Document:

Exhibit 10.1

Conformed copy

 

AGREEMENT

 

 

This AGREEMENT, dated
as of February 22, 2016 (this “Agreement”), is by and among Bank Mutual Corporation, a Wisconsin corporation (the “Company”),
and the entities listed on Exhibit A hereto (each, a “Clover Party” and collectively, the “Clover
Parties”).

 

WHEREAS, the Clover
Parties are the beneficial owners of approximately 1,873,012 shares of common stock, par value $0.01 per share, of the Company
(the “Common Stock”);

 

WHEREAS, on January
21, 2016, the Clover Parties sent to the Company and filed with the Securities and Exchange Commission (the “SEC”)
a notice of its intention to nominate one or more individuals for election to the Company’s board of directors (the
“Board”) at the Company’s 2016 annual meeting of shareholders (the “2016 Annual Meeting”) and to
solicit proxies in support of their election;

 

WHEREAS, the Company
has determined that the interests of the Company and its shareholders would best be served by, and the Clover Parties have determined
that they would best be served by, (i) avoiding the substantial expense and disruption that would result from a proxy contest
for election of directors at the 2016 Annual Meeting, (ii) increasing the number of directors constituting the Board from
nine (9) to ten (10), and (iii) nominating Mike I. Shafir (the “Clover Nominee”) for election to the Board
at the 2016 Annual Meeting to fill the additional seat on the Board; and

 

WHEREAS, in consideration
of the agreements of the Company set forth herein, among other matters, and subject to the terms of this Agreement, each of the
Clover Parties has agreed to end its potential proxy contest, to vote for the election of the Company Nominees (as defined herein)
at the 2016 Annual Meeting, and to take or forego certain other actions.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

 

ARTICLE
1

DEFINITIONS

 

For purposes of this Agreement:

 

1.1             
“Affiliate” and “Associate” have the respective meanings set forth in Rule 12b-2 promulgated
by the SEC under the Exchange Act. The parties shall not be deemed to be Affiliates of each other as a result of their execution
of this Agreement.

 

1.2             
The terms “beneficial owner” and “beneficially own” have the meanings set forth in Rule 13d-3 promulgated
by the SEC under the Securities Exchange Act of 1934 (the “Exchange Act”).

 

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1.3             
“Clover Representative” shall mean Johnny Guerry as the representative of the Clover Parties for purposes of
this Agreement, as further set forth in Section 4.15 hereof.

 

1.4             
“Company Nominees” shall consist of David A. Baumgarten, Richard A. Brown, and Mark C. Herr

 

1.5             
“Meeting Nominees” shall consist of the Clover Nominee and the Company Nominees.

 

1.6             
“Minimum Ownership” shall mean beneficial ownership by the Clover Parties or their controlled Affiliates of
at least an aggregate of 1,300,000 shares of Common Stock (as adjusted for any stock dividends, stock splits, stock combinations,
reclassifications, recapitalizations) at any given time.

 

1.7             
“Standstill Period” means the period beginning on the date of this Agreement and ending on the earliest of (i) the
date of the Company’s 2019 annual meeting of shareholders; (ii) January 1, 2017 if the Clover Nominee resigns, or is
removed from the Board pursuant to Section 3.7.1, if such resignation or removal is on or before November 1, 2016; (iii) ninety
days after the date on which the Clover Nominee resigns or is removed from the Board pursuant to Section 3.7.1, if such resignation
or removal is on or after November 2, 2016; (iv) the date on which the Company or the Board breaches its obligations under
Section 3.1.1 or 3.1.2, or (v) the date that is thirty (30) days after the Company has received a notice from the Clover Representative
describing an alleged breach of Section 3.2.1 or Section 3.2.2 by the Company, if the Company has not cured any breach so described.

 

ARTICLE
2

REPRESENTATIONS AND WARRANTIES

 

2.1             
Authority; Binding Agreement. The Company hereby represents that this Agreement has been duly authorized, executed
and delivered by it, and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms. Each of the Clover Parties represents and warrants that this Agreement has been duly authorized, executed and delivered
by such Clover Party, and is a valid and binding obligation of such Clover Party, enforceable against such Clover Party in accordance
with its terms. Each of the parties hereto represents and warrants that the execution, delivery and performance of this Agreement
by such party does not and will not violate or conflict with (a) any law, rule, regulation, order, judgment or decree applicable
to such person or (b) result in any breach or violation of or constitute a default (or an event which with notice or lapse
of time or both could become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right
of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding
or arrangement to which such person is a party.

 

2.2             
Governmental Approval. Each of the parties hereto represents and warrants that, except in connection with the filing
by the Company with the SEC of a proxy statement and other proxy materials on Schedule 14A, and submission of an annual report
to shareholders, in connection with the 2016 Annual Meeting, no consent, approval, authorization, license or clearance of, or filing
or registration with, or notification to, any court, legislative, executive or regulatory authority or agency is required in order
to permit any party to this Agreement to perform such party’s obligations under this Agreement, except for such as have been
obtained and except that the Company makes no representation or warranty with respect to compliance by the Clover Parties with
laws related to notice or approval of control of federal savings banks or savings and loan holding companies to or by appropriate
financial institution regulators.

 

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2.3             
Bylaws. The Company represents and warrants to the Clover Parties that the Amended and Restated Bylaws of the Company
have not been amended or modified since May 7, 2007. An accurate and complete copy of such Bylaws of the Company was filed with
the SEC as an exhibit to the Company’s Current Report on Form 8-K dated May 7, 2007.

 

2.4             
Share Ownership. The Clover Parties represent and warrant that, as of the date hereof, they satisfy the Minimum Ownership.

 

ARTICLE
3

COVENANTS

 

3.1             
Clover Nominee; 2016 Annual Meeting; Board Size.

 

3.1.1       
The Company shall cause the Board and all applicable committees of the Board to take all necessary action to: (i) effective
as of the date of the 2016 Annual Meeting, increase the size of the Board from nine (9) to ten (10) members; (ii) nominate
only the Meeting Nominees for election to the Board at the 2016 Annual Meeting, for the class of directors whose terms will expire
at the 2019 annual meeting of shareholders; and (iii) assuming his election to the Board and that the Clover Nominee meets any
SEC or Nasdaq requirements for service thereon, appoint the Clover Nominee to the Audit Committee of the Board. The Company shall
cause the Board to recommend that the Company’s shareholders vote “FOR” all of the Meeting Nominees as directors
of the Company at the 2016 Annual Meeting. The Company shall include this recommendation in its proxy materials for the 2016 Annual
Meeting, cause the proxy used for the 2016 Annual Meeting to solicit authority to vote for the Meeting Nominees at the 2016 Annual
Meeting and cause the proxy holders identified in the Company’s definitive proxy statement for the 2016 Annual Meeting to
vote the shares represented by all proxies granted by the Company’s shareholders to such proxy holders in favor of each of
the Meeting Nominees other than in any case where such authority is withheld.

 

3.1.2       
Neither the Company nor the Board shall submit any matter to a shareholder vote at the 2016 Annual Meeting other than (i) the
election of the Meeting Nominees to the Board, (ii) the ratification of the appointment of the Company’s outside auditor,
and (iii) non-binding approval of executive compensation.

 

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3.2             
Non-Removal of Clover Nominee.

 

3.2.1       
Prior to the expiration of the Standstill Period, the Company and the Board shall take all actions necessary and appropriate
to oppose any action or threatened action (whether by consent solicitation or otherwise) to remove the Clover Nominee from the
Board other than for gross negligence or willful misconduct.

 

3.2.2       
In the event of the death or incapacity of the Clover Nominee (except pursuant to Section 3.7.1) or in the event that the
Clover Nominee ceases to be employed by any of the Clover Parties or any of their respective Affiliates, the Clover Parties shall
be entitled to designate a replacement for such Clover Nominee, subject to the approval of the Board’s Nominating and Governance
Committee, which approval shall not be unreasonably withheld.

 

3.3             
Termination of Proxy Contest; Voting.

 

3.3.1       
Immediately following, and effective as of, the satisfaction of the Company’s obligations under the first sentence
of Section 3.1.1, each of the Clover Parties shall (i) terminate any proxy solicitation efforts related to the 2016 Annual
Meeting and (ii) withdraw any nomination (if any) of any persons to stand for election at the 2016 Annual Meeting.

 

3.3.2       
Each of the Clover Parties agrees that it shall cause all shares of Common Stock beneficially owned by any of the Clover
Parties or any of its controlled Affiliates as of the record date for the 2016 Annual Meeting to be present for quorum purposes
and to be voted in favor of each of the Meeting Nominees for election at the 2016 Annual Meeting, and not in favor of any other
nominees to serve on the Board.

 

3.4             
Other Actions by the Clover Parties. During the Standstill Period, none of the Clover Parties shall itself or through
any of its Affiliates or Associates, or in concert with any other party, without the prior written consent of the Company specifically
expressed by a majority vote of the Board, directly or indirectly:

 

3.4.1       
Form, join in or in any other way participate in a “partnership, limited partnership, syndicate or other group”
within the meaning of Section 13(d)(3) of the Exchange Act with respect to any matter set forth in clause 3.4.3, 3.4.4, 3.4.5,
3.4.6, 3.4.7, or 3.4.8 below or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares
of Common Stock to any voting agreement or pooling arrangement, other than solely with other Clover Parties or their Affiliates
or pursuant to this Agreement;

 

3.4.2       
Solicit proxies or written consents of shareholders, or otherwise conduct any nonbinding referendum with respect to Common
Stock, or make, or in any way participate in, any “solicitation” of any “proxy” to vote any shares of Common
Stock with respect to any matter in opposition to any recommendation of the Board, or become a “participant” in any
contested solicitation for the election of directors with respect to the Company in opposition to the Board (as such terms are
defined or used under the Exchange Act);

 

3.4.3       
Engage in any solicitation to encourage the withholding of shareholder votes or proxies with respect to any director nominated
by the Company or any other proposal of the Company set forth in its proxy statement;

 

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3.4.4       
Except in the Clover Nominee’s capacity as a director of the Company, seek to call, or to request the call of, a meeting
of the shareholders of the Company;

 

3.4.5       
Without the prior consent of the Board or a committee thereof, solicit, seek to effect or negotiate with any person with
respect to, or propose to enter into or otherwise make any public announcement or proposal whatsoever with respect to any of the
following transactions: (i) a merger, consolidation, business combination, share exchange, restructuring, recapitalization
or acquisition involving the Company or any similar transaction involving all or substantially all of the assets of the Company
and its subsidiaries, taken as a whole; (ii) the sale, lease, exchange, pledge, mortgage or transfer (including through any
arrangement having substantially the same economic effect as a sale of assets) of all or substantially all of the assets of the
Company and its subsidiaries, taken as a whole; (iii) the purchase of 10% or more of the outstanding equity securities of
the Company, whether by tender offer, exchange offer or otherwise; or (iv) the liquidation or dissolution of the Company (any
transaction described in clause (i), (ii), (iii) or (iv) of this Section 3.4.5, a “Material Transaction”);

 

3.4.6       
Except in the Clover Nominee’s capacity as a director of the Company, submit any shareholder proposal (pursuant to
Rule 14a-8 of the Exchange Act or otherwise), or any notice of nomination or other business under the Company’s Bylaws,
or nominate or oppose directors for election, at the 2017 or 2018 annual meeting of shareholders of the Company;

 

3.4.7       
Acquire (or offer to acquire) any shares of Common Stock after which the Clover Parties would collectively own more than
4.5% of the outstanding shares of Common Stock;;

 

3.4.8       
Publicly (or privately to third parties) disparage the Company, any Director or any member of the management of the Company;

 

3.4.9       
Encourage, cooperate with or support any other party (or parties) in doing, attempting or planning to do, or announcing
its intention to do, any of the foregoing; or

 

3.4.10   
Publicly seek or publicly request permission to do any of the foregoing or publicly request to amend or waive any provision
of this Section 3.4 (including any of the preceding clauses (1)-(9) of this Section 3.4).

 

provided, however, that

 

3.4.11   
if a third party publicly announces a proposed bona fide Material Transaction or Tender Offer and none of the Clover Parties
has itself, or through any of its Affiliates or Associates, directly or indirectly solicited or directed such third party to propose,
initiate or effectuate such Material Transaction or tender offer (such publicly announced proposed bona fide Material Transaction
or tender offer, a “Third-Party Proposal”), the Clover Parties may take any action described in Section 3.4.6 or 3.4.7
(and any other action described in Section 3.4.1, 3.4.2, 3.4.3, 3.4.4, 3.4.6, or 3.4.8 to the extent that such action is reasonably
necessary to propose, initiate or effect a reasonably competitive Material Transaction or tender offer; provided, however,
that if the Third-Party Proposal is not a hostile Material Transaction or hostile tender offer, the preceding provision of this
Section 3.5(v) shall only grant the Clover Parties the right to take any action described in Section 3.5(e) or (g) (and any
other action described in Section 3.5(a), (b), (c), (d), (f) or (h)) to the extent that such action is reasonably necessary
to propose, initiate or effect a Material Transaction or tender offer that is reasonably considered to be superior to such Third-Party
Proposal;

 

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3.4.12   
it is understood and agreed that none of this Section 3.4 shall be deemed to prohibit the Clover Nominee from engaging
in any lawful act in such nominee’s capacity as a director that such nominee believes is reasonably necessary in connection
with such nominee’s exercise of such nominee’s fiduciary duties as a director; and

 

3.4.13   
the provisions of this Section 3.4 shall not limit (A) discussions (consistent with law and the Clover Nominee’s
fiduciary duties as a director) between the Clover Parties and the Clover Nominee, (B) discussions between the Clover Parties
and the Company or the Board, (C) the voting of shares of Common Stock held by any Clover Parties.

 

3.5             
Director Agreements. Notwithstanding anything to the contrary contained in this Agreement, the execution of any Company
form of commitment, agreement or confirmation in substantially the same form that has been or is reasonably requested of, or executed
by, each of the other Company directors as a consequence of their Board service by the Clover Nominee shall be a condition to the
service by the Clover Nominee on the Board. The Clover Nominee shall receive cash board fees on the same basis as other non-employee
Company directors, but shall not receive (and shall waive if necessary or appropriate) any equity awards and rights to deferred
compensation.

 

3.6             
Publicity.

 

3.6.1       
Promptly after the execution of this Agreement, the Company and the Clover Parties shall issue a joint press release substantially
in the form attached hereto as Exhibit B.

 

3.6.2       
If the Clover Parties are prohibited from taking any action described in Section 3.4.8, the Company shall not (whether itself
or through any of its Affiliates or Associates), and shall cause the Board not to, publicly (or privately to third parties) disparage
any of the Clover Parties, the Clover Nominee, or any officer, portfolio analyst or portfolio manager of any of the Clover Parties
unless the Clover Parties have failed to cure any breach of Section 3.4 within thirty (30) days after the Company has delivered
notice describing any such alleged breach to the Clover Representative.

 

3.7             
Minimum Ownership. 

 

3.7.1       
At any time prior to the expiration of the Standstill Period, at the request of the Company, the Clover Parties shall certify
to the Company in writing that the Clover Parties satisfy the Minimum Ownership. Prior to the 2016 Annual Meeting, the Clover Representative
shall notify the Company promptly (and in any event within one business day) if, at any time, the Clover Parties shall fail to
satisfy the Minimum Ownership. After the 2016 Annual Meeting but prior to the expiration of the Standstill Period, the Clover Representative
shall notify the Company promptly (and in any event within three business days) if, at any time, the Clover Parties shall fail
to satisfy the Minimum Ownership.

 

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3.7.2       
If, at any time after the Clover Nominee is elected to the Board but prior to the expiration of the Standstill Period, the
Clover Parties shall fail to satisfy the Minimum Ownership, the Clover Parties shall use their respective reasonable best efforts
to cause the Clover Nominee on the Board to resign immediately by executing and delivering to the Company an irrevocable resignation
as a member of the Board and from any committee thereof. If the Clover Nominee fails to immediately deliver an irrevocable resignation
pursuant to the immediately preceding sentence, the Board may promptly act to remove the Clover Nominee from any such positions.

 

3.7.3       
Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to perform
any of its obligations under, and none of the Clover Parties shall have any rights under:

 

(a)               
Section 3.1.1 or 3.1.2 unless at all times after the date hereof and prior to the 2016 Annual Meeting the Clover Parties
shall have satisfied the Minimum Ownership;

 

(b)              
Section 3.2 unless at all times after the date hereof and prior to the date on which the Clover Parties assert any right
under Section 3.2 the Clover Parties shall have satisfied the Minimum Ownership.

 

3.7.4       
The foregoing provisions of this Section 3.7 shall not in any way affect or limit the covenants and agreements of the Clover
Parties set forth elsewhere in this Agreement.

 

ARTICLE
4

OTHER PROVISIONS

 

4.1             
Remedies; Venue.

 

4.1.1       
Each party hereto hereby acknowledges and agrees that irreparable harm would occur if any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to specific performance of this Agreement, including an injunction or injunctions to prevent and enjoin breaches
of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in the United States District Court
for the Eastern District of Wisconsin, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements
for the securing or posting of any bond with such remedy are hereby waived.

 

4.1.2       
Each party hereto agrees that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby shall be brought solely and exclusively in the United States District Court for the Eastern District of Wisconsin
(and the parties agree not to commence any action, suit or proceeding relating thereto except in such court), and further agrees
that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 4.3
shall be effective service of process for any such action, suit or proceeding brought against any party in such court. Each party
irrevocably and unconditionally (i) waives any objection to venue of any action, suit or proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby, in the United States District Court for the Eastern District of Wisconsin,
and (ii) waives and agrees not to plead or claim in such court that any such action, suit or proceeding brought in such court has
been brought in any inconvenient forum.

 

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4.1.3       
In the event that it is determined that the United States District Court for the Eastern District of Wisconsin does not
have subject matter jurisdiction over any action contemplated by this Section, such action shall be brought in or transferred to
the Circuit Court for Milwaukee County, Wisconsin. In such event, each party irrevocably and unconditionally (i) waives any objection
to venue of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby,
in the Circuit Court for Milwaukee County, Wisconsin, and (ii) waives and agrees not to plead or claim in such court that any such
action, suit or proceeding brought in such court has been brought in any inconvenient forum.

 

4.2             
Entire Agreement; Amendment. This Agreement and the exhibits referred to herein and the documents delivered pursuant
hereto contain the entire understanding of the parties hereto with respect to the subject matter contained herein or therein and
supersede all prior agreements and understandings between the Company or any of its representatives, on the one hand, and any of
the Clover Parties or any of their respective representatives, on the other hand. This Agreement shall not be amended, modified
or supplemented except by a written instrument signed by an authorized representative of the Company and the Clover Representative.

 

4.3             
Notices. All notices and other communications required or permitted hereunder and all legal process in regard hereto
shall be in writing and shall be deemed validly given, delivered or served, (a) if given by telecopy (and thereafter promptly
sent by U.S. mail), when such telecopy is transmitted to the telecopy number set forth below and telephonic confirmation is received,
(b) if given personally, when delivered personally or (c) if sent by registered or certified mail or by nationally recognized
overnight courier service, when actually received during normal business hours at the address specified below:

 

	If to the Company:	 	Bank Mutual Corporation
	 	 	Attention:  David A. Baumgarten
	 	 	President and Chief Executive Officer
	 	 	4949 West Brown Deer Road
	 	 	Milwaukee, WI  53224-9534
	 	 	Facsimile:  414-362-6195
	 	 	 
	 	 	 
	 	 	 
	with a copy to:	 	Quarles & Brady LLP
	 	 	Attention:  James D. Friedman and Kenneth V. Hallett
	 	 	411 East Wisconsin Avenue, Suite 2350
	 	 	Milwaukee, WI  53202
	 	 	Facsimile:  414-271-3552
	 	 	 
	If to any of the	 	Johnny Guerry
	Clover Parties:	 	Managing Partner/Portfolio Manager
	 	 	Clover Partners, L.P.
	 	 	100 Crescent Court
	 	 	Suite 575
	 	 	Dallas, TX 75201
	 	 	214-273-5205
	 	 	 
	with a copy to:	 	Phillip Goldberg
	 	 	Foley & Lardner LLP
	 	 	321 Clark Street
	 	 	Suite 2800
	 	 	Chicago, IL 60654-5313
	 	 	Facsimile:  312-832-4700

 

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or to such other address as such party may indicate by a notice
delivered to the other parties hereto in accordance with this Section 4.3.

 

4.4             
Severability. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and
valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of
such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision
or provisions or any other provisions hereof, unless such a construction would be unreasonable.

 

4.5             
Waiver. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by
the party or parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently authorized for the purposes
of this Agreement if, as to any party, it is authorized in writing by an authorized representative of such party. The failure of
any party hereto to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision,
nor in any way to affect the validity of this Agreement or any part hereof or the right of any 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.

 

4.6             
Expenses. Each party shall bear its own expenses in connection with this Agreement and the 2016 Annual Meeting.

 

4.7             
Term. This Agreement shall remain in full force and effect from the date hereof until the expiration of the Standstill
Period.

 

4.8             
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws (other than
the conflicts of law provisions) of the State of Wisconsin.

 

4.9             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided, however, that (a) the Company may not delegate, assign or otherwise
transfer any of its obligations under this Agreement without the prior written consent of the Clover Representative and (b) none
of the Clover Parties may delegate, assign or otherwise transfer any of its obligations under this Agreement without the prior
written consent of the Company.

 

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4.10         
Survival of Representations. All representations and warranties made by the parties to this Agreement or pursuant
hereto shall survive the execution of this Agreement.

 

4.11         
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

4.12         
Interpretation. Nothing contained herein shall be constituted as an admission by any party hereto of any wrongdoing.
Titles to Articles and headings of Sections are inserted for convenience of reference only and shall not be deemed a part of or
to affect the meaning or interpretation of this Agreement. Each of the parties hereto acknowledges that it has been represented
by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement and that it has executed
this Agreement with the advice of such independent counsel. Each party and its counsel cooperated and participated in the drafting
and preparation of this Agreement, and this Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted.

 

4.13         
Time is of the Essence. With respect to all dates and time periods set forth or referred to in this Agreement, time
is of the essence.

 

4.14         
No Third-Party Beneficiaries. Nothing in this Agreement, expressed or implied, is intended or shall be construed
to confer upon or give to any person other than the parties hereto and their successors and permitted assigns any right, remedy
or claim under or by reason of this Agreement.

 

4.15         
Clover Representative. Each of the Clover Parties hereby irrevocably appoints Johnny Guerry as such Clover Party’s
attorney-in-fact and representative (the “Clover Representative”), in such Clover Party’s place and stead, to
do any and all things and to execute any and all documents and give and receive any and all notices or instructions in connection
with this Agreement and the transactions contemplated hereby. The Company shall be entitled to rely, as being binding on each of
the Clover Parties, upon any action taken by the Clover Representative or upon any document, notice, instruction or other writing
given or executed by the Clover Representative on behalf of the Clover Parties.

 

 

[signature page follows]

 

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IN WITNESS WHEREOF, each of the undersigned
parties has executed or caused this Agreement to be executed as of the date first above written.

 

	BANK MUTUAL CORPORATION 	 
	By:	 
	    /s/ David A. Baumgarten	 
	 	 
	David A. Baumgarten	 
	President and Chief Executive Officer	 
	 	 
	 	 
	CLOVER PARTNERS, L.P.	 
	By:	 
	   /s/ Johnny Guerry	 
	 	 
	Name: John Guerry	 
	Title: Managing Partner	 
	 	 
	 	 
	MHC MUTUAL CONVERSION FUND, L.P.	 
	By:	 
	   /s/ Johnny Guerry	 
	 	 
	Name: John Guerry	 
	Title: Managing Partner	 
	 	 
	 	 
	CLOVER INVESTMENT, L.L.C.	 
	By:	 
	   /s/ Johnny Guerry	 
	 	 
	Name: John Guerry	 
	Title: Managing Partner	 
	 	 
	 	 
	/s/ Johnny Guerry	 
	 JOHNNY GUERRY	 
	 	 

 

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Exhibit A

 

Clover Parties

 

Clover Partners, L.P., a Texas limited partnership

 

MHC Mutual Conversion Fund, L.P., a Texas limited partnership

 

Clover Partners Management, L.L.C., a Texas limited liability
company

 

Johnny Guerry, a Texas resident individual

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Exhibit B

 

Form of Press Release

 

 

 

BANK MUTUAL CORPORATION AND CLOVER PARTNERS L.P. ANNOUNCE
NEW DIRECTOR NOMINEE 

 

Mike Shafir being Nominated to Join Bank Mutual Corporation
Board of Directors

Milwaukee, WI – February __, 2016 – Bank Mutual Corporation (NASDAQ: BKMU) and Clover Partners, L.P., today announced
that they have reached an agreement under which Mike I. Shafir, an Analyst with Clover Partners, L.P., is being nominated to Bank
Mutual Corporation’s Board of Directors for election at its Annual Meeting of Shareholders to be held on May 2, 2016. With
this addition, the Bank Mutual Board would be expanded from nine members to ten; the three Bank Mutual directors whose terms expire
at the 2016 annual meeting are also being nominated for re-election.

 

“We are pleased to have reached this agreement with Clover
Partners and look forward to having Mike Shafir as a new director,” said Dave Baumgarten, Bank Mutual Corporation’s
CEO. “We have known Mike for many years as an investment professional focused on the financial institutions industry, and
we look forward to his contributions to the Board.”

 

“We are pleased to have Mike be nominated to join the
Bank Mutual Corporation Board of Directors and actively work with the Board on behalf of shareholders,” said Johnny Guerry,
Managing Partner of Clover Partners.

 

Pursuant to the agreement, Clover Partners
will not propose its own nominees as directors at Bank Mutual Corporation’s 2016 Annual Meeting or oppose management’s
director nominees.

 

[Standard BKMU description]

 

[Standard Clover description]

 

[Standard BKMU cautionary statement]

 

 

 

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    13Exhibit

FIRST AMENDMENT TO CREDIT AGREEMENT AND CONSENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND CONSENT (this “Agreement”)
is entered into as of November 6, 2015 (the “Effective Date”) among LIFELOCK, INC., a Delaware corporation (the “Borrower”), the Guarantors, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent. All capitalized terms used herein and not otherwise defined herein shall have  the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the parties have entered into that certain Credit Agreement dated as of January 9, 2013 among the Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (as amended or modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below.

NOW, THEREFORE, in consideration of the premises and the mutual covenants  contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Amendments.  The Credit Agreement is hereby amended as follows:

(a)Clause (c) in the definition of “Base Rate” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

(c)    the Eurodollar Rate plus 1.00%; and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

(b)The definition of “Change of Control” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Change of Control” means the occurrence of any of the following events:

(a)any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan  of such person or its subsidiaries, and any person or entity 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 Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an “option  right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 35% or more of the Equity Interests of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or

(b)during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing

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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 or nomination 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)Clause (a) in the definition of “Consolidated Cash EBITDA” in Section 1.01 of the Credit Agreement is hereby amended to delete the “and” after subsection (viii), replace the “;” at the end of subsection (ix) with “; and” and to add a new subsection (x) to read as follows:

(x) beginning with the quarter ending December  30,  2014,  settlement  payments, legal expenses, administration fees and other third party costs actually incurred or expensed and related to the litigation and settlement of the Ebarle Class Action Lawsuit, the FTC Contempt Action and the States’ Attorneys General Matters; provided, that, the aggregate amount that may be added back pursuant to this clause (a)(x) shall not exceed $130,000,000 during the term of this Agreement;

(d)The definition of “Eurodollar Base Rate” in Section 1.01 of the Credit  Agreement is hereby amended to read as follows:

“Eurodollar Base Rate” means:

(a)for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published by Bloomberg (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) (in such case, the “LIBOR Rate”) at approximately 11:00  a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and

(b)for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at approximately 11:00 a.m., London time determined two Business Days prior to such date for Dollar deposits with a term of one month commencing that day;

provided that (i) to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied as otherwise reasonably determined  by the Administrative Agent and (ii) if the Eurodollar Base Rate shall be less  than zero, such rate shall be deemed zero for purposes of this Agreement.

(e)The definition of “Guarantors” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

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“Guarantors” means (a) each Domestic Subsidiary of the Borrower identified as a “Guarantor” on the signature pages hereto, (b) each other Person that joins as a Guarantor pursuant to Section 7.12, (c) with respect to (i) Obligations under any Swap Contract between any Loan Party and any Swap Bank that is permitted to be incurred pursuant to Section 8.03(d), (ii) Obligations under any Treasury Management Agreement between any Loan Party and any Treasury Management Bank and (iii) any Swap Obligation of a Specified Loan Party (determined before giving effect to Sections 4.01 and 4.08) under the Guaranty, the Borrower, and (d) the successors and permitted assigns of the foregoing.

(f)The definition of “Letter of Credit Sublimit” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Letter of Credit Sublimit” means an amount equal to the lesser of (a) the Aggregate Revolving Commitments and (b) (i) $2,000,000, until the later of (x) the one
(1) year anniversary of the Litigation Matters Settlement Date, and (y) the date the Loan Parties have obtained court approval of settlements with at least 50% of the States with States’ Attorneys General Matters, and (ii) thereafter, $10,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.

(g)The definition of “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Loan Documents” means this Agreement, each Note, each Issuer Document, each Joinder Agreement, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14 of this Agreement, the Collateral Documents, the Fee Letter and any other document or agreement which the Loan Parties and the applicable counterparties thereto designate to be a “Loan Document.”

(h)The definition of “Obligations” in Section 1.01 of the Credit Agreement  is hereby amended to read as follows:

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with  respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by  or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. The foregoing shall also include (a) all obligations under any Swap Contract between any Loan Party and any Swap Bank that is permitted to be incurred pursuant to Section 8.03(d) and (b) all obligations under any Treasury Management Agreement between any Loan Party and any Treasury Management Bank; provided, however, that the “Obligations” of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

(h)    The  following  definitions  are  hereby  added  to  Section  1.01  of     the  Credit Agreement in appropriate alphabetical order to read as follows:

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §  1
et seq.).

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“Ebarle Class Action Lawsuit” means the lawsuit styled Napoleon Ebarle and Jeanne Stamm, on behalf of themselves and all others similarly situation v. Lifelock, Inc., 3:15-cv-00258-HSG currently pending in the United States District Court for the  Northern District of California.

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant under a Loan Document by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 4.08 and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply to only the portion of such Swap Obligation that is attributable to Swap Contracts for which such Guaranty or security interest is or becomes illegal.

“FTC Contempt Action” means the contempt motion filed in the lawsuit styled Federal Trade Commission v. Lifelock, Inc., 2:10-cv-00530-MHM currently pending in the United States District Court for the District of Arizona.

“First Amendment Effective Date” means November 6, 2015.

“Litigation Matters” means the FTC Contempt Action, the Ebarle Class Action Lawsuit, the States’ Attorneys General Matters and that certain lawsuit styled Avila v. Lifelock, Inc., Case No. 2:15-cv-01398-SRB currently pending in the United States District Court for the District of Arizona.

“Litigation Matters Escrow Date” means the date the settlement in principal in each of the FTC Contempt Action and Ebarle Class Action Lawsuit has been reached, settlement documentation has been executed by the applicable parties (provided that such settlements may still be subject to approval by the applicable courts) and cash sufficient to pay such settlements in full upon applicable court approval has been escrowed in a manner satisfactory to the Administrative Agent.

“Litigation Matters Settlement Date” means the date on which the applicable courts have approved the settlement agreements for both the FTC Contempt Action (after approval by the Federal Trade Commission but excluding, for the avoidance of doubt, resolution of any potential States’ Attorneys General Matters) and the Ebarle Class Action.

“Master Agreement” has the meaning specified in the definition of “Swap Contract.”

“Qualified ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an

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“eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

“Specified Loan Party” has the meaning specified in Section 4.08.

“ States’ Attorneys General Matters” means any proceedings currently pending or initiated on or before November 6, 2016 by states’ attorneys general related to the issues presented in the FTC Contempt Action.

“Supermajority Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 66 and 2/3% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Supermajority Lenders at any time; provided that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swing Line Lender or L/C Issuer, as the case may be, in making such determination.

“Swap Obligations” means with respect to any Guarantor 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.

(i)A new Section 4.08 is hereby added to the Credit Agreement to read as follows:

4.08    Keepwell.

Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty in this Article IV by any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange Act (a “Specified Loan Party”) or the grant of a security interest under the Loan Documents by any such Specified Loan Party, in either case, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under this Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article IV voidable under applicable Debtor Relief Laws, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section 4.08 shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this Section 4.08  to constitute, and this Section 4.08 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Specified Loan Party for all purposes of the Commodity Exchange Act.

(j)The following sentence is added to the end of Section 5.02 to the Credit Agreement:

Notwithstanding anything to the contrary set forth in the Loan Documents, from and after the First Amendment Effective Date, until the later to occur of (i) the one (1) year anniversary of the Litigation Matters Settlement Date, or (ii) the date the Loan   Parties

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have obtained court approval of settlements with at least 50% of the States with States’ Attorneys General Matters, after giving effect to any Request for Credit Extension, the Total Revolving Outstandings may not exceed $25,000,000 (unless the Supermajority Lenders have consented in writing to a higher amount), the proceeds of all  Revolving Loans and Swing Line Loans advanced during such period must be used to consummate Permitted Acquisitions and, in conjunction with any Request for Credit Extension, the Borrower must deliver to the Administrative Agent a certificate of a Responsible Officer certifying the applicable Loan Parties’ intended use of all such Revolving Loans and Swing Line Loans.

(k)Section 7.02 of the Credit Agreement is hereby amended by removing the word “and” at the end of subsection (i), replacing the “.” at the end of subsection (j) with the words “; and” and adding the following subsection (k):

(k)from the First Amendment Effective Date until the later of (i) one (1) year after the Litigation Matters Settlement Date or (ii) such time as the Loan Parties  have obtained court approval of settlements with at least 50% of the States with States’ Attorneys General Matters, monthly reports on the status of the Litigation Matters, including material non-compliance with any settlement entered into in connection with any of the Litigation Matters.

(l)Section 7.03 of the Credit Agreement is amended to add the following new subsections (f), (g), (h) and (i):

(f)From and after the First Amendment Effective Date until the occurrence of the Litigation Matters Settlement Date, participate in update calls with Lenders, the Administrative Agent, the chief financial officer of the Borrower and other necessary officers of the Borrower, upon the reasonable request of the Administrative Agent, to discuss the Litigation Matters and any issues concerning the Borrower’s subscriber base or financial performance.

(g)From and after the First Amendment Effective Date until the later of (i) one (1) year after the Litigation Matters Settlement Date or (ii) such time as the Loan Parties have obtained court approval of settlements with at least 50% of the States with States’ Attorneys General Matters, promptly (but in no event later than five (5) Business Days after receipt) provide copies of any material written communication from any court, government agency or regulator regarding any material non-compliance with any settlement entered into in connection with any of the Litigation Matters.

(h)From and after the First Amendment Effective Date until the later of (i) one (1) year after the Litigation Matters Settlement Date or (ii) such time as the Loan Parties have obtained court approval of settlements with at least 50% of the States with States’ Attorneys General Matters, promptly (but in no event later than five (5) Business Days after receipt) provide copies of any material written communications from the Securities Exchange Commission or the Federal Trade Commission.

(i)Upon the reasonable written request of the Administrative Agent,  provide the Administrative Agent (for subsequent delivery by it to the Lenders and their agents) with such access to information and management of the Loan Parties as may be reasonably  requested  from  time  to  time,  including,  without  limitation,    information

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requests relating to the status and Loan Parties’ progress in resolving the Litigation Matters.

(m)The first sentence of Section 7.12 of the Credit Agreement is hereby amended and restated to read as follows:

Within thirty (30) days after the acquisition or formation of any Subsidiary, or such other later time as agreed to in writing by the Administrative Agent:

(n)Section 8.02(g) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(g) Permitted Acquisitions, so long  as,  for  any  Permitted  Acquisition  occurring after October 1, 2015 and prior to the Litigation Matters Escrow Date, after consummation of any such acquisition the Loan Parties’ cash reserves and marketable securities would exceed $150,000,000 unless the Supermajority Lenders have consented in writing to a lower amount of cash reserves and marketable securities.

(o)Section 8.06(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(c)   the Borrower may make any additional Restricted Payments; provided,    that, (w) no Default or Event of Default exists immediately prior to and after giving effect to any such Restricted Payment, (x) immediately after giving effect to any such  Restricted Payment, the Borrower has at least $10,000,000 of cash, Cash Equivalents and availability under the Aggregate Revolving Commitments; (y) after giving effect to any such Restricted Payment on a Pro Forma Basis, the Consolidated Leverage Ratio is less than 1.0 to 1.0 as of the most recent fiscal period end for which the Borrower was required to deliver financial statements pursuant to Section 7.01(a) or (b); and (z) if such Restricted Payment is made after October 1, 2015 but prior to the occurrence of the Litigation Matters Escrow Date, the Loan Parties’ cash reserves and marketable securities after making such Restricted Payment would exceed $150,000,000, unless the Supermajority Lenders have consented in writing to a lower amount of cash reserves and marketable securities.

(p)A new Section 8.11(c) is hereby added to the Credit Agreement to read as follows:

(c) Minimum Consolidated Cash EBITDA. From and after  the  First  Amendment Effective Date until the end of the fourth full fiscal quarter ending after the Litigation Matters Settlement Date, permit Consolidated Cash EBITDA as of the end of any fiscal quarter of the Borrower to be less than $60,000,000 for the period of four fiscal quarters of the Borrower ended on such date.

(q)Section 9.03 of the Credit Agreement is hereby amended to add the following sentence at the end thereof to read as follows:

Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made with respect to payments from other Guarantors to preserve  the allocation to Obligations otherwise set forth above in this Section.

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(r)Section 11.01(a) of the Credit Agreement is amended to delete the “or” at the end of subsection (v), replace the “;” at the end of subsection (vi) with “; or” and adding the following subsection (vii) to read as follows:

(vii) change any provision of the Credit Agreement requiring consent of the Supermajority Lenders or change the definition of “Supermajority Lenders” without the written consent of the Supermajority Lenders;

(s)Section 11.04(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(i) all reasonable  out-of-pocket  expenses  incurred  by  the  Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, the Litigation Matters (including the costs incurred in retention of any advisors to analyze the Litigation Matters or the impact of any proposed settlements or compromises proposed that relate to the Litigation Matters), or any amendments, modifications or waivers of the  provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),

		
	2.
	LifeLock Consumer Development LLC Consent.   Notwithstanding the terms of   Section

7.12 of the Credit Agreement, the Administrative Agent and the Lenders hereby agree, effective as of September 5, 2015, that the Loan Parties shall have until November 15, 2015 to deliver to the Administrative Agent all documentation necessary to satisfy the requirements of Sections 7.12(a) and (b) of the Credit Agreement as they relate to the joinder of LifeLock Consumer Development LLC. The above consent shall not modify or affect the Loan Parties’ obligations to comply fully with the terms of Section 7.12 of the Credit Agreement or any other duty, term, condition or covenant contained in the Credit Agreement or any other Loan Document in the future. The consent is limited solely to the specific consent identified above and nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any Lender may have under the Credit Agreement or any other Loan Document or under applicable law.

3.Conditions  Precedent.    This  Agreement  shall  be  effective  upon  satisfaction   of  the following conditions precedent:

(a)receipt by the Administrative Agent of counterparts of this Agreement duly executed by (i) a Responsible Officer of the Borrower and each Guarantor, (ii) the Required Lenders and (iii) the Administrative Agent;

(b)receipt by the Administrative Agent’s of such certificates of resolutions or other action and incumbency certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; and

(c)payment of all reasonable out-of-pocket costs and expenses of the Administrative Agent and the Lenders (including reasonable fees and expenses of legal counsel) in connection with this Agreement to the extent invoiced as of the date hereof (paid directly to such counsel if

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requested by the Administrative Agent or Lenders (as applicable)), without prejudice to a final settling of accounts between the Administrative Agent and the Loan Parties.

		
	4.
	Post-Closing Covenants.  On or before November 6, 2015, the Borrower shall:

(a)pay to the Administrative Agent, for the account of each Lender that delivers a signature page to this Agreement, an amendment fee in an amount equal to 0.10% of such Lender’s Revolving Commitment as of the Effective Date (collectively, the “Amendment Fees”) which Amendment Fees will be fully earned on the Effective Date and due and payable on November 6, 2015; and

(b)pay to the Administrative Agent, for its own account, a work fee in an amount equal to 0.10% of the Aggregate Revolving Commitments as of the Effective Date (the “Work Fee”), which Work Fee will be fully earned on the Effective Date and due and payable on November 6, 2015.

5.FATCA. For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

6.Reaffirmation of Credit Agreement. The Credit Agreement and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

		
	7.
	Reaffirmation of Guaranties. Except as expressly provided herein, each Guarantor hereby

(a) acknowledges and consents to all of the terms and conditions of this Agreement, (b) affirms all of its obligations under the Loan Documents to which it is a party and (c) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge such Guarantor's obligations under the Loan Documents to which it is a party.

		
	8.
	Reaffirmation of Security Interests. Except as expressly provided herein, each Loan Party

(a) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (b) agrees that this Agreement shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

9.Release. Each of the Loan Parties hereby releases and forever discharges the Administrative Agent, the Lenders and each of the Administrative Agent’s and the Lenders’ predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent arising in connection with the Loan Documents, this Agreement or any of the negotiations, activities, events or circumstances arising out of or related to the Loan Documents or this Agreement through the Effective Date, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any of the Loan Parties may have or claim to have against any of the Lender Group; provided, that nothing will constitute a release or discharge of the Credit Agreement or of the effectiveness of the Loan Documents  or this Agreement from and after the Effective Date.

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	10.
	Miscellaneous.

(a)The Credit Agreement (as amended hereby) and the obligations of the Loan Parties thereunder and under the other Loan Documents are hereby ratified and confirmed and shall remain in full force and effect according to their terms. This Agreement shall not  be  deemed or construed to be a satisfaction, reinstatement, novation or release of any Loan Document or a waiver by the Administrative Agent or any Lender of any rights and remedies under the Loan Documents, at law or in equity.

(b)Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.

(c)The Borrower and the Guarantors hereby represent and warrant to the Administrative Agent and the Lenders as follows:

(i)Each of the Borrower and the Guarantors has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Agreement. This Agreement and the execution, delivery and performance hereof by the Borrower and the Guarantors do not contravene the terms of any such Person’s Organization Documents or conflict with or result in any breach or contravention of any law, agreement or obligation by which the Borrower or any Guarantor is bound.

(ii)This Agreement has been duly executed and delivered by each of the Borrower and the Guarantors and constitutes a legal, valid and binding obligation of each of the Borrower and the Guarantors, enforceable against each such Person in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency or other similar laws affecting creditors’ rights generally or by principles of equity pertaining to the availability of equitable remedies.

(iii)No approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement, other than those that have already been obtained and are in full force and effect.

(d)The Borrower and the Guarantors represent and warrant to the Administrative Agent and the Lenders that (i) after giving effect to this Agreement, the representations and warranties of the Borrower and each other Loan Party contained in Article VI of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection therewith, are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) as of such earlier date, and except that for purposes of this Section 3(d)(i), the representations and warranties contained in Section 6.05(a) of the Credit Agreement shall be deemed to refer to the most recent  statements

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furnished pursuant to Section 7.01(a) of the Credit Agreement, and (ii) no Default has occurred and is continuing.

(e)This Agreement shall constitute a Loan Document for all purposes. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement constitutes  the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement will inure to the benefit of and bind the respective successors and permitted assigns of the parties hereto.

(f)THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TERMS OF SECTIONS 11.14 AND 11.15 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.

(g)This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

		
	(h)
	If any provision of this Agreement is held to be illegal, invalid or  unenforceable,

(i) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as  possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

[SIGNATURE PAGES FOLLOW]

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

BORROWER:            LIFELOCK,  INC.,
a Delaware corporation
By: /s/ Chris Power
Name: Chris Power 
Title: Chief Financial Officer

GUARANTORS:        ID ANALYTICS,  LLC,
a Delaware  limited  liability company
By: /s/ Chris Power
Name: Chris Power 
Title: Executive Vice President

SAGESTREAM,  LLC,
a Delaware  limited  liability company
By: /s/ Chris Power
Name: Chris Power 
Title: Executive Vice President

LEMON, LLC,
a Delaware  limited  liability company
By: /s/ Chris Power
Name: Chris Power 
Title: Executive Vice President

LAVENDER  HOLDING,  LLC,
a Delaware limited liability company
By: /s/ Chris Power
Name: Chris Power 
Title: Executive Vice President

LIFELOCK , INC. 
FIRST AMENDMENT TO CREDIT AGREEMENT

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ADMINISTRATIVE
AGENT:            BANK OF AMERICA, N.A.,
as Administrative Agent
By:/s/ Mollie S. Canup    
Name: Mollie S. Canup        
Title: Vice President

LIFELOCK, INC. FIRST AMENDMENT TO CREDIT AGREEMENT

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LENDERS:            BANK  OF AMERICA,  N .A.,
as a Lender,  Swing Line Lender and  L/C  Issuer
By:  /s/ Julie Yamauchi
Name: Julie Yamauchi
Title: Senior Vice President

LIFELOCK, INC. FIRST AMENDMENT TO CREDIT AGREEMENT

14

SILICON VALLEY BANK,
as a Lender
By: /s/ Kurt Nichols    
Name; Kurt Nichols
Title: Director

LIFELOCK, INC. FIRST AMENDMENT TO CREDIT AGREEMENT

15

ROYAL BANK OF CANADA,
as a Lender
By: /s/ Nicholas Heslip    
Name:    Nicholas Heslip
Title:    Authorized Signatory

LIFELOCK, INC. FIRST AMENDMENT TO CREDIT AGREEMENT

16

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