 shares of Synacor Common Stock were reserved for issuance pursuant to outstanding awards granted under the Synacor Special Purpose Recruitment Plan (the “Special Plan”), 317,375 of which were subject to outstanding and unexercised options to purchase shares of Synacor Common Stock; 
(vi) 873,998 shares of Synacor Common Stock were issued and held in the treasury of Synacor; and
(vii) 2,000,000 shares of Synacor Preferred Stock were designated Series A Junior Participating Preferred Stock, none of which were issued and outstanding.  
(b) Since February 6, 2020, Synacor has not issued any securities (including derivative securities) except for shares of Synacor Common Stock issued upon exercise of stock options, settlement of Synacor Restricted Stock Units or the settlement of Synacor Performance Stock Units, in each case, outstanding on or prior to February 6, 2020.
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(c) Other than the Synacor 2006 Stock Plan, the Synacor 2012 Stock Plan, the Bhise Option and the Special Plan (the “Synacor Stock Plans”), there are no stock option plans or any other plan or agreement adopted by Synacor that provides for the issuance of equity to any current or former service provider of Synacor.  Synacor has made available to Qumu complete and accurate copies of all Synacor Stock Plans and the forms of all award agreements evidencing outstanding Synacor Stock Awards, and all agreements under the Synacor Stock Plans that materially deviate from such forms of award agreement.  
(d) Section 4.5(d) of the Synacor Disclosure Letter sets forth a complete and accurate list as of February 6, 2020 of any outstanding equity-based award, whether payable in stock, cash or other property or any combination of the foregoing (the “Synacor Stock Award”) that is exercisable for more than six (6) months following the holder’s termination (other than for disability or death), and whether (and to what extent) the vesting of any Synacor Stock Award may be accelerated in any way by the consummation of the transactions contemplated by this Agreement (alone or in combination with any other event, including the termination of employment or engagement or change in position of any holder thereof following or in connection with the consummation of the Merger).
(e) Except as described in Sections 4.5(a), 4.5(b) and 4.5(d) of the Synacor Disclosure Letter, no capital stock of Synacor or any of its Subsidiaries or any security convertible or exchangeable into or exercisable for such capital stock, is issued, reserved for issuance or outstanding as of the date of this Agreement.  Except as described in Section 4.5(d) of this Agreement and except for changes since the date of this Agreement resulting from the exercise of employee stock options outstanding on such date or described on Section 4.5(d) of the Synacor Disclosure Letter, there are no exercisable securities, there are no options, preemptive rights, warrants, calls, rights, commitments, agreements, arrangements or understandings of any kind to which Synacor or any of its Subsidiaries is a party, or by which Synacor or any of its Subsidiaries is bound, obligating Synacor or any of its Subsidiaries to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock of Synacor or any of its Subsidiaries or obligating Synacor or any of its Subsidiaries to grant, extend or accelerate the vesting of or enter into any such option, warrant, call, right, commitment, agreement, arrangement or understanding.  There are no shareholder agreements, voting trusts, proxies or other similar agreements, arrangements or understandings to which Synacor or any of its Subsidiaries is a party, or by which it or they are bound, obligating Synacor or any of its Subsidiaries with respect to any shares of capital stock of Synacor or any of its Subsidiaries.  There are no rights or obligations, contingent or otherwise (including rights of first refusal in favor of Synacor), of Synacor or any of its Subsidiaries, to repurchase, redeem or otherwise acquire any shares of capital stock of Synacor or any of its Subsidiaries or to provide funds to or make any investment (in the form of a loan, capital contribution or otherwise) in any such Subsidiary or any other entity.  There are no registration rights or other agreements, arrangements or understandings to which Synacor or any of its Subsidiaries is a party, or by which it or they are bound, obligating Synacor or any of its Subsidiaries with respect to any shares of Synacor Common Stock or shares of capital stock of any such Subsidiary.  Synacor does not have outstanding any bonds, debentures, notes or other obligations the holders of which have the right to vote (or are convertible into or exercisable for securities having the right to 
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vote) with the Synacor Shareholders on any matter.  Except as described in Section 4.5(a), 4.5(b) and 4.5(d) of the Synacor Disclosure Letter, as of February 6, 2020 there are no outstanding stock options, restricted stock units, restricted stock, stock appreciation rights, “phantom” stock rights, performance units or other compensatory rights or awards (in each case, issued by Synacor or any of its Subsidiaries), that are convertible into or exercisable for a share of Synacor Common Stock on a deferred basis or otherwise or other rights that are linked to, or based upon, the value of Synacor Common Stock.  All Synacor Stock Awards are evidenced by award agreements in substantially the forms previously made available to Qumu or disclosed in the Synacor SEC Reports filed with, or furnished to, the SEC and publicly available on or after January 1, 2019 and prior to the date hereof.
(f) All outstanding shares of Synacor Common Stock are, and all shares of Synacor Common Stock reserved for issuance as specified above will be, upon issuance on the terms and conditions specified in the instruments pursuant to which they are issuable, duly authorized, validly issued, fully paid and nonassessable and not subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of the DGCL, the Synacor Certificate of Incorporation or the Synacor Bylaws or any agreement to which Synacor is a party or otherwise bound.  None of the outstanding shares of Synacor Common Stock have been issued in violation of any United States federal or state securities laws or any foreign securities laws.  All of the outstanding shares of capital stock of each of the Subsidiaries of Synacor are duly authorized, validly issued, fully paid and nonassessable, and all such shares (other than directors’ qualifying shares in the case of foreign Subsidiaries) are owned by Synacor or a Subsidiary of Synacor free and clear of any and all Liens.  There are no accrued and unpaid dividends with respect to any outstanding shares of capital stock of Synacor or any of its Subsidiaries.
(g) Synacor Common Stock constitutes the only class of equity securities of Synacor or its Subsidiaries registered or required to be registered under the Exchange Act.
4.6 Subsidiaries.  A complete and accurate list of all of the Subsidiaries of Synacor, together with the jurisdiction of incorporation of each Subsidiary and the percentage of each Subsidiary’s outstanding capital stock owned by Synacor or another Subsidiary or Affiliate of Synacor, is set forth in Section 4.6 of the Synacor Disclosure Letter.  Synacor does not own, directly or indirectly, any capital stock of, or other equity, voting or similar interest in, or any interest convertible into or exchangeable or exercisable for any equity, voting or similar interest in, any Person, excluding securities in any publicly traded company held for investment by Synacor and comprising less than one percent (1%) of the outstanding voting and nonvoting stock of such company.  Each Subsidiary of Synacor is duly organized, validly existing and in good standing under the Legal Requirements of its jurisdiction of organization (to the extent such concepts exist in such jurisdictions) and has all requisite corporate or other power and authority necessary to enable it to own, lease and operate the properties it purports to own, lease or operate and to conduct its business as it is currently conducted, except to the extent that the failure to be so organized or existing or in good standing or have such power or authority would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect.  Each Subsidiary of Synacor is duly qualified or licensed as a foreign corporation to do 
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business, and is in good standing, in each jurisdiction (to the extent such concepts exist in such jurisdictions) where the character or location of the properties owned, leased or operated by it or the nature of its activities makes such qualification or licensing necessary, except to the extent that the failure to be so qualified or licensed and in good standing would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect.
4.7 SEC Reports.  Synacor has filed and made available to Qumu all forms, reports, schedules, statements and other documents, including any exhibits thereto, required to be filed by Synacor with the SEC since January 1, 2018 (collectively, the “Synacor SEC Reports”).  The Synacor SEC Reports, including all forms, reports and documents filed by Synacor with the SEC after the date hereof and prior to the Effective Time, (i) were and, in the case of the Synacor SEC Reports filed after the date hereof, will be, prepared in accordance with the applicable requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act, as the case may be, and the rules and regulations thereunder, and (ii) did not at the time they were filed (or if amended or superseded by a filing prior to the date of this Agreement, then on the date of such filing), and in the case of such forms, reports and documents filed by Synacor with the SEC after the date of this Agreement, will not as of the time they are filed, contain any untrue statement of a material fact or omit to state a material fact required to be stated in such Synacor SEC Reports or necessary in order to make the statements in such Synacor SEC Reports, in light of the circumstances under which they were and will be made, not misleading.  None of the Subsidiaries of Synacor is required to file any forms, reports, schedules, statements or other documents with the SEC.
4.8 Financial Statements and Internal Controls.
(a) Each of the consolidated financial statements (including, in each case, any related notes and schedules), contained in the Synacor SEC Reports, including any Synacor SEC Reports filed after the date of this Agreement, complied or will comply, as of its respective date, in all material respects with all applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, was or will be prepared in accordance with GAAP (except as may be indicated in the notes thereto) applied on a consistent basis throughout the periods involved and fairly presented in all material respects or will fairly present in all material respects the consolidated financial position of Synacor and its Subsidiaries as of the respective dates thereof and the consolidated results of its operations and cash flows for the periods indicated, except that any unaudited interim financial statements are subject to normal and recurring year-end adjustments which have not been and are not expected to be material in amount, individually or in the aggregate.
(b) The chief executive officer and chief financial officer of Synacor have made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the statements contained in any such certifications are complete and correct, and Synacor is otherwise in compliance with all applicable effective provisions of the Sarbanes-Oxley Act and the applicable listing and corporate governance rules of Nasdaq.  
(c) Synacor and each of its Subsidiaries has established and maintains, adheres to and enforces a system of internal accounting controls which are effective in providing reasonable 
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assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP, including policies and procedures that (i) require the maintenance of records that in reasonable detail accurately and fairly reflect the material transactions and dispositions of the assets of Synacor and its Subsidiaries, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of Synacor and its Subsidiaries are being made only in accordance with appropriate authorizations of management and the Synacor Board and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of Synacor and its Subsidiaries.  
(d) To the Knowledge of Synacor and except as otherwise disclosed in the Synacor SEC Reports, neither Synacor nor its independent auditors have identified (i) any significant deficiency or material weakness in the system of internal accounting controls utilized by Synacor and its Subsidiaries, (ii) any fraud, whether or not material, that involves Synacor’s management or other employees who have a role in the preparation of financial statements or the internal accounting controls utilized by Synacor and its Subsidiaries or (iii) any claim or allegation regarding any of the foregoing.
(e) Neither Synacor nor any of its Subsidiaries is a party to, or has any commitment to become a party to, any joint venture, partnership agreement or any similar Contract (including any Contract relating to any transaction, arrangement or relationship between or among Synacor or any of its Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other hand (such as any arrangement described in Section 303(a)(4) of Regulation S-K of the SEC)) where the purpose or effect of such arrangement is to avoid disclosure of any material transaction involving, or material liabilities of, Synacor or any of its Subsidiaries in Synacor’s consolidated financial statements.
(f) Neither Synacor nor any of its Subsidiaries nor, to the Knowledge of Synacor, any director, officer, auditor, accountant, consultant or representative of Synacor or any of its Subsidiaries has received or otherwise had or obtained Knowledge of any substantive complaint, allegation, assertion or claim, whether written or oral, that Synacor or any of its Subsidiaries has (i) on or since January 1, 2017, engaged in questionable accounting or auditing practices or (ii) prior to January 1, 2017, engaged in questionable accounting or auditing practices which have not be fully remediated.  No current or former attorney representing Synacor or any of its Subsidiaries has reported evidence of a material violation of securities laws, breach of fiduciary duty or similar violation by Synacor or any of its officers, directors, employees or agents to the current the Synacor Board or any committee thereof or to any current director or executive officer of Synacor.
(g) To the Knowledge of Synacor, there is no investigation threatened or pending by any law enforcement agency regarding the commission or possible commission of any crime or the violation or possible violation of any applicable Legal Requirements of the type described in Section 806 of the Sarbanes-Oxley Act by Synacor or any of its Subsidiaries.  
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4.9 Undisclosed Liabilities.  Except as reflected in the Synacor Balance Sheet, neither Synacor nor any of its Subsidiaries has any Liabilities, other than (i) Liabilities incurred since the date of the Synacor Balance Sheet in the ordinary course of business consistent with past practice, (ii) Liabilities under this Agreement or expressly permitted to be incurred under this Agreement, and (iii) Liabilities that, individually and in the aggregate, have not had, and would not reasonably be expected to be, individually or in the aggregate, material to Synacor and its Subsidiaries, taken as a whole.
4.10 Subsequent Changes.  Since the date of the Synacor Balance Sheet through the date hereof, Synacor has conducted its business in the ordinary course of business consistent with past practice and, since such date through the date hereof, there has not occurred (i) any Synacor Material Adverse Effect or (ii) any action taken by Synacor or event that would have required the consent of Qumu pursuant to Section 5.2(a), (c)-(f), (h), (j)-(m), (p)-(r), and (t)-(v) had such action or event occurred after the date of this Agreement.
4.11 Real Property.  Synacor and each of its Subsidiaries have a valid leasehold interest in, all the real properties which it purports to own or lease, including all the real properties reflected in the Synacor Balance Sheet.  All real property leases, subleases, licenses or other occupancy agreements to which Synacor or any of its Subsidiaries is a party (collectively, the “Synacor Real Property Leases”) are in full force and effect, except where the failure of such Synacor Real Property Leases to be in full force and effect would not be reasonably likely to result in a Synacor Material Adverse Effect.  There is no default by Synacor or any of its Subsidiaries under any of the Synacor Real Property Leases, or, to the Knowledge of Synacor, defaults by any other party thereto, except such defaults as have been waived in writing or cured or such defaults that in the aggregate would not be reasonably likely to result in a Synacor Material Adverse Effect.  Section 4.11 of the Synacor Disclosure Letter contains a complete and accurate list of all Synacor Real Property Leases providing for the payment of annual rent in excess of $150,000 (each, a “Synacor Material Real Property Lease”) and lists for each such Synacor Material Real Property Lease (i) the address of the property to which such Synacor Material Real Property Lease pertains, (ii) the annual rent and (iii) the purpose of the facility to which such Synacor Material Real Property Lease pertains.
4.12 Tangible Property.  Synacor and each of its Subsidiaries have good and valid title to, or a valid leasehold interest in, all the tangible properties and assets which it purports to own or lease, including all the tangible properties and assets reflected in the Synacor Balance Sheet.  All tangible properties and assets reflected in the Synacor Balance Sheet are held free and clear of all Liens, except for Liens reflected on the Synacor Balance Sheet and Liens for current Taxes not yet due and for which adequate reserves have been established in accordance with GAAP and other Liens that do not materially impair the use of the property or assets subject thereto.  The machinery, equipment, furniture, fixtures and other tangible personal property and assets owned, leased or used by Synacor or any of its Subsidiaries are, in the aggregate, sufficient and adequate to carry on their respective businesses in all material respects as conducted as of the date hereof, and Synacor and its Subsidiaries are in possession of and have good title to, or valid leasehold interests in or valid rights under contract to use, such machinery, equipment, furniture, fixtures and other tangible personal property and assets that are material to Synacor and its Subsidiaries, 
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taken as a whole, free and clear of all Liens, except for conditions or defects in title that in the aggregate would not be reasonably likely to result in a Synacor Material Adverse Effect.
4.13 Intellectual Property.
(a) Section 4.13(a) of the Synacor Disclosure Letter contains a complete and accurate list of all material Synacor Intellectual Property that is Registered Intellectual Property (collectively the “Synacor Registered Intellectual Property”).  All material Synacor Registered Intellectual Property is, to the Knowledge of Synacor, subsisting, valid (or in the case of applications, applied for) and enforceable.
(b) All Synacor Intellectual Property is owned by or exclusively licensed to Synacor or one or more of its Subsidiaries free and clear of any Liens (excluding any non-exclusive licenses entered into in the ordinary course of business).  The Synacor Intellectual Property, together with the Intellectual Property Rights licensed or otherwise validly available to Synacor and its Subsidiaries pursuant to valid and enforceable Contracts between Synacor or any of its Subsidiaries and a third party, constitutes all of the Intellectual Property Rights that are necessary and sufficient for the conduct of the business of Synacor and its Subsidiaries as currently conducted.  To the Knowledge of Synacor, all material Synacor Intellectual Property is, and following the transactions contemplated hereby shall be, freely, transferable, licensable and alienable without the consent of, or notice or payment of any kind to any Governmental Authority or third party.  Neither Synacor nor any of its Subsidiaries has granted an exclusive license to any third party, or in the four (4) years prior to the date of this Agreement transferred ownership to any third party, of any material Technology or Intellectual Property Rights that are or were owned by Synacor or a Subsidiary of Synacor.
(c) To the Knowledge of Synacor, neither Synacor nor its Subsidiaries has, in the conduct of the business of Synacor and its Subsidiaries as currently conducted, infringed upon, violated or used without authorization or license, any Intellectual Property Rights owned by any third Person, except as would not reasonably be expected to be, individually or in the aggregate, material to the business of Synacor or any of its Subsidiaries, taken as a whole.  There is no pending or, to the Knowledge of Synacor, threatened (and at no time within the four (4) years prior to the date of this Agreement has there been pending or threatened any) Legal Proceeding against Synacor or any of its Subsidiaries involving a material claim of infringement or misappropriation of any Intellectual Property Rights of any third Person, or challenging the ownership, validity, or enforceability of any rights in Synacor Intellectual Property.  Synacor is not party to any settlements, covenants not to sue, consents, decrees, stipulations, judgments, or Orders resulting from Legal Proceedings, which (i) materially restrict Synacor’s or any of its Subsidiaries’ rights to use, license or transfer any material Synacor Intellectual Property, or (ii) compel or require Synacor or any of its Subsidiaries to license or transfer any material Synacor Intellectual Property.  
(d) There are no Legal Proceedings brought by Synacor or any of its Subsidiaries within the four (4) years prior to the date of this Agreement against any third party with respect to any Synacor Intellectual Property, which remain unresolved as of the date hereof.
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(e) Neither Synacor nor any of its Subsidiaries, nor, to the Knowledge of Synacor, any other party thereto, is in material breach of (i) any Contracts pursuant to which a third party has licensed to Synacor or any of its Subsidiaries any Intellectual Property Right that is material to the business of Synacor or any Synacor Subsidiary taken as a whole (“Synacor In Licenses”), or (ii) any Contracts pursuant to which Synacor or any of its Subsidiaries has granted a third Person or Affiliate any rights or licenses to any material Synacor Intellectual Property Rights and that is material to the business of Synacor or any Synacor Subsidiary (“Synacor Out Licenses” and together with the Synacor In Licenses, the “Synacor IP Licenses”).
(f) The consummation of the transactions contemplated hereby will not result in or cause: (A) (i) the breach by Synacor or any of its Subsidiaries of any Synacor IP License that is material to the business of Synacor or any of its Subsidiaries, (ii) the termination, impairment or restriction of any right or license granted to Synacor or any of its Subsidiaries under a Synacor IP License, or (iii) Synacor or any of its Subsidiaries to grant, or expand the scope of a prior grant, to a third party of any rights to any material Synacor Intellectual Property (including by release of any source code that is not Open Source Software), except (with respect to clauses (ii) and (iii)) as would not reasonably be expected to be material to the business of Synacor or any of its Subsidiaries, taken as a whole or (B) as a result of any Synacor Material Contract to which Synacor or any of its Subsidiaries is a party, a third party to become licensed to, or otherwise have rights to, any material Intellectual Property Rights of Qumu or any of its Subsidiaries.
(g) To the Knowledge of Synacor, Synacor and its Subsidiaries are in compliance with all terms and conditions of any license for Open Source Software, except as would not reasonably be expected to be, individually or in the aggregate, material to the business of Synacor or any of its Subsidiaries, taken as a whole.
(h) Except as described in Section 4.13(h) of the Synacor Disclosure Letter, no proprietary source code (excluding, for clarity, any Open Source Software) for any Synacor Product has been delivered, licensed or made available to any escrow agent or other third party who is not, as of the date of this Agreement, or was not, at the time, an employee, consultant or contractor of Synacor or a Subsidiary of Synacor or was not subject to a written confidentiality agreement with Synacor or a Subsidiary of Synacor.  Except as described in Section 4.13(h) of the Synacor Disclosure Letter, to the Knowledge of Synacor, neither Synacor nor any Subsidiary of Synacor has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make available the proprietary source code (excluding, for clarity, any Open Source Software) for any Synacor Product to any escrow agent or other third Person, other than any employee, consultant or contractor of Synacor or a Subsidiary of Synacor under confidentiality obligations that prohibit the disclosure of such proprietary source code to any third party.
(i) Each current and former employee, consultant and contractor of Synacor or a Subsidiary of Synacor who was or is involved in the creation or development of any Synacor Products, as well as any other material Synacor Intellectual Property, has signed and delivered a written Contract that assigns to Synacor or a Subsidiary of Synacor any Intellectual Property Rights.  Synacor and its Subsidiaries have taken commercially reasonable steps to protect and preserve the confidentiality of all confidential or trade secret information of Synacor or a 
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Subsidiary of Synacor (including any source code) that is material to the business of Synacor or any Synacor Subsidiary or information provided by any third party to Synacor or its Subsidiaries subject to confidentiality obligations.
(j) Section 4.13(j) of the Synacor Disclosure Letter contains a list of each standards-setting organization or similar organizations in which Synacor or any of its Subsidiaries has participated in the past four (4) years, or is currently participating in, that could require or obligate Synacor or any of its Subsidiaries to grant or offer to any other Person any license or right to use any Synacor Intellectual Property.
(k) No government funding, facilities of a university, college, other educational institution or research center was used in the development of any material Synacor Intellectual Property.
(l) The Processing by Synacor or any Subsidiary of Synacor of any Personal Information, as well as all communications from Synacor and Subsidiaries of Synacor to users, partners or customers that contain or include Personal Information (whether sent directly or, to Synacor’s Knowledge, through third-party providers) has complied in all material respects with (i) all Legal Requirements, (ii) Synacor’s and its Subsidiaries’ existing contractual commitments with third parties and (iii) Synacor’s and its Subsidiaries’ privacy policies and any other terms applicable to the Processing of Personal Information from individuals by Synacor or any of its Subsidiaries or any of their agents, except where the failure to so comply would not reasonably be expected to be, individually or in the aggregate, material to the business of Synacor or any of its Subsidiaries, taken as a whole.  As of the date hereof, no claims have been asserted in writing or, to the Knowledge of Synacor, are threatened in writing against Synacor or any Subsidiary of Synacor by any third party alleging a violation of any third party’s privacy rights that would reasonably be expected to be, individually or in the aggregate, material to the business of Synacor or any of its Subsidiaries, taken as a whole.  To the Knowledge of Synacor, neither Synacor, nor any Subsidiary of Synacor, nor any of their service providers has suffered any breach in security that has permitted or resulted in any unauthorized access to or disclosure of Personal Information.
(m) To the Knowledge of Synacor, Synacor Products are free from any material defect, bug or programming, design or documentation error or disrupting, disabling, harming or corrupting code that would constitute a Synacor Material Adverse Effect.  To the Knowledge of Synacor, none of Synacor Products contain any Malicious Code that would constitute a Synacor Material Adverse Effect.
(n) Synacor and its Subsidiaries have information technology systems that are sufficient in all material respects to operate the business of Synacor and its Subsidiaries as it is currently conducted.  Synacor and its Subsidiaries have taken reasonable steps and implemented reasonable procedures to ensure that information technology systems used in connection with the operation of the business of Synacor and its Subsidiaries, and data stored or transmitted on such systems are secure.  To the Knowledge of Synacor, such systems are free from Malicious Code, except as would not reasonably be expected to be, individually or in the aggregate, material to the business of Synacor or any of its Subsidiaries, taken as a whole.
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4.14 Material Contracts.
(a) For all purposes of and under this Agreement, a “Synacor Material Contract” shall mean (in each case, excluding any Synacor Employee Plan and any Synacor Non-U.S. Employee Plan) to the extent currently in effect: 
(i) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) with respect to Synacor and its Subsidiaries; 
(ii) any Contract (A) containing any covenant limiting the right of Synacor or any of its Subsidiaries to engage, or to compete with any Person (other than standard employee non-solicitation restrictions), in any line of business or geographic area, (B) containing any covenant prohibiting Synacor or any of its Subsidiaries (or, after the Closing Date, Synacor) from engaging in business with any Person or levying a fine, charge or other payment for doing so, (C) pursuant to which any Person is granted most favored customer pricing, or containing any other similar pricing restrictions, or (D) containing any covenant limiting the right of Synacor to enter into any reseller, referral partner or similar partner agreements with third parties;
(iii) any Contract expressly providing for the development of any material Technology by Synacor or any of its Subsidiaries, or requiring Synacor or any of its Subsidiaries to make available or otherwise disclose the source code of any Synacor Products to any Person (other than Contracts for Open Source Software); 
(iv) any Contract (A) relating to the disposition or acquisition by Synacor or any of its Subsidiaries of any material business or entity, or the material assets of a business or entity, whether by way of merger, consolidation, stock purchase, asset purchase, license or otherwise, or pursuant to which Synacor has a material ownership interest in any other business enterprise other than Synacor’s Subsidiaries; 
(v) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts relating to the borrowing of money or extension of credit, in each case in excess of $150,000, other than (A) accounts receivables and payables, (B) loans to direct or indirect wholly owned Subsidiaries, and (C) advances to employees for travel and business expenses, in each case in the ordinary course of business consistent with past practice; 
(vi) any settlement Contract with ongoing obligations (other than solely ongoing confidentiality obligations) other than (A) releases that are immaterial in nature or amount entered into in the ordinary course of business, or (B) settlement Contracts only involving the payment of cash in amounts that do not exceed $150,000 in any individual case; 
(vii) any collective bargaining agreement;
(viii) any Contract (excluding any purchase orders, statements of work and any other Contracts that are not master agreements and that do not contain any material terms that apply generally to transactions with the applicable customer) for the sale of Synacor Products with any customer who, in the year ended December 31, 2018 or the year ended 
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December 31, 2019, was one of the twenty (20) largest sources of revenues for Synacor and its Subsidiaries, based on amounts paid or payable;
(ix) any Contract (excluding any purchase orders, statements of work and any other Contracts that are not master agreements and that do not contain any material terms that apply generally to transactions with the applicable customer) with any vendor of Synacor or any of its Subsidiaries who, in the year ended December 31, 2018 or the year ended December 31, 2019, was one of the twenty (20) largest sources of payment obligations for Synacor and its Subsidiaries, based on amounts paid or payable;
(x) any Contract that provides for payment obligations by Synacor or any of its Subsidiaries in any twelve (12) month period of $500,000 or more in any individual case that is not terminable by Synacor or its Subsidiaries upon notice of sixty (60) days or less without material liability to Synacor or its Subsidiaries and is not disclosed pursuant to clauses (i) through (ix) above, inclusive; 
(xi) any Contract relating to the settlement of any Legal Proceeding; and 
(xii) any Contract, or group of Contracts with a Person (or group of affiliated Persons), the termination of which would be reasonably expected to be, individually or in the aggregate, material to Synacor and its Subsidiaries, taken as a whole and is not disclosed pursuant to clauses (i) through (xi) above, inclusive.
(b) Section 4.14(b) of the Synacor Disclosure Letter contains a complete and accurate list of all Synacor Material Contracts as of the date hereof, to or by which Synacor or any of its Subsidiaries is a party or is bound, and identifies each subsection of Section 4.14(a) that describes such Synacor Material Contract.
(c) Each Synacor Material Contract is valid and binding on Synacor (and/or each such Subsidiary of Synacor party thereto) and is in full force and effect, other than those Contracts that by their terms have expired or been terminated since the date hereof, and neither Synacor nor any of its Subsidiaries party thereto, nor, to the Knowledge of Synacor, any other party thereto, is in breach of, or default under, any such Synacor Material Contract, and no event has occurred that with notice or lapse of time or both would constitute such a breach or default thereunder by Synacor or any of its Subsidiaries, or, to the Knowledge of Synacor, any other party thereto, except for such failures to be in full force and effect and such breaches and defaults that would not reasonably be expected to be, individually or in the aggregate, material to Synacor and its Subsidiaries, taken as a whole.
4.15 Tax Matters.
(a) Each of Synacor and its Subsidiaries has prepared and timely filed (taking into account any extension of time within which to file) all income and other material Tax Returns required to be filed and all such Tax Returns are true, correct and complete in all material respects.
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(b) Each of Synacor and its Subsidiaries has paid all material Taxes that are required to be paid, except with respect to matters for which adequate reserves have been established on the Financial Statements in accordance with GAAP.
(c) No deficiencies for Taxes against Synacor or any of its Subsidiaries have been claimed, proposed or assessed in writing by any Governmental Authority that remain unpaid except for deficiencies with respect to which adequate reserves have been established in accordance with GAAP.
(d) There are no audits, examinations, investigations or other proceedings in respect of income Taxes or other material Taxes pending or threatened in writing with respect to Synacor or any of its Subsidiaries.
(e) There are no Liens for Taxes on any of the assets of Synacor or any of its Subsidiaries other than Liens for Taxes not yet due and payable or being contested in good faith and for which adequate reserves have been established on the Financial Statements in accordance with GAAP.
(f) Each of Synacor and its Subsidiaries have withheld and paid all material 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.
(g) Neither Synacor nor any Synacor Subsidiary is a party to any Tax allocation agreement, Tax sharing agreement, Tax indemnity agreement, or other similar agreement or arrangement (other than customary commercial Contracts entered into in the ordinary course of business the primary purpose of which does not relate to Taxes).
(h) Neither Synacor nor any Synacor Subsidiary has ever been a member of an affiliated group filing a consolidated, combined or unitary Tax Return (other than a group the common parent of which is Synacor).  Neither Synacor nor any Synacor Subsidiary has any Liability for the Taxes of any Person (other than Synacor and any Synacor Subsidiary) under Treasury Regulations section 1.1502-6 (or any similar provision of state, local, or non-U.S. law), as a transferee or successor, by Contract, or otherwise (other than customary commercial Contracts entered into in the ordinary course of business the primary purpose of which does not relate to Taxes).
(i) Neither Synacor nor any Synacor Subsidiary will be required to include any material item of income in, or exclude any material item of deduction from, taxable income for any Tax period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting for Tax purposes; (ii) use of an improper method of accounting for a Tax period ending on or prior to the Closing Date; (iii) “closing agreement” as described in Section 7121 of the Code (or any similar provision of state, local or foreign Legal Requirements) executed on or prior to the Closing Date; (iv) intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or any similar provision of state, local or foreign Legal Requirements) consummated on or prior to the Closing Date; (v) installment sale or open transaction disposition made on or prior to the Closing Date; (vi) prepaid 
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amount received on or prior to the Closing Date; or (vii) election under Section 108(i) of the Code (or any similar provision of state, local or foreign Legal Requirements).  Synacor has not made any election under Section 965(h) of the Code.
(j) None of Synacor or any of its Subsidiaries has been a “controlled corporation” or a “distributing corporation” in any distribution occurring during the two-year period ending on the date hereof that was purported or intended to be governed by Section 355 of the Code (or any similar provision of state, local or foreign Tax law).
(k) Synacor and its Subsidiaries are in compliance in all material respects with all terms and conditions of any Tax exemption, Tax holiday or other Tax reduction Contract or order with respect to Synacor and each of its Subsidiaries.
(l) None of Synacor or any of its Subsidiaries has engaged in a “reportable transaction,” within the meaning of Treas. Reg. Section 1.6011-4(b), including any transaction that is the same or substantially similar to one of the types of transactions that the IRS has determined to be a tax avoidance transaction and identified by notice, regulation or other form of published guidance as a “listed transaction,” as set forth in Treas. Reg. Section 1.6011-4(b)(2). 
(m) Synacor has not been nor will it be required to include in income any amount under Section 965 of the Code. 
(n) Synacor is not a party to a gain recognition agreement under Section 367 of the Code.
(o) Synacor and each of its Subsidiaries are in compliance in all material respects with all applicable transfer pricing laws, including the execution and maintenance of contemporaneous documentation substantiating the transfer pricing practice and methodology.  All intercompany agreements have been adequately documented, and such documents have been duly executed in a timely manner.  The prices for any property or services (or for the use of any property), including, without limitation, interest and other prices for financial services, provided by or to Synacor or any of its Subsidiaries are arm’s-length prices for purposes of the relevant transfer pricing laws, including Treasury Regulations promulgated under Section 482 of the Code (or any comparable provisions of state, local or foreign Legal Requirements).  
(p) Neither Synacor nor any of its Subsidiaries has ever participated in an international boycott as defined in Section 999 of the Code.
(q) Neither Synacor nor any of its Subsidiaries are, or ever have been, a (i) “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Code or an entity that has ever made the election provided under section 897(i) of the Code; (ii) a “passive foreign investment company” within the meaning of section 1297 of the Code; or (iii) a “controlled foreign corporation” within the meaning of section 957 of the Code. 
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(r) None of Synacor or any of its Subsidiaries has taken any action or knows of any fact or circumstance that could reasonably be expected to prevent or impede the Merger from qualifying as a “reorganization” within the meaning of Section 368(a) of the Code.
4.16 Employee Benefit Matters.
(a) Section 4.16(a) of the Synacor Disclosure Letter sets forth a complete and accurate list of all material Synacor Employee Plans.  Other than as required by applicable Legal Requirements or as otherwise required by this Agreement or in the ordinary course of business, neither Synacor nor any ERISA Affiliate of Synacor has committed to any officer, or publicly communicated to any other employees to establish any new Synacor Employee Plan, to modify or amend (other than as required by applicable law) any Synacor Employee Plan or to adopt or enter into any Synacor Employee Plan.
(b) Except as set forth in Section 4.16(b) of the Synacor Disclosure Letter, with respect to each Synacor Employee Plan, Synacor has made available to Qumu complete and accurate copies of (i) such Synacor Employee Plan (or a written summary of any unwritten plan) together with all amendments thereto and all related trust documents, insurance contracts, or other funding vehicles, group annuity contract, administration and similar material agreements, investment management or investment advisory agreements, (ii) in the case of any plan for which Forms 5500 are required to be filed, the most recent annual report (Form 5500) with schedules attached, (iii) in the case of any plan that is intended to be qualified under Section 401(a) of the Code, the most recent determination, opinion, notification or advisory letter from the IRS, and correspondence between the IRS or the DOL on the one hand and Synacor on the other hand with respect to such letter, (iv) the most recent financial statements for such Synacor Employee Plan, (v) the most recent summary plan descriptions, including any summary of material modifications thereto and any material description made available to participants therein, and (vi) all material correspondence to or from any governmental agency relating to any Synacor Employee Plan within the past year.
(c) Except as would not reasonably be expected to result in Synacor Material Adverse Effect, (i) each Synacor Employee Plan has been established, maintained and administered in accordance with all applicable Legal Requirements, including if applicable, ERISA and the Code, and in accordance with its terms, and (ii) each of Synacor, Synacor’s Subsidiaries and their respective ERISA Affiliates have (A) met their obligations with respect to each Synacor Employee Plan and (B) have timely made or properly accrued on the financial statements in accordance with GAAP all required contributions or other amounts payable with respect thereto.
(d) (i) All Synacor Employee Plans that are intended to be qualified under Section 401(a) of the Code, and all trusts that are intended to be qualified under Section 501(a) of the Code (each, a “Synacor Qualified Plan”), have received determination, opinion or advisory letters from the IRS to the effect that such Synacor Employee Plans are qualified and the plans and trusts related thereto are exempt from federal income taxes under Sections 401(a) and 501(a), respectively, of the Code, or Synacor has remaining a period of time under applicable U.S. Department of the Treasury regulations or IRS pronouncements in which to apply for such a 
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letter and to make any amendments necessary to obtain a favorable determination as to the qualified status of each such Synacor Qualified Plan and (ii) no such determination, opinion or advisory letter has been revoked and no event or circumstance exists that has materially and adversely affected or would reasonably be expected to materially and adversely affect such qualification or exemption.  Except as would not reasonably be expected to result in Synacor Material Adverse Effect, no “prohibited transaction,” within the meaning of Section 4975 of the Code or Sections 406 and 407 of ERISA, and not otherwise exempt under Section 408 of ERISA, has occurred with respect to any Synacor Employee Plan.
(e) Neither Synacor, any of Synacor’s Subsidiaries nor any of their respective ERISA Affiliates has in the preceding six (6) years maintained, participated in or contributed to (or been obligated to contribute to), or can reasonably expect to have future liability with respect to (i) a Pension Plan subject to Title IV of ERISA or Section 412 of the Code; (ii) a “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA), (iii) a “multiple employer plan” as defined in ERISA or the Code, or (iv) multiple employer welfare arrangement (within the meaning of Section 3(40) of ERISA).  No Synacor Employee Plan is funded by, associated with or related to a “voluntary employees’ beneficiary association” within the meaning of Section 501(c)(9) of the Code.  No Synacor Employee Plan provides health benefits that are not fully insured through an insurance contract.
(f) Each Synacor Employee Plan (other than the Synacor Stock Plans or an employment, severance, change in control or similar agreement with an individual) is amendable and terminable unilaterally by Synacor and any of Synacor’s Subsidiaries party thereto or covered thereby at any time without material liability to Synacor or any of its Subsidiaries as a result thereof, other than for benefits accrued as of the date of such amendment or termination and routine administrative costs. 
(g) Other than as required under Section 601 et seq. of ERISA or equivalent state or local law, Synacor does not have any material liability in respect of, or material obligation to provide, health or other welfare benefits (excluding normal claims for benefits under Synacor’s group life insurance, accidental death and dismemberment insurance and disability plans and policies) or coverage to any person following retirement or other termination of employment (other than continuation coverage through the end of the month in which such termination or retirement occurs). 
(h) There is no action, suit, proceeding, claim, arbitration, audit or investigation pending or, to the Knowledge of Synacor, threatened or reasonably anticipated, with respect to any Synacor Employee Plan or the assets of any Synacor Employee Plan or Synacor Non-U.S. Employee Plan or the assets of any Synacor Non-U.S. Employee Plan, other than claims for benefits in the ordinary course. 
(i) Except as would not reasonably be expected to result in a Synacor Material Adverse Effect, each Synacor Non-U.S. Employee Plan is in material compliance with all applicable Legal Requirements of each applicable jurisdiction.  Each such Synacor Non-U.S. Employee Plan is funded to the extent required by applicable Legal Requirements or the applicable terms of such plan or has been accrued for to the extent required by GAAP or other 
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applicable accounting rules.  Section 4.16(i) of the Synacor Disclosure Letter contains a complete and accurate list of each country in which Synacor or any of its Subsidiaries or Affiliates has employees or independent contractors as of the Synacor Balance Sheet Date.
(j) Section 4.16(j) of the Synacor Disclosure Letter sets forth a complete and accurate list of (i) all employment agreements with employees of Synacor or any of its Subsidiaries, other than (A) standard form offer letters, (B) similar employment agreements entered into in the ordinary course of business and (C) agreements materially consistent with such standard forms, in the case of (A), (B) and (C) that can be terminated by Synacor without notice, liability or obligation; and (ii) all severance agreements, programs and policies of Synacor or any of its Subsidiaries with or relating to its Section 16 officers, excluding programs and policies required to be maintained by Legal Requirement.
(k) Other than as set forth on Section 4.16(k) of the Synacor Disclosure Letter and Sections 1.4(c) and 7.7(c) of this Agreement, the negotiation or consummation of the transactions contemplated by this Agreement will not, either alone or in combination with another event, (i) entitle any current or former employee, director, consultant or officer of Synacor or any Subsidiary of Synacor to any acceleration, increase in acceleration rights, severance, or increase in severance pay, or any other material compensation or benefit, (ii) accelerate the time of distribution, payment or vesting (whether or not in connection with a non-competition provision), a lapse of repurchase rights or increase the amount of any material compensation or benefits due any such employee, director or officer, (iii) result in the forgiveness of indebtedness, or (iv) trigger an obligation to fund benefits.  There is no contract, agreement, plan or arrangement to which Synacor or any Subsidiary of Synacor is a party or by which it is bound that provides any individual with the right to a gross-up, indemnification, reimbursement or other payment for any excise or additional taxes, interest or penalties incurred pursuant to Section 409A or Section 4999 of the Code.
(l) Each “nonqualified deferred compensation plan” (as defined in Section 409A(d)(1) of the Code) maintained or sponsored by Synacor or any Subsidiary of Synacor has been documented and operated in material compliance with Section 409A of the Code.
(m) Each of Synacor and the Synacor Subsidiaries complies in all material respects with the applicable requirements under the Affordable Care Act, the Code, ERISA, COBRA, HIPAA, and other federal requirements for employer-sponsored health plans, and any corresponding requirements under state statutes, with respect to each Synacor Employee Plan that is a group health plan within the meaning of Section 733(a) of ERISA, Section 5000(b)(1) of the Code, or such state statute.  
4.17 Labor Matters.
(a) Synacor and each of its Subsidiaries are in compliance in all material respects with all applicable Legal Requirements respecting employment and employment practices.  To the Knowledge of Synacor there are no actions pending or threatened to be brought or filed, by or with any Governmental Authority by any employee or former employee or contractor of Synacor, including, without limitation, any claims related to unfair labor practices, employment 
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discrimination, harassment, retaliation, wage and hour laws, or any other employment related matter arising under applicable Legal Requirements.  To the Knowledge of Synacor, within the last three (3) years no allegations of sexual harassment or sexual misconduct have been made against any director or officer of Synacor or any of its Subsidiaries and Synacor has not entered into any settlement agreement related to allegations of sexual harassment or sexual misconduct by any director, officer or employee of Synacor or any of its Subsidiaries.  Synacor and each of its Subsidiaries (i) has withheld and reported all amounts required by law or by agreement to be withheld and reported with respect to wages, salaries and other payments to employees; (ii) is not liable for any arrears of wages or any taxes, salaries, commissions, bonuses or other direct compensation for any services performed for Synacor or any of its Subsidiaries, or any penalty for failure to comply with any of the foregoing; and (iii) is not liable for any payment to any trust or other fund governed by or maintained by or on behalf of any Governmental Authority, with respect to unemployment compensation benefits, social security or other benefits or obligations for employees (other than routine payments to be made in the normal course of business and consistent with past practice), except in each case, for any failure to withhold, report or pay which would have or could reasonably be expected to have a Synacor Material Adverse Effect.  
(b) Neither Synacor nor any of its Subsidiaries is or has been a party to, or is in the process of negotiating, or bound by any collective bargaining agreement, works council arrangement or agreement or other agreement with a labor union or like organization.  To the Knowledge of Synacor: (i) there are no current labor union organizing activities with respect to any employees of Synacor and/or any of its Subsidiaries, (ii) no labor union, labor organization, trade union, works council, or group of employees of Synacor and/or any of its Subsidiaries has made a demand (whether formal or informal) for recognition or certification, (iii) there are no representation or certification proceedings or petitions seeking a representation proceeding presently pending or threatened in writing to be brought or filed with the National Labor Relations Board or any other labor relations tribunal or authority, and (iv) there are no pending or threatened labor strikes, lockouts, slowdowns, work stoppages, job action, picketing or threats thereof, against or affecting Synacor or any of its Subsidiaries.
(c) Except as would not be expected to result in a Synacor Material Adverse Effect, Synacor and each of its Subsidiaries are and have been in material compliance with the WARN Act, and any similar Legal Requirements relating to plant closings and layoffs.  Neither Synacor nor any of its Subsidiaries is currently engaged in any layoffs or employment terminations sufficient in number to trigger application of the WARN Act or any similar Legal Requirements. 
(d) No employee of Synacor or any of its Subsidiaries (i) to the Knowledge of Synacor is in violation of any term of any patent disclosure agreement, non-competition agreement, or any restrictive covenant to a former employer relating to the right of any such employee to be employed by Synacor or any of its Subsidiaries because of the nature of the business conducted or presently proposed to be conducted by Synacor or any of its Subsidiaries or relating to the use of trade secrets or proprietary information of others, or (ii) in the case of any key employee or group of key employees, has, to the Knowledge of Synacor, given notice as of the date of this Agreement to Synacor or any of its Subsidiaries that such employee or any 
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employee in a group of key employees intends to terminate his or her employment with Synacor or any of its Subsidiaries and neither Synacor nor any of its Subsidiaries has a present intention to terminate the employment of any of the foregoing.
4.18 Environmental Matters.
(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect, no Hazardous Materials are present on any real property that is currently owned, operated, occupied, controlled or leased by Synacor or any of its Subsidiaries or were present on any real property at the time it ceased to be owned, operated, occupied, controlled or leased by Synacor or its Subsidiaries, including the land, the improvements thereon, the groundwater thereunder and the surface water thereon.  Except as would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect, there are no underground storage tanks, asbestos which is friable or likely to become friable or PCBs present on any real property currently owned, operated, occupied, controlled or leased by Synacor or any of its Subsidiaries or as a consequence of the acts of Synacor, its Subsidiaries or their agents.
(b) Except as would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect, Synacor and its Subsidiaries have conducted all Hazardous Material Activities in compliance in all material respects with all applicable Environmental Laws.  Except as would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect, the Hazardous Materials Activities of Synacor and its Subsidiaries prior to the Closing have not resulted in the exposure of any Person to a Hazardous Material in a manner which has caused or could reasonably be expected to cause an adverse health effect to any such Person.
(c) Except as would not reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect, Synacor and its Subsidiaries have complied in all material respects with all covenants and conditions of any Synacor Permit relating to Environmental Laws which is or has been in force with respect to its Hazardous Materials Activities.  No circumstances exist which could reasonably be expected to cause any material Synacor Permit relating to Environmental Laws to be revoked, modified, or rendered non-renewable upon payment of the permit fee.
(d) No action, proceeding, revocation proceeding, amendment procedure, writ, injunction or claim is pending, or to the Knowledge of Synacor, threatened, concerning or relating to any Synacor Permit relating to Environmental Laws or any Hazardous Materials Activity of Synacor or any of its Subsidiaries that would reasonably be expected to have, individually or in the aggregate, a Synacor Material Adverse Effect.
(e) Neither Synacor nor any of its Subsidiaries is aware of any fact or circumstance that could result in any Liability under an Environmental Law which would reasonably be expected to have a Synacor Material Adverse Effect.  Except as would not reasonably be expected to have a Synacor Material Adverse Effect, neither Synacor nor any Subsidiary has entered into any Contract that may require it to guarantee, reimburse, pledge, defend, hold 
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harmless or indemnify any other party with respect to liabilities arising out of Environmental Laws or the Hazardous Materials Activities of Synacor or any of its Subsidiaries.
(f) Synacor and the Subsidiaries have delivered to Qumu or made available for inspection by Qumu and its agents, representatives and employees all material environmental site assessments and environmental audits in Synacor’s possession or control.  Synacor and its Subsidiaries have complied in all material respects with all environmental disclosure obligations imposed by applicable law with respect to this transaction.
4.19 Compliance with Laws.
(a) Generally.  Synacor and its Subsidiaries are in compliance in all material respects with, and are not in any material respect in default under or violation of (and have not received any notice of material non-compliance, default or violation with respect to) any Legal Requirement applicable to Synacor or any of its Subsidiaries or by which any of their respective properties is bound.
(b) Foreign Corrupt Practices Act.  Neither Synacor nor any of its Subsidiaries (including any of their respective officers, directors, agents, employees or other Person associated with or acting on their behalf) have, directly or indirectly, taken any action which would cause it to be in material violation of the Anti-Corruption Laws, used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, made, offered or authorized any unlawful payment to foreign or domestic government officials or employees, whether directly or indirectly, or made, offered or authorized any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment, whether directly or indirectly.  Neither Synacor, any of its Subsidiaries nor any other entity under their control have conducted an internal investigation, or been informally or formally investigated, charged, or prosecuted, for conduct related to applicable Anti-Corruption Laws.  Synacor has established sufficient internal controls and procedures to ensure compliance with applicable Anti-Corruption Laws, accurately accounted for all payments to third parties, disclosed all payments or provisions to foreign officials (as defined by the FCPA), and made available all of such documentation to Qumu.
(c) Export Control Laws.  
(i) Synacor and each of its Subsidiaries have complied in all material respects with all applicable Export Controls, including EAR, OFAC, and ITAR and any applicable anti-boycott compliance regulations.  Neither Synacor nor any of its Subsidiaries has directly or indirectly sold, exported, re-exported, transferred, diverted, or otherwise disposed of any products, software, technology, or technical data to any destination, entity, or Person prohibited by the Legal Requirements of the United States, without obtaining prior authorization from the competent government authorities as required by Export Controls.  Synacor and its Subsidiaries are in compliance with all applicable Import Restrictions, including Title 19 of the U.S. Code and Title 19 of the Code of Federal Regulations.
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(ii) Section 4.19(c)(ii) of the Synacor Disclosure Letter accurately describes all of (A) the goods, services, items, software, technology, and technical data of Synacor and its Subsidiaries along with the appropriate classification, including their ECCNs or designation on the USML; (B) the countries to which these goods, services, items, software, technology, or technical data have been exported; and (C) the licenses and license exceptions currently held or claimed by Synacor and its Subsidiaries for the export of goods, services, items, software, technology, or technical data.  The listed licenses and license exceptions are all of the licenses and exceptions necessary for the continued export or re-export of goods, services, items, software, technology, or technical data of Synacor or any of its Subsidiaries.  All such licenses are valid and in full force and effect.  Synacor and its Subsidiaries have complied with all terms and conditions of any license issued or approved by the Directorate of Defense Trade Controls, the Bureau of Industry and Security, or the Office of Foreign Assets Control which is or has been in force or other authorization issued pursuant to Export Controls.
(iii) Neither Synacor nor any of its Subsidiaries has Knowledge of any fact or circumstance that would result in any Liability for any material violation of Export Control and Import Restrictions.  
4.20 Permits.  Synacor and its Subsidiaries hold all permits, licenses, easements, variances, exemptions, consents, certificates, authorizations, registrations, orders and other approvals from Governmental Authorities that are material to the operation of the business of Synacor and its Subsidiaries taken as a whole as currently conducted (collectively, the “Synacor Permits”).  The Synacor Permits are in full force and effect, have not been violated in any material respect and, to the Knowledge of Synacor, no suspension, revocation or cancellation thereof has been threatened, and there is no Legal Proceeding pending or, to the Knowledge of Synacor, threatened, seeking the suspension, revocation or cancellation of any Synacor Permits.  No Synacor Permit shall cease to be effective as a result of the consummation of the transactions contemplated by this Agreement.
4.21 Legal Proceedings and Orders.  
(a) Legal Proceedings.  Other than as set forth in Section 4.21(a) of the Synacor Disclosure Letter, there are no material Legal Proceedings (other than arising from or relating to the Merger or any of the other transactions contemplated by this Agreement), (i) pending against Synacor or any of its Subsidiaries or any of their respective properties or assets, or (ii) to the Knowledge of Synacor, threatened against Synacor or any of its Subsidiaries, or any of their respective properties or assets.  
(b) Orders.  Neither Synacor nor any Subsidiary of Synacor is subject to any outstanding Order that would reasonably be expected to prevent or materially delay the consummation of the transactions contemplated by this Agreement.  There has not been nor are there currently any internal investigations or inquiries being conducted by Synacor, the Synacor Board (or any committee thereof) or any third party at the request of any of the foregoing concerning any financial, accounting, conflict of interest, self-dealing, fraudulent or deceptive conduct or other misfeasance or malfeasance issues.
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4.22 Insurance.  All fire and casualty, general liability, business interruption, product liability, sprinkler and water damage insurance policies and other forms of insurance maintained by Synacor or any of its Subsidiaries have been made available to Qumu.  Each such policy is in full force and effect and all premiums due thereon have been paid in full.
4.23 No Ownership of Qumu Capital Stock.  Neither Synacor, Merger Sub nor any of their Affiliates (nor any of its “associates” as defined in Section 302A.011 of the MBCA) (a) is or has been during the past four (4) years an “interested shareholder” of Qumu as defined in Section 302A.011 of the MBCA or (b) beneficially owns (within the meaning of Section 13 of the Exchange Act and the rules and regulations promulgated thereunder), or will prior to the Closing Date (other than pursuant to the transactions contemplated hereby, including any such beneficial ownership that may be deemed to arise by virtue of the Qumu Support Agreements, although Synacor and Merger Sub disclaim any such beneficial ownership exists by virtue thereof), beneficially own any Qumu Common Stock.  
4.24 Takeover Statutes.  Assuming the accuracy of the representations and warranties set forth in Section 3.23 of this Agreement, the Synacor Board has adopted such resolutions as are necessary to render inapplicable to this Agreement, the Merger and any of the other transactions contemplated thereby, including the Synacor Support Agreements, the restrictions on “business combinations” (as defined in Section 203 of the DGCL) as set forth in Section 203 of the DGCL.  Other than Section 203 of the DGCL, no Takeover Statute is applicable to Synacor, the Merger or any of the other transactions contemplated by this Agreement or the Synacor Support Agreements.
4.25 Brokers, Finders and Financial Advisors.  No broker, finder or investment banker (other than Canaccord, whose fees will be paid by Synacor) is entitled to any brokerage, finder’s or other similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Synacor or any of its Subsidiaries.  Prior to the execution of this Agreement, Synacor has furnished to Qumu a complete and accurate copy of all agreements between Synacor and Canaccord pursuant to which such firm would be entitled to any such payment.
4.26 Merger Sub.  Merger Sub has owned no material assets, has no liabilities and has no any assets subject to any liabilities, and has not conducted any business activities other than entering into the Merger Agreement.
4.27 No Other Representations.  Except as expressly set forth in this Article IV, neither Synacor nor any of its Subsidiaries has made any representation or warranty, express or implied, to Qumu in connection with this Agreement, the Merger or any of the other transactions contemplated hereby.  Each of Synacor and Merger Sub acknowledges and agrees that except as expressly set forth in Article III, neither Qumu nor any of its Subsidiaries has made to Synacor or Merger Sub, nor has Synacor or Merger Sub relied upon, any representation or warranty, express or implied, in connection with this Agreement, the Merger or any of the other transactions contemplated hereby.
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ARTICLE V   CONDUCT OF BUSINESS
5.1 Affirmative Obligations.  Except (i) as expressly provided by this Agreement, (ii) as required by Legal Requirements, (iii) as set forth in Section 5.1 of the Qumu Disclosure Letter or the Synacor Disclosure Letter, as the case may be, or (iv) as approved in advance by the other party hereto in writing (which approval shall not be unreasonably withheld, conditioned or delayed), at all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Section 9.1 and the Effective Time, each of Qumu and Synacor shall, and each of them shall cause their respective Subsidiaries to: 
(a) use its commercially reasonable efforts to carry on their respective businesses in the usual, regular and ordinary course in substantially the same manner as heretofore conducted;
(b) pay its Taxes when due, in each case subject to good faith disputes over such Taxes;
(c) prepare and timely file, in compliance with the Exchange Act, all reports required under the Exchange Act; and 
(d) use its commercially reasonable efforts to (A) preserve substantially intact their respective present businesses, (B) keep available the services of their respective present officers and employees and (C) preserve their respective relationships with material customers, suppliers, distributors, licensors, licensees and others with which it has significant business dealings.
5.2 Negative Obligations.  Except (i) as expressly provided by this Agreement, (ii) as may be required by Legal Requirements, (iii) as set forth in Section 5.2 of the Qumu Disclosure Letter or the Synacor Disclosure Letter, as the case may be, or (iv) as approved in advance by the other party hereto in writing (which approval shall not be unreasonably withheld, conditioned or delayed), at all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Section 9.1 and the Effective Time, neither Qumu nor Synacor shall, nor shall either of them cause or permit any of their respective Subsidiaries to, do any of the following:
(a) propose to adopt any amendments to or amend their respective certificates of incorporation or bylaws or comparable organizational documents;
(b) authorize for issuance, issue, sell, deliver or agree or commit to issue, sell or deliver (whether through the issuance or granting of restricted stock units, options, warrants, other equity-based commitments, subscriptions, rights to purchase or otherwise) any of their respective securities or any securities of any of their respective Subsidiaries, except for (i) the issuance and sale of shares of common stock pursuant to the exercise or settlement of stock options, restricted stock units, performance stock units or warrants outstanding as of the date of this Agreement, (ii) grants by Synacor to newly hired Synacor employees of stock options, 
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restricted stock, restricted stock units or other equity awards granted in the ordinary course of business consistent with past practice (including with respect to the type of grant, conditions for vesting and other material terms and conditions), with a per share exercise price (as applicable) that is no less than the fair market value of a share of common stock on the date of grant, subject to a four-year vesting schedule in which not more than twenty-five percent (25%) of the total grant becomes vested annually, and not subject to any accelerated vesting or other provision that would be triggered upon a termination of service or as a result of the consummation of the Merger or any other transactions contemplated by this Agreement (whether alone or in combination with any other event), provided that (A) the aggregate number of shares of Synacor Common Stock subject to such stock options, restricted stock, restricted stock units or other equity awards does not exceed the number of shares set forth on Section 5.2(b) of the Synacor Disclosure Letter and (B) the aggregate number of shares of Synacor Common Stock subject to stock options, restricted stock, restricted stock units or other equity awards granted to any individual newly hired Synacor employee does not exceed the current stock or other equity award grant guidelines previously made available to Qumu for any single individual; and (iii) grants by Synacor to existing Synacor directors, employees or contractors of stock options, restricted stock, restricted stock units or other equity awards granted in the ordinary course of business consistent with past practice (including with respect to the type of grant, conditions for vesting and other material terms and conditions), with a per share exercise price (as applicable) that is no less than the then the fair market value of a share of common stock on the date of grant, subject to a four-year vesting schedule in which not more than twenty-five percent (25%) of the total grant becomes vested annually, and not subject to any accelerated vesting or other provision that would be triggered upon a termination of service or as a result of the consummation of the Merger or any other transactions contemplated by this Agreement (whether alone or in combination with any other event), provided that (A) the aggregate number of shares of Synacor Common Stock subject to such stock options, restricted stock, restricted stock units or other equity awards does not exceed the number of shares set forth on Section 5.2(b) of the Synacor Disclosure Letter and (B) the aggregate number of shares of Synacor Common Stock subject to restricted stock units or other equity awards granted to any individual existing Synacor director, employee or contractor does not exceed the current stock or other equity award grant guidelines previously made available to Qumu for any single individual;
(c) acquire or redeem, directly or indirectly, or amend any of their respective securities or any securities of any of their respective Subsidiaries, except for purchases, redemptions or other acquisitions of capital stock or other securities in connection with the acquisition or withholding of capital stock to pay for the exercise price of, or a holder’s payment of Tax obligations with respect to, or the forfeiture of awards granted under the Qumu Stock Plan or the Synacor Stock Plans; provided, however, that nothing in this paragraph (c) shall prohibit Qumu or Synacor from dissolving and/or merging into any of its Subsidiaries certain other Subsidiaries that are not material to them and their respective Subsidiaries, taken as a whole;
(d) other than cash dividends made by any of their respective direct or indirect wholly owned Subsidiaries to themselves or one of their respective Subsidiaries, split, combine or reclassify any shares of capital stock, declare, set aside or pay any dividend or other distribution (whether in cash, shares or property or any combination thereof) in respect of any 
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shares of capital stock, or make any other actual, constructive or deemed distribution in respect of the shares of capital stock; provided, however, that nothing in this paragraph (d) shall prohibit Qumu or Synacor from dissolving and/or merging into any of their respective Subsidiaries certain other Subsidiaries that are not material to them and their respective Subsidiaries, taken as a whole;
(e) propose or adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization of themselves or any of their respective Subsidiaries (other than the transactions contemplated hereby); provided, however, that nothing in this paragraph (e) shall prohibit Qumu or Synacor from dissolving and/or merging into any of their respective Subsidiaries certain other Subsidiaries that are not material to them and their respective Subsidiaries, taken as a whole;
(f) (i) incur or assume any long-term or short-term debt or issue any debt securities, except for (A) letters of credit issued in the ordinary course of business consistent with past practice, and (B) loans or advances to direct or indirect wholly owned Subsidiaries in the ordinary course of business consistent with past practices, provided that such refinancing or extension is at prevailing market interest rates and otherwise on terms not materially less favorable in the aggregate than the existing indebtedness being so refinanced, renewed or extended, (ii) other than in the ordinary course of business, assume, guarantee, endorse or otherwise become liable or responsible (whether directly, contingently or otherwise) for any material obligations of any other Person except obligations of any of their respective direct or indirect wholly owned Subsidiaries, (iii) make any material loans, advances or capital contributions to or investments in any other Person or (iv) mortgage or pledge any of their or their respective Subsidiaries’ assets, tangible or intangible, or create or suffer to exist any Lien thereupon;
(g) except as may be required by applicable Legal Requirements or as necessary to satisfy, any Qumu Employee Plan, Qumu Non-U.S. Employee Plan, Synacor Employee Plan or Synacor Non-U.S. Employee Plan, or to other contractual obligations, in each case, existing on the date hereof: (i) with respect to any consultant, officer, director, or employee, enter into, adopt, amend (including to provide for the acceleration of vesting or lapsing of restrictions), modify, renew or terminate any bonus, profit sharing, compensation, severance, termination, option, appreciation right, performance unit, stock equivalent, share purchase agreement, pension, retirement, deferred compensation, employment, severance or other employee benefit agreement, trust, plan, fund or other arrangement for the compensation, benefit or welfare of any consultant, director, officer or employee in any manner or increase in any material manner the compensation, benefits, severance or termination pay of any consultant, director, officer or employee, or enter into, modify or amend any non-competition or similar agreement with any employee, (ii) pay any special bonus, remuneration or benefit to any director, officer or employee not required by any plan or arrangement as in effect as of the date hereof, (iii) promote any existing Section 16 officer or promote any employee to a Section 16 officer position, or terminate any Section 16 officer without cause; provided, however, that this paragraph (g) shall not prevent either Synacor or Qumu or any of their respective Subsidiaries (A) from entering into employment agreements, offer letters or retention agreements with respect to any newly hired 
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employees in the ordinary course of business consistent with past practices to fill positions that are open as of the date of this Agreement or that become open subsequent to the date of this Agreement as a result of a current employee’s departure, (B) from executing routine amendments or renewals to health and welfare plans that would not result in a material increase in cost, or (C) from amending any Employee Plan to avoid the imposition of any excise tax under Section 4999 of the Code, provided that in the event of such an action, Synacor and Qumu shall reasonably consult and agree with any such action or (iv) enter into, amend or terminate any Employee Benefit Plan; 
(h) forgive any loans to any of their respective employees, officers or directors or any employees, officers or directors of any of their respective Subsidiaries or Affiliates;
(i) make any deposits or contributions of cash or other property or take any other action to fund or in any other way secure the payment of compensation or benefits under any of their Employee Benefit Plans or any Employee Benefit Plans of any of their respective Subsidiaries, other than deposits and contributions that are required pursuant to the terms of any such Employee Benefit Plans or any Contracts subject to any such Employee Benefit Plans in effect as of the date hereof or as required by applicable Legal Requirements;
(j) enter into, amend, or extend any collective bargaining agreement;
(k) acquire, sell, lease, license or dispose of any material property or assets in any single transaction or series of related transactions, except for (i) transactions pursuant to existing Contracts, (ii) transactions in the ordinary course of business consistent with past practice and (x) with respect to Qumu or its Subsidiaries, not in excess of $500,000 individually, or $1,000,000 in the aggregate and (y) with respect to Synacor or its Subsidiaries not in excess of $750,000 individually, or $1,500,000 in the aggregate, and (iii) transactions with customers for the sale or license of Qumu Products or Synacor Products in the ordinary course of business consistent with past practice;
(l) except as may be required to remain in compliance with GAAP, make any change in any of the accounting principles or practices used by either of them;
(m) make, change or revoke any material Tax election, file any material amendment to any Tax Return, adopt or change any material Tax accounting method, change any annual Tax accounting period, enter into any Tax allocation, sharing or indemnity agreement (other than commercial Contracts entered into in the ordinary course of business the primary purpose of which does not relate to Taxes), settle or compromise any material Tax liability for an amount that exceeds the amount disclosed, reflected or reserved against in the financial statements contained in the Qumu SEC Reports or Synacor SEC Reports as the case may be, or consent to the extension or waiver of the limitations period applicable to a material Tax claim or assessment, surrender any right to claim a material Tax refund, or apply for or enter into any ruling from any Tax authority with respect to Taxes;
(n) (i) enter into any Contract that would be a Qumu IP License or a Qumu Material Contract described in clause (ii) or (iii) of Section 3.14(a) (together, the “Qumu IP 
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Contracts”), or a Synacor IP License or a Synacor Material Contract or described in clause (ii) or (iii) of Section 4.14(a) (together, the “Synacor IP Contracts”), as the case may be, or amend in any material respect any such Qumu IP Contract or Synacor IP Contract, as the case may be, or grant any release or relinquishment of any material rights under any such Qumu IP Contract or Synacor IP Contract, as the case may be, or (ii) except in the ordinary course of business consistent with past practices, enter into any Contract that would be any other Qumu Material Contract or other Synacor Material Contract, as the case may be, or amend in any material respect any other Qumu Material Contract or Synacor Material Contract, as the case may be, or grant any release or relinquishment of any material rights under any other Qumu Material Contract or Synacor Material Contract, as the case may be;
(o) enter into any Qumu Material Real Property Lease or Synacor Material Real Property Lease, or modify, amend or exercise any right to renew any Qumu Material Real Property Lease of Synacor Material Real Property Lease;
(p) fail to maintain or allow to lapse, dispose of or abandon, including by failure to pay the required fees in any jurisdiction, any material Intellectual Property Rights used in or held for use in their respective businesses, or grant permission to enter into the public domain any material trade secrets included in the Qumu Intellectual Property or Synacor Intellectual Property, as applicable;
(q) grant any exclusive rights with respect to any of their respective material Intellectual Property Rights or the material Intellectual Property Rights of any of their respective Subsidiaries, or divest any of their respective material Intellectual Property Rights or the material Intellectual Property Rights of any of their respective Subsidiaries;
(r) acquire (by merger, consolidation or acquisition of stock or assets) any other Person or any equity interest therein;
(s) authorize, incur or commit to incur any new capital expenditure(s) that in the aggregate exceeds, in any given quarter, one hundred ten percent (110%) of the amount set forth in the respective capital expenditure budget of each party, as provided to the other party prior to the date of this Agreement; provided, however, that the foregoing shall not limit any maintenance capital expenditures or capital expenditures required pursuant to existing Contracts;
(t) settle or compromise any pending or threatened Legal Proceeding or pay, discharge or satisfy or agree to pay, discharge or satisfy any Liability, other than the settlement, compromise, payment, discharge or satisfaction of Legal Proceedings and Liabilities (i) reflected or reserved against in full in the balance sheet included in the Qumu Balance Sheet or the Synacor Balance Sheet, as the case may be, (ii) covered by existing insurance policies, (iii) settled since the respective dates thereof in the ordinary course of business consistent with past practice or (iv) settlements of any pending or threatened Legal Proceeding, other than arising out of the breach or alleged breach of this Agreement by a party and other than Transaction Litigation, that only involves the payment of cash in amounts that (x) with respect to Qumu or its Subsidiaries do not exceed $100,000 in any individual case and (y) with respect to Synacor or its Subsidiaries do not exceed $500,000 in any individual case;
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(u) except as required by GAAP, revalue in any material respect any of its properties or assets, including writing-off notes or accounts receivable other than in the ordinary course of business consistent with past practice; 
(v) convene any special meeting of their shareholders (or any postponement or adjournment thereof), or propose any matters for consideration and a vote of its shareholders at its respective Shareholder Meeting other than this Agreement and the Merger; or
(w) enter into a Contract to do any of the foregoing, or announce an intention, enter into a formal or informal agreement or otherwise make a commitment to do any of the foregoing.
ARTICLE VI   NON-SOLICITATION OF ALTERNATIVE TRANSACTIONS
6.1 Termination of Existing Discussions.  Immediately following the execution and delivery of this Agreement, each of Qumu and Synacor shall immediately cease and cause to be terminated, and shall instruct, direct and cause their respective directors, officers, employees, Subsidiaries, controlled Affiliates, investment bankers, attorneys and other advisors or representatives (collectively, “Representatives”) to cease and cause to be terminated, any and all existing activities, discussions or negotiations with any Persons conducted heretofore with respect to any Acquisition Proposal or Acquisition Transaction relating to Qumu and Synacor, respectively, and each of Qumu and Synacor shall promptly request that all confidential information with respect thereto that has been delivered, provided or furnished by or on behalf of Qumu or Synacor, as the case may be, within the one (1)-year period prior to the date hereof (whether or not pursuant to a binding confidentiality, non-disclosure or other similar agreement) in connection with any consideration, discussions or negotiations regarding a potential Acquisition Proposal or Acquisition Transaction be returned or destroyed.
6.2 No Solicitation or Facilitation of Acquisition Proposals.  At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Section 9.1 and the Effective Time, neither Qumu nor Synacor shall, nor shall either of them authorize or permit any of their respective Representatives to, directly or indirectly:
(a) solicit, initiate or induce the making, submission or announcement of, or knowingly encourage or facilitate, an Acquisition Proposal relating to Qumu or Synacor, respectively;
(b) furnish to any Person (other than the other party hereto or any designees of such other party) any non-public information relating to Qumu or Synacor, respectively, or any of their respective Subsidiaries, or afford access to their business, properties, assets, books or records, or the business, properties, assets, books or records of any of their respective Subsidiaries, to any Person (other than to the other party hereto or any designees of such other party), in either case in a manner intended to assist or facilitate any inquiries or the making of any proposal that constitutes or would reasonably be expected to lead to an Acquisition Proposal 
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relating to Qumu or Synacor, respectively, or take any other action intended to assist or facilitate any inquiries or the making of any proposal that constitutes or would reasonably be expected to lead to an Acquisition Proposal or Acquisition Transaction relating to Qumu or Synacor, respectively, it being agreed that the furnishing to any Person of non-public information unrelated to an Acquisition Proposal in the ordinary course of business shall not be a violation of this Section 6.2(b);
(c) other than directing a Person or “group” (as defined under Section 13(d) of the Exchange Act) of Persons that has made an Acquisition Proposal to a copy of this Agreement filed by Synacor or Qumu with the SEC, participate or engage in discussions or negotiations with any Person (other than the other party hereto and its Representatives) with respect to an Acquisition Proposal or Acquisition Transaction relating to Qumu or Synacor, respectively;
(d) approve, endorse or recommend an Acquisition Proposal or Acquisition Transaction relating to Qumu or Synacor, respectively;
(e) enter into any letter of intent, memorandum of understanding or other Contract contemplating or otherwise relating to, any Acquisition Proposal or an Acquisition Transaction, relating to Qumu or Synacor, respectively;
(f) terminate, amend or waive any rights under any “standstill” or other similar provision in any Contract between it or any of its Subsidiaries and any Person (other than the other party hereto) (other than to the extent Qumu Board or Synacor Board, as applicable, determines in good faith after consultation with its outside legal counsel, that the failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under, with respect to Qumu, Minnesota Law and, with respect to Synacor, Delaware Law, solely to the extent necessary to permit the applicable Person to make, on a confidential basis to the Qumu Board or Synacor Board, as applicable, an Acquisition Proposal, conditioned upon such Person agreeing that Qumu or Synacor, as applicable, shall not be prohibited from providing any information to Synacor or Qumu, as applicable, including regarding such Acquisition Proposal, in accordance with Section 6.5);
(g) waive the applicability of any of Sections 302A.671, 302A.673 or 301A.675 of the MBCA or Section 203 of the DGCL, or any portion thereof, to any Person (other than the other party hereto or in connection with the Qumu Support Agreements or the Synacor Support Agreements); or  
(h) propose publicly or agree to any of the foregoing with respect to an Acquisition Proposal or Acquisition Transaction relating to Qumu or Synacor, respectively.
6.3 Permitted Discussions and Information Sharing.  Notwithstanding the terms of Section 6.2 or anything else to the contrary set forth in this Agreement, at any time prior to the receipt of the Requisite Qumu Shareholder Approval in the case of Qumu, or receipt of the Requisite Synacor Shareholder Approval in the case of Synacor, each of Qumu or Synacor may, directly or indirectly through their respective Representatives: 
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(a) engage in discussions with any Person that has made after the date hereof (and not withdrawn) a bona fide Acquisition Proposal in respect of such party for the limited purpose of determining whether such Acquisition Proposal would reasonably be expected to lead to a Superior Proposal; 
(b) engage or participate in discussions or negotiations with any Person that has made after the date hereof (and not withdrawn) a bona fide Acquisition Proposal in respect of such party in writing that such party’s board of directors determines in good faith (after consultation with a financial advisor of nationally recognized standing and its outside legal counsel) constitutes or would reasonably be expected to lead to a Superior Proposal in respect of such party; and/or 
(c) furnish any non-public information relating to such party or any of its Subsidiaries to any Person that has made after the date hereof (and not withdrawn) a bona fide Acquisition Proposal for such party in writing that such party’s board of directors determines in good faith (after consultation with a financial advisor of nationally recognized standing and its outside legal counsel) constitutes or is reasonably likely to lead to a Superior Proposal in respect of such party;
provided that, in the case of any action proposed to be taken pursuant to the foregoing clauses (a) through (c), all of the following conditions are satisfied (and continue to be satisfied at all times during the period in which any such actions are proposed to be ongoing and continuing):
(i) such Acquisition Proposal did not result from or arise out of a breach of any provisions of Section 6.1 or Section 6.2 (as modified by this Section 6.3), and the Person from whom such party received such Acquisition Proposal has not made any other Acquisition Proposals (either alone or together with one or more other Persons) that resulted from or arose out of a breach of any provisions of Section 6.1 or Section 6.2 (as modified by this Section 6.3); 
(ii) the party proposing to take such action has not breached any of the provisions of Section 6.1 or Section 6.2 (as modified by Section 6.3) in respect to such Acquisition Proposal (and any other Acquisition Proposals made by the same Person, whether alone or together with one or more other Persons);
(iii) the board of directors of the party proposing to take such action determines in good faith (after consultation with outside legal counsel) that that the failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under, with respect to Qumu, Minnesota Law and, with respect to Synacor, Delaware Law;
(iv) at least forty-eight (48) hours prior to initially engaging or participating in any such discussions or negotiations with, or initially furnishing any non-public information to, such Person, the party proposing to take such action gives the other party hereto (A) written notice of the identity of such Person and the material terms and conditions of such Acquisition Proposal (unless such Acquisition Proposal is in written form, in which case the party proposing to take such action shall give the other party hereto a copy of such Acquisition Proposal), (B) copies of all written materials provided by such Person or group comprising or 
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relating thereto, including commitment letters and other financing-related documents relating to such proposal, and (C) written notice of such party’s intention to engage or participate in discussions or negotiations with, or furnish non-public information to, such Person pursuant to this Section 6.3;
(v) prior to initially engaging or participating in any such discussions or negotiations with, or initially furnishing any non-public information to, such Person and the party proposing to take such action enters into a written confidentiality agreement, each of the terms of which are no less favorable in the aggregate to such party than those contained in the Confidentiality Agreement; and
(vi) substantially contemporaneously with furnishing any non-public information to such Person, the party hereto proposing to take such action furnishes such non-public information to the other party hereto (to the extent such information has not been previously furnished to such other party).
6.4 Responsibility for Actions of Representatives.  Without limiting the generality of the foregoing, each of Qumu and Synacor acknowledge and hereby agree that any breach or violation of the restrictions set forth in Section 6.1 and Section 6.2 by any Representative retained by either of them (or any Representative of any such Representatives) shall be deemed to be a breach of Section 6.1 and Section 6.2, as applicable, by such party.
6.5 Notification Requirements.  
(a) In addition to the obligations set forth in Section 6.3, and in each case to the extent such is received on or subsequent to the date hereof, each of Qumu and Synacor shall promptly, and in all cases within twenty-four (24) hours of receipt on or subsequent to the date hereof by any of its Representatives, advise the other party hereto orally and in writing of (i) any Acquisition Proposal it receives (either directly or through any of its Representatives), (ii) any request for information it receives (either directly or through any of its Representatives) that would reasonably be expected to lead to an Acquisition Proposal or an Acquisition Transaction, or (iii) any inquiry it receives with respect to, or which would reasonably be expected to lead to, any Acquisition Proposal or Acquisition Transaction, the material terms and conditions of such Acquisition Proposal, Acquisition Transaction, request or inquiry (including copies of all written materials provided by such Person or group comprising or relating thereto), and the identity of the Person or group making any such Acquisition Proposal, request or inquiry.
(b) In addition to the obligations set forth in Section 6.5(a), each of Qumu and Synacor shall keep the other party hereto reasonably informed on a prompt basis of the status of any discussions and negotiations with respect to any Acquisition Proposal or Acquisition Transaction and the material terms and conditions thereof (including all amendments or proposed amendments), request or inquiry either of them receives (either directly or through any of its Representatives).  In addition to the foregoing, each of Qumu and Synacor shall provide the other party hereto with prompt (and in any event at least twenty-four (24) hours (or such lesser notice provided to the board of directors generally)) notice of a meeting of its board of directors (or any committee thereof) at which its board of directors (or any committee thereof with authority to 
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take action with regard to any Acquisition Proposal or Acquisition Transaction) is reasonably expected to consider an Acquisition Proposal or Acquisition Transaction it has received (either directly or through any of its Representatives), and shall inform the other party as promptly as practicable of any material change in the price, structure, form of consideration or other material terms and conditions of the Acquisition Proposal or Acquisition Transaction.
ARTICLE VII   ADDITIONAL AGREEMENTS
7.1 Efforts to Complete Merger.  
(a) Upon the terms and subject to the conditions set forth in this Agreement, each of Synacor, Merger Sub and Qumu shall use its reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other party hereto in doing, all things reasonably necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable, the Merger and other transactions contemplated by this Agreement, including using its reasonable best efforts to: 
(i) cause the conditions to the Merger set forth in Section 2.2 to be satisfied or fulfilled; 
(ii) obtain all necessary or appropriate consents, waivers and approvals under any Contracts to which Synacor or Qumu or any of their respective Subsidiaries is a party in connection with this Agreement and the consummation of the Merger and other transactions contemplated by this Agreement so as to maintain and preserve the benefits under such Contracts following the consummation of the Merger and other transactions contemplated by this Agreement;
(iii) obtain all necessary consents, approvals, waivers, Orders and other authorizations from Governmental Authorities, seek the expiration or termination of any applicable waiting periods under applicable Legal Requirements, and make all necessary registrations, declarations and filings with Governmental Authorities, that are reasonably necessary, proper or advisable to consummate and make effective the Merger and other transactions contemplated by this Agreement;
(iv) contest and resist any action or proceeding and defend any lawsuits or other legal proceedings, whether judicial, administrative or otherwise, challenging this Agreement or the consummation of the Merger or any other transactions contemplated by this Agreement, including seeking to have vacated or otherwise lifted or removed (including by pursuing all avenues of administrative and judicial appeal) any Order that has been issued or granted which is in effect and has the effect of making the Merger or any other transactions contemplated by this Agreement illegal, or which has the effect of prohibiting, preventing or otherwise restraining the consummation of the Merger or any other transactions contemplated by this Agreement; and
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(v) execute or deliver any additional instruments reasonably necessary to consummate the Merger and all other transactions contemplated by, and to fully carry out the purposes of, this Agreement.
7.2 Regulatory Filings and Clearances.
(a) Without limiting the generality of the provisions of Section 7.1(a) and to the extent required by applicable Legal Requirements, as soon as practicable following the execution and delivery of this Agreement (and in any event within ten (10) business days thereafter), each of Synacor and Qumu shall file with any applicable competition or merger control authorities of any jurisdiction an applicable notification or other filing or report relating to this Agreement, the Merger and the other transactions contemplated hereby as required by applicable Antitrust Laws.  Each of Synacor and Qumu shall promptly (i) cooperate and coordinate with the other in the making of such filings, (ii) supply the other with any information that may be required in order to effectuate such filings, and (iii) supply any additional information that reasonably may be required or requested by any applicable competition or merger control authorities of any jurisdiction and that Synacor and Qumu reasonably deem necessary and/or appropriate.  
(b) Each of Synacor and Qumu shall (i) promptly inform the other party hereto of any communication from any Governmental Authority regarding the Merger or any other transactions contemplated by this Agreement, (ii) if practicable, permit the other party hereto an opportunity to review in advance all the information relating to Synacor and its Subsidiaries or Qumu and its Subsidiaries, as the case may be, that appears in any filing made with, or written materials submitted to, any Person and/or any Governmental Authority in connection with the Merger and the other transactions contemplated by this Agreement, and incorporate the other party’s reasonable comments thereto, (iii) not participate in any substantive meeting or discussion with any Governmental Authority in respect of any filing, investigation, or inquiry concerning this Agreement, the Merger or any other transactions contemplated hereby unless such party consults with the other party hereto in advance, and, to the extent permitted by such Governmental Authority, gives the other party hereto an opportunity to attend or participate in such meeting or discussion, and (iv) furnish the other party with copies of all correspondences, filings, and written communications between them and their Subsidiaries and Representatives, on the one hand, and any Governmental Authority or its respective staff, on the other hand, with respect to this Agreement, the Merger and all other transactions contemplated by this Agreement or, to the extent not written, provide a written summary of any oral communications; provided, however, that (A) any materials concerning valuation of the transaction or internal financial information may be redacted, and (B) each of Synacor and Qumu may, as each deem advisable and necessary, reasonably designate any competitively sensitive material provided to the other under this Section 7.2 as “counsel only” and, in such event, such material and the information contained therein shall be given only to the outside legal counsel of the recipient and shall not be disclosed by such counsel to non-legal directors, officers, employees or other advisors or representatives of the recipient unless prior consent is obtained in advance from the source of the materials or its legal counsel.
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(c) If either Synacor or Qumu or either of their respective Affiliates receives a request for additional information or documentary material from any such Governmental Authority with respect to the Merger or any other transactions contemplated by this Agreement, then such party shall use its reasonable best efforts to make, or cause to be made, as soon as reasonably practicable and after consultation with the other party, an appropriate response in compliance with such request.  
(d) In furtherance and not in limitation of the covenants of the parties contained in Section 7.1 and Section 7.2, if any administrative or judicial action or proceeding, including any proceeding by a private party, is instituted (or threatened to be instituted) challenging the Merger or any other transactions contemplated by this Agreement as violative of any Legal Requirement or Order, or if any Legal Requirement or Order is enacted, entered, promulgated or enforced by a Governmental Authority which would make illegal, or would otherwise prohibit or materially impair or delay, the Merger or any other transactions contemplated by this Agreement, each of Synacor and Qumu shall cooperate in all respects with each other and use its respective reasonable best efforts to contest such action or proceeding and have vacated or otherwise lifted any such Legal Requirement or Order, including by effecting or committing to, by consent decree, hold separate orders, or otherwise, (i) the sale, divestiture, license or other disposition or holding separate (through the establishment of a trust or otherwise) of any assets or categories of assets of Synacor and Qumu or their respective Subsidiaries, (ii) the licensing or provision of any software or other Intellectual Property Rights (or the terms of such licensing) to any parties, or the provision of any software as Open Source Software, and (iii) the imposition of any limitation or regulation on the ability of Synacor and Qumu or their respective Subsidiaries to freely conduct their business or own such assets; provided, however, that notwithstanding anything to the contrary in this Agreement, neither Synacor nor Qumu nor any of their respective Subsidiaries shall be required to effect or commit to any of the foregoing, or required to effect or commit to any other actions, if doing so would have a material adverse effect on the business, operations, financial condition or results of operations of Synacor and its Subsidiaries, taken as a whole, following the Merger.
7.3 Registration Statement and Joint Proxy Statement/Prospectus.
(a) As promptly as practicable after the execution and delivery of this Agreement, Synacor and Qumu shall jointly prepare, and Synacor shall file with the SEC, a Registration Statement on Form S-4 in connection with the issuance of shares of Synacor Common Stock in the Merger (as may be amended or supplemented from time to time and together with all exhibits thereto, the “Registration Statement”) and each of Synacor and Qumu shall jointly file with the SEC the Joint Proxy Statement/Prospectus, in each case, in such form as may be approved by Synacor and Qumu, which approval shall not be unreasonably withheld, conditioned or delayed.  The Registration Statement shall include (i) a prospectus for the issuance of shares of Synacor Common Stock in the Merger (including shares of Synacor Common Stock issued in the Merger in exchange for shares of Qumu Restricted Stock), (ii) a proxy statement of Synacor for use in connection with the solicitation of proxies for the Synacor Voting Proposal to be considered at the Synacor Shareholder Meeting, and (iii) a proxy statement of Qumu for use in connection with the solicitation of proxies for the Qumu Voting Proposal to be considered at the Qumu 
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Shareholder Meeting (as may be amended or supplemented from time to time and together with all exhibits thereto, the “Joint Proxy Statement/Prospectus”).  Each of Synacor and Qumu shall use its reasonable best efforts to have the Registration Statement declared effective by the SEC under the Securities Act as promptly as practicable after such filing with the SEC and to keep the Registration Statement effective as long as is necessary to consummate the Merger.  Without limiting the generality of the foregoing, each of Qumu and Synacor shall, and shall cause its respective Representatives to, fully cooperate with the other party hereto and its respective Representatives in the preparation of the Registration Statement and the Joint Proxy Statement/Prospectus, and shall furnish the other party hereto with all information concerning it and its Affiliates as the other party hereto may deem reasonably necessary or advisable in connection with the preparation of the Registration Statement and the Joint Proxy Statement/Prospectus, and any amendment or supplement thereto, and each of Synacor and Qumu shall provide the other party hereto with a reasonable opportunity to review and comment thereon.  As promptly as practicable, but in no event later than five (5) business days, after the Registration Statement is declared effective by the SEC, Synacor and Qumu shall cause the Joint Proxy Statement/Prospectus to be mailed to their respective shareholders.
(b) Except as otherwise set forth in this Agreement, no amendment or supplement (including by incorporation by reference) to the Registration Statement or the Joint Proxy Statement/Prospectus shall be made without the approval of Synacor and Qumu, which approval shall not be unreasonably withheld, conditioned or delayed; provided, however, that Synacor, in connection with a Synacor Board Recommendation Change, and Qumu, in connection with a Qumu Board Recommendation Change, may amend or supplement the Joint Proxy Statement/Prospectus or the Registration Statement (including by incorporation by reference) pursuant to a Qualifying Amendment to effect such change, and in such event, the right of approval set forth in this Section 7.3(b) shall apply only with respect to such information relating to the other party or its business, financial condition or results of operations, and shall be subject to the right of each party to have its board of directors’ deliberations and conclusions be accurately described therein.
(c) The Registration Statement and the Joint Proxy Statement/Prospectus shall comply in all material respects as to form and substance with the requirements of the Securities Act and the Exchange Act.  Without limiting the generality of the foregoing, the information supplied or to be supplied by either party hereto for inclusion or incorporation by reference in the Registration Statement shall not, at the time the Registration Statement is filed with the SEC or declared effective by the SEC or at the Effective Time, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The information supplied or to be supplied by either party hereto for inclusion or incorporation by reference in the Joint Proxy Statement/Prospectus shall not, on the date the Joint Proxy Statement/Prospectus (or any amendment thereof or supplement thereto) is first mailed to shareholders, at the time of each of the Merger Shareholder Meetings, or as of the Effective Time, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  In addition, the information 
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supplied or to be supplied by or on behalf of either party hereto for inclusion in any filing pursuant to Rule 165 and Rule 425 under the Securities Act or Rule 14a-12 under the Exchange Act (each, a “Regulation M-A Filing”) shall not, at the time any such Regulation M-A Filing is filed with the SEC, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  
(d) Without limiting the generality of the foregoing, prior to the Effective Time, Qumu and Synacor shall notify each other as promptly as practicable, but in no event later than two (2) business days, upon becoming aware of any event or circumstance which should be described in an amendment of, or supplement to, the Registration Statement, Joint Proxy Statement/Prospectus or any Regulation M-A Filing so that any such document would not include any misstatement of material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, and as promptly as practicable thereafter, an appropriate amendment or supplement describing such information shall be promptly filed with the SEC and, to the extent required by applicable Legal Requirements or the SEC, disseminated to the Qumu Shareholders and/or the Synacor Shareholders.  Qumu and Synacor shall each notify the other as promptly as practicable, but in no event later than one business day, of (i) the receipt by such party of any written or oral comments of the SEC or its staff on, or of any written or oral request by the SEC or its staff for amendments or supplements to, the Registration Statement, the Joint Proxy Statement/Prospectus or any Regulation M-A Filing, and shall promptly supply the other with copies of all correspondence between it or any of its representatives and the SEC or its staff with respect to any of the foregoing filings or, to the extent not written, provide a written summary of any oral communications, (ii) the issuance of any stop order, or (iii) the suspension of qualification for offering or sale in any jurisdiction of the Synacor Common Stock issuable in connection with the Merger.
(e) Qumu and Synacor shall make any necessary filings with respect to the Merger under the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder and the rules of Nasdaq.  In addition, Synacor shall use reasonable best efforts to take all actions required under any applicable federal or state securities Legal Requirements in connection with the issuance of shares of Synacor Common Stock in the Merger.
7.4 Shareholder Meetings and Board Recommendations.  
(a) Each of Qumu and Synacor, acting through its board of directors (or an authorized committee thereof), shall take all actions in accordance with applicable Legal Requirements, applicable rules of Nasdaq, the Qumu Articles of Incorporation and the Qumu Bylaws in the case of Qumu, and the Synacor Certificate of Incorporation and the Synacor Bylaws in the case of Synacor, to duly call, give notice of, convene and hold as promptly as practicable, and in any event within forty-five (45) days after the declaration of effectiveness of the Registration Statement, a meeting of its shareholders (including any postponement or adjournment thereof in accordance with this Agreement, the “Qumu Shareholder Meeting” in the case of Qumu, and the “Synacor Shareholder Meeting” in the case of Synacor, and together, the 
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“Merger Shareholder Meetings”) for the purpose of considering and voting upon the approval of the Qumu Voting Proposal in the case of Qumu and the Synacor Voting Proposal in the case of Synacor.  Each of Qumu and Synacor may postpone or adjourn the Qumu Shareholder Meeting or Synacor Shareholder meeting, respectively, (i) with the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed; (ii) if a quorum has not been established; (iii) to allow reasonable additional time for the filing and mailing of any supplemental or amended disclosure which the Qumu Board or the Synacor Board, as applicable, has determined in good faith after consultation with outside counsel is necessary under applicable Legal Requirements and for such supplemental or amended disclosure to be disseminated and reviewed by Qumu or Synacor shareholders, as applicable, prior to the Qumu Shareholder Meeting or Synacor Shareholder Meeting; (iv) to allow reasonable additional time to solicit additional proxies, if and to the extent the Requisite Qumu Shareholder Approval or Requisite Synacor Shareholder Approval, as applicable, would not otherwise be obtained; or (v) if required by Legal Requirements; provided, however, that in the case of clauses (ii), (iii), (iv) and (v), each of the Qumu Shareholder Meeting and the Synacor Shareholder Meeting shall not be postponed or adjourned (x) for more than ten (10) business days in the aggregate from its originally scheduled date without the prior written consent of the other party or (y) beyond the Termination Date; provided, further, that in the event that either party postpones or adjourns the Qumu Shareholder Meeting or the Synacor Shareholder Meeting, as applicable, in accordance with the terms of this Agreement, the other party may postpone or adjourn its meeting for an equal number of days.  Each of Qumu and Synacor shall solicit from its shareholders proxies in favor of the Qumu Voting Proposal in the case of Qumu and the Synacor Voting Proposal in the case of Synacor, and unless the board of directors of either party hereto shall effect a Qumu Board Recommendation Change in the case of Qumu or a Synacor Board Recommendation Change in the case of Synacor, in each case pursuant to and in accordance with Section 7.4(f), use its reasonable best efforts to secure the Requisite Qumu Shareholder Approval in the case of Qumu and the Requisite Synacor Shareholder Approval in the case of Synacor.  Each of Qumu and Synacor shall use its reasonable best efforts to ensure that all proxies solicited in connection with its Merger Shareholder Meeting are solicited in compliance with the rules of Nasdaq, the MBCA, the Qumu Articles of Incorporation and the Qumu Bylaws in the case of Qumu, and the DGCL, the Synacor Certificate of Incorporation and the Synacor Bylaws in the case of Synacor, and all other applicable Legal Requirements.  
(b) Each of Qumu and Synacor shall use its reasonable best efforts to call, give notice of, convene and hold their respective Merger Shareholder Meetings on the same day and at the same time.  Notwithstanding anything to the contrary set forth in this Agreement, each of Qumu or Synacor, after consultation with the other party hereto, may (but shall not be required to) adjourn or postpone its respective Merger Shareholder Meeting if (and solely to the extent and for the minimum duration reasonably necessary to ensure that) (i) any required supplement or amendment to the Joint Proxy Statement/Prospectus is provided to its respective shareholders within a reasonable amount of time in advance of its respective Merger Shareholder Meeting, (ii) as of the time for which the applicable Merger Shareholder Meeting is originally scheduled (as set forth in the Joint Proxy Statement/Prospectus), there are insufficient shares of Qumu Common Stock in the case of Qumu, or Synacor Common Stock in the case of Synacor, represented (either in person or by proxy) at the respective Merger Shareholder Meeting to 
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constitute a quorum necessary to conduct the business of the respective Merger Shareholder Meeting, or (iii) the other party hereto has adjourned or postponed its Merger Shareholder Meeting for any of the foregoing reasons.
(c) Following the Merger Shareholder Meetings and at or prior to the Closing, each of Qumu and Synacor shall deliver to the corporate secretary of the other party hereto a certificate setting forth the voting results from the respective Merger Shareholder Meeting.
(d) Unless this Agreement is earlier terminated, Qumu shall submit the Qumu Voting Proposal to the Qumu Shareholders at the Qumu Shareholders Meeting for the purpose of acting upon such proposal, and Synacor shall submit the Synacor Voting Proposal to the Synacor Shareholders at the Synacor Shareholders Meeting for the purpose of acting upon such proposal, in each case whether or not (i) the Qumu Board or the Synacor Board, as the case may be, at any time subsequent to the date of this Agreement and prior to the Merger Shareholder Meetings shall effect a Qumu Board Recommendation Change in the case of Qumu or a Synacor Board Recommendation Change in the case of Synacor, or (ii) any actual, potential or purported Acquisition Proposal or Superior Proposal has been commenced, disclosed, announced or submitted to the Qumu Board in the case of Qumu or the Synacor Board in the case of Synacor.
(e) Subject to the terms of Section 7.4(f), (i) the Qumu Board shall recommend that the Qumu Shareholders approve this Agreement at the Qumu Shareholder Meeting in accordance with the applicable provisions of the MBCA (the “Qumu Board Recommendation”), and (ii) the Synacor Board shall recommend that the Synacor Shareholders approve the issuance of shares of Synacor Common Stock in the Merger at the Synacor Shareholder Meeting in accordance with the applicable rules of Nasdaq (the “Synacor Board Recommendation”).
(f) Subject to the terms of this Section 7.4(f), (x) neither the Qumu Board (nor any committee thereof) shall withhold, withdraw, amend, modify, qualify or condition, or publicly propose to withhold, withdraw, amend, modify, qualify or condition, the Qumu Board Recommendation (a “Qumu Board Recommendation Change”), and (y) neither the Synacor Board (nor any committee thereof) shall withhold, withdraw, amend, modify, qualify or condition, or publicly propose to withhold, withdraw, amend, modify, qualify or condition, the Synacor Board Recommendation (a “Synacor Board Recommendation Change”); provided, however, that notwithstanding the foregoing, at any time prior to the receipt of the Requisite Qumu Shareholder Approval in the case of Qumu, or receipt of the Requisite Synacor Shareholder Approval in the case of Synacor, the Qumu Board may effect a Qumu Board Recommendation Change and the Synacor Board may effect a Synacor Board Recommendation Change, and, in either case if and only if either:
(i) (A) the party proposing to take such action has received an Acquisition Proposal relating to such party that the board of directors has determined in good faith (after consultation with its financial advisor and its outside legal counsel) constitutes a Superior Proposal, (B) such Acquisition Proposal did not result from or arise out of a breach of any provisions of Section 6.1 or Section 6.2 (as modified by Section 6.3), and the Person from whom such party received such Acquisition Proposal has not made any other Acquisition Proposals (either alone or together with one or more other Persons) that resulted from or arose out of a 
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breach of any provisions of Section 6.1 or Section 6.2 (as modified by Section 6.3), (C) the party proposing to take such action has not breached any of the provisions of Section 6.1 or Section 6.2 (as modified by Section 6.3) in respect of such Acquisition Proposal (and any other Acquisition Proposals made by the same Person making such Acquisition Proposal, whether alone or together with one or more other Persons), (D) prior to effecting such Qumu Board Recommendation Change or a Synacor Board Recommendation Change, as the case may be, the party proposing to take such action shall have given the other party hereto at least five (5) business days’ notice thereof (which notice shall not, by itself, constitute a Qumu Board Recommendation Change or a Synacor Board Recommendation Change) and, upon written request by such other party during such five (5) business day period, the opportunity to meet and discuss in good faith during the remainder of such five (5) business day period potential amendments or other modifications to the terms and conditions of this Agreement so that the Merger and other transactions contemplated by this Agreement may be effected (it being understood and agreed that any amendment to the financial terms, or any other material amendment to the terms, of such Acquisition Proposal shall require a new written notice and an additional three (3) business day period for discussion), (E) the other party hereto shall not have made, within the foregoing notice periods after receipt of such party’s written notice of its intention to effect a Qumu Board Recommendation Change or a Synacor Board Recommendation Change, as the case may be, a counteroffer or proposal that the board of directors of the party proposing to take such action determines in good faith (after consultation with its financial advisor of nationally recognized standing and its outside legal counsel) is at least as favorable to its shareholders as such Superior Proposal, and (F) after such discussions, the board of directors of the party proposing to take such action determines in good faith (after consultation with its outside legal counsel and after considering in good faith any counteroffer or proposal made by the other party hereto pursuant to the immediately preceding clause (E)) that the failure to take such action would reasonably be expected to be inconsistent with its fiduciary duties under, with respect to Qumu, Minnesota Law and, with respect to Synacor, Delaware Law; or
(ii) in response to an Intervening Event, if: (A) the Intervening Event does not involve the receipt of any offer, proposal or inquiry from any third party relating to a transaction of the nature described in the definition of “Acquisition Transaction” (which, for the purposes of this clause (A), shall be read without reference to the percentage thresholds set forth in the definition thereof); and (B) (1) prior to effecting the Qumu Board Recommendation Change or the Synacor Board Recommendation Change, as the case may be, the party proposing to take such action shall have given the other party hereto at least five (5) business days’ notice thereof (which notice shall not, by itself, constitute a Qumu Board Recommendation Change or a Synacor Board Recommendation Change) and, upon written request by such other party during such five (5) business day period, the opportunity to meet and discuss in good faith during the remainder of such five (5) business day period the purported basis for the proposed Qumu Board Recommendation Change or Synacor Board Recommendation Change, as the case may be, the other party’s reaction thereto and potential amendments and modifications to the terms and conditions of this Agreement in response thereto so that the Merger and other transactions contemplated by this Agreement may be effected (it being understood and agreed that any material change to the facts and circumstances of such Intervening Event shall require a new 
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written notice and an additional three (3) business day period for discussion), and (2) after such discussions, the board of directors of the party proposing to take such action determines in good faith (after consultation with outside legal counsel) that the failure to effect such Qumu Board Recommendation Change or Synacor Board Recommendation Change, as the case may be, would reasonably be expected to be inconsistent with its fiduciary duties under, with respect to Qumu, Minnesota Law and, with respect to Synacor, Delaware Law.
Each of Qumu and Synacor acknowledge and hereby agree that any Qumu Board Recommendation Change or Synacor Board Recommendation Change effected (or proposed to be effected) in response to or in connection with an Acquisition Proposal may be made solely and exclusively pursuant to the immediately preceding paragraph (i) only, and may not be made pursuant to the immediately preceding paragraph (ii), and any Qumu Board Recommendation Change or Synacor Board Recommendation Change, as the case may be, may only be made pursuant to this Section 7.4(f) and no other provisions of this Agreement.
(g) Nothing in this Agreement shall prohibit the Qumu Board or the Synacor Board from taking and disclosing to the Qumu Shareholders or the Synacor Shareholders, respectively, a position contemplated by Rule 14e-2(a) under the Exchange Act or complying with the provisions of Rule 14d-9 promulgated under the Exchange Act; provided, however, that neither Qumu (with respect to statements made by the Qumu Board) nor Synacor (with respect to statements made by the Synacor Board) pursuant to Rule 14e-2(a) under the Exchange Act or Rule 14d-9 under the Exchange Act shall make disclosures that would amount to a Qumu Board Recommendation Change or a Synacor Board Recommendation Change, other than pursuant to Section 7.4(f).
(h) Nothing set forth in this Section 7.4 shall (i) permit either party hereto to terminate this Agreement, (ii) affect any other obligation of the parties hereto under this Agreement, (iii) limit the obligation of either party hereto to duly call, give notice of, convene and hold its respective Merger Shareholder Meeting, (iv) relieve either party hereto of its obligation to submit to a vote of its shareholders the Qumu Voting Proposal or the Synacor Voting Proposal, as applicable, at its respective Merger Shareholder Meeting, or (v) permit either party hereto to submit for a vote of its respective shareholders at or prior to its respective Merger Shareholder Meeting any Acquisition Proposal other than the Qumu Voting Proposal and the Synacor Voting Proposal, as applicable.
7.5 Access; Notice and Consultation; Confidentiality.  
(a) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article IX and the Effective Time, upon reasonable notice and subject to applicable Legal Requirement relating to the exchange of information, each of Synacor and Qumu shall, and shall cause their respective Subsidiaries to, afford the other party hereto and its Representatives reasonable access, during normal business hours and upon reasonable notice, to all of its personnel, properties, facilities, contracts, books, records and other information concerning its business, properties and personnel as the other may reasonably request.  
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(b) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article IX and the Effective Time, each of Synacor and Qumu shall, and shall cause their respective Subsidiaries to, make available to the other party hereto and its Representatives a copy of each periodic report (on Form 10-K or Form 10-Q) or amendment thereto to be filed by it during such period under the Exchange Act, which requirement may be satisfied by providing to the other party the link to such filing on the SEC’s website (www.sec.gov).
(c) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article IX and the Effective Time, each of Synacor and Qumu shall promptly notify the other party hereto upon becoming aware (i) that any representation or warranty made by it in this Agreement has become untrue or inaccurate in any material respect or (ii) of any failure of such party to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it under this Agreement; provided, that unintentional failure to give notice under clauses (i) and (ii) of this Section 7.5(c) shall not be deemed to be a breach of covenant under this Section 7.5(c) and shall constitute only a breach of the underlying representation, covenant, condition or agreement, as the case may be.  
(d) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article IX and the Effective Time, each of Synacor and Qumu shall promptly (and in any event within five (5) business days) notify the other party hereto of (i) any notice or other communication received by it from any Governmental Authority in connection with the Merger or any other transactions contemplated by this Agreement, (ii) any notice or other communication received by any of its respective officers from any Person, subsequent to the date of this Agreement and prior to the Effective Time, that could reasonably be expected to have a Material Adverse Effect, or (iii) any notice or other communication received by such party or any of their respective Subsidiaries from any Person, subsequent to the date of this Agreement and prior to the Effective Time, alleging that the consent of such Person is or may be required in connection with the Merger or any other transactions contemplated by this Agreement.
(e) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article IX and the Effective Time, each of Synacor and Qumu shall promptly advise the other party hereto, orally and in writing, of any Legal Proceeding commenced or threatened after the date hereof against such party or any of its Representatives by any of its current or former shareholders (on their own behalf or on behalf of the company) or by any Governmental Authority relating to this Agreement, the Merger or any other transactions contemplated by this Agreement (“Transaction Litigation”), and shall keep the other party hereto promptly informed regarding any material developments regarding any Transaction Litigation.  Except as expressly set forth in this Section 7.5(e), each party shall control the defense or settlement of any Transaction Litigation against such party or any of its Representatives.  Each of Synacor and Qumu shall give the other party hereto the opportunity to consult with such party regarding the defense or settlement of any such Transaction Litigation and shall consider the other party’s 
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views with respect to such Transaction Litigation and shall not, and shall not permit any of its Representatives to, settle, compromise or come to a settlement arrangement regarding any such Transaction Litigation without the prior written consent of the other party hereto (such consent not to be unreasonably withheld, conditioned or delayed).  
(f) At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier to occur of the termination of this Agreement pursuant to Article IX and the Effective Time, each of Synacor and Qumu shall cause one or more of its designated representatives to confer on a regular and frequent basis with representatives of the other party hereto and report the general status of the ongoing operations of such party and its Subsidiaries.  Each of Synacor and Qumu shall promptly notify the other party hereto of any material Legal Proceeding commenced or threatened, or the institution or threat of significant litigation (it being acknowledged and agreed that any Transaction Litigation shall be subject to Section 7.5(e)) involving such party or any of its Subsidiaries, and will keep the other party hereto reasonably informed of any material developments regarding such Legal Proceedings or events.  
(g) Notwithstanding anything to the contrary set forth in this Section 7.5 or elsewhere in this Agreement, neither Synacor nor Qumu nor any of their respective Subsidiaries shall be required to provide access to, or to disclose information, where such access or disclosure would jeopardize the attorney-client privilege of such party or its Subsidiaries or contravene any Legal Requirement, fiduciary duty or Contract entered into prior to the date of this Agreement.  Each of Qumu and Synacor shall use their reasonable best efforts to make appropriate substitute arrangements to permit reasonable disclosure under the circumstances in which the restrictions of the preceding sentence apply.  Notwithstanding anything to the contrary set forth herein, no information obtained pursuant to the access granted or notification provided pursuant to this Section 7.5 shall be deemed to (i) amend or otherwise modify in any respect any representation or warranty of the party providing such access or notice, (ii) impair or otherwise prejudice in any manner rights of the party receiving such access or notice to rely upon the conditions to the obligations of such party to consummate the transactions contemplated by this Agreement, or (iii) impair or otherwise limit the remedies available to the party receiving such access or notice.
(h) All information acquired pursuant to the access granted or notice provided pursuant to this Section 7.5 shall be subject to the provisions of that certain mutual non-disclosure letter agreement, dated April 30, 2019, between Synacor and Qumu (the “Confidentiality Agreement”), which shall continue in full force and effect from and after the execution and delivery of this Agreement in accordance with its terms.
7.6 Public Announcements.  Each of Synacor and Qumu shall consult with the other party hereto before issuing any press release or making any public announcement or statement with respect to this Agreement, the Merger or any other transactions contemplated by this Agreement, and shall not issue any such press release or make any such public announcement or statement without the prior written consent of the other party hereto (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that (i) a party may, without the prior consent of the other party hereto, issue any such press release or make any such public 
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announcement or statement as may be required by Legal Requirement or the rules and regulations of Nasdaq if it first notifies and consults with the other party hereto prior to issuing any such press release or making any such public announcement or statement; (ii) each party may, without consultation or consent of the other party, make any public statement in response to questions from the press, analysts, investors or those attending industry conferences, make internal announcements to employees and make disclosures in filings by such party with the SEC, so long as such statements are consistent with previous press releases, public disclosures or public statements made by such party in compliance with this Section 7.6; and (iii) no such prior notice or consultation shall be required in connection with any action taken by a party pursuant to Section 7.4(f) (except as expressly set forth therein).
7.7 Employee Plans.
(a) Continuing Employees.  Until December 31, 2020, Synacor will provide, or will cause to be provided, to each employee of Qumu or its Subsidiaries as of immediately prior to the Effective Time (including any employee on leave who has a right to reemployment) who continues to be employed by Synacor or the Surviving Corporation as of immediately after the Effective Time (individually, a “Continuing Employee” and collectively, “Continuing Employees”) with (i) a base salary or wage rate that is no less favorable than the base salary or wage rate provided to such Continuing Employee as of immediately prior to the Effective Time;  (ii) target cash bonus opportunity that is no less favorable in the aggregate than the target cash bonus opportunity provided to such Continuing Employee as of immediately prior to the Effective Time (excluding for purposes of this paragraph (a) and for the avoidance of doubt, equity and equity-based incentives, sales commissions and, subject to Section 7.7(d), severance benefits) and (iii) with respect to any Qumu Terminating Plan, until December 31, 2020, with a substitute benefit if and as then provided to similarly situated employees of Synacor and their dependents (after giving effect to the provisions of Section 7.7(d)).  
(b)  Qumu Group Plans; 401(k) Plan.  Effective as of the day immediately preceding the Closing Date, Qumu and its ERISA Affiliates, as applicable, shall in accordance with their respective terms and applicable Legal Requirements, terminate or terminate and discontinue its participation in and obligations under any and all plans intended to include a Code Section 401(k) arrangement and any and all plans that are health and welfare plans (unless Synacor provides written notice no later than five (5) days, or if earlier, the date required under the terms of any document governing the administration of the applicable Qumu Employee Plan, prior to the Closing Date to Qumu that any of such plans shall not be terminated, whereupon Synacor may elect by written notice to delay such termination until such time as Synacor specifies therein); provided, that the effectiveness of any such terminations may be conditioned upon the occurrence of the Effective Time (collectively, the “Qumu Terminating Plans”).  Unless Synacor provides such written notice to Qumu, Qumu shall provide Synacor, no later than three (3) business days prior to the Closing Date, with evidence that such Qumu Terminating Plan(s) have been terminated (effective as of the Closing Date) pursuant to resolutions of the Qumu Board.  Qumu also shall take such other actions in furtherance of terminating such Qumu Terminating Plan(s) or other Qumu Employee Plan on the Closing Date as may be required by their respective terms or applicable Legal Requirements or as Synacor may reasonably require.
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(c) Pre-Existing Conditions; Service Credit.  From and after the Effective Time, and to the extent permitted by applicable Legal Requirements, Synacor shall, or shall cause (or, with respect to employees outside of the United States, use commercially reasonable efforts to cause) the Surviving Corporation to, recognize the prior service with Qumu or its Subsidiaries of each Continuing Employee in connection with all employee benefit plans, programs or policies (including vacation and severance, but excluding the sabbatical program) of Synacor or its Affiliates in which Continuing Employees are eligible to participate following the Effective Time for purposes of eligibility and vesting and determination of level of benefits (but not for purposes of benefit accruals or benefit amounts under any defined benefit pension plan or to the extent that such recognition would result in duplication of benefits).  From and after the Effective Time, Synacor shall, or shall cause (or, with respect to employees outside of the United States or any insured benefit carrier, use commercially reasonable efforts to cause) the Surviving Corporation to, (i) to the extent not prohibited by applicable law, cause any pre-existing conditions or limitations and eligibility waiting periods under any group health plans of Synacor or its Affiliates to be waived with respect to Continuing Employees and their eligible dependents, and (ii) to the extent permitted by applicable Legal Requirements and the insured benefits carrier after Synacor’s commercially reasonable efforts, provide each Continuing Employee with credit for any eligible expenses incurred that were credited to deductible and maximum out-of-pocket co-insurance requirements under any Synacor or Surviving Corporation Employee Plan that provides medical, dental or vision benefits in the plan year in effect as of the Closing Date in satisfying any applicable deductible or out-of-pocket requirements under any corresponding medical, dental or vision plans of Synacor or the Surviving Corporation.  Synacor or the Surviving Corporation will, as such time as Synacor reasonably determines following the Effective Time (but no later than the date the assets of the Qumu Qualified Plan are distributed in liquidation thereof) make or cause to be made an “eligible rollover distribution” (within the meaning of Section 402(c)(4) of the Code) from the Qumu Qualified Plan and will cause the Synacor Qualified Plan or that of the Surviving Corporation to accept a “direct rollover” (within the meaning of Section 401(a)(31) of the Code) of such distribution, including a participant’s promissory note evidencing any plan loan distributed from the Qumu Qualified Plan.  Prior to the distribution of a participant’s account in the Qumu Qualified Plan, Synacor shall permit employees to continue to repay any participant loan in the Qumu Qualified Plan to avoid a “deemed distribution” of any such participant loan.  
(d) Change in Control.  Each of Synacor and Qumu hereby acknowledge that the consummation of the Merger and the other transactions contemplated hereby may be deemed to constitute a “change in control” or “change of control” (or other similar phrase) for purposes of each Synacor Employee Plan and Qumu Employee Plan, respectively, as listed on Schedule 7.7(d).  From and after the Closing, Synacor shall, and shall cause the Surviving Corporation to, be bound by, honor and comply with the terms of each employment, severance and change in control plan, policy and agreement listed in Schedule 7.7(d), except as may otherwise be modified by mutual agreement with the counterparty prior to the Effective Time.
(e) Qumu Stock Plan.  Provided there are no Assumed Options, Assumed Restricted Stock Awards or Assumed Stock Units at the Effective Time per operation of Section 
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1.4(d), effective as of the Effective Time, Qumu shall terminate the Qumu Stock Plan in accordance with its terms.
(f) No Third Party Rights.  The provisions of this Section 7.7 are not intended to confer upon any person other than the parties hereto any rights or remedies hereunder, and the parties hereby expressly disclaim the creation or establishment of any third party beneficiary rights (whether express or implied) under or by right of the terms of this Section 7.7.  Nothing herein shall be deemed to amend any Employee Benefit Plan to reflect the terms of this Section 7.7.  
7.8 Directors’ and Officers’ Indemnification and Insurance.
(a) For a period of six (6) years following the Effective Time, the Surviving Corporation and its Subsidiaries shall, and Synacor shall cause the Surviving Corporation and its Subsidiaries to, honor and fulfill in all respects the obligations of Qumu and its Subsidiaries under any and all indemnification agreements in effect immediately prior to the Effective Time between Qumu or any of its Subsidiaries and any of their respective current or former directors and officers and any person who becomes a director or officer of Qumu or any of its Subsidiaries prior to the Effective Time (the “Indemnified Parties”).  In addition, for a period of six (6) years following the Effective Time, the Surviving Corporation and its Subsidiaries shall, and Synacor shall cause the Surviving Corporation and its Subsidiaries to, cause their respective articles of incorporation and bylaws (and other similar organizational documents) to contain provisions with respect to indemnification, advancement of expenses and exculpation that are at least as favorable as the indemnification, advancement of expenses and exculpation provisions contained in the articles of incorporation and bylaws (or other similar organizational documents) of Qumu and its Subsidiaries immediately prior to the Effective Time and during such six (6) year period, such provisions shall not be amended, repealed or otherwise modified in any respect adverse to the Indemnified Parties except as and to the extent required by applicable Legal Requirements.
(b) Except as otherwise required by applicable Legal Requirements, from and after the Effective Time, the Surviving Corporation shall, and Synacor shall cause the Surviving Corporation to, indemnify and hold harmless, and provide advancement of expenses to, each Indemnified Party in respect of acts or omissions in their capacity as a director or officer of Qumu or its Subsidiaries or as an officer, director, employee, fiduciary or agent of another enterprise if the Indemnified Party was serving in such capacity at the request of Qumu or any of its Subsidiaries, in any case occurring at or prior to the Effective Time, to the fullest extent permitted by applicable Legal Requirements or provided under the articles of incorporation, bylaws, any indemnification agreements and any other governing documents of Qumu and its Subsidiaries in effect on the date hereof.  
(c) For a period of six (6) years following the Effective Time, the Surviving Corporation shall, and Synacor shall cause the Surviving Corporation to, maintain in effect the existing policy of Qumu’s directors’ and officers’ liability insurance (the “D&O Policy”) covering claims arising from facts or events that occurred at or prior to the Effective Time (including for acts or omissions occurring in connection with this Agreement and the consummation of the Merger and other transactions contemplated by this Agreement to the 
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extent that such acts or omissions are covered by the D&O Policy) and covering each Indemnified Party who is covered as of the Effective Time by the D&O Policy on terms with respect to coverage and amounts that are no less favorable than those terms in effect on the date hereof; provided, however, that in no event shall Synacor or the Surviving Corporation be required to expend in any one year an amount in excess of three hundred percent (300%) of the current annual premium paid by Qumu (which annual premium is set forth on Section 7.8(c) of the Qumu Disclosure Letter) for such insurance (such three hundred percent (300%) amount, the “Maximum Annual Premium”), provided that if the annual premiums of such insurance coverage exceed such amount, the Surviving Corporation shall be obligated to obtain a policy with the greatest coverage available for a cost not exceeding the Maximum Annual Premium.  Prior to the Effective Time, notwithstanding anything to the contrary in this Agreement, in lieu of its obligations under this Section 7.8(c), Synacor or Qumu may purchase a six (6)-year “tail” prepaid policy on the D&O Policy on terms and conditions no less advantageous than the D&O Policy, and in the event that Synacor shall purchase such a “tail” policy prior to the Effective Time, the Surviving Corporation shall, and Synacor shall cause the Surviving Corporation to, maintain such “tail” policy in full force and effect and continue to honor their respective obligations thereunder in lieu of all other obligations of Synacor and the Surviving Corporation under this Section 7.8(c) for so long as such “tail” policy shall be maintained in full force and effect.
(d) The obligations under this Section 7.8 shall not be terminated, amended or otherwise modified in such a manner as to adversely affect any Indemnified Party (or any other person who is a beneficiary under the D&O Policy or the “tail” policy referred to in Section 7.8(c) (and their heirs and representatives)) without the prior written consent of such affected Indemnified Party or other person who is a beneficiary under the D&O Policy or the “tail” policy referred to in Section 7.8(c) (and their heirs and representatives).  Each of the Indemnified Parties and any other persons who are beneficiaries under the D&O Policy or the “tail” policy referred to in Section 7.8(c) (and their heirs and representatives) are intended to be third party beneficiaries of this Section 7.8, with full rights of enforcement as if a party thereto.  The rights of the Indemnified Parties (and other Persons who are beneficiaries under the D&O Policy or the “tail” policy referred to in Section 7.8(c) (and their heirs and representatives)) under this Section 7.8 shall be in addition to, and not in substitution for, any other rights that such Persons may have under the certificate or articles of incorporation, bylaws or other equivalent organizational documents, any and all indemnification agreements of or entered into by Qumu or any of its Subsidiaries, or applicable Legal Requirement (whether at law or in equity).  Notwithstanding anything herein to the contrary, if an Indemnified Party is or has been a party to or is or has been otherwise involved (including as a witness) in any Legal Proceeding involving acts or omissions occurring prior to the Effective Time (whether such Legal Proceeding arises before, at or after the Effective Time) and makes a claim under this Section 7.8 on or prior to the sixth (6th) anniversary of the Effective Time, the provisions of this Section 7.8 shall continue in effect until the final disposition of such Legal Proceeding.
(e) In the event that Synacor, the Surviving Corporation or any of their Subsidiaries (or any of their respective successors or assigns) shall consolidate or merge with any other person and shall not be the continuing or surviving corporation or entity in such 
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consolidation or merger, or transfers at least fifty percent (50%) of its properties and assets to any other person, then in each case proper provision shall be made so that the continuing or surviving corporation or entity (or its successors or assigns, if applicable), or transferee of such assets, as the case may be, shall assume the obligations set forth in this Section 7.8 (including by operation of law).
7.9 Listing of Synacor Shares.  Synacor shall use its reasonable best efforts to have authorized for listing on Nasdaq prior to the Effective Time, upon official notice of issuance, the shares of Synacor Common Stock issuable in the Merger pursuant to this Agreement, the shares of Synacor Common Stock issuable upon the exercise of all Assumed Options (if any) and the shares of Synacor Common Stock issuable in respect of all Assumed Stock Units (if any).
7.10 Takeover Statutes.  If any Takeover Statute is or may become applicable to the Merger or any other transactions contemplated by this Agreement, Qumu and the Qumu Board shall promptly grant such approvals and take such lawful actions as are necessary so that the Merger and/or such other transactions may be consummated as promptly as practicable on the terms contemplated by this Agreement, and otherwise take such lawful actions to eliminate or minimize the effects of such statute, and any regulations promulgated thereunder, on the Merger and such other transactions.
7.11 Section 16 Matters.  The Synacor Board, or an authorized committee thereof consisting of non-employee directors (as such term is defined for purposes of Rule 16b-3(b) under the Exchange Act), shall adopt a resolution in advance of the Effective Time providing that the receipt by Qumu Insiders of Synacor Common Stock in exchange for shares of Qumu Common Stock, and of options to purchase Synacor Common Stock upon assumption and conversion of the Qumu Stock Awards, in each case pursuant to the transactions contemplated hereby and to the extent such securities are listed in the Section 16 Information, is intended to be exempt pursuant to Rule 16b-3 under the Exchange Act.  In addition, the Qumu Board, or a committee thereof consisting of non-employee directors (as such term is defined for purposes of Rule 16b-3(b) under the Exchange Act), shall adopt a resolution in advance of the Effective Time providing that the disposition by Qumu Insiders of Qumu Common Stock in exchange for shares of Synacor Common Stock, and the disposition of their Qumu Stock Awards which will be deemed to occur upon the assumption of those options and their resulting conversion into options to purchase Synacor Common Stock, in each case pursuant to the transactions contemplated hereby and to the extent such securities are listed in the Section 16 Information, are also intended to be exempt pursuant to Rule 16b-3 under the Exchange Act. 
7.12 Tax Matters.  
(a) Prior to or following the Effective Time, none of Synacor, Merger Sub or Qumu shall, and they shall not permit any of their respective Subsidiaries to, take (or fail to take) any action which action (or failure to act) would reasonably be expected to cause the Merger to fail to qualify as a reorganization within the meaning of Section 368(a) of the Code.  
(b) Each of Synacor and Qumu shall use its reasonable best efforts and will cooperate with one another to obtain the Tax opinions described in Section 2.2(a)(vii) 
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(collectively, the “Tax Opinions”).  In connection therewith, (a) officers of Synacor and Merger Sub shall execute and deliver to Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, counsel to Synacor (or other counsel selected by Synacor and reasonably satisfactory to Qumu), and Ballard Spahr LLP, counsel to Qumu (or other counsel selected by Qumu and reasonably satisfactory to Synacor), certificates containing such customary facts, representations, assumptions, covenants and exclusions as shall be reasonably necessary or appropriate to enable each such counsel to render the opinion described in Section 2.2(a)(vii), as applicable, substantially in the form attached hereto as Exhibit C (the “Synacor Tax Certificate”), (b) officers of Qumu shall execute and deliver to each such counsel a certificate containing such customary facts, representations, assumptions, covenants and exclusions as shall be reasonably necessary or appropriate to enable each such counsel to render the opinion described in Section 2.2(a)(vii), as applicable, substantially in the form attached hereto as Exhibit D (the “Qumu Tax Certificate”), in each case of (a) and (b), dated as of the Closing Date (and, such other dates as reasonably requested by such counsel in connection with the Joint Proxy Statement/Prospectus), and (c) Synacor and Qumu shall provide such other information as reasonably requested by each such counsel for purposes of rendering the opinion described in Section 2.2(a)(vii), as applicable.  Each of Synacor and Qumu shall use its reasonable best efforts not to, and not permit any Affiliate or any Subsidiary to, take or cause to be taken any action that would cause to be untrue (or fail to take or cause not to be taken any action which inaction would cause to be untrue) any of the representations and covenants made to counsel in the Synacor Tax Certificate and/or Qumu Tax Certificate, as applicable, as described in this Section 7.12(b).
(c) This Agreement is intended to constitute, and the parties hereto hereby adopt this Agreement as, a “plan of reorganization” within the meaning of Treasury Regulations section 1.368-2(g). The parties will take the position for all Tax purposes that the Merger qualifies as a reorganization within the meaning of Section 368(a) of the Code, unless a contrary position is required by a final determination within the meaning of Section 1313 of the Code.
7.13 Delisting.  Synacor and Qumu shall cooperate in taking, or causing to be taken, all actions necessary to delist the Qumu Common Stock from Nasdaq and to terminate Qumu’s registration under the Exchange Act, effective as of the Effective Time.
7.14 Obligations of Merger Sub.  Synacor shall take all actions necessary to cause Merger Sub and the Surviving Corporation to perform their respective obligations under this Agreement and to consummate the transactions contemplated hereby upon the terms and subject to the conditions set forth in this Agreement.
ARTICLE VIII   GOVERNANCE MATTERS
8.1 Synacor Board of Directors. Immediately following the Effective Time, Synacor shall take such action as to cause the authorized number of directors of the Synacor Board to be set at seven (7).  Immediately following the Effective Time, the Synacor Board shall be constituted as follows: (i) four (4) members who shall be designated by Synacor and shall be members of the Synacor Board immediately prior to the Effective Time (each, a “Synacor Designee”), and one (1) of whom shall be Synacor’s Chief Executive Officer, Himesh Bhise, and (ii) two (2) 
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members who shall be designated by Qumu and shall be members of the Qumu Board immediately prior to the Effective Time (each, a “Qumu Designee”).  Synacor and Qumu shall reasonably cooperate to determine in which class each such Synacor Designee and each such Qumu Designee shall serve, the year in which such class is up for reelection, and the committees on which each such Synacor Designee and each such Qumu Designee shall serve; provided that, promptly following the Closing, Synacor shall use its reasonable best efforts to designate one (1) additional designee with software experience relevant to the operations of Synacor, which such designee shall be subject to the majority approval of the Synacor Board (which such majority approval shall include the approval of at least one of the Qumu designees).  For a period of two (2) years following the Closing Date, Synacor shall use its commercially reasonable efforts to nominate, recommend, support and solicit proxies for the election of the Qumu Designees, subject to the Qumu Designees complying with all independence standards and any similar requirements for directors of Synacor and for service on any committee of the Synacor Board to which they are appointed, as are established by Synacor and its Corporate Governance and Nominating Committee, Nasdaq, and applicable provisions of the Exchange Act.
8.2  Synacor Executive Officers.  Immediately following the Effective Time, the officers of Synacor shall be the persons identified on Schedule 8.2 with respect to such positions, if such persons are employees of Synacor or Qumu as of immediately prior to the Effective Time.
8.3 Effectuation.  Prior to the Effective Time, the Synacor Board shall take all actions necessary to effectuate the provisions of Section 8.1 and Section 8.2.
ARTICLE IX   TERMINATION OF AGREEMENT
9.1 Termination.  Notwithstanding the prior receipt of the Requisite Qumu Shareholder Approval and/or the Requisite Synacor Shareholder Approval, this Agreement may be terminated and the Merger may be abandoned at any time prior to the Effective Time (it being agreed that the party hereto terminating this Agreement pursuant to this Section 9.1 shall give prompt written notice of such termination, specifying the provision of this Agreement pursuant to which such termination is effected and the basis for such termination to the other party hereto):
(a) by mutual written consent duly authorized by each of the Qumu Board and the Synacor Board;
(b) by either Synacor or Qumu, if any Governmental Authority of competent jurisdiction shall have (i) enacted, issued, promulgated, entered, enforced or deemed applicable to the Merger any Legal Requirement that is in effect and has the permanent effect of making the consummation of the Merger illegal, or which has the effect of permanently prohibiting, preventing or otherwise restraining the consummation of the Merger, or (ii) issued or granted any Order that is in effect and has the effect of making the Merger illegal or which has the permanent effect of prohibiting, preventing or otherwise restraining the Merger, and such Order has become final and non-appealable; provided that the party seeking to terminate this Agreement pursuant to this Section 9.1(b) shall have complied with its obligations under Section 7.1(a)(iv) to have any 
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such Order vacated or lifted or removed and shall not otherwise be in breach of any representation, warranty, covenant, or agreement set forth in this Agreement that has been the proximate cause of, or proximately resulted in, the enactment, issuance, promulgation, entering, enforcement or deemed applicability of such Legal Requirement or Order;
(c) by either Synacor or Qumu, if the Merger shall have not been consummated by September 30, 2020 (the “Termination Date”); provided, however, that the right to terminate this Agreement pursuant to this proviso shall not be available to any party hereto whose breach of any representation, warranty, covenant or agreement set forth in this Agreement has been the proximate cause of, or resulted in, any of the conditions to the consummation of the Merger set forth in Section 2.2 having failed to be satisfied or fulfilled on or prior to the Termination Date and such breach constitutes a material breach of this Agreement;
(d) by either Synacor or Qumu if: 
(i) the Requisite Synacor Shareholder Approval shall not have been obtained at the Synacor Shareholder Meeting (or any adjournment or postponement thereof at which a vote was taken on the Synacor Voting Proposal), or 
(ii) the Requisite Qumu Shareholder Approval shall not have been obtained at the Qumu Shareholder Meeting (or any adjournment or postponement thereof at which a vote was taken on the Qumu Voting Proposal);
(e) by either Synacor or Qumu (provided it is not then in material breach of any representation, warranty, covenant or obligation under this Agreement, which breach is incapable of being cured prior to the Termination Date or otherwise has not been cured prior to the earlier to occur of thirty (30) calendar days following delivery of written notice of such breach and the Termination Date, such that the conditions to consummation of the Merger set forth in Section 2.2(b)(i), Section 2.2(b)(ii) or Section 2.2(b)(iii) in the case of Synacor, or Section 2.2(c)(i), Section 2.2(c)(ii) or Section 2.2(c)(iii) in the case of Qumu, would not be satisfied) in the event of (i) a breach of any covenant or obligation set forth in this Agreement by the other party hereto, or (ii) any inaccuracy in any of the representations and warranties of the other party hereto set forth in this Agreement when made or at any time prior to the Effective Time, in either case such that the conditions to the consummation of the Merger set forth in Section 2.2(b)(i), Section 2.2(b)(ii) or Section 2.2(b)(iii) in the case of Synacor, or Section 2.2(c)(i), Section 2.2(c)(ii) or Section 2.2(c)(iii) in the case of Qumu, would not be satisfied as of the time of such breach or as of the time such representation and warranty became inaccurate; provided, however, that notwithstanding the foregoing, in the event that any such breach or inaccuracy is curable through the exercise of commercially reasonable efforts by the party committing such breach or inaccuracy, then the party seeking to terminate this Agreement pursuant to this Section 9.1(e) shall not be permitted to terminate this Agreement pursuant to this Section 9.1(e) until the expiration of a thirty (30) calendar day period (or if shorter, the period ending on the Termination Date) after delivery of written notice of such breach or inaccuracy to the party committing such breach or inaccuracy (it being understood that the party seeking to terminate this Agreement pursuant to this Section 9.1(e) may not terminate this Agreement pursuant to this Section 9.1(e) 
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if such breach or inaccuracy is cured by the other party hereto within such thirty (30) calendar day period (or such shorter period)); or 
(f) 
(i) by Synacor, if a Qumu Triggering Event shall have occurred, whether promptly after the Qumu Triggering Event giving rise to Synacor’s right to terminate this Agreement pursuant to this Section 9.1(f)(i) or at any time thereafter; or 
(ii) by Qumu, if a Synacor Triggering Event shall have occurred, whether promptly after the Synacor Triggering Event giving rise to Qumu’s right to terminate this Agreement pursuant to this Section 9.1(f)(ii) or at any time thereafter.
9.2 Effect of Termination.  In the event of the valid termination of this Agreement pursuant to Section 9.1, this Agreement shall forthwith become void and there shall be no liability on the part of any party hereto or any of its directors, officers, Affiliates or shareholders except (a) that the provisions of this Section 9.2, Section 9.3 and Article X shall survive any termination of this Agreement and (b) nothing herein shall relieve any party from liability for any Willful Breach of this Agreement or for fraud.  The Confidentiality Agreement shall survive termination of this Agreement as provided therein.
9.3 Fees and Expenses.
(a) General.  Except as set forth in this Section 9.3, all fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expenses, whether or not the transactions contemplated hereby are consummated; provided, however, that notwithstanding the foregoing or anything to the contrary set forth herein, all fees and expenses, other than attorneys’ fees and expenses, incurred in connection with the preparation, printing and filing, as applicable, of the Registration Statement (including any preliminary materials related thereto and all amendments and supplements thereto, as well as any financial statements and schedules thereto), the Joint Proxy Statement/Prospectus (including any preliminary materials related thereto and all amendments and supplements thereto), and all filings by Synacor and Qumu under applicable Antitrust Laws or any similar filing requirement of any Governmental Authority applicable to this Agreement and the transactions contemplated hereby, shall be shared sixty-five percent (65%) by Synacor and thirty-five percent (35%) by Qumu at the time any such fees, costs and expenses become due and payable.
(b) Qumu Payments.
(i) Qumu shall pay to Synacor a fee equal to $2,000,000 (the “Qumu Termination Fee Amount”), by wire transfer of immediately available funds to an account or accounts designated in writing by Synacor, within one business day after demand by Synacor, in the event that (A) following the execution and delivery of this Agreement and prior to the Qumu Shareholder Meeting (or any adjournment or postponement thereof) at which a vote is taken on the Qumu Voting Proposal, an Acquisition Proposal in respect of Qumu shall have been publicly 
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announced or shall have become publicly known, or any Person shall have publicly announced an intention (whether or not conditional) to make an Acquisition Proposal in respect of Qumu, in each case, which has not been publicly withdrawn at least five (5) business days prior to the Termination Date (in the case of a termination pursuant to Section 9.1(c)), or at least five (5) business days prior to the date of the Qumu Shareholder Meeting (in the case of a termination pursuant to Section 9.1(d)(ii)), (B) this Agreement is terminated pursuant to Section 9.1(c) or Section 9.1(d)(ii), and (C) within twelve (12) months following the termination of this Agreement, either an Acquisition Transaction in respect of Qumu (whether or not the Acquisition Transaction referenced in the preceding clause (A)) is consummated or Qumu enters into a binding Contract (other than a preliminary agreement, such as a confidentiality agreement, letter of intent or memorandum of understanding) providing for an Acquisition Transaction in respect of Qumu (whether or not the Acquisition Transaction referenced in the preceding clause (A)) and such Acquisition Transaction is ultimately consummated (whether or not during the foregoing twelve (12)-month period); provided, however, that for the purposes of this Section 9.3(b)(i), all references to fifteen percent (15%) or eighty-five percent (85%) in the definition of “Acquisition Transaction” shall be replaced by fifty percent (50%).
(ii) Qumu shall pay to Synacor a fee equal to the Qumu Termination Fee Amount, by wire transfer of immediately available funds to an account or accounts designated in writing by Synacor, within one business day after demand by Synacor, in the event that (A) following the execution and delivery of this Agreement and prior to the breach forming the basis of such termination contemplated by the following clause (B), an Acquisition Proposal in respect of Qumu shall have been publicly announced or shall have become publicly known, or any Person shall have publicly announced an intention (whether or not conditional) to make an Acquisition Proposal in respect of Qumu, in each case, which has not been publicly withdrawn prior to the date that this Agreement is terminated, (B) Synacor terminates this Agreement pursuant to Section 9.1(e), and (C) within twelve (12) months following the termination of this Agreement, either an Acquisition Transaction in respect of Qumu (whether or not the Acquisition Transaction referenced in the preceding clause (A)) is consummated or Qumu enters into a binding Contract (other than a preliminary agreement, such as a confidentiality agreement, letter of intent or memorandum of understanding) providing for an Acquisition Transaction in respect of Qumu (whether or not the Acquisition Transaction referenced in the preceding clause (A)) and such Acquisition Transaction is ultimately consummated (whether or not during the foregoing twelve (12)-month period); provided, however, that for the purposes of this Section 9.3(b)(ii), all references to fifteen percent (15%) or eighty-five percent (85%) in the definition of “Acquisition Transaction” shall be replaced by fifty percent (50%).
(iii) Qumu shall pay to Synacor a fee equal to the Qumu Termination Fee Amount, by wire transfer of immediately available funds to an account or accounts designated in writing by Synacor within one business day after demand by Synacor, in the event that Synacor terminates this Agreement pursuant to Section 9.1(f)(i).
(iv) In no event shall Qumu be required to pay the Qumu Termination Fee Amount pursuant to this Section 9.3(b) on more than one occasion.
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(c) Synacor Payments.  
(i) Synacor shall pay to Qumu a fee equal to $2,000,000 (the “Synacor Termination Fee Amount”), by wire transfer of immediately available funds to an account or accounts designated in writing by Qumu, within one business day after demand by Qumu, in the event that (A) following the execution and delivery of this Agreement and prior to the Synacor Shareholder Meeting (or any adjournment or postponement thereof) at which a vote is taken on the Synacor Voting Proposal, an Acquisition Proposal in respect of Synacor shall have been publicly announced or shall have become publicly known, or any Person shall have publicly announced an intention (whether or not conditional) to make an Acquisition Proposal in respect of Synacor, in each case, which has not been publicly withdrawn at least five (5) business days prior to the Termination Date (in the case of a termination pursuant to Section 9.1(c)), or at least five (5) business days prior to the date of the Synacor Shareholder Meeting (in the case of a termination pursuant to Section 9.1(d)(i)), (B) this Agreement is terminated pursuant to Section 9.1(c) or Section 9.1(d)(i), and (C) within twelve (12) months following the termination of this Agreement, either an Acquisition Transaction in respect of Synacor (whether or not the Acquisition Transaction referenced in the preceding clause (A)) is consummated or Synacor enters into a binding Contract (other than a preliminary agreement, such as a confidentiality agreement, letter of intent or memorandum of understanding) providing for an Acquisition Transaction in respect of Synacor (whether or not the Acquisition Transaction referenced in the preceding clause (A)) and such Acquisition Transaction is ultimately consummated (whether or not during the foregoing twelve (12)-month period); provided, however, that for the purposes of this Section 9.3(c)(i), all references to fifteen percent (15%) or eighty-five percent (85%) in the definition of “Acquisition Transaction” shall be replaced by fifty percent (50%).
(ii) Synacor shall pay to Qumu a fee equal to the Synacor Termination Fee Amount, by wire transfer of immediately available funds to an account or accounts designated in writing by Qumu, within one business day after demand by Qumu, in the event that (A) following the execution and delivery of this Agreement and prior to the breach forming the basis of such termination contemplated by the following clause (B), an Acquisition Proposal in respect of Synacor shall have been publicly announced or shall have become publicly known, or any Person shall have publicly announced an intention (whether or not conditional) to make an Acquisition Proposal in respect of Synacor, in each case, which has not been publicly withdrawn prior to the date that this Agreement is terminated, (B) Qumu terminates this Agreement pursuant to Section 9.1(e), and (C) within twelve (12) months following the termination of this Agreement, either an Acquisition Transaction in respect of Synacor (whether or not the Acquisition Transaction referenced in the preceding clause (A)) is consummated or Synacor enters into a binding Contract (other than a preliminary agreement, such as a confidentiality agreement, letter of intent or memorandum of understanding) providing for an Acquisition Transaction in respect of Synacor (whether or not the Acquisition Transaction referenced in the preceding clause (A)) and such Acquisition Transaction is ultimately consummated (whether or not during the foregoing twelve (12)-month period); provided, however, that for the purposes of this Section 9.3(c)(ii), all references to fifteen percent (15%) or eighty-five percent (85%) in the definition of “Acquisition Transaction” shall be replaced by fifty percent (50%).
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(iii) Synacor shall pay to Qumu a fee equal to the Synacor Termination Fee Amount, by wire transfer of immediately available funds to an account or accounts designated in writing by Qumu within one business day after demand by Qumu, in the event that Qumu terminates this Agreement pursuant to Section 9.1(f)(ii).
(iv) In no event shall Synacor be required to pay the Synacor Termination Fee Amount pursuant to this Section 9.3(c) on more than one occasion.
(d) Enforcement.  Each of Synacor and Qumu hereby acknowledge and agree that the covenants and agreements set forth in this Section 9.3 are an integral part of the transactions contemplated by this Agreement and, without these covenants and agreements, the parties hereto would not have entered into this Agreement.  Accordingly, if either Synacor or Qumu shall fail to pay in a timely manner the amounts due pursuant to Section 9.3(b) or Section 9.3(c), as the case may be, and, in order to obtain such payment, the other party hereto shall make a claim that results in a judgment against the non-paying party to make payment of such amounts, the non-paying party shall pay to the claimant its reasonable costs and expenses (including its reasonable attorneys’ fees and expenses) incurred in connection with such suit, together with interest on the amounts set forth in Section 9.3(b) or Section 9.3(c), as the case may be, at the prime rate quoted by The Wall Street Journal in effect on the date such payment was required to be made.  Notwithstanding anything to the contrary in this Agreement, in the event that the Qumu Termination Fee Amount or the Synacor Termination Fee Amount is payable and actually paid to Synacor or Qumu, respectively in accordance with this Section 9.3, payment of such Qumu Termination Fee Amount or Synacor Termination Fee Amount, as applicable, shall be the sole and exclusive remedy of the non-terminating party and its Affiliates against any other party or such other party’s shareholders, directors, officers, Affiliates and other Representatives, for any loss or damage based upon, arising out of or relating to this Agreement (including as a result of the failure of the Merger to be consummated and any breach, termination or failure of or under this Agreement) or the negotiation, execution or performance hereof or the transactions contemplated hereby; provided that nothing in this Section 9.3(d) shall relieve any party from liability for any Willful Breach of Section 6.1 or Section 6.2 (as modified by Section 6.3), of such party’s obligation to convene any applicable Merger Shareholder Meeting in accordance with Section 7.4(a), or of Section 7.4(f).  In the event of the valid termination of this Agreement under circumstances in which the Qumu Termination Fee Amount or the Synacor Termination Fee Amount is payable pursuant to this Section 9.3, it is agreed that each of the Qumu Termination Fee Amount and the Synacor Termination Fee Amount is liquidated damages, and not a penalty, and the payment thereof in such circumstances is supported by due and sufficient consideration and neither Synacor nor Qumu shall have any further liability, whether pursuant to a claim in contract or tort, at law or in equity or otherwise with respect to this Agreement (and the termination thereof), the transactions contemplated hereby (and the abandonment thereof), or any matter forming the basis for such termination (or for any breach or failure to perform hereunder or otherwise (in each case, whether willfully, intentionally, unintentionally or otherwise)).
ARTICLE X   GENERAL PROVISIONS
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10.1 Certain Interpretations.  
(a) Unless otherwise indicated all references herein to Articles, Sections, Exhibits or Letters shall be deemed to refer to Articles, Sections, Exhibits or Letters of or to this Agreement, as applicable.  
(b) Unless otherwise indicated, the words “include,” “includes” and “including,” when used herein, shall be deemed in each case to be followed by the words “without limitation.” 
(c) The words “hereof,” “hereby,” “herein,” “hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply “if.” 
(d) Any reference to a Legal Requirement shall include any rules and regulations promulgated thereunder, and shall mean such Legal Requirement as from time to time amended, modified or supplemented. 
(e) References herein to any contract (including this Agreement) mean such contract as amended, supplemented or modified from time to time in accordance with the terms thereof.
(f) When reference is made herein to a Person, such reference shall be deemed to include all direct and indirect Subsidiaries of such Person unless otherwise indicated or the context otherwise requires.  
(g) The table of contents and headings set forth in this Agreement are for convenience of reference purposes only and shall not affect or be deemed to affect in any way the meaning or interpretation of this Agreement or any term or provision hereof.  
(h) The parties hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any Legal Requirement, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.
(i) All references in this Agreement to “dollars” or “$” shall mean United States Dollars.
10.2 Non-Survival of Representations and Warranties.  None of the representations and warranties set forth in this Agreement or in any certificate or instrument delivered pursuant hereto shall survive the Effective Time.  The Confidentiality Agreement shall survive the execution and delivery of this Agreement or the termination of this Agreement in accordance with the provisions of this Agreement, as the case may be, pursuant to its terms and conditions.
10.3 Notices.  All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made if and when delivered 
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personally or by overnight courier to the parties at the following addresses or sent by electronic transmission, with confirmation received, to the telecopy numbers or e-mail specified below (or at such other address, telecopy number or e-mail for a party as shall be specified by like notice):
(a) If to Synacor or Merger Sub, to:
Synacor, Inc.
40 La Riviere Drive, Suite 300
Buffalo, New York 14202
Attention: Legal Department
E-mail: legaldept@synacor.com
With a copy (which shall not constitute notice) to:
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP
220 West 42nd Street
17th Floor
New York, NY 10036
Attention: Brian Hutchings and Andrew Luh
Facsimile No.: (877) 881-3007
E-mail: bhutchings@gunder.com
aluh@gunder.com

(b) If to Qumu, to:
Qumu Corporation
510 1st Ave. N., Suite 305
Minneapolis, MN 55403
Attention: Chief Executive Officer
Email: vern.hanzlik@qumu.com

With a copy (which shall not constitute notice) to:
Ballard Spahr LLP
2000 IDS Center
80 South 8th Street
Minneapolis, MN 55402
Attention: April Hamlin and Michael Kuhn
Facsimile No.: (612) 371-3207
E-mail: hamlina@ballardspahr.com and kuhnm@ballardspahr.com
Any such notice or communication shall be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case of facsimile, on the date sent if confirmation of receipt is received and such notice is also promptly mailed by registered or certified mail (return receipt requested), (iii) in the case of a nationally-recognized overnight courier in circumstances under which such courier guarantees next business day delivery, on the next business day after the date when sent, (iv) in the case of mailing, on the 
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third (3rd) business day following that on which the piece of mail containing such communication is posted, and (v) in the case of e-mail, upon confirmation of successful transmission.
10.4 Assignment.  This Agreement shall not be assigned by operation of law or otherwise without the prior written consent of the other party hereto and any such attempted assignment without such prior written consent shall be void and of no force and effect, except that Synacor and Merger Sub may assign all or any of their rights hereunder to any wholly owned subsidiary thereof; provided, however, that no such assignment pursuant to this Section 10.4 shall relieve Synacor or Merger Sub of its obligations hereunder.
10.5 Amendment.  Subject to applicable Legal Requirements and the other provisions of this Agreement, this Agreement may be amended by the parties hereto by action taken by their respective boards of directors at any time prior to the Effective Time by execution of an instrument in writing signed on behalf of each of Synacor, Merger Sub and Qumu; provided, however, that, after the approval of this Agreement by the Qumu Shareholders or the issuance of Synacor Common Stock by the Synacor Shareholders, no amendment may be made to this Agreement that requires further approval by such shareholders under applicable Legal Requirements.
10.6 Extension; Waiver.  At any time and from time to time prior to the Effective Time, any party or parties hereto may, to the extent legally allowed and except as otherwise set forth herein, (a) extend the time for the performance of any of the obligations or other acts of the other party or parties hereto, as applicable, (b) waive any inaccuracies in the representations and warranties made to such party or parties hereto contained herein or in any document delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions for the benefit of such party or parties hereto contained herein.  Any agreement on the part of a party or parties hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party or parties, as applicable.  Any delay in exercising any right under this Agreement shall not constitute a waiver of such right.
10.7 Specific Performance.  
(a) The parties agree that irreparable damage would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that, prior to the termination of this Agreement, the parties shall be entitled to an injunction or injunctions in any court referred to in Section 10.13 to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at law or in equity; provided, that Synacor shall only be entitled to enforce or seek to enforce specifically Qumu’s obligation to consummate the Merger if: (i) the conditions set forth in Section 2.2(a) and Section 2.2(b) have been satisfied (other than those conditions that by their nature are to be satisfied at the Closing but which are then capable of being satisfied at the Closing), (ii) the Closing has not occurred by the date the Closing is required to have occurred pursuant to Section 2.1, (iii) Synacor has irrevocably confirmed to Qumu in writing that it is 
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ready, willing and able to consummate the Merger and that if specific performance is granted the Closing will occur, and (iv) Qumu has failed to consummate the Merger within three (3) business days of receipt of such written confirmation; provided, further, that Qumu shall only be entitled to enforce or seek to enforce specifically Synacor’s obligation to consummate the Merger if: (A) the conditions set forth in Section 2.2(a) and Section 2.2(c) have been satisfied (other than those conditions that by their nature are to be satisfied at the Closing but which are then capable of being satisfied at the Closing), (B) the Closing has not occurred by the date the Closing is required to have occurred pursuant to Section 2.1, (C) Qumu has irrevocably confirmed to Synacor in writing that it is ready, willing and able to consummate the Merger and that if specific performance is granted the Closing will occur, and (D) Synacor has failed to consummate the Merger within three (3) business days of receipt of such written confirmation.  
(b) Notwithstanding anything in this Agreement to the contrary, while either party may seek (i) specific performance, subject in all respects to this Section 10.7, and (ii) payment of the Qumu Termination Fee Amount or the Synacor Termination Fee Amount, as applicable, if, as and when payable pursuant to Section 9.3, under no circumstances shall either Synacor or Qumu, directly or indirectly, be permitted or entitled to receive (A) both a grant of specific performance to cause the other parties hereto to consummate the Merger, on the one hand, and payment of monetary damages for liability hereunder or the payment of the Qumu Termination Fee Amount or the Synacor Termination Fee Amount, on the other hand, or (B) both payment of monetary damages for liability hereunder, on the one hand, and payment of the Qumu Termination Fee Amount or the Synacor Termination Fee Amount, on the other hand.
10.8 Failure or Indulgence Not Waiver; Remedies Cumulative.  No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or of any other right.  All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.
10.9 Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Legal Requirement, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.
10.10 Entire Agreement.  This Agreement (including the documents and instruments referred to herein, including the Confidentiality Agreement) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof.
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10.11 No Third Party Beneficiaries.  Nothing in this Agreement is intended to confer upon any person other than the parties hereto any rights or remedies hereunder, other than the Indemnified Parties intended to be third party beneficiaries of the provisions of Section 7.8, who shall have the right to enforce such provisions directly.
10.12 Governing Law.  Except to the extent the laws of the State of Minnesota are mandatorily applicable to the Merger (including with respect to matters relating to (a) the filing of the Articles of Merger and the effects of the Merger and (b) the exercise of the fiduciary duties of the Qumu Board and the Committee of Disinterested Directors), in which case Minnesota Law shall govern, this Agreement and any litigation (whether at law, in contract or in tort) that may be directly or indirectly based upon, relating to arising out of this Agreement or any transaction contemplated hereby, or the negotiation, execution or performance hereof, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the conflict of law provisions thereof.
10.13 Consent to Jurisdiction.  Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of any state court located within the State of Delaware (or any federal court within the State of Delaware if such state court declines to accept or does not have jurisdiction) in connection with any matter based upon or arising out of this Agreement or the transactions contemplated hereby, agrees that process may be served upon them in any manner authorized by the Legal Requirements of the State of Delaware for such Persons and waives and covenants not to assert or plead any objection which they might otherwise have to such jurisdiction, venue and process.  Each party hereto hereby agrees not to commence any legal proceedings relating to or arising out of this Agreement or the transactions contemplated hereby in any jurisdiction or courts other than as provided herein.
10.14 Waiver of Jury Trial.  EACH OF SYNACOR, MERGER SUB AND QUMU HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HERBY OR THE ACTIONS OF Synacor, MERGER SUB OR QUMU IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT.
10.15 Counterparts.  This Agreement may be executed in two or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, Synacor, Merger Sub and Qumu have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.
SYNACOR, INC.
By:  /s/ Himesh Bhise   Name:  Himesh Bhise  Title:  Chief Executive Officer 
QUANTUM MERGER SUB I, INC. 
By:  /s/ Himesh Bhise   Name: Himesh Bhise  Title:  Chief Executive Officer 
QUMU CORPORATION 
By: /s/ Vern Hanzlik   Name: Vern Hanzlik  Title:  Chief Executive Officer 
 

        
AGREEMENT AND PLAN OF MERGER AND REORGANIZATION

ANNEX A 
DEFINITIONS AND INTERPRETATIONS
For all purposes of and under this Agreement, the following capitalized terms shall have the following respective meanings:
(a) “Acquisition Proposal” shall mean any agreement, inquiry, offer, indication of interest or proposal (other than this Agreement, the Merger, or any other inquiry, offer, indication of interest or proposal by the other party hereto) relating to an Acquisition Transaction.
(b) “Acquisition Transaction” shall mean, with respect to Qumu or Synacor, any transaction or series of related transactions (other than the transactions contemplated by this Agreement and other than any transaction by Qumu or Synacor or a Subsidiary thereof with another Subsidiary thereof) involving: (i) any acquisition or purchase from a party hereto by any Person or “group” (as defined in or under Section 13(d) of the Exchange Act), directly or indirectly, of a fifteen percent (15%) or greater interest in the total outstanding equity interests or voting securities of such party, or any tender offer or exchange offer that if consummated would result in any Person or “group” (as defined in or under Section 13(d) of the Exchange Act) beneficially owning fifteen percent (15%) or more of the total outstanding equity interests or voting securities of a party hereto; (ii) any acquisition or purchase of fifty percent (50%) or more of any class of equity or other voting securities of one or more Subsidiaries of a party hereto the business(es) of which, individually or in the aggregate, generate or constitute fifteen percent (15%) or more of the net revenues, net income or assets (as of or for the twelve (12) month period ending on the last day of the applicable party’s most recently completed fiscal year) of such party and its Subsidiaries, taken as a whole; (iii) any merger, consolidation, business combination or other similar transaction involving a party hereto or one or more of its Subsidiaries the business(es) of which, individually or in the aggregate, generate or constitute fifteen percent (15%) or more of the net revenues, net income or assets (as of or for the twelve (12) month period ending on the last day of the applicable party’s most recently completed fiscal year) of such party and its Subsidiaries, taken as a whole, pursuant to which the shareholders of such party or such Subsidiary or Subsidiaries, as applicable, immediately preceding such transaction hold less than eighty-five percent (85%) of the equity interests in the surviving or resulting entity of such transaction; (iv) any sale, lease (other than in the ordinary course of business), exchange, transfer, license (other than in the ordinary course of business), acquisition or disposition of assets of a party hereto that generate or constitute fifteen percent (15%) or more of the net revenues, net income or assets (as of or for the twelve (12) month period ending on the last day of the applicable party’s most recently completed fiscal year) of such party and its Subsidiaries, taken as a whole; (v) any liquidation, dissolution, recapitalization or other significant corporate reorganization of a party hereto or one or more of its Subsidiaries the business(es) of which, individually or in the aggregate, generate or constitute fifteen percent (15%) or more of the net revenues, net income or assets (as of or for the twelve (12) month period ending on the last day of the applicable party’s most recently completed fiscal year) of 
        
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such party and its Subsidiaries, taken as a whole; or (vi) any combination of the foregoing clauses (i) through (v).  
(c) “Affiliate” shall mean, with respect to any Person, any other Person which directly or indirectly controls, is controlled by or is under common control with such Person.  For purposes of the immediately preceding sentence, the term “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise.
(d) “Agreed Jurisdiction” shall mean the U.S.
(e) “Antitrust Laws” means the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, all applicable foreign antitrust laws and other applicable Legal Requirements issued by a Governmental Authority that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition.
(f) “business day” shall mean any day, other than a Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in New York are authorized or required by Legal Requirements or other governmental action to close.
(g) “Closing Average” shall mean the average of the closing sale prices for one share of Synacor Common Stock as quoted on Nasdaq for the fifteen (15) consecutive trading days ending on the second (2nd) trading day immediately preceding the Closing Date.
(h) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules and regulations thereto.
(i) “Continuing Employees” shall mean the employees of Qumu and its Subsidiaries as of the Effective Time. 
(j) “Contract” shall mean any legally binding oral or written contract, subcontract, agreement or commitment, note, bond, mortgage, indenture, lease, license, sublicense or other legally binding obligation, arrangement or understanding.
(k) “Delaware Law” shall mean the DGCL and any other applicable Legal Requirements of the State of Delaware.
(l) “DOL” shall mean the United States Department of Labor or any successor thereto.
(m) “Employee Benefit Plan” shall mean any “employee pension benefit plan” covered under Section 3(2) of ERISA, any material “employee welfare benefit plan” covered 
        
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under Section 3(1) of ERISA, and any other material plan, agreement or arrangement involving compensation (other than wage offers or notices) or benefits, including insurance coverage, severance benefits, disability benefits, deferred compensation, bonuses, stock options, stock purchase, phantom stock, stock appreciation or other forms of fringe benefits, perquisites, profit sharing, incentive compensation or post-retirement compensation or post-employment compensation written or otherwise.
(n) “Environmental Laws” are all laws (including common laws), directives, guidance, rules, regulations, orders, treaties, statutes, and codes promulgated by any Governmental Authority which prohibit, regulate or control any Hazardous Material or any Hazardous Material Activity.
(o) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder, or any successor statue, rules and regulations thereto.
(p) “ERISA Affiliate” shall mean any entity which is, or at any applicable time was, a member of (i) a controlled group of corporations (as defined in Section 414(b) of the Code), (ii) a group of trades or businesses under common control (as defined in Section 414(c) of the Code) or (iii) an affiliated service group (as defined under Section 414(m) of the Code or the regulations under Section 414(o) of the Code), any of which includes or included Qumu or Synacor, as applicable, or a Subsidiary of Qumu or Synacor, as applicable.
(q) “ESW Warrant” means that certain Amended and Restated Warrant to purchase 925,000 shares of Qumu Common Stock issued by Qumu to ESW Holding, Inc. on January 12, 2018, as amended, restated or otherwise modified from time to time.
(r) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules and regulations thereto.
(s) “GAAP” shall mean generally accepted accounting principles, as applied in the United States.
(t) “Governmental Authority” shall mean any government, any governmental or regulatory entity or body, department, commission, board, agency or instrumentality, and any court, tribunal or judicial body, in each case whether federal, state, county, provincial, and whether local or foreign.
(u) “Hale Warrant” means that certain Warrant to purchase 314,286 shares of Qumu Common Stock issued by Qumu to HCP-FVD, LLC on October 21, 2016, as amended, restated or otherwise modified from time to time.
(v) “Hazardous Material” is any material, chemical, emission, substance or waste that has been designated by any Governmental Authority to be radioactive, toxic, hazardous, 
        
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corrosive, reactive, explosive, flammable, a medical or biological waste, a pollutant or otherwise a danger to health, reproduction or the environment.
(w) “Hazardous Materials Activity” is the transportation, transfer, recycling, storage, use, treatment, manufacture, removal, remediation, release, exposure of others to, sale, or distribution of any Hazardous Material or any product or waste containing a Hazardous Material, or product manufactured with ozone depleting substances, including any required labeling, payment of waste fees or charges (including so‐called e‐waste fees) and compliance with any product take-back, collection, recycling, or product content requirements.
(x) “HSR Act” shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules and regulations thereto.
(y) “Intellectual Property Rights” shall mean common law and statutory rights anywhere in the world arising under or associated with (i) patents and patent applications and all reissues, divisions, re-examinations, renewals, extensions, provisionals, continuations and continuations-in-part thereof (“Patent”); (ii) copyrights, copyright registrations and copyright applications, “moral” rights and mask work rights (“Copyrights”); (iii) rights in trade and industrial secrets and in confidential information and know-how; (iv) trademarks, trade names, logos and service marks, and any applications or registration of the same, and all related goodwill therefor throughout the world (“Trademarks”); (v) domain names, uniform resource locators, other names and locators associated with the Internet, and all registrations therefor; (vi) all rights in databases and data collections; (vii) other proprietary rights relating or with respect to the protection of Technology; (viii) analogous rights to those set forth above; and (ix) all past, present and future claims and causes of action arising out of or related to infringement or misappropriation of any of the foregoing.  
(z) “Intervening Event” shall mean, with respect to Synacor or Qumu, as applicable, any material event, circumstance, change, effect, development or condition occurring or arising after the date hereof that was not known to or reasonably foreseeable by the Synacor Board or the Qumu Board, as applicable, as of or prior to the date hereof, not relating to an Acquisition Proposal and that becomes known by the Synacor Board or Qumu Board prior to the Effective Time; provided that none of the following, either alone or in combination, shall be considered an Intervening Event: (i) events, circumstances, changes, effects, developments or conditions affecting general business, economic or political conditions, the industries or segments thereof in which Synacor or Qumu, as applicable, operates, or the financial, credit or securities markets of the United States or in any other country in the world; (ii) events, circumstances, changes, effects, developments or conditions arising out of, or attributable to, changes (or proposed changes) or modifications in GAAP, other applicable accounting standards or applicable Legal Requirements or the interpretation or enforcement thereof; (iii) events, circumstances, changes, effects, developments or conditions arising out of, or attributable to, the announcement of the execution of this Agreement, or the identity of the other parties hereto; (iv) any change in the trading price or trading volume of Synacor or Qumu in and of itself; or (v) meeting or exceeding any internal or other estimates, expectations, forecasts, plans, projections 
        
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or budgets for any period in and of itself (it being understood, in each case, that the underlying cause of such changes may be taken into account in determining whether there has been or there exists an Intervening Event unless such underlying cause would otherwise be excepted by this definition).
(aa) “IRS” shall mean the United States Internal Revenue Service or any successor thereto.
(bb) “iStudy Warrant” means that certain Warrant to purchase 100,000 shares of Qumu Common Stock issued by Qumu to iStudy Co., Ltd. on August 31, 2018, as amended, restated or otherwise modified from time to time.
(cc) “Knowledge” shall mean, with respect to any matter in question, (i) with respect to Qumu, (A) the knowledge of any of those persons set forth in Section 1.1 of the Qumu Disclosure Letter after reasonable inquiry under the circumstances or (B) the knowledge of any of the members of the Qumu Board and (ii) with respect to the Synacor, (A) the knowledge of any of those persons set forth in Section 1.1 of the Synacor Disclosure Letter after reasonable inquiry under the circumstances or (B) the knowledge of any of the members of the Synacor Board. 
(dd) “Legal Proceeding” shall mean any action, claim, suit, litigation, proceeding (public or private), criminal prosecution, audit or investigation by or before any Governmental Authority or any arbitration.
(ee) “Legal Requirements” shall mean applicable domestic or foreign federal, state, provincial, local, municipal or other law, statute, treaty, constitution, principle of common law, binding resolution, ordinance, code, binding edict, decree, directive, order, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority.
(ff) “Liabilities” shall mean any liability, obligation or commitment of any kind, whether absolute, accrued, fixed or contingent, matured or unmatured, determined or determinable or otherwise and whether or not required to be recorded or reflected on a balance sheet prepared in accordance with GAAP.
(gg) “Lien” shall mean any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, claim, interference, option, right of first refusal, preemptive right, community property interest or restriction of any nature.
(hh) “Minnesota Law” shall mean the MBCA and any other applicable Legal Requirements of the State of Minnesota.
(ii) “Nasdaq” shall mean The Nasdaq Stock Market LLC or any successor thereto (and, more specifically, where applicable to Synacor, The Nasdaq Global Market, and where applicable to Qumu, The Nasdaq Global Capital Market).
        
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(jj) “Non-U.S. Benefit Plans” means benefit plans that are comparable to Employee Benefit Plans that are maintained for the benefit of any current or former employee, officer or director of Qumu or any of its Subsidiaries or Synacor or any of its Subsidiaries, as applicable, who is located primarily in a country other than the United States and/or their dependents or that are subject to the laws of any jurisdictions other than the United States, excluding any benefit plan mandated or pursuant to which Qumu or any of its Subsidiaries or Synacor or any of its Subsidiaries, as applicable, is required to contribute, in either case, under applicable Legal Requirements.
(kk) “Open Source Software” shall mean any software (in source or object code form) that is subject to (a) a license or other agreement commonly referred to as an open source, free software, copyleft or community source code license (including any code or library licensed under the GNU General Public License, GNU Lesser General Public License, BSD License, Apache Software License, or any other public source code license arrangement), or (b) any other license or other agreement that requires, as a condition of the use, modification or distribution of software subject to such license or agreement, that such software or other software linked with, called by, combined or distributed with such software be (i) disclosed, distributed, made available, offered, licensed or delivered in source code form, (ii) licensed for the purpose of making derivative works, (iii) licensed under terms that allow reverse engineering, reverse assembly, or disassembly of any kind, or (iv) redistributable at no charge, including any license defined as an open source license by the Open Source Initiative as set forth on www.opensource.org.
(ll) “Order” shall mean any judgment, decision, decree, injunction, ruling, writ, assessment or order, whether temporary, preliminary or permanent, of any Governmental Authority that is binding on any Person or its property under applicable Legal Requirements.
(mm) “Pension Plan” shall mean an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA.
(nn) “Person” shall mean any individual, corporation (including any non-profit corporation), limited liability company, joint stock company, general partnership, limited partnership, joint venture, estate, trust, firm or other enterprise, association, organization, entity or any Governmental Authority.
(oo) “Personal Information” means, in addition to any definition provided by Qumu or Synacor or any of its Subsidiaries, as applicable, for any similar term (e.g., “personally identifiable information” or “PII”) in any privacy notice or other public-facing statement by such company and its Subsidiaries, all information regarding or capable of being associated with an individual consumer or device, including: (a) information that identifies, could be used to identify or is otherwise identifiable with an individual, including name, physical address, telephone number, email address, financial account number, government-issued identifier (including Social Security number and driver’s license number), medical, health or insurance information, gender, date of birth, educational or employment information, religious or political views or affiliations, marital or other status, photograph, face geometry, or biometric information, geo-location, and any other data used or intended to be used to identify, contact or 
        
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precisely locate an individual; (b) any data regarding an individual’s activities online or on a mobile or other application (e.g., searches conducted, web pages or content visited or viewed); and (c) Internet Protocol addresses or other persistent identifiers, including persistent device identifiers, MAC addresses, IP addresses, mobile advertising identifiers and cookies.  Personal Information may relate to any individual, including a current, prospective or former customer, employee or vendor of any Person.  Personal Information includes such information in any form, including paper, electronic and other forms.
(pp) “Process” (or “Processing”) means to perform any operation or set of operations upon data, whether manually or by automatic means, including, but not limited to, blocking, erasing, destroying, collecting, compiling, combining, analyzing, enhancing, enriching, recording, sorting, organizing, structuring, accessing, storing, processing, adapting, retaining, retrieving, consulting, using, transferring, aligning, transmitting, disclosing, altering, distributing, disseminating or otherwise making available such data.
(qq) “Qualifying Amendment” shall mean an amendment or supplement to the Joint Proxy Statement/Prospectus relating to Synacor, the Joint Proxy Statement/Prospectus relating to Qumu or the Registration Statement (including by incorporation by reference) to the extent it contains (i) a Synacor Board Recommendation Change or a Qumu Board Recommendation Change (as the case may be); (ii) a statement of the reasons of the board of directors of Synacor or Qumu (as the case may be) for making such Synacor Board Recommendation Change or Qumu Board Recommendation Change (as the case may be); and (iii) additional information reasonably related to the foregoing.
(rr) “Qumu Articles of Incorporation” shall mean the Amended and Restated Articles of Incorporation of Qumu, as amended and in effect on the date hereof.
(ss) “Qumu Balance Sheet” shall mean the unaudited balance sheet of Qumu contained in the Qumu Quarterly Report on Form 10‐Q for the quarterly period ended September 30, 2019.
(tt) “Qumu Bylaws” shall mean the Amended and Restated Bylaws of Qumu, as amended and in effect on the date hereof.
(uu) “Qumu Capital Stock” shall mean Qumu Common Stock and Qumu Preferred Stock.
(vv) “Qumu Common Stock” shall mean the Common Stock, par value $0.01 per share, of Qumu.
(ww) “Qumu Employee Plans” shall mean all Employee Benefit Plans, other than Qumu Non-U.S. Employee Plans which is or has been maintained, contributed to or required to be contributed to for the benefit of, or relating to, any current or former employee, officer, director or consultant of Qumu or any of its Subsidiaries, or with respect to which Qumu or any of its Subsidiaries has or may have any Liability.
        
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(xx) “Qumu Insiders” shall mean those officers and directors of Qumu who are subject to the reporting requirements of Section 16(a) of the Exchange Act set forth in the Section 16 Information.
(yy) “Qumu Intellectual Property” shall mean Technology and Intellectual Property Rights owned or purported to be owned by or exclusively licensed to Qumu or any of its Subsidiaries.
(zz) “Qumu Material Adverse Effect” shall mean any fact, circumstance, change or effect that, individually or when taken together with all other such facts, circumstances, changes or effects that exist at the date of determination of the occurrence of the Qumu Material Adverse Effect, has or is reasonably likely to have a material adverse effect on (1) the business, operations, financial condition or results of operations of Qumu and its Subsidiaries, taken as a whole, or (2) the ability of Qumu to perform its obligations pursuant to this Agreement and to consummate the Merger and the transactions contemplated hereby in a timely manner; provided, however, that with respect to the foregoing clause (1) no facts, circumstances, changes or effects (by themselves or when aggregated with any other facts, circumstances, changes or effects) resulting from, relating to or arising out of the following shall be deemed to be or constitute a Qumu Material Adverse Effect, and no facts, circumstances, changes or effects resulting from, relating to or arising out of the following (by themselves or when aggregated with any other facts, circumstances, changes or effects) shall be taken into account when determining whether a Qumu Material Adverse Effect has occurred or may, would or could occur: 
(i) economic, financial or political conditions in the United States or any other jurisdiction in which Qumu or any of its Subsidiaries has substantial business or operations, and any changes therein, but solely to the extent that such conditions and changes do not have a disproportionate impact on Qumu and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Qumu operates;
(ii) conditions in the industry or industries in which Qumu operates, and any changes therein, but solely to the extent that such conditions and changes do not have a disproportionate impact on Qumu and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Qumu operates;
(iii) conditions in the financial markets, and any changes therein, but solely to the extent that such conditions and changes do not have a disproportionate impact on Qumu and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Qumu operates;
(iv) acts of terrorism or war, weather conditions (including, without limitation, earthquakes, hurricanes, tornadoes or similar natural disasters), power outages, and other force majeure events, but solely to the extent that such conditions and changes do not have a disproportionate impact on Qumu and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Qumu operates that are located in the same geographical areas as Qumu and its Subsidiaries; 
        
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(v) the announcement or pendency of this Agreement, the Merger and the other transactions contemplated by this Agreement, including the impact thereof on the relationships, contractual or otherwise, of Qumu or any of its Subsidiaries with employees, customers or other business counterparties;
(vi) changes in Legal Requirements or GAAP (or any interpretations of GAAP), but solely to the extent that such conditions and changes do not have a disproportionate impact on Qumu and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Qumu operates;
(vii) changes in Qumu’s stock price or the trading volume of Qumu stock, in and of itself;
(viii) the failure to meet public estimates or forecasts of revenues, earnings or other financial metrics, in and of itself, or the failure to meet internal projections, forecasts or budgets of revenues, earnings or other financial metrics, in and of itself; or
(ix) any Transaction Litigation.
([[) “Qumu Non-U.S. Employee Plans” shall mean all Non-U.S. Benefit Plans maintained, or contributed to by Qumu, any of Qumu’s Subsidiaries or to which Qumu, any of Qumu’s Subsidiaries is obligated to contribute, or under which any of them has or may reasonably be likely to have any liability for premiums or benefits or other obligations.
(aaa) “Qumu Performance Stock Unit” shall mean any Qumu Stock Award that is an award representing the right to receive in the future shares of Qumu Common Stock from Qumu in accordance with a performance-based vesting schedule or issuance schedule, whether granted under the Qumu Stock Plan or otherwise.
(bbb) “Qumu Preferred Stock” shall mean the Preferred Stock, par value $0.01 per share, of Qumu.
(ccc) “Qumu Product” shall mean all products, technologies and services developed (including products, technologies and services under development), owned, made, provided, distributed, imported, sold or licensed by or on behalf of Qumu and/or any of its Subsidiaries.
(ddd) “Qumu Restricted Stock” shall mean any Qumu Stock Award that is an award of Qumu Common Stock from Qumu subject to a risk of forfeiture or other service-based condition under the applicable Qumu Stock Award agreement, whether granted under the Qumu Stock Plan or otherwise.
(eee) “Qumu Restricted Stock Unit” shall mean any Qumu Stock Award that is an award representing the right to receive in the future shares of Qumu Common Stock from Qumu in accordance with a vesting schedule or issuance schedule, and that is not a Qumu Performance Stock Unit, whether granted under the Qumu Stock Plan or otherwise.  
        
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(fff) “Qumu Shareholders” shall mean holders of shares of Qumu Capital Stock.
(ggg) “Qumu Stock Option” shall mean any Qumu Stock Award that is an option to purchase Qumu Common Stock from Qumu, whether granted under the Qumu Stock Plan or otherwise (but for the avoidance of doubt specifically excludes the Qumu Warrants).
(hhh) “Qumu Stock Plan” shall mean the Qumu Second Amended and Restated 2007 Stock Incentive Plan.
(iii) “Qumu Triggering Event” shall mean, and shall be deemed to have occurred if, prior to the Effective Time, any of the following shall have occurred:
(i) Qumu shall have committed a material breach with regard to the terms of Section 6.1, Section 6.2 (as modified by Section 6.3), or a Willful Breach with regard to Qumu’s obligations to convene any Qumu Shareholder Meeting in accordance with Section 7.4(a), or Section 7.4(f) (whether or not resulting in the receipt of an Acquisition Proposal);
(ii) Qumu shall have failed to include the Qumu Board Recommendation in the Joint Proxy Statement/Prospectus;
(iii) the Qumu Board or any authorized committee thereof shall have for any reason effected a Qumu Board Recommendation Change;
(iv) the Qumu Board or any authorized committee thereof shall have for any reason approved, or recommended that the Qumu Shareholders approve, any Acquisition Proposal or Acquisition Transaction other than the transactions contemplated by this Agreement (whether or not a Superior Proposal); 
(v) an Acquisition Proposal (whether or not a Superior Proposal) shall have been made in respect of Qumu by a Person unaffiliated with Synacor and, within ten (10) business days after notice of such Acquisition Proposal is first published, sent or given to Qumu’s shareholders, and, if requested by Synacor, Qumu shall not have sent to its shareholders, pursuant to Rule 14e-2 under the Exchange Act, a statement unconditionally reaffirming the Qumu Board Recommendation, and unconditionally recommending that its shareholders reject such Acquisition Proposal and not tender any shares of its capital stock into such Acquisition Proposal if made in the form of a tender or exchange offer; or
(vi) except for the confidentiality agreement required by Section 6.3 as a pre-condition to taking any actions described therein, Qumu shall have entered into a letter of intent, memorandum of understanding or other Contract accepting, providing for or contemplating any Acquisition Proposal or Acquisition Transaction (whether or not a Superior Proposal).
(jjj) “Qumu Warrants” shall mean collectively the ESW Warrant, the Hale Warrant and the iStudy Warrant.
        
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(kkk) “Registered Intellectual Property” shall mean any Intellectual Property Right that is the subject of a formal application or registration with any Governmental Authority (or with respect to domain names, any domain name registrar) including (i) issued Patents; (ii) registered Copyrights (including maskwork registrations); (iii) registered Trademarks; (iv) domain name registrations; and (v) any applications, including provisional applications, for such registrations (as applicable).
(lll) “Sarbanes-Oxley Act” shall mean the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder, or any successor statute, rules or regulations thereto.
(mmm) “SEC” shall mean the United States Securities and Exchange Commission or any successor thereto.
(nnn) “Section 16 Information” shall mean information regarding Qumu Insiders and the number of shares of Qumu Common Stock or other Qumu equity securities deemed to be beneficially owned by each such Qumu Insider and expected to be exchanged for Synacor Common Stock, which shall be provided by Qumu to Synacor within ten (10) business days after the date of this Agreement. 
(ooo) “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules or regulations thereto.
(ppp) “Synacor Balance Sheet” shall mean the unaudited balance sheet of Synacor contained in the Synacor Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019.
(qqq) “Synacor Bylaws” shall mean the Amended and Restated Bylaws of Synacor, as amended and in effect on the date hereof.
(rrr) “Synacor Certificate of Incorporation” shall mean the Synacor Fifth Amended and Restated Certificate of Incorporation, as amended and in effect on the date hereof.
(sss) “Synacor Common Stock” shall mean the Common Stock, par value $0.01 per share, of Synacor.
(ttt) “Synacor Employee Plans” shall mean all Employee Benefit Plans, other than Synacor Non-U.S. Employee Plans which is or has been maintained, contributed to or required to be contributed to for the benefit of, or relating to, any current or former employee, officer, director or consultant of Synacor or any of its Subsidiaries, or with respect to which Synacor or any of its Subsidiaries has or may have any Liability, and shall include any Employee Benefit Plans of Synacor and the Surviving Corporation after the Effective Time.
        
Annex-11

(uuu) “Synacor Intellectual Property” shall mean Technology and Intellectual Property Rights owned or purported to be owned by or exclusively licensed to Synacor or any of its Subsidiaries.
(vvv) “Synacor Material Adverse Effect” shall mean any fact, circumstance, change or effect that, individually or when taken together with all other such facts, circumstances, changes or effects that exist at the date of determination of the occurrence of the Synacor Material Adverse Effect, has or is reasonably likely to have a material adverse effect on (1) the business, operations, financial condition or results of operations of Synacor and its Subsidiaries, taken as a whole, or (2) the ability of Qumu to perform its obligations pursuant to this Agreement and to consummate the Merger and the transactions contemplated hereby in a timely manner; provided, however, that with respect to the foregoing clause (1) no facts, circumstances, changes or effects (by themselves or when aggregated with any other facts, circumstances, changes or effects) resulting from, relating to or arising out of the following shall be deemed to be or constitute a Synacor Material Adverse Effect, and no facts, circumstances, changes or effects resulting from, relating to or arising out of the following (by themselves or when aggregated with any other facts, circumstances, changes or effects) shall be taken into account when determining whether a Synacor Material Adverse Effect has occurred or may, would or could occur: 
(i) economic, financial or political conditions in the United States or any other jurisdiction in which Synacor or any of its Subsidiaries has substantial business or operations, and any changes therein, but solely to the extent that such conditions and changes do not have a disproportionate impact on Synacor and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Synacor operates;
(ii) conditions in the industry or industries in which Synacor operates, and any changes therein, but solely to the extent that such conditions and changes do not have a disproportionate impact on Synacor and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Synacor operates;
(iii) conditions in the financial markets, and any changes therein, but solely to the extent that such conditions and changes do not have a disproportionate impact on Synacor and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Synacor operates;
(iv) acts of terrorism or war, weather conditions (including, without limitation, earthquakes, hurricanes, tornadoes or similar natural disasters), power outages, and other force majeure events, but solely to the extent that such conditions and changes do not have a disproportionate impact on Synacor and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Synacor operates that are located in the same geographical areas as Synacor and its Subsidiaries; 
(v) the announcement or pendency of this Agreement, the Merger and the other transactions contemplated by this Agreement, including the impact thereof on the 
        
Annex-12

relationships, contractual or otherwise, of Synacor or any of its Subsidiaries with employees, customers or other business counterparties;
(vi) changes in Legal Requirements or GAAP (or any interpretations of GAAP), but solely to the extent that such conditions and changes do not have a disproportionate impact on Synacor and its Subsidiaries, taken as a whole, relative to other companies of comparable size operating in the industry or industries in which Synacor operates;
(vii) changes in Synacor’s stock price or the trading volume of Synacor stock, in and of itself;
(viii) the failure to meet public estimates or forecasts of revenues, earnings or other financial metrics, in and of itself, or the failure to meet internal projections, forecasts or budgets of revenues, earnings or other financial metrics, in and of itself; or
(ix) any Transaction Litigation.
(www) “Synacor Non-U.S. Employee Plans” shall mean all Non-U.S. Benefit Plans.  maintained, or contributed to by Synacor, any of Synacor’s Subsidiaries or to which Synacor, any of Synacor’s Subsidiaries is obligated to contribute, or under which any of them has or may reasonably be likely to have any liability for premiums or benefits or other obligations.
(xxx) “Synacor Preferred Stock” shall mean the Preferred Stock, par value $0.01 per share, of Synacor.
(yyy) “Synacor Product” shall mean all products, technologies and services developed (including products, technologies and services under development), owned, made, provided, distributed, imported, sold or licensed by or on behalf of Synacor and/or any of its Subsidiaries.
(zzz) “Synacor Shareholders” shall mean holders of shares of Synacor Capital Stock.
([[[) “Synacor Triggering Event” shall mean, and shall be deemed to have occurred if, prior to the Effective Time, any of the following shall have occurred:
(i) Synacor shall have committed a material breach with regard to the terms of Section 6.1, Section 6.2 (as modified by Section 6.3), or a Willful Breach with regard to Synacor’s obligations to convene any Synacor Shareholder Meeting in accordance with Section 7.4(a), or Section 7.4(f) (whether or not resulting in the receipt of an Acquisition Proposal);
(ii) Synacor shall have failed to include the Synacor Board Recommendation in the Joint Proxy Statement/Prospectus;
(iii) the Synacor Board or any authorized committee thereof shall have for any reason effected a Synacor Board Recommendation Change;
        
Annex-13

(iv) the Synacor Board or any authorized committee thereof shall have for any reason approved, or recommended that the Synacor Shareholders approve, any Acquisition Proposal or Acquisition Transaction other than the transactions contemplated by this Agreement (whether or not a Superior Proposal); 
(v) an Acquisition Proposal (whether or not a Superior Proposal) shall have been made in respect of Synacor by a Person unaffiliated with Qumu and, within ten (10) business days after notice of such Acquisition Proposal is first published, sent or given to Synacor’s shareholders, and, if requested by Qumu, Synacor shall not have sent to its shareholders, pursuant to Rule 14e-2 under the Exchange Act, a statement unconditionally reaffirming the Synacor Board Recommendation, and unconditionally recommending that its shareholders reject such Acquisition Proposal and not tender any shares of its capital stock into such Acquisition Proposal if made in the form of a tender or exchange offer; or 
(vi) except for the confidentiality agreement required by Section 6.3 as a pre-condition to taking any actions described therein, Synacor shall have entered into a letter of intent, memorandum of understanding or other Contract accepting, providing for or contemplating any Acquisition Proposal or Acquisition Transaction (whether or not a Superior Proposal).
(aaaa) “Subsidiary” of any Person shall mean, with respect to any party, any corporation or other organization, whether incorporated or unincorporated, of which (i) such party or any other Subsidiary of such party is a general partner, manager or managing member; (ii) such party or any Subsidiary of such party owns at least a majority of the outstanding equity or voting securities or interests; or (iii) such party or any Subsidiary of such party has the right to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization.
(bbbb) “Superior Proposal” shall mean any unsolicited bona fide written Acquisition Proposal involving the acquisition pursuant to a tender offer, exchange offer, merger, consolidation or other business combination (including by means of a tender offer followed by a back-end merger) of at least fifty percent (50%) of the outstanding voting securities of a party hereto (i) which, if any cash consideration is involved, is not subject to any financing contingencies (and if financing is required, such financing is then fully committed with no contingencies to the third party making such Acquisition Proposal), (ii) which, if any stock consideration is involved, provides for such stock to be registered with the SEC and listed on a national securities exchange as of closing, and (iii) with respect to which the board of directors of the applicable party hereto shall have determined in good faith (after consultation with its financial advisor of nationally recognized standing and its outside legal counsel, and after taking into account, among other things, the financial, legal, regulatory and timing aspects of such Acquisition Transaction, as well as any bona fide counter-offer or proposal made by the other party hereto) that the proposed Acquisition Transaction would be (x) if consummated, more favorable from a financial point of view to the shareholders of the applicable party hereto (in their capacity as such), than the transactions contemplated by this Agreement (taking into account any bona fide counter-offer or proposal made by the other party hereto in accordance 
        
Annex-14

with this Agreement), (y) reasonably likely to receive all required governmental approvals on a timely basis and (z) reasonably capable of being completed on the terms proposed without unreasonable delay.
(cccc) “Tax Return” shall mean any return, report, statement, declaration, estimate, schedule, notice, notification, form, election, certificate or similar filing (including the attached schedules) filed or required to be filed with respect to Taxes, including any information return, supplemental information, claim for refund, amended return or declaration of estimated Taxes.
(dddd) “Taxes” shall mean (i) any net income, alternative or add-on minimum tax, gross income, estimated, gross receipts, sales, use, ad valorem, value added, transfer, franchise, fringe benefit, share capital, profits, license, registration, withholding, payroll, social security (or equivalent), employment, unemployment, disability, excise, severance, stamp, occupation, premium, property (real, tangible or intangible), environmental or windfall profit tax, custom duty or other tax, escheat, unclaimed property, governmental fee or other like assessment or charge (direct or reverse) of any kind whatsoever in the nature of a tax, together with any interest or any penalty, addition to tax or additional amount in relation to such tax (whether disputed or not) imposed by any Governmental Authority responsible for the imposition of any such tax (domestic or foreign), (ii) any liability for the payment of any amounts of the type described in clause (i) of this sentence as a result of being a member of an affiliated, consolidated, combined, unitary, aggregate or group (including any arrangement for group or consortium relief or similar arrangement)  for any taxable period, and (iii) any liability for the payment of any amounts of the type described in clause (i) or (ii) of this sentence as a result of being a transferee of or successor to any Person or as a result of any express or implied obligation to assume such Taxes or to indemnify any other Person or otherwise by operation of law.  
(eeee) “Technology” shall mean tangible embodiments of any or all of the following (i) works of authorship including computer programs, source code, executable code, RTL and GDS II files, whether embodied in software, firmware or otherwise, user interfaces, architecture, network configurations, algorithms, routines, methods, processes, formulae, routines, protocols, schematics, specifications, documentation, designs, files, records, and data related to the foregoing, (ii) inventions (whether or not patentable), discoveries, improvements, and technology, (iii) proprietary and confidential information, trade secrets and know how, (iv) databases, data compilations and collections, and technical data, (v) tools, methods and processes, and (vi) any and all instantiations of the foregoing in any form and embodied in any media.
(ffff) “Willful Breach” shall mean any intentional and material breach of this Agreement by a party hereto having knowledge that the action taken or not taken constitutes or would reasonably be expected to constitute a breach of this Agreement.
Additional Definitions.  The following capitalized terms shall have the respective meanings ascribed thereto in the respective sections of this Agreement set forth opposite each of the capitalized terms below:
        
Annex-15

									
	Term
		Section

	Agreement
		Preamble

	Anti-Corruption Laws
		Section 3.19(b)

	Articles of Merger
		Section 1.1

	Bhise Option
		Section 4.5(a)(iv)

	Book-Entry Shares
		Section 2.3(c)

	Canaccord
		Section 4.2(b)

	Certificates
		Section 2.3(c)

	Closing Date
		Section 2.1

	Code
		Recitals

	Common Stock Consideration
		Section 1.4(b)(i)

	Confidentiality Agreement
		Section 7.5(h)

	Continuing Employee
		Section 7.7(a)

	Continuing Employees
		Section 7.7(a)

	D&O Policy
		Section 7.8(c)

	DGCL
		Section 3.23

	EAR
		Section 3.19(c)(i)

	ECCNs
		Section 3.19(c)(ii)

	Effective Time
		Section 1.1

	Employment Agreements
		Recitals

	Exchange Agent
		Section 2.3(a)

	Exchange Fund
		Section 2.3(b)(i)

	Exchange Ratio
		Section 1.4(b)(i)

	Export Controls
		Section 3.19(c)(i)

	FCPA
		Section 3.19(b)

	Import Restrictions
		Section 3.19(c)(i)

	Indemnified Parties
		Section 7.8(a)

	ITAR
		Section 3.19(c)(i)

	Joint Proxy Statement/Prospectus
		Section 7.3(a)

	Malicious Code
		Section 3.13(m)

	Maximum Annual Premium
		Section 7.8(c)

	MBCA
		Recitals

	Merger
		Recitals

	Merger Shareholder Meetings
		Section 7.4(a)

	Merger Sub
		Preamble

	OFAC
		Section 3.19(c)(i)

	Qumu
		Preamble

	Qumu Board
		Section 3.2(b)

	Qumu Board Recommendation
		Section 7.4(e)

	Qumu Board Recommendation Change
		Section 7.4(f)

	Qumu Capitalization Representations
		Section 2.2(b)(ii)(B)

	Qumu Designee
		Section 8.1(a)

	Qumu Disclosure Letter
		Article III

	Qumu Fundamental Representations
		Section 2.2(b)(ii)(A)

        
Annex-16

									
	Term
		Section

	Qumu In Licenses
		Section 3.13(e)

	Qumu IP Contracts
		Section 5.2(n)

	Qumu IP Licenses
		Section 3.13(e)

	Qumu Material Contract
		Section 3.14(a)

	Qumu Material Real Property Lease
		Section 3.11

	Qumu Out Licenses
		Section 3.13(e)

	Qumu Permits
		Section 3.20

	Qumu Qualified Plan
		Section 3.16(d)

	Qumu Real Property Leases
		Section 3.11

	Qumu Registered Intellectual Property
		Section 3.13(a)

	Qumu SEC Reports
		Section 3.7

	Qumu Shareholder Meeting
		Section 7.4(a)

	Qumu Stock Awards
		Section 3.5(d)

	Qumu Subsidiary Documents
		Section 3.4

	Qumu Support Agreement
		Recitals

	Qumu Tax Certificate
		Section 7.12(b)

	Qumu Terminating Plans
		Section 7.7(b)

	Qumu Voting Proposal
		Section 3.2(b)

		Registration Statement
	Section 7.3(a)

		Regulation M-A Filing
	Section 7.3(c)

		Representatives
	Section 6.1

		Requisite Qumu Shareholder Approval
	Section 3.2(c)

		Requisite Synacor Shareholder Approval
	Section 4.2(c)

	Special Plan
		Section 4.5(a)

		Surviving Corporation
	Section 1.1

	Synacor
		Preamble

	Synacor 2006 Stock Plan
		Section 4.5(a)

	Synacor 2012 Stock Plan
		Section 4.5(a)

	Synacor Board
		Section 4.2(b)

	Synacor Board Recommendation
		Section 7.4(e)

	Synacor Board Recommendation Change
		Section 7.4(f)

	Synacor Capitalization Representations
		Section 2.2(c)(ii)(B)

	Synacor Designee
		Section 8.1(a)

	Synacor Disclosure Letter
		Article IV

	Synacor Fundamental Representations
		Section 2.2(c)(ii)(A)

	Synacor In Licenses
		Section 4.13(e)

	Synacor IP Contracts
		Section 5.2(n)

	Synacor IP Licenses
		Section 4.13(e)

	Synacor Material Contract
		Section 4.14(a)

	Synacor Material Real Property Lease
		Section 4.11

	Synacor Out Licenses
		Section 4.13(e)

	Synacor Permits
		Section 4.20

	Synacor Preferred Stock
		Section 4.5(a)

        
Annex-17

									
	Term
		Section

	Synacor Qualified Plan
		Section 4.16(d)

	Synacor Real Property Leases
		Section 4.11

	Synacor Registered Intellectual Property
		Section 4.13(a)

	Synacor SEC Reports
		Section 4.7

	Synacor Shareholder Meeting
		Section 7.4(a)

	Synacor Stock Awards
		Section 4.5(c)

	Synacor Stock Plans
		Section 4.5(c)

	Synacor Subsidiary Documents
		Section 4.4

	Synacor Support Agreement
		Recitals

	Synacor Support Agreements
		Recitals

	Synacor Tax Certificate
		Section 7.12(b)

	Synacor Voting Proposal
		Section 4.2(b)

	Stifel
		Section 3.2(b)

		Takeover Statute
	Section 3.24

		Tax Opinions
	Section 7.12(b)

		Termination Date
	Section 9.1(c)

		Transaction Litigation
	Section 7.5(e)

		USML
	Section 3.19(c)(ii)

		WARN Act
	Section 3.17(c)

        
Annex-18

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