Document:

Exhibit 10.13

 Exhibit 10.13 
 Attached is the Amended and Restated Limited Liability Company Agreement of INK Acquisition II LLC, dated as of October 27, 2011, made by and between CRE-INK Member II, Inc. (“Cerberus”)
and Chatham TRS Holding Inc. The joint venture between affiliates of Cerberus and affiliates of Chatham Lodging Trust was memorialized in seven (7) separate limited liability company agreements listed below, each in substantially the same form
as the attached agreement: 
  

	 	•	 	 Second Amended and Restated Limited Liability Company Agreement of INK Acquisition LLC, dated as of October 27, 2011, made by and between CRE-INK
REIT Member LLC and Chatham Lodging LP. 

  

	 	•	 	 Amended and Restated Limited Liability Company Agreement of INK Acquisition II LLC, dated as of October 27, 2011, made by and between CRE-INK
Member II, Inc. and Chatham TRS Holding Inc. (see attached). 

  

	 	•	 	 Amended and Restated Limited Liability Company Agreement of INK Acquisition III LLC, dated as of October 27, 2011, made by and between CRE-INK TRS
Holding Inc. and Chatham TRS Holding Inc. 

  

	 	•	 	 Limited Liability Company Agreement of INK Acquisition IV LLC, dated as of October 27, 2011, made by and between CRE-INK REIT Member IV LLC and
Chatham Lodging LP. 

  

	 	•	 	 Limited Liability Company Agreement of INK Acquisition V LLC, dated as of October 27, 2011, made by and between CRE-INK REIT Member V LLC and
Chatham Lodging LP. 

  

	 	•	 	 Limited Liability Company Agreement of INK Acquisition VI LLC, dated as of October 27, 2011, made by and between CRE-INK REIT Member VI LLC and
Chatham Lodging LP. 

  

	 	•	 	 Limited Liability Company Agreement of INK Acquisition VII LLC, dated as of October 27, 2011, made by and between CRE-INK REIT Member VII LLC and
Chatham Lodging LP. 

 Other than with respect to the parties thereto, the agreements listed above are substantially identical
to this exhibit and are not being filed as separate exhibits pursuant to Rule 12b-31 promulgated under the Securities Exchange Act of 1934, as amended. 

  

 
 AMENDED AND RESTATED

 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 INK ACQUISITION II LLC 

 
  

 

 Table of Contents 

 

									
	 	  	Page	 
		
	ARTICLE I. GENERAL PROVISIONS; ORGANIZATION; STRUCTURE	  	 	1	  
		 	Section 1.1	  	Registered Office	  	 	1	  
		 	Section 1.2	  	Place of Business; Offices	  	 	2	  
		 	Section 1.3	  	Purpose; Nature of Business Permitted; Powers; Title to Property	  	 	2	  
		 	Section 1.4	  	[Reserved]	  	 	2	  
		 	Section 1.5	  	Tax Classification; No State Law Partnership	  	 	2	  
		 	Section 1.6	  	Definitions	  	 	3	  
		 	Section 1.7	  	Certificates	  	 	24	  
		 	Section 1.8	  	Term	  	 	25	  
		 	Section 1.9	  	Amended Bid	  	 	25	  
		 	Section 1.10	  	Property Companies	  	 	25	  
		 	Section 1.11	  	Liability of Members	  	 	26	  
		
	ARTICLE II. PERCENTAGE INTERESTS, CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS	  	 	28	  
		 	Section 2.1	  	Percentage Interests	  	 	28	  
		 	Section 2.2	  	Capital Contributions	  	 	28	  
		 	Section 2.3	  	Capital Accounts	  	 	30	  
		 	Section 2.4	  	Admission of New Members	  	 	31	  
		 	Section 2.5	  	Interest	  	 	31	  
		 	Section 2.6	  	Capital Withdrawal Rights, Interest and Priority	  	 	31	  
		
	ARTICLE III. MANAGEMENT OF THE COMPANY	  	 	31	  
		 	Section 3.1	  	Company Governance	  	 	31	  
		 	Section 3.2	  	Authority, Duties and Obligations of the Managing Member	  	 	33	  
		 	Section 3.3	  	Managing Member Certifications	  	 	37	  
		 	Section 3.4	  	Officers	  	 	37	  
		 	Section 3.5	  	Operating Budget and Business Plan	  	 	39	  
		 	Section 3.6	  	Voting Rights of Members	  	 	40	  
		 	Section 3.7	  	Buy/Sell	  	 	41	  
		
	ARTICLE IV. GENERAL GOVERNANCE	  	 	45	  
		 	Section 4.1	  	Other Ventures	  	 	45	  
		 	Section 4.2	  	Information	  	 	46	  
		 	Section 4.3	  	Access	  	 	46	  
		 	Section 4.4	  	Affiliate Transactions	  	 	46	  
		
	ARTICLE V. TRANSFERS OF INTERESTS	  	 	47	  
		 	Section 5.1	  	Restrictions on Transfer	  	 	47	  
		 	Section 5.2	  	Non-Permitted Transfers	  	 	48	  

  
 i 

 Table of Contents 

(continued) 
  

									
	 	  	Page	 
		
	ARTICLE VI. ALLOCATIONS	  	 	48	  
		 	Section 6.1	  	General Rules	  	 	48	  
		 	Section 6.2	  	Other Allocation Rules	  	 	49	  
		 	Section 6.3	  	Tax Allocations: Code Section 704(c)	  	 	49	  
		
	ARTICLE VII. DISTRIBUTIONS AND EXPENSES	  	 	50	  
		 	Section 7.1	  	Distributions of Net Cash Flow	  	 	50	  
		 	Section 7.2	  	Amounts Withheld	  	 	52	  
		 	Section 7.3	  	Expenses	  	 	52	  
		
	ARTICLE VIII. OTHER TAX MATTERS	  	 	52	  
		 	Section 8.1	  	Tax Matters Member	  	 	52	  
		 	Section 8.2	  	Furnishing Information to Tax Matters Member	  	 	52	  
		 	Section 8.3	  	Tax Claims and Proceedings	  	 	53	  
		 	Section 8.4	  	Books and Records	  	 	53	  
		 	Section 8.5	  	Survival	  	 	54	  
		
	ARTICLE IX. REPRESENTATIONS AND WARRANTIES; COVENANTS	  	 	54	  
		 	Section 9.1	  	Representations and Warranties of Members	  	 	54	  
		 	Section 9.2	  	ERISA Representation	  	 	56	  
		 	Section 9.3	  	AML/OFAC Compliance	  	 	56	  
		 	Section 9.4	  	Survival	  	 	58	  
		
	ARTICLE X. DISSOLUTION AND TERMINATION OF THE COMPANY	  	 	58	  
		 	Section 10.1	  	Dissolution	  	 	58	  
		 	Section 10.2	  	Continuation of Interest of Member’s Representative	  	 	58	  
		 	Section 10.3	  	Dissolution, Winding Up and Liquidation	  	 	59	  
		 	Section 10.4	  	Member Bankruptcy.	  	 	59	  
		
	ARTICLE XI. INDEMNIFICATION AND CONTRIBUTION	  	 	59	  
		 	Section 11.1	  	Indemnity by the Company	  	 	59	  
		 	Section 11.2	  	Exculpation	  	 	60	  
		 	Section 11.3	  	Expenses	  	 	60	  
		 	Section 11.4	  	Advance Payment of Expenses	  	 	60	  
		 	Section 11.5	  	Beneficiaries	  	 	60	  
		 	Section 11.6	  	Indemnification Procedure for Third Party and Other Claims	  	 	60	  
		 	Section 11.7	  	Other Claims	  	 	61	  
		 	Section 11.8	  	Limitation on Damages	  	 	61	  
		
	ARTICLE XII. MISCELLANEOUS PROVISIONS	  	 	62	  
		 	Section 12.1	  	Entire Agreement	  	 	62	  
		 	Section 12.2	  	Amendments	  	 	62	  
		 	Section 12.3	  	Applicable Law; Venue	  	 	62	  

  
 ii 

 Table of Contents 

(continued) 
  

									
	 	  	Page	 
				
		 	Section 12.4	  	Enforcement	  	 	62	  
		 	Section 12.5	  	Headings	  	 	62	  
		 	Section 12.6	  	Severability	  	 	63	  
		 	Section 12.7	  	Counterparts	  	 	63	  
		 	Section 12.8	  	Filings	  	 	63	  
		 	Section 12.9	  	Additional Documents	  	 	63	  
		 	Section 12.10	  	Notices	  	 	63	  
		 	Section 12.11	  	Waiver of Right to Partition and Bill of Accounting	  	 	64	  
		 	Section 12.12	  	Confidentiality; Press Releases	  	 	64	  
		 	Section 12.13	  	Uniform Commercial Code	  	 	65	  
		 	Section 12.14	  	Binding Agreement	  	 	65	  
		 	Section 12.15	  	Waiver	  	 	65	  
		 	Section 12.16	  	DISCLOSURES	  	 	65	  

  
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 THE TRANSFER OF THE LIMITED LIABILITY COMPANY INTERESTS DESCRIBED IN THIS AGREEMENT IS RESTRICTED AS
DESCRIBED HEREIN. 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

INK ACQUISITION II LLC, 
 a Delaware Limited Liability Company 
 THIS AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT of INK Acquisition II LLC, a Delaware limited liability company (the “Company”), is made effective as of the Closing Date (as defined below) (this “Agreement”), by and between CRE-Ink
Member II Inc. (“Cerberus”) and Chatham TRS Holding Inc. (“Chatham”, and, together with Cerberus and any other Person who becomes a member of the Company from time to time in accordance with the provisions hereof,
the “Members”). 
 RECITALS: 
 1. A Certificate of Formation of the Company was filed with the Secretary of State of the State of Delaware on May 4, 2011; and 

2. Each of the Persons listed on Schedule A hereto has previously acquired a percentage interest in the Company and entered into the
Limited Liability Company Agreement of the Company dated August 5, 2011 (the “Original Agreement”). 

NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be legally bound hereby, the parties
hereto amend and restate the Original Agreement in its entirety and agree as follows: 
 ARTICLE I. 

GENERAL PROVISIONS; ORGANIZATION; STRUCTURE 
 Section 1.1 Registered Office. The registered agent and office of the Company in the State of Delaware shall be National Corporate Research, Ltd., 615 South DuPont Highway, County of Kent,
City of Dover, State of Delaware 19901. The Managing Member, after giving notice to the other Members, may change the registered office from one location to another in the State of Delaware. 

 Section 1.2 Place of Business; Offices. The principal place of business of the
Company, where the books and records of the Company shall be kept, shall be c/o Chatham TRS Holding Inc., 50 Cocoanut Row, Suite 200, Palm Beach, FL 33480. The Company may, at any time, change the location of the principal office of the Company or
have one or more offices as may be established from time to time. 
 Section 1.3 Purpose; Nature of Business Permitted;
Powers; Title to Property. 
 (a) The purpose to be conducted or promoted by the Company is to engage in the
following activities: 
 (i) to acquire, own, hold, manage, operate, lease, sell, transfer, service, convey, safekeep, dispose
of, pledge, assign, borrow money against, finance, refinance or otherwise deal with the Business and the Properties and any portion thereof with unrelated third parties or with affiliated entities; 

(ii) to acquire, own, hold, sell, transfer, service, convey, safekeep, dispose of, pledge, assign, borrow money against, finance,
refinance or otherwise deal with, publicly or privately issued securities and whether with unrelated third parties or with affiliated entities, in each case in connection with the Business and the Properties; 

(iii) to own equity interests in other limited liability companies, partnerships or other entities whose purposes are restricted to
those set forth in clauses (i) and (ii) above; and 
 (iv) to engage in any other lawful act or activity and to
exercise any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes (including
the entering into of interest rate or basis swap, cap, floor or collar agreements, or similar hedging transactions and referral, management, servicing and administration agreements). 

(b) The Company shall not engage in any other business or activity. Except as otherwise provided in Section 1.10
hereof and except for contracts customarily entered into by a property management agent on behalf of a hotel property owner, all property acquired in connection with the business of the Company shall be held by the Company in its own name, and all
contracts and leases of real or personal property by or to the Company shall be made in its own name. 
 (c)
Title to assets of the Company, whether real, personal or mixed, tangible or intangible, shall be deemed to be owned by the Company, and no Member, individually or collectively, shall have any ownership interest in such assets or any portion
thereof. 
 Section 1.4 [Reserved] 
 Section 1.5 Tax Classification; No State Law Partnership. (a) The Members intend that the Company shall be treated as a partnership for federal, state and local tax purposes.

  
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Each Member and the Company agree to file all tax returns and otherwise take all tax and financial reporting positions in a manner consistent with such treatment. No provision of this Agreement
shall be deemed or construed to constitute the Company (including its subsidiaries) as a partnership (including a limited partnership) or joint venture, or any Member as a partner of or with any other Member for any purposes other than tax purposes.

 (b) Chatham is a TRS of Chatham REIT. The Members intend that the Company shall own the Properties in a manner that will not
jeopardize the TRS status of Chatham. Accordingly, the Company will either (i) engage Island Hospitality Management or another entity that qualifies as an “eligible independent contractor” under Code Section 856(d)(9) to operate
the Properties on its behalf or (ii) lease the Properties to the Property Leasecos and the Property Leasecos will engage Island Hospitality Management or another entity that qualifies as an “eligible independent contractor” under Code
Section 856(d)(9) to operate the Properties on their behalf. 
 Section 1.6 Definitions. Unless the context
otherwise requires, the terms defined in this Section 1.6 shall, for the purposes of this Agreement, have the meanings herein specified (such meanings to be equally applicable to both the singular and plural forms of the terms defined).

 “1933 Act” has the meaning set forth in Section 12.16. 

“1940 Act” means the Investment Company Act of 1940, as amended, and the rules and regulations
thereunder. 
 “Act” means the Delaware Limited Liability Company Act (as it may be amended from
time to time and any successor to such Act). 
 “Additional Capital Contribution” means any
Capital Contribution made by a Member pursuant to Section 2.2(b) hereof. 
 “Affiliate”
means, with respect to a Person, another Person that directly or indirectly controls, is controlled by or is under common control with such first Person; provided, however, that for purposes only of the term “Permitted
Transferee”, the term “Affiliate” shall have the meaning ascribed to it therein. For the avoidance of doubt, for purposes of this Agreement, including, without limitation, the definition of “Permitted
Transferee,” (i) an Affiliate of Cerberus includes, without limitation, any entity or fund directly or indirectly controlled by the Persons that, as of the date hereof, control Cerberus; and (ii) an Affiliate of Chatham includes,
without limitation, any entity or fund directly or indirectly controlled by the Persons that control Chatham REIT, and any successor to Chatham REIT, whether by merger, consolidation, sale of substantially all of the assets or otherwise.
Additionally, for the avoidance of doubt, Island Hospitality Management shall not be considered to be an Affiliate of Chatham REIT or Chatham. 
 “Affiliated Individual” means, with respect to a Person, any individual who is an officer, director, shareholder, employee, partner or member of such Person or an individual who is
related by blood, marriage or adoption to any of the foregoing. 

  
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 “Agreement” has the meaning set forth in the Preamble.

 “Allocation Schedule” has the meaning set forth in Section 5.1(c). 

“Amended Bid” means collectively (i) the Innkeepers Binding Commitment Agreement, and (ii) the
Midland Amended and Restated Binding Commitment. 
 “Approved FATF Country” shall mean any
country that is a member of the Financial Action Task Force on Money Laundering, as such list may be amended, from time to time, and as approved in this Agreement. As of the date of this Agreement, the following countries are Approved FATF Country
members: Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Kingdom of the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,
Sweden, Switzerland, Turkey, United Kingdom and the United States. 
 “Approved Severance Costs”
means any severance payable to Chatham Company Personnel to the extent such severance (i) for a senior Chatham Company Employee does not exceed three (3) months of such employee’s monthly salary, (ii) for any other Chatham
Company Employee is determined by Chatham in accordance with such employee’s position and seniority and does not exceed two (2) months of such employee’s monthly salary or (iii) otherwise has been approved by Cerberus, the
Cerberus Ink I Member, the Cerberus Ink III Member, the Cerberus Ink IV Member, the Cerberus Ink V Member, the Cerberus Ink VI Member or the Cerberus Ink VII Member at the time of grant to the applicable Chatham Company Personnel. 

“Asset” means an asset owned by the Company or its Subsidiaries. 

“Bankruptcy” means, with respect to any Person, a “Voluntary Bankruptcy” or an
“Involuntary Bankruptcy”. A “Voluntary Bankruptcy” shall mean, with respect to any Person, (a) an admission in writing by such Person of its inability to pay its debts generally or a general assignment by such
Person for the benefit of creditors, (b) the filing of any petition or answer by such Person seeking to adjudicate it bankrupt or insolvent or seeking for itself any liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of such Person or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking, consenting to or acquiescing in the entry of an order for relief or the appointment of a receiver,
trustee, custodian or other similar official for such Person or for any substantial part of its property, or (c) corporate action taken by such Person to authorize any of the actions set forth above. An “Involuntary Bankruptcy”
shall mean, with respect to any Person, without the consent or acquiescence of such Person, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or similar statute, law or regulation or the filing of any such petition against such Person which order or petition shall
not be dismissed within 90 days or, without the consent or acquiescence of such Person, the entering of an order appointing a trustee, custodian, receiver or liquidator of such Person or of all or any substantial part of the property of such Person
which order shall not be dismissed within 90 days. 

  
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 “Bankruptcy Court” means the United States Bankruptcy Court
for the Southern District of New York. 
 “Business” means (a) the acquisition, ownership,
lease and operation of certain hotel properties as of the date hereof owned, leased and operated by Innkeepers USA Trust and its subsidiaries, (b) the ownership, lease and operation of any other Properties acquired by the Company in accordance
with this Agreement, and (c) any other business of the Company, directly or indirectly related, incidental to or connected with the foregoing. 
 “Business Day” means any day other than a Saturday, Sunday or any other day on which banks in New York City are required or permitted by law to be closed. 

“Business Plan” means the comprehensive strategic plan for the Company’s, Ink I’s, Ink
III’s, Ink IV’s, Ink V’s, Ink VI’s and Ink VII’s ownership, operation, leasing, financing and sale of the Properties and the properties owned by Ink I, Ink IV, Ink V, Ink VI and Ink VII, as in effect from time to time
pursuant to Section 3.5 hereof. 
 “Buy Notice” has the meaning set forth in
Section 3.7. 
 “Buy/Sell Closing Date” has the meaning set forth in Section 3.7.

 “Buy/Sell Notice” has the meaning set forth in Section 3.7. 

“Buy/Sell Right” has the meaning set forth in Section 3.7. 

“Capital Account” has the meaning set forth in Section 2.3(a). 

“Capital Call” shall mean a written notice to the Members calling for a Capital Contribution, which
written notice shall include (a) the total amount of the Capital Contribution then required, (b) a brief description of the expenditures or obligations giving rise to the requirement for such Capital Contribution, (c) each
Member’s proportionate share of the total Capital Contribution as then required by this Agreement, (d) the date by which each Member’s Capital Contribution is required to be made, which date shall be thirty (30) days (or, with
respect to the Capital Call to fund the acquisition of the Properties listed on Annex A hereto, ten (10) days) after such written notice has been given or such other date as may be agreed to by the Members, and (e) the account of the
Company to which such Capital Contributions must be paid. 
 “Capital Contribution” means, with
respect to any Member, the amount of money contributed to the Company in exchange for a Percentage Interest in the Company, including Initial Capital Contributions. 

“Carveout Guarantor” has the meaning set forth in Section 1.11(c)(i). 

  
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 “Carveout Guaranty” means a guaranty of non-recourse
carveouts, in form and substance satisfactory to the applicable Lender and approved in advance in writing by the Members, (including, without limitation, any such guaranty required by Midland Loan Services in connection with the Midland Loan).

 “Cerberus” has the meaning set forth in the Preamble. 

“Cerberus Initial Members” means Cerberus and its Permitted Transferees. 

“Cerberus Ink I Member” means CRE-Ink REIT Member LLC or its Permitted Transferee(s) (for purposes of
this definition, as defined in the Ink I LLC Agreement). 
 “Cerberus Ink III Member” means
CRE-Ink TRS Holding Inc. or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink III LLC Agreement). 
 “Cerberus Ink IV Member” means CRE-Ink REIT Member IV LLC or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink IV LLC Agreement). 

“Cerberus Ink V Member” means CRE-Ink REIT Member V LLC or its Permitted Transferee(s) (for purposes of
this definition, as defined in the Ink V LLC Agreement). 
 “Cerberus Ink VI Member” means
CRE-Ink REIT Member VI LLC or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink VI LLC Agreement). 
 “Cerberus Ink VII Member” means CRE-Ink REIT Member VII LLC or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink VII LLC Agreement). 

“Certificate of Formation” means the Certificate of Formation referred to in Recital 1 and any and all
amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act. 

“Chatham” has the meaning set forth in the Preamble. 

“Chatham Cap” has the meaning set forth in Section 2.2(a). 

“Chatham Company Personnel” means any personnel employed by Chatham (or one of its Affiliates other than
Ink I, Ink III, Ink IV, Ink V, Ink VI, Ink VII or the Company) solely for the purpose of providing asset management services to the Company, Ink I, Ink III, Ink IV, Ink V, Ink VI and/or Ink VII, the employment generally of whom, including
compensation and severance other than Approved Severance Costs, if any, payable to such personnel, has been approved by Cerberus, the Cerberus Ink I Member, the Cerberus Ink III Member, the Cerberus Ink IV Member, the Cerberus Ink V Member, the
Cerberus Ink VI Member or the Cerberus Ink VII Member. 

  
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 “Chatham Initial Members” means Chatham and its Permitted
Transferees. 
 “Chatham Ink I Member” means Chatham Lodging or its Permitted Transferee(s) (for
purposes of this definition, as defined in the Ink I LLC Agreement). 
 “Chatham Ink III Member”
means Chatham in its capacity as a member or managing member, as applicable, of Ink III, or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink III LLC Agreement). 

“Chatham Ink IV Member” means Chatham Lodging in its capacity as a member or managing member, as
applicable, of Ink IV, or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink IV LLC Agreement). 
 “Chatham Ink V Member” means Chatham Lodging in its capacity as a member or managing member, as applicable, of Ink V, or its Permitted Transferee(s) (for purposes of this definition, as
defined in the Ink V LLC Agreement). 
 “Chatham Ink VI Member” means Chatham Lodging in its
capacity as a member or managing member, as applicable, of Ink VI, or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink VI LLC Agreement). 

“Chatham Ink VII Member” means Chatham Lodging in its capacity as a member or managing member, as
applicable, of Ink VII, or its Permitted Transferee(s) (for purposes of this definition, as defined in the Ink VII LLC Agreement). 
 “Chatham Lodging” means Chatham Lodging LP. 

“Chatham REIT” means Chatham Lodging Trust, a Maryland real estate investment trust. 

“Close Associate” means a Person who is widely and publicly known (or is actually known) to be a close
associate of a Senior Foreign Political Figure. 
 “Closing Date” means the date upon which the
transactions contemplated by the Plan are consummated. 
 “Code” means the Internal Revenue Code
of 1986, as amended from time to time. 
 “Company” has the meaning set forth in the Preamble.

 “Contributing Members” has the meaning set forth in Section 2.2(d). 

“Control” means, with respect to any Person, the power of another Person, through ownership of equity,
contract rights or otherwise, to direct the management and policies of such Person, and “controlled” and “controlling” have correlative meanings. 

“Cure” means, with respect to any action or failure to act triggering a right to Cure, that such action
or failure to act, to the extent that it triggered the right to Cure, has 

  
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been discontinued, and all parties adversely affected by such action or failure to act have been made whole in all material respects as if such action or failure to act had not occurred.

 “Debtors” means Innkeepers USA Trust and each of the other debtors and debtors-in-possession
in the Bankruptcy Court Chapter 11 Case No. 10-13800 (SCC). 
 “Depreciation” means, for
each Fiscal Period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such Fiscal Period, except that if the Gross Asset Value of such asset differs from its adjusted basis for
federal income tax purposes at the beginning of such Fiscal Period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction
for such Fiscal Period bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Period is zero, Depreciation shall be determined with
reference to such beginning Gross Asset Value using any reasonable method selected by the Tax Matters Member. 

“Election Notice” has the meaning set forth in Section 3.7(a)(i). 

“Environmental Law” means all applicable laws, including, for this purpose, all common law, governing
public health or safety, workplace health or safety, pollution or the protection of the environment. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder. 
 “Expense Reimbursement” has the meaning set forth in
Section 3.1(c). 
 “Failed Contribution” has the meaning set forth in Section 2.2(d).

 “Family Member” means, with respect to any specified natural person, (a) any parent,
child, descendant or sibling of such natural person (including relationships resulting from adoption) or (b) the spouse of such natural person or of any person covered by clause (a). 

“Fiscal Period” means (a) the period commencing on the Closing Date and ending on December 31,
2011, (b) any subsequent 12-month period commencing on January 1 and ending on December 31 and (c) any portion of the period described in clauses (a) and (b) of this sentence (i) for which the Company is required
to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article VI and (ii) ending on the date of an adjustment to the Gross Asset Value pursuant to clause (b) of the definition of “Gross
Asset Value”. 

  
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 “Fiscal Year” means (a) the period commencing on the
Closing Date and ending on December 31, 2011, (b) any subsequent 12-month period commencing on January 1 and ending on December 31 and (c) the period commencing on the immediately preceding January 1 and ending on the
date on which all property of the Company is distributed to the Members pursuant to Article X. 
 “Funded
Amount” has the meaning set forth in Section 2.2(d). 
 “GAAP” means generally
accepted accounting principles in the United States, 
 “Governmental Entity” means a court,
arbitral tribunal, administrative agency or commission or other governmental or other regulatory authority or agency. 
 “Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 

(a) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the fair market value of
such asset at the time it is accepted by the Company, unreduced by any liability secured by such asset, as reasonably determined by the Managing Member; 
 (b) the Gross Asset Values of all Assets shall be adjusted to equal their respective fair market values, unreduced by any liabilities secured by such assets, as reasonably determined by the Managing
Member as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of
more than a de minimis amount of property as consideration for an interest in the Company; (iii) the grant of more than a de minimis interest in the Company as consideration for the provision of services to or for the benefit of the
Company by an existing Member acting in a partner capacity or by a new Member acting in a partner capacity or in anticipation of being a partner; and (iv) the liquidation of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); provided, however, that an adjustment described in clauses (i), (ii) or (iii) of this paragraph shall be made only if the Managing Member reasonably determines that such an adjustment is
necessary to reflect the relative economic interests of the Members; 
 (c) the Gross Asset Value of any Asset
distributed to any Member shall be adjusted to equal the fair market value of such asset on the date of distribution, unreduced by any liability secured by such asset, as reasonably determined by the Managing Member; and 

(d) the Gross Asset Value of all Assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis
of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and
paragraph (f) of the definition of “Profits” and “Losses” or Section 8.2(g); provided, however, that Gross Asset 

  
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Value shall not be adjusted pursuant to this paragraph (d) to the extent that an adjustment pursuant to paragraph (b) is required in connection with a transaction that would otherwise
result in an adjustment pursuant to this paragraph (d). 
 If the Gross Asset Value of an asset has been determined or adjusted
pursuant to paragraphs (a), (b) or (d) of this definition, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 

“Hazardous Substance” means any material, substance or waste as to which liability or standards of
conduct may be imposed pursuant to any Environmental Laws. 
 “Hotel Management Agreement” means
the Hotel Management Agreements in the form attached hereto as Exhibit A, to be executed and delivered on the Closing Date, between Island Hospitality Management and each Property Leaseco. 

“Hotel Manager” has the meaning set forth in the definition of Major Decision. 

“Immediate Family Member” includes the parents, siblings, spouse, children, and spouse’s parents and
siblings, of a Senior Foreign Political Figure. 
 “Indebtedness” means (a) the principal,
premium (if any), interest and related fees and expenses (if any) in respect of (i) indebtedness for money borrowed and (ii) indebtedness evidenced by notes, debentures, bonds or other similar instruments, (b) all obligations in
respect of outstanding letters of credit, acceptances and similar obligations, (c) that portion of obligations with respect to capital leases not entered into in the ordinary course of business and properly accounted for as a liability,
(d) any obligation owed for all or any part of the deferred purchase price of property or services except for trade liabilities incurred in the ordinary course of business, and (e) a guaranty of any of the obligations described in the
foregoing clauses of this definition. 
 “Indemnifiable Losses” has the meaning set forth in
Section 11.1. 
 “Indemnified Person” has the meaning set forth in Section 11.1.

 “Independent Appraiser” has the meaning set forth in Section 3.7(a)(ii). 

“Initial Capital Contribution Amount” means as to each Initial Member, the dollar amount that is set
forth opposite such Member’s name on Schedule A and labeled such Member’s “Initial Capital Contribution Amount”. 
 “Initial Capital Contributions” has the meaning set forth in Section 2.2(a). 
 “Initial Members” means the Chatham Initial Members and Cerberus Initial Members. 
 “Ink I” means INK Acquisition LLC, a Delaware limited liability company. 

  
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 “Ink I Affiliate” means, with respect to any Member, any
Affiliate of such Member that is a member of Ink I in accordance with the Ink I LLC Agreement. 
 “Ink I
Buy/Sell Right” has the meaning set forth in Section 3.7. 
 “Ink I Capital
Contributions” means, with respect to any Ink I Affiliate, such Person’s capital contributions to Ink I, made pursuant to and in accordance with the Ink I LLC Agreement. 

“Ink I Initial Capital Contribution” means the Chatham Ink I Member’s initial capital contribution
pursuant to and as required by Ink I LLC Agreement. 
 “Ink I LLC Agreement” means the Second
Amended and Restated Limited Liability Company Agreement of INK Acquisition LLC, effective as of the Closing Date, as may be amended in accordance therewith. 
 “Ink I Notifying Member” has the meaning set forth in Section 3.7. 
 “Ink I Valuation Amount” has the meaning set forth in Section 3.7(ii). 
 “Ink III” means INK Acquisition III LLC, a Delaware limited liability company. 
 “Ink III Affiliate” means, with respect to any Member, any Affiliate of such Member that is a member of Ink III in accordance with the Ink III LLC Agreement. 

“Ink III Buy/Sell Right” has the meaning set forth in Section 3.7. 

“Ink III Capital Contributions” means, with respect to any Ink III Affiliate, such Person’s capital
contributions to Ink III, made pursuant to and in accordance with the Ink III LLC Agreement. 
 “Ink III
Initial Capital Contribution” means the Chatham Ink III Member’s initial capital contribution pursuant to and as required by Ink III LLC Agreement. 

“Ink III LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of INK
Acquisition III LLC, effective as of the Closing Date, as may be amended in accordance therewith. 
 “Ink
III Notifying Member” has the meaning set forth in Section 3.7. 
 “Ink III Valuation
Amount” has the meaning set forth in Section 3.7(ii). 
 “Ink IV” means INK
Acquisition IV LLC, a Delaware limited liability company. 
 “Ink IV Affiliate” means, with
respect to any Member, any Affiliate of such Member that is a member of Ink IV in accordance with the Ink IV LLC Agreement. 
 “Ink IV Buy/Sell Right” has the meaning set forth in Section 3.7. 

  
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 “Ink IV Capital Contributions” means, with respect to any
Ink IV Affiliate, such Person’s capital contributions to Ink IV, made pursuant to and in accordance with the Ink IV LLC Agreement. 
 “Ink IV Initial Capital Contribution” means the Chatham Ink IV Member’s initial capital contribution pursuant to and as required by Ink IV LLC Agreement. 

“Ink IV LLC Agreement” means the Limited Liability Company Agreement of INK Acquisition IV LLC, effective
as of the Closing Date, as may be amended in accordance therewith. 
 “Ink IV Notifying Member”
has the meaning set forth in Section 3.7. 
 “Ink IV Valuation Amount” has the meaning set
forth in Section 3.7(ii). 
 “Ink V” means INK Acquisition V LLC, a Delaware limited
liability company. 
 “Ink V Affiliate” means, with respect to any Member, any Affiliate of such
Member that is a member of Ink V in accordance with the Ink V LLC Agreement. 
 “Ink V Buy/Sell
Right” has the meaning set forth in Section 3.7. 
 “Ink V Capital Contributions”
means, with respect to any Ink V Affiliate, such Person’s capital contributions to Ink V, made pursuant to and in accordance with the Ink V LLC Agreement. 
 “Ink V Initial Capital Contribution” means the Chatham Ink V Member’s initial capital contribution pursuant to and as required by Ink V LLC Agreement. 

“Ink V LLC Agreement” means the Limited Liability Company Agreement of INK Acquisition V LLC, effective
as of the Closing Date, as may be amended in accordance therewith. 
 “Ink V Notifying Member”
has the meaning set forth in Section 3.7. 
 “Ink V Valuation Amount” has the meaning set
forth in Section 3.7(ii). 
 “Ink VI” means INK Acquisition VI LLC, a Delaware limited
liability company. 
 “Ink VI Affiliate” means, with respect to any Member, any Affiliate of
such Member that is a member of Ink VI in accordance with the Ink VI LLC Agreement. 
 “Ink VI Buy/Sell
Right” has the meaning set forth in Section 3.7. 
 “Ink VI Capital Contributions”
means, with respect to any Ink VI Affiliate, such Person’s capital contributions to Ink VI, made pursuant to and in accordance with the Ink VI LLC Agreement. 

  
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 “Ink VI Initial Capital Contribution” means the Chatham Ink
VI Member’s initial capital contribution pursuant to and as required by Ink VI LLC Agreement. 

“Ink VI LLC Agreement” means the Limited Liability Company Agreement of INK Acquisition VI LLC, effective
as of the Closing Date, as may be amended in accordance therewith. 
 “Ink VI Notifying Member”
has the meaning set forth in Section 3.7. 
 “Ink VI Valuation Amount” has the meaning set
forth in Section 3.7(ii). 
 “Ink VII” means INK Acquisition VII LLC, a Delaware limited
liability company. 
 “Ink VII Affiliate” means, with respect to any Member, any Affiliate of
such Member that is a member of Ink VII in accordance with the Ink VII LLC Agreement. 
 “Ink VII
Buy/Sell Right” has the meaning set forth in Section 3.7. 
 “Ink VII Capital
Contributions” means, with respect to any Ink VII Affiliate, such Person’s capital contributions to Ink VII, made pursuant to and in accordance with the Ink VII LLC Agreement. 

“Ink VII Initial Capital Contribution” means the Chatham Ink VII Member’s initial capital
contribution pursuant to and as required by Ink VII LLC Agreement. 
 “Ink VII LLC Agreement”
means the Limited Liability Company Agreement of INK Acquisition VII LLC, effective as of the Closing Date, as may be amended in accordance therewith. 
 “Ink VII Notifying Member” has the meaning set forth in Section 3.7. 
 “Ink VII Valuation Amount” has the meaning set forth in Section 3.7(ii). 
 “Innkeepers Binding Commitment Agreement” means that certain Second Amended and Restated Binding Commitment Agreement Regarding the Acquisition and Restructuring of Certain Subsidiaries
of Innkeepers USA Trust dated October 18, 2011 by and among the Company, Ink I, Ink III, and the other Persons party thereto. 
 “Involuntary Bankruptcy” has the meaning set forth in the definition of Bankruptcy. 
 “IRS” means the U.S. Internal Revenue Service, or any successor government agency. 
 “Island Hospitality Management” means Island Hospitality Management III, Inc. or one of its Affiliates. 

  
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 “Lender” means the lender under any Loan Documents to be
executed with respect to a Loan, if any. 
 “Loan” means a loan obtained or assumed by the
Company or any of its Subsidiaries, as borrower, secured by all or any portion of the Property, including the Midland Loan. 
 “Loan Documents” means any and all loan documents to be executed by the Company or any of its Subsidiaries, as applicable, and the Lender in connection with a Loan, if any. 

“Major Decision” means any determination to cause the Company or any Subsidiary of the Company to:

 (a) directly or indirectly acquire, or execute and deliver any documents, agreements or instruments necessary
to close on the direct or indirect acquisition by the Company or any Subsidiary of the Company of, any Property, except as set forth in the then-approved Operating Budget or the then-approved Business Plan; 

(b) (A) sell, assign, transfer, encumber or dispose of the Company, any Property Company, any Property, or any
revenue-generating business of the Company or any Property Company, or agree to any of the foregoing, or (B) except as expressly provided in this Agreement or in the then-approved Operating Budget or the then-approved Business Plan, improve,
design, rehabilitate, alter, or repair (collectively, the “Repairs”) of any of the Properties, provided, however, that the Managing Member may make or caused to be made Repairs not contemplated by the then-approved
Operating Budget if (i) any such Repair is required by any franchisor under the applicable franchise agreement or any other agreement with the franchisor (including, but not limited to, that certain Agreement for Adequate Assurance of
Completion of Certain PIPS and Assumptions of Agreements, dated June 25, 2010, by and between the Debtors and Marriot International, Inc.), (ii) emergency action or expenditures is necessary to prevent imminent risk to the health and
safety of Persons on or about the Properties, imminent material property damage or imminent imposition of criminal or civil sanctions against the Company or any Member (each, an “Emergency Expenditure”), provided that (1) any
such Emergency Expenditure made without approval of all Initial Members is, in the Managing Member’s commercially reasonable judgment, reasonable and necessary under the circumstances set forth above and (2) the Managing Member endeavors
diligently and in good faith (x) to notify the Initial Members of any such Emergency Expenditure promptly in writing and (y) attempts to obtain verbal approval of the Initial Members for any required Emergency Expenditure, or (iii) if
the aggregate cost of such Repairs fall within the thresholds set forth in clause (l) of this definition; 

(c) except as otherwise expressly permitted by this Agreement, call for Capital Contributions, approve Capital Calls or
determine the portion of the then-approved Operating Budget that is to be funded by equity and by debt, or raise any new equity for any Subsidiary of the Company or admit any new member, partner or owner to the Company or any of its Subsidiaries;

  
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 (d) make any operating expenditure or incur any operating obligation by or
on behalf of the Company that varies materially from the then-approved Operating Budget other than an Emergency Expenditure made pursuant to the procedures set forth in clause (b) of this definition and expenditures that fall within the
thresholds set forth in clause (l) of this definition; 
 (e) execute or modify, amend, supplement,
terminate, extend or renew leases with tenants for occupancy of space in any Property, except (i) for any lease with a Property Leaseco or any other TRSs of Chatham REIT and CRE-Ink REIT Member, LLC or (ii) to the extent delegated to the
Hotel Manager pursuant to the Hotel Management Agreements or set forth in the then-approved Operating Budget or the then-approved Business Plan; 
 (f) enter into, modify or terminate any contractual arrangements with service providers (including lenders, attorneys, consultants, appraisers, third party property managers, brokerage companies, general
contractors, accountants, auditors, architects, banks or other depositaries and all other service providers) for services to be rendered in connection with the business of the Company; provided, however, that (i) until further
written notice, Cerberus hereby delegates the tasks set forth in this subsection (f) to the Managing Member, so long as all such services are expressly provided for and are not in excess of the amounts budgeted for such services in the
then-approved Operating Budget and Business Plan and either (x) are terminable, without cause or fee, upon not more than thirty (30) days notice, (y) have a stated term of not more than one year, or (z) are expressly approved in
writing by Cerberus, (ii) Cerberus hereby authorizes the Managing Member to cause the Property Leasecos to engage Island Hospitality Management to act as the hotel manager of all of the Properties on behalf of the Property Leasecos (the
“Hotel Manager”) pursuant to the Hotel Management Agreements and (iii) the entry into, modification or termination of any contractual arrangement that requires an annual payment by the Company of $25,000 or less, or the
determination to take any of the foregoing actions, shall not be considered a Major Decision; 
 (g) incur or pay
any real estate taxes, insurance premiums, or any assessments or charges with respect to the ownership and operation of any Property, except to the extent provided for in the then-approved Operating Budget or delegated to the Hotel Manager pursuant
to the Hotel Management Agreement; 
 (h) make distributions to the Members other than as set forth in Article
VII of this Agreement; 
 (i) establish reserves, determine reserve levels or make any distributions from any
such reserves, except as set forth in the then-approved Operating Budget or the then-approved Business Plan; 

(j) except as set forth in the then-approved Operating Budget or the then-approved Business Plan, cause or permit the
Company to finance all or any portion of any Property (other than the Midland Loan and trade debt incurred in the ordinary course of business consistent with the then-approved Operating Budget), agree to the form, substance,

  
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provider or documentation pertaining to any Loan, modify, restructure or terminate any Loan or repay any Loan except in accordance with the express terms of the applicable Loan, or enter into,
modify or amend any documents, agreements or instruments relating to any Loan; 
 (k) except to the extent
expressly set forth in the then-approved Operating Budget or the then-approved Business Plan, select or determine any insurance plans, carriers or coverages to be purchased and maintained by or on behalf of the Company or any Property Company;

 (l) make any expenditures which are at variance with the then-approved Operating Budget or Business Plan
(A) (1) with respect to any Operating Expense (as defined in the applicable Hotel Management Agreement) for any Property unless Operating Expenses for such Property would not exceed the estimated Operating Expenses for such Property as set
forth in the then-current and approved Operating Budget with respect to such Property by five percent (5%) or more (in the aggregate, but not by line item) and (2) with respect to any other expenditure not described in clause (1), unless
the variance in question does not exceed a particular summary line item by the lesser of (x) $50,000 or (y) 10% of that summary line item, and (B) unless the overall Operating Budget for the Company, Ink I, Ink III, Ink IV, Ink V, Ink
VI and Ink VII is not exceeded in the aggregate by more than 2.5% (excluding, for purposes of the foregoing calculation, the use of any contingency line items set forth in the then-approved Operating Budget)), and provided that in any case the
Managing Member may make an Emergency Expenditure pursuant to the procedures set forth in clause (b) of this definition); 
 (m) grant or convey any easement, lien, ground lease, mortgage, deed, deed of trust, bill of sale, contract or other instrument purporting to convey or encumber any Property, either wholly or in part;

 (n) take any Bankruptcy action on behalf of the Company or any of its Subsidiaries; 

(o) institute any legal or arbitration proceedings in the name of the Company, settle any legal or arbitration proceedings
against the Company or confess any judgment against the Company or any Property, other than (i) the institution of an eviction action, a suit for breach of a tenant lease or other similar proceeding contemplated in or provided for in the
then-approved Operating Budget or the then-approved Business Plan or (ii) settlements or compromises for litigation or arbitration providing solely for the payment of money damages where the amount paid (after giving effect to any insurance
proceeds) in settlement or compromise does not exceed $50,000; 
 (p) execute, deliver or file any agreement,
permit, request, application or filing with any governmental agency, any neighboring property owner, any community organization or any similar regulatory body, or send any correspondence to or have any other material communications with, any
governmental agency, which directly binds the Company or any of its Affiliates or any Member or any of its Affiliates, or which advocates a position on behalf of the Company or its Affiliates or any Member or its Affiliate (excluding correspondence,
communications and other actions with respect to ministerial matters consistent with the then-approved Operating Budget and the then-approved Business Plan); 

  
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 (q) approve any investment other than as contemplated by this Agreement or
approve any renovation or disposition of any Property, except as expressly authorized by the then-approved Business Plan and other than an Emergency Expenditure or Repair made pursuant to the procedures set forth in clause (b) of this
definition; 
 (r) enter into any exclusivity, competition or confidentiality agreement that is or purports to be
binding upon any Member or any of its Affiliates or interest holders; 
 (s) enter into any settlements with any
third party or any consent decree, order (judicial or otherwise) with any Governmental Entity, related to the breach of any Environmental Law, or the sampling, monitoring, treatment, remediation, removal or clean up of Hazardous Substances with
respect to the Properties; 
 (t) knowingly take or approve, or refrain from taking or approving, any action that
is reasonably likely to lead to a default under any Loan Documents or to a material dispute with any Lender; 

(u) knowingly take or approve, or refrain from taking or approving, any action that could trigger a recourse provision
under any then-outstanding Loan; 
 (v) approve any marketing plans or agreements with respect to any Property,
except as expressly authorized by the then-approved Business Plan; 
 (w) require or permit the Company to make
any loan to any Member or any of its Affiliates, or require or permit any loan (other than a Member Loan) to be made by any Member to the Company; 
 (x) cause the Company or any Property Company to execute or deliver any indemnity or guaranty; 
 (y) change the Company’s depreciation and accounting methods and make other decisions with respect to the treatment of various transactions for federal income tax purposes, and change the
Company’s elections for federal, state or local income tax purposes; 
 (z) amend this Agreement (or the
corresponding organizational documents of any Subsidiary of the Company) in any respect; 
 (aa) take or approve
any action relating to any tax certiorari proceeding or other tax appeal affecting any Property; 
 (bb)
recapitalize, reclassify, redeem, repurchase or otherwise acquire any equity or other interests of the Company or any Subsidiary of the Company; 

  
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 (cc) merge, consolidate or dissolve the Company or any of its Subsidiaries;

 (dd) remove and replace Island Hospitality Management as Hotel Manager; 

(ee) permit or cause any Transfer that may reasonably be expected to cause the assets of the Company or any Subsidiary of
the Company to be deemed “plan assets” (within the meaning of 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA); 
 (ff) enter into any swap, hedge, collar or other interest rate protection agreement; 
 (gg) enter into any lease, whether as lessor or lessee, other than short term storage leases in connection with a capital program or equipment leases in the ordinary course of business; 

(hh) take any action that could reasonably be expected to cause Chatham to fail to qualify as a TRS of Chatham REIT;

 (ii) [reserved] 
 (jj) cause any rebranding of properties or entry into new franchise agreements; 
 (kk) approve or implement any Operating Budget or Business Plan, as set forth in Section 3.5; 
 (ll) except as otherwise expressly permitted pursuant to this Agreement or the then-current Operating Budget or Business Plan, entering into, amending or modifying agreements with cost or liability to the
Company, Ink I, Ink III, Ink IV, Ink V, Ink VI, Ink VII or their respective Subsidiaries in excess of $5 million in any fiscal year or which are otherwise material to the business of the Company, Ink I, Ink III, Ink IV, Ink V, Ink VI and/or Ink VII,
provided, that for purposes of this provision, the cost of an agreement shall be calculated based on only the period prior to the time that the Company, Ink I, Ink III, Ink IV, Ink V, Ink VI, Ink VII or the applicable Subsidiary shall have
the right to freely terminate such agreement, and shall include any fee payable upon termination by the Company, Ink I, Ink III, Ink IV, Ink V, Ink VI, Ink VII or any of their respective Subsidiaries. 

(mm) entering into any agreement with an Affiliate of a Member other than pursuant to Section 4.4; 

(nn) causing the Company or any Subsidiary other than a Property Company or Property Leaseco to hold any assets other than
(w) the interests in its Subsidiaries as of the Closing Date after giving effect to the transactions contemplated by the Plan, (x) any interest in an entity treated as a corporation for U.S. federal income tax

  
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purposes, (y) any cash reserves intended for distributions to the Members or to pay Company expenses or (z) any other assets that the Managing Member is permitted to acquire and hold
pursuant to the then-effective Operating Budget; 
 (oo) entering into or terminating, disposing of or materially
amending the terms of any joint venture to which the Company or any of its Subsidiaries is a party; 
 (pp)
changing the principal banking institutions with which the Company or its subsidiaries maintain deposit, borrowing or other relationships; or 
 (qq) materially changing the line(s) of business of the Company and its Subsidiaries or conducting business in a jurisdiction other than the United States. 

“Managing Member” means Chatham, in its capacity as Managing Member of the Company, and any successor
thereto appointed in accordance with this Agreement. 
 “Member” has the meaning set forth in
the preamble. 
 “Member Loan” has the meaning set forth in Section 2.2(d). 

“Midland Amended and Restated Binding Commitment” means that certain Amended and Restated Binding
Commitment Regarding the Acquisition and Restructuring of Certain Subsidiaries of Innkeepers USA Trust dated October 18, 2011 by and among the Company, Ink I, Ink III and Midland Loan Services, a division of PNC National Bank, National
Association. 
 “Midland Loan” means the new non-recourse mortgage loan in an aggregate
principal amount of not less than $675,000,000 made by Midland Loan Services, a division of PNC National Bank, as contemplated by the Amended Bid. 
 “Minimum Cerberus Multiple” has the meaning set forth in Section 7.1(b). 
 “Monthly Expense Amount” has the meaning set forth in Section 3.1(c)(i). 
 “Net Cash Flow” means, during the applicable period, the gross cash proceeds derived by the Company during such period from any source (including financings or refinancings) less the
portion thereof used to pay or establish reserves for all Company operating expenses, the Expense Reimbursement, the fees payable under the Hotel Management Agreements, debt payments, taxes, capital improvements, replacements and contingencies or
otherwise required to be held by the Company, all as determined by the Managing Member in its reasonable discretion subject to the provisions of this Agreement; provided, however, that Net Cash Flow shall not be reduced by
depreciation, amortization, cost recovery deductions or similar allowances, but shall be increased by any reductions of previously established reserves; and provided further that Net Cash Flow shall not include any cash that the
Company or its Subsidiaries is prohibited from distributing to the Members by the terms of any Indebtedness of the Company or its Subsidiaries. 

  
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 “Non-Contributing Member” has the meaning set forth in
Section 2.2(d). 
 “Non-Notifying Member” has the meaning set forth in Section 3.7.

 “Notifying Member” has the meaning set forth in Section 3.7. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“OFAC List Sanctions Programs” means any countries, territories, individuals or entities that are
prohibited pursuant to the laws, regulations or Executive Orders administered by OFAC, including the List of Specially Designated Nationals and Blocked Persons administered by OFAC, as such list may be amended from time to time. 

“Officer” means any officer of the Company or any Subsidiary thereof appointed in accordance with this
Agreement or by the manager of such Subsidiary. 
 “Operating Budget” means the annual operating
budget for the ownership, operation, leasing, marketing and sale of the Properties and the properties owned by Ink I, Ink IV, Ink V, Ink VI, and Ink VII, as in effect from time to time pursuant to Section 3.5 hereof. 

“Percentage Interest” means, with respect to any Member, such Member’s ownership interest in the
Company, calculated as the percentage obtained by dividing the Capital Contributions of such Member by the aggregate Capital Contributions of all the Members. 
 “Permitted Transferee” means (i) with respect to any Member who is not a natural person, any Affiliate of such Member (provided that for purposes of this clause (i),
“Affiliate” shall mean, with respect to the Member in question, a Person (including any fund or managed account) that such Member solely controls, is controlled solely by or under common control with (and no Person other than the
common controlling Person controls such Affiliate) such Member, and provided further that notwithstanding the immediately preceding proviso, Affiliates specified in the second sentence of the definition of Affiliate shall be deemed to
be “Affiliates” for purposes of this clause (i)); (ii) with respect to any Member who is a natural person, (x) upon the death of such natural person, any Person in accordance with such natural person’s will or the laws of
intestacy; (y) the Family Members of such natural person, entities formed for estate or family planning purposes and/or one or more trusts for the sole benefit of the Family Members of such natural person provided that such natural
person shall not be released from his obligations under this Agreement as a Member; and (iii) in the event of the dissolution, liquidation or winding up of any Person that is a corporation, partnership or limited liability company, the
stockholders, partners or members, as applicable, or a successor corporation, partnership or limited liability company all of the stockholders, partners or members of which, as applicable, are the Persons who were the stockholders, partners or
members, as applicable, of such entity immediately prior to the dissolution, liquidation or winding up of such Person; provided further, however, that no such Transfer under any one or more of the foregoing clauses
(i) through (iii) to any such 

  
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Person shall be permitted where such Transfer (x) fails to comply with the terms of Section 5.1, including, without limitation, by reason of a failure to comply in any respect with any
federal or state securities laws, including, without limitation, the 1940 Act, or (y) would result in the Company becoming subject to the Exchange Act. 
 “Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, joint-stock company, estate, limited liability company, Series,
unincorporated organization or other legal entity or organization. 
 “Plan” means the amended
and restated plan of reorganization of the Debtors attached as Exhibit B to the Amended Bid. 

“Post-Termination Major Decision” means any determination to cause the Company or any Subsidiary of the
Company to take any action described in clauses (h), (n), (r), (t) (solely to the extent such action would trigger a Carveout Guaranty made by Chatham or its Affiliate), (u) (solely to the extent such action would trigger a Carveout
Guaranty made by Chatham or its Affiliate), (z), (bb), or (hh) of the definition of “Major Decisions”. 

“President and CEO” has the meaning set forth in Section 3.4(d)(i). 

“Profits” or “Losses” means for each Fiscal Period, an amount equal to the taxable
income or loss for such Fiscal Period. Such amount shall be determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): 
 (a) any income that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to such taxable income or loss;

 (b) any expenditures described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be subtracted from such taxable income or loss; 

(c) in the event the Gross Asset Value of any Asset is adjusted pursuant to paragraphs (b) or (c) of the
definition of Gross Asset Value, the amount of such adjustment shall be taken into account as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of
the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; 
 (d) gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of
property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

  
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 (e) in lieu of depreciation, amortization, and other cost recovery
deductions taken into account in computing such taxable income or loss there shall be taken into account Depreciation for such Fiscal Period, computed in accordance with the definition of Depreciation; and 

(f) to the extent an adjustment to the adjusted tax basis of any Asset pursuant to Code Section 734(b) or 743(b) is
required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such
adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of
computing Profits or Losses. 
 “Promoted Interest” has the meaning set forth in
Section 7.1(b). 
 “Properties” means the hotel properties listed on Annex A hereto, and
any other property (real, personal or mixed) or real estate acquired by the Company in accordance with this Agreement. 
 “Property Company” means a direct or indirect subsidiary of the Company through which the Company indirectly holds one or more Properties. 

“Property Leasecos” means each of Grand Prix Fixed Lessee LLC and Grand Prix Floating Lessee LLC, each a
Delaware limited liability company that will be owned by Ink III. 
 “QIB” means a
“qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act. 

“Regulations” means the federal income tax regulations promulgated by the Treasury Department under the
Code, as such regulations may be amended from time to time. All references herein to a specific section of the Regulations shall be deemed also to refer to any corresponding provisions of succeeding Regulations. 

“REIT” means an entity that qualifies as a “real estate investment trust” under Code Sections
856 through 860. 
 “Reorganized Debtors” means the Debtors, after giving effect to their
reorganization in accordance with the Plan. 
 “Representative” has the meaning set forth in
Section 10.2. 
 “Sell Notice” has the meaning set forth in Section 3.7. 

  
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 “Senior Foreign Political Figure” means (a) a current
or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major United States political party or a current or
former senior executive of a non-U.S. commercial enterprise, (b) a corporation, business or other entity that has been formed by or for the benefit of a Senior Foreign Political Figure; (c) an immediate family member of a Senior Foreign
Political Figure; and (d) a close associate of a Senior Foreign Political Figure. For purposes of this definition, a “senior official or “senior executive” means an individual with substantial authority over policy, operations,
or the use of government-owned resources. 
 “Subsidiary” of a Person means any corporation,
partnership, limited liability company, trust and other entity, whether incorporated or unincorporated, with respect to which such Person, directly or indirectly, legally or beneficially, owns (i) a right to a majority of the profits of such
entity; or (ii) securities having the power to elect a majority of the board of directors or similar body governing the affairs of such entity. 
 “Tax Matters Member” has the meaning set forth in Section 8.1. 
 “Termination Event” means (a) the occurrence of a Failed Contribution with respect to (i) any Initial Capital Contribution for which Capital Call has been made in accordance
with Section 2.2(a), or (ii) any Capital Contribution (other than an Initial Capital Contribution) for which a Capital Call has been made other than pursuant to Section 2.2(b)(ii), (b) any material breach of Chatham’s
obligations hereunder (other than a Failed Contribution), or any gross negligence, willful misconduct or fraud committed by Chatham or any Person affiliated with Chatham in connection with the performance of Chatham’s obligations hereunder, in
each case other than such gross negligence, willful misconduct or fraud that, if capable of being Cured, is Cured within thirty (30) days after Chatham receives written notice thereof, provided, that, for all purposes under this
Agreement, it shall not be a breach of Chatham’s obligations hereunder if Chatham takes or approves or refrains from taking or approving an action that would be a Major Decision as defined in clause (t) or (u) of the definition
thereof as a consequence of taking or approving or refraining from taking or approving any action pursuant to a direction, an affirmative veto or a lack of approval after a specific request therefore, in each case from any Member other than the
Managing Member to the extent such other Member is authorized to give such direction, veto or approval, (c) the reduction of Chatham’s Percentage Interest to a percentage of less than 5% hereof, (d) the failure of Jeffrey Fisher to
remain as active in the management and business of Chatham REIT as he is as of the date of this Agreement, (e) any direct or indirect Transfer of an interest in Chatham that is not a Transfer permitted under Article V hereof, unless such
Transfer, if capable of being Cured, is Cured within thirty (30) days after the occurrence thereof, (f) the failure of Chatham to timely satisfy its binding obligation to sell as a selling Member or to purchase as a purchasing Member, as
applicable, under and as set forth in Section 3.7 below, (g) the termination of the Chatham Ink I Member as managing member of Ink I as a result of a Termination Event (for purposes of this clause (g), as defined in the Ink I LLC
Agreement), (h) the termination of the Chatham Ink III Member as managing member of Ink III as a result of a Termination Event (for purposes of this clause (h), as 

  
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defined in the Ink III LLC Agreement), (i) the termination of the Chatham Ink IV Member as managing member of Ink IV as a result of a Termination Event (for purposes of this clause (i), as
defined in the Ink IV LLC Agreement), (j) the termination of the Chatham Ink V Member as managing member of Ink V as a result of a Termination Event (for purposes of this clause (j), as defined in the Ink V LLC Agreement), (k) the
termination of the Chatham Ink VI Member as managing member of Ink VI as a result of a Termination Event (for purposes of this clause (k), as defined in the Ink VI LLC Agreement) or (l) the termination of the Chatham Ink VII Member as managing
member of Ink VII as a result of a Termination Event (for purposes of this clause (l), as defined in the Ink VII LLC Agreement). 
 “Third Party Claim” has the meaning set forth in Section 11.6. 
 “Transfer” means any direct or indirect sale, assignment, pledge, hypothecation or other transfer or encumbrance of an interest in any Member or any Member’s Interest in the Company,
whether by operation of law or otherwise (including, without limitation, the withdrawal of any Person having any direct or indirect interest in any Member), provided that the sale or transfer of capital stock or other equity interests in
Chatham REIT or any successor thereto (whether by merger, consolidation or otherwise) shall not be considered a Transfer of any interests in Chatham REIT or its Affiliates, including Chatham, provided further that the sale or transfer
of capital stock or other equity interests in Cerberus or any successor thereto (whether by merger, consolidation or otherwise) shall not be considered a Transfer of any interests in Cerberus or its Affiliates so long as Cerberus remains under the
management and control of the Persons controlling Cerberus as of the date hereof. 
 “TRS” means
an entity that qualifies as a “taxable REIT subsidiary” under Code Section 856(l). 

“Valuation Amount” has the meaning set forth in Section 3.7. 

“Voluntary Bankruptcy” has the meaning set forth in the definition of Bankruptcy. 

“Voting Representative” has the meaning set forth in Section 10.2. 

“Wind-Down Expenses” has the meaning set forth in Section 3.2(h). 

Any capitalized term not defined herein shall have the meaning ascribed to such term in the Act. 

Section 1.7 Certificates. Each Officer of the Company is an authorized Person within the meaning of the Act to execute,
deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction within the United States in which the Company may wish to conduct business. Audra Dowless is
hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. 

  
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 Section 1.8 Term. The term of the Company shall begin on the date the
Certificate of Formation was filed with the Secretary of State of the State of Delaware and shall continue until terminated in accordance with the provisions hereof or pursuant to the Act. 

Section 1.9 Amended Bid. Each of the Initial Members, by executing this Agreement, authorizes and ratifies the execution and
delivery by the Company of the Amended Bid, containing the terms set forth in Exhibit B, to purchase the new common membership interests of the Reorganized Debtors and authorizes the Company to (a) enter or cause its Subsidiaries to enter into
any other documents necessary to effect the actions contemplated by the Amended Bid; (b) enter, or cause its Subsidiaries to enter, into documents relating to the financing of the purchase of the Business on terms substantially consistent with
the Amended Bid, including without limitation, any credit agreement, note purchase agreement or similar financing agreement, and any agreement, document or instrument to be delivered in connection with such financing; and (c) open, and cause
its Subsidiaries to open, such bank accounts as shall be necessary or appropriate to conduct the operations of the Business. All actions taken by the Company prior to the Closing Date in connection with any of the foregoing are hereby ratified in
all respects. 
 Section 1.10 Property Companies. To the extent the Company at any time acquires a Property directly
rather than acquiring the equity interests of the current owner of a Property, the Company shall, at the election of the Initial Members, form one or more Property Companies to take title to all or any portion of any such Property or Properties. It
is expressly understood that to the extent Properties are acquired through the acquisition of the equity interests of a Property Company, or the Company is directed pursuant to this Section 1.10 to utilize one or more Property Companies for any
Properties, the Company shall conduct all of its business with respect to such Properties through such Property Company(ies); provided, however, that the organizational documents of the Property Companies shall provide (and the current
organizational documents of all existing Property Companies acquired directly or indirectly by the Company shall be amended as necessary to provide) that the decisions of such Property Companies shall be made by the Company pursuant to the terms of
this Agreement. The Managing Member shall perform, with no additional compensation, substantially identical services for each Property Company as the Managing Member performs for the Company, subject to the terms, conditions, limitations and
restrictions set forth in this Agreement. The Managing Member agrees to perform such duties, and, in such circumstances and with regard to such duties, the Managing Member shall be subject to the same standards of conduct and shall have the same
rights and obligations with regard to such duties performed or to be performed on behalf of any such Property Company as are set forth in this Agreement with regard to substantially identical services to be performed for or on behalf of the Company.
Without limiting the generality of the foregoing, the Members agree to make such non-economic changes as any Lender(s) may require with respect to this Agreement and/or to the organizational documents of the Property Companies, including, without
limitation, the addition of a non-member manager and/or independent director to the structure of any Property Company to the extent not already in place. 

  
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 Section 1.11 Liability of Members. 

(a) No Member shall have any duty to any other Member or to the Company beyond those specifically set forth in this
Agreement. 
 (b) Except as otherwise expressly provided in the Act, the debts, obligations and liabilities of
the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company or of any other
Member solely by reason of being a member of the Company. Except as otherwise expressly provided in the Act, the liability of each Member to the Company shall be limited to the amount of Capital Contributions required to be made by such Member, from
time to time, in accordance with the provisions of this Agreement. 
 (c) Except as otherwise provided in this
Agreement or under applicable Laws or Regulations, the Members shall not be required to lend any funds to the Company or, after its Capital Contributions shall have been made, to make any further contributions to the Company or to repay to the
Company, any Member or any creditor of the Company all or any portion of any negative amount in their respective Capital Accounts. Subject to the terms of this Agreement, the Managing Member may, on behalf of the Company or any of its Subsidiaries,
at any time and from time to time, apply for and secure one or more Loans, in such amounts, at such rates and on such other terms as are set forth in the then-applicable Operating Budget and then-applicable Business Plan or as may be agreed by the
Members then permitted to approve Major Decisions. The Company shall use commercially reasonable efforts to either obtain such Loan(s) on a nonrecourse basis or to have such Loan(s) provide that any liability for customary recourse
“carveouts” will be limited to the Company and its assets; provided, however, that if such efforts are unsuccessful, each of Cerberus and Chatham shall execute and deliver (or cause one of its Affiliates to execute and
deliver) a Carveout Guaranty providing for recourse to such Person solely with respect to actions or omissions affirmatively taken or consented to or approved by such Person or its Affiliates (other than the Company and its Subsidiaries) to each
Lender requiring such a guaranty in connection with its Loan, it being understood and agreed that the parties will seek for such Carveout Guaranties to be several so that (A) the Chatham Carveout Guaranty will cap Chatham’s exposure under
such guaranty by an amount equal to Chatham’s Percentage Interest of such potential aggregate guaranty exposure (the “Chatham Cap”) and (B) the Cerberus Carveout Guaranty will cap Cerberus’s exposure under such
guaranty by an amount equal to Cerberus’s Percentage Interest of such potential aggregate guaranty exposure (the “Cerberus Cap”); provided, however, if such Lender requires a joint and several Carveout Guaranty
from Chatham and Cerberus or requires a guaranty from Cerberus but not Chatham or Chatham but not Cerberus, then, subject to the following proviso, Cerberus or Chatham, as the case may be, as guarantor, may seek contribution and repayment from the
other party in accordance with the contribution agreement annexed hereto as Exhibit C so that Chatham’s and Cerberus’s exposure under the Carveout Guaranty shall not exceed each of the Chatham Cap and Cerberus Cap, respectively; and,
provided further, that: 
 (i) if the guarantor under any Carveout Guaranty (the “Carveout
Guarantor”) incurs or suffers any guaranty obligations or liabilities as a result of a default or breach of any covenant with respect to any of the Loan(s) that is (x) directly and

  
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immediately caused by such Carveout Guarantor through an action or omission taken without the affirmative consent or approval of the Members other than any Affiliate of such Carveout Guarantor,
or (y) directly and immediately caused by a breach or default by such Carveout Guarantor of its obligations under such Carveout Guaranty, then such Carveout Guarantor shall be liable for 100% of all such obligations and liabilities, without any
right of contribution against the Company or any of its Members, and, in addition, such Carveout Guarantor shall indemnify the Company, and the Members that are not Affiliates of such Carveout Guarantor for any and all losses, costs, liabilities and
damages which the Company or such Members may incur or suffer by reason or such conduct on the part of such Carveout Guarantor; 
 (ii) if a Carveout Guarantor incurs or suffers any guaranty obligations or liabilities as a result of a default or breach of any covenant with respect to any of the Loan(s) that is attributable solely to
a breach of this Agreement by any Member other than such Carveout Guarantor or its Affiliates, then such Member shall be liable for 100% of all such obligations and liabilities, without any right of contribution against the Company or any of its
Members, and, in addition, such Member shall indemnify the Company, the Carveout Guarantor and the Members that are not Affiliates of such Member against any and all losses, costs, liabilities and damages which the Company, the Carveout Guarantor or
such other Members may incur or suffer by reason of such conduct on the part of such Member; and 
 (iii) if any Carveout
Guarantor incurs or suffers any obligations or liabilities under a Carveout Guaranty that are (x) not directly and immediately caused by such Carveout Guarantor through an action or omission taken without the affirmative consent or approval of
the Members other than any Affiliate of such Carveout Guarantor, (y) not directly and immediately caused by a breach or default by such Carveout Guarantor of its obligations under such Carveout Guaranty, or (z) attributable solely to a
breach of this Agreement by any Member other than such Carveout Guarantor or its Affiliates, in addition to any rights the Carveout Guarantor may have under the contribution agreement with respect to such Carveout Guaranty, such Carveout Guarantor
shall be entitled to seek reimbursement and indemnification from the Company with respect to all such obligations and liabilities. 
 Except as
otherwise provided in clauses (i)-(ii) above and subject to the second and third provisos of this Section 1.11(c), all obligations or liabilities which are incurred or suffered, at any time and from time to time, by any guarantor
under a Carveout Guaranty shall be subject to repayment pursuant to the contribution agreement annexed hereto as Exhibit C. Unless approved by the Members, the terms of each and every Loan shall be such that neither the Loan nor any amounts due
thereunder are of the type described in Section 514(c)(9)(B)(ii) of the Code. 

  
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 ARTICLE II. 
 PERCENTAGE INTERESTS, CAPITAL 
 CONTRIBUTIONS AND CAPITAL ACCOUNTS 

Section 2.1 Percentage Interests. Each Member will receive a Percentage Interest in the Company for such Member’s
Capital Contributions. 
 Section 2.2 Capital Contributions. 

(a) Initial Contributions. During the period commencing on the date hereof and ending on the Closing Date, Cerberus
and Chatham shall make one or more Capital Contributions (collectively, the “Initial Capital Contributions”) in respect of their respective Initial Capital Contribution Amounts pursuant to Capital Calls issued from time to time in
accordance with this Section 2.2 to fund (i) on the Closing Date, the Company’s portion of the purchase price under the Amended Bid (taking into account any deposits previously funded by the Company and/or its Affiliates), and
(ii) any other closing costs, fees and expenses incurred in connection with the transactions contemplated by the Plan and the Amended Bid, including with respect to any Loans. All such Initial Capital Contributions shall be made pro rata by
Cerberus and Chatham in proportion to their relative Initial Capital Contribution Amounts. Notwithstanding anything in this Agreement to the contrary, the aggregate amount of Chatham’s Initial Capital Contribution plus the Chatham Ink I
Member’s aggregate Ink I Initial Capital Contribution, the Chatham Ink III Member’s aggregate Ink III Initial Capital Contribution, the Chatham Ink IV Member’s aggregate Ink IV Initial Capital Contribution, the Chatham Ink V
Member’s aggregate Ink V Initial Capital Contribution, the Chatham Ink VI Member’s aggregate Ink VI Initial Capital Contribution and the Chatham Ink VII Member’s aggregate Ink VII Initial Capital Contribution shall not exceed the
lesser of $37,000,000 and 12.5% of the aggregate Capital Contributions, Ink I Capital Contributions, Ink III Capital Contributions, Ink IV Capital Contributions, Ink V Capital Contributions, Ink VI Capital Contributions and Ink VII Capital
Contributions (the “Chatham Cap”). In the event that Chatham’s ratable share of all Initial Capital Contributions required to be made pursuant to this Section 2.2 plus the sum of (u) the Chatham Ink I Member’s
aggregate Ink I Initial Capital Contributions required to be made pursuant to Section 2.2 of the Ink I LLC Agreement, (v) the Chatham Ink III Member’s aggregate Ink III Initial Capital Contributions required to be made pursuant to
Section 2.2 of the Ink III LLC Agreement, (w) the Chatham Ink IV Member’s aggregate Ink IV Initial Capital Contributions required to be made pursuant to Section 2.2 of the Ink IV LLC Agreement, (x) the Chatham Ink V
Member’s aggregate Ink V Initial Capital Contributions required to be made pursuant to Section 2.2 of the Ink V LLC Agreement, (y) the Chatham Ink VI Member’s aggregate Ink VI Initial Capital Contributions required to be made
pursuant to Section 2.2 of the Ink VI LLC Agreement and (z) the Chatham Ink VII Member’s aggregate Ink VII Initial Capital Contributions required to be made pursuant to Section 2.2 of the Ink VII LLC Agreement, would exceed the
Chatham Cap, such excess contribution amount shall be funded by Cerberus and Cerberus’ Percentage Interest shall be appropriately increased to reflect its relative contribution to the total amount of Initial Capital Contributions made pursuant
to this Section 2.2. In the event that Cerberus or Chatham does not fund its pro rata portion of any Initial Capital Contribution, (x) in the case of Cerberus, 

  
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Chatham may, on behalf of the Company, enforce the commitment made by Cerberus Series Four Holdings LLC (“Cerberus Series Four”), or (y) in the case of Chatham, Cerberus
may, on behalf of the Company, enforce the commitment made by Chatham REIT, in each case in Cerberus Series Four’s or Chatham REIT’s, as applicable, capacity as a Plan Sponsor (as defined in the Amended Bid) to provide equity capital as
set forth, and on the terms and conditions contained in, the Amended Bid. 
 (b) Additional Capital
Contributions. (i) Subject to the terms and conditions of this Agreement, the Managing Member may issue Capital Calls at any time and from time to time if additional capital is required for the conduct of the business of the Company
(including without limitation to fund costs and expenses that would be treated as capital expenditures under GAAP), each Member shall be required to contribute its pro rata share of such additional capital in proportion to its Percentage Interest.

 (ii) Notwithstanding anything in this Agreement to the contrary, Cerberus shall have the right, at any time and from time to
time, to make a Capital Call, in lieu of allowing the Managing Member to make such Capital Call, or to require the Managing Member to make a Capital Call at the direction of Cerberus and, in either such event, shall not be subject to the conditions
and restrictions which would otherwise apply to a Capital Call made by the Managing Member, if Cerberus determines in good faith that the Company requires additional capital to maintain the Properties or otherwise satisfy its existing obligations.

 (c) Payment of Capital Contributions. Capital Contributions by the Members shall be made in U.S. dollars by wire
transfer of federal funds to an account or accounts of the Company specified by the Company. Except as otherwise provided herein, no Member shall be entitled to any compensation by reason of its Capital Contribution or by reason of serving as a
Member. No Member shall be required to lend any funds to the Company. 
 (d) Failure to Fund Capital
Contributions. If a Member shall fail to timely make any Capital Contribution required pursuant to this Section 2.2 (such Member being hereinafter referred to as a “Non-Contributing Member”), the Managing Member shall give
the other Members notice of the amount not funded by the Non-Contributing Member (such amount being hereinafter referred to as the “Failed Contribution”), and if one or more of such other Members shall have funded its ratable share
of the Capital Contribution in question (each a “Contributing Member” and collectively, the “Contributing Members”), each Contributing Member shall have the right to fund its pro rata portion of such Failed
Contribution (such amount of all or any part of a Failed Contribution funded by such Contributing Member, the “Funded Amount”), and elect, at its sole election, to (i) treat the Funded Amount as an unsecured loan to the Company
(a “Member Loan”), repayable solely out of available cash, and bearing interest at the rate of 15% per annum, compounded monthly as of the end of each calendar month, or (ii) treat such Funded Amount as a Capital
Contribution by such Contributing Member, in which event (A) such Contributing Member’s Capital Contribution and Capital Account shall be increased by 115% of such Contributing Member’s Funded Amount, and (B) the Percentage
Interest of such Contributing Member shall be increased by such Funded Amount (valued in accordance with the value of Percentage Interests as of the date hereof) and the Percentage Interest of the Non-Contributing Member shall be correspondingly
decreased. Any Member Loan shall be 

  
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secured by a lien in favor of the Contributing Member(s) on the interests of the Non-Contributing Member that owes such obligations. Any Contributing Member or Members electing to treat its
Funded Amount as a Member Loan shall receive all distributions payable to the Non-Contributing Member pursuant to Section 7.1 below until such time as the Member Loan shall be paid in full (including all interest thereon); provided that
if more than one Contributing Member has made a Member Loan in respect of such Non-Contributing Member’s Failed Contribution, each such Contributing Member shall receive its proportionate share of all such distributions based on such
Contributing Member’s Member Loan as compared to all Member Loans made in respect of such Failed Contribution. In the event that one or more Contributing Members elect to treat their respective Funded Amounts as capital contributions and the
Non-Contributing Member subsequently contributes all or any portion of the Failed Contribution amount to the Company pursuant to the 15-day cure period in Section 3.6(a) below, (x) such contributed amount shall be distributed to the
Contributing Member(s) pro rata in accordance with their respective Funded Amounts, and (y)(I) the Contributing Members’ Percentage Interests shall be decreased by such distribution in respect of its Funded Amount and (II) the Non-Contributing
Member’s Percentage Interest shall be correspondingly increased. 
 Section 2.3 Capital Accounts. 

(a) Capital Accounts. A capital account (“Capital Account”) shall be maintained for each Member in
accordance with this Section 2.3. Without limiting the generality of the foregoing, a Member’s Capital Account shall be increased by (i) the amount of money contributed by the Member to the Company, (ii) the initial Gross Asset
Value of property contributed by the Member to the Company, as determined by the contributing Member and the Managing Member (net of liabilities that the Company is considered to assume or take subject to pursuant to Code Section 752),
(iii) allocations to the Member of Profits pursuant to Article VI, and (iv) the amount of any Company liability assumed by such Member. A Member’s Capital Account shall be decreased by (x) the amount of money distributed to the
Member, (y) the Gross Asset Value of any property so distributed to the Member as determined by the distributee Member and the Managing Member (net of any liabilities that such Member is considered to assume or take subject to pursuant to Code
Section 752), and (z) allocations to the Member of Losses pursuant to Article VI. 
 (b) Negative
Capital Account. No Member shall be required to make up a deficit balance in such Member’s Capital Account or to pay to any Member the amount of any such deficit in any such account. 

(c) Credit of Capital Contribution. For purposes of computing the balance in a Member’s Capital Account, no
credit shall be given for any Capital Contribution which such Member is to make until such Capital Contribution is actually made. 
 (d) Transfer. In the event of a Transfer of all or a portion of a Member’s interest in the Company in accordance with the terms of this Agreement, the transferee shall succeed to the Capital
Account of the transferring Member to the extent it relates to the Transferred interest. 

  
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 Section 2.4 Admission of New Members. Unless otherwise permitted under Article
V, new Members may only be admitted to membership in the Company with the approval of Cerberus and Chatham. A new Member must agree in writing to be bound by the terms and provisions of the Certificate of Formation and this Agreement, each as may be
amended from time to time, and must execute a counterpart of, or an agreement adopting, this Agreement or other related agreements as Cerberus and Chatham may require. Upon admission, the new Member shall have all rights and duties of a Member of
the Company; provided, however, that such new Member shall only be entitled to such voting rights as are expressly provided pursuant to this Agreement. 
 Section 2.5 Interest. No interest shall be paid or credited to the Members on their Capital Accounts or upon any undistributed amounts held by the Company. 

Section 2.6 Capital Withdrawal Rights, Interest and Priority. Except as expressly provided in this Agreement, no Member shall
be entitled to withdraw or reduce such Member’s Capital Accounts in whole or in part until the dissolution, liquidation and winding-up of the Company, except to the extent that distributions pursuant to Article VII represent returns of capital.
A Member who withdraws or purports to withdraw as a Member of the Company without the consent of all of the Initial Members or as otherwise allowed by this Agreement shall be liable to the Company for any damages suffered by the Company on account
of the breach and shall not be entitled to receive any payment in respect of its Percentage Interest in the Company or a return of its Capital Contribution until the time otherwise provided herein for distributions to Members. 

ARTICLE III. 

MANAGEMENT OF THE COMPANY 
 Section 3.1 Company Governance. Each Member and the Company hereby agree that the Business and the Company shall be governed by the provisions of this Article III and that, accordingly, the
Company shall cause its Subsidiaries to act in accordance with the determinations of the Company made pursuant to this Article III. 
 (a) The Company shall generally be managed by the Managing Member, who shall have the overall responsibility for the management, operation and administration of the Company. The Managing Member is, to the
extent of its rights and powers set forth in this Agreement, an agent of the Company and the actions of the Company by and through the Managing Member taken in accordance with such rights and powers shall bind the Company. Except as authorized by
the Managing Member or as set forth in this Agreement, no Member shall participate in the management and control of the Business or the Company nor shall any Member have the right or authority to act on behalf of the Company in connection with any
matter. 
 (b) Limitation on Liability of Managing Member. The Managing Member shall not, solely by reason
of being Managing Member, be personally liable for the expenses, liabilities or obligations of the Company whether arising in contract, tort or otherwise. 

  
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 (c) Compensation and Reimbursement. (i) Not less than five days before the
first Business Day of each month, Chatham, the Chatham Ink I Member, the Chatham Ink III Member, the Chatham Ink IV Member, the Chatham Ink V Member, the Chatham Ink VI Member and the Chatham Ink VII Member shall provide the Members with a notice
setting forth (x) its good faith estimate of the expenses that it will incur for such month in connection with its duties in its capacity as Managing Member of the Company, Chatham Ink I Member’s duties in its capacity as managing member
of Ink I, Chatham Ink III Member’s duties in its capacity as managing member of Ink III, Chatham Ink IV Member’s duties in its capacity as managing member of Ink IV, Chatham Ink V Member’s duties in its capacity as managing member of
Ink V, Chatham Ink VI Member’s duties in its capacity as managing member of Ink VI and Chatham Ink VII Member’s duties in its capacity as managing member of Ink VII including, without limitation, Chatham’s, Chatham Ink I
Member’s, Chatham Ink III Member’s, Chatham Ink IV Member’s, Chatham Ink V Member’s, Chatham Ink VI Member’s and/or Chatham Ink VII Member’s reasonable costs and expenses of any Chatham Company Personnel, less
(y) any amounts paid to Chatham, the Chatham Ink I Member, the Chatham Ink III Member, the Chatham Ink IV Member, the Chatham Ink V Member, the Chatham Ink VI Member and/or the Chatham Ink VII Member previously in respect of a Monthly Expense
Amount in excess of expenses actually incurred by Chatham, the Chatham Ink I Member, the Chatham Ink III Member, the Chatham Ink IV Member, the Chatham Ink V Member, the Chatham Ink VI Member and/or the Chatham Ink VII Member for such month, plus
(z) any expenses actually incurred by Chatham, the Chatham Ink I Member, the Chatham Ink III Member, the Chatham Ink IV Member, the Chatham Ink V Member, the Chatham Ink VI Member and/or the Chatham Ink VII Member previously with respect to a
given month exceeding the Monthly Expense Amount for such month (together, the “Monthly Expense Amount”). So long as neither Chatham nor any of its Affiliates is in material default of its obligations under this Agreement, the Ink I
LLC Agreement, the Ink III LLC Agreement, the Ink IV LLC Agreement, the Ink V LLC Agreement, the Ink VI LLC Agreement or the Ink VII LLC Agreement and such material default has not been cured within thirty (30) days after written notice of such
material default is delivered to Chatham by any other Member, and provided that Chatham has not been removed as the Managing Member pursuant to Section 3.2(h), the Chatham Ink I Member has not been removed as the Managing Member of Ink I
pursuant to Section 3.2(h) of the Ink I LLC Agreement, the Chatham Ink III Member has not been removed as the Managing Member of Ink III pursuant to Section 3.2(h) of the Ink III LLC Agreement, the Chatham Ink IV Member has not been
removed as the Managing Member of Ink IV pursuant to Section 3.2(h) of the Ink IV LLC Agreement, the Chatham Ink V Member has not been removed as the Managing Member of Ink V pursuant to Section 3.2(h) of the Ink V LLC Agreement, the
Chatham Ink VI Member has not been removed as the Managing Member of Ink VI pursuant to Section 3.2(h) of the Ink VI LLC Agreement and the Chatham Ink VII Member has not been removed as the Managing Member of Ink VII pursuant to
Section 3.2(h) of the Ink VII LLC Agreement, the Company shall pay to Chatham in its capacity as Managing Member (or, at the written direction of Chatham, to a designated Affiliate of Chatham), on the first Business Day of each month or as
promptly as practicable thereafter, an amount equal to the Company’s portion, determined based on the relative number of hotels owned by each of the Company, Ink I, Ink IV, Ink V, Ink VI and Ink VII, of the Monthly Expense Amount submitted for
such month (the “Expense Reimbursement”). 

  
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 (ii) Except as expressly set forth in clause (i) above or in any separate agreement
between the Managing Member and the Company, the Managing Member shall not receive compensation or reimbursement of its expenses for its services performed on behalf of the Company or other benefits it provides to the Company. 

(iii) At any time in connection with its review of Chatham’s proposed Monthly Expense Amount for any month, Cerberus may in its
reasonable discretion require that Chatham eliminate the position(s) associated with particular Chatham Company Personnel and no longer include the costs associated with such position(s) as part of Chatham’s Monthly Expense Amount, beginning
with the Monthly Expense Amount that is three months after Chatham is notified of such requirement from Cerberus; provided, that the Managing Member shall be permitted to include in the applicable Monthly Expense Amount for the month in which
such expenses are to be paid all severance and related costs incurred in connection with the termination of such Chatham Company Personnel at Cerberus’ request, to the extent the grant to such terminated Chatham Company Personnel of such
severance obligation was approved by Cerberus, the Cerberus Ink I Member, the Cerberus Ink III Member, the Cerberus Ink IV Member, the Cerberus Ink V Member, the Cerberus Ink VI Member or the Cerberus Ink VII Member at the time of grant. 

Section 3.2 Authority, Duties and Obligations of the Managing Member. 

(a) The Member designated as the Managing Member (i) shall conduct and manage the day-to-day affairs of the Company
in accordance with (A) the standard of care required of prudent and experienced joint venture managers and of third party asset and property managers performing similar functions for similar properties, (B) customary industry standards,
and (C) the then-approved Operating Budget and the then-approved Business Plan, in each case subject to the limitations on the Managing Member’s authority and the rights granted solely to other Members set forth in this Agreement;
(ii) shall perform the duties assigned to it hereunder; and (iii) shall use its best efforts to carry out all decisions permitted to be made unilaterally by Cerberus pursuant to this Agreement. In addition to the foregoing, the authority
of the Managing Member shall be limited where (x) any Member’s consent or approval is expressly required under this Agreement, (y) the consent or approval of any of the Members is expressly required by a non-waivable provision of
applicable law, or (z) the Managing Member’s authority is otherwise limited or rights are otherwise granted solely to other Members by the terms of this Agreement. 

(b) In furtherance of the foregoing, and subject in each case to the terms of this Agreement, including the restrictions
on the Managing Member set forth in Section 3.6(b), the Managing Member shall (i) use commercially reasonable efforts to enforce all agreements entered into by the Company; (ii) use commercially reasonable efforts to cause the Company
at all times to perform and comply with the provisions (including, without limitation, any provisions requiring the expenditure of funds) of any loan commitment, agreement, mortgage, lease or other contract, instrument or agreement to which the
Company is a party or which affects any Property; (iii) subject to the availability of the funds therefor, pay in a timely manner all non-disputed operating expenses of the Company in accordance with the terms of the then-approved Operating
Budget and the then-approved Business Plan; (iv) subject to the availability of the funds therefor, obtain and maintain 

  
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insurance coverage with respect to the Properties, at customary levels and in any event consistent with the requirements of any Loans, and, subject to the availability of the funds therefor, pay
all non-disputed taxes, assessments, charges and fees payable in connection with the ownership, operation and sale of the Properties; (v) devote sufficient time to the performance of its duties hereunder in accordance with good industry
practice and this Agreement; and (vi) provide Cerberus with copies of all material correspondence and other communications with any Lender pertaining to any Loan, as and when the same are delivered or received. 

(c) The Managing Member hereby covenants and agrees that it shall cause its personnel, including all Chatham Company
Personnel, to perform and/or supervise the performance of, as applicable, all of the day-to-day activities and/or duties required of the Managing Member under the terms of this Agreement; and (ii) no Chatham Company Personnel shall spend any
business time as an employee of Chatham on any project(s) other than the Business of Ink I, Ink III, Ink IV, Ink V, Ink VI, Ink VII, the Company and their respective Subsidiaries. 

(d) Promptly following any request therefor by any Initial Member, the Managing Member shall deliver to such Initial
Member a counterpart copy of any agreement, certificate or other document executed and delivered by the Managing Member in the name of or on behalf of the Company, and shall otherwise make available to any Initial Member all of the books and records
of the Company that are in the possession or control of the Managing Member during reasonable business hours; provided, that from and after the occurrence of a Termination Event, this paragraph (d) shall apply only to the Cerberus
Initial Members, and the Chatham Initial Members shall no longer have any of the rights set forth in this paragraph (d). 
 (e) Provided that Chatham has not been removed as the Managing Member pursuant to Section 3.2(g) hereof, Jeffrey Fisher and the other officers of the Managing Member shall at all times oversee the
fulfillment of the duties of the Managing Member hereunder. Except as expressly provided or permitted herein, the Managing Member shall not delegate any of its rights or powers to manage and control the business and affairs of the Company without
the prior written consent of Cerberus. 
 (f) The Managing Member hereby covenants and agrees that it shall not
hold itself out to any third party as having any authority to act for or on behalf of the Company, or to bind the Company in any manner, other than to the extent that such authority is expressly granted to the Managing Member in Section 3.2(a)
or otherwise granted herein or in writing by Cerberus. The Managing Member hereby acknowledges and agrees that notwithstanding anything set forth in this Section 3.2 to the contrary, the Managing Member shall not have any authority to act on
behalf of the Company or to execute any documents, agreements or instruments on behalf of the Company other than to the extent that such authority is set forth in Section 3.2(a) or otherwise expressly granted under this Agreement or in writing
by Member, and the Managing Member, acting in such capacity, shall be subject, in all events, to the then-approved Operating Budget and Business Plan of the Company. 

  
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 (g) Notwithstanding anything set forth in Section 3.2(a)-(h) hereof to the
contrary, Cerberus shall have the power and authority, on behalf of the Company, to request, authorize and approve each of the following without the approval or consent of any other Member: 

(i) Compel, cause and undertake the liquidation of the Company and take all actions related thereto, including the disposition of all
then remaining Properties, at any time following April 25, 2016, so long as such liquidation will not (A) cause a default under any then existing Loan Documents, (B) cause Chatham to incur or suffer any recourse liability under any
then existing Loan Documents (including, without limitation, any Carveout Guaranty given by Chatham or any of its Affiliates), (C) cause the Company or any of its Members (or any of their respective Affiliates) to become the subject of a
Bankruptcy, or (D) jeopardize the TRS status of Chatham; provided, however, that Cerberus shall keep the other Initial Members reasonably informed of any material actions undertaken pursuant to this clause (i) with respect to
intended, planned or pending dispositions; 
 (ii) Demand and receive an updated Operating Budget and Business Plan from the
Managing Member, at any time and from time to time but in any event no more than once each fiscal quarter, together with such other reporting items or information as Cerberus may reasonably require; 

(iii) Audit the books and records of the Company and any Property Companies; provided, however, that the Company shall
only be required to pay for one such audit per calendar year, and any additional audits requested by Cerberus in any given calendar year shall be paid for by Cerberus; 
 (iv) Compel, cause and undertake the disposition of any Property in an arms length transaction to any Person other than Cerberus or an Affiliate of Cerberus, so long as such disposition will not
(A) cause a default under any then existing Loan Documents, (B) cause Chatham to incur or suffer any recourse liability under any then existing Loan Documents (including, without limitation, any Carveout Guaranty given by Chatham or any of
its Affiliates), (C) cause the Company or any of its Members (or any of their respective Affiliates) to become the subject of a Bankruptcy, or (D) jeopardize the TRS status of Chatham; provided, however, that Cerberus shall
keep the other Initial Members reasonably informed of any material actions undertaken pursuant to this clause (iv) with respect to intended, planned or pending dispositions; 

(v) Take any action which may be reasonably necessary for the continuation of the Company’s valid existence as a limited liability
company under the laws of the State of Delaware; provided, however, that Cerberus shall keep the Managing Member reasonably informed of any material actions undertaken pursuant to this clause (v); and 

(vi) Approve any restructuring plan or take or refrain from taking any other action relating to the restructuring of the Company, any
Property or any Loan, so long as such restructuring will not (A) cause a default under any then existing Loan Documents, (B) cause Chatham to incur or suffer any recourse liability under any then existing Loan Documents (including, without
limitation, any Carveout Guaranty given by Chatham or 

  
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any of its Affiliates), (C) cause the Company or any of its Members (or any of their respective Affiliates) to become the subject of a Bankruptcy, (D) jeopardize the TRS status of
Chatham, or (E) be more adverse to any Member other than Cerberus than it is to Cerberus; provided, that the restrictions contained in this clause (E) shall not apply to a restructuring of the Company, any Property or any Loan to
the extent Cerberus has made a good faith determination that such restructuring is reasonably necessary to avoid, or mitigate the effects of, an existing default or an impending or imminent default under any Loan or franchise agreement and that the
disproportionately adverse impact is reasonably necessary to consummate the restructuring on terms that, in Cerberus’ good faith judgment, are in the aggregate most favorable to the Company; provided, further, that Cerberus shall
keep the Managing Member reasonably informed of any material actions undertaken pursuant to this clause (vi). 
 (h) Upon the
occurrence of a Termination Event, Cerberus shall have the right, in its sole and absolute discretion, to remove Chatham as Managing Member hereunder; provided, that if Cerberus removes Chatham as Managing Member as a result of (1) an
event described in clause (b) of the definition of Termination Event, (2) an event described in clause (g) of the definition of Termination Event based on the Chatham Ink I Member being removed as managing member of Ink I as a result
of an event described in clause (b) of the definition of “Termination Event” contained in the Ink I LLC Agreement, (3) an event described in clause (h) of the definition of Termination Event based on the Chatham Ink III
Member being removed as managing member of Ink III as a result of an event described in clause (b) of the definition of “Termination Event” contained in the Ink III LLC Agreement, (4) an event described in clause (i) of the
definition of Termination Event based on the Chatham Ink IV Member being removed as managing member of Ink IV as a result of an event described in clause (b) of the definition of “Termination Event” contained in the Ink IV LLC
Agreement, (5) an event described in clause (j) of the definition of Termination Event based on the Chatham Ink V Member being removed as managing member of Ink V as a result of an event described in clause (b) of the definition of
“Termination Event” contained in the Ink V LLC Agreement, (6) an event described in clause (k) of the definition of Termination Event based on the Chatham Ink VI Member being removed as managing member of Ink VI as a result of an
event described in clause (b) of the definition of “Termination Event” contained in the Ink VI LLC Agreement or (7) an event described in clause (l) of the definition of Termination Event based on the Chatham Ink VII Member
being removed as managing member of Ink VII as a result of an event described in clause (b) of the definition of “Termination Event” contained in the Ink VII LLC Agreement, (x) Chatham shall no longer be entitled to any
distributions of any Promoted Interest (it being understood that Chatham shall remain entitled to all other distributions contemplated hereby), and (y) Chatham shall not be entitled to receive reimbursement of any Wind-Down Expenses (as defined
below). In the event that Cerberus removes Chatham as Managing Member pursuant to this Section 3.2(h), (i) Cerberus shall have the right, in its sole and absolute discretion, to either become or designate an Affiliate to become the
Managing Member of the Company or cause the Company to engage a third-party manager for the Company’s business, (ii) the consent of Chatham shall no longer be necessary for any Major Decision other than a Post-Termination Major Decision,
and (iii) except as set forth above, upon its removal as Managing Member, Chatham may submit to the Company and the other Members a good faith estimate of the amount of expenses (the “Wind-Down Expenses”) it will reasonably
incur in connection with the wind-down of its duties in its capacity as Managing Member, including without limitation Approved Severance Costs, together with reasonably detailed backup for such estimate, and the

  
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Company will promptly pay such amount to Chatham (or, at the written direction of Chatham, to a designated Affiliate of Chatham); provided, that in no event shall the Company be required
to pay to Chatham under this Section 3.2(h) Wind-Down Expenses that, when aggregated with the Wind-Down Expenses payable by Ink I pursuant to Section 3.2(h) of the Ink I LLC Agreement, the Wind-Down Expenses payable by Ink III pursuant to
Section 3.2(h) of the Ink III LLC Agreement, the Wind-Down Expenses payable by Ink IV pursuant to Section 3.2(h) of the Ink IV LLC Agreement, the Wind-Down Expenses payable by Ink V pursuant to Section 3.2(h) of the Ink V LLC
Agreement, the Wind-Down Expenses payable by Ink VI pursuant to Section 3.2(h) of the Ink VI LLC Agreement and the Wind-Down Expenses payable by Ink VII pursuant to Section 3.2(h) of the Ink VII LLC Agreement, exceed $500,000 unless such
excess amounts result from liabilities or obligations incurred in accordance with the applicable Operating Budget and Business Plan as approved by Cerberus, the Cerberus Ink I Member, the Cerberus Ink III Member, the Cerberus Ink IV Member, the
Cerberus Ink V Member, the Cerberus Ink VI Member or the Cerberus Ink VII Member at the time of incurrence as potential Wind-Down Expenses, or as otherwise approved in writing by Cerberus, the Cerberus Ink I Member, the Cerberus Ink III Member, the
Cerberus Ink IV Member, the Cerberus Ink V Member, the Cerberus Ink VI Member or the Cerberus Ink VII Member as potential Wind-Down Expenses. 
 Section 3.3 Managing Member Certifications. Any Person dealing with the Company may rely (without duty of further inquiry) upon a certificate issued by the Company that is signed by the
Managing Member or any of the Officers as to any of the following: 
 (a) the identity of any Member or Officer
or other agent of the Company; 
 (b) the existence or nonexistence of any fact or facts which constitute(s) a
condition precedent to acts by the Managing Member or the Members; 
 (c) the Person or Persons authorized to
execute and deliver any instrument or document of the Company; or 
 (d) any act or failure to act by the Company
or any other matter whatsoever involving the Company. 
 Section 3.4 Officers. 

(a) Principal Officers. The Officers of the Company shall be a President and Chief Executive Officer, and may be a
Chief Operating Officer, Chief Financial Officer, Secretary, Treasurer, one or more Vice Presidents, and one or more Assistant Treasurers or Assistant Secretaries. 

(b) Other Officers. The Managing Member may also appoint such other Officers and agents as it shall deem necessary
who shall hold their offices for such terms and shall, subject to the limitations set forth herein, exercise such powers and perform such duties as shall be determined from time to time by the Managing Member. 

(c) Compensation. The compensation of all Officers and all officers of the Subsidiaries shall be fixed by, and paid
by, the Managing Member; provided, however, 

  
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that their salaries shall conform to any employment agreement approved by the Members, to the extent required by this Agreement and entered into between the Company or any Subsidiary and any
Officer. In no event shall the Company be required to pay any compensation to any Officer. 
 (d) Authority of
Officers. 
 (i) The President and Chief Executive Officer (or “President and CEO”) of the
Company shall have general and active management of the Company, shall have the responsibility for the day-to-day management and operation of the Company, and shall see that all lawful orders and resolutions are carried out. The President and CEO
shall execute bonds, mortgages and other contracts except where the signing and execution shall be expressly delegated by the Members or, to the extent permitted by this Agreement, the Managing Member to one or more other officers or agents of the
Company. 
 (ii) If appointed, the Chief Operating Officer, Chief Financial Officer, Vice Presidents, Treasurer, Secretary,
Assistant Treasurers and Assistant Secretaries shall have the powers and duties described in this Section 3.4, as may be modified from time to time by the Managing Member: 

 

	 	1)	Chief Operating Officer. The Chief Operating Officer shall have responsibility for the day-to-day management and operation of the Business, general oversight of
the operation of the Company’s operations and employees, and other such duties and responsibilities as determined by the President and CEO or the Managing Member. 

 

	 	2)	Chief Financial Officer. The Chief Financial Officer shall have responsibility for the day-to-day management and general oversight of the accounting and finance
function of the Company and supervision of any Treasurer and Assistant Treasurers, and other such duties and responsibilities as determined by the President and CEO, the Chief Operating Officer or the Managing Member. 

 

	 	3)	The Vice Presidents. The Vice Presidents shall perform such duties and have such powers as the Managing Member or the President and CEO or the Chief Operating
Officer may from time to time prescribe. 

  

	 	4)	The Secretary; Assistant Secretary. The Secretary shall attend all meetings of the Members and record all the proceedings of the meetings of the Company and of
the Members in a book to be kept for that purpose and shall perform like duties for any standing committees when required. He or she shall give, or cause to be given, notice of all meetings of committees of the Company, and shall perform such other
duties as may be prescribed by the Managing Member or the President and CEO, under whose supervision he or she shall be. In the absence of the Secretary or in the event of his or her incapacity or refusal to act, or at the direction of the
Secretary, any Assistant Secretary may perform the duties of the Secretary. 

  
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	 	5)	The Treasurer; Assistant Treasurer. The Treasurer shall have the custody of the Company’s funds and securities and shall keep full and accurate accounts of
receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Members. The Treasurer shall disburse
the funds of Company as may be ordered by the Members or, to the extent permitted by this Agreement, the Managing Member, President and CEO, Chief Financial Officer or Chief Operating Officer, taking proper vouchers for such disbursements, and shall
render to the President and CEO, Chief Operating Officer, Chief Financial Officer and Managing Member, or when any Officer so requires, an account of all transactions as treasurer and of the financial condition of the Company.

 (e) Limitations on Officer’s Powers. Notwithstanding any other provision contained
in this Agreement to the contrary, should a delegation of authority be established by the Managing Member, no act shall be taken, sum expended, decision made, obligation incurred or power exercised by any Officer on behalf of the Company other than
in accordance with such delegation of authority. 
 (f) Term of Officers. (i) An Officer may resign
at any time by giving written notice to the Managing Member. The resignation of an Officer shall take effect upon the Managing Member’s receipt of written notice of the Officer’s resignation or at such later time as shall be specified in
the written notice. Unless otherwise specified in the Officer’s written notice of resignation, the acceptance of the Officer’s resignation shall not be necessary to make it effective. If the Officer also is a Member, the Officer’s
resignation as an Officer shall not affect the Officer’s rights as a Member and shall not constitute a withdrawal of the Officer as a Member. 
 (ii) The Managing Member may terminate the employment of and/or remove any Officer with or without cause. 
 (iii) The Managing Member may elect at any time a new or replacement Officer to fill any vacancy. 
 Section 3.5 Operating Budget and Business Plan. (a) For the period beginning on the Closing Date and ending on December 31, 2011, the Company shall operate in accordance with the
current Operating Budget (in the form annexed hereto as Exhibit D) prepared by the Debtors and a Business Plan to be mutually agreed by the Members. Thereafter, the Operating Budget and Business Plan shall be prepared and submitted annually by the
Managing Member, the Chatham Ink I Member, the Chatham Ink III Member, the Chatham Ink IV Member, the Chatham Ink V Member, the Chatham Ink VI Member or the Chatham Ink VII Member (or the Hotel Manager at the direction of the Managing Member) to the
Initial Members for approval at least thirty (30) calendar days prior to the end of each fiscal year with respect to the following fiscal year which shall, in the case of the Operating Budget, set forth, inter alia, all anticipated
revenues, operating expenses, capital expenditures, renovation budgets, renovation schedules and reserves for the Company, Ink I, Ink III, Ink IV, Ink V, Ink VI and Ink VII during such period, and, in the case of the Business Plan shall set forth,
inter alia, the Company’s, Ink I’s, Ink III’s, 

  
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Ink IV’s, Ink V’s, Ink VI’s and Ink VII’s strategy for the leasing, marketing and operation of each of the Properties and the properties owned by Ink I, Ink IV, Ink V, Ink VI
and Ink VII and an estimate of the amount, timing and reason for all anticipated Capital Contributions from the Members during such period; provided, that if the Managing Member should fail to timely prepare and submit in proposed form any
such Operating Budget and Business Plan, Cerberus, the Cerberus Ink I Member, the Cerberus Ink III Member, the Cerberus Ink IV Member, the Cerberus Ink V Member, the Cerberus Ink VI Member and/or the Cerberus Ink VII Member shall be authorized to
prepare such Operating Budget and Business Plan for the approval of the Initial Members. Whenever the Managing Member determines that revisions to the then-approved Operating Budget or Business Plan would be in the best interests of the Company, the
Managing Member may submit such proposed revisions to such Operating Budget and/or Business Plan to Cerberus for its review; provided, however, that all amendments and modifications to the then-approved Operating Budget or Business
Plan shall require the approval of Cerberus, which approval may be granted or withheld by Cerberus in its sole and absolute discretion. 
 (b) Notwithstanding Section 3.5(a), in the event that the Initial Members are unable to agree on all or certain provisions of an Operating Budget or Business Plan for a given year, the Managing
Member will conduct the business of the Company pursuant to those provisions of such Operating Budget or Business Plan which are agreed-upon and adopted. With respect to any aspects of the business of Company that are not addressed by the Operating
Budget or Business Plan for that given year, the Managing Member is authorized and directed to cause the employees of the Company to conduct such aspect of the business of the Company in accordance with the guidelines set forth in the most recently
approved Operating Budget or Business Plan, as applicable, and otherwise in accordance with prior practice; provided, however, that, if applicable, the Managing Member may adjust the annual compensation of the Chatham Company Personnel and
other expenses of the Company for inflation. 
 Section 3.6 Voting Rights of Members. 

(a) Members shall have no right or authority to vote on matters other than matters explicitly requiring such vote in this
Agreement or in the Act. For matters set forth in this Agreement explicitly requiring a vote of the Initial Members, such matters shall require the vote of all Initial Members. In the event any Initial Member shall transfer less than all of its
Percentage Interest to an unaffiliated third party in a transaction or in a series of transactions, then the portion of such Initial Member’s votes that is equal to the portion of such Initial Member’s Percentage Interest transferred shall
be deemed cancelled and the transferee (if an unaffiliated third party) in such transfer shall not have the right to vote on any matter as an “Initial Member”. In the event any Initial Member shall transfer its entire Percentage Interest
held on the date of such transfer to an unaffiliated third party in a transaction or in a series of transactions, then all of the votes of its Percentage Interest on the date of such transfer shall be deemed to have been transferred to such
transferee upon the satisfaction of the conditions contained in Article V and such transferee shall not have the right to vote on any matter as an “Initial Member”. Notwithstanding the foregoing, if at any time a Member (i) shall
transfer more than 50% of such Member’s Percentage Interest (excluding, however, transfers made by such Member to a Permitted Transferee), or (ii) shall 

  
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be in default with respect to its obligations to fund additional capital contributions pursuant to Section 2.2 above, the remaining votes of such Member shall be deemed cancelled and such
Member shall have no voting rights except as otherwise required by the Act; provided, that in the case of clause (ii), (x) to the extent Contributing Member(s) elect to treat their respective Funded Amounts as loans and such
Non-Contributing Member repays all such loans (including all interest thereon) within 15 days, the voting rights of such Member shall be reinstated and (y) to the extent the Contributing Member(s) elect to treat their respective Funded Amounts
as capital contributions, the Company shall provide notice to such Non-Contributing Member on the next Business Day indicating such election and the voting rights of such Non-Contributing Member shall be deemed cancelled if the Non-Contributing
Member does not provide its capital contribution to the Company within 15 days after receipt of such notice. 

(b) Notwithstanding anything to the contrary in this Agreement, unless expressly set forth in this Agreement (including
pursuant to Section 3.2(h) above), the Company shall not approve or take, and neither the Managing Member shall take or cause the Company to take or approve, any action with respect to any Major Decision without the affirmative vote or written
consent of all of the Initial Members. 
 Section 3.7 Buy/Sell. At any time on or after April 25, 2013, any
Initial Member (a “Notifying Member”) has the right (the “Buy/Sell Right”) to give written notice to the non-notifying Initial Members (each a “Non-Notifying Member”) to require that the
Non-Notifying Members (x) buy all, but not less than all, of the Percentage Interest of the Company of the Notifying Member or (y) sell all, but not less than all, of the Non-Notifying Members’ Percentage Interest to the Notifying
Member; provided, that no Member shall be entitled to exercise its Buy/Sell Right if, at the time of such Member’s election to so exercise, such Member is in default of any of its obligations hereunder and, provided,
further, that if any member of Ink I (an “Ink I Notifying Member”), any member of Ink III (an “Ink III Notifying Member”), any member of Ink IV (an “Ink IV Notifying Member”), any member
of Ink V (an “Ink V Notifying Member”), any member of Ink VI (an “Ink VI Notifying Member”) or any member of Ink VII (an “Ink VII Notifying Member”) has exercised its buy/sell right pursuant to
Section 3.7 of the Ink I LLC Agreement (the “Ink I Buy/Sell Right”), Section 3.7 of the Ink III LLC Agreement (the “Ink III Buy/Sell Right”), Section 3.7 of the Ink IV LLC Agreement (the “Ink
IV Buy/Sell Right”), Section 3.7 of the Ink V LLC Agreement (the “Ink V Buy/Sell Right”), Section 3.7 of the Ink VI LLC Agreement (the “Ink VI Buy/Sell Right”) or Section 3.7 of the Ink VII
LLC Agreement (the “Ink VII Buy/Sell Right”), as applicable, the Member(s) that is an Affiliate of the Ink I Notifying Member, Ink III Notifying Member, Ink IV Notifying Member, Ink V Notifying Member, Ink VI Notifying Member or Ink
VII Notifying Member, as applicable, shall be required to exercise its Buy/Sell Right hereunder at the same time. The Buy/Sell Right shall be exercised in accordance with the following provisions: 

(i) The Notifying Member shall deliver to the Non-Notifying Member or Members, as the case may be, a written notice
(a “Buy/Sell Notice”) (by both facsimile and certified mail) setting forth (A) its intention to exercise the Buy/Sell Right contained herein, (B) describing all oral or written offers, if any, received by the Notifying
Member during the previous twelve calendar months relating to the acquisition, financing or leasing of all or any portion of the Properties. On or before the 20th day following its receipt of a 

  
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Buy/Sell Notice, each Non-Notifying Member may notify the Notifying Member (the “Election Notice”) whether it elects either (i) to sell its Percentage Interest for an amount
equal to the amount that it would be entitled to receive if the Company had sold its assets for the Valuation Amount (as defined below) on the closing date of the Buy/Sell Right transaction, determined in accordance with Section 3.7(a)(iv) (the
“Buy/Sell Closing Date”) and immediately thereafter paid all of its liabilities in full and distributed the net proceeds resulting from such sale to the Members (a “Sell Notice”) or (ii) to buy the Percentage
Interest of the Notifying Member at an amount equal to the amount that the Notifying Member would be entitled to receive if the Company had sold its assets for Valuation Amount on the Buy/Sell Closing Date and immediately thereafter paid all of its
liabilities in full and distributed the net proceeds resulting from such sale to the Members (a “Buy Notice”). If a Non-Notifying Member fails to deliver an election notice within that time, it will be deemed to have delivered a
Sell Notice. Notwithstanding the foregoing, a Non-Notifying Member shall make (and shall be required to make) the same election to buy or to sell under this Section 3.7(i) as such Non-Notifying Member’s Affiliates have made in respect of
their Ink I Buy/Sell Right, Ink III Buy/Sell Right, Ink IV Buy/Sell Right, Ink V Buy/Sell Right, Ink VI Buy/Sell Right or Ink VII Buy/Sell Right, as applicable, such that in no event shall a Notifying Member hereunder be required to purchase
pursuant to a Buy Notice or required to sell pursuant to a Sell Notice or a deemed Sell Notice, as applicable, unless, in each case, the corresponding Ink I Notifying Member, Ink III Notifying Member, Ink IV Notifying Member, Ink V Notifying
Member, Ink VI Notifying Member and Ink VII Notifying Member are also required to purchase pursuant to buy notices delivered in accordance with the Ink I LLC Agreement, Ink III LLC Agreement, Ink IV LLC Agreement, Ink V LLC Agreement, Ink VI LLC
Agreement and Ink VII LLC Agreement, or are also required to sell pursuant to sell notices delivered or deemed to be delivered in accordance with the Ink I LLC Agreement, Ink III LLC Agreement, Ink IV LLC Agreement, Ink V LLC Agreement, Ink VI LLC
Agreement and Ink VII LLC Agreement, as applicable. 
 (ii) Promptly after a Buy/Sell Notice is delivered, the Notifying Member
and the Non-Notifying Member or Members, as the case may be, shall attempt to reach agreement on the value of the assets of the Company as of the Buy/Sell Closing Date, free and clear of all liabilities (the “Valuation Amount”).
Within fifteen (15) days after such Buy/Sell Notice is delivered, the Notifying Member on the one hand and the Non-Notifying Member or Members, as the case may be, on the other hand shall submit to the other an estimate of the Valuation Amount.
If the estimates vary by ten percent (10%) or less of the greater value, the Valuation Amount shall be determined by calculating the average of the two submitted values. In the event that either the Notifying Member on the one hand and the
Non-Notifying Member or Members, as the case may be, on the other hand fail to submit an estimate within the required fifteen (15) day period and if such failure continues for five (5) days after notice of such failure from the other, such
failure shall be deemed for all purposes to constitute acceptance of the single estimate submitted in a timely fashion. If the two estimates vary by more than 10%, then such Members shall appoint HVS International or another independent, nationally
recognized valuation expert mutually agreeable to such Members as an independent appraiser (the “Independent Appraiser”) to determine the Valuation Amount. The Independent Appraiser shall be instructed to determine the Valuation
Amount at least fifteen (15) days prior to the Buy/Sell Closing Date, and the determination of the Independent Appraiser shall be final and binding upon the Members; provided that in no event shall the Valuation Amount as determined by the
Independent Appraiser be less than the lowest estimate or greater than the highest estimate 

  
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submitted by the Members pursuant to this Section 3.7(a)(ii). In connection with any valuation process, including the generation and submission of estimates to each other by the Members,
(A) the Members shall consult with each other to determine what information shall be provided to the Independent Appraiser, (B) the Members shall provide the Independent Appraiser and the other Members full access during normal business
hours to examine all pertinent books, records and files, agreements and other operating agreements, and (C) each Member shall provide the other Members with copies of any information, document, file, agreement or data concurrently with its
provision to the Independent Appraiser. The fees and expenses of the Independent Appraiser shall be borne by the Company. In the event that the determination of the valuation amount for Ink I (the “Ink I Valuation Amount”), the
valuation amount for Ink III (the “Ink III Valuation Amount”), the valuation amount for Ink IV (the “Ink IV Valuation Amount”), the valuation amount for Ink V (the “Ink V Valuation Amount”), the
valuation amount for Ink VI (the “Ink VI Valuation Amount”) and/or the valuation amount for Ink VII (the “Ink VII Valuation Amount”) is to be determined by an independent appraiser pursuant to Section 3.7 of
the Ink I LLC Agreement, the Ink III LLC Agreement, the Ink IV LLC Agreement, the Ink V LLC Agreement, the Ink VI LLC Agreement and/or the Ink VII LLC Agreement, as applicable, the Members shall appoint the same independent appraiser to determine
the Ink I Valuation Amount, the Ink III Valuation Amount, the Ink IV Valuation Amount, the Ink V Valuation Amount, the Ink VI Valuation Amount, the Ink VII Valuation Amount and the Valuation Amount hereunder, and shall instruct such Independent
Appraiser to use the same methodology to determine the Ink I Valuation Amount, the Ink III Valuation Amount, the Ink IV Valuation Amount, the Ink V Valuation Amount, the Ink VI Valuation Amount, the Ink VII Valuation Amount and the Valuation Amount
hereunder. 
 (iii) If one or more of the Non-Notifying Members deliver or are deemed to have delivered a Sell Notice and one
or more Non-Notifying Members deliver or are deemed to have delivered a Buy Notice, then the Notifying Member and each Non-Notifying Member that delivered a Sell Notice will sell their Percentage Interest to the Non-Notifying Member(s) that
delivered a Buy Notice, and such Non-Notifying Members shall purchase such Percentage Interests pro rata based on the aggregate Percentage Interest represented by such Non-Notifying Members. Within five (5) Business Days after an election has
been made under Section 3.7(a)(i), or, if later, three (3) Business Days after the final Valuation Amount is determined, the purchasing Member shall deposit with the selling Member a non-refundable earnest money deposit in an amount equal
to 10% of the amount which the selling Member is entitled to receive for its Percentage Interest hereunder. Such deposit shall be applied to the purchase price due to the selling Member at closing; provided, however, that if the
purchasing Member should thereafter fail to consummate the transaction, such deposit shall be retained as liquidated damages by the selling Member, free of all claims of the acquiring Member, and the purchasing Member shall thereafter be permanently
barred from initiating the exercise of the Buy/Sell Right pursuant to this Section 3.7. The Members agree that damages would be suffered by the selling Member as a result of any such default on the purchasing Member’s part, that such
damages would be difficult or impossible to determine, and that the amount of the deposit represents a reasonable estimate of what such damages would be. 
 (iv) The closing date of the purchase and sale shall be the 90th day after the last Election Notice was received or deemed received, (or if that day is not a Business Day, on the next succeeding Business Day), or if later the fifth Business Day after all

  
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regulatory approvals required for the purchase and sale have been obtain, or at such other time as the Initial Members may agree. At that time (x) the selling Member(s) shall sell, assign,
and deliver its Percentage Interest, and the selling Member(s) and their Affiliate(s), as applicable, shall sell, assign, and deliver their respective Percentage Interests so specified to the purchasing Member(s) free and clear of all liens,
security interests and adverse claims, together with such instruments of transfer, evidence of the absence of all liens, security interests or adverse claims, and evidence of due authorization, execution, and delivery of all related documentation as
the purchasing Member(s) reasonably may request; and (y) the purchasing Member(s) shall pay the selling Member(s) the amount that each would be entitled to receive if the Company had sold its assets for Valuation Amount on the Buy/Sell Closing
Date and immediately thereafter paid all of its liabilities in full and distributed the net proceeds resulting from such sale to the Members. Each Member will bear its own costs associated with the purchase and sale. 

(v) On the closing, each selling Member shall cease to be a member of the Company, and its Percentage Interest shall vest in the
purchasing Member(s). 
 (vi) If any Member fails to purchase and pay for any Percentage Interests as and
when provided in the preceding provisions of this Section 3.7, then the selling Members may either (A) pro rata based on their respective Percentage Interests or as they otherwise may agree, at their election by notice to the defaulting
Member at any time on or before the 30th day after the
date the sale was to have been consummated, elect to purchase the Percentage Interest of the Member so defaulting and its Affiliates for a price calculated by multiplying 75% by the amount that the defaulting Member and its Affiliates would be
entitled to receive if the Company had sold its assets for Valuation Amount on the Buy/Sell Closing Date and immediately thereafter paid all of its liabilities in full and distributed the net proceeds resulting from such sale to the Members;
provided, that the closing of this purchase and sale otherwise shall occur as provided in Section 3.7(iv), but with any time periods measured from the date of the notice under this Section 3.7(vi); or (B) retain the defaulting
Member’s earnest money deposit as liquidated damages for such default, the Members hereby acknowledging and agreeing that (1) it would be difficult or impossible to determine the damages suffered by the selling Members on account of the
purchasing Member’s default, and (2) the amount of the deposit represents a reasonable estimate of such damages; provided, that in the event that the purchasing Member failed to make its earnest money deposit as required by 3.7(a)(iii)
hereof, the selling Members shall have the right, in lieu of receiving liquidated damages pursuant to this Section 3.7(a)(vi), to seek and obtain an award or judgment against the purchasing Member in the amount of the required earnest money
deposit, together with any reasonable attorneys’ fees and disbursements incurred in obtaining such award or judgment. 

(vii) If the selling Member should default in its obligation to sell in accordance with this Section 3.7, the acquiring Member
shall be entitled to either (A) demand and receive a return of the earnest money deposit which it previously deposited with the selling Member, and, upon the return of such deposit, the selling Member’s default hereunder shall be deemed to
have been waived; provided, however, that if the selling Member fails to return such deposit to the acquiring Member, the purchasing Member shall have the right to seek and obtain an award or judgment against the selling Member in the
amount of such deposit, together with any reasonable attorneys’ fees and disbursements incurred in obtaining such award or judgment; or (B) seek specific performance of the selling Member’s obligations under this Section 3.7, the

  
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Members hereby acknowledging and agreeing that the remedy at law for breach of the obligations of the selling Member under this Section 3.7 would be inadequate in view of (x) the
impossibility of accurately calculating the damages which would be suffered by the acquiring Member upon a default by the selling Member, and (y) the uniqueness of the Properties. 

(viii) The preceding provisions of this Section 3.7 shall not apply to any Percentage Interest from and after the first time
Percentage Interests are issued or sold through a registered offering under the Securities Act. 
 ARTICLE IV. 

GENERAL GOVERNANCE 
 Section 4.1 Other Ventures. 
 (a) It is expressly
agreed that each Initial Member, and any Affiliates, officers, directors, trustees, managers, stockholders, members, partners or employees of such Initial Member, may engage in other business ventures of every nature and description, whether or not
in competition with the Company, independently or with others, and neither the Company nor the other Members shall have any rights in and to any independent venture or activity or the income or profits derived therefrom; the pursuit of other
ventures and activities by any such Person is hereby consented to by each Member and shall not be deemed wrongful or improper. 
 (b) Nothing in this Agreement shall be construed so as to prohibit any Member or its respective Affiliates, officers, directors, managers, stockholders, members, partners or employees from owning,
operating or investing in any business of any nature and description, independently or with others and no Member need disclose its intention to make any such investment to the other, nor advise the Company of the opportunity presented by any such
prospective investment. 
 (c) Notwithstanding the foregoing, in the event that any Member receives an
opportunity directly related to any Property, such Member shall first offer such opportunity, to the extent relating to any Property, to Cerberus and Chatham on behalf of the Company. If either Cerberus or Chatham (i) declines on behalf of the
Company to participate in such opportunity or (ii) is deemed to decline on behalf of the Company to participate in such opportunity as a result of a failure to approve participation by the Company within 10 Business Days of such offer, but
either Chatham or Cerberus, as applicable, as the non-presenting Member wishes to participate in such opportunity in its own capacity, Chatham or Cerberus, as applicable and the presenting Member shall participate in such opportunity on such basis
as they shall agree or, in the absence of such agreement, in proportion to their then equity percentages in the Company. If the Company and each Member thereof rejects such opportunity, the presenting Member may exploit such opportunity in any
manner it sees fit, provided that the presenting Member is not provided materially more favorable terms in the aggregate with respect to such opportunity than were presented to the Company, or the non-presenting Member in connection with their
potential participation. 

  
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 Section 4.2 Information. The Company covenants and agrees, and the Managing
Member shall cause the Company, to deliver to each Member (a) consolidated financial reports of the Company audited by PricewaterhouseCoopers LLP or such other independent accounting firm of national reputation for the Company and its
subsidiaries, within 90 days after the end of the Fiscal Year of the Company; (b) consolidated quarterly unaudited financial reports for the Company, setting forth (i) an itemized breakdown of all income and expenses of the Company for
such quarter, (ii) a reconciliation of actual revenues and expenses as compared with the projected Budget amounts for such items, together with a detailed explanation of any noted discrepancies, (iii) an update on the progress of the
Company’s business as compared to the then-approved Business Plan, and (iv) such other updates and information as may reasonably be requested by Cerberus, within 45 days after the end of each fiscal quarter of the Company;
(c) consolidated monthly financial reports for the Company within 30 days after the end of the each month; and (d) such other information and data (including such information and reports made available to any Lender of the Company or any
of its Subsidiaries under any credit agreement or otherwise) as from time to time may be reasonably requested by Cerberus. All information provided by the Managing Member pursuant to Sections 4.2 and 4.3 shall be certified by an officer of the
Managing Member (or, for so long as Chatham is the Managing Member, by the senior-most employee of Chatham that is a member of the Chatham Company Personnel) as to its truth, completeness and authenticity. 

Section 4.3 Access. The Company shall, and shall cause its Subsidiaries, Officers, directors, trustees, members, employees,
auditors and other agents to (a) afford the Officers, employees, auditors and other agents of the Members during normal business hours and upon reasonable notice reasonable access to its officers, employees, auditors, legal counsel, properties,
offices, plants and other facilities and to all books and records and (b) afford each Initial Member the opportunity to discuss the Company’s affairs, finances and accounts with the Officers or Managing Member from time to time as each
such Initial Member may reasonably request without creating an undue burden on the Company, including, without limitation, but in particular, upon notice that a vote is required with respect to a Major Decision; provided, that the Company shall not
be required to afford any Chatham Initial Member such opportunity from and after the occurrence of a Termination Event except with respect to a Post-Termination Major Decision. 

Section 4.4 Affiliate Transactions. 
 (a) Neither the Company nor any Property Company shall enter into any agreement for the performance of any service or activity, or for the purchase of any item, with an Affiliate of a Member (other than
the Hotel Management Agreements with Island Hospitality Management), without first receiving the prior written approval of the Initial Members, which approval may be withheld in each such Member’s sole and absolute discretion; provided,
that, from and after the occurrence of a Termination Event, the prior written approval of the Chatham Initial Members shall no longer be required so long as any such arrangement is on an arms’ length basis. 

(b) Notwithstanding anything set forth in Section 3.2 or Section 3.6 hereof to the contrary, an Initial Member,
acting alone and on behalf of the Company and any then existing Property Companies, may enforce and make all decisions under or in 

  
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connection with agreements between the Company or any Property Company, on the one hand, and the other Initial Member and/or its Affiliates, on the other hand, provided that for purposes of this
Section 4.4(b) Island Hospitality Management shall be considered an Affiliate of Chatham. 
 ARTICLE V. 

TRANSFERS OF INTERESTS 
 Section 5.1 Restrictions on Transfer. 
 (a) No Transfer
shall be made by either Chatham or Cerberus with respect to all or any portion of its Interest without the prior written approval of the non-Transferring Member unless such Transfer is (i) pursuant to Section 3.7 of this Agreement, or
(ii) to a Permitted Transferee of such Member. No Member will have the ability to directly or indirectly syndicate its Interest to unaffiliated co-investors. 

(b) The Company, each Member, the Managing Member, the Officers and any other Person or Persons having business with the
Company need only deal with Members who are admitted as Members or as additional or substitute Members of the Company, and they shall not be required to deal with any other Person by reason of a Transfer by a Member. In the absence of a transferee
of a transferring Member’s Percentage Interest being admitted as a Member as provided herein, any payment to a Member shall release the Company and the Members of all liability to any other Persons who may be interested in such payment by
reason of an assignment by such Member. 
 (c) Each transferee, as a condition to its admission as a Member,
shall execute and deliver to the Company such instruments (including a counterpart of this Agreement), in form and substance reasonably satisfactory to the Managing Member, as the Managing Member shall reasonably deem necessary or desirable to
confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement (as it may be amended in connection with the admission of such transferee as a Member). The Members agree to amend this Agreement to the extent
necessary to reflect the Transfer and admission of the new Member and to continue the Company without dissolution. Upon execution of such instruments, the transferee shall be admitted to the Company as a Member. Immediately following the admission
of the transferee to the Company as a Member, any Person who has thereby transferred all of its ownership interest in the Company shall cease to be a Member of the Company. Except as set forth herein, any transferee who is admitted to the Company as
a Member shall succeed to the rights and powers, and be subject to the restrictions and liabilities, of the transferor Member to the extent of the Percentage Interest transferred. 

(d) In the event that the Members determine to sell all but not less than all of their Percentage Interest in the Company
(including pursuant to Section 3.7 hereof), the Tax Matters Member will propose a schedule (the “Allocation Schedule”) to the Initial Members of the Company allocating the expected purchase price in accordance with
Section 1060 of the Code. Upon the affirmative vote of each of the Initial Members of the Company 

  
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(or, from and after the occurrence of a Termination Event, the Cerberus Initial Members), such proposed allocation will be the Allocation Schedule that will be proposed by the Members in
connection with the potential sale and, if no objection is made to such Allocation Schedule by the third party purchaser of the Percentage Interests, will be final and binding in connection with such sale upon the Members. 

Section 5.2 Non-Permitted Transfers. 
 (a) Any purported Transfer of all or any portion of a Member’s Percentage Interest of the Company or any economic benefit or other interest therein not in compliance with Section 5.1 shall be
null and void ab initio, regardless of any notice provided to any of the parties hereto, and shall not create any obligation or liability of any of the parties hereto to the purported transferee, and any Person purportedly acquiring
all or any portion of any Percentage Interest or any economic benefit or other interest therein transferred not in compliance with Section 5.1 shall not be entitled to admission to the Company as a substitute Member. In the event of any direct
or indirect Transfer of an interest in a Member, other than a Transfer permitted under Article V hereof, the Member that has made such Transfer shall not be necessary for any Major Decision until such Transfer has been rescinded or otherwise
nullified, except that the consent of such Member shall still be required to amend this Agreement. 
 (b) In the
case of an attempted Transfer of all or any portion of any Percentage Interest of the Company or any economic benefit or other interest therein that is not in compliance with Section 5.1, the parties engaging or attempting to engage in such
Transfer shall indemnify and hold harmless the other parties hereto and their respective officers, directors, affiliates, members, partners and employees from all cost, liability and damage that any of such indemnified persons may incur (including,
without limitation, incremental tax liability and attorneys’ fees and expenses) as a result of such Transfer or attempted Transfer and the enforcement of this indemnity. 

(c) No Member, including any assignee or successor in interest of any Member, shall Transfer all or any portion of its
Percentage Interest of the Company or any economic benefit or other interest therein if such Transfer would cause the Company to be treated as a “publicly traded partnership” within the meaning of Code Section 7704 and the
Regulations promulgated thereunder. 
 ARTICLE VI. 
 ALLOCATIONS 
 Section 6.1 General Rules. 

(a) Allocations of Profits and Losses. Except as otherwise provided in this Article VI, Profits and Losses for any
Fiscal Period shall be allocated among the Members in such manner that, as of the end of such Fiscal Period, the respective Capital Accounts of the Members shall be equal to the respective amounts that would be distributed to them, determined as if
the Company were to (i) liquidate the assets of the Company for an amount equal to their Gross Asset Value and (ii) distribute the proceeds of liquidation pursuant to Section 10.3. 

  
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 Section 6.2 Other Allocation Rules. 

(a) For purposes of determining the Profits, Losses or other items allocable to any Fiscal Period, Profits, Losses and
such other items shall be determined on a daily, monthly or other basis as determined by the Tax Matters Member in its reasonable discretion using any permissible method under Code Section 706 and the Regulations thereunder. 

(b) The Members are aware of the United States federal income tax consequences of the allocations made by this Article VI
and hereby agree to be bound by the provisions of this Article VI in reporting their shares of Company income and loss for income tax purposes. 
 (c) All items of income, gain, loss, deduction, or credit and any other allocations not otherwise provided for shall be allocated among the Members as determined by the Tax Matters Member in its
reasonable discretion. 
 (d) If a Member transfers all or a portion of its Percentage Interest during any Fiscal
Period, then Profits, Losses, each item thereof and all other items attributable to the transferred interest for such Fiscal Period shall be divided and allocated between the transferor and the transferee by taking into account their varying
interests in the Company during the Fiscal Period in accordance with Section 706(d) of the Code, using any conventions permitted by law and selected by the Tax Matters Member in its reasonable discretion. 

Section 6.3 Tax Allocations: Code Section 704(c). 

(a) Subject to Section 6.3(b) and (c), for each Fiscal Year, items of income, deduction, gain, loss and credit shall
be allocated for tax purposes among the Members to reflect the amounts which have been credited or debited to the Capital Account of each such Member for such Fiscal Year and prior Fiscal Years. 

(b) In accordance with Code Section 704(c) and the Regulations thereunder, items of income, gain, loss, deduction and
credit with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted tax basis of such property at the time of
contribution to the Company for federal income tax purposes and its initial Gross Asset Value at the time of contribution using a method permitted by applicable Regulations under Code Section 704(c), as determined by the Tax Matters Member in
its reasonable discretion. 
 (c) In the event the Gross Asset Value of any Asset is adjusted in accordance with
paragraph (b) of the definition of Gross Asset Value hereof, subsequent allocations of items of income, gain, loss, deductions or credit with respect to such asset shall take into account any variation between the adjusted tax basis of such
asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder. 

  
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 (d) Any elections or other decisions relating to allocations for tax
purposes, basis adjustments or other tax matters shall be made by the Tax Matters Member in its reasonable discretion. Allocations pursuant to this Section 6.3 are solely for purposes of federal, state and local taxes and shall not affect, or
in any way be taken into account in computing, any Member’s Capital Account, share of Profits or Losses, or other items or distributions pursuant to any provision of this Agreement. 

(e) Notwithstanding anything in this Agreement to the contrary, the Tax Matters Member shall not make any determinations
or elections, or fail to make any elections reasonably requested by the Managing Member, under this Article VI or the definition of “Depreciation” that could reasonably be expected to disproportionately, materially and adversely affect
Chatham or the Chatham REIT without Chatham’s prior written consent. 
 ARTICLE VII. 

DISTRIBUTIONS AND EXPENSES 
 Section 7.1 Distributions of Net Cash Flow. (a) Net Cash Flow shall be reasonably determined by the Managing Member. Distributions of Net Cash Flow shall be made on a quarterly basis in
the following order and priority: 
 (i) First, to any Member that has made a Member Loan in the amount of such Member Loan
plus a return thereon at 15% per annum, compounded monthly; 
 (ii) Second, pari passu to the Members in accordance with
their respective Percentage Interests until each Member and such Member’s Ink I Affiliate(s), Ink III Affiliate(s), Ink IV Affiliate(s), Ink V Affiliate(s), Ink VI Affiliate(s) and Ink VII Affiliate(s) collectively have received aggregate
distributions from the Company, Ink I, Ink III, Ink IV, Ink V, Ink VI and Ink VII in an amount sufficient to provide a 15.0% per annum cumulative return, compounded monthly, on such Member’s Capital Contributions, such Member’s Ink I
Affiliate’s Ink I Capital Contributions, such Member’s Ink III Affiliate’s Ink III Capital Contributions, such Member’s Ink IV Affiliate’s Ink IV Capital Contributions, such Member’s Ink V Affiliate’s Ink V Capital
Contributions, such Member’s Ink VI Affiliate’s Ink VI Capital Contributions and such Member’s Ink VII Affiliate’s Ink VII Capital Contributions, taken as a whole; 

(iii) Third, pari passu to the Members in accordance with their respective Percentage Interests until all Capital Contributions made by
such Member, all Ink I Capital Contributions made by such Member’s Ink I Affiliate(s), all Ink III Capital Contributions made by such Member’s Ink III Affiliate(s), all Ink IV Capital Contributions made by such Member’s Ink IV
Affiliate(s), all Ink V Capital Contributions made by such Member’s Ink V Affiliate(s), all Ink VI Capital Contributions made by such Member’s Ink VI Affiliate(s) and all Ink VII Capital Contributions made by such Member’s Ink VII
Affiliate(s), taken as a whole, have been fully recovered; 

  
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 (iv) Fourth, 10% to Chatham and 90% pari passu to the Members in accordance with their
respective Percentage Interests until such time as Cerberus, Cerberus’ Ink I Affiliate, Cerberus’ Ink III Affiliate, Cerberus’ Ink IV Affiliate, Cerberus’ Ink V Affiliate, Cerberus’ Ink VI Affiliate and Cerberus’ Ink
VII Affiliate have collectively received a 20.0% per annum cumulative return, compounded monthly, on Cerberus’ Capital Contributions, Cerberus’ Ink I Affiliate’s Ink I Capital Contributions, Cerberus’ Ink III
Affiliate’s Ink III Capital Contributions, Cerberus’ Ink IV Affiliate’s Ink IV Capital Contributions, Cerberus’ Ink V Affiliate’s Ink V Capital Contributions, Cerberus’ Ink VI Affiliate’s Ink VI Capital
Contributions and Cerberus’ Ink VII Affiliate’s Ink VII Capital Contributions, taken as a whole; 
 (v) Fifth, 15.0%
to Chatham and 85.0% pari passu to the Members in accordance with their respective Percentage Interests until such time as Cerberus, Cerberus’ Ink I Affiliate, Cerberus’ Ink III Affiliate, Cerberus’ Ink IV Affiliate, Cerberus’
Ink V Affiliate, Cerberus’ Ink VI Affiliate and Cerberus’ Ink VII Affiliate have collectively received a 25.0% per annum cumulative return, compounded monthly, on Cerberus’ Capital Contributions, Cerberus’ Ink I
Affiliate’s Ink I Capital Contributions, Cerberus’ Ink III Affiliate’s Ink III Capital Contributions, Cerberus’ Ink IV Affiliate’s Ink IV Capital Contributions, Cerberus’ Ink V Affiliate’s Ink V Capital
Contributions, Cerberus’ Ink VI Affiliate’s Ink VI Capital Contributions, and Cerberus’ Ink VII Affiliate’s Ink VII Capital Contributions, taken as a whole; and 

(vi) Sixth, 20.0% to Chatham and 80.0% pari passu to the Members in accordance with their respective Percentage Interests. 

(b) Notwithstanding the foregoing, Chatham’s receipt of the Promoted Interests (as defined below) will be subject to
Cerberus, Cerberus’ Ink I Affiliate, Cerberus’ Ink III Affiliate, Cerberus’ Ink IV Affiliate, Cerberus’ Ink V Affiliate, Cerberus’ Ink VI Affiliate and Cerberus’ Ink VII Affiliate first receiving a minimum return on
Cerberus’ Capital Contributions, Cerberus’ Ink I Affiliate’s Ink I Capital Contributions, Cerberus’ Ink III Affiliate’s Ink III Capital Contributions, Cerberus’ Ink IV Affiliate’s Ink IV Capital Contributions,
Cerberus’ Ink V Affiliate’s Ink V Capital Contributions, Cerberus’ Ink VI Affiliate’s Ink VI Capital Contributions and Cerberus’ Ink VII Affiliate’s Ink VII Capital Contributions, taken as a whole, of 150% (the
“Minimum Cerberus Multiple”). In the event that the Minimum Cerberus Multiple is not met at any given time, distributions shall be made in accordance with the waterfall above provided that the Promoted Interests, if any, payable at
such time will be retained by the Company in an escrow account managed by an escrow agent reasonably acceptable to Chatham and Cerberus and may only be distributed to Chatham and deducted from its Capital Account once the Minimum Cerberus Multiple
has been achieved for at least two consecutive fiscal quarters. If Chatham receives distributions of the Promoted Interests, whether pursuant to Section 7.1(a) above or the immediately preceding sentence in this Section 7.1(b) and, at any
time subsequent to such receipt, the Minimum Cerberus Multiple is not achieved for any two consecutive quarters, Chatham shall repay to the Company all distributions of Promoted Interests previously received by Chatham. Such repaid distributions
shall be retained by the Company in escrow and shall be distributed to Chatham once the Minimum Cerberus Multiple has been achieved for at least two consecutive fiscal quarters. 

  
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 The “Promoted Interest” shall mean any and all distributions to Chatham pursuant to clause
(iv), (v) or (vi) above, in excess of the distributions that Chatham would have otherwise been entitled to receive had such distribution been made in accordance with the Members’ respective Percentage Interests. 

Section 7.2 Amounts Withheld. All amounts withheld or paid pursuant to the Code or any provisions of state, local or foreign
tax law with respect to any payment, distribution, allocation or other consideration paid to the Members, including in connection with a contribution of assets to the Company by a Member, shall be treated as amounts paid or distributed, as the case
may be, to the Members with respect to which such amount was withheld or paid pursuant to this Section 7.2 for all purposes under this Agreement. The Company is authorized to withhold or pay, when required under applicable law, from payments,
distributions, or other consideration paid to Members, and with respect to allocations to the Members, and to pay over to any federal, state, local or foreign government any amounts required to be so withheld or paid pursuant to the Code or any
provisions of any federal, state, local or foreign law, and shall allocate any such amounts to the Members with respect to which such amounts were withheld or paid. 
 Section 7.3 Expenses. Except as otherwise provided in this Agreement, the Company will be responsible for all third party expenses of the Company. Subject to Section 3.1(c), each
Member shall otherwise be responsible for all costs and expenses incurred by such Member in the performance of its obligations under this Agreement. 
 ARTICLE VIII. 
 OTHER TAX MATTERS 

Section 8.1 Tax Matters Member. The Company and each Member hereby designate Cerberus as the “tax matters
partner” for purposes of Code Section 6231(a)(7)(the “Tax Matters Member”). The Tax Matters Member (after consultation with the Managing Member) shall: (a) cause to be prepared and timely filed by the Company all
United States federal, state and local income tax returns of the Company for each year for which such returns are required to be filed, and (b) determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the
Company and the accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of such
tax returns. Subject to the express provisions of this Agreement, Cerberus may in its reasonable discretion cause the Company to make or refrain from making any and all elections permitted by such tax laws, provided that the Tax Matters Member shall
not make, or refrain from making any election reasonably requested by the Managing Member, that could reasonably be expected to disproportionately, materially and adversely affect Chatham or the Chatham REIT without Chatham’s prior written
consent. 
 Section 8.2 Furnishing Information to Tax Matters Member. Each Member shall furnish to the Tax Matters
Member such information (including information specified in Code Section 6230(e)) as such Tax Matters Member may, at its reasonable discretion, request to permit it to provide the Internal Revenue Service with sufficient information to allow
proper 

  
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notice to the Members in accordance with Code Section 6223 or any other provisions of the Code or the published regulations thereunder which require the Tax Matters Member to obtain
information from the Members. 
 Section 8.3 Tax Claims and Proceedings. In respect of any income tax audit of any
tax return of the Company, the filing of any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any income tax return of the Company, or any administrative or judicial proceedings
arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim, (a) all expenses reasonably incurred by the Tax Matters Member in connection therewith shall be expenses of the Company, (b) the
Tax Matters Member shall promptly deliver to each other Members a copy of all notices, communications, reports and writings received from the IRS relating to or potentially resulting in an adjustment of Company items, shall promptly advise each of
the other Members of the substance of any conversations with the IRS in connection therewith and shall keep the other Members advised of all developments with respect to any proposed adjustments which come to its attention; (c) the Tax Matters
Member shall (i) provide the other Members with a draft copy of any correspondence or filing to be submitted by the Company in connection with any administrative or judicial proceedings relating to the determination of Company items at the
Company level reasonably in advance of such submission, (ii) incorporate all reasonable changes or comments to such correspondence or filing requested by the other Members and (iii) provide the other Members with a final copy of
correspondence or filing, (d) the Tax Matter Member will provide each Member with notice reasonably in advance of any meetings or conferences with respect to any administrative or judicial proceedings relating to the determination of Company
items at the Company level (including any meetings or conferences with counsel or advisors to the Company with respect to such proceedings) and each Member shall have the right to participate, at its sole cost and expense, in any such meetings or
conferences. Notwithstanding anything in this Agreement to the contrary, the Tax Matters Member shall not enter into any settlement agreement that is binding upon the other Members with respect to the determination of Company items at the Company
level without the prior written consent of the other Members. The Tax Matters Member shall use commercially reasonable efforts to provide tax returns to all Members within 60 days after the end of the relevant fiscal year if the Managing Member has
provided the requisite information to the Tax Matters Member or the Company’s accountants reasonably in advance of such date. 
 Section 8.4 Books and Records. The books and records of the Company shall reflect all Company transactions and shall be appropriate and adequate for the Company’s business. The books and
records of the Company shall include a record of each transfer of participating interests of the Company. The Fiscal Year of the Company for financial reporting and for federal income tax purposes shall be the calendar year. All books and records of
the Company shall be maintained at any office of the Company or at the Company’s principal place of business in the United States, and each Member, and any duly authorized representative, shall have access to them at such office of the Company
and the right to inspect and copy them at reasonable times. The Company’s books of account shall be kept on an accrual basis or as otherwise provided by the Managing Member and otherwise in accordance with generally accepted accounting
principles, consistently applied, except that for income tax purposes such books shall be kept in accordance with applicable tax accounting principles (including the Regulations). 

  
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 Section 8.5 Survival. The provisions of this Article VIII shall survive the
termination of the Company (as well as any termination, purchase or redemption of any Member’s Percentage Interest in the Company for any reason whatsoever), and shall remain binding on the Members and all former Members for a period of time
necessary to resolve with the appropriate taxing authorities any and all material matters regarding the taxation of the Company and its Members by reason of their percentage interests. 

ARTICLE IX. 

REPRESENTATIONS AND WARRANTIES; COVENANTS 
 Section 9.1 Representations and Warranties of Members. Each of the Members hereby represents and warrants to the Company and to each of the other Members, as of the date hereof that:

 (a) If it is a corporation, a limited liability company or limited partnership, it is duly incorporated or
otherwise duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, and if it is a partnership, it is validly constituted and not dissolved, and, in each case, has the power and
lawful authority to own its assets and properties and to carry on its business as now conducted. 
 (b) It has
the full right, power and authority to enter into, execute and deliver this Agreement and to perform fully its obligations hereunder. This Agreement has been fully executed and delivered by such Member and, assuming the due execution and delivery by
the other parties, constitutes the valid and binding obligation of such Member, enforceable in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, reorganization or moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 

(c) No approval or consent of any governmental authority or of any other Person is required in connection with the
execution and delivery by it of this Agreement and the consummation and performance by such member of the transactions contemplated hereunder, except such as have been obtained and are in full force and effect. 

(d) The execution and delivery of this Agreement by it, the consummation of the transactions contemplated hereunder and
the performance by such Member of its obligations under this Agreement, in accordance with the terms and conditions hereof, will not conflict with or result in the breach or violation of any of the terms or conditions of, or constitute (or with
notice or lapse of time or both would constitute) a default under, (i) the certificate of incorporation, by-laws, certificate of formation, limited liability company agreement or other constitutive documents of such Member; (ii) any
instrument or contract to which such Member is a party or by or to which it or its assets or properties are 

  
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bound or subject; or (iii) any statute or any regulation, order, judgment or decree of any governmental authority, except, in each case, for such breaches violations or defaults that would
not, individually or in the aggregate, materially impair the ability of such Member to perform its obligations hereunder. 
 (e) It understands that there are substantial risks to an investment in the Company and it has both the sophistication to be able to fully evaluate the risk of an investment in the Company and the
capacity to protect its own interests in making such investment. Such Member fully understands and agrees that the investment in the Company is an illiquid investment. 

(f) It is a QIB or an “accredited investor” within the meaning of the 1933 Act and is able to bear the
economic risk of such an investment in the Company for an indefinite period of time, that it has no need for liquidity of this investment and it could bear a complete loss of this investment. The Member is either (i) a “qualified
purchaser” within the meaning of the 1940 Act or (ii) if the Member is an entity formed and is being utilized primarily for the purpose of making an investment in the Company, each beneficial owner of such Member’s securities is
such a qualified purchaser. 
 (g) It is acquiring its percentage interests for investment solely for such
Member’s own account and not for distribution, transfer or sale to others in connection with any distribution or public offering. It understands that, irrespective of whether or not the Percentage Interests might be deemed
“securities” under applicable laws, the Company is not obligated to register any percentage interests for resale under the 1933 Act or any applicable state securities laws. 

(h) It specifically understands and agrees that no other Member, has made nor will make any representation or warranty
with respect to the worthiness, terms, value or any other aspect of the Company, any Percentage Interest or the Business or Properties and it explicitly disclaims any warranty, express or implied, with respect to such matters. In addition, such
Member specifically acknowledges, represents and warrants that (i) it is not relying on any other Member for its own due diligence concerning, or evaluation of, the Company or any related transaction and (ii) that it is not relying on any
other Member with respect to tax and other economic considerations involved in an investment in the Company. 

(i) No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission in connection with the Company based upon arrangements made by or on behalf of such Member. 
 (j) There are no actions, suits or proceedings pending, or to the knowledge of such Member threatened against such Member or its Affiliates which, if adversely determined, could materially adversely
affect the ability of such Member or its Affiliates to perform its obligations under this Agreement or materially adversely affect the Percentage Interest of any other Member. 

  
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 Section 9.2 ERISA Representation. Each of the Members represents, warrants and
covenants to each other Member and to the Company that no portion of the assets being used by it to purchase and hold its percentage interests constitute assets of a plan within the meaning of Section 3(32) of ERISA. 

Section 9.3 AML/OFAC Compliance 
 (a) Each Member hereby represents and warrants to each other Members and to the Company, as of the date hereof, as follows: 
 (i) To the best of its knowledge, it is in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations, rules, executive orders and government guidance, AML and the OFAC
Sanctions Programs, including the reporting, record-keeping and compliance requirements of the Bank Secrecy Act, as amended by the USA PATRIOT Act (collectively, the “BSA/Patriot Act”), and all related applicable Securities and
Exchange Commission, self-regulatory organization or other agency rules and regulations, and has internal policies, procedures, internal controls and systems in place that are reasonably designed to ensure such compliance (collectively
“AML/OFAC Laws”); 
 (ii) Neither (1) such Member nor any nor any Affiliate of such Member, nor
(2) to the best of such Member’s knowledge, after conducting reasonable due diligence, any Person having a direct or indirect beneficial interest in such Member, nor (3) any person for whom such Member is acting as agent or nominee in
connection with this investment is prohibited pursuant to the OFAC Sanctions Programs; 
 (iii) Unless disclosed in writing to
the other Members on or before the date hereof, (1) it is not a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, (2) it is not controlled by a Senior Foreign
Political Figure, or an Immediate Family Member or Close Associate of a Senior Foreign Political Figure, and (3) to the best of such Member’s knowledge, after conducting reasonable due diligence, none of the direct or indirect owners of
such Member is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure; 
 (iv) It is not a foreign financial institution or a Person located in a foreign jurisdiction that has been designated by the U.S. Department of the Treasury as being subject to any special measures
imposed on such financial institutions and jurisdictions pursuant to Section 311 of the BSA/Patriot Act; 
 (v) It is not
a “foreign shell bank” and it is not being used to provide services to a “foreign shell bank”, as that term is defined for purposes of Sections 313 and 319 of the BSA/Patriot Act; 

(b) Each Member hereby covenants to the Company and the other Members as follows: 

(i) Such Member will not engage in any activities that contravene federal state or international regulations, including all applicable
AML/OFAC Laws; 

  
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 (ii) Such Member will ensure that the cash or other assets contributed to the Company by
such Member will not be directly or indirectly derived from activities that contravene federal, state or international regulations, including applicable AML/OFAC Laws; 
 (iii) Such Member will not utilize any funds received by the Company for any purpose that contravenes federal, state or international regulations, including applicable AML/OFAC Laws; 

(iv) All funds contributed to or received from the Company by such Member will be wired to or from a bank located in an Approved FATF
Country (“Wiring Bank”) where such Member is a customer of the Wiring Bank; 
 (v) All transactions,
negotiations, discussions and dealings by such Member in connection with the Company will be in full compliance with all applicable AML/OFAC Laws; 
 (vi) Upon receiving a request from the Company or another Member, such Member shall provide such information as may be reasonably required by the Company or such other Member to confirm that the
representations, warranties and covenants contained in this Section 9.3(c) continue to be true and to comply with all applicable anti-money laundering and anti-terrorist laws, regulations and executive orders; 

(vii) Such Member consents to the disclosure to United States regulators and law enforcement authorities by the Company or any other
Member and its Affiliates of such information about such Member as the Company or such other Member or any of its Affiliates reasonably deems necessary or appropriate to comply with applicable anti-money laundering and anti-terrorist laws,
regulations and executive orders; 
 (viii) As a condition to any Transfer of such Member’s direct or indirect interest in
the Company, the Company and the other Members have the right to require full compliance with the representations, warranties and covenants contained in this Section 9.3; 

(ix) Such Member will notify the Company and the other Members promptly if there is any change with respect to any of the
representations or warranties (or any breach of a covenant) contained in this Section 9.3; and 
 (x) Such Member is a
“United States person” for United States federal income tax purposes. 
 (c) Each Member hereby acknowledges and
agrees that the Company and the other Members have relied on the truthfulness of (and compliance by such Member with) each and every provision of this Section 9.3, and that any breach of such representations, warranties or covenants, including,
without limitation, one that causes a breach or violation of, or a failed condition under, any documents by which the Company is bound (such as loan documents), is likely to result in substantial loss for the Company and/or the other Members.

  
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 (d) Each Member hereby acknowledges and agrees that if, following its investment in the
Company, the Company or any other Member reasonably believes that such Member has breached any of its representations, warranties or covenants set forth in this Section 9.3, or that any action is otherwise required by law or regulation, the
Company and the other Members have the right or may be obligated to freeze or block such Member’s investment in the Company, to prohibit additional investments by such Member in the Company, to segregate the assets constituting such
Member’s investment in accordance with applicable AML/OFAC Laws and regulations, to decline any redemption or transfer requests made by or on behalf of such Member, to redeem such Member’s investment, and/or to report any such action to
the applicable governmental authorities. Each Member further acknowledges and agrees that it will have no claim against the Company and/or any other Member or any of their respective Affiliates for any form of damages as a result of any of the
foregoing actions. 
 Section 9.4 Survival. The representations and warranties of the Members contained in this
Agreement shall survive the Closing Date. 
 ARTICLE X. 
 DISSOLUTION AND TERMINATION OF THE COMPANY 
 Section 10.1 Dissolution.
The Company shall be dissolved and its business wound up upon the earliest to occur of any one of the following events, unless the Members vote to continue the life of the Company upon the occurrence of such an event: 

(a) The written determination of Cerberus and Chatham to terminate the Company; 

(b) Twenty-four (24) months after the sale, condemnation or other disposition of all Properties and the receipt of
all consideration therefor; or 
 (c) The entry of a decree of judicial dissolution of the Company pursuant to
the provisions of the Act. 
 Without limiting the generality of the foregoing, the permitted Transfer of a Member’s Interest will not
result in the dissolution of the Company. Except as otherwise specifically provided in this Agreement, each Member agrees that, without the consent of the other Members, no Member may withdraw from, terminate or cause a voluntary dissolution of the
Company, and, in the event that a Member withdraws from the Company or causes a dissolution of the Company in contravention of this Agreement, such withdrawal or dissolution shall not reduce or otherwise affect such Member’s continuing
liability for the obligations and liabilities of the Company. 
 Section 10.2 Continuation of Interest of Member’s
Representative. Notwithstanding anything contained herein, upon the expulsion, receivership, dissolution or Bankruptcy of a Member, the personal representative, trustee-in-bankruptcy, debtor-in-possession, receiver, other representative,
successor, heir or legatee (each a “Representative”) of such Member shall, subject to the provisions of Section 5.1, immediately succeed to the Percentage Interest of such Member in the Company. Such Representative shall
appoint an individual (which may be such Representative) who will represent the Representative’s voting interest, if any (the “Voting Representative”). 

  
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 Section 10.3 Dissolution, Winding Up and Liquidation. 

(a) Upon a dissolution of the Company, the Company shall continue solely for purposes of winding up its affairs in an
orderly manner, liquidating its assets, and satisfying claims of its creditors. The liquidator of the Company shall take full account of the Company’s liabilities and property and shall cause the property or the proceeds from the sale thereof,
to the extent sufficient therefor, to be applied and distributed, to the maximum extent permitted by law, in the following order: 
 (i) first, to creditors (including Members who are creditors) in satisfaction of all of the Company’s debts and other liabilities, including the expenses of the winding-up, liquidation and
dissolution of the Company (whether by payment or the making of reasonable reserves to provide for payment thereof); and 

(ii) second, to the Members in accordance with Section 7.1. 

(b) Distributions pursuant to this Section 10.3 shall be made no later than the end of the Fiscal Year during which
the Company is liquidated (or, if later, 90 days after the date on which the Company is liquidated). 
 Section 10.4
Member Bankruptcy. 
 (a) Notwithstanding any other provision of this Agreement, the Bankruptcy of a
Member shall not cause the Member to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution. 

(b) Notwithstanding any other provision of this Agreement, each of the Members waives any right it might have to agree in
writing to dissolve the Company upon the Bankruptcy of the Members, or the occurrence of an event that causes the Member to cease to be a member of the Company. 
 ARTICLE XI. 
 INDEMNIFICATION AND CONTRIBUTION 

Section 11.1 Indemnity by the Company. Subject to the provisions of Section 11.4, the Company shall indemnify any Person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such Person is or was a Member,
Officer, director, Managing Member, Hotel Manager, controlling person, employee, legal representative or agent of the Company, or is or was serving at the request of the Company as manager, director, Managing Member, Hotel Manager, officer, partner,
member, shareholder, controlling person, employee, legal representative or agent of another limited liability company, partnership, corporation, joint venture, trust or other enterprise (an “Indemnified Person”), from

  
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and against any and all claims, actions, suits, proceedings, liabilities, obligations, losses, damages, judgments, fines, penalties, amounts paid in settlement, interest, costs and expenses
(including reasonable attorney’s and accountant’s fees, court costs and other out-of-pocket expenses actually and reasonably incurred in investigating, preparing or defending the foregoing) (including any such brought by or in the right of
the Company) suffered or incurred by such Indemnified Person while serving in such capacity or that otherwise in any way relate to or arise out of any action or inaction by such Indemnified Person or the Company (collectively, “Indemnifiable
Losses”), if such Indemnified Person acted in good faith and in a manner that such Indemnified Person reasonably believed to be in or not opposed to the best interests of the Company and not in violation of this Agreement or outside the
scope of such Person’s authority, and, with respect to a criminal action or proceeding, had no reasonable cause to believe such Person’s conduct was unlawful; provided, that the Company shall have no obligation to indemnify or defend
hereunder to the extent such action, suit or proceeding arises from fraud, bad faith, willful misconduct or gross negligence on the part of such Indemnified Person. 
 Section 11.2 Exculpation. No Indemnified Person shall be liable to any Member of the Company for any act or failure to act on behalf of the Company, unless such act or failure to act resulted
from fraud, bad faith, willful misconduct or gross negligence of the Indemnified Person. Each Indemnified Person may consult with legal counsel and accountants in respect of the Company’s affairs and shall be fully protected and justified in
any action or inaction which is taken in accordance with the advice or opinion of such counsel or accountants. 

Section 11.3 Expenses. Any indemnification under Section 11.1, as well as the advance payment of expenses permitted
under Section 11.4 shall be made by the Company to the fullest extent permitted under the Act. 
 Section 11.4
Advance Payment of Expenses. The expenses of any Member incurred in defending a civil or criminal action, suit or proceeding may be paid by the Company as they are incurred and in advance of the final disposition of the action, suit or
proceeding, upon receipt of an undertaking by or on behalf of such Member (in form and substance, from an indemnitor, reasonably satisfactory to all of the Initial Members), to repay the amount if it is ultimately determined by a court of competent
jurisdiction that such Member is not entitled to be indemnified by the Company. The provisions of this Section 11.4 do not affect and shall not be deemed exclusive of any other rights, including, without, limitation, any rights to
indemnification or advancement of expenses to which any such Indemnified Person other than the Members may be entitled under any contract, pursuant to approval of the Members, or otherwise by law. 

Section 11.5 Beneficiaries. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to
this Article XI continues for a Person who has ceased to be a Member, officer, employee or agent and inures to the benefit of the heirs, executors and administrators of such Person. 

Section 11.6 Indemnification Procedure for Third Party and Other Claims. The Company shall have the right, but not the
obligation, exercisable by written notice to the Indemnified Person seeking such indemnification hereunder promptly but in any event no later than 30 days after receipt of written notice from the Indemnified Person of the commencement

  
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of or assertion of any claim, action, suit or proceeding by a third party in respect of which indemnity may be sought hereunder (a “Third Party Claim”), to assume the defense and
control the settlement of such Third Party Claim that (a) involves (and continues to involve) solely money damages or (b) involves (and continues to involve) claims for both money damages and equitable relief against the Indemnified Party
that cannot be severed, where the claims for money damages are the primary claims asserted by the third party and the claims for equitable relief are incidental to the claims for money damages. The Indemnified Person shall have the right to assume
the defense and control the settlement of any Third Party Claim (i) not described in clauses (a) or (b) of the preceding sentence or (ii) described in clauses (a) or (b) of the preceding sentence whose defense and
control of settlement has not been promptly assumed by the Company. The Company or the Indemnified Person, as the case may be, shall have the right to participate in (but not control), at its own expense, the defense of any Third Party Claim that
the other is defending, as provided in this Agreement. The Company, if it has assumed the defense of any Third Party Claim as provided in this Agreement, shall not consent to a settlement of, or the entry of any judgment arising from, any such Third
Party Claim without the Indemnified Person’s prior written consent (which consent shall not be unreasonably withheld). The Company shall not, without the Indemnified Person’s prior written consent, enter into any compromise or settlement
which (A) commits the Indemnified Person to take, or to forbear to take, any action or (B) does not provide for a complete release by such Third Party of the Indemnified Person. The Indemnified Person shall have the sole and exclusive
right to settle any Third Party Claim, on such terms and conditions as it deems reasonably appropriate, to the extent such Third Party Claim involves equitable or other non-monetary relief against the Indemnified Person, and shall have the right to
settle any Third Party Claim involving money damages for which the Company has not assumed the defense pursuant to this Section 11.6 with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or
delayed. 
 Section 11.7 Other Claims. In the event an Indemnified Person shall claim a right to payment pursuant to
this Agreement for other than a Third Party Claim, such Indemnified Person shall send written notice of such claim to the Indemnifying Party. Such notice shall specify the basis for such claim. As promptly as possible after the Indemnified Person
has given such notice, the Indemnified Person and the Company shall attempt to resolve such claim by mutual agreement before resorting to other legal means to resolve such claim. 

Section 11.8 Limitation on Damages. Notwithstanding anything contained in this Agreement to the contrary, no party shall be
liable to the other party for any indirect, special, punitive, exemplary or consequential loss or damage (including any loss of revenue or profit) arising out of this Agreement including, without limitation, in respect of any breach by any Member of
this Agreement; provided, that the foregoing shall not be construed to preclude recovery by the Indemnified Person in respect of Indemnifiable Losses directly incurred from Third Party Claims. Any Indemnified Person shall take commercially
reasonable actions to mitigate his, her, its or their damages. The obligation of the Company to indemnify any Indemnified Person with respect to any Indemnifiable Losses hereunder resulting from any action, suit or proceeding shall not exceed the
value of the Business and the Properties. 

  
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 ARTICLE XII. 
 MISCELLANEOUS PROVISIONS 
 Section 12.1 Entire Agreement. This
Agreement, the Ink I LLC Agreement, the Ink III LLC Agreement, the Ink IV LLC Agreement, the Ink V LLC Agreement, the Ink VI LLC Agreement, the Ink VII LLC Agreement, and the Certificate of Formation constitute the complete and exclusive statement
of the agreement among the Members with respect to the subject matter contained herein and therein. This Agreement, the Ink I LLC Agreement, the Ink III LLC Agreement, the Ink IV LLC Agreement, the Ink V LLC Agreement, the Ink VI LLC Agreement, the
Ink VII LLC Agreement, and the Certificate of Formation replace and supersede all prior agreements by and among the Members with respect to the subject matter contained herein and therein. 

Section 12.2 Amendments. This Agreement may be amended only by the unanimous written consent of the Initial Members.

 Section 12.3 Applicable Law; Venue. 

(a) The Certificate of Formation and this Agreement shall be governed exclusively by their respective terms and the laws
of the State of Delaware, without regard to the conflicts of laws principles thereof. 
 (b) Any legal action or
proceeding with respect to this Agreement and any action for enforcement of any judgment in respect thereof may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York, and, by
execution and delivery of this Agreement, each Member hereby accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts and the appellate courts thereof. Each Member
irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party at the address for notices set
forth herein. Each Member hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the courts
referred to above and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 12.4 Enforcement. In the event of an action, suit or proceeding initiated by one Member against another Member or the
Company involving the enforcement of its rights hereunder, the prevailing party shall be entitled to indemnification from the other party of reasonable attorneys’ fees and expenses incurred in enforcing its rights in such action, suit or
proceeding in accordance with this Section. 
 Section 12.5 Headings. The headings in this Agreement are inserted
for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent or intent of this Agreement or any provisions contained herein. 

  
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 Section 12.6 Severability. If any provision of this Agreement or the application
thereof to any Person or circumstance shall be deemed invalid, illegal or unenforceable to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the fullest extent permitted by law.

 Section 12.7 Counterparts. This Agreement may be executed in several counterparts with the same effect as if the
parties executing the several counterparts had all executed one counterpart. 
 Section 12.8 Filings. Following the
execution and delivery of this Agreement, representatives of the Company, shall promptly prepare any documents required to be filed and recorded under the Act, and such representatives shall promptly cause each such document to be filed and recorded
in accordance with the Act and, to the extent required by local law, to be filed and recorded or notice thereof to be published in the appropriate place in each jurisdiction in which the Company may hereafter establish a place of business. Such
representatives, under shall also promptly cause to be filed, recorded and published such statements of fictitious business name and any other notices, certificates, statements or other instruments required by any provision of any applicable law of
the United States or any state or other jurisdiction which governs the conduct of its business from time to time. 

Section 12.9 Additional Documents. Each Member agrees to perform all further acts and to execute, acknowledge and deliver any
documents that may be reasonably necessary to carry out the provisions of this Agreement. 
 Section 12.10 Notices.
All notices, requests and other communications to any party hereunder shall be in writing (including facsimile) and shall be effective and deemed delivered or given, as the case may be, (a) if given by facsimile, when transmitted and the
appropriate confirmation is received from the machine transmitting such facsimile, and followed by hard copy via overnight mail or reputable overnight courier for receipt the next Business Day, (b) if given by reputable overnight courier, on
the next Business Day, (c) by hand delivery, when delivered or (d) if mailed, on the second Business following the day on which sent by first class mail: 
 If to Cerberus, addressed as follows: 
 c/o Cerberus Real Estate Capital
Management, LLC 
 299 Park Avenue, 22nd Floor 
 New York, NY 10022 
 Attention: Tom Wagner 

Facsimile number: (646) 885-3391 
 With a copy to: 
 Schulte Roth & Zabel LLP 

919 Third Avenue 

New York, New York 10022 
 Attention: Stuart D. Freedman, Esq. 
 Facsimile number: (212) 593-5955

  
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 If to Chatham, addressed as follows: 

c/o Chatham Realty Trust 
 50 Cocoanut Row, Suite 200 
 Palm Beach, FL 33480 

Attention: Jeffrey Fisher 
 Facsimile number: (561) 835-4125 
 With a copy to: 

Wachtell, Lipton, Rosen & Katz 
 51 West 52nd
Street 
 New York, NY 10019 
 Attention: Scott K. Charles, Esq. 

                 Robin Panovka, Esq. 

Facsimile number: (212) 403-2000 
 If to any other Member, at the addresses or facsimile numbers set forth on the signature page to this Agreement or such other addresses or facsimile numbers as such Member may hereafter specify to the
Managing Member, who shall so notify the other Members. 
 Section 12.11 Waiver of Right to Partition and Bill of
Accounting. To the fullest extent permitted by applicable law, each Member covenants that it will not, and hereby waives any right to, file a bill for partnership accounting. Each Member irrevocably waives any right that it may have to maintain
any action for dissolution of the Company (unless the Company is dissolved pursuant to Section 10.1). 
 Section 12.12
Confidentiality; Press Releases. Each Member shall keep confidential all information of a confidential nature obtained pursuant to this Agreement, except that a Member shall be entitled to disclose such confidential information to
(a) its advisors, agents, employees, trustees, lenders, franchisors, consultants, lawyers, accountants and other service providers as reasonably necessary in the furtherance of such Member’s bona fide interests, as otherwise required by
law or judicial process and to comply with reporting requirements, and to potential transferees of its percentage interests provided that such potential transferees enter into customary confidentiality agreements, with the Company expressly stated
therein to be a third party beneficiary thereof, (b) its investors provided that such investors are subject to confidentiality obligations, and (c) the extent required to comply with applicable reporting requirements under the Federal
securities laws. Notwithstanding anything in this Agreement to the contrary, to comply with Regulations 1.6011-4(b)(3)(i), each Member (and any employee, representative or other agent of such Member) may disclose to any and all persons, without
limitation of any kind, the U.S. federal income tax treatment and tax structure of the Company or any transactions undertaken by the Company, it being understood and agreed, for this purpose, (a) the name of, or any other identifying
information regarding (i) the Company or any existing or future Member (or any affiliate thereof) in the Company, or (ii) any investment or transaction entered into by the Company; and (b) any performance information relating to the
Company, does not constitute such tax treatment or tax structure information. No Member shall publicly make any public announcements regarding this Agreement or the Company or its 

  
 -64-

 
business; provided, however, each Initial Member may consult with and obtain the approval of the other Initial Members before issuing a press release or other public announcement with respect to
this Agreement and may issue a press release or make a public announcement following such consultation and approval. 

Section 12.13 Uniform Commercial Code. Each limited liability company interest in the Company shall constitute a
“security” within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial Code (including Section 8 102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the Uniform
Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and
approved by the American Bar Association on February 14, 1995. 
 Section 12.14 Binding Agreement.
Notwithstanding any other provision of this Agreement, the Members agree that this Agreement constitutes a legal, valid and binding agreement of the Members, and is enforceable against the Members by the Company in accordance with its terms.

 Section 12.15 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty,
agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 12.16 DISCLOSURES. THE INTERESTS OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND SUCH LAWS. THE INTERESTS ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE 1933 ACT AND SUCH LAWS PURSUANT TO EXEMPTION FROM REGISTRATION THEREUNDER. THERE WILL NOT BE ANY PUBLIC MARKET FOR THE INTERESTS. IN ADDITION, THE TERMS OF
THIS AGREEMENT RESTRICT THE TRANSFERABILITY OF INTERESTS. 

  
 -65-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the
date first above written. 
  

			
	MEMBERS:
	
	CRE-INK MEMBER II INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	CHATHAM TRS HOLDING INC.
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE A 
 MEMBERS 
  

									
	MEMBER’S NAME	  	INITIAL CAPITAL
CONTRIBUTION AMOUNT	 	  	PERCENTAGE
INTEREST	 
			
	 CRE-Ink Member II, Inc.
	  	$	[    ]	  	  	 	89.7	% 
			
	 Chatham TRS Holding Inc.
	  	$	[    ]	  	  	 	10.3	% 
			
	 TOTAL
	  	$	[    ]	  	  	 	100.0	% 

 EXHIBIT A 
 Hotel Management Agreement 
 [On file with the Company] 

 EXHIBIT B 
 The Amended Bid 
 [On file with the Company] 

 EXHIBIT C 
 Contribution Agreement 
 [See attached] 

 EXHIBIT D 
 Operating Budget 
 [See attached] 

 ANNEX A 
 Properties 
 Marriott Properties 

 

	
	 Fort Wayne, IN Residence Inn by Marriott

 Hilton Properties 
  

	
	 Albany, NY Hampton Inn by Hilton

	 Germantown, MD Hampton Inn by Hilton

	 Valencia, CA Embassy Suites by Hilton

	 Westchester, IL Hampton Inn by Hilton

	 Woburn, MA Hampton Inn by Hilton

 Unaffiliated Properties 
  

	
	 107 Merrimac Street, Boston, MA 02114

	 1600 East Grand River Avenue, East Lansing, MI 48823

	 2701 East Beltline Avenue SE, Grand Rapids, MI 49546

	 3553 Founders Road, Indianapolis, IN 46268

	 222 East 22nd Street, Lombard, IL 60148

	 1300 E. Higgins Road, Schaumburg, IL 60173

	 2600 Livernois Road, Troy, MI 48083Stock Purchase Agreement

 Exhibit 10.16 

 
  
 STOCK PURCHASE AGREEMENT 
 By and Among 

THE SELLERS NAMED HEREIN 
 and 
 ENVESTNET, INC. 

 
  

Dated as of February 9, 2012 
  

 

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	ARTICLE I	  	DEFINITIONS	  	 	1	  
			
	1.1	  	Certain Defined Terms	  	 	1	  
			
	ARTICLE II	  	SALE AND PURCHASE OF THE COMPANY COMMON STOCK	  	 	7	  
			
	2.1	  	Sale and Purchase of the Company Common Stock	  	 	7	  
			
	2.2	  	Optionholders	  	 	7	  
			
	2.3	  	Purchase Price	  	 	7	  
			
	2.4	  	Adjustment to the Purchase Price	  	 	7	  
			
	2.5	  	The Closing	  	 	9	  
			
	2.6	  	Sellers’ Representative	  	 	11	  
			
	ARTICLE III	  	REPRESENTATIONS AND WARRANTIES OF SELLERS	  	 	11	  
			
	3.1	  	Corporate Organization	  	 	11	  
			
	3.2	  	Capitalization	  	 	12	  
			
	3.3	  	Authority; No Violation	  	 	12	  
			
	3.4	  	Consents and Approvals	  	 	13	  
			
	3.5	  	Reports	  	 	13	  
			
	3.6	  	Financial Statements	  	 	14	  
			
	3.7	  	Undisclosed Liabilities	  	 	14	  
			
	3.8	  	Absence of Certain Changes or Events	  	 	14	  
			
	3.9	  	Legal Proceedings	  	 	14	  
			
	3.10	  	Taxes and Tax Returns	  	 	15	  
			
	3.11	  	Net Operating Losses	  	 	16	  
			
	3.12	  	Employee Benefit Plans	  	 	17	  
			
	3.13	  	Labor Union	  	 	18	  
			
	3.14	  	Compliance with Applicable Law	  	 	18	  
			
	3.15	  	Material Contracts	  	 	18	  
			
	3.16	  	Environmental Liability	  	 	19	  
			
	3.17	  	Insurance	  	 	20	  
			
	3.18	  	Title to Properties	  	 	20	  
			
	3.19	  	Intellectual Property	  	 	20	  
			
	3.20	  	Broker’s Fees	  	 	21	  
			
	3.21	  	Eligibility	  	 	21	  

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	3.22	  	Books and Records	  	 	22	  
			
	3.23	  	Material Clients	  	 	22	  
			
	3.24	  	Services	  	 	22	  
			
	3.25	  	Collective Investment Funds	  	 	22	  
			
	3.26	  	No Additional Representations	  	 	22	  
			
	ARTICLE IV	  	REPRESENTATIONS AND WARRANTIES OF PURCHASER	  	 	23	  
			
	4.1	  	Corporate Organization	  	 	23	  
			
	4.2	  	Authority; No Violation	  	 	23	  
			
	4.3	  	Consents and Approvals	  	 	24	  
			
	4.4	  	Financial Wherewithal	  	 	24	  
			
	4.5	  	Legal Proceedings	  	 	24	  
			
	4.6	  	Compliance with Applicable Law	  	 	24	  
			
	4.7	  	Agreements with Regulatory Agencies	  	 	24	  
			
	4.8	  	Broker’s Fees	  	 	24	  
			
	4.9	  	No Additional Representations	  	 	24	  
			
	ARTICLE V	  	COVENANTS RELATING TO CONDUCT OF BUSINESS	  	 	25	  
			
	5.1	  	Conduct of Business of Company Prior to the Closing Date	  	 	25	  
			
	5.2	  	Forbearances of Sellers	  	 	25	  
			
	5.3	  	No Solicitation	  	 	26	  
			
	ARTICLE VI	  	ADDITIONAL AGREEMENTS	  	 	27	  
			
	6.1	  	Regulatory Matters	  	 	27	  
			
	6.2	  	Access to Information	  	 	27	  
			
	6.3	  	Public Disclosure	  	 	28	  
			
	6.4	  	Employees; Employee Benefit Matters	  	 	28	  
			
	6.5	  	Certain Client Matters	  	 	29	  
			
	6.6	  	Cooperation	  	 	30	  
			
	6.7	  	Non-Solicitation	  	 	30	  
			
	6.8	  	Tax Matters	  	 	32	  
			
	6.9	  	Financial Statements	  	 	34	  
			
	6.10	  	Surrender and Cancellation of Stock Options	  	 	35	  
			
	6.11	  	Collective Investment Funds	  	 	35	  
			
	6.12	  	Transition Services	  	 	35	  

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	ARTICLE VII	  	CONDITIONS PRECEDENT	  	 	35	  
			
	7.1	  	Conditions to Each Party’s Obligation to Effect the Closing	  	 	35	  
			
	7.2	  	Conditions to Obligations of Purchaser	  	 	36	  
			
	7.3	  	Conditions to Obligations of Sellers	  	 	37	  
			
	ARTICLE VIII	  	TERMINATION AND AMENDMENT	  	 	37	  
			
	8.1	  	Termination	  	 	37	  
			
	8.2	  	Effect of Termination	  	 	38	  
			
	8.3	  	Amendment	  	 	38	  
			
	8.4	  	Extension; Waiver	  	 	38	  
			
	ARTICLE IX	  	INDEMNIFICATION	  	 	38	  
			
	9.1	  	Survival of Representations and Warranties and Agreements	  	 	38	  
			
	9.2	  	Indemnification by Sellers	  	 	39	  
			
	9.3	  	Indemnification by Purchaser	  	 	40	  
			
	9.4	  	Indemnification Procedure	  	 	41	  
			
	9.5	  	Certain Offsets; Tax Treatment of Payments	  	 	43	  
			
	9.6	  	Pre-Closing Taxes	  	 	43	  
			
	9.7	  	Interpretation of Representations and Warranties	  	 	43	  
			
	9.8	  	Exclusive Remedy	  	 	43	  
			
	ARTICLE X	  	GENERAL PROVISIONS	  	 	44	  
			
	10.1	  	Expenses	  	 	44	  
			
	10.2	  	Notices	  	 	44	  
			
	10.3	  	Interpretation	  	 	45	  
			
	10.4	  	Counterparts	  	 	45	  
			
	10.5	  	Entire Agreement	  	 	45	  
			
	10.6	  	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	45	  
			
	10.7	  	Attorneys’ Fees	  	 	46	  
			
	10.8	  	Severability	  	 	46	  
			
	10.9	  	Assignment; Third Party Beneficiaries	  	 	46	  
			
	10.10	  	Legal Representation	  	 	46	  
			
	10.11	  	Post-Closing Releases	  	 	47	  

 STOCK PURCHASE AGREEMENT 

Stock Purchase Agreement (“Agreement”), dated as of February 9, 2012 by and among the parties set forth on Schedule
A annexed hereto (“Sellers”) and Envestnet, Inc., a Delaware corporation (“Purchaser”). Certain capitalized terms have the meanings given to such terms in Article I. 

RECITALS 
 A.
WHEREAS, Sellers are the owners of all of the outstanding shares of capital stock of Prima Capital Holding, Inc., a Colorado corporation (“Company”), representing all of the outstanding shares of capital stock of Company;

 B. WHEREAS, Purchaser wishes to purchase from Sellers, and Sellers wish to sell to Purchaser, the Company Common Stock in
accordance with the provisions set forth herein; and 
 C. WHEREAS, concurrently with the execution hereof, Purchaser has
entered into an employment letter agreement with J. Gibson Watson (the “Watson Employment Letter”). 
 NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements set forth herein, and for other good and valuable consideration, and intending to be legally bound, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS 
 1.1 Certain Defined Terms. Unless the context otherwise
requires, the following terms, when used in this Agreement, shall have the respective meanings specified below (such meanings to be equally applicable to the singular and plural forms of the terms defined): 

“1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Advisers Act” shall mean the Investment Advisers Act of 1940, as amended. 

“Affiliate” of a Person shall mean any Person that directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with, such Person. Notwithstanding the foregoing, with respect to Purchaser, the term “Affiliate” shall only include Purchaser and its direct and indirect controlled subsidiaries and shall not
include any shareholder of Purchaser or any Affiliate of such shareholder other than an Affiliate that is Purchaser or its direct or indirect controlled subsidiaries. 
 “Agreed Claims” shall have the meaning stated in Section 9.4(c). 
 “Agreement” shall have the meaning stated in the preamble to this document. 

  
 1 

 “Articles of Incorporation” shall mean the Articles of Incorporation of
Company filed with the Colorado Secretary of State on November 6, 1998, as amended from time to time thereafter, and currently in effect. 
 “Balance Sheet” shall have the meaning stated in Section 3.6(a). 
 “Balance Sheet Date” shall have the meaning stated in Section 3.6(a). 
 “Broadridge” shall mean Broadridge Financial Solutions, Inc., a Delaware corporation. 
 “Business Day” shall mean any day other than a Saturday, Sunday or day on which banking institutions in Chicago, Illinois or New York, New York are authorized or obligated pursuant to
legal requirements or executive order to be closed. 
 “CERCLA” shall mean the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as amended. 
 “Claim Certificate” shall have the meaning
stated in Section 9.4(a). 
 “Client” means any Person to which Company or Company Subsidiary provides
investment management, investment advisory services, including any sub-advisory services, pursuant to an Investment Advisory Agreement, software, or technology services agreement. 

“Closing” shall have the meaning stated in Section 2.5(a). 

“Closing Balance Sheet” shall have the meaning stated in Section 2.4(c). 

“Closing Date” shall mean the date on which the Closing actually occurs. 

“Closing Working Capital” shall have the meaning stated Section 2.4(c). 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Company” shall have the meaning stated in the first Recital. 

“Company Benefit Plans” shall have the meaning stated in Section 3.12(a). 

“Company Common Stock” shall mean the common stock, no par value per share, of the Company. 

“Company Financial Statements” shall have the meaning stated in Section 3.6(a). 

“Company Intellectual Property” shall have the meaning stated in Section 3.19(a). 

“Company Subsidiary” shall mean Prima Portfolio Services, Inc., a Colorado corporation. 

“Competing Business” shall have the meaning stated in Section 6.7(c). 

  
 2 

 “Confidentiality Agreement” shall mean the Confidentiality Agreement dated
as of August 8, 2011 by and between Prima Capital Holding, Inc. and Purchaser (as it may be amended from time to time). 

“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
policies of a Person, whether through the ownership of voting securities or other equity interests, by contract or otherwise. The terms “controlled by” and “under common control with” shall have correlative meanings. 

“Corporate Entity” shall mean a bank, trust, corporation, partnership, limited liability company, limited liability
partnership or other organization, whether an incorporated or unincorporated organization. 
 “Covered
Employees” shall have the meaning stated in Section 6.4(a). 
 “Damages” shall mean all costs,
damages, liabilities, awards, judgments, losses or costs and expenses, interest, awards, judgments and penalties (including reasonable attorneys’ fees and consultants’ fees and expenses) actually suffered or incurred. Damages shall not
include lost profits or opportunity costs or consequential, incidental, special, indirect, exemplary or punitive damages, except to the extent the Damages being measured relate to a contract or agreement, Lost Profits specifically attributable to
such contract or agreement, for the remaining life of such contract or agreement, prior to any extension, renewal or replacement thereof, may be included in the determination of Damages relating thereto. 

“Designated Purchaser Representations” shall have the meaning stated in Section 9.1. 

“Designated Sellers Representations” shall have the meaning stated in Section 9.1. 

“Disclosure Schedule” shall mean the document dated the date of the Agreement delivered by Sellers to Purchaser prior to
the execution and delivery of the Agreement and referring to the representations and warranties of Sellers in the Agreement. 

“Dispute” shall mean any dispute regarding one or more claims for money damages based upon, arising out of or in any way
connected with this Agreement or the transactions contemplated in this Agreement. 
 “ERISA” shall have the
meaning stated in Section 3.12(a). 
 “ERISA Affiliate” shall mean any person, any corporation, trade or
business which together with the Company, is a member of a controlled group of corporations or a group of trades or businesses under common control within the meaning of section 414 of the Code. 

“Escrow Agent” shall mean Broadridge Corporate Issuer Solutions, Inc. 

“Escrow Agreement” shall mean the Escrow Agreement in the form annexed hereto as Exhibit B. 

“Escrow Amount” shall mean $1,457,500. 

  
 3 

 “Estimated Working Capital” shall have the meaning stated in
Section 2.4(a). 
 “Final Working Capital” shall have the meaning stated in Section 2.4(g).

 “GAAP” means United States generally accepted accounting principles. 

“Governmental Entity” shall mean any court, administrative agency, arbitrator or commission or other governmental,
prosecutorial or regulatory authority or instrumentality, or any domestic or foreign securities, broker-dealer, investment adviser and insurance industry self-regulatory organization. 

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

“Indemnified Party” shall have the meaning stated in Section 9.4(a). 

“Indemnifying Party” shall have the meaning stated in Section 9.4(a). 

“Intellectual Property” shall mean all rights in, arising out of or associated with all domestic and foreign, registered
or unregistered (i) trademarks, service marks, trade names, trade dress, commercial symbols, logos, and slogans, internet domains and URLs, any trademark and service mark applications and all goodwill associated with any of the foregoing,
(ii) patents, including all divisionals, continuations, continuations-in-part, extensions, substitutions, renewals, reexaminations, and reissues, and any applications for patents, (iii) works of authorship, database rights, copyrights and
any registrations or applications for registration of any copyrights, (iv) all computer software programs and applications (in both source code and object code form) and all supporting documentation, algorithms and databases, (v) trade
secrets and know-how and (vi) any other intellectual property right recognized under applicable Laws. 

“Investment Advisory Agreement” means an agreement under which Company or a Company Subsidiary acts as an investment
adviser or sub-adviser to, or manages any investment or trading account of, any Client. 
 “IRS” shall mean the
Internal Revenue Service. 
 “Knowledge” means, with respect to Sellers, the actual knowledge following
reasonable inquiry and investigation of J. Gibson Watson, III, David F. Eral, Geoffrey D. Selzer, Walter Gengarelly and Clifford W. Stanton. 
 “Laws” shall have the meaning stated in Section 3.14. 

“Lien” shall mean any lien, claim, charge, option, encumbrance, mortgage, pledge or security interest or other
restriction of any kind. 
 “Lost Profits” means revenues less direct costs specifically attributable to such
revenues. To the extent direct costs associated with such revenues cannot be identified after reasonable inquiry, Lost Profits will mean lost revenues. 

  
 4 

 “Material Adverse Effect” shall mean, with respect to Sellers, any effect
that (i) is, or would be reasonably likely to be, individually or in the aggregate with all other effects, material and adverse to the business, operations, financial condition or results of operations of Company and Company Subsidiary taken as
a whole or (ii) prevents, or would be reasonably likely to prevent, Sellers from consummating the transactions contemplated hereby, other than (in the case of clause (i) above) (A) any effect resulting from changes after
the date hereof relating to the economy in general, including market fluctuations and changes in interest rates, or to Company’s industry in general which does not disproportionately affect the Company and Company Subsidiary relative to
Company’s industry, (B) any effect resulting from changes after the date hereof in laws, rules or regulations, or interpretations thereof by Governmental Entities or from changes in GAAP or regulatory accounting principles that affect in
general the businesses in which Company and Company Subsidiary are engaged which does not disproportionately affect the Company and Company Subsidiary relative to Company’s industry, (C) any effect resulting from the occurrence of a
natural disaster or from changes after the date hereof in global or national political conditions, including the outbreak of war or acts of terrorism or (D) any effect resulting from the death or disability of any one of David F. Eral, Geoffrey
D. Selzer, or Walter Gengarelly. 
 “Material Clients” shall have the meaning stated in
Section 3.15(a)(vii). 
 “Material Contracts” shall have the meaning stated in Section 3.15(a).

 “Matrix” shall mean Matrix Financial Solutions, Inc., a Delaware corporation. 

“Matrix Competing Business” shall have the meaning stated in Section 6.7(c). 

“MG Trust” shall mean MG Trust Company, LLC, a Colorado limited liability company. 

“Notes” shall have the meaning stated in Section 2.2. 

“Option Exercise Letters” shall have the meaning stated in Section 2.2. 

“Optionholders” shall have the meaning stated in Section 2.2. 

“Paying Agent” shall mean the Escrow Agent, acting as agent for Sellers in the receipt and disbursement of the Purchase
Price. 
 “Person” shall mean any individual, Corporate Entity or Governmental Entity. 

“Pre-Closing Period” shall mean any taxable period, or portion thereof, ending on or before the Closing Date.

 “Pro Rata Share” shall have the meaning stated in Section 2.3. 

“Purchase Price” shall have the meaning stated in Section 2.3. 

“Purchaser” shall mean Envestnet, Inc., a Delaware corporation. 

  
 5 

 “Purchaser Benefit Plans” shall have the meaning stated in
Section 6.4(b). 
 “Purchaser Indemnitees” shall have the meaning stated in Section 9.2. 

“Purchaser Non Solicitation Period” shall have the meaning stated in Section 6.7(a). 

“Purchaser Representatives” shall have the meaning stated in Section 6.2(a). 

“Regulatory Agencies” shall have the meaning stated in Section 3.5. 

“Requisite Regulatory Approvals” shall have the meaning stated in Section 3.4. 

“Reserve Fund” means an amount equal to $100,000, to be held by the Escrow Agent for the payment of any and all
out-of-pocket costs, fees and expenses payable by the Seller’s Representative in connection with the performance of its obligations under this Agreement, the Escrow Agreement and the Paying Agent Agreement. 

“Restricted Entities” shall have the meaning stated in Section 6.7(a). 

“Run-Rate Revenue” shall mean the revenue generated from the Company’s advisory client contracts calculated
by excluding management fees on the Company’s funds business; excluding one-time and non-recurring revenues unrelated to existing clients; and adjusted for revenue associated with notified contract additions or terminations as of the date of
this Agreement and adjusted for the period between the date of this Agreement and the Closing Date. A calculation of Run-Rate Revenue as of the date hereof is set forth on Exhibit C annexed hereto. 

“Sellers” shall mean the parties identified on Exhibit A annexed hereto, including the Optionholders. 

“Sellers Non Solicitation Period” shall have the meaning stated in Section 6.7(d). 

“Sellers’ Representative” shall have the meaning stated in Section 2.6. 

“Seller Indemnitees” shall have the meaning stated in Section 9.3. 

“Straddle Period” shall mean any taxable period that begins before, and ends after, the Closing Date. 

“Subsidiary” shall mean, when used with respect to any party, any Corporate Entity which is consolidated with such party
for financial reporting purposes. 
 “Target Working Capital” shall have the meaning stated in
Section 2.4(b). 
 “Tax” or “Taxes” shall mean all federal, state, local, and foreign
income, excise, gross receipts, gross income, ad valorem, profits, gains, property, capital, sales, transfer, use, value-added, stamp, documentation, payroll, employment, severance, withholding, duties, license, intangibles, franchise, backup
withholding, environmental, occupation, alternative or add-on minimum taxes, imposed by any Governmental Entity, and other taxes, charges, levies or like assessments, and including all penalties and additions to tax and interest thereon. 

  
 6 

 “Tax Proceeding” shall have the meaning stated in Section 6.7(b).

 “Tax Return” shall mean any return, declaration, report, statement, information statement and other document
filed or required to be filed with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof, supplied to a Person or a Governmental Entity. 

“Watson Employment Letter” shall have the meaning stated in the third Recital. 

ARTICLE II 
 SALE
AND PURCHASE OF THE COMPANY COMMON STOCK 
 2.1 Sale and Purchase of the Company Common Stock. Subject to the terms and
conditions of this Agreement, at the Closing, each Seller, severally and not jointly, agrees to sell, assign and transfer to Purchaser, and Purchaser agrees to purchase from each Seller, the number of shares of Company Common Stock set forth
opposite the name of each Seller on Exhibit A annexed hereto under the heading “Share Ownership,” free and clear of any Liens or rights or claims of others. No later than three Business Days prior to Closing, Sellers’ Representative
shall deliver to Purchaser an updated Schedule A that reflects any changes to Schedule A occurring between the date of this Agreement and the Closing Date. 
 2.2 Optionholders. Immediately prior to the Closing, each holder of options (the “Optionholders”) to acquire shares of the Company Common Stock shall exercise such options by
executing option exercise letters in the form attached hereto as Exhibit D-1 (with appropriate blanks filled in) (collectively, the “Option Exercise Letters”) and become a stockholder of the Company. In order to fund the exercise
price of the options, the Optionholder shall receive loans from the Company, which such loans shall be evidenced by promissory notes in the form attached hereto as Exhibit D-2 (with appropriate blanks filled in) (collectively, the
“Notes”) in favor of the Company. For the avoidance of doubt, “Sellers” shall include the Optionholders. The Company shall deliver copies of all of the Option Exercises and Notes promptly after execution thereof.

 2.3 Purchase Price. The purchase price payable by Purchaser for the Company Common Stock shall be $13,750,000, subject
to adjustment as set forth in Section 2.4 and Section 7.2(e) (the “Purchase Price”), which Purchase Price shall be allocated among the Sellers in accordance with each Seller’s pro rata share of the total number of
shares of Company Common Stock sold to Purchaser (the “Pro Rata Share”). A portion of the Pro Rata Share of the Purchase Price payable to each Optionholder will be remitted to the Company at Closing in full payment of
the outstanding amount of his or her Note. 
 2.4 Adjustment to the Purchase Price. 

(a) No later than three Business Days prior to the date on which the Closing is scheduled to occur, Sellers’ Representative shall
deliver to Purchaser a good faith estimate of the 

  
 7 

 
Closing Balance Sheet and, based on such estimated Closing Balance Sheet, a good faith estimate of Closing Working Capital (the “Estimated Working Capital”). The Estimated
Working Capital will be accompanied by a certificate of Sellers’ Representative specifying that it was prepared in accordance with GAAP and the policies, practices and methodologies used in connection with the preparation of the Balance Sheet
and the provisions of this Section. Sellers’ Representative shall also deliver to Purchaser copies of all work papers and other documents used in the calculation of Estimated Working Capital as necessary to allow Purchaser and Sellers’
Representative to determine the adjustments to the Purchase Price hereunder. 
 (b) If Target Working Capital exceeds Estimated
Working Capital, the Purchase Price shall be decreased by the amount of such excess. If Estimated Working Capital exceeds Target Working Capital, the Purchase Price shall be increased by the amount of such excess. “Target Working
Capital” means Six Hundred Thousand Dollars ($600,000). 
 (c) As promptly as practicable, but no later than 45 days
after the Closing Date, Purchaser will cause to be prepared and delivered to Sellers’ Representative a consolidated balance sheet of the Company as of the close of business on the Closing Date (and shall reflect fully the effectuation of the
transactions contemplated by this Agreement) prepared in accordance with GAAP and the policies, practices and methodologies used in connection with the preparation of the Balance Sheet (the “Closing Balance Sheet”). The Closing
Balance Sheet will be accompanied by a certificate of Purchaser specifying that it was prepared in accordance with the provisions of this Section and setting forth Purchaser’s calculation of Closing Working Capital. “Closing Working
Capital” means the consolidated current assets of the Company minus the consolidated liabilities of the Company (excluding deferred revenues), each as shown on the Closing Balance Sheet, determined as set forth in this
Section 2.4. 
 (d) If Sellers’ Representative disagrees with Purchaser’s calculation of Closing Working Capital,
Sellers’ Representative may, within 45 days after Purchaser’s delivery of the Closing Balance Sheet, deliver a notice to Purchaser disagreeing with such calculation and which specifies Sellers’ Representative’s calculation of
such amount and, in reasonable detail, Sellers’ Representative’s grounds for such disagreement. Any such notice of disagreement shall specify those items or amounts as to which Sellers’ Representative disagrees. 

(e) If a notice of disagreement shall be duly delivered pursuant to the preceding subsection, Purchaser and Sellers’ Representative
shall, during the 15 days following such delivery, use their reasonable best efforts to reach agreement on the disputed items or amounts in order to determine, as may be required, the amount of Closing Working Capital, which amount shall not be less
than the amount thereof shown in Purchaser’s calculations delivered pursuant to Section 2.4(c) nor more than the amount thereof shown in Sellers’ calculation delivered pursuant to Section 2.4(d). If Purchaser and Sellers’
Representative are unable to reach such agreement during such period, they shall promptly thereafter cause BDO Seidman (or if such firm is unable or unwilling to act, independent accountants of nationally recognized standing reasonably satisfactory
to Purchaser and Sellers’ Representative (who shall not have any material relationship with Purchaser or Sellers)), promptly to review this Agreement and the disputed items or amounts for the purpose of calculating Closing Working Capital. In
making such calculation, such independent accountants shall consider only those items or amounts in the Closing Balance Sheet or Purchaser’s calculation of Closing Working 

  
 8 

 
Capital as to which Sellers have disagreed. Such independent accountants shall deliver to Purchaser and Sellers’ Representative, as promptly as practicable, a report setting forth such
calculation. Such report shall be final and binding upon Purchaser and Sellers. The cost of such review and report shall be borne (i) by Purchaser if the difference between Final Working Capital and Purchaser’s calculation of Closing
Working Capital delivered pursuant to Section 2.4(c) is greater than the difference between Final Working Capital and Sellers’ Representative’s calculation of Closing Working Capital delivered pursuant to Section 2.4(d),
(ii) by Sellers if the first such difference is less than the second such difference, or (iii) otherwise equally by Purchaser, on the one hand, and Sellers, on the other hand. 

(f) Purchaser and Sellers’ Representative agree that they will, and agree to cause their respective independent accountants and each
of Company and Company Subsidiary to, cooperate and assist in the preparation of the Closing Balance Sheet and the calculation of Closing Working Capital and in the conduct of the audits and reviews referred to in this Section 2.4. 

(g) If Estimated Working Capital exceeds Final Working Capital, Purchaser shall be entitled to receive a payment from each Seller equal
to its Pro Rata Share of the amount of such excess. Notwithstanding the foregoing, Purchaser shall receive from the Escrow Agent up to $75,000 of such payment, and Purchaser shall be entitled to receive, at its option, any and all additional amounts
owed by the Sellers pursuant to the immediately preceding sentence from the Escrow Amount. If Final Working Capital exceeds Estimated Working Capital, each Seller shall be entitled to receive a payment from Purchaser equal to its Pro Rata Share of
the amount of such excess. “Final Working Capital” means the Closing Working Capital (i) as shown in Purchaser’s calculation delivered pursuant to Section 2.4(c), if no notice of disagreement with respect thereto is
duly and timely delivered pursuant to Section 2.4(d); or (ii) if such a notice of disagreement is delivered, (A) as agreed by Purchaser and Sellers’ Representative or (B) in the absence of such agreement, as shown in the
independent accountant’s calculation delivered pursuant to Section 2.4(e); provided that in no event shall Final Working Capital be more than Sellers’ calculation of Closing Working Capital delivered pursuant to
Section 2.4(d) or less than Purchaser’s calculation of Closing Working Capital delivered pursuant to Section 2.4(c). 
 (h) Any payment required under Section 2.4(g) shall be made at a mutually convenient time and place within 10 days after the Final Working Capital has been determined by wire transfer of immediately
available funds. Any payment shall be made by wire transfer of same day funds to the account designated by the party entitled to such payment. 
 2.5 The Closing. 
 (a) Subject to the terms and conditions of this
Agreement, the closing of the sale of the Company Common Stock to the Purchaser (the “Closing”) shall take place as soon as practicable, and in any event no later than three Business Days after the satisfaction or waiver (subject to
applicable law) of the latest to occur of the conditions set forth in Article VII hereof, unless extended by mutual agreement of the parties. The Closing shall take place at the offices of Squire Sanders (US) LLP, 4900 Key Tower, 127 Public Square,
Cleveland, Ohio 44114, or at such other location as the parties hereto may agree. 

  
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 (b) At the Closing: 

(i) Purchaser shall deliver (A) an amount equal to the Purchase Price minus the sum of the Escrow Amount and the Reserve Fund to
Paying Agent and (B) the Escrow Amount and the Reserve Fund to the Escrow Agent to be held in accordance with the Escrow Agreement, in each case by wire transfer of immediately available funds; 

(ii) Sellers shall deliver to Purchaser the stock certificates (or documentation reasonably acceptable to Purchaser in respect of any
lost stock certificates) representing the Company Common Stock, duly endorsed (or accompanied by duly executed stock powers); 

(iii) Those individuals listed on Section 2.5(b)(iii) of the Disclosure Schedule shall submit their resignations as directors and
officers of Company and its Subsidiaries, effective as of immediately prior to the Closing; 
 (iv) Sellers’
Representative shall deliver to Purchaser a recent good standing certificate regarding Company from the office of the Secretary of State of Colorado; 
 (v) Sellers’ Representative shall deliver to Purchaser a recent good standing certificate regarding Company Subsidiary from the office of the Secretary of State of Colorado; 

(vi) Sellers’ Representative shall deliver a certificate enclosing a copy of the charter and by-laws of each of Company and Company
Subsidiary, requisite resolutions or authority of Sellers’ board of directors, board of managers, shareholder or members, as applicable, approving the transactions contemplated by this Agreement, and a certification as to incumbency of the
signatories of Sellers executing and delivering this Agreement and the documents contemplated hereby and of Sellers’ Representative; 
 (vii) Purchaser shall deliver a certificate enclosing a copy of the charter and by-laws of Purchaser, copies of requisite resolutions or authority of Purchaser’s board of directors, board of
managers, shareholders or members, as applicable, approving the transactions contemplated by this Agreement, and a certification as to incumbency of the signatories of Purchaser executing and delivering this Agreement and the documents contemplated
hereby; 
 (viii) Sellers shall deliver the certificates required by Sections 7.2(a) and (b); and 

(ix) Purchaser shall deliver the certificates required by Sections 7.3(a) and (b). 

(x) Purchaser shall deliver to employees of the Company selected by Purchaser (in its discretion, but after consultation with J. Gibson
Watson) stock option agreements in the form set forth on Exhibit F annexed hereto evidencing options aggregating to a grant of 300,000 shares of Purchaser common stock. 

  
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 2.6 Sellers’ Representative. 

(a) Each Seller hereby authorizes and directs Matrix as its agent, proxy and attorney-in-fact and representative under this Agreement
(the “Sellers’ Representative”) to take such action on behalf of such Seller, and to exercise such rights, power and authority, as are authorized, delegated and granted to the Sellers’ Representative on behalf of Sellers
pursuant to this Agreement (including the right to receive notices and other documentation pursuant to the terms of this Agreement on behalf of Sellers). By its execution hereof, each Seller hereby authorizes, delegates and grants to the
Sellers’ Representative authority to take all actions that are to be taken by such Seller in connection with this Agreement and the transactions contemplated hereby, including pursuant to the Escrow Agreement. 

(b) Purchaser shall be entitled to deal with and rely conclusively on the action of Sellers’ Representative under this Agreement as
provided herein without any duty of further investigation or inquiry. 
 (c) To the extent Sellers’ Representative
exercises good faith in fulfilling its obligations hereunder, Purchaser agrees that the Sellers’ Representative is serving in such capacity solely for purposes of administrative convenience, and shall not be liable in such
capacity for any of the obligations of Sellers hereunder, and Purchaser shall not look to the assets of the Sellers’ Representative in its capacity as such for the satisfaction of any obligations to be performed by Sellers hereunder.

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SELLERS 
 Except as disclosed in the Disclosure
Schedule, each Seller, severally and not jointly, represents and warrants to Purchaser that the following is true and correct. The Disclosure Schedule shall be organized to correspond to the Sections in this Article III. Each exception set forth in
the Disclosure Schedule shall qualify (i) the corresponding representation and warranty set forth in this Agreement that is specifically identified (by cross-reference or otherwise) in the Disclosure Schedule and (ii) any other
representation and warranty to the extent the relevance of such exception to such other representation and warranty is reasonably clear. 
 3.1 Corporate Organization. 
 (a) Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Colorado. Company has the corporate power and authority to own or lease all of its properties and assets and to carry on its business as it is now being conducted, and is duly
licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except
where the failure to be so licensed or qualified would not have a Material Adverse Effect. True and complete copies of the Articles of Incorporation and bylaws of Company, as in effect as of the date of this Agreement, have previously been furnished
or made available to Purchaser. 
 (b) Prima Portfolio Services, Inc., a Colorado corporation, is the sole Subsidiary of Company
(“Company Subsidiary”). All of the outstanding shares of capital stock 

  
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or other securities evidencing ownership of Company Subsidiary are validly issued, fully paid and non-assessable and except as set forth in Section 3.1(b) of the Disclosure Schedule such
shares or other securities are owned by Company free and clear of any Lien with respect thereto. There are no outstanding subscriptions, options, warrants, puts, calls, rights, exchangeable or convertible securities or other commitments or
agreements of any character relating to the issued or unissued capital stock or other securities of Company Subsidiary, or otherwise obligating Company or Company Subsidiary to issue, transfer, sell, purchase, redeem or otherwise acquire any such
securities of Company Subsidiary. Company Subsidiary (i) is a corporation validly existing and in good standing under the laws of the State of Colorado, (ii) is duly qualified to do business and is in good standing in all jurisdictions
(whether federal, state, local or foreign) where its ownership or leasing of property or the conduct of its business requires it to be so qualified (except for jurisdictions in which the failure to be so qualified would not have a Material Adverse
Effect) and (iii) has all requisite corporate power and authority to own or lease its properties and assets and to carry on its business as now conducted. 
 3.2 Capitalization The Company’s authorized capital stock consists of (i) Fifteen Million (15,000,000) shares of common stock, no par value, Two Million Four Hundred Twenty-Three
Thousand Two Hundred and Thirty-Two (2,423,232) shares of which are issued and outstanding as of the date hereof and Eight Hundred and Sixty Thousand (860,000) of which are subject to options held by the Optionholders, and
(ii) Four Million (4,000,000) authorized shares of preferred stock, no par value, all of which are issued and outstanding and held by Matrix as of the date hereof and there are no accrued or unpaid dividends owing from Company to
any Person other than Matrix with respect to any such shares. Prior to the Closing, Matrix shall convert all of such preferred stock into Company Common Stock in accordance with the terms of the Articles of Incorporation and, by its execution
hereof, agrees, in connection with the transaction contemplated hereby, to waive any accrued and unpaid dividends that may otherwise be payable in respect of such preferred stock upon such conversion, and each Optionholder shall have
exercised his or her options. All of the outstanding shares of the Company’s capital stock have been (or upon issuance will be) duly authorized and validly issued, are (or upon issuance will be) fully paid, non-assessable and free of, and
were not (or upon issuance will not be) issued in violation of, preemptive rights or applicable Laws. Such Seller owns the number of shares of Company Common Stock set forth opposite such Seller’s name on Exhibit A, free and clear of any
Liens, and, at the Closing, each Optionholder will own the number of shares of Company Common Stock set forth opposite such Optionholder’s name on Exhibit A, free and clear of any Liens. Section 3.2 of the Disclosure Schedule sets
forth all outstanding subscriptions, options, warrants, puts, calls, rights, exchangeable or convertible securities or other commitments or agreements of any character relating to the issued or unissued capital stock or other securities of Company,
or otherwise obligating Company to issue, transfer, sell, purchase, redeem or otherwise acquire any such securities. Except as set forth on Section 3.2 of the Disclosure Schedules, there are no voting trusts, stockholder agreements,
proxies or other understanding in effect with respect to the voting or transfer of the Company Common Stock. Other than Company Subsidiary, Company does not own any interest (equity or debt) in any Person. 

3.3 Authority; No Violation. 
 (a) Such Seller has the requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery of this

  
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Agreement and the performance of such Seller’s obligations hereunder have been duly and validly authorized and approved by the Board of Directors of the Company and such Seller and no other
proceedings on the part of such Seller are necessary to authorize the execution, delivery and performance of this Agreement. This Agreement has been duly executed and delivered by such Seller and constitutes, assuming due authorization, execution
and delivery of this Agreement by each of the other parties hereto, a valid and binding obligation of such Seller, enforceable against such Seller in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting the rights and remedies of creditors generally and to general principles of equity (regardless of whether considered in a proceeding in equity or at law). 

(b) Neither the execution and delivery of this Agreement by such Seller nor the consummation by such Seller of the transactions
contemplated hereby, nor compliance by such Seller with any of the terms or provisions hereof, will, assuming that the consents and approvals referred to in Section 3.4 are duly obtained, (i) violate any statute, code, ordinance, rule,
regulation, judgment, order, writ, decree or injunction applicable to such Seller, Company or Company Subsidiary or any of their respective properties or assets or (ii) violate, conflict with, result in a material breach of any provision of or
the loss of any material benefit under, constitute a material default (or an event which, with notice or lapse of time, or both, would constitute a material default) under, result in the termination of or a right of termination or cancellation under
or in any material payment conditioned, in whole or in part, on a change of control of Company or approval or consummation of transactions of the type contemplated hereby, accelerate the performance required by or rights or obligations under, or
result in the creation of any Lien upon any of the Company Common Stock or of the respective material properties or assets of such Seller, Company or Company Subsidiary under, any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement, contract, or other instrument or obligation to which such Seller, Company or Company Subsidiary is a party, or by which they or any of their respective material properties, assets or business
activities may be bound or affected. 
 3.4 Consents and Approvals. Except for (i) the requisite filings with,
notices to and approval of the Colorado Department of Regulatory Agencies, Division of Securities, (ii) the filing of any required applications or notices with any other applicable federal, state or foreign governmental agencies or authorities
as set forth in Section 3.4 of the Disclosure Schedule and approval, if necessary, of such applications and notices, and (iii) the advisory client contracts which are the subject of Section 7.2(e) (such consents or approvals, the
“Requisite Regulatory Approvals”), no consents or approvals of or filings or registrations with any Governmental Entity are necessary in connection with (A) the execution and delivery by such Seller of this Agreement and
(B) the consummation of the transactions contemplated hereby. The only third party consents necessary in connection with (A) the execution and delivery by such Seller of this Agreement and (B) the consummation of the transactions
contemplated hereby are set forth in Section 3.4 of the Disclosure Schedule. 
 3.5 Reports. Company and Company
Subsidiary have filed all material reports, registrations and statements, together with any material amendments required to be made with respect thereto, that they were required to file since January 1, 2009 with any federal, state or foreign
governmental or regulatory agency or authority (the “Regulatory Agencies”), and have 

  
 13 

 
paid all fees and assessments due and payable in connection therewith. All such reports, registrations and statements complied in all material respects with applicable regulatory requirements,
and none of such reports, registrations or statements, as of their respective dates, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not materially misleading. 
 3.6 Financial
Statements. 
 (a) There has previously been made available to Purchaser copies of the following financial statements (the
“Company Financial Statements”): (a) the audited consolidated balance sheets of Company as of December 31, 2009 and 2010, (b) the related consolidated statements of operation, changes in stockholders’ equity, and
cash flows for the years ended December 31, 2009 and 2010, and (b) the unaudited consolidated balance sheet of Company (the “Balance Sheet”) as of December 31, 2011 (the “Balance Sheet Date”), and the
related consolidated statement of income for the twelve months then ended. The Company Financial Statements fairly present in all material respects the consolidated financial position and results of operations of Company as of the respective dates
or for the respective periods therein set forth and have been prepared in accordance with GAAP consistently applied during the periods involved, except in the case of the Balance Sheet Date statements for the absence of footnotes and subject to
recurring year-end adjustments normal in nature and amount. The Company Financial Statements have been prepared from, and are in accordance with, the books and records of Company and Company Subsidiary. 

(b) The books and records kept by Company and Company Subsidiary are in all material respects complete and accurate and have been
maintained in the ordinary course of business and in accordance in all material respects with applicable laws. 
 3.7
Undisclosed Liabilities. Except for those liabilities that are fully and adequately reflected and reserved against on the Balance Sheet or as operating lease liabilities of the nature described in the notes relating to the Company’s
Financial Statements, and except for liabilities incurred since the Balance Sheet Date in the ordinary course of business consistent with past practice which are not individually or in the aggregate, material, neither Company nor Company Subsidiary
have any liability of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due). 
 3.8 Absence of Certain Changes or Events. Except as set forth in Section 3.8 of the Disclosure Schedule, since the Balance Sheet Date: (i) Company and Company Subsidiary have, in all
material respects, carried on their respective businesses in the ordinary course consistent with their past practices, (ii) neither Company nor Company Subsidiary has effected any action described in Section 5.2 (Forbearances of Sellers)
and (iii) there have been no events, circumstances, facts or occurrences which, individually or in the aggregate with all other events, circumstances, facts or occurrences, have had or could reasonably be expected to have a Material Adverse
Effect. 
 3.9 Legal Proceedings. Except as set forth in Section 3.9 of the Disclosure Schedule, neither Company nor
Company Subsidiary is a party to any, and there are no pending or, to the 

  
 14 

 
Knowledge of such Seller, threatened, legal, administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations of any material nature against Company or
Company Subsidiary. There is no material injunction, order, judgment or decree imposed upon Company, Company Subsidiary or the assets of Company or Company Subsidiary. 
 3.10 Taxes and Tax Returns. 
 (a) Except as disclosed in Section 3.10
of the Disclosure Schedule, Company and Company Subsidiary have duly and timely filed or caused to be filed (including all applicable extensions) all federal, state, foreign and local Tax Returns required to be filed by it or with respect to it on
or prior to the date of this Agreement (all such Tax Returns being accurate and complete in all material respects) and has duly and timely paid or caused to be paid on their behalf all Taxes that are due and payable other than Taxes that are being
contested in good faith, which have not been finally determined, and are adequately reserved against or provided for (in accordance with GAAP) on the most recent consolidated financial statements of the Company. Through the date hereof, Company and
Company Subsidiary do not have any liability for Taxes in excess of the amount reserved or provided for on their financial statements (but excluding, for this purpose only, any liability reflected thereon for deferred Taxes to reflect timing
differences between Tax and financial accounting methods). 
 (b) There are no audits, examinations, disputes or proceedings
pending or threatened in writing with respect to, or claims or assessments asserted or threatened in writing for, any material amount of Taxes upon Company or Company Subsidiary. 

(c) There is no waiver or extension of the application of any statute of limitations of any jurisdiction regarding the assessment or
collection of any Tax with respect to the Company and Company Subsidiary, which waiver or extension is in effect. 
 (d) Neither
the Company nor Company Subsidiary is a party to, is bound by, or has any obligation under, any Tax sharing, allocation, indemnity or similar agreements or arrangement that obligates it to make any payment computed by reference to the Taxes, taxable
income or taxable losses of any other Person. 
 (e) The Company and the Company Subsidiary have complied in all respects with
all applicable laws relating to the payment and withholding of Taxes and have duly and timely withheld and paid over to the appropriate taxing authority all amounts required to be so withheld and paid under all applicable laws, including any Taxes
in connection with any amounts paid or owing to any present or former employee, officer, director, independent contractor, creditor, stockholder or any other third party. 
 (f) No Seller is a foreign person within the meaning of Treasury Regulation section 1.1445-2(b)(2) and section 1445(f)(3) of the Code. 

(g) Neither the Company or the Company Subsidiary has engaged in any “reportable transaction” within the meaning of Treasury
Regulation Section 1.6011-4(b). 

  
 15 

 (h) The Company and the Company Subsidiary have disclosed on their federal income Tax
Returns all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Code. 
 (i) Neither Company nor the Company Subsidiary (i) has been a member of an “affiliated group” (within the meaning of Code Section 1504(a)) filing a consolidated federal income Tax
Return (other than a group the common parent of which was the Company) or (ii) has any liability or obligation for the Taxes of any Person (other than the Company or any of its Subsidiaries) under Treasury Regulation Section 1.1502-6 (or
any similar provision of state, local, or non-U.S. law), as a transferee or successor, by contract, or otherwise. 
 (j) Neither
Company nor the Company Subsidiary will be required to include any item of income in, or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change
in method of accounting for a taxable period ending on or prior to the Closing Date; (ii) “closing agreement” as described in Code Section 7121 (or any corresponding or similar provision of state, local, or foreign income Tax
law) executed on or prior to the Closing Date; (iii) intercompany transaction or excess loss account described in Treasury Regulations under Code Section 1502 (or any corresponding or similar provision of state, local, or foreign income
Tax law); (iv) installment sale or open transaction disposition made on or prior to the Closing Date; or (v) prepaid amount received on or prior to the Closing Date. 
 (k) No written claim has been made within the past five (5) years by an authority in a jurisdiction where Company or the Company Subsidiary does not file Tax Returns that Company or the Company
Subsidiary is or may be subject to taxation by that jurisdiction. 
 (l) Neither Company nor the Company Subsidiary has
constituted either a “distributing corporation” or a “controlled corporation” (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under
Section 355 or Section 361 of the Code. 
 (m) Company and the Company Subsidiary have accurately prepared and timely
filed any and all Tax Returns in connection with the determination, reporting, assessment or collection of any Tax payable or reportable by any (i) medical and health savings accounts, (ii) accounts relating to a retirement and welfare
benefit plan or arrangement and (iii) accounts relating to other qualified or non-qualified employee benefit plan or arrangement, for which Company or the Company Subsidiary provides trustee or custodial type services thereto, and caused all
Taxes to be paid thereon from the assets of the applicable account, and Company and the Company Subsidiary have complied with all tax withholding obligations and responsibilities applicable to it in such capacities, all as required by the Code, and
all applicable foreign, state and local tax laws and regulations 
 3.11 Net Operating Losses. 

(a) As of December 31, 2010, the Company has net operating losses equal to at least $3,400,891. The Sellers have provided to
Purchaser a schedule which accurately sets forth the amount of all of the net operating losses of Company and the Company Subsidiary for federal income tax purposes, including dates of expiration of such net operating losses and any limitations on
such net operating losses. 

  
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 (b) Other than as set forth in Section 3.11(b) of the Disclosure Schedule, the Company
and the Company Subsidiary have no net operating losses or other tax attributes that are presently subject to any limitation, including limitations under Sections 279, 382, 383, or 384 of the Code, the federal consolidated return regulations or
comparable foreign law. 
 3.12 Employee Benefit Plans. 

(a) Section 3.12(a) of the Disclosure Schedule lists (i) all “employee benefit plans,” as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and all other material employee benefit or executive compensation arrangements, perquisite programs or payroll practices, whether
written or unwritten, maintained by or contributed to, or required to be contributed to, by Company or Company Subsidiary (the “Company Benefit Plans”) and (ii) designates which such Company Benefit Plan are solely maintained
by Company and Company Subsidiary. 
 (b) Neither the Company nor any ERISA Affiliate sponsors, maintains, contributes to or has
any liability, contingent or otherwise, with respect to an “employee pension benefit plan,” as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA. 

(c) Each Company Benefit Plan and its administration is in material compliance with its terms and all applicable laws, including ERISA
and the Code. Each Company Benefit Plan that is intended to be “qualified” under Section 401 of the Code either has received a favorable determination letter from the IRS to such effect or the Company is entitled to rely upon an
opinion letter issued to the prototype plan sponsor. All contributions (including all employer contributions and employee salary reduction contributions), premiums and other payments required to have been made under any of the Company Benefit Plans
to any funds or trusts established thereunder or in connection therewith have been made by the due date thereof, other than a failure to make contributions that is not material, and with respect to any such contributions, premiums or other payments
required that are not yet due, to the extent required by GAAP, adequate reserves are reflected on the Balance Sheet or liability therefor was incurred in the ordinary course of business consistent with past practice since the end of such fiscal
quarter. 
 (d) None of Company, Company Subsidiary, the officers of Company or the Company Benefit Plans which are subject to
ERISA, any trusts created thereunder or any trustee or administrator thereof, has engaged in a “prohibited transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) or any other breach of
fiduciary responsibility that is not otherwise exempt or that could subject Company, Company Subsidiary or any officer of Company to any material Tax or penalty on prohibited transactions imposed by such Section 4975 or to any material
liability under Section 502(i) or (1) of ERISA. 
 (e) There are no pending actions, claims or lawsuits which have
been asserted, instituted or, to Knowledge of such Seller, threatened, against the Company Benefit Plans, the assets of any of the trusts under such plans or the plan sponsor or the plan 

  
 17 

 
administrator, or against any fiduciary of the Company Benefit Plans with respect to the operation of such plans (other than routine benefit claims) which could result in any material liability
to Company and Company Subsidiary. 
 (f) Neither the Company nor the Company Subsidiary has any liability, contingent or
otherwise, for providing, under any Company Benefit Plan or otherwise, any post-retirement medical or life insurance benefits, other than statutory liability for providing group health plan continuation coverage under Part 6 of Title I of ERISA and
Section 4980B of the Code or applicable state law. 
 (g) Except as set forth in Section 3.12(g) of the Disclosure
Schedule, the consummation of the transactions contemplated by this Agreement will not (i) entitle any current or former employee, officer, director or consultant of the Company to severance pay, change in control payments or any other payment,
(ii) accelerate the time of payment, or increase the amount of compensation or benefit due, any such employee, officer, director or consultant, (iii) cause any amounts payable with respect to any Plan to fail to be deductible for federal
income tax purposes by virtue of Section 280G of the Code or (iv) result in any prohibited transaction described in Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available. No current or former
employee, officer, director or consultant of the Company or any of its Affiliates is entitled to receive any additional payment from the Company or any of its Affiliates by reason of the excise Tax required by Section 4999(a), Section 409A
or Section 457A of the Code being imposed on such Person by reason of the transactions contemplated by this Agreement or otherwise. 
 3.13 Labor Union. Neither Company nor Company Subsidiary is, or has over the past five years been, a party to any collective bargaining agreement or other labor union contract. 

3.14 Compliance with Applicable Law. The Company and Company Subsidiary hold all material licenses, registrations, franchises,
permits and authorizations necessary for the lawful conduct of their respective businesses and are not in violation of any applicable law, statute, order, rule, or regulation (collectively, “Laws”) of any Governmental Entity
relating to Company or Company Subsidiary, and neither Company nor Company Subsidiary knows of, or has received notice of, any violations of any of the above. 
 3.15 Material Contracts. 
 (a) Except for the contracts set forth in
Section 3.15(a) of the Disclosure Schedule (collectively, the “Material Contracts”), neither Company nor Company Subsidiary is a party to or bound by any of the following: 

(i) any contract or agreement for the acquisition of the securities of or any material portion of the assets of any other Person or
entity; 
 (ii) any trust indenture, mortgage, promissory note, loan agreement or other contract, agreement or instrument for
the borrowing of money, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the type required to be capitalized in accordance with GAAP (except to the extent any such lease has been capitalized and included
in the Balance Sheet), in each case, where Company or Company Subsidiary is a lender, borrower or guarantor and such contract or instrument involves or could involve aggregate payments by the Company or Company Subsidiary of $25,000 or more;

  
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 (iii) any contract or agreement limiting the freedom of Company or Company Subsidiary to
engage in any line of business to compete with any other Person or prohibiting Company or Company Subsidiary from soliciting customers, clients or employees, in each case whether in any specified geographic region or business or generally;

 (iv) any contract or agreement with any Affiliate of any Seller, Company or Company Subsidiary; 

(v) any joint venture, stockholders’, partnership or similar agreement; 

(vi) any employment agreement with any employee or officer of Company or Company Subsidiary; 

(vii) any contract or agreement with customers of the Company or Company Subsidiary; provided that only contracts and agreements
with the twenty (20) largest customers of the Company or Company Subsidiary, measured by fees collected during the twelve month period ending December 31, 2011 (collectively, the “Material Clients”), are required to be set
forth in Section 3.15(a) of the Disclosure Schedule; 
 (viii) any contract or agreement for the use or purchase of
materials, supplies, goods, services, equipment or other assets providing for aggregate payments by the Company or Company Subsidiary of $25,000 or more; 
 (ix) contracts and agreements for the rental or lease of real property; and 
 (x)
any other contract which is material to Company or Company Subsidiary. 
 (b) Company and Company Subsidiary have performed in
all material respects all of the obligations required to be performed by them under each Material Contract to which Company or Company Subsidiary are a party or by which Company or Company Subsidiary are bound. Each of the Material Contracts is in
full force and effect, without amendment (other than as disclosed in Section 3.15(b) of the Disclosure Schedule), and there exists no material default or event of material default or event, occurrence, condition or act, with respect to Company
or Company Subsidiary which, with the giving of notice, the lapse of the time or the happening of any other event or condition, would become a material default or material event of default under any Material Contract. True, correct and complete
copies of all Material Contracts have been furnished or made available to Purchaser. 
 3.16 Environmental Liability.
There are no legal, administrative, arbitral or other proceedings, claims or actions or any private environmental investigations or remediation activities or governmental investigations of any nature that would be reasonably likely to result in the
imposition, on Company or Company Subsidiary, of any liability or obligation arising under any local, state or federal environmental statute, regulation or ordinance, including 

  
 19 

 
CERCLA, pending or, to the Knowledge of such Seller, threatened against Company or Company Subsidiary, which liability or obligation would result in a Material Adverse Effect. Neither Company nor
Company Subsidiary is subject to any agreement, order, judgment or decree by or with any court, governmental authority, regulatory agency or third party imposing any liability or obligation with respect to the foregoing. There has been no written
third party environmental site assessment conducted since January 1, 2003 assessing the presence of hazardous materials located on any property owned or leased by Company or Company Subsidiary that is within the possession or control of such
Seller as of the date of this Agreement that has not been delivered to Purchaser prior to the date of this Agreement. 
 3.17
Insurance. Section 3.17 of the Disclosure Schedules sets forth a list of all material insurance policies held and maintained by Broadridge Financial Solutions, Inc. covering the Company in effect on the date hereof, including the types
and amounts of coverage and the expiration dates thereof. 
 3.18 Title to Properties. 

(a) Each of Company and Company Subsidiary has good and marketable title to, or valid leasehold interests in, all its properties and
assets reflected on the Balance Sheet except for such as have been disposed of in the ordinary course of business since the Balance Sheet Date and except for defects in title, easements, restrictive covenants and similar encumbrances that
individually or in the aggregate would not be material. All such assets and properties, other than assets and properties in which Company or Company Subsidiary has a leasehold interest, are free and clear of all Liens (other than Liens for current
Taxes not yet due and payable), except for Liens that individually or in the aggregate would not be material. Company and Company Subsidiary own or have the right to use all of the tangible personal properties and assets necessary for the conduct of
their business in all material respects as conducted as of the date hereof. 
 (b) Each of Company and Company Subsidiary has
complied in all material respects with the terms of all leases to which it is a party, and all such leases are in full force and effect. True and complete copies of all material leases have been made available to Purchaser. 

3.19 Intellectual Property. 
 (a) Section 3.19(a) of the Disclosure Schedule lists registered and applied for Intellectual Property and all other material Intellectual Property used or held for use by Company and Company
Subsidiary as of the date hereof (collectively, the “Company Intellectual Property”). Company and Company Subsidiary own, or are licensed or otherwise possess sufficient rights to use, all Company Intellectual Property in the manner
that it is currently used by Company and Company Subsidiary. 
 (b) Neither Company nor Company Subsidiary has received written
notice or other communication (including offers to take a license) from any third party alleging any interference, infringement, misappropriation or violation of any Intellectual Property rights of any third party. To the Knowledge of Sellers,
(i) no claims are pending or threatened against Company or Company Subsidiary with respect to the ownership, validity or enforceability of the 

  
 20 

 
Company Intellectual Property, (ii) none of the owned Company Intellectual Property or products or methods of doing business of Company or Company Subsidiary, as currently conducted,
infringes, misappropriates, or otherwise violates any Intellectual Property rights of any third party, and (iii) no third party is materially infringing or misappropriating the owned Company Intellectual Property. 

(c) Neither Company nor Company Subsidiary licenses to, or has entered into any exclusive agreements relating to any Company Intellectual
Property with, third parties, or permits third parties to use any Company Intellectual Property rights. Neither Company nor Company Subsidiary owes any material royalties or payments to any third party for using or licensing to others any Company
Intellectual Property. 
 (d) Company and its Company Subsidiary have taken reasonable measures to protect the confidentiality
of all confidential information of Company and Company Subsidiary, and no confidential information has been disclosed or authorized to be disclosed to any third party other than pursuant to a written non-disclosure agreement. To the Knowledge of
Sellers, no third party subject to any non-disclosure agreement with Company or Company Subsidiary is in breach of default thereof. 
 (e) Company and Company Subsidiary have taken commercially reasonable measures required to establish and preserve its ownership of all Company Intellectual Property developed by, or on behalf of, Company
or Company Subsidiary. Company and Company Subsidiary have required all current and former employees and all consultants and independent contractors having access to, or who were involved in the development of, any of the Company Intellectual
Property owned or developed by Company or Company Subsidiary, to execute enforceable agreements that provide valid written assignment of all inventions and developments conceived or created by them in the course of their employment or services, and
to the Knowledge of Sellers, all such Persons are in compliance with such agreements. 
 3.20 Broker’s Fees. Except
for Sterne, Agee & Leach, Inc., all the fees and expenses of which shall be borne entirely by Sellers, neither Sellers, Company nor Company Subsidiary has employed any broker or finder or incurred any liability for any broker’s fees,
commissions or finder’s fees in connection with the transactions contemplated by this Agreement. 
 3.21
Eligibility. 
 (a) Colorado Registration. Company is an investment advisor duly registered with the State of
Colorado and is in good standing under the rules and regulations thereof. 
 (b) Registrations, Licenses and
Qualifications. Company has at all times held all such registrations, licenses and qualifications as an investment adviser that the conduct of its business has required under applicable Law. 

(c) No Ineligibility. Company is not (taking into account any applicable exemption) ineligible pursuant to applicable Laws to act
as an investment adviser, and no employee of Company or other person associated with Company who has performed any functions of an investment adviser representative or a person associated with an investment adviser is (taking into account any
applicable exemption) ineligible under applicable Laws to serve as an investment adviser representative or a person associated with an investment adviser. 

  
 21 

 (d) No Proceedings. There is no proceeding or investigation pending and served on
Company or, to the Knowledge of Sellers, pending and not so served or threatened by any Government Body, which would result in (i) the ineligibility under such Laws of Company to act as an investment adviser or (ii) the ineligibility under
such applicable Laws of such investment adviser representative or a person associated with Company to serve as an investment adviser representative or a person associated with an investment adviser. 

3.22 Books and Records. The minute books and stock record books of each of Company and Company Subsidiary, all of which have been
made available to Purchaser, are complete and correct in all material respects and have been maintained in accordance with sound business practices. The minute books of each of Company and Company Subsidiary contain accurate and complete records in
all material respects of all meetings, and actions taken by written consent of, the stockholders, the board of directors and any committees of the board of directors of the Company, and no material meeting, or material action taken by written
consent, of any such stockholders, board of directors or committee has been held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books and records will be in the possession of
Company. 
 3.23 Material Clients. Since January 1, 2011 other than as disclosed in Section 3.23 of the
Disclosure Schedule, no client that paid the Company at least $25,000 in fees in 2010 has canceled any contract or agreement, or materially reduced its business with Company, or, to the Knowledge of Sellers, indicated to the Company in writing that
it intended to cease business with Company or to materially reduce such business. There are no (and since January 1, 2011 there have not been any) (a) material disputes between the Company or Company Subsidiary, on the one hand, and any
Material Client, on the other hand, or (b) disputes with any other client of Company or Company Subsidiary that, individually or in the aggregate with all other client disputes, would reasonably be expected to have a Material Adverse Effect.

 3.24 Services. To the Knowledge of such Seller, all services delivered or performed by Company and Company Subsidiary
have been in conformity in all material respects (within standard industry tolerances) with (a) all applicable Laws, (b) all commitments under applicable contracts and agreements and (c) all express warranties. 

3.25 Collective Investment Funds. Company is entitled to reference and use the historic performance track record of each of the
collective investment funds for which Company serves as Portfolio Strategist, notwithstanding any confidentiality or non-disclosure restrictions contained in ay agreement entered into between Company and MG Trust, any Seller or any Affiliate or any
Seller. 
 3.26 No Additional Representations. Purchaser acknowledges that, except for the representations and warranties
contained in this Article III, none of such Seller, Company, or Company Subsidiary has made nor is making any other express or implied representation or warranty as to the accuracy or completeness of any information regarding Company or Company
Subsidiary furnished or made available to Purchaser and its representatives (including the information set forth in the Confidential Information Memorandum prepared by Sterne, Agee & 

  
 22 

 
Leach, Inc., dated August 2011 and any information, documents or material made available to Purchaser during due diligence, management presentations or in any form in expectation of the
transactions contemplated hereby) or as to the future revenue, profitability or success of Company or Company Subsidiary or any representation or warranty arising from statute or otherwise in law. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser hereby represents and warrants to Sellers as follows: 
 4.1 Corporate
Organization. Purchaser is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. 
 4.2 Authority; No Violation. 
 (a) Purchaser has full corporate power and
authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly approved by
the Board of Directors of Purchaser. No other corporate proceedings (including any approvals of Purchaser’s stockholders) on the part of Purchaser are necessary to approve this Agreement and to consummate the transactions contemplated hereby.
This Agreement has been duly and validly executed and delivered by Purchaser. Assuming due authorization, execution and delivery by Sellers, this Agreement constitutes a valid and binding obligation of Purchaser, enforceable against Purchaser in
accordance with its terms, except as such enforcement may be limited by (i) the effect of bankruptcy, insolvency, reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to the rights of
creditors generally, or (ii) the rules governing the availability of specific performance, injunctive relief or other equitable remedies and general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 (b) Neither the execution and delivery of this Agreement by Purchaser, nor the consummation by Purchaser of the transactions
contemplated hereby, nor compliance by Purchaser with any of the terms or provisions hereof, will (i) violate any provision of the certificate of incorporation or bylaws of Purchaser or (ii) assuming that the consents and approvals
referred to in Section 4.3 are duly obtained, (x) violate any statute, code, ordinance, rule, regulation, judgment, order, writ, decree or injunction applicable to Purchaser or any of its Subsidiaries or any of their respective properties
or assets or (y) violate, conflict with, result in a breach of any provision of or the loss of any benefit under, constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, result in the
termination of or a right of termination or cancellation under, accelerate the performance required by or rights or obligations under, or result in the creation of any Lien upon any of the respective properties or assets of Purchaser or any of its
Subsidiaries under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, license, lease, agreement, contract, or other instrument or obligation to which Purchaser or any of its Subsidiaries is a party, or
by which they or any of their respective properties, assets or business 

  
 23 

 
activities may be bound or affected, except (in the case of clause (ii) above) for such violations, conflicts, breaches, defaults or the loss of benefits which, either individually or in the
aggregate, would not prevent Purchaser from consummating the transactions contemplated hereby. 
 4.3 Consents and
Approvals. Except for (i) the Requisite Regulatory Approvals and (ii) such additional consents and approvals, the failure of which to make or obtain would not be material, no consents or approvals of or filings or registrations with
any Governmental Entity or, of or with any third party, are necessary in connection with (A) the execution and delivery by Purchaser of this Agreement and (B) the consummation by Purchaser of the transactions contemplated hereby. Purchaser
has no reason to believe that any Requisite Regulatory Approvals will not be obtained. 
 4.4 Financial Wherewithal.
Purchaser has sufficient cash or cash equivalents available, directly or through one or more affiliates, to pay the Purchase Price to Sellers on the terms and conditions contained herein, and there is no restriction on the use of such cash or cash
equivalents for such purpose. 
 4.5 Legal Proceedings. There is no legal, administrative, arbitral or other proceedings,
claims, actions or governmental or regulatory investigations pending or, to the knowledge of Purchaser, threatened, against or affecting Purchaser or any of its properties or rights that (i) alleges a violation by Purchaser of any law or court
order that would be reasonably likely to impair or delay the ability of Purchaser to perform its obligations hereunder or (ii) questions the legality of the transactions contemplated by this Agreement. 

4.6 Compliance with Applicable Law. Purchaser and each of its Subsidiaries is in compliance in all material respects with all
applicable laws, statutes, orders, rules, regulations, policies and/or guidelines of any Governmental Entity relating to Purchaser or any of its Subsidiaries, except where the failure to be in such compliance would not reasonably be expected to
materially delay or prevent the consummation of the transactions contemplated by this Agreement. 
 4.7 Agreements with
Regulatory Agencies. Neither Purchaser nor any of its Subsidiaries is subject to any cease-and-desist or other order or enforcement action issued by, or is a party to any written agreement, consent agreement or memorandum of understanding with,
or is a party to any commitment letter or similar undertaking to, or is subject to any order or directive that would, individually or in the aggregate, prevent Purchaser from consummating the transactions contemplated hereby 

4.8 Broker’s Fees. Neither Purchaser nor any of its Subsidiaries has employed any broker or finder or incurred any liability
for any broker’s fees, commissions or finder’s fees in connection with the transactions contemplated by this Agreement. 
 4.9 No Additional Representations. Sellers acknowledge that, except for representations and warranties contained in this Article IV, Purchaser has not made nor is making any other express or
implied representation or warranty. 

  
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 ARTICLE V 
 COVENANTS RELATING TO CONDUCT OF BUSINESS 
 5.1 Conduct of Business of Company
Prior to the Closing Date. During the period from the date of this Agreement to the Closing Date, except as expressly contemplated or permitted by this Agreement, Sellers shall cause Company and Company Subsidiary to (a) conduct its
business in the usual, regular and ordinary course consistent with past practice and (b) use commercially reasonable efforts to maintain and preserve intact its business organization and its current relationships with its customers, regulators,
employees and other persons with which it has significant business or other relationships. 
 5.2 Forbearances of
Sellers. During the period from the date of this Agreement to the Closing Date, except as set forth in Section 5.2 of the Disclosure Schedule or as expressly contemplated or permitted by this Agreement, Sellers shall not with respect to
Company and Company Subsidiary, and Sellers shall not permit Company nor Company Subsidiary to do any of the following, without the prior written consent of Purchaser; 
 (a) other than the loans made to the Optionholders as set forth on Section 5.2 of the Disclosure Schedule, each of which will be repaid in full at the Closing pursuant to Section 2.3 hereof,
incur any indebtedness for borrowed money, assume, guarantee, endorse or otherwise as an accommodation become responsible for the obligations of any other individual, corporation or other entity, or make any loan or advance, in each case other than
(i) accounts payable or advances to employees for travel and expense reimbursements, in each case incurred in the ordinary course of business consistent with past practice (ii) in an aggregate amount less than $25,000; provided that all
such transactions must be reflected in the Estimated Working Capital (including any accounts payable incurred in the ordinary course and any amounts individually or in the aggregate less than $25,000); 

(b) incur any capital expenditures (other than capital expenditures incurred pursuant to contracts or commitments in force on the date of
this Agreement) in an aggregate amount in excess of $25,000; provided that all such transactions must be reflected in the Estimated Working Capital (including any capital expenditures individually or in the aggregate equal to or less than $25,000);

 (c) (i) adjust, split, combine or reclassify any capital stock, (ii) declare or pay any dividend or distribution
(except for dividends paid by Company Subsidiary to Company) or make any other distribution on any shares of its capital stock or redeem, purchase or otherwise acquire any securities or obligations convertible into or exchangeable for any shares of
its capital stock, (iii) grant any stock option, stock appreciation rights or grant to any individual, corporation or other entity any right to acquire any shares of its capital stock, (iv) issue any additional shares of capital stock
(except upon proper exercise of outstanding stock options) or (v) enter into any agreement, understanding or arrangement with respect to the sale or voting of its capital stock; 

(d) sell, transfer, mortgage, encumber or otherwise dispose of any of its properties or assets, including capital stock in Company
Subsidiary, to any individual, 

  
 25 

 
corporation or other entity, or cancel, release or assign any indebtedness to any such person or any claims held by any such person, except (i) in the ordinary course of business consistent
with past practice to third parties who are not Affiliates of any Seller, (ii) pursuant to contracts or agreements in force at the date of this Agreement; provided that all such transactions must be reflected in the Estimated Working Capital
(including any asset sales made in the ordinary course of business) or (iii) sales, transfers or other dispositions of properties or assets of Company or Company Subsidiary with a book value in the aggregate less than $10,000; 

(e) (i) acquire any business entity, whether by stock purchase, merger, consolidation or otherwise, or (ii) make any other
investment either by purchase of stock or securities, contributions to capital, property transfers, or purchase of any property or assets of any other individual, corporation, limited partnership or other entity other than Company Subsidiary;

 (f) change its methods of accounting (or the manner in which it accrues for liabilities) in effect at the Balance Sheet Date,
except as required by changes in GAAP; 
 (g) make, change or revoke any material Tax election, change an annual Tax accounting
period, adopt or change any Tax accounting method, file any material amended Tax Return, enter into any closing agreement with respect to a material amount of Taxes, settle any material Tax claim or assessment or surrender any right to claim a
refund of a material amount of Taxes; 
 (h) adopt or implement any amendment to its Articles of Incorporation or any changes to
its bylaws or comparable organizational documents; 
 (i) amend in any respect or terminate any Material Contract or enter into
a contract or agreement which, had it been entered into prior to the date hereof, would have been a Material Contract, in each case, other than in the ordinary course of business; 

(j) waive any rights of substantial value or cancel or forgive any material amount of indebtedness owed to Company or Company Subsidiary;

 (k) enter into any contract or agreement outside of the ordinary course of business or take any other action outside of the
ordinary course of business; or 
 (l) grant or agree to grant to any employee of the Company or Company Subsidiary any increase
in wages or bonus, severance, profit sharing, retirement, insurance or other compensation or benefits, or establish any new or amend any existing compensation or benefit plans or arrangements, except (1) as may be required under applicable law
or (2) pursuant to the employee benefit plans in effect on the date hereof applicable to any such employee 
 (m) agree to,
or make any commitment to, take any of the actions prohibited by this Section 5.2. 
 5.3 No Solicitation. Prior to
the Closing Date, or until this Agreement is terminated in accordance with its terms, Sellers shall not, and Sellers shall cause Company and Company Subsidiary not to, directly or indirectly, solicit or initiate discussions or engage in negotiations

  
 26 

 
with, or provide information (other than publicly available information) to, or authorize any financial advisor or other Person to solicit or initiate discussions or engage in negotiations with,
or provide information to, any Person (other than Purchaser or a Purchaser Representative) concerning any potential sale of capital stock of, or merger, consolidation, combination, sale of assets, reorganization or other similar transaction
involving, Company. 
 ARTICLE VI 
 ADDITIONAL AGREEMENTS 
 6.1 Regulatory Matters. 

(a) Purchaser and each Seller shall (i) take, or cause to be taken, all actions necessary or proper to comply with all legal
requirements which may be imposed on such party with respect to the transactions contemplated hereby, including, without limitation, obtaining any third party consent which may be required to be obtained in connection with the transactions
contemplated hereby and (ii) obtain (and cooperate with the other party to obtain) any consent, authorization, order or approval of, or any exemption by, any Governmental Entity which is required or advisable to be obtained by Sellers or
Purchaser, respectively, in connection with the transactions contemplated by this Agreement. The parties hereto shall cooperate with each other and promptly prepare and file all necessary documentation, and to effect all applications, notices,
petitions and filings (including, if required, notification under the HSR Act), to obtain as promptly as practicable all permits, consents, approvals and authorizations of all third parties and Governmental Entities which are necessary or advisable
to consummate the transactions contemplated by this Agreement. Purchaser and Sellers shall have the right to review in advance and, to the extent practicable, each will consult the other on, in each case subject to applicable laws relating to the
exchange of information, all the information relating to Sellers, Company or Purchaser, as the case may be, and any of their respective Subsidiaries, which appear in any filing made with, or written materials submitted to, any third party or any
Governmental Entity in connection with the transactions contemplated by this Agreement. For purposes of this Section 6.1(a), in taking each of the foregoing actions each party shall be required only to use commercially reasonable efforts (it
being understood that Section 6.5 shall (i) supersede this Section 6.1 and (ii) apply with respect to all consents necessary under management, advisory, sub-advisory and similar contracts of Company and Company Subsidiary).

 (b) Purchaser and Sellers shall, upon request, furnish each other with all information concerning Purchaser, Sellers, Company
and their respective Subsidiaries, directors, officers and shareholders and such other matters as may be reasonably necessary in connection with any statement, filing, notice or application made by or on behalf of Purchaser, Sellers, Company or any
of their respective Subsidiaries to any Governmental Entity in connection with the transactions contemplated by this Agreement. 

6.2 Access to Information. 
 (a) Subject to the Confidentiality Agreement, which shall remain in full force and effect, Sellers agree to provide Purchaser and Purchaser’s officers, directors, employees, accountants, counsel,
financial advisors, agents and other representatives (collectively, the 

  
 27 

 
“Purchaser Representatives”), from time to time prior to the Closing Date or the termination of this Agreement, such information as Purchaser shall reasonably request with
respect to Company and Company Subsidiary and their respective businesses, financial conditions and operations and such access to the properties and personnel of Company and Company Subsidiary as Purchaser shall reasonably request, which access
shall occur during normal business hours and shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of Company or Company Subsidiary. Except as required by law, Purchaser will hold, and will cause
Purchaser Representatives and Affiliates to hold, any nonpublic information received from Sellers or Company or Company Subsidiary, directly or indirectly, in accordance with the Confidentiality Agreement. 

(b) Sellers and Company shall not be required to provide access to or to disclose information where such access or disclosure would
violate or prejudice the rights of customers, jeopardize the attorney-client or other legal privilege of the institution in possession or control of such information or contravene any law, rule, regulation, order, judgment, decree, fiduciary duty or
binding agreement entered into prior to the date of this Agreement. The parties hereto will make appropriate substitute disclosure arrangements under circumstances in which the restrictions of the preceding sentence apply. 

6.3 Public Disclosure. Promptly, but in any event no later than one (1) Business Day after Closing, Sellers and Purchaser
shall issue a joint press release with respect to the transactions contemplated by this Agreement. Except as set forth in the immediately preceding sentence, Sellers and Purchaser shall consult with each other before issuing any press release or
otherwise making any public statement or making any other public (or non-confidential) disclosure (whether or not in response to an inquiry) regarding the terms of this Agreement or any of the transactions contemplated hereby, and neither shall
issue any such press release or make any such statement or disclosure without the prior approval of the other (which approval shall not be unreasonably withheld or delayed), except, in each case, as and to the extent that such party shall be so
obligated by applicable law, in which case such party shall advise the other party of such obligation and the parties shall attempt to cause a mutually agreeable release or announcement to be issued. 

6.4 Employees; Employee Benefit Matters. 
 (a) Upon the Closing, Company and Company Subsidiary shall automatically cease to be participating employers in any Company Benefits Plans not solely maintained by Company and Company Subsidiary. Sellers
shall take (or cause the Company or Company Subsidiary, as applicable, to take) all actions necessary to terminate, effective as of the day immediately prior to, and conditioned upon, the Closing Date, all employee benefit plans (including any
tax-qualified retirement plan) sponsored or maintained by the Company or Company Subsidiary. Following the Closing Date, Purchaser shall maintain or cause to be maintained compensation opportunities, tax-qualified retirement plans, and welfare plans
for the benefit of employees who are actively employed by Company and Company Subsidiary as of the Closing Date (“Covered Employees”) which, in the aggregate, are generally substantially comparable to those compensation
opportunities and other employee tax-qualified retirement and welfare benefits that are made available to similarly situated employees of Purchaser or its Subsidiaries as applicable. 

  
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 (b) For purposes of their participation in the employee benefit plans, arrangements and
agreements of Purchaser (the “Purchaser Benefit Plans”), Purchaser shall credit each Covered Employee of Company and Company Subsidiary with full credit for all service credited under the Company Benefit Plans (including service
with Company prior to the Closing Date and, where applicable, service with prior or predecessor employers to the extent credit is given for such service under the Company Benefit Plans) for purposes of eligibility to participate and receive
benefits, for purposes of vesting and, except under defined benefit pension plans or other benefit plans under which the crediting of such service would result in duplication of benefits, for purposes of benefit accruals. With respect to Purchaser
Benefit Plans that are welfare benefit plans, Purchaser shall use commercially reasonable efforts (i) to cause any such plan to waive any pre-existing condition exclusions and actively-at-work requirements thereunder with respect to the Covered
Employees and their eligible dependents (to the extent waived under the applicable Company welfare benefit plan) and (ii) to permit Covered Employees to participate in any such plan, as of the Closing Date, subject to and contingent on the
approval of Purchaser’s insurers. Purchaser will take commercially reasonable efforts to permit Covered Employees to make eligible rollover contributions in cash and with respect to loans, if any, in loan notes evidencing loans to such Covered
Employee as of the date of distribution, to a Purchaser Benefit Plan that is a tax-qualified defined contribution plan. 
 (c)
Purchaser shall cause Company to honor all written contractual obligations of Company and Company Subsidiary to their respective current and former employees, directors and independent contractors, including, but not limited to, all obligations
under employment, severance and consulting plans and arrangements; provided that nothing herein shall limit the right of Purchaser or any of its Subsidiaries to terminate any particular plan or agreement in accordance with its terms. Without
limiting the generality of the foregoing: in the event Purchaser terminates the employment of any employee of Company or Company Subsidiary prior to February 29, 2012, Purchaser will provide such employee with severance and other
post-termination benefits with an aggregate value at least equal to those for which such employee would have been eligible to such employee from Company or Company Subsidiary (as the case may be) if such termination had occurred immediately prior to
the Closing Date, and in no event with severance less than three months of any such employee’s base pay. 
 (d) No
provision of this Agreement shall create any third party beneficiary or other right in any Person (including any Covered Employee or any beneficiary or dependent thereof) in respect of continued employment (or resumed employment) with either
Purchaser or any of its Affiliates, and no provision of this Agreement shall create any such rights in any such Persons in respect of any benefits that may be provided, directly or indirectly, under any Purchaser Benefit Plan. 

6.5 Certain Client Matters. Sellers shall use reasonable best efforts, or shall cause the Company to use its reasonable best
efforts, to obtain, in accordance with applicable law and the applicable Investment Advisory Agreement, and as promptly as practical following the date of this Agreement, such approvals, consents or other actions, if any, by Clients so that after
the Closing Company or Company Subsidiary may continue its applicable management, advisory or sub-advisory relationship on terms that, taken as a whole, are no less favorable to such entity than the terms of the existing Investment Advisory
Agreement between such Client and the applicable Company entity. Any such approvals or consents obtained shall be in a form reasonably satisfactory to Purchaser. 

  
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 6.6 Cooperation. Following the Closing, each party agrees to cooperate in good faith
to provide information to the other party that is reasonably necessary in connection with regulatory, legal, accounting and similar matters of Sellers and their Affiliates on the one hand and Purchaser and its Affiliates on the other (and not
relating to any dispute, litigation or arbitration between the parties hereto or their Affiliates). The parties agree that any information provided pursuant to this provision shall be kept confidential and shall not be used for any purpose
except for the reason given in the request. 
 6.7 Non-Solicitation. 

(a) Purchaser hereby covenants and agrees, during the period beginning on the date hereof and ending on the second
(2nd) anniversary of the Closing Date (the
“Purchaser Non Solicitation Period”), not directly or indirectly to (A) induce or attempt to induce any officer, employee, representative or agent of Matrix or any Subsidiary of Matrix (collectively, the “Restricted
Entities”) to leave the employ of such Restricted Entity, or (B) hire, within twelve months following the date of termination of such person’s employment with such Restricted Entity, any person who was an employee of any
Restricted Entity (x) at any time during the year prior to the date hereof or (y) during the Purchaser Non Solicitation Period, or (C) in any other way interfere with the relationship between any Restricted Entity and any employee
thereof. Notwithstanding the foregoing, nothing in this Agreement will prevent Purchaser from (x) hiring any Person who was employed at any time by any Restricted Entity and whose employment was terminated by such Restricted Entity following
the Closing or (y) hiring any employee of a Restricted Entity who makes an unsolicited approach to Purchaser seeking employment in response to the general advertisement or other public announcement of a job opening. 

(b) Sellers and Purchaser agree, for a period of five (5) years from the Closing Date, not to, directly or indirectly, make any
statement or other communication (whether written or oral) that impugns or attacks the reputation or character of Purchaser, any Seller or Restricted Entity, or damages the goodwill of Purchaser, any Seller or any Restricted Entity. 

(c) Each Seller other than Matrix hereby covenants and agrees, for the respective period of time from and after the Closing Date set
forth opposite such Seller’s name on Exhibit 6.7(c) hereto, not to, and to cause its Subsidiaries not to, establish a business or employ Persons with the intent of competing with the provision of: (i) managed account platform technology,
including back office systems to support the administration of an investment advisor’s managed account business or (ii) advisory and administrative services to investment advisors and their clients as part of a managed account platform
technology, in the case of either of the preceding clauses (i) or (ii), anywhere within the United States (a “Competing Business”). Subject to any exceptions set forth by the separate written agreement of Matrix and Purchaser,
Matrix hereby covenants and agrees, for a period of three (3) years from the Closing Date, not to, and to cause its Subsidiaries not to, establish a business or employ Persons with the intent of competing with the development, marketing,
selling or provision of one or more products or services (individually or as a bundle) consisting of (i) investment products research 

  
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and/or due diligence, (ii) desktop asset management application, (iii) performance reporting, and (iv) any investment advisory services to the wealth management industry, other
than in each of the preceding clauses (i)-(iv) as relates to the corporate, not-for-profit, employee force-out, or governmental retirement plan markets (a “Matrix Competing Business”); provided, however, that this
provision shall not prohibit Matrix from: (i) acquiring a company or business that is an Affiliate of a Matrix Competing Business, if such Matrix Competing Business comprises one-quarter or less of the total revenues of such company or
business; or (ii) continuing to conduct the businesses in which Matrix and its subsidiaries (other than Prima) are engaged in as of the date of this Agreement, including without limitation the continued development, marketing and provision of
the RetireTool(k)it suite of products. For these purposes, ownership of securities of five percent (5%) or less of any class of securities of a company engaged in a Competing Business or Matrix Competing Business, as applicable, shall not be
considered to be a Competing Business or Matrix Competing Business, for purposes of this Section 6.7(c). Furthermore, Matrix and Broadridge (pursuant to its separate joinder to this Agreement) each hereby covenants and agrees, for a period of
three (3) years from the Closing Date, not to, and to cause each of its respective Subsidiaries not to, induce or attempt to induce any client of Company or Company Subsidiary set forth on Exhibit 6.7(c)-2 to cease doing business with Company
or Company Subsidiary as set forth opposite such client’s name on such Exhibit, or in any way divert or attempt to divert the provision of such services to any such client away from Company or Company Subsidiary. 

(d) Each Seller hereby covenants and agrees, for a period of two (2) years from the Closing Date (“Sellers Non Solicitation
Period”), not to, and to cause its Subsidiaries not to, directly or indirectly (A) induce or attempt to induce any individual employed by Company or Company Subsidiary as of the Closing Date or (B) hire, within twelve months
following the date of termination of such person’s employment with Company, Company Subsidiary, Purchaser or any of Purchaser’s Affiliates, any person who was an employee of Company, Company Subsidiary, Purchaser or any of Purchaser’s
Affiliates (x) at any time during the year prior to the date hereof or (y) during the Sellers Non Solicitation Period. Notwithstanding the foregoing, nothing in this Agreement will prevent any Seller from (x) hiring any Person who was
employed at any time by Company, Company Subsidiary, Purchaser or any of Purchaser’s Affiliates and whose employment was terminated by such employing Person following the Closing or (y) hiring any employee of any such employing Person who
makes an unsolicited approach to such Seller seeking employment in response to the general advertisement or other public announcement of a job opening. 
 (e) Purchaser agrees that (i) the covenants set forth in Sections 6.7(a) and 6.7(b) are reasonable in temporal and geographical scope and in all other respects, and (ii) the covenants contained
therein have been made in order to induce the Sellers and Purchaser to enter into this Agreement. Sellers and Purchaser intend that the covenants of Sections 6.7(a) and 6.7(b) shall be deemed to be a series of separate covenants, one for each month
of the relevant period of restriction. 
 (f) Each Seller agrees that (i) the covenants set forth in Sections 6.7(c) and
6.7(d) are reasonable in temporal and geographical scope and in all other respects, and (ii) the covenants contained therein have been made in order to induce the Sellers and Purchaser to enter into this Agreement. 

  
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 (g) If, at the time of enforcement of Section 6.7(a), 6.7(b), 6.7(c) or 6.7(d) a court
shall hold that the duration or scope stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration or scope under such circumstances shall be substituted for the stated duration or scope and that the
court shall be allowed to revise the restrictions contained herein to cover the maximum period and scope permitted by law. 

(h) Purchaser recognizes and affirms that in the event of its breach of any provision of Section 6.7(a) or 6.7(b), money damages
would be inadequate and Matrix would not have adequate remedy at law. Accordingly, Purchaser agrees that in the event of a breach or a threatened breach of any of the provisions of Section 6.7(a) or 6.7(b), Matrix, in addition and supplementary
to other rights and remedies existing in its favor, may apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions thereof
(without posting a bond or other security). In addition, in the event of a breach or violation of Section 6.7(a) or 6.7(b), the relevant period of restriction shall be tolled until such breach or violation has been duly cured. 

(i) Each Seller recognizes and affirms that in the event of its breach of any provision of Section 6.7(c) or 6.7(d), money damages
would be inadequate and Purchaser would have not adequate remedy at law. Accordingly, each Seller agrees that in the event of a breach or a threatened breach of any of the provisions of Section 6.7(c) or 6.7(d), Purchaser, in addition and
supplementary to other rights and remedies existing in its favor, may apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the
provisions thereof (without posting a bond or other security). In addition, in the event of a breach or violation of Section 6.7(c) or 6.7(d), the relevant period of restriction shall be tolled until such breach or violation has been duly
cured. 
 (j) Purchaser acknowledges that its covenants in this Section 6.7 are a material inducement to Matrix to enter
into this Agreement and consummate the transactions contemplated hereby, and each Seller acknowledges and agrees that its covenants in this Section 6.7 are a material inducement to Purchaser to enter into this Agreement and consummate the
transactions contemplated hereby. 
 6.8 Tax Matters. 

(a) The Company, the Sellers and Purchaser shall cooperate fully, as and to the extent reasonably requested by the other party, in
connection with the preparation and filing of any Tax Return, statement, report or form (including any report required pursuant to Section 6043A of the Code and all Treasury Regulations promulgated thereunder), any audit, litigation or other
proceeding with respect to Taxes. The Company, the Sellers and Purchaser agree (i) to retain all books and records with respect to Tax matters pertinent to the Company relating to any Pre-Closing Period until the expiration of the applicable
statute of limitations (and, to the extent notified by Purchaser or the Representative, any extensions thereof) of the respective taxable periods, and to abide by all record retention agreements entered into with any taxing authority and
(ii) to give the other party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other party so requests, the Company, the Sellers or Purchaser, as the case may be, shall allow the
other party to take possession of such books and records. 

  
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 (b) (1) Purchaser, Sellers, and the Sellers’ Representative will promptly notify the
other in writing upon the receipt of notice from any taxing authority of any pending or threatened audit or administrative or judicial proceeding related to Taxes of the Company or any of its Subsidiaries for which such other party may be liable.
Except as provided in Section 6.7(b)(2), Purchaser shall have the sole right to control any audit or administrative or judicial proceeding with respect to Taxes (a “Tax Proceeding”). (2) In the event a Tax Proceeding could
give rise to an indemnity obligation of the Sellers under Article IX, Sellers’ Representative shall have the right (but not the obligation) to control the defense of any such Tax Proceeding provided, however, that if Sellers’
Representative elects to control the defense of any such Tax Proceeding (i) Purchaser may participate in, but not control, such Tax Proceeding at Purchaser’s expense and (ii) Sellers’ Representative may not settle or otherwise
compromise any such Tax Proceeding without Purchaser’s prior written consent (which consent shall not be unreasonably delayed or withheld). 
 (c) On the Closing Date, all Tax sharing agreements and arrangements between (a) the Company on the one hand, and (b) the Sellers or any of its Affiliates (other than the Company), on the other
hand, shall be terminated effective as of the Closing Date and have no further effect for any taxable year or period (whether a past, present, or future year or period), and no additional payments shall be made thereunder with respect to any period
after the Closing Date in respect of the redetermination of Tax liabilities or otherwise. 
 (d) All transfer, documentary,
sales, use, stamp, registration and other such Taxes, and all conveyance fees, recording charges and other fees and charges (including any penalties and interest) incurred in connection with consummation of the transactions contemplated by this
Agreement shall be paid one-half by Purchaser, on the one hand, and one-half by Sellers, on the other hand. 
 (e) Except
(i) with respect to (A) any Tax refunds (or any credits against Taxes in lieu of such refunds) arising from the carryback of any post-Closing Tax loss, deduction or credit and (B) any Tax refund (or any credits against Taxes in lieu
of such refunds) included in the calculation of Final Working Capital (which refunds and credits against Tax shall be for the account of Purchaser) and (ii) to the extent such Tax refunds (or any credits against Taxes in lieu of such refunds)
directly result in a Tax liability for which Purchaser is not indemnified under Section 9.2, Sellers’ Representative shall be entitled to receive on behalf of the Sellers prompt payment from Purchaser of an amount equal to (as
applicable), (i) any Tax refunds of Company or any Subsidiary for Pre-Closing Periods (including refunds arising by reason of amended returns filed after the Closing Date) that are received by Purchaser or its Affiliates or (ii) any
credits against Taxes in lieu of refunds described in clause (i) of this sentence (plus any interest thereon received with respect thereto from the applicable taxing authority). 

(f) Purchaser covenants that, without obtaining the prior written consent of Sellers’ Representative, it will not, and will not
cause or permit any Affiliate of Purchaser, to (i) take any action on the Closing Date other than in the ordinary course of business or as specifically contemplated by this Agreement that could reasonably be expected to give rise to any Tax
liability of the Company or any Subsidiary, or any indemnification obligation of Sellers, (ii) amend any Tax Return for any taxable period ending on or before the Closing Date, or Straddle Period Tax Return, of Company or any Subsidiary without
the prior written consent of Sellers’ Representative, or (iii) carry back any loss, deduction, or credit from a tax period ending after the Closing Date to a tax period beginning before the Closing Date without the prior written consent of
Sellers’ Representative. 

  
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 (g) Sellers’ Representative shall prepare or cause to be prepared, and Purchaser shall
cooperate in the filing of, all Tax Returns for the Company or Company Subsidiary for all Taxable Periods ending on or prior to the Closing Date that are filed after the Closing Date. Sellers’ Representative shall permit Purchaser to review and
comment on each such Tax Return described in the preceding sentence prior to filing, and Sellers’ Representative shall consider all such comments in good faith. Purchaser shall prepare or cause to be prepared, and file or cause to be filed, any
Tax Returns of Company or Company Subsidiary for Straddle Periods. Purchaser shall permit Sellers’ Representative to review and comment on each such Tax Return described in the preceding sentence prior to filing, and Purchaser shall consider
all such comments in good faith. All Tax Returns referred to in this Section 6.7(g) shall be filed in a manner consistent with prior practice, to the extent consistent with applicable Laws. In the event of a dispute between Sellers’
Representative and Purchaser regarding the proper reporting of any item on any Tax Return referred to in this paragraph, such dispute shall be referred to the independent accounting firm set forth in Section 2.4(e) and the costs of such firm
shall be split between Sellers’ Representative and Purchaser. 
 6.9 Financial Statements. 

(a) As promptly as practicable following the end of each quarter during the period from the date hereof through the Closing Date, but in
no event later than forty-five (45) days after the end of a fiscal quarter, the Company shall deliver to Purchaser a balance sheet and statements of income and of comprehensive income and shareholders’ equity and of cash flows for the
fiscal period then ended complying with GAAP. 
 (b) As promptly as practicable following the date hereof, the Company shall
deliver to Purchaser a balance sheet and statements of income and of comprehensive income and shareholders’ equity and of cash flows including accompanying footnotes for the fiscal year ended December 31, 2011 complying with GAAP and an
unqualified opinion of independent accountants, the cost of preparation of which shall be borne by Purchaser. 
 (c) As promptly
as practicable following the date hereof, the Company shall deliver to Purchaser a SAS100 review of financial statements for the first, second and third fiscal quarters of calendar year 2011, the cost of preparation of which shall be borne by
Purchaser. 
 (d) As promptly as practicable following the end of the first fiscal quarter of calendar year 2012, the Company
shall deliver to Purchaser a SAS100 review of financial statements for such period, the cost of preparation of which shall be borne by Purchaser. 
 (e) The Company will cause the appropriate officers of the Company or Matrix to execute and deliver to Purchaser’s independent auditors such representation letters in customary form in respect of
each audited period and each SAS100 review period commencing with the fiscal year ended December 31, 2011 and continuing through the Closing Date as Purchaser shall require. Should the Company’s audit in respect of its fiscal year ended
December 31, 2011 not be completed by the Closing Date, such representation letters will be provided by Matrix. 

  
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 6.10 Surrender and Cancellation of Stock Options. On or prior to the Closing,
Sellers’ Representative shall deliver to Purchaser option surrender or exercise agreements (each in a form reasonably acceptable to Purchaser, which will include representations and warranties with respect to authorization, consents and
approvals and, as of the Closing, title to, and absence of Liens on, shares of Common Stock) executed by each Optionholder. Any options to purchase shares of Company Common Stock that are not vested at the time of the Closing shall be deemed vested
in full as of the Closing Date. 
 6.11 Collective Investment Funds. Sellers shall, and shall cause Company to, cause MG
Trust to provide Company with (i) copies of the account statements for each of the collective investment funds as necessary to demonstrate the historic performance track record of each of the collective investment funds (e.g., fund custodial
statements detailing credits, debits and other transactions for the applicable periods) and (ii) worksheets demonstrating how composite performance for each of the collective investment funds has been calculated. In addition, and without
limiting the foregoing, Sellers shall, and shall cause Company to, use commercially reasonable efforts to cause MG Trust to perform all necessary steps leading up to and at Closing to enable the transfer of MG Trust’s trustee responsibilities
for the collective investment funds to the new trustee designated by Purchaser as promptly following closing as possible. Notwithstanding the preceding sentence, in the event such transfer cannot be effected for any reason beyond Sellers’
reasonable control, such failure to effect the transfer shall not be deemed a breach of any kind under this Agreement. 
 6.12
Transition Services. Sellers shall, and shall cause Company to, use commercially reasonable efforts to provide any transition services reasonably requested by Purchaser between the date hereof and the Closing in furtherance of the
consummation of the transactions contemplated hereby. For the avoidance of doubt, Sellers shall have no obligation to continue to perform such transition services after the Closing, except to the extent agreed to in writing between or among any
applicable parties. 
 ARTICLE VII 
 CONDITIONS PRECEDENT 
 7.1 Conditions to Each Party’s Obligation to Effect
the Closing. The respective obligation of each party to effect the Closing shall be subject to the satisfaction at or prior to the Closing Date of the following conditions: 

(a) Regulatory Approvals. All Requisite Regulatory Approvals shall have been obtained and shall remain in full force and effect
or, in the case of waiting periods, shall have expired or been terminated. 
 (b) No Injunctions or Restraints;
Illegality. No order, injunction, decree or judgment issued by any court or governmental body or agency of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the transactions contemplated by

  
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this Agreement shall be in effect. No statute, rule, regulation, order, injunction or decree shall have been enacted, entered, promulgated or enforced by any Governmental Entity which prohibits
or makes illegal consummation of the Closing. 
 7.2 Conditions to Obligations of Purchaser. The obligation of Purchaser
to effect the Closing is also subject to the satisfaction or waiver by Purchaser at or prior to the Closing Date of the following conditions: 
 (a) Representations and Warranties. 
 (b) Other than the Designated Seller
Representations (as defined in Section 9.1), the representations and warranties of Sellers set forth in Article III of this Agreement shall be true and correct in all material respects, in each case as of the date of this Agreement and as of
the Closing Date as though made on such Closing Date, except to the extent such representations and warranties are expressly made only as of an earlier date, in which case as of such earlier date. The Designated Seller Representations, shall be true
and correct in all respects, in each case as of the date of this Agreement and as of the Closing Date as though made on such Closing Date, except to the extent such representations and warranties are expressly made only as of an earlier date, in
which case as of such earlier date. Purchaser shall have received a certificate of Company, signed by its President or Chief Financial Officer, to the foregoing effect. 
 (c) Performance of Obligations of Sellers. Sellers shall have performed in all material respects all obligations required to be performed under this Agreement at or prior to the Closing Date.
Purchaser shall have received a certificate signed on behalf of Sellers by the Sellers’ Representative to the foregoing effect. 
 (d) FIRPTAs. Each Seller shall have delivered to Purchaser a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that such Seller is not a foreign person within the meaning of
Section 1445 of the Code. 
 (e) Required Consents. All Consents set forth on Exhibit E shall have been received, and
evidence thereof shall have been delivered to Purchaser prior to the Closing. 
 (f) Advisory Contract Consents. Consents
from clients of Company representing at least eighty percent (80%) of Company’s aggregate Run-Rate Revenues shall have been obtained, and evidence or a certification thereof shall have been delivered to Purchaser prior to the Closing;
provided, that to the extent consents are received from clients representing less than ninety percent (90%) of the run rate revenues, the Purchase Price shall be reduced by one percent (1%) for each percentage point by which the aggregate
Run-Rate Revenues of clients of Company that have so consented is less than ninety percent (90%) of Company’s aggregate Run-Rate Revenues. 
 (g) No Material Adverse Effect. From the date of this Agreement, there shall not have occurred any Material Adverse Effect. 
 (h) Watson Employment. J. Gibson Watson shall not have terminated employment with the Company for any reason or indicated in writing any intention to terminate employment with the Company for any
reason after the Closing. 

  
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 7.3 Conditions to Obligations of Sellers. The obligation of Sellers to effect the
Closing is also subject to the satisfaction or waiver by Sellers’ Representative at or prior to the Closing Date of the following conditions; provided, that Sellers’ Representative shall have no right, and only J. Gibson Watson
shall have the right, to waive the condition set forth in Section 7.3(c) below: 
 (a) Representations and
Warranties. The representations and warranties of Purchaser set forth in Article IV of this Agreement shall be true and correct in all material respects, in each case as of the date of this Agreement and as of the Closing Date as though made on
such Closing Date, except to the extent such representations and warranties are expressly made only as of an earlier date, in which case as of such earlier date. Sellers’ Representative shall have received a certificate signed on behalf of
Purchaser by its Chief Executive Officer or Chief Financial Officer to the foregoing effect. 
 (b) Performance of
Obligations of Purchaser. Purchaser shall have performed in all material respects all obligations required to be performed by it under this Agreement at or prior to the Closing Date. Sellers’ Representative shall have received a certificate
signed on behalf of Purchaser by its Chief Executive Officer or Chief Financial Officer to the foregoing effect. 
 (c)
Watson Employment. The Watson Employment Letter shall be in full force and effect. 
 ARTICLE VIII 

TERMINATION AND AMENDMENT 
 8.1 Termination. This Agreement may be terminated at any time prior to the Closing Date: 
 (a) by mutual written consent of Sellers’ Representative and Purchaser; 
 (b)
by either Sellers’ Representative or Purchaser, if the Closing shall not have occurred on or before April 15, 2012 (provided that the right to terminate this Agreement under this Section 8.1(b) shall not be available to any party
whose action or failure to act has been the cause of or resulted in the failure of a condition precedent set forth in Article VII hereof which has caused the Closing not to have occurred on or before such date and such action or failure to act
constitutes a breach of this Agreement); 
 (c) by either Sellers’ Representative or Purchaser, if any Requisite Regulatory
Approval required to be obtained pursuant to Section 7.1(a) has been denied by the relevant Governmental Entity and such denial has become final and non-appealable or any Governmental Entity of competent jurisdiction shall have issued a final,
non-appealable injunction permanently enjoining or otherwise prohibiting the consummation of the transactions contemplated by this Agreement; 
 (d) by Sellers’ Representative, if Purchaser has breached any representation, warranty, covenant or agreement on the part of Purchaser contained in this Agreement in any

  
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material respect, which breach would, individually or together with all such other then uncured breaches by Purchaser, constitute grounds for the conditions set forth in Section 7.2(a) or
7.2(b) not to be satisfied at the Closing Date and such breach is not cured within 15 Business Days after written notice thereof to Purchaser; or 
 (e) by Purchaser, if Sellers have breached any representation, warranty, covenant or agreement on the part of Sellers contained in this Agreement in any material respect, which breach would, individually
or together with all such other then uncured breaches by Sellers, constitute grounds for the conditions set forth in Section 7.3(a) or 7.3(b) not to be satisfied at the Closing Date and such breach is not cured within 15 Business Days after
written notice thereof to Sellers’ Representative. 
 8.2 Effect of Termination. In the event of termination of this
Agreement pursuant to this Article VIII, no party to this Agreement shall have any liability or further obligation hereunder to the other party hereto, except that (i) the last sentence of Section 6.2(a) (Access to Information), and
Section 6.3 (Public Disclosure), Section 8.2 (Effect of Termination), Section 10.1 (Expenses), Section 10.2 (Notices) and Section 10.6 (Governing Law) shall survive any termination of this Agreement and
(ii) notwithstanding anything to the contrary in this Agreement, termination will not relieve a breaching party from liability for any willful and material breach of any provision of this Agreement prior to such termination. 

8.3 Amendment. Subject to compliance with applicable law, this Agreement may be amended by the parties hereto. This Agreement may
not be amended except by an instrument in writing signed on behalf of each of the parties hereto. 
 8.4 Extension;
Waiver. At any time prior to the Closing Date, the parties hereto may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (b) waive any
inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions contained herein. Any agreement on the part of a party hereto to
any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall
not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 ARTICLE IX 

INDEMNIFICATION 

9.1 Survival of Representations and Warranties and Agreements. The respective representations and warranties of Sellers and
Purchaser contained in this Agreement shall survive the Closing but shall expire on May 15, 2013 at 5:00 p.m., Denver, Colorado time, except with respect to, and to the extent of, any claim of which written notice specifying, in reasonable
detail, the nature and, to the extent known, amount of the claim has been given by one party to the other prior to such expiration; provided, however, that, notwithstanding the foregoing, the representations and warranties set forth in
(i) Section 3.1 (Corporate Organization), Section 3.2 (Capitalization), Section 3.3(a) (Authority; No Violation) and Section 3.19 (Broker’s Fees) (the 

  
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“Designated Sellers Representations”) and Section 4.1 (Corporate Organization), Section 4.2(a) (Authority; No Violation) and Section 4.8 (Broker’s Fees) (the
“Designated Purchaser Representations”) shall survive the Closing and continue in full force and effect indefinitely and (ii) Section 3.10 (Taxes and Tax Returns) shall survive the Closing and continue in full force and
effect to the full extent of any applicable statute of limitations. The respective covenants and agreements of Sellers and Purchaser contained in this Agreement (including, without limitation, the indemnification obligations set forth in this
Article IX) shall survive the Closing, provided that any such covenants and agreements that by their terms are to be performed prior to the Closing Date shall survive the Closing only until the 12 month anniversary of the Closing. 

9.2 Indemnification by Sellers. Subject to the remaining provisions of this Article IX: 

(a) Several and Not Joint Indemnification. Each Seller shall, severally and not jointly, indemnify, defend and hold Purchaser and
its officers, directors, employees, agents, advisers, representatives and Affiliates (collectively, the “Purchaser Indemnitees”) harmless from and after the Closing Date for the period set forth in Section 9.1 (including any
extension thereof as expressly provided for in such Section) from and against any Damages incurred or suffered by the Purchaser Indemnitees to the extent resulting or arising from: (i) any inaccuracy in any of the representations and warranties
made in Sections 3.3 (Authority; No Violation) and 3.4 (Consents and Approvals) by such Seller or (ii) any breach of any covenant or agreement of such Seller made in Sections 6.7 (Non-Solicitation); 

(b) Joint and Several Indemnification. Each Seller shall, jointly and severally, indemnify, defend and hold the Purchaser
Indemnitees harmless from and after the Closing Date for the period set forth in Section 9.1 (including any extension thereof as expressly provided for in such Section) from and against any Damages incurred or suffered by the Purchaser
Indemnitees to the extent resulting or arising from: 
 (i) any inaccuracy in any of the representations and warranties made
herein (other than any made in Sections 3.3, 3.4, 3.14 related to the Investment Advisors Act and 3.21); 
 (ii) any inaccuracy
in any of the representations and warranties made in Section 3.14 related to the Investment Advisors Act or in Section 3.21); 
 (iii) any breach of any covenant or agreement made herein (other than any made in Section 6.7); and 
 (iv) all Taxes (or the non-payment thereof) of (1) Company and the Company Subsidiary for any Pre-Closing Period except to the extent that any such Taxes reduced the Purchase Price on account of
being taken into account as a liability in the calculation of Final Working Capital, (2) any member of an affiliated, consolidated, combined or unitary group of which Company or the Company Subsidiary (or any predecessor of any of the
foregoing) is or was a member on or prior to the Closing Date, including pursuant to Section 1.1502-6 of the Treasury Regulations or any analogous or similar state, local, or foreign law or regulation and (3) any Person (other than the
Company and the Company Subsidiary) imposed 

  
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on the Company or the Company Subsidiary as a transferee or successor, by contract or pursuant to any law, rule, or regulation, which Taxes relate to an event or transaction occurring in a
Pre-Closing Period. 
 For the avoidance of doubt, the indemnification obligation set forth in clause (i) of this Section 9.2(b) shall
not apply to any Damages arising from any inaccuracy of the representations set forth in Sections 3.3 (Authority; No Violation) and 3.4 (Consents and Approvals), which are solely the subject of Section 9.2(a), above. 

(c) Deductible. Notwithstanding the foregoing, (A) no Seller shall be liable to indemnify any Purchaser Indemnitees against
Damages pursuant to Section 9.2(a)(i) or 9.2(b)(i) unless and until the aggregate amount of such Damages exceeds one and one-quarter percent (1.25%) of the Purchase Price, and then only to the extent applicable Damages exceed one and
one-quarter percent (1.25%) of the Purchase Price; provided, that the foregoing limitations shall not apply to any breach of the Designated Seller Representations. 
 (d) Limitation on Liability. The maximum liability of all Sellers to the Purchaser Indemnitees pursuant to Section 9.2(a)(i) and Section 9.2(b)(i) shall not exceed 10.6% of the Purchase
Price; provided, that the foregoing limitations shall not apply to any breach of the Designated Seller Representations, which shall be limited to the Purchase Price. 
 (e) Limitation on Liability with respect to Section 3.21(b) (Registrations, Licenses and Qualifications). The maximum liability of all Sellers to the Purchaser Indemnitees pursuant to
Section 9.2(b)(ii) shall not exceed Five Hundred Thousand Dollars ($500,000). For the avoidance of doubt, the limitations set forth in Sections 9.2(c) and 9.2(d) shall not apply to Damages arising under Section 9.2(b)(ii). 

9.3 Indemnification by Purchaser. Subject to the remaining provisions of this Article IX, Purchaser shall indemnify, defend and
hold Sellers and their respective officers, directors, managers, partners, employees, agents, advisers, trustees, representatives and Affiliates (collectively, the “Sellers Indemnitees”) harmless from and after the Closing Date for
the period set forth in Section 9.1 (including any extension thereof as expressly provided for in such Section) from and against any Damages incurred or suffered by the Sellers Indemnitees to the extent resulting or arising from (a) any
inaccuracy in any of the representations and warranties made herein by Purchaser, and (b) any breach of any covenant or agreement of Purchaser made herein. Notwithstanding the foregoing with respect to Damages arising under this
Section 9.3 (and except for Damages resulting from breaches of the Designated Purchaser Representations), (i) Purchaser shall not be liable to indemnify Sellers Indemnitees against Damages pursuant to Section 9.3(a) unless and until
the aggregate amount of such Damages exceeds one and one-half percent (1.5%) of the Purchase Price, and then only to the extent applicable Damages exceed one percent (1.0%) of the Purchase Price, and (ii) Purchaser’s maximum
liability to the Sellers Indemnitees for Damages pursuant to Section 9.3(a) shall not exceed forty percent (40%) of the Purchase Price. 

  
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 9.4 Indemnification Procedure. 

(a) Promptly after the incurrence of any Damages by the party seeking indemnification hereunder (the “Indemnified
Party”), including, without limitation, any claim by a third party described in Section 9.4(d) hereof, which might give rise to indemnification hereunder or the discovery of any facts or circumstances that the Indemnified Party
believes may result in an indemnification claim hereunder, the Indemnified Party shall deliver to the party from which indemnification is sought (the “Indemnifying Party”) and all Sellers a certificate (the “Claim
Certificate”), which Claim Certificate shall: 
 (i) state that the Indemnified Party has paid or properly accrued
Damages, or anticipates that it shall incur liability for Damages for which such Indemnified Party is entitled to indemnification pursuant to this Agreement; and 
 (ii) specify in reasonable detail each individual item of Damages included in the amount so stated to the extent known, the date such item was paid or properly accrued (if applicable), the basis for any
anticipated liability and the nature of the misrepresentation, breach of warranty or breach of covenant or claim to which each such item is related and the computation of the amount, if reasonably capable of computation to which such Indemnified
Party claims to be entitled hereunder; provided, however, that the failure to deliver such Claim Certificate shall not relieve the Indemnifying Party of its obligations hereunder except to the extent such failure shall have prejudiced the
Indemnifying Party. 
 (b) In case the Indemnifying Party shall object to the indemnification of an Indemnified Party in respect
of any claim or claims specified in any Claim Certificate, the Indemnifying Party shall, within 10 Business Days after receipt by the Indemnifying Party of such Claim Certificate, deliver to the Indemnified Party a written notice to such effect and
the Indemnifying Party and the Indemnified Party shall, within the 10 Business Day period beginning on the date of receipt by the Indemnified Party of such written objection, attempt in good faith to agree upon the rights of the respective parties
with respect to each of such claims to which the Indemnifying Party shall have so objected. If the Indemnified Party and the Indemnifying Party shall succeed in reaching agreement on their respective rights with respect to any of such claims, the
Indemnified Party and the Indemnifying Party shall promptly prepare and sign a memorandum setting forth such agreement. Should the Indemnified Party and the Indemnifying Party be unable to agree as to any particular item or items or amount or
amounts, then the Indemnified Party and the Indemnifying Party shall submit such dispute to arbitration pursuant to Section 10.7. 
 (c) Claims for Damages specified in any Claim Certificate to which an Indemnifying Party shall not object in writing within 10 Business Days of receipt of such Claim Certificate, claims for Damages
covered by a memorandum of agreement of the nature described in Section 9.4(b) and claims for Damages the validity and amount of which have been the subject of a Final Determination under Section 10.7, are hereinafter referred to,
collectively, as “Agreed Claims.” Within 10 Business Days of the determination of the amount of any Agreed Claims, subject to the limitations of this Article IX, the Indemnifying Party shall pay to the Indemnified Party an amount
equal to the Agreed Claim by cashier’s check or wire transfer to the bank account or accounts designated in writing by the Indemnified Party not less than one Business Day prior to such payment. Any such amount required to be paid by Sellers
shall be paid from the Escrow Amount, to the extent available. 

  
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 (d) Promptly after the assertion by any third party of any claim against any Indemnified
Party that in the reasonable judgment of such Indemnified Party may result in the incurrence by such Indemnified Party of Damages for which such Indemnified Party would be entitled to indemnification pursuant to this Agreement, such Indemnified
Party shall deliver to the Indemnifying Party a written notice describing in reasonable detail such claim and such Indemnifying Party may, at its option, assume the defense of the Indemnified Party against such claim (including the employment of
counsel, who shall be reasonably satisfactory to such Indemnified Party) at such Indemnifying Party’s expense. Any failure on the part of the Indemnified Party to provide prompt notice shall not limit any of the obligations of the Indemnifying
Party (except to the extent such failure prejudices the defense of such claim). Any Indemnified Party shall have the right to employ separate counsel in any such action or claim and to participate in the defense thereof, but the fees and expenses of
such counsel shall not be at the expense of the Indemnifying Party. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to assume such control, and shall be responsible for the fees and expenses of the Indemnified
Party’s counsel, if (i) the Indemnifying Party shall have failed, within 15 Business Days after having been notified by the Indemnified Party of the existence of such claim as provided in the preceding sentence, to assume the defense of
such claim or to notify the Indemnified Party in writing that it shall assume the defense of such claim, (ii) the employment of such counsel has been specifically authorized in writing by the Indemnifying Party, (iii) the named parties to
any such action (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party and such Indemnified Party shall have been advised by counsel that there may be one or more legal defenses available to the Indemnified
Party which are not available to, or the assertion of which would be adverse to the interests of, the Indemnified Party, or (iv) the Indemnified Party shall have been advised in writing by counsel that the assumption of such defense by the
Indemnifying Party would be inappropriate due to an actual or potential conflict of interest (provided that the Indemnifying Party shall not be liable for the fees and expenses of more than one firm of counsel for all Indemnified Parties, other than
local counsel). No Indemnifying Party shall be liable to indemnify any Indemnified Party for any settlement of any such action or claim effected without the consent of the Indemnifying Party, but if settled with the written consent of the
Indemnifying Party, or if there be a final judgment for the plaintiff in any such action, the Indemnifying Party shall indemnify and hold harmless each Indemnified Party from and against any loss or liability by reason of such settlement or
judgment, subject to the limitations set forth in this Article IX. If the Indemnifying Party shall assume the defense of any claim in accordance with the provisions of this Section 9.4(d), the Indemnifying Party shall obtain the prior written
consent of the Indemnified Party (which shall not be unreasonably withheld) before entering into any settlement of such claim if the settlement does not release the Indemnified Party from all liabilities and obligations with respect to such claim,
the settlement is in excess of the maximum liability set forth in Section 9.2 or 9.3, as applicable, or the settlement imposes injunctive or other equitable relief against the Indemnified Party. The Indemnified Party and the Indemnifying Party
each agrees to fully cooperate in all matters covered by this Section 9.4(d), including, as required, the furnishing of books and records, personnel and witnesses and the execution of documents, in each case as necessary for any defense of such
third party claim and at no cost to the other party (provided that any reasonable out-of-pockets expenses of the Indemnified Party incurred in connection with the foregoing shall be considered part of Damages hereunder). 

  
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 9.5 Certain Offsets; Tax Treatment of Payments. For purposes of this Article IX,
“Damages” shall be net of any insurance or other recoveries payable to the Indemnified Party or its Affiliates in connection with the facts giving rise to the right of indemnification. In addition, any indemnification payment made pursuant
to this Article IX shall be reduced by the amount of any net Tax benefit actually realized by the Indemnified Party through a reduction in Taxes otherwise due as a result of the Damages incurred or suffered by the Indemnified Party. The parties
agree to treat any payment pursuant to this Article IX (other than the portion treated as interest) as an adjustment to the Purchase Price. 
 9.6 Pre-Closing Taxes. For purposes of this Agreement: 
 (a) All Taxes of
Company and the Company Subsidiaries for a Tax period that ends on or before the Closing Date shall be treated as relating to a Pre-Closing period. 
 (b) In the case of any payroll or similar Taxes, or any Taxes based upon or related to income or gross receipts or similar Taxes, that are payable with respect to a Tax period beginning before and ending
after the Closing Date, the portion of such Taxes relating to a Pre-Closing period shall be determined on the basis of a deemed closing of the books and records of Company at the end of the Closing Date; provided that annual exemptions, allowances
or deductions that are calculated on a periodic basis, such as the deduction for depreciation shall be prorated on a daily basis. 
 (c) In the case of any Taxes other than those described in Section 9.6(b) that are payable with respect to a Tax period beginning before and ending after the Closing Date, the portion of such Taxes
relating to a Pre-Closing period shall be equal to the product of all such Taxes multiplied by a fraction the numerator of which is the number of days in the Tax period from the commencement of such period through and including the Closing Date and
the denominator of which is the number of days in the entire period; provided, that appropriate adjustments shall be made to reflect specific events that can be identified and specifically allocated as occurring on or prior to the Closing
Date or occurring after the Closing Date (in which case, Purchaser shall be responsible for any Taxes related thereto). 
 9.7
Interpretation of Representations and Warranties. For purposes of determining the amount of an indemnification payment under this Article IX, each representation and warranty in this Agreement will be interpreted without reference or giving
effect to any materiality qualification or limitation set forth in such representation or warranty, including the terms “material”, “materially”, “in all material respects” and “Material Adverse Effect” (which
instead shall be read as any adverse effect). 
 9.8 Exclusive Remedy. After the Closing Date, this Article IX shall
provide the exclusive remedy for any of the matters addressed herein or other claims arising out of this Agreement, except in the case of common law fraud or with respect to matters for which the remedy of specific performance, injunctive relief or
other non-monetary equitable remedies are available. 

  
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 ARTICLE X 
 GENERAL PROVISIONS 
 10.1 Expenses. All costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expense. 

10.2 Notices. All notices and other communications required or permitted to be given hereunder shall be sent to the party to whom
it is to be given with copies to all other parties as follow (as elected by the party giving such notice) and be either personally delivered against receipt, by facsimile (with confirmation) or other wire transmission, by registered or certified
mail (postage prepaid, return receipt requested) or deposited with an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

 

	 	(a)	if to any Seller, to: 

 Matrix
Financial Solutions, Inc. 
 700 17th Street 
 Suite 300 
 Denver, CO 80202 

Attn: President 

Facsimile No.: (720) 932-2798 
 and to: 
 Prima Capital Holding, Inc. 

600 17th Street, Suite 2300 South 
 Denver, CO 80202 
 Attn: President 

Facsimile No.: (303) 573-7362 
 with copies to: 
 Squire Sanders (US) LLP 

4900 Key Tower 

127 Public Square 
 Cleveland, OH 44114-1304 
 Attn: Daniel G. Berick, Esq. and Cipriano S. Beredo,
Esq. 
 Facsimile No.: (216) 479-8780 
 and to: 
 Fairfield and Woods, P.C. 

Wells Fargo Center, Suite 2400 
 1700 Lincoln Street 
 Denver, CO 80203 

Attn: John A. Eckstein, Esq. 
 Facsimile No.: 

  
 44 

	 	(b)	if to Purchaser, to: 

Envestnet, Inc. 
 35 East Wacker Drive, Suite 2400 
 Chicago, IL 60601 

Attn: Shelly O’Brien, General Counsel and Corporate Secretary 

Facsimile No.: (312) 827-2801 
 with a copy to: 
 Mayer Brown LLP 

71 S. Wacker Drive 
 Chicago, IL 60606 
 Attn: Edward S. Best, Esq. 

Facsimile No.: (312) 706-8106 
 All notices and other communications shall be deemed to have been given (i) when received if given in person, (ii) on the date of electronic confirmation of receipt if sent by facsimile or other
wire transmission, (iii) three Business Days after being deposited in the U.S. mail, certified or registered mail, postage prepaid, or (iv) one Business Day after being deposited with a reputable overnight courier. 

10.3 Interpretation. When a reference is made in this Agreement to Sections, Exhibits or Schedules, such reference shall be to a
Section of or Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

10.4 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

10.5 Entire Agreement. This Agreement (including the Disclosure Schedules and other documents and the instruments referred to
herein) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof other than the Confidentiality Agreement. 

10.6 Governing Law; Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT AND THE LEGAL RELATIONS BETWEEN THE PARTIES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS RULES THEREOF. THE STATE OR FEDERAL COURTS LOCATED WITHIN NEW YORK COUNTY IN THE STATE OF NEW

  
 45 

 
YORK SHALL HAVE EXCLUSIVE JURISDICTION OVER ANY AND ALL DISPUTES BETWEEN THE PARTIES, WHETHER IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE AGREEMENTS, INSTRUMENTS AND
DOCUMENTS CONTEMPLATED HEREBY AND THE PARTIES CONSENT TO AND AGREE TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS. EACH PARTY HEREBY WAIVES AND AGREES NOT TO ASSERT IN ANY SUCH DISPUTE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
CLAIM THAT (I) SUCH PARTY IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, (II) SUCH PARTY AND SUCH PARTY’S PROPERTY IS IMMUNE FROM ANY LEGAL PROCESS ISSUED BY SUCH COURTS OR (III) ANY LITIGATION OR OTHER PROCEEDING
COMMENCED IN SUCH COURTS IS BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 10.2, OR IN SUCH OTHER
MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND AGREES TO
CAUSE ITS SUBSIDIARIES TO WAIVE, ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY PURCHASER ANCILLARY AGREEMENT, ANY SELLER ANCILLARY AGREEMENT OR ANY OTHER INSTRUMENT OR
DOCUMENT EXECUTED AND DELIVERED IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY. 
 10.7 Attorneys’ Fees. In
the event any party initiates any legal action to enforce the provisions of this Agreement, the prevailing party shall be entitled to the recovery of reasonable attorneys’ fees and costs in such action. 

10.8 Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

10.9 Assignment; Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations shall be
assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be
enforceable by the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer upon any person other than the parties hereto any rights or remedies
hereunder. 
 10.10 Legal Representation. Sellers acknowledge that Squire, Sanders & Dempsey (US) LLP has been
retained by Matrix to provide legal services to Matrix and no other Seller in connection with this Agreement and the transactions contemplated hereby. Sellers further 

  
 46 

 
acknowledge that Fairfield and Woods, P.C. has been retained by Messrs. Watson, Selzer, Behan and Eral to provide legal services to them as Sellers and no other Seller in connection with this
Agreement and the transactions contemplated hereby. 
 10.11 Post-Closing Releases. 

(a) Effective as of the Closing Date, each Seller hereby releases and discharges each of Company and Company Subsidiary from any and all
claims, demands and causes of action, whether known or unknown, liquidated or contingent, relating to, arising out of or in any way connected with the dealings of Company and such Seller or Company Subsidiary and such Seller from the beginning of
time through the Closing, it being understood, however, that such release will not operate to release Purchaser from any indemnity obligations, if any, under Article IX. Each Seller acknowledges that the Laws of many states provide substantially the
following: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.” Each Seller acknowledges that such provisions are designed to protect a party from waiving claims which it does not know exist or may exist. Nonetheless, each Seller agrees that, effective as of the Closing, such
Seller will be deemed to have waived any such provision. Each Seller further agrees that such Seller shall not (a) institute any action or proceeding based upon, arising out of, or relating to any of the released claims, (b) participate,
assist, or cooperate in any such action or proceeding or (c) encourage, assist or solicit any third party to institute any such action or proceeding. The foregoing provision shall not effect the waiver, release or impairment of any right of a
Seller pursuant to any continuing contractual arrangement existing as of the Closing Date between such Seller and Company and/or Company Subsidiary. 
 (b) Effective as of the Closing Date, Purchaser shall cause Company and Company Subsidiary to release and discharge each Seller from any and all claims, demands and causes of action, whether known or
unknown, liquidated or contingent, relating to, arising out of or in any way connected with the dealings of Company and such Seller or Company Subsidiary and such Seller from the beginning of time through the Closing, it being understood, however,
that such release will not operate to release such Seller from any indemnity obligations, if any, under Article IX. Purchaser acknowledges that the Laws of many states provide substantially the following: “A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” Purchaser acknowledges that
such provisions are designed to protect a party from waiving claims which it does not know exist or may exist. Nonetheless, Purchaser agrees that, effective as of the Closing, Company and Company Subsidiary will be deemed to have waived any such
provision. Purchaser further agrees that it will cause Company and Company Subsidiary not to (a) institute any action or proceeding based upon, arising out of, or relating to any of the released claims, (b) participate, assist, or
cooperate in any such action or proceeding or (c) encourage, assist or solicit any third party to institute any such action or proceeding. The foregoing provision shall not effect the waiver, release or impairment of any right of Company or
Company Subsidiary pursuant to any continuing contractual arrangement existing as of the Closing Date between Company or Company Subsidiary and such Seller. 
 [Signature page follows] 

  
 47 

 IN WITNESS WHEREOF, Sellers and Purchaser have caused this Agreement to be executed, in
counterparts, as of the date first above written. 
 Purchaser: 
 ENVESTNET, INC. 

			
		
	By:	 	 
	Name:	 	
	Title:	 	

 Sellers: 

MATRIX FINANCIAL SOLUTIONS, INC. 

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
		 	 
		 	J. Gibson Watson

  

			
		
		 	 
		 	Geoffrey Selzer

  

			
		
		 	 
		 	David Eral

  

			
		
		 	 
		 	Michael Jacobs

  

			
		
		 	 
		 	Nathan Behan

  

			
		
		 	 
		 	David Bullwinkle

 [Signature page to Stock Purchase Agreement]

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