Document:

Exhibit 10.1

 

 

 

 

 

 

 

STOCKHOLDER AGREEMENT

 

by and among

 

TRINET GROUP, INC.

 

and

 

AGI-T, L.P.

 

 

 

 

Dated as of December 21, 2016

 

 

 

 

 

     

     
 

    

TABLE OF CONTENTS

 

	Article 1

                                                                                Definitions

	Section 1.01.  Definitions	3
	Section 1.02.  General Interpretive Principles	8
	Article 2

                                                                                Restrictions on Sale; Standstill

	Section 2.01.  Restrictions on Sale	8
	Section 2.02.  Standstill	10
	Article 3

                                                                                Board of Directors

	Section 3.01.  Board Nomination	13
	Section 3.02.  Expenses and Fees; D&O Indemnification	15
	Article 4

                                                                                Additional Agreements

	Section 4.01.  Confidentiality	16
	Section 4.02.  Antitrust Approval	18
	Section 4.03.  Quorum	18
	Section 4.04.  Registration Rights Agreement	18
	Article 5

                                                                                Miscellaneous

	Section 5.01.  Notices	18
	Section 5.02.  Entire Agreement; Third Party Beneficiaries; Amendment	19
	Section 5.03.  Counterparts	20
	Section 5.04.  Public Announcements	20
	Section 5.05.  Expenses	20
	Section 5.06.  Successors and Assigns	20
	Section 5.07.  Governing Law; Jurisdiction; Waiver of Jury Trial	21
	Section 5.08.  Severability	22
	Section 5.09.  Injunctive Relief	22
	Section 5.10.  Headings	22
	Section 5.11.  Termination	22
	Section 5.12.  Non-Recourse	22

 

 

Exhibit A: Form of Board Resolutions

Exhibit B: Form of Unanimous Written Consent

Exhibit C: Form of Joinder

Exhibit D: Form of Registration Rights Agreement

 

     

     
 

    

STOCKHOLDER AGREEMENT

 

This STOCKHOLDER AGREEMENT (this
“Agreement”), dated as of December 21, 2016, is by and between TriNet Group, Inc., a Delaware corporation (together
with any successor or assign pursuant to ‎Section 5.06, the
“Company”), and AGI-T, L.P., a Delaware limited partnership (together with its successors and any permitted
transferee that becomes an Atairos Stockholder party hereto in accordance with ‎Section
2.01 and Section 5.06, the “Atairos Stockholder”). Capitalized terms not otherwise defined where used shall
have the meanings ascribed thereto in ‎Article 1.

 

WHEREAS, simultaneously with the
execution hereof, the Atairos Stockholder and certain entities affiliated with General Atlantic, LLC are entering into that certain
Stock Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), pursuant to which, subject
to the terms and conditions thereof, the Atairos Stockholder has agreed to purchase from certain entities affiliated with General
Atlantic, LLC an aggregate of 17,691,312 shares of common stock, par value $0.000025 per share (“Common Stock”),
of the Company, as a result of which Atairos Group shall have, at Closing, aggregate Beneficial Ownership of 19,504,334 shares
of Common Stock (the “Shares”);

 

WHEREAS, prior to the execution
of this Agreement and the Purchase Agreement, the Board of Directors of the Company (the “Board of Directors”),
at the Atairos Stockholder’s request, and for good and valuable consideration as provided herein, duly adopted resolutions
in the form attached hereto as Exhibit A, exempting the purchase of Common Stock contemplated by the Purchase Agreement
and the acquisition of any additional Common Stock to the extent permitted by Section 2.02(a) hereof by Atairos Group from
the restrictions on business combinations under Section 203 of the Delaware General Corporation Law (the “DGCL”)
and granting registration rights with respect to the Shares to the Atairos Stockholder;

 

WHEREAS, within 24 hours of the execution
of this Agreement, the Board of Directors will adopt resolutions in the form attached hereto as Exhibit B, appointing the
Atairos Designee to the Board of Directors upon Closing; and

 

WHEREAS, the Company and the Atairos
Stockholder desire to enter into certain other agreements set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, the parties hereby agree as follows:

 

Article
1

Definitions

 

Section 1.01.Definitions. As
used in this Agreement, the following terms shall have the meanings set forth below:

 

     

     
 

    

“Affiliate” shall mean,
with respect to any Person, any other Person which directly or indirectly controls or is controlled by or is under common control
with such Person. Notwithstanding the foregoing, (i) the Company and the Company’s Subsidiaries shall not be considered
Affiliates of any member of Atairos Group, (ii) the parties agree and acknowledge, for the avoidance of doubt, that members of
Comcast Group shall not be considered Affiliates of any member of Atairos Group, and (iii) for purposes of the definitions of
“Atairos Group”, “Beneficially Own”, “Standstill Period” and “Third Party” and
Sections 2.01, 2.02, and 3.01, no portfolio company of any member of Atairos Group shall be considered an Affiliate of any member
of Atairos Group so long as such portfolio company (x) has not been directed, encouraged, instructed, assisted, advised or supported
by (including having been provided Confidential Information in furtherance thereof), or coordinated with, any member of Atairos
Group or any Atairos Designee in carrying out any act prohibited by this Agreement including Section
2.02 and (y) is not a member of a “group” (as such term is defined in Section 13(d)(3) of the Exchange Act)
with any member of Atairos Group with respect to any securities of the Company. As used in this definition, “control”
(including its correlative meanings, “controlled by” and “under common control with”) shall mean possession,
directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities
or partnership or other ownership interests, by contract or otherwise).

 

“Agreement” shall have
the meaning set forth in the preamble hereto.

 

“Atairos Designee” means
the individual designated by Atairos Group proposed for election, standing for election or serving on the Board of Directors,
as applicable, pursuant to Section 3.01, which individual shall (i) satisfy the requirements set forth in the Specified
Guidelines, (ii) be reasonably acceptable to the Nominating and Corporate Governance Committee of the Board of Directors acting
in good faith and (iii) so long as such individual is the Atairos Designee, serve as a senior officer, partner or managing
director of Atairos Management or a successor thereto or other management entity or general partner that is a member of Atairos
Group; provided that Michael J. Angelakis shall be deemed to satisfy the foregoing requirements in clause (ii) and, as
of the date hereof, clauses (i) and (iii); and provided further that Atairos Group shall designate Mr. Angelakis as the
Atairos Designee for at least the initial term following the first annual meeting to occur after Closing, so long he is engaged
as a senior officer, partner or managing director of Atairos Management or a successor thereto or other management entity or general
partner that is a member of Atairos Group.

 

“Atairos Group” means
Atairos Group, Inc., a Cayman Islands exempted company, Atairos Management and the Atairos Stockholder and their respective Affiliates,
together with their successors and assigns; provided, however, that, for the avoidance of doubt, Comcast Group shall
not be considered a member of Atairos Group for purposes of this Agreement, other than for purposes of Section 4.01.

 

“Atairos Indemnitors”
shall have the meaning set forth in Section 3.02.

 

“Atairos Management”
means Atairos Management, L.P., a Delaware limited partnership.

 

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“Atairos Stockholder”
shall have the meaning set forth in the preamble hereto.

 

“Beneficially Own”, “Beneficially
Owned”, “Beneficially Owning” and “Beneficial Ownership” shall have the meaning
set forth in Rule 13d-3 under the Exchange Act, as in effect on the date hereof. For purposes of this Agreement, each Atairos Stockholder
or any other person shall at all times be deemed to Beneficially Own shares of Common Stock directly or indirectly held by such
Atairos Stockholder or person, irrespective of any restrictions on transfer or other terms contained in this Agreement or the Purchase
Agreement.

 

“Board of Directors”
shall have the meaning set forth in the preamble hereto.

 

“Business Day” shall
mean any day, other than a Saturday, Sunday or a day on which banking institutions in New York, New York or San Francisco, California
are authorized or obligated by law or executive order to remain closed.

 

“Change in Control” shall
mean the occurrence of any of the following events: (i) a sale, transfer, conveyance or other disposition of the assets of
the Company representing more than 50% of the consolidated earning power of the Company and its Subsidiaries, (ii) any Person
or “group” (as such term is defined in Section 13(d)(3) of the Exchange Act) (in each case excluding members of Atairos
Group, portfolio companies of Atairos Group and Affiliates of such portfolio companies), directly or indirectly obtains Beneficial
Ownership of 50% or more of the outstanding Common Stock or 50% or more of the voting power of the outstanding Voting Stock; provided
that, for the avoidance of doubt, for purposes of this clause (ii), Comcast Group shall be deemed to have no Beneficial Ownership
of shares of Common Stock or voting power over any Voting Stock Beneficially Owned by Atairos Group, (iii) the Company consummates
any merger, consolidation or similar transaction, unless the stockholders of the Company immediately prior to the consummation
of such transaction continue to hold (in substantially the same proportion as their ownership of the Voting Stock immediately prior
to the transaction, other than changes in proportionality as a result of any cash/stock election provided under the terms of the
definitive agreement regarding such transaction) more than 50% of the voting power of the outstanding Voting Stock of the surviving
or resulting entity in such transaction immediately following the consummation of such transaction or (iv) a majority of the Board
of Directors is no longer composed of (x) directors who were directors of the Company on the Closing Date and (y) directors
who were nominated for election or elected or appointed to the Board of Directors with the approval of a majority of the directors
in subclause (x) together with any incumbent directors previously elected or appointed to the Board of Directors in accordance
with this subclause (y).

 

“Closing” shall have
the meaning set forth in the Purchase Agreement.

 

“Closing Date” shall
have the meaning set forth in the Purchase Agreement.

 

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“Comcast Group” shall
mean Comcast Corporation, a Pennsylvania corporation, and its Subsidiaries; provided, however, that Atairos Group
shall not be considered a member of Comcast Group for purposes of this Agreement.

 

“Common Stock” shall
have the meaning set forth in the preamble hereto.

 

“Company” shall have
the meaning set forth in the preamble hereto.

 

“Competitor” means Automatic
Data Processing, Inc., the TotalSource unit of Automatic Data Processing, Inc., Insperity, Inc. and any of their successors and
any other company or business named as a competitor in the Company’s reports filed with the SEC from time to time pursuant
to the Exchange Act.

 

“Confidential Information”
shall have the meaning set forth in Section 4.01(b).

 

“Confidentiality Agreement”
shall mean the Confidentiality Agreement, dated as of November 15, 2016, by and between the Company and Atairos Management.

 

“Covered Persons” shall
have the meaning set forth in Section 3.01(h).

 

“DGCL” shall have the
meaning set forth in the preamble hereto.

 

“Exchange Act” shall
mean the U.S. Securities Exchange Act of 1934.

 

“Extraordinary Transaction”
shall have the meaning set forth in Section 2.02(a)(iv).

 

“Governmental Entity”
shall mean any court, administrative agency or commission or other governmental authority or instrumentality, whether federal,
state, local or foreign, and any applicable industry self-regulatory organization.

 

“HSR Act” shall mean
the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

 

“Joinder” shall mean,
with respect to any Person permitted to sign such document in accordance with the terms of this Agreement, a joinder executed and
delivered by such Person, providing such Person to have all the rights and obligations of an Atairos Stockholder pursuant to this
Agreement, in the form and substance substantially as attached hereto as Exhibit C or such other form as may be agreed to
by the Company and the Atairos Stockholder.

 

“Permitted Loan” shall
mean an arrangement to mortgage, hypothecate and/or pledge shares of Common Stock in respect of any bona fide loan of the
Atairos Stockholder or its controlled Affiliates, including one or more bona fide purpose (margin) or bona fide non-purpose
loans.

 

“Permitted Transfers”
shall mean with respect to shares of Common Stock, any (i) transfer to an Affiliate that executes and delivers to the Company
a Joinder becoming an Atairos Stockholder party to this Agreement, (ii) transfer to the Company or any of its

 

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Subsidiaries,
(iii) transfer effected pursuant to any merger, consolidation or similar transaction approved by the Board of Directors and consummated
by the Company, (iv) tender into a Third Party Tender/Exchange Offer or (v) distribution in kind to the Atairos Stockholder’s
or its Affiliates’ limited or other partners, members or other equityholders in connection with the bona fide winding
up or dissolution of the Atairos Stockholder or any of its Affiliates, so long as (A) the Atairos Stockholder provides written
notice to the Company of any such distribution in kind at least 90 days prior to such distribution and (B) in the event of
any such distribution to Comcast Group, such Person executes and delivers to the Company a Joinder becoming an Atairos Stockholder
pursuant to this Agreement (other than, for the avoidance of doubt, for purposes of Article 3 hereof).

 

“Person” or “person”
shall mean an individual, corporation, limited liability or unlimited liability company, association, partnership, trust, estate,
joint venture, business trust or unincorporated organization, or a government or any agency or political subdivision thereof, or
other entity of any kind or nature.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble hereto.

 

“Registration Rights Agreement”
shall have the meaning set forth in Section 2.01(a).

 

“Representatives” shall
mean the Affiliates of such Person and the officers, directors, employees, attorneys, accountants, financial advisors, agents and
other representatives of such Person and/or its Affiliates.

 

“Restricted Period” shall
mean the period commencing on the Closing Date and ending on the earlier of (i) the date that is the second anniversary of
the Closing Date and (ii) the consummation of any Change in Control or entry into a definitive agreement for a transaction
that, if consummated, would result in a Change in Control.

 

“SEC” shall mean the
U.S. Securities and Exchange Commission.

 

“Securities Act” shall
mean the U.S. Securities Act of 1933.

 

“Shares” shall have the
meaning set forth in the preamble hereto.

 

“Specified Guidelines”
shall have the meaning set forth in Section 3.01(c).

 

“Specified Persons”
shall have the meaning set forth in Section 5.12.

 

“Standstill Period” shall
mean the period commencing on the Closing Date and ending on the later of the date (i) that is the second anniversary of Closing
and (ii) that is 180 days after the Atairos Designee is no longer serving on the Board of Directors.

 

“Subsidiary” shall mean,
with respect to any Person, any other Person of which 50% or more of the shares of the voting securities or other voting interests
are owned or controlled, or the ability to select or elect 50% or more of the directors or similar managers is held, directly or
indirectly, by such first Person or one or more of its

 

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Subsidiaries,
or by such first Person, or by such first Person and one or more of its Subsidiaries.

 

“Third Party” shall mean
a Person other than any member of the Atairos Group.

 

“Third Party Tender/Exchange Offer”
shall mean any tender or exchange offer made to all of the holders of Common Stock by a Third Party for a number of outstanding
shares that, if consummated, would result in a Change in Control, solely to the extent that the Board of Directors has recommended
such tender or exchange offer in a Schedule 14D-9 under the Exchange Act.

 

“Transaction Agreements”
shall have the meaning set forth in Section 5.02.

 

“transfer” shall have
the meaning set forth in Section 2.01(a).

 

“Voting Stock” shall
mean securities of any class or kind having the power to vote generally for the election of directors, managers or other voting
members of the governing body of the Company or any successor thereto.

 

Section 1.02.General Interpretive
Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise requires,
any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. The name assigned to
this Agreement and the section captions used herein are for convenience of reference only and shall not be construed to affect
the meaning, construction or effect hereof. Whenever the words “include,” “includes,” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless otherwise
specifically stated, the terms “hereto,” “hereof,” “herein” and similar terms refer to this
Agreement as a whole (including Exhibit C, but excluding Exhibits A, B and D hereto), and references
herein to Articles or Sections refer to Articles or Sections of this Agreement. Unless otherwise specifically stated herein, references
to any law or statute shall be deemed to refer to such law or statute as amended from time to time and, if applicable, to any rules
or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified
or supplemented from time to time in accordance with the terms hereof and thereof.

 

Article
2

Restrictions on Sale; Standstill

 

Section 2.01.Restrictions on Sale. (a) During the Restricted Period, notwithstanding any rights provided in the Registration Rights Agreement to be entered
into at Closing by the Atairos Stockholder and the Company, in the form attached hereto as Exhibit D (the “Registration
Rights Agreement”), the Atairos Stockholder shall not, and shall cause each member of Atairos Group not to, without
the Company’s prior written consent, directly or indirectly, (x) sell, offer, transfer, assign, mortgage, hypothecate,
gift, pledge or dispose of, enter into or agree to enter into any contract, option or other arrangement or understanding with
respect to the sale, transfer, pledge,

 

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mortgage,
hypothecation, gift, assignment or similar disposition of, any shares of Common Stock; provided that the foregoing shall
not restrict a Permitted Loan or transfer to a Third Party financial institution for cash solely to the extent that all of the
net proceeds of such sale are solely used to satisfy a bona fide margin call (i.e., posted as collateral) pursuant to a
Permitted Loan, or repay a Permitted Loan to the extent necessary to satisfy a bona fide margin call on such Permitted
Loan or avoid a bona fide margin call on such Permitted Loan, so long as, in each case, any such transferee executes and
delivers to the Company a legally binding agreement enforceable by the Company agreeing to be bound by the restrictions of Article
2 of this Agreement and agreeing and acknowledging that such transferee shall have no rights pursuant to this Agreement, or (y) enter
into or engage in any hedge, swap, short sale, derivative transaction or other agreement or arrangement that transfers to any
Third Party, directly or indirectly, in whole or in part, any of the economic consequences of ownership of any shares of Common
Stock (any of the foregoing actions in (x) or (y), a “transfer”).

 

(b)       In
addition to the restrictions set forth in Section 2.01(a), and notwithstanding any rights provided in the Registration Rights
Agreement, until the date that is 180 days after the date on which the Atairos Designee is no longer serving on the Board of Directors,
the Atairos Stockholder shall not, and the Atairos Stockholder shall cause each member of Atairos Group not to, without the Company’s
prior written consent, directly or indirectly, (x) transfer any shares of Common Stock to any Third Party that would, after
giving effect thereto, result in such Third Party, together with its Affiliates, Beneficially Owning 5% or more in the aggregate
of the outstanding Common Stock, (y) transfer any shares of Common Stock equal to 4.9% or more of the outstanding Common
Stock to any Third Party or “group” (as such term is defined in Section 13(d)(3) of the Exchange Act), or (z) transfer
any shares of Common Stock to any Competitor.

 

(c)       Notwithstanding
the restrictions set forth in Section 2.01(a) and Section 2.01(b), this Agreement shall not in any way prohibit, limit or restrict
any transfer (A) that is a Permitted Transfer; provided, however, that in the case of a Permitted Transfer
in connection with a Third Party Tender/Exchange Offer, if such Third Party Tender/Exchange Offer does not close for any reason
or the shares are otherwise returned to the transferor, the restrictions on transfer contained herein shall continue to apply
to such shares, or (B) after the Restricted Period, in a bona fide underwritten public offering pursuant to the rights
set forth in the Registration Rights Agreement or through a bona fide sale to the public without registration effected
in compliance with Rule 144 under the Securities Act.

 

(d)       Notwithstanding
anything in this Agreement to the contrary, any transfer of Common Stock pursuant to the Registration Rights Agreement shall be
subject to any applicable limitations set forth in Section 2.01(a) and the Registration Rights Agreement, but shall not be subject
to any policies, procedures or limitations (other than any applicable federal securities laws and any other applicable laws) otherwise
applicable to any Atairos Designee with respect to trading in the Company’s securities. The Atairos Stockholder acknowledges
and agrees that, notwithstanding anything else herein to the contrary, the Shares may not be sold or otherwise disposed of except
in transactions registered under the Securities Act or pursuant to an available exemption from the registration requirements of
the Securities Act. The Atairos Stockholder acknowledges that, except

 

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as
provided in the Registration Rights Agreement, the Atairos Stockholder has no right to require the Company to register the Shares.

 

(e)       The
Atairos Stockholder hereby represents that as of the date hereof, Atairos Group Beneficially Owns 1,813,022 shares of Common Stock
and upon Closing will Beneficially Own 19,504,334 shares of Common Stock. Any purported transfer made in violation of this Section
2.01 shall be null and void ab initio.

 

Section 2.02.Standstill. (a)
During the Standstill Period, the Atairos Stockholder shall not, and shall cause each member of Atairos Group not to, directly
or indirectly, in any manner, alone or in concert with others, take any of the following actions without the prior written consent
of the Company:

 

(i)       make,
engage in, or in any way participate in, directly or indirectly, any “solicitation” of proxies (as such terms are used
in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv)) or consents to vote,
or seek to advise, encourage or influence any person with respect to the voting of any securities of the Company for the election
of individuals to the Board of Directors or to approve any proposals submitted to a vote of the stockholders of the Company that
have not been authorized and approved, or recommended for approval, by the Board of Directors, or become a “participant”
in any contested “solicitation” (as such terms are defined or used under the Exchange Act) for the election of directors
with respect to the Company, other than a “solicitation” or acting as a “participant” in support of the
Atairos Designee or all of the nominees of the Board of the Directors at any stockholder meeting, or make or be the proponent of
any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise);

 

(ii)       form,
join, encourage, influence, advise or in any way participate in any “group” (as such term is defined in Section 13(d)(3)
of the Exchange Act) with any Third Party with respect to any securities of the Company or otherwise in any manner agree, attempt,
seek or propose to deposit any securities of the Company or any securities convertible or exchangeable into or exercisable for
any such securities in any voting trust or similar arrangement, or subject any securities of the Company to any arrangement or
agreement with respect to the voting thereof, except as expressly permitted by this Agreement;

 

(iii)       acquire,
offer or propose to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or exchange offer, through
the acquisition of control of another Person, by joining a partnership, limited partnership, syndicate or other group (including
any group of persons that would be treated as a single “person” under Section 13(d) of the Exchange Act), through swap
or hedging transactions or otherwise, any securities or any assets of the Company or any of its Subsidiaries, or any warrant, option
or other right to acquire any such securities or assets of the Company or any

 

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rights decoupled from the
underlying securities that would result in Atairos Group Beneficially Owning 33% or more in the aggregate of the outstanding
Common Stock; provided that any acquisitions of securities of the Company or rights therein by Atairos Group permitted
pursuant to the foregoing provisions of this ‎Section 2.02(a)(iii) shall be made (A) in accordance
with applicable securities laws and (B) until after the end of any pending restricted trading period then in effect at the
time the Atairos Designee is no longer serving on the Board of Directors, in accordance with the Company’s restricted
trading period then in effect during which directors and executive officers of the Company are not permitted to trade under
the insider trading policy of the Company then in effect; and provided further, that nothing herein shall require any
shares of Common Stock to be sold to the extent that Atairos Group exceeds the ownership limit under this paragraph as the
result of a share repurchase or any other Company action that reduces the number of outstanding shares of Common Stock;

 

(iv)       effect
or seek to effect, offer or propose to effect, cause or participate in, or in any way assist or facilitate any other Person to
effect or seek to effect, offer or propose to effect, cause or participate in, any tender or exchange offer, merger, consolidation,
acquisition, scheme of arrangement, business combination, recapitalization, reorganization, sale or acquisition of all or substantially
all assets, liquidation, dissolution or other extraordinary transaction involving the Company or any of its Subsidiaries or joint
ventures or any of their respective securities (each, an “Extraordinary Transaction”), or make any public statement
with respect to an Extraordinary Transaction;

 

(v)       (A) call
or seek to call any meeting of stockholders of the Company, including by written consent, (B) seek representation on the
Board of Directors, except in accordance with Section 3.01 so long as such section is in full force and effect, (C) seek
any other material, non-ordinary course change in the Company’s management, business or corporate structure, (D) seek
the removal of any member of the Board of Directors (other than any Atairos Designee), (E) solicit consents from stockholders
or otherwise act or seek to act by written consent with respect to the Company, (F) conduct a referendum of stockholders
of the Company or (G) make a request for any stockholder list or other Company books and records, whether pursuant to Section 220
of the DGCL or otherwise;

 

(vi)       take
any action in support of or make any proposal or request that constitutes: (A) controlling or changing the Board of Directors
or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies
on the Board of Directors, (B) any material change in the capitalization or dividend policy of the Company, (C) seeking
to have the Company waive or make amendments or modifications to the Company’s certificate of incorporation or bylaws that
may impede or facilitate the acquisition of control of the Company by any Person, (D) causing a class of securities of the
Company to be delisted from,

 

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or to cease to be authorized
to be quoted on, any securities exchange, or (E) causing a class of equity securities of the Company to become eligible for
termination of registration pursuant to Section 12(g)(4) of the Exchange Act;

 

(vii)       make
any request to amend or waive any provision of this ‎Section 2.02(a);

 

(viii)       make
any public disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board of Directors,
the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the
provisions of this Agreement;

 

(ix)       take
any action challenging the validity or enforceability of this ‎Section 2.02; or

 

(x)       enter
into any discussions, negotiations, agreements or understandings with any Third Party with respect to any of the foregoing, or
advise, knowingly assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with
respect to any of the foregoing.

 

(b)       The
foregoing provisions of ‎Section 2.02(a) shall not be deemed to prohibit the Atairos Stockholder or any of its
Affiliates from communicating privately with the Company’s directors, officers or advisors, on topics related to
the Company and its business, including strategic considerations, so long as such communications (x) do not include any
proposals requiring the action of the Board of Directors in connection therewith and (y) are not publicly disclosed and are
not intended to, and would not reasonably be expected to, require any public disclosure. For the avoidance of doubt, the
consideration by the Board of Directors of any such communication, in the exercise of its discretion, shall not, in and of
itself, cause such communication to be deemed a “proposal requiring the action of the Board of Directors in connection
therewith.” If the Company determines to explore a process with respect to a transaction that, if consummated, would
result in a Change in Control, the Company shall provide the Atairos Stockholder prompt notice of such decision and, if such
process is pursued, shall invite the Atairos Group to participate on the same basis as other Third Party participants.

 

(c)       Nothing
in this ‎Section 2.02 shall limit any action that may be taken by any Atairos Designee acting solely as a director
of the Company consistent with his or her fiduciary duties as a director of the Company if such action does not include any
public announcement or disclosure by such Atairos Designee or any member of Atairos Group.

 

(d)       Notwithstanding
anything in this ‎Section 2.02 to the contrary, the prohibitions and obligations in this ‎Section
2.02 shall immediately terminate and be of no further force or effect and the Company and the Atairos Stockholder and
other members of Atairos Group shall be released from further compliance therewith if (i) a Change in Control is
consummated, (ii) the Company enters into a definitive agreement providing for a

 

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transaction
that, if consummated, would result in a Change in Control or (iii) a Third Party makes a Third Party Tender/Exchange Offer.

 

(e)       Notwithstanding
anything to the contrary contained herein, the Atairos Stockholder shall be entitled to vote all shares of outstanding Common Stock
Beneficially Owned by it in its sole discretion.

 

(f)       Notwithstanding
anything in this ‎Section 2.02 to the contrary, the prohibitions in this ‎Section 2.02 shall
immediately terminate and be of no force or effect and Atairos Group shall be released from compliance therewith if the
Company (i) institutes a voluntary proceeding, or becomes the subject of an involuntary proceeding which involuntary
proceeding is not dismissed within 60 days, under any bankruptcy act, insolvency law or any law for the relief of debtors,
(ii) has a receiver appointed to manage its affairs, which appointment is not dismissed, vacated or stayed within 60 days
or (iii) executes a general assignment for the benefit of creditors.

 

Article
3

Board of Directors

 

Section 3.01.Board Nomination. (a)
Within 24 hours of the execution of this Agreement, the Board of Directors will adopt resolutions in the form attached hereto as
Exhibit B appointing Michael J. Angelakis to the Board of Directors as the Atairos Designee effective as of Closing and
assigning Mr. Angelakis to the class of directors to be elected at the first annual meeting to occur after Closing.

 

(b)       Subject
to the terms and conditions of this ‎Section 3.01 and applicable law, (i) the Company shall include Mr.
Angelakis in its slate of nominees for election to the Board of Directors at the first annual meeting to occur after Closing
and shall include the Atairos Designee at each subsequent annual meeting at which directors of the same class as the Atairos
Designee are slated for election, (ii) the Company shall use its reasonable efforts to cause the election of such Atairos
Designee to the Board of Directors at such meetings, and (iii) the Company shall use substantially the same level of
effort and provide substantially the same level of support with respect to the election of the Atairos Designee at such
meetings as is used and/or provided for the other director nominees of the Company with respect to such meetings.

 

(c)       The
Atairos Stockholder acknowledges on behalf of itself and each member of Atairos Group that at all times while serving as a member
of the Board of Directors, the Atairos Designee, solely in his or her individual capacity, will be required to comply with all
policies, procedures, processes, codes, rules, standards and guidelines applicable to all non-executive members of the Board of
Directors, including the Company’s Corporate Governance Guidelines, Business Ethics and Code of Conduct Policy, Related-Person
Transaction Policy, Policy Regarding Stock Trading by Officers, Directors and Other Designated Employees, Corporate Disclosure/Regulation
FD Policy and Social Media Policy or such successor policies as are applicable to all other non-executive directors and as are
not targeted towards, and are not disproportionately applicable to, the Atairos Designee (such policies, procedures, processes,
codes, rules,

 

    13 

     
 

    

standards
and guidelines as in effect from time to time, collectively, the “Specified Guidelines”), subject to ‎Section
2.01(d).

 

(d)       Subject
to the terms and conditions of this ‎Section 3.01, if a vacancy on the Board of Directors is created as a
result of an Atairos Designee’s death, resignation, disqualification or removal then, at the request of Atairos Group,
Atairos Group and the Company shall work together in good faith to fill such vacancy as promptly as reasonably practicable
with a replacement director that meets the definition of “Atairos Designee” and thereafter such individual shall
as promptly as reasonably practicable be appointed to the Board of Directors to fill such vacancy.

 

(e)       The
Atairos Designee shall receive the same notices, information and reports as the other non-executive members of the Board of
Directors; provided that in the event of any conflict of interest between the Company and any member of Atairos Group,
the Atairos Designee shall receive the same notices, information and reports as a similarly situated interested member of the
Board of Directors. The Atairos Designee shall be bound by the same confidentiality restrictions as the other non-executive
directors of the Company relating to the confidentiality of Company business and information, including discussions or
matters considered in meetings of the Board of Directors or committees of the Board of Directors to the extent not disclosed
publicly by the Company, and, notwithstanding anything to the contrary in such confidentiality restrictions, the Atairos
Designee shall be entitled to provide to Atairos Group notices, information and reports received by the Atairos Designee in
his or her capacity as a director, subject to the terms and conditions of ‎Section 4.01; provided that, except
with the prior written consent of the Company, the Atairos Designee shall not disclose to any member of Atairos Group any
advice provided to the Company by in-house or outside legal counsel that the Company has advised the Atairos Designee is
protected by the attorney-client privilege.

 

(f)       This ‎Section
3.01 shall terminate at such time as Atairos Group Beneficially Owns less than 15% in the aggregate of the outstanding Common
Stock. Upon termination of this ‎Section 3.01 or termination of this Agreement, the Company may request that the
Atairos Designee resign from the Board of Directors, and upon such request, the Atairos Stockholder shall cause the Atairos
Designee to resign immediately and relinquish all rights and privileges as a member of the Board of Directors.

 

(g)       Notwithstanding
anything in this Agreement to the contrary, transferees of shares of Common Stock (other than in connection with Permitted Transfers
pursuant to clause (i) thereof) shall not have any rights pursuant to this ‎Section 3.01.

 

(h)       To
the fullest extent permitted by the DGCL, other applicable law and any confidentiality obligations under the Specified
Guidelines, and subject to any express agreement that may from time to time be in effect (including ‎Section 4.01 of
this Agreement), the Company agrees that the Atairos Designee, the Atairos Stockholder and any of its Affiliates or any
Representative or portfolio company thereof (collectively, “Covered Persons”) may, and shall have no duty
not to, directly or indirectly, (i) invest in, carry on and conduct, whether as a partner in any partnership, or as a
joint venturer in any joint

 

    14 

     
 

    

venture,
or as an officer, director, stockholder, equityholder or investor in any person, or as a participant in any syndicate, pool,
trust or association, or otherwise, any business of any kind, nature or description, whether or not such business is
competitive with or in the same or similar lines of business as the Company or any of its Subsidiaries, (ii) do business
with any client, customer, vendor or lessor of any of the Company or its Affiliates or any other person with which any of the
Company or its Affiliates has a business relationship, and/or (iii) make investments in any kind of property in which the
Company or its Affiliates may make investments. To the fullest extent permitted by the DGCL, the Company renounces any
interest or expectancy to participate in any business or investments of any Covered Person as currently conducted or as may
be conducted in the future, and waives any claim against a Covered Person. The Company agrees that if a Covered Person
acquires independent knowledge of a potential transaction or matter which may constitute a corporate opportunity for both (x)
the Covered Person outside of his or her capacity as a member of the Board of Directors and (y) the Company or any of its
Subsidiaries, the Covered Person shall not have any duty to offer or communicate information regarding such corporate
opportunity to the Company or its Subsidiaries. To the fullest extent permitted by the DGCL, the Company hereby renounces any
interest or expectancy in any potential transaction or matter of which the Covered Person acquires independent knowledge,
except for any corporate opportunity which is expressly offered to a Covered Person solely in his or her capacity as a member
of the Board of Directors, and waives any claim against each Covered Person that such Covered Person is liable to the Company
or its stockholders for breach of any fiduciary duty solely by reason of the fact that such Covered Person (A) pursues
or acquires any corporate opportunity for its own account or the account of any Affiliate or other person, (B) directs,
recommends, sells, assigns or otherwise transfers such corporate opportunity to another person or (C) does not
communicate information regarding such corporate opportunity to the Company; provided that, in each such case, any
corporate opportunity which is expressly offered to a Covered Person solely in his or her capacity as a member of the Board
of Directors shall belong to the Company.

 

Section 3.02.Expenses and Fees; D&O
Indemnification. The Company shall reimburse the Atairos Designee elected to the Board of Directors for his or her reasonable
expenses, consistent with the Company’s policy for such reimbursement in effect from time to time, incurred to attend meetings
of the Board of Directors or any committee of the Board of Directors on which the Atairos Designee serves. The Company shall indemnify,
or provide for the indemnification of, including, subject to applicable law, any rights to the advancement of fees and expenses,
the Atairos Designee and provide the Atairos Designee with director and officer insurance to the same extent it indemnifies and
provides insurance for other non-executive members of the Board of Directors. The Company acknowledges and agrees that the Atairos
Designee who is a partner, member, employee, advisor or consultant of any member of the Atairos Group may have certain rights to
indemnification, advancement of expenses and/or insurance provided by the applicable member of the Atairos Group (collectively,
the “Atairos Indemnitors”). The Company acknowledges and agrees that the Company shall be the indemnitor of
first resort with respect to any indemnification, advancement of expenses and/or insurance provided in the Company’s certificate
of incorporation, bylaws and/or indemnification agreement to the Atairos Designee in his or her capacity as a director of the Company
or

 

    15 

     
 

    

any
of its Subsidiaries (such that the Company’s obligations to such indemnitees in their capacities as directors are primary
and any obligation of the Atairos Indemnitors to advance expenses or to provide indemnification or insurance for the same expenses
or liabilities incurred by such indemnitees are secondary). Such indemnitees shall, in their capacities as directors, be entitled
to all the rights to indemnification, advancement of expenses and entitled to insurance to the extent provided under (i) the certificate
of incorporation and/or bylaws of the Company as in effect from time to time and/or (ii) such other agreement, if any, between
the Company and such indemnitees, without regard to any rights such indemnitees may have against the Atairos Indemnitors. No advancement
or payment by the Atairos Indemnitors on behalf of such indemnitees with respect to any claim for which such indemnitees have
sought indemnification, advancement of expenses or insurance from the Company in their capacities as directors shall affect the
foregoing and the Atairos Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement
or payment to all of the rights of recovery of such indemnitees against the Company.

 

Article
4

Additional Agreements

 

Section 4.01.Confidentiality.

 

(a)       The
Atairos Stockholder acknowledges on behalf of itself and the members of Atairos Group that Confidential Information has been
and may in the future be made available to it and other members of Atairos Group in connection with Atairos Group’s
investment in the Company, including pursuant to ‎Section 3.01(e). The Atairos Stockholder agrees that it shall, and
shall cause each member of Atairos Group and each Representative of the Atairos Stockholder or of any other member of Atairos
Group, in each case, to whom Confidential Information is disclosed by or on behalf of Atairos Group to, keep the Confidential
Information confidential and use the Confidential Information solely in connection with Atairos Group’s investment in
the Company. The Atairos Stockholder further acknowledges and agrees that it shall not, and shall cause each other member of
Atairos Group not to, disclose any Confidential Information to any Person without the prior written consent of the Company,
except that Confidential Information may be disclosed (i) to any member of Atairos Group or any Representative of the
Atairos Stockholder or of such other member of Atairos Group who reasonably requires access to such information in connection
with Atairos Group’s investment in the Company, including to the extent related to the tax treatment and tax structure
of the investment, who in each case have been informed of the confidential nature of the Confidential Information,
(ii) in the event and to the extent that the Atairos Stockholder or any other member of Atairos Group or any
Representative of such Person is required to disclose any Confidential Information by applicable law, legal process or other
legal compulsion, whether or not in connection with any proceeding by or before a court of law or Governmental Entity
(provided that the Atairos Stockholder shall, and shall cause each other applicable member of the Atairos Group to, to
the extent not prohibited by applicable law, give the Company prior written notice of such requirement promptly (and in
any event within two Business Days) so that the Company may seek an appropriate order or other remedy protecting such
Confidential Information from disclosure (and the

 

    16 

     
 

    

Atairos
Stockholder shall, and shall cause each other applicable member of the Atairos Group to, use reasonable efforts to assist
the Company in obtaining such protective order or other remedy)) or (iii) to any regulatory authority to the extent
required under applicable law or regulation; provided that such authority is advised of the confidential nature of
such information. The Atairos Stockholder shall be responsible for any actions taken by each other member of the Atairos
Group and by any of its or such other member’s Representatives pursuant to this ‎Section 4.01 as if the Atairos
Stockholder had taken such actions.

 

(b)       For
purposes hereof, “Confidential Information” shall mean any information (whether oral, written, electronic
or otherwise), regardless of the form in which it is provided or maintained, concerning the Company or any of its
Subsidiaries or the business, products, markets, condition (financial or otherwise), operations, assets, liabilities, results
of operations, cash flows or prospects of the Company or any of its Subsidiaries (whether prepared by the Company or
otherwise) that is furnished or has been furnished (regardless of the manner in which it is or has been furnished) by or on
behalf of the Company to the Atairos Stockholder, any other member of Atairos Group or any Representative of such Person(s)
at any time (whether before, on or after the Closing Date) in connection with Atairos Group’s investment in the Company
and all notes, analyses, compilations, forecasts, studies, interpretations, emails or other documents (in whatever form
maintained) prepared by any member of Atairos Group or its Representatives that contain or reflect such information (in whole
or in part); provided that the term “Confidential Information” does not include information that
(i) is or becomes generally available to the public other than as a result of a disclosure by any member of Atairos
Group or its Representatives in violation of this ‎Section 4.01, (ii) was within any member of Atairos
Group’s or its Representatives’ possession prior to it being furnished to such member or its Representatives by
or on behalf of the Company; provided that the source of such information was not known by any such member of Atairos
Group or any such Representative to be bound by a confidentiality agreement or other contractual, legal or fiduciary
obligation of confidentiality with respect to such information, (iii) becomes available to any such member of the Atairos
Group or its Representatives on a non-confidential basis from a source other than the Company; provided that such
source is not known by any such member of the Atairos Group or any such Representative to be bound by a confidentiality
agreement or other contractual, legal or fiduciary obligation of confidentiality with respect to such information, or
(iv) is independently developed by any member of Atairos Group or its Representatives without reference to or the use of
any Confidential Information.

 

(c)       Notwithstanding
anything to the contrary contained herein, (i) nothing contained herein shall prevent or restrict (A) Atairos Group’s
or its Representatives’ use (subject, to the extent possible, to a protective order) of Confidential Information in connection
with the assertion of any claim against, or the defense of any claim by, the Company or any of its Subsidiaries, or (B) members
of Atairos Group or its Representatives from communicating with their respective investors and potential investors to the extent
necessary to fulfill their informational and reporting obligations to such persons; provided that the recipients of such
information are subject to any legally binding obligation to keep such information confidential, and (ii) if the provisions
of ‎Section 2.02(a)

 

    17 

     
 

    

expire
or terminate, neither this ‎Section 4.01 nor any other provision hereof or of the Confidentiality Agreement shall
restrict or prevent Atairos Group from (A) using Confidential Information to formulate a proposal for a business
combination transaction or in connection with any of the actions described in ‎Section 2.02(a), or
(B) publicly disclosing the history of discussions between Atairos Group and the Company to the extent reasonably
necessary to comply with federal securities law disclosure obligations or other applicable law, regulation or securities or
securities exchange rules.

 

Section 4.02.Antitrust Approval.
The Company and the Atairos Stockholder acknowledge that one or more filings under the HSR Act or foreign antitrust laws may be
necessary in connection with the transaction contemplated by the Purchase Agreement. The Atairos Stockholder will promptly notify
the Company of each filing required on the part of the Atairos Stockholder or any other Person. To the extent reasonably requested,
the Company will use reasonable efforts to cooperate with the Atairos Stockholder and any other member of Atairos Group in making
or causing to be made all applications and filings under the HSR Act or any foreign antitrust requirements in connection with the
transaction in a timely manner and as required by the law of the applicable jurisdiction; provided, however, that
the Company shall not have any responsibility or liability for failure of the Atairos Stockholder or any other member of Atairos
Group to comply with any applicable law. The Atairos Stockholder shall be responsible for the payment of the filing fees associated
with each such applications or filings. Each of the Company and the Atairos Stockholder shall bear its own costs and expenses (including
attorneys’ fees) incurred in connection with each such applications or filings.

 

Section 4.03.Quorum. For so long
as Atairos Group Beneficially Owns 5% or more of the outstanding Common Stock, the Atairos Stockholder shall, and shall cause each
other member of Atairos Group to, be present, in person or by proxy, at all meetings of the stockholders of the Company to the
extent necessary so that all shares of outstanding Common Stock Beneficially Owned by Atairos Group may be counted for the purposes
of determining the presence of a quorum.

 

Section 4.04.Registration Rights
Agreement. The Atairos Stockholder and the Company shall execute and deliver the Registration Rights Agreement attached hereto
as Exhibit D at Closing.

 

Article
5

Miscellaneous

 

Section 5.01.Notices. All notices
and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, sent
by overnight courier or sent via email (with receipt confirmed) as follows:

 

(a)       If
to the Atairos Stockholder, to:

 

c/o Atairos Management, L.P.

620 Fifth Avenue, 6th Floor 

New York, NY 10020

 

    18 

     
 

    

Attention: David Caplan

Email: d.caplan@atairos.com

 

and:

 

c/o Atairos Management, L.P. 

40 Morris Avenue, 3rd Floor

Bryn Mawr, PA 19010 

Attention: Clare McGrory

Email: c.mcgrory@atairos.com

 

With a copy (which shall not constitute
actual or constructive notice) to:

 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue

New York, NY 10017 

Attention: Alan M. Klein and Anthony F. Vernace

Email: aklein@stblaw.com; avernace@stblaw.com

 

(b)       If
to the Company, to:

 

TriNet Group, Inc. 

1100 San Leandro Boulevard

San Leandro, CA 94577 

Attention: Brady Mickelsen, Chief Legal Officer

Email: brady.mickelsen@trinet.com

 

(c)       With
a copy (which shall not constitute actual or constructive notice) to:

 

Davis Polk & Wardwell LLP 

1600 El Camino Real

Menlo Park, CA 94061 

Attention: Ron Cami and Sarah K. Solum

Email: ron.cami@davispolk.com; sarah.solum@davispolk.com

 

or to such other address or addresses as shall be designated
in writing. All notices shall be deemed effective (a) when delivered personally (with written confirmation of receipt, by
other than automatic means, whether electronic or otherwise) or (b) one (1) Business Day following the day sent by overnight
courier.

 

Section 5.02.Entire Agreement; Third
Party Beneficiaries; Amendment. This Agreement, the Registration Rights Agreement and the Confidentiality Agreement (together,
the “Transaction Agreements”) set forth the entire agreement between the parties hereto with respect to the
subject matter contained herein and therein, and supersede, all prior agreements and understandings, both oral and written, among
the parties and their respective Affiliates with respect to the subject matter hereof and thereof. There are no restrictions, promises,
warranties or undertakings with respect to the subject

 

    19 

     
 

    

matter
contained herein or therein, other than those set forth or referred to herein or therein. This Agreement is not intended to and
shall not confer upon any person other than the parties hereto, their successors and permitted assigns any rights or remedies
hereunder. To the extent anything in this Agreement limits, qualifies or conflicts with anything in the Registration Rights Agreement
or the Confidentiality Agreement, this Agreement shall control; provided that the confidentiality and “use”
provisions and Section 13 of the Confidentiality Agreement shall be terminated as of Closing and superseded in their entirety
by this Agreement. Any provision of this Agreement may be amended, waived or modified in whole or in part at any time by an agreement
in writing between the parties hereto executed in the same manner as this Agreement. No failure on the part of any party to exercise,
and no delay in exercising, any right shall operate as a waiver thereof nor shall any single or partial exercise by any party
of any right preclude any other or future exercise thereof or the exercise of any other right.

 

Section 5.03.Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed to constitute any original, but all of which
together shall constitute one and the same document. Signatures to this Agreement transmitted by facsimile transmission, by electronic
mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve
the original graphic and pictorial appearance of a document will have the same effect as physical delivery of the paper document
bearing the original signature.

 

Section 5.04.Public Announcements.
No press release or public announcement or other public communication related to this Agreement or the transactions contemplated
herein shall be issued or made by the Atairos Stockholder or any other member of Atairos Group without the prior written approval
of the Company or by the Company without the prior written approval of the Atairos Stockholder, unless required by law (based on
the opinion of counsel) in which case the Company or the Atairos Stockholder, as applicable, shall have the right to review and
reasonably comment on such press release, announcement or communication prior to issuance, distribution or publication. The Company
and Atairos Group may file the Transaction Agreements with the SEC, describe the Transaction Agreements in filings with the SEC
and provide information about the subject matter of the Transaction Agreements in connection with equity or debt issuances, share
repurchases, or public or investor reporting activities, in all cases subject to the confidentiality obligations of the parties
under this Agreement or otherwise.

 

Section 5.05.Expenses. Except
as otherwise expressly provided herein, each party hereto shall bear its own costs and expenses (including attorneys’ fees)
incurred in connection with this Agreement.

 

Section 5.06.Successors and Assigns.
Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the Company’s
successors and assigns and the Atairos Stockholder’s successors and assigns, and no other person; provided that the
Atairos Stockholder may not assign its respective rights or delegate its respective obligations under this Agreement, whether by
operation of law or otherwise, without the prior written consent of the Company, and any assignment by the Atairos Stockholder
in contravention hereof shall be null and void;

 

    20 

     
 

    

provided that
(A) any member of Atairos Group in each case who executes and delivers a Joinder pursuant to a Permitted Transfer pursuant to ‎Section
2.01 and clause (i) of the definition of “Permitted Transfer” in Section 1.01, shall be deemed an
Atairos Stockholder hereunder and have all the rights and obligations of an Atairos Stockholder.

 

Section 5.07.Governing
Law; Jurisdiction; Waiver of Jury Trial. (a) This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware, without giving effect to any choice or conflict of law 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. In addition, each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to
this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in
respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its
successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate
court therefrom within the State of Delaware (or, solely if the Delaware Court of Chancery declines to accept jurisdiction
over a particular matter, any state or federal court within the State of Delaware). Each of the parties hereto hereby
irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally
and unconditionally, to the personal jurisdiction of the aforesaid courts and 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
aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense, counterclaim
or otherwise, in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally
subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this ‎Section
5.07(a), (ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court or from
any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in
aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by the
applicable law, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum,
(B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof,
may not be enforced in or by such courts. Each of the parties hereby agrees that service of any process, summons, notice or
document by U.S. registered mail to the respective addresses set forth in ‎Section 5.01 shall be effective service of
process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby.

 

(b)       EACH
OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY MAKES THIS WAIVER VOLUNTARILY
AND SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS CONTAINED IN THIS ‎Section 5.07.

 

    21 

     
 

    

Section 5.08.Severability. If
any provision of this Agreement is determined to be invalid, illegal or unenforceable under applicable law, such provision shall
be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provisions were so excluded and
shall be enforceable in accordance with its terms so long as the economic or legal substance of the transactions contemplated by
this Agreement are not affected in any manner materially adverse to any party. In the event of any such determination, the parties
agree to negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intent and purpose hereof.
To the extent permitted by law, the parties hereby to the same extent waive any provision of law that renders any provision hereof
prohibited or unenforceable in any respect.

 

Section 5.09.Injunctive Relief.
The parties agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Accordingly, each party agrees that in the event of any breach or threatened
breach by any other party of any obligation contained in this Agreement, the non-breaching party shall be entitled (in addition
to any other remedy that may be available to it, whether in law or equity) to obtain (i) a decree or order of specific performance
to enforce the observance and performance of such covenant or obligation, and (ii) an injunction restraining such breach or
threatened breach. Each of the parties agrees that it will not oppose the granting of an injunction, specific performance and other
equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is not
an appropriate remedy for any reason at law or in equity. Any party seeking an injunction or injunctions to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond
or other security in connection with any such order or injunction.

 

Section 5.10.Headings. The headings
of Articles and Sections contained in this Agreement are for reference purposes only and are not part of this Agreement.

 

Section
5.11.Termination. Other than as otherwise provided in this Agreement, this Agreement shall terminate (a) upon the
mutual consent of the parties hereto or (b) upon termination of the Purchase Agreement prior to Closing; provided, however,
that the provisions of ‎Section 5.07, ‎Section 5.09 and this ‎Section 5.11 shall survive
termination of this Agreement.

 

Section 5.12.Non-Recourse. This
Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement
or the transactions contemplated hereby may only be brought against the entities that are expressly named as parties hereto and
any of their respective successors and assigns (including any successors and assigns that are deemed as a matter of law to be successors
or assigns or are partial successors or assigns to the extent of such partial succession or assignation and any Person that executes
and delivers a Joinder). Except as set forth in the immediately preceding sentence, no past, present or future director, officer,
employee, incorporator, member, partners, stockholder, Affiliate, agent, attorney, advisor or representative of any party hereto
(collectively, the “Specified Persons”) shall have any

 

    22 

     
 

    

liability
for any obligations or liabilities of any party hereto under this Agreement or for any claim based on, in respect of, or by reason
of, the transactions contemplated hereby.

 

    23 

     
 

    

IN WITNESS WHEREOF, this Agreement
has been executed by the parties hereto or by their respective duly authorized officers, all as of the date first above written.

 

	 	TRINET GROUP, INC.

                     

                     
	 
	 	By:	/s/ Burton M. Goldfield	 
	 	 	Name:	Burton M. Goldfield	 
	 	 	Title:	President and Chief Executive Officer	 

    
[Signature Page to Stockholder Agreement]
 

     
 

    

	 	
        AGI-T, L.P.

         

         

        By: A-T HOLDINGS GP, LLC, its General Partner

         

         

        By: ATAIROS GROUP, INC., its Sole Member and Manager

         

          
	 
	 	By:	/s/ David Caplan	 
	 	 	Name:	David Caplan	 
	 	 	Title:	Vice President 	 
	 	 	 	 	 

    
[Signature Page to Stockholder Agreement]
 

     
 

    

	 	ATAIROS GROUP, INC.

                     

                     
	 
	 	By:	/s/ David Caplan	 
	 	 	Name:	David Caplan	 
	 	 	Title:	Partner & General Counsel	 
	 	 	 	 	 

    
[Signature Page to Stockholder Agreement]
 

     
 

    

	 	
        ATAIROS MANAGEMENT, L.P. 

         

         

        By: Atairos Family GP, Inc., its General Partner

         

         
	 
	 	By:	/s/ David Caplan	 
	 	 	Name:	David Caplan	 
	 	 	Title:	Partner & General Counsel	 
	 	 	 	 	 

    
[Signature Page to Stockholder Agreement]
 

     
 

    

EXHIBIT A

 

Form
of Board Resolutions

 

Approval of Stockholder Agreement

 

WHEREAS, AGI-T, L.P., a Delaware
limited partnership, and certain entities affiliated with General Atlantic, LLC propose to enter into that certain Stock Purchase
Agreement (the “Purchase Agreement”) pursuant to which, subject to the terms and conditions thereof, AGI-T,
L.P. will purchase from certain entities affiliated with General Atlantic, LLC an aggregate of 17,691,312 shares of common stock,
par value $0.000025 per share (“Common Stock”), of TriNet Group, Inc., a Delaware corporation (the “Company”),
resulting in AGI-T, L.P. and its affiliates beneficially owning an aggregate of 19,504,334 shares of Common Stock;

 

WHEREAS, the Board of Directors of
the Company (the “Board”) has determined that it is advisable and in the best interests of the Company and its
stockholders to enter into the Stockholder Agreement (the “Stockholder Agreement”) by and between the Company
and AGI-T, L.P. (together with its successors and any permitted transferee, the “Atairos Stockholder”), substantially
in the form presented to the Board in connection with the execution of the Purchase Agreement; and

 

WHEREAS, the Board has determined
that it is advisable and in the best interests of the Company and its stockholders to consummate the actions contemplated by the
Stockholder Agreement.

 

NOW, THEREFORE, IT IS:

 

RESOLVED, that the form, terms and
provisions of the Stockholder Agreement to be entered into by and between the Company and the Atairos Stockholder in substantially
the form presented to the Board are hereby authorized, adopted and approved for all purposes, and each officer of the Company (and
each of their respective designees) (collectively, the “Authorized Officers”) is hereby authorized for and on
behalf of the Company to execute and deliver the Stockholder Agreement upon the execution of the Purchase Agreement with such additions,
deletions, changes or modifications as such Authorized Officer executing the same shall approve, such execution and delivery to
conclusively evidence the authorization and approval thereof by the Company, and each is hereby empowered to take any other action
and make any such filings as such Authorized Officer deems necessary or desirable in connection with the execution, delivery and
performance of the Stockholder Agreement, and the consummation of the actions contemplated thereby.

 

Approval of Registration Rights Agreement

 

WHEREAS, the Board has determined
that it is advisable and in the best interests of the Company and its stockholders to enter into the Registration Rights Agreement
(the “Registration Rights Agreement”) by and between the Company and AGI-T, L.P.,

 

    A-1

     
 

    

substantially in the form presented to the Board in connection
with Closing (as defined in the Purchase Agreement); and

 

WHEREAS, the Board has determined
that it is advisable and in the best interests of the Company and its stockholders to consummate the transactions contemplated
by the Registration Rights Agreement.

 

NOW, THEREFORE,
IT IS:

 

RESOLVED, that
the form, terms and provisions of the Registration Rights Agreement to be entered into by and between the Company and the Atairos
Stockholder in substantially the form presented to the Board are hereby authorized, adopted and approved for all purposes, and
each Authorized Officer is hereby authorized for and on behalf of the Company to execute and deliver the Registration Rights Agreement
upon Closing (as defined in the Purchase Agreement) with such additions, deletions, changes or modifications as such Authorized
Officer executing the same shall approve, such execution and delivery to conclusively evidence the authorization and approval thereof
by the Company, and are each hereby empowered to take any other action and make any such filings as such Authorized Officer deems
necessary or desirable in connection with the execution, delivery and performance of the Registration Rights Agreement, and the
consummation of the transactions contemplated thereby.

 

DGCL 203 Waiver

 

WHEREAS, the Board has determined
that it is advisable and in the best interests of the Company and its stockholders to approve the acquisitions of “ownership”
of “voting stock” (for purposes of this resolution, as defined in and contemplated by Section 203(c)(8) and Section
203(c)(9) of the Delaware General Corporation Law (“DGCL”)) of the Company (or any successor thereto) by Atairos
Group (as defined in the Stockholder Agreement) pursuant to the Purchase Agreement, which would result in Atairos Group becoming
an “interested stockholder” within the meaning of Section 203 of the DGCL and, to the extent such acquisitions are
permitted by Section 2.02(a) of the Stockholder Agreement, as any such acquisition may occur from time to time, for purposes of
Section 203 of the DGCL, and the restrictions on “business combinations” contained in Section 203 of the DGCL shall
not apply to Atairos Group.

 

NOW, THEREFORE, IT IS: 

 

RESOLVED, that the acquisitions of
“ownership” of “voting stock” of the Company (or any successor thereto) by Atairos Group pursuant to the
Purchase Agreement, which would result in Atairos Group becoming an “interested stockholder” within the meaning of
Section 203 of the DGCL are hereby approved and, to the extent such acquisitions are permitted by Section 2.02(a) of the Stockholder
Agreement, as any such acquisition may occur from time to time, are hereby approved for purposes of Section 203 of the DGCL, and
the restrictions on “business combinations” contained in Section 203 of the DGCL shall not apply to Atairos Group.

 

    A-2

     
 

    

This resolution and the approvals granted
hereby shall automatically be revoked and rescinded and shall be of no further force and effect if either the Purchase Agreement
or the Stockholder Agreement is terminated prior to Closing (as defined in the Purchase Agreement).

 

General Authorizing Resolution

 

RESOLVED, that the Authorized Officers
hereby are, authorized and directed, for and on behalf of the Company, to take, or cause to be taken, such further action
and execute, or cause to be executed, such additional documents as each may deem necessary or appropriate to carry out the purposes
of the foregoing resolutions, and any such actions that may have been taken to date are hereby confirmed, ratified and approved
in all respects.

 

    A-3

     
 

    

EXHIBIT B

 

FORM OF UNANIMOUS WRITTEN
CONSENT

 

TRINET GROUP, INC.

 

UNANIMOUS WRITTEN CONSENT

OF THE BOARD OF DIRECTORS 

 

Dated December [__], 2016

 

The undersigned, being all the directors
(the “Directors”) of TriNet Group, Inc., a Delaware corporation (the “Company”), hereby consent
to and adopt of the following resolutions (this “Consent”):

 

WHEREAS, the Board of Directors of
the Company (the “Board”) has authorized, adopted and approved that certain Stockholder Agreement (the “Stockholder
Agreement”) by and between the Company and AGI-T, L.P., a Delaware limited partnership (together with its successors
and any permitted transferee, the “Atairos Stockholder”) in connection with the execution of that certain Stock
Purchase Agreement (the “Purchase Agreement”) between AGI-T, L.P., and certain entities affiliated with General
Atlantic, LLC (collectively, “General Atlantic”) pursuant to which, subject to the terms and conditions thereof,
AGI-T, L.P. will purchase an aggregate of 17,691,312 shares of common stock, par value $0.000025 per share (“Common Stock”),
of the Company, resulting in AGI-T, L.P. and its affiliates beneficially owning an aggregate of 19,504,334 shares of Common Stock;

 

WHEREAS, David Hodgson has fully
disclosed a potential conflict of interest in the actions below, given his position at General Atlantic and, after review and evaluation,
the Directors believe that Mr. Hodgson may act on the matters herein in his capacity as a Director without such potential conflict
influencing his judgment or duty to act in the best interests of the Company and its shareholders;

 

WHEREAS, after review and evaluation,
the Nominating and Corporate Governance Committee of the Board has recommended and nominated Michael J. Angelakis to serve as a
director of the Company;

 

WHEREAS, the Directors have further
reviewed and evaluated the qualifications of Michael J. Angelakis to serve as a director of the Company;

 

WHEREAS, the Directors have determined
that is advisable and in the best interests of the Company and its stockholders to conditionally appoint Michael J. Angelakis to
the existing Board in connection with the Stockholder Agreement; and

 

WHEREAS, in connection with the nomination
of Michael J. Angelakis to serve as a director of the Company, the Directors, pursuant to Article V of the Company’s Amended
and Restated Certificate of Incorporation and Section 15 of the Company’s

 

    B-1

     
 

    

Amended and Restated Bylaws, desire to conditionally increase
the authorized number of directors of the Company by one (1) and fix the size of the Board at ten (10) directors.

 

NOW, THEREFORE,
IT IS: 

 

RESOLVED, that,
effective as of and contingent upon Closing (as defined in the Purchase Agreement), the authorized number of directors of the Company
is hereby increased by one (1) and the size of the Board is fixed at ten (10) directors;

 

RESOLVED FURTHER,
that, effective as of and contingent upon Closing (as defined in the Purchase Agreement), Michael J. Angelakis is hereby appointed
to fill the vacancy on the Board so created, to serve until the first annual meeting of stockholders to occur after Closing (as
defined in the Purchase Agreement) or until his earlier death, resignation, or removal;

 

RESOLVED
FURTHER, that, effective as of and contingent upon Closing (as defined in the Purchase Agreement), Michael J. Angelakis
is designated as a Class III Director of the Company;

 

RESOLVED FURTHER,
that each officer of the Company (and each of their respective designees) are hereby authorized and directed, for and on behalf
of the Company, to take, or cause to be taken, such further action and execute, or cause to be executed, such additional documents
as each may deem necessary or appropriate to carry out the purposes of the foregoing resolutions, and any such actions that may
have been taken to date are hereby confirmed, ratified and approved in all respects;

 

RESOLVED FURTHER,
that this Consent may be signed in one or more counterparts, each of which shall be deemed an original and collectively shall be
deemed a complete and fully executed original consent; and

 

RESOLVED FURTHER,
that this Consent be filed with the minutes of the Board.

 

[remainder of page
intentionally left blank]

 

    B-2

     
 

    

 

 

IN WITNESS WHEREOF,
the undersigned have executed this Unanimous Written Consent as of the date first written above.

 

	
        ___________________________________

        

        H. Raymond Bingham

         

	
        ___________________________________

        

        Katherine August-deWilde

         

	
        ___________________________________

        

        Martin Babinec

         

	
        ___________________________________

        

        Paul Chamberlain

         

	
        ___________________________________

        

        Burton M. Goldfield

         

	
        ___________________________________

        

        Ken Goldman

         

	
        ___________________________________

        

        David C. Hodgson

         

	
        ___________________________________

        

        John H. Kispert

         

	
        ___________________________________

        

        Wayne Lowell

         

    B-3

     
 

    

EXHIBIT C

 

FORM OF JOINDER

 

The undersigned is executing and delivering
this Joinder pursuant to that certain Stockholder Agreement, dated as of December 21, 2016 (as amended, restated, supplemented
or otherwise modified in accordance with the terms thereof, the “Stockholder Agreement”), by and among TriNet
Group, Inc., AGI-T, L.P. and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms
used but not defined in this Joinder shall have the respective meanings ascribed to such terms in the Stockholder Agreement.

 

By executing and delivering this Joinder
to the Stockholder Agreement, the undersigned hereby adopts and approves the Stockholder Agreement and agrees, effective commencing
on the date hereof, to become a party to, and to be bound by and comply with the provisions of, the Stockholder Agreement applicable
to the Atairos Stockholder in the same manner as if the undersigned were an original Atairos Stockholder signatory to the Stockholder
Agreement.

 

The undersigned acknowledges and agrees
that Sections ‎5.01, ‎5.02,
‎5.06 and ‎5.07
of the Stockholder Agreement are incorporated herein by reference, mutatis mutandis.

 

[Remainder of page intentionally left
blank]

 

    C-1

     
 

    

Accordingly, the undersigned has executed
and delivered this Joinder as of the         day of         ,
    .

 

	[                                                                ]
	By:	 
	 	Name:
	 	Title:
	 	 
	 	 

	Address:	 
	 	 
	Telephone:	 
	Facsimile:	 
	Email:	 

 

	 

 

    
[Signature Page to Joinder]
 
 

     
 

    

EXHIBIT D

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

 

    

     
 

    

 

 

REGISTRATION RIGHTS AGREEMENT

 

between

 

TRINET GROUP, INC.

 

and

 

AGI-T, L.P.

 

Dated: [●], 2016

 

     

     

    

TABLE OF CONTENTS

 

 

Page

 

	Section 1.	Definitions	1
	 	 	 
	Section 2.	General; Securities Subject to this Agreement	5
	 	 	 
	(a)	Grant of Rights	5
	(b)	Registrable Securities	5
	(c)	Holders of Registrable Securities	5
	 	 	 
	Section 3.	Demand Registration	5
	 	 	 
	(a)	Request for Demand Registration	5
	(b)	Incidental or “Piggy-Back” Rights with Respect to a Demand Registration	6
	(c)	Effective Demand Registration	7
	(d)	Expenses	7
	(e)	Underwriting Procedures	7
	(f)	Selection of Underwriters	8
	 	 	 
	Section 4.	Incidental or “Piggy-Back” Registration	8
	 	 	 
	(a)	Request for Incidental Registration	8
	(b)	Expenses	9
	 	 	 
	Section 5.	Form S-3 Registration	9
	 	 	 
	(a)	Request for a Form S-3 Registration	9
	(b)	Form S-3 Underwriting Procedures	9
	(c)	Limitations on Form S-3 Registrations	10
	(d)	Expenses	11
	(e)	No Demand Registration	11
	 	 	 
	Section 6.	Holdback Agreements	11
	 	 	 
	(a)	[Intentionally Omitted]	11
	(b)	Restrictions on Public Sale by the Company	11
	 	 	 
	Section 7.	Registration Procedures	11
	 	 	 
	(a)	Obligations of the Company	11
	(b)	Seller Information	15
	(c)	Notice to Discontinue	15
	(d)	Registration Expenses	15
	 	 	 

    D-i

     

    

	Section 8.	Indemnification; Contribution	16
	 	 	 
	(a)	Indemnification by the Company	16
	(b)	Indemnification by Designated Holders	16
	(c)	Conduct of Indemnification Proceedings	17
	(d)	Contribution	18
	 	 	 
	Section 9.	Rule 144	19
	 	 	 
	Section 10.	Miscellaneous	19
	 	 	 
	(a)	Recapitalizations, Exchanges, etc.	19
	(b)	No Inconsistent Agreements	19
	(c)	Remedies	19
	(d)	Amendments and Waivers	20
	(e)	Notices	20
	(f)	Successors and Assigns; Third Party Beneficiaries	21
	(g)	Headings	21
	(h)	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	21
	(i)	Severability	22
	(j)	Rules of Construction	22
	(k)	Entire Agreement	22
	(l)	Further Assurances	22
	(m)	Other Agreements	23
	(n)	Counterparts	23
	(o)	Representation By Counsel; Interpretation	23
	 	 	 

    D-ii

     

    

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT, dated as
of [●], 2016, between TriNet Group, Inc., a Delaware corporation (the “Company”) and AGI-T, L.P.,
a Delaware limited partnership (the “Investor”) .

 

WHEREAS, on December 21, 2016, the Investor
and certain entities affiliated with General Atlantic, LLC entered into that certain Stock Purchase Agreement dated December 21,
2016 (the “Purchase Agreement”) pursuant to which the Investor has agreed to purchase shares of Common Stock
(as hereinafter defined) from certain entities affiliated with General Atlantic, LLC;

 

WHEREAS, concurrently therewith, the Company,
the Investor and certain other partied named therein entered into the Stockholder Agreement (as hereinafter defined), pursuant
to which the parties thereto agreed to, among other things, certain corporate governance rights and obligations and certain registration
rights to the Investor upon the Closing (as hereinafter defined);

 

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

 

Section 1.Definitions. As used
in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:

 

“Affiliate” means, with
respect to any Person (as hereinafter defined), any other Person which directly or indirectly controls or is controlled by or is
under common control with such Person. Notwithstanding the foregoing, (i) the parties agree and acknowledge, for the avoidance
of doubt, that members of Comcast Group (as hereinafter defined) shall not be considered Affiliates of any member of Atairos Group
and (ii) no portfolio company of any member of Atairos Group shall be considered an Affiliate of any member of Atairos Group. As
used in this definition, “control” (including its correlative meanings, “controlled by” and “under
common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

“Agreement” means this
Agreement as the same may be amended, supplemented or modified in accordance with the terms hereof.

 

“Approved Underwriter”
has the meaning set forth in ‎Section 3(f).

 

“Atairos Group” means
Atairos Group, Inc., a Cayman Islands exempted company, Atairos Management (as hereinafter defined) and the Investor and their
respective Affiliates, together with their successors and assigns; provided, however, that Comcast Group shall not
be considered part of Atairos Group for purposes of this Agreement.

 

    D-1

     

    

“Atairos Management”
means Atairos Management, L.P., a Delaware limited partnership.

 

“Atairos Stockholders”
means the Investor, any Subsequent Atairos Investor and any transferee to which Registrable Securities (as hereinafter defined)
are transferred in accordance with ‎Section 10(f).

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Day” means
any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or required
by law or executive order to close.

 

“Closing” shall have
the meaning set forth in the Purchase Agreement.

 

“Closing Date” means
the date upon which the transaction contemplated by the Purchase Agreement closes.

 

“Closing Price” means,
with respect to the Registrable Securities, as of the date of determination, (a) if the Registrable Securities are listed
on a national securities exchange, the closing price per share of a Registrable Security on such date quoted on Bloomberg or a
similar platform or, if no such closing price on such date is quoted on Bloomberg or a similar platform, the average of the closing
bid and asked prices on such date, as officially reported on the principal national securities exchange on which the Registrable
Securities are then listed or admitted to trading; or (b) if the Registrable Securities are not then listed or admitted to
trading on any national securities exchange, the last sale price or, if such last sale price is not reported, the average of the
high bid and low asked prices in the over-the-counter market, as reported by The Nasdaq Stock Market or such other system then
in use; or (c) if on any such date the Registrable Securities are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the Registrable Securities selected
by the Company; or (d) if none of (a), (b) or (c) is applicable, a market price per share determined in good faith
by the Board of Directors or, if such determination is not satisfactory to the Designated Holder for whom such determination is
being made, by a nationally recognized investment banking firm selected by the Company and such Designated Holder, the expenses
for which shall be borne equally by the Company and such Designated Holder. If trading is conducted on a continuous basis on any
exchange, then the closing price shall be at 4:00 P.M. New York City time.

 

“Comcast Group” means
Comcast Corporation, a Pennsylvania corporation, and its Subsidiaries (as hereinafter defined); provided, however, that Atairos
Group shall not be considered part of Comcast Group for purposes of this Agreement.

 

“Commission” means the
Securities and Exchange Commission or any successor agency then having jurisdiction to enforce the Securities Act.

 

    D-2

     

    

“Common Stock” means
the common stock, par value $0.000025 per share, of the Company or any other capital stock of the Company into which such stock
is reclassified or reconstituted and any other common stock of the Company.

 

“Common Stock Equivalents”
means any security or obligation which is by its terms, directly or indirectly, convertible into or exchangeable or exercisable
for shares of Common Stock, including, without limitation any option, warrant or other subscription or purchase right with respect
to Common Stock or any Common Stock Equivalent.

 

“Company” has the meaning
set forth in the preamble to this Agreement.

 

“Company Underwriter”
has the meaning set forth in ‎Section 4(a).

 

“Demand Registration”
has the meaning set forth in ‎Section 3(a).

 

“Designated Holder” means
each of the Atairos Stockholders and any transferee of any of them to whom Registrable Securities have been transferred in accordance
with ‎Section 10(f) of this Agreement, other than a transferee
to whom Registrable Securities have been transferred after the Closing Date pursuant to a Registration Statement under the Securities
Act or Rule 144 or Regulation S under the Securities Act (or any successor rule thereto).

 

“Disclosure Package”
means, with respect to any offering of securities, (a) the preliminary prospectus, (b) each Free Writing Prospectus and
(c) all other information, in each case, that is deemed, under Rule 159 under the Securities Act, to have been conveyed to
purchasers of securities at the time of sale of such securities (including a contract of sale).

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Free Writing Prospectus”
means any “free writing prospectus” as defined in Rule 405 under the Securities Act.

 

“Holders’ Counsel”
has the meaning set forth in ‎Section 7(a)(i).

 

“Incidental Registration”
has the meaning set forth in ‎Section 4(a).

 

“Indemnified Party” has
the meaning set forth in ‎Section 8(c).

 

“Indemnifying Party”
has the meaning set forth in ‎Section 8(c).

 

“Initiating Holders”
has the meaning set forth in ‎Section 3(a).

 

“Inspector” has the meaning
set forth in ‎Section 7(a)(vii).

 

“Investor” has the meaning
set forth in the preamble to this Agreement.

 

    D-3

     

    

“Liability” has the meaning
set forth in ‎Section 8(a).

 

“Market Price” means,
on any date of determination, the average of the daily Closing Price of the Registrable Securities for the immediately preceding
30 days on which the national securities exchanges are open for trading.

 

“Person” means any individual,
firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint
stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any
kind, and shall include any successor (by merger or otherwise) of such entity.

 

“Purchase Agreement”
has the meaning set forth in the recitals to this Agreement.

 

“Records” has the meaning
set forth in ‎Section 7(a)(vii).

 

“Registrable Securities”
means each of the following: (a) any and all shares of Common Stock owned by the Designated Holders and any shares of Common
Stock issued or issuable upon conversion of any shares of preferred stock or exercise of any warrants acquired by any of the Designated
Holders after the date hereof, (b) any other shares of Common Stock acquired or owned by any of the Designated Holders or
their Affiliates prior to the Closing Date, or acquired or owned by any of the Designated Holders after the Closing Date if such
Designated Holder is an Affiliate of the Company and (c) any shares of Common Stock issued or issuable to any of the Designated
Holders with respect to the Registrable Securities by way of stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation or other reorganization or otherwise and any shares of Common Stock or voting
common stock issuable upon conversion, exercise or exchange thereof.

 

“Registration Expenses”
has the meaning set forth in ‎Section 7(d).

 

“Registration Statement”
means a Registration Statement filed pursuant to the Securities Act.

 

“Restricted Period” has
the meaning set forth in the Stockholder Agreement.

 

“S-3 Initiating Holders”
has the meaning set forth in ‎Section 5(a).

 

“S-3 Registration” has
the meaning set forth in ‎Section 5(a).

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Stockholder Agreement”
means the Stockholder Agreement, dated as of the date hereof, among the Company, the Investor and the other parties thereto, as
the same may be amended and/or restated from time to time.

 

    D-4

     

    

“Subsequent Atairos Investor”
means any Affiliate of any member of Atairos Group that, after the date hereof, acquires any shares of Common Stock or Common Stock
Equivalents.

 

“Subsidiary” means, with
respect to any Person, any other Person of which 50% or more of the shares of the voting securities or other voting interests are
owned or controlled, or the ability to select or elect 50% or more of the directors or similar managers is held, directly or indirectly,
by such first Person or one or more of its Subsidiaries, or by such first Person, or by such first Person and one or more of its
Subsidiaries.

 

“Valid Business Reason”
has the meaning set forth in ‎Section 3(a).

 

Section 2.General; Securities Subject
to this Agreement.

 

(a)       Grant
of Rights. The Company hereby grants registration rights to the Designated Holders upon the terms and conditions set forth
in this Agreement.

 

(b)       Registrable
Securities. For the purposes of this Agreement, Registrable Securities will cease to be Registrable Securities, when (i) a
Registration Statement covering such Registrable Securities has been declared effective under the Securities Act by the Commission
and such Registrable Securities have been disposed of pursuant to such effective Registration Statement, (ii) (x) the
entire amount of the Registrable Securities owned by a Designated Holder may be sold in a single sale, in the opinion of counsel
satisfactory to the Company and such Designated Holder, each in their reasonable judgment, without any limitation as to volume
pursuant to Rule 144 (or any successor provision then in effect) under the Securities Act and (y) such Designated Holder owning
such Registrable Securities owns less than 1% of the outstanding shares of Common Stock on a fully diluted basis, or (iii) the
Registrable Securities are proposed to be sold or distributed by a Person not entitled to the registration rights granted by this
Agreement.

 

(c)       Holders
of Registrable Securities. A Person is deemed to be a holder of Registrable Securities whenever such Person owns of record
Registrable Securities, or holds an option to purchase, or a security convertible into or exercisable or exchangeable for,
Registrable Securities whether or not such acquisition or conversion has actually been effected. If the Company receives conflicting
instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company may act
upon the basis of the instructions, notice or election received from the registered owner of such Registrable Securities.
Registrable Securities issuable upon exercise of an option or upon conversion of another security shall be deemed outstanding
for the purposes of this Agreement.

 

Section 3.Demand Registration.

 

(a)       Request
for Demand Registration. At any time after the Restricted Period and if and to the extent permitted by Article 2 of the Stockholder
Agreement, the Atairos

 

    D-5

     

    

Stockholders (the “Initiating Holders”),
may make a written request to the Company to register, and the Company shall register, under the Securities Act (other than pursuant
to a Registration Statement on Form S-4 or S-8 or any successor thereto) (a “Demand Registration”), the
number of Registrable Securities stated in such request; provided, however, that the anticipated aggregate offering
price, net of underwriting discounts and commissions, would exceed $10,000,000, and provided further that the Company shall
not be obligated to effect more than three such Demand Registrations for the Atairos Stockholders. For purposes of the preceding
sentence, two or more Registration Statements filed in response to one demand shall be counted as one Demand Registration.
If the Board of Directors, in its good faith judgment, determines that any registration of Registrable Securities should not be
made or continued because it would materially interfere with any material financing, acquisition, corporate reorganization or merger
or other material transaction involving the Company or because it would otherwise be seriously detrimental to the Company and its
stockholders to effect a registration of Registrable Securities at that time (a “Valid Business Reason”), the
Company may (x) postpone filing a Registration Statement relating to a Demand Registration until such Valid Business Reason
no longer exists, but in no event for more than 90 days, and (y) in case a Registration Statement has been filed relating
to a Demand Registration, if the Valid Business Reason has not resulted from actions taken by the Company, the Company, upon the
approval of a majority of the Board of Directors (such majority to include the Atairos Designee (as defined in the Stockholder
Agreement) if any such designee is then serving on the Board of Directors), may cause such Registration Statement to be withdrawn
and its effectiveness terminated or may postpone amending or supplementing such Registration Statement. The Company shall give
written notice of its determination to postpone or withdraw a Registration Statement and of the fact that the Valid Business Reason
for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything
to the contrary contained herein, the Company may not postpone or withdraw a filing under this ‎Section 3(a) more than
once in any 12 month period. Each request for a Demand Registration by the Initiating Holders shall state the amount of the Registrable
Securities proposed to be sold and the intended method of disposition thereof.

 

(b)       Incidental
or “Piggy-Back” Rights with Respect to a Demand Registration. At any time after the Restricted Period, and to the
extent permitted by Article 2 of the Stockholder Agreement, each of the Designated Holders (other than Initiating Holders which
have requested a registration under ‎Section 3(a)) may offer its or his Registrable Securities under any Demand Registration
pursuant to this ‎Section 3(b). Within five days after the receipt of a request for a Demand Registration from an Initiating
Holder, the Company shall (i) give written notice thereof to all of the Designated Holders (other than Initiating Holders
which have requested a registration under ‎Section 3(a)) and (ii) subject to ‎Section 3(e), include
in such registration all of the Registrable Securities held by such Designated Holders from whom the Company has received a written
request for inclusion therein within 10 days of the receipt by such Designated Holders of such written notice referred to in clause
‎(i) above. Each such request by such Designated Holders shall specify the number of Registrable Securities proposed
to be registered. The failure of any Designated Holder to respond within such 10-day period referred to in

 

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clause ‎(ii) above shall be
deemed to be a waiver of such Designated Holder’s rights under this ‎Section 3 with respect to such Demand Registration.
Any Designated Holder may waive its rights under this ‎Section 3 prior to the expiration of such 10-day period by giving
written notice to the Company, with a copy to the Initiating Holders. If a Designated Holder sends the Company a written request
for inclusion of part or all of such Designated Holder’s Registrable Securities in a registration, such Designated Holder
shall not be entitled to withdraw or revoke such request without the prior written consent of the Company in its sole discretion
unless, as a result of facts or circumstances arising after the date on which such request was made relating to the Company or
to market conditions, such Designated Holder reasonably determines that participation in such registration would have a material
adverse effect on such Designated Holder.

 

(c)       Effective
Demand Registration. The Company shall use its reasonable best efforts to cause any such Demand Registration to become and
remain effective not later than 75 days after it receives a request under ‎Section 3(a) hereof. A registration
shall not constitute a Demand Registration until it has become effective and has been continuously effective for the lesser of
(i) the period during which all Registrable Securities registered in the Demand Registration are sold and (ii) 120 days;
provided, however, that a registration shall not constitute a Demand Registration if (x) after such Demand Registration
has become effective, such registration or the related offer, sale or distribution of Registrable Securities thereunder is interfered
with by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any
reason not attributable to the Initiating Holders and such interference is not thereafter eliminated or (y) the conditions
specified in the underwriting agreement, if any, entered into in connection with such Demand Registration are not satisfied or
waived, other than by reason of a failure by the Initiating Holder.

 

(d)       Expenses.
The Company shall pay all Registration Expenses in connection with a Demand Registration, whether or not such Demand Registration
becomes effective.

 

(e)       Underwriting
Procedures. If the Company or the Initiating Holders holding a majority of the Registrable Securities held by all of the Initiating
Holders so elect, the Company shall use its reasonable best efforts to cause such Demand Registration to be in the form of a firm
commitment underwritten offering and the managing underwriter or underwriters selected for such offering shall be the Approved
Underwriter selected in accordance with ‎Section 3(f). In connection with any Demand Registration under this ‎Section
3 involving an underwritten offering, none of the Registrable Securities held by any Designated Holder making a request for
inclusion of such Registrable Securities pursuant to ‎Section 3(b) hereof shall be included in such underwritten offering
unless such Designated Holder accepts the terms of the offering as agreed upon by the Company, the Initiating Holders and the Approved
Underwriter, and then only in such quantity as will not, in the opinion of the Approved Underwriter, jeopardize the success of
such offering by the Initiating Holders. If the Approved Underwriter advises the Company that the aggregate amount of such Registrable
Securities requested to be included in such offering is sufficiently large to have a material

 

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adverse effect on the success of such offering,
then the Company shall include in such registration only the aggregate amount of Registrable Securities that the Approved Underwriter
believes may be sold without any such material adverse effect and shall reduce the amount of Registrable Securities to be included
in such registration, first as to the Company, second as to the Designated Holders (who are not Initiating Holders
and who requested to participate in such registration pursuant to ‎Section 3(b) hereof) as a group, if any, and third
as to the Initiating Holders as a group, pro rata within each group based on the number of Registrable Securities owned
by each such Designated Holder or Initiating Holder, as the case may be.

 

(f)       Selection
of Underwriters. If any Demand Registration or S-3 Registration, as the case may be, of Registrable Securities is in the form
of an underwritten offering, the Company shall select and obtain an investment banking firm of national reputation to act as the
managing underwriter of the offering (the “Approved Underwriter”); provided, however, that the
Approved Underwriter shall, in any case, also be approved by the Initiating Holders or S-3 Initiating Holders, as the case may
be, holding a majority of the Registrable Securities requested to be registered by such Initiating Holders or S-3 Initiating Holders,
as the case may be.

 

Section 4.Incidental or “Piggy-Back”
Registration.

 

(a)       Request
for Incidental Registration. If at any time after the Restricted Period the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering by the Company for its own account (other than a Registration Statement
on Form S-4 or S-8 or any successor thereto) or for the account of any stockholder of the Company other than the Designated
Holders, then the Company shall give written notice of such proposed filing to each of the Designated Holders at least 20 days
before the anticipated filing date, and such notice shall describe the proposed registration and distribution and offer such Designated
Holders the opportunity to register the number of Registrable Securities as each such Designated Holder may request (an “Incidental
Registration”); provided that any transfer pursuant to such registration is permitted by Article 2 of the Stockholder
Agreement. The Company shall use its reasonable best efforts (within 20 days of the notice provided for in the preceding sentence)
to cause the managing underwriter or underwriters in the case of a proposed underwritten offering (the “Company Underwriter”)
to permit each of the Designated Holders who have requested in writing to participate in the Incidental Registration to include
its or his Registrable Securities in such offering on the same terms and conditions as the securities of the Company or the account
of such other stockholder, as the case may be, included therein. In connection with any Incidental Registration under this ‎Section
4(a) involving an underwritten offering, the Company shall not be required to include any Registrable Securities in such underwritten
offering unless the Designated Holders thereof accept the terms of the underwritten offering as agreed upon between the Company,
such other stockholders, if any, and the Company Underwriter, and then only in such quantity as the Company Underwriter believes
will not jeopardize the success of the offering by the Company. If the Company Underwriter determines in good faith that marketing
factors require a limitation in the Incidental Registration of the number of shares to be included in such Incidental Registration,
then the Incidental Registration

 

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shall cover, first, all of the securities
to be offered for the account of the Company; second, the Registrable Securities to be offered for the account of the Designated
Holders pursuant to this ‎Section 4, pro rata based on the number of Registrable Securities owned by each such
Designated Holder; and third, any other securities requested to be included in such offering.

 

(b)       Expenses.
The Company shall bear all Registration Expenses in connection with any Incidental Registration pursuant to this ‎Section
4, whether or not such Incidental Registration becomes effective.

 

Section 5.Form S-3 Registration.

 

(a)       Request
for a Form S-3 Registration. After the Restricted Period, so long as the Company is eligible for use of Form S-3 (or any successor
form thereto) under the Securities Act in connection with a public offering of its securities, in the event that the Company shall
receive from one or more of the Atairos Stockholders (the “S-3 Initiating Holders”), a written request that
the Company register, under the Securities Act on Form S-3 (or any successor form then in effect) (an “S-3 Registration”),
all or a portion of the Registrable Securities owned by such S-3 Initiating Holders and provided that any transfer pursuant
to such registration is permitted by Article 2 of the Stockholder Agreement, the Company shall give written notice of such request
to all of the Designated Holders (other than S-3 Initiating Holders which have requested an S-3 Registration under this ‎Section
5(a)) at least 10 days before the anticipated filing date of such Form S-3, and such notice shall describe the proposed registration
and offer such Designated Holders the opportunity to register the number of Registrable Securities as each such Designated Holder
may request in writing to the Company, given within 5 days after their receipt from the Company of the written notice of such registration.
If requested by the S-3 Initiating Holders, such S-3 Registration shall be for an offering on a continuous basis pursuant to Rule
415 under the Securities Act. With respect to each S-3 Registration, the Company shall, subject to ‎Section 5(b), (i) include
in such offering the Registrable Securities of the S-3 Initiating Holders and (ii) use its reasonable best efforts to (x) cause
such registration pursuant to this ‎Section 5(a) to become and remain effective as soon as practicable, but in any event
not later than 45 days after it receives a request therefor and (y) include in such offering the Registrable Securities of
the Designated Holders (other than S-3 Initiating Holders which have requested an S-3 Registration under this ‎Section
5(a)) who have requested in writing to participate in such registration on the same terms and conditions as the Registrable Securities
of the S-3 Initiating Holders included therein.

 

(b)       Form
S-3 Underwriting Procedures. If the S-3 Initiating Holders holding a majority of the Registrable Securities held by all of
the S-3 Initiating Holders so elect, the Company shall use its reasonable best efforts to cause such S-3 Registration pursuant
to this ‎Section 5 to be in the form of a firm commitment underwritten offering and the managing underwriter or underwriters
selected for such offering shall be the Approved Underwriter selected in accordance with ‎Section 3(f). In connection
with any S-3 Registration under ‎Section 5(a) involving an underwritten offering, the Company shall

 

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not be required to include any Registrable
Securities in such underwritten offering unless the Designated Holders thereof accept the terms of the underwritten offering as
agreed upon between the Company, the Approved Underwriter and the S-3 Initiating Holders, and then only in such quantity as such
underwriter believes will not jeopardize the success of such offering by the S-3 Initiating Holders. If the Approved Underwriter
believes that the registration of all or part of the Registrable Securities which the S-3 Initiating Holders and the other Designated
Holders have requested to be included would materially adversely affect the success of such public offering, then the Company shall
be required to include in the underwritten offering, to the extent of the amount that the Approved Underwriter believes may be
sold without causing such adverse effect, first, all of the Registrable Securities to be offered for the account of the S-3
Initiating Holders, pro rata based on the number of Registrable Securities owned by such S-3 Initiating Holders; second,
the Registrable Securities to be offered for the account of the other Designated Holders who requested inclusion of their Registrable
Securities pursuant to ‎Section 5(a), pro rata based on the number of Registrable Securities owned by such Designated
Holders; and third, any other securities requested to be included in such offering.

 

(c)       Limitations
on Form S-3 Registrations. If the Board of Directors has a Valid Business Reason, the Company may (x) postpone filing
a Registration Statement relating to a S-3 Registration until such Valid Business Reason no longer exists, but in no event for
more than 90 days, and (y) in case a Registration Statement has been filed relating to a S-3 Registration, if the Valid Business
Reason has not resulted from actions taken by the Company, the Company, upon the approval of a majority of the Board of Directors,
such majority to include the Atairos Designee (if any such designee is then serving on the Board of Directors), may cause such
Registration Statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such Registration
Statement. The Company shall give written notice of its determination to postpone or withdraw a Registration Statement and of the
fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence
thereof. Notwithstanding anything to the contrary contained herein, the Company may not postpone or withdraw a filing due to a
Valid Business Reason more than once in any 12 month period. In addition, the Company shall not be required to effect any registration
pursuant to ‎Section 5(a), (i) within 90 days after the effective date of any other Registration Statement of the
Company, (ii) if within the 12 month period preceding the date of such request, the Company has effected two registrations
on Form S-3 pursuant to ‎Section 5(a), (iii) if Form S-3 is not available for such offering by the S-3 Initiating
Holders or (iv) if the S-3 Initiating Holders, together with the Designated Holders (other than S-3 Initiating Holders which
have requested an S-3 Registration under ‎Section 5(a)) registering Registrable Securities in such registration, propose
to sell their Registrable Securities at an aggregate price (calculated based upon the Market Price of the Registrable Securities
on the proposed date of filing of the Form S-3 with respect to such Registrable Securities) to the public of less than $5,000,000.

 

    D-10

     

    

(d)       Expenses.
The Company shall bear all Registration Expenses in connection with any S-3 Registration pursuant to this ‎Section 5,
whether or not such S-3 Registration becomes effective.

 

(e)       No
Demand Registration. No registration requested by any S-3 Initiating Holder pursuant to this ‎Section 5 shall be
deemed a Demand Registration pursuant to ‎Section 3.

 

Section 6.Holdback Agreements.

 

(a)       [Intentionally
Omitted]

 

(b)       Restrictions
on Public Sale by the Company. The Company agrees not to effect any public sale or distribution of any of its securities, or
any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form S-4
or S-8 or any successor thereto), during the period beginning on the effective date of any Registration Statement in which
the Designated Holders of Registrable Securities are participating and ending on the earlier of (i) the date on which all
Registrable Securities registered on such Registration Statement are sold and (ii) 120 days after the effective date
of such Registration Statement (except as part of such registration).

 

Section 7.Registration Procedures.

 

(a)       Obligations
of the Company. Whenever registration of Registrable Securities has been requested pursuant to ‎Section 3,
‎Section 4 or ‎Section 5 of this Agreement, the Company shall use its reasonable best efforts to effect the
registration and sale of such Registrable Securities in accordance with the intended method of distribution thereof as quickly
as practicable, and in connection with any such request, the Company shall, as expeditiously as possible:

 

(i)       prepare
and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the
Company shall deem appropriate and which form shall be available for the sale of such Registrable Securities in accordance with
the intended method of distribution thereof, and cause such Registration Statement to become effective; provided, however,
that (x) before filing a Registration Statement or prospectus or any amendments or supplements thereto, or before using any
Free Writing Prospectus, the Company shall provide counsel selected by the Designated Holders holding a majority of the Registrable
Securities being registered in such registration (“Holders’ Counsel”) and any other Inspector with
an adequate and appropriate opportunity to review and comment on such Registration Statement and each prospectus included therein
(and each amendment or supplement thereto) and each Free Writing Prospectus to be filed with the Commission, subject to such documents
being under the Company’s control, and (y) the Company shall notify the Holders’ Counsel and each seller of Registrable
Securities of any stop order

 

    D-11

     

    

issued or threatened by the Commission
and take all action required to prevent the entry of such stop order or to remove it if entered;

 

(ii)       prepare
and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective for the lesser of (x) 120 days and (y) such
shorter period which will terminate when all Registrable Securities covered by such Registration Statement have been sold; provided,
that if the S-3 Initiating Holders have requested that an S-3 Registration be for an offering on a continuous basis pursuant to
Rule 415 under the Securities Act, then the Company shall keep such Registration Statement effective until the earlier of (a) the
date on which all Registrable Securities covered by such Registration Statement have been sold and (b) the three year anniversary
of the date on which such Registration Statement was first declared effective by the Commission; and shall comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period
in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

(iii)       furnish
to each seller of Registrable Securities, prior to filing a Registration Statement, at least one copy of such Registration Statement
as is proposed to be filed, and thereafter such number of copies of such Registration Statement, each amendment and supplement
thereto (in each case including all exhibits thereto), and the prospectus included in such Registration Statement (including each
preliminary prospectus), any prospectus filed under Rule 424 under the Securities Act and any Free Writing Prospectus as each such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller;

 

(iv)       register
or qualify such Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as any
seller of Registrable Securities may request, and to continue such qualification in effect in such jurisdiction for as long
as permissible pursuant to the laws of such jurisdiction, or for as long as any such seller requests or until all of such Registrable
Securities are sold, whichever is shortest, and do any and all other acts and things which may be reasonably necessary or advisable
to enable any such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller;
provided, however, that the Company shall not be required to (x) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this ‎Section 7(a)(iv), (y) subject itself to taxation
in any such jurisdiction or (z) consent to general service of process in any such jurisdiction;

 

(v)       (x)
notify each seller of Registrable Securities of the existence of any fact or happening of any event of which the Company has knowledge
which makes any statement of a material fact in a Registration Statement, related prospectus or Free Writing Prospectus or any
document incorporated or deemed

 

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to be incorporated therein by reference
untrue or which would require the making of any changes in such Registration Statement, prospectus or Free Writing Prospectus in
order that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case
of such prospectus or Free Writing Prospectus, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, and (y) the Company shall promptly prepare a supplement to, or amendment of, such Registration
Statement, related prospectus or Free Writing Prospectus and furnish to each seller of Registrable Securities a reasonable number
of copies of such supplement to, or amendment of, such Registration Statement, prospectus or Free Writing Prospectus as may be
necessary so that, after delivery to the purchasers of such Registrable Securities, in the case of the Registration Statement,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of such prospectus or Free Writing Prospectus, it
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

(vi)       enter
into and perform customary agreements (including an underwriting agreement in customary form with the Approved Underwriter or Company
Underwriter, if any, selected as provided in ‎Section 3, ‎Section 4 or ‎Section 5, as the case
may be) and take such other actions as are prudent and reasonably required in order to expedite or facilitate the disposition of
such Registrable Securities, including causing its officers to participate in “road shows” and other information meetings
organized by the Approved Underwriter or Company Underwriter;

 

(vii)       make
available at reasonable times for inspection by any seller of Registrable Securities, any managing underwriter participating in
any disposition of such Registrable Securities pursuant to a Registration Statement, Holders’ Counsel and any attorney, accountant
or other agent retained by any such seller or any managing underwriter (each, an “Inspector” and collectively,
the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
and its Subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s and its Subsidiaries’ officers, directors and employees,
and the independent public accountants of the Company, to supply all information reasonably requested by any such Inspector in
connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and which it
notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement
in writing in advance to the Company if the Company shall so request)

 

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unless (x) the disclosure of
such Records is necessary, in the Company’s judgment, to avoid or correct a misstatement or omission in the Registration
Statement, (y) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction
after exhaustion of all appeals therefrom or (z) the information in such Records was known to the Inspectors on a non-confidential
basis prior to its disclosure by the Company or has been made generally available to the public. Each seller of Registrable
Securities agrees that it shall, upon learning that disclosure of such Records is sought in a court of competent jurisdiction,
give notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure
of the Records deemed confidential;

 

(viii)       if
such sale is pursuant to an underwritten offering, obtain “cold comfort” letters dated the effective date of the Registration
Statement and the date of the closing under the underwriting agreement from the Company’s independent public accountants
in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing
underwriter reasonably requests;

 

(ix)       furnish,
at the request of any seller of Registrable Securities on the date such securities are delivered to the underwriters for sale pursuant
to such registration or, if such securities are not being sold through underwriters, on the date the Registration Statement with
respect to such securities becomes effective, an opinion, dated such date, of counsel representing the Company for the purposes
of such registration, addressed to the underwriters, if any, and to the seller making such request, covering such legal matters
with respect to the registration in respect of which such opinion is being given as the underwriters, if any, and such seller may
reasonably request and are customarily included in such opinions;

 

(x)       comply
with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably
practicable but no later than 15 months after the effective date of the Registration Statement, an earnings statement covering
a period of 12 months beginning after the effective date of the Registration Statement, in a manner which satisfies the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

(xi)       cause
all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are
then listed, provided that the applicable listing requirements are satisfied;

 

(xii)       keep
Holders’ Counsel advised in writing as to the initiation and progress of any registration under ‎Section 3, ‎Section
4 or ‎Section 5 hereunder;

 

(xiii)       cooperate
with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities
and

 

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their respective counsel in connection
with any filings required to be made with the FINRA; and

 

(xiv)       take
all other steps reasonably necessary to effect the registration of the Registrable Securities contemplated hereby.

 

(b)       Seller
Information. The Company may require each seller of Registrable Securities as to which any registration is being effected to
furnish, and such seller shall furnish, to the Company such information regarding the distribution of such securities as the Company
may from time to time reasonably request in writing.

 

(c)       Notice
to Discontinue. Each Designated Holder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in ‎Section 7(a)(v), such Designated Holder shall forthwith discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until such Designated Holder’s
receipt of the copies of the supplemented or amended prospectus or Free Writing Prospectus contemplated by ‎Section
7(a)(v) and, if so directed by the Company, such Designated Holder shall deliver to the Company (at the Company’s expense)
all copies, other than permanent file copies then in such Designated Holder’s possession, of the prospectus or Free Writing
Prospectus covering such Registrable Securities which is current at the time of receipt of such notice. If the Company shall give
any such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant
to this Agreement (including, without limitation, the period referred to in ‎Section 7(a)(ii)) by the number of days
during the period from and including the date of the giving of such notice pursuant to ‎Section 7(a)(v) to and including
the date when sellers of such Registrable Securities under such Registration Statement shall have received the copies of the supplemented
or amended prospectus or Free Writing Prospectus contemplated by and meeting the requirements of ‎Section 7(a)(v).

 

(d)       Registration
Expenses. The Company shall pay all expenses arising from or incident to its performance of, or compliance with, this
Agreement, including, without limitation, (i) Commission, stock exchange and FINRA registration and filing fees, (ii) all
fees and expenses incurred in complying with securities or “blue sky” laws (including reasonable fees, charges and
disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable
Securities as may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery expenses, (iv) the
fees, charges and expenses of counsel to the Company and of its independent public accountants and any other accounting fees,
charges and expenses incurred by the Company (including, without limitation, any expenses arising from any “cold comfort”
letters or any special audits incident to or required by any registration or qualification) and all reasonable legal fees, charges
and expenses incurred, in the case of a Demand Registration or an S-3 Registration, by the Initiating Holders or the S-3 Initiating
Holders, as the case may be, and (v) any liability insurance or other premiums for insurance obtained in connection with any
Demand Registration or piggy-back registration thereon, Incidental Registration or S-3 Registration pursuant to the terms of this
Agreement, regardless of whether such Registration Statement is declared effective.

 

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All of the expenses described in the preceding
sentence of this ‎Section 7(d) are referred to herein as “Registration Expenses.” The Designated
Holders of Registrable Securities sold pursuant to a Registration Statement shall bear the expense of any broker’s commission
or underwriter’s discount or commission relating to registration and sale of such Designated Holders’ Registrable Securities
and, subject to clause (iv) above, shall bear the fees and expenses of their own counsel.

 

Section 8.Indemnification; Contribution.

 

(a)       Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Designated Holder, its partners, directors, officers,
Affiliates and each Person who controls (within the meaning of Section 15 of the Securities Act) such Designated Holder from
and against any and all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) (each,
a “Liability” and collectively, “Liabilities”), arising out of or based upon (a) any
untrue, or allegedly untrue, statement of a material fact contained in any Disclosure Package, Registration Statement, prospectus,
Free Writing Prospectus or in any amendment or supplement thereto; and (b) the omission or alleged omission to state, in any
Disclosure Package, Registration Statement, prospectus, Free Writing Prospectus or in any amendment or supplement thereto, any
material fact required to be stated therein or necessary to make the statements therein not misleading under the circumstances
such statements were made, except insofar as such Liability arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission contained in such Disclosure Package, Registration Statement, prospectus, Free Writing
Prospectus or in any amendment or supplement thereto in reliance and in conformity with information concerning such Designated
Holder furnished in writing to the Company by such Designated Holder expressly for use therein, including, without limitation,
the information furnished to the Company pursuant to ‎Section 8(b). The Company shall also provide customary indemnities
to any underwriters of the Registrable Securities, their officers, directors and employees and each Person who controls such underwriters
(within the meaning of Section 15 of the Securities Act) to the same extent as provided above with respect to the indemnification
of the Designated Holders of Registrable Securities.

 

(b)       Indemnification
by Designated Holders. In connection with any Registration Statement in which a Designated Holder is participating pursuant
to ‎Section 3, ‎Section 4 or ‎Section 5 hereof, each such Designated Holder shall promptly furnish
to the Company in writing such information with respect to such Designated Holder as the Company may reasonably request or as may
be required by law for use in connection with any such Registration Statement or prospectus and all information required to be
disclosed in order to make the information previously furnished to the Company by such Designated Holder not materially misleading
or necessary to cause such Registration Statement not to omit a material fact with respect to such Designated Holder necessary
in order to make the statements therein not misleading. Each Designated Holder agrees to indemnify and hold harmless the Company,
any underwriter retained by the Company and each Person who controls the Company or such underwriter (within the meaning of Section 15
of the Securities Act) to the same extent as the foregoing indemnity from the Company to the Designated Holders, but only if such
statement or alleged statement or

 

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omission or alleged omission was made in reliance
upon and in conformity with information with respect to such Designated Holder furnished in writing to the Company by such Designated
Holder expressly for use in such Registration Statement, the Disclosure Package, Free Writing Prospectus or prospectus, including,
without limitation, the information furnished to the Company pursuant to this ‎Section 8(b); provided, however,
that the total amount to be indemnified by such Designated Holder pursuant to this ‎Section 8(b) shall be limited to
the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Designated Holder in the
offering to which the Registration Statement, Disclosure Package, Free Writing Prospectus or prospectus relates.

 

(c)       Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified Party”)
agrees to give prompt written notice to the indemnifying party (the “Indemnifying Party”) after the receipt
by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof
made in writing for which the Indemnified Party intends to claim indemnification or contribution pursuant to this Agreement; provided,
however, that the failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party of any Liability
that it may have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party is materially prejudiced
or otherwise forfeits substantive rights or defenses by reason of such failure). If notice of commencement of any such action is
given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the
extent it may wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such action at its own expense,
with counsel chosen by it and reasonably satisfactory to such Indemnified Party. The Indemnified Party shall have the right to
employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall
be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party
fails to assume the defense of such action with counsel reasonably satisfactory to the Indemnified Party or (iii) the named
parties to any such action (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and
such parties have been advised by such counsel that either (x) representation of such Indemnified Party and the Indemnifying
Party by the same counsel would be inappropriate under applicable standards of professional conduct or (y) there may be one
or more legal defenses available to the Indemnified Party which are different from or additional to those available to the Indemnifying
Party. In any of such cases, the Indemnifying Party shall not have the right to assume the defense of such action on behalf of
such Indemnified Party, it being understood, however, that the Indemnifying Party shall not be liable for the fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel) for all Indemnified Parties. No Indemnifying Party
shall be liable for any settlement entered into without its written consent, which consent shall not be unreasonably withheld.
No Indemnifying Party shall, without the consent of such Indemnified Party, effect any settlement of any pending or threatened
proceeding in respect of which such Indemnified Party is a party and indemnity has been sought hereunder by such Indemnified Party,
unless such settlement

 

    D-17

     

    

includes an unconditional release of such
Indemnified Party from all liability for claims that are the subject matter of such proceeding.

 

(d)       Contribution.

 

(i)       If
the indemnification provided for in this ‎Section 8 from the Indemnifying Party is unavailable to an Indemnified Party
hereunder in respect of any Liabilities referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions
which resulted in such Liabilities, as well as any other relevant equitable considerations. The relative faults of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made
by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a
result of the Liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections ‎8(a),
‎8(b) and ‎8(c), any legal or other fees, charges or expenses reasonably incurred by such party in connection
with any investigation or proceeding; provided that the total amount to be contributed by such Designated Holder shall be
limited to the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Designated Holder
in the offering.

 

(ii)       The
parties hereto agree that it would not be just and equitable if contribution pursuant to this ‎Section 8(d) were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in clause ‎(i) above. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

    D-18

     

    

Section 9.Rule 144. The Company
covenants that it shall (a) file any reports required to be filed by it under the Exchange Act and (b) take such further
action as each Designated Holder may reasonably request (including providing any information necessary to comply with Rule 144
under the Securities Act), all to the extent required from time to time to enable such Designated Holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the
Securities Act, as such rule may be amended from time to time, or Regulation S under the Securities Act or (ii) any similar
rules or regulations hereafter adopted by the Commission. The Company shall, upon the request of any Designated Holder, deliver
to such Designated Holder a written statement as to whether it has complied with such requirements.

 

Section 10.Miscellaneous.

 

(a)       Recapitalizations,
Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to (i) the
shares of Common Stock, (ii) any and all shares of voting common stock of the Company into which the shares of Common Stock
are converted, exchanged or substituted in any recapitalization or other capital reorganization by the Company and (iii) any
and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets
or otherwise) which may be issued in respect of, in conversion of, in exchange for or in substitution of, the shares of Common
Stock and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and
the like occurring after the date hereof. The Company shall cause any successor or assign (whether by merger, consolidation, sale
of assets or otherwise) to enter into a new registration rights agreement with the Designated Holders on terms substantially the
same as this Agreement as a condition of any such transaction.

 

(b)       No
Inconsistent Agreements. The Company represents and warrants that there are no currently effective agreements under which the
Company has granted to any Person the right to request or require the Company to register any securities issued by the Company,
other than the rights granted to the Designated Holders herein. The Company shall not enter into any agreement with respect to
its securities that is inconsistent with the rights granted to the Designated Holders in this Agreement or grant any additional
registration rights to any Person or with respect to any securities which are not Registrable Securities which are prior in right
to or inconsistent with the rights granted in this Agreement, except that the Company may grant the registration rights held by
the Atairos Stockholders to any Subsequent Atairos Investor.

 

(c)       Remedies.
The Designated Holders, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall
be entitled to specific performance of their rights under this Agreement. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to
waive in any action for specific performance the defense that a remedy at law would be adequate.

 

    D-19

     

    

(d)       Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by (i) the
Company, and (ii) the Atairos Stockholders holding a majority of the Registrable Securities then held by all Atairos Stockholders.
Any such written consent shall be binding upon the Company and all of the Designated Holders. Notwithstanding the first sentence
of this ‎Section 10(d), the Company, without the consent of any other party hereto (other than the Atairos Stockholders),
may amend this Agreement to add any Subsequent Atairos Investor as a party to this Agreement as an Atairos Stockholder.

 

(e)       Notices.
All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be made by
registered or certified first-class mail, return receipt requested, telecopier, courier service, electronic delivery or personal
delivery:

 

		(i)	if to the Company:

                                         

                                         TriNet Group, Inc.

                                         1100 San Leandro Blvd., Suite 300

                                         San Leandro, CA 94577

                                         Attention: Brady Mickelsen, Chief Legal Officer

                                         Email: brady.mickelsen@trinet.com

                                         

                                         with a copy to:

                                         

                                         Davis Polk & Wardwell LLP

                                         1600 El Camino Real

                                         Menlo Park, CA 94025

                                         Telecopy: (650) 752-2111 and (650) 752-3611

                                         Attention: Ron Cami and Sarah K. Solum, Esq.

                                         Email: ron.cami@davispolk.com; sarah.solum@davispolk.com

 

		(ii)	if to the Investor:

                                         

                                         c/o Atairos Management, L.P.

                                         620 5th Avenue, 6th Floor

                                         New York, NY 10020

                                         Telecopy: (203) 302-3044

                                         Attention: David L. Caplan, Esq.

                                         Email: d.caplan@atairos.com

 

and:

 

    D-20

     

    

c/o Atairos Management, L.P.

40 Morris Avenue, 3rd Floor

Bryn Mawr, PA 19010

Attention: Clare McGrory

Email: c.mcgrory@atairos.com

 

with a copy to:

 

Simpson Thacher & Bartlett
LLP

425 Lexington Avenue

New York, NY 10017

Telecopy: (212) 455-2502

Attention: Alan M. Klein and Anthony F. Vernace, Esq.

Email: aklein@stblaw.com; avernace@stblaw.com

 

All such notices, demands and other communications
shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered
by commercial courier service; five Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt
is mechanically acknowledged, if telecopied or sent by electronic delivery. Any party may by notice given in accordance with this
‎Section 10(e) designate another address or Person for receipt
of notices hereunder.

 

(f)       Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of the parties hereto as hereinafter provided. The Demand Registration rights and the S-3 Registration rights
and related rights of the Atairos Stockholders contained in Sections ‎3 and ‎5 hereof, shall be (i) with
respect to any Registrable Security that is transferred to an Affiliate of an Atairos Stockholder, automatically transferred to
such Affiliate and (ii) with respect to any Registrable Security that is transferred in all cases to a non-Affiliate, transferred
only with the prior written consent of the Company, which consent shall not be unreasonably withheld. The incidental or “piggy-back”
registration rights of the Designated Holders contained in Sections ‎3(b), ‎4 and ‎5 hereof and
the other rights of each of the Designated Holders with respect thereto shall be, with respect to any Registrable Security, automatically
transferred to any Person who is the transferee of such Registrable Security, but, during the period in which the Stockholder Agreement
is in effect, only if transferred in compliance with the Stockholder Agreement. All of the obligations of the Company hereunder
shall survive any such transfer. Except as provided in ‎Section 8, no Person other than the parties hereto and their
successors and permitted assigns is intended to be a beneficiary of this Agreement.

 

(g)       Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h)       GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW

 

    D-21

     

    

YORK. The parties hereto irrevocably submit
to the exclusive jurisdiction of any state or federal court sitting in New York County, New York, over any suit, action or proceeding
arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties
hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject
to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such
suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS
WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND CERTIFICATIONS IN THIS SECTION ‎10(h).

 

(i)       Severability.
If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or
unenforceable shall substantially impair the benefits of the remaining provisions hereof.

 

(j)       Rules
of Construction. Unless the context otherwise requires, references to sections or subsections refer to sections or subsections
of this Agreement.

 

(k)       Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein.
There are no restrictions, promises, representations, warranties or undertakings with respect to the subject matter contained herein,
other than those set forth or referred to herein or in the Stockholder Agreement. This Agreement supersedes all prior agreements
and understandings among the parties with respect to such subject matter.

 

(l)       Further
Assurances. Each of the parties shall execute such documents and perform such further acts as may be reasonably required or
desirable to carry out or to perform the provisions of this Agreement.

 

    D-22

     

    

(m)       Other
Agreements. Nothing contained in this Agreement shall be deemed to be a waiver of, or release from, any obligations any party
hereto may have under, or any restrictions on the transfer of Registrable Securities or other securities of the Company imposed
by, any other agreement including, but not limited to, the Purchase Agreement and the Stockholder Agreement.

 

(n)       Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(o)       Representation
By Counsel; Interpretation. The parties acknowledge that each party to this Agreement has been represented by counsel in connection
with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law, or any legal decision that
would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application
and is expressly waived.

 

[remainder of page intentionally left blank]

 

    D-23

     

    

IN WITNESS WHEREOF, the undersigned have
executed, or have caused to be executed, this Registration Rights Agreement on the date first written above.

 

	 	TRINET GROUP, INC.	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

	 	
        AGI-T, L.P.

         

         

        By: A-T HOLDINGS GP, LLC, its General Partner

         

         

        By: ATAIROS GROUP, INC., its Sole Member and Manager

         
	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title: 	 

 

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

	 	ATAIROS GROUP, INC.	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

	 	
        ATAIROS MANAGEMENT, L.P.

         

        

         

        By: Atairos Family GP, Inc., its General Partner

         
	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

[Signature Page to Registration Rights
Agreement]EX-10.1

 Exhibit 10.1 
  

			
	BARCLAYS	 	MORGAN STANLEY SENIOR FUNDING, INC.
	745 Seventh Avenue	 	1585 Broadway
	New York, New York 10019	 	New York, New York 10036

 PERSONAL AND CONFIDENTIAL 

December 16, 2016 
 Virtus
Investment Partners, Inc. 
 100 Pearl Street 

Hartford, Connecticut 06103 
 Attention: Michael
Angerthal 
                    Chief Financial Officer

 Project Falcon 

Commitment Letter 
 Ladies and Gentlemen:

 Barclays Bank PLC (“Barclays”) and Morgan Stanley Senior Funding, Inc. (“MSSF” and, together with Barclays, each, an
“Initial Commitment Party” and collectively, the “Initial Commitment Parties,” “we” or “us”) are pleased to confirm the arrangements pursuant to which the Commitment Parties
(a) are exclusively authorized by Virtus Investment Partners, Inc., a Delaware corporation (the “Borrower” or “you”), to act as joint lead arrangers and joint bookrunners in connection with the Facility (as
defined below) and (b) commit to provide the Facility to the Borrower, on the terms set forth in this letter and the attached Annexes A and B hereto and subject to the conditions set forth in the attached Annex C hereto
(collectively, this “Commitment Letter”). Capitalized terms used without definition in this letter have the meanings given to them in the annexes hereto. 

You have informed us that you intend to acquire 100% of the equity interests of (the “Acquisition”) an entity previously identified to us by
you as “Falcon” (the “Acquired Business”) from the current equity holders thereof (collectively, the “Seller”). You have also informed us that the Acquisition will be financed from borrowings under a
senior secured first lien term loan facility (the “Term Facility”) and a senior secured first lien revolving credit facility (the “Revolving Credit Facility” and, together with the Term Facility, the
“Facility”) having the terms set forth on Annex B. The Acquisition, the initial borrowings under the Facility, the payment of fees and expenses in connection with the foregoing and all related transactions are referred to
herein as the “Transactions.” 
 1. Commitments; Titles and Roles. 

The Initial Commitment Parties are pleased to confirm their agreement to act, and you hereby appoint the Initial Commitment Parties to act, as joint lead
arrangers and joint bookrunners (in such capacities, collectively, the “Lead Arrangers”) in connection with the Facility. Additionally, (a) Barclays is pleased to confirm its agreement to act, and you hereby appoint Barclays to
act, as syndication agent for the Facility, (b) MSSF is pleased to confirm its agreement to act, and you hereby appoint MSSF to act, as administrative agent for the Facility (the “Administrative Agent”) and (c) each of
Barclays and MSSF (each, in such capacity, an “Initial Lender” and collectively, the “Initial Lenders”) hereby commits to provide the Borrower 50% of the Term Facility and 50% of the Revolving Credit Facility on the
terms 
  

  
 - 1 - 

 and subject to the conditions contained in this Commitment Letter and the Fee Letter (each as referred to below),
it being understood that the only conditions precedent to such commitments are set forth on Annex C attached hereto. Our fees for our commitment and for services related to the Facility are set forth in a separate fee letter agreement (the
“Fee Letter”) entered into by you and the Initial Commitment Parties on the date hereof. 
 At any time on or prior to December 30,
2016, you may appoint up to three additional financial institutions (any such financial institution, an “Additional Commitment Party” and, together with the Initial Commitment Parties, the “Commitment Parties”) to
provide in the aggregate up to 25% of the commitments for the Facility; provided that (i) each Additional Commitment Party shall become party to this Commitment Letter and the Fee Letter as an “Initial Lender” and an
“Initial Commitment Party” pursuant to customary joinder documentation in a form reasonably satisfactory to us and you, (ii) each Additional Commitment Party shall commit to an equal percentage of the Term Facility and the Revolving
Credit Facility, (iii) the respective commitments of the Initial Commitment Parties will be reduced on a pro rata basis by the amount of each Additional Commitment Party’s commitment and (iv) each Additional Commitment Party (or its
affiliate) may be awarded a “co-agent” title and shall be entitled to up to a percentage of the fees payable under the Fee Letter to the Commitment Parties equal to the percentage that its commitment
represents of the total commitments for the Facility. For the avoidance of doubt, (x) MSSF shall have “left” placement on all marketing materials related to the Facility and have the role associated with such placement and
(y) Barclays shall have placement to the immediate right of MSSF on all marketing materials related to the Facility. 
 You agree that no other agent, co-agent, arranger, co-arranger, bookrunner, co-bookrunner, manager or co-manager will be
appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter) will be paid in connection with the Facility unless you and the Lead Arrangers shall so agree. 

2. Conditions Precedent. 
 Each Commitment Party’s
commitments and agreements hereunder are subject only to the conditions precedent listed on Annex C attached to this Commitment Letter. 

Notwithstanding anything in this Commitment Letter, the Fee Letter or any other letter agreements or other undertakings concerning the financing of the
Acquisition to the contrary, (a) the only representations the accuracy of which will be a condition to the availability of the Facility on the date of consummation of the Acquisition(the “Closing Date”) will be (i) the
representations made by or with respect to the Acquired Business in the Acquisition Agreement as are material to the interests of the Lenders (as defined below) or the Commitment Parties (but only to the extent that the Borrower or its affiliates
have the right not to consummate the Acquisition, or to terminate their obligations, under the Acquisition Agreement as a result of a failure of such representations in the Acquisition Agreement to be true and correct) (such representations and
warranties, the “Acquired Business Representations”) and (ii) the Specified Representations (as defined below), and (b) the terms of the Loan Documents (as defined below) for the Facility will be such that they do not
impair the availability of the Facility on the Closing Date if the conditions set forth in Annex C hereto are satisfied (it being understood that to the extent any security interest in the intended collateral (other than any collateral the
security interest in which may be perfected by the filing of a UCC financing statement or the delivery of stock certificates of any material domestic subsidiary of the Borrower, including the Acquired Business; provided that any such stock
certificates of subsidiaries of the Acquired Business will be required to be delivered on the Closing Date only to the extent received from the Seller, so long as you have used all commercially reasonable efforts to cause the Seller to deliver them
to you on the Closing Date) is not perfected on the Closing Date after your use of commercially reasonable efforts to do so, the perfection of such security 

  
 - 2 - 

 interest(s) will not constitute a condition precedent to the availability of the Facility on the Closing Date but
such security interest(s) will be required to be perfected pursuant to arrangements and timing to be mutually agreed by the Lead Arrangers and you and, in any event, within 60 days after the Closing Date (subject to extensions reasonably agreed by
the Administrative Agent)). As used herein, “Specified Representations” means the representations referred to in Annex B, as applicable to the Loan Parties (as defined in Annex B), relating to incorporation or
formation; organizational power and authority to enter into the Loan Documents relating to the Facility; due execution, delivery and enforceability of such Loan Documents; solvency on a consolidated basis as of the Closing Date after giving pro
forma effect to the Transactions occurring on the Closing Date and consistent with the solvency certificate in Exhibit 1 to Annex C hereto; no conflicts of the Loan Documents with charter documents; Federal Reserve margin regulations;
the Investment Company Act; the PATRIOT Act; use of proceeds not in violation of FCPA, OFAC, anti-terrorism laws or anti-money laundering laws; and, subject to the limitations on perfection of security interests set forth in the preceding sentence,
the creation, validity, perfection and priority of the security interests granted in the proposed collateral. This paragraph, and the provisions herein, shall be referred to as the “Limited Conditionality Provisions.” 

3. Syndication. 
 The Lead Arrangers intend, and reserve
the right, to syndicate the Facility to a group of banks, financial institutions and other institutional lenders identified by the Lead Arrangers in consultation with you and subject to your consent (such consent not to be unreasonably withheld or
delayed) (collectively, the “Lenders”); provided that the Lead Arrangers agree not to syndicate to (i) direct competitors or parent companies or other affiliates of direct competitors of the Borrower or the Acquired
Business (as reasonably determined by you), in each case, separately identified by name in writing by you to the Lead Arrangers prior to the date hereof (collectively, “Competitors”) and (ii) those particular banks, financial
institutions and other institutional lenders separately identified by name in writing by you to the Lead Arrangers prior to the date hereof (collectively, the “Disqualified Persons”); provided, further, that
(x) no person that is (i) a bona fide diversified debt fund, or (ii) an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in, acquiring or trading commercial loans, bonds or similar
extensions of credit in the ordinary course, shall be a Disqualified Person and ((y) the names of all Competitors and Disqualified Persons shall be made available to all Lenders. Subject to the immediately preceding sentence, no Competitor or
Disqualified Person may become a Lender or have any commitment or right (including a participation right in respect of the Facility) with respect to any loan or other extension of credit under the Facility without the written consent of the
Borrower. You acknowledge and agree that the commencement of syndication shall occur in the discretion of the Lead Arrangers. The Lead Arrangers will lead the syndication, including determining the timing of all offers to potential Lenders, any
title of agent or similar designations or roles awarded to any Lender and the acceptance of commitments, the amounts offered and the compensation provided to each Lender from the amounts to be paid to the Lead Arrangers pursuant to the terms of this
Commitment Letter and the Fee Letter. The Lead Arrangers will determine the final commitment allocations and will notify you of such determinations. You agree to use all commercially reasonable efforts to ensure that the Lead Arrangers’
syndication efforts benefit from the existing lending relationships of the Borrower, the Acquired Business and their respective subsidiaries. To facilitate an orderly and successful syndication of the Facility, you agree that, until the date (the
“Syndication Date”) which is the earlier of (x) 60 days after the Closing Date and (y) the later of the Closing Date and the occurrence of a Successful Syndication (as defined in the Fee Letter), you will not, and you will use
commercially reasonable efforts to ensure that the Acquired Business does not, syndicate or issue, attempt to syndicate or issue, announce (or authorize a third party to announce) the syndication or issuance of, or engage in discussions concerning
the syndication or issuance of, any debt facility or any debt security of the Borrower, the Acquired Business or any of their respective subsidiaries (other than (i) the Facility, (ii) equity-linked debt securities of the Borrower,
(iii) indebtedness permitted pursuant to the Acquisition Agreement and (iv) notes issued in consideration of repurchase of stock of 

  
 - 3 - 

 departing employees), including any renewals or refinancings of any existing debt facility or debt security,
without the prior written consent of the Lead Arrangers; it being understood that the foregoing shall not restrict your ability to borrow in the ordinary course for working capital purposes under your existing revolving credit facility dated as of
September 30, 2016 among you, the lenders party thereto and The Bank of New York Mellon (the “Existing Revolving Facility”). In addition, you will not incur any equity-linked debt securities unless the net cash proceeds thereof
reduce the commitments in respect of the Term Facility to an amount not less than $200.0 million or to $0. 
 Prior to the earlier of the Closing Date
and the termination of this Commitment Letter, you agree that neither you nor any of your subsidiaries will, without the prior written consent of the Lead Arrangers (which may be given or withheld in our sole discretion) make any investments,
acquisitions or dispositions (other than ordinary course investments and acquisitions and dispositions of investments, in each case, as part of its asset management business), or pay dividends or distributions with respect to, or repurchase, the
Borrower’s interests (other than dividends on the Borrower’s common stock at the same rate as paid prior to the date of this Commitment Letter). 

Notwithstanding the Lead Arrangers’ right to syndicate the Facility and receive commitments with respect thereto, except in connection with an assignment
to an Additional Commitment Party pursuant to the second paragraph under Section 1 above, unless otherwise agreed to by you, (x) no Commitment Party shall be relieved or released from its obligations hereunder (including its obligation to
fund the Facility on the Closing Date) in connection with any syndication, assignment or participation in the Facility until the initial funding of the Facility on the Closing Date and (y) unless you and we agree in writing, each Commitment
Party shall retain exclusive control over all rights and obligations with respect to its commitment for the Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Closing Date has
occurred. Without limiting your obligations to assist with the syndication efforts as set forth herein, it is understood and agreed that the commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of,
the Facility and in no event shall the commencement or successful completion of the syndication of the Facility constitute a condition to the availability and initial funding of the Facility on the Closing Date. 

You agree to cooperate with each Lead Arranger, and agree to use commercially reasonable efforts to cause the Acquired Business to cooperate with each Lead
Arranger, in connection with the syndication of the Facility, including, without limitation, (i) your assistance in the preparation of one or more information packages for the Facility regarding the business, operations, financial projections
and prospects of the Borrower, the Acquired Business and their respective subsidiaries (collectively, the “Confidential Information Memorandum”), including, without limitation, information relating to the transactions contemplated
hereunder, prepared by or on behalf of you or the Acquired Business deemed reasonably necessary by the Lead Arrangers to complete the syndication of the Facility, (ii) your using commercially reasonably efforts to obtain, prior to the
commencement of the Marketing Period (as defined in Annex C), (a) a public corporate family rating from Moody’s Investor Services, Inc. (“Moody’s”), (b) a public corporate credit rating from Standard &
Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. (“S&P”)) and (c) a public credit rating for the Facility from each of Moody’s and S&P (it being understood that in no event shall any
specific rating be required nor shall obtaining any such rating be a condition to the Initial Lenders’ commitments hereunder or the funding of the Facility on the Closing Date) and (iii) your presentation of one or more customary
information packages for the Facility reasonably acceptable in format and content to the Lead Arrangers (collectively, the “Lender Presentation”) in meetings and other communications with prospective Lenders or agents at mutually
agreed time(s) in connection with the syndication of the Facility (including, without limitation, direct contact between senior management and representatives, with appropriate seniority and expertise, of you (and your using commercially reasonable
efforts to cause direct contact between senior management and representatives of the Acquired Business) with prospective Lenders and participation of 

  
 - 4 - 

 such persons in meetings) (such initial meeting with prospective Lenders, the “Bank Meeting”).
In connection with the preparation of any such Confidential Information Memorandum and Lender Presentation, you agree to provide the Lead Arranger, upon request, with all information, documentation or materials reasonably requested to be delivered
to the Lead Arrangers in connection therewith (collectively, together with the Borrower’s filings under the Securities Exchange Act of 1934, as amended, the “Information”). You agree to notify the Lead Arrangers in writing when
a Fund Reorganization Proxy Statement/Prospectus (as defined in the Acquisition Agreement) is first mailed. You further agree that Information regarding the Facility and Information provided by you, the Acquired Business or your or their respective
representatives to the Lead Arrangers in connection with the Facility (including, without limitation, the Confidential Information Memorandum, the Lender Presentation and draft, and execution copies of the Loan Documents) may be disseminated to
potential Lenders and other persons through one or more internet sites (including an Intralinks, SyndTrak or other electronic workspace (the “Platform”)) created for purposes of syndicating the Facility or otherwise, in accordance
with the Lead Arranger’s standard syndication practices, and you acknowledge that neither of the Lead Arrangers nor any of their respective affiliates will be responsible or liable to you or any other person or entity for damages arising from
the use by others of any Information or other materials obtained on the Platform. 
 It is understood that in connection with your assistance described
above, you will provide, and cause all other applicable persons to provide, customary authorization letters to the Lead Arrangers authorizing the distribution of the Information to prospective Lenders and containing a representation consistent with
the first sentence under Section 4 hereof. You acknowledge that certain of the Lenders may be “public side” Lenders (i.e., Lenders that do not wish to receive Private-Side Information (as defined below)) (each, a “Public
Lender”; and Lenders who are not Public Lenders being referred to herein as “Private Lenders”). At the reasonable request of the Lead Arrangers, you agree to assist in the preparation of an additional version of the
Confidential Information Memorandum and the Lender Presentation to be used by Public Lenders containing a representation that such Information does not contain Private-Side Information. “Public-Side Information” means information
that is not material non-public information (for purposes of United States federal, state or other applicable securities laws); and “Private-Side Information” means any information that is not
Public-Side Information. In addition, you will clearly designate as Public-Side Information all Information provided to the Lead Arrangers by or on behalf of you or the Acquired Business which contains exclusively Public-Side Information. You
acknowledge and agree that the following documents may be distributed to all Lenders (including Public Lenders): (a) drafts and final versions of the Loan Documents; (b) term sheets and notification of changes in the terms of the Facility and
(c) administrative materials prepared by the Lead Arrangers for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda). 

With your consent (not to be unreasonably withheld), at a Lead Arranger’s own expense, such Lead Arranger may place advertisements in financial and other
newspapers and periodicals or on a home page or similar place for dissemination of information on the Internet or worldwide web as such Lead Arranger may choose, and circulate similar promotional materials, after the closing of the transactions in
the form of a “tombstone” or otherwise, containing information customarily included in such advertisements and materials, including (i) the names of the Borrower and its affiliates (or any of them), (ii) such Lead Arranger and its
affiliates’ titles and roles in connection with the transactions and (iii) the amount, type and closing date of such transactions. 
 4.
Information. 
 You represent and covenant that (i) all written Information (other than financial projections, estimates, forecasts, forward-looking
information and information of a general economic or industry-specific nature) provided directly or indirectly by you to the Commitment Parties or the Lenders in connection with the 

  
 - 5 - 

 transactions contemplated hereunder, when taken as a whole, is and will be complete and correct in all material
respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made (giving effect to any written supplements and written updates thereto provided to the Commitment Parties prior to the earlier of the Closing Date or the occurrence of a Successful Syndication) (it being understood that, with
respect to the Acquired Business and its subsidiaries, such representations are made to the best of your knowledge) (ii) the financial projections that have been or will be made available to the Commitment Parties or the Lenders by or on behalf
of you have been and will be prepared in good faith based upon assumptions that are believed by the preparer thereof to be reasonable at the time such financial projections are furnished to the Commitment Parties or the Lenders, it being understood
and agreed that financial projections are not a guarantee of financial performance and actual results may differ from financial projections and such differences may be material and (iii) the Closing Date shall not occur until at least twenty
(20) business days after the initial mailing of a Fund Reorganization Proxy Statement/Prospectus. You agree that if at any time prior to the later of (i) the Syndication Date and (ii) the Closing Date, you become aware that any of the
representations in the preceding sentence would be incorrect in any material respect if the Information and financial projections were being furnished, and such representations were being made, at such time, then you will promptly supplement, or
cause to be supplemented, the Information and financial projections so that such representations will be correct in all material respects under those circumstances. You acknowledge that, in arranging and syndicating the Facility, the Commitment
Parties will be entitled to use and rely on the Information and the financial projections without responsibility for independent verification thereof. We will have no obligation to conduct any independent evaluation or appraisal of the assets or
liabilities of the Borrower, the Acquired Business, their respective subsidiaries or any other party or to advise or opine on any related solvency issues. 

5. Indemnification and Related Matters. 
 You agree to the
provisions with respect to our indemnity and other matters set forth in Annex A, which is incorporated by reference into this Commitment Letter. 

6. Assignments. 
 This Commitment Letter may not be
assigned by any party hereto (except by the Commitment Parties as set forth below) without the prior written consent of each other party hereto (and any purported assignment without such consent will be null and void), is intended to be solely for
the benefit of the Commitment Parties and the other parties hereto and, except as set forth in Annex A hereto, is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. Any
Commitment Party may assign its commitments and agreements hereunder, in whole or in part, to any of its affiliates or to additional Lenders; provided that any such assignment made to any person (other than an Additional Commitment Party)
prior to the funding under the Facility will not relieve such Commitment Party of its obligations set forth herein to fund that portion of the commitments so assigned to the extent such assignee fails to fund the portion of the commitment assigned
to it on the Closing Date notwithstanding the satisfaction of the conditions of such funding set forth herein. 
 7. Confidentiality. 

Please note that this Commitment Letter and the Fee Letter and any written communications provided by or oral discussions with any Commitment Party in
connection with this arrangement are exclusively for your information and may not be disclosed by you to any third party or circulated or referred to publicly without the prior written consent of the Commitment Parties except, after providing
written notice to the Commitment Parties to the extent you are permitted to do so under applicable law, pursuant to a subpoena 

  
 - 6 - 

 or order issued by a court of competent jurisdiction or by a judicial, administrative or legislative body or
committee; provided that the Commitment Parties hereby consent to your disclosure of (i) this Commitment Letter, the Fee Letter and such communications to your officers, directors, employees, attorneys, accountants, representatives,
agents and other advisors who are directly involved in the consideration of the Facility and who have been informed by you of the confidential nature of such information and who have agreed to treat such information confidentially, (ii) this
Commitment Letter, the Fee Letter or the information contained herein or therein to the Acquired Business and the Seller and to their respective officers, directors, employees, attorneys, accountants, representatives, agents and other advisors who
are directly involved in the consideration of the Facility, in each case, to the extent such persons agree to hold the same in confidence (provided that any such disclosure of the Fee Letter or its terms or substance shall be redacted in a
manner reasonably satisfactory to the Commitment Parties), (iii) this Commitment Letter and the Fee Letter as required by applicable law or compulsory legal process or as requested by a governmental authority (in which case you agree, to the extent
you are permitted to do so under applicable law, to inform the Commitment Parties promptly thereof), (iv) following the Closing Date, the existence of this Commitment Letter and information contained in Annex B about the Facility to market
data collectors, similar services providers to the lending industry, and service providers to the Lead Arrangers and the Lenders in connection with the administration and management of the Facility and (v) the information contained in Annex
B to Moody’s and S&P; provided that such information is supplied to Moody’s and S&P only on a confidential basis after consultation with the Commitment Parties. 

Each Commitment Party agrees that it will treat as confidential, and use only for purposes of the transactions contemplated hereby, all information provided
to it hereunder by or on behalf of you or the Acquired Business; provided, however, that nothing herein will prevent such Commitment Party or any of such Commitment Party’s affiliates from disclosing, or using, any such
information (a) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such person agrees to inform
you promptly thereof to the extent not prohibited by law), (b) upon the request or demand of any regulatory authority purporting to have jurisdiction over such person or any of its affiliates (in which case, other than in the case of regulatory
examinations, such person agrees to inform you promptly thereof to the extent not prohibited by law), (c) to the extent that such information is publicly available or becomes publicly available other than by reason of improper disclosure by such
Commitment Party or any of the persons described in clause (d) of this sentence, (d) to such person’s affiliates and their respective officers, directors, employees, attorneys, accountants, representatives, agents and other advisors
who need to know such information and on a confidential basis, (e) to potential and prospective Lenders, participants and any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower, any
Guarantor or their respective obligations under the Facility, in each case, who are advised of the confidential nature of such information, (f) to Moody’s and S&P and other rating agencies, (g) to market data collectors as
determined by such Commitment Party; provided that such information is limited to Annex B and is supplied only on a confidential basis, (h) received by such person on a non-confidential
basis from a source (other than you, the Acquired Business or any of your or their affiliates, advisors, members, directors, employees, agents or other representatives) not known by such person to be prohibited from disclosing such information to
such person by a legal, contractual or fiduciary obligation, or (i) to the extent that such information was already in such Commitment Party’s possession or is independently developed by such Commitment Party, without use of information
otherwise subject hereto; provided that (x) the disclosure of any such information to any potential or prospective Lenders or participants referred to in clause (e) above shall be made subject to the acknowledgment and acceptance by
such prospective Lender or participant that such information is being disseminated on a confidential basis (on substantially similar terms set forth in this paragraph or as is otherwise reasonably acceptable to you and such Commitment Party,
including, without limitation, as agreed in any marketing materials) in accordance with the standard syndication processes of such 

  
 - 7 - 

 Commitment Party or in respect of marketing materials and related written materials distributed through the
Platform, shall in any event require “click through” or other affirmative actions on the part of the recipient to access such information and (y) no such disclosure shall be made by the Lead Arrangers to any Competitor or Disqualified
Person (after designation as such in accordance with the terms hereof). Each Commitment Party’s obligations under this provision shall remain in effect until the earlier of (i) one year from the date hereof and (ii) the date the Loan
Documents are entered into by such Commitment Party, at which time any confidentiality undertaking in the Loan Documents shall supersede this provision. 

8. Absence of Fiduciary Relationship; Affiliates; Etc. 

As you know, each of the Commitment Parties (together with their respective affiliates, the “Investment Banks”) is a full service financial
institution engaged, either directly or through its affiliates, in a broad array of activities, including commercial and investment banking, financial advisory, market making and trading, investment management (both public and private investing),
investment research, principal investment, financial planning, benefits counseling, risk management, hedging, financing, brokerage and other financial and non-financial activities and services globally. In the
ordinary course of its various business activities, each Investment Bank, and funds or other entities in which such Investment Bank invests or with which they co-invest, may at any time purchase, sell, hold or
vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for its own account and for the accounts of its customers. In addition, the Investment
Banks may at any time communicate independent recommendations and/or publish or express independent research views in respect of such assets, securities or instruments. Any of the aforementioned activities may involve or relate to assets, securities
and/or instruments of the Borrower, the Acquired Business, their respective subsidiaries and/or other entities and persons which may (i) be involved in transactions arising from or relating to the arrangement contemplated by this Commitment
Letter or (ii) have other relationships with you, the Acquired Business or your or its affiliates. In addition, the Investment Banks may provide investment banking, commercial banking, underwriting and financial advisory services to such other
entities and persons. The arrangement contemplated by this Commitment Letter may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph, and employees working on the financing contemplated hereby
may have been involved in originating certain of such investments and those employees may receive credit internally therefor. Although the Investment Banks in the course of such other activities and relationships may acquire information about the
transaction contemplated by this Commitment Letter or other entities and persons which may be the subject of the financing contemplated by this Commitment Letter, the Investment Banks shall have no obligation to disclose such information, or the
fact that any Investment Bank is in possession of such information, to you or to use such information on your behalf. 
 Consistent with each Investment
Bank’s policies to hold in confidence the affairs of its customers, such Investment Bank will not furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter to any of its other
customers. Furthermore, you acknowledge that none of the Investment Banks and none of their respective affiliates has an obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential
information obtained or that may be obtained by it from any other person. 
 The Investment Banks may have economic interests that conflict with those of
you, the Acquired Business, your or its equity holders and/or your or its affiliates. You agree that each Investment Bank will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter, Fee Letter or
otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between such Investment Bank, on the one hand, and you, your equity holders or your affiliates, on the other hand. You acknowledge
and agree that the transactions 

  
 - 8 - 

 contemplated by this Commitment Letter and the Fee Letter (including the exercise of rights and remedies
hereunder and thereunder) are arm’s-length commercial transactions between such Investment Bank, on the one hand, and you, on the other, and in connection therewith and with the process leading thereto,
(i) such Investment Bank has not assumed an advisory or fiduciary responsibility in favor of you, your equity holders or your 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 such Investment Bank has advised, is currently advising or will advise you, your equity holders or your affiliates on other matters) or any other obligation to you except the
obligations expressly set forth in this Commitment Letter and the Fee Letter and (ii) such Investment Bank is acting solely as a principal and not as an agent or fiduciary of you, your management, equity holders, affiliates, creditors or any
other person. You acknowledge and agree that you have consulted your own legal and financial advisors to the extent you deemed appropriate and that you are responsible for making your own independent judgment with respect to such transactions and
the process leading thereto. You agree that you will not claim that any Investment Bank has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to you, in connection with such transactions or the process leading
thereto. In addition, the Commitment Parties may employ the services of their respective affiliates in providing services and/or performing their respective obligations hereunder and may exchange with such affiliates information concerning you, your
affiliates, the Acquired Business and other companies that may be the subject of this arrangement, and such affiliates of the Commitment Parties will be entitled to the benefits afforded to the Commitment Parties hereunder. 

As you know, Barclays Capital Inc. and an affiliate MSSF have been retained by you (or one of your affiliates) as financial advisors (each, in such capacity,
a “Financial Advisor”) in connection with the Acquisition. Each of the parties hereto agrees to such retention. You further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that
might be asserted to arise or result from, on the one hand, the engagement of any Financial Advisor or any Initial Commitment Party and/or its affiliates’ arranging or providing or contemplating arranging or providing financing for a competing
bidder and, on the other hand, our and our affiliates’ relationships with you as described and referred to herein. 
 In addition, please note that the
Investment Banks and the Financial Advisors do not provide accounting, tax or legal advice. 
 9. Miscellaneous. 

Each Commitment Party’s commitments and agreements hereunder will terminate upon the first to occur of (i) the consummation of the Acquisition,
(ii) the date of termination of the Acquisition Agreement, and (iii) July 21, 2017, as may be extended to the date which is five business days after the “Outside Date” if the “Outside Date” under the Acquisition
Agreement is extended pursuant to Section 10.01(b) of the Acquisition Agreement as in effect on the date hereof, but in any event not later than September 22, 2017. You may terminate this Commitment Letter and our commitments hereunder at any
time without penalty or obligation, subject to the provisions of the immediately succeeding paragraph. 
 The provisions set forth under Sections 3, 4, 5
(including Annex A), the first paragraph of Section 7, Section 8 and this Section 9 (other than any provision therein that expressly terminates upon execution of the Loan Documents) and the provisions of the Fee Letter will
remain in full force and effect regardless of whether Loan Documents are executed and delivered. The provisions set forth in the Fee Letter and under Sections 5 (including Annex A), 7 and 8 hereof and this Section 9 will remain in full
force and effect notwithstanding the expiration or termination of this Commitment Letter or the Commitment Parties’ commitments and agreements hereunder. Notwithstanding the previous two sentences, if the Loan Documents are executed and
delivered, the provisions of Section 5 (including Annex A), and the second paragraph of Section 7 shall be superseded to the extent covered by the corresponding provisions of the Loan Documents and shall no longer be of any further
force or effect. 

  
 - 9 - 

 Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect
to the subject matter contained herein, including an agreement to negotiate promptly in good faith the Loan Documents by the parties hereto in a manner consistent with this Commitment Letter and the Fee Letter, it being acknowledged and agreed that
the commitments provided hereunder are subject to the conditions precedent expressly described in Annex C. Reasonably promptly after the execution of this Commitment Letter, the parties hereto shall proceed with the negotiation of the Loan
Documents for the purpose of executing and delivering the Loan Documents no later than the consummation of the Acquisition. 
 This Commitment Letter and
the Fee Letter shall be governed by, and construed in accordance with, the laws of the State of New York; provided that, notwithstanding the foregoing, it is understood and agreed that (a) the interpretation of the definition of
“Material Adverse Effect” (as defined in Annex C) (and whether or not a Material Adverse Effect has occurred), (b) the determination of the accuracy of any Acquired Business Representations and whether as a result of any inaccuracy thereof
you (or your affiliate) have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations under the Acquisition Agreement or decline to consummate the Acquisition and (c) the determination of whether the
Acquisition has been consummated in accordance with the terms of the Acquisition Agreement, in each case shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern
under applicable principles of conflicts of laws thereof. Each of the parties hereto irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or
relating to this Commitment Letter, the Fee Letter, the Transactions and the other transactions contemplated hereby and thereby or the actions of any Commitment Party or any of its affiliates in the negotiation, performance or enforcement hereof.
Each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City in respect
of any suit, action or proceeding arising out of or relating to the provisions of this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby and irrevocably agrees that all claims in respect of any such suit, action or
proceeding shall be heard and determined in only such court. Each of the parties hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court may
be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment. Nothing in this Commitment Letter or the Fee Letter shall affect any right that any Commitment Party or any affiliate thereof may otherwise have
to bring any claim, action or proceeding relating to this Commitment Letter, the Fee Letter and/or the transactions contemplated hereby and thereby in any court of competent jurisdiction to the extent necessary or required as a matter of law to
assert such claim, action or proceeding against any assets of you or enforce any judgment arising out of any such claim, action or proceeding. You hereby agree that service of any process, summons, notice or document by registered mail or overnight
courier addressed to it at the address set forth above shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. 

The Commitment Parties hereby notify the Borrower and the Guarantors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) the Commitment Parties and each Lender may be required to obtain, verify and record information that identifies the Borrower and
each of the Guarantors, which information includes the name and address of the Borrower and each of the Guarantors and other information that will allow each Commitment Party and each Lender to identify the Borrower and each of the Guarantors in
accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Commitment Parties and each Lender. 

  
 - 10 - 

 This Commitment Letter may be executed in any number of counterparts, each of which when executed will be an
original, and all of which, when taken together, will constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or electronic transmission (in .pdf format) will be effective
as delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only agreements that have been entered into among the parties hereto with respect to the Facility and set forth the entire understanding of the
parties with respect thereto and supersede any prior written or oral agreements among the parties hereto with respect to the Facility. Neither this Commitment Letter nor the Fee Letter may be amended or any term or provision hereof or thereof waived
or otherwise modified except by an instrument in writing signed by each of the parties hereto or thereto, as applicable, and any term or provision hereof or thereof may be amended or waived only by a written agreement executed and delivered by all
parties hereto or thereto. 
 Please confirm that the foregoing is in accordance with your understanding by signing and returning to the Commitment Parties
the enclosed copy of this Commitment Letter and the Fee Letter before the earlier of (i) 5:00 p.m., New York City time, on the date hereof and (ii) the public announcement of the Acquisition, whereupon this Commitment Letter and the Fee Letter
will become binding agreements between you and the Commitment Parties. If this Commitment Letter and the Fee Letter have not been signed and returned to us by the time specified in the preceding sentence, this offer will terminate at such time. We
look forward to working with you on this transaction. 
 [Remainder of page intentionally left blank] 

  
 - 11 - 

 
			
	Very truly yours,
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Jeremy Hazan

	Name: Jeremy Hazan
	Title: Managing Director

 [Signature Page to Falcon Commitment Letter] 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By:	 	 /s/ Wissam Kairouz

		 	Name: Wissam Kairouz
		 	Title:   Authorized Signatory

 [Signature Page to Falcon Commitment Letter] 

			
	 ACCEPTED AND AGREED AS OF

THE DATE FIRST WRITTEN ABOVE:
  

VIRTUS INVESTMENT PARTNERS, INC.

		
	By:	 	 /s/ Michael A. Angerthal

		 	Name: Michael A. Angerthal
		 	Title: Executive Vice President and Chief Financial Officer

 [Signature Page to Debt Commitment Letter] 

 Annex A 

You agree to indemnify and hold harmless each Commitment Party (whether in its capacity as Lead Arranger, Administrative Agent, Initial Lender or otherwise)
and its affiliates (including, without limitation, controlling persons) and each director, officer, employee, advisor, agent, affiliate, successor, partner, representative and assign of each of the foregoing (each, an “Indemnified
Person”) from and against any and all actions, suits, investigation, inquiry, claims, losses, damages, liabilities, expenses or proceedings of any kind or nature whatsoever which may be incurred by or asserted against or involve any such
Indemnified Person as a result of or arising out of or in any way related to or resulting from the Commitment Letter, the Fee Letter, the Facility, the use of proceeds thereof, the Acquisition or the other transactions contemplated thereby
(regardless of whether any such Indemnified Person is a party thereto and regardless of whether such matter is initiated by a third party or otherwise) (any of the foregoing, a “Proceeding”), and you agree to reimburse each
Indemnified Person upon demand for any legal or other reasonable and documented out-of-pocket expenses incurred in connection with investigating, defending, preparing to
defend or participating in any such Proceeding; provided, however, that no Indemnified Person will be indemnified for any such cost, expense or liability (i) to the extent determined by a final, nonappealable judgment of a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person or from a material breach of the obligations of such Indemnified Person under this Commitment Letter or (ii) arising out of or
in connection with any Proceeding that does not involve an act or omission of yours or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Commitment Party in
its capacity or in fulfilling its role as an agent or arranger or any similar role under the Facility). In the case of any Proceeding to which the indemnity in this paragraph applies (excluding, for the avoidance of doubt, any Proceeding to which
the preceding proviso applies), such indemnity and reimbursement obligations shall be effective, whether or not such Proceeding is brought by the Borrower, the Acquired Business, any of their respective securityholders or creditors, an Indemnified
Person or any other person, or an Indemnified Person is otherwise a party thereto and whether or not any aspect of the Commitment Letter, the Fee Letter, the Facility, the Acquisition or the other transactions contemplated thereby is consummated.
Notwithstanding any other provision of the Commitment Letter, (i) no Indemnified Person shall be responsible or liable for damages arising from the unauthorized use by others of information or other materials obtained through internet,
electronic, telecommunications or other information transmission, except to the extent such damages have resulted from the willful misconduct or gross negligence of such Indemnified Person as determined by a final, nonappealable judgment of a court
of competent jurisdiction and (ii) no Indemnified Person shall have any liability for any special, indirect, consequential or punitive damages in connection with or as a result of this Commitment Letter or the Fee Letter or the transactions
contemplated hereby or thereby. 
 You shall not be liable for any settlement of any Proceedings effected without your written consent (which consent shall
not be unreasonably withheld or delayed), but if settled with your written consent, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such
settlement in accordance with the preceding paragraph. 
 You will not, without the prior written consent of the relevant Indemnified Person, 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 by such Indemnified Person (whether or not any Indemnified Person is a party thereto)
unless such settlement, compromise, consent or termination (i) includes an unconditional release of such Indemnified Person from all claims that are the subject matter 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 Indemnified Person (which consent, if the conditions set forth in clauses (i) and (ii) are satisfied, shall not be unreasonably withheld or delayed). 

  
 Annex A-1 

 The provisions of this Annex A will survive any termination or completion of the arrangement provided
by the Commitment Letter and the Fee Letter. 

  
 Annex A-2 

 Annex B 

Project Falcon 
 Summary
of the Facility 
 This Summary outlines certain terms of the Facility referred to in the Commitment Letter, of which this Annex B is a part.
Certain capitalized terms used herein are defined in the Commitment Letter. 
  

			
	Borrower:	  	Virtus Investment Partners, Inc. (the “Borrower”).
		
	Purpose/Use of Proceeds:	  	The proceeds of the Term Facility will be used to fund, in part, the Acquisition, the repayment of outstanding borrowings under the Existing Revolving Facility and the payment of fees, commissions and expenses in connection with the
Acquisition and the Facility, with the remainder (if any) for general corporate purposes. Amounts available under the Revolving Credit Facility may be used (i) on the Closing Date, to fund amounts required to be paid as additional original
issue discount or upfront fees under the “Market Flex” provisions of the Fee Letter and (ii) after the Closing Date, to provide for the ongoing working capital requirements and for general corporate purposes.
		
	Joint Lead Arrangers and Joint Bookrunners:	  	Barclays Bank PLC (“Barclays”) and Morgan Stanley Senior Funding, Inc. (“MSSF,” and, together with Barclays, in their capacities as joint lead arrangers and joint bookrunners, the “Lead
Arrangers”).
		
	Syndication Agent:	  	Barclays.
		
	Administrative Agent:	  	MSSF (in such capacity, the “Administrative Agent”).
		
	Lenders:	  	Barclays, MSSF and/or other financial institutions selected by the Lead Arrangers in accordance with the Commitment Letter (each, a “Lender” and, collectively, the “Lenders”), excluding those
particular banks, financial institutions and other institutional lenders separately identified by name in writing by you to the Lead Arrangers prior to the date hereof (collectively, the “Disqualified Lenders”).
		
	Facility Amounts:	  	Term Facility: $475.0 million of senior secured first lien term loans (the “Initial Term Loans” and, together with loans under any Incremental Term Facility referred to below, “Term
Loans”); provided that, if the Borrower issues and sells equity securities or equity-linked securities after the date hereof and on or prior to the Closing Date, the amount of the Term Facility shall be reduced by an amount equal to
the lesser of (x) net cash proceeds received by the Borrower from such issuance and (y) $275.0 million; provided that if such net cash proceeds are $475.0 million or more, the Term Facility shall be reduced to
$0.

  
 Annex B-1 

			
		  	Revolving Credit Facility: up to $100.0 million of senior secured first lien revolving loans (the “Initial Revolving Loans” and, together with the Initial Term Loans the “Initial Loans”
and, together with any loans under any Incremental Revolving Credit Facility referred to below, “Revolving Loans,” and the Revolving Loans together with the Term Loans, the “Loans”). Commitments to make Revolving
Loans are herein referred to as “Revolving Commitments.”
		
	Letters of Credit:	  	Up to $7.5 million of the Revolving Credit Facility shall be made available for the issuance of standby letters of credit (“Letters of Credit”) by each Lender under the Revolving Credit Facility (each,
an “Issuing Bank”). The Loan Documents will include customary provisions to protect the Issuing Banks in the event any Lender under the Revolving Credit Facility is a “Defaulting Lender.”
		
	Availability:	  	Term Facility: The Initial Term Loans shall be available in a single drawing on the Closing Date.
		
		  	Revolving Credit Facility: Amounts available under the Revolving Credit Facility may be borrowed, repaid and reborrowed on or after the Closing Date until the maturity date thereof; provided that on the Closing Date
the Revolving Credit Facility may be used only to (i) fund any OID or upfront fees required to be funded on the Closing Date pursuant to the “Market Flex Provisions” in the Fee Letter and (ii) cash collateralize any letters of credit of
the Acquired Business outstanding under its existing credit facility.
		
	Maturity:	  	 Term Facility: Seventh anniversary of the Closing Date.
  

Revolving Credit Facility: Fifth anniversary of the Closing Date.

		
	Amortization:	  	The outstanding principal amount of the Initial Term Loans will be repayable in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of the Initial Term Loans, commencing with the
first full calendar quarter ended after the Closing Date, with the remaining balance due on the seventh anniversary of the Closing Date. No amortization will be required with respect to the Revolving Credit Facility.
		
	Incremental Facilities:	  	On or before the final maturity date of the Term Facility or Revolving Credit Facility, as applicable, the Borrower will have the right, but not the obligation, to increase the amount of any Term Facility or incur a new tranche of
term loans (such increase or new tranche, an “Incremental Term Facility”) or increasing the Revolving Credit Facility (the “Incremental Revolving Credit Facility” and, together with the Incremental Term Facility,
the “Incremental Facilities”) in an aggregate principal amount for all Incremental Facilities up to the sum of (i) an amount equal to 50% of Consolidated EBITDA for the most recently completed four fiscal quarter period prior
to the Closing Date, calculated on a pro forma basis giving effect to the Transactions occurring on the Closing Date, and (ii) an amount such that, after

  
 Annex B-2 

			
		  	giving effect to the incurrence of any such Incremental Facility on a pro forma basis (and after giving effect to any acquisition consummated simultaneously therewith and all other appropriate pro forma adjustment events), the
Secured Net Leverage Ratio (to be defined in a mutually agreed manner, but for this purpose calculated assuming any Incremental Revolving Credit Facility is fully drawn and excluding the cash proceeds of any Incremental Facility in the netting
against debt in the calculation of such ratio) would not be greater than the Closing Date Secured Net Leverage Ratio plus 0.25x; provided that (x) if such Incremental Facility is an Incremental Term Facility, (a) with respect to any
Incremental Term Facility incurred within 12 months of the Closing Date, if the all-in yield (including interest rate margins, any interest rate floors greater than the Floor, original issue discount and
upfront fees (based on the lesser of a four-year average life to maturity or the remaining life to maturity), but excluding customary arrangement, structuring and underwriting fees paid to the Lead Arranger in connection with the Term Facility or
any arranger in connection with any Incremental Term Facility) for any Incremental Term Facility is higher than the all-in yield (determined on the same basis) for the Initial Term Loans by more than 50 basis
points, then the interest rate margins for the Initial Term Loans will be increased by an amount equal to the difference between the all-in-yield with respect to the Incremental Term Facility and the all-in yield with respect to the Initial Term Loans minus 50 basis points, (b) the maturity date applicable to the Incremental Term Facility will not be earlier than that of the latest maturity date of the Term
Facility, (c) the weighted average life to maturity of the Incremental Term Facility will not be earlier than the existing Term Facility, (d) the amortization requirements for all Incremental Term Facilities may differ, so long as the
average weighted life to maturity of such Incremental Term Facility is no shorter than the average weighted life to maturity applicable to the then outstanding Term Loans; (e) no Incremental Facility shall be guaranteed by any person that is
not a Guarantor or secured by any asset that is not Collateral; (f) each Incremental Facility will rank pari passu in right of payment with the Facility; and (g) all other terms of the Incremental Term Facility, if not consistent with the terms
of the existing Term Facility, must be reasonably acceptable to the Borrower and the Administrative Agent and (y) if such Incremental Facility is an Incremental Revolving Credit Facility, such Incremental Facility will be documented solely as
an increase to the commitments with respect to the Revolving Credit Facility, without any change in terms. The conditions to all Incremental Facilities will include (x) the absence of any default or event of default at the time of borrowing or
after giving effect thereto (or the absence of any payment or bankruptcy event of default, to the extent the proceeds of any Incremental Facility are being used to finance an acquisition permitted under the Loan Documents), (y) the accuracy of
representations and warranties in the Loan Documents in all material respects (except where qualified by materiality, then just the accuracy thereof), subject, in the case of this clause (y), to customary “SunGard” limitations to the
extent the proceeds of any Incremental

  
 Annex B-3 

			
		
		  	Facility are being used to finance an acquisition permitted under the Loan Documents and (z) pro forma compliance with the financial covenant. Any Incremental Facility will be provided by existing Lenders or other
persons who become Lenders in connection therewith; provided that no existing Lender will be obligated to provide any Incremental Facility.
		
		  	In addition, the Borrower may, in lieu of incurring Incremental Facilities, utilize any part of the capacity available for Incremental Facilities to incur Incremental Equivalent Debt.
		
		  	“Incremental Equivalent Debt” means (x) notes or loans that are unsecured and rank pari passu with or subordinated in right of payment to the Facility, (y) notes that are secured by liens that rank pari
passu with or subordinated to the liens securing the Facility and (z) loans that are secured by liens that are subordinated to the liens securing the Facility; provided that (i) all Incremental Equivalent Debt (whether or not secured)
shall be included in the numerator in the calculation of Secured Net Leverage Ratio, count toward capacity available for Incremental Facilities and be permitted to be incurred only to the extent capacity is available for Incremental Facilities, (ii)
Incremental Equivalent Debt shall be subject to the requirements set forth in clauses (b), (c) and (e); provided that clauses (b) and (c) shall not apply to any Incremental Equivalent Debt consisting of a customary bridge facility so long as
any such customary bridge facility is to be automatically converted into long-term debt that satisfies such clauses and (iii) any Incremental Equivalent Debt that is secured shall be subject to a pari passu intercreditor agreement and/or a
junior intercreditor agreement, as the case may be.
		
	Refinancing Facilities:	  	The Loan Documents will permit will permit the Borrower to refinance loans under the Term Facility or Revolving Commitments from time to time, in whole or part, with one or more new term facilities (each, a “Refinancing Term
Facility”) or one or more new revolving credit facilities (each, a “Refinancing Revolving Facility”; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to as
“Refinancing Facilities”), with the consent of the Borrower and the institutions providing such Refinancing Facility, (x) notes or loans that are unsecured and rank pari passu with or subordinated in right of payment to the
Facility, (y) notes that are secured by liens that rank pari passu with or subordinated to the liens securing the Facility and (z) loans that are secured by liens that are subordinated to the liens securing the Facility (the indebtedness
referred to in clauses (x), (y) or (z), the “Other Refinancing Debt” and, together with the Refinancing Facility, the “Specified Refinancing Debt”); provided that (i) any Specified Refinancing
Debt does not mature prior to the maturity date of, or have a shorter weighted average life than, the loans under the Facility being refinanced, (ii) the other terms and conditions, taken as a whole, of any such Specified Refinancing Debt
(excluding pricing and optional prepayment or redemption terms) are substantially identical

  
 Annex B-4 

			
		  	to, or not materially more favorable to the lenders providing such Specified Refinancing Debt than, the terms and conditions, taken as a whole, applicable to the Facility being refinanced or replaced (except for covenants or other
provisions applicable only to periods after the latest final maturity date of the Facility existing at the time of such refinancing), (iii) no Specified Refinancing Debt shall be guaranteed by any person that is not a Guarantor or secured by any
asset that is not Collateral, (iv) any Specified Refinancing Debt that is secured shall be subject to a pari passu intercreditor agreement and/or a junior intercreditor agreement, as the case may be and (v) the aggregate principal amount
of any Specified Refinancing Debt shall not be greater than the aggregate principal amount of the Facility being refinanced or replaced, plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and
expenses related thereto, and the facility being refinanced or replaced will be permanently reduced substantially simultaneously with the incurrence of the Specified Refinancing Debt.
		
	Interest Rate:	  	All amounts outstanding under the Facility will bear interest, at the Borrower’s option, as follows:
		
		  	 (a)       at the Base Rate plus 3.75% per annum;
or

		
		  	 (b)      at the reserve adjusted Eurodollar Rate plus 4.75% per
annum;
  
 subject, in the case of Revolving Loans, to a step down of 25 basis points
if the Secured Net Leverage Ratio (as defined below) is not greater than the Closing Date Secured Net Leverage Ratio less 0.50x.

		
		  	“Closing Date Secured Net Leverage Ratio” means the Secured Net Leverage Ratio as of the Closing Date.
		
		  	“Closing Date Total Net Leverage Ratio” means the Total Net Leverage Ratio as of the Closing Date.
		
		  	“Consolidated Secured Net Debt” shall be defined as Consolidated Total Net Debt secured by a lien on any assets or property of the Borrower or any of its restricted subsidiaries.
		
		  	“Consolidated Total Net Debt” shall be defined as the outstanding principal amount of all third party debt for borrowed money, unreimbursed drawings under letters of credit, capital lease obligations and third party
debt obligations evidenced by notes or similar instruments, in each case of the Borrower and its restricted subsidiaries, on a consolidated basis and determined in accordance with GAAP, minus all unrestricted cash and cash equivalents of the
Borrower and its restricted subsidiaries.
		
		  	“Secured Net Leverage Ratio” shall be defined as the ratio of Consolidated Secured Net Debt on any date to Consolidated EBITDA for the most recently completed four fiscal quarter period for which financial
statements have been delivered.

  
 Annex B-5 

			
		
		  	“Total Net Leverage Ratio” shall be defined as the ratio of Consolidated Total Net Debt on any date to Consolidated EBITDA for the most recently completed four fiscal quarter period for which financial statements
have been delivered.
		
		  	The terms “Base Rate” and “reserve adjusted Eurodollar Rate” will be defined in the Loan Documents, and the basis for calculating accrued interest and the interest periods for loans bearing interest
at the reserve adjusted Eurodollar Rate will be customary and appropriate for financings of this type; provided that the Eurodollar Rate shall not be less than (i) in the case of Term Loans, (x) if, as of the launch of syndication
of the Facility and at all times thereafter through the Closing Date, the Borrower’s public corporate/family ratings after giving effect to the Transactions are Ba3 or higher (stable) from Moody’s and
BB- or higher (stable) from S&P, 0.75% and (y) if clause (x) does not apply, 1.00% and (ii) in the case of Revolving Loans, 0.00% (this proviso, the “Floor”). In no event
shall the Base Rate be less than 100 basis points greater than the one-month reserve adjusted Eurodollar Rate (after giving effect to the reserve adjusted Eurodollar Rate “floor”). Overdue amounts
will bear interest at a rate equal to (i) in the case of principal, the applicable interest rate plus 2.00% per annum and (ii) in the case of any other overdue amount (including overdue interest), the interest rate applicable to
Base Rate loans plus 2.00% per annum, and in each case, shall be payable on demand.
		
	Interest Payments:	  	Interest on loans bearing interest by reference to the Base Rate will be payable quarterly in arrears at each prepayment or repayment (in the case of Term Loans) and upon termination of commitments (in the case of Revolving
Loans).
		
		  	For loans bearing interest by reference to the Eurodollar Rate, interest periods will be one, two, three and six months and, to the extent agreed to by all applicable Lenders, twelve months and will be payable on the last day of the
interest period applicable thereto (and at the end of every three months, in the case of interest periods of longer than three months), at each prepayment or repayment (in the case of Term Loans) and upon termination of commitments (in the case of
Revolving Loans).
		
		  	Interest will be payable in arrears and computed on the basis of a 360- day year (365/366-day year with respect to loans bearing interest by reference to the Base Rate).
		
	Commitment Fees:	  	Commitment fees will be equal to 0.50% per annum times the daily average unused portion of the Revolving Credit Facility of each Lender (other than any Defaulting Lender), with a step down to 0.375% per annum if the
Secured Net Leverage Ratio is not greater than the Closing Date Secured Net Leverage Ratio less 0.50x. Commitment fees will accrue from the Closing Date and will be payable quarterly in
arrears.

  
 Annex B-6 

			
		
	Letters of Credit Fees:	  	A fee equal to (i) the applicable margin then in effect for loans bearing interest at the reserve adjusted Eurodollar Rate made under the Revolving Credit Facility, times (ii) the average daily maximum aggregate amount
available to be drawn under all Letters of Credit, will be payable quarterly in arrears to the Lenders under the Revolving Credit Facility (other than any Defaulting Lender). In addition, a fronting fee, to be agreed upon between each Issuing Bank
and the Borrower, will be payable to each Issuing Bank, as well as certain customary fees assessed thereby.
		
	Guarantees:	  	Each subsidiary of the Borrower other than Excluded Subsidiaries (collectively, the “Guarantors”) will guarantee (the “Guarantee”) all obligations under (i) the Facility, (ii) any interest
rate swaps, caps or other agreements of the Borrower or any of its restricted subsidiaries entered into to protect against increases in the interest rates with respect to a notional amount of indebtedness, and (iii) any cash management
arrangements, in each case under clause (ii) or (iii) entered into with the Administrative Agent, a Lead Arranger or a Lender or any affiliate thereof (or any person that was the Administrative Agent, a Lead Arranger or a Lender or an affiliate
thereof at the time such agreements were entered into) (the agreements and arrangements in clauses (i) and (ii), the “Hedging/Cash Management Obligations”). The Borrower and the Guarantors are referred to collectively as
the “Loan Parties.”
		
		  	“Excluded Subsidiaries” means (i) any foreign subsidiary that is a “controlled foreign corporation” within the meaning of Section 957(a) of the Internal Revenue Code of 1986, as amended (a
“CFC”), (ii) any domestic subsidiary of a foreign subsidiary that is a CFC, (iii) any domestic subsidiary that has no material assets other than the capital stock of one or more foreign subsidiaries that are CFCs (a
“CFC Holdco”), (iv) any inactive subsidiary, (v) any subsidiary that is not a wholly owned subsidiary, (vi) any subsidiary that is a CFTC-registered introducing broker or a FINRA-member broker-dealer, (vii) any
immaterial subsidiary (to be defined in a manner mutually agreed), (viii) any subsidiary to the extent that a Guarantee from such subsidiary (A) is prohibited by applicable law, rule or regulation, (B) would require governmental (including
regulatory) consent, approval, license or authorization, unless such consent, approval, license or authorization has been received, or (C) is prohibited by a contractual obligation existing on, and disclosed in writing to the Commitment Parties
prior to, the date of the Commitment Letter, (ix) any not-for-profit subsidiary, (x) any unrestricted subsidiary and (xi) any subsidiary for which the cost to such subsidiary of providing a
Guarantee is excessive in relation to the value afforded to the Lenders thereby, as reasonably determined by the Borrower and agreed to in writing by the Administrative Agent.

  
 Annex B-7 

			
		  	Notwithstanding anything herein to the contrary, for purposes of the Loan Documents, a Virtus Fund shall not be considered a “subsidiary” of the Borrower. “Virtus Fund” means, as of any date, (1) any
“registered investment company” (as defined in Section 8 of the Investment Company Act of 1940, as amended) of which the Borrower or any of its subsidiaries is the registered investment adviser, (2) any undertaking for collective
investment in transferable securities established in Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 or, in the case of UCITS established in a Member State other than
Ireland, the Council Directive of 13 July 2009 (2009/65/EU) on the coordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) of which the Borrower or
any of its subsidiaries is the “investment manager”, (3) any mutual fund, unregistered investment fund or other investment fund or entity (including any statutory trust constituted for such purpose) of which the Borrower or any of its
subsidiaries is the investment adviser or investment manager, as the case may be or (4) any CLO or CDO (including any investment structure established to hold CLO or CDO risk retention tranches) as to which the Borrower or any of its
subsidiaries is the collateral manager.
		
	Security:	  	The Loans, each Guarantee and the Hedging/Cash Management Obligations will be secured by perfected first priority security interests in all assets of the Borrower and the Guarantors (including, for the avoidance of doubt, all of the
equity interests of the Acquired Business acquired in the Acquisition), subject to exceptions to be agreed; provided that in the case of the voting capital stock of any subsidiary that is a CFC or CFC Holdco, the security interest shall be
limited to 65% of the voting capital stock of such subsidiary (collectively, the “Collateral”). All security arrangements relating to the Facility and the Hedging/Cash Management Obligations will be in form and substance reasonably
satisfactory to the Administrative Agent and the Lead Arrangers and, subject to the Limited Conditionality Provisions, will be perfected on the Closing Date. Collateral located in the United States shall exclude (i) motor vehicles and other
assets subject to certificates of title, (ii) leasehold interests in real property, (iii) fee interests in real property with a value less than an amount to be agreed, (iv) commercial tort claims below an amount to be mutually agreed,
(v) letters of credit and letters of credit rights with a value less than an amount to be agreed, except to the extent consisting of supporting obligations, (vi) pledges and security interests prohibited by applicable law, rule or
regulation after giving effect to the applicable anti-non-assignment provisions of the Uniform Commercial Code or other applicable law, (vii) any lease, license or
agreement or any property subject to a purchase money security interest or similar arrangement permitted by the Loan Documents to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or
purchase money or similar arrangement or create a right of termination in favor of any

  
 Annex B-8 

			
		
		  	other party thereto that is not a Loan Party or wholly-owned restricted subsidiary, (viii) any cash and cash equivalents maintained in a segregated deposit account or securities account that are comprised solely of
(A) funds used or to be used for payroll and payroll taxes and other employee benefit payments to or for the benefit of the employees of the Borrower and its subsidiaries, (B) funds used or to be used to pay any taxes required to be
collected, remitted or withheld during the current period, (C) other funds which the Borrower or any of its subsidiaries holds as an escrow or fiduciary for the benefit of any third person and (D) collateral to secure letter of credit
reimbursement obligations (other than in respect of Letters of Credit) and any segregated cash deposits (other than in favor of the Administrative Agent) that constitute liens permitted under the Loan Documents, (ix)
“intent-to-use” trademark applications prior to the filing of a statement of use, (x) equity interests of not-for-profit entities, special purpose entities and captive insurance companies, (xi) any governmental licenses or state or local franchises, charters or authorizations, to the extent a security
interest in any such licenses, franchise, charter or authorization would be prohibited or restricted thereby, (xii) margin stock, (xiii) equity interests in any person that is not a wholly-owned subsidiary, to the extent prohibited by, or
creating an enforceable right of termination under the terms of any applicable organizational documents, joint venture agreement or shareholders’ agreement in favor of any other party thereto (other than the Borrower or any wholly-owned
subsidiary of the Borrower), and (xiv) those assets as to which the Borrower reasonably determines (and the Administrative Agent agrees in writing) that the cost of obtaining such security interest is excessive in relation to the benefit to the
Lenders of the security to be afforded thereby; provided that clauses (vii), (xi), (xiii) and (xiv) shall be after giving effect to the applicable
anti-non-assignment provisions of the Uniform Commercial Code or other applicable law, and shall not apply to proceeds and receivables thereof, the assignment of which
is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition. No Loan Party shall be required to (i) enter into control agreements with respect to any deposit accounts, securities
accounts or commodity accounts, (ii) make any fixture filings other than in connection with a mortgage required to be delivered, (iii) deliver any instruments or certificated securities, other than instruments evidencing indebtedness to
the extent that the face amount of any such instrument exceeds an amount to be agreed and certificated securities constituting equity interests in direct or indirect subsidiaries of the Borrower, (iv) execute landlord, mortgagee and bailee
waivers, (v) send notices to account debtors or other contractual third parties prior to an event of default, (vi) execute foreign-law governed security documents, (vii) take any actions in any
foreign jurisdiction needed for perfection under foreign law or (viii) take any action (beyond the filing of a financing statement under the Uniform Commercial Code) to perfect security interests in (A) commercial tort claims not exceeding
an amount to be agreed, (B) motor vehicles and other assets subject to certificates of title and (C) letter of credit rights,

  
 Annex B-9 

			
		  	except to the extent constituting a supporting obligation for other Collateral as to which perfection is accomplished by the filing of a UCC financing statement or equivalent (it being understood that no actions shall be required to
perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement or equivalent).
		
	Voluntary Prepayments:	  	The Term Facility may be prepaid in whole or in part, subject to the “Call Premium” set forth below; provided that prepayments of loans bearing interest with reference to the reserve adjusted Eurodollar Rate will be
subject to payment of customary breakage costs if prepaid other than on the last day of the related interest period. Voluntary prepayments of the Term Facilities shall be applied pro rata to the Term Facility and any Incremental Term Facilities and
otherwise as directed by Borrower (and absent such direction, shall be applied to the remaining amortization payments under the Term Facility and any Incremental Term Facilities in direct order of maturity thereof). The Revolving Credit Facility may
be prepaid and the commitments terminated in whole at any time upon five business days’ prior written notice.
		
	Mandatory Prepayments:	  	The following mandatory prepayments will be required (subject to certain basket amounts to be negotiated in the Loan Documents):
		
		  	 1.        Asset Sales: Prepayments in an amount
equal to 100% of the net cash proceeds (including without limitation net of taxes and costs and expenses in connection with the sale) of the sale or other disposition of any property or assets of the Borrower or any of its restricted subsidiaries
(subject to certain exceptions to be determined but including without limitation exceptions for transactions below a threshold amount to be mutually agreed, sales or other dispositions of inventory in the ordinary course of business, ordinary course
asset sales and other dispositions, dispositions of obsolete or worn-out property and property no longer used or useful in the business), other than net cash proceeds that are reinvested (or committed to be
reinvested) in other long-term assets useful in the business of the Borrower and its restricted subsidiaries within 365 days of receipt thereof and, if so committed to be reinvested, so long as such reinvestment is completed within 180 days after
such commitment.

		
		  	 2.        Insurance Proceeds: Prepayments in an
amount equal to 100% of the net cash proceeds (including without limitation net of taxes and costs and expenses in connection with the condemnation or casualty event) of insurance paid on account of any loss of any property or assets of the Borrower
or any of its restricted subsidiaries, other than net cash proceeds that are reinvested (or committed to be reinvested) in other long-term assets useful in the business of the Borrower and its restricted subsidiaries (or used to replace damaged or
destroyed assets) within 365 days of receipt thereof and, if so committed to be reinvested, so long as such reinvestment is completed within 180 days after such commitment.

  
 Annex B-10 

			
		
		  	 3.        Incurrence of Indebtedness: Prepayments
in an amount equal to 100% of the net cash proceeds received from the incurrence of indebtedness by the Borrower or any of its restricted subsidiaries (other than indebtedness otherwise permitted under the Loan Documents (other than any Specified
Refinancing Debt)), payable no later than the first business day following the date of receipt.

		
		  	 4.        Excess Cash Flow: Prepayments in an
amount equal to the Applicable ECF Percentage (as defined below) of Excess Cash Flow (to be defined to start with Adjusted EBITDA with adjustments to be agreed including deductions for cash taxes paid, unfinanced capital expenditures, cash interest
expense, dividend payments on common in an aggregate amount not to exceed $16.0 million per year and dividend payments on equity linked securities permitted pursuant to clause (g)(iv) under “Negative Covenants” below) commencing with
the fiscal year ending December 31, 2017; provided that voluntary prepayments of the Facility made during the applicable fiscal year will reduce the amount of excess cash flow prepayments required for such fiscal year on a dollar-for-dollar basis based on the amount of cash paid for such loans (other than to the extent such prepayments are funded with the proceeds of long-term
indebtedness).

		
		  	“Applicable ECF Percentage” means, with respect to any fiscal year, (i) 50% if the Secured Net Leverage Ratio as of the end of such fiscal year is greater than the Closing Date Secured Net Leverage Ratio minus
0.50x, (ii) 25% if the Secured Net Leverage Ratio as of the end of such fiscal year is less than or equal to the Closing Date Secured Net Leverage Ratio minus 0.50x but greater than or equal to the Closing Date Secured Leverage Ratio minus 1.00x and
(iii) 0% if the Secured Net Leverage Ratio as of the end of such fiscal year is less than the Closing Date Secured Net Leverage Ratio minus 1.00x.
		
		  	All mandatory prepayments will be applied without penalty or premium (except for breakage costs, if any) and will be applied to the remaining scheduled amortization payments and the payment at final maturity of the Facility in
direct order of maturity. Each Lender will have the right to reject its pro rata share of any mandatory prepayment (other than pursuant to clause (3) above). Any amounts so rejected (“Declined Proceeds”) will be retained by the
Borrower.
		
	Call Premium:	  	In the event that all or any portion of the Facility is (i) repaid, prepaid, refinanced or replaced (other than in connection with a Change of Control or a Transformative Acquisition (as defined below)) or (ii) repriced or
effectively refinanced through any waiver, consent or

  
 Annex B-11 

			
		  	amendment (in the case of each of clauses (i) and (ii), in connection with the incurrence of any secured term loans having an effective interest cost or weighted average yield that is less than the effective interest cost or
weighted average yield of the Facility (or portion thereof) so repaid, prepaid, refinanced, replaced or repriced or any waiver, consent or amendment to the Facility directed at, or the result of which would be, the lowering of the effective interest
cost or the weighted average yield of the Facility (a “Repricing Transaction”)) occurring within six (6) months after the Closing Date, such repayment, prepayment, refinancing, replacement or repricing will be made at 101.0% of
the principal amount so repaid, prepaid, refinanced, replaced or repriced. If all or any portion of the Facility held by any Lender is repaid, prepaid, refinanced or replaced pursuant to a “yank-a-bank” or similar provision in the Loan Documents as a result of, or in connection with, such Lender not agreeing or otherwise consenting to any waiver, consent or amendment referred to in
clause (ii) above (or otherwise in connection with a Repricing Transaction), such repayment, prepayment, refinancing or replacement will be made at 101.0% of the principal amount so repaid, prepaid, refinanced or replaced.
		
		  	“Transformative Acquisition” shall mean any acquisition or investment by the Borrower or any restricted subsidiary that is either (a) not permitted by the terms of the Loan Documents immediately prior to the
consummation of such acquisition or investment or (b) if permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition or investment, would not provide the Borrower and its subsidiaries with adequate
flexibility under the Loan Documents for continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith.
		
	Documentation:	  	The definitive documentation for the Facility (the “Loan Documents”) shall (i) be consistent with the Commitment Letter and the Fee Letter and not contain any conditions to the availability and initial
funding of the Facility on the Closing Date other than as set forth on Annex C; (ii) subject to the right to exercise the “Market Flex Provisions” in the Fee Letter, contain only those mandatory prepayments, representations and
warranties, affirmative, financial and negative covenants and events of default expressly set forth in this Annex B, which shall be subject to standards, qualifications, thresholds, exceptions for materiality and/or otherwise and
“baskets,” grace and cure periods, in each case, consistent (where applicable) with this Annex B; it being understood and agreed that: to the extent that the Loan Documents require (x) compliance with any financial ratio or
test, (y) the absence of any default or event of default or (z) compliance with any cap as a condition to the consummation of any Permitted Acquisition or similar permitted investment, the making of any dividend or distribution (if such
dividend or distribution must be declared in advance of such dividend or distribution) or the making of any restricted debt payment (if notice must be given in advance of

  
 Annex B-12 

			
		  	such restricted debt payment) (each, a “Limited Condition Transaction”, including, in each case, the assumption or incurrence of indebtedness or liens in connection therewith, (A) the determination of
whether all applicable relevant conditions are satisfied may be made, at the election of the Borrower, (I) in the case of a Permitted Acquisition or similar permitted investment, either (1) at the time of the execution of the definitive
agreement with respect to the relevant acquisition or investment or (2) at the time of the consummation of the relevant acquisition or investment, in either case after giving effect to the Permitted Acquisition or investment and any related
indebtedness or liens on a pro forma basis, or, (II) in the case of a dividend or distribution, either (1) at the time of the declaration thereof (provided that such declaration is not made more than 60 days in advance of the dividend or
distribution) or (2) at the time of the making of such dividend or distribution, in either case after giving effect to the dividend or distribution and any related indebtedness or liens on a pro forma basis and (III) in the case of any
restricted debt payment, either (1) at the time of delivery of customary irrevocable (which may be conditional) notice with respect to such restricted debt payment or (2) at the time of the making of such restricted debt payment, in either case
after giving effect to the relevant restricted debt payment and any related indebtedness or liens on a pro forma basis; and (B) if the Borrower has made an election to test at the earlier permitted time, then in connection with any subsequent
calculation of any ratio or basket on or following the relevant determination date and prior to the earlier of (1) the date on which such Limited Condition Transaction is consummated or (2) the date that the definitive agreement for such
acquisition is terminated or expires without consummation of such acquisition or the date on which the Limited Condition Transaction is consummated, any such ratio or basket shall be calculated on (x) a pro forma basis assuming the relevant
transactions and other transactions in connection therewith (including any incurrence of debt, liens and the use of proceeds thereof) have occurred until such time as the Limited Condition Transaction has actually closed or the definitive agreement
with respect thereto has been terminated or the Limited Condition Transaction has otherwise been abandoned, and also on (y) an actual basis without giving effect to such Limited Condition Transaction or the other transactions in connection
therewith; (iii) give due regard to the operational and strategic requirements of the Borrower, the Acquired Business, and their respective subsidiaries in light of their consolidated capital structure, size, industry and practices (including,
without limitation, the leverage profile and projected free cash flow generation of the Borrower, the Acquired Business and their respective subsidiaries), in each case, after giving effect to the Transactions and the Financial Model (as defined
below); (iv) include the Administrative Agent’s customary agency provisions and certain mechanical provisions (consistent and reflective of the Administrative Agent’s customary requirements and practices); and (v) otherwise be
customary for transactions of the type contemplated by the Commitment Letter and negotiated in good faith by the Borrower and the Commitment Parties giving effect to the Limited Conditionality Provisions so that the Loan Documents are finalized as
promptly as practicable after the acceptance of the Commitment Letter.

  
 Annex B-13 

			
		
		  	The provisions described under this heading “Documentation” are collectively referred to herein as the “Documentation Principles”.
		
	Representations and Warranties:	  	To be applicable to the Borrower and its restricted subsidiaries (and subsidiaries and controlled affiliates, in the case of the representations relating to sanctions, anti-corruption, anti-money-laundering and anti-terrorism laws)
and limited to the following: due organization; requisite power and authority; qualification; equity interests and ownership; due authorization, execution, delivery and enforceability of the Loan Documents; creation, validity, perfection and
priority of security interests (subject, on the Closing Date, to the limitations on perfection set forth in the Limited Conditionality Provisions); status as senior debt; no conflicts; governmental consents; financial statements; projections; no
material adverse change; absence of material litigation; payment of taxes; title to properties; environmental matters; Investment Company Act and margin stock matters; ERISA; labor matters; solvency; regulatory matters; compliance with laws;
sanctions, anti-corruption, anti-money-laundering and anti-terrorism laws; full disclosure; insurance; use of proceeds; and intellectual property.
		
	Covenants:	  	The Loan Documents for the Facility will contain affirmative and negative covenants to be applicable to the Borrower and its restricted subsidiaries (and subsidiaries and controlled affiliates, in the case of covenants relating to
sanctions, anti-corruption, anti-money-laundering and anti-terrorism laws) and limited to the following:
		
	- Financial Covenant:	  	Maximum Total Net Leverage Ratio, with the initial covenant level set at a minimum 30% non-cumulative cushion lower than the level of EBITDA set forth in the financial model delivered to the
Lead Arrangers on November 13, 2016 (the “Financial Model”), as such model may be updated upon the mutual and reasonable agreement of the Borrower and the Lead Arrangers, and subsequent levels to be set forth in the Loan
Documents. The financial covenant shall be tested upon delivery of the financial statements for each fiscal quarter of the Borrower.
		
	- Affirmative Covenants:	  	(i) Delivery of audited and unaudited consolidated financial statements (in each case with accompanying management’s discussion and analysis), unaudited consolidating financial statements, compliance certificates and other
information (within 90 days of the fiscal year end for audited consolidated financial statements, within 45 days of the end of each of the first three fiscal quarters of each fiscal year for unaudited consolidated quarterly financial statements and
promptly upon request for any unaudited consolidating financial statements); (ii) delivery of annual budget and annual business plans within 90 days after the beginning of each fiscal year; (iii) delivery of notices
of

  
 Annex B-14 

			
		  	 defaults, material litigation, ERISA events, regulatory actions and acquisitions; (iv) maintenance of existence and conduct of business;
(v) payment and performance of obligations (including tax liabilities); (vi) maintenance of properties; (vii) books and records and inspection rights (subject to frequency and expense reimbursement limitations to be agreed); (viii) compliance
with FCPA, OFAC, the PATRIOT ACT, sanctions, anti-corruption, anti-terrorism laws and anti-money laundering laws and similar laws (including, without limitation, the Trading with Enemy Act, as amended, and all foreign asset control regulations of
the United States Treasury Department, enabling legislation and executive orders relating thereto and the Patriot Act); (ix) compliance with other laws, rules and regulations; (x) use of proceeds; (xi) maintenance of insurance (giving
effect to self-insurance); (xii) additional subsidiary guarantors; (xiii) compliance with environmental laws; (xiv) commercially reasonable efforts to maintain public corporate level and facility level ratings from Moody’s and S&P
(but not any specific rating); (xv) quarterly lender calls; (xvi) additional collateral; and (xvii) further assurances.
  

The affirmative covenants set forth in clauses (iv) (with respect to good standing), (v), (vi), (ix) and (xiii) shall be subject to the exception
“except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect”.

		
	- Negative Covenants:	  	Limitations with respect to:
		
		  	 (a)       incurrence of indebtedness, with baskets and
exceptions to be agreed but in any event including, without limitation:

		
		  	 (i)       indebtedness of the Borrower and its restricted
subsidiaries so long as (A) no event of default has occurred and is continuing, and (B) the Total Net Leverage Ratio, calculated on a pro forma basis after giving effect to such incurrence and the use of proceeds therefrom, would not
exceed the Closing Date Total Net Leverage Ratio plus 0.25x (or plus 0.50x if the Closing Date Total Leverage Ratio is less than or equal to 2.25x); provided that (1) the maturity date and weighted average life to maturity of such debt
is more than 90 days after the latest scheduled maturity date of the Facility, (2) to the extent subordinated, the subordination arrangement shall be on terms reasonably acceptable to the Administrative Agent, (3) such debt has covenants
and events of default that are no more restrictive (taken as a whole) on the Borrower and its restricted subsidiaries (taken as a whole) than those contained in the Loan Documents, and (4) the aggregate amount of all such indebtedness incurred
by non-Guarantor subsidiaries shall be subject to the Non-Guarantor Debt Cap;

  
 Annex B-15 

			
		  	 (ii)      preferred stock (issued by a Loan Party) that is not
disqualified capital stock;

		
		  	 (iii)     intercompany indebtedness among the Borrower and its restricted
subsidiaries, subject to a dollar cap equal to the greater of (x) $15.0 million and (y) 10.00% of Borrower’s consolidated EBITDA on the amount of such indebtedness owed by a non-Guarantor subsidiary
to a Loan Party;

		
		  	 (iv)     indebtedness incurred, assumed or acquired in connection with a
Permitted Acquisition so long as (A) no event of default has occurred and is continuing, and (B) the Total Net Leverage Ratio, calculated on a pro forma basis after giving effect to such incurrence and the use of proceeds therefrom, would not exceed
the Closing Date Total Net Leverage Ratio plus 0.25x (or plus 0.50x if the Closing Date Total Leverage Ratio is less than or equal to 2.25x); provided that in the case of indebtedness incurred in contemplation of such acquisition, the
parameters in subclauses of (1), (2), (3) and (4) of clause (i) above shall be applicable, except that subclause (1) shall not apply to a customary bridge facility so long as such customary bridge facility is to be automatically converted into
long-term debt that satisfies such subclause (1);

		
		  	 (v)      indebtedness in respect of treasury management, cash
management and similar bank product obligations, in each case incurred in the ordinary course of business;

		
		  	 (vi)     a basket for capital leases and purchase money debt in an amount
not to exceed the greater of (x) $7.5 million and (y) 5.00% of Borrower’s consolidated EBITDA at any time outstanding;

		
		  	 (vii)    a “general” basket in an amount not to exceed the greater
of (x) $15.0 million and (y) 10.00% of Borrower’s consolidated EBITDA at any time outstanding;

		
		  	 (viii)  indebtedness under the Loan Documents (including Incremental Facilities and
Refinancing Facilities);

		
		  	 (ix)     hedging obligations incurred in the ordinary course of business
and not for speculative purposes;

		
		  	 (x)      guarantees by the Borrower or any of its restricted
subsidiaries of any indebtedness permitted by the foregoing, subject, in the case of such guarantees by non-Guarantor subsidiaries, to applicable limitations on indebtedness by
non-Guarantor subsidiaries if the indebtedness being guaranteed is subject to such limitation; and

  
 Annex B-16 

			
		  	 (xi)     permitted refinancings of indebtedness otherwise permitted by
the foregoing;

		
		  	 provided that debt incurred by non-Guarantor subsidiaries pursuant to
subclauses (i) and (iv) (in the case of subclause (iv), to the extent incurred in contemplation of the Permitted Acquisition) shall be limited to an aggregate amount equal to the greater of (x) $22.0 million and (y) 15.00% of
Borrower’s consolidated EBITDA (the “Non-Guarantor Debt Cap”));

		
		  	 (b)      liens, with exceptions to be agreed, but in any event
including baskets for (i) liens securing acquired debt, so long as such liens (x) were not incurred in contemplation of such acquisition and (y) are only on assets acquired in such acquisition, (iii) liens on the Collateral securing
Incremental Equivalent Debt and Specified Refinancing Debt; provided that is such liens are pari passu, such liens shall be subject to a pari passu intercreditor agreement, and if such liens are subordinated, such liens shall be subject to a
junior intercreditor agreement, and (iv) a “general” basket in an amount not to exceed the greater of (x) $15.0 million and (y) 10.00% of Borrower’s consolidated EBITDA at any time outstanding;

		
		  	 (c)    fundamental changes, including changes in the nature of business,
changes to fiscal year and mergers and consolidations, with exceptions to be agreed; but in any event including, without limitation, Permitted Acquisitions and transactions among the Borrower and its restricted subsidiaries (so long as, in the case
of any merger involving the Borrower, the Borrower is the surviving entity and, in the case of any merger involving a Guarantor, a Guarantor is the surviving entity);

		
		  	 (d)      sales of assets (including subsidiary interests) and
issuances of equity interests by subsidiaries, with exceptions to be agreed; but in any event including, without limitation, (i) transactions below $3.0 million, and (ii) other dispositions, so long as no event of default has occurred
and is continuing, the Borrower or such restricted subsidiary receives fair market value and at least 75% of the consideration received is in cash or permitted reinvestment assets;

		
		  	 (e)       sale and lease back transactions;

		
		  	 (f)       hedging agreements, other than those in the ordinary
course of business;

  
 Annex B-17 

			
		  	 (g)      restricted junior payments (e.g., dividends, distributions,
redemptions or prepayments of certain debt), with exceptions to be agreed; but in any event including, without limitation, exceptions, so long as no event of default has occurred and is continuing, for (i) a “general” basket in an
amount equal to the greater of (x) $5.0 million and (y) 3.00% of Borrower’s consolidated EBITDA in any fiscal year, (ii) quarterly dividends on common stock in an amount per share consistent with quarterly dividends in effect on the
date of the Commitment Letter (with adjustments for stock splits, reverse stock splits and share recapitalizations), (iii) an “available amount” basket referred to below, (iv) dividends on equity-linked securities the net cash
proceeds of which are used to reduce the amount of the Initial Term Loans and (v) unlimited restricted junior payments so long as the Total Net Leverage Ratio calculated on a pro forma basis, after giving effect to such restricted junior
payments, would not exceed (x) the Closing Date Total Net Leverage Ratio minus 0.75x, if the Closing Date Total Net Leverage Ratio is greater than or equal to 2.75x and (y) 2.00x, if the Closing Date Total Net Leverage Ratio is less than
2.75x;

		
		  	 (h)      loans, acquisitions, joint ventures and other investments,
with exceptions to be agreed and investments in amounts to be agreed including (i) “seed investments” in Virtus Funds, (ii) investments necessary to cause any restricted subsidiary that is a CFTC-registered introducing broker or a
FINRA-member broker-dealer to be in compliance with its net capital requirements under applicable law, (iii) Permitted Acquisitions, (iv) investments by non-Guarantor restricted subsidiaries in non-Guarantor restricted subsidiaries, (v) so long as no event of default has occurred and is continuing, loans, acquisitions, joint ventures and other investments made using “available amount”
referred to below, (vi) an aggregate “general” basket in an amount equal to the greater of (x) $7.5 million and (y) 5.00% of Borrower’s consolidated EBITDA, and (vii) unlimited investments so long as no event of default has
occurred and is continuing and the Total Net Leverage Ratio calculated on a pro forma basis, after giving effect to such investment, would not exceed (x) the Closing Date Total Net Leverage Ratio minus 0.75x, if the Closing Date Total Net
Leverage Ratio is greater than or equal to 2.75x and (y) 2.00x, if the Closing Date Total Net Leverage Ratio is less than 2.75x;

		
		  	 (i)       transactions with affiliates;

		
		  	 (j)       limitations on the ability of the Borrower or any of
its restricted subsidiaries to grant liens to secure the Facility or any refinancing thereof or to enter into restrictions on subsidiary distributions that would impair the ability of the Loan Parties to make payments in respect of the
Facility;

  
 Annex B-18 

			
		
		  	 (k)      amendment of organizational documents of the Borrower or
any of its restricted subsidiaries in a manner materially adverse to the Lenders; and

		
		  	 (l)       use of proceeds; no violation of sanctions,
anti-terrorism, anti-money laundering and anti-corruption laws.

		
		  	The Loan Documents will contain an “available amount” basket (based on, without duplication, (i) the cumulative amount of Excess Cash Flow for the fiscal year ending December 31, 2017 and each fiscal year
thereafter minus, for each such fiscal year, the Applicable ECF Percentage of such Excess Cash Flow plus (ii) net cash proceeds from the issuance of common stock by the Borrower after the Closing Date plus (iii) net cash proceeds of
capital contributions (other than disqualified equity) to the Borrower plus (iv) the net cash proceeds received by the Borrower from debt and disqualified stock issuances that have been issued after the Closing Date and which have been
exchanged or converted into qualified equity plus (v) the net cash proceeds received by the Borrower and its restricted subsidiaries from sales of investments that were made using the available amount plus (vi) Declined Proceeds plus
(vii) returns, profits, distributions and similar amounts received by the Borrower and its restricted subsidiaries on investments that were made using the available amount plus (viii) the fair market value of any unrestricted subsidiary
that is re-designated as a restricted subsidiary (or, if such unrestricted subsidiary is not wholly owned, such fair market value times the percentage of such unrestricted subsidiary that will be owned by the
Borrower and its restricted subsidiaries following such re-designation) or that has been merged or consolidated with or into the Borrower or any of its restricted subsidiaries, to the extent that the
designation of such subsidiary as an unrestricted subsidiary was made using the available amount) that may be used, without duplication, subject to the absence of any continuing default or event of default, for purposes of making investments,
restricted payments and prepayments of certain debt, in each case, in excess of the baskets (if any) otherwise provided therefor in the Loan Documents.
		
	Permitted Acquisition:	  	The Borrower and its restricted subsidiaries will be permitted to acquire (i) equity interests of persons that become restricted subsidiaries and/or (ii) businesses, business units or business divisions (each, a
“Permitted Acquisition”) so long as:
		
		  	 (a)       before and after giving effect thereto, no event of
default has occurred and is continuing;

		
		  	 (b)      the acquired entity or assets are in the same or generally
related line of business or a complementary line of business as the Borrower and its restricted subsidiaries;

  
 Annex B-19 

			
		  	 (c)       the proposed acquisition is consensual (not
“hostile”), and, if applicable, has been approved by the acquisition target’s board of directors;

		
		  	 (d)      the Borrower is in pro forma compliance with the
financial covenant;

		
		  	 (e)       subject to the limitations and exceptions set
forth above under “Guarantors,” the acquired company and its domestic subsidiaries will become Guarantors and pledge their Collateral to the Administrative Agent, and the aggregate consideration that may be paid for all acquisitions of
entities that do not become Guarantors and of acquisitions of assets by entities that are not Loan Parties (to the extent funded by Loan Parties), which may be made with all available investment baskets, including, without limitation, the unlimited
basket subject to the applicable incurrence test, will be limited to an amount equal to the greater of (x) $30.0 million and (y) 25.00% of Borrower’s consolidated EBITDA; and

		
		  	 (f)       for Permitted Acquisitions the consideration of
which is in excess of $10.0 million, the Borrower shall have delivered to the Administrative Agent, a certificate of an authorized officer of the Borrower certifying that all of the requirements set forth in clauses (a) - (e) have been
satisfied or will be satisfied on or prior to the consummation of such purchase or other acquisition.

		
	Unrestricted Subsidiaries:	  	The Loan Documents will contain provisions pursuant to which, subject to limitations on loans, advances, guarantees and other investments in, unrestricted subsidiaries, the Borrower will be permitted to designate any existing or
subsequently acquired or organized subsidiary (other than the Borrower or any subsidiary that was previously an unrestricted subsidiary) as an “unrestricted subsidiary” and subsequently re-designate
any such unrestricted subsidiary as a restricted subsidiary so long as, after giving effect to any such designation or re-designation, (x) the Borrower shall be in pro forma compliance with the financial
covenant and (y) the fair market value of such subsidiary at the time it is designated as an “unrestricted subsidiary” shall be treated as an investment by The Borrower at such time. Unrestricted subsidiaries will not be subject to
the representation and warranties, affirmative or negative covenant or event of default provisions of the Loan Documents and the results of operations and indebtedness of unrestricted subsidiaries will not be taken into account in calculating any
financial metrics contained in the Loan Documents.
		
	Events of Default:	  	The Loan Documents will include events of default (and, as appropriate, grace periods) to be applicable to the Borrower and its restricted subsidiaries (and subsidiaries, in the case of covenants relating to sanctions,
anti-corruption, anti-money-laundering and anti-terrorism laws) and limited to the following: (i) failure to make

  
 Annex B-20 

			
		  	principal payments when due, (ii) failure to make payments of interest, fees or other amounts after a three business day grace period, (iii) any representation or warranty proving to have been incorrect in any material respect
when made or deemed made, (iv) failure to perform or observe affirmative covenants to provide notice of default, maintain existence of the Borrower or with respect to use of proceeds, the financial covenant or any negative covenant,
(v) failure to perform or observe any other covenants set forth in the Loan Documents, subject to a 30 calendar day grace period, (vi)(A) payment default in respect of any material obligation in excess of $10.0 million (“Material
Obligation”) (after giving effect to any applicable grace period), and (B) occurrence of any event or condition that results in any Material Obligation becoming due prior to its scheduled maturity or payment date, or that enables or
permits holders or any trustee or agent on its or their behalf to cause any Material Obligation to become due prior to scheduled maturity (in each case after giving effect to any applicable cure period), (vii) bankruptcy, insolvency proceedings,
etc. with respect to the Borrower or any of its material subsidiaries (with a 60-day grace period for involuntary proceedings), (viii) the Borrower or any subsidiary shall become insolvent or unable to pay its
debts or fail generally to pay its debts as they become due, (ix) judgments for monetary damages in excess of $10.0 million, (x) customary ERISA defaults, (xi) actual or asserted (by any Loan Party) invalidity of any Loan
Document or impairment of security interests in a material portion of the Collateral, (xii) the loss of licenses or permits, which loss could reasonably be expected to result in a material adverse effect, (xiii) “Change of Control”
(to be defined in a mutually agreed upon manner), and (xiv) invalidity of any applicable intercreditor or subordination agreements or provisions relating to any Material Obligation that is subordinated (including by lien subordination) to the
Facility.
		
	Conditions Precedent to Initial Borrowings:	  	The several obligations of the Lenders to make, or cause one of their respective affiliates to make, loans under the Facility on the Closing Date will be subject only to the conditions precedent listed on Annex C attached to
the Commitment Letter.
		
	Conditions Precedent to All Borrowings:	  	The conditions to all borrowing of Revolving Loans and issuance, extension or amendment of any Letters of Credit after the Closing Date will consist of (a) prior written notice of the request for the Revolving Loan or Letter of
Credit in accordance with the customary procedures set out in the Loan Documents, (b) the accuracy of representations and warranties in the Loan Documents in all material respects (except where qualified by materiality, then just the accuracy
thereof) and (c) the absence of any default or event of default at the time of, and after giving effect to the making of the Revolving Loan or the issuance (or amendment or extension) of the Letter of Credit.

  
 Annex B-21 

			
	Assignments and Participations:	  	The Lenders will be permitted to assign Term Loans with the consent of the Borrower and the Administrative Agent and, Revolving Loans and Revolving Commitments with the consent of the Borrower, the Administrative Agent and
the Issuing Banks (in each case not to be unreasonably withheld or delayed); provided that (i) no consent of the Borrower shall be required after the occurrence and during the continuance of a payment or bankruptcy event of default,
(ii) neither the consent of the Borrower nor the Administrative Agent shall be required for an assignment of Loans to another Lender or an affiliate or approved fund of a Lender, (iii) the Borrower shall be deemed to have consented to an
assignment if the Borrower does not object within 10 business days of a request therefor and (iv) no assignments shall be permitted to a natural person, the Borrower or any of its affiliates; provided that assignments may be made to the
Borrower pursuant to the Dutch auction procedures described below. Each assignment (other than to another Lender, an affiliate of a Lender or a related fund) will be in an amount of an integral multiple of $1,000,000 (or lesser amounts, if agreed
between the Borrower and the Administrative Agent) or, if less, all of such Lender’s remaining Loan of the applicable class. Assignments will be by novation. The Administrative Agent shall receive a processing and recordation fee of $3,500 for
each assignment.
		
		  	Notwithstanding the foregoing, in no event shall any assignment or participation be permitted to any Disqualified Person, it being understood that any affiliate of a Disqualified Person that is (i) a bona fide diversified debt
fund, or (ii) an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in, acquiring or trading commercial loans, bonds or similar extensions of credit in the ordinary course, is not, and shall not be
deemed to be, a Disqualified Person. The list of Disqualified Persons may be supplemented to add Competitors from time to time after the Closing Date by reasonable notice in writing from the Borrower to the Administrative Agent (and subject to the
consent of the Administrative Agent, not to be unreasonably withheld); provided that the Borrower may not supplement the list of Disqualified Persons to add any person that is a bona fide debt fund or debt investor. The names of all
Disqualified Persons shall be available to any Lender that requests such names from Administrative Agent. Any supplement to the list of Disqualified Persons after the date hereof shall not apply retroactively to disqualify any persons that have
acquired an assignment or participation interest in the Loans prior to the supplement becoming effective.
		
		  	The Lenders will be permitted to sell participations in Loans other than to a natural person or the Borrower or any of its affiliates. Voting rights of participants shall be limited to matters set forth under “Requisite
Lenders” below with respect to which the unanimous vote of all Lenders (or all directly and adversely affected Lenders, if the participant is directly and adversely affected) would be required.

  
 Annex B-22 

			
		  	So long as no default or event of default has occurred and is continuing or would result therefrom, the Borrower shall be permitted to acquire Loans through Dutch auctions in which all Lenders under the Term Facility are invited to
participate on a pro rata basis in accordance with customary procedures to be agreed, subject to customary terms and conditions to be determined, including without limitation: (a) any such loans acquired by Borrower shall be retired and
cancelled promptly upon acquisition thereof, (b) Borrower must provide a customary representation and warranty to the effect that it is not in possession of any information that has not been disclosed to the auction manager, Administrative
Agent and non-Public Lenders and that may be material to a Lender’s decision to participate in an auction or an assignment, (c) Term Loans may not be purchased with the proceeds of Revolving Loans,
(d) no default or event of default shall have occurred and be continuing or result therefrom and (e) any such Term Loans acquired by Borrower shall not be deemed a repayment of loans for purposes of calculating excess cash.
		
	Requisite Lenders:	  	Amendments and waivers will require the approval of Lenders (other than “Defaulting Lenders”) holding more than 50% of total commitments or exposure under the Facility (“Requisite Lenders”),
provided that, in addition to the approval of Requisite Lenders, (a) the consent of each Lender directly and adversely affected thereby will be required with respect to matters relating to (i) increases in the commitment of such
Lender, (ii) reductions of principal, premium, interest or fees (provided that a waiver of default interest, default or event of default shall not constitute a reduction of interest for this purpose), (iii) extensions of final maturity
or scheduled amortization or the due date of any interest or fee and (iv) changes to the order of application of funds and (b) the consent of all Lenders will be required with respect to: (i) modifications of the pro rata payment or
pro rata sharing requirements of the Loan Documents, (ii) modification of the voting percentage or change in the definition of “Requisite Lenders” or any other provisions specifying the number of Lenders or portion of the Loans or
commitments required to take any action under the Loan Documents, (iii) permitting the Borrower to assign its rights or obligations under the Loan Documents and (iv) releases of all or substantially all of the value of the Collateral or
guarantees (other than in connection with transactions permitted pursuant to the Loan Documents).
		
		  	Notwithstanding anything to the contrary above, on or before the final maturity date of the Revolving Credit Facility and/or the Term Facility, as applicable, to the extent not otherwise already permitted with the consent of the
applicable Lenders, the Borrower shall have the right to extend the maturity date of all or a portion of the Facility with only the consent of the Lenders whose loans or commitments are being extended (which may include, among other things, an
increase in interest rates payable with respect to such extended loans (and not any non-extended loans)) on terms and conditions to be mutually agreed by the Administrative Agent and the Borrower; it
being

  
 Annex B-23 

			
		  	understood that each Lender under the Term Facility or Revolving Credit Facility the maturity date of which is being extended shall have the opportunity to participate in such extension on the same terms and conditions as each other
Lender under such tranche.
		
	Yield Protection:	  	The Facility will contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and capital and liquidity requirements (or their interpretation),
illegality, unavailability and other requirements of law and from the imposition of or changes in certain withholding or other taxes and (b) indemnifying the Lenders for “breakage costs” incurred in connection with, among other things, any
prepayment of a Eurodollar Rate loan on a day other than the last day of an interest period with respect thereto. For all purposes of the Loan Documents, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines and directives promulgated thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States regulatory authorities, in each case, pursuant to Basel III, shall be deemed introduced or adopted after the date of the Loan Documents. The Facility will provide that all payments are to be made free and clear of any taxes (other than
customary exclusions, including taxes on overall net income, “day one” U.S. federal withholding taxes in respect of foreign lenders, and U.S. federal withholding taxes imposed under FATCA), imposts, assessments, withholdings or other
deductions whatsoever. The Lenders will furnish to the Administrative Agent appropriate certificates or other evidence of exemption from U.S. federal tax withholding to the extent legally entitled to do so.
		
	Additional Provisions:	  	The Facility will contain additional provisions including (i) customary provisions allowing the Borrower to replace a Lender in connection with amendments and waivers requiring the consent of each Lender directly adversely affected
thereby or all of the Lenders (so long as the Requisite Lenders have approved such amendment or waiver), and increased costs, taxes, etc., and (ii) LSTA model EU bail-in provisions.
		
	Indemnity:	  	The Facility will provide customary and appropriate provisions relating to indemnity, exculpation and related matters in a form reasonably satisfactory to the Lead Arrangers, the Administrative Agent, and the Lenders.
		
	Governing Law and Jurisdiction:	  	The Facility will provide that the Loan Parties will submit to the exclusive jurisdiction and venue of the federal and state courts of the State of New York and will waive any right to trial by jury. New York law will govern the
Loan Documents, except with respect to certain security documents where applicable local law (within the U.S.) is necessary for enforceability or perfection.

  
 Annex B-24 

			
		
	 Counsel to the Lead Arrangers, the Syndication Agent

and the Administrative Agent:
	  	Cahill Gordon & Reindel LLP.

  
 Annex B-25 

 Annex C 

Project Falcon 
 Summary
of Conditions Precedent to the Facility 
 This Summary of Conditions Precedent outlines certain of the conditions precedent to the Facility referred
to in the Commitment Letter, of which this Annex C is a part. Certain capitalized terms used herein are defined in the Commitment Letter. 
  

	1.	Concurrent Transactions. The Acquisition shall have been consummated pursuant to the agreement and plan of merger dated as of the date hereof among the Borrower, Lightyear Fund III
AIV-2, L.P. and RidgeWorth Holdings LLC (including the exhibits, schedules and all related documents, the “Acquisition Agreement”), without giving effect to any modifications,
consents, amendments or waivers thereto that are materially adverse to the Lenders or any Commitment Party unless consented to by the Lead Arrangers; it being understood that (i) any change in the purchase price made in accordance with the
provisions of the Acquisition Agreement (as in effect on the date hereof) will not be deemed materially adverse to the Lenders and any Commitment Party, (ii) any other decrease in the purchase price that is less than or equal to 10.0% of the
purchase price will not be deemed materially adverse to the Lenders and any Commitment Party; provided that any decrease in the purchase price pursuant to clause (i) or (ii) shall result in a reduction in the amount of the Term Facility
on a dollar-for-dollar basis; provided further that after any such
dollar-for-dollar reduction the amount of the Term Facility shall be an amount not less than $200.0 million or shall be $0, (iii) any other decrease in the purchase
price shall be deemed materially adverse to the Lenders and any Commitment Party and (iv) any modification, consent, amendment or waiver of the definition of “Material Adverse Effect” shall be deemed materially adverse to the Lenders
and any Commitment Party. Concurrently with the entering into of the Facility, all borrowings and amounts owing under the Existing Revolving Facility shall have been repaid or paid in full and all commitments relating thereto shall have been
terminated. Concurrently with the consummation of the Acquisition, the outstanding credit agreement of the Acquired Business and its subsidiaries with State Street Bank and Trust shall have been repaid or repurchased in full, all commitments
relating thereto shall have been terminated, and all liens or security interests related thereto shall have been terminated or released, in each case, as evidenced by customary payoff letters. After giving effect to the Transactions, neither the
Borrower nor any of its subsidiaries (excluding any Virtus Fund) shall have any indebtedness for borrowed money or any preferred stock other than (i) indebtedness under the Facility, (ii) indebtedness owing to any Loan Party,
(iii) preferred stock held by any Loan Party, (iv) equity-linked debt securities of the Borrower incurred after the date hereof that generated up to $275.0 million of net cash proceeds, which net cash proceeds were applied to reduce
the Commitment Parties’ commitments in respect of the Term Facility, (v) indebtedness consisting of unsecured obligations to rollover employee shareholders of the Acquired Business in an amount equal to 50% of the after-tax gain that would have been attributable to the equity in the Acquired Business held by such employees had they sold such equity in the Acquisition, not to exceed, in the aggregate, approximately
$5.3 million plus interest at an annual interest rate not to exceed 2.5%, (vi) approximately $2.9 million aggregate principal amount of promissory notes owed to certain employees of the Acquired Business, and (vii) other limited
indebtedness up to an amount and on terms reasonably satisfactory to the Lead Arrangers. 

  

	2.	 Financial Information. The Commitment Parties shall have received (i) (A) audited consolidated
financial statements of the Borrower for the last two fiscal years ending at least 90 days prior to the Closing Date and (B) audited consolidated financial statements of the Acquired Business for

  
 Annex C-1 

	 	the last two fiscal years ending at least 120 days prior to the Closing Date, and (ii) unaudited consolidated balance sheets and related consolidated statements of operations and cash flows of each of the Borrower
and the Acquired Business for each fiscal quarter beginning subsequent to the date of the latest audited balance sheet required by clauses (i) and ending at least 45 days prior to the Closing Date, and for the corresponding fiscal quarters of
the prior fiscal year. The Commitment Parties acknowledge receipt of the financial statements referred to in clause (i) for the fiscal years ended December 31, 2015 and 2014, and the financial statements referred to in clause (ii) for
the fiscal quarters ended March 31, 2016, June 30, 2016 and September 30, 2016. 

  

	3.	Pro Forma Financial Statements. The Commitment Parties shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement of operations of the Borrower and its subsidiaries as
of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 45 days (or 90 days in case such four-fiscal quarter period is the end of the Borrower’s fiscal year) prior to
the Closing Date, prepared in good faith after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of operations);
provided that purchase accounting adjustments shall not be required to be made. 

  

	4.	Material Adverse Effect. Subject to Section 13.12 of the Acquisition Agreement, except as set forth in Section 3.08(a)(ii) of the Company Disclosure Schedule (as defined in the Acquisition Agreement), from
September 30, 2016 until the date hereof, there shall not have been any event, occurrence, development or state of circumstances or facts that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (as
defined in the Acquisition Agreement). Since the date hereof, no Material Adverse Effect shall have occurred. 

  

	5.	Payment of Fees. All fees required by the Commitment Letter and the Fee Letter to be paid on the Closing Date to the Commitment Parties, the Administrative Agent, the Lead Arrangers or the Lenders shall have been
or concurrently shall be paid. All expenses (including legal fees and expenses) of the Commitment Parties and the Administrative Agent in connection with the Transaction, to the extent invoiced in reasonable detail at least one business day prior to
the Closing Date, shall have been paid. 

  

	6.	Minimum Marketing Period. The Borrower shall provide the Commitment Parties with a period of at least 15 consecutive business days following receipt of the financial information set forth in paragraphs 2 and 3
above (the “Marketing Period”); provided that the Marketing Period will not commence prior to January 3, 2017. If the Borrower in good faith reasonably believes that it has delivered the information set
forth in paragraphs 2 and 3 above, it may deliver to the Lead Arrangers written notice to that effect, stating when it believes it completed such delivery and the date of commencement of the Marketing Period (which date of commencement shall not be
earlier than the date of delivery of such notice) (such notice, the “Marketing Period Notice”). The Marketing Period shall commence on the date specified in the Marketing Period Notice, unless the Lead Arrangers in
good faith reasonably believe that the Borrower has not completed delivery of such information and, within three business days after its receipt of the Marketing Period Notice, the Lead Arrangers deliver a written notice to the Borrower to that
effect (stating with specificity which information is deficient). 

  

	7.	 Customary Closing Documents. The Administrative Agent shall have received, in each case subject to the
Limited Conditionality Provision: (i) the Loan Documents, executed and delivered by the Borrower and the Guarantors, and including all documents and instruments required to execute and (subject to the Limited Conditionality Provision) perfect
the Administrative Agent’s 

  
 Annex C-2 

	 	security interests in the Collateral, which shall, if applicable, be in proper form for filing, (ii) customary legal opinions from counsel to the Loan Parties, (iii) customary corporate records and documents
from public officials, (iv) customary officer’s certificates, (v) customary evidence of corporate authority with respect to officers executing the Loan Documents for the Loan Parties, (vi) a solvency certificate from the chief
financial officer of the Borrower as set forth on Exhibit 1 to this Annex C and (vii) a notice of borrowing. 

  

	8.	Certain Information. The Administrative Agent will have received at least three (3) business days prior to the Closing Date all documentation and other information about the Borrower and the Guarantors
required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested from the Borrower at least ten (10) days prior to the
Closing Date. 

  

	9.	Representations and Warranties. On the Closing Date, (i) the Acquired Business Representations shall be accurate in all material respects (without duplication of any materiality qualifier set forth therein)
to the extent provided in the Limited Conditionality Provisions and (ii) the Specified Representations shall be accurate in all material respects. 

  
 Annex C-3 

 Exhibit 1 to Annex C 

Form of Solvency Certificate 

Date: [•] 
 To the Administrative Agent and
each of the Lenders 
 party to the Credit Agreement referred to below: 

Pursuant to Section [•] of the Credit Agreement, the undersigned, solely in the undersigned’s capacity as [chief financial
officer][specify other officer with equivalent duties] of the Borrower, hereby certifies, on behalf of the Borrower and not in the undersigned’s individual or personal capacity and without personal liability, that, to his knowledge, as of the
Closing Date, after giving effect to the Acquisition and the other transactions contemplated thereby (including the making of the Loans under the Facility on the Closing Date and the application of the proceeds thereof): 

 

	 	(a)	The fair value of the assets of each Applicable Group exceeds its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis. 

 

	 	(b)	The present fair saleable value of the property of each Applicable Group is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of its debts and other liabilities,
subordinated, contingent or otherwise, on a consolidated basis, as such debts and other liabilities become absolute and matured. 

  

	 	(c)	Each Applicable Group is able to pay its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such liabilities become absolute and matured. 

 

	 	(d)	Each Applicable Group is not engaged in, and is not about to engage in, business for which it has unreasonably small capital. 

“Applicable Group” means the Borrower and its Subsidiaries on a consolidated basis. 

For purposes of this Solvency Certificate, (i) the amount of any contingent liability at any time shall be computed as the amount that
would reasonably be expected to become an actual and matured liability and (ii) it is assumed that the indebtedness and other obligations incurred on the date hereof under the Facility will come due on their respective maturities. Capitalized
terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 The undersigned is familiar
with the business and financial position of the Borrower and its Subsidiaries. In reaching the conclusions set forth in this Solvency Certificate, the undersigned has made such investigations and inquiries as the undersigned has deemed appropriate,
having taken into account the nature of the business proposed to be conducted by the Borrower and its Subsidiaries after consummation of the transactions. 

* * * 

  
 Exhibit I to Annex C-1

 IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate, solely in the
undersigned’s capacity as [chief financial officer][specify other officer with equivalent duties] of the Borrower, on behalf of the Borrower and not in the undersigned’s individual or personal capacity and without personal liability, as of
the date first stated above. 
  

			
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	Chief Financial Officer

  
 Exhibit I to Annex C-2

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