Document:

EX-10.1

 Exhibit 10.1 

CREDIT AGREEMENT 
 among 

LIVANOVA USA INC., 
 as Borrower,

 LIVANOVA PLC, 
 as Holdings,

 The Several Lenders 
 from
Time to Time Parties Hereto, 
 ARES CAPITAL CORPORATION, 

as Administrative Agent, 
 and 

ARES CAPITAL CORPORATION, 
 as
Collateral Agent 
 Dated as of June 10, 2020 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 1.1
	 	Defined Terms	  	 	1	 
			
	 1.2
	 	Other Definitional Provisions	  	 	38	 
			
	 1.3
	 	Rounding	  	 	39	 
			
	 1.4
	 	Corporate Terminology	  	 	40	 
			
	 1.5
	 	UCC Definitions	  	 	40	 
			
	 1.6
	 	Divisions; Series	  	 	40	 
			
	 SECTION 2.
	 	 AMOUNT AND TERMS OF TERM COMMITMENTS
	  	 	40	 
			
	 2.1
	 	Term Commitments	  	 	40	 
			
	 2.2
	 	Procedure for Term Loan Borrowing	  	 	40	 
			
	 2.3
	 	Repayment of Term Loans	  	 	41	 
			
	 2.4
	 	[reserved]	  	 	41	 
			
	 2.5
	 	Fees	  	 	42	 
			
	 SECTION 3.
	 	 GENERAL PROVISIONS APPLICABLE TO LOANS
	  	 	42	 
			
	 3.1
	 	Optional Prepayments	  	 	42	 
			
	 3.2
	 	Mandatory Prepayments; Prepayment Premium	  	 	42	 
			
	 3.3
	 	Conversion and Continuation Options	  	 	44	 
			
	 3.4
	 	Limitations on LIBOR Tranches	  	 	45	 
			
	 3.5
	 	Interest Rates and Payment Dates	  	 	45	 
			
	 3.6
	 	Computation of Interest and Fees	  	 	46	 
			
	 3.7
	 	Inability to Determine Interest Rate	  	 	46	 
			
	 3.8
	 	Pro Rata Treatment; Application of Payments; Payments	  	 	47	 
			
	 3.9
	 	Requirements of Law	  	 	48	 
			
	 3.10
	 	Taxes	  	 	49	 
			
	 3.11
	 	Indemnity	  	 	52	 
			
	 3.12
	 	Change of Lending Office	  	 	53	 
			
	 3.13
	 	Replacement of Lenders	  	 	53	 
			
	 3.14
	 	Evidence of Debt	  	 	54	 
			
	 3.15
	 	Illegality	  	 	54	 
			
	 3.16
	 	Extension Offers	  	 	55	 

  
 -i- 

							
			
	 SECTION 4.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	56	 
			
	 4.1
	 	Financial Condition	  	 	56	 
			
	 4.2
	 	No Change	  	 	56	 
			
	 4.3
	 	Corporate Existence	  	 	57	 
			
	 4.4
	 	Power; Authorization; Enforceable Obligations	  	 	57	 
			
	 4.5
	 	No Legal Bar	  	 	57	 
			
	 4.6
	 	Litigation and Adverse Proceedings	  	 	58	 
			
	 4.7
	 	[Intentionally Omitted]	  	 	58	 
			
	 4.8
	 	Ownership of Property; Liens	  	 	58	 
			
	 4.9
	 	Intellectual Property	  	 	58	 
			
	 4.10
	 	Taxes	  	 	59	 
			
	 4.11
	 	Federal Reserve Regulations	  	 	59	 
			
	 4.12
	 	Labor Matters	  	 	59	 
			
	 4.13
	 	ERISA	  	 	59	 
			
	 4.14
	 	Investment Company Act; Other Regulations	  	 	61	 
			
	 4.15
	 	Capital Stock and Ownership Interests of Subsidiaries	  	 	61	 
			
	 4.16
	 	Use of Proceeds	  	 	61	 
			
	 4.17
	 	Environmental Matters	  	 	61	 
			
	 4.18
	 	Accuracy of Information, etc	  	 	62	 
			
	 4.19
	 	Security Documents	  	 	62	 
			
	 4.20
	 	Solvency	  	 	63	 
			
	 4.21
	 	Senior Indebtedness	  	 	63	 
			
	 4.22
	 	Compliance with Law	  	 	63	 
			
	 4.23
	 	Anti-Terrorism Laws	  	 	64	 
			
	 4.24
	 	Insurance	  	 	65	 
			
	 4.25
	 	Choice of Law	  	 	65	 
			
	 4.26
	 	Regulatory Matters	  	 	66	 
			
	 4.27
	 	Holding Companies	  	 	67	 
			
	 SECTION 5.
	 	 CONDITIONS PRECEDENT
	  	 	67	 
			
	 5.1
	 	Conditions Precedent to the Effective Date	  	 	67	 
			
	 5.2
	 	Conditions Precedent to Initial Credit Extension	  	 	69	 
			
	 5.3
	 	Conditions to all Credit Extensions	  	 	71	 

  
 -ii- 

							
			
	 SECTION 6.
	 	 AFFIRMATIVE COVENANTS
	  	 	71	 
			
	 6.1
	 	Financial Statements	  	 	71	 
			
	 6.2
	 	Certificates; Other Information	  	 	73	 
			
	 6.3
	 	Payment of Taxes	  	 	75	 
			
	 6.4
	 	Maintenance of Existence; Compliance	  	 	75	 
			
	 6.5
	 	Maintenance of Property; Insurance	  	 	75	 
			
	 6.6
	 	Inspection of Property; Books and Records; Discussions	  	 	76	 
			
	 6.7
	 	Notices	  	 	76	 
			
	 6.8
	 	Environmental Laws	  	 	78	 
			
	 6.9
	 	[Intentionally Omitted]	  	 	78	 
			
	 6.10
	 	U.K. Pensions	  	 	78	 
			
	 6.11
	 	Centre of Main Interests and Establishments	  	 	81	 
			
	 6.12
	 	U.K. PSC Register	  	 	82	 
			
	 6.13
	 	Post-Closing; Additional Collateral, etc	  	 	82	 
			
	 6.14
	 	Further Assurances	  	 	82	 
			
	 6.15
	 	ERISA-Related Information	  	 	82	 
			
	 6.16
	 	Use of Proceeds	  	 	82	 
			
	 6.17
	 	[Intentionally Omitted]	  	 	83	 
			
	 6.18
	 	Intellectual Property	  	 	83	 
			
	 6.19
	 	Designation of Subsidiaries	  	 	83	 
			
	 SECTION 7.
	 	 NEGATIVE COVENANTS
	  	 	83	 
			
	 7.1
	 	Indebtedness	  	 	84	 
			
	 7.2
	 	Liens	  	 	86	 
			
	 7.3
	 	Fundamental Changes	  	 	89	 
			
	 7.4
	 	Disposition of Property	  	 	89	 
			
	 7.5
	 	Restricted Payments	  	 	92	 
			
	 7.6
	 	Investments	  	 	93	 
			
	 7.7
	 	Optional Payments and Modifications of Certain Debt Instruments	  	 	95	 
			
	 7.8
	 	Transactions with Affiliates	  	 	95	 
			
	 7.9
	 	[Intentionally Omitted]	  	 	96	 
			
	 7.10
	 	[Intentionally Omitted]	  	 	96	 
			
	 7.11
	 	Changes in Fiscal Periods; Accounting Changes	  	 	96	 
			
	 7.12
	 	Negative Pledge Clauses	  	 	96	 
			
	 7.13
	 	Clauses Restricting Subsidiary Distributions	  	 	97	 

  
 -iii- 

							
			
	 7.14
	 	Lines of Business	  	 	98	 
			
	 7.15
	 	Hedge Agreements	  	 	98	 
			
	 7.16
	 	Holding Company	  	 	99	 
			
	 7.17
	 	Financial Performance Covenant	  	 	99	 
			
	 SECTION 8.
	 	 EVENTS OF DEFAULT
	  	 	99	 
			
	 8.1
	 	Events of Default	  	 	99	 
			
	 SECTION 9.
	 	 THE AGENTS
	  	 	103	 
			
	 9.1
	 	Appointment	  	 	103	 
			
	 9.2
	 	Delegation of Duties	  	 	103	 
			
	 9.3
	 	Exculpatory Provisions	  	 	103	 
			
	 9.4
	 	Reliance by Agents	  	 	104	 
			
	 9.5
	 	Notice of Default	  	 	104	 
			
	 9.6
	 	Non-Reliance on Agents and Other Lenders	  	 	105	 
			
	 9.7
	 	Indemnification	  	 	105	 
			
	 9.8
	 	Agent in Its Individual Capacity	  	 	105	 
			
	 9.9
	 	Successor Administrative Agent	  	 	106	 
			
	 9.10
	 	Agents Generally	  	 	106	 
			
	 9.11
	 	Lender Action	  	 	106	 
			
	 9.12
	 	Withholding Tax	  	 	107	 
			
	 9.13
	 	Administrative Agent May File Proof of Claims	  	 	107	 
			
	 9.14
	 	Lender Representations	  	 	108	 
			
	 SECTION 10.
	 	 MISCELLANEOUS
	  	 	109	 
			
	 10.1
	 	Amendments and Waivers	  	 	109	 
			
	 10.2
	 	Notices	  	 	112	 
			
	 10.3
	 	No Waiver; Cumulative Remedies	  	 	113	 
			
	 10.4
	 	Survival of Representations and Warranties	  	 	114	 
			
	 10.5
	 	Payment of Expenses and Taxes; Indemnity	  	 	114	 
			
	 10.6
	 	Successors and Assigns; Participations and Assignments	  	 	116	 
			
	 10.7
	 	Sharing of Payments; Set-off	  	 	120	 
			
	 10.8
	 	Counterparts	  	 	121	 
			
	 10.9
	 	Severability	  	 	121	 
			
	 10.10
	 	Integration	  	 	122	 
			
	 10.11
	 	GOVERNING LAW	  	 	122	 

  
 -iv- 

							
			
	 10.12
	 	Submission To Jurisdiction; Waivers	  	 	122	 
			
	 10.13
	 	Acknowledgments	  	 	122	 
			
	 10.14
	 	Releases of Guarantees and Liens	  	 	123	 
			
	 10.15
	 	Confidentiality	  	 	124	 
			
	 10.16
	 	WAIVERS OF JURY TRIAL	  	 	124	 
			
	 10.17
	 	Judgment Currency	  	 	125	 
			
	 10.18
	 	Patriot Act Notice	  	 	125	 
			
	 10.19
	 	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	  	 	125	 

  
 -v- 

 ANNEX: 
  

			
	 A
	  	 Agreed Security Principles

 SCHEDULES: 
  

			
	 1.1
	  	 Commitments

	 4.8
	  	 Ownership of Properties

	 4.9(a)
	  	 Intellectual Property(a)

	 4.9(b)
	  	 Intellectual Property(b)

	 4.15
	  	 Subsidiaries

	 4.19
	  	 UCC Filing Jurisdictions

	 4.24
	  	 Insurance

	 4.29
	  	 Indebtedness towards non-Loan Parties

	 4.26
	  	 Regulatory Matters

	 6.10
	  	 Post-Closing Requirements

	 7.1
	  	 Existing Indebtedness

	 7.2
	  	 Existing Liens

	 7.6
	  	 Existing Investments

	 7.12
	  	 Clauses Restricting Negative Pledges

	 7.13
	  	 Clauses Restricting Subsidiary Distributions

 EXHIBITS: 
  

			
	A	  	Form of Assignment and Assumption
	B	  	Form of Borrowing Notice
	C	  	[Intentionally Omitted]
	D-1	  	Form of Tax Status Certificate (For Non U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	D-2	  	Form of Tax Status Certificate (For Non U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	D-3	  	Form of Tax Status Certificate (For Non U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	D-4	  	Form of Tax Status Certificate (For Non U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	E	  	Form of Note
	F-1	  	Form of Closing Certificate
	F-2	  	Form of Compliance Certificate
	H	  	Form of Intercompany Note
	I	  	Form of Perfection Certificate
	J	  	Form of Guarantee and Collateral Agreement
	K	  	Form of Intercompany Subordination Agreement
	L	  	Form of U.K. Floating Charge
	M	  	Form of Borrower’s Closing Certificate
	N	  	Form of Solvency Certificate

  

  
 -vi- 

 THIS CREDIT AGREEMENT, dated as of June 10, 2020, among LIVANOVA USA INC., a corporation
organized under the laws of the State of Delaware (the “Borrower”), LIVANOVA PLC, a company incorporated under the laws of England and Wales (registered number 09451374) (“Holdings”), the financial institutions or
entities from time to time parties to this Agreement as “Lenders”, ARES CAPITAL CORPORATION (“Ares”), as administrative agent (in such capacity, and together with its successors and assigns in such capacity, the
“Administrative Agent”), and Ares, as collateral agent (in such capacity, and together with its successors and assigns in such capacity, the “Collateral Agent”). 

WHEREAS, the Borrower has requested that the Lenders extend credit on the Closing Date to the Borrower in the form of an initial term loan in
the form of a delayed draw facility in the aggregate principal amount of $450,000,000 to be drawn on the Closing Date (the “Initial Term Loan Facility”); 

WHEREAS, (a) the proceeds of the Initial Term Loan Facility will be used (i) refinance in full the Existing Facilities (as defined
herein) and (ii) to pay fees and expenses incurred in connection with the transactions contemplated hereby; 
 WHEREAS, on or about the
Closing Date (as defined herein), the Borrower shall issue senior unsecured notes in a Syndicated Offering (as defined herein) in an aggregate principal amount of not less than $150,000,000 (the “Initial Syndicated Offering”); 

WHEREAS, the Lenders are willing to make available the Initial Term Loan Facility for such purposes on the terms and subject to the conditions
set forth in this Agreement. 
 NOW THEREFORE, in consideration of the premises and the agreements, provisions and covenants contained
herein, the parties hereto agree as follows: 
 SECTION 1. DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective
meanings set forth in this Section 1.1. 
 “ABR”: a fluctuating interest rate per annum in effect
from time to time, which rate per annum shall at all times be equal to the highest of (a) the rate of interest published by the Wall Street Journal, from time to time, as the “U.S. Prime Rate,” (b)
1⁄2 of 1% per annum above the Federal Funds Effective Rate; (c) the LIBOR Rate for an Interest Period of three (3) months plus 1.00%, as adjusted to
conform to changes as of the opening of business on the date of any such change of the LIBOR Rate; and (d) the ABR Floor. Changes in the rate of interest on that portion of any Term Loans maintained as ABR Loans will take effect simultaneously
with each change in the ABR. 
 “ABR Floor”: 2.00%. 

“ABR Loans”: Term Loans the rate of interest applicable to which is based upon the ABR. 

“Acquired Person”: as defined in Section 7.1(i). 

  
 -1- 

 “Administrative Agent”: as defined in the preamble to this Agreement. 

“Administrative Agent Parties”: as defined in Section 10.2(c). 

“Affected Financial Institution” shall mean (a) any EEA Financial Institution or (b) any U.K. Financial
Institution. 
 “Affected Lender”: as defined in Section 3.13. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, including through one or more intermediaries,
is in control of, is controlled by, or is under common control with, such Person; provided, that, the Agents and the Lenders shall not be an Affiliate of any Loan Party solely by reason of the provisions of the Loan Documents. For purposes of
this definition, “control” of a Person means the possession, direct or indirect, of the power to direct or cause the direction of management or policies of a Person, whether through ownership of securities, by contract or otherwise;
provided, however, that for purposes of Section 7.8, the term “Affiliate” shall also include (i) any person that directly or indirectly owns more than 10% of any class of Capital Stock of the person specified,
(ii) any person that is an officer or director of the person specified or (iii) any person that has, directly or indirectly, the power to direct or cause the direction of the management or policies of a Person, whether though the ability
to exercise voting power, by contract or otherwise. 
 “Agent Related Parties”: the Administrative Agent, the Collateral
Agent, and any of their respective Affiliates, officers, directors, employees, agents, advisors or representatives. 

“Agents”: the collective reference to the Administrative Agent and the Collateral Agent. 

“Agreed Security Principles”: the principles set forth in Annex A. 

“Agreement”: this Credit Agreement, as amended, restated, amended and restated, supplemented or otherwise modified from time
to time. 
 “Anti-Money Laundering Laws”: any and all laws, rules or regulations relating to money laundering or terrorism
financing, including (a) 18 U.S.C. §§ 1956 and 1957; and (b) the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq., as amended by the PATRIOT Act, and its implementing regulations. 

“Anti-Terrorism Laws”: Executive Order No. 13224, the Patriot Act, the laws comprising or implementing the Bank Secrecy
Act, the laws administered by the United States Treasury Department’s Office of Foreign Asset Control (each as from time to time in effect), the Money Laundering Regulations 2007 and the Terrorism Act 2000 (as amended by the Anti-Terrorism,
Crime and Security Act 2001, the Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007) and all other laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing,
money laundering or bribery, all as amended, supplemented or replaced from time to time. 
 “Applicable Margin”: 6.50% for
LIBOR Rate Loans and 5.50% for ABR Loans. 

  
 -2- 

 “Approved Fund”: with respect to any Lender, any Person (other than a
natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans, or similar extensions of credit in the ordinary course and is administered or managed by (a) such Lender, (b) an Affiliate of such
Lender, or (c) an entity or an Affiliate of an entity that administers or manages such Lender. 
 “Ares”: as defined
in the preamble to this Agreement. 
 “Asset Sale”: any Disposition of Property or series of related Dispositions of
Property, including, without limitation, any issuance of Capital Stock of any Subsidiary of Holdings to a Person other than to any Group Member (excluding in any case any such Disposition permitted by Section 7.4 other than
Section 7.4(r)) that yields gross proceeds to any Group Member (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt
securities and valued at fair market value in the case of other non-cash proceeds) in excess of $7,500,000. 

“Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an assignment and assumption entered into by a Lender and an Eligible Assignee and accepted by
the Administrative Agent, and, if applicable, the Borrower, substantially in the form of Exhibit A. 
 “Assignment Effective
Date”: as defined in Section 10.6(d). 
 “ASU”: as defined in Section 1.2(d). 

“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In Legislation”: (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for
such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended
from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings). 
 “Benefited Lender”: as defined in
Section 10.7(a). 
 “Benefit Plan”: any of (a) an “employee benefit plan” (as
defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I
of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 
 “Blocked
Person”: as defined in Section 4.23(c). 

  
 -3- 

 “Board”: the Board of Governors of the Federal Reserve System of the United
States (or any successor). 
 “Borrower”: as defined in the preamble to this Agreement. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder. 
 “Borrowing Notice”: as defined in Section 2.2. 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to close; provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, LIBOR Rate Loans, such day is also a day for trading by and between banks in Dollar deposits in
the interbank eurodollar market. 
 “Capital Lease Obligations”: as to any Person, the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of
such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing; provided that Capital Stock shall not include any debt securities
that are convertible into or exchangeable for any of the foregoing Capital Stock. 
 “Capped Call”: the capped call options
on ordinary shares of Holdings, to be entered into by the Borrower with certain financial institutions on or about the Closing Date for the purpose of hedging the Borrower’s obligations under the Initial Syndicated Offering. 

“Cash Equivalents”: 

(a) Dollars, Euros and Pounds Sterling (and such other currency that is approved by the Administrative Agent) held in the
ordinary course of business of the relevant Person; 
 (b) marketable direct obligations issued by, or unconditionally
guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of acquisition; 

(c) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of one
(1) year or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than $500,000,000; 

  
 -4- 

 (d) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing
ratings of commercial paper issuers generally, and maturing within one (1) year from the date of acquisition; 
 (e)
repurchase obligations of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than thirty (30) days, with respect to securities issued or fully guaranteed or insured by the United
States government; 
 (f) securities with maturities of one year or less from the date of acquisition issued or fully
guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth,
territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; 

(g) securities with maturities of one (1) year or less from the date of acquisition backed by standby letters of credit
issued by any commercial bank satisfying the requirements of clause (b) of this definition; or 
 (h) shares of money
market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition or money market funds that (i) comply with the criteria set forth in Securities and Exchange
Commission Rule 2a-7 under the Investment Company Act of 1940, as amended and (ii) are rated AAA by S&P and Aaa by Moody’s. 

“Change of Control”: an event or series of events by which: 

(a) at any time, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but
excluding any employee benefit plan of such Person or its Subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, directly or indirectly, of thirty-five percent (35%) or more of the equity securities of Holdings entitled to vote for members of the
board of directors or equivalent governing body of Holdings on a fully-diluted basis; 
 (b) at any
time after the Effective Date, during any period of twenty-four (24) consecutive months, a majority of the members of the board of directors or other equivalent governing body of Holdings cease to be composed of individuals (i) who were
members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at
the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election, nomination or appointment to that board or other equivalent governing body was approved by individuals referred to
in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; 

(c) [Intentionally Omitted]; 

  
 -5- 

 (d) Holdings ceases to beneficially own and control one hundred percent
(100%) on a fully diluted basis of the economic and voting interest in the Capital Stock of Borrower; or 
 (e) a “Change of
Control”, “fundamental change” or other similar concept as defined or included in any Junior Indebtedness Document shall occur. 

“Closing Date”: the date on which all conditions set forth in Section 5.2 of this Agreement have
been satisfied or waived by the Administrative Agent. 
 “Closing Date Loan Parties”: each of Holdings, the Borrower,
CardiacAssist, Inc., ImThera Medical, Inc. and LIVN US 3, LLC. 
 “Code”: the Internal Revenue Code of 1986, as amended
from time to time and the regulations promulgated and rulings issues thereunder. 
 “Collateral”: all property of the Loan
Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document. 
 “Collateral
Agent”: as defined in the preamble to this Agreement. 
 “Commitment”: the Initial Term Loan Commitment of any
Lender. 
 “Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from to time, and
any successor statute. 
 “Commonly Controlled Entity”: an entity, whether or not incorporated, that at any relevant time
would be deemed to be under common control with the Borrower within the meaning of Section 4001 of ERISA or part of a group that includes the Borrower and that would be treated as a single employer under Section 414 of the Code. 

“Communications”: as defined in Section 10.2(b). 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer substantially in the form of Exhibit F-2. 
 “Connection Income Taxes”: Other Connection Taxes that are imposed on or measured
by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA”: for any
period, for Holdings, the Borrower and the Restricted Subsidiaries on a consolidated basis, without duplication, an amount equal to Consolidated Net Income for such period plus (a) the following, in each case, to the extent deducted (and
not added back) in calculating such Consolidated Net Income: 
 (i) provisions for Taxes based on income or profits or
capital, plus franchise or similar taxes and foreign withholding taxes; 

  
 -6- 

 (ii) interest expense, amortization or
write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Term Loans) for such period; 

(iii) depreciation and amortization expense; 

(iv) non-cash stock-based compensation expense for such period; 

(v) all extraordinary, unusual or nonrecurring cash expenses and charges for such period; provided that amounts added back
pursuant to this clause (v) when aggregated with amounts added back pursuant to clause (xiv) and clause (xvi) below, shall not exceed 25% of Consolidated EBITDA (calculated before giving effect to such adjustments) during such period;

 (vi) non-cash purchase accounting adjustments; 

(vii) costs and expenses incurred in connection with the transactions consummated in connection with the Transactions; 

(viii) any net loss from disposed or discontinued operations; 

(ix) all customary costs and expenses incurred or paid in connection with Investments (including Permitted Acquisitions) and
with the issuance, prepayment or amendment or refinancing of Indebtedness permitted hereunder or issuance of Capital Stock, in each case whether consummated or not; 

(x) (I) expenses and charges paid in connection with the SNIA litigation and (II) expenses and charges incurred and
paid prior to the Effective Date with respect to other litigation disclosed in the public filings made by Holdings prior to the Effective Date, in each case of prongs (I) and (II) including any settlement thereof; 

(xi) [Intentionally Omitted]; 

(xii) other expenses reducing such Consolidated Net Income which do not represent a cash item in such period (but excluding any
such charge which requires an accrual of, or a cash reserve for, anticipated cash charges in any future period); 
 (xiii)
the aggregate net loss on the Disposition of property (other than accounts (as defined in the Uniform Commercial Code) and inventory) outside the ordinary course of business; 

(xiv) the amount of net cost savings and synergies projected by the Borrower in good faith as a result of actions taken
(calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that
(A) such cost savings and synergies are reasonably identifiable and factually supportable, (B) no cost savings shall be added pursuant to this clause (xiv) to the extent duplicative of any such expenses or changes that are included in
clauses (v), (viii), (xii) and (xiii) above and 

  
 -7- 

 
clause (xvi) below with respect to such period, (C) the benefits resulting therefrom are anticipated by the Borrower to be realized within twelve (12) months of such actions having
been taken, and (D) amounts added back pursuant to this clause (xiv), when aggregated with amounts added back pursuant to clause (v) above and clause (xvi) below, shall not exceed 25% of Consolidated EBITDA (calculated before giving
effect to such adjustments) during such period; 
 (xv) any expenses or charge for such period to the extent covered by, and
actually reimbursed by, the insurer within 180 days with respect to any business interruption insurance or similar insurance of Holdings, the Borrower or any Restricted Subsidiary in respect thereof (to the extent such payments or refunds are
included in Consolidated Net Income); and 
 (xvi) the actual amount of any restructuring charges, integration and facilities
opening costs or other business optimization expenses (including cost and expenses relating to business optimization programs and new systems design and implementation costs) and project start-up costs;
provided that (A) no such restructuring charges, integration or optimization expenses shall be added pursuant to this clause (xvi), to the extent they are duplicative of any such expenses or changes that are included in clauses (v),
(viii), (xii), (xiii) and (xiv) above and (B) amounts added back pursuant to this clause (xvi), when aggregated with amounts added back pursuant to clause (v) and clause (xiv) above, shall not exceed 25% of Consolidated EBITDA
(calculated before giving effect to such adjustments) during such period; 
 less (b) the following to the extent added in calculating such
Consolidated Net Income: 
 (A) all interest income for such period, 

(B) all Tax benefits for such period to the extent not netted in determining the amount for clause (a)(i) above, 

(C) non-cash purchase accounting adjustments, and 

(D) (i) the aggregate net gain from the Disposition of property (other than accounts (as defined in the Uniform Commercial
Code) and inventory) outside the ordinary course of business, (ii) any net gain from disposed or discontinued operations, (iii) all extraordinary, unusual or nonrecurring gains for such period, and (iv) all non-cash items increasing Consolidated Net Income which do not represent a cash item in such period or any future period (but excluding any such items (x) in respect of which cash was received in a prior period
or will be received in a future period or (y) which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period). 

For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant
to any determination hereunder, (x) if at any time during such Reference Period any Group Member shall have made any Asset Sale, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA
(if positive) attributable to the property that is the subject of such Asset Sale for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if 

  
 -8- 

 
negative) attributable thereto for such Reference Period, in each case assuming the repayment of Indebtedness in connection therewith occurred as of the first day of such Reference Period and
(y) if during such Reference Period any Group Member shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto as if such Material Acquisition occurred
on the first day of such Reference Period. 
 As used in this definition only, “Material Acquisition” means any acquisition
of property or series of related acquisitions of property that constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common stock of a Person. 

“Consolidated Funded Debt”: at any date, the aggregate principal amount of all Indebtedness of the type described in clauses
(a), (b) (to the extent of Earn-Out Obligations and other similar obligations), (c), (e), (f) (to the extent of any unreimbursed drawings), (g) and (h) (to the extent relating to any of the aforementioned
items) of the definition of such term of Holdings and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Income”: for any period, the consolidated net income (or loss) of Holdings, the Borrower and the Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided, that, (a) the undistributed earnings of any Subsidiary of Holdings that is not a Loan Party shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document), its Organizational Documents or Requirement of Law applicable to such Subsidiary;
(b) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period shall be excluded; (c) [Intentionally Omitted]; (d) any after-tax effect of income (loss) from the early extinguishment of (i) Indebtedness, (ii) obligations under any Hedge Agreements or (iii) other derivative instruments, in each case, solely to the extent
permitted under this Agreement shall be excluded; (e) [Intentionally Omitted]; (f) [Intentionally Omitted], and (g) the following items shall be excluded, in each case, solely to the extent permitted under this Agreement: (i) any net
unrealized gain or loss (after any offset) resulting in such period under any Hedge Agreements (including, for the avoidance of doubt, the Capped Call) and the application of Statement of Financial Accounting Standards No. 133; and
(ii) any net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses including those (x) related to currency remeasurements of Indebtedness and (y) resulting from Hedge Agreements
for currency exchange risk. In addition, to the extent not already included, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance. 

“Contractual Obligation”: as to any Person, any agreement, instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound. 
 “Core Business Segment”: each of Holdings’ business segments relating
to cardiopulmonary Products, neuromodulation-based Products and advanced circulatory support Products, including, in each case, any Products, Intellectual Property and other assets related thereto. 

  
 -9- 

 “Declined Proceeds”: as defined in Section 3.2.

 “Default”: any of the events specified in Section 8, whether or not any requirement for the
giving of notice, the lapse of time, or both, has been satisfied. 
 “Defaulting Lender”: at any time, any Lender
(a) that has failed for to comply with its obligations under Section 2.1 of this Agreement (a “funding obligation”), (b) that has notified the Administrative Agent or the Borrower, or has stated
publicly, that it will not comply with any such funding obligation hereunder, (c) that has failed to confirm in writing to the Administrative Agent, in response to a written request of the Administrative Agent, that it will comply with its
funding obligations hereunder, or (d) with respect to which a Lender Insolvency Event has occurred and is continuing; provided that (i) the Administrative Agent and the Borrower may declare (A) by joint notice to the Lenders
that a Defaulting Lender is no longer a “Defaulting Lender” or (B) that a Lender is not a Defaulting Lender if in the case of both clauses (a) and (b) the Administrative Agent and the Borrower each determines, in its
reasonable discretion, that (x) the circumstances that resulted in such Lender becoming a “Defaulting Lender” no longer apply or (y) it is satisfied that such Lender will continue to perform its funding obligations
hereunder and (ii) a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of voting stock or any other equity interest in such Lender or a parent company thereof by a Governmental Authority or an
instrumentality thereof unless such ownership or acquisition results in or provides such Lender with immunity from the jurisdiction of the courts within the United States from the enforcement of judgments, writs of attachment on its assets or
permits such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender. The Administrative Agent will promptly send to all parties hereto a notice when it becomes aware that a
Lender is a Defaulting Lender and such determination by the Administrative Agent shall be conclusive and binding absent manifest error. 

“Designated Non-Cash Consideration”: means the fair market value of non-cash consideration received by a Group Member in connection with a Disposition pursuant to Section 7.4(r) that is designated as Designated
Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation (which amount will be reduced by the fair market value of the portion of the
non-cash consideration converted to cash within 180 days following the consummation of the applicable Disposition). 

“Disposition”: with respect to any Property, any sale, lease, sale and leaseback, Exclusive License, assignment, conveyance,
transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Capital Stock”: any Capital Stock that is not Qualified Capital Stock. 

“Dollars” and “$”: dollars in lawful currency of the United States. 

“Domestic Loan Party”: any Loan Party that is a “United States Person,” as defined in the Code. 

“Domestic Subsidiary”: any Subsidiary that is a “United States Person,” as defined in the Code, other than a
Section 956 Excluded Subsidiary. 

  
 -10- 

 “Earn-Out Obligations”: those
certain unsecured obligations of Holdings or any Subsidiary arising in connection with any acquisition of assets or businesses permitted under Section 7.6 to the seller of such assets or businesses and the payment of which
is dependent on the future earnings or performance of such assets or businesses and contained in the agreement relating to such acquisition or in an employment agreement delivered in connection therewith. 

“EEA Financial Institution”: (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein and Norway. 

“EEA Resolution Authority”: any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date”: means June 10, 2020. 

“Eligible Assignee”: any Assignee permitted by and consented to in accordance with Section 10.6(b).

 “Eligible Foreign Pledged Subsidiary”: LivaNova Nederlands N.V., and any Loan Party incorporated in Canada and the
United Kingdom. 
 “Environment”: ambient air, indoor air, surface water, groundwater, drinking water, land surface and
subsurface strata, and natural resources such as wetlands, flora and fauna. 
 “Environmental Claims”: any and all
administrative, regulatory, adjudicatory or judicial actions, suits, demands, demand letters, claims, liens, fines, penalties, requests for information, inquiries, notices of noncompliance or violation, investigations (other than internal reports
prepared by the Loan Parties in the ordinary course of such Person’s business) or proceedings relating in any way to any Environmental Law, any Materials of Environmental Concern (including any exposure to any Materials of Environmental
Concern), or any permit issued, or any approval given, under any such Environmental Law (“Claims”), including (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response,
remedial, investigation, monitoring or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any Person seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief
resulting from the presence, Release of, or threat of Release of, Materials of Environmental Concern or arising from alleged injury or threat of injury to human health, public safety or the environment, pursuant to any Environmental Law. 

  
 -11- 

 “Environmental Laws”: any and all applicable foreign, federal, state, local
or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) relating to pollution or protection of the Environment, including
those relating to use, generation, storage, treatment, transport, Release or threat of Release of Materials of Environmental Concern, or to protection of human or animal health or safety (to the extent relating to exposure to Materials of
Environmental Concern), as now or may at any time hereafter be in effect. 
 “ERISA”: the Employee Retirement Income
Security Act of 1974, and the regulations promulgated and rulings issued under it, as all may be amended from time to time. 

“ERISA Event”: any one or more of the following: (a) the failure to make a required contribution to any Single Employer
Plan that would result in the imposition of a lien or other encumbrance or the provision of security under Section 430 of the Code or Section 303 or 4068 of ERISA, or the arising of such a lien or encumbrance; there being or arising any
“unpaid minimum required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section 4971 of the Code or Part 3 of Subtitle B of Title I of ERISA), whether or not waived; or the filing of
any request for or receipt of a minimum funding waiver under Section 412 of the Code with respect to any Single Employer Plan or Multiemployer Plan, or that such filing may be made; or a determination that any Single Employer Plan is, or is
expected to be, considered an at-risk plan within the meaning of Section 430 of the Code or Section 303 of ERISA, or that any Multiemployer Plan is, or is expected to be, considered a plan in
endangered or critical status within the meaning of Sections 431 and 432 of the Code or Sections 304 and 305 of ERISA; (b) a Reportable Event with respect to any Single Employer Plan; (c) the filing of a notice of intent to terminate any
Single Employer Plan, if such termination would require material additional contributions in order to be considered a standard termination within the meaning of Section 4041(b) of ERISA, the filing under Section 4041(c) of ERISA of a
notice of intent to terminate any Single Employer Plan or the termination of any Single Employer Plan under Section 4041(c) of ERISA; (d) the institution by the PBGC of proceedings to terminate a Single Employer Plan pursuant to
Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA which would be reasonably be expected to constitutes grounds for the termination of, or the appointment of a trustee to administer, such
Single Employer Plan; (e) the complete or partial withdrawal of any Group Member or any Commonly Controlled Entity from a Multiemployer Plan or the Insolvency of a Multiemployer Plan; (f) engaging in any
non-exempt “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) involving any Single Employer Plan; (g) the cessation of operations at a
facility of any Group Member or Commonly Controlled Entity in the circumstances described in Section 4062(e) of ERISA; (h) the withdrawal by any Group Member or Commonly Controlled Entity from a Multiple Employer Plan during a plan year
for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; or (i) a Group Member or a Commonly Controlled Entity incurs any liability under Title IV of ERISA with respect to any Single Employer Plan (other than
premiums due and not delinquent under Section 4007 of ERISA). 
 “EU Bail-In
Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

  
 -12- 

 “Euro” and the designation “€” shall mean the single
currency of the Participating Member States of the European Union. 
 “Eurocurrency Reserve Requirements”: for any day as
applied to a LIBOR Rate Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves under any
regulations of the Board or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 
 “Event of Default”: any of the
events specified in Section 8. 
 “Exchange Act”: the Securities Exchange Act of 1934, as
amended. 
 “Excluded Assets”: as defined in Section 6.10(g)(iii). 

“Excluded Indebtedness”: all Indebtedness permitted by Section 7.1. 

“Excluded Subsidiary”: any Subsidiary (1) for which guarantees at any time are prohibited or restricted by Requirements
of Law (including financial assistance, fraudulent conveyance, preference, capitalization or any other Requirements of Law or regulations) (or contractually prohibited on the Closing Date (in the case of existing Subsidiaries) or on the date of
acquisition or formation thereof (in the case of acquired or formed Subsidiaries), so long as such prohibition is not created in contemplation of such transaction) from guaranteeing the Obligations, or if guaranteeing the Obligations would require
governmental (including regulatory) consent, non-disapproval, approval, filing, license or authorization (unless such consent, approval, license or authorization has been received), (2) not-for-profit Subsidiaries, captive insurance companies and special purpose entities, (3) that is not a Wholly Owned Subsidiary, (4) any Subsidiary where the cost
of providing a guarantee, taken as a whole, outweighs the benefit to the Lenders, as determined in the reasonable discretion of the Administrative Agent and Borrower, (5) [intentionally omitted], (6) any special purpose entities (including
receivables subsidiaries), (7) any Unrestricted Subsidiary, (8) Immaterial Subsidiaries, (9) any Subsidiary organized under the laws of any jurisdiction other than United States, England and Wales, Canada or Italy, (10) any
Section 956 Excluded Subsidiary, (11) any subsidiary that is or, upon providing a guarantee, would become or be required to be registered as an investment company under the Investment Company Act of 1940, and (12) any subsidiary which
would not be required to provide a guarantee pursuant to the Agreed Security Principles. 
 “Excluded Swap Obligation”:
with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any
Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor, or the grant of such security interest, as
applicable, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to
swaps for which such Guarantee or security interest is or becomes illegal. 

  
 -13- 

 “Excluded Taxes”: any of the following Taxes imposed on or with respect to
a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such
Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office in the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 3.12) or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 3.10, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending
office; (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10(f) and (d) any withholding Tax that is imposed pursuant to FATCA. 

“Exclusive License”: means any license by any Person of its owned Intellectual Property which provides the applicable
licensee exclusive rights to exploit such Intellectual Property. 
 “Extension”: as defined in
Section 3.16. 
 “Extension Loan”: as defined in Section 3.16. 

“Extension Offer”: as defined in Section 3.16. 

“Existing Facilities”: (i) the facility agreement with Bank of America Merrill Lynch International DAC, Barclays Bank PLC,
BNP Paribas (London Branch) and Intesa Sanpaolo S.P.A, dated as of March 29, 2019, (ii) the facility agreement with Banca Nazionale del Lavoro S.p.A., dated as of July 25, 2019, (iii) the 2017 European Investment Bank loan, dated as of
June 29, 2017, and (iv) the 2014 European Investment Bank loan dated as of May 6, 2014. 
 “Existing Intercompany
Notes” means (a) intercompany promissory notes originally issued on October 16, 2015 for a principal amount of, respectively, $850,000,000 and $150,000,000, assumed by the Borrower, as debtor, and held by LivaNova Hungary Limited Liability
Company, as creditor, and (b) the intercompany promissory note originally issued on December 21, 2015 by Holdings, as debtor, and LIVN UK HoldCo Limited, as creditor, having a principal amount outstanding of $85,239,113, including in each case any
amendment, modification or Permitted Refinancing thereof. 
 “FATCA”: Sections 1471 through 1474 of the Code, as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations or other official administrative guidance or interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities and implementing such Sections of the Code. 
 “FCPA”: the Foreign Corrupt Practices Act of 1977, as amended
from time to time, and the rules and regulations thereunder. 
 “FDA”: the United States Food and Drug Administration and
any successor thereto. 

  
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 “Federal Funds Effective Rate”: for any day, the rate per annum equal to
the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Administrative Agent on such day on such transactions as
determined by the Administrative Agent in a commercially reasonable manner. 
 “Fee Letter”: the Fee Letter dated as of the
Effective Date, by and between the Borrower, Holdings and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time. 

“FEMA”: the Federal Emergency Management Agency, a component of the U.S. Department of Homeland Security that administers the
National Flood Insurance Program. 
 “Flood Insurance Laws”: collectively, (i) the National Flood Insurance Act of
1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now
or hereafter in effect or any successor statute thereto and (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto. 

“Foreign Lender”: any Lender that is not a “United States person” within the meaning of Section 7701(a)(30) of
the Code. 
 “Foreign Pledge Agreement”: a pledge or charge agreement with respect to any Collateral that constitutes
Capital Stock of a Foreign Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent; provided that no pledge or charge agreement shall be provided with respect to the Capital Stock of a Subsidiary of the Borrower
that is a Section 956 Excluded Subsidiary except for a pledge of no more than 65% of the voting Capital Stock of such Section 956 Excluded Subsidiary. 

“Foreign Security Document”: as defined in Section 4.19. 

“Foreign Subsidiary”: any Subsidiary of Holdings that is not a Domestic Subsidiary. 

“Funded Debt”: as to any Person, without duplication, (a) all Indebtedness of the type described in clauses (a), (b) (to
the extent of Earn-Out Obligations and other similar obligations), (c), (e), (f) (to the extent of any unreimbursed drawings thereunder) and (h) and (b) Indebtedness of the type described in clause
(g) of the definition of such term of such Person that matures more than one (1) year from the date of its creation or matures within one (1) year from such date but is renewable or extendible, at the option of such Person, to a date
more than one (1) year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one (1) year from such date, including all current maturities
and current sinking fund payments in respect of such Indebtedness whether or not required to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Term Loans. 

  
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 “Funding Office”: the office of the Administrative Agent specified in
Section 10.2 or such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect from time to time subject to
Section 1.2(e). 
 “Governmental Authority”: any nation or government, any state or other
political subdivision thereof, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to
government (including any supranational bodies such as the European Union or the European Central Bank) and any securities exchange. 

“Governmental Authorization”: with respect to any Person, all laws, rules, regulations, authorizations, consents, decrees,
permits (including Regulatory Required Permits), licenses, waivers, privileges, approvals, registrations, listings, certificates, clearances, concessions, grants, franchises, variances or permissions from and filings with, any Governmental
Authorities, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject, and any supplements or amendments with respect to the
foregoing. 
 “Group Members”: the collective reference to Holdings, the Borrower and the Restricted Subsidiaries. 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement dated as of the Closing Date executed and
delivered by the Borrower and each other Loan Party that is a party thereto substantially in the form of Exhibit J hereto. 

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any direct or indirect obligation,
whether contingent or not, of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance
or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is
made and (b) the maximum amount for which such 

  
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guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good
faith. 
 “Guarantors”: collectively, the Secured Guarantors and the Unsecured Guarantor. 

“Health Care Laws”: all Requirements of Law relating to the procurement, development, provision, clinical and non-clinical evaluation or investigation, product approval or clearance, manufacture, production, analysis, distribution, dispensing, importation, exportation, use, handling, quality, reimbursement, sale, labeling,
advertising, promotion, or post-market requirements of any Product (including, without limitation, any component of, or accessory to, such Product) subject to regulation under the Federal Food, Drug, and Cosmetic Act or otherwise regulated by the
FDA and similar state or foreign laws, Medicare, Medicaid, and all laws and regulations pursuant to which Regulatory Required Permits are issued, in each case, as the same may be amended from time to time. 

“Hedge Agreements”: any agreement with respect to any cap, swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or
any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
the Borrower or the Subsidiaries shall be a Hedge Agreement. 
 “Holdings”: as defined in the preamble to this Agreement.

 “Immaterial Subsidiary”: any Subsidiary, now existing or hereafter acquired or formed and each successor thereto,
(a) which accounts for not more than the lesser of 5% of (i) the consolidated gross revenues (after intercompany eliminations) of Holdings, the Borrower and the Restricted Subsidiaries and (ii) the consolidated assets (after
intercompany eliminations) of Holdings, the Borrower and the Restricted Subsidiaries, in each case, as of the last day of the most recently completed fiscal quarter as reflected on the financial statements for such quarter, and (b) if the
Subsidiaries that constitute Immaterial Subsidiaries pursuant to clause (a) above that are organized in the United States, Canada or the United Kingdom and are not otherwise Excluded Subsidiaries account for, in the aggregate, more than the
lesser of (i) 10% of such consolidated gross revenues (after intercompany eliminations) and (ii) 10% of the consolidated assets (after intercompany eliminations), each as described in clause (a) above, then the Borrower shall designate one or
more such Subsidiary to be excluded from the definition of “Immaterial Subsidiary” as may be necessary to eliminate such excess, provided, that (i) 

  
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LivaNova IP Limited shall not be deemed an Immaterial Subsidiary and (ii) no Subsidiary owning any Permits, Intellectual Property, Products or other assets, in each case that are necessary
to the operations of Holdings and its Restricted Subsidiaries (taken as a whole) in the good faith opinion of Holdings shall not be deemed an Immaterial Subsidiary without the express written consent of the Administrative Agent. 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services (including Earn-Out Obligations but excluding current trade payables and payroll liabilities incurred in the
ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, loan agreements, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all
Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the
liquidation value of all Disqualified Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind
referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such
Person, whether or not such Person has assumed or become liable for the payment of such obligation, and (j) for the purposes of Sections 7.1 and 8(e) only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any
Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. For purposes of clause (j) above (including as such clause applies to
Section 8(e)), the principal amount of Indebtedness in respect of Hedge Agreements shall equal the amount that would be payable (giving effect to netting) at such time if such Hedge Agreement were terminated. For the
avoidance of doubt Indebtedness does not include compensation and benefits paid, to be paid, provided or to be provided, in the ordinary course of business and not yet overdue. 

“Indemnified Liabilities”: as defined in Section 10.5(b). 

“Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Loan Party under any Loan Document and, (b) to the extent not otherwise described in subsection (a), Other Taxes. 

“Indemnitee”: as defined in Section 10.5(b). 

“Initial Term Loan Commitment”: the amount set forth opposite such Lender’s name on Schedule 1.1 as such
Lender’s “Initial Term Loan Commitment” as the same shall be permanently reduced to $0 after to the funding of the Term Loans on the Closing Date. 

“Initial Term Loan Commitment Expiration Date”: June 17, 2020. 

  
 -18- 

 “Initial Term Loan Facility”: as defined in the recitals to this Agreement.

 “Initial Term Loan Lender”; each Lender that held an Initial Term Loan Commitment. 

“Initial Term Loan”: as defined in Section 2.1. 

“Initial Term Loan Percentage”: as to any Initial Term Loan Lender, the percentage which such Initial Term Loan Lender’s
Initial Term Loan Commitment then constitutes of the aggregate Initial Term Loan Commitments. 
 “Insolvency”: with respect
to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 

“Insolvent”: pertaining to a condition of Insolvency. 

“Intellectual Property”: collectively, all United States and foreign (a) patents, patent applications, certificates of
inventions, industrial designs, together with any and all inventions described and claimed therein, and reissues, divisions, continuations, extensions and
continuations-in-part thereof and amendments thereto; (b) trademarks, service marks, certification marks, trade names, slogans, logos, trade dress, Internet Domain
Names, and other source identifiers, whether statutory or common law, whether registered or unregistered, and whether established or registered in the United States or any other country or any political subdivision thereof, together with any and all
registrations and applications for any of the foregoing, goodwill connected with the use thereof and symbolized thereby, and extensions and renewals thereof and amendments thereto; (c) copyrights (whether statutory or common law, and whether
published or unpublished), copyrightable subject matter, and all mask works (as such term is defined in 17 U.S.C. Section 901, et seq.), together with any and all registrations and applications therefor, and renewals and extensions
thereof and amendments thereto; (d) rights in computer programs (whether in source code, object code, or other form), algorithms, databases, compilations and data, technology supporting the foregoing, and all documentation, including user
manuals and training materials, related to any of the foregoing (“Software”); (e) trade secrets and proprietary or confidential information, data and databases, know-how and proprietary
processes, designs, inventions, and any other similar intangible rights, to the extent not covered by the foregoing, whether statutory or common law, whether registered or unregistered; (f) income, fees, royalties, damages and payments now and
hereafter due and/or payable under or with respect to any of the foregoing, including, without limitation, damages, claims and payments for past, present or future infringements, misappropriations or other violations thereof; (g) rights and
remedies to sue for past, present and future infringements, misappropriations and other violations of any of the foregoing; and (h) rights, priorities, and privileges corresponding to any of the foregoing. 

“Intellectual Property Security Agreements”: the Copyright Security Agreements, Patent Security Agreements and Trademark
Security Agreements, each as defined in the Guarantee and Collateral Agreement. 
 “Intercompany Note”: the Intercompany
Note to be executed and delivered by each Subsidiary of Holdings that is not a Loan Party, substantially in the form attached hereto as Exhibit H. 

  
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 “Intercompany Subordination Agreement”: the Intercompany Subordination
Agreement among the Loan Parties, the other Group Members party thereto, and the Agents, substantially in the form of Exhibit K hereto. 

“Interest Payment Date”: (a) as to any ABR Loan, the last day of each March, June, September and December to occur while such
Loan is outstanding and the final maturity date of such Loan, (b) as to any LIBOR Rate Loan having an Interest Period of three (3) months or less, the last day of such Interest Period, and (c) as to any LIBOR Rate Loan having an
Interest Period longer than three (3) months, each day that is three (3) months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period. 

“Interest Period”: as to any LIBOR Rate Loan, (a) initially, the period commencing on the borrowing or conversion date,
as the case may be, with respect to such LIBOR Rate Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and
(b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such LIBOR Rate Loan and ending one, two, three or six month thereafter, as selected by the Borrower by irrevocable notice to the
Administrative Agent no later than 12:00 Noon, New York City time, on the date that is three (3) Business Days prior to the last day of the then current Interest Period with respect thereto; provided, that, all of the foregoing
provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period would otherwise end on a day that is not
a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the
immediately preceding Business Day; 
 (ii) the Borrower may not select an Interest Period that would extend beyond the Term Loan Maturity
Date; and 
 (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

“Internet Domain Names”: all Internet domain names and associated URL addresses. 

“Investments”: as defined in Section 7.6. 

“IRS”: the United States Internal Revenue Service. 

“Junior Indebtedness Documentation”: any documentation governing any Junior Indebtedness. 

“Junior Indebtedness”: (a) any Syndicated Offering and (b) any Indebtedness of any Person so long as (i) such
Indebtedness shall not require any amortization prior to the date that is 91 days following the Term Loan Maturity Date; (ii) the weighted average maturity of such Indebtedness shall occur after the date that is 91 days following the Term Loan
Maturity Date; 

  
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(iii) the mandatory prepayment provisions, affirmative and negative covenants and financial covenants shall be no more restrictive, taken as a whole, than the provisions set forth in the Loan
Documents, as determined in good faith and certified in writing to the Administrative Agent by a Responsible Officer of the Borrower; (iv) such Indebtedness is unsecured; (v) such Indebtedness shall be Subordinated Indebtedness; and
(vi) if such Indebtedness is incurred by a Subsidiary that is not a Loan Party or Pledged Company, (x) such Subsidiary shall have also provided a guarantee of the Obligations substantially on the terms set forth in the Guarantee and
Collateral Agreement, and (y) to the extent that such Indebtedness is guaranteed by a Loan Party, such guarantee shall be subordinated to the guarantee of the Obligations on terms at least as favorable to the Lenders as those contained in the
subordination of such Indebtedness. 
 “Lender Insolvency Event”: (a) a Lender or its Parent Company is adjudicated by a
Governmental Authority to be insolvent, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (b) such Lender or its Parent Company is the subject of a
bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or such Lender becomes the subject of a Bail-In Action, or a receiver, trustee, conservator, intervenor or sequestrator or the like
has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has indicating its consent to or acquiescence in any such proceeding or appointment. 

“Lenders”: each Term Lender. 

“LIBOR”: with respect to each day during each Interest Period pertaining to a LIBOR Rate Loan, the rate per annum offered for
deposits of Dollars for the applicable Interest Period that appears on Bloomberg Professional Service Page BBAM1 as of approximately 11:00 A.M., London, England time, two (2) Business Days prior to the first day of such Interest Period for a
three (3) month term; multiplied by (ii) the Statutory Reserve Rate. If for any reason the rate referred to herein is not available, for any such interest period, such rate will be a comparable successor or alternative
interbank rate for deposits in Dollars that it, at such time, broadly accepted by the loan market in lieu of the Eurodollar Rate and is reasonably acceptable to the Administrative Agent and the Borrower; provided that, to the extent a successor or
alternative index rate cannot be agreed upon within five (5) Business Days after the Eurodollar Rate becomes unavailable, all Loans hereunder will be deemed to be ABR Loans (and shall bear interest accordingly) for purposes of the definition of
“Applicable Margin” and Section 3.5, until such time as an alternative rate can be agreed upon. 

“LIBOR Floor”: 1.00%. 

“LIBOR Rate”: with respect to each day during each Interest Period pertaining to a LIBOR Rate Loan, the rate per annum equal
to the greater of (a) the LIBOR Floor and (b) for each Interest Period following the initial Interest Period, the rate per annum determined by the Administrative Agent (rounded upward to the nearest 1/100th of 1%) by dividing
(i) LIBOR for such Interest Period by (ii) 1.00 - Eurocurrency Reserve Requirements. The LIBOR Rate shall be adjusted on and as of the effective date of any change in the Eurocurrency Reserve Requirements. 

“LIBOR Rate Loans”: loans the rate of interest applicable to which is based upon the LIBOR Rate. 

  
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 “LIBOR Tranche”: the collective reference to LIBOR Rate Loans under a
particular loan facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Lien”: means, with respect to any property or asset, (a) any mortgage, deed of trust, lien (statutory or otherwise),
pledge, hypothecation, encumbrance, charge or security interest in, on, of or with respect to such property or asset, (b) any right, title or interest of any Person (including any vendor or lessor) under any conditional sale agreement, capital
lease or title retention agreement (or any capital or financing lease having substantially the same economic effect as any of the foregoing) relating to such property or asset and (c) in the case of securities (debt or equity), any purchase
option, call, put or similar right of any Person with respect to such securities. 
 “Loan Documents”: this Agreement, the
Security Documents, the Fee Letter, the Intercompany Subordination Agreement, and any Notes issued by the Borrower hereunder, any intercreditor or subordination agreements in favor of the Administrative Agent with respect to this Agreement, and any
other agreement entered into now, or in the future, by any Loan Party, on the one hand, and the Administrative Agent or Lender, on the other hand, in connection with this Agreement, and designated in writing as a “Loan Document” by the
parties thereto. 
 “Loan Party”: each of Holdings, the Borrower and the Secured Guarantors. 

“Make-Whole Premium” with respect to any prepayment of the Term Loans at any time on or prior to the second anniversary of
the Closing Date, the excess of (a) the sum of the present value of (i) one hundred two percent (102%) of the outstanding principal amount of the Term Loans being prepaid as of such date of prepayment, plus (ii) all required
interest payments due on the Term Loans being prepaid from the date of prepayment through and including the second anniversary of the Closing Date, which such present value shall be computed using a discount rate equal to the Treasury Rate as of the
relevant prepayment date (subject to a zero floor) plus fifty (50) basis points over (b) the principal amount of the Term Loans being prepaid; provided, that in no event shall the Make-Whole Premium be less than zero. 

“Margin Stock”: as defined in Regulation U of the Board as from time to time in effect and any successor to all or a portion
thereof. 
 “Material Adverse Effect”: (a) a material adverse effect upon, the business, assets, properties, liabilities
(actual or contingent), operations, condition (financial or otherwise), or results of operations of Holdings and its Subsidiaries, taken as a whole; (b) a material adverse effect upon the legality, validity, binding effect or enforceability
against any Loan Party of any Loan Document to which it is a party; (c) the Secured Parties’ ability to enforce their rights or remedies hereunder or under any of the other Loan Documents, or (d) the ability of Holdings and its
Subsidiaries, taken as a whole, to perform their payment obligations under the Loan Documents to which they are parties. 

“Material Indebtedness”: of any Person at any date, Indebtedness the outstanding principal amount of which exceeds in the
aggregate $25,000,000. 

  
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 “Materials of Environmental Concern”: any gasoline or petroleum (including
crude oil or any fraction thereof) or petroleum products, per- and polyfluoroalkyl substances and toxic mold or any substances, materials, wastes, pollutants or contaminants in any form regulated under or for
which liability can be imposed under any Environmental Law, including asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, radiation, and electromagnetic or radio frequency emissions. 

“Maximum Rate”: as defined in Section 3.5(e). 

“Moody’s”: Moody’s Investors Service, Inc. 

“Mortgaged Properties”: the real properties as to which the Collateral Agent for the benefit of the Secured Parties is
granted a Lien pursuant to the Mortgages pursuant to Section 6.10. 
 “Mortgages”: any mortgages
and deeds of trust or any other documents creating and evidencing Liens on Mortgaged Properties made by any Loan Party in favor of, or for the benefit of, the Collateral Agent for the benefit of the Secured Parties, which shall be in a form
reasonably satisfactory to the Administrative Agent and the Collateral Agent. 
 “Multiemployer Plan”: a Plan that is a
“multiemployer” plan as defined in Section 4001(a)(3) of ERISA. 
 “Multiple Employer Plan” means a single
employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of any Group Member or any Commonly Controlled Entity and at least one person other than a Group Member or a Commonly Controlled Entity or
(b) was so maintained and in respect of which any Group Member or a Commonly Controlled Entity could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 

“Net Cash Proceeds”: 

(a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents
(including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or held in escrow or purchase price adjustment receivable or by the Disposition of any
non-cash consideration received in connection therewith or otherwise, but only as and when received and net of costs, amounts and taxes set forth below), net of: 

(i) attorneys’ fees, accountants’ fees, investment banking fees and other professional and transactional fees
actually incurred in connection therewith and directly related thereto; 
 (ii) amounts required to be applied to the
repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document); 

  
 -23- 

 (iii) [Intentionally Omitted]; 

(iv) Taxes actually paid or reasonably estimated (in good faith) to be payable within the next twelve (12) months as a
result thereof (after taking into account any available Tax credits or deductions and any Tax sharing arrangements) provided, that if, after the expiration of the twelve (12) month period, the amount of estimated or assessed
Taxes, if any, exceeded the Taxes actually paid in cash in respect of proceeds from such Asset Sale, the aggregate amount of such excess shall constitute Net Cash Proceeds under Section 3.2 and, subject to
Section 3.2(b), be immediately applied to the prepayment of the Obligations in accordance with Section 3.2(d); 

(v) amounts provided as a reserve in accordance with GAAP against any liabilities associated with the assets disposed of in an
Asset Sale (including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such
Asset Sale); provided that such amounts shall be considered Net Cash Proceeds upon release of such reserve; and 
 (b)
[Intentionally Omitted]; and 
 (c) in connection with any issuance or sale of Capital Stock, any capital contribution or any
incurrence of Indebtedness, the cash proceeds received from such issuance, contribution or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and
expenses actually incurred in connection therewith and directly related thereto. 
 “Net Revenue”: for any period,
(a) the gross revenues during such period of Holdings, the Borrower and the Restricted Subsidiaries, less (b)(i) discounts, refunds, rebates, charge backs, retroactive price adjustments and any other allowances which effectively reduce net
selling price and (ii) any other similar and customary deductions used by Holdings, the Borrower or any Restricted Subsidiary in determining net revenues, all, in respect of (a) and (b), as determined in accordance with GAAP and in the
ordinary course of business (and not, for the avoidance of doubt, revenues from extraordinary, nonrecurring, unusual or non-ordinary course events). 

“Non-Consenting Lenders”: as defined in
Section 10.1. 
 “Non-Defaulting Lender”: at any
time, a Lender that is not a Defaulting Lender. 
 “Non-U.S. Pension Plan”:
any plan, fund or other similar program established, contributed to (regardless of whether through direct contributions or through employee withholding) or maintained outside the United States by a Group Member primarily for the benefit of employees
of Group Members residing outside the United States, which plan, fund or other similar program provides for, or results in, retirement income of such employees or a deferral of income from such employees in contemplation of retirement or payments to
be made upon termination of employment, and is not subject to ERISA or the Code. 

  
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 “Notes”: the collective reference to any promissory note evidencing Loans.

 “Obligations”: the unpaid principal of and interest on (including interest accruing after the maturity of the Term Loans
and interest accruing after the filing of any petition in bankruptcy, or the commencement of any Insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing
or post-petition interest is allowed in such proceeding and any Prepayment Premium and/or Make-Whole Premium) the Term Loans and all other obligations and liabilities of the Loan Parties to any Agent or to any
Lender (or, in the case of Specified Hedge Agreements, any Qualified Counterparty), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection
with, this Agreement, any other Loan Document, any Specified Hedge Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities,
costs, expenses (including all fees, charges and disbursements of counsel to any Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided that, notwithstanding anything to the contrary
contained herein or in the other Loan Documents, the Obligations shall exclude any Excluded Swap Obligations of any Guarantor. 

“OFAC”: as defined in Section 4.23(a). 

“Offer”: as defined in Section 10.6(b). 

“Offer Loans”: as defined in Section 10.6(b). 

“Organizational Documents”: as to any Person, the Certificate of Incorporation, Certificate of Formation, By-Laws, Limited Liability Company Agreement, Memorandum and Articles of Association, Partnership Agreement or other similar organizational or governing documents of such Person. 

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

“Other Taxes”: any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made hereunder or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document,
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.13). 

“Parent Company”: with respect to a Lender, the bank holding company (as defined in Board Regulation Y), if any, of such
Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“Participant”: as defined in Section 10.6(e). 

  
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 “Participant Register”: as defined in Section 10.6(e). 

“Participating Member States”: means any member state of the European Union that has Euro as its lawful currency in
accordance with legislation of the European Union relating to the Economic and Monetary Union. 
 “Patriot Act”: the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001). 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA (or any successor entity
performing similar functions). 
 “Pensions Act 2004”: the Pensions Act 2004 under the laws of England and Wales. 

“Pensions Regulator”: the body corporate called the Pensions Regulator established under Part 1 of the Pensions Act 2004.

 “Pension Schemes Act 1993”: the Pension Schemes Act 1993 under the laws of England and Wales. 

“Permit”: with respect to any Person, any permit, approval, clearance, authorization, enrollment, license, registration,
certificate, concession, grant, franchise, variance or permission from, any Governmental Authority, in each case, whether or not having the force of law and applicable to or binding upon such Person or any of its property or Products or to which
such Person or any of its property or Products is subject. 
 “Perfection Certificate”: a perfection certificate in the
form of Exhibit I or any other form approved by the Collateral Agent, as the same may be supplemented from time to time. 

“Permitted Acquisition”: any acquisition, whether by purchase, merger or otherwise, of all or substantially all of the assets
of, all or a majority of the Capital Stock of, or a business line or unit or a division of, any Person; provided: 

(a) immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing
or would result therefrom; 
 (b) all transactions in connection therewith shall be consummated, in all material respects, in
accordance with all applicable laws and in conformity with all applicable Governmental Authorizations; 
 (c) in the case of
the acquisition of Capital Stock, such Capital Stock shall become subject to a security interest in favor of the Collateral Agent for the benefit of the Secured Parties and the issuer of such Capital Stock shall become a Loan Party, in each case, in
accordance with Section 6.10 and 6.11; 
 (d) the Total Leverage Ratio, calculated on a
pro forma basis after giving effect to such acquisition as if such acquisition had occurred on the first day of the most recent period of four (4) consecutive fiscal quarters of the Borrower for which financial statements are available
shall be less than 6.00:1.00; 

  
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 (e) Holdings shall have delivered to the Administrative Agent at least five
(5) Business Days prior to such proposed acquisition, a Compliance Certificate evidencing compliance with clause (d) above and compliance with clause (f) and (g) below, together with all relevant financial information with respect to
such acquired assets, including, in the event the Consolidated EBITDA (calculated on a pro forma basis) of the assets and property subject to such acquisition is greater than 25% of the Consolidated EBITDA (calculated on a pro forma basis) of
Holdings, appropriate revisions to the Projections to the extent provided pursuant to Section 6.2(b), appropriate revisions to such Projections after giving effect to such proposed acquisition (such revised projections or
Projections to be accompanied by a certificate of a Responsible Officer of the Borrower stating that such revised projections or Projections are based on estimates, information and assumptions set forth therein and otherwise believed by such
Responsible Officer of the Borrower to be reasonable at such time (it being recognized that such revised projections or Projections relate to future events and are not to be viewed as fact and that actual results during the period covered thereby
may differ from such revised projections or Projections by a material amount)); 
 (f) the total consideration paid or
payable for Permitted Acquisitions shall not exceed $500,000,000 in the aggregate; provided, that the total consideration paid or payable for Permitted Acquisitions of Persons that do not become Loan Parties (or of assets by non-Loan Parties) shall not exceed $100,000,000 in the aggregate; and 
 (g) any Person or
assets or division as acquired in accordance herewith shall be in substantially the same business or lines of business in which Holdings and/or its Subsidiaries are engaged, or are permitted to be engaged, as provided in
Section 7.14, as of the time of such acquisition. 
 “Permitted Refinancing”: as to any
Indebtedness, the incurrence of other Indebtedness to refinance, extend, renew, defease, restructure, replace or refund (collectively, “refinance”) such existing Indebtedness; provided that, in the case of such other
Indebtedness, the following conditions are satisfied: (a) the weighted average life to maturity of such refinancing Indebtedness shall be greater than or equal to the weighted average life to maturity of the Indebtedness being
refinanced; (b) the principal amount of such refinancing Indebtedness shall be less than or equal to the principal amount (including any accreted or capitalized amount) then outstanding of the Indebtedness being refinanced, plus any required
premiums and other amounts paid, and fees and expenses incurred, in connection with such modification, refinancing, refunding, renewal or extension and by any amount equal to any existing commitments unutilized thereunder; (c) the respective
obligor or obligors shall be the same on the refinancing Indebtedness as on the Indebtedness being refinanced; (d) the security, if any, for the refinancing Indebtedness shall be substantially the same as that for the Indebtedness being
refinanced (except to the extent that less security is granted to holders of refinancing Indebtedness); and (e) to the extent that the Indebtedness being refinanced was subordinated to the Obligations, the refinancing Indebtedness is
subordinated to the Obligations on terms that are at least as favorable, taken as a whole, as the Indebtedness being refinanced (as determined in good faith and certified in writing to the Administrative Agent by a Responsible Officer of the
Borrower) and the holders of such refinancing Indebtedness have entered into any subordination or intercreditor agreements reasonably requested by the Administrative Agent evidencing such subordination. 

  
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 “Person”: an individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: at a particular time, any employee benefit plan that is covered by ERISA and in respect of which any Group Member or
a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA, and each such plan subject to the provisions of
Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA for the five-year period immediately following the latest date on which any Group Member or any Commonly Controlled Entity maintained, contributed to or had an obligation
to contribute to (or is deemed under Section 4069 of ERISA to have maintained or contributed to or to have had an obligation to contribute to, or otherwise to have liability with respect to) such plan. 

“Platform”: as defined in Section 6.1. 

“Pledged Company”: any Subsidiary of Holdings the Capital Stock of which is pledged to the Collateral Agent pursuant to any
Security Document. 
 “Pledged Equity Interests”: as defined in the Guarantee and Collateral Agreement. 

“Portfolio Interest Exemption”: as defined in Section 3.10. 

“Pound Sterling”: the lawful currency of the United Kingdom. 

“Prepayment Premium”: as defined in Section 3.2(g). 

“Products”: any item or any service that is researched or developed, created, designed, tested, packaged, labeled, made
available, distributed, manufactured, labeled, managed, performed, or otherwise used, offered, marketed, sold, or handled by or on behalf of the Loan Parties or any of their Subsidiaries, whether marketed or in development. 

“Pro Forma Financial Statements”: as defined in Section 4.1(a). 

“Projections”: as defined in Section 6.2(b). 

“Properties”: as defined in Section 4.17(a). 

“Property”: any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Capital Stock. 
 “PSC Register”: a PSC register within the meaning
of section 790C(10) of the U.K. Companies Act 2006. 

  
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 “PSC Registrable Person”: a “registrable person” or
“registrable relevant legal entity” within the meaning of section 790C(4) and (8) of the U.K. Companies Act 2006. 

“PTE”: a prohibited transaction class exemption issued by the United States Department of Labor, as any such exemption may be
amended from time to time. 
 “Qualified Capital Stock”: any Capital Stock (other than warrants, rights or options
referenced in the definition thereof) that either (a) does not have a maturity and is not mandatorily redeemable, or (b) by its terms (or by the terms of any employee stock option, incentive stock or other equity-based plan or arrangement
under which it is issued or by the terms of any security into which it is convertible or for which it is exchangeable (or from which it was converted or exchanged)), or upon the happening of any event, (x) matures (excluding any maturity as the
result of an optional redemption by the issuer thereof) or is mandatorily redeemable (excluding any mandatory redemption resulting from an asset sale or change in control so long as no payments in respect thereof are due or owing, or otherwise
required to be made, until all Obligations have been paid in full in cash), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend
or any other scheduled payment constituting a return of capital, in each case, at any time on or after the one hundred eighty-first day following the Term Loan Maturity Date, or (y) is convertible into or exchangeable (unless at the sole option
of the issuer thereof) for (or has been converted or exchanged from) (i) debt securities or (ii) any Capital Stock referred to in clauses (a) or (b)(x) above, in each case, at any time on or after the one hundred eighty-first day
following the Term Loan Maturity Date. 
 “Qualified Counterparty”: with respect to any Hedge Agreement, any counterparty
thereto that is, or that at the time such Hedge Agreement was entered into, was, (i) a Lender or an Affiliate of a Lender, (ii) an Agent or an Affiliate of an Agent or (iii) any Person approved by the Administrative Agent (such
approval not to be unreasonably withheld or delayed); provided that, in the event a counterparty to a Hedge Agreement at the time such Hedge Agreement was entered into was a Qualified Counterparty, such counterparty shall constitute a
Qualified Counterparty hereunder and under the other Loan Documents. 
 “Real Property”: with respect to any Person, all
right, title and interest of such Person (including, without limitation, any leasehold estate) in and to a parcel of real property owned, leased or operated by such Person together with, in each case, all improvements and appurtenant fixtures,
equipment, personal property, easements and other property and rights incidental to the ownership, lease or operation thereof. 

“Recall”: (i) the physical removal of a product from its point of use to some other location for repair, modification,
adjustment, relabeling, destruction or inspection; or (ii) the repair, modification, adjustment, relabeling, or destruction of a device to prevent a serious injury or death without its physical removal from its point of use to some other
location. 
 “Recipient” means (a) the Administrative Agent or (b) any Lender, as applicable. 

  
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 “Recovery Event”: any settlement of or payment in excess of $7,500,000 in
respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Group Member. 

“Regulatory Required Permit”: any and all licenses, clearances, exemptions, approvals, registrations, listings, and permits
issued by or filed with the FDA or any other applicable health-care regulatory Governmental Authority, including, without limitation, any 510(k) premarket clearance, grant of a de novo request, premarket approval application
(“PMA”), or investigational device exemption (“IDE”), or the foreign equivalent to any of the foregoing necessary for the design, testing, manufacture, processing, assembly, packaging, labeling, marketing,
distribution, commercialization, import, export, or sale of any Product by any applicable Group Member (or Group Members) as such activities are being conducted by such Group Member (or Group Members) and its (or their) Subsidiaries with respect to
such Product; and any device listings and device establishment registrations under 21 C.F.R. Part 807. 
 “Register”: as
defined in Section 10.6(d). 
 “Regulation S-X”:
Regulation S-X promulgated under the Securities Act. 
 “Regulation T”: Regulation
T of the Board as in effect from time to time. 
 “Regulation U”: Regulation U of the Board as in effect from time to time.

 “Regulation X”: Regulation X of the Board as in effect from time to time. 

“Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by any Group
Member in connection therewith that are not applied to prepay the Term Loans pursuant to Section 3.2(b) as a result of a Reinvestment Event. 

“Reinvestment Event”: any Asset Sale or Recovery Event in respect of which any Loan Party or other Restricted Subsidiary
intends and expects to reinvest all or a specified portion of the Net Cash Proceeds (and provides written notice to the Administrative Agent of such intent within thirty (30) days of such Loan Party’s or Restricted Subsidiary’s
receipt of such Net Cash Proceeds) of an Asset Sale or Recovery Event in assets of a kind then usable in its business (including by making Permitted Acquisitions); provided that Net Cash Proceeds may not be invested or reinvested in any
Unrestricted Subsidiary; provided further that concurrently with the delivery of any financial statements pursuant to Section 6.1(a), to the extent not previously disclosed and delivered to the Administrative Agent
and the Collateral Agent, the Borrower shall deliver a written notice executed by a Responsible Officer certifying as to the relevant portion of the Net Cash Proceeds from any Asset Sale or Recovery Event subject to a Reinvestment Event occurring
during such fiscal year. 
 “Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment
Deferred Amount relating thereto less any amount reinvested prior to the relevant Reinvestment Prepayment Date in assets of a kind then usable in the Loan Party’s or Restricted Subsidiary’s businesses (including by making Permitted
Acquisitions). 

  
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 “Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the
earlier of (a) the date occurring twelve (12) months (or if such Loan Party or other Restricted Subsidiary has entered into a legally binding commitment in writing to reinvest such Reinvestment Deferred Amount during such twelve
(12) month period, eighteen (18) months) after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, reinvest the relevant Reinvestment Deferred Amount in
accordance with this Agreement. 
 “Rejection Notice”: as defined in Section 3.2(h). 

“Related Indemnified Person”: of an indemnified person means (a) any controlling person or controlled affiliate of such
indemnified person, (b) the respective directors, officers, or employees of such indemnified person or any of its controlling persons or controlled affiliates and (c) the respective agents of such indemnified person or any of its
controlling persons or controlled affiliates, in the case of this clause (c), acting at the instructions of such indemnified person, controlling person or such controlled affiliate; provided that each reference to a controlled affiliate or
controlling person in this sentence pertains to a controlled affiliate or controlling person involved in the negotiation or syndication of this Agreement and the Term Loans. 

“Related Party Register”: as defined in Section 10.6(d). 

“Release”: any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, migrating,
escaping, emptying, injection, or leaching into the Environment, or into or from any building or facility. 
 “Reportable
Event”: any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty (30) day notice period is waived pursuant to PBGC Reg. § 4043. 

“Required Lenders”: at any time, the holders of more than 50% of the sum of (a) the aggregate unpaid principal amount of
the Term Loans then outstanding and (b) the Total Term Commitments then in effect. 
 “Requirement of Law”: as to any
Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject, including, in each case, any applicable Health Care Laws. 
 “Resolution Authority” shall means an EEA Resolution
Authority or, with respect to any U.K. Financial Institution, a U.K. Resolution Authority. 
 “Responsible Officer”: in
respect of the Borrower, the chief executive officer, president, chief financial officer, treasurer or assistant treasurer of the Borrower (unless otherwise specified), but in any event, with respect to financial matters, the chief financial
officer, treasurer or assistant treasurer of the Borrower and, in respect of Holdings, a director of Holdings or an individual appointed as an attorney or delegate of a director of Holdings (unless otherwise specified). 

  
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 “Restricted Payments”: as defined in Section 7.5.

 “Restricted Subsidiary”: shall mean any Subsidiary of Holdings that is not an Unrestricted Subsidiary. 

“S&P”: Standard & Poor’s Ratings Services. 

“SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Section 956 Excluded Subsidiaries” means (1) (i) any non-US
subsidiary of the Borrower that is a “controlled foreign corporation” within the meaning of Section 957 of the Code and (ii) any subsidiary (including a disregarded entity for U.S. federal income tax purposes) of the Borrower
substantially all of whose assets are direct or indirect interests in the equity or equity and debt of one or more “controlled foreign corporations” within the meaning of Section 957 of the Code (each, a “Foreign Holdco”)
and (2) any subsidiary of Borrower, whose provision of a guarantee would reasonably result in an investment in “United States property” by a controlled foreign corporation within the meaning of sections 956 and 957 of the Code (or any
similar law or regulation in any applicable jurisdiction) or otherwise result in material adverse tax consequences to the Borrower and/or its Affiliates, as reasonably determined by the Borrower. 

“Secured Guarantor”: each of Holdings and each Subsidiary of Holdings (other than the Borrower) that guarantees and secures
the Obligations pursuant to a Loan Document or pursuant to Section 6.10. 
 “Secured Leverage
Ratio”: at any date, the ratio of (a) Consolidated Funded Debt secured by a Lien on all or any portion of the Collateral or any other assets of any of the Group Members as of such date to (b) Consolidated EBITDA for the period of
four consecutive fiscal quarters ended on such date. 
 “Secured Parties”: the collective reference to the Lenders, the
Agents and the Qualified Counterparties, and each of their successors and assigns. 
 “Securities Act”: the Securities Act
of 1933, as amended. 
 “Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the U.K.
Security Documents, the Mortgages (if any), the Intellectual Property Security Agreements and all other security documents hereafter delivered to the Administrative Agent or the Collateral Agent granting a Lien on any property of any Person to
secure the Obligations of any Loan Party under any Loan Document or any Specified Hedge Agreement. 
 “Single Employer
Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan. 
 “Software”: as
defined in the definition of Intellectual Property. 
 “Solvency Certificate”: a solvency certificate dated as of the
Closing Date, substantially in the form of Exhibit N. 

  
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 “Solvent”: as to any Person at any time, that (a) the fair value of
the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person; (b) the present fair salable value of the assets of such Person is greater than the amount that will be required to
pay the probable liability of such Person on the sum of its debts and other liabilities, including contingent liabilities; (c) such Person has not, does not intend to, and does not believe (nor should it reasonably believe) that it will, incur
debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they become due (whether at maturity or otherwise); (d) such Person does not have unreasonably small capital with which to conduct the businesses in which it
is engaged as such businesses are now conducted and are proposed to be conducted following the Closing Date; and (e) it is not unable to pay its debts as they fall due. For purposes of this definition, the amount of any contingent liability at
any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such
contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 
 “Special Flood
Hazard Area”: an area that FEMA’s current flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given
year. 
 “specified currency”: as defined in Section 10.17. 

“Specified Hedge Agreement”: any Hedge Agreement (a) entered into by any Loan Party and any Qualified Counterparty, as
counterparty and (b) that has been designated by such Qualified Counterparty and the Borrower as a Specified Hedge Agreement pursuant to the Guarantee and Collateral Agreement, and is reasonably satisfactory to the Administrative Agent;
provided that a Hedge Agreement permitted under Section 7.1(f) shall be satisfactory. 
 “Statutory Reserve Rate” for
any day as applied to any LIBOR Loan, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages that are in effect on that day
(including any marginal, special, emergency or supplemental reserves), expressed as a decimal, as prescribed by the Board and to which the Administrative Agent is subject, for Eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D). Such reserve percentages shall include those imposed pursuant to such Regulation D. LIBOR Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of
or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of
any change in any reserve percentage. 
 “Stock Certificates”: Collateral consisting of certificates representing Capital
Stock of any Subsidiary of Holdings for which a security interest can be perfected by delivering such certificates. 

  
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 “Subordinated Indebtedness”: any unsecured Junior Indebtedness of any Loan
Party (x) the payment of principal and interest of which and other obligations of the such Loan Party in respect thereof are subordinated to the prior payment in full of the Obligations on terms and conditions reasonably satisfactory to the
Administrative Agent and (y) except with respect to any Syndicated Offering, which is subject to a subordination agreement that is reasonably satisfactory to Administrative Agent. 

“Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all
references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of Holdings. 

“Survey”: a survey of any Mortgaged Property (and all improvements thereon) which is (a) (i) prepared by a surveyor or
engineer licensed to perform surveys in the jurisdiction where such Mortgaged Property is located, (ii) dated (or redated) not earlier than six months prior to the date of delivery thereof unless there shall have occurred within six months
prior to such date of delivery any exterior construction on the site of such Mortgaged Property or any easement, right of way or other interest in the Mortgaged Property has been granted or become effective through operation of law or otherwise with
respect to such Mortgaged Property which, in either case, can be depicted on a survey, in which events, as applicable, such survey shall be dated (or redated) after the completion of such construction or if such construction shall not have been
completed as of such date of delivery, not earlier than 20 days prior to such date of delivery, or after the grant or effectiveness of any such easement, right of way or other interest in the Mortgaged Property, provided that the Borrower
shall have a reasonable amount of time to deliver such redated survey, (iii) certified by the surveyor (in a manner reasonably acceptable to the Administrative Agent) to the Administrative Agent, the Collateral Agent and the Title Company,
(iv) complying in all respects with the minimum detail requirements of the American Land Title Association as such requirements are in effect on the date of preparation of such survey and (v) sufficient for the Title Company to remove all
standard survey exceptions from the title insurance policy (or commitment) relating to such Mortgaged Property and issue customary endorsements or (b) otherwise acceptable to the Collateral Agent. 

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

“Syndicated Offering”: any broadly syndicated high-yield notes, exchangeable or convertible indebtedness issued by Holdings,
the Borrower or any other Loan Party that complies with each of the Syndicated Offering Conditions; provided that, in any event, the Initial Syndicated Offering described in the draft offering memorandum delivered to the Administrative
Agent prior to the Effective Date shall constitute a Syndicated Offering for all purposes. 

  
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 “Syndicated Offering Conditions”: for a Syndicated Offering, each of the
following conditions must be satisfied: (i) such Syndicated Offering shall have no other obligors, other than Holdings, the Borrower or any other Loan Party, (ii) such Syndicated Offering shall not mature, amortize or be mandatorily
redeemable (other than solely for Qualified Capital Stock or at the option of the issuer), pursuant to a sinking fund obligation or otherwise (except as a result of a Change of Control or asset sale event so long as any rights of the holders thereof
upon the occurrence of a Change of Control or similar event or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments) earlier than
the date that is ninety-one (91) days after the Term Loan Maturity Date, (iii) such Syndicated Offering shall be unsecured and (iv) the rate of any interest payable in cash thereon does not
exceed 4.5% per annum (or such other cash interest rate as approved by the Administrative Agent). 
 “Taxes”: any present
or future taxes, levies, imposts, duties, charges, fees, deductions or withholdings imposed by any Governmental Authority, and any interest, penalties or additions to tax imposed with respect thereto. 

“Tax Status Certificate”: as defined in Section 3.10. 

“Term Commitments”: the Initial Term Loan Commitments. 

“Term Facilities”: the Initial Term Loan Facility. 

“Term Lender”: each Initial Term Loan Lender. 

“Term Loans”: the Initial Term Loan. 

“Term Loan Maturity Date”: June 30, 2025. 

“Term Percentage”: the Initial Term Loan Percentage. 

“Title Company”: any title insurance company as shall be retained by Borrower and reasonably acceptable to the Administrative
Agent. 
 “Total Leverage Ratio”: at any date, the ratio of (a) Consolidated Funded Debt of the Group Members as of
such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters ended on such date. 
 “Total Term
Commitments”: at any time, the aggregate amount of the Term Commitments then in effect. The original aggregate amount of the Total Term Commitments on the Effective Date was $450,000,000. 

“Trading Day”: a day on which (i) trading in the ordinary shares (or other security for which a closing sale price must be
determined) generally occurs on the NASDAQ Global Market or, if the ordinary shares (or such other security) are not then listed on the NASDAQ Global Market, on the principal other U.S. national or regional securities exchange on which the ordinary
shares (or such other security) are then listed or, if the ordinary shares (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ordinary shares (or such other
security) are then traded, and (ii) a last reported sale price for the ordinary shares (or closing sale price for such other security) is available on such securities exchange or market. If the ordinary shares (or such other security) are not so
listed or traded, “Trading Day” means a “Business Day.”. 
 “Tranche”: each of the Term Loans and any
“extended tranche” as set forth in Section 3.16. 
 “Transaction”: collectively,
(a) the refinancing of the Existing Facilities, (b) the borrowing of the Term Loans on the Closing Date; (c) the other transactions contemplated by the Loan Documents(d) the consummation of the Initial Syndicated Offering and
(e) the entering into the Capped Call. 
 “Transferee”: any Assignee or Participant. 

  
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 “Treasury Rate”: as of any prepayment date, shall mean the yield to
maturity at the time of computation of United States Treasury Securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519), which has become publicly available at least (2) two
Business Days prior such prepayment (or, if such Statistical Release is no longer published, any publicly available source or similar market data) most nearly equal to the period from such prepayment date to the second anniversary of the Closing
Date; provided, however, that in the period from such prepayment date to the second anniversary of the Closing Date, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the
weekly average yields of United States Treasury Securities for which such yields are given. 
 “Type”: as to any Term Loan,
its nature as an ABR Loan or a LIBOR Rate Loan. 
 “UCC Filing Collateral”: Collateral consisting solely of assets for
which a security interest can be perfected by filing a Uniform Commercial Code financing statement. 
 “U.K. Companies Act
2006”: the Companies Act 2006 as in force in England and Wales from time to time. 
 “U.K. Loan Party”: each Loan
Party incorporated under the laws of England and Wales. 
 “U.K. Financial Institution”: any BRRD Undertaking (as such term
is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“U.K. Floating Charge”: an English law all assets floating charge security agreement, in the form attached as Exhibit L
hereto. 
 “U.K. Resolution Authority”: the Bank of England or any other public administrative authority having
responsibility for the resolution of any U.K. Financial Institution. 
 “U.K. Security Documents”: collectively, the U.K.
Floating Charge, each U.K. Share Charge, and all other charges, instruments, documents and agreements delivered by the U.K. Loan Parties and by any other Loan Party that owns Capital Stock of a U.K. Loan Party, in each case pursuant to this
Agreement or any other Security Document in order to grant to Collateral Agent a Lien on any real, personal or mixed property of such U.K. Loan Party or its Capital Stock as security for the Obligations, in each case in form and substance reasonably
satisfactory to the Collateral Agent and as amended, restated, joined, supplemented or otherwise modified from time to time. 

“U.K. Share Charge”: each charge over the shares in a U.K. Loan Party other than Holdings, in form and substance reasonably
satisfactory to the Collateral Agent, made by a Loan Party in favor of the Collateral Agent. 

  
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 “Uniform Commercial Code”: the Uniform Commercial Code as from time to time
in effect in the State of New York. 
 “United Kingdom”: the United Kingdom of Great Britain and Northern Ireland. 

“Unasserted Contingent Obligations”: as defined in the Guarantee and Collateral Agreement. 

“United States”: the United States of America. 

“Unrestricted Subsidiary”: means any Subsidiary of Holdings designated by the board of directors of Holdings as an
Unrestricted Subsidiary pursuant to Section 6.16, in each case, until such Person ceases to be Unrestricted Subsidiary in accordance with Section 6.16 or ceases to be a Subsidiary, which accounts,
at the time of designation, for not more than the lesser of 5% of (i) the consolidated gross revenues (after intercompany eliminations) of Holdings and its Subsidiaries and (ii) the consolidated assets (after intercompany eliminations) of
Holdings and its Subsidiaries, in each case, as of the last day of the most recently completed fiscal quarter as reflected on the financial statements for such quarter, provided that such designation may not be made if the Subsidiaries
that would constitute Unrestricted Subsidiaries at the time and after giving effect to such designation, were to account for, in the aggregate, more than the lesser of (i) 10% of such consolidated gross revenues (after intercompany eliminations) and
(ii) 10% of the consolidated assets (after intercompany eliminations); notwithstanding anything to the contrary herein, no Subsidiary owning any Permits, Intellectual Property, Products or other assets, in each case that are necessary to the
operations of Holdings and its Subsidiaries (taken as a whole) in the good faith opinion of Holdings may not be designated as Unrestricted Subsidiary without the express written consent of the Administrative Agent. 

“Unsecured Guarantor”: each Subsidiary of Holdings that guarantees the Obligations pursuant to an unsecured guarantee,
including in accordance with Section 6.10(g)(ii). 
 “U.S. GAAP”: generally accepted accounting
principles in effect from time to time in the United States. 
 “Voluntary Prepayment”: a prepayment of the Term Loans.

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such
Indebtedness. 
 “Wholly Owned Subsidiary”: as to any Person, any other Person, all of the Capital Stock of which (other
than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

  
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 “Write-Down and Conversion Powers”: with, (a) with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any U.K. Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

1.2 Other Definitional Provisions. 

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan
Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) As used herein and in the other Loan
Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in
Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation,” (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall
have correlative meanings), (iv) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,
securities, revenues, accounts, leasehold interests and contract rights, (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as
amended, supplemented, restated or otherwise modified from time to time (subject to any applicable restrictions hereunder), (vi) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time and (vii) any references herein to any Person shall be construed to include such Person’s successors and assigns. 

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

  
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 (e) Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP in effect as of the Closing Date; provided that, if either the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the
effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision
hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then the Administrative Agent, the Borrower and the Lenders shall negotiate in good faith to amend such
provision to preserve the original intent in light of the change in GAAP; provided that such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all obligations that are or would have been treated as operating leases for purposes of GAAP prior to the
issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for all purposes under the Loan Documents (whether
or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as capitalized lease
obligations in the financial statements delivered or to be delivered pursuant to the Loan Documents, in each case for purposes of this Agreement notwithstanding any change in GAAP after the Closing Date. 

(f) When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a
day which is not a Business Day, the date of such payment or performance shall extend to the immediately succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that,
with respect to any payment of interest on or principal of LIBOR Rate Loans, if such extension would cause any such payment to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day. 

(a) The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form. 
 (g) Section headings herein and in the other
Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

(h) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears. 

1.3 Rounding. Any financial ratios required to be maintained or complied with by the Borrower pursuant to this Agreement (or required to
be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

  
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 1.4 Corporate Terminology. Any reference to officers, shareholders, stock, shares,
directors, boards of directors, corporate authority, articles of incorporation, bylaws or any other such references to matters relating to a corporation made herein or in any other Loan Document with respect to a Person that is not a corporation
shall mean and be references to the comparable terms used with respect to such Person. 
 1.5 Uniform Commercial Code Definitions.
When used in this Agreement, the following terms have the same definitions as provided in Article 9 of the Uniform Commercial Code, but for convenience in this Agreement the first letter of all such terms shall be capitalized: “Accession,”
“Account,” “Account Debtor,” “Authenticate” (and all derivations thereof), “Certificate Of Title”, “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,”
“Document,” “Equipment,” “General Intangible,” “Goods,” “Health-Care-Insurance Receivable,” “Instrument,” “Inventory,” “Investment Property,” “Letter-Of-Credit Right,” “Obligor,” “Proceeds” (as specifically defined in Section 9-102(64) of the
UCC), “Record,” “Secondary Obligor,” “Secured Party,” “Software” and “Supporting Obligation.” 

1.6 Divisions; Series. For all purposes under the Loan Documents, if, in connection with any division or plan of division with respect
to a limited liability company under Delaware law (or any comparable event under a different jurisdiction’s laws) or an allocation of assets to a series of a limited liability company under Delaware law (or any comparable event under a
different jurisdiction’s laws), (a) any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then such transaction shall constitute a “transfer” (as used in the
definition of “Disposition” contained herein) from the original Person to the subsequent Person, and (b) any new Person comes into existence, such new Person shall be deemed to have been organized by the holders of its Capital Stock
on the first date of its existence. 
 SECTION 2. AMOUNT AND TERMS OF TERM COMMITMENTS 

2.1 Term Commitments. Subject to the terms and conditions hereof, each Lender having an Initial Term Loan Commitment, severally agrees
to make a term loan or loans (collectively, the “Initial Term Loan”) to the Borrower. The Term Loans may from time to time be LIBOR Rate Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.2 and 3.3; provided, that all such Term Loans made by each of the Lenders pursuant to the same Borrowing Date shall, unless otherwise specifically provided herein, consist entirely of Term Loans of the
same Type and (ii) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid may not be reborrowed. The Initial Term Loan Commitment shall terminate at 5:00 (New York time) on the Initial Term Loan Commitment
Expiration Date. 
 2.2 Procedure for Term Loan Borrowing(b) . The Borrower shall give the Administrative Agent irrevocable notice in
the form annexed hereto as Exhibit B (the “Borrowing Notice”) (which notice must be received by the Administrative Agent prior to 12:00 Noon, New York City time, at least two (2) Business Days prior to the anticipated Closing
Date) requesting that the applicable Lenders make the Term Loans on the Closing Date and specifying the amount to be borrowed, which shall be the full amount of the Initial Term Loan Commitments. Upon receipt of such notice the Administrative Agent
shall promptly notify each applicable Lender thereof. On the Closing Date, each Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds in Dollars equal to the applicable Term

  
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Loan or Term Loans to be made by such Lender reasonably promptly following the later of (i) 9:00 AM, New York City time and (ii) 30 minutes following satisfaction or waiver of the conditions set
forth in Section 5.2. Promptly following receipt of such funds, the Administrative Agent shall make the proceeds of such Term Loan or Term Loans available to the Borrower, on such Borrowing Date by wire transfer in immediately available funds
to a bank account designated in writing by the Borrower to the Administrative Agent. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any Term Loan borrowing that such Lender does not intend to make
available to the Administrative Agent its portion of the Term Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such Borrowing Date, and the
Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the
Administrative Agent by such Lender and the Administrative Agent has made available the same to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such
corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall promptly pay such corresponding amount to the Administrative Agent. The
Administrative Agent shall also be entitled to recover from such Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the
Administrative Agent to the Borrower, to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Federal Funds Effective Rate or (ii) if paid by the
Borrower, the then-applicable rate of interest, calculated in accordance with Section 3.6, applicable to ABR Loans. If the Borrower and such Lender shall pay interest to the Administrative Agent for the same (or a portion of the same) period,
the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. 
 (c)
Nothing in this Section 2.2 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default
by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder). 

(d) Pro Rata Borrowings. Borrowing of the Initial Term Loans funded on the Closing Date under this Agreement shall be made by each
Lender with an Initial Term Loan Commitment on the basis of its then-applicable Initial Term Loan Commitment. It is understood that no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that
each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder. 

2.3 Repayment of Term Loans(e) . Borrower agrees to pay to the Administrative Agent, for the benefit of the Lenders, on the Term Loan
Maturity Date, the aggregate amount of all outstanding Term Loans and all other Obligations. 
 2.4 [Intentionally
Omitted]. 

  
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 2.5 Fees. The Borrower shall pay to the Agents such fees as shall have been
separately agreed upon in writing in the amounts and at times specified, including all fees specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed
between the Borrower and the applicable Agent). 
 SECTION 3. GENERAL PROVISIONS APPLICABLE TO LOANS 

3.1 Optional Prepayments. The Borrower may at any time and from time to time prepay the Term Loans, in whole or in part, without premium
or penalty (other than as set forth in Section 3.2(g) below), upon irrevocable notice delivered to the Administrative Agent no later than 12:00 Noon, New York City time, three (3) Business Days prior thereto, in the
case of LIBOR Rate Loans, and no later than 12:00 Noon, New York City time, one (1) Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of prepayment, whether the prepayment is of LIBOR Rate
Loans or ABR Loans and the Tranche of Term Loans to which the prepayment applies; provided, that if a LIBOR Rate Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any
amounts owing pursuant to Section 3.11. With respect to each prepayment of Term Loans pursuant to this Section 3.1, the Borrower may designate the Types of Loans that are to be prepaid and the
specific Borrowing(s) pursuant to which made; provided, that the Borrower pays any amounts, if any, required to be paid pursuant to Section 3.11 with respect to prepayments of LIBOR Rate Loans made on any date other
than the last day of the applicable Interest Period. In the absence of a designation by the Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion
with a view, but no obligation, to minimize breakage costs owing under Section 3.11. Each such prepayment shall be accompanied by all accrued interest on the Loans so prepaid, through the date of such prepayment. Upon
receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued
interest to such date on the amount prepaid. Partial prepayments of LIBOR Rate Loans shall be in an aggregate principal amount of $500,000 or integral multiples of $100,000 in excess thereof. Partial prepayments of ABR Loans shall be in an aggregate
principal amount of $500,000 or integral multiples of $100,000 in excess thereof. Notwithstanding the foregoing, a notice of prepayment delivered by Borrower in accordance with this Section 3.1 may expressly state that such
notice is conditioned upon the effectiveness of new credit facilities or other sources of refinancing and which effectiveness will result in the immediate payment in full in cash of all Obligations, in which case such notice may be revoked by the
Borrower (by written notice to the Administrative Agent on or prior to the time on which the Term Loans would have been repaid in accordance with such notice of prepayment) if such condition is not satisfied or not reasonably likely to be satisfied
and the Borrower shall pay any amounts due under Section 3.9, if any, in connection with any such revocation. Each prepayment in respect of any Term Loans pursuant to this Section 3.1 shall be
applied ratably to the Term Loans. 
 3.2 Mandatory Prepayments; Prepayment Premium. 

(a) If any Indebtedness shall be incurred or issued by any Group Member after the Effective Date (other than Excluded Indebtedness),
concurrently with such incurrence, an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such incurrence or issuance toward the prepayment of the Term Loans as set forth in Section 3.2(e).
Nothing in this Section 3.2(a) shall be construed to permit or waive any Default or Event of Default arising from any incurrence of Indebtedness not permitted under the terms of this Agreement. 

  
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 (b) If on any date any Group Member shall receive Net Cash Proceeds from any Asset Sale or
Recovery Event then, other than with respect to any Net Cash Proceeds subject to a Reinvestment Event, such Net Cash Proceeds, within three (3) Business Days of the expiration of the term applicable to the relevant Group Member to notify the
Administrative Agent of its intent to reinvest all or a specified portion of such Net Cash Proceeds), shall be applied on such date toward the prepayment of the Term Loans as set forth in Section 3.2(e); provided,
that, (i) notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans as set
forth in Section 3.2(e), and (ii) prepayments under this Section 3.2(b) shall not be required to be made to the extent and for so long as the Holdings reasonably determines that any required
repatriation of funds from the relevant Group Member in order to effect such prepayments would have a material adverse tax or cost consequence, contravene any Requirement of Law or give rise to a risk of liability for the directors of the relevant
Group Member. 
 (c) Substantially concurrently with any Change of Control, Borrower shall prepay the Term Loans in full, to be applied as
set forth in Section 3.2(e). 
 (d) Immediately upon any acceleration of any Loans pursuant to Section 8,
Borrower shall repay all the Loans and other Obligations, unless only a portion of all the Loans and other Obligations is so accelerated (in which case the portion so accelerated shall be so repaid). 

(e) Amounts to be applied in connection with prepayments made pursuant to this Section 3.2 shall be applied to the
prepayment of the Term Loans in accordance with Section 3.8 and shall be accompanied by accrued interest to date of such prepayment on the principal amount prepaid and the Prepayment Premium or Make-Whole Premium, as
applicable. The application of any prepayment pursuant to this Section 3.2 shall be made, first, to ABR Loans, together with any accrued and unpaid interest thereon, second, to LIBOR Rate Loans, together with any accrued
and unpaid interest thereon, and third, to the prepayment of any other outstanding Obligations. 
 (f) The Total Term Commitments of the Term
Facility (and the Term Commitments of each Lender) shall terminate in their entirety upon the funding thereof on the Closing Date. 
 (g)
Prepayment Premium. Each prepayment under Section 3.1 or 3.2 (x) made on or prior to the second anniversary of the Closing Date shall be made subject to payment of the Make-Whole Premium and (y) made after the
second anniversary of the Closing Date shall be subject to payment of the applicable Prepayment Premium set forth below (the “Prepayment Premium”) (which shall be calculated as the percentage set forth below multiplied by the amount
being prepaid): 

  
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	 Time Period
	  	Prepayment Premium	 
	 After the second anniversary, but on or prior to the third anniversary of the Closing
Date
	  	 	2.0	% 
	 After the third anniversary, but on or prior to the fourth anniversary of the Closing
Date
	  	 	1.0	% 
	 On or after the fourth anniversary of the Closing Date
	  	 	0.0	% 

 (h) Notwithstanding the foregoing, each Lender may reject all or a portion of its Pro Rata Share of any
mandatory prepayment (such declined amounts, the “Declined Proceeds”) of any class of Term Loans required to be made pursuant to clause (b) of this Section 3.2 by providing written notice (each, a
“Rejection Notice”) to the Administrative Agent and the Borrower no later than 12:00 p.m. one (1) Business Day after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment
(subject to extension by Administrative Agent in its sole discretion). Each Rejection Notice from a Lender shall specify the principal amount of the mandatory prepayment of Term Loans to be rejected by such Lender. If a Lender fails to deliver a
Rejection Notice to Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such
mandatory prepayment of such Term Loans. Any Declined Proceeds may be retained by the Borrower. 
 3.3 Conversion and Continuation
Options. 
 (a) The Borrower may elect from time to time to convert LIBOR Rate Loans to ABR Loans by giving the Administrative Agent
prior irrevocable notice of such election no later than 12:00 Noon, New York City time, three (3) Business Days preceding the proposed conversion date; provided that any such conversion of LIBOR Rate Loans may only be made on the last
day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBOR Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City
time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan may be converted into a LIBOR Rate Loan when any Event of
Default has occurred and is continuing and the Administrative Agent has determined in its sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 (b) Any LIBOR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the
Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term Interest Period set forth in Section 1.1, of the length of the next Interest Period to be
applicable to such Loans; 

  
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provided that no LIBOR Rate Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has determined in its sole discretion not to
permit such continuations; and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be
automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

3.4 Limitations on LIBOR Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and
continuations of LIBOR Rate Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the LIBOR
Rate Loans comprising each LIBOR Tranche shall be equal to $500,000 or integral multiples of $100,000 in excess thereof and (b) no more than one (1) LIBOR Tranche shall be outstanding at any one time. 

3.5 Interest Rates and Payment Dates. 

(a) Each LIBOR Rate Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the
LIBOR Rate determined for such day plus the Applicable Margin. 
 (b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR
plus the Applicable Margin. 
 (c) From and after the occurrence and during the continuation of an Event of Default, upon notice by the
Administrative Agent or the Required Lenders to the Borrower (or automatically upon an Event of Default under Sections 8(a) or 8(f)), the Borrower shall pay interest on the principal amount of all Loans and all other due and unpaid
Obligations at a rate per annum equal to (i) in the case of Term Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2%, and (ii) in the case of any such other amounts, the non-default rate then applicable to ABR Loans plus 2%. 
 (d) Interest shall be payable in arrears on each
Interest Payment Date; provided that interest accruing pursuant to paragraph (c) of this Section shall be payable in cash from time to time on demand. 

(e) Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents
shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Term Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by an Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (i) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (ii) exclude voluntary prepayments and the
effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

  
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 3.6 Computation of Interest and Fees.(a) Interest and fees payable pursuant hereto
shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to ABR Loans the rate of interest on which is calculated on the basis of clause (a) or (b) of the
definition of ABR, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative
Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a LIBOR Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become
effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in
interest rate. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be
conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, promptly deliver to the Borrower a statement showing the quotations used by the Administrative
Agent in determining any interest rate pursuant to Section 3.6(a). 
 3.7 Inability to Determine Interest
Rate. If prior to the first day of any Interest Period: 
 (a) the Administrative Agent shall have reasonably determined
(which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Lenders that the LIBOR Rate determined or to be
determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as reasonably determined and conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 

the Administrative Agent shall give written notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter but at least five
(5) Business Days prior to the first day of such Interest Period. If such notice is given and a successor or alternative index rate cannot be agreed as set forth in the definition of “LIBOR”, (x) any Term Loans that were to have been
converted on the first day of such Interest Period to LIBOR Rate Loans shall be continued as ABR Loans and (y) any outstanding LIBOR Rate Loans shall be converted, on the last day of the then-current Interest Period, to ABR Loans. Until such
notice has been withdrawn by the Administrative Agent (which notice the Administrative Agent agrees to withdraw promptly upon a determination that the condition or situation which gave rise to such notice no longer exists), no further LIBOR Rate
Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to LIBOR Rate Loans. 

  
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 3.8 Pro Rata Treatment; Application of Payments; Payments. 

(a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any commitment fee and any reduction
of the Commitments of the Lenders shall be made pro rata according to the respective Term Percentages of the relevant Lenders. 
 (b) Except
for optional prepayments pursuant to Section 3.1 and prepayments pursuant to Section 10.6(b)(v), each payment (including each prepayment) on account of principal of and interest on the Term Loans
shall be made pro rata according to the respective outstanding principal amounts of each Tranche of the Term Loans then held by the Lenders. Optional prepayments pursuant to Section 3.1 shall be applied ratably to the
outstanding principal amount of the Tranche of Term Loans specified by the Borrower in the applicable notice of prepayment. Amounts repaid or prepaid on account of the Term Loans may not be reborrowed. 

(c) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately
available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the LIBOR Rate Loans) becomes due and payable on a day other
than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding
Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of
principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(d) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the
Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may (but shall not be required to), in reliance
upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three (3) Business Days after such due date, the
Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average
Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

(e) Notwithstanding anything to the contrary contained herein, the provisions of this Section 3.8 shall be subject to
the express provisions of this Agreement which require or permit differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting Lenders. 

  
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 3.9 Requirements of Law.(a) If the adoption of, taking effect of or any change in any
Requirement of Law or in the administration, interpretation or application thereof or compliance by any Lender with any request, guideline or directive (whether or not having the force of law) from any central bank or other Governmental Authority
made subsequent to the Closing Date (and, for purposes of this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith are deemed to have gone into effect and
adopted subsequent to the Effective Date): 
 (i) shall subject any Recipient to any Tax (other than (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes, on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; 
 (ii) shall impose, modify or hold applicable any reserve, special
deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is
not otherwise included in the determination of the LIBOR Rate hereunder; or 
 (iii) shall impose on such Lender or the
London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans made by such Lender; 
 and the result of any of
the foregoing is to increase the cost to such Lender of making, converting into, continuing or maintaining LIBOR Rate Loans or, with respect to Taxes under clause (i) above, any Term Loan, or to reduce any amount receivable hereunder in respect
thereof (whether of principal, interest or any other amount), then, in any such case, the Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount
receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled and setting forth
in reasonable detail such increased costs. 
 (b) If any Lender shall have determined that the adoption of, taking effect of or any change in
any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having
the force of law) from any Governmental Authority made subsequent to the Closing Date (and, for purposes of this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection
therewith are deemed to have gone into effect and adopted subsequent to the Closing Date) shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder to
a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to

  
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capital adequacy), then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor setting forth in reasonable
detail the charge and the calculation of such reduced rate of return, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 

(c) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the
Administrative Agent) shall be conclusive in the absence of manifest error. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such
compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than one hundred and eighty (180) days prior to the date that such Lender notifies the Borrower
of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such one hundred and eighty (180) day period shall be extended to include the
period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Term Loans and all other amounts payable hereunder. The Borrower shall pay the Lender
the amount shown as due on any certificate referred to above within ten (10) days after receipt thereof. 
 3.10 Taxes. 

(a) Defined Terms. For purposes of this Section, the term “applicable law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan
Document shall be made without deduction or withholding for any Taxes, provided that if any applicable withholding agent shall be required (as determined in the good faith discretion of the applicable withholding agent) by applicable law to
deduct or withhold any Taxes from such payments, then (i) the applicable withholding agent shall be entitled to make such deductions or withholdings (ii) the applicable withholding agent shall timely pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with applicable law, and (iii) if such Tax is an Indemnified Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that after such deductions or
withholdings have been made (including deductions and withholdings applicable to additional sums payable under this Section 3.10(a)) the applicable Recipient, receives an amount equal to the sum it would have received had
no such deductions or withholdings been made. 
 (c) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the
relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.. 

(d) Indemnification by the Borrower. Without duplication of Section 3.10(a), the Borrower shall indemnify each
Recipient, within 10 Business Days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed on or attributable to amounts payable under this Section 3.10(d)) payable
or paid by such Recipient, 

  
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and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate setting forth the amount of such payment or liability (together with a copy of any applicable documents from the IRS or other Governmental Authority that asserts such claim) delivered to the Borrower by a Lender (with a copy to the
relevant Agent), or by an Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Evidence of
Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment or other evidence of such payment reasonably satisfactory to the Agent. 
 (f) Status of Lenders.
(i) Each Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and to the Administrative Agent, whenever reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (f)(A), (f)(B) and (g) of this Section) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall
deliver to the Borrower and the Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed
copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S.
federal withholding tax with respect to any payments hereunder or under any other Loan Document, to the extent it is legally entitled to do so, shall deliver to the Borrower and the Administrative Agent (in such number of signed originals as shall
be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent), duly completed and executed
copies of whichever of the following is applicable: 

  
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 (i) in the case of a Foreign Lender claiming the benefits of an income tax
treaty to which the United States is a party, (x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable
payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 
 (ii)
an executed IRS Form W-8ECI claiming that specified payments (as applicable) under this Agreement or any other Loan Documents (as applicable) constitute income that is effectively connected with such Foreign
Lender’s conduct of a trade or business in the United States; 
 (iii) in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under Sections 881(c) or 871(h) of the Code (the “Portfolio Interest Exemption”), (x) a certificate, substantially in the form of Exhibit D-1, D-2, D-3 or D-4, as applicable (a “Tax Status Certificate”), to the effect that such Foreign Lender is not (A) a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower, within the meaning of Section 881(c)(3)(B) of the Code or (C) a “controlled foreign
corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and that no interest to be received is effectively connected with a U.S. trade or business and (y) IRS Form
W-8BEN (or any successor thereto); 
 (iv) to the extent a Foreign Lender is not the
beneficial owner, an executed IRS Form W-8IMY (or any successor thereto), accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS
Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-3 or Exhibit D-4, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct
or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf
of each such direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

  
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 (g) FATCA. If a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent, at the time or times prescribed by applicable law and otherwise at such times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this paragraph
(g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (h) If any party determines, in its
good faith discretion, that it has received a refund (whether received in cash or applied as an offset against Taxes due) of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts
pursuant to this Section), , it shall promptly pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 3.10 with respect to the Taxes giving rise to
such refund), net of all out-of-pocket expenses (including any Taxes), of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person. 
 (i) Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or
any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the payment, satisfaction or discharge of all obligations under any Loan Document 

3.11 Indemnity. The Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss, cost or expense that such
Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of LIBOR Rate Loans after the Borrower has given a notice requesting the same in accordance with the
provisions of this Agreement, (b) default by the Borrower in making any 

  
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prepayment of or conversion from LIBOR Rate Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of, or a
conversion from, LIBOR Rate Loans on a day that is not the last day of an Interest Period with respect thereto or (d) any other default by the Borrower in the repayment of such LIBOR Rate Loans when and as required pursuant to the terms of this
Agreement. A certificate setting forth in reasonable detail the basis for requesting such amount actually incurred as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of
manifest error. This covenant shall survive the termination of this Agreement and the payment of the Term Loans and all other amounts payable hereunder. 

3.12 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of
Section 3.9 or 3.10(a), (b) or (c) with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another
lending office for any Term Loans affected by such event with the object of avoiding or reducing the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and
its lending office(s) to suffer no economic, legal or regulatory disadvantage or any unreimbursed costs or expenses; and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the
rights of any Lender pursuant to Section 3.9 or 3.10(a), (b) or (c). The Borrower hereby agrees to pay all reasonable, documented
out-of-pocket costs and expenses incurred by any Lender in connection with any such designation. 

3.13 Replacement of Lenders. The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts
owing pursuant to Section 3.9 or 3.10(a) (such Lender, an “Affected Lender”), (b) is a Non-Consenting Lender or (c) is a Defaulting Lender, with a
replacement financial institution or other entity; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) in the case of an Affected Lender, prior to any such replacement, such Lender shall have taken
no action under Section 3.12 that have actually eliminated the continued need for payment of amounts owing pursuant to Section 3.9 or 3.10(a), (iii) the replacement financial institution or
entity shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (iv) the Borrower shall be liable to such replaced Lender under Section 3.11 if any LIBOR
Rate Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (v) the replacement financial institution or entity shall be an Eligible Assignee, (vi) the replaced Lender
shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that, except in the case of clause (c) hereof, the Borrower shall be obligated to pay the registration and
processing fee referred to therein), (vii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 3.9 or 3.10(a), as the case may
be, (viii) in the case of any such replacement resulting from claim of compensation under Section 3.9 or payments required to be made pursuant to Section 3.10(a), such replacement will result in a reduction or elimination of such
compensation or payments thereafter, (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender, and (x) in the case of
a Non-Consenting Lender, (A) the replacement financial institution or entity shall consent at the time of such assignment to each matter in respect of which the replaced Lender was a Non-Consenting Lender and (B) to the extent applicable, the Borrower shall pay any amounts due to such Non-Consenting Lender pursuant to
Section 3.2(e). 

  
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 3.14 Evidence of Debt. 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing Indebtedness of the Borrower to such
Lender resulting from each Term Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(b) The Administrative Agent, on behalf of the Borrower (or, in the case of an assignment not required to be recorded in the Register in
accordance with the provisions of Section 10.6(d), the assigning Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower), shall maintain the Register (or, in
the case of an assignment not required to be recorded in the Register in accordance with the provisions of Section 10.6(d), a Related Party Register), in each case pursuant to Section 10.6(d), and
a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Term Loan made hereunder and any Note evidencing such Term Loan, the Type of such Term Loan and each Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent (or, in the case of an assignment not required
to be recorded in the Register in accordance with the provisions of Section 10.6(d), the assigning Lender) hereunder from the Borrower and each Lender’s share thereof. 

(c) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 3.14(a) shall, to
the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded (absent manifest error); provided, however, that the failure of any Lender or the Administrative
Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Term Loans made to the Borrower by such Lender in accordance with the
terms of this Agreement. 
 (d) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will
execute and deliver to such Lender a promissory note of the Borrower evidencing any Term Loans, of such Lender, substantially in the form of Exhibit E, with appropriate insertions as to date and principal amount. 

3.15 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof shall make it unlawful for any Lender to make or maintain LIBOR Rate Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make LIBOR Rate Loans, continue LIBOR Rate Loans
as such and convert ABR Loans to LIBOR Rate Loans shall forthwith be canceled and (b) such Lender’s Term Loans then outstanding as LIBOR Rate Loans, if any, shall be converted automatically to ABR Loans on the respective last days of the
then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a LIBOR Rate Loan occurs on a day which is not the last day of the then current Interest Period with respect
thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 3.11. 

  
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 3.16 Extension Offers. 

(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”)
made from time to time by the Borrower to all Lenders holding the applicable Tranche of Term Loans, on a pro rata basis (based on the aggregate outstanding principal amount of such Tranche of Term Loans) and on the same terms to each such Lender,
the Borrower may from time to time extend the maturity date and availability period of such Tranche of Term Loans, and otherwise modify the terms of such Tranche of Term Loans, pursuant to the terms of the relevant Extension Offer (including,
without limitation, by increasing the interest rate or fees payable in respect of such Tranche of Term Loans (and related outstandings) (each, an “Extension”, and each Tranche of Term Loans so extended being an “extended
tranche”; any Extension Loans shall constitute a separate Tranche of Term Loans from the other Tranches of Term Loans so long as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at
the time the offering document in respect of an Extension Offer is delivered to the Lenders and no Event of Default shall exist immediately after the effectiveness of any Extension Loan, (ii) except as to interest rates, fees, final maturity
date and premium, which shall, subject to immediately succeeding clauses (iii), (iv) and (v), be determined by the Borrower and set forth in the relevant Extension Offer), the Tranche of Term Loans of any Lender extended pursuant to any Extension
(“Extension Loans”) shall have the same terms (save for any terms that apply solely after the latest maturity date of the Term Loans hereunder prior to giving effect to such Extension) as the Tranche of Term Loans subject to such
Extension Offer, (iii) the final maturity date of any Extension Loans shall be no earlier than the then latest maturity date of Term Loans hereunder, (iv) the Weighted Average to Life Maturity of the Extension Loans shall be no shorter
than the remaining Weighted Average Life to Maturity of Tranche of Term Loans extended thereby; (v) the amortization schedule applicable to the Extension Loans pursuant to Section 2.4 for the periods prior to the
maturity date of the Term Loans hereunder shall not be increased, (vi) any Extension Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or
prepayments hereunder, in each case as specified in the respective Extension Offer, (vii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof), in respect of which Lenders shall have accepted the relevant
Extension Offer shall exceed the maximum aggregate principal amount of Term Loans offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans of such Lenders shall be extended ratably up to such maximum amount based
on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension Offer, (viii) all documentation in respect of such Extension shall be consistent with the
foregoing, and (ix) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower. For the avoidance of doubt, no Lender shall be required to participate in any Extension. 

(b) With respect to all Extensions consummated by the Borrower pursuant to this Section 3.16, the Extension Offer
shall specify the Tranche of Term Loans as to which the Extension Offer applies and a minimum amount of Term Loans to be tendered (which shall not be less than $10,000,000) as a condition to the consummation of such Extension Offer (a
“Minimum Extension Condition”). The Administrative Agent and the Lenders hereby consent to the Extensions and the other transactions contemplated by this Section 3.16 (including, for the avoidance of doubt,
payment of any interest, fees or premium in respect of any Extension Loans 

  
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on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement or any other Loan Document that may otherwise prohibit any
such Extension or any other transaction contemplated by this Section 3.16. 
 (c) No consent of any Lender or the
Administrative Agent shall be required to effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to one or more of its Term Loans (or a portion thereof). The Lenders hereby irrevocably authorize the
Administrative Agent and the Collateral Agent to enter into amendments to this Agreement and the other Loan Documents with the Borrower as may be necessary in order to establish new tranches or sub-tranches in
respect of the Term Loan so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrowers in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section 3.16. 
 (d) In
connection with any Extension, the Borrower shall provide the Administrative Agent at least five (5) Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such
procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of this Section 3.16. 

(e) The conversion of any Term Loans hereunder into Extension Loans in accordance with this Section 3.16 shall not
constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES  

To induce the Agents and the Lenders to enter into this Agreement and to make the Term Loans, each Loan Party hereby represents and warrants on
the Closing Date that: 
 4.1 Financial Condition. 

(a) The audited consolidated balance sheets and related statements of income and cash flows of Holdings and its Subsidiaries as of and for the
fiscal year ended December 31, 2019, reported on by and accompanied by an unqualified auditors’ report, presents fairly in all material respects the consolidated financial condition of Holdings as at such date, and the consolidated results
of its operations and its cash flows for such fiscal years. 
 (b) The unaudited condensed consolidated balance sheets and related statements
of operations and comprehensive income (loss) and cash flows of Holdings and its Subsidiaries as of and for the three months ended March 31, 2020, presents fairly in all material respects the consolidated financial condition of Holdings as at
such date, and the consolidated results of its operations and its cash flows for such three month period. 
 4.2 No Change. Since
December 31, 2019, other than as disclosed (x) to the Administrative Agent in the financial projections received by the Administrative Agent or (y) or publicly disclosed, in each case, prior to the Effective Date, there has been no
circumstance, development or event, and no fact is known to the Group Members that has had or could reasonably be expected to result in a Material Adverse Effect. 

  
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 4.3 Corporate Existence. Except as permitted under
Section 7.3, each Group Member (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, to the extent such concept is recognized in its jurisdiction of
incorporation, (b) has the organizational power and authority and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly
qualified as a foreign entity and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, and (d) is in compliance with the terms of
its Organizational Documents, except in case of clauses (b) and (c), to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

4.4 Power; Authorization; Enforceable Obligations. Each Loan Party has the organizational power and authority, and the legal right, to
make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational and other action to authorize the execution,
delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority or any other Person is required in connection with the transactions contemplated by the Loan Documents or with the execution, delivery, performance, validity or enforceability of this
Agreement or any of the Loan Documents, except the filings referred to in Section 4.19 which filings have been, or will be, obtained or made and are in full force and effect on or before the Closing Date, and all applicable
waiting periods shall have expired, in each case without any action being taken by any Governmental Authority that would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Loan Documents, other than any
such consent, authorizations, filings and notices the absence of which could not reasonably be expected to have a Material Adverse Effect. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto. This
Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought by
proceedings in equity or at law). 
 4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan
Documents, the borrowings hereunder and the use of the proceeds thereof (a) will not violate (i) the Organizational Documents of any Loan Party, (ii) any Requirement of Law (including any Health Care Laws) or Governmental
Authorization, (iii) any Contractual Obligation of any Group Member and (b) will not result in, or require, the creation or imposition of any Lien on any Group Member’s respective properties or revenues pursuant to its Organizational
Documents, any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents and the Liens permitted under Sections 7.2(f) and (o)), except for any violation set forth (x) in clause
(a)(iii) or (b), which could not reasonably be expected to have a Material Adverse Effect or (y) in all other cases (other than with respect to clause (a)(i), which would be immaterial. 

  
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 4.6 Litigation and Adverse Proceedings. No litigation, investigation or proceeding of
or before any arbitrator or Governmental Authority is pending or, to the knowledge of Holdings or the Borrower, threatened in writing by or against any Group Member or against any of their respective properties or revenues (a) with respect to
any of the Loan Documents, which would in any respect impair the enforceability of the Loan Documents, taken as a whole or (b) that could reasonably be expected to have a Material Adverse Effect. 

4.7 [Intentionally Omitted]. 

4.8 Ownership of Property; Liens. 

(a) Each Group Member has good and marketable title in fee simple (or local law equivalent) to all of its owned real property, a valid
leasehold interest in all its leased real property (subject to any disclosures in any certificate or report on title delivered to the Collateral Agent), good and marketable title), and good title to, or a valid leasehold interest in, license to, or
right to use, all its other tangible Property material to its business, in all material respects, and no such Property is subject to any Lien except as permitted by Section 7.2, except, in each case, where the failure to
have such title or other interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) Schedule 4.8 contains a true and complete list of each interest in real property having a value (together with improvements thereof)
of at least $10,000,000 owned by any Domestic Subsidiary as of the date thereof and describe the type of interest therein held by any Domestic Subsidiary. 

4.9 Intellectual Property. The Group Members own, are licensed or otherwise have the valid right to use, all of the material
Intellectual Property that is reasonably necessary for the operation of their respective businesses as currently conducted. All material Intellectual Property owned or purported be owned by one or more of the Group Members is owned free and clear of
all Liens other than as permitted by Section 7.2, Section 7.4 or the Security Documents. Except as could not reasonably be expected to have a Material Adverse Effect, to the knowledge of any Loan
Party: (a) the conduct of, and the use of Intellectual Property in, the business of the Group Members as currently conducted (including the Products, and any other products and services of the Group Members), has not infringed, misappropriated,
or otherwise violated, and does not infringe, misappropriate, or otherwise violate the Intellectual Property rights of any other Person; (b) there is no such outstanding written claim asserted (including in the form of offers or invitations to
obtain a license), or pending before any Governmental Authority, or threatened against any Group Member; (c) no Person is infringing, misappropriating, or otherwise violating any Intellectual Property of any Group Member, and there has been no
such claim asserted or threatened against any third party by any Group Member or any Loan Party or any other Person; (d) each Group Member has taken, all formal or procedural actions (including payment of fees) required to prosecute and
maintain Intellectual Property owned or purported to be owned by it; (e) each Group Member has taken, and shall take all actions reasonably necessary to protect and maintain the confidentiality of its Trade Secrets and its rights therein; and
(f) each Group Member has complied with all applicable laws relating to privacy, data protection, and the collection and use of personal information collected, used, or held for use by such Group Member. No holding, decision or judgment has
been rendered by any Governmental Authority with respect to 

  
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Intellectual Property owned by any Group Member which limits, cancels or questions the validity of, or any Group Member’s rights in, any
such Intellectual Property, other than with respect to applications for registrations of Intellectual Property or as would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. The patents listed in
(a) Schedule 4.9(a) are granted and subsisting and (b) Schedule 4.9(b) are, to the knowledge of the Borrower, granted and subsisting. 

4.10 Taxes. Each Loan Party has filed or caused to be filed all federal, state and other Tax returns that are required to be filed, and
has paid all federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable (other than (a) any Taxes that are not yet due or the
amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on its books or (b) to the extent that the failure to do so could
not reasonably be expected to have a Material Adverse Effect). 
 4.11 Federal Reserve Regulations. No Group Member is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. No part of the proceeds of any extension of credit under this Agreement will be used for any purpose that
violates or would be inconsistent with the provisions of Regulation T, U or X of the Board. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR Form U 1, as applicable, referred to in Regulation U. 

4.12 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are
no strikes or other labor disputes against any Group Member pending or, to the knowledge of Holdings or the Borrower, threatened; (b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair
Labor Standards Act, as amended, or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance or other similar employee taxes have been
paid or accrued as a liability on the books of the relevant Group Member. 
 4.13 ERISA. 

(a) No ERISA Event has occurred or is reasonably expected to occur with respect to any Single Employer Plan, and each Plan is in compliance in
form and operation with its terms and the applicable provisions of ERISA and the Code, except where such ERISA Event or non-compliance could not reasonably be expected to have a Material Adverse Effect. Except
as would not reasonably be expected to have a Material Adverse Effect, each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from the IRS to
the effect that it meets the requirements of Sections 401(a) and 501(a) of the Code or is comprised of a master or prototype plan that has received a favorable opinion letter from the IRS, and, nothing has occurred since the date of such
determination that would adversely affect such determination (or, in the case of a Plan with no determination, nothing has occurred that would materially adversely affect the issuance of a favorable determination letter or otherwise materially
adversely affect such qualification). 

  
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 (b) Except as would not reasonably be expected to have a Material Adverse Effect, no
(1) termination of a Single Employer Plan has occurred or is reasonably expected to occur, and no Lien against Holdings, the Borrower or any Commonly Controlled Entity in favor of the PBGC or a Single Employer Plan or a Multiemployer Plan has
arisen during the past five years or is likely to arise; (2) Single Employer Plan has applied for or received an extension of any amortization period, within the meaning of Section 412 of the Code or Section 303 or 304 of ERISA;
(3) Group Member nor any Commonly Controlled Entity has ceased operations at a facility so as to become subject to the provisions of Section 4068(a) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions of
Section 4063 of ERISA or ceased making contributions to any Plan subject to Section 4064(a) of ERISA to which it made contributions; or (4) Group Member nor any Commonly Controlled Entity has any material liability under
Section 4069 or 4212(c) of ERISA. 
 (c) Except as would not reasonably be expected to result in a Material Adverse Effect, the present
value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value
of the assets of such Plan allocable to such accrued benefits. 
 (d) No Group Member nor any Commonly Controlled Entity would become subject
to any material liability under ERISA if the Group Member or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made
or deemed made. 
 (e) There are no actions, suits or claims pending against or involving a Plan (other than routine claims for benefits) or,
to the knowledge of any Group Member or any Commonly Controlled Entity, threatened, which would reasonably be expected to be asserted successfully against any Plan and, if so asserted successfully, would reasonably be expected either singly or in
the aggregate to have a Material Adverse Effect. 
 (f) Each Non-U.S. Pension Plans has been
established, operated, administered and maintained in compliance with its terms and with the requirements of any and all laws, regulations and orders applicable thereto except for such failures to comply, in the aggregate for all such failures, that
could not reasonably be expected to have a Material Adverse Effect. All premiums, contributions, and any other amounts required by applicable Non-U.S. Pension Plan documents or applicable laws have been paid
or accrued as required, except for premiums, contributions and amounts that, in the aggregate for all such obligations, could not reasonably be expected to have a Material Adverse Effect. No Group Member has incurred any obligation in connection
with the termination of, or withdrawal from, any Non-U.S. Pension Plan except for obligations that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Except as would not be
expected to result in a Material Adverse Effect, the present value of all accrued benefits under each Non-U.S. Pension Plan(based on those assumptions used to fund such Plans) did not, as of the last annual
valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by more a material amount. 

  
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 (g) No Group Member is a Benefit Plan, and no Group Member will use “plan assets”
(within the meaning of 29 CFR Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise) of one or more Benefit Plans in connection with the transactions contemplated hereby, the Loan
Documents or otherwise. 
 4.14 Investment Company Act; Other Regulations. No Loan Party is or is required to be registered as an
“investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law
(other than Regulation X of the Board, as amended) that limits its ability to incur Indebtedness. 
 4.15 Capital Stock and Ownership
Interests of Subsidiaries. Schedule 4.15 sets forth the name and jurisdiction of formation or incorporation of each Group Member and, as to each such Group Member other than Holdings, states the beneficial and record owners thereof and
the percentage of each class of Capital Stock owned by any Loan Party. Except as listed on Schedule 4.15, as of the Closing Date, no Group Member owns any interests in any joint venture, partnership or similar arrangements with any Person.

 4.16 Use of Proceeds. The proceeds of the Term Loans shall be used to (i) refinance, in full, the Existing Facilities and
(ii) pay fees and expenses incurred in connection with the Transactions as incurred as of and paid on the Closing Date. 
 4.17
Environmental Matters. Except as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 

(a) the facilities and properties owned, leased, occupied or operated by any Group Member (the “Properties”)
do not contain any Materials of Environmental Concern in amounts or concentrations or under circumstances that constitute or constituted a violation of, or could reasonably be expected to give rise to liability under, any Environmental Law; 

(b) no Group Member has received any written claim, demand, notice of violation, or of actual or potential liability with
respect to any Environmental Laws with regard to any of the Properties or relating to any Group Member, nor does the Borrower have knowledge or reason to believe that any such claim, demand or notice will be received or is being threatened; 

(c) Materials of Environmental Concern have not been transported or disposed of from the Properties by any Group Member or, to
the Borrower’s knowledge, by any other person in violation of, or in a manner or to a location that could reasonably be expected to give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been
generated, treated, stored or disposed of by any Group Member or, to the Borrower’s knowledge, by any other person at, on or under any of the Properties in violation of, or in a manner that could reasonably be expected to give rise to liability
under, any applicable Environmental Law; 

  
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 (d) no judicial proceeding or governmental or administrative action is
pending or, to the knowledge of the Borrower, threatened, under any Environmental Law to which any Group Member is or, to the Borrower’s knowledge, will be named as a party, nor are there any consent decrees or other decrees, consent orders,
administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or relating to any Group Member; 

(e) there has been no Release or threat of Release of Materials of Environmental Concern and no person has been exposed to
Materials of Environmental Concern by any Group Member or, to the Borrower’s knowledge, by any other person at, on, under or from the Properties, or arising from or related to the operations of any Group Member in connection with the Properties
or otherwise, in violation of or in amounts or in a manner that could reasonably be expected to give rise to liability under Environmental Laws; 

(f) each Group Member, the Properties and all operations at the Properties are in compliance, and, to the Borrower’s
knowledge, have in the last three (3) years been in compliance, with all applicable Environmental Laws; and 
 (g) no
Group Member has agreed to indemnify or has assumed any liability of any other Person under Environmental Laws, nor is any Group Member paying for or conducting, in whole or in part, any response or other corrective action to address any Materials
of Environmental Concern at any location pursuant to any Environmental Law. 
 4.18 Accuracy of Information, etc. No written statement
contained in any document, certificate or statement furnished by any Loan Party at any time to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Loan
Documents, when taken as a whole, contained as of the date such statement, information, document or certificate was furnished, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained
herein or therein not misleading in the light of the circumstances under which such statements were made after giving effect to any supplements thereto; provided, however, that with respect to projections and other pro forma financial
information, the Borrower represents only that the same were prepared in good faith and are based upon assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial
information as it relates to future events is not to be viewed as fact, is by its nature inherently uncertain and that actual results during the period or periods covered by such financial information may differ from the projected results set forth
therein by a material amount; it being understood that for purposes of this Section 4.18 such information shall not include information of a general economic or industry-specific nature contained in the materials referenced
above. 
 4.19 Security Documents. The Guarantee and Collateral Agreement and each other Security Document is, or upon execution (or
in the case of Commercial Tort Claims, upon completion and delivery of a pledge supplement with respect thereto as provided in Section 5.15 of the Guarantee and Collateral Agreement) will be, effective to create in favor of the Collateral
Agent, for the benefit of the Secured Parties, a valid security interest in the Collateral described therein (to the extent a security interest can be created therein under the Uniform Commercial 

  
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Code, where applicable, or in the case of a Foreign Security Document, subject to any customary reservations and qualifications contained in customary legal opinions rendered under the laws of
the applicable jurisdiction). In the case of the Pledged Equity Interests described in the Guarantee and Collateral Agreement and each Foreign Pledge Agreement, when stock or interest certificates representing such Pledged Equity Interests (along
with properly completed stock or interest powers and, where applicable, stock transfer forms, in each case, endorsing the Pledged Equity Interest and executed by the owner of such shares or interests) are delivered to the Collateral Agent or such
other actions specified in each Foreign Pledge Agreement are taken, and in the case of the other Collateral described in the Guarantee and Collateral Agreement or any other Security Document (other than deposit accounts), when financing statements
and other filings specified on Schedule 4.19 in appropriate form are filed in the offices specified on Schedule 4.19, the Collateral Agent, for the benefit of the Secured Parties, shall, under New York law, or in the case of the U.K.
Security Documents or other Security Document, which is governed by a law other than New York law (each a “Foreign Security Document”), under such other law, have a fully perfected Lien on, and security interest in, all right, title
and interest of the Loan Parties in such Collateral to the extent (x) (in the case of New York law) perfection can be obtained by filing a Uniform Commercial Code financing statement or (y) (in the case of a Foreign Security Document) subject to any
customary reservations and qualifications contained in customary legal opinions rendered under the laws of the applicable jurisdiction, perfection can be obtained by the appropriate filing under such other applicable law, as security for the
Obligations, in each case prior and superior in right to any other Person (except Liens permitted by Section 7.2) subject in the case of the Intellectual Property that is the subject of any application or registration in
the United States Patent and Trademark Office or the United States Copyright Office (other than intent-to-use trademark applications filed pursuant to Section 1(b)
of the Lanham Act, 15 U.S.C. § 1051 (the “Lanham Act”), prior to the filing and acceptance of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham
Act or an accepted filing of an “Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a “use in commerce”
application pursuant to Section 1(c) of the Lanham Act with respect thereto or any Trademark issued as a result of such application under applicable law), to the recordation of Intellectual Property Security Agreements in the United States
Patent and Trademark Office and/or United States Copyright Office, as appropriate. 
 4.20 Solvency. Holdings and its Subsidiaries (on
a consolidated basis), after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith and therewith, will be and will continue to be Solvent. 

4.22 Compliance with Law.(a) Each Loan Party is and has been, in compliance with, and are not under investigation with respect to, and,
to each Loan Party’s knowledge, have not been threatened to be charged with an action concerning, or given notice of any violation of, any Requirement of Law (including Health Care Laws) or any Governmental Authorizations, except for failures
to comply or with respect to violations that have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) There is no judgment, decree, injunction, rule or order of any arbitrator or Governmental Authority outstanding against any Loan Party, or
to any Loan Party’s knowledge that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 (c) Each Loan Party has in full force and effect, all certificates, permits, licenses,
franchises, approvals, NDAs, INDs, concessions, qualifications, registrations, certifications and similar Governmental Authorizations from any Governmental Authority that are necessary for the Loan Party to own, lease or operate their properties and
assets, and to carry on their businesses as currently conducted, except where the failure to have such Governmental Authorizations has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 4.23 Anti-Terrorism Laws. 

(a) None of the Loan Parties nor, to the knowledge of the Borrower, any director, officer, agent, employee or Affiliate of Holdings, the
Borrower or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Borrower will not directly or indirectly use the proceeds
of the Term Loans or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC. 

(b) No Loan Party, or, to the knowledge of any Loan Party, any of its Subsidiaries, is in violation of any Anti-Terrorism Law or engages in or
conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

(c) None of the Loan Parties, nor, to the knowledge of the Loan Parties, any Subsidiaries of any Loan Party or their respective agents acting
or benefiting in any capacity in connection with the Term Loans or other transactions hereunder, is any of the following (each a “Blocked Person”): 

(i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; 

(ii) a Person owned or Controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224; 
 (iii) a Person with which any Lender is prohibited from
dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) a Person that commits, threatens or
conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; 
 (v) a Person that is
named as a “specially designated national” on the most current list published by the United States Treasury Department’s Office of Foreign Asset Control at its official website or any replacement website or other replacement official
publication of such list; 

  
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 (vi) a Person who is affiliated or associated with a person listed above; or

 (vii) a Person with whom dealings are restricted or prohibited under the Consolidated List of Financial Sanctions Targets
maintained by Her Majesty’s Treasury or any other the consolidated list of persons, groups and entities subject to financial sanctions maintained by the European Union, and any similar list, each as amended, supplemented or substituted from
time to time. 
 (d) No Loan Party, or to the knowledge of any Loan Party, any of its agents acting in any capacity in connection with the
Term Loans or other transactions hereunder (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any
transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224. 
 (e) To the extent
applicable, each of Holdings, the Borrower and each Subsidiary is in compliance, in all material respects, with (a) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) the Patriot Act. No part of the proceeds of the Term Loans will be used, directly or indirectly, for any
payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (“FCPA”). 
 4.24
Insurance. Schedule 4.24 sets forth a true, complete and correct description of all material property and general liability insurance maintained by or on behalf of each Group Member as of the Closing Date. As of such date, such
insurance is in full force and effect, except as it would not be reasonably expected to have a Material Adverse Effect. The insurance maintained by or on behalf of each Group Member is in such amount (with no greater risk retention) and against such
risks as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations and with insurance companies which are not Affiliates of any Group Member. 

4.25 Choice of Law. Subject to any customary reservations or qualifications contained in customary legal opinions delivered by counsel
in the applicable jurisdiction, in the case of a Loan Party incorporated or organized outside of the United States, the choice of governing law of each Loan Document will be recognized and enforced in its jurisdiction of incorporation and any
judgment obtained in relation to a Loan Document in the jurisdiction of the governing law of that document will be recognized and enforced in its jurisdiction of incorporation. 

  
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 4.26 Regulatory Matters. 

(a) (i) Each Group Member has, and it and its Products are in conformance in all material respects with, all Regulatory Required Permits
required to conduct its respective businesses as now conducted; (ii) to the knowledge of Holdings and the Borrower, neither the FDA nor other Governmental Authority has provided notice of or is considering limiting, suspending, revoking or
terminating such Regulatory Required Permits; (iii) the Group Members have fulfilled and performed, in all material respects, their obligations under each material Regulatory Required Permit, and, to the knowledge of each Group Member, no event
has occurred or condition or state of facts exists which would constitute a breach or default, or would cause revocation, limitation, suspension, or termination of any such Regulatory Required Permit, except (x) with respect to Core Business
Segments, in each of cases (i), (ii) and (iii) to the extent such Regulatory Required Permit are not material to the business of the Group Members, and (y) other than with respect to Core Business Segments, in each of cases (i), (ii) and
(iii), to the extent it would not reasonably be expect to have a Material Adverse Effect. 
 (b) All Products that are subject to Health Care
Laws, to the knowledge of each Group Member, have been and are being researched, designed, developed, tested, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed, sold and marketed in compliance in all material
respects with applicable Health Care Laws or any other Applicable Law, including, without limitation, the Applicable Laws related to clinical and non-clinical testing, product approval or clearance, current
good manufacturing practices, labeling, advertising and promotion, record-keeping, establishment registration and listing, and medical device and other post-market reporting, and all other importation and distribution requirements, except as it
would not be reasonably expected to have a Material Adverse Effect. 
 (c) Except as it would not be reasonably expected to have a Material
Adverse Effect or as it has been publicly disclosed, (i) with respect to any Product, the Group Members have received all Regulatory Required Permits required in connection with the design, testing, manufacture, processing, assembly, packaging,
labeling, marketing, distribution, commercialization, import, export, or sale of such Product as currently being conducted by or on behalf of such Group Member; and (ii) no Group Member has been restrained in its ability to manufacture,
process, distribute, supply, import, export, market, or sell any of its Products. 
 (d) As of the Closing Date, no Group Member is
undergoing any inspection related to Regulatory Required Permits, except as set forth on Schedule 4.26. 
 (e) To the knowledge of
each Group Member, no Group Member nor any of their respective officers, directors or employees has (A) made any untrue statement of material fact, fraudulent statement, or material omission to the FDA or any other Governmental Authority or in
any documents or records required to be maintained under the Applicable Laws; (B) failed to disclose a material fact required to be disclosed to the FDA or any other Governmental Authority; or (C) committed an act, made a statement, or
failed to make a statement that would reasonably be expected to provide the basis for the FDA or any other Governmental Authority to invoke its policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal
Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991); or (D) been investigated by FDA or any other Governmental Authority, including but not limited to the Office of the Inspector General for the Department of Health and
Human Services, or the Department of Justice, for data or healthcare program fraud. To the knowledge of each Group Member, no Group Member, nor any of their respective officers, directors, employees, or, to their knowledge, contractors, have made or
offered any payment, gratuity, or other thing of value that is prohibited by any Applicable Law to personnel of the FDA or any other Governmental Authority. 

  
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 (f) None of the Products related to the Core Business Segments have been subject to a
Recall, nor is any such action currently under consideration by any Group Member or, to the knowledge of the Group Members, any manufacturer or supplier of a Product, except as this would not be reasonably expected to have a Material Adverse Effect.

 (g) There are no civil, criminal, or administrative actions, suits, demands, claims, hearings, notices of violation, investigations,
proceedings, demand letters, or other communications relating to any alleged hazard or alleged defect in design, manufacture, materials, or workmanship, including, without limitation, any failure to warn or alleged breach of express or implied
warranty or representation, relating to any Product provided by any Group Member, or alleging that any such Products are otherwise unsafe or ineffective for their intended use, that are presently pending or threatened in writing, other than as it
would not reasonably be expected to have a Material Adverse Effect. 
 4.28 U.K. Pensions. No Loan Party is or has at any time been an
employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993); and neither Holdings nor any of its
Subsidiaries is or has at any time in the last six (6) years been “connected” with or is or has at any time in the last two (2) years been an “associate” of (as those terms are used in sections 38 and 43 of the Pensions
Act 2004) such an employer. 
 4.29 Intercompany Indebtedness. Schedule 4.29 lists all Indebtedness for borrowed money in
excess of $5,000,000 owing by any Loan Party to a non-Loan Party. 
 SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions Precedent to the Effective Date. The following conditions precedent must be satisfied or waived on or before the
Effective Date; provided, that the execution and delivery of this Agreement by all parties thereto shall be conclusive evidence of the satisfaction or waiver of all such conditions: 

(a) Loan Documents. The Administrative Agent shall have received the following documents, duly executed by an Authorized Officer of each
Closing Date Loan Party: 
 (i) this Agreement; and 

(ii) the Fee Letter. 
 (b)
Collateral. 
 (i) The Administrative Agent shall have received the results of a search of the Uniform Commercial Code filings (or
equivalent filings), in addition to tax Lien, judgment Lien, bankruptcy and litigation searches made with respect to each Closing Date Loan Party that is a Domestic Loan Party, together with copies of the financing statements and other filings (or
similar documents) disclosed by such searches, and accompanied by evidence reasonably satisfactory to the Administrative Agent that the Liens indicated in any such financing statement and other filings (or similar document) are permitted Liens under
Section 7.2 or have been released or will be released substantially simultaneously with the initial Credit Extensions hereunder). 

  
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 (c) Officer’s Certificates. The Administrative Agent shall have
received a certificate for each Closing Date Loan Party, dated the Effective Date, duly executed and delivered by such Loan Party’s General Counsel, secretary, other duly authorized officer, sole shareholder, managing member or general partner,
as applicable, as to: 
 (i) resolutions of each such Person’s board of managers/directors (or other managing body, in the case of a
Person that is not a corporation) or shareholder(s) then in full force and effect authorizing, to the extent relevant, the transactions contemplated by the Loan Documents applicable to such Person and the execution, delivery and performance of each
Loan Document, in each case, to be executed by such Person; 
 (ii) the incumbency and signatures of its certain of its Responsible Officers
(in the case of the Borrower) and any other of its officers, managing member or general partner, as applicable, authorized to act with respect to each Loan Document to be executed by such Person; 

(iii) each such Person’s Organizational Documents, as amended, modified or supplemented as of Effective Date, with the certificate or
articles of incorporation or formation or other applicable organization document; 
 (iv) certificates of good standing (or local
jurisdiction equivalent, to the extent available) with respect to each Closing Date Loan Party from its relevant jurisdiction of incorporation or formation, each dated within a recent date prior to the Effective Date, such certificates to be issued
by the appropriate officer or official body of the jurisdiction of organization of such Loan Party, which certificate shall indicate (if applicable) that such Loan Party is in good standing in such jurisdiction. 

(d) U.K. Director’s Certificate and Attachments. The Administrative Agent shall have received an executed certificate
from a director of each U.K. Loan Party that is a Closing Date Loan Party, together with all applicable attachments, certifying as to the following: 

(i) Organizational Documents. Attached thereto is a copy of each Organizational Document of such Loan Party (including, without limitation,
the Certificate of Incorporation and the Memorandum and Articles of Association) executed and delivered by each party thereto. 
 (ii)
Signature and Incumbency. Set forth therein are the signature and incumbency of the officers or other authorized representatives of such Loan Party authorized to execute the Loan Documents to which it is a party as of the Closing Date. 

(iii) Resolutions. Attached thereto are copies of resolutions of the shareholders and the board of directors (or similar governing body) of
such Loan Party approving and authorizing the execution, delivery and performance of this Agreement, the Loan Documents to which it is a party or by which it or its assets may be bound as of the Closing Date and the transactions contemplated hereby
and thereby, as applicable, in each case, certified as of the Closing Date as being in full force and effect without modification or amendment. 

  
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 (iv) PSC Register and Certifications. Attached thereto is a certified copy of the PSC
Register of each such Loan Party whose share capital is subject to security created under any U.K. Security Document. 
 (e) Financial
Information. The Administrative Agent shall have received or the Borrower shall have made available to the Administrative Agent through the materials filed with the SEC) the following documents and reports (each in form and substance reasonably
satisfactory to the Administrative Agent) the forecasted financial projections of the Loan Parties (including Liquidity calculations) for the fiscal years 2020-2022 as of the Closing Date along with a pro forma balance sheet of Holdings and its
Restricted Subsidiaries as of April 30, 2020 after giving effect to the Transactions. 
 (f) Legal and Collateral Due Diligence. The
Administrative Agent shall have completed its legal and collateral due diligence, including a satisfactory review of regulatory due diligence and a satisfactory review of the terms of the Initial Syndicated Offering. 

(g) Material Adverse Effect. There has been no Material Adverse Effect, since December 31, 2019 (other than any change or event
expressly disclosed to the Administrative Agent on or before May 25, 2020). 
 5.2 Conditions Precedent to Initial Credit
Extension. The making of the initial Credit Extension is subject to the satisfaction (or waiver) of the following conditions precedent: 

(a) Loan Documents. The Administrative Agent shall have received the following documents, duly executed by an authorized officer or
authorized representative of each Closing Date Loan Party, to the extent applicable: 
 (i) the Guarantee and Collateral Agreement; 

(ii) the Intellectual Property Security Agreements; 

(iii) each Note requested by any Lender on or prior to the Effective Date; 

(iv) Borrowing Notice; 
 (v)
[reserved]; 
 (vi) Intercompany Note; 

(vii) UK Security Documents; and 

(viii) the Perfection Certificate. 

(b) Collateral. 
 (i) To
the extent required under the Security Documents, all Capital Stock of each Subsidiary (other than Excluded Subsidiaries) held by each Closing Date Loan Party that is a Domestic Loan Party shall have been pledged to the Collateral Agent. 

(ii) For all Indebtedness for borrowed money owed to any of the Closing Date Loan Parties that is a Domestic Loan Party in excess of
$5,000,000 that is evidenced by one or more promissory notes, such promissory notes shall have been pledged pursuant to the Guarantee and Collateral Agreement, and the Collateral Agent shall have received all such promissory notes, together
with instruments of transfer with respect thereto endorsed in blank. 

  
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 (iii) The Collateral Agent shall have received, in form and substance reasonably
satisfactory to the Administrative Agent, the appropriate Uniform Commercial Code financing statements for filing in such office or offices as may be necessary to perfect the Collateral Agent’s Liens in and to the UCC Filing Collateral granted
under the Guarantee and Collateral Agreement. 
 (c) Other Documents and Certificates. The Administrative Agent shall have received a
certificate of an Authorized Officer of the Borrower, certifying the satisfaction of , all conditions in Sections 5.3(a) and (b) substantially in the form of Exhibit M hereto. 

(d) Financial Information. The Administrative Agent shall have received a detailed sources and uses statement which reflects
(A) the sources of all funds to be used by the Loan Parties to consummate the Transactions and to pay all transaction expenses incurred in connection therewith (including the fees, costs and expenses due and payable pursuant to the Fee Letter,
Sections 2.5 and 10.5) and (B) all uses of such funds, which sources and uses shall be attached as an exhibit to the Borrowing Notice delivered pursuant to Section 5.2(a). 

(e) Legal Opinions. The Administrative Agent shall have received (i) executed customary legal opinions of outside counsel to the
Borrower and the other Closing Date Loan Parties that are Domestic Subsidiaries, (ii) executed legal opinion of Morgan, Lewis & Bockius UK LLP, legal advisers to the Administrative Agent, in respect of the enforceability of the U.K. Security
Documents and (iii) executed legal opinion of Cleary Gottlieb Steen & Hamilton LLP, legal advisers to the Closing Date U.K. Loan Parties, in respect of the due authorization, capacity, power and authority of the Closing Date U.K. Loan Parties to
enter into the Loan Documents, which opinions shall be addressed to the Administrative Agent and the Lenders. 
 (f) Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate. 
 (g) Insurance. The Administrative Agent shall
have received a certificate of insurance, in each case, as to the insurance required by Section 6.5, in form and substance reasonably satisfactory to Administrative Agent. 

(h) Repayment of Existing Facilities. Arrangements reasonably satisfactory to the Administrative Agent shall have been made for the
repayment by the Loan Parties and each of their respective Restricted Subsidiaries of the Existing Facilities in full substantially simultaneously with the funding of the Term Loans in accordance with the funds flow memorandum attached to the
Borrowing Notice. 
 (i) Fees and Expenses. Each of the Administrative Agent and each Lender shall have received, for its own
respective account, (i) all fees and expenses due and payable to such Person under the Fee Letter and (ii) the reasonable fees, costs and expenses due and payable to such Person pursuant Sections 2.5 and 10.5 (including the
reasonable and documented fees, disbursements and other charges of counsel) for which invoices have been presented at least one (1) Business Day prior to the Closing Date. 

(j) Patriot Act Compliance. The Administrative Agent shall have received, at least five (5) Business Days prior to the Closing Date, all
documentation and other information required by banking regulatory authorities under applicable “know your customer” and Anti-Money Laundering Laws, rules and regulations, and any required Patriot
Act compliance, required by the Administrative Agent at least three Business Days prior to the Effective Date. 

  
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 (k) Initial Syndicated Offering. Evidence reasonably satisfactory to the Administrative
Agent of Holding’s consummation of the Initial Syndicated Offering . 
 5.3 Conditions to all Credit Extensions. The agreement of
each Lender to make any credit extension is subject to the satisfaction of the following conditions precedent: 
 (a)
Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (or in all respects where qualified by materiality or Material
Adverse Effect) on and as of such date as if made on and as of such date (except to the extent made as of a specific date, in which case such representation and warranty shall be true and correct in all material respects (or in all respects where
qualified by materiality or Material Adverse Effect) on and as of such specific date). 
 (b) No Default. No Default or Event
of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 

(c) Notices. The Borrower shall have delivered to the Administrative Agent, the Borrowing Notice or application, as the case
may be, for such extension of credit in accordance with this Agreement. 
 SECTION 6. AFFIRMATIVE COVENANTS 

Each Loan Party hereby agrees that, so long as the Commitments remain in effect, or any Term Loan or other amount is owing to any Lender or
Agent hereunder (other than Unasserted Contingent Obligations), Holdings shall and shall cause each of its Restricted Subsidiaries to: 
 6.1
Financial Statements. Furnish to the Administrative Agent or for prompt further distribution to each Lender: 
 (a) as
soon as available, but in any event within ninety (90) days after the end of each fiscal year of Holdings, a copy of the audited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such year and the related
audited consolidated statements of income or operations, members’ equity and cash flows for such year, setting forth in each case in comparative form (in both Dollar and percentage terms) the figures for the previous year and when such
Projections has been delivered pursuant to Section 6.2(b), a comparison (both in Dollar and percentage terms) to projections for such year in the then-current Projections, such audited consolidated balance sheet reported on
without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Pricewaterhouse Coopers LLP or other independent certified public accountants of nationally recognized standing; 

  
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 (b) as soon as available, but in any event on the date forty-five
(45) days after the end of each quarterly period of each fiscal year of Holdings, (i) the unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such quarter, the related unaudited consolidated
statements of income or operations, for such quarter and cash flows for the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form (in both Dollar and percentage terms) the figures for the
corresponding fiscal quarter in, and year-to-date portion of, the immediately preceding fiscal year of Holdings and when such Projections has been delivered pursuant to
Section 6.2(b), a comparison (both in Dollar and percentage terms) to projections for such quarter in the then-current Projections, in each case, certified by a Responsible Officer of Holdings as fairly presenting in all
material respects the financial condition, results of operation, members’ equity and cash flows of Holdings in accordance with GAAP (subject to normal year-end audit adjustments and the absence of
footnotes) and (ii) a narrative report and management’s discussion and analysis, in customary form, of the financial condition and results of operations for such fiscal quarter and the then elapsed portion of the fiscal year, as compared
to the comparable periods in the previous fiscal year, and (iii) information and calculations on the amount of Investments made utilizing Section 7.6(g) and 7.6(s); 

(c) as soon as available and in any event within thirty (30) days after the end of each month, a statement showing the
available cash balance and income of Holdings and its consolidated Subsidiaries as at the end of such month, the related unaudited consolidated statements of income or operations, for such month, setting forth in each case in comparative form (in
both Dollar and percentage terms) the figures for the corresponding month in, and year-to-date portion of, the immediately preceding fiscal year of Holdings, in each
case, certified by a Responsible Officer of Holdings as fairly presenting in all material respects the financial condition, results of operation, members’ equity and cash flows of Holdings in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes); and 
 (d) in the event Holdings
is no longer subject to the periodic reporting requirements of the Exchange Act, at such time as reasonably determined by the Administrative Agent, after the financial statements of Holdings and its consolidated Subsidiaries are required to be
delivered pursuant to Sections 6.1(a) and 6.1(b), Holdings and the Borrower shall participate in a conference call to discuss results of operations of Holdings and its consolidated Subsidiaries with the Lenders. 

All such financial statements shall be in accordance with GAAP applied consistently throughout the periods reflected therein and other than as disclosed
therein with prior periods. 
 Documents required to be delivered pursuant to Section 6.1(a), (b) or (c) or
Section 6.2(b) or Section 6.2(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet; or (ii) on which such documents are posted on the Borrower’s behalf on an
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the 

  
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Administrative Agent) (the “Platform”); provided that, (x) to the extent the Administrative Agent or any Lender so requests, the Borrower shall deliver paper copies
of such documents to the Administrative Agent or such Lender until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (y) the Borrower shall notify the Administrative Agent (by facsimile
or electronic mail) of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to herein, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

6.2 Certificates; Other Information. Furnish to the Administrative Agent and the Collateral Agent (as applicable) (or, in the case of
clause (e), to the relevant Lender): 
 (a) (x) concurrently with the delivery of any financial statements pursuant to
Section 6.1(a) and (b), (i) a certificate of a Responsible Officer of the Borrower stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such
certificate, and (ii) a Compliance Certificate containing all information and calculations necessary for determining compliance by each Group Member with Section 7.15, as of the last day of the fiscal quarter or fiscal year of Holdings, as
the case may be, (y) concurrently with the delivery of any financial statements pursuant to Section 6.1(c), to the extent not previously disclosed and delivered to the Administrative Agent and the Collateral Agent,
(i) a listing of any patent, trademark or copyright which is the subject of a United States registration or application (including Intellectual Property included in the Collateral which was theretofore unregistered and becomes the subject of a
United States registration or application) acquired by any Loan Party since the date of the most recent list delivered pursuant to this clause (y), and promptly deliver to the Administrative Agent and the Collateral Agent an Intellectual Property
Security Agreement suitable for recordation in the United States Patent and Trademark Office or the United States Copyright Office, (ii) to the extent applicable, a written notice to the Administrative Agent pursuant to the last proviso of the
definition of “Reinvestment Event” and (iii) a listing of any new Regulatory Required Permit received by any Group Member that represents the first entry into market for a new Product in Japan, Brazil, Saudi Arabia or China, or an
original PMA in the United States, and (z) (i) the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements and
(ii) a list identifying each Subsidiary of Holdings as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such financial statements or confirming that there is no change in such information since the later of
the Closing Date and the date of the last such list; 
 (b) as soon as available, and in any event no later than ninety
(90) days after the end of each fiscal year of Holdings, projections for the following fiscal year shown on a quarterly basis (including consolidated statements of projected cash flow and projected income and a description of the underlying
assumptions applicable thereto) (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer of Holdings stating that such Projections are based on estimates,
information and assumption believed by such Responsible Officer to be reasonable at the 

  
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time prepared, it being understood that actual results may vary from such projections and that such variations may be material; provided that to the extent Holdings files annual guidance
with the SEC in a form consistent with past practice, the filing of such annual guidance shall be deemed to satisfy the requirement to provide Projections pursuant to this clause (b); 

(c) promptly after the same are sent, copies of all financial statements, reports and material notices that the Borrower sends
to the holders of any class of its Junior Indebtedness, Syndicated Offerings or other public equity securities and, promptly after the same are filed, copies of all annual, regular or periodic and special reports and registration statements which
the Loan Parties may file or be required to file with the SEC and not otherwise required to be delivered to the Administrative Agent pursuant hereto, and, promptly, and in any event within seven (7) Business Days, after receipt thereof by
Holdings or any Subsidiary thereof, copies of each written notice or other correspondence received from the SEC or comparable agency in any applicable foreign jurisdiction concerning any investigation or potential investigation or other inquiry by
such agency regarding the financial or other operational results of Holdings or any Subsidiary thereof and copies of any exchange notice received from any holder of the Initial Syndicated Offering; 

(d) promptly, after any request by the Administrative Agent, any final “management” letter submitted by such
accountants to the board of directors of Holdings or the Borrower in connection with their annual audit; and 
 (e) promptly,
such additional financial and other information regarding the business, financial or corporate affairs of Holdings or any of its Restricted Subsidiaries as the Administrative Agent (for itself or on behalf of any Lender) may from time to time
reasonably request, including, without limitation, other information with respect to the Patriot Act; provided, that (other than with respect to the Patriot Act or where waiver of such privilege will not be adverse to the Borrower in the good
faith opinion of the Borrower’s counsel) if the disclosure of any requested information would compromise any attorney-client privilege, that has not been or will not be waived, the Borrower shall make available redacted versions of requested
documents or portions of documents that are the subject of such attorney-client privilege or, if unable to do so consistent with the preservation of such attorney-client privilege, shall endeavor in good faith otherwise to disclose information
responsive to the Administrative Agent’s requests in a manner that will protect such attorney-client privilege. 
 (f)
promptly, and in no event later than three (3) Business Days after an Authorized Officer becomes aware thereof, notify and provide copies to the Administrative Agent of any notice and related correspondence that (i) the FDA or any other
similar Governmental Authority is limiting, suspending or revoking any material Regulatory Required Permit, changing the Product Approval, manufacturing process or facilities, distribution pathway or parameters, or label or labeling of the Products
of the Loan Parties or their respective Subsidiaries, to the extent this could reasonably expected to have a Material Adverse Effect, or considering any of the foregoing; (ii) any Loan Party or any of its Subsidiaries becoming subject to any
administrative or regulatory enforcement action, 

  
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including FDA application integrity review, Form FDA 483 observation or other inspection-related or audit documents, warning letter, untitled letter, notice of violation letter, penalty, fine,
sanction or reprimand, or other notice, response or commitment made to or with the FDA or any comparable Governmental Authority, or (iii) to the extent this could reasonably be expected to have a Material Adverse Effect, (1) any Product of
any Loan Party or any of its Subsidiaries being seized, withdrawn, recalled (voluntarily or otherwise), detained, or subject to a suspension of manufacturing, or (2) the commencement of any proceedings in the United States or any other
jurisdiction seeking the withdrawal, recall (voluntary or otherwise), suspension, import detention, or seizure of any Product are pending or threatened in writing against the Loan Parties or their respective Subsidiaries; and (3) any voluntary
withdrawal or recall of any Product by any Loan Party or any of its Subsidiaries. 
 6.3 Payment of Taxes. Pay all federal, state and
other material Taxes, before they become delinquent, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in accordance with GAAP with respect thereto have been provided on
the books of the relevant Group Member. 
 6.4 Maintenance of Existence; Compliance. 

(a) (i) Preserve, renew and keep in full force and effect its organizational existence except as permitted hereunder and (ii) take
all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, including, without limitation, all necessary Governmental Authorizations, except, in each case, as otherwise
permitted by Section 7.3 and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and 

(b) comply with all Contractual Obligations, Organizational Documents and Requirements of Law (including, without limitation, and as
applicable, Health Care Laws, FDA regulations, ERISA, OFAC, FCPA and the Code) except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

6.5 Maintenance of Property; Insurance. (a) Except as permitted by Section 7.4, keep all material
Property useful and necessary in its business in good working order and condition, ordinary wear and tear and obsolescence excepted, except if failure to do so could not reasonably be expected to have a Material Adverse Effect, (b) maintain,
with reputable non-Affiliate insurance companies, insurance in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar business
operating in the same or similar locations. Within 30 days after the Closing Date, the umbrella liability insurance and property insurance of the Loan Parties shall (i) name the Administrative Agent, on behalf of Secured Parties as an
additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement, reasonably satisfactory in form and substance to the Administrative Agent, that
names Collateral Agent, on behalf of Lenders as the loss payee thereunder and provide for at least thirty days’ prior written notice to Collateral Agent of any cancellation of such policy and (c) if any portion of any Mortgaged Property is
at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a Special Flood Hazard Area with respect to 

  
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which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then the Borrower shall, or shall cause each
Loan Party to (i) maintain, or cause to be maintained, with a reputable non-Affiliate insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations
promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent. 

6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true and
correct in all material respects entries in conformity with GAAP and all Requirements of Law shall be made of all material dealings and transactions in relation to its business and activities and (b) subject to the Borrower’s,
Holdings’ and each Restricted Subsidiary’s internal policies for the protection and preservation of Intellectual Property or other non-financial proprietary information, permit representatives of the
Administrative Agent who may be accompanied by any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time during normal business hours and upon reasonable advance
notice to the Borrower and to discuss the business, operations, properties and financial and other condition of the Group Members with the officers of the Group Members and with their independent certified public accountants (provided that
Holdings or its Subsidiaries may, at their option, have one or more employees or representatives present at any discussion with such accountants); provided that unless an Event of Default has occurred or is continuing, only one (1) such
visit in any calendar year shall be at the Borrower’s expense and provided, further, that if the disclosure of any requested information would compromise any attorney-client privilege (other than where waiver of such privilege will not
be adverse to the Borrower in the good faith opinion of the Borrower’s counsel), that has not been or will not be waived or waiver thereof will be materially adverse to the Borrower, the Borrower shall make available redacted versions of
requested documents or portions of documents that are the subject of such attorney-client privilege or, if unable to do so consistent with the preservation of such attorney-client privilege, shall endeavor in good faith otherwise to disclose
information responsive to the Administrative Agent’s requests in a manner that will protect such attorney-client privilege. 
 6.7
Notices. As soon as possible and in any event within five (5) Business Days after a Responsible Officer of Holdings or any of its Subsidiaries obtains knowledge thereof, give notice to the Administrative Agent of: 

(a) the occurrence of any Default or Event of Default, which notice shall specify the nature thereof, the period of existence
thereof and what action the applicable Loan Party proposes to take with respect thereto; 
 (b) any (i) default or event
of default under any Contractual Obligation of any Group Member, including under the Initial Syndicated Offering or other Junior Indebtedness, in each case that could reasonably be expected to have a Material Adverse Effect, (ii) litigation,
investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, which could reasonably be expected to have a Material Adverse Effect or (iii) material amendment of the Initial Syndicated
Offering’s documentation or other Junior Indebtedness Documentation; 

  
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 (c) any litigation, enforcement action or proceeding affecting any Group
Member (i) which could reasonably be expected to have a Material Adverse Effect, (ii) which relates to any Loan Document; 

(d) as soon as possible and in any event within thirty (30) days after a Responsible Officer of the Borrower or any
Controlled Group Member knows or has reason to know that any (i) ERISA Event or substantially similar events with respect to pension schemes maintained in the United Kingdom or Canada; (ii) material increase in the excess of the present
value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) over the value of the assets of such Plan allocable to such accrued benefits since the date the representations hereunder are given or
deemed given, or from any prior notice, as applicable or (iii) material increase since the date the representations hereunder are given or deemed given, or from any prior notice, as applicable, in potential withdrawal liability under
Section 4201 of ERISA, if the Group Members and the Commonly Controlled Entities were to withdraw completely from any and all Multiemployer Plans, in each case, has occurred and would reasonably be expected to have a Material Adverse Effect;

 (e) as soon as possible and in any event within thirty (30) days after a Responsible Officer of the Borrower or any
Controlled Group Member knows of has reason to know that (i) any violation of any Environmental Law which could reasonably be expected to result in a Material Adverse Effect, (ii) any proceeding against or investigation under any
Environmental Law, including a written request for information or a written notice of violation or potential environmental liability from any Governmental Authority or any other person, which could reasonably be expected to result in a Material
Adverse Effect, (iii) the occurrence or discovery of a Release or threat of a Release or exposure to Materials of Environmental Concern at, on, in, under, to or from any Property in excess of reportable or allowable standards or levels under
any Environmental Law, or under circumstances, or in a manner or amount which could reasonably be expected to result in a Material Adverse Effect or (iv) any pending or threatened Environmental Claim which could reasonably be expected to result
in a Material Adverse Effect. and 
 (f) any development or event that has had or could reasonably be expected to have a
Material Adverse Effect. 
 Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer
setting forth details of the occurrence referred to therein and stating what action the Borrower or the relevant Subsidiary proposes to take with respect thereto. 

  
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 6.8 Environmental Laws. 

(a) Comply with, and use commercially reasonable efforts to ensure compliance in all material respects by all tenants and subtenants, if any,
with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws, except, in each case, to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws to address Materials of Environmental Concern, and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws or Materials of Environmental Concern, except to the extent the
failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (c) Provide the Administrative Agent with copies of
any material demand, request for information, notice, submittal, documentation or correspondence (excluding, in any case, documentation subject to privilege claims) received or provided by or on behalf of any Loan Party from or to any Governmental
Authority or other person under any Environmental Law to the extent the same could reasonably be expected to result in a Material Adverse Effect. Such notice, submittal or documentation shall be provided to the Administrative Agent promptly and, in
any event, within thirty (30) Business Days after such material is provided to any Governmental Authority or third party. 
 6.9
[Intentionally Omitted].  
 6.10 Post-Closing; Additional Collateral, etc. 

(a) With respect to any property acquired after the Effective Date by any Loan Party incorporated in the United States or Canada as to which
the Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien (other than (x) any property described in paragraph (b), (c), (d) or (g) below and (y) property that is not required to become subject to
Liens in favor of the Collateral Agent pursuant to the Loan Documents) the Borrower shall ensure that the relevant Loan Parties will (i) execute and deliver to the Collateral Agent such amendments to the applicable Security Document, Perfection
Certificate or such other documents as the Collateral Agent deems necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in such property, (ii) take all actions necessary or
advisable to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (subject to any Lien that is permitted under Section 7.2) security interest in such property, including, the
filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the applicable Security Document or by law and, in the case of patents, trademarks and copyrights subject to a United States registration or
application, as promptly as practicable, the delivery for filing of an Intellectual Property Security Agreement suitable for recordation in the United States Patent and Trademark Office or the United States Copyright Office as may be required by the
applicable Security Document, and (iii) if reasonably requested by the Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be customary in form and substance and from
counsel reasonably satisfactory to the Collateral Agent. 

  
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 (b) With respect to any fee interest in any real property having a value (together with
improvements thereof) of at least $10,000,000 owned or acquired on or after the Closing Date by any Domestic Loan Party (other than any such real property subject to a Lien expressly permitted by Section 7.2(g)), within 90
days, or as such later date the Administrative Agent may agree, (i) execute and deliver a first priority Mortgage subject to Liens permitted under clause (i) of Section 7.2 hereof, in favor of the Collateral
Agent, for the benefit of the Secured Parties, covering such real property, (ii) provide the Secured Parties with (x) a policy of title insurance (or marked up title insurance commitment having the effect of a policy of title insurance)
covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably acceptable to the Collateral Agent, provided that in jurisdictions that impose mortgage recording
taxes, the Security Documents shall not secure indebtedness in an amount exceeding 105% of the fair market value of the Mortgaged Property, as reasonably determined in good faith by the Loan Parties and reasonably acceptable to Collateral Agent), as
well as a Survey thereof (except that a new Survey will not be required except to the extent necessary to delete the so called “survey exceptions” in any such policy of title insurance) and (y) any consents or estoppels deemed
necessary in the reasonable opinion of the Collateral Agent to obtain such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent, (iii) deliver to the Collateral Agent legal opinions relating
to, among other things, the enforceability, due authorization, execution and delivery of the applicable Mortgage, which opinions shall be in customary form and substance and from counsel reasonably satisfactory to the Collateral Agent and
(iv) for real property located in the United States deliver to the Administrative Agent a “Life-of-Loan” Federal Emergency Standard Flood Hazard
Determination (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party relating thereto), and if such Mortgaged Property is located in a special flood hazard area,
evidence of flood insurance confirming that such insurance has been obtained, which certificate shall be in a form and substance reasonably satisfactory to the Administrative Agent, and any and all other documents as the Collateral Agent may
reasonably request, in each case, in form and substance reasonably satisfactory to the Collateral Agent. 
 (c) [Intentionally Omitted]. 

(d) Subject to the Agreed Guarantee and Security Principles, with respect to any new Eligible Foreign Pledged Subsidiary that is a Wholly Owned
Subsidiary (other than an Immaterial Subsidiary or an Unrestricted Subsidiary or otherwise an Excluded Subsidiary) created or acquired after the Closing Date (including any such Subsidiary that ceases to be either an Immaterial Subsidiary or an
Unrestricted Subsidiary, but other than any Foreign Subsidiary excluded pursuant to Section 6.10(g)(i)) by any Loan Party (other than by any Loan Party that is a Foreign Subsidiary), within seventy-five (75) days of
such formation or acquisition, (or, in each case, such later date as the Administrative Agent may agree), (A) execute and deliver to the Collateral Agent such Security Documents as the Collateral Agent deems necessary or reasonably advisable to
grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected first priority (subject to any Lien that is permitted under Section 7.2) security interest in the Capital

  
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Stock of such new Subsidiary that is owned by any such Loan Party (provided that in no event shall more than 65% of the total outstanding voting Capital Stock of any such new Subsidiary
that is a Section 956 Excluded Subsidiary be required to be so pledged), (B) to the extent issued, deliver to the Collateral Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and
delivered by a duly authorized officer of the relevant Loan Party, as the case may be, and take such other action as may be necessary to perfect the Collateral Agent’s security interest therein, and (C) if reasonably requested by the
Collateral Agent, deliver to the Collateral Agent legal opinions relating to the matters described above, which opinions shall be in customary form and substance and from counsel reasonably satisfactory to the Collateral Agent. 

(e) Post-Closing Requirements. Subject to the Agreed Guarantee and Security Principles, the Loan Parties shall (i) deliver to the Agents
each item set forth on Schedule 6.10 and (ii) perform each action set forth in Schedule 6.10, each within the time periods set forth opposite each such item or action on such Schedule or such later date as shall be acceptable to
Administrative Agent in its sole discretion. 
 (f) [Intentionally Omitted]. 

(g) Notwithstanding anything to the contrary in this Section 6.10: 

(i) no Excluded Subsidiary shall be required to become Guarantors, provided that the Borrower shall have the option to
designate as Guarantor any Subsidiary of Holdings that is an Excluded Subsidiary under clauses (3), (8) or, with the Administrative Agent’s reasonable consent, (9), in each case, of the definition thereof; 

(ii) any Restricted Subsidiary organized in Italy shall never qualify as an Eligible Foreign Pledged Subsidiary (but may be
required to enter into an unsecured Guarantee of the Obligations, to the extent otherwise required by the Loan Documents); 

(iii) without prejudice to the Agreed Security Principles for entities organized outside the United States or Canada, none of
the following assets or property shall be required to be included in the Collateral (collectively, the “Excluded Assets”): (i) any assets to the extent that and for as long as such grant of a security interest is prohibited by, or
would cause the invalidation, impairment, lapse, forfeiture, dedication to the public, or abandonment of such property under, any applicable law, rule or regulation except to the extent that such law, rule or regulation is ineffective under
applicable law or principles of equity or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code to prevent the attachment of the security interest granted hereunder, (ii) any assets to the extent that and for as long as such grant of a security interest requires
consent pursuant to any applicable law, rule or regulation that has not been obtained, except to the extent that such law, rule or regulation is ineffective under applicable law or principles of equity or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code to prevent the attachment of the
security interest granted hereunder, (iii) any assets (including leases, licenses, permits or other agreements) subject to any third party arrangement (including purchase money security interests and capitalized leases) to the extent that a
grant of a security interest therein would violate or invalidate such arrangement, or create a right of termination in favor of any other 

  
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party thereto (other than Holdings or any of its Subsidiaries), except to the extent that any such violation, invalidation or termination is ineffective under applicable law or principles of
equity or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform
Commercial Code to prevent the attachment of the security interest granted hereunder, (iv) Margin Stock, (v) any intent-to-use trademark applications filed
pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051 (the “Lanham Act”), prior to the filing and acceptance of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to
Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a
“use in commerce” application pursuant to Section 1(c) of the Lanham Act with respect thereto or any Trademark issued as a result of such application under applicable law, (vi) Capital Stock (A) that constitutes Excluded
Equity Interests (as defined in the Guarantee and Collateral Agreement), (B) of any Person that is not a Wholly Owned Subsidiary, or (C) of Unrestricted Subsidiaries or in any Person (other than Wholly Owned Subsidiaries) to the extent not
permitted by the terms of such person’s organizational or joint venture documents, other than as a result of provisions entered into or created in contemplation of this clause (vi) until such time as such Unrestricted Subsidiary becomes a
Restricted Subsidiary in accordance with this Agreement), (vii) assets of the Borrower or its subsidiaries the pledge of which would result in an investment in “United States property” (within the meaning of Section 956 of the Code
(or any similar law or regulation in any applicable jurisdiction)) or would otherwise result in a material adverse tax consequence to Holdings, the Borrower, its Restricted Subsidiaries and/or its Affiliates as reasonably determined by Holdings,
(viii) those assets as to which the Administrative Agent and the Borrower reasonably agree in writing that the cost, burden, difficulty or consequence of obtaining such a security interest or perfection thereof outweighs the benefit to the
Secured Parties of the security to be afforded thereby, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under applicable law notwithstanding such prohibition, and (ix) any Excluded Deposit
Accounts (as defined in the Guarantee and Collateral Agreement); 
 (iv) no actions shall be required to be taken to perfect
any security interests in any Intellectual Property owned by any Loan Party governed by or arising or existing under the laws of any jurisdiction other than the United States; and 

(v) any requirement contained herein with respect to any entity organized outside of the United States and Canada shall in all
respects be subject to the Agreed Security Principles. 
 6.11 Further Assurances. Subject to the Agreed Security Principles for the
entities organized outside of the United States and Canada, from time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take all such actions, as the Administrative Agent
or the Collateral Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent, the
Collateral Agent and the Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by any Loan Party which may be
deemed to be part of the Collateral) pursuant 

  
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hereto or thereto. Subject to the Agreed Security Principles for the entities organized outside of the United States or Canada, upon the reasonable exercise by the Administrative Agent, the
Collateral Agent or any Secured Party of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording qualification or authorization of any Governmental Authority, the
Borrower will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent, the Collateral Agent or such Secured Party reasonably may be
required to obtain from any Loan Party for such governmental consent, approval, recording, qualification or authorization. 
 6.12
[Intentionally Omitted]. 
 6.13 Use of Proceeds. The Borrower shall use the proceeds of the Term Loans, solely as set forth in
Section 4.16. 
 6.14 [Intentionally Omitted]. 

6.15 Intellectual Property. Each Loan Party shall (and Holdings shall procure that each Group Member will): (a) take reasonable efforts
to preserve and maintain the subsistence and validity of the Intellectual Property owned by such Loan Party that is necessary to the business of the relevant Group Member; (b) take reasonable steps to prevent and defend against any infringement
of such Intellectual Property, including, without limitation, settling such litigation when in such Group Member’s good faith belief it is reasonable to do so; (c) make registrations and pay all registration fees and taxes necessary, as
applicable, to maintain such Intellectual Property in full force and effect and record its interest in such Intellectual Property; and (d) not use or permit such Intellectual Property to be used in a way which may affect the existence or value
of such Intellectual Property or imperil the right of any Group Member to use such property, in each case with respect to (a) through (d) above (except with respect to Intellectual Property that is material to any Core Business Segment), except
as could not reasonably be expected to have a Material Adverse Effect. Each Group Member shall (i) maintain all licenses for third party Intellectual Property (including commercial Software) licensed to such Group Member and (ii) not
violate any such licenses and not cause any such license to cease to be legal, valid, binding, enforceable and in full force and effect following the Closing Date, except for licenses that expire or are terminated in accordance with their terms and
in the ordinary course of business (other than a termination resulting from a default or breach by the applicable Group Member), in each of (i) and (ii), except as could not reasonably be expected to have a Material Adverse Effect. 

6.16 Designation of Subsidiaries. The board of directors of Holdings may at any time designate any Restricted Subsidiary as an
Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default shall have occurred and be continuing, (ii) the Secured Leverage Ratio is
less than or equal to 4.50:1.00 (and, as a condition precedent to the effectiveness of any such designation, Holdings shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the pro forma calculations
demonstrating satisfaction of such test), (iii) no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a “Restricted Subsidiary” for the purpose of any Junior Indebtedness, (iv) any
Subsidiary to be designated as an Unrestricted Subsidiary does not (directly, or indirectly through its Subsidiaries) 

  
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own any Equity Interests or Indebtedness of, or own or hold any Lien on any property of, Holdings or any of its Restricted Subsidiaries and (v) no Subsidiary may be designated as an
Unrestricted Subsidiary if such Subsidiary holds any Governmental Authorizations, Intellectual Property or the rights to develop, produce and distribute any Product or owns any Product. The designation of any Subsidiary as an Unrestricted Subsidiary
shall constitute an Investment by Holdings therein at the date of designation in an amount equal to the fair market value of the assets of such Subsidiary (less the amount of the Indebtedness of such Subsidiary on the date of such designation) that
is allocated to the ownership interest of the relevant Group Member in such Subsidiary. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence, at the time of designation, of Indebtedness or Liens
in such Subsidiary (equal to the amounts then owed by such Subsidiary) and a return on any Investment by Holdings in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value of the assets of such
Subsidiary (less the amount of the Indebtedness of such Subsidiary on the date of such re-designation) that is allocated to the ownership interest of the relevant Group Member in such Subsidiary. An
Unrestricted Subsidiary that has subsequently been designated as a Restricted Subsidiary may not be redesignated as an Unrestricted Subsidiary. 

6.17 [Intentionally Omitted]. 

6.18 U.K. PSC Register. 

Each U.K. Loan Party shall: 
 (a)
maintain its PSC Register in accordance with the requirements of section 790B of the U.K. Companies Act 2006 and will provide a copy of the same to the Administrative Agent upon request; 

(b) notify the Administrative Agent of its intention to issue, or its receipt of any warning notice or restrictions notice under Schedule 1B of
the U.K. Companies Act 2006 in respect of its shares and provide a copy of such warning notice or restrictions notice to the Administrative Agent in each case before it issues or promptly following receipt of such notice; and 

(c) not do anything or permit anything to be done, which could result in any other person becoming a PSC Registrable Person in respect of its
shares or require that U.K. Loan Party to issue a notice under sections 790D or 790E or a warning or restrictions notice under schedule 1B of the U.K. Companies Act 2006. 

SECTION 7. NEGATIVE COVENANTS 
 Each Loan
Party hereby agrees that, as from the Closing Date and so long as any Term Loan or other amount is outstanding and owing to any Lender or Agent hereunder (other than Unasserted Contingent Obligations), Holdings shall not, and shall not permit any of
its Restricted Subsidiaries to: 

  
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 7.1 Indebtedness. Create, issue, incur, assume, become liable in respect of or suffer
to exist any Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) (i) Indebtedness of any Loan Party owed to any other Loan Party; (ii) unsecured Indebtedness of any Loan Party
owed to any Group Member that is not a Loan Party; (iii) Indebtedness of any Group Member that is not a Loan Party owed to any other Group Member that is not a Loan Party; and (iv) subject to Section 7.6(g),
Indebtedness of any Group Member that is not a Loan Party owed to a Loan Party; provided, that in the case of any such Indebtedness of a Loan Party owed to a Group Member that is not a Loan Party in an amount in excess of $5,000,000, subject
to the Agreed Guarantee and Security Principles, such Indebtedness shall be subject to the Intercompany Subordination Agreement within 60 days of (x) the Closing Date, with respect to Indebtedness existing on the Effective Date, or (y) the
date on which such Indebtedness is incurred, in case of Indebtedness incurred after the Effective Date; 
 (c) Guarantee
Obligations incurred by (i) any Group Member that is a Loan Party of obligations of any other Loan Party and, subject to Section 7.6(g), of any Group Member that is not a Loan Party and (ii) any Group Member that
is not a Loan Party of obligations of any Loan Party or any other Group Member; 
 (d) Indebtedness outstanding on the
Closing Date and listed on Schedule 7.1 and any Permitted Refinancing thereof; 
 (e) Indebtedness (including, without
limitation, Capital Lease Obligation) of the Borrower or any Subsidiary secured by Liens permitted by Section 7.2(g) in an aggregate principal amount not to exceed $25,000,000 at any one time outstanding and any Permitted
Refinancing thereof; 
 (f) Indebtedness in respect of Hedge Agreements designed to hedge against interest rates, foreign
exchange rates or commodities pricing risks and not for speculative purposes and Guarantee Obligations thereof (including, for the avoidance of doubt, the Capped Call); 

(g) Indebtedness of the Borrower or any Subsidiary in respect of performance, bid, surety, indemnity, appeal bonds, completion
guarantees and other obligations of like nature and guarantees and/or obligations as an account party in respect of the face amount of letters of credit in respect thereof, in each case securing obligations not constituting Indebtedness for borrowed
money (including worker’s compensation claims, environmental remediation and other environmental matters and obligations in connection with insurance or similar requirements) provided in the ordinary course of business; 

(h) Indebtedness arising from the endorsement of instruments in the ordinary course of business; 

(i) Indebtedness of Foreign Subsidiaries that are not Loan Parties in an aggregate principal amount not to exceed $25,000,000;

 (j) [Intentionally Omitted]; 

  
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 (k) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished
within ten (10) Business Days of incurrence; 
 (l) Indebtedness of Holdings or any Subsidiary that may be deemed to
exist in connection with agreements providing for indemnification, purchase price adjustments and similar obligations in connection with acquisitions or sales of assets and/or businesses; 

(m) [Intentionally Omitted]; 

(n) Indebtedness arising from judgments or decrees not constituting an Event of Default under
Section 8(h); 
 (o) Guarantee Obligations incurred by any Loan Party in respect of Indebtedness
otherwise permitted by this Section 7.1; 
 (p) other Indebtedness of the Group Members in an
aggregate principal amount (for all Group Members) not in excess of $25,000,000 at any time outstanding; 
 (q)
[Intentionally Omitted]; 
 (r) [Intentionally Omitted]; 

(s) Indebtedness consisting of obligations of the Borrower, Holdings or any Subsidiary under deferred compensation or other
similar arrangements incurred by such Person in connection with any Permitted Acquisitions or any other Investment permitted hereunder; 

(t) Indebtedness consisting of (a) the financing of insurance premiums in respect of unearned premiums payable on
insurance policies maintained by the Group Members or (b) take or pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(u) [Intentionally Omitted.] 

(v) unsecured Guarantee Obligations incurred in the ordinary course of business (and consistent with past practice) in respect
of obligations to suppliers, customers, franchisees, lessors and licensees; 
 (w) [Intentionally Omitted]; and 

(x) Junior Indebtedness (including, for the avoidance of doubt, in respect of the Initial Syndicated Offering) in an aggregate
principal amount not in excess of the lesser of (i) $400,000,000 and (ii) an amount such that the Total Leverage Ratio (calculated on a pro forma basis after giving effect to such incurrence), does not exceed 6.00:1.00. 

  
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 The accrual of interest, the accretion of accreted value and the payment of interest in the
form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 7.1. 

7.2 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except
for: 
 (a) Liens for Taxes, assessments, charges or other governmental levies not yet delinquent for a period of more than
thirty (30) days or that are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of the Group Members, as the case may be, in conformity with GAAP;

 (b) Liens imposed by law, including, carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than sixty (60) days (or, if more than sixty (60) days overdue, no action has been taken to enforce such Lien) or are
being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP; 

(c) (i) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social
security legislation, or letters of credit or guarantees issued in respect thereof, and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations
in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower, Holdings or any Restricted Subsidiary; 

(d) pledges or deposits to secure the performance of bids, government contracts and trade contracts (other than for borrowed
money), leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of
business or letters of credit or guarantees issued in respect thereof; 
 (e) easements, rights-of-way, restrictions (including zoning restrictions), encroachments, protrusions and other similar encumbrances and minor title defects affecting real property that, in the aggregate, do not materially
interfere with the ordinary conduct of the business of the Borrower, Holdings and the Restricted Subsidiaries, taken as a whole, and any exception on the title policies issued in connection with the Mortgaged Property; 

(f) Liens in existence on the Closing Date listed on Schedule 7.2 and any renewals or extensions of any of the
foregoing; provided that no such Lien is spread to cover any additional property after the Closing Date; 

  
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 (g) Liens securing permitted Indebtedness of Holdings, the Borrower or any
Restricted Subsidiary incurred to finance the acquisition, construction, improvement or repair of fixed or capital assets and any Permitted Refinancings thereof; provided that (i) such Liens shall be created substantially simultaneously (or within
270 days of) with the acquisition, construction, improvement or repair of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and additions, accessions and
the proceeds of sale thereof and (iii) the amount of Indebtedness secured thereby is not increased; 
 (h) Liens created
pursuant to the Security Documents or any other Loan Document; 
 (i) Liens approved by Collateral Agent appearing on
Schedule B to the policies of title insurance being issued in connection with the Mortgages; 
 (j) any interest or
title of a lessor or licensee under any lease or license entered into by Holdings, the Borrower or any Restricted Subsidiary in the ordinary course of its business and covering only the assets so leased or licensed; 

(k) licenses or sub-licenses granted with respect to Intellectual Property (other than
exclusive licenses of Intellectual Property relating to a Core Business Segment), leases or subleases granted to third parties in the ordinary course of business which, individually or in the aggregate, do not materially interfere with the ordinary
conduct of the business of the Loan Parties or any of their Subsidiaries; 
 (l) Liens securing judgments not constituting an
Event of Default under Section 8(h) or securing appeal or other surety bonds related to such judgments; 

(m) the filing of Uniform Commercial Code financing statements solely as a precautionary measure in connection with operating
leases and consignment arrangements; 
 (n) [Intentionally Omitted]; 

(o) Liens (i) of a collecting bank arising under Section 4-210 of the Uniform
Commercial Code on the items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of law or contract encumbering deposits or other funds or assets maintained with a financial institution
(including the right of set off) and that are within the general parameters customary in the banking industry, including, without limitation, customary liens for customary fees and expenses relating to the operation and maintenance of such deposits;

 (p) Liens in favor of customs and revenue authorities arising as a matter of law and in the ordinary course of business to
secure payment of customs duties in connection with the importation of goods; 
 (q) statutory and common law landlords’
liens under leases to which the Borrower or any of the Restricted Subsidiaries is a party; 
 (r) Liens on assets of Foreign
Subsidiaries (other than Loan Parties) securing indebtedness of such Foreign Subsidiaries to the extent the Indebtedness secured thereby is permitted under Section 7.1; 

  
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 (s) Liens not otherwise permitted by this Section so long as the aggregate
outstanding principal amount of the obligations secured thereby do not exceed $ 10,000,000 at any one time; 
 (t) Liens on
cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 7.6(i) to be applied against the purchase price for such Investment and not to exceed 10% of the aggregate
purchase price with respect thereto when combined with any cash earnest money deposits permitted under clause (x) below; 

(u) Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into
by the Borrower, Holdings or any Restricted Subsidiary in the ordinary course of business in accordance with past practices of the Borrower; 

(v) Liens deemed to exist in connection with Investments in repurchase agreements under Section 7.6
and reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes; 

(w) Liens that are contractual rights of set-off (i) relating to the establishment
of depository relations with banks or other financial institutions not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower, Holdings or any Restricted Subsidiary to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower, Holdings or any Restricted Subsidiary or (iii) relating to purchase orders and other agreements entered into with customers of the
Borrower, Holdings or any Restricted Subsidiary in the ordinary course of business; 
 (x) Liens solely on any cash earnest
money deposits made by the Borrower, Holdings or any Subsidiary in connection with any letter of intent or purchase agreement permitted hereunder and not to exceed 10% of the aggregate purchase price with respect thereto when combined with any liens
and/or cash advances permitted under clause (t) above; 
 (y) [Intentionally Omitted]; 

(z) ground leases in respect of real property on which facilities owned or leased by the Borrower, Holdings or any Restricted
Subsidiary are located; 
 (aa) Liens in respect of unearned premiums on insurance policies and the proceeds thereof securing
the financing of the premiums with respect thereto; 
 (bb) Liens on specific items of inventory or other goods and the
proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or
goods; and 

  
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 (cc) Liens constituting Dispositions permitted by
Section 7.4. 
 7.3 Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate,
wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of, all or substantially all of its property or business, except that: 

(a) any Restricted Subsidiary may be merged, consolidated or be amalgamated (i) with or into the Borrower (provided
that the Borrower shall be the continuing or surviving corporation), (ii) with or into any other Restricted Subsidiary (provided that if only one party to such transaction is a Secured Guarantor, the Secured Guarantor shall be the continuing
or surviving corporation) or (iii) subject to Section 7.6(g), with or into any other Group Member; provided, that in the case of clauses (ii) and (iii) any Domestic Loan Party which holds any material
assets, including Intellectual Property, that relates to any Core Business Segment may only merge, consolidate or be amalgamated with any other Domestic Loan Party; 

(b) any Group Member may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to any
Loan Party or, subject to Section 7.6(g) (to the extent applicable), any other Group Member; provided, that, notwithstanding the foregoing, a Domestic Loan Party which holds any material assets, including
Intellectual Property, that relates to any Core Business Segment may only Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to a Domestic Loan Party; 

(c) any Restricted Subsidiary that is not a Loan Party may (i) merge or consolidate with or into any Restricted Subsidiary
that is not a Loan Party or (ii) dispose of all or substantially all of its assets (including any Disposition that is in the nature of a voluntary liquidation) to (x) another Restricted Subsidiary that is not a Loan Party or (y) to a
Loan Party; 
 (d) the Borrower, and any Restricted Subsidiary may enter into any merger, consolidation or similar
transaction with another Person to effect a transaction permitted under Section 7.6 and under this Agreement; provided that either (i) the Borrower or any Secured Guarantor is the surviving entity or
(ii) if the transaction does not involve the Borrower, the surviving entity (if other than any Secured Guarantor) assumes all the obligations of such Secured Guarantor under the Loan Documents pursuant to agreements reasonably satisfactory to
the Administrative Agent and the Collateral Agent; and 
 (e) transactions permitted under
Section 7.4 shall be permitted. 
 7.4 Disposition of Property. Dispose of any of its property, including
any Intellectual Property, whether now owned or hereafter acquired, or, in the case of the Borrower or any Restricted Subsidiary, issue or sell any shares of such Restricted Subsidiary’s Capital Stock to any Person, except: 

(a) Dispositions of obsolete, damaged, uneconomic or worn out machinery, parts, property or equipment, or property or equipment
no longer used or useful, in the conduct of its business, whether now owned or hereafter acquired; 

  
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 (b) the sale of inventory in the ordinary course of business; 

(c) Dispositions permitted by Sections 7.3(a), (b) and (c); 

(d) so long as no change of control shall occur therefrom, the sale or issuance of any Group Member’s Capital Stock to any
other Group Member (except that a Loan Party or Pledged Company may issue Capital Stock only to another Loan Party); 

(e) (i) any Group Member may Dispose of any of its assets to a Loan Party or, subject to
Section 7.6(g) (to the extent applicable), any other Group Member; provided, with (x) respect to any Disposition by a non-Loan Party to a Loan Party, the purchase price
with respect thereto shall not be greater than the fair market value of the Disposed assets or Capital Stock and (y) respect to any Disposition by a Loan Party to a non-Loan Party, the purchase price with
respect thereto shall not be less than the fair market value of the Disposed assets or Capital Stock; provided further, that, notwithstanding the foregoing, a Domestic Loan Party may only Dispose of assets, including Intellectual Property,
related to any Core Business Segment to another Domestic Loan Party, (ii) any Group Member that is not a Loan Party may Dispose of any assets, or issue or sell Capital Stock, to any other Group Member that is not a Loan Party and (iii) any
Pledged Company that is not a Loan Party may Dispose of any assets, or issue or sell Capital Stock, to any other Pledged Company that is not a Loan Party; 

(f) Dispositions of cash or Cash Equivalents in transactions not otherwise prohibited by this Agreement; 

(g) licenses or sub-licenses granted by Group Members with respect to Intellectual
Property (other than exclusive licenses of Intellectual Property relating to a Core Business Segment), or leases or subleases, granted to third parties in the ordinary course of business which, individually or in the aggregate, do not materially
interfere with the ordinary conduct of the business of the Group Members; 
 (h) the issuance or sale of shares of any
Subsidiary’s Capital Stock to qualified directors if required by applicable law; 
 (i) Dispositions or exchanges of
equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase
price of such replacement property; 
 (j) Dispositions of leases entered into in the ordinary course of business, to the
extent that they do not materially interfere with the business of the Borrower, Holdings and any Restricted Subsidiary, taken as a whole; 

(k) the abandonment (including by ceasing to enforce, allowing the lapse, discontinuing the use or maintenance of or putting
into the public domain) or other Disposition of Intellectual Property that is, in the reasonable judgment of the Borrower, not material to the conduct of the business of the Borrower, Holdings or the Restricted Subsidiaries, taken as a whole; 

  
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 (l) the Disposition of Property which constitutes a Recovery Event; 

(m) Dispositions consisting of the sale, transfer, assignment or other Disposition of accounts receivable in connection with
the collection, compromise or settlement thereof in the ordinary course of business and not as part of a financing transaction; 

(n) Dispositions constituting Restricted Payments permitted by Sections 7.5, Investments permitted by
Section 7.6 and Liens permitted by Section 7.2; 
 (o) leases, subleases,
licenses or sublicenses with respect to real or personal property (other than Intellectual Property), in each case in the ordinary course of business and which do not materially interfere with the business of the Borrower, Holdings and any
Subsidiary, taken as a whole, including leases of unimproved real property encumbered by a Mortgage, on which real property the lessee may make improvements; 

(p) so long as the proceeds thereof are applied pursuant to Section 3.2, Dispositions of Investments
in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in the joint venture arrangements and similar binding arrangements; 

(q) any issuance or sale of Capital Stock in, or Indebtedness or other securities of an Immaterial Subsidiary or Unrestricted
Subsidiary; 
 (r) as long as no Default is continuing or would result therefrom, any Disposition of property of any Group
Member (other than any Core Business Segment or any assets or Intellectual Property included in any Core Business Segment), or issuance or sale of Capital Stock by, the Borrower or any Restricted Subsidiary; provided that with respect to any
Disposition made pursuant to this clause (r), such Disposition shall be valued at fair market value and such Group Member shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents; provided further that
(i) any liabilities (as shown on the most recent balance sheet of Holdings provided hereunder or in the footnotes thereto) of such Group Member, other than liabilities that are by their terms subordinated in right of payment to the Obligations,
that are assumed by the transferee with respect to the applicable Disposition and for which such Group Member shall have been validly released by all applicable creditors in writing, shall be deemed to be cash or Cash Equivalents, (ii) any
securities received by such Group Member from such transferee that are convertible by such Group Member into cash or Cash Equivalents within 180 days following the closing of the applicable Disposition, shall be deemed to be cash or Cash Equivalents
and (iii) any Designated Non-Cash Consideration received by such Group Member in respect of such Disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (r) that is at that time outstanding, not in excess of $35,000,000 at the time of the receipt of such Designated
Non-Cash Consideration, with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to
subsequent changes in value, shall be deemed to be cash or Cash Equivalents; and 

  
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 (s) Dispositions of Property related to compensation paid or to be paid, or
benefits provided or to be provided, in the ordinary course of business. 
 7.5 Restricted Payments. Declare or pay any dividend
(other than dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other
acquisition of, any Capital Stock of any Group Member, in each case, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Holdings or
any Subsidiary (collectively, “Restricted Payments”), except that: 
 (a) any Restricted Subsidiary may make
Restricted Payments to Holdings or any Restricted Subsidiary that owns a direct equity interest in such Subsidiary (and, in the case of a Restricted Payment by a Restricted Subsidiary that is not a Wholly Owned Subsidiary, such Subsidiary may make
Restricted Payments to each owner of Capital Stock or other equity interests of such Subsidiary on a pro rata basis based on their relative ownership interests) 

(b) Holdings, the Borrower and each Restricted Subsidiary may declare and make dividend payments or other distributions payable
solely in the common stock or other common equity interests of such Person; 
 (c) so long as no Default or Event of Default
has occurred and is continuing or would result therefrom, Holdings may purchase, redeem or otherwise acquire shares of its common stock or other common equity interests or warrants or options to acquire any such shares, in each case, to the extent
consideration therefor consists solely of the proceeds received from the substantially concurrent issue of new shares of its common stock or other common equity interests; 

(d) Holdings, the Borrower and each Restricted Subsidiary may make payments related to compensation paid or to be paid, or
benefits provided or to be provided, in the ordinary course of business; 
 (e) Holdings may pay any dividend or distribution
or the consummation of any redemption within sixty (60) days after the date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if, at the date of declaration or notice, the dividend,
distribution or redemption payment would have complied with the provisions of this Agreement; 
 (f) Holdings, the Borrower
and the Restricted Subsidiaries may make any payments in connection with the consummation of the Transactions (including, for the avoidance of doubt, any Restricted Payments made or that may be deemed to be made under the terms of the Initial
Syndicated Offering or the Capped Call); and 
 (g) Holdings, the Borrower and the Restricted Subsidiaries may repurchase,
redeem or otherwise acquire shares of Holdings’ Capital Stock in an aggregate amount such that the cash consideration for all acquisitions made pursuant to this clause (g) shall be from and shall not exceed the aggregate amount of cash
proceeds received by Holdings, the Borrower and the Restricted Subsidiaries from the exercise of employee stock options. 

  
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 7.6 Investments. Make any advance, loan, extension of credit (by way of guaranty or
otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business line or unit of, or a division of any Person (all of the foregoing,
“Investments”), except: 
 (a) extensions of trade credit in the ordinary course of business; 

(b) Investments in Cash Equivalents; 

(c) any Guarantee Obligation permitted by Section 7.1; 

(d) loans and advances to officers, directors and employees of any Group Member in the ordinary course of business (including
for travel, entertainment, relocation and similar expenses) in an aggregate amount for all Group Members not to exceed $2,000,000 at any time outstanding; 

(e) [Intentionally Deleted]; 

(f) intercompany Investments by (i) any Group Member in any Loan Party; provided that, subject to the Agreed
Security Principles any such intercompany Investments to the extent such Investment is a loan or advance owed by a Loan Party to a Group Member that is not a Loan Party in an amount in excess of $5,000,000, subject to the Agreed Guarantee and
Security Principles, is, within 60 days of the Closing Date, subject to the Intercompany Subordination Agreement, and (ii) any Group Member that is not a Loan Party to any other Group Member that is not a Loan Party; 

(g) intercompany Investments by any Loan Party in another Group Member (including a Person that becomes a Group Member as a
result of such Investments) that, after giving effect to such Investment, is not a Loan Party (including, without limitation, Guarantee Obligations with respect to obligations of any such Group Member, loans made to any such Group Member and
Investments resulting from mergers with or sales of assets to any such Group Member), so long as (x) the aggregate amount of such Investments (valued at fair market value) in any 12-month period does not exceed $20,000,000, and (y) no
Event of Default has occurred and is continuing; provided, that, on any date, the amount of such Investments in the form of intercompany accounts or other credits repayable on demand shall be deemed to be the net amount of (i) all
such Investments made by Loan Parties into Group Members that are not Loan Parties, less (ii) all such Investments made by Group Members that are not Loan Parties into Loan Parties; and provided further that payments on intercompany
accounts (including those listed in Schedule 4.29) shall be deemed Investments in the amount of such payments for the purposes of this Section 7.6(g); 

(h) Investments in the ordinary course of business consisting of endorsements for collection or deposit or lease, utility and
other similar deposits and deposits with suppliers in the ordinary course of business; 
 (i) Investments in connection with
Permitted Acquisitions; 

  
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 (j) Investments consisting of Hedge Agreements permitted by
Section 7.1 (including, for the avoidance of doubt, the Capped Call); 
 (k) Investments
(i) existing on the Effective Date or (ii) to be made pursuant to legally binding written contracts in existence on the Effective Date or contemplated on the Effective Date, in each case of this clause (ii) as set forth on Schedule
7.6, and in each case of clauses (i) and (ii) above any modification, replacement, renewal, reinvestment or extension thereof; provided that the amount of any such Investment is not increased at the time of such extension or renewal; 

(l) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or other Persons to the extent reasonably necessary in order to prevent or
limit loss or in connection with the bankruptcy or reorganization of suppliers or customers and in settlement of delinquent obligations of, and other disputes with, suppliers or customers arising in the ordinary course of business; 

(m) Investments received as consideration in connection with Dispositions permitted under
Section 7.4; 
 (n) advances of payroll payments to employees in the ordinary course of business;

 (o) Investments to the extent that payment for such Investments is made solely with Capital Stock of Holdings (or by any
direct or indirect parent thereof); 
 (p) Investments held by a Person that becomes a Restricted Subsidiary after the
Closing Date or of a Person merged into the Borrower or merged or consolidated with a Restricted Subsidiary in accordance with Section 7.3 after the Closing Date to the extent that such Investments were not made in
contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(q) Guarantee Obligations by a direct or indirect parent entity of a Group Member of leases (other than Capital Lease
Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business of such Group Members; 

(r) Investments consisting of purchases of services in the ordinary course of business and consistent with past practices; 

(s) other Investments by Group Members in an aggregate amount since the Closing Date not to exceed $50,000,000; and 

(t) Investments made by any Restricted Subsidiary that is not a Loan Party to the extent such Investments are financed with the
proceeds received by such Restricted Subsidiary from an Investment made pursuant to this Section 7.6. 

  
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 The amount of any Investment, other than a Guarantee Obligation, shall be (i) the amount actually
invested, as determined at the time of each such Investment, without adjustment for subsequent increases or decreases in the value of such Investment, minus (ii) the amount of dividends or distributions actually received in connection with such
Investment and any return of capital and any payment of principal received in respect of such Investment that in each case is received in cash or cash equivalents (not in excess of the amount of Investments originally made). 

7.7 Certain Payments and Modifications of Certain Debt Instruments. 

(a) (i) Make any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease any
Indebtedness incurred pursuant to Section 7.1(x) (including, for the avoidance of doubt, the Initial Syndicated Offering) except for (x) the refinancing thereof with the Net Cash Proceeds of any Permitted Refinancing of any of the
foregoing or any Indebtedness (other than Indebtedness that is owed to the Borrower or any Restricted Subsidiary), and (y) the conversion of any Junior Indebtedness to Capital Stock (including any cash settlement of the conversion option in
connection with such conversion); or (ii) amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of any Junior Indebtedness Document (other than any amendment
that is not materially adverse to the Lenders, including any amendment, modification, waiver or other change that would extend the maturity or reduce the amount of any payment of principal thereof or reduce the rate or extend any date for payment of
interest). 
 (b) (i) Amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other
change to, any of the terms of any Organizational Document of any Loan Party or any Pledged Company in any manner materially adverse to the Lenders and (ii) in the case of a Loan Party, modify any name, jurisdiction of organization,
organizational identification number or federal identification number unless at least five (5) Business Days prior written notice shall be given to the Administrative Agent (or such shorter period of time reasonably agreed to by the
Administrative Agent). 
 (c) Make any payment in cash under or for the account of any of the Existing Intercompany Notes, unless, within
five (5) Business Days after any such payment is made, the amount of the relevant payment is made available to a Loan Party by way of a transaction permitted under this Agreement. 

7.8 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the
ordinary course of business, other than on fair and reasonable terms substantially as favorable to Holdings, the Borrower or such Restricted Subsidiary as would be obtainable by Holdings, the Borrower or such Restricted Subsidiary at the time in a
comparable arm’s length transaction with a Person other than an Affiliate, except: 
 (a) transactions between or among
Group Members (provided that transactions between (x) any Loan Party, on one hand, and (y) a Group Member that is not a Loan Party, on one other hand on one other hand, in each case shall be on commercially reasonable terms, shall
be limited to transactions not otherwise prohibited by this Agreement; 

  
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 (b) transactions related to compensation paid or to be paid, or benefits
provided or to be provided, in the ordinary course of business; 
 (c) any Restricted Payment permitted by
Section 7.5; and 
 (d) the Transactions. 

7.9 [Intentionally Omitted]. 

7.10 [Intentionally Omitted]. 

7.11 Changes in Fiscal Periods; Accounting Changes. 

(a) Permit any change in the fiscal year of Holdings. 

(b) Change independent accountants other than to any nationally recognized firm or such other firm reasonably acceptable to the Administrative
Agent. 
 7.12 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits, limits or
imposes any condition upon the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired for the benefit of the Lenders with respect to the
Obligations other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only
be effective against the assets financed thereby), (c) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital
Stock or assets of such Subsidiary, (d) customary provisions in leases, licenses and other contracts restricting the assignment thereof, (e) any other agreement that does not restrict in any manner (directly or indirectly) Liens created
pursuant to the Loan Documents or any Collateral securing the Obligations and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of Property of
any Loan Party to secure the Obligations and (f) any prohibition or limitation that (i) exists pursuant to applicable Requirements of Law, (ii) consists of customary restrictions and conditions contained in any agreement relating to
any Liens permitted under Section 7.2, transaction permitted under Section 7.3 or the sale of any property permitted under Section 7.4, (iii) restricts subletting or
assignment of leasehold interests contained in any lease governing a leasehold interest of a Group Member, (iv) exists in any agreement in effect at the time such Subsidiary becomes a Restricted Subsidiary, so long as such agreement was not
entered into in contemplation of such Person becoming a Subsidiary, (v) exists in any instrument governing Indebtedness assumed in connection with any Permitted Acquisition, which encumbrance or restriction is not applicable to any Person, or
the Properties or assets of any Person, other than the Person or the Properties or assets of the Person so acquired, (vi) exists on the Closing Date and are listed on Schedule 7.12, (vii) are customary provisions in joint venture
agreements and other similar agreements applicable to joint ventures to the extent permitted under this Agreement, or (viii) is imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents or the contracts,
instruments or obligations referred to in this Section 7.12; provided that such amendments and refinancings are no more materially restrictive with respect to such prohibitions and limitations than those in effect
prior to such amendment or refinancing (as determined in good faith and certified in writing to the Administrative Agent by a Responsible Officer of the Borrower). 

  
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 7.13 Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or
become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of the Borrower that is not a Loan Party to (a) make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held
by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary of the Borrower, (b) make loans or advances to, or other Investments in, the Borrower or any other Restricted Subsidiary of the Borrower or (c) transfer
any of its assets to the Borrower or any other Restricted Subsidiary of the Borrower, except for such encumbrances or restrictions existing under or by reason of: 

(i) any restrictions existing under the Loan Documents; 

(ii) any restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in
connection with the Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary; 

(iii) [Intentionally Omitted]; 

(iv) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case,
any prohibition or limitation shall only be effective against the assets financed thereby); 
 (v) restrictions and
conditions existing on the Closing Date identified on Schedule 7.13 (but not to any amendment or modification expanding the scope or duration of any such restriction or condition); 

(vi) restrictions or conditions imposed by any agreement relating to Liens permitted by this Agreement but solely to the extent
that such restrictions or conditions apply only to the property or assets subject to such permitted Lien; 
 (vii) customary
provisions in leases, licenses and other contracts entered into in the ordinary course of business restricting the assignment thereof; 

(viii) customary restrictions in joint venture agreements and other similar agreements applicable to joint ventures permitted
hereunder and applicable solely to such joint venture; 
 (ix) any agreement of a Foreign Subsidiary governing Indebtedness
permitted to be incurred or permitted to exist under Section 7.1; 
 (x) any agreement or
arrangement already binding on a Person when it becomes a Restricted Subsidiary so long as such agreement or arrangement was not created in anticipation of such acquisition; 

(xi) Requirements of Law; 

  
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 (xii) customary restrictions and conditions contained in any agreement
relating to any transaction permitted under Section 7.3 or the sale of any property permitted under Section 7.4 pending the consummation of such transaction or sale; 

(xiii) any instrument governing Indebtedness assumed in connection with any Permitted Acquisition, which encumbrance or
restriction is not applicable to any Person, or the Properties or assets of any Person, other than the Person or the Properties or assets of the Person so acquired; or 

(xiv) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan
Documents or the contracts, instruments or obligations referred to in this Section 7.13; provided that such amendments or refinancings are no more materially restrictive with respect to such encumbrances and
restrictions than those in effect prior to such amendment or refinancing (as determined in good faith and certified in writing to the Administrative Agent by a Responsible Officer of the Borrower). 

7.14 Lines of Business. Enter into any business, either directly or through any Restricted Subsidiary, except for those businesses in
which Holdings and its Subsidiaries are engaged on the date of this Agreement (after giving effect to the Transaction) or that are reasonably related, incidental, ancillary or complementary thereto. 

7.15 Financial Performance Covenant. The Loan Parties will note permit: 

(l) Minimum Net Revenue. Net Revenue on a consolidated basis to be less than $700,000,000 for each trailing twelve (12) month period (the
“Net Revenue Covenant Level”), to be tested quarterly commencing with the fiscal quarter ending June 30, 2020, provided, that, to the extent an Asset Sale occurs and the Net Cash Proceeds of such Disposition are used to prepay
the Term Loans in accordance with Section 3.2, then the minimum Net Revenue Covenant Level shall be reduced by an amount equal to the lesser of (x) the proportionate decrease in the outstanding amount of Term Loans as
a result of such prepayment and (y) the proportionate decrease in Net Revenue as a result of such Asset Sale for the twelve (12) month period ended as of last fiscal quarter for which such Net Revenue was calculated immediately prior to
the consummation of such Asset Sale; provided, that, notwithstanding the foregoing, in no event shall Net Revenue Covenant Level be reduced to less than $550,000,000; and 

(m) Secured Leverage Ratio. The Secured Leverage Ratio, as of the last day of each fiscal quarter set forth in the chart below to be greater
than the ratio set forth below opposite such measurement date: 
  

			
	Test Period	  	Total Secured Leverage Ratio
	4 Quarters ending June 30, 2020 through each fiscal quarter thereafter until (and including) the fiscal quarter ending June 30, 2021	  	5.625:1.00

  
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	Test Period	  	Total Secured Leverage Ratio
	4 Quarters ending September 30, 2021 and ending each fiscal quarter thereafter	  	4.50:1.00

 SECTION 8. EVENTS OF DEFAULT 

8.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) the Borrower shall fail to pay any principal of any Term Loan when due in accordance with the terms hereof; or the Borrower
shall fail to pay any interest on any Term Loan, or any other amount payable hereunder or under any other Loan Document, within five (5) Business Days after any such interest or other amount becomes due in accordance with the terms hereof; or

 (b) any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is
contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been untrue in any material respect on or as of the
date made or deemed made; or 
 (c) any Loan Party shall default in the observance or performance of (i) any agreement
contained in Section 6.4(a) (with respect to Holdings and the Borrower only), Section 6.7(a), Section 6.10(e) or Section 7 of this Agreement or
(ii) Section 6.1 or Section 6.2, and such default shall continue unremedied for a period of ten (10) Business Days after the earlier of (i) receipt by the Borrower of written notice
thereof from the Administrative Agent or (ii) actual knowledge of Borrower or Holdings; or 
 (d) any Loan Party shall
default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section 8), and such default shall
continue unremedied for a period of thirty (30) days after the earlier of (i) receipt by the Borrower of written notice thereof from the Administrative Agent or (ii) actual knowledge of Borrower or Holdings; or 

(e) any Group Member (i) defaults in making any payment when due in respect of any Material Indebtedness (including any
Guarantee Obligation or Hedge Agreement that constitutes Material Indebtedness, but excluding the Term Loans); or (ii) defaults in the observance or performance of any other agreement or condition relating to any such Material Indebtedness or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such
Material Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Material Indebtedness to become due prior to its stated maturity or to become subject to a mandatory offer to
purchase by the obligor 

  
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thereunder; provided that such failure is unremedied and is not waived by the holders of such Indebtedness; provided further that this clause (e)(ii) shall not apply to (x) secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness or (y) the
holders of the Indebtedness under the Initial Syndicated Offering exchanging or being entitled to exchange such Indebtedness in accordance with its terms; or 

(f) other than a U.K. Group Member (i) any Group Member (other than an Immaterial Subsidiary) shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, examinership or relief of debtors (a “Bankruptcy Law”), seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, examinership, winding-up, liquidation, dissolution, composition or
other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator, liquidator, examiner or other similar official for it or for all or any substantial part of its assets under a Bankruptcy
Law, or any Group Member (other than an Immaterial Subsidiary) shall make a general assignment, composition, compromise, or arrangement with or for the benefit of its creditors; or (ii) there shall be commenced against any Group Member (other
than an Immaterial Subsidiary) any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or other relief with respect to it
or its debts or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distress, distraint or similar process against all or any substantial part of the assets of the Group Members, taken as a whole, that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or
bonded pending appeal within sixty (60) days from the entry thereof; or (iv) any Group Member (other than an Immaterial Subsidiary) shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any
of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Group Member (other than an Immaterial Subsidiary) shall generally not, or shall be unable to, or shall under applicable law be deemed to be unable to, or shall admit in
writing its inability to, pay its debts as they become due; or 
 (g) in respect of a U.K. Group Member (i) such U.K
Group Member (1) is unable or admits inability to pay its debts as they fall due or is deemed to, or is declared to, be unable to pay its debt under applicable law (in each case, other than solely as a result of its balance sheet liabilities
exceeding its balance sheet assets except where the same would result in or require the taking of any corporate action, legal proceedings, insolvency filing, cessation of trading and/or any other procedure or steps referred to in this
Section 8.1(g)(ii) below); or (2) suspends or threatens to suspend making payments on any of its debts or (3) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding any Lenders, the Agents or any other secured party in their capacity as such) with a view to rescheduling any of its indebtedness; or (4) a moratorium is declared in respect of any indebtedness of any U.K. Group Member;
provided, that if a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium; (ii) any corporate action, legal proceedings or other procedure or formal step is taken in relation to
(1) the suspension of payments, a 

  
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moratorium of any indebtedness, winding-up, dissolution, administration of any U.K. Group Member or (2) reorganization (by way of voluntary
arrangement, scheme of arrangement or otherwise) of any U.K. Group Member; or (3) a composition, compromise, assignment or arrangement with any creditor (other than any Lenders, the Agents or any other Secured Party in their capacity as such)
of any U.K. Group Member; (iii) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any U.K. Group Member or any of its respective assets, or any analogous
procedure or step is taken in any jurisdiction (provided, that this Section 8.1(g)(ii) and (iii) shall not apply to (1) any winding-up petition that is frivolous or vexatious and which, if
capable of remedy, is discharged, stayed or dismissed within 30 days of commencement or, if earlier, the date on which it is advertised (or such other period as agreed between the Borrower, Holdings and the Administrative Agent); or (2) (in the case
of an application to appoint an administrator or commence proceedings) any proceedings which Agent is satisfied will be withdrawn before it is heard or will be unsuccessful); or (iv) an expropriation, attachment, sequestration, distress or
execution or analogous process in any jurisdiction affects any asset or assets of a U.K. Group Member, provided that the affected assets (or the affected portion of any such assets, as the case may be) has a value in excess of $25,000,000 and the
expropriation, attachment, sequestration, distress, execution or other analogous process is not discharged within 30 days of commencement; 

(h) (i) one or more ERISA Events shall have occurred, (ii) the present value of all accrued benefits under each
Single Employer Plan (determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for purposes of Section 4044 of ERISA) exceed the value of the assets of such Plan
allocable to such accrued benefits; (iii) there is or arises any potential withdrawal liability under Section 4201 of ERISA, if the Group Members and the Controlled Group Entities were to withdraw completely from any and all Multiemployer
Plans; and in each case in clauses (i) through (iii) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or 

(i) one or more judgments or decrees shall be entered against any Group Member and the same shall not have been vacated,
discharged, stayed or bonded pending appeal within 30 days from the entry thereof and any such judgments or decrees is for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as to which the relevant
insurance company has acknowledged coverage), of $25,000,000 or more or is for injunctive relief which could reasonably be expected to have a Material Adverse Effect; or 

(j) any Security Documents relating to material assets of the Group Members, taken as a whole, shall cease, for any reason, to
be in full force and effect, or any Loan Party or any Subsidiary of any Loan Party shall so assert, or any Lien created by any of the Security Documents relating to material assets of the Group Members, taken as a whole, shall cease to be
enforceable and of the same effect and priority purported to be created thereby (other than because of any action by the Collateral Agent); or any Loan Party or any Subsidiary of any Loan Party shall so assert; or 

  
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 (k) the guarantee contained in Section 2 of the
Guarantee and Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or any Subsidiary of any Loan Party shall so assert; or 

(l) the ordinary shares of Holdings cease to be listed or quoted on The NASDAQ Global Market (or any of their respective
successors) unless they are substantially simultaneously relisted on another nationally recognized stock exchange; or 

(m) (i) any of the Obligations of the Loan Parties under the Loan Documents for any reason shall cease to be “senior
debt,” “senior indebtedness,” “designated senior debt,” “guarantor senior debt” or “senior secured financing” (or any comparable term) under, and as defined in, any Junior Indebtedness Documentation
evidencing Material Indebtedness, (ii) the subordination provisions set forth in any Junior Indebtedness Documentation evidencing Material Indebtedness shall, in whole or in part, cease to be effective or cease to be legally valid, binding and
enforceable against the holders of such Junior Indebtedness, if applicable or (iii) any Loan Party, any Subsidiary of any Loan Party shall assert any of the foregoing; 

(n) in the case of the any Syndicated Offering, holders of such Junior Indebtedness shall have submitted one or more exchange
notices (or similar type of notice) in accordance with the terms thereof requiring an exchange of Indebtedness for cash in an aggregate principal amount in excess of $25,000,000 (the “Exchange Threshold”), provided, that no
Event of Default shall occur under this clause (n) to the extent the Borrower or Holdings has received proceeds of Junior Indebtedness (to the extent permitted in accordance with this Agreement) in an amount greater than or equal to the
Exchange Threshold no later than 40 (forty) Trading Days of submission of such exchange notices; or 
 (o) one or more final
and non-appealable judgments or decrees shall be entered against any Group Member or any Group Member shall enter into any settlement, in each case, to the extent that (x) any such judgments, settlements or
decrees is for the payment of money, individually or in the aggregate, in excess of $250,000,000, provided, that no Event of Default shall occur under this clause (o)(x) to the extent that, prior to any payment (including any settlement)
in respect of any such judgments, settlements or decrees (and in any event within six (6) months after the date that such judgments, settlements or decrees are entered or entered into in the case of any settlement), such Group Member has
received proceeds of Qualified Capital Stock or Junior Indebtedness (to the extent permitted in accordance with this Agreement) in an amount greater than the amount of such judgments, settlements or decrees that is in excess of $250,000,000 or
(y) Group Members pay, in the aggregate, $50,000,000 or more in respect of such judgments, settlements or decrees in any 12-month period (including in connection with any payment plan or settlement
thereof), other than to the extent such payments are made with proceeds of Qualified Capital Stock or Junior Indebtedness (to the extent permitted in accordance with this Agreement); 

then, and in any such event, (A) if such event is an Event of Default specified in paragraph (f) above with respect to the Borrower, automatically
the Commitments shall immediately terminate and the Term Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such
event is any other Event of Default, either or both of the following actions may be taken: with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice
to the Borrower, declare 

  
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the Term Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall
immediately become due and payable. Except as expressly provided above in this Section 8, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. Notwithstanding anything
to the contrary contained herein or in the other Loan Documents, no amounts received from any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. 

SECTION 9. THE AGENTS 
 9.1
Appointment. 
 (a) Each Lender (and, if applicable, each other Secured Party) hereby irrevocably designates and appoints each Agent
as the agent of such Lender (and, if applicable, each other Secured Party) under this Agreement and the other Loan Documents, and each such Lender (and, if applicable, each other Secured Party) irrevocably authorizes such Agent, in such capacity, to
take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein,
or any fiduciary relationship with any Lender or other Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against
any Agent. 
 (b) Each of the Secured Parties hereby irrevocable designates and appoints Ares Capital Corporation as collateral agent of such
Secured Party under this Agreement and the other Loan Documents, and each such Secured Party irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf as are necessary or advisable with respect to the
Collateral under this Agreement or any of the other Loan Documents, together with such powers as are reasonably incidental thereto. The Collateral Agent hereby accepts such appointment. The Collateral Agent declares that it holds the Collateral
under any U.K. Security Document on trust for the Secured Parties. 
 9.2 Delegation of Duties. Each Agent may execute any of its
duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither any Agent nor any of their respective officers, directors, members, partners, employees, agents, attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful
misconduct) or (ii) responsible in any manner to any of the Lenders or any other Secured Party for any recitals, 

  
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statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or any Specified Hedge Agreement or in any
certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or any Specified Hedge Agreement or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or any Specified Hedge Agreement or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The
Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document or any Specified Hedge
Agreement, or to inspect the properties, books or records of any Loan Party. 
 9.4 Reliance by Agents. Each Agent shall be entitled
to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be
genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by such Agent. The
Administrative Agent shall deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been
filed with the Administrative Agent. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or,
if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to
take any such action. The Agents shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this
Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Term Loans and all other Secured Parties. 

9.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless such Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the
Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement); provided that unless and until the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Secured Parties. 

  
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 9.6 Non-Reliance on Agents and Other
Lenders. Each Lender (and, if applicable, each other Secured Party) expressly acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan
Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender or any other Secured Party. Each Lender (and, if applicable, each other Secured Party) represents to the Agents that it has, independently and without
reliance upon any Agent or any other Lender or any other Secured Party, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and
other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement or any Specified Hedge Agreement. Each Lender (and, if applicable, each other Secured
Party) also represents that it will, independently and without reliance upon any Agent or any other Lender or any other Secured Party, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents or any Specified Hedge Agreement, and to make such investigation as it deems necessary to inform itself as to the business,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent
hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender or any other Secured Party with any credit or other information concerning the business, operations, property, condition (financial or otherwise),
prospects or creditworthiness of any Loan Party or any Affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 9.7 Indemnification. To the extent that the Borrower for
any reason fails to indefeasibly pay any amount required under Section 10.5 to be paid by it to any Agent Related Party (or any sub-agent thereof), each Lender severally agrees to pay
to such Agent Related Party (or any such sub-agent thereof) such Lender’s Term Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided that (a) the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against any Agent Related Party (or any such sub-agent thereof) and (b) no Lender shall be liable for the payment of any portion of such unreimbursed expense or indemnified loss, claim, damage, liability or related expense that is found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Term Loans and all other amounts payable
hereunder. 
 9.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and
generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents
as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender,” “Lenders,” “Secured Party” and “Secured Parties” shall include each Agent in its individual capacity. 

  
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 9.9 Successor Administrative Agent. 

(a) The Administrative Agent and the Collateral Agent may resign as Administrative Agent and Collateral Agent, respectively, upon ten
(10) days’ notice to the Lenders and the Borrower. If the Administrative Agent or Collateral Agent, as applicable, shall resign as Administrative Agent or Collateral Agent, as applicable, under this Agreement and the other Loan Documents,
then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default shall have occurred and be continuing) be subject to approval by the Borrower (which approval
shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent or Collateral Agent, as applicable, and the term “Administrative Agent” or
“Collateral Agent,” as applicable, shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s or Collateral Agent’s, as applicable, rights, powers and duties as
Administrative Agent or Collateral Agent, as applicable, shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or Collateral Agent, as applicable, or any of the parties to this Agreement or any
holders of the Term Loans. If no successor agent has accepted appointment as Administrative Agent or Collateral Agent, as applicable, by the date that is ten (10) days following a retiring Administrative Agent’s or Collateral Agent’s,
as applicable, notice of resignation, the retiring Administrative Agent’s or Collateral Agent’s, as applicable, resignation shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties of the
Administrative Agent or Collateral Agent, as applicable, hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s or Collateral Agent’s, as
applicable, resignation as Administrative Agent or retiring Collateral Agent’s resignation as Collateral Agent, as applicable, the provisions of this Section 9 shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent or Collateral Agent, as applicable, under this Agreement and the other Loan Documents. 

(b) Anything herein to the contrary notwithstanding, if at any time the Required Lenders determine that the Person serving as Administrative
Agent is a Defaulting Lender, the Required Lenders (determined after giving effect to the final paragraph of Section 10.1) may by notice to the Borrower and such Person remove such Person as Administrative Agent and, in
consultation with the Borrower, appoint a replacement Administrative Agent hereunder. Such removal will, to the fullest extent permitted by applicable law, be effective on the earlier of (i) the date a replacement Administrative Agent is
appointed and (ii) the date ten (10) Business Days after the giving of such notice by the Required Lenders (regardless of whether a replacement Administrative Agent has been appointed). 

9.10 Agents Generally. Except as expressly set forth herein, the Agents shall not have any duties or responsibilities hereunder in its
capacity as such. 
 9.11 Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial
or otherwise, for any right or remedy against any Loan Party or any other obligor under any of the Loan Documents, the Specified Hedge Agreements, or institute any actions or proceeds, or otherwise commence any remedial procedures, with respect to
any Collateral or any other property of any such Loan Party, without the prior written consent of the Administrative Agent; provided that the foregoing shall not prohibit any Lender from filing proofs of claim during the pendency of a
proceeding relative to any Loan Party under any bankruptcy or other debtor relief law. 

  
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 9.12 Withholding Tax. Each Lender shall severally indemnify the Administrative Agent,
within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the
obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent
to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Agent under this Section 9.12. The agreements in this
Section 9.12 shall survive the resignation and/or replacement of the Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Term Loans and the repayment, satisfaction or discharge of all
obligations under this Agreement. 
 9.13 Administrative Agent May File Proof of Claims. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent shall be entitled and empowered, by intervention in such proceeding or
otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and
all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Secured Parties and the Administrative Agent (including any claim for the compensation,
expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties under the Loan Documents) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Administrative Agent and, in the event that the
Administrative Agent shall consent to the making of such payments directly to the Secured Parties, to pay to the Administrative Agent any amount due for the compensation, expenses, disbursements and advances of the Agents and their respective agents
and counsel, and any other amounts due the Administrative Agent under the Loan Documents. 

  
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 9.14 Lender Representations. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
Borrower, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Term Loans, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Term Loans and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Term Loans and
this Agreement, (C) the entrance into, participation in, administration of and performance of the Term Loans and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of
PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such
Lender’s entrance into, participation in, administration of and performance of the Term Loans and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that: 

  
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 (i) none of the Administrative Agent or any of their respective Affiliates
is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), 

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Term Loans and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer
or other person that holds, or has under management or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), 

(iii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Term Loans and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies, 

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Term Loans and this Agreement is a fiduciary under ERISA or Code, or both, with respect to the Term Loans and this Agreement and is responsible for exercising independent judgment in evaluating the
transactions hereunder, and 
 (v) no fee or other compensation is being paid directly to the Administrative Agent or any
their respective Affiliates for investment advice (as opposed to other services) in connection with the Term Loans or this Agreement. 

(c) The Administrative Agent hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Term Loans and this Agreement, (ii) may recognize a gain if it extended the Term Loans for an amount less than the amount being paid for an interest in the Term Loans by such
Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees,
underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term
out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 
 SECTION 10. MISCELLANEOUS

 10.1 Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders,
the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the 

  
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other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or
thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default
or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

(i) forgive the principal amount or extend the final scheduled date of maturity of any Term Loan, extend the scheduled date of
any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or forgive or reduce any interest or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates, which waiver shall be effective with the consent of the holders of more than 50% of the aggregate unpaid principal amount of the affected Tranche of Term Loans then
outstanding and (y) that any amendment or modification of financial covenants or defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i))
or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each Lender directly affected thereby; provided that
neither any amendment, modification or waiver of a mandatory prepayment required hereunder, nor any amendment of Section 3.2 or any related definitions including Asset Sale or Recovery Event, shall constitute a reduction of
the amount of, or an extension of the scheduled date of, any principal installment of any Term Loan or Note or other amendment, modification or supplement to which this clause (i) is applicable; 

(ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written
consent of such Lender; 
 (iii) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release Holdings or all or substantially all of the Secured
Guarantors from their obligations under the Guarantee and Collateral Agreement, in each case without the written consent of all Lenders; 

(iv) amend, modify or waive any provision of Section 3.8(a) or
Section 10.7(a) of this Agreement or Section 6.5 of the Guarantee and Collateral Agreement, in each case without the written consent of all Lenders; 

(v) amend, modify or waive any provision of Section 9 without the written consent of each Agent
adversely affected thereby; 
 (vi) amend, modify or waive any provision of Section 9.6 to further
restrict any Lender’s ability to assign or otherwise transfer its obligations hereunder without the written consent of all Lenders adversely affected thereby; and 

  
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 (vii) amend, modify or waive (A) any provision of any Loan Document so
as to alter the ratable sharing of payments required thereby or (B) the definition of “Qualified Counterparty,” “Specified Hedge Agreement,” or “Obligations,” in each case in a manner adverse to any Qualified
Counterparty with Obligations then outstanding without the written consent of any such Qualified Counterparty. 
 Any such waiver and any
such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Term Loans. 

In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder and
under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent
thereon. 
 If, in connection with any proposed amendment, modification, waiver or termination requiring the consent of all Lenders, the
consent of the Required Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained being referred to as a
“Non-Consenting Lender”), then, so long as the Administrative Agent is not a Non-Consenting Lender, the Administrative Agent or a Person
reasonably acceptable to the Administrative Agent shall have the right but not the obligation to purchase at par from such Non-Consenting Lenders, and such
Non-Consenting Lenders agree that they shall, upon the Administrative Agent’s request, sell and assign to the Administrative Agent or such Person, all of the Term Loans of such Non-Consenting Lenders for an amount equal to the principal balance of all such Term Loans held by such Non-Consenting Lenders and all accrued interest and fees with respect
thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment and Assumption. In addition to the foregoing, the Borrower may replace any Non-Consenting Lender
pursuant to Section 3.13. 
 Notwithstanding the foregoing, this Agreement and the other Loan Documents may be
amended (or amended and restated), modified or supplemented with the written consent of the Administrative Agent and the Borrower to cure any ambiguity, omission, defect or inconsistency, so long as such amendment, modification or supplement does
not adversely affect the rights of any Lender. 
 Anything herein to the contrary notwithstanding, during such period as a Lender is a
Defaulting Lender, to the fullest extent permitted by applicable law, such Lender will not be entitled to vote in respect of amendments and waivers hereunder and the Commitment and the outstanding Loans or other extensions of credit of such Lender
hereunder will not be taken into account in determining whether the Required Lenders or all of the Lenders, as required, have approved any such amendment or waiver (and the definition of “Required Lenders” will automatically be deemed
modified accordingly for the duration of such period); provided that, subject to the limitations set forth in the first paragraph of this Section 10.1, any such amendment or waiver that would increase or extend the
term of the Commitment of such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the
amount of or the rate or amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will require the consent of such Defaulting Lender. 

  
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 10.2 Notices. 

(a) All notices and other communications provided for hereunder shall be either (x) in writing (including telecopy or e-mail communication) and mailed, telecopied or delivered or (y) as and to the extent set forth in Section 10.2(b) as follows: 

(i) if to the Borrower, at its address at 100 Cyberonics Blvd, Houston, TX, 77058, United States, Attention Chief Financial
Officer, with a copy to General Counsel, 20 Eastbourne Terrace London, W2 6LG United Kingdom; 
 (ii) if to the Collateral
Agent or the Administrative Agent, at its address at 2000 Avenue of the Stars, 12th Floor, Los Angeles. CA 90067, Attention: Doug Dieter and a copy to Katherine G. Weinstein, Esq., Morgan, Lewis & Bockius LLP, 101 Park Avenue, New
York, NY 10178; or, as to any party, at such other address as shall be designated by such party in a written notice to the other parties; 

provided, however, that materials and information described in Section 10.2(b) shall be delivered to the Administrative Agent
in accordance with the provisions thereof or as otherwise specified to the Borrower by the Administrative Agent. Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given or made upon the earlier of (i) actual receipt by the relevant party hereto, (ii) if delivered by hand or courier, when signed for by or on behalf of the relevant party hereto, and (iii) four days after having been
mailed; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that notices and communications to any Agent pursuant to Sections 2 and 9 shall not be effective until received by such
Agent). Delivery by telecopier of an executed counterpart of a signature page to any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery
of an original executed counterpart thereof. 
 (b) The Borrower hereby agrees that it will provide to the Administrative Agent all
information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports,
certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or
interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any default or event of default under this Agreement or
(iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications
being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to an electronic address specified by the Administrative
Agent to the Borrower. In addition, the Borrower agrees to continue to provide the Communications to the Agents in the manner specified in the Loan Documents but only to the extent requested by the Administrative Agent. 

  
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 (c) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE
ADMINISTRATIVE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS, EXCEPT TO THE EXTENT
THE LIABILITY OF SUCH PERSON IS FOUND IN A FINAL, NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. NO WARRANTY OF
ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR
OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “ADMINISTRATIVE AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER PARTY OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR
INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET. 

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its
e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that notice to it (as provided in the
next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative
Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that the
foregoing notice may be sent to such e-mail address. Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document
in any other manner specified in such Loan Document. 
 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in
exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. 

  
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 10.4 Survival of Representations and Warranties. All representations and warranties
made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Term Loans and other
extensions of credit hereunder and shall continue in full force and effect as long as any Term Loan or any other Obligation hereunder shall remain unpaid or unsatisfied and so long as the Commitments of any Lender have not been terminated. 

10.5 Payment of Expenses; Indemnity. 

(a) The Borrower agrees (i) to pay or reimburse each Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the development, preparation, negotiation, execution and delivery, and any amendment, waiver, supplement or modification to, this Agreement and the
other documents prepared in connection herewith or therewith, any security arrangements in connection therewith and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions
contemplated hereby and thereby, including the reasonable invoiced fees and disbursements of counsel (including local counsel in any relevant jurisdiction) to such parties and filing and recording fees and expenses, with statements with respect to
the foregoing to be submitted to the Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time thereafter and (ii) to pay or reimburse each Lender and Agent for all its documented costs and
expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the reasonable and invoiced fees and disbursements of counsel to such parties
and any documented costs and expenses incurred during any workout or restructuring. 
 (b) The Borrower agrees (i) to pay, indemnify,
and hold each Lender and each Agent harmless from, any and all recording and filing fees, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the
transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (ii) to pay, indemnify, and hold each
Lender and Agent and the Joint Bookrunners and their respective affiliates (including, without limitation, controlling persons) and each member, partner, director, officer, employee, advisor, agent, affiliate, successor, partner, member,
representative and assign of each of the forgoing (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents (regardless of whether any Loan Party is or is not a party to any such actions or
suits) and any such other documents, including any of the foregoing relating to the use of proceeds of the Term Loans, or violation of, noncompliance with or liability under, any Environmental Law relating to the presence, Release or threat of
Releases of or exposure to any Materials of Environmental concern relating to any Group Member or any of the Properties, and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee
against any Loan Party under any Loan Document (all the foregoing in this clause (ii), collectively, the “Indemnified Liabilities”); provided, that the Borrower shall not have any obligation hereunder to any Indemnitee with respect
to Indemnified 

  
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Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the bad faith, gross negligence
or willful misconduct of such Indemnitee or its Related Indemnified Persons. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby
waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or
nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee except to the extent found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from
the bad faith, gross negligence or willful misconduct of such Indemnitee or its Related Indemnified Persons. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to the Chief Financial Officer, at the address of
the Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5 shall survive repayment of the
Term Loans and all other amounts payable hereunder. Section 10.5 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 (c) To the fullest extent permitted by applicable law, neither the Borrower nor any Indemnitee shall assert, and each of the Borrower and
each Indemnitee does hereby waive, any claim against any party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Term Loan or the use of the proceeds thereof; provided that the foregoing shall not limit the
indemnification obligations of the Borrower under clause (b) above to the extent they arise from claims of third parties against an Indemnitee for such special, indirect, consequential or punitive damages. No Indemnitee shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby. 
 (d) The Borrower shall not, without the prior written consent of the
Indemnitee, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnitee is a party thereto) unless such
settlement, compromise, consent or termination (i) includes an unconditional release of each Indemnitee from all liability arising out of such proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability,
or a failure to act by or on behalf of such Indemnitee. 
 (e) The Borrower will not be liable under this Agreement for any amount paid by an
Indemnitee to settle any claims or actions if the settlement is entered into without the Borrower’s consent, which consent may not be withheld or delayed unless such settlement is unreasonable in light of such claims or actions against, and
defenses available to, such Indemnitee; provided that this Section 10.5(e) shall not apply to those settlements where the Borrower was offered the ability to assume the defense of the action that directly and specifically
related to the subject matter of such settlement and elected not to assume such defense. 

  
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 (f) All amounts due under this Section shall be payable not later than ten (10) days
after demand therefor. 
 10.6 Successors and Assigns; Participations and Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment
or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except (x) to an assignee in accordance with the provisions of paragraph
(b) of this Section, (y) by way of participation in accordance with the provisions of paragraph (e) of this Section or (z) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (g) of
this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, express or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors as assigns permitted hereby, Participants to the extent provided in paragraph (e) of this Section 10.6 and, to the extent expressly contemplated hereby, the Affiliates of each of the Administrative Agent and
the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Any Lender may assign to one or more
assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Term Loans at the time owing to it); provided that any such assignment
shall be subject to the following conditions: 
 (i) except in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent (such consent not to be
unreasonably withheld or delayed); provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Term Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate tranches of
Loans (if any) on a non-pro rata basis; 
 (iii) no consent shall be required for any
assignment except to the extent required by paragraph (b)(i) of this Section and, in addition, the consent of: 

  
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 (A) the Borrower (such consent not to be unreasonably withheld or delayed)
shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment, (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received a draft of the relevant Assignment and Assumption or (z) such
assignment is made prior to the date that is 90 days after the Effective Date; and 
 (B) the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of each of the Term Facilities if such assignment is to an Assignee that is not a Lender, an Affiliate of a Lender or an Approved Fund; 

(iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 (it being understood that payment of only one processing fee shall be required in connection with simultaneous assignments to two or more Approved Funds); provided that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; and the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative
questionnaire. 
 (v) no assignment shall be permitted to be made to Holdings or any of its Subsidiaries or Affiliates other
than on the following basis: 
 (A) no Default or Event of Default has occurred or is continuing at the time of such
assignment or would result from such assignment; 
 (B) Holdings, the Borrower or any of their respective Subsidiaries may
make one or more offers (each, an “Offer”) to repurchase all or any portion of any Tranche of Term Loans (such Term Loans, the “Offer Loans”); provided that, (1) Holdings, the Borrower or such Subsidiary
delivers a notice of such Offer to the Administrative Agent and all Lenders no later than noon (New York City time) at least five (5) Business Days in advance of a proposed consummation date of such Offer indicating (w) the last date on
which such Offer may be accepted, (x) the maximum dollar amount of such Offer, (y) the repurchase price per dollar of principal amount of such Offer Loans at which Holdings, the Borrower or such Subsidiary is willing to repurchase such
Offer Loans and (z) the instructions, consistent with this Section 10.6(b)(v) with respect to the Offer, that a Lender must follow in order to have its Offer Loans repurchased; (2) Holdings, the Borrower or such
Subsidiary shall hold such Offer open for a minimum period of two (2) Business Days; (3) a Lender who elects to participate in the Offer may choose to sell all or part of such Lender’s Offer Loans; (4) such Offer shall be made to
the Lenders holding the Offer Loans on a pro rata basis in accordance with the respective principal amount then due and owing to the Lenders; provided that, if any Lender elects not to participate in the Offer, either in whole or in part, the
amount of such Lender’s Offer Loans not being tendered shall be excluded in calculating the pro rata amount applicable to the balance of such Offer Loans; and 

  
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(5) such Offer shall be conducted pursuant to such procedures the Administrative Agent may establish in consultation with the Borrower (which shall be consistent with this clause (B)) and that a
Lender must follow in order to have its Offer Loans repurchased; 
 (C) with respect to all repurchases made by Holdings, the
Borrower or their respective Subsidiaries, such repurchases shall be deemed to be voluntary prepayments pursuant to Section 3.1 in an amount equal to the aggregate principal amount of such Term Loans; 

(D) following repurchase by Holdings, the Borrower or any of their respective Subsidiaries, (1) all principal and accrued
and unpaid interest on the Term Loans so repurchased shall be deemed to have been paid for all purposes and no longer outstanding (and may not be resold by Holdings, the Borrower or such Subsidiary), for all purposes of this Agreement and all other
Loan Documents and (2) Holdings, the Borrower or any of their respective Subsidiaries, as the case may be, will promptly advise the Administrative Agent of the total amount of Offer Loans that were repurchased from each Lender who elected to
participate in the Offer; and 
 (E) any Term Loans purchased by or assigned to Holdings, the Borrower or any of their
respective Subsidiaries shall be automatically, immediately and permanently cancelled upon the effectiveness of such assignment and will thereafter no longer be outstanding for any purpose hereunder; and 

(vi) no assignment shall be permitted to be made to a natural person. 

Except as otherwise provided in clause (v) above and in paragraph (c) below, subject to acceptance and recording thereof pursuant to paragraph
(d) below, from and after the effective date specified in each Assignment and Assumption the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.9, 3.10,
3.11 and 10.5; provided, with respect to such Section 3.10, that such Lender continues to comply with the requirements of Sections 3.10 and 3.10(e). Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (e) of this Section. 
 (c) [Intentionally Omitted]. 

  
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 (d) The Administrative Agent, acting for this purpose as a
non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amount of and interest owing with respect to the Term Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Subject to the
penultimate sentence of this paragraph (d), the entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In the case of an assignment to an Affiliate of a Lender or an Approved Fund pursuant to paragraph (c), as to which an Assignment and
Assumption and an administrative questionnaire are not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a
register (a “Related Party Register”) comparable to the Register on behalf of the Borrower. The Register or Related Party Register shall be available for inspection by the Borrower and any Lender at the Administrative Agent’s
office at any reasonable time and from time to time upon reasonable prior notice. Except as otherwise provided in paragraph (c) above, upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an
Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b)(iv) of this Section and any written consent to such
assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. Except as otherwise provided in paragraph (c) above,
no assignment shall be effective for purposes of this Agreement unless and until it has been recorded in the Register (or, in the case of an assignment pursuant to paragraph (c) above, the applicable Related Party Register) as provided in this
paragraph (d). The date of such recordation of a transfer shall be referred to herein as the “Assignment Effective Date.” 

(e) Any Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Term Loans owing to it); provided that
(A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Administrative
Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D) no participation shall be permitted to be made to Holdings or any
of its Subsidiaries or Affiliates, nor any officer or director of any such Person. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver that requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of Section 10.1. Subject to paragraph (f) of this Section, the Borrower agrees
that each Participant shall be entitled to the benefits of Sections 3.9, 3.10 and 3.11 to the same extent as if it were a Lender (subject to the requirements and obligations of those sections including the documentary
requirements in Section 3.10(e)) and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant agrees to be subject to the provisions of Sections 3.12 and 3.13 as
if it were an assignee under paragraph (b) of this Section. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use 

  
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reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.13 with respect to any Participant. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 10.7(b) as though it were a Lender; provided such Participant shall be subject to Section 10.7(a) as though it were a Lender. Each Lender that sells a
participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower and solely for tax purposes, maintain a register complying with the requirements of Section 163(f), 871(h) and
881(c)(2) of the Code and the Treasury regulations issued thereunder relating to the exemption from withholding for portfolio interest on which it enters the name and address of each Participant and the principal amounts (and stated interest) of
each Participant’s interest in the Term Loans or other obligations under this Agreement (the “Participant Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register
to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting
reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. Unless otherwise required by the IRS, any disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the IRS. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. The entries in the
Participant Register shall be conclusive and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 (f) A Participant shall not be entitled to receive any greater payment under Section 3.9, 3.10 or
3.11 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant had no such participation been transferred to such Participant, unless the entitlement to a greater payment results
from a change in any Requirement of Law after the date such Participant became a Participant. 
 (g) Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest or to any such sale or securitization; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or Assignee for such Lender as a party hereto. 
 10.7 Sharing of Payments; Set-off.

 (a) Except to the extent that this Agreement expressly provides for payments to be allocated to a particular Lender, if any Lender (a
“Benefited Lender”) shall, at any time after the Term Loans and other amounts payable hereunder shall become due and payable pursuant to Section 8, receive any payment of all or part of the Obligations
owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in
Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations 

  
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owing to such other Lender, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or
shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however,
that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.
Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff
and counterclaim with respect to such participation as fully as if such Lender were a director creditor of each Loan Party in the amount of such participation to the extent provided in clause (b) of this Section 10.7.

 (b) In addition to any rights and remedies of the Lenders provided by law, subject to Section 9.11, each Lender
shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower, and to the extent permitted by applicable law, upon the occurrence of any Event of Default which is continuing, upon any amount
becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof
to or for the credit or the account of the Borrower, as the case may be. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such setoff and application. Notwithstanding the foregoing, no amount set off from any Loan Party (other than the Borrower) shall be applied to any Excluded Swap Obligations of such Loan Party (other
than the Borrower). 
 (c) Notwithstanding anything to the contrary contained herein, the provisions of this
Section 10.7 shall be subject to the express provisions of this Agreement which require or permit differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting
Lenders. 
 10.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of
separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic mail (in “.pdf”
or similar format) shall be effective as delivery of a manually executed counterpart hereof. 
 10.9 Severability. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 10.10 Integration. This Agreement and the other Loan Documents represent the entire
agreement of Holdings, the Borrower, the Agents and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Agent or any Lender relative to subject matter
hereof not expressly set forth or referred to herein or in the other Loan Documents. 
 10.11 GOVERNING LAW. THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF
ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 10.12 Submission To Jurisdiction; Waivers. Each of the parties hereto
hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating
to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan,
the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents
that any such action or proceeding shall be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the address set forth in Section 10.2 or on the signature pages hereof,
as the case may be, or at such other address of which the Administrative Agent shall have been notified pursuant thereto; and 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction. 
 10.13 Acknowledgments. The Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 (b) each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the
“Lenders”), may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their affiliates. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an
advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Loan Party, its stockholders or its affiliates, on the other. The Loan Parties acknowledge and agree that (i) the
transactions contemplated by the Loan 

  
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Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on
the one hand, and the Loan Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Loan Party, its stockholders or its
affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any
Loan Party, its stockholders or its Affiliates on other matters) or any other obligation to any Loan Party except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent
or fiduciary of any Loan Party, its management, stockholders, creditors or any other Person. Each Loan Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is
responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Loan Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a
fiduciary or similar duty to such Loan Party, in connection with such transaction or the process leading thereto; and 
 (c)
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders. 

10.14 Releases of Guarantees and Liens. 

(a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, each of the Administrative Agent and the
Collateral Agent is hereby irrevocably authorized by each Secured Party (without requirement of notice to or consent of any Secured Party except as expressly required by Section 10.1) to take any action requested by the
Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document (including, without limitation, (x) the release of
any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted hereunder, (y) the release from the Collateral of any assets disposed to a Person other than
a Loan Party in accordance with this Agreement and (z) the release from the Collateral of any assets of any Person that ceases to be a Guarantor in accordance with this Agreement ) or that has been consented to in accordance with
Section 10.1; provided that no such release shall occur if (x) such Guarantor continues to be a guarantor in respect of any Junior Indebtedness or (y) such Collateral continues to secure any Junior
Indebtedness or (ii) under the circumstances described in paragraph (b) below. 
 (b) At such time as (i) the Term Loans and
the other Obligations (other than Unasserted Contingent Obligations) shall have been paid in full and (ii) the Commitments have been terminated, the Collateral shall be released from the Liens created by the Security Documents, and the Security
Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the Collateral Agent and each Loan Party under the Security Documents shall terminate, all without delivery of any instrument
or performance of any act by any Person. At such time, the Collateral Agent shall take such actions as are reasonably necessary, at the cost of the Borrower, to effect each release described in this Section 10.14 in
accordance with the relevant provisions of the Security Documents. 

  
 -123- 

 10.15 Confidentiality. Each Agent and each Lender agrees to keep confidential all non-public information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential in accordance with its customary procedures; provided that nothing
herein shall prevent any Agent or any Lender from disclosing any such information (a) to any Agent, any other Lender, any Affiliate of a Lender or any Approved Fund (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) subject to an agreement to comply with confidentiality provisions at least as restrictive as the provisions of this Section, to any
actual or prospective Transferee or any direct or indirect counterparty to any Hedge Agreement (or any professional advisor to such counterparty), (c) to its employees, directors, members, partners, agents, attorneys, accountants and other
professional advisors or those of any of its affiliates (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (d)
upon the request or demand of any Governmental Authority (including, without limitation, public disclosures by any Agent or Lender or any Agent Related Party required by the Securities and Exchange Commission or any other governmental or regulatory
authority), (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar
proceeding, (g) that has been publicly disclosed (other than as a result of a disclosure in violation of this Section 10.15), (h) to the National Association of Insurance Commissioners or any similar organization or
any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (i) in connection with the exercise of any remedy hereunder
or under any other Loan Document; provided that, unless specifically prohibited by applicable law or court order, each Lender shall notify the Borrower of any request by any Governmental Authority or representative thereof (other than any
such request in connection with any examination of the financial condition or other routine examination of such Lender by such Governmental Authority) for disclosure of any such non-public information prior to
disclosure of such information. 
 10.16 WAIVERS OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 

  
 -124- 

 10.17 Judgment Currency. If for the purposes of obtaining judgment in any court it is
necessary to convert a sum due from the Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do
so, that the rate of exchange used shall be that at which in accordance with normal banking procedures any Lender could purchase the specified currency with such other currency at such Lender’s New York office on the Business Day preceding that
on which final judgment is given. The obligations of the Borrower in respect of any sum due to any Lender hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the
Business Day following receipt by such Lender of any sum adjudged to be so due in such other currency such Lender may in accordance with normal banking procedures purchase the specified currency with such other currency; if the amount of the
specified currency so purchased is less than the sum originally due to such Lender in the specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment,
to indemnify the Lender against such loss, and if the amount of the specified currency so purchased exceeds the sum originally due to such Lender in the specified currency, such Lender agrees to remit such excess to the Borrower. 

10.18 Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan
Parties that pursuant to the requirements of the Patriot Act, it may be required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that
will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. 
 10.19
Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such
parties, each party hereto acknowledges that any liability of any party hereto that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion
Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application
of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b) the effect of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any Resolution Authority. 

  
 -125- 

 Exhibit 10.1 

IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above
written. 
  

							
	BORROWER:	 		 	 LIVANOVA USA, INC.,
 a
Delaware corporation

				
		 		 	By:	 	 /s/ Thad Huston

		 		 	Name:	 	Thad Huston
		 		 	Title:	 	Chief Financial Officer

 [Signature Page to Credit Agreement] 

  
 -126- 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Agreement to be duly
executed and delivered as of the date first above written. 
  

							
	HOLDINGS:	 		 	 LIVANOVA PLC,
 a
company organized under the laws of England and Wales

				
		 		 	By:	 	 /s/ Damien McDonald

		 		 	Name:	 	Damien McDonald
		 		 	Title:	 	Chief Executive Officer

 [Signature Page to Credit Agreement] 

  
 -127- 

 ADMINISTRATIVE AGENT AND COLLATERAL AGENT: 

 

			
	ARES CAPITAL CORPORATION,
		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -128- 

 LENDER: 

 

			
	ARES CAPITAL CORPORATION,
		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -129- 

 LENDER: 

 

			
	 ARES SENIOR DIRECT LENDING MASTER FUND DESIGNATED ACTIVITY COMPANY,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -130- 

 LENDER: 

 

			
	 AO MIDDLE MARKET CREDIT FINANCING L.P.,

By: AO Middle Market Credit Financing GP Ltd., its general partner

		
	By:	 	 /s/ K. Patel

	Name:	 	K. Patel
	Title:	 	Director
		
	By:	 	 /s/ Jeremy Ehrlich

	Name:	 	Jeremy Ehrlich
	Title:	 	Director

 [Signature Page to Credit Agreement] 

  
 -131- 

 LENDER: 

 

			
	 AC AMERICAN FIXED INCOME IV, L.P.,

By: Ares Capital Management LLC, its investment manager,

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -132- 

 LENDER: 

 

			
	 BOWHEAD IMC LP,
 By: Ares
Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -133- 

 LENDER: 

 

			
	 ARES SENIOR DIRECT LENDING PARALLEL FUND (L), L.P.,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -134- 

 LENDER: 

 

			
	 BLUE EAGLE 2019-1, LTD.,

By: Global Atlantic Financial Company, its collateral manager
 By:
Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -135- 

 LENDER: 

 

			
	 CHIMNEY TOPS LOAN FUND, LLC, 

By: Ares Capital Management LLC, its servicer

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -136- 

 LENDER: 

 

			
	 ARES SENIOR DIRECT LENDING PARALLEL FUND (U), L.P.,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -137- 

 LENDER: 

 

			
	 ARES SFERS HOLDINGS LLC,

By: Ares Capital Management LLC, its servicer

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -138- 

 LENDER: 

 

			
	 ARES CSIDF HOLDINGS, LLC,

By: Ares Capital Management LLC, as a servicer

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -139- 

 LENDER: 

 

			
	 ARES SDL HOLDINGS (U) INC.,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -140- 

 LENDER: 

 

			
	 NATIONWIDE MUTUAL INSURANCE COMPANY,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -141- 

 LENDER: 

 

			
	 NATIONWIDE LIFE INSURANCE COMPANY,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -142- 

 LENDER: 

 

			
	 ARES JASPER FUND, L.P.,
 By:
Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -143- 

 LENDER: 

 

			
	CION ARES DIVERSIFIED CREDIT FUND,
		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -144- 

 LENDER: 

 

			
	 GREAT AMERICAN LIFE INSURANCE COMPANY,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -145- 

 LENDER: 

 

			
	 GREAT AMERICAN INSURANCE COMPANY,

By: Ares Capital Management LLC, its investment manager

		
	By:	 	 /s/ Scott Lem

	Name:	 	Scott Lem
	Title:	 	Authorized Signer

 [Signature Page to Credit Agreement] 

  
 -146-Exhibit

Exhibit 10.1

STOCK PURCHASE AGREEMENT

by and among

StarStone Finance Limited,

Core Specialty INSURANCE Holdings, Inc. 

and

NORTH BAY HOLDINGS LIMITED

dated as of June 10, 2020

    

	
			
	ARTICLE I Definitions

	Section 1.1
	Defined Terms
	1

	Section 1.2
	Additional Defined Terms
	9

	Section 1.3
	Other Definitional and Interpretive Matters
	10

	 
	 
	 

	ARTICLE II Purchase and Sale

	Section 2.1
	Purchase, Sale and Transfer of Shares
	11

	Section 2.2
	Closing Date
	11

	Section 2.3
	Closing Deliverables
	11

	Section 2.4
	Closing Date Payments
	12

	Section 2.5
	Post-Closing Adjustments
	12

	Section 2.6
	Further Assurances; Further Conveyances and Assumptions
	14

	Section 2.7
	Withholding Taxes
	15

	 
	 
	 

	ARTICLE III Representations and Warranties of Seller

	Section 3.1
	Organization and Qualification
	15

	Section 3.2
	Capitalization of the Acquired Companies
	15

	Section 3.3
	Authorization; Binding Effect
	16

	Section 3.4
	Non-Contravention; Consents
	17

	Section 3.5
	Compliance With Laws
	17

	Section 3.6
	Litigation
	18

	Section 3.7
	Employment Matters
	18

	Section 3.8
	Contracts
	19

	Section 3.9
	Financial Information; Undisclosed Liabilities
	20

	Section 3.10
	Intellectual Property
	21

	Section 3.11
	Environmental Matters
	22

	Section 3.12
	Taxes
	22

	Section 3.13
	Brokers
	24

	Section 3.14
	Real Property
	24

	Section 3.15
	Insurance
	24

	Section 3.16
	Absence of Changes
	24

	Section 3.17
	Sufficiency of Assets
	25

	Section 3.18
	Permits
	25

	Section 3.19
	Insurance Issued by Insurance Subsidiaries
	25

	Section 3.20
	Ceded Reinsurance
	25

	Section 3.21
	Producers; Sales Practices
	25

	Section 3.22
	Investment Assets
	26

	Section 3.23
	Reserves
	26

	Section 3.24
	Regulatory Filings
	26

	Section 3.25
	No Other Representations or Warranties
	26

	 
	 
	 

	ARTICLE IV Representations and Warranties of the Guarantor

	Section 4.1
	Organization and Qualification
	27

	Section 4.2
	Authorization; Binding Effect
	27

	Section 4.3
	Non-Contravention; Consents
	27

	Section 4.4
	Sufficiency of Funds
	27

	
			
	Section 4.5
	No Other Representations or Warranties
	27

	 
	 
	 

	ARTICLE V Representations and Warranties of Buyer

	Section 5.1
	Organization and Qualification
	28

	Section 5.2
	Authorization; Binding Effect
	28

	Section 5.3
	Non-Contravention; Required Filings and Consents
	28

	Section 5.4
	Brokers
	29

	Section 5.5
	Litigation
	29

	Section 5.6
	Financing
	29

	Section 5.7
	No Prior Operations; Capitalization
	29

	Section 5.8
	Financial Ability; Solvency
	29

	Section 5.9
	Investment Purpose
	29

	Section 5.10
	Governmental Orders
	30

	Section 5.11
	Independent Investigation
	30

	Section 5.12
	No Other Representations or Warranties
	30

	 
	 
	 

	ARTICLE VI Certain Covenants

	Section 6.1
	Access to Information
	31

	Section 6.2
	Interim Operations
	32

	Section 6.3
	Employment Matters
	35

	Section 6.4
	Resignations
	37

	Section 6.5
	Transferred Assets and Contracts
	37

	Section 6.6
	Intellectual Property Assignment
	37

	Section 6.7
	Use of StarStone Name
	38

	Section 6.8
	Termination of Intercompany Agreements; Settlement of Intercompany Accounts
	38

	Section 6.9
	Reasonable Best Efforts; Regulatory Approvals
	39

	Section 6.10
	Confidentiality
	40

	Section 6.11
	Public Announcement
	41

	Section 6.12
	Notification of Certain Matters
	41

	Section 6.13
	Tax Matters
	41

	Section 6.14
	Financing
	43

	Section 6.15
	Supplement to Seller Disclosure Schedules
	43

	Section 6.16
	StarStone Brazil
	44

	Section 6.17
	Transition Matters
	44

	 
	 
	 

	ARTICLE VII Guarantee

	Section 7.1
	Guarantee
	45

	Section 7.2
	Nature of Guarantee
	45

	Section 7.3
	Changes in Obligations
	45

	Section 7.4
	Reorganization
	46

	 
	 
	 

	ARTICLE VIII Conditions Precedent to Closing

	Section 8.1
	General Conditions
	46

	Section 8.2
	Conditions Precedent to Buyer’s Obligations
	46

	Section 8.3
	Conditions Precedent to Seller’s Obligations
	47

	 
	 
	 

	
			
	ARTICLE IX Termination

	Section 9.1
	Termination
	48

	Section 9.2
	Effect of Termination
	48

	 
	 
	 

	ARTICLE X Indemnification

	Section 10.1
	Survival of Representations, Warranties, Covenants and Agreements
	49

	Section 10.2
	Indemnification
	49

	Section 10.3
	Indemnification Procedures
	50

	Section 10.4
	Mitigation; No Duplication; No Circular Recovery
	52

	Section 10.5
	Exclusive Remedy
	52

	Section 10.6
	Tax Treatment
	52

	 
	 
	 

	ARTICLE XI Miscellaneous Provisions

	Section 11.1
	Notices
	52

	Section 11.2
	Expenses
	53

	Section 11.3
	Entire Agreement; Modification
	53

	Section 11.4
	Assignment; Binding Effect; Severability
	54

	Section 11.5
	Governing Law
	54

	Section 11.6
	Waiver of Jury Trial
	54

	Section 11.7
	Jurisdiction
	54

	Section 11.8
	Specific Performance
	54

	Section 11.9
	No Recourse; Sole and Exclusive Remedy
	55

	Section 11.10
	Execution in Counterparts; Effectiveness
	55

	Section 11.11
	No Third Party Beneficiaries
	55

	Section 11.12
	Amendment and Waiver
	55

ANNEXES
Annex I    Reference Closing Statement
EXHIBITS
Exhibit A    Form of Administrative Services Agreement
Exhibit B    Form of Amended and Restated Certificate of Incorporation
Exhibit C    Intellectual Property Agreement Term Sheet
		
	Exhibit D
	Form of Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement

Exhibit E    Form of Stockholders Agreement
Exhibit F    Transition Services Agreement Term Sheet

STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of June 10, 2020 by and among StarStone Finance Limited, a company incorporated under the laws of England and Wales (“Seller”), Core Specialty Insurance Holdings, Inc., a Delaware corporation (“Buyer”), and North Bay Holdings Limited, a Bermuda exempted company (the “Guarantor”). Buyer and Seller are referred to herein individually as a “Party,” and together as the “Parties”.
R E C I T A L S
WHEREAS, Seller owns all of the issued and outstanding shares of capital stock of StarStone US Holdings, Inc., a Delaware corporation (“SSUS”);
WHEREAS, Seller wishes to sell, transfer, assign, convey and deliver to Buyer, and Buyer wishes to acquire from Seller, all of Seller’s right, title and interest in SSUS; 
WHEREAS, as an inducement to Buyer to enter into this Agreement, the Guarantor, as the indirect parent of Seller, has agreed to guarantee all of Seller’s obligations hereunder; and
WHEREAS, concurrently with the execution and delivery of this Agreement, Buyer is entering into equity commitment letters (the “Equity Commitment Letters”) with each of Corinthian DF Holdings, LP, Aquiline, Edward J. Noonan and Joseph (Jeff) E. Consolino (collectively, the “Equity Investors”), pursuant to which the Equity Investors have agreed, subject to the terms and conditions thereof, to invest in Buyer the amounts set forth therein.
NOW, THEREFORE, in consideration of the mutual agreements and covenants herein contained and intending to be legally bound hereby, the Parties hereby agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1    Defined Terms. For the purposes of this Agreement the following words and phrases shall have the following meanings:
“Acquired Companies” means, collectively, SSUS and the Company Subsidiaries, and each is an “Acquired Company.”
“Action” means any action, suit, arbitration, hearing, mediation or other proceeding, whether civil or criminal, at law or in equity, before or by any Governmental Body.
“Administrative Services Agreement” means the agreement in substantially the form set forth in Exhibit A.
“Affiliate” of any Person means any Person that controls, is controlled by or is under common control with such Person, including any Subsidiary. As used herein, “control” (including the terms “controlling,” “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities or other interests, by contract or otherwise.
“Amended and Restated Certificate of Incorporation” means the certificate of incorporation of Buyer in substantially the form set forth in Exhibit B.
“Ancillary Agreements” means the Administrative Services Agreement, the Intellectual Property Agreement, the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement, the Stockholders Agreement and the Transition Services Agreement.
“Applicable Reserves” means the net reserves of the Insurance Subsidiaries with respect to Covered Losses (as defined in the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement) calculated in accordance with GAAP and in the ordinary course of business of the Insurance Subsidiaries consistent with past practice. 

1

“Aquiline” means Aquiline Financial Services Fund IV L.P.
“Business” means the (a) the sale, issuance and provision of excess casualty, workers’ compensation, marine and onshore/offshore energy, miscellaneous professional lines (MPL), healthcare liability insurance products and services and (b) the sale, insurance and provision of issuing carrier services (on an admitted and non-admitted basis), delegated authority and fronting and quasi-fronting arrangements, in each case, through SSNIC and SSSIC in the United States and including polices underwritten by Arrowhead Insurance Risk Managers, LLC for and on behalf of the Acquired Companies.
“Business Day” means a day that is not a Saturday, a Sunday or any other day on which commercial banking institutions are authorized or required by Law to be closed for regular banking business in New York City or London.
“Business Employees” means, as of the relevant measurement date, each employee of Seller or its Affiliates set forth on Section 1.1(a) of the Seller Disclosure Schedules, which list of Business Employees may be amended by mutual written agreement by the Parties from time to time following the date of this Agreement and prior to the Closing, and in either case, includes those employees who are absent from employment due to illness, vacation, injury, military service or other authorized absence (including an employee who is “disabled” within the meaning of the disability plans currently in place for the Business Employees, or who is on approved leave under the Family and Medical Leave Act).
“CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act of 2020, Pub. L. 116-136.
“Cash Purchase Price” means the Purchase Price minus the Rollover Amount.
“Code” means the U.S. Internal Revenue Code of 1986, as amended.
“Collective Bargaining Agreement” means any collective bargaining agreement or other labor contract (including any contract or agreement with any works council, labor or trade union or other employee representative body).
“Company IP” means, collectively, any and all (a) Intellectual Property owned (or claimed in writing to be owned) by any of the Acquired Companies, and (b) Transferred IP.
“Company IT Systems” means, collectively, any and all IT Systems owned by any Acquired Company or licensed or leased by any Acquired Company from a Third Party, in each case that are used or held for use immediately after the Closing by any Acquired Company.
“Company Material Adverse Effect” means any fact, event, circumstance, change, condition, occurrence, development or effect that, individually or in the aggregate, has a material adverse effect on (a) the business, assets, liabilities, operations, financial condition or results of operations of the Acquired Companies, taken as a whole, or (b) Seller’s ability to perform its obligations under this Agreement and the Ancillary Agreements or to consummate the transactions contemplated hereby or thereby; provided, however, that, with respect to clause (a), no facts, events, circumstances, changes, conditions, developments or effects resulting from or arising out of the items enumerated in sub-clauses (i) to (x) below shall be deemed to be or constitute a Company Material Adverse Effect, or shall be taken into account when determining whether a Company Material Adverse Effect has occurred: (i) earthquakes, hurricanes, tornados or other severe weather conditions or natural disasters; (ii) any changes or conditions generally affecting the principal industry in which the Acquired Companies operate; (iii) general economic, monetary or financial conditions in the U.S. or global financial markets, including changes in prevailing interest rates, currency exchange rates, credit market, financial market or security market conditions; (iv) general political conditions in the U.S.; (v) acts of war (whether or not declared), armed hostilities, sabotage or terrorism occurring after the date hereof or the continuation, escalation or worsening of any such acts of war, armed hostilities, sabotage or terrorism threatened or underway as of the date hereof; (vi) changes in applicable Law, GAAP or SAP, or any authoritative interpretations thereof, in each case, after the date hereof; (vii) any action that Buyer directs Seller in writing to take or not take pursuant to this Agreement; (viii) the announcement and performance of this Agreement and the transactions contemplated herein, including termination of, reduction in or similar negative impact on relationships, contractual or otherwise, with any employees, officers, policyholders, Producers, reinsurers, customers, suppliers and service providers of the Business resulting from such announcement or performance; (ix) any action taken by, Buyer or any of its Affiliates, and its and their 

2

Representatives; or (x) any failure by the any Acquired Company to meet any internal projections or forecasts or estimates of revenue or earnings for any period (it being understood that the underlying facts and circumstances giving rise or contributing to such failure that are not otherwise excluded from the definition of Company Material Adverse Effect shall not be prevented from being taken into account in determining whether there is or has been a Company Material Adverse Effect), except, in the case of sub-clauses (i), (ii), (iii), (iv), (v) and (vi), to the extent the Acquired Companies are disproportionately affected thereby as compared with other participants in the industry in which the Acquired Companies operate in the same geographies.
“Company Plan” means each Employee Benefit Plan that is solely maintained or sponsored by any of the Acquired Companies.
“Company Subsidiaries” means, collectively, (a) SSSIC, (b) SSNIC, and (c) StarStone US Intermediaries, Inc., a New Jersey corporation; provided that Company Subsidiaries shall exclude StarStone Brazil.
“Confidential Information” means, with respect to either Party or any of its respective Affiliates, any information disclosed to such Party by the other Party or any of the other Party’s respective Representatives that relates to (a) the provisions of this Agreement or any agreement entered into pursuant to this Agreement, (b) the negotiations relating to this Agreement (or any such other agreement), (c) any information relating to the business, financial or other affairs (including future plans, financial targets, trade secrets and know-how) of such other Party or such other Party’s Affiliates or (d) any information of the other Party or such other Party’s Representatives provided in a manner which reasonably indicates the confidential or proprietary nature of such information.
“Confidentiality Agreement” means the Confidentiality Agreement, dated as of February 21, 2020, by and among Joseph (Jeff) E. Consolino, Robert F. Kuzloski, Edward J. Noonan, Dragoneer Investment Group, LLC, SkyKnight Capital, L.P. and Enstar Group Limited.
“Consulting Expenses” means an amount equal to seventy-two and a half percent (72.5%) of the fees, salaries, benefits and other expenses paid or reimbursed by the Acquired Companies during the period from the date hereof to the Valuation Date to Joseph (Jeff) E. Consolino and each other person hired or retained by or on behalf of the Acquired Companies at the direction of Joseph (Jeff) E. Consolino with the approval of Buyer.
“Contract” means any written note, bond, mortgage, indenture, guarantee, license, franchise, permit, agreement, contract, lease, commitment, legally binding letter of intent or other similar instrument, and any amendments thereto.
“COVID-19 Legislation” means the CARES Act and similar state and local stimulus fund programs enacted by a Governmental Body or Taxing Authority in connection with or in response to COVID-19.
“Employee Benefit Plan” means each (a) “employee benefit plan” within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA), (b) other material benefit and compensation plan, policy, program, practice, arrangement or agreement, including pension, profit-sharing, savings, termination, executive compensation, phantom stock, change-in-control, retention, salary continuation, vacation, sick leave, disability, death benefit, hospitalization, medical, dental, life, employee loan, educational assistance, fringe benefit, deferred compensation, retirement or post-retirement, severance, equity or equity-based, incentive and bonus plan, contract, policy, program, practice, arrangement or agreement, and (c) other material employment, individual consulting or other individual agreement, plan, practice, policy, contract, program and arrangement, in each case, (i) that is sponsored, maintained or contributed to, or required to be contributed to, by Seller or any of its Affiliates (including the Acquired Companies) in respect of any Business Employee or (ii) with respect to which Seller or any of its Affiliates have any Liability with respect to any Business Employee.
“Encumbrance” means any lien, encumbrance, charge, security interest, mortgage, pledge, indenture, deed of trust, right of way, encroachment, easement, covenant, option, right of first offer or refusal or transfer restriction, or any other similar restrictions or limitations on the ownership or use of real or personal property or similar irregularities in title thereto.
“Environmental Laws” means any applicable Law governing (a) pollution, (b) the protection of human health or safety, or (c) the environment (including natural resource restoration and natural resource damages).
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

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“ERISA Affiliate” of any Person means each other Person (whether or not incorporated) that is treated as a single employer with such Person for purposes of Section 4001(b) of ERISA or Section 414 of the Code.
“Excess of Loss Reinsurance Agreement” means the Whole Account Aggregate Excess of Loss Reinsurance Agreement, dated as of January 1, 2014 and as amended as of March 7, 2018, by and among the Insurance Subsidiaries and SIBL.
“Excluded Liabilities” means (a) any Liabilities set forth on Section 1.1(b) of the Seller Disclosure Schedules, (b) any fines or penalties levied by any Governmental Body against the Acquired Companies (or for which the Acquired Companies are liable) arising out of, and to the extent related to, facts and circumstances in existence prior to the Closing Date, (c) any Liabilities of any of the Acquired Companies for fees and expenses of Seller and its Affiliates in connection with the negotiation of this Agreement and the Ancillary Agreements (including all accounting, transactional, legal, brokerage or other fees and expenses) and the consummation of the transactions contemplated hereby or thereby, in each case, incurred prior to the Closing and (d) any Liabilities as a result of or arising out of the operations, assets, liabilities, business or wind up of StarStone Brazil.
“Foreign Corrupt Practices Act” means the Foreign Corrupt Practices Act of the United States, 15 U.S.C. Sections 78a, 78m, 78dd 1, 78dd 2, 78dd 3 and 78ff, as amended, and similar Laws and Orders of other jurisdictions concerning or relating to bribery or corruption.
“Fraud” means actual or intentional fraud under Delaware law as of the date of this Agreement.
“Fundamental Representations” means the representations and warranties set forth in Section 3.1a) and b, Section 3.2a) and b, Section 3.3, Section 3.4a)(i) and Section 3.13.
“GAAP” means generally accepted accounting principles in the United States.
“Governing Documents” means, with respect to an entity, the certificate or articles of incorporation, association, formation or organization, certificates of limited partnership, memorandum and articles of association, by-laws, limited liability company agreement, operating agreement, partnership agreement, limited partnership agreement or other similar constitutive documents of such entity, as amended, modified or supplemented from time to time.
“Governmental Body” means any court or tribunal, administrative, governmental or regulatory body, stock exchange or self-regulatory organization, legislature, department, commission, board, agency, bureau, instrumentality, division, public body or other authority of any nation or government or any political subdivision thereof (supranational, national, federal, provincial, state or local or foreign).
“Holding Company System Act” means provisions of a jurisdiction’s insurance Laws governing control over insurers, transactions between insurers and affiliates and registration of holding companies. 
“Indemnified Taxes” means any and all Losses, without duplication, resulting from or arising out of (a) any liability for Taxes (including the non-payment therefor) of Seller, the Guarantor or any of their respective Affiliates (other than any of the Acquired Companies); (b) any Taxes of any Acquired Company for any Pre-Closing Tax Period; (c) Taxes of any member of an affiliated, consolidated, combined or unitary group of which any Acquired Company (or any predecessor of any of the foregoing) is or was a member (other than a group all of the members of which consist of two or more of the Acquired Companies) on or prior to the Closing Date, including pursuant to Treasury Regulation Section 1.1502-6 or any analogous or similar state, local or non-U.S. Law; (d) Taxes of any Person imposed on any Acquired Company as a transferee or successor, by Contract (excluding for this purpose, Contracts entered into in the ordinary course of business consistent with past practice the primary purpose of which is not related to Taxes, such as leases, licenses or credit agreements) or otherwise, in each case in this clause (d), which Taxes relate to any event or transaction occurring before the Closing; (e) Seller’s share of any Transfer Taxes as determined under Section 6.13a); (f) Taxes arising out of the transfers contemplated under Section 6.5b); and (g) any Taxes of or with respect to StarStone Brazil or any of the transactions contemplated by Section 6.16.
“Insurance Contract” means any insurance policy, binder, slip or contract issued by an Insurance Subsidiary in connection with the Business. 
“Insurance Subsidiaries” means SSSIC and SSNIC.

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“Intellectual Property” means any and all intellectual property rights throughout the world, including any and all of the following: (a) patents, patent applications and patent  disclosures, including any continuations, divisions, continuations-in-part, reexaminations, extensions, renewals, reissues and foreign counterparts of or for any of the foregoing, (b)Trademarks, (c) Internet domain names, and social media usernames, handles and similar identifiers, (d) works of authorship, content, copyrights and copyrightable subject matter, design rights and moral and economic rights therein, (e) rights in Software, data and databases, (f) trade secrets and other confidential and proprietary information, including confidential and proprietary customer and supplier lists, pricing and cost information, and business and marketing plans and proposals, (g) rights in ideas, know-how, inventions (whether or not patentable or reduced to practice), processes, formulae and methodologies, compositions, technologies, techniques, specifications, protocols, schematics and research and development information, (h) any and all applications, registrations and recordings for the foregoing and (i) all rights in the foregoing (including pursuant to licenses, common-law rights, statutory rights and contractual rights), in each case to the extent protectable under applicable Law.
“Intellectual Property Agreement” means an intellectual property agreement to be agreed by the Parties, incorporating the terms set forth in Exhibit C.
“IT Systems” means any and all Software, hardware, servers, systems, sites, circuits, networks, data communications lines, routers, hubs, switches, interfaces, websites, platforms and other computer, telecommunications and information technology assets and equipment, and all associated documentation.
“Knowing and Intentional Breach” means a breach that is a consequence of an act or omission undertaken by the breaching party with the knowledge that undertaking such act or omission would, or would be reasonably expected to, cause a material breach of this Agreement.
“Knowledge” means (a) with respect to Seller, the actual knowledge of the natural persons set forth on Section 1.1(c) of the Seller Disclosure Schedules, after reasonable inquiry and (b) with respect to Buyer, the actual knowledge of the natural persons set forth on Section 1.1(a) of the Buyer Disclosure Schedules, after reasonable inquiry.
“Law” means any binding supranational, national, federal, state, provincial, municipal, local or foreign law, statute, ordinance, rule, regulation, constitution, treaty, code, Order, decision or settlement issued or entered into by any Governmental Body.
“Liability” means, with respect to any Person, all indebtedness, obligations and other liabilities of such Person, whether absolute or contingent (or based upon any contingency), known or unknown, fixed or otherwise, due or to become due, whether or not accrued or paid, and whether required or not required to be reflected in financial statements under GAAP.
“Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement” means the agreement in substantially the form set forth in Exhibit D.
“Losses” means any and all losses, costs, charges, settlement payments, awards, judgments, fines, Taxes, penalties, damages, assessments, deficiencies, expenses (including reasonable expenses of investigation, enforcement and collection and reasonable attorneys’, actuaries’, accountants’ and other professionals’ fees, disbursements and expenses), liabilities, claims or deficiencies of any kind; provided, that Losses shall only include special, indirect, incidental, consequential or opportunity cost damages or lost profits to the extent that any such damages or lost profits (a) are payable to a third party not affiliated with the relevant Indemnified Party or (b) in the case of consequential damages or lost profits, are reasonably foreseeable as of the Closing Date; provided, further, that Losses shall not include punitive or exemplary damages, other than such damages that are payable to a third party not affiliated with the relevant Indemnified Party.
“Order” means any binding order, writ, judgment, injunction, decree, stipulation, determination, ruling or award entered by or with any Governmental Body, in each case, whether preliminary or final.
“Permitted Encumbrances” means (a) any Encumbrances arising under any applicable securities or insurance Laws; (b) any Encumbrances for Taxes, assessments or other governmental charges or levies (i) that are not yet due or payable or (ii) that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP consistently applied in accordance with the 

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Financial Statements as at December 31, 2019; (c) any Encumbrances approved in writing by Buyer or incurred as a result of any action of Buyer or its Affiliates, which shall include any Encumbrances granted pursuant to this Agreement or any Ancillary Agreement; (d) any non-monetary minor imperfection in title or Encumbrances, encroachments or conditions, if any, that, individually or in the aggregate, do not materially interfere with the continued use or operation of any real property or tangible personal property, as currently used or operated by the Acquired Companies; (e) any Encumbrance in favor of an Acquired Company; and (f) non-exclusive licenses of Company IP granted by any Acquired Company in the ordinary course of business consistent with past practice.
“Person” means any individual, corporation, partnership, limited liability company, firm, association, joint venture, joint stock company, estate, trust, incorporated or unincorporated organization, Governmental Body or other entity of any kind or nature.
“Personal Information” means all information, in any form, that, alone or in combination with other information, regards or is capable of being associated with an individual person or device, including such information (a) 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, driver’s license number and passport number), credit card or other financial information, 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, and any other data used or intended to be used to identify, contact or precisely locate an individual, (b) that is 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), (c) that consists of Internet Protocol addresses or other persistent identifiers or (d) that is defined as “personal information” or “personally identifiable information” under any applicable Privacy Laws.
“Post-Closing Tax Period” means any taxable period that begins after the Closing Date, and, in the case of any Straddle Period, the portion of any such Straddle Period that begins after the Closing Date. 
“Pre-Closing Tax Period” means any taxable period ending on or before the Closing Date and, with respect to the Straddle Period, the portion of such Straddle Period ending on and including the Closing Date.
“Privacy Laws” means all applicable data and/or privacy Laws concerning the treatment (including the collection, handling, processing, storage and/or transfer) of personal information, including Laws of any applicable jurisdiction or country from which such data originated, including Laws that relate to the security and protection of personally identifiable information, data privacy, trans-border data flow or data protection.
“Purchase Price” means the Tangible Book Value plus thirty million dollars ($30,000,000) plus the Consulting Expenses.
“Reference Closing Statement” means the statement set forth set forth in Annex I.
“Reinsurance Premium” means (a) the Applicable Reserves as of the Valuation Date, calculated in accordance with GAAP applied in a manner consistent with the preparation of the Reference Closing Statement, plus (b) Valuation Date ULAE, plus (c) the Stop Loss Commutation Amount. 
“Reinsurer” means Clarendon National Insurance Company.
“Representatives” means, with respect to any Person, its Subsidiaries, Affiliates, and its and their respective directors, officers, employees, financial advisors, attorneys and other advisors, agents and representatives.
“Rollover Amount” means $235,000,000.
“Rollover Share Amount” means an amount equal to (a) the Rollover Amount divided by (b) the price per share of each Buyer Share purchased by the Equity Investors pursuant to the Equity Commitment Letters.
“Sanctioned Country” means a country, region or territory which is itself the subject or target of comprehensive Sanctions broadly prohibiting and restricting dealings in and with such country, region or territory (at the time of this Agreement, Belarus, Burundi, the Crimea region of Ukraine, Cuba, Democratic Republic of the Congo, Iran, Iraq, Lebanon, Libya, Mali, Nicaragua, North Korea, Somalia, Sudan, South Sudan, Syria, Russia, Venezuela, Western Balkans, Yemen and Zimbabwe).

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“Sanctioned Person” means (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clause (a) or (b).
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom.
“SAP” means, as to any insurance or reinsurance company, the statutory accounting practices (consistently applied) prescribed or permitted by applicable insurance Laws and the insurance regulatory authorities, in each case of the jurisdiction in which such company is domiciled, but disregarding any permitted practices applicable specifically to any such company. 
“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder.
“Seller IP” means, collectively, any and all Intellectual Property owned by Seller or any of its Affiliates (other than the Acquired Companies) and utilized in the Business, but excluding the Transferred IP and the StarStone Name.
“Seller Plan” means any Employee Benefit Plan that is not a Company Plan.
“SIBL” means StarStone Insurance (Bermuda) Limited, a Class-4 insurer domiciled in Bermuda.
“Software” means any and all computer programs, including all software implementations of algorithms, models and methodologies, whether in source code (human readable format) or object code (machine readable format) or other format and including executables, libraries and other components thereof.
“SSNIC” means StarStone National Insurance Company, a Delaware insurance company.
“SSSIC” means StarStone Specialty Insurance Company, a Delaware insurance company.
“StarStone Brazil” means StarStone Specialty Insurance Company, escritório de representação no Brasil Ltda.
“StarStone Name” means the Trademark “StarStone” and any Trademark derived therefrom or confusingly similar thereto.
“Stockholders Agreement” means the agreement by and among Buyer, the Equity Investors and the other stockholders party thereto in substantially the form set forth in Exhibit E.
“Stop Loss Commutation Amount” means an amount equal to the partial commutation payment to the Insurance Subsidiaries in connection with the commutation of the Excess of Loss Reinsurance Agreement pursuant to Section 6.8(c) of the Seller Disclosure Schedules. 
“Straddle Period” means any taxable period beginning on or before and ending after the Closing Date.
“Subsidiary” of any Person means another Person in which such first Person (a) owns, directly or indirectly, fifty percent (50%) or more of the outstanding voting securities, equity securities, profits interest or capital interest or (b) is entitled to elect at least a majority of the board of directors or other persons performing similar functions.
“Tangible Book Value” means the tangible book value of the Acquired Companies as of the Valuation Date, calculated in accordance with GAAP consistently applied in accordance with the Financial Statements as at December 31, 2019 and as set forth on the Reference Closing Statement.
“Tax” means a tax of any kind, whether federal, state, local or foreign, including all net income, capital gains, gross income, gross receipt, property, franchise, sales, use, excise, registration, withholding, payroll, 

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employment, severance, social security, worker’s compensation, unemployment, occupation, capital stock, ad valorem, value added, transfer, gains, profits, net worth, asset, transaction, real property, personal property, escheat, premium, windfall profits, stamp, license, alternative, add-on minimum or estimated tax or other tax (whether or not requiring the filing of a Tax Return), including any interest, penalties or additions to tax with respect thereto, whether disputed or not, imposed upon any Person by any taxing or social security authority or other Governmental Body under applicable Law. 
“Tax Return” means any return, declaration, report, form, claim for refund or information return or statement, and any other document filed or required to be filed in respect of any Tax, including any schedule or attachment thereto or amendment thereof.
“Taxing Authority” mean any U.S. or non-U.S. federal, national, state, provincial, county, or municipal or other local government, any subdivision, agency, commission, or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority, including any Governmental Body.
“Third Party” means any Person not an Affiliate of the other referenced Person or Persons.
“Trademarks” means trademarks, trade names, corporate names, brands, business names, trade styles, service marks, service names, logos, domain names, slogans, trade dress or other source or business identifiers and general intangibles of like nature, whether registered or unregistered, and whether arising under the laws of the United States or any state or territory thereof or any other jurisdiction anywhere in the world, and all registrations and applications for registration with respect to any of the foregoing, together with all goodwill associated with any of the foregoing.
“Transfer Taxes” means any and all transfer Taxes (excluding Taxes measured in whole or in part by net income), including sales, use, excise, gross receipts, registration, real estate, stamp, documentary, notarial, filing, recording, permit, license, authorization and similar Taxes.
“Transferred Assets” means any asset owned by Seller, Guarantor or any of their respective Subsidiaries or Affiliates (other than an Acquired Company) that is used exclusively in the Business.
“Transferred Contract” means any Contract to which Seller, Guarantor or any of their respective Subsidiaries or Affiliates (other than an Acquired Company) is a party that relates exclusively to the Business.
“Transferred IP” means any Intellectual Property owned, or purported to be owned, by Seller, Guarantor or any of their respective Subsidiaries or Affiliates (other than an Acquired Company) that relates exclusively to the Business. 
“Transition Services Agreement” means a transition services agreement to be agreed by the Parties, incorporating the terms set forth in Exhibit F.  
“Treasury Regulations” means the Treasury Regulations promulgated under the Code.
“U.S.” or “United States” means the United States of America.
“Valuation Date” means 11:59:59 pm on the last day of the calendar month prior to the month in which the Closing Date occurs, unless the Closing Date is the last day of a calendar month, in which case the Valuation Date is the Closing Date.
“Valuation Date ULAE” means unallocated loss adjustment expenses and similar unallocated expenses of the Insurance Subsidiaries as of the Valuation Date calculated in accordance with GAAP and in the ordinary course of business of the Insurance Subsidiaries consistent with past practice.
“Voting and Shareholders’ Agreement” means the Voting and Shareholders’ Agreement, dated as of December 23, 2015, by and among North Bay Holdings Limited, Kenmare Holdings Ltd., Trident V, L.P., Trident V Parallel Fund, L.P., and Trident V Professionals Fund, L.P., Dowling Capital Partners I, L.P., and, solely for purposes of Section 3.02 thereof, Atrium Nominees Limited, Northshore Holdings Limited, Bayshore Holdings Limited and Enstar Group Limited.

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Section 1.2    Additional Defined Terms. For purposes of this Agreement, the following terms shall have the meanings specified in the Sections indicated below:
Term                                                    Section
"  78
Aggregate Bonus Amount.........................................................................................................................Section 6.3(f)
Agreement.......................................................................................................................................................Preamble
Applicable Tenant...................................................................................................................................Section 3.14(b)
Assumed Liabilities...................................................................................................................................Section 6.3(h)
Burdensome Condition.............................................................................................................................Section 6.9(c)
Business Employee Census.....................................................................................................................Section 3.7(d)
Buyer...............................................................................................................................................................Preamble
Buyer 401(k) Plan.....................................................................................................................................Section 6.3(g)
Buyer Benefit Plan....................................................................................................................................Section 6.3(e)
Buyer Disclosure Schedules........................................................................................................................ARTICLE V
Buyer Indemnitees.................................................................................................................................Section 10.2(a)
Buyer Shares........................................................................................................................................Section 2.3(b)(ii)
Claim Amount.........................................................................................................................................Section 10.3(a)
Claim Notice...........................................................................................................................................Section 10.3(a)
Closing..........................................................................................................................................................Section 2.2
Closing Cash Purchase Price...................................................................................................................Section 2.4(b)
Closing Date.................................................................................................................................................Section 2.2
Closing Reinsurance Premium.................................................................................................................Section 2.4(b)
Company Registered IP..........................................................................................................................Section 3.10(a)
Consultation Period..................................................................................................................................Section 2.5(c)
Deductible...........................................................................................................................................Section 10.2(c)(i)
Delayed Transfer Employee.....................................................................................................................Section 6.3(c)
		
	Disclosing Party
	.....................................................................................................................................Section 6.10(b)

Employment Offers...................................................................................................................................Section 6.3(b)
Equity Commitment Letters................................................................................................................................Recitals
Equity Financing...........................................................................................................................................Section 5.6
		
	Equity Investors
	.................................................................................................................................................Recitals

Excluded Seller Assets.............................................................................................................................Section 6.5(b)
Final Cash Purchase Price.......................................................................................................................Section 2.5(g)
Final Closing Statement...........................................................................................................................Section 2.5(g)
Final Reinsurance Premium.....................................................................................................................Section 2.5(g)
Financial Statements................................................................................................................................Section 3.9(a)
Guarantee.....................................................................................................................................................Section 7.1
Guarantor........................................................................................................................................................Preamble
Indemnification Claim.............................................................................................................................Section 10.3(a)
Indemnified Party....................................................................................................................................Section 10.3(a)
Indemnifying Party..................................................................................................................................Section 10.3(a)
Intercompany Agreements.......................................................................................................................Section 6.8(a)
Investment Assets.......................................................................................................................................Section 3.22
Leased Real Property.............................................................................................................................Section 3.14(a)
Material Contract......................................................................................................................................Section 3.8(a)
Material Contracts....................................................................................................................................Section 3.8(a)
Non-Recourse Persons..........................................................................................................................Section 11.9(a) 
Obligations....................................................................................................................................................Section 7.1
Outside Date............................................................................................................................................Section 9.1(e)
Parties.............................................................................................................................................................Preamble
Party................................................................................................................................................................Preamble
Permits........................................................................................................................................................Section 3.18
Post-Closing Covenant...........................................................................................................................Section 10.1(d)
Post-Closing Statement............................................................................................................................Section 2.5(a)
Pre-Closing Covenant............................................................................................................................Section 10.1(a)
Preliminary Cash Purchase Price.............................................................................................................Section 2.5(a)
Preliminary Reinsurance Premium...........................................................................................................Section 2.5(a)

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Producer.................................................................................................................................................Section 3.21(a)
Producer Contract...............................................................................................................................Section 3.8(a)(vi)
Qualifying Severance Reimbursements....................................................................................................Section 6.3(i)
Real Property Lease...............................................................................................................................Section 3.14(a)
Receiving Party......................................................................................................................................Section 6.10(b)
Required Regulatory Approvals................................................................................................................Section 8.1(b)
Review Period..........................................................................................................................................Section 2.5(b)
Schedule Supplement.................................................................................................................................Section 6.15
Scheduled Consents................................................................................................................................Section 3.4(b)
Seller...............................................................................................................................................................Preamble
Seller 401(k) Plan.....................................................................................................................................Section 6.3(g)
Seller Disclosure Schedules........................................................................................................................ARTICLE III
Seller Indemnitees..............................................................................................................................Section 10.2(b)(i)
Settlement Accountant..............................................................................................................................Section 2.5(c)
Shares..........................................................................................................................................................Section 2.1
		
	Shares Transfer
	............................................................................................................................................Section 2.1

SSUS.................................................................................................................................................................Recitals
Statement of Objections...........................................................................................................................Section 2.5(b)
Statutory Statements................................................................................................................................Section 3.9(b)
Survival Period.......................................................................................................................................Section 10.1(d)
Tax Contest............................................................................................................................................Section 6.13(e)
Third Party Claim....................................................................................................................................Section 10.3(a)
Third Party Reinsurance Contracts.............................................................................................................Section 3.20
Transferred Employee..............................................................................................................................Section 6.3(b)
Transition Plan............................................................................................................................................Section 6.17
Voting Debt...............................................................................................................................................Section 3.2(b)

Section 1.3    Other Definitional and Interpretive Matters. Unless otherwise expressly provided, for purposes of this Agreement the following rules of interpretation shall apply: (a) any reference in this Agreement to any Acquired Company or to the Acquired Companies specifically excludes reference to StarStone Brazil, including for purposes of the definition of the “Business”; (b) any reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural and vice versa; (c) the provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement, and all references in this Agreement to any “Section” are to the corresponding Section of this Agreement unless otherwise specified; (d) words such as “herein,” “hereinafter,” “hereof,” “hereto,” or “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires; (e) the word “including” or any variation thereof means “including, without limitation” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; (f) references to “$”and “dollars” are to the lawful currency of the United States; (g) the schedules, annexes and exhibits attached to this Agreement shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein, and any matter disclosed by any Party on any one schedule with respect to any representation, warranty or covenant of such Party shall be deemed disclosed for purposes of all other representations, warranties or covenants of such Party to the extent that it is reasonably apparent from such disclosure that it also relates to such other representations, warranties or covenants; (h) a reference to any legislation or other law or to any provision of any legislation or other law shall include any modification, amendment, re-enactment thereof, any legislative or other provision substituted therefor, and all rules, regulations and statutory instruments issued or related to such legislation or other law; (i) any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement; (j) references to “days” are to calendar days, unless Business Days are specified; and (k) if a period of time is specified as from a given day, or from the day of an act or event, it shall be calculated exclusive of that day, and if a period of time is expressed to be within a period beginning and ending on two (2) given days, it shall be exclusive of the day at the beginning of such period and inclusive of the day at the end of such period. No prior draft of this Agreement nor any course of performance or course of dealing shall be used in the interpretation or construction of this Agreement or the Ancillary Agreements.

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ARTICLE II
PURCHASE AND SALE
Section 2.1    Purchase, Sale and Transfer of Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing, Seller shall sell, transfer, assign, convey and deliver to Buyer, and Buyer shall purchase, acquire and accept from Seller, all of the outstanding equity interests in SSUS (such interests, collectively, the “Shares” and such transfer the “Shares Transfer”) free and clear of Encumbrances, except for any restrictions arising under any applicable securities or insurance Laws.
Section 2.2    Closing Date. The closing of the Shares Transfer (the “Closing”) shall take place at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, located at One Manhattan West, New York, NY 10001, at 10:00 a.m. New York time, on the third (3rd) Business Day following the satisfaction or waiver of the conditions precedent to closing (other than conditions which can only be satisfied on the Closing Date, but subject to the satisfaction or waiver of such conditions), or at such other place or time or on such other date as Seller and Buyer may agree upon in writing. The date and time at which the Closing shall actually occur pursuant hereto is referred to herein as the “Closing Date.”
Section 2.3    Closing Deliverables.
(a)    At the Closing, on the terms and subject to the conditions set forth in this Agreement, Seller shall deliver to Buyer:
(i)    the certificates representing the Shares, duly endorsed by Seller in favor of Buyer, or accompanied by stock powers in blank in favor of Buyer, duly executed by Seller;
(ii)    a certificate executed by an authorized officer of Seller or Guarantor, as applicable, dated as of the Closing Date, certifying the satisfaction of the conditions set forth in Sections 8.2a), b, c and (d); 
(iii)    the Stockholders Agreement, executed by Seller;
(iv)    the Transition Services Agreement, executed by Enstar (US), Inc.; 
(v)    the Intellectual Property Agreement, executed by the requisite Affiliates of Seller;
(vi)    the Administrative Services Agreement, executed by each Insurance Subsidiary and by Enstar (US), Inc.;
(vii)    the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement, executed by each Insurance Subsidiary and by Reinsurer;
(viii)     (A) a certificate dated as of the Closing Date from SSUS satisfying the requirements set forth in Treasury Regulation Sections 1.1445 2(c)(3) and 1.897-2(h), certifying that SSUS is not nor has been a “United States real property holding corporation” (as defined in Section 897(c)(2) of the Code) at any time during the five (5) years preceding the date of the certificate and (B) a form of notice from SSUS to the IRS in accordance with the requirements of Treasury Regulations Section 1.897-2(h)(2), along with written authorization for Seller, as agent for SSUS, to deliver such notice form to the IRS on behalf of SSUS upon the Closing; and
(ix)    all such other instruments of transfer, assignment or conveyance as Buyer may reasonably request or as may be otherwise necessary to evidence and effect the sale, transfer, assignment, conveyance and delivery of the Shares to Buyer.
(b)    At the Closing, on the terms and subject to the conditions set forth in this Agreement, in consideration of the Shares Transfer, Buyer shall deliver to Seller:

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(i)    an amount in dollars equal to the Closing Cash Purchase Price, by wire transfer of immediately available funds to the account designated in writing by Seller to Buyer not less than three (3) Business Days prior to the anticipated Closing Date;
(ii)    the certificates representing an amount of shares of common stock of Buyer (the “Buyer Shares”) equal to the Rollover Share Amount, duly executed by the requisite officers of Buyer;
(iii)    a certificate executed by an authorized officer of Buyer, dated as of the Closing Date, certifying the satisfaction of the conditions set forth in Sections 8.3a) and b;
(iv)    the Stockholders Agreement, executed by Buyer and each of the Equity Investors; 
(v)    the Transition Services Agreement, executed by Buyer or one or more of its Subsidiaries; 
(vi)    the Intellectual Property Agreement, executed by Buyer or one or more of its Subsidiaries; and
(vii)    all such other instruments of transfer, assignment or conveyance as Seller may reasonably request or as may be otherwise necessary to evidence and effect the transfer, assignment, conveyance and delivery of the Buyer Shares to Seller.
(c)    At the Closing, on the terms and subject to the conditions set forth in this Agreement and the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement, as consideration for the reinsurance by the Reinsurer of the Ultimate Net Loss (as defined in the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement) under the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement, Seller shall cause the Insurance Subsidiaries to deliver, on a several and not joint basis in proportion to the Applicable Reserves ceded by such Insurance Subsidiary, to the Reinsurer an amount equal to the Closing Reinsurance Premium. Seller shall cause the investment assets of the Insurance Subsidiaries to consist solely of US Treasury Securities or corporate bonds each of which carries an S&P rating of no less than A- or Moody’s rating of no less than A3, other than the Acquired Companies’ investment in Precision Risk Management, following the payment of the Closing Reinsurance Premium.
(d)    At the Closing, on the terms and subject to the conditions set forth in this Agreement, the Amended and Restated Certificate of Incorporation shall be duly adopted in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware and shall be duly approved in accordance with Section 228 of the General Corporation Law of the State of Delaware and Buyer shall file the Amended and Restated Certificate of Incorporation with the Delaware Secretary of State.
Section 2.4    Closing Date Payments.
(a)    Promptly following the end of each calendar month between the date hereof and the Closing Date, Seller and Buyer shall cooperate in good faith to prepare (i) an estimate of the Tangible Book Value and (ii) an estimate of the Reinsurance Premium in a manner consistent with the calculation of Tangible Book Value, in each case, based on the assumption that such calendar month end will be the Valuation Date.
(b)    On or before the date that is two (2) Business Days prior to the anticipated Closing Date, Seller shall deliver to Buyer a statement (i) prepared in the same format as the Reference Closing Statement, (ii) setting forth Seller’s good faith estimate of the Tangible Book Value, the Consulting Expenses and the resulting calculation of the Cash Purchase Price (such calculation, the “Closing Cash Purchase Price”) and (iii) setting forth Seller’s good faith estimate of the Reinsurance Premium in a manner consistent with the calculation of Tangible Book Value (the “Closing Reinsurance Premium”).
Section 2.5    Post-Closing Adjustments.
(a)    As promptly as practicable following the Closing and in no event later than sixty (60) days following the Closing Date, Buyer shall prepare and deliver to Seller a statement (the “Post-Closing Statement”), (i) prepared in the same format as the Reference Closing Statement, (ii) setting forth Buyer’s good faith calculation of Tangible Book Value, the Consulting Expenses and the resulting calculation of the Cash Purchase Price (the 

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“Preliminary Cash Purchase Price”) and (ii) setting forth Buyer’s good faith calculation of the Reinsurance Premium in a manner consistent with the calculation of Tangible Book Value (the “Preliminary Reinsurance Premium”), together with reasonable supporting detail and documentation.
(b)    Following receipt of the Post-Closing Statement, Seller shall have thirty (30) days (the “Review Period”) to review such Post-Closing Statement and related computations of the Preliminary Cash Purchase Price and Preliminary Reinsurance Premium. In connection with the review of the Post-Closing Statement, Buyer shall cooperate with and give, and shall cause the Acquired Companies and its and the Acquired Companies’ Representatives to cooperate with and give, to Seller and its Representatives, reasonable access to the books and records of the Acquired Companies, the personnel of Buyer and the Acquired Companies, and work papers used in the preparation of the Post-Closing Statement, along with such other information as Seller or its Representatives may reasonably request in connection therewith; provided, however, that the independent accountants of Buyer or any of the Acquired Companies shall not be obligated to make any working papers available to Seller unless and until Seller has signed a customary confidentiality and hold harmless agreement relating to such access to working papers in form and substance reasonably acceptable to such independent accountants. If Seller has accepted such Post-Closing Statement in writing or has not given written notice to Buyer setting forth any objection of Seller to such Post-Closing Statement (a “Statement of Objections”) prior to the expiration of the Review Period, then such Post-Closing Statement shall be final and binding upon the Parties, and shall be deemed the Final Closing Statement for purposes of Section 2.5g). Any Statement of Objections given by Seller shall specify in reasonable detail the amount in dispute and the reasons supporting Seller’s position. 
(c)    If Seller delivers a Statement of Objections prior to the expiration of the Review Period, then Buyer and Seller shall negotiate to resolve the Seller’s objections within thirty (30) days following the receipt by Buyer of the Statement of Objections (the “Consultation Period”). If Seller and Buyer reach an agreement as to all such objection(s) within the Consultation Period, then the Post-Closing Statement shall be revised to reflect such agreement and shall be deemed the Final Closing Statement for purposes of Section 2.5g). If Seller and Buyer are unable to reach an agreement as to all such objection(s) within the Consultation Period, then any objections which remain in dispute shall be submitted to the final and binding determination of a senior employee or partner of an independent accounting firm of international standing who is not the independent auditor of, and is independent and impartial of, Buyer, Seller and their respective Affiliates and is jointly appointed by the Seller and the Buyer (in either case, such accountant, the “Settlement Accountant”); provided, that, if Buyer and Seller cannot agree on such an accountant within fifteen (15) days of receipt by a Party of a written request for the appointment of such an accountant by the other Party, then the American Arbitration Association shall appoint the Settlement Accountant. Each of Seller and Buyer agree to enter into a customary engagement letter with the Settlement Accountant.
(d)    Within ten (10) days of the appointment of the Settlement Accountant, the Settlement Accountant shall set a schedule for written submissions, which submissions shall be transmitted simultaneously to the Settlement Accountant and Buyer or Seller, as the case may be. Unless otherwise directed by the Settlement Accountant, (i) Buyer shall first make a written submission addressing the challenged items on the Statement of Objections, (ii) Seller shall then be given an opportunity to respond in writing to Buyer’s submission, (iii) Buyer shall thereafter be given an opportunity to reply to Seller’s response and (iv) Seller shall be given a final opportunity to submit a rejoinder on the points raised by the Buyer. The Settlement Accountant shall have the right, but not the obligation, to request information or ask questions of the Parties as he or she sees fit. The Settlement Accountant’s determination shall be made solely in accordance with the terms and procedures set forth in this Agreement and the definitions of Cash Purchase Price, Purchase Price, Tangible Book Value, Consulting Expenses, Reinsurance Premium, Applicable Reserves, Valuation Date ULAE and Rollover Amount contained herein. The Settlement Accountant shall only consider those items that are (x) identified on the Statement of Objections as in dispute and (y) were not amicably settled in writing during the Consultation Period. Neither Seller nor Buyer shall discuss with the Settlement Accountant, and the Settlement Accountant shall not consider for any purpose, any settlement discussions or settlement offer made by any of the Parties with respect to any objections under this Section 2.5, unless otherwise agreed in writing by the Parties.
(e)    Seller and Buyer shall use their respective commercially reasonable efforts to cause the Settlement Accountant to resolve all disagreements as soon as practicable and in any event, barring exceptional circumstances, within twenty (20) days after the submission of the Seller’s final submission as provided herein. The Settlement Accountant’s determination shall be made solely in accordance with the terms and procedures set forth in this Agreement and based solely on the submissions and supporting materials provided by Buyer and Seller in accordance with the terms and procedures set forth in this Agreement. The Settlement Accountant may not assign a value to any item greater than the greatest value for such item claimed by either Party or less than the smallest 

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value for such item claimed by either Party. The resolution of the dispute by the Settlement Accountant shall be final, binding and non-appealable on the Parties, absent manifest error by the Settlement Accountant, and judgment thereon may be entered and enforced in any court of competent jurisdiction. The Settlement Accountant shall act as an expert, not as an arbitrator, and the determination of the Settlement Accountant, and this agreement to submit to the determination of the Settlement Accountant, shall not be deemed or considered an arbitration agreement and shall not be subject to the Federal Arbitration Act, 9 U.S.C. § 1 et seq., or any state arbitration statute or law.
(f)    The costs and expenses of the Settlement Accountant shall be borne by Buyer in the proportion that the aggregate dollar amount of the items that are successfully disputed by Seller (as finally determined by the Settlement Accountant) bears to the aggregate dollar amount of the items submitted to the Settlement Accountant and by Seller in the proportion that the aggregate dollar amount of the disputed items that are unsuccessfully disputed by Seller (as finally determined by the Settlement Accountant) bears to the aggregate dollar amount of the items submitted to the Settlement Accountant, as determined by the Settlement Accountant in his or her final determination. 
(g)    The Post-Closing Statement (x) that has become final and binding pursuant to Section 2.5b) or Section 2.5c) or (y) as determined by the Settlement Accountant is referred to herein as the “Final Closing Statement” and (A) the Tangible Book Value set forth on such Final Closing Statement shall be deemed the final Tangible Book Value, (B) the Consulting Expenses set forth in such Final Closing Statement shall be deemed the final Consulting Expenses, (C) the Cash Purchase Price set forth on such Final Closing Statement shall be deemed the final Cash Purchase Price (the “Final Cash Purchase Price”), and (D) the Reinsurance Premium set forth on such Final Closing Statement shall be deemed the final Reinsurance Premium (the “Final Reinsurance Premium”). 
(i)    In the event that the Final Cash Purchase Price is greater than the Closing Cash Purchase Price, Buyer shall deposit, or cause to be deposited, within three (3) Business Days of the determination of the Final Closing Statement, with Seller, by wire transfer of immediately available funds to the account designated in writing by Seller, an amount equal to such excess.
(ii)    In the event that the Closing Cash Purchase Price is greater than the Final Cash Purchase Price, Seller shall deposit, or cause to be deposited, within three (3) Business Days of the determination of the Final Closing Statement, with Buyer, by wire transfer of immediately available funds to the account designated in writing by Buyer, an amount equal to such excess.
(iii)    In the event that the Final Reinsurance Premium is greater than the Closing Reinsurance Premium, Buyer shall cause the Insurance Subsidiaries to deposit, or cause to be deposited, within three (3) Business Days of the determination of the Final Closing Statement, with the Reinsurer, by wire transfer of immediately available funds to the account designated in writing by Seller, an amount equal to such excess.
(iv)    In the event that the Closing Reinsurance Premium is greater than the Final Reinsurance Premium, Seller shall cause the Reinsurer to deposit, or cause to be deposited, within three (3) Business Days of the determination of the Final Closing Statement, with the Insurance Subsidiaries, by wire transfer of immediately available funds to the accounts designated in writing by Buyer, an amount equal to such excess.
The amount of any payment to be made pursuant to this Section 2.5(g) shall bear interest from and including the Closing Date to but excluding the date of payment at a rate per annum equal to 1.5% during the period from the Closing Date to the date of payment. Such interest shall be payable at the same time as the payment to which it relates and shall be calculated daily on the basis of a year of 365 days and the actual number of days elapsed.
(h)    This provision shall constitute the exclusive remedy of the Parties with respect to determination of the Final Cash Purchase Price and Final Reinsurance Premium. The Parties agree that any adjustment to the Final Cash Purchase Price as determined pursuant to this Section 2.5 shall be treated as an adjustment to the consideration for Tax purposes, except as otherwise required by Law.
Section 2.6    Further Assurances; Further Conveyances and Assumptions. From time to time following the Closing, without further consideration, Seller and Buyer shall, and shall cause their respective controlled 

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Affiliates to, execute, acknowledge and deliver all such further documents, conveyances, notices, assumptions, releases, acquittances and other instruments, and shall take such further actions, as may be necessary or appropriate to effectuate the transactions contemplated by this Agreement, and to otherwise make effective the transactions contemplated hereby.
Section 2.7    Withholding Taxes. Notwithstanding anything to the contrary contained herein, Buyer, Seller and any of their respective Affiliates shall be entitled to deduct and withhold from all amounts payable pursuant to this Agreement such amounts as are required to be deducted and withheld under any applicable Law. Buyer shall use reasonable efforts to inform Seller of any withholding obligation it becomes aware of and shall reasonably cooperate with Seller to reduce and mitigate any withholding Taxes under applicable Law. To the extent that amounts are so deducted and withheld and paid over to the applicable Governmental Body, such amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SELLER
Except as set forth in the schedules delivered by Seller to Buyer concurrently with the execution of this Agreement (the “Seller Disclosure Schedules”), Seller represents and warrants to Buyer that:
Section 3.1    Organization and Qualification.
(a)    Seller is a company duly organized, validly existing and in good standing under the Laws of England and Wales, and Seller has all requisite corporate power and authority to carry on its business as currently conducted by it and to own, lease and operate its properties. Seller is duly qualified to do business and is in good standing as a foreign corporation (in any jurisdiction that recognizes such or a similar concept) in each jurisdiction where the ownership or operation of its assets or the conduct of its business as currently conducted requires such qualification, except where the failure to be so qualified or in good standing, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect.
(b)    Each Acquired Company is a corporation, limited liability company or other entity duly organized, validly existing and, in jurisdictions where such or similar concept is recognized, in good standing (or the equivalent thereof) under the laws of its jurisdiction of organization. Each Acquired Company has all requisite corporate power and authority to carry on its business as currently conducted by it and to own and make use of its assets as currently used. Each Acquired Company is duly qualified to do business and is in good standing (or the equivalent thereof) as a foreign corporation (in any jurisdiction that recognizes such or a similar concept) in each jurisdiction where the ownership or operation of its assets or the operation or conduct of its business as currently conducted requires such qualification, except, in each case, where the failure to be so qualified or in good standing, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect. 
(c)    No Acquired Company is in violation of its Governing Documents in any material respect. Seller has delivered to Buyer correct and complete copies of the Governing Documents of the Acquired Companies.
Section 3.2    Capitalization of the Acquired Companies.
(a)    Seller or its directly or indirectly wholly owned Subsidiaries hold, beneficially and of record, all of the issued and outstanding capital stock and other equity interests of each of the Acquired Companies. Section 3.2a) of the Seller Disclosure Schedules sets forth a true and complete list of the number of shares of capital stock or other equity interests issued and outstanding and the holder of record of such shares and other equity interests for each of the Acquired Companies as of the date hereof and as of immediately prior to the Closing. The shares and other equity interests in each of the Acquired Companies have been duly authorized, are validly issued, fully paid and nonassessable, and are not subject to any preemptive rights. Except for the shares and other equity interests listed in Section 3.2a) of the Seller Disclosure Schedules, no shares of capital stock or other equity interests of any Acquired Company are issued, reserved for issuance or outstanding. Seller or its directly or indirectly wholly owned Subsidiaries have good and valid title to the Shares free and clear of all Encumbrances, except for restrictions arising under applicable securities or insurance Laws. The instruments to be executed and delivered by Seller or a Subsidiary of Seller to Buyer at the Closing will be valid and binding 

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obligations of Seller and its applicable Subsidiary, enforceable against Seller and its applicable Subsidiary in accordance with their respective terms, and will effectively vest in Buyer good title to all the Shares, free and clear of all Encumbrances, except for restrictions arising under applicable securities or insurance Laws.
(b)    There are no existing options, warrants, calls, preemptive rights, indebtedness having general voting rights (or convertible into, exercisable for the purchase of or exchangeable for securities having such rights) (“Voting Debt”) or subscriptions or other rights, agreements, arrangements or commitments of any character (including any stockholder rights plan or similar plan commonly referred to as a “poison pill”), relating to the issued or unissued shares of capital stock or other equity or voting interests of any Acquired Company obligating any Acquired Company to issue, transfer or sell, or cause to be issued, transferred or sold, any shares of capital stock or Voting Debt of, or other equity or voting interest in, any Acquired Company or securities convertible into, exercisable for the purchase of or exchangeable for such shares or equity or voting interests, or obligating any Acquired Company to make any payment linked to the value of the capital stock or the sale price of any Acquired Company, or obligating any Acquired Company to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement or commitment. There are no outstanding contractual obligations of any Acquired Company to repurchase, redeem or otherwise acquire the common stock or other capital stock or other equity interests of any Acquired Company. There are no outstanding or authorized stock appreciation, phantom stock, profit participation or similar rights with respect to the capital stock of, or other equity or voting interests in, any Acquired Company. 
(c)    There are no outstanding contractual obligations of any Acquired Company to provide funds to make any investment (in the form of a loan, capital contribution or otherwise) in any other entity. There are no irrevocable proxies, voting trusts or other agreements to which any Acquired Company is a party with respect to any capital stock of, or other equity or voting interests in, any Acquired Company. Except for the StarStone Brazil, no Acquired Company owns, directly or indirectly, shares of capital stock of, or any equity, voting or similar interest in, or any interest convertible into, exercisable for the purchase of or exchangeable for, any shares of capital stock or other equity, voting or similar interest in any Person other than the Company Subsidiaries. There are no restrictions that prevent or restrict the payment of dividends or other distributions by any Acquired Company other than those imposed by the Laws of general applicability of their respective jurisdictions of organization.
Section 3.3    Authorization; Binding Effect.
(a)    Seller has all requisite corporate power and authority to execute, deliver and perform this Agreement and Seller and any of its Affiliates executing any Ancillary Agreement have all requisite corporate power and authority to execute, deliver and perform the Ancillary Agreements to which it will be a party and to consummate the transactions contemplated hereby and thereby, and the execution, delivery and performance of this Agreement and the Ancillary Agreements to which it will be a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized and approved by all requisite corporate action on the part of Seller and its Affiliates, as applicable.
(b)    This Agreement has been duly executed and delivered by Seller and this Agreement is, and the Ancillary Agreements to which Seller or any of its Affiliates will be a party when duly executed and delivered by Seller or such Affiliate, as applicable, will be, valid and legally binding obligations of Seller or such Affiliate, enforceable against Seller or such Affiliate in accordance with their respective terms, except to the extent that enforcement hereby and thereof may be affected by bankruptcy, reorganization, moratorium, fraudulent transfer, insolvency and similar Laws of general application affecting the rights and remedies of creditors and by general equity principles.
(c)    Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P. have provided all requisite consent under Section 2.02(e) of the Voting and Shareholders’ Agreement to the execution, delivery and performance of this Agreement and the Ancillary Agreements and the consummation of the transactions contemplated hereby and thereby.  No other consent, approval or vote of, waiver from or notice to any of Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P. is required in connection with the execution, delivery and performance of this Agreement and the Ancillary Agreements and the consummation of the transactions contemplated hereby and thereby.

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Section 3.4    Non-Contravention; Consents.
(a)    Assuming that all consents, approvals, orders, clearances, authorizations, registrations, declarations or filings specified in Section 3.4b) have been obtained, the execution, delivery and performance of this Agreement and the Ancillary Agreements to which Seller or any of its Affiliates will be a party and the consummation of the transactions contemplated hereby and thereby by Seller or such Affiliate do not and will not: (i) result in any material breach or material violation of, or conflict with, any provision of the Governing Documents of any Acquired Company, (ii) in any material respect, violate or result in a breach of, or constitute an occurrence of default under, result in the acceleration or cancellation of or give rise to a right by any party to terminate or amend, any Material Contract to which any Acquired Company is a party or by which it is bound, (iii) result in the imposition of any Encumbrance (other than Permitted Encumbrances) upon any of the properties or assets of any Acquired Company or the shares of capital stock or equity interests directly or indirectly owned by Seller in any Acquired Company, or (iv) violate any applicable Law of any Governmental Body having jurisdiction over Seller, such Affiliate, any Acquired Company, or the Business or by which any of the properties and assets of any Acquired Company, or of Seller or any of its Affiliates (to the extent related to the Business), are bound, in the case of clauses (iii) and (iv) other than any such impositions, violations, breaches, defaults, accelerations or cancellations of obligations or rights that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect.
(b)    Assuming the accuracy of the representations and warranties of Buyer in Section 5.3b), other than the Required Regulatory Approvals, no consent, approval, order, clearance or authorization of, or registration, declaration or filing with, any Person is required to be obtained by Seller or any of its Affiliates (including any Acquired Company) in connection with the execution, delivery and performance of this Agreement and the Ancillary Agreements to which Seller or any of its Affiliates (including any Acquired Company) is a party and for the consummation of the transactions contemplated hereby or thereby by Seller or such Affiliate except for such other consents or approvals of Governmental Bodies or other Third Parties set forth on Section 3.4b) of the Seller Disclosure Schedules, (the “Scheduled Consents”), and such other consents, approvals, orders, clearances, authorizations, registrations, declarations or filings the failure of which to be obtained or made, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect. 
Section 3.5    Compliance With Laws. Except as set forth on Section 3.5 of the Seller Disclosure Schedules: 
(a)    The Acquired Companies are, and have been since January 1, 2017, in compliance in all material respects with all applicable Laws (including any Laws regulating the insurance business and eligible criteria for surplus lines insurers established under the subtitle of Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Action of 2010 entitled the “Nonadmitted and Reinsurance Reform Act”) and Orders.
(b)    Since January 1, 2017, no Acquired Company or, with respect to the Business, Seller or its Affiliates has received from any Governmental Body with applicable jurisdiction any written warning letters, notice of adverse finding or similar document that asserts a lack of substantial compliance with any applicable Laws or Orders in any material respect. There is no pending or, to the Knowledge of Seller, threatened Action against any Acquired Company by any Governmental Body, or notice from a Governmental Body of a claim of a violation, or, to the Knowledge of Seller, pending or threatened investigation by a Governmental Body, with respect to any actual or alleged noncompliance in any material respect with any applicable Laws or Orders.
(c)    Since January 1, 2017, the Acquired Companies and, to the Knowledge of Seller, the Representatives of the Acquired Companies have not made, paid or received any payments, bribes or kickbacks to or from any Person (including any customer or supplier), Governmental Body or governmental official (as defined under the Foreign Corrupt Practices Act) in violation of the Foreign Corrupt Practices Act or any applicable anti-corruption or anti-bribery Law. The Acquired Companies have implemented and maintain in effect policies and procedures designed to ensure compliance by the Acquired Companies, and their respective directors, officers, employees and agents, with all applicable anti-corruption or anti-bribery Laws, including the Foreign Corrupt Practices Act.
(d)    The Acquired Companies have implemented and maintain in effect policies and procedures reasonably designed to ensure compliance by the Acquired Companies and their respective directors, officers, and employees and agents with applicable Sanctions, and the Acquired Companies and their respective officers and employees and, to the Knowledge of Seller, its directors and agents, are in compliance with applicable Sanctions in 

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all material respects. None of the Acquired Companies or their respective directors, officers or employees and, to the Knowledge of Seller, no agent of any of the Acquired Companies is a Sanctioned Person.
Section 3.6    Litigation. Except for Actions arising in the ordinary course of business relating to any Insurance Contract or the administration or handling of claims related thereto within applicable policy limits, there is no Action or claim pending or, to the Knowledge of Seller, threatened, or, to the Knowledge of Seller, governmental investigation threatened or pending by, against or involving the Acquired Companies or any of their respective properties or assets, the outcome of which, individually or in the aggregate, would reasonably be expected to have a Company Material Adverse Effect. No Acquired Company is subject to any Order that materially restricts the operation of the business of such Acquired Company or which is or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.
Section 3.7    Employment Matters.
(a)    None of the Acquired Companies currently employ, or have employed since January 1, 2017, any employees.
(b)    (i) None of the Acquired Companies is party to or bound by any Collective Bargaining Agreement or other similar labor agreement with respect to the Business Employees, (ii) no Business Employees are covered by any Collective Bargaining Agreement or other similar labor agreement or represented by any labor or trade union, works council or other employee representative body, in each case, with respect to their employment with Seller or any of its Affiliates, (iii) to the Knowledge of Seller, there has not been any labor organizing activity by or with respect to any Business Employees and (iv) except as would not reasonably be expected to be material to the Business or the Acquired Companies, taken as a whole for the past three (3) years, there have not been any, and there are no pending or, to the Knowledge of Seller, threatened, (A) labor disputes involving any of the Acquired Companies, or (B) unfair labor practice charges, strikes, slowdowns or work stoppages by or with respect to any Business Employees.
(c)    Except as set forth on Section 3.7(c) of the Seller Disclosure Schedules, (i) Seller and its Affiliates, with respect to the Business Employees, and each of the Acquired Companies is in compliance, in all material respects, with all applicable local, state, federal and foreign Laws relating to employment and compensation and (ii) neither Seller nor any of its Affiliates, and no Acquired Company, has received notice of any pending or, to the Knowledge of Seller, threatened charge, complaint, investigation, arbitration, mediation, proceeding, litigation or audit with respect to or relating to any Acquired Company’s or, with respect to the Business Employees, Seller’s or any of its Affiliates’ material noncompliance with any applicable local, state, federal or foreign Laws relating to employment or compensation.
(d)    Section 3.7d) of the Seller Disclosure Schedules contains a true and accurate list of the Business Employees as of the date hereof and the following information for each such employee as of the date hereof (collectively, the “Business Employee Census”): (i) employee identification number, (ii) geographic location (including city and state), (iii) employing legal entity, (iv) active or leave status, (v) full-time or part-time status, (vi) job title, (vii) classification as “exempt” or “nonexempt” from applicable wage and hour laws, (viii) annual salary and, if applicable, hourly wage rate and target annual incentive compensation, and (ix) applicable visa or work authorization status.
(e)    None of Seller, any of its Affiliates or the Acquired Companies is party to a settlement agreement with a Business Employee that involves allegations relating to sexual harassment or sexual misconduct by either (i) an officer of Seller, any of its Affiliates or any of the Acquired Companies or (ii) a Business Employee at the level of Vice President or above. To the Knowledge of Seller, in the past three (3) years, no allegations of sexual harassment or sexual misconduct have been made against any (A) officer of Seller or any of its Affiliates with respect to or involving a Business Employee or (B) Business Employee at a level of Vice President or above.
(f)    To the Knowledge of Seller, no Business Employee is in violation of any material term of any employment agreement, nondisclosure agreement, non-competition agreement, non-solicitation agreement or other agreement containing similar restrictive covenant obligations, in each case: (i) with Seller, any of its Affiliates or any of the Acquired Companies or (ii) with a former employer of any such Business Employee relating (A) to the right of any such Business Employee to be employed by Seller or any of its Affiliates or (B) to the knowledge or use of trade secrets or proprietary information.

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(g)    As of the date hereof and since January 1, 2017, there are and have been no Company Plans. Section 3.7g) of the Seller Disclosure Schedules lists and separately identifies each material Seller Plan which is in effect as of the date hereof. With respect to each of the material Seller Plans in which Business Employees are eligible to participate, Seller has provided Buyer with a plan document or summary plan description of such material Seller Plan.
(h)    Each Seller Plan that is intended to be qualified within the meaning of Section 401(a) of the Code has received a favorable determination letter as to its qualification or is covered by a prototype plan opinion letter.
(i)    None of the Acquired Companies has ever maintained, sponsored, contributed to, or had an obligation to maintain, sponsor or contribute to, or has any Liability (including as a result of an ERISA Affiliate) under or with respect to (i) a “defined benefit plan,” as defined in Section 3(35) of ERISA, (ii) a pension plan subject to the minimum funding standards of Section 302 of ERISA or Section 412 of the Code, (iii) a “multiemployer plan,” as defined in Section 3(37) of ERISA, or (iv) a “multiple employer plan” (within the meaning of Section 413 of the Code). 
(j)    Neither the execution nor delivery of this Agreement nor the consummation of the transactions contemplated hereby will, either alone or in combination with another event: (i) result in (x) any severance, retention or change of control payment becoming due to any Business Employee or (y) acceleration of the time of payment or vesting, or material increase in the amount of compensation due to any such Business Employee (including funding of compensation or benefits through a trust or otherwise), (ii) require a “gross-up,” indemnification for, or payment to any individual for any Taxes imposed under Section 409A or Section 4999 of the Code or any other Taxes, or (iii) result in the payment of any amount that could, individually or in combination with any other such payment, constitute an “excess parachute payment” as defined in Section 280G(b)(1) of the Code.
Section 3.8    Contracts.
(a)    Section 3.8a) of the Seller Disclosure Schedules sets forth a true, complete and correct list as of the date of this Agreement, and Seller has, prior to the date of this Agreement, made available to Buyer true, complete and correct copies of the following Contracts (other than the Real Property Leases and Employee Benefit Plans) which are in effect as of the date hereof and which are either Transferred Contracts, Contracts to which any Acquired Company is a party, or Contracts by which the Business or assets of the Acquired Companies are bound (each, a “Material Contract” and collectively, the “Material Contracts”):
(i)    which calls for the payment by or on behalf of any Acquired Company in excess of $150,000 per annum, or the delivery by any Acquired Company of goods or services with a fair market value in excess of $150,000 per annum, during the remaining term thereof (other than Insurance Contracts), and which by its terms does not terminate or is not terminable without material penalty by any of the Acquired Companies upon ninety (90) days or less prior notice;
(ii)    which provides for any Acquired Company to receive any payments in excess of, or any property with a fair market value in excess of, $150,000 during the remaining term thereof (other than Insurance Contracts), and which by its terms does not terminate or is not terminable without material penalty by any of the Acquired Companies upon ninety (90) days or less prior notice;
(iii)    which contains covenants (A) limiting in any material respect the ability of any of the Acquired Companies to compete or operate in any line of business or geographical area or provide any products or services of or to any other Person, (B) obligating any of the Acquired Companies to conduct any business on an exclusive basis with any Person or (C) providing the counterparty thereto with “most favored nation”, rights of first refusal or offer or similar rights;
(iv)    which provides for any Acquired Company, or for Seller or any of its Affiliates (to the extent related to the Business), to receive material administrative services, claims administration or underwriting services with respect to any Insurance Contracts, or any investment management services;
(v)    which is a Third Party Reinsurance Contract;

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(vi)    which is a Contract between a Producer, on the one hand, and any Insurance Subsidiary, on the other hand (each, a “Producer Contract”), which resulted in aggregate commission payments by such Insurance Subsidiary during the fiscal year ended December 31, 2019 in excess of $500,000;
(vii)    which was entered into in connection with the acquisition or disposition by any of the Acquired Companies, or by Seller or any of its Affiliates (to the extent related to the Business), of any business or the shares, capital stock or other ownership interests of any other Person and (A) under which there are any material ongoing obligations or (B) which acquisition is not yet complete;
(viii)    under which there is any option, warrant, call, subscription or other right, agreement, arrangement or commitment to acquire any business or the shares, capital stock or other ownership interests of any other Person;
(ix)    which was entered into with any Governmental Body;
(x)    which relates to any indebtedness for borrowed money that creates payment obligations from or to any party to or from any of the Acquired Companies in excess of $150,000, other than in the ordinary course of business;
(xi)    pursuant to which any of the Acquired Companies (A) is granted or obtains any right to use any material Intellectual Property (other than any non-exclusive end user click-wrap and shrink-wrap license to Software that is generally commercially available), (B) permits or agrees to permit any Person, or is permitted by any Person, to use any material Intellectual Property that is Company IP, (C) is restricted in the use, enforcement or registration of any material Company IP, or (D) other than as a result of limitations on the scope, territory or term of a license to Intellectual Property, is restricted in any material respect from using Intellectual Property to engage in any particular business or operating in any territory or during any period of time, including co-existence agreements, settlement agreements and covenants not to assert Intellectual Property rights;
(xii)    under which any of the Acquired Companies, or Seller or any of its Affiliates (to the extent related to the Business), has directly or indirectly guaranteed or otherwise agreed to be responsible for indebtedness for borrowed money or other Liabilities of any Person in excess of $100,000 and which such indebtedness will not be extinguished on or prior to the Closing Date; 
(xiii)    which is an Intercompany Agreement;
(xiv)    which was entered into outside of the ordinary course of business and requires any Acquired Company to indemnify any Person; and
(xv)    which creates any partnership, joint venture, limited liability company or similar arrangement.
(b)    (i) Each Material Contract is valid, binding and enforceable against the applicable Acquired Company (or, if Seller or any of its Affiliates (other than an Acquired Company) is the party thereto, Seller or such Affiliate) in all material respects and, to the Knowledge of Seller, the other parties thereto in accordance with its terms and, unless terminated by the other parties thereto or expired in accordance with the terms of such Material Contract following the date hereof, is in full force and effect, and (ii) no Acquired Company (or, if Seller or any of its Affiliates (other than an Acquired Company) is the party thereto, Seller or such Affiliate) is in material default under or in material breach of any Material Contract (and none of the Acquired Companies, Seller or any of their respective Affiliates has received any notice alleging any such default, breach or delinquency), except for such defaults or breaches that would not have or be reasonably expected to have a Company Material Adverse Effect.
Section 3.9    Financial Information; Undisclosed Liabilities.
(a)    Section 3.9a) of the Seller Disclosure Schedules contains complete unaudited consolidated balance sheet of the Acquired Companies as at December 31, 2019 and March 31, 2020, and the unaudited statements of income for the fiscal year ended December 31, 2019 and the three-month period ended March 31, 2020 (the “Financial Statements”). The Financial Statements have been derived from the books and records of the 

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Acquired Companies and prepared in accordance with GAAP consistently applied in accordance with the accounting policies and principles of Seller and the Acquired Companies consistently applied throughout the periods presented, subject to the absence of notes and in the case of the Financial Statements as of and for the three-month period ended March 31, 2020, to normal and recurring year-end adjustments. The Financial Statements fairly present, in all material respects, the financial position of the Acquired Companies, as at December 31, 2019 and March 31, 2020, and the results of the operations of the Acquired Companies for the periods then ended.
(b)    The following statutory statements have been made available to Buyer prior to the date hereof, in each case together with any exhibits, schedules and notes thereto (collectively, the “Statutory Statements”): the audited statutory annual statements of each Insurance Subsidiary for the year ended December 31, 2018 and 2019, in each case as required to be filed with the insurance regulatory authority of the jurisdiction of domicile of such Insurance Subsidiary, and the statutory statements of each Insurance Subsidiary for the three-month period ended March 31, 2020. The Statutory Statements have been derived from the books and records of the applicable Insurance Subsidiary and prepared in accordance with SAP consistently applied in accordance with the accounting policies and principles of the applicable Insurance Subsidiary consistently applied throughout the periods presented, subject in the case of the Statutory Statements as of and for the three-month period ended March 31, 2020, to normal and recurring year-end adjustments. The Statutory Statements fairly present, in all material respects, the statutory financial position of such Insurance Subsidiary, as of their respective dates, and the statutory results of the operations of such Insurance Subsidiary for the periods then ended.
(c)    There are no Liabilities of the Business for which an Acquired Company is or would be liable, other than (i) Liabilities reflected in the Financial Statements, (ii) Liabilities incurred since December 31, 2019, in the ordinary course of business or incurred after the date hereof as expressly permitted or contemplated by this Agreement (including Section 6.2 of this Agreement), and (iii) that are not, individually or in the aggregate, material to the Business.
Section 3.10    Intellectual Property.
(a)    Part I(a) of Section 3.10a) of the Seller Disclosure Schedules sets forth a complete and accurate list (in all material respects) of all U.S. and foreign: (i) patents and pending patent applications, (ii) registrations and pending applications for Trademarks, (iii) registrations and applications for copyrights, and (iv) internet domain name registrations, in each case that are Company IP (collectively, the “Company Registered IP”), in each case, listing for each, the owner(s), title/mark, jurisdiction(s) and registration and application number(s) and date(s). Part I(b) of Section 3.10a) of the Seller Disclosure Schedules sets forth a complete and accurate list of all material Software included in the Company IP, listing for each, the owner(s) of such Software. Each item of the Company Registered IP is in effect, enforceable and subsisting, and, to the Knowledge of Seller, valid. 
(b)    As of the Closing Date, the Acquired Companies, individually or collectively, shall own exclusively all right, title and interest in and to all Company IP, free and clear of all Encumbrances other than Permitted Encumbrances and own or have the valid right to use all other material Intellectual Property used (or held for use) in or necessary for the conduct of the Business in the same manner as conducted during the six (6) month period prior to the date of this Agreement.
(c)    To the Knowledge of Seller, the Acquired Companies and the conduct of the Business have not in the past three (3) years infringed, misappropriated or otherwise violated and do not infringe, misappropriate or otherwise violate any Intellectual Property rights of any Third Party. There is no Action or claim pending or, to the Knowledge of Seller, threatened against Seller or any of the Acquired Companies either (i) alleging infringement, misappropriation or other violation by the conduct of the Business of any Intellectual Property rights of any Third Party or (ii) challenging the use, ownership, enforceability or validity of any Company IP. To the Knowledge of Seller, no Person is engaging in any activity that infringes, misappropriates or otherwise violates any Company IP and no such claims are pending or threatened in writing against any Person by Seller or any of the Acquired Companies, in each case in any material respect. 
(d)    The consummation of the transactions contemplated hereby or by any of the Ancillary Agreements (including the Shares Transfer) will not alter or impair any rights of any Acquired Company to use any Intellectual Property material to the operation of the Business or breach or otherwise cause any violation of any Privacy Law or any rule, policy or procedure related to privacy, data protection or the collection and use of Personal Information collected, used or held for use by or on behalf of any Acquired Company in any material respect.

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(e)    Seller and its Affiliates take and have taken reasonable measures to protect the confidentiality of material trade secrets and the confidentiality, integrity and security of the information technology used in the Business and all confidential information stored therein or transmitted thereby from unauthorized access (including execution of confidentiality agreements by officers, directors and employees of, and consultants to, any of the foregoing who have access thereto). To the Knowledge of Seller (i) there has not been any disclosure of or access to any material trade secret related to the Business in a manner that has resulted or is likely to result in the loss of trade secret or other rights in and to such information, and (ii) there has not been any unauthorized access to, or use or alteration of, any information technology used in the Business or any confidential information or Personal Information stored therein or transmitted thereby.
(f)    Since January 1, 2017, none of Seller or its Affiliates has been notified by any third party (including pursuant to an audit) of, nor, to the Knowledge of Seller, is there currently any data security, information security or other technological deficiency with respect to the information technology used in the Business, in each case that has caused or could reasonably be expected to cause any material disruption to the conduct of the Business or present a reasonable risk of unauthorized access, disclosure, use, corruption, destruction or loss of any confidential information.
(g)    Seller and its Affiliates, in connection with the operation of the Business, have at all times complied in all material respects with all applicable Privacy Laws, as well as their own rules, policies and procedures relating to privacy, data protection and the collection and use of Personal Information collected, used or held for use by or on behalf of the Business. No claims have been asserted or, to the Knowledge of Seller, threatened against any of the foregoing alleging a violation of any Person’s privacy or Personal Information or data rights or any Privacy Laws in relation to the Business.
(h)    The Company IP, together with any Intellectual Property licensed to any of the Acquired Companies under a Contract, the Intellectual Property subject to the licenses granted to Buyer and the Acquired Companies under the Intellectual Property Agreement and services provided to Buyer and the Acquired Companies under the Transition Services Agreement, constitute all the material Intellectual Property and material IT Systems (i) used in or necessary for the conduct of the Business as conducted during the six (6) month period prior to the date hereof and (ii) necessary to enable Buyer and its Affiliates to conduct the Business immediately after the Closing Date in substantially the same manner as the Business has been conducted during the six (6) month period prior to the date hereof.
(i)    Seller and its Affiliates have implemented, with respect to the Business, reasonable backup, anti-virus, security and disaster recovery technology, policies and procedures consistent with applicable legal and regulatory standards and customary industry practices. To the Knowledge of Seller, the Company IT Systems do not contain any “time bombs,” “Trojan horses,” “back doors,” “trap doors,” worms, viruses, spyware, keylogger software or other faults or malicious code or damaging devices.
(j)    Section 3.10j) of the Seller Disclosure Schedules sets forth a true and complete list of all material Software or material IT Systems used in the Business, except for Software that is subject to standard non-exclusive “off the shelf” or “shrink wrap” Contracts, identifying which are included in Transferred IP or Transferred Assets or is subject to a Transferred Contract. 
Section 3.11    Environmental Matters. Except as would not reasonably be expected to be, individually or in the aggregate, material to the Acquired Companies, taken as a whole, (a) the Acquired Companies are and since January 1, 2017, have been in compliance with all Environmental Laws, and (b) as of the date hereof, none of the Acquired Companies has received any written or, to the Knowledge of Seller, oral notice not subsequently resolved with respect to the Business or the assets of the Acquired Companies from any Governmental Body or Third Party alleging that any of the Acquired Companies is not in compliance with, or has any Liability under, any Environmental Law.
Section 3.12    Taxes. 
(a)    For each Acquired Company, (i) all income, premium and any other material Tax Returns required to be filed by each of the Acquired Companies have been timely filed (taking into account any extensions of time within which to file), (ii) all such Tax Returns were true, correct and complete in all material respects and (iii) all material Taxes due and owing by the Acquired Companies (whether or not shown on any Tax Return) have been timely paid, other than Taxes being contested in good faith. 

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(b)    Each Acquired Company has complied in all material respects with all applicable Laws with respect to the withholding and paying of Taxes.
(c)    No Acquired Company has any liability for Taxes of any Person (other than another Acquired Company) (i) under any Tax indemnity, Tax sharing or Tax allocation agreement or any other contractual obligation (excluding for this purpose, agreements entered into in the ordinary course of business the primary purpose of which is not related to Taxes, such as leases, licenses or credit agreements), (ii) arising from the application of Treasury Regulation Section 1.1502-6 or any analogous provision of state, local or non-U.S. Law, or (iii) as a transferee or successor.
(d)    No Encumbrances for Taxes have been filed against any of the Acquired Companies, except for Permitted Encumbrances.
(e)    No U.S. federal, state, local or non-U.S. Tax audits or administrative or judicial Tax proceedings are pending or to the Knowledge of the Seller being conducted with respect to any of the Acquired Companies. No Acquired Company has received from any U.S. federal, state, local or non-U.S. taxing authority (including jurisdictions where no Acquired Company has filed Tax Returns) any (i) written notice indicating an intent to open an audit or other review, (ii) written request for information related to Tax matters, (iii) written notice of deficiency or proposed adjustment for any amount of Tax proposed, asserted or assessed by any taxing authority against any of the Acquired Companies, or (iv) written claim by an authority in a jurisdiction where a Acquired Company does not file Tax Returns that such Acquired Company is or may be subject to taxation in that jurisdiction. 
(f)    None of the Acquired Companies has waived any statute of limitations with respect to Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency that remains in force (other than extensions of the due date of Tax Returns filed in the ordinary course of business).
(g)    The unpaid Taxes of the Acquired Companies (i) do not, as of the most recent Financial Statements, exceed the reserve for Tax liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the most recent Financial Statements (rather than in any notes thereto) and (ii) do not exceed that reserve as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of the Acquired Companies in filing their Tax Returns. 
(h)    No Acquired Company is required to include any material amounts in income, or exclude any material item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting for a taxable period ending on or prior to the Closing Date, (ii) use of an improper method of accounting for a taxable period ending on or prior to the Closing Date, (iii) “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or non-U.S. Law) 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 corresponding or similar provision of state, local or non-U.S. Law), (v) installment sale or open transaction disposition made on or prior to the Closing Date, (vi) prepaid amount (other than insurance premiums on policies written by the Acquired Companies) received on or prior to the Closing Date; (vii) election under Section 965(h) of the Code, or (viii) any adjustment in the methodology of discounting unpaid losses under Sections 846 of the Code.
(i)    Each Acquired Company that is an insurance company for U.S. federal income tax purposes is subject to tax under Section 832 of the Code and does not hold any life insurance reserves within the meaning of Section 816(b) of the Code.
(j)    No Acquired Company has entered into a closing agreement or other similar agreement with a Governmental Body relating to Taxes of such Acquired Company that binds the Acquired Companies in any taxable period ending after the Closing Date.
(k)    No Acquired Company has been a member of an affiliated group of corporations filing a consolidated U.S. federal income Tax Return (other than the current consolidated group) during a taxable period for which the applicable statute of limitations remains open. SSUS has filed a consolidated U.S. federal income Tax Return with each of the Acquired Companies for the taxable year immediately preceding the current taxable year.
(l)    No Acquired Company has constituted either a “distributing corporation” or a “controlled corporation” (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock qualifying for tax-free 

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treatment under Section 355 of the Code in a distribution within the past two (2) years or which could constitute part of a “plan” or “series of related transactions” (within the meaning of Section 355(e) of the Code) in conjunction with the transactions contemplated by this Agreement.
(m)    No Acquired Company has requested, applied for, or sought any relief, assistance or benefit from any Governmental Body under any COVID-19 Legislation other than to file amended Tax Returns or similar claims for the refund of Taxes.
Section 3.13    Brokers. No broker, investment banker, financial advisor or other similar Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission from any of the Acquired Companies in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller or any of its Affiliates.
Section 3.14    Real Property.
(a)    Section 3.14a) of the Seller Disclosure Schedules lists all of the real property leases under which any of the Acquired Companies leases, subleases, licenses or otherwise occupies any real property to or from any Person as of the date hereof (the “Leased Real Property”), together with the property address of the leased real property related thereto. Seller has made available to Buyer true, correct and complete copies of each real property lease, including all amendments, modifications and supplements thereof and all guarantees with respect thereto (each, a “Real Property Lease”). None of the Acquired Companies owns any real property or interests in real property, excluding any real property or interests in real property that are Investment Assets or would have been Investment Assets if beneficially owned by any of the Insurance Subsidiaries as of December 31, 2019.
(b)    Each material Real Property Lease is valid, binding and in full force and effect, and the applicable Acquired Company or another Affiliate of Seller, whichever of the foregoing is the respective tenant under each lease (the “Applicable Tenant”), enjoys quiet possession of the Leased Real Property free and clear of all Encumbrances, other than Permitted Encumbrances. There is not under any material Real Property Lease (i) any existing material default by the Applicable Tenant or, to the Knowledge of Seller, any other party thereto or (ii) any condition or event which, with notice or lapse of time, or both, would constitute a material default by the Applicable Tenant or, to the Knowledge of Seller, the counterparty thereto, under the provisions of such Real Property Lease. No condemnation proceeding is pending or, to the Knowledge of Seller, threatened which would preclude or materially impair the use of the Leased Real Property by the Applicable Tenant for the purposes for which it is used as of the date hereof. Except as set forth on Section 3.14(b) of the Seller Disclosure Schedules, neither Seller nor any of its Affiliates subleases or sublicenses any portion of the Leased Real Property to any Person other than another Affiliate of Seller.
Section 3.15    Insurance.
(a)    Section 3.15a) of the Seller Disclosure Schedules contains a complete list of all material insurance policies carried as of the date hereof by or for the benefit of the Acquired Companies or their businesses, properties, assets or employees. 
(b)    (i) All material insurance policies of the Acquired Companies, unless terminated by the insurance carrier or expired in accordance with the terms of such insurance policies or replaced with substantially equivalent insurance policies following the date hereof, are in full force and effect, (ii) the Acquired Companies are in compliance in all material respects with the terms and provisions of such policies, (iii) no written notice of default, cancellation, termination or non-renewal has been received by any of the Acquired Companies in respect thereof and (iv) all premiums due thereon have been paid as of the date hereof.
Section 3.16    Absence of Changes. Since December 31, 2019 (a) there has not been any event, circumstance, development, state of facts, occurrence, change or effect which has had a Company Material Adverse Effect, and to the Knowledge of Seller, no event, circumstance, development, state of facts, occurrence, change or effect exists or has occurred which would reasonably be expected, individually or in the aggregate, to result in a Company Material Adverse Effect, and (b) through the date hereof, each of the Acquired Companies operated in the ordinary course of business and has not taken any action that, if taken subsequent to the date of this Agreement and on or prior to the Closing Date, would require the consent of Buyer under Section 6.2(a) (other than clause (ix)). 

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Section 3.17    Sufficiency of Assets. Other than the services and rights granted pursuant to the terms of the Transition Services Agreement, the Administrative Services Agreement and the Intellectual Property Agreement, and assuming that any required consents, approvals, Orders, clearances, authorizations, registrations, declarations or filings have been obtained, the Contracts, Company IP, properties, assets and rights transferred pursuant to the Shares Transfer, including the Transferred Contracts, Transferred IP and Transferred Assets, will constitute, as of the Closing, all of the Contracts, Intellectual Property, properties, assets and rights (other than Seller Plans) necessary to permit Buyer to conduct the Business immediately after the Closing in substantially the same manner as the Business was conducted during the six (6) month period prior to the date hereof.
Section 3.18    Permits. The Acquired Companies possess all material national, state, local and foreign permits, approvals, licenses, authorizations, certificates, rights, exemptions and orders from Governmental Bodies (collectively, the “Permits”) that are necessary for the operation of the Business as conducted as of the date of this Agreement. All such Permits are, if required by applicable Law, valid and have not expired or been cancelled, terminated or withdrawn. The Acquired Companies are in compliance with all such Permits in all material respects. Except as has not, or would not be reasonably expected to have, individually or in the aggregate, a Company Material Adverse Effect, no Action or claim to modify, suspend, revoke, withdraw, terminate or otherwise limit any such Permit is pending, or, to the Knowledge of Seller, threatened. 
Section 3.19    Insurance Issued by Insurance Subsidiaries.
(a)    Since January 1, 2017, all benefits due and payable under the Insurance Contracts issued by any of the Insurance Subsidiaries have been paid in accordance with the terms of the Insurance Contracts under which they arose, except for such benefits for which an Insurance Subsidiary had or has a reasonable basis to contest payment and subject to such exceptions that, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect.
(b)    All policy or other contract forms, including the Insurance Contracts, rates in use by any of the Insurance Subsidiaries and all endorsements, applications and certificates pertaining thereto, as and where required by applicable insurance Laws, have been either filed and approved or filed and non-disapproved by all applicable Governmental Bodies regulating the insurance business, subject to such exceptions that, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect.
(c)    There are no material unpaid claims or assessments made against any Insurance Subsidiary by any state insurance guaranty associations or similar organizations in connection with such association’s insurance guaranty fund. 
(d)    Except as set forth on Section 3.19(d) of the Seller Disclosure Schedules, the Insurance Subsidiaries do not provide reinsurance to any Person.
Section 3.20    Ceded Reinsurance. Section 3.20 of the Seller Disclosure Schedules sets forth a true and complete list, as of the date hereof, of all reinsurance treaties and agreements with third party reinsurers currently in effect under which any of the Insurance Subsidiaries has ceded material liabilities and has any material existing rights or obligations (“Third Party Reinsurance Contracts”). Except for the Third Party Reinsurance Contracts, no Insurance Subsidiary is a party to any reinsurance plan, pools, or fronting arrangements under which any rights or obligations remain outstanding. Since January 1, 2017 until the date hereof, neither Seller nor any of the Acquired Companies or, any of their respective Affiliates has received any written notice from any applicable reinsurer that any amount of reinsurance ceded by any of the Insurance Subsidiaries will be uncollectible in the ordinary course of business or otherwise defaulted upon. The execution, delivery and performance of the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement and the consummation of the transactions contemplated thereby do not and will not violate or result in a breach of (including of any net retention, net retained lines, restriction on retrocession or similar provision), or constitute an occurrence of default under, result in the acceleration or cancellation of or give rise to a right by any party to terminate or amend, any Third Party Reinsurance Contracts.
Section 3.21    Producers; Sales Practices. 
(a)    To the Knowledge of Seller, each insurance agent, marketer, underwriter, wholesaler, broker, distributor or other producer that wrote, sold, produced or marketed any Insurance Contracts for any of the Insurance Subsidiaries (each, a “Producer”), at the time such Producer wrote, sold, produced or marketed such 

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Insurance Contracts, was duly licensed as required by applicable insurance Law (for the type of business written, sold, produced or marketed on behalf of the applicable Insurance Subsidiary), except for such failures to be so licensed which (i) have been cured, (ii) have been resolved or settled through agreements with applicable Governmental Bodies, (iii) are barred by an applicable statute of limitations or (iv) have not had and would not reasonably be expected to have a Company Material Adverse Effect, individually or in the aggregate. No Producer, nor any Affiliate of any Producer, has any right to receive any payment based on the profitability or financial performance of any of the Insurance Contracts. 
(b)    To the Knowledge of Seller, no Producer is, or has been since January 1, 2017, in violation (or with or without notice or lapse of time or both would be in violation) of any insurance Law applicable to the writing, sale, production or marketing of the Insurance Contracts for any of the Insurance Subsidiaries, including (i) all applicable Laws relating to the disclosure of the nature of insurance products as policies of insurance and (ii) all applicable prohibitions on the use of unfair methods of competition and deceptive acts or practices relating to the advertising, sales and marketing of insurance, except, in each case, for such violations which (A) have been cured, (B) have been resolved or settled through agreements with applicable Governmental Bodies, (C) are barred by an applicable statute of limitations or (D) have not had and would not reasonably be expected to have a Company Material Adverse Effect, individually or in the aggregate.
(c)    There are no Actions pending or, to the Knowledge of Seller as of the date hereof, threatened in writing against any of the Insurance Subsidiaries with respect to the sale or marketing of any Insurance Contracts, except for such claims or complaints as, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect.
Section 3.22    Investment Assets. Section 3.22 of the Seller Disclosure Schedules sets forth a true, correct and complete list of the investment assets beneficially owned by each of the Insurance Subsidiaries as of March 31, 2020 that are of the type required to be disclosed in the Statutory Statements, excluding the capital stock or other equity interests in any of the Acquired Companies (the “Investment Assets”). Each of the Insurance Subsidiaries has good title to all of the material Investment Assets it purports to own, free and clear of all Encumbrances, other than Permitted Encumbrances. As of the date hereof, all Investment Assets that are beneficially owned by the Insurance Subsidiaries have been acquired, transferred, sold, leased, exchanged or otherwise disposed of, in all material respects, in accordance with the investment guidelines of the Acquired Companies, as applicable.
Section 3.23    Reserves. The reserves for payment of insurance policy benefits, losses, claims and expenses of each Insurance Subsidiary as set forth in the Financial Statements and Statutory Statements, in each case as of December 31, 2019 (a) were calculated, in all material respects, in accordance with GAAP or SAP, as applicable, (b) were calculated on the basis of assumptions consistent, in all material respects, with those used in computing the corresponding items in the Financial Statements or Statutory Statements, in each case as of December 31, 2019, as applicable and (c) met, in all material respects, all requirements of applicable Law; provided, however, that neither Seller nor any of its Affiliates is making any representation or warranty as to the adequacy or sufficiency of such reserves.
Section 3.24    Regulatory Filings. Seller has made available for inspection by Buyer (a) true and complete copies of any material reports of examination (including financial, market conduct and similar examinations) of any Insurance Subsidiary issued by any insurance regulatory authority, in any case, since December 31, 2017 and prior to the date hereof and (b) a list of all material Holding Company System Act filings or submissions made by any Insurance Subsidiary with any insurance regulatory authority since December 31, 2017 and prior to the date hereof. All material deficiencies or violations noted in the examination reports described in clause (a) of this Section 3.24 have been resolved to the reasonable satisfaction of the insurance department that noted such deficiencies or violations. Since December 31, 2017, no material fine or penalty has been imposed or, to the Knowledge of Seller, threatened on any Insurance Subsidiary by any Governmental Body that regulates insurance. None of the Insurance Subsidiaries is “commercially domiciled” under the Laws of any jurisdiction or is otherwise treated as domiciled in a jurisdiction other than its respective jurisdiction of organization.
Section 3.25    No Other Representations or Warranties. Except for the representations and warranties contained in this Article III, none of Seller, any Affiliate of Seller or any other Person has made or makes any other express or implied representations or warranties, either oral or written, and Seller hereby disclaims any other representations or warranties, whether made by Seller or otherwise, including any representation or warranty as to the completeness of any information regarding Seller or the Acquired Companies made available to Buyer with 

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respect to the execution and delivery of this Agreement or any Ancillary Agreement, the transactions contemplated hereby or thereby, the future profitability or success of the Acquired Companies, or the Business, notwithstanding the delivery or disclosure to Buyer or its Representatives of any documentation or other information with respect to any one or more of the foregoing.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE GUARANTOR
The Guarantor represents and warrants to Buyer that:
Section 4.1    Organization and Qualification. The Guarantor is a company duly organized, validly existing and in good standing under the Laws of Bermuda, and the Guarantor has all requisite corporate power and authority to fulfill its obligations under the Guarantee.
Section 4.2    Authorization; Binding Effect.
(a)    The Guarantor has all requisite corporate power and authority to execute, deliver and perform this Agreement, and to effect the transactions contemplated hereby and thereby and the execution, delivery and performance of this Agreement by the Guarantor have been duly authorized by all requisite corporate action on the part of the Guarantor.
(b)    This Agreement has been duly executed and delivered by the Guarantor and, assuming due execution and delivery by the other parties hereto, will constitute a valid and legally binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, except to the extent that enforcement of the rights and remedies created hereby and thereby may be affected by bankruptcy, reorganization, moratorium, insolvency and similar Laws of general application affecting the rights and remedies of creditors and by general equity principles.
Section 4.3    Non-Contravention; Consents.
(a)    Assuming that all consents, approvals, orders, clearances, authorizations, registrations, declarations or filings specified in Section 4.3b) have been obtained, the execution, delivery and performance of this Agreement by the Guarantor and the consummation of the transactions contemplated hereby do not and will not: (i) result in any material breach or material violation of, or conflict with, any provision of the Guarantor’s Governing Documents, (ii) in any material respect, violate or result in a breach of, or constitute an occurrence of default under, result in the acceleration or cancellation of or give rise to a right by any party to terminate or amend, any Contract to which the Guarantor is a party or by which it or its assets or properties are bound, or (iii) violate any applicable Law of any Governmental Body having jurisdiction over the Guarantor or any of its properties, other than, in the case of clause (ii) or (iii), any such violations, breaches, defaults, accelerations or cancellations of obligations or rights that, individually or in the aggregate, have not had and would not reasonably be expected to materially interfere with or delay the Guarantor’s ability to carry out its obligations under this Agreement.
(b)    Assuming the accuracy of the representations and warranties of Buyer in Section 5.3b), other than the Required Regulatory Approvals, no consent, approval, order or authorization of, or registration, declaration or filing with, any Person is required to be obtained by the Guarantor in connection with the execution, delivery and performance of this Agreement or its obligations hereunder, including, but not limited to, performance of the Guarantee, except for such consents, approvals, orders, authorizations, registrations, declarations or filings the failure of which to be obtained or made, individually or in the aggregate, have not had and would not reasonably be expected to materially interfere with or delay the Guarantor’s ability to carry out its obligations under this Agreement.
Section 4.4    Sufficiency of Funds. The Guarantor has the resources and capabilities (financial or otherwise) to perform its obligations hereunder.
Section 4.5    No Other Representations or Warranties. Except for the representations and warranties contained in this Article IV, none of the Guarantor, any Affiliate of the Guarantor (other than Seller) or any other Person has made or makes, and neither Buyer nor any of its Affiliates is relying on, any other express or implied representations or warranties, either oral or written, and the Guarantor hereby disclaims any other representations 

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or warranties, whether made by the Guarantor or otherwise, including any representation or warranty as to the completeness of any information regarding the Guarantor made available to Buyer with respect to the execution and delivery of this Agreement or any Ancillary Agreement, the transactions contemplated hereby and thereby, the future profitability or success of the Acquired Companies, or the Business, notwithstanding the delivery or disclosure to Buyer or its Representatives of any documentation or other information with respect to any one or more of the foregoing.
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF BUYER
Except as set forth in the schedules delivered by Buyer to Seller concurrently with the execution of this Agreement (the “Buyer Disclosure Schedules”), Buyer represents and warrants to Seller and Guarantor that:
Section 5.1    Organization and Qualification. Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware, and Buyer has all requisite legal power and authority to carry on its business as currently conducted by it and to own, lease and operate its properties.
Section 5.2    Authorization; Binding Effect.
(a)    Buyer has all requisite corporate power and authority to execute, deliver and perform this Agreement and the Ancillary Agreements to which it will be a party, and to effect the transactions contemplated hereby and thereby and the execution, delivery and performance of this Agreement and the Ancillary Agreements by Buyer has been duly authorized and approved by all requisite corporate action.
(b)    This Agreement has been, and the Ancillary Agreements to which Buyer will be a party will be, duly executed and delivered by Buyer and, assuming due execution and delivery by the other parties hereto and thereto, constitutes or will constitute valid and legally binding obligations of Buyer, enforceable against Buyer in accordance with their respective terms, except to the extent that enforcement of the rights and remedies created hereby and thereby may be affected by bankruptcy, reorganization, moratorium, fraudulent transfer, insolvency and similar Laws of general application affecting the rights and remedies of creditors and by general equity principles.
Section 5.3    Non-Contravention; Required Filings and Consents.
(a)    Assuming that all consents, approvals, orders, clearances, authorizations, registrations, declarations or filings specified in Section 5.3b) have been obtained, the execution, delivery and performance of this Agreement and the Ancillary Agreements to which Buyer is a party and the consummation of the transactions contemplated hereby and thereby by Buyer do not and will not: (i) result in any material breach or material violation of, or conflict with, any provision of the Governing Documents of Buyer, (ii) in any material respect, violate or result in a breach of, or constitute an occurrence of default under, result in the acceleration or cancellation of or give rise to a right by any party to terminate or amend, any Contract to which Buyer or any of its Affiliates is a party or by which it or its assets or properties are bound, or (iii) violate any applicable Law of any Governmental Body having jurisdiction over Buyer or any of its properties, other than, in the case of clauses (i) and (i), any such violations, breaches, defaults, accelerations or cancellations of obligations or rights that, individually or in the aggregate, have not had and would not reasonably be expected to materially interfere with or delay Buyer’s ability to carry out its obligations under this Agreement and the Ancillary Agreements to which it is a party.
(b)    Assuming the accuracy of the representations and warranties of Seller in Section 3.4b), other than the Required Regulatory Approvals, no consent, approval, order, clearance or authorization of, or registration, declaration or filing with, any Person is required to be obtained by Buyer in connection with the execution, delivery and performance of this Agreement and the Ancillary Agreements to which it is a party and for the consummation of the transactions contemplated hereby or thereby by Buyer, including, but not limited to, consummating the Shares Transfer and paying for the Shares, except for the Scheduled Consents and such consents, approvals, orders, authorizations, registrations, declarations or filings the failure of which to be obtained or made, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on Buyer’s ability to consummate the transactions under this Agreement and the Ancillary Agreements to which it is a party.

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Section 5.4    Brokers. No broker, investment banker, financial advisor or other similar Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission from Buyer or from any of its Affiliates in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer or any of its Affiliates.
Section 5.5    Litigation. As of the date hereof, there are no Actions pending or, to the Knowledge of Buyer, threatened against or by Buyer or any Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement or any Ancillary Agreement.
Section 5.6    Financing. Each Equity Commitment Letter, as delivered, is in full force and effect and has not been modified, amended, restated or replaced. None of the respective commitments contained in the Equity Commitment Letters have been withdrawn, terminated or rescinded in whole or in part. The financing contemplated by the Equity Commitment Letters (the “Equity Financing”), when funded in accordance with the Equity Commitment Letters, shall provide Buyer with cash proceeds on the Closing Date sufficient for the satisfaction of Buyer’s obligations to (i) consummate the transactions contemplated by this Agreement upon the terms contemplated by this Agreement and (ii) pay any fees and expenses of or payable by Buyer in connection with the transactions contemplated by this Agreement. As of the date hereof, there are no conditions precedent or other contingencies related to the funding of the full amount of the Equity Financing provided for in the Equity Commitment Letters other than as specified therein, assuming the satisfaction of the conditions set forth herein and the performance by Seller and the Guarantor of their respective obligations under this Agreement.
Section 5.7    No Prior Operations; Capitalization. Buyer was formed solely for the purpose of entering into this Agreement and effecting the transactions contemplated hereby and, as of the date hereof, has not engaged in any business activities or conducted any operations other than (a) ministerial matters or (b) in connection with or furtherance of the transactions contemplated under this Agreement and the Ancillary Agreements. Except as set forth on Section 5.7 of the Buyer Disclosure Schedules, other than the Buyer Shares issued pursuant to this Agreement or the Equity Commitment Letters, there are no other shares of capital stock, securities or other equity or voting interests of Buyer (including any securities convertible into, exercisable for the purchase of, exchangeable for, or subscriptions, rights, warrants or options to acquire, or other agreements or commitments of any character obligating it to allot, issue, sell, grant, transfer, pledge or otherwise encumber, any such shares, securities or equity interests) or any debt securities issued by Buyer.
Section 5.8    Financial Ability; Solvency.
(a)    Buyer has, and on the Closing Date shall have, sufficient funds available (through the Equity Commitment Letters, cash on hand or otherwise) to enable it to pay in cash the amount of the Closing Cash Purchase Price and all other amounts payable pursuant to this Agreement, to consummate all of the transactions contemplated hereby and to satisfy all other costs and expenses of Buyer arising in connection herewith. To the Knowledge of Buyer, all funds paid to Seller shall not have been derived from, or constitute, either directly or indirectly, the proceeds of any criminal activity under the anti-money laundering Laws of the United States or any other jurisdiction.
(b)    Buyer is not entering into the transactions contemplated hereby with the intent to hinder, delay or defraud either present or future creditors of Buyer or any of its Affiliates. Immediately after giving effect to the transactions contemplated hereby, assuming the satisfaction of the conditions to the Closing set forth in Section 8.2, at the Closing the Acquired Companies shall be solvent and shall have adequate capital to carry on their respective businesses.
Section 5.9    Investment Purpose. Buyer is acquiring the Shares for its own account as an investment and not with a view to sell, transfer or otherwise distribute all or any part thereof to any other Person in any transaction that would constitute a “distribution” within the meaning of the Securities Act. Buyer acknowledges that it can bear the economic risk of its investment in the Shares, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in all of the Shares. Buyer is an “accredited investor” as such term is defined in Rule 501 of Regulation D under the Securities Act. Buyer understands that neither the offer nor sale of the Shares has or will have been registered pursuant to the Securities Act or any applicable state securities Laws, that all of the Shares will be characterized as “restricted securities” under federal securities Laws and that, under such Laws and applicable regulations, none of the Shares can be sold or otherwise disposed of without registration under the Securities Act or an exemption thereunder.

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Section 5.10    Governmental Orders. To the Knowledge of Buyer, there are no facts or conditions related to its regulatory status or the regulatory status of any Equity Investor that are reasonably likely to impede its ability to obtain any Required Regulatory Approvals. As of the date hereof, no Governmental Body, with respect to which a Required Regulatory Approval is required to be obtained or made in connection with the consummation of the transactions contemplated by this Agreement, has indicated to Buyer or, to the Knowledge of Buyer, any Equity Investor an intent to (a) take any action or fail to take any action that is reasonably likely to prohibit, materially delay or materially impair the consummation of the transactions contemplated by this Agreement or (b) impose any obligation or condition in connection with such Required Regulatory Approval that, individually or in the aggregate, would reasonably be expected to result in a material Liability or obligation of Seller, any of its Affiliates or Buyer after the Closing. 
Section 5.11    Independent Investigation. BUYER ACKNOWLEDGES AND AGREES THAT IT (A) HAS MADE ITS OWN INQUIRY AND INVESTIGATION INTO, AND, BASED THEREON, HAS FORMED AN INDEPENDENT JUDGMENT CONCERNING, SELLER, THE ACQUIRED COMPANIES, THE BUSINESS AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AND (B) HAS BEEN FURNISHED WITH, OR GIVEN ADEQUATE ACCESS TO, SUCH INFORMATION ABOUT THE ACQUIRED COMPANIES, THE BUSINESS AND ANY OTHER RIGHTS OR OBLIGATIONS TO BE TRANSFERRED HEREUNDER OR PURSUANT HERETO, AS IT HAS REQUESTED. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT (I) THE ONLY REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS MADE BY SELLER AND ITS AFFILIATES, INCLUDING THE GUARANTOR, ARE THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS MADE IN THIS AGREEMENT AND IN ANY CERTIFICATE DELIVERED AT THE CLOSING, AND BUYER HAS NOT RELIED UPON ANY OTHER REPRESENTATIONS OR OTHER INFORMATION MADE OR SUPPLIED BY OR ON BEHALF OF SELLER, THE GUARANTOR OR ANY OF THEIR RESPECTIVE AFFILIATES OR REPRESENTATIVES, INCLUDING ANY INFORMATION PROVIDED BY OR THROUGH THEIR FINANCIAL ADVISORS OR ATTORNEYS, OR MANAGEMENT PRESENTATIONS, DATA ROOMS OR OTHER DUE DILIGENCE INFORMATION, AND THAT BUYER WILL NOT HAVE ANY RIGHT OR REMEDY ARISING OUT OF ANY SUCH REPRESENTATION OR OTHER INFORMATION, AND (II) ANY CLAIMS THAT BUYER MAY HAVE FOR BREACH OF ANY REPRESENTATION OR WARRANTY SHALL BE BASED SOLELY ON THE REPRESENTATIONS AND WARRANTIES SET FORTH IN ARTICLE III AND ARTICLE IV AND IN ANY CERTIFICATE DELIVERED AT THE CLOSING (EACH AS MODIFIED BY THE SELLER DISCLOSURE SCHEDULES). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BUYER ACKNOWLEDGES, ON BEHALF OF ITSELF AND ITS AFFILIATES, THAT NONE OF SELLER, THE GUARANTOR OR ANY OF THEIR RESPECTIVE AFFILIATES OR REPRESENTATIVES MAKES ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO (X) ANY PROJECTION, ESTIMATE OR BUDGET DELIVERED OR MADE AVAILABLE TO BUYER OR ITS AFFILIATES OR REPRESENTATIVES OF FUTURE REVENUES, FUTURE RESULTS OF OPERATIONS (OR ANY COMPONENT THEREOF), FUTURE CASH FLOWS OR FUTURE FINANCIAL CONDITION (OR ANY COMPONENT THEREOF) OF THE BUSINESS OR THE ACQUIRED COMPANIES OR (Y) ANY OTHER INFORMATION OR DOCUMENTS MADE AVAILABLE TO BUYER OR ITS REPRESENTATIVES WITH RESPECT TO THE BUSINESS, THE ACQUIRED COMPANIES, SELLER AND THE GUARANTOR, EXCEPT AS EXPRESSLY SET FORTH IN ARTICLE III AND ARTICLE IV. IN FURTHERANCE OF THE FOREGOING, BUYER ACKNOWLEDGES AND AGREES THAT NEITHER SELLER, THE GUARANTOR NOR ANY OF THEIR RESPECTIVE AFFILIATES HAS MADE OR IS MAKING ANY REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED), AND NOTHING CONTAINED HEREIN OR IN ANY OTHER AGREEMENT, DOCUMENT, OR INSTRUMENT TO BE DELIVERED IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, IS INTENDED OR SHALL BE CONSTRUED TO BE A REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) WITH RESPECT TO (A) THE ADEQUACY OR SUFFICIENCY OF THE RESERVES OF THE ACQUIRED COMPANIES, (B) THE EFFECT OF THE ADEQUACY OR SUFFICIENCY OF THE RESERVES OF THE ACQUIRED COMPANIES ON ANY FINANCIAL STATEMENT LINE ITEM OR ASSET, LIABILITY, OR EQUITY AMOUNT OR (C) THE RESERVES HELD BY THE ACQUIRED COMPANIES OR THE ASSETS SUPPORTING SUCH RESERVES HAVING BEEN OR BEING ADEQUATE OR SUFFICIENT FOR THE PURPOSES FOR WHICH THEY WERE ESTABLISHED OR THAT THE REINSURANCE RECOVERABLES TAKEN INTO ACCOUNT IN DETERMINING THE AMOUNT OF SUCH RESERVES WILL BE COLLECTIBLE. Notwithstanding anything to the contrary contained in this Agreement, nothing herein shall limit or restrict, or be used as a defense against, Buyer's recourse or operate as a release in respect of fraud.
Section 5.12    No Other Representations or Warranties. Except for the representations and warranties contained in this Article V, none of Buyer, any Affiliate of Buyer or any other Person has made or makes any other express or implied representations or warranties, either oral or written, and Buyer hereby disclaims any other representations or warranties, whether made by Buyer or otherwise, including any representation or warranty as to 

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the completeness of any information regarding Buyer made available to Seller with respect to the execution and delivery of this Agreement or any Ancillary Agreement or the transactions contemplated hereby or thereby, notwithstanding the delivery or disclosure to Seller or its Representatives of any documentation or other information with respect to any one or more of the foregoing.
ARTICLE VI
CERTAIN COVENANTS
Section 6.1    Access to Information. 
(a)    From and after the date of this Agreement and until the Closing Date, Seller shall give, and cause the Acquired Companies to give, Buyer and its Representatives, reasonable access during the applicable Acquired Company’s normal business hours, without unduly interfering with the normal business operations of Seller or any Acquired Company and upon reasonable advance notice to Seller, to the properties, premises, books, contracts, commitments, reports, records and other financial, operating and other data and information relating to the Business; provided, however, that the independent accountants of Seller or any of the Acquired Companies shall not be obligated to make any working papers available to Buyer unless and until Buyer has signed a customary confidentiality and hold harmless agreement relating to such access to working papers in form and substance reasonably acceptable to such independent accountants. Notwithstanding anything to the contrary in this Agreement, none of Seller nor any of its Affiliates shall be required to disclose any information to Buyer if such disclosure would or could reasonably be expected to: (i) cause significant competitive harm to Seller, the Acquired Companies and their respective businesses if the transactions contemplated in this Agreement are not consummated, (ii) violate or prejudice the rights of Seller’s or such Affiliate’s customers; (iii) jeopardize any attorney-client or other privilege available to Seller or its Affiliates; or (iv) contravene any applicable Law (including with respect to employee medical records, performance evaluations and other confidential employee records) or Order, fiduciary duty or binding agreement entered into prior to the date of this Agreement; provided, however, that Seller and its Representatives shall use commercially reasonable efforts to make alternative arrangements to afford access in a manner that would not result in loss or waiver of such privilege, including entering into appropriate common interest or similar agreements, contravene such Law or Order or breach fiduciary duty or any binding agreement. Prior to the Closing, Buyer shall, and shall cause its Representatives to, only use any information obtained pursuant to this Section 6.1(a) in accordance with the Confidentiality Agreement. Prior to the Closing, without the prior written consent of Seller, which shall not be unreasonably withheld conditioned or delayed, Buyer shall not contact any suppliers, customers, landlords or licensors of the Business as it relates to the Business (for the avoidance of doubt, Buyer and its Affiliates may contact any party relating to the business of Buyer or any of its Affiliates that is unrelated to the Business and without disclosing any information obtained pursuant to this Section 6.1(a)).
(b)    From and after the Closing, Buyer shall preserve and keep the books and records of the Acquired Companies (including all accounting records) to the extent relating to events that occurred prior to the Closing for a period of seven (7) years from the Closing, or for any longer periods as may be required by any Governmental Body or ongoing Action. From and after the Closing, Buyer agrees, upon reasonable prior notice from Seller, during normal business hours and at Seller’s cost and expense, to provide to Seller reasonable access to or copies of books and records of the Acquired Companies to the extent relating to events that occurred prior to the Closing and to the extent needed in connection with accounting, litigation (other than any litigation between Seller or its Affiliates, on the one hand, and Buyer or its Affiliates, on the other hand), financial reporting, federal securities disclosure or StarStone Brazil. Notwithstanding anything to the contrary in this Agreement, none of Buyer nor any of its Affiliates shall be required to disclose any information to Seller if such disclosure would or could reasonably be expected to: (i) violate or prejudice the rights of Buyer’s or such Affiliate’s customers; (ii) jeopardize any attorney-client or other privilege available to Buyer or its Affiliates; or (iii) contravene any applicable Law (including with respect to employee medical records, performance evaluations and other confidential employee records) or Order, fiduciary duty or binding agreement; provided, however, that Buyer and its Representatives shall use commercially reasonable efforts to make alternative arrangements to afford access in a manner that would not result in loss or waiver of such privilege, including entering into appropriate common interest or similar agreements, contravene such Law or Order or breach fiduciary duty or any binding agreement.

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Section 6.2    Interim Operations.
(a)    From the date of this Agreement until the Closing, except (w) as otherwise expressly provided in this Agreement, (x) as set forth in Section 6.2 of the Seller Disclosure Schedules, (y) as Buyer shall otherwise consent to in writing (which consent shall not be unreasonably withheld, conditioned or delayed) or (z) as required by applicable Law, (A) Seller shall (to the extent related to the Business), and shall cause each of the Acquired Companies and its Affiliates (to the extent related to the Business) to, carry on the Business in the ordinary course of business and use their respective commercially reasonable efforts to preserve intact their respective business organizations and operations and maintain their current significant relationships and goodwill with policyholders, Producers, reinsurers, customers and suppliers of and to their respective businesses and Governmental Bodies, and (B) Seller shall not (to the extent related to the Business), and shall cause each of the Acquired Companies not to:
(i)    amend any Governing Document of any Acquired Company;
(ii)    (A) allot, issue, sell, grant, transfer, pledge or otherwise encumber, or authorize any of the foregoing with respect to, any shares of capital stock, securities or other equity or voting interests of any Acquired Company (including any securities convertible into, exercisable for the purchase of, exchangeable for, or subscriptions, rights, warrants or options to acquire, or other agreements or commitments of any character obligating it to allot, issue, sell, grant, transfer, pledge or otherwise encumber, any such shares, securities or equity interests), (B) split, combine, adjust or reclassify any shares of capital stock, securities or other equity interests of any Acquired Company or (C) purchase or redeem any shares of capital stock, securities or equity interests of any Acquired Company (including any securities convertible into, exercisable for the purchase of, exchangeable for, or subscriptions, rights, warrants or options to acquire, or other agreements or commitments of any character obligating it to allot, issue, sell, grant, transfer, pledge or otherwise encumber, any such shares of capital stock, securities or equity interests);
(iii)    permit any Acquired Company to acquire or agree to acquire (whether by merger, consolidation, purchase of assets or by any other means) (A) any business or any division thereof or (B) any capital stock, other equity or debt securities or equity or ownership interest in or of any other Person, other than investment assets acquired in accordance with the investment guidelines of the Acquired Companies;
(iv)    (A) purchase, sell, lease, exchange or otherwise dispose of or acquire any property or assets (other than transactions with respect to investment assets in accordance with the investment guidelines of the Acquired Companies) or, (B) make any capital expenditure (other than capital expenditure contemplated by any Contract to which Seller or any of the Acquired Companies is a party that is in effect as of the date hereof and for which a copy has been made available to Buyer prior to the date hereof), in each case, for which the aggregate consideration paid or payable in any individual transaction is in excess of $100,000 or in a series of related transactions in the aggregate in excess of $500,000;
(v)    permit any material property or assets to become subject to any Encumbrances, other than Permitted Encumbrances; 
(vi)    (A) terminate, cancel, extend or materially amend any Material Contract, or material Real Property Lease or (B) enter into any Contract that, if entered into prior to the date of this Agreement, would have been a Material Contract or a material Real Property Lease, except, in each case, with respect to any Material Contract that is a Producer Contract, for such entries, amendments, terminations, renewals or extensions in the ordinary course of business; 
(vii)    enter into, terminate, cancel, extend or materially amend any reinsurance or similar Contract in which one of the Acquired Companies is the reinsured party;
(viii)    enter into, establish or adopt any Company Plan;
(ix)    except as required by any Seller Plan in accordance with its terms as of the date of this Agreement, (A) materially increase, individually or in the aggregate, the compensation or benefits, including severance or termination pay and equity or equity-based compensation, of any Business 

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Employee, other than (1) increases in base salary in the ordinary course of business consistent with past practice for those Business Employees with annual base salary not in excess of $150,000 or (2) in connection with the hiring of such Business Employees as permitted by the terms of this Agreement, (B) enter into, adopt, materially amend or terminate any Seller Plan other than (1) the entering into, adoption, amendment or termination of any Seller Plan that applies uniformly to Business Employees and other similarly situated employees of Seller, (2) in connection with the hiring of such Business Employees as permitted by the terms of this Agreement, or (3) in the ordinary course of business to the extent not reasonably likely to result in a material liability or obligation to Buyer or its Affiliates, (C) hire or engage (1) any Person as an employee of any of the Acquired Companies or (2) any Person to be a Business Employee, other than the hiring of a Business Employee with annual base salary not in excess of $150,000 in the ordinary course of business consistent with past practice, (D) terminate the employment, other than for cause, of any Business Employee with annual base salary in excess of $150,000, (E) transfer any Business Employee outside the Business or transfer any employees of Seller or its Affiliates into the Business such that they would become Business Employees or (F) modify, extend or enter into any Collective Bargaining Agreement or any similar labor-related agreement with respect to the Business Employees or recognize or certify any works council, labor union, labor organization or other employee representative body as the bargaining representative for any Business Employee; 
(x)    sell, assign, license, sublicense, covenant not to assert, encumber, abandon, allow to lapse, transfer or otherwise dispose of any material Company IP;
(xi)    change in any material respect the accounting methods used by, the accounting principles or practices followed by or the accounting standards applicable to the preparation of the financial statements and accounts of, the Acquired Companies unless required by a change in GAAP, SAP (or such other applicable accounting standards) or applicable Law; 
(xii)    adopt a plan of complete or partial liquidation, dissolution, merger, amalgamation, consolidation, restructuring, recapitalization or other reorganization of any Acquired Company;
(xiii)    with respect to any Acquired Company, (A) incur any indebtedness for borrowed money from third party financing sources (other than current trade accounts payables incurred in respect of property or services purchased in the ordinary course of business and letters of credit issued in the ordinary course of business), unless such indebtedness will be extinguished on or prior to the Closing Date, (B) assume, grant, guarantee or endorse, or otherwise as an accommodation become responsible for, the obligations of any Person or (C) make any loans, advances or capital contributions to or investments in any other Person, other than the purchase of investment assets acquired in accordance with the investment guidelines of the Acquired Companies;
(xiv)    (A) waive any material claims or rights of, or cancel any debts to, any Acquired Company or (B) pay, discharge, compromise or satisfy any material liabilities of any Acquired Company, other than the payment, discharge, compromise or satisfaction of liabilities in the ordinary course of business;
(xv)    settle or compromise any Action or threatened in writing Action against any Acquired Company (in each case, except for claims under Insurance Contracts within applicable policy limits), or enter into any settlement or compromise related to the Business with any Governmental Body, in each case, other than settlements or compromises that involves solely cash payments not in excess of $250,000 in the aggregate; 
(xvi)    terminate, cancel or materially modify or amend any insurance coverage maintained by any Acquired Company with respect to any material assets of the Business without replacing such coverage with a comparable amount of insurance coverage;
(xvii)    introduce any new material products or services to the Business, make any material change in the Business’s current products or services or, with respect to any Acquired Company, enter into any new lines of business;
(xviii)    (A) make any material change in the methods, policies, practices, guidelines or principles of any of the Acquired Companies or, to the extent related to the Business, of Seller or any of its 

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Affiliates in effect on the date hereof or (B) adopt any new methods, policies, practices, guidelines or principles of any of the Acquired Companies or, to the extent related to the Business, of Seller or any of its Affiliates, in each case, with respect to investing and managing assets, reserving, hedging, underwriting, claims administration, pricing, risk management, asset management, reinsurance or accounting methodology (other than any change required by applicable Laws, SAP or GAAP);
(xix)    with respect to any Acquired Company, reduce or strengthen any reserves, provisions for losses and other liability amounts in respect Ultimate Net Loss (as defined in the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement), including for insurance Contracts and Third Party Reinsurance Contracts, except (i) to the extent required by SAP or GAAP, as applicable, (ii) as a result of loss, expense or exposure payments to other parties in accordance with the terms of insurance Contracts and Third Party Reinsurance Contracts, or (iii) in the ordinary course of business consistent with past practice and in accordance with GAAP;
(xx)    with respect to any Acquired Company, make, change or revoke any material Tax election, agree to an extension or waiver of any statute of limitations with respect to the assessment or determination of Taxes, change an annual Tax accounting period, adopt or change any material Tax accounting method, file any materially amended Tax Return, enter into any closing agreement with respect to material Taxes, settle any material Tax claim, audit, assessment or dispute, prepare any Tax Return in a manner which is materially inconsistent with the past practices of the Acquired Companies, as applicable, with respect to the treatment of items on such Tax Returns unless a different treatment of any item is required by applicable Law; or incur any material liability for Taxes other than in the ordinary course of business; provided that, notwithstanding anything to the contrary herein, Seller shall be entitled to file amended Tax Returns or similar claims for the refund of Taxes to the extent related to relief provided by COVID-19 Legislation, including any such action to carryback net operating losses to a prior Tax period;
(xxi)    declare, set aside or pay any dividend or other distribution (whether in cash, stock or other property) in respect of any of its capital stock or other equity interests in any Acquired Company, except for (A) any cash dividend or cash distribution in an amount which does not exceed the amount permitted by applicable Law and which would not make such Acquired Company insolvent, (B) any dividends or distribution by a Acquired Company to another Acquired Company and (C) any dividends or distribution made consistent with past practice; or
(xxii)    enter into any agreement or commit to do any of the foregoing.
(b)    From the date of this Agreement until the Closing Date, except (w) as otherwise contemplated by this Agreement, (x) as set forth in Section 6.2 of the Buyer Disclosure Schedules,  (y) as Seller shall otherwise consent to in writing (which consent shall not be unreasonably withheld, conditioned or delayed) or (z) as required by applicable Law, Buyer will not:
(i)    amend any Governing Document of Buyer;
(ii)    adopt a plan of complete or partial liquidation, dissolution, merger, amalgamation, consolidation, restructuring, file a petition in bankruptcy under any applicable Law, recapitalization or other reorganization of Buyer;
(iii)    (A) incur any indebtedness for borrowed money from third party financing sources, (B) assume, grant, guarantee or endorse, or otherwise as an accommodation become responsible for, the obligations of any Person or (C) make any loans, advances or capital contributions to or investments in any other Person; 
(iv)    other than pursuant to the Equity Commitment Letters or this Agreement, allot, issue, sell, grant, transfer, pledge or otherwise encumber, or authorize any of the foregoing with respect to, any shares of capital stock, securities or other equity or voting interests of Buyer (including any securities convertible into, exercisable for the purchase of, exchangeable for, or subscriptions, rights, warrants or options to acquire, or other agreements or commitments of any character obligating it to allot, issue, sell, grant, transfer, pledge or otherwise encumber, any such shares, securities or equity interests);

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(v)    acquire or agree to acquire (whether by merger, amalgamation, consolidation or other business combination, acquisition or sale of assets, acquisition or sale of share capital, tender offer or exchange offer or similar transaction) (A) any capital stock, other equity or debt securities or equity or ownership interest in or of any other Person, (B) any tangible assets or properties or (C) any business or division thereof;
(vi)    enter into any agreement or commit to do any of the foregoing.
Section 6.3    Employment Matters. 
(a)    Business Employee Census. Seller shall provide Buyer with an update to the Business Employee Census no later than twenty (20) days prior to the Closing and shall update the Business Employee Census thereafter from time to time prior to the Closing as reasonably requested by Buyer in writing.
(b)    Offers. Prior to the Closing, Buyer shall, or shall cause its relevant Affiliates to, make an offer of employment to each Business Employee of a transfer of employment from Seller or its Affiliates to Buyer or its Affiliates as of the Closing (“Employment Offers”), with such Employment Offers to be effective as of the Closing. Each such Employment Offer shall (i) be for a position comparable with such Business Employee’s position as of immediately prior to the Closing, (ii) be at a geographic work location that is the same as, or within thirty-five (35) miles of, such Business Employee’s regular work location immediately prior to the Closing and (iii) include terms consistent with this Section 6.3 and applicable Law. Each Business Employee whose employment transfers to Buyer or its Affiliates effective as of the Closing pursuant to this Section 6.3 shall be referred to herein as a “Transferred Employee”.
(c)    Delayed Transfer Employees. Notwithstanding anything set forth in this Section 6.3 to the contrary, if any Business Employee who is not actively employed by Seller or an Affiliate thereof by reason of long-term disability, short-term disability or other continuous absence lasting or expected to last more than ninety (90) days and is receiving or may receive benefits under a Seller Plan as a result of such disability or continuous absence (each, a “Delayed Transfer Employee”), then, to the extent that such Delayed Transfer Employee is able to return to active employment within twenty six (26) weeks following the Closing Date, Buyer shall, or shall cause one of its Affiliates to, offer employment to such Delayed Transfer Employee; provided, that all references in this Agreement to events that take place with respect to Transferred Employees as of the Closing shall take place with respect to any Delayed Transfer Employee as of such Delayed Transfer Employee’s commencement of employment with Buyer or one of its Affiliates and, effective as of such date, such Delayed Transfer Employee shall be deemed a Transferred Employee.
(d)    Post-Closing Compensation and Benefits. For a period of at least one (1) year following the Closing Date (or, if shorter, during the period of a Transferred Employee’s employment with Buyer or its Affiliates), each Transferred Employee shall be entitled to receive from Buyer or its Affiliates: (i) a base salary or base wage that is no less favorable than the base salary or base wage that was provided to such Transferred Employee immediately prior to the Closing Date, (ii) an annual target cash incentive opportunity that is no less favorable than the annual target cash incentive opportunity that was provided to such Transferred Employee immediately prior to the Closing Date, (iii) severance opportunities no less favorable than the severance opportunities applicable to such Transferred Employee immediately prior to the Closing Date; and (iv) retirement, welfare, fringe and other employee benefits (other than severance, defined benefit pension, post-termination welfare, or nonqualified deferred compensation benefits) that are substantially comparable, in the aggregate, to those provided to such Transferred Employee immediately prior to the Closing Date.
(e)    Service Crediting. From and after the Closing, Buyer shall cause each Transferred Employee to be credited with service credit, for all purposes, including for purposes of eligibility, participation, vesting and levels of benefit accruals (but not for benefit accruals under any defined benefit pension plan), under any employee benefit plan or arrangement adopted, maintained or contributed to by Buyer or any of its Affiliates in which the Transferred Employees are eligible to participate on or after the Closing Date (a “Buyer Benefit Plan”), for all periods of service with Seller or any of its Affiliates and any of their predecessor entities prior to and including the Closing Date, to the same extent that such service was recognized by a corresponding Seller Plan as of immediately prior to the Closing Date, except to the extent such credit would result in a duplication of benefits for the same period of service and provided that, subject to and in accordance with applicable Law, Seller and its Affiliates shall be required to pay all accrued and unused vacation and paid time off amounts as of the Closing Date to each Business Employee. In addition, and without limiting the generality of Section 6.3(d) or the foregoing: 

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(i) each Transferred Employee shall be immediately eligible to participate as of the Closing Date, without (A) any waiting time, (B) evidence of insurability and (C) an actively-at-work requirement, in any and all Buyer Benefit Plans to the extent that coverage under such Buyer Benefit Plans replaces or continues coverage under comparable Seller Plans in which such Transferred Employee participated immediately prior to the Closing Date, and (ii) for purposes of each Buyer Benefit Plan providing medical, dental, pharmaceutical and/or vision benefits to any Transferred Employee, Buyer shall use commercially reasonable best efforts to cause all pre-existing condition exclusions and actively-at-work requirements of such Buyer Benefit Plan to be waived for such Transferred Employee and his or her covered dependents to the same extent such pre-existing condition exclusions and actively-at-work requirements were waived under any comparable Seller Plan prior to the Closing Date, and Buyer shall cause any eligible expenses incurred by such Transferred Employee and his or her covered dependents during the portion of the plan year of the Seller Plan ending on the Closing Date to be taken into account under such Buyer Benefit Plan for purposes of satisfying all deductible, coinsurance and maximum out-of-pocket requirements applicable to such Transferred Employee and his or her covered dependents for the applicable plan year as if such amounts had been paid in accordance with such Buyer Benefit Plan to the same extent as such Transferred Employee was entitled, prior to the Closing Date, to recognition of such eligible expenses under any comparable Seller Plan.
(f)    2020 Bonuses. If the Closing occurs in 2020, Buyer shall pay to the Transferred Employees the Aggregate Bonus Amounts, subject to such conditions as are otherwise applicable to the payment thereof and payable at such time as such amounts otherwise would have been paid to the Transferred Employees under the applicable Seller Plan. For purposes of this Section 6.3f), the “Aggregate Bonus Amount” means the amount reflected in Tangible Book Value in respect of Transferred Employees under any Seller Plan that is a cash incentive compensation program for 2020 and calculated based on the expected attainment of the applicable performance metrics at the actual level of performance through the Closing. Seller shall consult with Buyer when calculating the Aggregate Bonus Amount and consider any comments from Buyer in good faith.
(g)    401(k) Plan. As soon as practicable after the Closing, Buyer shall cause a tax-qualified qualified defined contribution retirement plan of the Buyer with a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Buyer 401(k) Plan”) to accept “direct rollovers” (as described in Section 401(a)(31) of the Code and including the in-kind rollover of notes evidencing participant loans) of the account balances of each Transferred Employee from any Seller Plan that is a tax-qualified defined contribution retirement plan with a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Seller 401(k) Plan”) if such direct rollover is elected in accordance with applicable Law and the terms of the Seller 401(k) Plan by such Transferred Employee.
(h)    Assumed Liabilities; Retained Liabilities. Effective as of the Closing, Buyer and its Affiliates shall assume (i) all Liabilities relating to the employment or termination of employment of any Transferred Employee following the Closing, (ii) all Liabilities relating to Company Plans and Buyer Benefit Plans, whenever incurred and (iii) any and all Qualifying Severance Reimbursements (the “Assumed Liabilities”). Effective as of the Closing, Seller and its Affiliates shall retain all Liabilities (excluding the Assumed Liabilities) (i) with respect to any Seller Plan and any other “employee benefit plan” within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA) maintained, sponsored, contributed to or required to be contributed to by Seller or its Affiliates (other than the Acquired Companies), whenever incurred, (ii) the employment or termination of employment of any current or former officer, employee or other service provider of Seller and its Affiliates (other than the Transferred Employees), whenever incurred, and (iii) the employment and termination of employment of any Business Employees, incurred as of or prior to the Closing.
(i)    Qualifying Severance. Solely to the extent that (A) Buyer or its Affiliates fails to provide an offer of employment to a Business Employee or provides an offer of employment to a Business Employee that is inconsistent with the terms and requirements of this Section 6.3, (B) such Business Employee does not become a Transferred Employee and (C) the Seller or its Affiliates terminates the employment of such Business Employee within three (3) months following the Closing, then Buyer or its Affiliates shall reimburse Seller and its Affiliates, within fifteen (15) days following each date on which Seller provides documentation to Buyer relating to such termination of employment, for any and all severance payments and similar compensation and benefits under the Seller Plans and applicable Law made or paid to such Business Employee resulting from such Business Employee’s termination of employment with Seller or its Affiliates (including payments during any notice period required by a Seller Plan or applicable Law or any payments in lieu of such notice) (in the aggregate, the “Qualifying Severance Reimbursements”).

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(j)    Assumed Assets; Retained Assets. Effective as of the Closing, Seller and its Affiliates shall retain all assets related to any Seller Plan, except as specifically provided by Section 6.3(g).
(k)    Cooperation; Transition Services Agreement.  From the date of this Agreement to the Closing, Seller agrees to provide, subject to the limitations of applicable Law or Contract, information reasonably requested by Buyer in writing regarding the Business Employees necessary for Buyer and its Affiliates to comply with this Section 6.3. Following the Closing Date, to the extent agreed between the parties, Seller shall, or shall cause its Affiliates to, provide payroll, human resources and benefits assistance to Buyer and its Affiliates through and pursuant to the terms of the Transition Services Agreement, provided that such assistance shall not include (i) continued participation in the Seller 401(k) Plan or any other Seller Plan, including any health, medical, vision or dental plans nor (ii) payroll preparation, calculation, processing and distribution or any tax reporting, withholding or depositing.
(l)    Foreign Nationals. With respect to each Business Employee who is a foreign national working in the United States in non-immigrant visa status, Buyer or its Affiliates may elect, on an employee by employee basis, to employ such Business Employee under terms and conditions such that Buyer or its Affiliates qualifies as a “successor employer” under applicable United States immigration laws effective as of the Closing for immigration-related purposes only, and the Buyer and its Affiliates shall not by reason of any such election be deemed to have otherwise assumed any Liabilities (other than with respect to the immigration-related liabilities and responsibilities associated with the applicable visa petitions) or to be a successor for any other purpose except to the extent otherwise set forth in this Agreement.
(m)    No Guarantee of Employment. Nothing contained in this Agreement, whether express or implied, (i) shall alter or limit the ability of Buyer or Seller or any of their Affiliates to amend, modify or terminate any Seller Plan, Company Plan, Buyer Benefit Plan or other employee benefit plan at any time assumed, established, sponsored or maintained by either of them; (ii) shall confer upon any Person any right to employment or continued employment for any period of time, or any right to a particular term or condition of employment; or (iii) shall confer upon any Business Employee, or legal representative or beneficiary thereof, any rights or remedies, including any right to employment or benefits for any specified period, of any nature or kind whatsoever, under or by reason of this Agreement.
Section 6.4    Resignations. Seller shall deliver to Buyer written resignations, effective as of the Closing, of the directors and officers of the Acquired Companies requested in writing by Buyer at least five (5) Business Days prior to the Closing.
Section 6.5    Transferred Assets and Contracts.
(a)    On or prior to the Closing Date, Seller shall convey, assign or otherwise transfer, or cause to be conveyed, assigned or otherwise transferred, each of the Transferred Assets and Transferred Contracts to one of the Acquired Companies. Any costs and expenses associated with the conveyance, assignment or transfer of the Transferred Assets and Transferred Contracts to the Acquired Companies shall be paid by Seller; provided that, for the avoidance of doubt, such costs and expenses shall not be deemed to include any costs and expenses related to the ownership or operation of the Transferred Assets or the performance under the Transferred Contracts incurred from and after the effective date of such conveyance, assignment or transfer.
(b)    On or prior to the Closing Date, Seller shall convey, assign or otherwise transfer, or cause to be conveyed, assigned or otherwise transferred, each of the Contracts or assets owned by the Acquired Companies listed on Section 6.5b) of the Seller Disclosure Schedules (collectively, the “Excluded Seller Assets”) to an Affiliate of Seller (other than any of the Acquired Companies). Any costs and expenses associated with the conveyance, assignment or transfer of the Excluded Seller Assets shall be paid by Seller.
Section 6.6    Intellectual Property Assignment. 
(a)    Pursuant to the Intellectual Property Agreement, effective as of the Closing, unless otherwise agreed by the Parties prior to the Closing, Seller shall, without any consideration therefor, and in a manner that has not or would not reasonably be expected to result in any material Liability to any Acquired Company:

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(i)    Assign, or cause one of its Affiliates to assign to Buyer, one of its Affiliates or one of the Acquired Companies (as directed by Buyer), all of the Transferred IP, including without limitation the Transferred IP identified on Section 6.6 of the Seller Disclosure Schedules; and
(ii)    License, or cause one of its Affiliates to license to Buyer, one of its Affiliates or one of the Acquired Companies (as directed by Buyer) any Seller IP, on a worldwide, non-exclusive, irrevocable, royalty-free, fully-paid basis, any Seller IP that relates to the Business, (A) with respect to Software included in the Seller IP, for a period not exceeding eighteen (18) months following the Closing, and (B) with respect to any other Seller IP (other than the StarStone Name), on a perpetual basis. 
(b)    Notwithstanding anything to the contrary in this Agreement, Seller shall not be responsible for any adverse Tax impact or consequences to the Buyer, any of its Affiliates or any of the Acquired Companies after the Closing Date as a result of the transfer of the Transferred IP, including, for the avoidance of doubt, adverse Tax consequences related to the jurisdiction of tax residence of the Acquired Company to which the Transferred IP is transferred and subject to Tax.
Section 6.7    Use of StarStone Name. Buyer, on behalf of itself and the Acquired Companies, acknowledges and agrees that, except as set forth in this Section 6.7, neither Buyer nor the Acquired Companies shall retain or acquire any right, title or interest in or to the StarStone Name following the Closing. Effective as of the Closing, Seller, on behalf of itself and its Affiliates, hereby grants a limited, non-exclusive license to Buyer and the Acquired Companies to use the StarStone Name on checks, invoices, receipts, forms, product, training and service literature and materials and other materials for so long as necessary in connection with the runoff of any insurance policy, binder, slip or contract issued by the Acquired Companies. Further, for a period not exceeding twenty-four (24) months following the Closing, Buyer and the Acquired Companies shall be permitted to use the StarStone Name in substantially the same manner as the Business used the StarStone Name immediately prior to the Closing Date; provided that, during such period, the Acquired Companies shall be required to transition to a different corporate and brand name. All materials and services offered in connection with Buyer’s and the Acquired Companies’ use of the StarStone Name shall be of a level of quality equal to or greater than the quality of materials and services with respect to which the Business used the StarStone Name immediately prior to the Closing Date.
Section 6.8    Termination of Intercompany Agreements; Settlement of Intercompany Accounts.
(a)    Effective as of the Closing, Seller shall, subject to the Transition Plan, terminate and cause its Affiliates (including the Acquired Companies) to terminate any and all intercompany Contracts and other arrangements (other than those set forth on Section 6.8a) of the Seller Disclosure Schedules), whether or not in writing, between or among any of Seller or its Affiliates (other than the Acquired Companies), on the one hand, and any Acquired Company, on the other hand (the “Intercompany Agreements”) and, effective as of the Closing, such Intercompany Agreements shall not have any further force or effect from the Closing. The termination of each such Intercompany Agreement shall be (a) without any fee, penalty or other payment by an Acquired Company and (b) without survival of any rights or obligations (including any provision expressed or intended to survive the termination of such agreement), including any Liability that has accrued prior to such termination.
(b)    Effective as of the Closing, the intercompany accounts and intercompany indebtedness between or among any of Seller and its Affiliates (excluding the Acquired Companies), on the one hand, and any Acquired Company, on the other hand, shall be settled in full.
(c)    Prior to the Closing, Seller shall, or shall cause one of its Affiliates to, (i) waive any right Seller or any of its Affiliates may have to terminate the Excess of Loss Reinsurance Agreement in connection with the transactions contemplated by this Agreement, including as a result of any change of control, and shall provide evidence to Buyer of such waiver in form and substance reasonably satisfactory to Buyer, (ii) give written notice to SIBL of its request to commute the Excess of Loss Reinsurance Agreement for underwriting years 2015 and prior, (iii) commute the Excess of Loss Reinsurance Agreement for underwriting years 2015 and prior and refund the premiums paid for the Excess of Loss Reinsurance Agreement for underwriting years 2015 and prior in accordance with Section 6.8c) of the Seller Disclosure Schedules and (iv) terminate the Excess of Loss Reinsurance Agreement with respect to policies written after the Valuation Date (including, as part of such termination, unwinding any experience thereunder from the Valuation Date through Closing).
(d)    Prior to the Closing, Seller shall, or shall cause one of its Affiliates to, amend the Excess of Loss Reinsurance Agreement to (i) give effect to that certain amendment thereof dated January 1, 2018, (ii) remove 

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references to the coverages thereunder commuted pursuant to Section 6.8(c), (iii) provide the reinsurer thereunder with a right to commute the Excess of Loss Reinsurance Agreement in accordance with the commutation amount formula specified in Section 12.2 thereof (provided that any dispute with respect thereto shall be referred to an independent actuary reasonably acceptable to the parties thereto) upon the occurrence of a change of control of the reinsured (provided, further, that neither (x) the issuance of securities by Buyer in respect of an increase in capital of Buyer or any other investment in or acquisition of securities of Buyer by any Person or “group” (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934), which would result in any Person or “group” (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934) who does not hold securities in Buyer as of the Closing Date holding in excess of thirty percent (30%) of the voting securities of Buyer, in the aggregate, from and after the date of such issuance, investment or acquisition nor (y) an initial public offering of Buyer shall be deemed to constitute a change of control) and (iv) make such other changes to clarify the scope of coverage thereunder as the Parties may mutually agree.
Section 6.9    Reasonable Best Efforts; Regulatory Approvals. 
(a)    Upon the terms and subject to the conditions set forth in this Section 6.9, each of the Parties agrees to 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 in doing, all things necessary or advisable to consummate and make effective the transactions contemplated by this Agreement, as soon as practicable, including using reasonable best efforts to accomplish the following: (i) the taking of all acts necessary or advisable to cause the conditions to the Closing to be satisfied as soon as practicable; and (ii) the obtaining of all necessary or advisable actions or nonactions, waivers, consents and approvals from and the making of all necessary or advisable registrations and filings with all Governmental Bodies, if any (including the Required Regulatory Approvals). Buyer shall make the initial filing on Form A seeking the Required Regulatory Approval from the Delaware Department of Insurance promptly following the date hereof (and in any event no later than thirty (30) Business Days following the date hereof).
(b)    Each Party shall cooperate in all respects and consult with each other in connection with any filing or submission contemplated under this Section 6.9 and furnish to the other such information and assistance as may be required or reasonably requested by the other Party in connection with the preparation of any necessary or advisable filings or submissions by it to any Governmental Body under applicable Law. Each Party shall provide the other Party with the reasonable opportunity to review in advance drafts of filings and submissions and consider the other Party’s view in good faith. Each Party shall, to the extent permitted by applicable Law, inform promptly the other Party of any material communication made by or on behalf of such Party to, or received by or on behalf of such Party from, any Governmental Body regarding any of the transactions contemplated hereby. Each Party shall, to the extent reasonably practicable and permitted by applicable Law or Governmental Body, (i) in advance, notify the other Party, of any meeting with any Governmental Body relating to the transactions contemplated hereby, and reasonably consult with the other Party in scheduling any of these meetings, (ii) give the other Party an opportunity to participate in such meeting, and (iii) keep the other Party reasonably apprised of any material communications with any Governmental Body with respect to the transactions contemplated hereby. Notwithstanding anything to the contrary in this Section 6.9, each Party shall have the right to redact any materials, or to require that the other Party’s Representatives not attend or participate in any portion of any such meeting, in each case, (x) to address reasonable privilege and confidentiality concerns, including with respect to any personally identifiable information or other sensitive information pertaining to individual persons or any trade secret or competitive information, and (y) to the extent such materials relate to Seller or its Affiliates other than the Acquired Companies.
(c)    Notwithstanding anything to the contrary set forth in this Agreement, none of Seller, Buyer or the Equity Investors or any of their respective Affiliates shall be obligated to agree to, or take or refrain from taking, any action or permit or suffer to exist or agree to permit or suffer to exist any restriction, condition, limitation or requirement which, individually or together with all other such actions (taken or refrained from being taken), restrictions, conditions, limitations or requirements, would or would reasonably be expected to (i) have a Company Material Adverse Effect, (ii) materially and adversely affect the economic benefits reasonably anticipated by Seller or its Affiliates or Buyer from the transactions contemplated hereby, (iii) restrict or prohibit any lines or types of business in which Seller or its Affiliates, Buyer or its Affiliates or the Equity Investors or any of their respective portfolio companies shall be permitted to engage, (iv) result in the imposition of any arrangement involving the sale, disposition or separate holding of the assets or businesses of any Acquired Company or the assets or businesses of Seller or its Affiliates or any of the Equity Investors or their respective portfolio companies, (v) result in the contribution of capital, maintenance of any specific or minimum rating by a third party rating agency, or entry into or 

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requirement for any guaranty, keep-well, capital maintenance or similar arrangement, by Seller, Buyer, the Equity Investors or any of their respective Affiliates (other than the Acquired Companies) to or of any Acquired Company or, in the case of Seller or its Affiliates, the Reinsurer or (vi) result in a material restriction being placed on the business or properties of the Equity Investors or any of their respective portfolio companies (other than Buyer and its Subsidiaries) (each, a “Burdensome Condition”). If a Governmental Body imposes a Burdensome Condition as a result of or based upon Aquiline’s investment in Buyer or its indirect investment in the Acquired Companies, then Buyer may, at its option, and shall upon the direction of the Seller, cause the Equity Commitment Letter by and between Buyer and Aquiline to be terminated pursuant to the terms thereof and following any such termination, Aquiline shall not be an “Equity Investor” for purposes of this Agreement and shall, for the avoidance of doubt, be disregarded for purposes of determining whether a Burdensome Condition is imposed.
(d)    Prior to any Party being entitled to invoke a Burdensome Condition, the Parties and their respective Representatives shall confer in good faith for a reasonable period of time in order to (i) exchange and review their respective views and positions as to any Burdensome Condition or potential Burdensome Condition and (ii) discuss and present to, and engage with, the applicable Governmental Body regarding any approaches or actions that would avoid any actual Burdensome Condition or mitigate its impact so it is no longer a Burdensome Condition.
(e)    Buyer, on the one hand, and Seller, on the other hand, shall each pay their and their Affiliates’ respective filing fees required by any Governmental Body, including with respect to any registrations, declarations and filings required in connection with the execution and delivery of this Agreement, the performance of the obligations hereunder and the consummation of the transactions contemplated by this Agreement.
(f)    With respect to the matters covered in this Section 6.9, the Parties agree that they shall consult in good faith with each other with respect to all strategic decisions and all discussions, negotiations and other proceedings, and coordinate all activities with respect to any consents, approvals, authorizations or waivers of Governmental Bodies necessary, proper or advisable to consummate the transactions contemplated by this Agreement, including determining the strategy for contesting, litigating or otherwise responding to objections to, or Actions challenging, the consummation of the transactions contemplated by this Agreement. The Parties shall not permit any of their respective Representatives to make any offer, acceptance or counter-offer to or otherwise engage in negotiations or discussions with any Governmental Body with respect to any proposed settlement, consent decree, commitment or remedy or, in the event of litigation, discovery, admissibility of evidence, timing or scheduling without first discussing such matters with the other Party in good faith and considering such other Party’s views.
Section 6.10    Confidentiality.
(a)    The Confidentiality Agreement shall cease to have any force or effect as of the Closing Date.
(b)    Subject to Section 6.11 and Section 6.10c), from and after the Closing Date, (i) each Party that receives or obtains Confidential Information, or whose Representatives receive or obtain Confidential Information (collectively, the “Receiving Party”), from the other Party or any of its Representatives (collectively, the “Disclosing Party”) as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) shall treat such Confidential Information as confidential and shall not disclose or use any such Confidential Information except as provided herein. 
(c)    Section 6.10b) shall not prohibit disclosure or use of any Confidential Information if and to the extent: (i) the disclosure or use is required by Law or any recognized stock exchange on which the equity interests of the Receiving Party or its Affiliates are listed (provided that, to the extent permitted by applicable Law, prior to such disclosure or use the Receiving Party shall (A) promptly notify the Disclosing Party of such requirement and provide the Disclosing Party with a list of Confidential Information to be disclosed and (B) reasonably cooperate in obtaining a protective order covering, or confidential treatment for, such Confidential Information), (ii) disclosed to any Governmental Body with jurisdiction over the Receiving Party or its Affiliates (provided that, to the extent permitted by applicable Law, prior to such disclosure the Receiving Party shall (A) promptly notify the Disclosing Party of such requirement and provide the Disclosing Party with a list of Confidential Information to be disclosed and (B) reasonably cooperate in obtaining a protective order covering, or confidential treatment for, such Confidential Information), (iii) the disclosure or use is required for the purpose of any judicial proceedings or accounting settlement arising out of this Agreement (including to enforce its rights and 

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remedies under this Agreement) or any other agreement entered into under or pursuant to this Agreement or the disclosure is made in connection with the Tax affairs of the Disclosing Party, (iv) the disclosure is made to the Receiving Party’s Representatives on a need-to-know basis (with the understanding that the Receiving Party shall be responsible for any breach by its Representatives of this Section 6.10), (v) the Confidential Information is or becomes generally available to the public (other than as a result of a disclosure, directly or indirectly, by the Receiving Party or its Representatives), (vi) the Confidential Information is already in the Receiving Party’s possession prior to receipt from the Disclosing Party (provided that such Confidential Information is not known by the Receiving Party to be subject to another confidentiality obligation), (vii) the Confidential Information is or becomes available to the Receiving Party on a non-confidential basis from a source other than the Disclosing Party (provided that such sources are not known by the Receiving Party to be subject to another confidentiality obligation), or (viii) the disclosure or use of such Confidential Information is made with the Disclosing Party’s prior written approval. For the avoidance of doubt, Section 6.10b) shall not prohibit sharing of Confidential Information between Seller and its Affiliates or Buyer and its Affiliates.
Section 6.11    Public Announcement. Prior to the signing of this Agreement, Seller and Buyer shall have prepared a mutually agreeable release announcing the transaction contemplated hereby. Except for such press release, none of Seller, Buyer, the Guarantor or any of their respective Representatives shall make any press release or other announcement concerning the existence of this Agreement or the terms of the transactions contemplated by this Agreement, other than (a) with the prior written consent of both Seller and Buyer, (b) as required by applicable Law, including the rules or regulations of any stock exchange or self-regulatory organization, in which case such Disclosing Party will use its commercially reasonable efforts to allow the other Party reasonable time to comment on such release or announcement in advance of such issuance and shall consider in good faith the advice of such other Party with respect thereto, (c) any announcement that consists solely of information contained in prior announcements made by any or all of Seller, Buyer, the Guarantor or any of their respective Representatives or (d) to enforce its rights and remedies under this Agreement. 
Section 6.12    Notification of Certain Matters. Seller shall give prompt notice to Buyer and Buyer shall give prompt notice to Seller of the occurrence, or failure to occur, of any event which occurrence or failure to occur would cause (a) any representation or warranty contained in this Agreement to be untrue or inaccurate in any material respect or (b) a material failure of Seller, on the one hand, or Buyer, on the other hand, as the case may be, to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it under this Agreement; provided, however, that (i) no such notification shall affect the representations and warranties of either of the Parties or the conditions to the performance by the Parties and (ii) the failure to provide such notice shall not give rise to a separate indemnification claim.
Section 6.13    Tax Matters.
(a)    Buyer and Seller shall each economically bear, and indemnify the other for, 50% of all Transfer Taxes, if any, arising out of or in connection with the transactions contemplated by this Agreement (but for this purpose, excluding any transfer pursuant to Section 6.5). All such Transfer Taxes, if any, shall be timely paid, and any related Tax Returns timely filed, by the Party required to pay for such Taxes, and file such Tax Returns, under applicable Law. Each of Buyer and Seller shall reasonably cooperate in preparing and filing when due all necessary documentation and Tax Returns with respect to such Transfer Taxes and shall execute and deliver all instruments and certificates reasonably required to obtain the benefit of any available exemptions from or reduction in any such Transfer Taxes or to enable the other Party to comply with any filing requirements relating to any such Transfer Taxes.
(b)    Except as otherwise provided in Section 6.13a):
(i)    Seller shall prepare and file (or cause to be prepared and filed) all Tax Returns of the Acquired Companies required to be filed by the Acquired Companies for taxable periods ending on or before, and due after, the Closing Date, and all such Tax Returns shall be prepared in accordance with applicable Law and in a manner consistent with the prior practice of the Acquired Companies to the extent consistent with applicable Law. Seller shall provide drafts of each such Tax Return to Buyer for Buyer’s review and comment at least thirty (30) days (or in the case of non-income Tax Returns, a reasonable period of time prior to the due date for filing such Tax Return (including any applicable extensions)). Seller shall consider in good faith all reasonable comments to such Tax Returns made in writing by Buyer that are provided to Seller at least fifteen (15) days prior to the due date for filing such Tax Return (including any applicable extensions). Seller shall pay all Taxes shown to be due on such Tax Returns.

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(ii)    Buyer shall prepare and file (or cause to be prepared and filed) all Tax Returns of the Acquired Companies for any Straddle Periods. Buyer shall provide drafts of each such Tax Return to Seller for Seller’s review and comment at least thirty (30) days (or in the case of non-income Tax Returns, a reasonable period of time prior to the due date for filing such Tax Return (including any applicable extensions)). Buyer shall consider in good faith all reasonable comments to such Tax Returns made in writing by Seller that are provided to Seller at least fifteen (15) days prior to the due date for filing such Tax Return (including any applicable extensions). Seller shall pay to Buyer the amount of Seller’s share of Taxes with respect to such Tax Returns, as determined under Section 6.13, within five (5) days of the filing of such Tax Returns.
(c)    In the case of Taxes of any Acquired Company that are payable with respect to a Straddle Period, the portion of any such Taxes that are treated as Taxes for a Pre-Closing Tax Period for purposes of this Agreement shall be (1) in the case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed in connection with the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the amount which would be payable if the taxable year ended with the Closing Date; and (2) in the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator of which is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the entire period. For the avoidance of doubt, any available net operating losses, including net operating loss carryforwards, carrybacks, or similar Tax items, attributable to a Pre-Closing Tax Period shall, to the extent available, first be allocated to offset any Taxes with respect to that portion of the Straddle Period ending on the Closing Date.
(d)    After the Closing, Buyer and Seller shall (and shall cause their respective Affiliates to) reasonably cooperate with respect to the preparing of any Tax Returns and for any audits of, or disputes with, any Governmental Body. Such cooperation shall include the retention of all books and records with respect to Tax matters pertinent to the Acquired Companies relating to any Pre-Closing Tax Period until the expiration of the statute of limitations (and, to the extent notified by Buyer or Seller, any extensions thereof) of the respective taxable periods, abiding by all record retention agreements entered into with any taxing authority, and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder at the requesting Party’s expense. Buyer and Seller further agree, upon request, to use their reasonable efforts to obtain any certificate or other document from any Governmental Body or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, with respect to the transactions contemplated hereby).
(e)    Buyer shall notify Seller within fifteen (15) days upon the receipt of any notice, or becoming aware, of any audit or other similar examination with respect to Taxes of an Acquired Company for any Pre-Closing Tax Period (including, for the avoidance of doubt, any Straddle Period) (a “Tax Contest”); provided that no failure or delay of Buyer in providing such notice shall reduce or otherwise affect the obligations of Seller pursuant to this Agreement, except to the extent that Seller is materially and adversely prejudiced as a result of such failure or delay. In the case of a Tax Contest that relates to any Pre-Closing Tax Period, Seller shall control the conduct of such Tax Contest; provided that Buyer shall have the right to participate (at its sole expense) in any such Tax Contest and with counsel of its choosing. In the case of a Tax Contest that relates to a Straddle Period, Buyer shall control the conduct of such Tax Contest, including by selecting counsel, and both Parties shall (i) have the right, but not the obligation, to participate (at each Party’s own expense) in any such Tax Contest, and (ii) have the right to approve in advance all settlements or compromises with respect to such Tax Contest. To the extent Seller controls any Tax Contest, it shall provide Buyer with copies of all correspondence from any Taxing Authority relating to such Tax Contest, permit Buyer to attend meetings and review and comment on submissions relating to any such Tax Contest, and shall consider in good faith any comments provided by Buyer. Notwithstanding anything to the contrary herein, Seller shall not settle or otherwise resolve any Tax Contest without the prior written consent of Buyer (which consent will not be unreasonably withheld, conditioned or delayed). To the extent of any conflict between this Section 6.13(e) and Section 10.3(e), the provisions of this Section 6.13(e) shall control with respect to any Tax Contests. 
(f)    Without the prior written consent of Seller (which consent shall not be unreasonably withheld, conditioned or delayed), Buyer will not, and will not cause or permit any of the Acquired Companies to, take any of the following actions with respect to Taxes or Tax Returns, in each case for any Pre-Closing Tax Period to the extent such actions would increase Seller’s liability for Indemnified Taxes or reduce Seller’s entitlement to Tax refunds under Section 6.13g): (i) file, or cause to be filed, any restatement or amendment of, modification to, or claim for refund relating to, any Tax Return of an Acquired Company for any Pre-Closing Tax Period, (ii) make or 

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change any Tax election with respect to any Acquired Company for any Pre-Closing Tax Period, (iii) extend or waive any statute of limitations with respect to Taxes or Tax Returns of any Acquired Company for a Pre-Closing Tax Period, (iv) make any election under Section 336 or 338 of the Code with respect to the transactions contemplated hereby, (v) except as required by Law, file Tax Returns for any Acquired Company for a Pre-Closing Tax Period in a jurisdiction in which the relevant Acquired Company has not historically filed Tax Returns, (vi) initiate discussions or examinations with a Taxing Authority or make any voluntary disclosures with respect to Taxes or Tax Returns of any Acquired Company for Pre-Closing Tax Periods, (vii) change any accounting method or adopt any convention for an Acquired Company that shifts taxable income from a Post-Closing Tax Period to a Pre-Closing Tax Period or shifts deductions or losses from a Pre-Closing Tax Period to a Post-Closing Tax Period or (viii) take any action after the Closing outside the ordinary course of business.
(g)    Seller shall be entitled to any refunds received for federal, state, local or foreign Taxes paid for any Pre-Closing Tax Period of any Acquired Company, including, for the avoidance of doubt, any refunds related to the carryback of any net operating losses or similar Tax items to the extent such net operating losses or similar Tax items were generated in a Pre-Closing Tax Period and are permitted to be carried back pursuant to the CARES Act or similar COVID-19 Legislation, in each case along with any interest paid by the relevant Taxing Authority with respect thereto, net of any out-of-pocket costs of the Acquired Companies to obtain such refund. Buyer shall use commercially reasonable efforts to cooperate with Seller in the preparation of any claim for refund, including amended Tax Return, with respect to any refunds for which Seller is entitled pursuant to this Section 6.13(g), including, but not limited to any amount of net operating losses or similar Tax items that are permitted to be carried back to a Pre-Closing Tax Period; provided, that Buyer shall not be required to file or cause to be filed any amended Tax Return to the extent such amended Tax Return could increase the Taxes payable by Buyer or any Affiliate thereof (including any Acquired Company) in a Post-Closing Tax Period, excluding any increase in Taxes payable in a Post-Closing Tax Period that results solely from the reduction of available net operating losses that were carried over from a Pre-Closing Tax Period. Any such refunds that are received by the applicable Acquired Company or any Affiliate thereof after the Closing Date, whether by offset, credit, receipt of payment or otherwise, shall be paid to Seller (along with any interest received thereon and less any out-of-pocket costs) within fifteen (15) Business Days after receipt thereof. Notwithstanding the forgoing, Seller shall have no right under this Agreement to any Tax refund received by an Acquired Company with respect to a Pre-Closing Tax Period to the extent such Tax refund is the result of the carryback to a Pre-Closing Tax Period of a net operating loss or other Tax attribute created in a Post-Closing Tax Period, whether as a result of the CARES Act, any similar COVID-19 Legislation or otherwise.
Section 6.14    Financing.
(a)    Buyer shall, and shall cause its Representatives to, use their respective reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary to (i) maintain in effect the Equity Commitment Letters, (ii) comply with its obligations in the Equity Commitment Letters and (iii) in the event that all conditions contained in the Equity Commitment Letters have been satisfied (or upon such funding will be satisfied), to cause the Equity Investors to fund the Equity Financing on the Closing Date. Notwithstanding anything to the contrary contained in this Agreement, nothing contained in this Section 6.14 shall require, and in no event shall the best efforts of Buyer and its Representatives be deemed or construed to require, Buyer or any of its Representatives or Affiliates to (x) amend or waive any of the terms or conditions of the Equity Commitment Letters, or (y) consummate the Equity Financing or the transactions contemplated by the Agreement at any time prior to the Closing Date. 
(b)    Buyer shall not amend or alter, or agree to amend or alter, the Equity Commitment Letters in any manner that would reasonably be expected to materially impair, delay or prevent the consummation of the transactions contemplated by this Agreement without the prior written consent of Seller (which consent shall not be unreasonably withheld, conditioned or delayed). Buyer shall furnish Seller complete, correct and executed copies of any amendments or modifications to any Equity Commitment Letter within two (2) Business Days after the execution thereof. 
(c)    Buyer shall provide Seller with prompt notice of (i) any material breach or default by any party to any Equity Commitment Letter of which Buyer becomes aware or (ii) the receipt of any written notice or other written communication from any financing source with respect to any breach, default, termination or repudiation by any party to any Equity Commitment Letters of any provision thereof.
Section 6.15    Supplement to Seller Disclosure Schedules. From time to time prior to the Closing, Seller shall have the right (but not the obligation) to supplement or amend the Seller Disclosure Schedules hereto with 

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respect to any matter hereafter arising or of which it becomes aware after the date hereof (each a “Schedule Supplement”). Any disclosure in any such Schedule Supplement shall not be deemed to have cured any inaccuracy in or breach of any representation or warranty contained in this Agreement, including for purposes of the indemnification or termination rights contained in this Agreement or of determining whether or not the conditions set forth in Section 8.2 have been satisfied.
Section 6.16    StarStone Brazil. Seller shall, at its own cost and expense, use its commercially reasonable efforts to wind up the affairs of StarStone Brazil. Buyer acknowledges that such efforts may extend past the Closing Date and Buyer shall provide Seller with such cooperation as Seller shall reasonably request to complete such wind up of StarStone Brazil, including making officers and employees of StarStone Brazil and the Acquired Companies available to provide any information, documents, records or attestations that may be required to complete the wind up. Buyer shall not, and shall cause StarStone Brazil and the Acquired Companies not to, conduct any business in or from StarStone Brazil after the Closing Date. Buyer shall promptly send to Seller a copy of any written notices (or a summary of any oral notices) received by StarStone Brazil, Buyer or the Acquired Companies from a Governmental Body or any other Person regarding StarStone Brazil. If Buyer is required by any Governmental Body to contribute any capital to StarStone Brazil so that it can satisfy its liabilities and obligations, Seller shall promptly reimburse Buyer for the amount of such capital contribution. If Buyer is entitled to receive a capital distribution from StarStone Brazil, Buyer shall cooperate with Seller to cause such capital distribution to be made and then Buyer shall promptly remit the amount of such capital distribution to Seller.
Section 6.17    Transition Matters.
(a)    During the period between the date of this Agreement and the Closing, in furtherance of the transactions contemplated by this Agreement, the Parties shall, and shall cause their Affiliates to, (i) agree on the Transition Services Agreement, and (ii) cooperate in good faith and use their commercially reasonable efforts to develop a mutually acceptable transition plan for the migration of the Business to the Buyer as set forth in this Section 6.17 and pursuant to the Transition Services Agreement, in each case, subject to compliance with applicable Law (the “Transition Plan”), which will be implemented pursuant to the Transition Services Agreement unless otherwise agreed in writing by the Parties.
(b)    Without limiting the foregoing, the Transition Plan shall address:
(i)    the identification of (A) any Transferred IP, (B) any Seller IP that is to be licensed or assigned to Buyer, its Affiliates or one of the Acquired Companies pursuant to the Intellectual Property Agreement and the process for licensing or assigning such Seller IP (or copies of such Seller IP, as applicable) to Buyer, its Affiliates or one of the Acquired Companies, and (C) any Intellectual Property licensed by Seller or its Affiliates (other than the Acquired Companies) from third parties and used in the Business, which is not the subject of a Transferred Contract, and the means by which such Intellectual Property will continue to be made available to the Business after the Closing (e.g. assignment or partition of the applicable Contract or pursuant to the Transition Services Agreement), it being understood that Buyer, its Affiliates or one of the Acquired Companies will bear their respective share of any licensing or other fees, costs and expenses associated with such Intellectual Property used by the Acquired Companies after the Closing Date, pursuant to the Transition Services Agreement;
(ii)    the apportionment of the real property in the United States, including the Real Property Leases, used in connection with the Business or by the Business Employees, with the intent of the Parties being that, following the Closing, the Buyer or its Subsidiaries (including the Acquired Companies) shall assume the obligations relating to such real property, including, where such real property is (or, following the Closing, will be) used both in connection with the business of the Seller and its Affiliates and the Business, by entering into sub-leases with Seller, its Affiliates or Third Parties, partitioning office space with Seller or its Affiliates (so long as the applicable landlord consents (if consent is required)) or effecting such other arrangements as the Parties may mutually agree upon, including new leases for such real property with the applicable landlord;
(iii)    an arrangement under which Business Employees would assist the Reinsurer or its designated Affiliate with the administration of the business ceded pursuant to the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement (including the management of claims), pursuant to the Transition Services Agreement or effecting such other arrangement as the Parties may mutually agree upon;

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(iv)    the transition of certain IT Systems and Software used in connection with the Business to Buyer or its Subsidiaries (including the Acquired Companies) at an agreed-upon date on or following the Closing and the potential use of those systems by the Administrator pursuant to the Transition Services Agreement as needed for it to perform its obligations under the Administrative Services Agreement; and
(v)    the separation of the Business from the international business of Sellers and its Affiliates operated under the StarStone Name following the Closing, including any assets, customers, vendors, Intellectual Property and business operations shared between them.
(c)    In furtherance of the foregoing, subject to compliance with applicable Law, each of the Parties shall use commercially reasonable efforts to (i) appoint a transition manager who would be the primary contact for such Party in connection with the further development and execution of the Transition Plan and (ii) cooperate to establish regular meetings of the Parties’ transition teams during the period between the date of this Agreement and the Closing. During the period between the date of this Agreement and the Closing, each Party shall, through their respective transition teams, cooperate in good faith with the other Parties and use commercially reasonable efforts to prepare, review and update the schedules to the Transition Services Agreement in connection with the Transition Plan.
(d)    The Acquired Companies, the Business and the operations, assets and liabilities in respect thereof shall cease to be insured by Seller’s or its Affiliates’ insurance policies as of the Closing Date, and neither Buyer nor its Affiliates (including the Acquired Companies) shall have any access, right, title or interest to or in any such insurance policies (including to all claims and rights to make claims and all rights to proceeds) to cover the Acquired Companies, the Business or the operations, assets or liabilities in respect thereof and Buyer shall be responsible for securing all insurance it considers appropriate for the Acquired Companies, the Business and the operations, assets and liabilities in respect thereof. During the period between the date of this Agreement and the Closing, Seller shall reasonably assist and cooperate with Buyer in obtaining reasonably equivalent insurance policies to become effective following the Closing Date for the Acquired Companies as they received under Seller’s or its Affiliates’ insurance policies as of the Closing Date.
ARTICLE VII
GUARANTEE
Section 7.1    Guarantee. To induce Buyer to enter into this Agreement, the Guarantor, intending to be legally bound, hereby absolutely, irrevocably and unconditionally guarantees to Buyer (the “Guarantee”) the due and punctual observance, performance and discharge of all the obligations, covenants and agreements of Seller under this Agreement, as it may be amended from time to time, including Seller’s obligation to consummate the Shares Transfer and provide the closing deliverables specified in Section 2.3a) and Seller’s indemnification obligations pursuant to Article X (the “Obligations”). All payments made pursuant to this Article VII shall be made in dollars, in immediately available funds, to such account as Buyer may designate in writing. In furtherance of the foregoing, the Guarantor acknowledges that Buyer may, in its sole discretion, bring and prosecute a separate action against the Guarantor for the full amount of the Obligations, regardless of whether action is brought against Seller, or whether Seller is joined in any such action or actions. The Guarantor promises and undertakes to make all payments required pursuant to this Section 7.1 free and clear of any deduction, offset, claim or counterclaim of any kind. The Guarantee shall terminate upon the full payment (in cash), performance, observation and discharge of the Obligations. 
Section 7.2    Nature of Guarantee. Subject to the express terms and conditions of this Agreement, the Guarantor’s liability pursuant to this Article VII is absolute, unconditional, irrevocable and continuing irrespective of any modification, amendment or waiver of or any consent to departure from the Agreement. Buyer shall not be required to proceed against Seller first before proceeding against the Guarantor hereunder.
Section 7.3    Changes in Obligations. The Guarantor agrees that Buyer may, in its sole discretion, at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of any of the Obligations, and may also make any agreement with Seller for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, without in any way impairing or affecting the Guarantor’s obligations under this Article VII or affecting the validity or enforceability of the Guarantee. The Guarantor agrees that the obligations of the Guarantor hereunder shall not be released or discharged, in whole or in 

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part, or otherwise affected by (a) any failure or delay on the part of Buyer in asserting any claim or demand, or to enforce any right or remedy, against Seller; (b) any change in the time, place or manner of payment or performance of any of the Obligations, or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of this Agreement (it being understood that any amendments or modifications to the terms of this Agreement with respect to the Obligations shall apply equally to the Guarantor’s obligation with respect thereto under the Guarantee); (c) the addition, substitution or release of any entity or other Person now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by this Agreement; (d) any change in the legal existence, structure or ownership of Buyer or any other Person (including the Guarantor) now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by this Agreement; (e) any voluntary or involuntary liquidation, dissolution, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or other similar proceeding affecting Seller or any other Person (including the Guarantor) now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by this Agreement; (f) the existence of any claim, set-off or other right which the Guarantor may have at any time against Buyer or Seller, whether in connection with the Obligations or otherwise; (g) the adequacy of any other means Buyer may have of obtaining payment related to the Obligations; or (h) the value, genuineness, validity, regularity, illegality or enforceability of this Agreement, in each case, in accordance with its terms. To the fullest extent permitted by Law, the Guarantor hereby expressly waives any and all rights or defenses arising by reason of any Law which would otherwise require any election of remedies by Buyer. The Guarantor waives promptness, diligence, notice of the acceptance of the Guarantee and of the Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Obligations incurred and all other notices of any kind (in each case, other than notices required to be made to Seller pursuant to this Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium Law or other similar Law now or hereafter in effect or any right to require the marshaling of assets of an Seller or any other Person (including the Guarantor) now or hereafter liable with respect to the Obligations or otherwise interested in the transactions contemplated by this Agreement. The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by this Agreement and that the waivers set forth in this Section 7.3 are knowingly made in contemplation of such benefits. The Guarantor hereby covenants and agrees that it shall not assert as a defense in any proceeding to enforce the Guarantee that the Guarantee is illegal, invalid or unenforceable in accordance with its terms.
Section 7.4     Reorganization.  In the event the Guarantor or any of its successors or assigns (a) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity in such consolidation or merger or (b) transfers all or substantially all of its properties and assets to any Person, then, and in either such case, proper provision shall be made so that the successors and assigns of the Guarantor shall assume all of the obligations set forth in this Article VII.
ARTICLE VIII
CONDITIONS PRECEDENT TO CLOSING
Section 8.1    General Conditions. The respective obligations of Buyer and Seller to consummate the Closing are subject to the satisfaction (or, to the extent permitted by applicable Law, waiver in writing by Seller and Buyer), prior to or at the Closing, of each of the following conditions:
(a)    Legal Proceedings. (i) No applicable Law shall have been enacted, entered, promulgated or enforced by any Governmental Body with applicable jurisdiction that is in effect and prohibits, prevents or makes illegal the consummation of the transactions contemplated by this Agreement and (ii) there shall be no pending Action by any Governmental Body with applicable jurisdiction that seeks to prohibit or otherwise enjoin consummation of the transactions contemplated by this Agreement.
(b)    Required Regulatory Approvals. All consents, approvals or clearances of any Governmental Body set forth in Section 8.1b) of the Seller Disclosure Schedules or that the Parties reasonably agree are otherwise required to be obtained or made prior to the Closing (the “Required Regulatory Approvals”) shall have been made or obtained and shall be in full force and effect, each without the imposition of a Burdensome Condition.
Section 8.2    Conditions Precedent to Buyer’s Obligations. The obligations of Buyer to consummate the Closing are subject to the satisfaction (or, to the extent permitted by applicable Law, waiver in writing by Buyer), prior to or at the Closing, of each of the following conditions:

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(a)    Representations and Warranties of Seller. (i) The Fundamental Representations shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date), (ii) the representations and warranties of Seller contained in Section 3.17 shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date and (iii) all other representations and warranties of Seller contained in Article III or in any certificate delivered pursuant to the provisions of this Agreement shall be true and correct (without giving effect to any “material”, “materially”, “materiality”, “Company Material Adverse Effect”, “material adverse effect”, “material adverse change”, “in all material respects”, “in any material respect” or similar qualifiers contained in any of such representations and warranties) in all respects as of the date of this Agreement and the Closing Date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations and warranties to be true and correct (without giving effect to any “material”, “materially”, “materiality”, “Company Material Adverse Effect”, “material adverse effect”, “material adverse change”, “in all material respects”, “in any material respect” or similar qualifiers contained in any of such representations and warranties) has not had or would not be reasonably expected to have, individually or in the aggregate, a Company Material Adverse Effect.
(b)    Representations and Warranties of Guarantor. All the representations and warranties of Guarantor contained in Article IV shall be true and correct in all respects as of the Closing Date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations and warranties to be true and correct would not reasonably be expected to affect or would not affect in any material respects Guarantor’s ability to perform any of its obligations under this Agreement.
(c)    Performance by Seller and the Guarantor. Seller and the Guarantor and their applicable Affiliates shall have performed or complied with, in all material respects, all obligations, agreements and covenants required by this Agreement to be performed or complied with by them prior to or at the Closing.
(d)    Company Material Adverse Effect. No Company Material Adverse Effect shall have occurred from the date hereof to the Closing Date. 
(e)    Third Party Consents. All consents, approvals or clearances of any Third Party set forth in Section 8.2e) of the Seller Disclosure Schedules shall have been made or obtained and shall be in full force and effect.
(f)    Termination of Intercompany Agreements. All Intercompany Agreements shall have been duly terminated in accordance with Section 6.8(a), and Seller shall have delivered to Buyer evidence of such termination.
(g)    Excess of Loss Reinsurance Agreement. The Excess of Loss Reinsurance Agreement shall be in full force and effect, shall not have been modified, amended, restated or replaced except as contemplated by Section 6.8c) and Section 6.8(d), no party thereto shall have provided notice or indication whether oral or in writing of any intent to terminate the Excess of Loss Reinsurance Agreement, and no party thereto shall be in default or in breach thereunder.
Section 8.3    Conditions Precedent to Seller’s Obligations. The obligations of Seller to consummate the Closing are subject to the satisfaction (or, to the extent permitted by applicable Law, waiver in writing by Seller), prior to or at the Closing, of each of the following conditions:
(a)    Representations and Warranties of Buyer. All the representations and warranties of Buyer contained in Article V or in any certificate delivered pursuant to the provisions of this Agreement by Buyer shall be true and correct in all respects as of the Closing Date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that specified date), except where the failure of such representations and warranties to be true and correct (without giving effect to any “material”, “materially”, “materiality”, “material adverse effect”, “material adverse change”, “in all material respects”, “in any material respect” or similar qualifiers contained in any of such representations and warranties) has not been, or would not be reasonably expected to be, individually or in the aggregate, material to Buyer or would not reasonably be expected (i) to or would not affect in any material respects Buyer’s ability to perform any of its 

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obligations under this Agreement and the Ancillary Agreements or (ii) to prevent Buyer from consummating the transactions contemplated hereby or thereby.
(b)    Performance by Buyer. Buyer shall have performed or complied with, in all material respects, all obligations, agreements and covenants required by this Agreement to be performed or complied with by it prior to or at the Closing.
ARTICLE IX
TERMINATION
Section 9.1    Termination. This Agreement may be terminated at any time prior to the Closing Date by:
(a)    Mutual Consent. The mutual written consent of Buyer and Seller;
(b)    Failure of Buyer Condition. Buyer upon written notice to Seller if there has been a breach or inaccuracy of any representation or warranty contained in this Agreement on the part of Seller or the Guarantor or Seller has failed to perform or comply with any of its covenants or agreements contained in this Agreement, which breach, inaccuracy or failure to perform or comply (i) would give rise to the failure of any of the conditions to the Closing set forth in Section 8.2 and (ii) is incapable of being cured by Seller or the Guarantor, as applicable, by the Outside Date or, if curable, is not cured by Seller or the Guarantor, as applicable, on or before the earlier of (A) the Outside Date or (B) so long as Seller or the Guarantor continues to diligently seek to cure such breach, inaccuracy or failure to perform or comply, the date that is ninety (90) days following the receipt by Seller or the Guarantor of written notice from Buyer of such breach, inaccuracy or failure to perform or comply; provided that Buyer shall not have the right to terminate this Agreement pursuant to this Section 9.1b) if it is then in material breach of any of its representations, warranties, covenants or agreements set forth in this Agreement;
(c)    Failure of Seller Condition. Seller upon written notice to Buyer if there has been a breach or inaccuracy of any representation or warranty contained in this Agreement on the part of Buyer or Buyer has failed to perform or comply with any of its covenants or agreements contained in this Agreement, which breach, inaccuracy or failure to perform or comply (i) would give rise to the failure of any of the conditions to the Closing set forth in Section 8.3 and (ii) is incapable of being cured by Buyer by the Outside Date or, if curable, is not cured by Buyer on or before the earlier of (A) the Outside Date or (B) so long as Buyer continues to diligently seek to cure such breach, inaccuracy or failure to perform or comply, the date that is ninety (90) days following the receipt by Buyer of written notice from Seller of such breach, inaccuracy or failure to perform or comply; provided that Seller shall not have the right to terminate this Agreement pursuant to this Section 9.1c) if it is then in material breach of any of its representations, warranties, covenants or agreements set forth in this Agreement;
(d)    Court or Administrative Order. Buyer or Seller if (i) there shall be in effect a final, non-appealable Order of a Governmental Body with applicable jurisdiction prohibiting the consummation of the transactions contemplated by this Agreement (provided that no Party shall have the right to terminate the Agreement pursuant to this Section 9.1d) if such Party’s breach of any of its obligations under Section 6.9 has directly or indirectly caused or resulted in such Order) or (ii) if there shall be any applicable Law that makes consummation of the transactions contemplated hereby illegal or otherwise prohibited; or
(e)    Outside Date. Buyer or Seller if the Closing shall not have occurred on or prior to December 31, 2020 (the “Outside Date”); provided that, the Outside Date shall be extended at the election of either Buyer or Seller to February 28, 2021 if all of the conditions set forth in Article VIII other than Section 8.1b) (or Section 8.1a)(ii) to the extent relating to any approval or clearance covered by Section 8.1b)) have been satisfied (other than those conditions that, by their nature, are only capable of being satisfied at Closing, but each of which at such time is capable of being satisfied) or waived (to the extent permitted under applicable Law and this Agreement); provided, however, that the right to extend or terminate this Agreement pursuant to this Section 9.1e) shall not be available to any Party whose action or failure to perform any obligation under this Agreement has been a principal cause of or resulted in the failure of the Closing to have occurred prior to the Outside Date.
Section 9.2    Effect of Termination. In the event of the termination of this Agreement pursuant to Section 9.1, this Agreement shall become void and have no force or effect, without any Liability on the part of any Party or its directors, officers or stockholders; provided that notwithstanding the foregoing, but subject to Section 11.9, (i) no such termination shall relieve any Party from any Liability for any Fraud or any Knowing and 

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Intentional Breach and (ii) the provisions of Section 6.10, this Section 9.2 and Article XI shall survive any such termination.
ARTICLE X
INDEMNIFICATION
Section 10.1    Survival of Representations, Warranties, Covenants and Agreements. 
(a)    The representations and warranties of Seller set forth in Article III, Guarantor set forth in Article IV and Buyer set forth in Article V (other than the Fundamental Representations and the representations and warranties set forth in Section 3.12 (Taxes)) shall survive the Closing for a period of fifteen (15) months following the Closing Date.
(b)    The representations and warranties of Seller set forth in Section 3.12 (Taxes) and the indemnity for Taxes provided in Section 10.2a)(iv) shall survive the Closing until sixty (60) days after the expiration of the applicable statutes of limitations for Taxes.
(c)    The Fundamental Representations shall survive the Closing for a period of four (4) years following the Closing Date.
(d)    Each of the covenants and agreements of the Parties in this Agreement which by its terms contemplates performance prior to the Closing or before termination of this Agreement (each, a “Pre-Closing Covenant”) shall survive the Closing for a period of nine (9) months following the Closing Date. Each of the covenants and agreements of the Parties in this Agreement which by its terms contemplates performance, in whole or in part, after the Closing or after termination of this Agreement (a “Post-Closing Covenant”) shall survive the Closing in accordance with its terms until the full performance of such Post-Closing Covenant. 
For the purposes of this Article X, the periods set forth in Sections 10.1a) to d each shall be referred to hereinafter as a “Survival Period”. Notwithstanding the foregoing, if an Indemnified Party delivers a Claim Notice meeting the requirements of this Agreement prior to the expiration or termination of the applicable Survival Period with respect to an Indemnification Claim made pursuant to Section 10.2, then such Indemnification Claim will continue until the final amount of recoverable Losses is determined by final agreement, settlement, judgment or award binding on Buyer and Seller in accordance with this Article X.
Section 10.2    Indemnification.
(a)    Indemnification by Seller. Subject to Section 10.1 and the other provisions of this Article X, from and after the Closing Date, Seller will indemnify and hold harmless Buyer, its Affiliates (including, following the Closing, the Acquired Companies) and their respective Representatives (the “Buyer Indemnitees”) from and against all Losses incurred or suffered by, or imposed upon, such Buyer Indemnitees as a result of or arising out of (i) any inaccuracy in or breach of the representations and warranties of Seller set forth in Article III (other than the Fundamental Representations and the representations and warranties set forth in Section 3.12 (Taxes)) or the Guarantor set forth in Article IV, (ii) any inaccuracy in or breach of the Fundamental Representations, (iii) any inaccuracy in or breach of the representations and warranties of Seller set forth in Section 3.12 (Taxes), (iv) any Indemnified Taxes, (v) Seller’s breach of any Pre-Closing Covenant of Seller or any Post-Closing Covenant of Seller and (vi) any Excluded Liabilities.
(b)    Indemnification by Buyer. Subject to Section 10.1 and the other provisions of this Article X, from and after the Closing Date, Buyer will indemnify and hold harmless Seller, its Affiliates and their respective Representatives, stockholders and members (the “Seller Indemnitees”) from and against all Losses incurred or suffered by, or imposed upon, such Seller Indemnitees as a result of or arising out of (i) any inaccuracy in or breach of the representations and warranties of Buyer set forth in Section 5.1, Section 5.2, Section 5.3(a)(i), Section 5.4 and Section 5.7, (ii) any inaccuracy in or breach of the representations and warranties of Buyer set forth in Article V (other than the representations and warranties set forth in Section 5.1, Section 5.2, Section 5.3(a)(i), Section 5.4 and Section 5.7), and (iii) Buyer’s breach of any Pre-Closing Covenant of Buyer or any Post-Closing Covenant of Buyer.

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(c)    Certain Limitations.
(i)    In no event shall any Buyer Indemnitee be entitled to indemnification for any Losses arising from a claim for indemnification pursuant to Section 10.2a)(i) (A) for any claim or series of related claims arising from the same set of facts with respect to which the aggregate amount of Losses does not exceed $100,000 and (B) unless and until the aggregate amount of all Losses under all claims under Section 10.2a)(i) exceeds one million dollars ($1,000,000) (the “Deductible”), at which time Seller shall only be liable for any Losses in excess of the Deductible.
(ii)    In no event shall the aggregate Liability for indemnification by Seller pursuant to Section 10.2a)(i) exceed in the aggregate sixteen million dollars ($16,000,000) and in no event shall the aggregate Liability for indemnification by Seller pursuant to this Agreement exceed the Purchase Price.
(iii)    In no event shall any Seller Indemnitee be entitled to indemnification for any Losses arising from a claim for indemnification pursuant to Section 10.2(b)(i) (A) for any claim or series of related claims arising from the same set of facts with respect to which the aggregate amount of Losses does not exceed $100,000 and (B) unless and until the aggregate amount of all Losses under all claims under Section 10.2(b)(i) exceeds the Deductible, at which time Buyer shall only be liable for any Losses in excess of the Deductible.
(iv)    In no event shall the aggregate Liability for indemnification by Buyer pursuant to Section 10.2(b)(i) exceed in the aggregate sixteen million dollars ($16,000,000) and in no event shall the aggregate Liability for indemnification by Buyer pursuant to this Agreement exceed the Purchase Price.
(v)    Notwithstanding the foregoing, the limitations set forth in Section 10.2c)i) to (iv) shall not apply to the extent that the Indemnified Party’s Losses result from or arise out of Fraud by the Indemnifying Party.
(d)    The amount of any and all Losses under this Article X shall be (A) (i) reduced by the amount of any Tax benefit actually realized in the Taxable year in which such Loss was accrued, incurred or paid as a cash tax savings by any Indemnified Party or its Affiliates arising in connection with the accrual, incurrence or payment of any such Losses or the immediately succeeding two (2) Tax years and (ii) increased by the amount of any Tax imposed on any Buyer Indemnitee as a result of the indemnity payment made pursuant to this Section 10.2 (including any Tax imposed on increased amounts payable under this Section 10.2(d)(A)(ii)); and (B) determined net of any insurance or other indemnification proceeds received by the Indemnified Party or its Affiliates in connection with the facts giving rise to the right of indemnification net of any cost of receiving insurance or other indemnification proceeds and any increased insurance costs resulting from such claim, including any retroactive or prospective premium adjustments associated with such coverage, as such amounts are determined in accordance with those policies and programs generally applicable from time to time, and only after first applying any available insurance to the portion of a Loss that is not indemnified hereunder.
(e)    For purposes of this Article X, for purposes of determining any inaccuracy in or breach of any representation or warranty and the amount of any Losses to which a Buyer Indemnitee or Seller Indemnitee, as the case may be, is entitled hereunder, will be determined without any materiality qualifiers (including any Company Material Adverse Effect) contained in the relevant representations and warranties.
Section 10.3    Indemnification Procedures.
(a)    A Person that may be entitled to be indemnified under this Agreement (the “Indemnified Party”) shall promptly (and in any event within thirty (30) days of becoming aware of the circumstances giving raise to the claim or potential claim) notify the party liable for such indemnification (the “Indemnifying Party”) in writing (such notice, a “Claim Notice”) of any pending or threatened claim or demand that the Indemnified Party has determined gives or would reasonably be expected to give rise to a right of indemnification under this Agreement (including a pending or threatened claim or demand asserted by a third party against the Indemnified Party, such claim being a “Third Party Claim”) (an “Indemnification Claim”). The failure to give such prompt Claim Notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party is materially prejudiced thereby. Each Claim Notice will, with respect to each Indemnification Claim set forth therein, (i) specify in reasonable detail and in good faith the nature of the Indemnification Claim being made and (ii) estimate in good faith the aggregate dollar amount of Losses suffered or reasonably expected 

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to be suffered by such Indemnified Party and for which such Indemnified Party claims to be entitled to indemnification pursuant to this Article X (the “Claim Amount”).
(b)    If the Indemnifying Party wishes to object to the allowance of some or all Indemnification Claims made in a Claim Notice, the Indemnifying Party must deliver a written objection to the Indemnified Party within thirty (30) Business Days after receipt by the Indemnifying Party of such Claim Notice expressing such objection and explaining in reasonable detail and in good faith the basis therefor. Following receipt by the Indemnified Party of the Indemnifying Party’s written objection, if any, the Indemnified Party and the Indemnifying Party will promptly, and in any event within thirty (30) Business Days, meet to agree on the rights of the respective parties with respect to each Indemnification Claim that is the subject of such written objection. If the parties should so agree, a memorandum setting forth such agreement will be mutually prepared, and executed, by the Indemnified Party and the Indemnifying Party and, as promptly as practicable and in any event within ten (10) Business Days following the execution of such memorandum, subject to Section 10.3d), the Indemnifying Party will pay the agreed amount to the Indemnified Party. In the event that the Indemnified Party and the Indemnifying Party do not mutually prepare and execute such a memorandum or such memorandum does not address in full the written objections timely delivered, within thirty (30) Business Days of receipt by the Indemnified Party, from the Indemnifying Party of the written objection, then the Indemnified Party may seek to resolve any dispute and to seek enforcement of the obligation with respect to the Indemnification Claim in any court available therefor in accordance with the terms of Section 11.7.
(c)    If the Indemnified Party does not receive a response from the Indemnifying Party with respect to any Indemnification Claim set forth in a Claim Notice by the end of the thirty (30) Business Day period referred to in Section 10.3b), the Indemnified Party shall send a second Claim Notice to the Indemnifying Party relating to such Indemnification Claim. If the Indemnifying Party does not notify the Indemnified Party that it disputes such Indemnification Claim within ten (10) Business Days following receipt of such second Claim Notice with respect to such Indemnification Claim, (i) the Indemnifying Party will be deemed to have irrevocably waived any right to object to such Indemnification Claim and to have agreed that Losses in the amount of the applicable Claim Amount are indemnifiable hereunder and (ii) with respect to the subject Indemnification Claim, as promptly as practicable and within ten (10) Business Days following expiration of such period, subject to Section 10.3d), the Indemnifying Party will pay the Claim Amount to the Indemnified Party. If not paid, the Indemnified Party may seek enforcement of the obligation of the Indemnifying Party with respect to the Indemnification Claim in any court available therefor in accordance with the terms of Section 11.7.
(d)    Any amount payable by the Indemnifying Party to the Indemnified Party pursuant to Section 10.3b) or Section 10.3c) above will be paid by the Indemnifying Party by wire transfer in dollars in immediately available funds to such account or accounts as may be designated in writing by the Indemnified Party. 
(e)    Upon receipt of a notice of a Third Party Claim for indemnity from an Indemnified Party pursuant to Section 10.3a), the Indemnifying Party will be entitled, by notice to the Indemnified Party delivered within fifteen (15) Business Days of the receipt of notice of such Third Party Claim (or sooner if notice of the Third Party Claim so requires), to assume the defense and control of such Third Party Claim (at the expense of such Indemnifying Party). Upon delivery of such notice, the Indemnifying Party will not be liable to the Indemnified Party under this Article X for any fees of other counsel or any other expenses with the respect to the defense of such Third Party Claim, provided that the Indemnified Party shall have the right to participate in the defense of such Third Party Claim with its own counsel and at its own expense. Notwithstanding the foregoing, the Indemnifying Party shall not have the right to assume the defense of any Third Party Claim (i) involving a criminal claim or regulatory enforcement action, (ii) involving relief other than monetary damages, other than a Third Party Claim of infringement or misappropriation of Intellectual Property rights seeking both injunctive relief and monetary damages or (iii) if the Indemnified Party has been advised in writing by outside counsel that a reasonable likelihood exists of a conflict of interest between the Indemnifying Party and the Indemnified Party. If the Indemnifying Party does not assume the defense and control of any Third Party Claim pursuant to this Section 10.3, the Indemnified Party shall be entitled to assume and control such defense, but the Indemnifying Party may nonetheless participate in the defense of such Third Party Claim with its own counsel and at its own expense. Buyer and Seller shall, and shall cause each of their Representatives to, reasonably cooperate in the defense of any Third Party Claim, including by furnishing books and records, personnel and witnesses and access to real and personal property, as appropriate, for any defense of such Third Party Claim. If the Indemnifying Party has assumed the defense and control of a Third Party Claim, it shall be authorized to consent to a settlement of, or the entry of any judgment arising from, any Third Party Claim, in its sole discretion and without the consent of any Indemnified Party; provided that (A) such settlement or judgment does not (1) impose any equitable or other non-monetary remedies or obligations on the Indemnified 

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Party but involves solely the payment of money damages for which the Indemnified Party will be indemnified by the Indemnifying Party hereunder and (2) involve a finding or admission of any violation of Law, and (B) the Indemnifying Party shall obtain, as a condition of any settlement, a complete and unconditional release of the Indemnified Party potentially affected by such Third Party Claim from all Liability with respect to such Third Party Claim. No Indemnified Party will consent to the entry of any judgment or enter into any settlement or compromise with respect to a Third Party Claim without the prior written consent of the Indemnifying Party, with such consent not to be unreasonably withheld, conditioned or delayed; provided that, notwithstanding the foregoing, the Indemnified Party shall have the right to pay or settle any such claim if it (x) irrevocably waives in writing delivered to the Indemnifying Party any right to indemnity therefor under this Agreement, (y) does not impose any equitable or other non-monetary remedies or obligations on the Indemnifying Party and (z) does not involve a finding or admission of any violation of Law.
Section 10.4    Mitigation; No Duplication; No Circular Recovery. Each Indemnified Party shall take all reasonable steps to mitigate its respective Losses (including using commercially reasonable efforts to recover under applicable insurance policies or other indemnities and incurring costs only to the minimum extent necessary to remedy the breach that gives rise to such Losses) upon and after becoming aware of any event or condition which could reasonably be expected to give rise to any Losses that are indemnifiable under this Agreement. In no event shall any Indemnified Party be entitled to duplicate compensation with respect to the same Loss under more than one provision of this Agreement or the other documents entered into in connection with this Agreement. No Party shall be entitled to indemnification under this Article X for any Losses to the extent such Losses were specifically included in the calculation of the Tangible Book Value or the Final Cash Purchase Price pursuant to Section 2.5. Without limiting the generality of the prior sentence, if a set of facts, conditions or events constitutes a breach of more than one representation, warranty, covenant or agreement that is subject to an indemnification obligation under this Article X, then only one recovery of indemnifiable Losses shall be allowed, and in no event shall there be any indemnification or duplication of payments or recovery under different provisions of this Agreement arising out of the same facts, conditions or events. Notwithstanding anything to the contrary herein or in any organizational documents of any Acquired Company, Seller shall not be entitled to exculpation, indemnification or contribution from Buyer or, after Closing, any Acquired Company for or in connection with any facts or circumstances that are the subject matter of or related to an indemnification claim under this Article X brought by any Buyer Indemnitee.
Section 10.5    Exclusive Remedy. Notwithstanding any other provision of this Agreement to the contrary, this Article X will be the sole and exclusive remedy of the Parties for money damages from and after the Closing Date for any claims arising under this Agreement, including claims of inaccuracy in or breach of any representation, warranty, covenant or agreement hereunder; provided, however, that the foregoing will not be deemed a waiver by any Party of any right to seek specific performance or injunctive relief pursuant to Section 11.8.
Section 10.6    Tax Treatment. Any indemnification payments made under this Article X shall be treated for Tax purposes, to the extent permitted by Law, as adjustments to the Purchase Price.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.1    Notices. All notices, requests, consents, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given or made (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (d) on the third (3rd) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, in each case addressed as follows or to such other address or addresses of which the respective Party shall have notified the other in accordance with this Section 11.1.
If to Seller or the Guarantor, to:

North Bay Holdings Limited
c/o Enstar Group Limited

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Windsor Place, 3rd Floor
22 Queen Street
Hamilton, HM11
Bermuda
Attention:    Paul J. O’Shea
Facsimile:    (441) 292-6603
Email:        Paul.OShea@enstargroup.com
With a copy (which shall not constitute notice) to: 

Hogan Lovells US LLP
1735 Market Street, Suite 2300
Philadelphia, Pennsylvania 19103
Attention:    Robert C. Juelke
Facsimile:    (267) 675-4601
Email:        bob.juelke@hoganlovells.com
If to Buyer, to:

Core Specialty Insurance Holdings, Inc.
89 Waterfowl Road
Bluffton, South Carolina 29910
Attention:    Robert F. Kuzloski
Email:        robert.kuzloski@gmail.com
With a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP
One Manhattan West 
New York, New York 10001
Attention:    Todd E. Freed
Jon A. Hlafter
Facsimile:    (212) 735-2000
Email:        todd.freed@skadden.com
jon.hlafter@skadden.com

c/o Dragoneer Investment Group, LLC
One Letterman Dr., Bldg. D, Suite M500
San Francisco, CA 94129
Attention:    Michael Dimitruk
Email:        michael@dragoneer.com

c/o SkyKnight Capital, L.P.
One Letterman Dr., Bldg. C, Suite 3-950
San Francisco, CA 94129
Attention:    Matt Ebbel
Email:        matt@skyknightcapital.com
Section 11.2    Expenses. Except as otherwise expressly provided herein, each of Buyer, Seller and the Guarantor will bear its own Taxes, fees, costs and expenses incurred in connection with the negotiation of this Agreement and the consummation of the transactions contemplated hereby, including legal, accounting and other advisory fees and expenses, whether or not such transactions are consummated. 
Section 11.3    Entire Agreement; Modification. This Agreement (together with the Seller Disclosure Schedules, the Buyer Disclosure Schedules and Exhibits hereto and the documents referred to herein) sets forth the entire agreement and understanding between the Parties and supersedes all prior agreement or understanding, written or oral, relating to the subject matter of this Agreement, including the Confidentiality Agreement. No amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the Party to be bound thereby, and in accordance with Section 11.12.

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Section 11.4    Assignment; Binding Effect; Severability. This Agreement, and the rights, interests, obligations and Liabilities hereunder, may not be assigned by any Party without the prior written consent of the other Party, and any proposed assignment of this Agreement or the rights, interests, obligations and Liabilities hereunder in violation hereof shall be void ab initio and of no force or effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors and permitted assigns of each Party. The provisions of this Agreement are severable. In the event that any one or more provisions are deemed illegal or unenforceable under applicable Law the remaining provisions shall remain in full force and effect unless the deletion of such provision shall cause this Agreement to become materially adverse to any Party, in which event the Parties shall use commercially reasonable efforts to arrive at an accommodation that best preserves the original intent of the Parties as closely as possible to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.
Section 11.5    Governing Law. This Agreement and all litigation, claims, actions, suits, hearings or proceedings (whether civil, criminal or administrative and whether based on contract, tort or otherwise), directly or indirectly, arising out of or relating to this Agreement, any of the transactions contemplated by this Agreement or the actions of Seller or Buyer in the negotiation, administration, performance and enforcement hereof or thereof, shall be interpreted and governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to any choice or conflict of Laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware.
Section 11.6    Waiver of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND AGREES TO CAUSE EACH OF ITS AFFILIATES TO WAIVE, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING THE EQUITY FINANCING, OR THE ACTIONS OF A PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY OR ITS AFFILIATES WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) MAKES THIS WAIVER VOLUNTARILY AND (D) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.6.
Section 11.7    Jurisdiction. Subject to Section 2.5, each of the Parties hereby (a) expressly and irrevocably submits to the exclusive personal jurisdiction of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery and any state appellate court therefrom declines to accept jurisdiction over a particular matter, any United States federal court or other state court located in the State of Delaware having jurisdiction over such dispute) in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery and any state appellate court therefrom declines to accept jurisdiction over a particular matter, any United States federal court or other state court located in the State of Delaware having jurisdiction over such dispute); provided that each of the Parties shall have the right to bring any action or proceeding for enforcement of a judgment entered by any United States federal court located in the State of Delaware or any Delaware state court in any other court or jurisdiction.
Section 11.8    Specific Performance. The Parties agree that if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist, and damages would be difficult to determine, and that the Parties shall be entitled to seek specific performance of the terms hereof, without requiring proof of damages or posting of a bond. The rights and remedies of the Parties shall be cumulative (and not alternative). Notwithstanding the foregoing or anything else in this Agreement to the contrary, the Parties hereby acknowledge and agree that Seller shall only be entitled to seek specific performance to cause Buyer to draw down the full proceeds of the Equity Financing or to cause Buyer to effect the Closing in accordance with Section 2.2, on the terms and subject to the conditions in this Agreement, if (a) all conditions in Section 8.1 and Section 8.2 have been satisfied as of the date the Closing is required to have occurred pursuant to Section 2.2 (other than conditions that by their nature are to be satisfied at the Closing), (b) Buyer fails to complete the Closing by the date the Closing is required to have occurred 

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pursuant to Section 2.2 and (c) Seller has irrevocably confirmed in writing to Buyer that if specific performance is granted and the Equity Financing is funded, then the Closing will occur.
Section 11.9    No Recourse; Sole and Exclusive Remedy.
(a)    Notwithstanding anything in this Agreement to the contrary, Seller and the Guarantor each acknowledge and agree, both for themselves and their respective Subsidiaries, stockholders and Affiliates, that no recourse under, based upon, arising out of or relating to this Agreement, the Equity Commitment Letters or any documents or agreements referenced therein may be had by any of them against any Affiliate of Buyer, any other Person or any such Affiliate’s or other Person’s respective direct or indirect former, current or future Affiliates, general or limited partners, stockholders, controlling persons, equityholders, managers, managing companies, members, directors, officers, employees, agents, Representatives, advisers, successors or assigns, actual or prospective financing sources (including the Equity Investors) or arrangers (in each case other than the Equity Investors, to the extent set forth in the Equity Commitment Letters, and Dragoneer Global Fund II, L.P., Dragoneer Opportunities Fund IV, L.P., SkyKnight Capital Fund II, L.P. and Corinthian DC Holdings, LP, to the extent set forth in their respective equity commitment letters to Corinthian DF Holdings, LP) (collectively, the “Non-Recourse Persons”), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable Law; provided that the foregoing shall not limit or otherwise impact Buyer’s obligations under this Agreement and Buyer’s obligations under the Equity Commitment Letters.
(b)    Notwithstanding anything in this Agreement to the contrary, in the event Buyer fails to effect the Closing (including due to the fact that the Equity Financing is not available to Buyer), Seller’s sole and exclusive remedy (whether at law, in equity, in contract, in tort or otherwise) (other than in connection with Fraud for which all applicable legal and equitable remedies shall be available to Seller) against the Non-Recourse Persons shall be the seeking of an order of specific performance as and only to the extent expressly permitted by Section 11.8, and Seller shall not be entitled to bring or maintain any Action for monetary damages against any of the foregoing Persons in connection therewith or any matters forming the basis for such termination.
Section 11.10    Execution in Counterparts; Effectiveness. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement shall become effective when each Party and the Guarantor shall have received counterparts thereof signed and delivered (by facsimile, email of a pdf attachment or otherwise) by each of the Parties and the Guarantor.
Section 11.11    No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall (a) confer on any Person other than the Parties and their respective successors and permitted assigns any rights (including third party beneficiary rights), or remedies under or by reason of this Agreement or (b) constitute the Parties as partners or as participants in a joint venture. Except as set forth in the immediately preceding sentence, this Agreement shall not provide Third Parties with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to the terms of this Agreement. No Third Party shall have any right, independent of any right that exists irrespective of this Agreement, under or granted by this Agreement, to bring any suit at Law or equity for any matter governed by or subject to the provisions of this Agreement.
Section 11.12    Amendment and Waiver. This Agreement may be amended with respect to any provision contained herein by action of the Parties taken by their boards of directors or by their duly authorized officers or employees, whether before or after such Party’s action. Any term or condition hereof may be waived by the Party which is entitled to the benefits thereof by action taken by its board of directors or its duly authorized officer or employee, whether before or after the action of such Party. Any such amendment or waiver shall be evidenced by a written instrument duly executed on behalf of each Party by its duly authorized officer or employee. The failure of any Party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision nor shall it in any way affect the validity of this Agreement or the right of such Party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach.
[Signature Pages Follow]
    

55

IN WITNESS WHEREOF, each Party and the Guarantor has caused this Agreement to be duly executed on its behalf by its duly authorized officer as of the date first written above.
CORE SPECIALTY INSURANCE HOLDINGS, INC.
By: /s/ Joseph E. (Jeff) Consolino 
     Name: Joseph E. (Jeff) Consolino 
     Title: President and Chief Executive Officer 
STARSTONE FINANCE LIMITED
By: /s/ Richard Cowling
     Name: Richard Cowling
     Title: StarStone Group CFO
NORTH BAY HOLDINGS LIMITED
By: /s/ Paul O'Shea
     Name: Paul O'Shea
     Title: Director
    

[Signature Page to Stock Purchase Agreement]

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