Document:

Registration Rights Agreement, dated as of November 4, 2010

  
 Exhibit 4.3

 EXECUTION COPY 
  

 

REGISTRATION RIGHTS AGREEMENT 

Dated as of November 4, 2010 
 by and among 
 THE NEW
YORK TIMES COMPANY 
 and 

BARCLAYS CAPITAL INC. 

 
  

  
 This Registration
Rights Agreement (this “Agreement”) is made and entered into as of November 4, 2010, by and among The New York Times Company, a New York corporation (the “Company”), and Barclays Capital Inc., as
the initial purchaser (the “Initial Purchaser”) who has agreed to purchase the Company’s 6.625% Senior Notes due 2016 (the “Initial Notes”) pursuant to the Purchase Agreement (as defined below).

 This Agreement is made pursuant to the Purchase Agreement, dated November 1, 2010 (the “Purchase
Agreement”), by and among the Company and the Initial Purchaser. In order to induce the Initial Purchaser to purchase the Initial Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The
execution and delivery of this Agreement is a condition to the obligations of the Initial Purchaser set forth in Section 7 of the Purchase Agreement. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Indenture, dated as of November 4, 2010, among the Company and Wells Fargo Bank, National Association, as trustee, relating to the Initial Notes and the Exchange Notes (the “Indenture”). 

The parties hereby agree as follows: 
 SECTION 1. DEFINITIONS 
 As used in this Agreement, the following
capitalized terms shall have the following meanings: 
 Act: The Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder. 
 Affiliate: As defined in Rule 144 of the Act.

 Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or at
a place of payment are authorized by law, regulation or executive order to remain closed. 
 Closing Date: The
date hereof. 
 Commission: The Securities and Exchange Commission. 

Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(a) the filing and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (b) the maintenance of such Exchange Offer Registration Statement continuously
effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof, and (c) the delivery by the Company to the Registrar under the Indenture of Exchange Notes in the same
aggregate principal amount as the aggregate principal amount of Initial Notes tendered by Holders thereof pursuant to the Exchange Offer. 

  
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 Consummation
Deadline: As defined in Section 3(a) hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder. 
 Exchange Notes: The
Company’s 6.625% Senior Notes due 2016 to be issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 4 hereof. 
 Exchange Offer: The exchange and issuance by the Company of a principal amount of Exchange Notes (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to
the outstanding principal amount of Initial Notes that are validly tendered and not withdrawn by such Holders in connection with such exchange and issuance. 
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 

Free Writing Prospectus: Each offer to sell or solicitation of an offer to buy the Initial Notes or the Exchange Notes that
would constitute a “free writing prospectus” as defined in Rule 405 under the Act, prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Initial Notes or the Exchange Notes.

 Holders: As defined in Section 2 hereof. 

Interest Payment Date: As defined in the Initial Notes and Exchange Notes. 

Prospectus: The prospectus included in a Registration Statement at the time such Registration Statement is declared
effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Recommencement Date: As defined in Section 6(d) hereof. 

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes
pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, in each case, (i) that is filed pursuant to the provisions of this Agreement,
(ii) including the Prospectus included therein, and (iii) including all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Rule 144: Rule 144 promulgated under the Act. 
 Shelf Effectiveness Deadline: As defined in Section 4(a) hereof. 
 Shelf Registration Statement: As defined in Section 4 hereof. 

Special Interest: As defined is Section 5 hereof. 

  
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 Suspension
Notice: As defined in Section 6(d) hereof. 
 Suspension Rights: As defined in Section 6(c)(i)
hereof. 
 TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date of
the Indenture. 
 Transfer Restricted Securities: Each Initial Note until the earliest to occur of (a) the
date on which such Initial Note has been exchanged in the Exchange Offer by a Person other than a Broker-Dealer for an Exchange Note entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery
requirements of the Act, (b) following the exchange by a Broker-Dealer in the Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such Broker-Dealer on or prior
to the date of such sale a copy of the Prospectus contained in the Exchange Offer Registration Statement, (c) the date on which such Initial Note has been effectively registered under the Act and disposed of in accordance with the Shelf
Registration Statement (and the purchasers thereof have been issued Exchange Notes), or (d) the date on which such Initial Note is distributed to the public pursuant to Rule 144. 
 SECTION 2. HOLDERS 
 A Person is deemed to be a holder of Transfer
Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 
 SECTION 3.
REGISTERED EXCHANGE OFFER 
 (a) The Company shall (i) use its commercially reasonable efforts to
cause the Exchange Offer Registration Statement to be consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 270 days after the issue date of the Initial Notes
(such 270th day being the “Consummation
Deadline”), (ii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to cause it to become effective, (B) file, if applicable,
a post-effective amendment to such Exchange Offer Registration Statement, and (C) cause all necessary filings, if any, in connection with the registration and qualification of the Exchange Notes to be made under the Blue Sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iii) unless the Exchange Offer shall not be permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a)(i) below have
been complied with), upon the effectiveness of such Exchange Offer Registration Statement, commence and Consummate the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting (i) registration of the Exchange Notes to be
offered in exchange for the Initial Notes that are Transfer Restricted Securities and (ii) resales of Exchange Notes by Broker-Dealers that tendered into the Exchange Offer Initial Notes that such Broker-Dealer acquired for its own account as a
result of market-making activities or other trading activities (other than Initial Notes acquired directly from the Company or any of its Affiliates) as contemplated by Section 3(c) below. 

(b) The Company shall use its commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective
continuously, and shall keep the Exchange Offer 

  
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open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event
shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to Holders. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than
the Exchange Notes shall be included in the Exchange Offer Registration Statement. 
 (c) The Company shall include a “Plan
of Distribution” section (substantially in the form attached hereto as Annex A) in the Prospectus contained in the Exchange Offer Registration Statement and indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that
were acquired for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than Initial Notes acquired directly from the Company or any Affiliate of the Company), may exchange such Transfer
Restricted Securities pursuant to the Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such sales by such Broker-Dealers that the Commission may require in order to permit such
sales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such Broker-Dealer, except to the extent required by the Commission as a
result of a change in policy, rules or regulations after the date of this Agreement. See the Shearman & Sterling no-action letter (available July 2, 1993). 

Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act and must, therefore, deliver a
prospectus meeting the requirements of the Act in connection with its initial sale of any Exchange Notes received by such Broker-Dealer in the Exchange Offer, the Company shall permit the use of the Prospectus contained in the Exchange Offer
Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the Prospectus contained in the Exchange Offer Registration Statement is available for sales of Exchange Notes by
Broker-Dealers, the Company agrees to use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(a)
and (c) hereof and in conformity with the requirements of this Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of 180 days from the Consummation Deadline or such shorter
period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold pursuant thereto. The Company shall provide sufficient copies of the latest version of such Prospectus to such Broker-Dealers
promptly upon request at any time during such period. 
 SECTION 4. SHELF REGISTRATION 

(a) Shelf Registration. If (i) the Company is not permitted to Consummate the Exchange Offer because the
Exchange Offer is not permitted by applicable law or Commission policy (after the Company has complied with the procedures set forth in Section 6(a)(i) below); (ii) any Holder notifies the Company prior to the 20th Business Day following Consummation of the Exchange Offer that
(A) such Holder is prohibited by law or Commission policy from participating in the Exchange Offer or (B) such Holder (other than an exchanging Broker-Dealer) that participates in the Exchange Offer does not receive freely tradeable
Exchange Notes on the 

  
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date of exchange; (iii) the Initial Purchaser so requests with respect to the Initial Notes held by it that are not eligible to be exchanged for Exchange Notes in the Exchange Offer; or
(iv) the Exchange Offer is not consummated by the
270th day after the issue date of the Initial Notes, then
the Company, subject to the Suspension Rights set forth in Section 6(c)(i) below, shall use its commercially reasonable efforts on or prior to 180 days after the earlier of (i) the date as of which the Company determines that the Exchange
Offer Registration Statement will not be or cannot be, as the case may be, filed as a result of clause (a)(i) above, (ii) the date on which the Company receives the notice specified in clauses (a)(ii) and (a)(iii) above or (iii) the date
specified in clause (a)(iv) above (180 days after such earlier date, the “Shelf Effectiveness Deadline”) to cause a shelf registration statement pursuant to Rule 415 under the Act (which may be an amendment to the Exchange
Offer Registration Statement (the “Shelf Registration Statement”)) covering the resale of all Transfer Restricted Securities to become effective. 
 If, after the Company has filed an Exchange Offer Registration Statement that satisfies the requirements of Section 3(a) above, the Company is required to use its commercially reasonable efforts to
cause to become effective a Shelf Registration Statement solely because the Exchange Offer is not permitted under applicable federal law (i.e., clause (a)(i) above), then the filing of the Exchange Offer Registration Statement shall be deemed to
satisfy the requirements of clause (x) above; provided that, in such event, the Company shall remain obligated to meet the Shelf Effectiveness Deadline set forth in clause (y) above. 

To the extent necessary to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii) hereof, the Company shall use its commercially reasonable efforts to keep any Shelf
Registration Statement required by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to the provisions of Sections 6(b) and 6(c) hereof and in conformity with the requirements of this
Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least two years (as extended pursuant to Section 6(c)(i) or 6(d)) or until the earliest of (i) the date on
which the Transfer Restricted Securities covered by the Shelf Registration Statement are no longer restricted securities (as defined in Rule 144 under the Act) or are saleable pursuant to Rule 144 without limitation and (ii) the date on which
all Transfer Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto. 
 (b)
Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until
such Holder furnishes to the Company in writing, within 15 days after receipt of a request therefor, the information specified in Item 507 or 508 of Regulation S-K, as applicable, under the Act, or other information reasonably requested by the
Company and required by Regulation S-K under the Act, for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder shall be entitled to Special Interest pursuant to Section 5
hereof unless and until (and from and after such time) such Holder shall have provided all such information. Each selling Holder agrees to promptly furnish additional information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading and shall promptly supply such other information as the Company may from time to time reasonably request. 

  
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 SECTION 5. SPECIAL INTEREST

 Subject to the Suspension Rights referred to in Section 6(c)(i) below, if (i) the Exchange Offer has not been
Consummated on or prior to the Consummation Deadline, (ii) the Self Registration Statement required by this Agreement has not been declared effective by the Commission on or prior to the Shelf Effectiveness Deadline, or (iii) any
Registration Statement required by this Agreement is declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose (each such event referred to in clauses (i) through (iii), a
“Registration Default”), then the Company agrees to pay to each Holder affected thereby special interest over and above the interest otherwise payable on the securities from and including the date on which any Registration
Default shall occur but excluding the date on which such Registration Defaults have been cured (“Special Interest”) at a rate of 0.25% per annum for the first 90-day period immediately following the occurrence of such
Registration Default. The amount of the Special Interest shall increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum additional interest rate of
1.0% per annum; provided that the Company shall in no event be required to pay Special Interest for more than one Registration Default at any given time. All accrued additional interest shall be paid by the Company in the same manner and
at the same time as payments of interest. Notwithstanding anything to the contrary set forth herein, (1) upon Consummation of the Exchange Offer, in the case of clause (i) above, (2) upon the effectiveness of the Shelf Registration
Statement in the case of clause (ii) above, or (3) upon the filing of a post-effective amendment to the Registration Statement or an additional Registration Statement that causes the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case of clause (iii) above, the Special Interest payable with respect to the Transfer Restricted Securities as a result of such clause (i),
(ii) or (iii), as applicable, shall cease. 
 All accrued Special Interest shall be paid by the Company (or the Company
will cause the Paying Agent to make such payment on its behalf) to the Holders entitled thereto, in the manner provided for the payment of interest in the Indenture, on each Interest Payment Date, as more fully set forth in the Indenture, the
Initial Notes and the Exchange Notes. Notwithstanding the fact that any securities for which Special Interest is due cease to be Transfer Restricted Securities, all obligations of the Company to pay Special Interest with respect to such securities
that accrued prior to the time that such securities ceased to be Transfer Restricted Securities shall survive until such time as such obligations with respect to such securities shall have been satisfied in full. 

SECTION 6. REGISTRATION PROCEDURES 
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall (x) comply with all applicable provisions of Section 6(c) below, (y) use its
commercially reasonable efforts to effect such exchange and to permit the resale of Exchange Notes by Broker-Dealers that tendered in the Exchange Offer Initial Notes that such Broker-Dealer acquired for its own account as a result of its
market-making activities or other trading 

  
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activities (other than Initial Notes acquired directly from the Company or any of its Affiliates) being sold in accordance with the intended method or methods of distribution thereof, and
(z) comply with all of the following provisions: 
 (i) If, following the date hereof there has been
announced a change in Commission policy with respect to exchange offers such as the Exchange Offer, that in the reasonable opinion of counsel to the Company raises a substantial question as to whether the Exchange Offer is permitted by applicable
federal law, the Company hereby agrees either to (x) seek a no-action letter or other favorable decision from the Commission allowing the Company to Consummate an Exchange Offer for such Transfer Restricted Securities, or (y) file, in
accordance with Section 4(a) hereof, a Shelf Registration Statement to permit the registration and/or resale of the Transfer Restricted Securities that would otherwise be covered by the Exchange Offer Registration Statement but for the
announcement of a change in Commission policy. In the case of clause (x) above, the Company hereby agrees to pursue the issuance of such a decision to the Commission staff level but shall not be required to take action not commercially
reasonable to affect a change of Commission policy. In connection with the foregoing, the Company hereby agrees to take all such other actions as may be requested by the Commission or otherwise required in connection with the issuance of such
decision, including without limitation (A) participating in telephonic conferences with the Commission, (B) delivering to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which
such counsel has concluded that such an Exchange Offer should be permitted, and (C) diligently pursuing a resolution (which need not be favorable) by the Commission staff. 

(ii) As a condition to its participation in the Exchange Offer, each Holder (including, without limitation, any Holder who
is a Broker-Dealer) shall furnish, upon the request of the Company, prior to the Consummation of the Exchange Offer, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer
Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of
the Exchange Notes to be issued in the Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary course of business, and (D) only if such Holder is a Broker-Dealer that will receive Exchange Notes in exchange for Initial Notes
that such Broker-Dealer acquired for its own private account as a result of market making or other trading activities, it will deliver a Prospectus, as required by law, in connection with any sale of such Exchange Notes. As a condition to its
participation in the Exchange Offer each Holder using the Exchange Offer to participate in a distribution of the Exchange Notes shall acknowledge and agree that, if the resales are of Exchange Notes obtained by such Holder in exchange for Initial
Notes acquired directly from the Company or an Affiliate thereof, it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters
(including, if applicable, any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and 

  
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prospectus delivery requirements of the Act in connection with a secondary resale transaction and that such a secondary resale transaction must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K. 
 (iii) To the extent required by Commission policies and procedures, prior to effectiveness of the Exchange Offer Registration Statement, the Company shall provide a supplemental letter to the Commission
(A) stating that the Company is registering the Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc. (available
June 5, 1991) as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action letter obtained pursuant to clause (i) above, (B) including a
representation that the Company has not entered into any arrangement or understanding with any Person to distribute the Exchange Notes to be received in the Exchange Offer and that, to the best of the Company’s information and belief, each
Holder participating in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of business and has no arrangement or understanding with any Person to participate in the distribution of the Exchange Notes received in the Exchange
Offer, and (C) any other undertaking or representation required by the Commission as set forth in any no-action letter obtained pursuant to clause (i) above, if applicable. 

(b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall: 

(i) comply with all the applicable provisions of Section 6(c) below and use its commercially reasonable efforts to
effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Company pursuant to
Section 4(b) hereof), and pursuant thereto the Company will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Act, which form shall be available for the sale of the
Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and 

(ii) issue to any Holder or purchaser of Initial Notes covered by any Shelf Registration Statement contemplated by this
Agreement, upon the request of any such Holder or purchaser, registered Initial Notes having an aggregate principal amount equal to the aggregate principal amount of Initial Notes in the names as such Holder or purchaser shall designate. 

(c) General Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the
Company shall: 
 (i) use its commercially reasonable efforts to keep such Registration Statement continuously
effective and provide all requisite financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence 

  
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of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file
promptly an appropriate amendment to such Registration Statement curing such defect, and, if Commission review is required, use its commercially reasonable efforts to cause such amendment to be declared effective as soon as practicable.
Notwithstanding the foregoing, the Company may allow the Exchange Offer Registration Statement, at any time after Consummation of the Exchange Offer (if otherwise required to keep it effective), or the Shelf Registration Statement and the related
Prospectus to cease to remain effective and usable or may delay the filing or the effectiveness of the Shelf Registration Statement if not then filed or effective, as applicable (“Suspension Rights”), for one or more periods
of 90 days in aggregate in any twelve month period if (x) the Company determines in good faith that it is in the best interests of the Company not to disclose the existence of or facts surrounding any proposed or pending material corporate
transaction involving the Company, as evidenced by a certificate signed by the Chief Executive Officer or any Vice President of the Company, and the Company mails notification to the Holders within five Business Days after the Company makes such
determination, or (y) the Prospectus contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as the case may be, contains an untrue statement of the material fact or omits to state a material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the 180-day period referred to in Section 3(c) during which the Exchange Offer Registration Statement is
required to be effective and usable or the two year period referred to in Section 4(a) hereof during which the Shelf Registration Statement is required to be effective and usable shall be extended by the number of days during which such
Registration Statement was not effective or usable pursuant to the foregoing provisions (which such extension shall be the Holders’ sole remedy for the exercise by the Company of the Suspension Rights during the time period permitted hereunder,
but only to the extent that any suspension period does not violate the 90-day period set forth above); 
 (ii)
subject to the Suspension Rights set forth in Section 6(c)(i) above, prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep such Registration
Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case may be; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under
the Act, and to comply fully with Rules 424, 430A, and 462, as applicable, under the Act in a timely manner; and comply with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during
the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii) advise (a) each Holder whose Transfer Restricted Securities have been included in a Shelf Registration
Statement (in the case of a Shelf Registration Statement), 

  
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and (b) each Holder who has provided notice to the Company promptly and, if requested by such Holder, confirm such advice in writing, (A) when the Prospectus or any Prospectus
supplement or post-effective amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments
to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
under the Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and
(D) of the happening of any event that requires the Company to make changes in the Registration Statement or the Prospectus in order that the Registration Statement or the Prospectus, any amendment or supplement thereto or any document
incorporated by reference therein do not contain an untrue statement of material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the
circumstances under which they were made) not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall
issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or Blue Sky laws, the Company shall use its commercially reasonable efforts to obtain the withdrawal or lifting
of such order at the earliest possible time; 
 (iv) subject to Section 6(d), if any fact or event
contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; 
 (v) furnish to each
Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, if any, before filing with the Commission,
copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such
Registration Statement), which documents will be subject to the reasonable review and comment of such Holders in connection with such sale, if any, for a period of at least three Business Days, and the Company will not file any such Registration
Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by reference) to which such Holders shall reasonably object within three Business Days after the
receipt thereof. A Holder shall be deemed to have reasonably objected to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed,

  
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contains an untrue statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading or fails to comply with the applicable requirements of
the Act; 
 (vi) promptly prior to the filing of any document that is to be incorporated by reference into a
Registration Statement or Prospectus in connection with such exchange, registration or sale, if any, provide copies of such document to each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the
case of a Shelf Registration Statement) in connection with such exchange, registration or sale, if any, make the Company’s representatives available for discussion of such document and other customary due diligence matters, and include such
information in such document prior to the filing thereof as such Holders may reasonably request; 
 (vii) make
available, at reasonable times, for inspection by each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement) and any attorney or accountant retained by such
Holders, all financial and other records, pertinent corporate documents of the Company reasonably requested and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, attorney or
accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness; provided that any Holder or representative thereof requesting or receiving such
information shall agree to be bound by customary confidentiality agreements and procedures with respect thereto; 

(viii) if requested by any Holders whose Transfer Restricted Securities have been included in a Shelf Registration
Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, promptly include in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such
information as such Holders may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities and the use of the Registration Statement
or Prospectus for market making activities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be included in such Prospectus supplement or
post-effective amendment; 
 (ix) furnish to each Holder whose Transfer Restricted Securities have been included
in a Shelf Registration Statement (in the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of
each amendment thereto, including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 
 (x) deliver to each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement) without charge, as many copies of the
Prospectus (including each preliminary prospectus) 

  
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and any amendment or supplement thereto as such Holders reasonably may request; the Company hereby consents to the use (in accordance with law and subject to Section 6(d) hereof and any
Suspension Rights) of the Prospectus and any amendment or supplement thereto by each selling Holder in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto;

 (xi) enter into such agreements (including an underwriting agreement), and make such representations and
warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to such extent as
may be customarily and reasonably requested by the Initial Purchaser or, in the case of registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, by any Holder or Holders of Transfer Restricted
Securities who hold at least 50% in aggregate principal amount of such class of Transfer Restricted Securities; provided, that, the Company shall not be required to enter into any such agreement more than once with respect to all of the
Transfer Restricted Securities and, in the case of a Shelf Registration Statement, may delay entering into such agreement if the Company determines in good faith that it is in the best interests of the Company not to disclose the existence of or
facts surrounding any proposed or pending material corporate transaction involving the Company, such determination to be evidenced by a certificate signed by the Chief Executive Officer or any Vice President of the Company. In such connection, the
Company shall: 
 (A) upon the request of any Holder, furnish (or in the case of paragraphs (2) and (3), use
its commercially reasonable efforts to cause to be furnished) to each such Holder and any underwriter (in each case, in the case of the Shelf Registration Statement) upon the effectiveness of the Shelf Registration Statement: 

(1) a certificate, dated such date, signed on behalf of the Company by (x) the Chief Executive Officer or any Vice
President, and (y) a principal financial or accounting officer of the Company, confirming, as of the date thereof, such matters as such Holders may reasonably request; 

(2) an opinion, dated the date of the effectiveness of the Shelf Registration Statement, as the case may be, of counsel
for the Company in customary form and covering such other matters as such Holder may reasonably request, and in the case of a Shelf Registration Statement, a statement to the effect that such counsel has participated in conferences with officers and
other representatives of the Company and representatives of the independent public accountants for the Company and representatives of the underwriters, if any, and their counsel at which the contents of the Registration Statement and related matters
were discussed and, although such counsel need not pass upon or assume responsibility for the accuracy, completeness or fairness of such statements (relying as to materiality to the extent such counsel deems appropriate upon the

  
 - 12 -

 
statements of officers and other representatives of the Company and without independent check or verification), no facts came to such counsel’s attention that led such counsel to believe
that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its date contained an untrue statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Such counsel may state further that such counsel assumes no responsibility for, and has not independently verified, the accuracy,
completeness or fairness of the statements contained in any Registration Statement or Prospectus contemplated by this Agreement (it being understood that such counsel need not express any belief with respect to the financial statements, financial
schedules, financial notes, pro forma financial information or other financial, accounting or statistical data derived therefrom or information or reports about internal control over financial reporting, included in any Registration Statement or
Prospectus contemplated by this Agreement); and 
 (3) a customary comfort letter, dated the date of
effectiveness of the Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily covered in comfort letters to underwriters in connection with underwritten
offerings, and affirming the matters set forth in the comfort letters delivered pursuant to Sections 7(f) and 7(g) of the Purchase Agreement; and 
 (B) deliver such other documents and certificates as may be reasonably requested by the selling Holders to evidence compliance with the matters covered in clause (A) above and with any customary
conditions contained in any agreement entered into by the Company pursuant to this clause (xi); 
 (xii) prior to
any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in connection with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such
jurisdictions as the selling Holders may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement;
provided, however, that the Company shall not be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to the service of process in suits or to taxation, other
than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject; 

  
 - 13 -

  
 (xiii)
in connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted Securities, cooperate with the Holders to facilitate the timely preparation and delivery of certificates
representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer Restricted Securities in such denominations and such names as the selling Holders may request at least two Business Days
prior to such sale of Transfer Restricted Securities; 
 (xiv) use its commercially reasonable efforts to cause
the disposition of the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to
consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in clause (xii) above; 
 (xv) provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering such Transfer Restricted Securities and provide the Trustee under
the Indenture with printed certificates for the Transfer Restricted Securities which are in a form eligible for deposit with the Depository Trust Company; 
 (xvi) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders with regard to any
applicable Registration Statement, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Act (which need not be audited) covering a twelve-month period beginning after the effective date of the
Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act); and 
 (xvii)
cause the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the TIA; and execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such
changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 
 (d) Restrictions on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referred to in Section 6(c)(i) or 6(c)(iii)(C) or any notice
from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith discontinue disposition of Transfer Restricted
Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised in writing by the
Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus (in each case, the “Recommencement Date”). Each
Holder receiving a Suspension Notice hereby agrees 

  
 - 14 -

 
that it will either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been replaced by the Company with more recently dated
Prospectuses, or (ii) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the Prospectus covering such Transfer Restricted Securities that was current at
the time of receipt of the Suspension Notice. The time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in the
period from and including the date of delivery of the Suspension Notice to the Recommencement Date. 
 SECTION 7. REGISTRATION EXPENSES

 (a) All expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the
Company, regardless of whether a Registration Statement becomes effective, including without limitation: (i) all registration and filing fees and expenses; (ii) all fees and expenses of compliance with federal securities and state Blue Sky
or securities laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and
disbursements of counsel for the Company and one counsel for all of the Holders of Transfer Restricted Securities selected by the Holders of a majority in principal amount of Transfer Restricted Securities being registered; (v) all application
and filing fees in connection with any listing of the Exchange Notes on a national securities exchange or automated quotation system pursuant to the requirements hereof; and (vi) all fees and disbursements of independent certified public
accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance); provided, however, that in no event shall the Company be responsible for any underwriting discounts,
commissions or fees attributable to the sale or other disposition of Transfer Restricted Securities. 
 The Company will, in any
event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including
special experts, retained by the Company. 
 (b) In connection with any Registration Statement required by this Agreement
(including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Company will reimburse the Initial Purchaser and the Holders of Transfer Restricted Securities who are tendering Initial Notes in
the Exchange Offer and/or selling or reselling Initial Notes or Exchange Notes pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the
reasonable fees and disbursements of not more than one counsel shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared, if any.

  
 - 15 -

  
 SECTION 8. INDEMNIFICATION

 (a) The Company agrees to indemnify and hold harmless each Holder, its directors, officers and each Person, if any, who
controls such Holder (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from and against any and all losses, claims, damages, liabilities or judgments, (including without limitation, any reasonable legal or
other reasonable expenses incurred in connection with investigating or defending any matter, including any action that could give rise to any such losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement, preliminary prospectus or Prospectus, Free Writing Prospectus or any “issuer information” (as defined in Rule 433 of the Act) filed or required to be filed pursuant to
Rule 433(d) under the Act (or any amendment or supplement thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except insofar as such losses, claims, damages, liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon information
relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders. 
 (b) Each Holder
agrees, severally and not jointly, to indemnify and hold harmless the Company, and its directors and officers, and each Person, if any, who controls (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act) the
Company, to the same extent as the foregoing indemnity from the Company set forth in section (a) above, but only with reference to information relating to such Holder furnished in writing to the Company by or on behalf of such Holder expressly
for use in any Registration Statement. In no event shall any Holder, its directors, officers or any Person who controls such Holder be liable or responsible for any amount in excess of the amount by which the total amount received by such Holder
with respect to its sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds the sum of: (i) the amount paid by such Holder for such Transfer Restricted Securities plus (ii) the amount of any damages that such
Holder, its directors, officers or any Person who controls such Holder has otherwise paid or become liable to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 

(c) In case any action shall be commenced involving any person in respect of which indemnity may be sought pursuant to Section 8(a)
or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party
shall assume the defense of such action, including the employment of counsel reasonably satisfactory to the indemnified party and the payment of all reasonable fees and expenses of such counsel, as incurred (except that in the case of any action in
respect of which indemnity may be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant to this Section 8(c), but may employ separate counsel and participate in the defense
thereof, but the fees and expenses of such counsel, except as provided below, shall be at the expense of the Holder). Any indemnified party shall have the right to employ separate counsel in any such action and participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of the indemnified party unless (i) the employment of such counsel has been specifically authorized in writing by the indemnifying party, (ii) the

  
 - 16 -

 
indemnifying party has failed to assume the defense of such action or employ counsel reasonably satisfactory to the indemnified party, or (iii) the named parties to any such action
(including any impleaded parties) include both the indemnified party and the indemnifying party, and the indemnified party has been advised by such counsel that there may be one or more legal defenses available to it which are different from or
additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action on behalf of the indemnified party). In any such case, the indemnifying party shall not, in
connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) for all indemnified parties and all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by a majority of the Holders, in the case of the parties
indemnified pursuant to Section 8(a), and by the Company, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall indemnify and hold harmless the indemnified party from and against any and all losses,
claims, damages, liabilities and judgments by reason of any settlement of any action effected with (i) its written consent, or (ii) effected without its written consent if the settlement is entered into more than 20 Business Days after the
indemnifying party received a request from the indemnified party for reimbursement for the fees and expenses of counsel (in any case where such fees and expenses are at the expense of the indemnifying party) and, prior to the date of such
settlement, the indemnifying party has failed to comply with such reimbursement request. No indemnifying party shall, without the prior written consent of the indemnified party (which consent shall not be unreasonably withheld), effect any
settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened action in respect of which the indemnified party is or could have been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability on claims that are or could have been the subject matter of such action, and
(ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the indemnified party. 
 (d) To the extent that the indemnification provided for in this Section 8 is unavailable to an indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to
therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or judgments (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from their sale of Transfer Restricted Securities, or (ii) if the allocation provided by clause 8(d)(i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Company, on the one hand, and of the Holder, on the other
hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of the
Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company, on the one hand, or by the Holder, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount

  
 - 17 -

 
paid or payable by a party as a result of the losses, claims, damages, liabilities and judgments referred to above shall be deemed to include, subject to the limitations set forth in
Section 8(c) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 The Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the
losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any matter, including any action that could have given rise to such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its directors, its
officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total amount received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Registration Statement exceeds the sum of: (i) the amount paid by such Holder for such Transfer Restricted Securities plus (ii) the amount of any damages that such Holder has otherwise paid or become liable to pay
by reason of any untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal amount of Transfer Restricted Securities held by each Holder hereunder
and not joint. 
 SECTION 9. RULE 144A AND RULE 144 
 The Company agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in which the Company is not subject to Section 13 or 15(d) of the
Exchange Act, to make available, upon request of any Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities designated by
such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Act. 

SECTION 10. MISCELLANEOUS 

(a) Remedies. The Company acknowledges and agrees that any failure by the Company to comply with its obligations under Sections 3
and 4 hereof may result in material irreparable injury to the Initial Purchaser or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any
such failure, the Initial Purchaser or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Sections 3 and 4 hereof. The Company further agrees to waive the defense in any action for
specific performance that a remedy at law would be adequate. 

  
 - 18 -

  
 (b) Free Writing
Prospectus. The Company represents, warrants and covenants that it (including its agents and representatives) will not prepare, make, use, authorize, approve or refer to any “written communication” (as defined in Rule 405 under the
Act) in connection with the issuance and sale of the Initial Notes and the Exchange Notes, other than (i) any communication pursuant to Rule 134, Rule 135 or Rule 135c under the Act, (ii) any document constituting an offer to sell or
solicitation of an offer to buy the Initial Notes or the Exchange Notes that falls within the exception from the definition of prospectus in Section 2(a)(10)(a) of the Act, or (iii) a prospectus satisfying the requirements of section 10(a)
of the Act or of Rule 430, Rule 430A, Rule 430B, Rule 430C or Rule 431 under the Securities Act. 
 (c) No Inconsistent
Agreements. The Company will not, on or after the date of this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The Company has not previously entered into, nor is currently a party to, any agreement granting any registration rights with respect to its securities to any Person that would require such securities to be included in any
Registration Statement filed hereunder. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the
date hereof. 
 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 10(d)(i), the Company has obtained the written consent of Holders of all
outstanding Transfer Restricted Securities, and (ii) in the case of all other provisions hereof, the Company has obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities
(excluding Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose Transfer Restricted
Securities are being tendered pursuant to the Exchange Offer, and that does not affect directly or indirectly the rights of other Holders whose Transfer Restricted Securities are not being tendered pursuant to such Exchange Offer, may be given by
the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities subject to such Exchange Offer. 

(e) Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Company,
on the one hand, and the Initial Purchaser, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder.

 (f) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; and 

  
 - 19 -

  
 (ii)
if to the Company: 
 The New York Times Company 
 620 Eighth Avenue 
 New York, New York 10018 

Attention: Kenneth A. Richieri, Senior Vice President, General 
      Counsel and Secretary 
 (Fax: (212) 556-4634)

 With a copy to: 
 Morgan, Lewis & Bockius LLP 
 101 Park Avenue New York, NY 10178-0060

 Attention: Howard A. Kenny 
 (Fax: (212) 309-6001) 
 All such notices and communications shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely
delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 
 (g)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders;
provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any
Holder shall acquire Transfer Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer
Restricted Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the
Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 
 (h) Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

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

  
 - 20 -

  
 (j) Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF. 
 (k) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with
respect to the registration rights granted with respect to the Transfer Restricted Securities. This Agreement, together with the Purchase Agreement and the Indenture, supersedes all prior agreements and understandings between the parties with
respect to such subject matter. 
 (Signature Pages Follow) 

  
 - 21 -

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

					
	THE NEW YORK TIMES COMPANY
		
	By:	 	 /s/ Kenneth A. Richieri

		 	 Name:
	 	Kenneth A. Richieri
		 	Title:	 	 Senior Vice President, General
 Counsel and Secretary

	
	 BARCLAYS CAPITAL INC.

	 As Initial Purchaser

		
	 By
	 	 /s/ Robert Chen

		 	 Name:
	 	 Robert Chen

		 	 Title:
	 	 Managing Director

  
 ANNEX A

 PLAN OF DISTRIBUTION 
 Each broker–dealer that receives exchange notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such exchange
notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker–dealer in connection with resales of exchange notes received in exchange for unregistered notes where such unregistered notes were acquired
as a result of market–making activities or other trading activities. To the extent any such broker–dealer participates in the exchange offer, we have agreed that for a period of up to 180 days we will use commercially reasonable efforts to
make this prospectus, as amended or supplemented, available to such broker–dealer for use in connection with any such resale, and will deliver as many additional copies of this prospectus and each amendment or supplement to this prospectus and
any documents incorporated by reference in this prospectus as such broker–dealer may reasonably request. 
 We will not receive any
proceeds from any sale of exchange notes by broker–dealers. Exchange notes received by broker–dealers for their own accounts pursuant to the exchange offer may be sold from time to time in one or more transactions in the
over–the–counter market, in negotiated transactions, through the writing of options on the exchange notes or a combination of these methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing
market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker–dealer or the purchasers of
any such exchange notes. Any broker–dealer that resells exchange notes that were received by it for its own account pursuant to the exchange offer and any broker or dealer that participates in a distribution of such exchange notes may be deemed
to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of exchange notes and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the
Securities Act. The letter of transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker–dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities
Act. 
 We have agreed to pay all expenses incident to the exchange offer and will indemnify the holders of outstanding notes, including any
broker–dealers, against certain liabilities, including liabilities under the Securities Act. 

  
 Annex A-1Asset Purchase Agreement

  
 Exhibit 10.1

  
  

ASSET PURCHASE AGREEMENT 
 by and among 
 SCOUT INVESTMENT ADVISORS, INC. 

as “Purchaser” 
 and 
 REAMS ASSET MANAGEMENT COMPANY, LLC 

as “Seller” 
 and 
 MME INVESTMENTS, LLC, MARK M. EGAN, DAVID B. MCKINNEY, 

HILLTOP CAPITAL, LLC, THOMAS M. FINK, STEPHEN T. VINCENT, 
 TODD C. THOMPSON, DEANNE B. OLSON, AND 
 DANIEL P. SPURGEON,

 as the “Members” 
 and, solely with respect to Section 9.3, 
 UMB FINANCIAL CORPORATION

 as “Parent” 
 September     , 2010 
  

 

  

			
	SCHEDULES
	 Schedule 1.1(c)
	  	Assigned Contracts
		
	 Schedule 1.l(d)
	  	Assignable Permits
		
	 Schedule 1.l(f)
	  	Proprietary Rights
		
	 Schedule 2.2
	  	Foreign Qualifications
		
	 Schedule 2.3
	  	Subsidiaries
		
	 Schedule 2.5
	  	Consents; Approvals
		
	 Schedule 2.6(a)(1)-(2)
	  	Real Property
		
	 Schedule 2.6(b)(1)-(2)
	  	Personal Property
		
	 Schedule 2.8
	  	Financial Statements
		
	 Schedule 2.9
	  	Taxes
		
	 Schedule 2.12
	  	Absence of Certain Changes
		
	 Schedule 2.14
	  	Contracts
		
	 Schedule 2.17(a)
	  	Insurance
		
	 Schedule 2.20
	  	Permits
		
	 Schedule 2.21
	  	Transactions with Interested Persons
		
	 Schedule 2.22
	  	Employee Benefit Programs
		
	 Schedule 2.25(a)
	  	Employees; Labor Matters
		
	 Schedule 2.26(b)-(d),(g)
	  	Proprietary Rights
		
	 Schedule 2.27
	  	Indebtedness; Guarantees
		
	 Schedule 2.28
	  	Non-Competition Restrictions
		
	 Schedule 5.3
	  	Incentive Bonus Pool
		
	 Schedule 5.4
	  	Post-Closing Operational Matters
		
	 Schedule 6.1(g)
	  	Consents
		
	 Schedule 6.1(p)
	  	Confidentiality Agreements
	
	EXHIBITS
		
	 Exhibit 1.9
	  	Subsequent Payments
		
	 Exhibit 6.1(j)
	  	Form of Bill of Sale and Assignment and Assumption Agreement
		
	 Exhibit 6.1(k)
	  	Form of Employment Agreement
		
	 Exhibit 6.1(l)
	  	Form of Intellectual Property Assignment
		
	 Exhibit 6.1(p)
	  	Form of Confidentiality and Non-Solicitation Agreement

  
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 ASSET PURCHASE
AGREEMENT 
 THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is entered into as of September
    , 2010, by and among SCOUT INVESTMENT ADVISORS, INC., a Missouri corporation (“Purchaser”), REAMS ASSET MANAGEMENT COMPANY, LLC, an Indiana limited liability company (“Seller”), MME
INVESTMENTS, LLC, a Delaware limited liability company (“MME”), MARK M. EGAN (“Egan”), DAVID B. MCKINNEY (“McKinney”), HILLTOP CAPITAL, LLC, a Wisconsin limited liability company
(“Hilltop”), THOMAS M. FINK (“Fink” and, collectively with MME, Egan, McKinney and Hilltop, the “Principal Members”), STEPHEN T. VINCENT (“Vincent”), TODD C. THOMPSON
(“Thompson”), DEANNE B. OLSON (“Olson”), DANIEL P. SPURGEON (“Spurgeon” and, collectively with MME, Egan, McKinney, Hilltop, Fink, Vincent, Thompson and Olson, the “Members”), and
solely with respect to Section 9.3 of this Agreement, UMB FINANCIAL CORPORATION, a Missouri corporation (“Parent”). 
 WITNESSETH 
 WHEREAS, Seller is in the business of providing investment management
services to the institutional marketplace (the “Institutional Services”); and 
 WHEREAS, Seller is also in the
business of providing sub-advisory services to the Frontegra Columbus Core Fund (“Frontegra Core Fund”) and the Frontegra Columbus Core Plus Fund (“Frontegra Core Plus Fund”) (each, a “Frontegra
Fund” and together, the “Frontegra Funds”), each of which is a series of Frontegra Funds, Inc., a multi-series open-end management investment company registered under the Investment Company Act (as defined below) (the
“Sub-Advisory Services” and, together with the Institutional Services, the “Business”); and 

WHEREAS, MME, McKinney, Hilltop, Vincent, Thompson, Olson and Spurgeon collectively own of record and beneficially one hundred percent of
the issued and outstanding membership interests of Seller; and 
 WHEREAS, Egan and Fink hold financial interests in MME and
Hilltop, respectively, and will benefit from the transactions contemplated by this Agreement; and 
 WHEREAS, subject to the
terms and conditions hereof, Seller desires to sell to Purchaser substantially all of Seller’s properties and assets used in the Business; and 
 WHEREAS, subject to the terms and conditions hereof, Purchaser desires to purchase substantially all of the assets and properties of Seller used in the Business for the consideration specified herein and
the assumption by Purchaser of certain liabilities and obligations of Seller as set forth herein. 
 NOW, THEREFORE, in order to
consummate said purchase and sale and in consideration of the mutual agreements and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows: 

  
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 SECTION 1. PURCHASE AND SALE
OF ASSETS. 
 1.1 Sale of Assets. Subject to the provisions of this Agreement, Purchaser agrees to purchase from
Seller, and Seller agrees to sell, convey, transfer, assign, and deliver to Purchaser, on the Closing Date (as defined in Section 1.10 hereof), all of the properties, rights and assets of Seller (except for the Excluded Assets (as
defined in Section 1.2 hereof)), of every kind and description, wherever located, used or useable in the Business, whether or not carried and reflected on the books of Seller (collectively, the “Purchased Assets”), free
and clear of all Liens (as defined below), other than Liens imposed by Law for Taxes not yet due and payable or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in
accordance with GAAP (as defined below) (“Permitted Liens”). The term “Purchased Assets” shall include, without limitation, the following assets of Seller: 

(a) all automobiles, supplies, materials, office furniture and office equipment, computing and telecommunications equipment and other
items of tangible personal property (collectively, “Personal Property”) that are owned by Seller and are used in connection with the Business, wherever located, and any leasehold interests held by Seller with respect to any Personal
Property; 
 (b) the leasehold interests of Seller with respect to its office leases for space located at 227/231/235 Washington
Street, Columbus, Indiana 47201, at 18500 W. Corporate Drive, Suite 200, Brookfield, Wisconsin 53045 and at 4507 Pine Ridge Drive, Columbus, Indiana 47201 (collectively, the “Leases”), together with all deposits with respect
thereto, and all facilities, fixtures, and other improvements thereon owned by Seller and any transferable licenses and permits and other appurtenances thereto; 
 (c) the investment management agreements, contracts, commitments, licensing agreements, leases (including, without limitation, the Leases and any capital or operating leases related to office equipment),
subleases, contracts for services and supplies, contracts to sell services set forth on Schedule 1.1(c) attached hereto, and all other agreements (whether written or oral) to which Seller is a party or under which Seller receives benefits
arising out of or related to the Business set forth on Schedule 1.1(c) attached hereto, and all rights thereunder (collectively, the “Assigned Contracts”); 

(d) all federal, state, local, foreign or other governmental permits (including, without limitation, occupancy permits), certificates,
licenses, consents, and authorizations (collectively, the “Permits”) used or useable by Seller in connection with the conduct of the Business listed on Schedule 1.1(d) attached hereto; 

(e) all logs, business and financial records (other than original Corporate Records (as defined in Section 1.2(a) hereof) and
copies of Seller’s Tax Returns (as defined in Section 2.9(b) hereof) and related work papers as described in Section 1.2(g) hereof), employee files, data, and books of account (or true copies thereof), whether printed or
computerized; 

  
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 (f) all copyrightable
works (whether or not published), all registered and unregistered copyrights and applications therefor (including renewals), registered and unregistered trademarks and applications therefor (including renewals), registered and unregistered service
marks and applications therefor (including renewals), trade secrets and trade secret rights, patents, patent applications (including renewals, reexaminations, divisionals, and continuations), patent disclosures (together with all re-issuances,
continuations, continuations-in-part, revisions and extensions), patent rights, inventions and discoveries (whether or not patentable and whether or not reduced to practice), trade names and trade name rights, trade dress and corporate names
(including, without limitation, the trade name Reams Asset Management Company and the corporate name Reams Asset Management Company, LLC, together, in each instance, with all translations, adaptations, derivations and combinations thereof), websites
including website code, content and graphics, domain names and URLs, e-mail addresses, computer software and all related source code and object code, and other similar rights used or useable in the Business, including, but not limited to, those
listed on Schedule 1.l(f) attached hereto, as well as all goodwill of the Business as a going concern, including without limitation lists of customers and suppliers, correspondence, purchase orders, market surveys, and marketing know-how;
general intangibles of the Business, including without limitation techniques, processes, inventions, designs, logos, data bases, formulae and know-how that pertain to the Business; and, to the extent assignable, all licenses, sublicenses, agreements
and permissions to or from third parties with respect to the foregoing or rights related thereto (collectively, the “Proprietary Rights”); 
 (g) to the extent assignable, all memberships in trade associations; 
 (h) all
mailing lists, subscriber and advertiser lists, subscriptions or processes of Seller used in or relating to the Business; 
 (i)
all advertising, editorial, marketing, promotional and ancillary materials and sources, client information pertaining to persons and planned services (if any) and supplier information used in or related to the Business; 

(j) all Accrued Revenues and all Pre-Paid Expenses (each as defined below); 

(k) all other assets (including without limitation all causes of action, rights of action, contract rights and warranty (whether express
or implied) and product liability claims against third parties, all telephone numbers and telecopier numbers) relating to the Purchased Assets or the Business, regardless of whether any value is ascribed thereto in the Seller’s financial
statements; and 
 (l) all other assets of Seller used or useable in the Business. 

Notwithstanding the foregoing provisions of this Section 1.1, the transfer of the Purchased Assets pursuant to this Agreement
shall not include the assumption of any liability or obligation related to the Purchased Assets or the Business, unless such liability or obligation is expressly included in the Assumed Liabilities (as defined below). To the extent that any
contract, lease or other agreement that would otherwise be an Assigned Contract is not capable of being transferred by Seller hereunder without the consent of another Person which has not 

  
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been obtained as of the Closing (which contracts, leases or other agreements are listed on Schedule 1.1(c) attached hereto (the “Subject Contracts”)), neither this
Agreement nor the Bill of Sale (as defined below) shall constitute an agreement to assign the same if an attempted assignment would constitute a breach thereof or be unlawful. To the extent not already obtained by Seller prior to the Closing, on and
after the Closing, Seller shall, at its expense, use commercially reasonable efforts to obtain each such required consent as promptly as possible, and Purchaser shall cooperate in such efforts. If any such consent is not obtained, Purchaser shall
nevertheless pay and perform Seller’s going-forward obligations under each such Subject Contract subject to Seller providing to or otherwise obtaining for Purchaser the corresponding benefits thereunder, and the parties shall cooperate with one
another in any reasonable arrangement proposed by either party to result in such effect, in each case to the extent permitted under applicable Law and the terms of any such Subject Contract. If and when the consent of the third party to a Subject
Contract is obtained upon terms reasonably acceptable to Purchaser, such Subject Contract shall become an Assigned Contract hereunder. 
 1.2 Excluded Assets. Notwithstanding the foregoing, the Purchased Assets shall not include the following items (the “Excluded Assets”): 

(a) Seller’s record books and limited liability company record books containing minutes of meetings of managers and members, and any
other records that relate exclusively to Seller’s organization or capitalization (collectively, the “Corporate Records”), provided, however, that Seller shall provide Purchaser prior to the Closing with copies of
each of the foregoing; 
 (b) subject to the last paragraph of Section 1.1 hereof, all contracts, commitments,
licensing agreements, leases, subleases, contracts for services and supplies, contracts to sell services and all other agreements to which Seller is a party or under which Seller receives benefits other than the Assigned Contracts, and all rights
thereunder; 
 (c) Seller’s rights under this Agreement and the agreements and instruments delivered to Purchaser pursuant
hereto, and all monies to be received by Seller from Purchaser under this Agreement (without prejudice to Purchaser’s right to recoupment thereof as set forth elsewhere herein or as otherwise permitted by Law); 

(d) Seller’s rights to any insurance refunds relating to portions of any premiums paid by Seller on or prior to the Closing that
cover periods following the Closing Date; 
 (e) Seller’s rights to any refunds in respect of Taxes (as defined in
Section 2.9 hereof) for periods or portions of periods ending on or prior to the Closing Date; 
 (f) all accounts
receivable held by Seller as of the Closing Date; 
 (g) all cash and cash equivalents of Seller, marketable securities or
certificates of deposit, or any collected funds or items in the process of collection through and including the Closing Date; 

(h) all pre-paid expenses other than the Pre-Paid Expenses (as defined below); 

  
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 (i) any claims,
refunds, causes of action, choses in action, rights against any third party (including, without limitation, insurance carriers), rights of set-off and all other rights and assets of every kind and nature to the extent they relate to the Excluded
Assets set forth above or otherwise relate to the Excluded Liabilities (except to the extent Purchaser shall have incurred costs and expenses with respect thereto); and 
 (j) Seller’s Tax Returns and all work papers related thereto; provided, however, that Seller shall provide Purchaser with copies of the foregoing as otherwise contemplated by this Agreement.

 1.3 Assumption of Liabilities. Upon the sale and purchase of the Purchased Assets, Purchaser agrees to assume, pay,
and perform in accordance with their respective terms only the following obligations and liabilities of Seller relating to the Business and only to the extent such obligations and liabilities are not overdue or delinquent on the Closing Date (the
“Assumed Liabilities”): 
 (a) the contractual obligations of Seller under all Assigned Contracts assigned to
and assumed by Purchaser and, subject to the last paragraph of Section 1.1 hereof, the contractual obligations of Seller under any Subject Contract, in each case to the extent such obligations pertain to periods after the Closing Date;
and 
 (b) the Accrued Expenses. 
 The assumption of the Assumed Liabilities by Purchaser shall not enlarge any rights of third parties under contracts or arrangements with Purchaser or Seller and nothing herein shall prevent any party
from contesting in good faith with any third party any of said liabilities. 
 1.4 Excluded Liabilities. Except for the
Assumed Liabilities, Purchaser shall not assume or be bound by any obligations or liabilities of Seller of any kind or nature, known, unknown, accrued, absolute, fixed, contingent, or otherwise, whether or not existing or hereafter arising
whatsoever (the “Excluded Liabilities”), including, without limitation, the following: 
 (a) all Taxes imposed
on, collected by or withheld with respect to, or in any way related to the Business or the Purchased Assets for any periods prior to and including the Closing Date; 
 (b) all Taxes imposed on, collected by or withheld with respect to, or in any way related to Seller or the Members; 
 (c) liabilities or obligations of Seller in respect of indebtedness for borrowed money or any other notes payable; 
 (d) liabilities and obligations of Seller in connection with or relating to any of Seller’s existing or former employees, employee benefit plans or programs, including, without limitation, any
“stay bonus,” severance or other termination obligations of Seller owed to any other existing or former employee; 

  
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 (e) liabilities and
obligations of Seller to third parties arising out of any breach by Seller on or prior to the Closing Date of any representation, warranty, or covenant of Seller under any Assigned Contract, Subject Contract or other agreement; 

(f) liabilities in respect of amounts due to clients in connection with overpayments made by clients of the Business on or prior to the
Closing Date; 
 (g) liabilities and obligations of Seller in respect of the redemption of membership interests from current or
former members of Seller; 
 (h) any liens and encumbrances on the Purchased Assets, other than Permitted Liens; 

(i) except as provided in Section 7.4(b), any liabilities and obligations of Seller arising from the transactions
contemplated by this Agreement; 
 (j) all liabilities and obligations arising in respect of the Excluded Assets; 

(k) all accounts payable of Seller and any accrued expenses other than the Accrued Expenses (as defined below); 

(l) any success fees payable to Frontier Partners pursuant to Seller’s consulting agreement with such party; and 

(m) any other liability, obligation, claim, action, complaint, debt, suit, cause of action, investigation, or proceeding of any kind
whatsoever, against or relating to Seller, the Business, or the Purchased Assets, whether asserted, instituted, or commenced prior to or after the Closing Date, by any third party for damages suffered by such third party resulting from the use,
ownership or lease of the Purchased Assets, the Owned Real Property or the Leased Real Property (as defined below) or operation of the Business on or prior to the Closing Date, or any actions taken or omitted to be taken by Seller on or prior to the
Closing Date, or with respect to any continuing business activities of Seller after the Closing Date. 
 1.5 Purchase Price
Calculation. Subject to the other terms and conditions of this Agreement, the consideration to be paid to Seller for the Purchased Assets and the Restrictive Covenants (as defined in Section 4.12) hereunder shall consist of the
following (collectively, the “Purchase Price”): 
 (a) The Initial Cash Consideration (as defined below); plus

 (b) The amount, if any, by which the Closing Date Accrual Amount, as finally determined in accordance with the provisions of
Section 1.7, is greater than Zero Dollars ($0) (the “Target Amount”); or minus the amount, if any, by which such Closing Date Accrual Amount is less than the Target Amount (such adjustment is referred to herein as the
“Accruals Adjustment”); plus 
 (c) The Retention Shares (as defined below), if applicable; plus 

  
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 (d) The Subsequent
Payments (as defined below). 
 1.6 Closing Date Purchase Price Payment. On the Closing Date: 

(a) Purchaser shall deliver to Seller by wire transfer of immediately available funds an amount equal to: 

(i) Forty-Two Million Dollars ($42,000,000) (the “Initial Cash Consideration”), plus or minus, as determined pursuant
to Section 1.7, 
 (ii) the Estimated Accruals Surplus or the Estimated Accruals Deficiency, minus 

(iii) the Pay-off Amounts (to the extent applicable). 
 (b) Purchaser shall pay, on behalf of Seller at its request hereby, the amounts necessary to satisfy any indebtedness of Seller disclosed on Schedule 2.27 directly to the related indebted parties
(the “Pay-off Amounts”). 
 1.7 Post-Closing Adjustment to Purchase Price. 

(a) Payment of the Amount of the Accruals Adjustment. 
 (i) Not later than three (3) business days prior to the anticipated Closing Date, Seller shall prepare in good faith a written estimate of the Closing Date Accrual Amount (the “Estimated
Closing Date Accrual Amount”). If the Estimated Closing Date Accrual Amount is less than the Target Amount, the Initial Cash Consideration shall be decreased by the amount of any such difference (the “Estimated Accruals
Deficiency”), as set forth in Section 1.6(a). If the Estimated Closing Date Accrual Amount is greater than the Target Amount, the Initial Cash Consideration shall be increased by the amount of any such difference (the
“Estimated Accruals Surplus”), as set forth in Section 1.6(a). 
 (ii) Not later than ten
(10) business days after the Closing Date Accrual Amount is finally determined pursuant to Section 1.7(b), (A) Seller shall pay to Purchaser the amount, if any, by which the Closing Date Accrual Amount, as finally determined in
accordance with Section 1.7(b), is less than the Estimated Closing Date Accrual Amount, or (B) Purchaser shall pay to Seller the amount, if any, by which such Closing Date Accrual Amount is greater than the Estimated Closing Date
Accrual Amount. 
 (b) Preparation of the Closing Date Balance Sheet. 

(i) Not later than one hundred twenty (120) days after the Closing Date, Purchaser shall, at its sole cost, prepare and deliver to
Seller (A) an unaudited balance sheet of Seller as of the close of business on the Closing Date (the “Closing Date Balance Sheet”) which shall be prepared in accordance with generally accepted accounting principles,
consistently applied (“GAAP”); and (B) a schedule (the “Schedule of Adjustments”) setting forth in reasonable detail Purchaser’s good faith computation of the Accruals Adjustment based upon the
Closing Date Balance Sheet and Closing Date Accrual Amount and reflecting any change from the Estimated Closing Date Accrual Amount. 

  
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 (ii) Not later than
thirty (30) days after the delivery of the Closing Date Balance Sheet and Schedule of Adjustments to Seller, Seller shall present any objections that Seller may have to any of the matters set forth therein, which objections shall be set forth
in writing and in reasonable detail, and Seller shall present its own calculation of the Closing Date Accrual Amount. During such thirty (30) day review period, Purchaser agrees to provide, or cause to be provided, to Seller and the Members and
their respective representatives reasonable access during normal business hours to the relevant records and working papers of Seller, and copies of such records and working papers, to aid in Seller’s review of the Closing Date Balance Sheet,
Schedule of Adjustments and Accruals Adjustment. If Seller does not deliver any written objections to Purchaser within such 30-day period, Seller shall be deemed to have accepted the Closing Date Balance Sheet, Schedule of Adjustments and Accruals
Adjustment and irrevocably waived any right to object thereto. Following the delivery to Purchaser of any objections to the Closing Date Balance Sheet, Schedule of Adjustments and/or Accruals Adjustment, Purchaser and Seller shall meet to discuss
the objections raised by Seller with a good faith view toward resolving such objections. If Seller and Purchaser are able to resolve the objections raised by Seller, then they shall reduce such resolution to writing and such agreed upon Accruals
Adjustment valuation shall be final and binding on Purchaser and Seller. 
 (iii) If Seller delivers such written objections to
the Closing Date Balance Sheet, Schedule of Adjustments and/or Accruals Adjustment and all such objections are not resolved by Purchaser and Seller within thirty (30) calendar days after delivery to Purchaser of such objections, then such
dispute shall be submitted not later than seven (7) calendar days thereafter to a nationally or regionally recognized firm of independent certified public accountants to be mutually agreed upon by Purchaser and Seller other than any firm which
performs, or within the past three years has performed, audits or financial statement reviews or financial statement compilations for Seller or Purchaser (the “Independent Accountant”). The Independent Accountant shall be instructed
to deliver a decision solely with respect to the amount of the Accruals Adjustment and the other matters referred to it for determination within thirty (30) calendar days after the submission of such matters to the Independent Accountant, and
to only render a decision with respect to the matters submitted for determination. The Independent Accountant shall be instructed that its decision shall be in writing and shall include (A) a statement describing in reasonable detail the
decision of the Independent Accountant with respect to each item in dispute submitted to the Independent Accountant; (B) a computation of the Accruals Adjustment using the amounts determined by the Independent Accountant and reflecting changes,
if any, to the Schedule of Adjustments and the Closing Date Balance Sheet, it being understood that the amount of the Closing Date Accrual Amount shall not be (x) less than the amount shown in Purchaser’s Accruals Adjustment and Schedule
of Adjustments, nor (y) more than the amount thereof set forth in Seller’s written objections delivered to Purchaser pursuant to Section 1.7(b)(ii). The decision of the Independent Accountant shall be final and binding and
conclusive upon Purchaser and Seller for all purposes under this Agreement, absent manifest error. The fees and expenses of the Independent Accountant shall be shared equally by Purchaser on the one hand, and Seller on the other hand. 

  
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 (c) For purposes of
this Agreement, “Closing Date Accrual Amount” shall mean (i) any fee income of the Business which has been accrued but has not yet been invoiced (“Accrued Revenues”), plus (ii) any pre-paid expenses
incurred in the ordinary course of Business excluding any pre-paid expenses relating to insurance or Marquis Jet or which otherwise relate to Excluded Assets or Excluded Liabilities (“Pre-Paid Expenses”), less (iii) the
expenses incurred in the ordinary course of Business which have been accrued but not yet payable or invoiced but excluding any employee compensation and benefit-related expenses of the Business or which otherwise relate to Excluded Assets or
Excluded Liabilities (“Accrued Expenses”), in each case determined as of the close of business on the Closing Date and in accordance with GAAP, less (iv) Four Hundred Sixty-Nine Thousand Dollars ($469,000). 

1.8 Retention Shares. In the event that the Retention Percentage (as defined below) is at least ninety-five percent (95%), then
within five (5) business days after the Determination Date (as defined below), Purchaser shall cause Parent to issue to Seller the Retention Shares (as defined below), which Seller agrees not to sell, offer, transfer, agree to transfer, assign,
pledge, hypothecate or otherwise dispose of, directly or indirectly, for a period of one (1) year from issuance to Seller. “Determination Date” shall mean the date on which it is finally determined with respect to each
Frontegra Fund: (i) that such Frontegra Fund has been reorganized as a Scout Fund in a Frontegra Fund Acquisition (as defined in Section 4.14); (ii) that a Frontegra Fund Sub-Advisory Arrangement (as defined in
Section 4.14) has been established under which Purchaser serves as sub-adviser to such Frontegra Fund; or (iii) that no Frontegra Fund Acquisition or Frontegra Fund Sub-Advisory Arrangement (each as defined in
Section 4.14) will occur with respect to that Frontegra Fund; provided, however, that in the event that as of the SMA Consent Date (as defined below), the Retention Percentage is at least ninety-five percent (95%), then the
Determination Date shall be the same as the SMA Consent Due Date. “Retention Percentage” shall mean a fraction, expressed as a percentage, the numerator of which is the sum of: (i) the projected 12-month client revenue of the
Business (with such projected 12-month revenue based on August 31, 2010 assets under management and fee rates) represented by clients consenting to the assignment of their respective investment management agreements (or similar client
agreements) with Seller to Purchaser, as evidenced by the execution and delivery of Client Consents (as defined below) on or before the date which is thirty (30) days following the Closing Date (the “SMA Consent Due Date”), and
provided that such clients do not terminate their respective investment management agreements (or similar client agreements) with Seller or Purchaser on or before the SMA Consent Due Date; and (ii) the projected 12-month revenue of the Business
(with such projected 12-month revenue based on August 31, 2010 assets under management and fee rates) represented by the Frontegra Core Fund and the Frontegra Core Plus Fund, to the extent either such Frontegra Fund has been the subject of a
Frontegra Fund Acquisition or Frontegra Fund Sub-Advisory Arrangement (each as defined in Section 4.14); and the denominator of which is the total projected 12-month revenue of the Business (with such projected 12-month revenue based on
August 31, 2010 assets under management and fee rates). “Retention Shares” shall mean such number of shares of Parent unregistered common stock (rounded to the next whole share) as may be determined by dividing One Million
Dollars ($1,000,000) by the UMBFC Market Price. “UMBFC Market Price” means the market price of common stock of Parent determined based upon the closing price of the common stock of Parent on the Determination Date. For the avoidance
of doubt, the parties acknowledge and agree that Purchaser has no rights in the Retention Shares. 

  
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 1.9 Subsequent
Payments. Subject to the other provisions of this Agreement, following the end of each of the first five successive twelve month periods following the Closing Date (each such twelve month period, a “Subsequent Payment Period”),
Seller may be entitled to a payment (each, a “Subsequent Payment”) based upon the Adjusted Pre-Tax Income for such Subsequent Payment Period, as detailed on Exhibit 1.9 attached hereto. 

1.10 Time and Place of Closing. The closing of the purchase and sale of the Purchased Assets provided for in this Agreement (the
“Closing”) shall be held at such location as may be mutually agreed to by the parties, on November 30, 2010 or such earlier date as Purchaser and Seller may otherwise mutually agree (the “Closing Date”);
provided, however, that if any of the conditions set forth in Section 6 have not been satisfied or waived by or as of the Closing Date, then the party hereto for whose benefit such conditions have been imposed may postpone
such Closing Date, by notice to the other parties hereto specifying the conditions(s) not so satisfied; provided, further, that in no event shall such Closing Date be later than the Termination Date (as defined in
Section 10.1(b)) hereof. Notwithstanding any earlier time of the Closing, the Closing shall be deemed to have occurred for all purposes as of 11:59 P.M., Central time, on the Closing Date. 

1.11 Delivery of Records and Contracts. Seller shall deliver to Purchaser at the premises of the Business on the Closing Date all
business records, copies of Tax Returns, books, and other data relating to the Purchased Assets and the Business (other than the original Corporate Records as to which only copies need be delivered), and Seller shall take all reasonably requisite
steps to put Purchaser in actual possession and operating control of the Purchased Assets and the Business. 
 1.12
Allocation of Purchase Price. 
 (a) The allocation of the Purchase Price and Assumed Liabilities shall be in accordance
with Section 1060 of the Internal Revenue Code of 1986, as amended (the “Code”). Purchaser’s third-party accountants shall calculate the allocation of the Purchase Price and Assumed Liabilities after the
Closing. Seller and Purchaser shall use such allocation in satisfying any and all reporting requirements of the Internal Revenue Service (“IRS”) and any other Taxing Authority (as defined in Section 2.9);
provided, however, in the event of a manifest error with respect to such allocation, or if Purchaser and Seller mutually disagree with such allocation, then the parties will work in good faith to resolve any differences with respect to
such allocation. Purchaser and Seller also each agree to file IRS Form 8594 consistently with the foregoing. 
 (b) Purchaser
and Seller agree that the Initial Cash Consideration and the Assumed Liabilities, to the extent thereof, shall be paid or assumed, as the case may be, as consideration for each of the following Purchased Assets in the following order, in each case
only to the extent of the amount of the Purchase Price and Assumed Liabilities allocated to such asset pursuant to Section 1.12(a), prior to any other amounts of the Purchase Price or Assumed Liabilities being treated as consideration
for such asset: Accrued Revenues, trademarks, or trade names, property and equipment, Restrictive Covenants, and any other Purchased Assets that Seller determines are not eligible to be reported under the installment method pursuant to
Section 453 of the Code. 

  
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 1.13 Further
Assurances. The parties hereto shall, with reasonable diligence, do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated hereby and each party shall provide (at the requesting
party’s cost and expense, except as provided in the next sentence) such further documents or instruments required by the requesting party as may be reasonably necessary or desirable to effect the purposes of this Agreement and carry out its
provisions, both before and after Closing. Without limiting the generality of the foregoing, Seller from time to time after the Closing at the reasonable request of Purchaser and without further consideration shall execute and deliver further
instruments of transfer and assignment and take such other action as Purchaser may reasonably require to more effectively transfer and assign to, and vest in, Purchaser each of the Purchased Assets. Nothing herein shall be deemed a waiver by
Purchaser of its right to receive at the Closing an effective assignment of each of the leases, contracts, commitments, or rights of Seller as otherwise set forth in this Agreement, subject, however, to the consent of any third party whose consent
is required. 
 SECTION 2. REPRESENTATIONS AND WARRANTIES OF SELLER AND THE MEMBERS. 

2.1 Making of Representations and Warranties. As a material inducement to Purchaser to enter into this Agreement and consummate the
transactions contemplated hereby, Seller and the Members hereby make to Purchaser the representations and warranties contained in this Section 2 as of the date hereof and as of Closing (which representations and warranties shall survive
the Closing (subject to Section 9 below) regardless of any examinations, inspections, audits and other investigations Purchaser has heretofore made, or may hereafter make, with respect to such representations and warranties). 

For purposes of this Agreement, a “Material Adverse Effect” means any fact, circumstance, change or effect that has, or
could reasonably be expected to have, a material adverse effect on (i) the business, assets, liabilities, capitalization, results of operation or condition (financial or otherwise) of the Business, taken as a whole, (ii) Seller’s or
the Members’ ability to consummate the transactions contemplated hereby, or (iii) Purchaser’s ability to operate the Business immediately after Closing in the manner operated by Seller before Closing, except, in each instance, to the
extent resulting from any of the following: (a) the announcement of the transactions contemplated by this Agreement or any Ancillary Document; (b) any changes generally affecting the industries in which the Business operates (including,
without limitation, changes resulting from fluctuations in the capital markets); (c) acts of war, armed hostilities or acts of terrorism; (d) any changes in GAAP or any changes in applicable Law or the interpretation thereof, after the
date hereof; (e) any other action required by the terms of this Agreement; (f) any failure of Seller to obtain any Client Consent (unless resulting from any fact, circumstance, change or effect otherwise constituting a Material Adverse
Effect hereunder); (g) actions taken by Purchaser or any of its Affiliates, or facts, circumstances, changes or effects relating to Purchaser or any of its Affiliates, that caused, or are reasonably likely to cause, a

  
 11 

 
Material Adverse Effect on the Purchased Assets or financial condition of the Business, or the ability of Seller or any Member to consummate the transactions contemplated hereby; or (h) any
diminution in assets under management by the Business for any client to the extent attributable to changes in asset valuation, market price fluctuations or client withdrawals (unless resulting from any fact, circumstance, change or effect otherwise
constituting a Material Adverse Effect hereunder). 
 Any list or other financial information provided by Seller to Purchaser
pursuant to this Section 2 shall be certified as true, accurate and complete by an officer of Seller. 
 2.2
Organization and Qualifications of Seller, MME and Hilltop. 
 (a) Seller is a limited liability company duly organized,
validly existing and in good standing under the Laws (as defined in Section 2.5) of the State of Indiana with full limited liability company power and authority to own or lease its properties and to conduct its business in the manner and
in the places where such properties are owned or leased or such business is currently conducted by Seller. Seller is duly licensed or qualified to conduct business or own property as a foreign limited liability company and is in good standing in
each jurisdiction wherein the nature of its business makes such licensing or qualification necessary, except where the failure to be so qualified would not individually or in the aggregate be material to Seller. The states in which Seller is
licensed or qualified to do business are listed on Schedule 2.2 attached hereto. Seller has not conducted business under or used any name (whether corporate or assumed) other than “Reams Asset Management Company”. 

(b) MME is a limited liability company duly organized, validly existing and in good standing under the Laws of the State of Delaware with
full limited liability company power and authority to own or lease its properties and to conduct its business in the manner and in the places where such properties are owned or leased or such business is currently conducted by MME. 

(c) Hilltop is a limited liability company duly organized, validly existing and in good standing under the Laws of the State of Wisconsin
with full limited liability company power and authority to own or lease its properties and to conduct its business in the manner and in the places where such properties are owned or leased or such business is currently conducted by Hilltop.

 2.3 Subsidiaries. Seller does not have any subsidiaries. Seller does not own or have the right, directly or
indirectly, to acquire any securities issued by any other business organization or Governmental Authority (as defined in Section 2.9), except United States, state, and municipal government securities, bank certificates of deposit, or
money market accounts acquired as investments in the ordinary course of its business. Seller does not own or have any direct or indirect ownership interest in (nor has otherwise contributed to the capital of nor has the right to receive the profits
or the assets in dissolution of) any corporation, partnership, limited liability company, joint venture, or entity of any kind, including, without limitation, the Columbus Extended Market Fund, LLC, a Delaware limited liability company. Except as
set forth on Schedule 2.3, Seller does not act as a manager or otherwise have any non-equity control of any corporation, partnership, limited liability company, joint venture, or entity of any kind. 

  
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 2.4 Ownership of
Seller. 
 (a) The sole members of Seller are the Persons (as defined in Section 11.19) set forth on Schedule
2.4 attached hereto and each such Person is the registered and beneficial owner of the number and class of membership interests set forth opposite such person’s name on the list provided by Seller to Purchaser on the date hereof, free and
clear all liens, mortgages, claims, encumbrances, voting agreements, voting trusts, proxies, puts, calls, security interests, restrictions, prior assignments, easements, covenants, conditions or claims of any kind or nature whatsoever (collectively,
the “Liens”), other than transfer restrictions under federal and state securities laws; and each such Person has the sole right to vote the membership interests owned by such Person. There are no outstanding equity interests in
Seller except as set forth on the list provided by Seller to Purchaser on the date hereof. 
 (b) Except as disclosed on
Schedule 2.4, there are no outstanding warrants, subscriptions, options, agreements, convertible or exchangeable securities, phantom equity, or other commitments pursuant to which Seller is or may become obligated to issue, sell, purchase,
return or redeem any membership interests or other securities of Seller and no equity securities of Seller are reserved for issuance for such purposes. 
 2.5 Authority of Seller and the Members; Non-Contravention. Seller and each Member has full right, authority, and power to enter into this Agreement and each agreement, document, certificate and
instrument to be executed and delivered pursuant to this Agreement to which it or he is a party (collectively, the “Ancillary Documents”), and to carry out the transactions contemplated hereby and thereby. The execution, delivery
and performance by Seller and each Member of this Agreement and each such Ancillary Document to which it or he is a party have been duly authorized by all necessary limited liability company or other action of Seller and each Member and no other
action on the part of Seller or any Member is required in connection therewith. This Agreement and each Ancillary Document executed and delivered by Seller and each Member pursuant to this Agreement to which it or he is a party constitutes, or when
executed and delivered will constitute, valid and binding obligations of Seller or each Member, as the case may be, enforceable against such party or parties in accordance with their terms (assuming due authorization, execution and delivery by the
other parties to this Agreement and the Ancillary Documents, as the case may be), except to the extent that their enforceability are subject to applicable bankruptcy, insolvency, reorganization, moratorium, or similar Laws affecting the enforcement
of creditors’ rights generally and subject to general equitable principles. Except as set forth on Schedule 2.5 hereto, the execution, delivery, and performance by Seller and each Member of this Agreement and each such other Ancillary
Document to which it or he is a party: 
 (a) do not and will not violate any provision of the Articles of Organization or
Operating Agreement of Seller, nor the governing documents (including, without limitation, operating agreement, trust agreement, articles of formation or bylaws) of any Member which is not an individual; 

  
 13 

  
 (b) do not and will
not violate any (i) constitutions, treaties, statutes, laws (including common law), codes, rules, regulations, ordinances, orders or other requirements of any Governmental Authority, or (ii) orders, decisions, injunctions, judgments,
awards and decrees of or agreements with any Governmental Authority (the foregoing subsections (i) and (ii), collectively, “Laws”), or require Seller or any Member to obtain any approval, consent or waiver of, or make any
registration, declaration or filing with, any Person; and 
 (c) do not and will not result in a breach of, constitute a default
under, accelerate any obligation under, or give rise to a right of termination of any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, lien, lease (including, without limitation, the Lease), Permit,
order, writ, judgment, injunction, decree, determination, or arbitration award to which Seller or any Member is a party or by which the property of Seller or any Member is bound or affected, or result in the creation or imposition of any Liens on
any of the Purchased Assets (other than Permitted Liens). 
 2.6 Real Property and Personal Property. 

(a) Real Property 
 (i) Seller currently owns no real property or real property interests. Schedule 2.6(a)(1) contains an accurate and complete list of all real property previously owned in whole or in part by Seller
(the “Owned Real Property”). 
 (ii) The Leases constitute the only leases of real property used in the
operation of the Business. The premises leased by Seller pursuant to the terms of the Leases (the “Leased Premises”) are located on certain real property (the “Leased Real Property”) on which the Business is
presently conducted by Seller. Seller does not sublease or license all or any portion of the Leased Premises to any third party. 
 (iii) Schedule 2.6(a)(2) provides a brief description of each Lease, together with any amendments, schedules, or exhibits thereto. Seller has provided a true, correct, and complete copy of each
Lease, together with any amendments, schedules, or exhibits thereto. Except as otherwise set forth on Schedule 2.6(a)(2): 
 (A) each Lease is valid and binding upon Seller, and to Seller’s Knowledge, the other parties thereto, and is in full force and effect, subject to applicable bankruptcy, insolvency, reorganization,
moratorium, or similar Laws affecting the enforcement of creditors’ rights generally and subject to general equitable principles; 
 (B) no Lease has been or will be modified, amended, or altered, in writing or otherwise; 

  
 14 

  
 (C) to Seller’s
Knowledge, all obligations of the landlord or lessor under each Lease which have accrued have been performed and the landlord or lessor is not in material default under such Lease; and 

(D) all obligations of Seller, and to Seller’s Knowledge, any other tenant, lessee or sublessee under each Lease which have accrued
have been performed, and neither Seller nor, to Seller’s Knowledge, any other tenant, lessee or sublessee is in material default under any Lease, and to Seller’s Knowledge, no circumstance presently exists which, with notice or the passage
of time, or both, would give rise to a material default by Seller or any other tenant, lessee or sublessee. 
 (iv) Except as
set forth on Schedule 2.6(a)(2), Seller holds a good and marketable leasehold interest in the Leased Real Property pursuant to each applicable Lease free and clear of all liens, judgments, easements, restrictions and encumbrances of any kind
or nature, other than Permitted Liens. 
 (v) Other than the Leases and the matters listed on Schedule 2.6(a)(2), there
are no leases, subleases, occupancy agreements, licenses or any other agreements, whether written or verbal, relating to Seller’s use, occupancy or operation of all or any portion of the Leased Premises. 

(vi) To Seller’s Knowledge, there are no material defects in the physical condition of any improvements constituting a part of the
Leased Real Property, including, without limitation, structural elements, mechanical systems, roofs, or parking and loading areas, and to Seller’s Knowledge all of such improvements are in good operating condition and repair, have been well
maintained, and are free from infestation by rodents or insects. To Seller’s Knowledge, all water, sewer, gas, electric, telephone, drainage, and other utilities required by Law or necessary for the current or planned operation of the Leased
Real Property have been installed and connected pursuant to valid Permits and such utilities have been sufficient to service the Leased Real Property. Seller has not experienced during the three (3) years preceding the date hereof any material
interruption in the delivery of utilities or other public services. The Leased Real Property has direct access to a public street or road without, to Seller’s Knowledge, the need for any easement or other private agreement for vehicular and
pedestrian ingress and egress. 
 (vii) Except as set forth on Schedule 2.6(a)(2), Seller and, to Seller’s
Knowledge (as defined in Section 11.18), the landlords (under the Leases) have not received a written notice from any Governmental Authority of any violation of any Law or Permit issued with respect to the Leased Real Property and/or the
Leased Premises that has not been corrected heretofore, and to Seller’s Knowledge, no such violation now exists. To Seller’s Knowledge, all improvements constituting a part of the Leased Premises are in compliance in all material respects
with all applicable Laws and Permits, and there are presently in effect all material Permits required by Law to own and operate the Leased Premises. 
 (viii) There is no pending or, to Seller’s Knowledge, threatened condemnation, eminent domain, taking or similar proceeding affecting all or any portion of the Leased Premises and/or the Leased Real
Property. 

  
 15 

  
 (ix) All Taxes,
charges, impositions, levies and assessments imposed or assessed by any Governmental Authority on or with respect to each of the Leased Premises, including without limitation all use and occupancy Tax, which are required to be paid by Seller, have
been or will be paid by Seller to the extent pertaining to periods ending on or prior to the Closing Date. 
 (x) All
construction, erection and installation of any improvements on the Leased Real Property and/or in the Leased Premises as may be required under the terms of the Leases have been completed and all payment obligations of the landlords and/or the Seller
with respect thereto have been fully satisfied. 
 (xi) There is no Proceeding (as defined in Section 2.15)
pending, or to Seller’s Knowledge, threatened against or affecting all or any portion of the Leased Premises and/or the Leased Real Property, or relating to, or arising out of, the ownership, occupancy, use or operation of all or any portion of
the Leased Premises and/or the Leased Real Property in any court or before any Governmental Authority. 
 (b) Personal
Property. 
 (i) Schedule 2.6(b)(1) is a true, accurate and complete list of tangible personal property owned by
Seller, except for certain assets with a value of less than $500 each. Seller has good and marketable title to all of the tangible personal property set forth on Schedule 2.6(b)(1), free and clear of all Liens, other than Permitted Liens.

 (ii) Schedule 2.6(b)(2) sets forth a true, complete and accurate list of all tangible personal property that is
leased by Seller, except for certain assets with a value of less than $500 each, and the location of the same. All such leased tangible personal property is leased pursuant to a valid lease agreement disclosed on Schedule 2.14. 

(iii) Each item of tangible personal property listed on Schedule 2.6(b)(1) and Schedule 2.6(b)(2) is in good operating
condition and repair (ordinary wear and tear excepted). 
 2.7 Purchased Assets. The Purchased Assets constitute all of
the assets of Seller necessary to conduct the Business as currently conducted by Seller. 
 2.8 Financial Statements.

 (a) On the date hereof, Seller has provided Purchaser with the (i) audited balance sheets of Seller for the fiscal years
ended December 31, 2007, 2008 and 2009 and the related audited income statements, statements of cash flows and changes in Members’ equity for each of the fiscal years ended December 31, 2007, 2008 and 2009 and (ii) the unaudited
balance sheet of Seller at July 31, 2010 and the related income statements, statements of cash flows and changes in Members’ equity for the period then ended (collectively, the “Financial Statements”). Except as explicitly
identified on Schedule 2.8, the Financial Statements have been prepared in accordance with GAAP, are complete and correct in all material respects, and present fairly in all 

  
 16 

 
material respects the financial condition of Seller at the dates of said statements and the results of Seller’s operations for the periods covered thereby, subject, in the case of the
financial statements of Seller at and for the period ending July 31, 2010, to normal and recurring year-end adjustments not material in nature, the need to combine any bifurcated income statements, and the absence of footnotes thereto.
References in this Agreement to the “Balance Sheet” shall mean the balance sheet of the Business as of July 31, 2010 referred to above and reference in this Agreement to the “Balance Sheet Date” shall be deemed
to refer to July 31, 2010. Except as noted on Schedule 2.8 hereto, the Financial Statements have been prepared from books and records maintained by Seller in accordance with GAAP. 

(b) As of the respective dates of the Balance Sheet and the Closing Date, Seller has not had and will not have any liabilities of any
nature, whether accrued, absolute, contingent or otherwise (including, without limitation, liabilities as guarantor or otherwise with respect to obligations of others, liabilities for Taxes due or then accrued or to become due, or contingent or
potential liabilities relating to activities of Seller or the conduct of the Business prior to the Closing Date regardless of whether claims in respect thereof had been asserted as of the Closing Date), except liabilities (i) stated or
adequately reserved against on the Balance Sheet, (ii) reflected in Schedules furnished to Purchaser hereunder on the date hereof, or (iii) incurred after the date of the Balance Sheet in the ordinary course of business of Seller
consistent with the terms of this Agreement and disclosed to Purchaser. 
 (c) Seller maintains internal accounting controls
sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v) related party transactions are fully recorded and corresponding values are determined at fair values as if they
were “arms-length transactions.” 
 (d) The books and records of Seller are complete, accurate and correct in all
material respects and represent bona fide transactions. 
 2.9 Taxes. 

(a) Seller has paid or caused to be paid all Taxes required to be paid by Seller through the Closing Date, except for Taxes which are the
subject of a good faith dispute currently being pursued by Seller against the appropriate Taxing Authority (as defined below), and the nature of such dispute is set forth on Schedule 2.9. For purposes of this Agreement the term
“Tax” or “Taxes” means any (i) federal, foreign, state, county, local and other tax (including, without limitation, net income, gross income, gross receipts, excise, property, franchise, profits, license, lease,
sales, transfer, excise, use, data processing, ad valorem, premium, goods and/or services, value added, net worth, capital stock, capital gains, documentary, filing, recapture, alternative or add on minimum, disability, withholding, estimated,
registration, unclaimed property or escheat, recordation, occupancy, capital, employment, unemployment compensation, insurance, payroll, social security, severance, stamp, 

  
 17 

 
customs, duties, and other taxes of any kind whatsoever imposed by the United States of America or any state, local or foreign government, or any agency or political subdivision thereof, and any
interest, fines, penalties, assessments or additions, whether or not measured in whole or in part by net income, and including deficiencies, interest, additions to tax or interest, and penalties with respect thereto, (ii) any joint and several
liability in respect of any such Tax as a result of being a member of any affiliated, consolidated, unitary or similar group or as a result of transferor or successor liability, and (iii) any liability for the payments of any amounts as a
result of being a party to any Tax sharing agreement or as a result of any express or implied obligation to indemnify any other person with respect to the payment of any amounts of the type described in clauses (i) or (ii), but excluding in all
cases any Transfer Taxes (as defined in Section 7.4). 
 (b) Seller has, in accordance with applicable Law, duly and
timely filed all Tax Returns required to be filed by Seller through the Closing Date taking into account permissible extensions, and all such Tax Returns correctly and accurately set forth the amount of any Taxes relating to the applicable period. A
list of all Tax Returns filed with respect to Seller for taxable periods ended on or after December 31, 2007 is set forth in Schedule 2.9 attached hereto, and said Schedule indicates those Tax Returns that have been audited or currently
are the subject of an audit. Except as set forth on Schedule 2.9, Seller is not required to file a Tax Return in any jurisdiction outside the United States of America, or to pay any Taxes to any Taxing Authority outside the United States of
America, in connection with the Business. For purposes of this Agreement the term: (i) “Tax Returns” means any returns, reports, estimates, declarations, information returns or other statements or documents (including any
schedules or attachments thereto or any amendments thereof) filed or required to be filed with any federal, state, local, or foreign Taxing Authority in connection with the determination, assessment, collection, administration or imposition of, or
otherwise relating to, any Taxes and (ii) “Taxing Authority” means, with respect to any Taxes, any government, governmental, regulatory or administrative authority, agency, commission or department or any court or judicial
body, whether federal, national, supranational, state, provincial, local or foreign. 
 (c) Seller has (i) withheld from
all employees, clients, independent contractors, creditors, members and any other applicable payees proper and accurate amounts of Taxes for all taxable periods in compliance with all Tax withholding provisions of applicable Law, (ii) remitted,
or will remit on a timely basis, such amounts to the appropriate Taxing Authority, and (iii) furnished, or been furnished, properly completed exemption certificates for all exempt transactions to the extent required by applicable Law.

 (d) No Taxing Authority is now asserting or, to Seller’s Knowledge, threatening to assert against Seller any deficiency
or claim for additional Taxes. No claim has ever been made by a Taxing Authority in a jurisdiction where Seller does not file Tax Returns that Seller is, or may be subject to, Tax by that jurisdiction. There are no security interests on any of the
assets of Seller that arose in connection with any failure (or alleged failure) to pay any Taxes. Seller has never entered into a closing agreement pursuant to Section 7121 of the Code. 

(e) No audit of any Tax Return of Seller is in progress, and Seller has not been notified by any Taxing Authority that any such audit is
contemplated or pending. Except as set forth on Schedule 2.9: (i) no extension of time with respect to any date on which a Tax Return was or is to be filed by Seller is in force; (ii) no waiver or agreement by Seller is in force

  
 18 

 
for the extension of time for the assessment or payment of any Taxes and (iii) no power of attorney with respect to any Taxes of the Seller has been filed with the IRS or any other
Governmental Authority. For purposes of this Agreement, “Governmental Authority” means the government of the United States, any state or political subdivision thereof, any foreign country and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, and includes any Taxing Authority. 
 (f) There is no Proceeding pending or, to Seller’s Knowledge, threatened against or relating to Seller in connection with Taxes. Schedule 2.9 identifies any liens for Taxes (other than current
Taxes not yet due and payable) which are being contested in good faith and by appropriate proceedings, and the reserves with respect thereto maintained on Seller’s books, which reserves are maintained in accordance with GAAP. 

(g) Except as set forth on Schedule 2.9, Seller (i) is not (nor does it have any liability for unpaid Taxes because it once
was) a member of an “affiliated group” (as defined in Section 1504(a) of the Code), (ii) has not filed, nor is it required to file, a consolidated, combined, or unitary Tax return with any entity, (iii) does not own a direct
or indirect interest in any trust, partnership, corporation, or other entity whether or not such interest is necessary to conduct the Business, and (iv) is not party to any Tax allocation or sharing agreement. 

(h) Neither Seller nor any Member nor any Person having an ownership interest in a Member that is not a natural person, is a
“foreign person” within the meaning of Section 1445 of the Code and Treasury Regulations Section 1.1445-2. 

(i) Except as set forth on Schedule 2.9, none of the Purchased Assets: (i) are subject to any Lien arising in connection with
any failure or alleged failure to pay any Tax, other than Permitted Liens; (ii) are property that the Seller or any Member is required to treat as being owned by any other Person pursuant to the so-called “safe harbor lease”
provisions of former Section 168(f)(8) of the Code; (iii) secure any debt the interest on which is tax-exempt under Section 103(a) of the Code; (iv) are “tax-exempt use property” within the meaning of
Section 168(h) of the Code; or (v) are “tax exempt bond financed property” within the meaning of Section 168(g)(5) of the Code. 
 (j) To Seller’s Knowledge, neither Seller nor any Member (nor with respect to any Member which is not a natural Person, any member of such Member) is subject to backup withholding for federal income
Tax purposes with respect to any payments to be made by Purchaser hereunder. 
 2.10 Accrued Revenues. 

(a) All Accrued Revenues arose from services provided in the ordinary course of business and, to Seller’s Knowledge, are not subject
to any set off or counterclaim. 
 (b) All Accrued Revenues will be collectible in full within one hundred twenty
(120) days after invoice by Purchaser following the Closing. 

  
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 2.11 Accrued
Revenues from Affiliates. Seller does not have any Accrued Revenues or amounts otherwise due from any Person which is an Affiliate (as defined in Section 11.19) of Seller. 

2.12 Absence of Certain Changes. Except for (i) the execution and delivery of this Agreement and the Ancillary Documents, as
applicable, and the transactions contemplated hereby and thereby, and (ii) as set forth on Schedule 2.12, since the date of the Balance Sheet there has not been: 
 (a) any contingent liability in excess of $10,000 incurred by Seller as guarantor or otherwise with respect to the obligations of others or any cancellation of any debt or claim owing to, or waiver of any
right of, Seller with a value in excess of $10,000; 
 (b) any mortgage, encumbrance, or lien placed on any of properties of
Seller, other than Permitted Liens; 
 (c) any known obligation or liability in excess of $10,000 of any nature incurred by
Seller, other than obligations and liabilities incurred in the ordinary course of business (it being understood that product or service liability claims shall not be deemed to be incurred in the ordinary course of business); 

(d) any purchase, sale, or other disposition, or any agreement or other arrangement for the purchase, sale, or other disposition, of any
of the properties or assets of Seller with a value in excess of $10,000 in the aggregate, other than in the ordinary course of business; 
 (e) any damage, destruction, or loss, whether or not covered by insurance, affecting the properties, assets, or business of Seller in excess of $10,000; 

(f) any claim of unfair labor practices involving Seller; 
 (g) any declaration, setting aside, or payment of any dividend, or the making of any other distribution in respect of the membership interests of Seller, or any direct or indirect redemption, purchase, or
other acquisition by Seller of its own membership interests; 
 (h) any change in the compensation payable or to become payable
by Seller to any of its officers, employees, agents, or independent contractors, including any payment or arrangement in the nature of a “stay bonus” made to or with any of such officers, employees, agents, or independent contractors in
connection with this Agreement; 
 (i) any change in the employment status of the officers or management of Seller; 

(j) any payment or discharge of a material lien or liability of Seller which was not shown on the Balance Sheet or incurred in the
ordinary course of business thereafter; 
 (k) any obligation or liability incurred by Seller to any of its officers, directors,
Members, managers or employees, or any loans or advances made by Seller to any of 

  
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its officers, directors, Members, managers or employees, except normal expense allowances payable to officers or employees and advances to employees which are consistent with past practice;

 (l) any change in accounting methods or practices (including, without limitation, any change in depreciation or amortization
policies or rates), credit practices, or collection policies used by Seller; 
 (m) any entry into any supply, vendor or
purchasing contracts creating an obligation of Seller of $10,000 or more per year; 
 (n) any other transaction entered into by
Seller other than transactions in the ordinary course of business; 
 (o) any Material Adverse Effect; or 

(p) any agreement or understanding, whether in writing or otherwise, for Seller to take any of the actions specified in paragraphs
(a) through (o) above. 
 2.13 Ordinary Course. Since the date of the Balance Sheet, Seller has conducted its
business in the ordinary course and consistently with its prior practices. 
 2.14 Contracts. Except for contracts,
commitments, plans, agreements, and licenses described in Schedule 2.14, Seller is not a party to or subject to: 
 (a)
any plan or contract providing for bonuses, pensions, options, membership interest purchases, deferred compensation, retirement payments, consulting payments, payments to independent contractors, profit sharing, collective bargaining, or the like,
or any contract or agreement with any labor union; 
 (b) any employment contract with any current employees (or former
employees to the extent such employees or Seller remain subject to such contract); 
 (c) any contract or agreement relating to
capital expenditures in excess of $10,000; 
 (d) any contracts or agreements creating any obligations of Seller of $10,000 or
more with respect to any such contract or agreement; 
 (e) any purchasing contracts or other contracts with suppliers or
vendors creating any obligations of Seller of $10,000 or more; 
 (f) any contract or agreement not terminable by Seller or any
successor or assign on sixty (60) days’ or less notice without penalties; 
 (g) any investment management agreement
(or similar client agreement) or sub-advisory agreement; 

  
 21 

  
 (h) any contract or
agreement for the purchase of any fixed asset for a price in excess of $10,000 whether or not such purchase is made in the ordinary course of business; 
 (i) any contract providing for any earn-out or contingent purchase price payments in the future; 
 (j) any license agreement (as licensor or licensee) with respect to the Business; 

(k) any indenture, mortgage, promissory note, loan agreement, guaranty, or other agreement or commitment for the borrowing of money;

 (l) any contract or agreement with any officer, employee, director, manager or Member of Seller or with any persons or
organizations controlled by or affiliated with any of them; 
 (m) any open purchase order for goods or services in excess of
$10,000; 
 (n) any lease for tangible personal property; 

(o) any contract containing any non-competition, non-solicitation, exclusive dealing or other covenants which limit or restrict the
ability of Seller or the Members to solicit customers or other Persons or the manner in which all or any portion of the Business may be conducted; or 
 (p) any contract entered into outside the ordinary course of business or otherwise material to Seller. 
 Neither Seller, nor, to Seller’s Knowledge, any other party thereto, is in material default under any Assigned Contract, nor to Seller’s Knowledge are there any conditions or facts which with
notice or passage of time, or both, would constitute a material default by any party to any Assigned Contract. Copies of the written contracts and written descriptions of oral contracts listed in Schedule 1.1(c) have been provided to
Purchaser or its counsel. Identified with an asterisk on Schedule 1.1(c) are those contracts which require consent to, or contain a prohibition on, assignment. All the contracts listed in Schedule 1.1(c) are valid and binding upon
Seller and, to Seller’s Knowledge, the other parties thereto and are in full force and effect, subject to applicable bankruptcy, insolvency, reorganization, moratorium, or similar Laws affecting the enforcement of creditors’ rights
generally and subject to general equitable principles. Seller has not received written notice that any party to any Assigned Contract intends to cancel or terminate any such Assigned Contract or to exercise or not exercise any options under any such
Assigned Contract. With respect to any investment management agreements (or similar client agreements) included within the Assigned Contracts, Seller has provided its investment management services in compliance with the investment objectives,
principal policies and strategies of such agreement in all material respects. 
 2.15 Litigation. There is no litigation,
arbitration, hearing, audit, suit or governmental or administrative proceeding or investigation (each of the foregoing, a “Proceeding”) pending or, to Seller’s Knowledge, threatened against Seller. There is

  
 22 

 
no Proceeding by Seller currently pending or which Seller intends to initiate. No judgment or court order involving or related to Seller, the Members, the Business or the Purchased Assets is
currently outstanding. There is no Proceeding pending or, to Seller’s Knowledge, threatened against any Member which, if adversely decided against such Member, could be reasonably anticipated to have a material adverse effect on such
Member’s ability to carry out its obligations hereunder. 
 2.16 Compliance with Laws. Seller has complied and is in
compliance in all material respects with all Laws promulgated by any federal, state, municipal, foreign or other Governmental Authority which apply to Seller or to the conduct of its Business, and within the past five (5) years, Seller has not
received written notice of a violation or alleged violation of any Law. Neither Seller, nor, to Seller’s Knowledge, any of Seller’s officers, directors, managers, members, employees or independent contractors, has at any time made or
received any bribe, kickback or other illegal payment or engaged in any other illegal conduct related to the Business. Seller has not been the subject of any Proceeding involving the Securities and Exchange Commission or any other Governmental
Authority having jurisdiction over the business activities of any employee or Seller. Seller has not been the subject of any order, judgment, or decree of any court of competent jurisdiction, permanently or temporarily enjoining Seller from, or
otherwise limiting, the following activities: (i) acting as an investment adviser, underwriter, broker or dealer in securities, or engaging in or continuing any conduct or practice in connection with such activity, (ii) engaging in any
type of business practice, or (iii) engaging in any activity in connection with the purchase or sale of any security. 

2.17 Insurance. 
 (a) The physical properties, Business and employees of Seller are insured and all insurance policies and arrangements of Seller (which include general liability, directors and officers, professional
liability, property, casualty, fire and workers’ compensation insurance policies and arrangements) are in full force and effect, all premiums with respect thereto have been paid to the extent due, and Seller is in compliance in all material
respects with the terms thereof. A list of all such policies and arrangements is set forth on Schedule 2.17(a). Said insurance is adequate and customary for the business engaged in by Seller and is sufficient for compliance by Seller with all
requirements of Law and all agreements and leases to which Seller is a party set forth on Schedule 2.6(a)(2) or Schedule 2.14. Each such insurance policy shall continue to be in full force and effect immediately prior to
Purchaser’s purchase of the Purchased Assets. Except as set forth on Schedule 2.17(a), all such insurance is on an occurrence basis and will continue to provide coverage to Seller after the Closing Date for occurrences prior to the
Closing Date. 
 (b) On the date hereof, Seller has provided Purchaser with a true, accurate and complete list of all claims
submitted under the insurance policies set forth on Schedule 2.17(a) within three (3) years prior to the Closing Date. To Seller’s Knowledge, no circumstance presently exists which could be reasonably expected to give rise to a
claim being filed under the insurance policies set forth on Schedule 2.17(a). 
 2.18 Powers of Attorney. Seller
has not granted powers of attorney which are presently outstanding. 

  
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 2.19 Finder’s
Fee. Neither Seller or any Member has incurred any broker’s commission or finder’s fee relating to or in connection with the transactions contemplated by this Agreement, the sole responsibility for which does not belong to Seller or
such Member. 
 2.20 Permits. 
 (a) Schedule 2.20 lists all Permits held by Seller which are used or useable by Seller in connection with the Business. There are no Permits required from Governmental Authorities in order for
Seller to conduct its Business lawfully in all material respects and in the manner currently conducted, which are not held by Seller. All Permits listed on Schedule 1.1(d) are transferable to Purchaser without the consent of any party and
shall be assigned to Purchaser at Closing. 
 (b) All Permits listed on Schedule 1.1(d) are in full force and effect, no
violations are or have been recorded in respect of any such Permits, and no Proceeding is pending or, to Seller’s Knowledge, threatened to enforce, revoke, terminate or limit any such Permit. Seller is operating in compliance in all material
respects with, and has not received any written notice of any claim of default, with respect to any such Permit or of any written notice of any other claim or Proceeding (or threatened Proceeding) relating to any such Permit. 

(c) No Permits are required to be held by any of the officers, managers or other employees of the Business in order for Seller to conduct
its Business lawfully in all material respects and in the manner currently conducted. 
 2.21 Transactions with Interested
Persons. Except as set forth on Schedule 2.21 attached hereto, neither Seller nor any Member or any director, manager or officer of Seller nor any of their respective spouses, parents, children, siblings, grandchildren and grandparents
owns directly or indirectly on an individual or joint basis any material interest in, or serves as a director, manager or officer or in another similar capacity of, any competitor or supplier of Seller, or any organization which has a material
contract or arrangement with Seller or to Seller’s Knowledge, any organization which has current plans to become a competitor of the Business. 
 2.22 Employee Benefit Programs. 
 (a) Schedule 2.22 lists every
Employee Program (as defined below) that has been maintained (as defined below) by Seller at any time during the prior three (3) years. 
 (b) Seller has complied in all material respects with all Laws applicable to the Employee Programs that have been maintained by Seller. With respect to any Employee Program ever maintained by Seller,
there has occurred no “prohibited transaction,” as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code, or breach of any duty under
ERISA or other applicable Law (including, without limitation, any health care continuation requirements or any other Tax Law requirements, or conditions to favorable Tax treatment, applicable to such plan), which would result, directly or
indirectly, in any Taxes, penalties, or other liability to Purchaser. No Proceeding (other than those relating to routine claims for benefits) is pending or, to Seller’s Knowledge, threatened with respect to any such Employee Program.

  
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 (c) Seller
(i) has not maintained any Employee Program which has been subject to Title IV of ERISA (including, but not limited to, any Multiemployer Plan (as defined below)) and (ii) has not provided health care or any other non-pension benefits to
any employees after their employment was terminated (other than as required by part 6 of subtitle B of title I of ERISA) or has ever promised to provide such post-termination benefits, except as set forth on Schedule 2.22. 

(d) With respect to each Employee Program maintained by Seller within the three years preceding the Closing, complete and correct copies
of the following documents (if applicable to such Employee Program) have previously been delivered or made available to Purchaser or its counsel to the extent applicable or available: (i) all documents embodying or governing such Employee
Program, and any funding medium for the Employee Program (including, without limitation, trust agreements) as they may have been amended; (ii) the most recent IRS determination or approval letter with respect to such Employee Program under Code
Section 401 or 501(c)(9), and any applications for determination or approval subsequently filed with the IRS; (iii) the three most recently filed IRS Forms 5500, with all applicable schedules and accountants’ opinions attached
thereto; (iv) the summary plan description for such Employee Program (or other descriptions of such Employee Program provided to employees) and all modifications thereto; and (v) any insurance policy (including without limitation any
fiduciary liability insurance policy) related to such Employee Program. 
 (e) For purposes of this Section: 

(i) “Employee Program” means (A) all employee benefit plans within the meaning of ERISA Section 3(3),
including, but not limited to, multiple employer welfare arrangements (within the meaning of ERISA Section 3(40)), plans to which more than one unaffiliated employer contributes and employee benefit plans (such as foreign or excess benefit
plans) which are not subject to ERISA; and (B) all membership interest or cash option plans, restricted membership interest plans, bonus, or incentive award plans, severance pay policies or agreements, deferred compensation agreements,
supplemental income arrangements, vacation plans, and all other employee benefit plans, agreements, and arrangements not described in (A) above. In the case of an Employee Program funded through an organization described in Code
Section 501(c)(9), each reference to such Employee Program shall include a reference to such organization. 
 (ii) An
entity “maintains” an Employee Program if such entity sponsors, contributes to, or provides (or has promised to provide) benefits under such Employee Program, or has any obligation (by agreement or under applicable Law) to contribute to or
provide benefits under such Employee Program, or if such Employee Program provides benefits to or otherwise covers employees of such entity, or their spouses, dependents, or beneficiaries. 

(iii) “Multiemployer Plan” means a (pension or non-pension) employee benefit plan to which more than one employer
contributes and which is maintained pursuant to one or more collective bargaining agreements. 

  
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 2.23 Environmental
Matters. 
 (a) Seller is and has been in compliance in all material respects with all statutes, ordinances, regulations,
codes, orders, or permits relating or pertaining to pollution or pollution control, protection of human health from exposure to hazardous or regulated substances, pollutants, pollution, contaminants, or toxic substances, toxic waste, hazardous
waste, or similar substance, protection of the environment and/or natural resources or the manufacture, processing, distribution, use, treatment, storage, disposal, release threatened release, or transport of such hazardous or regulated material
(collectively, “Environmental Laws”). 
 (b) Seller has not received written notice of any claim, action, suit,
proceeding, hearing or investigation against Seller based on or related to any violation of or liability under Environmental Laws. 
 (c) Seller is not in violation of or liable under any Environmental Laws that has resulted or could reasonably be expected to result in a liability or loss to Seller. 

(d) Seller has not received any written notice of any current, pending or outstanding violation of and/or liability under any
Environmental Laws relating to its operations, the Owned Real Property or the Leased Real Property. 
 (e) Seller is and has
been in compliance in all material respects with the Occupational Safety and Health Act, 29 U.S.C. §651 et seq., as amended, and any regulations promulgated thereunder and any other Laws or orders of a Governmental Authority, pertaining or
related to the protection of the health and safety of employees in the workplace (but excluding worker’s compensation and wage and hour Laws) (collectively, “Safety Laws”). Seller has not received written notice of any alleged
violation or liability under any Safety Laws. 
 (f) To Seller’s Knowledge, there is not currently and in the past there
has been no release or threat of release of hazardous or regulated materials, contaminants, pollutants, toxic substances, toxic waste, hazardous waste or similar substance at or under the Leased Real Property or the Owned Real Property or in
immediate proximity thereof. 
 (g) This Section 2.23 contains the sole and exclusive representations and warranties
of Seller and the Members relating to Environmental Laws and/or Safety Laws. 
 2.24 Directors, Officers, Employees,
Consultants and Contractors. Seller has provided to Purchaser on the date hereof (and shall provide again one (1) business day prior to the Closing Date) a list of all current directors, officers, managers, employees, and consultants or
independent contractors of Seller, together with a list setting forth the current job title (in the case of employees), most recent date of hire or re-hire (in the case of employees), a description of job responsibilities (in the case of independent
contractors) and aggregate annual compensation (including bonuses) of each such individual. Seller has delivered prior to the date hereof true, correct and complete copies of any agreements (including but not limited to non-compete agreements,
non-solicitation, confidentiality or the like agreements) with all such individuals, as well as for any former employees who are still bound by such agreements. 

  
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 2.25 Employees;
Labor Matters. 
 (a) Seller is not delinquent in payments to any of its employees for any wages, salaries, commissions,
bonuses, or other direct compensation for any services performed for it to the Closing Date or any material amounts required to be reimbursed to such employees. Except as set forth on Schedule 2.25(a), and provided that Purchaser complies
with Section 5.2(a), upon termination of the employment with Seller of any of said employees, Seller will not by reason of the acquisition transaction or anything done prior to the Closing be liable to any of said employees for so-called
“severance pay” or any other payments (other than salaries, wages, bonuses, vacations, and sick days accrued in the ordinary course of business). Except as set forth on Schedule 2.25(a), Seller does not have any policy, practice,
plan, or program of paying severance pay or any form of severance compensation in connection with the termination of employment. 
 (b) Seller is and has been in compliance in all material respects with all applicable federal, state and local Laws and regulations respecting labor, employment, fair employment practices, work place
safety and health, terms and conditions of employment, and wages and hours. Seller has obtained a completed Form I-9 from each of its employees and to Seller’s Knowledge, none of its employees are unauthorized to work in the United States.
There are no charges of employment discrimination or unfair labor practices, nor are there any strikes, slowdowns, stoppages of work, or any other concerted interference with normal operations existing, pending, or, to Seller’s Knowledge,
threatened against or involving Seller. To Seller’s Knowledge, no question concerning representation exists respecting any group of employees of Seller. There are no grievances, complaints, or charges that have been filed against Seller under
any dispute resolution procedure (including, but not limited to, any proceedings under any dispute resolution procedure under any collective bargaining agreement) and no arbitration or similar Proceeding is pending and no claim therefor has been
asserted. No collective bargaining agreement is in effect or is currently being or is about to be negotiated by Seller. Seller has not received written, and to Seller’s Knowledge, other information to indicate that any of its employment
policies or practices is currently being audited or investigated by any federal, state, or local government agency. Seller has properly classified its employees as exempt or non-exempt under the Federal Fair Labor Standards Act and under any other
similar employment Laws. 
 (c) Provided that Purchaser complies with Section 5.2(a), the termination of all of
Seller’s employees that shall occur at the Closing in connection with the transactions contemplated by this Agreement does not require the delivery or obtainment of any notices, consents or approvals under the Workers Adjustment and Retraining
and Notification Act or any similar state or local Law. 
 (d) Seller has provided to Purchaser on the date hereof (and shall
provide again one (1) business day prior to the Closing Date) a list of the accrued but unused personal leave, personal time off, sick or vacation leave held by the employees of Seller. Except as otherwise agreed in writing by Purchaser
hereafter, as of the Closing, there shall be no accrued but unused personal leave, personal time off, sick or vacation leave held by the employees of Seller for which such employees shall not have been paid for by Seller. 

  
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 (e) While employed by
Seller, no employee has been, and prior to being employed by Seller, to Seller’s Knowledge, no employee has been, the subject of any Proceeding involving the Securities and Exchange Commission or any other Governmental Authority having
jurisdiction over the business activities of any employee or Seller. To Seller’s Knowledge, no employee has been the subject of any order, judgment, or decree of any court of competent jurisdiction, permanently or temporarily enjoining any
employee from, or otherwise limiting, the following activities: (i) acting as an investment adviser, underwriter, broker or dealer in securities, or engaging in or continuing any conduct or practice in connection with such activity,
(ii) engaging in any type of business practice, or (iii) engaging in any activity in connection with the purchase or sale of any security. For purposes of this Section, the term “employee” shall include all officers and portfolio
managers of Seller. 
 2.26 Proprietary Rights. 
 (a) Schedule 1.1(f) specifically lists all of the Proprietary Rights which are used or are useful in the Business and such listed Proprietary Rights constitute all of the Proprietary Rights
necessary to enable Seller to conduct the Business as it is currently conducted. 
 (b) Schedule 2.26(b) lists all
Proprietary Rights that are owned or registered in the name of Seller (the “Owned IP”). Seller is the sole and exclusive owner of the Owned IP and has good title to the Owned IP, free and clear of all Liens (other than Permitted
Liens), and the use thereof does not require the consent of, or payment to, any other Person. The Owned IP is valid, in good standing and subsisting. To Seller’s Knowledge, all computer software included within the Owned IP is substantially
free from any software defect, performs in substantial accordance with its documentation, and does not contain any bugs or viruses created by Seller or any code or mechanism that could be used to interfere with the operation of such computer
software. 
 (c) Schedule 2.26(c) lists all Proprietary Rights that Seller uses pursuant to a license, sub-license or
other agreements. All such licenses, sub-licenses and agreements are in full force and effect, and Seller is not in material default thereunder, nor to Seller’s Knowledge, is any other party to any such license, sub-license or agreement in
default thereunder, nor to Seller’s Knowledge is there any condition or basis for any claim of a default by any party thereto or event which, with notice, lapse of time or both, would constitute a default thereunder. All such licenses,
sub-licenses and agreements are enforceable in accordance with their terms and have not been terminated, and no third party has delivered written notice to Seller that it has or intends to terminate any such license, sub-license or agreement.

 (d) Except as set forth on Schedule 2.26(d), Seller has not granted any options, licenses, sub-licenses or other
agreements of any kind to any Person relating to any Proprietary Rights or the use, marketing and distribution thereof. 
 (e)
No current or former officer, director, manager, member, independent contractor, or employee of Seller has any right, claim or interest in or with respect to any of the Proprietary Rights that are used or are useful in the Business. 

  
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 (f) Seller is not, in
any respect, infringing, violating, interfering with, misappropriating or making unlawful use of, nor has Seller received any notice or other communication of any actual, alleged, possible or potential infringement, violation, interference,
misappropriation or unlawful use of, any Proprietary Rights owned or used by any Person. To Seller’s Knowledge, no Person is infringing, violating, interfering with, misappropriating or making unlawful use of, in any respect, any Proprietary
Rights owned or used by Seller. 
 (g) Except as set forth on Schedule 2.26(g), the Proprietary Rights are freely
transferable to Purchaser without any third party consent. 
 (h) Seller has taken all reasonably necessary and desirable action
to maintain and protect its Proprietary Rights. 
 2.27 Indebtedness; Guarantees. Schedule 2.27 sets forth a true,
complete and accurate listing of all indebtedness of Seller for borrowed money, whether or not evidenced by notes, debentures, bonds or similar instruments. Except as set forth on Schedule 2.27, Seller is not a guarantor with respect to the
indebtedness of any other Person. 
 2.28 Non-Competition Restrictions. Except as set forth on Schedule 2.28,
neither Seller, the Members, nor, to Seller’s Knowledge, any of the officers, directors, managers or other employees of Seller are subject to any restrictions on their ability to compete with any Person or to solicit the clients, suppliers or
employees of any Person. 
 2.29 Investment Adviser Registration. 

(a) Seller is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Investment
Advisers Act”). Seller has delivered to Purchaser a true, correct and complete copy of Seller’s currently effective Form ADV. The information contained in such Form ADV was true and complete in all material respects as of the time of
filing and, except as indicated on any subsequent form or report filed with the Securities and Exchange Commission, continues to be true and complete in all material respects. 
 (b) Seller has adopted and implemented written policies and procedures required by Rule 206(4)-7 of the Investment Advisers Act. 
 (c) Neither Seller nor, to Seller’s Knowledge, any “affiliated person” as defined in the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder
(collectively, the “Investment Company Act”) of Seller is (taking into account any applicable exemption) ineligible pursuant, to Section 9(a) or 9(b) of the Investment Company Act to serve as an investment adviser (or in any
other capacity contemplated in the Investment Company Act) to any registered investment company under the Investment Company Act, and there is no proceeding pending or, to Seller’s Knowledge, threatened by any Governmental Authority, which
would result in the ineligibility of Seller or any “affiliated persons” of Seller to serve in any such capacities. Neither Seller nor, to Seller’s Knowledge, any “affiliated person” (as defined in the Investment Advisers
Act) of Seller is ineligible pursuant to Section 203 of the Investment Advisers Act to serve as a registered investment adviser or “associated person” (as defined in the Investment Advisers Act) of a registered investment adviser, and
there is no proceeding pending or, to Seller’s Knowledge, threatened by any Governmental Authority, which would result in the ineligibility of such Seller or any “affiliated person” (as defined in the Investment Advisers Act) to serve
in any such capacities. 

  
 29 

  
 (d) Seller has not
performed any services that would require Seller to be regulated by or registered under the broker-dealer rules or regulations of any Governmental Authority. 
 2.30 Inventory. Seller has no inventory of goods held for sale or lease. 

2.31 Clients. Seller has provided to Purchaser on the date hereof a list of the clients of Seller measured by amounts of revenue
to Seller during the quarters ending September 30, 2009, December 31, 2009, March 31, 2010 and June 30, 2010. To Seller’s Knowledge, except as specifically described as part of such list, none of the clients of
Seller has, at any time during the prior twelve months, threatened to (a) cancel or otherwise to terminate such client’s relationship with Seller, or (b) decrease materially such client’s usage of the services of Seller.

 2.32 Investment. 
 (a) The Retention Shares, to the extent acquired hereunder, will be acquired for investment for Seller’s own account, not as a nominee or agent, and not with a view to the public resale or
distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) Seller has received or has had full access to all the information it considers necessary or appropriate to make an informed
investment decision with respect to the Retention Shares. Seller further has had an opportunity to ask questions and receive answers from Purchaser regarding the Retention Shares and to obtain additional information (to the extent Purchaser
possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Seller or to which Seller had access. 
 (c) Seller understands that the obtainment of the Retention Shares involves substantial risk. Seller has experience as an investor in securities of companies and acknowledges that Seller is able to fend
for itself, can bear the economic risk of investment in the Retention Shares and has such knowledge and experience in financial or business matters that Seller is capable of evaluating the merits and risks of an investment in the Retention Shares
and protecting its own interests in connection with said investment. 
 (d) Seller is an “accredited investor” within
the meaning of Regulation D promulgated under the Securities Act. 
 (e) Seller understands that the shares representing the
Retention Shares, to the extent acquired hereunder, shall be characterized as “restricted securities” under the Securities Act inasmuch as they are being acquired from Purchaser in a transaction not involving a public offering and that
under the Securities Act and applicable regulations thereunder such securities may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, Seller represents that Seller is familiar with Rule
144 of the Securities and Exchange Commission, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. Seller understands that neither Purchaser nor Parent shall be under any obligation to cause the
registration of any of the Retention Shares. 

  
 30 

  
 2.33 Benefit Plan
Investors. Seller has provided services to each client that is a “benefit plan investor” (as that term is defined in ERISA Section 3(42)) in compliance with Seller’s obligations, if any, under ERISA. Neither Seller, nor
any Member, has engaged in a transaction with respect to any “benefit plan investor” (as that term is defined in ERISA Section 3(42)) that (i) assuming the taxable period of such transaction expired as of the date hereof, could
subject either Seller, or any Member, to Taxes or penalties imposed by either the Code or Title I of ERISA, including, without limitation, Section 4975 of the Code or Section 502(l) of ERISA, or (ii) was a breach of fiduciary duty
under Title I of ERISA. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES OF PURCHASER. 

3.1 Making of Representations and Warranties. As a material inducement to Seller to enter into this Agreement and consummate the
transactions contemplated hereby, Purchaser hereby makes the representations and warranties to Seller contained in this Section 3 as of the date hereof and as of Closing (which representations and warranties shall survive the Closing
(subject to Section 9 below) regardless of any examinations, inspections, audits and other investigations Seller has heretofore made, or may hereafter make, with respect to such representations and warranties). 

3.2 Organization of Purchaser. Purchaser is a corporation duly formed, validly existing, and in good standing under the Laws of
the State of Missouri with full power to own or lease its properties and to conduct its business in the manner and in the places where such properties are owned or leased or such business is conducted by it. 

3.3 Authority of Purchaser; Non-Contravention. Purchaser has full right, authority, and power to enter into this Agreement and
each Ancillary Document to be executed and delivered by Purchaser pursuant to this Agreement and to carry out the transactions contemplated hereby and thereby. The execution, delivery, and performance by Purchaser of this Agreement, and each such
other Ancillary Document have been duly authorized by all necessary corporate action of Purchaser and no other action on the part of Purchaser is required in connection therewith. This Agreement and each other Ancillary Document executed and
delivered by Purchaser pursuant to this Agreement constitute, or when executed and delivered will constitute, valid and binding obligations of Purchaser enforceable in accordance with their terms (assuming due authorization, execution and delivery
by the other parties to this Agreement and the Ancillary Documents, as the case may be), except to the extent that their enforceability are subject to applicable bankruptcy, insolvency, reorganization, moratorium, or similar Laws affecting the
enforcement of creditors’ rights generally and subject to general equitable principles. The execution, delivery, and performance by Purchaser of this Agreement, and each such Ancillary Document: 

(a) do not and will not violate any provision of the Articles of Incorporation or Bylaws of Purchaser; 

  
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 (b) do not and will
not violate any Laws of the United States or of any state or any other jurisdiction applicable to Purchaser, or, assuming the accuracy of the representations and warranties set forth in Section 2.3 and Section 2.8, and except
as may be required pursuant to 12 CFR 225.87 after Closing, or the Securities and Exchange Act of 1934, as amended, require Purchaser to obtain any approval, consent or waiver of, or make any registration, declaration or filing with, any Person;
provided, however, that consent may be required of the Federal Reserve if it determines that Seller’s activities are not limited to investment advisory services permitted for financial holding companies and their subsidiaries; and

 (c) do not and will not result in a breach of, constitute a default under, accelerate any obligation under, or give rise to a
right of termination of any indenture or loan or credit agreement or any other agreement, contract, instrument, mortgage, lien, lease, permit, order, writ, judgment, injunction, decree, determination, or arbitration award to which Purchaser is a
party or by which the property of Purchaser is bound or affected. 
 3.4 Litigation. There is no Proceeding pending or,
to Purchaser’s Knowledge, threatened against Purchaser which would prevent or hinder the consummation of the transactions contemplated by this Agreement or which would have any material adverse effect on Purchaser’s assets, operations, or
financial condition. 
 3.5 Finder’s Fee. Purchaser has not incurred any broker’s commission or finder’s
fee relating to or in connection with the transactions contemplated by this Agreement, the sole responsibility for which does not belong to Purchaser. 
 3.6 Investment Adviser Registration. 
 (a) Purchaser is duly registered as
an investment adviser under the Investment Advisers Act. Purchaser has made available to Seller a true, correct and complete copy of Purchaser’s Form ADV in effect as of the date of this Agreement. The information contained in such Form ADV was
true and complete in all material respects as of the time of filing and, except as indicated on any subsequent form or report filed with the Securities and Exchange Commission, continues to be true and complete in all material respects. 

(b) Purchaser has adopted and implemented written policies and procedures required by Rule 206(4)-7 of the Investment Advisers Act.

 (c) Neither Purchaser nor, to Purchaser’s Knowledge, any “affiliated person” as defined in the Investment
Company Act of Purchaser is (taking into account any applicable exemption) ineligible pursuant, to Section 9(a) or 9(b) of the Investment Company Act to serve as an investment adviser (or in any other capacity contemplated in the Investment
Company Act) to any registered investment company under the Investment Company Act, and there is no proceeding pending or, to Purchaser’s Knowledge, threatened by any Governmental Authority, which would result in the ineligibility of Purchaser
or any “affiliated persons” of Purchaser to serve in any such capacities. Neither Purchaser nor, to Purchaser’s Knowledge, any “affiliated person” (as defined in the Investment Advisers Act) of Purchaser is ineligible
pursuant to Section 203 of the Investment Advisers Act to serve as a registered investment adviser or “associated person” (as defined in the Investment Advisers Act) of a registered investment adviser, and there

  
 32 

 
is no proceeding pending or, to Purchaser’s Knowledge, threatened by any Governmental Authority, which would result in the ineligibility of Purchaser or any “affiliated person” (as
defined in the Investment Advisers Act) to serve in any such capacities. 
 3.7 Financial Capacity. Purchaser shall have
sufficient funds available for it to pay each portion of the Purchase Price when due and payable. 
 3.8 Ownership.
Purchaser is a wholly-owned subsidiary of Parent. 
 SECTION 4. COVENANTS OF SELLER AND THE MEMBERS. 

4.1 Making of Covenants and Agreements. Seller and each of the Members hereby make the covenants and agreements set forth in this
Section 4. 
 4.2 General. Seller and the Members shall use commercially reasonable efforts to take all
actions and to do all things necessary, proper, or advisable in order to consummate and make effective the transactions contemplated by this Agreement. 
 4.3 Conduct of Business. Except as otherwise contemplated by this Agreement, prior to the Closing Date, Seller shall use commercially reasonable efforts to: (a) conduct the Business in the
ordinary course of business; (b) preserve intact its present business organization and relationships in accordance with past practice and custom; (c) preserve the rights, franchises, goodwill, and relations of its clients, suppliers, and
others with whom business relationships exist in accordance with past practice and custom; (d) not (i) permit any of the Purchased Assets to be subject to a Lien, except for Permitted Liens; or (ii) increase the wages, salaries,
compensation, pension, or other benefits payable to any of Seller’s employees; (e) not sell, transfer, convey or otherwise dispose of any of the Purchased Assets, except in the ordinary course of business; and (f) not enter into any
material transaction with respect to the Business which creates an obligation of Seller of $10,000 or more per year. 
 4.4
Notice of Developments. Prior to the Closing Date, Seller shall promptly give written notice to Purchaser of any material development which causes or is reasonably likely to cause a breach of any of its own representations and warranties;
provided, however, that Seller agrees that this Section 4.4 shall in no way limit or waive the remedies available to Purchaser, except as otherwise provided herein. During the time period between the date of this Agreement and the
Closing, Seller shall have the right to supplement and/or amend the Schedules to this Agreement; provided, however, that the right to supplement and/or amend the Schedules shall apply only to facts, circumstances or events that occurred after the
date of this Agreement. Notwithstanding any language to the contrary contained in this Agreement, in the event that any such permitted supplement or amendment (a) would constitute a Material Adverse Effect, and (b) is made at least fifteen
(15) days prior to the Closing Date (as may be postponed pursuant to Section 1.10) but in any event not later than December 16, 2010, and Purchaser nonetheless proceeds to Closing, then Purchaser shall not be entitled to seek
indemnification with respect to such supplement or amendment after the Closing. 

  
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 4.5
Exclusivity. Prior to the earlier of (i) the termination of this Agreement in accordance with Section 10 hereof and (ii) the Closing Date, Seller shall not, nor shall it authorize any officer, director or employee of or any
investment banker, broker, attorney, accountant, or other representative retained by Seller to: (a) solicit, initiate, or encourage (including by way of furnishing information) the submission of any proposal or offer from any Person relating to
the acquisition of any capital stock or other voting securities of Seller, or any portion of the Purchased Assets (including any acquisition structured as a merger, consolidation or share exchange); or (b) participate in any discussions or
negotiations regarding, furnish any information with respect to, assist or participate in, or facilitate in any other manner any effort or attempt by any Person to do or seek any of the foregoing. 

4.6 Access to Information. From and after the date of this Agreement until the Closing Date, Seller shall afford to Purchaser and
its accountants, counsel and other representatives reasonable access, upon reasonable notice during normal business hours, to all personnel, properties, books, contracts, documents, commitments, Tax Returns and records relating to the conduct of the
Business and during such period shall furnish to Purchaser copies of any information concerning the Business as Purchaser may reasonably request (except for information protected by attorney-client privilege). 

4.7 Consents. 
 (a) Consistent with applicable provisions of the Investment Advisers Act, between the date of this Agreement and the Closing Date, Seller shall use commercially reasonable efforts to obtain the consents
of the respective clients (each, a “Client Consent”) under the investment management agreements (or similar client agreements) listed on Schedule 1.1(c) to assign such agreements to Purchaser, in form reasonably satisfactory
to Purchaser. 
 (b) Seller shall also use commercially reasonable efforts to obtain the consents of the counterparties to the
contracts, commitments, licensing agreements, leases marked with an asterisk on Schedule 1.1(c) to assign such agreements to Purchaser, in form reasonably satisfactory to Purchaser. 

(c) Seller shall also use commercially reasonable efforts to obtain the consents, amendments and landlord estoppel certificates set forth
on Schedule 6.1(g), in form reasonably satisfactory to Purchaser. Prior to the Closing Date, Seller shall be permitted to negotiate with its current landlords to extend through the five (5) year anniversary of the Closing Date
Seller’s leases for office space at 227/231/235 Washington Street, Columbus, Indiana 47201 and at 18500 W. Corporate Drive, Suite 200, Brookfield, Wisconsin 53045, but Seller shall not execute and deliver any such extensions without the prior
written approval of Purchaser. 
 4.8 Tax Returns. Seller, in accordance with applicable Law, shall (a) prepare and
file on or before the due date or any extension thereof all Tax Returns required to be filed by Seller for taxable periods of Seller that include any period ending on or before the Closing Date, and (b) pay all of its Taxes due for taxable
periods of Seller that include any period ending on or before the Closing Date. 

  
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 4.9 Tail
Coverage. At the Closing, Seller shall obtain, at its expense, an extended reporting endorsement or similar-type endorsement with respect to all of its insurance policies set forth on Schedule 2.17(a) that are claims-made policies.

 4.10 Confidentiality. Following the Closing, neither Seller nor the Members shall, directly or indirectly, use or
disclose or divulge any trade secrets or other Proprietary Rights of Seller, including information of others that such parties have agreed to keep confidential, nor any information relating to the financial terms of this transaction; provided that
the foregoing restriction shall not apply to information (a) which is lawfully and independently obtained by Seller or the Members from a third party without restriction as to disclosure by Seller or the Members, (b) which is in the public
domain or enters into the public domain through no fault of Seller or the Members, and (c) Seller or the Members are required by Law or legal process to disclose; provided, however, that Seller or the Members have provided prior written notice
to Purchaser of such requirement and reasonably cooperate with Purchaser, at Purchaser’s cost and expense, if it seeks to obtain a protective order. 
 4.11 Non-Disparagement. Seller shall not, at any time following the Closing, knowingly disparage Purchaser or any of its Affiliates or any of their respective shareholders, directors, officers,
employees or agents. 
 4.12 Restrictive Covenants. 

(a) As a material inducement to Purchaser’s willingness to enter into this Agreement, Seller and each Member agrees that for a period
of five (5) years following the Closing Date (the “Restricted Period”), that it shall not, directly or indirectly (except in the performance of any such Member’s employment duties on behalf of Purchaser): 

(i) become employed by or affiliated with any Past Client, Present Client or Prospective Client of Purchaser or its Affiliates in a role
which provides Investment Management Services; 
 (ii) provide Investment Management Services to any person or entity that is a
Past Client, Present Client or Prospective Client of Purchaser or its Affiliates; 
 (iii) solicit or induce any Person with
the effect or for the purpose (which need not be the sole or primary effect or purpose) of: (A) causing any funds with respect to which Purchaser or its Affiliates provides Investment Management Services to be withdrawn from such management,
(B) causing any Present Client or Prospective Client of Purchaser or its Affiliates to refrain from engaging Purchaser or any of its Affiliates to provide Investment Management Services for any funds or any additional funds, or (C) causing
any Present Client to terminate or diminish its relationship involving Investment Management Services with Purchaser or its Affiliates; 
 (iii) on behalf of itself, or on behalf of a competitive Investment Management Services business, contact, solicit, canvas, provide services to, contract with, or accept Investment Management Services
business from any entity or individual which (A) is a Past Client, Present Client or Prospective Client, or (B) has received an outstanding proposal or offer from Purchaser or its Affiliates; 

  
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 (iv) induce, offer,
assist, solicit, encourage or suggest, in any manner whatsoever, (A) that it or another business or enterprise offer employment to or enter into a business affiliation with any employee, agent or representative of Purchaser or its Affiliates,
or (B) that any employee, agent or representative of Purchaser or its Affiliates terminate his or her employment or business affiliation with Purchaser or its Affiliates; or hire, employ or contract with any employee, agent or representative of
Purchaser or its Affiliates; or 
 (v) render services to, become affiliated with or employed by, own, or have a financial or
other interest in (either as an individual, partner, joint venturer, owner, manager, stockholder, employee, partner, officer, director, independent contractor, or other such role) any business which is engaged in Investment Management Services
(except nothing herein shall prohibit owning less than 5% of the outstanding shares in a publicly traded corporation). 
 For
purposes of this Section 4.12, the following terms shall have the following meanings: 
 “Investment
Management Services” means any services which involve (i) the management of an investment account or fund (or portions thereof or a group of investment accounts for funds), or (ii) the giving of advice with respect to the
investment and/or reinvestment of assets or funds (or any group of assets or funds). 
 “Past Client” shall
mean at any particular time, any person or entity who at any point within two years prior to such time (i) had been a client of Seller, Purchaser or its Affiliates receiving Investment Management Services, (ii) had been an advisee or
investment advisory customer of, or recipient of Investment Management Services from, Seller, Purchaser or its Affiliates or (iii) had been an intermediary with respect to Investment Management Services between Seller, Purchaser or its
Affiliates and any such person or entity but at such time is not an advisee or investment advisory customer or client of, or recipient of Investment Management Services from, Seller, Purchaser or its Affiliates or an intermediary with respect to
Investment Management Services between Seller, Purchaser or its Affiliates and any such person or entity. 
 “Present
Client” shall mean, at any particular time, any person or entity which is at such time (i) a current client of Purchaser or its Affiliates with respect to Investment Management Services, (ii) an advisee or investment advisory
customer of, or recipient of Investment Management Services from, Purchaser or its Affiliates or (ii) an intermediary with respect to Investment Management Services between Purchaser or its Affiliates and any such person or entity. 

“Prospective Client” shall mean, at any particular time, any person or entity to whom Purchaser or its Affiliates,
through any of their officers, employees, agents or consultants (or persons acting in any similar capacity), has, within twelve (12) months prior to such time, offered (by means of a personal meeting, telephone call, letter, written proposal or
otherwise) (i) to provide Investment Management Services, (ii) to serve as investment adviser or otherwise provide Investment Management Services including, without limitation, any intermediaries between Purchaser or its Affiliates and any
such person or entity, but who is not at such time an advisee or investment advisory customer of, or recipient of, Investment Management Services from Purchaser or its Affiliates or an intermediary with respect to

  
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Investment Management Services between Purchaser or its Affiliates and any such person or entity. The preceding sentence is meant to exclude blanket mailings and advertising, if any, through mass
media in which the offer, if any, is available to the general public, such as magazines, newspapers or sponsorships of public events, in each case to the extent such efforts do not result in a request by the recipient for further information or a
presentation. 
 The covenants in this Section 4.12 and the covenants set forth in Section 4.10 and
Section 4.11 are herein referred to as the “Restrictive Covenants.” 
 (b) Material Inducement;
Severability of Covenants. Seller and each Member acknowledges and agrees that their willingness to be bound by the Restrictive Covenants was a material inducement to Purchaser’s willingness to enter into this Agreement, and that Purchaser
would not have entered into this Agreement but for Seller’s and each such Member’s willingness to be bound by the Restrictive Covenants. Seller and each Member acknowledges and agrees that each Restrictive Covenant is reasonable and valid
in geographical and temporal scope, subject matter and in all other respects, and is necessary to protect the legitimate business interests of Purchaser and its Affiliates. If any court determines the Restrictive Covenants, or any part thereof, are
invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions, to the maximum extent permitted by applicable Law. If any court determines
that any Restrictive Covenant, or any part thereof, is unenforceable because of the duration or geographic scope or subject matter of such provision (or for any other reason), it is the parties’ intention that such court shall have the power to
reduce the duration or scope or subject matter of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable to the maximum extent permitted by applicable Law. 

(c) Relief for Violation. Seller and each Member acknowledges that an irreparable injury will result to Purchaser and its
Affiliates in the event of a breach of a Restrictive Covenant. Seller and each Member also acknowledges and agrees that the damages or injuries which Purchaser and its Affiliates may sustain as a result of a breach of the Restrictive Covenants are
difficult to ascertain and money damages alone will not be an adequate remedy to Purchaser and its Affiliates. Seller and each Member agrees that in the event of such breach or threatened breach of a Restrictive Covenant, Purchaser and its
Affiliates shall also be entitled to obtain any equitable remedy, including any injunctive relief, necessary to prevent or restrain any violation or threatened violation of a Restrictive Covenant, without the necessity of posting a bond. Such
relief, however, shall be cumulative and non-exclusive and shall be in addition to any other remedy to which the parties may be entitled. 
 4.13 Employee Matters. 
 (a) Any employees who accept Purchaser’s offer
of employment pursuant to Section 5.2 below shall be referred to herein as “Transferred Employees.” 
 (b) Seller shall retain the liability for all claims which are incurred under any employee benefit program, plan or other agreement maintained by the Seller prior to the Closing Date and Purchaser shall
have no responsibility or liability for the payment of any benefits relating thereto. More specifically, Seller shall retain liability for (i) all benefits of any kind for 

  
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former or current employees of Seller, including those who are not Transferred Employees, and their dependents, spouses and beneficiaries, except as provided under Treasury Regulation
Section 54.4980B-9, Q&A 8; (ii) incurred but unpaid life insurance claims; (iii) long term disability claims incurred before the Closing Date and not yet reported or claims made and not paid; and (iv) medical and dental
claims incurred before the Closing Date and not yet reported or claims made and not yet paid. 
 (c) Seller and Purchaser shall
mutually agree on the timing and content of any notification or discussions with Seller’s employees or any other parties and/or representatives of the employees with respect to the transactions contemplated by this Agreement. 

4.14 Fund Acquisitions/Sub-Advisory Arrangements. Following the date hereof, Seller shall use commercially reasonable efforts to
help Purchaser achieve, as Purchaser so requests, either: (1) the reorganization of the Frontegra Core Fund and the Frontegra Core Plus Fund into one or more series of Scout Funds, a Delaware statutory trust which is a multi-series open-end
management investment company registered under the Investment Company Act (each such reorganization a “Frontegra Fund Acquisition” and, together the “Frontegra Fund Acquisitions”); or (2) the approval by the
Frontegra Funds’ board of directors and by shareholders of each Frontegra Fund of a sub-advisory agreement under which Purchaser would continue to serve as sub-advisor for such Frontegra Fund (each such approval a “Frontegra Fund
Sub-Advisory Arrangement” and, together, the “Frontegra Fund Sub-Advisory Arrangements”). In connection therewith, Seller shall use commercially reasonable efforts: (1) with regard to the Frontegra Fund Acquisitions,
to assist Purchaser in negotiating an agreement with the investment adviser to the Frontegra Funds, Frontegra Asset Management, Inc. (“FAM”), relating to the acquisition by Purchaser of FAM’s advisory business relating to the
Frontegra Funds and the completion of the related Frontegra Fund Acquisitions; and/or (2) with regard to the Frontegra Fund Sub-Advisory Arrangements, to assist Purchaser in negotiating appropriate sub-advisory agreements with FAM for each
Frontegra Fund, and in seeking the related Frontegra Funds board and shareholder approvals necessary to establish the Frontegra Fund Sub-Advisory Arrangements. 
 4.15 Private Fund. Subject to the terms of Schedule 5.4, Seller agrees that nothing in this Agreement shall prevent Purchaser from segregating any private fund advised by the Transferred
Employees into separately managed accounts, or converting such fund to a fund registered under the Investment Company Act. 

4.16 Post-Closing Operational Matters. Seller and the Members acknowledge and agree to the terms of Schedule 5.4 attached
hereto, and agree to perform their respective obligations thereunder. 
 4.17 Year-End Bonuses. In December, 2010, Seller
shall pay the employees of the Business a bonus for the period of January 1, 2010 through the Closing Date (consistent with the historical practices of the Business for prior years and pursuant to Seller’s normal payroll practices).

  
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 SECTION 5. COVENANTS OF
PURCHASER. 
 5.1 Making of Covenants and Agreements. Purchaser hereby makes the covenants and agreements set forth in
this Section 5. 
 5.2 Employees. 
 (a) Purchaser shall offer employment to all of the employees of Seller, subject to Purchaser’s standard hiring practices (which shall include, among other things, successful completion of a drug
screening and FBI background check). However, nothing contained in this Agreement shall constitute a guaranty of continued employment of any kind for any current or former employee of Seller, whether or not such employee is ultimately hired by
Purchaser. 
 (b) Purchaser shall recognize the existing seniority for benefits purposes of all of Seller’s employees who
are hired by Purchaser in connection with the Closing, and shall provide credit under Purchaser’s benefits plans for purposes of determining eligibility and vesting and the rate of benefit accrual (but not actual benefit accrual) for such
employees’ past service with Seller from their most recent date of hire or rehire, as the case may be. 
 (c) Purchaser
agrees that each employee of Seller who continues employment with Purchaser as a Transferred Employee shall be employed at the same rate of salary provided by Seller immediately prior to the Closing Date and shall be considered for a reasonable
salary increase in the normal course of business at the time that all employees of Purchaser are so considered. Except for those Transferred Employees who are participants in the Incentive Bonus Plan (who shall not be eligible to participate in any
other incentive plan of Purchaser or its Affiliates), the Transferred Employees shall be eligible for participation in the incentive programs of Purchaser or its Affiliates which are offered to similarly situated employees of Purchaser. Effective as
of the day following the Closing, the Transferred Employees shall also be entitled to immediate participation in all of Purchaser’s employee benefit plans for which they are eligible to participate (including, without limitation,
Purchaser’s health care plans), other than the profit sharing plan and the employee stock ownership plan, in which participation shall be entitled at the next available entry dates under such plans. 

(d) Any amounts paid by the Transferred Employees towards annual deductibles or out-of-pocket limits under Seller’s health care
plans during calendar year 2010 shall be credited towards satisfaction of any corresponding deductibles or out-of-pocket amounts under Purchaser’s health care plans for calendar year 2010. 

(e) Transferred Employees shall accrue paid time off under the terms and conditions of Purchaser’s paid time off program (as the
same may be modified from time to time); provided, however, that for the portion of the calendar year 2010 on and after the Closing, in no event shall any Transferred Employee receive fewer days of paid time off (on an annualized
basis) under such program than the number of days of paid time off such individual would have been entitled to under Seller’s vacation policies as in effect immediately prior to Closing. 

  
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 (f) Purchaser shall
make available COBRA continuation coverage for former employees of Seller who do not become Transferred Employees covered under Purchaser’s plans in accordance with Treasury Regulation Section 54.4980B-9, Q&A 8(c). 

(g) Except as explicitly provided otherwise herein, nothing in this Agreement shall alter or limit Purchaser’s ability to amend,
modify, or terminate any benefit plan, program, agreement, or arrangement to the extent permitted under such plan, program, agreement or arrangement. 
 5.3 Incentive Bonus Pool. Purchaser shall establish an incentive bonus plan substantially in the form set forth on Schedule 5.3 (the “Incentive Bonus Plan”). Purchaser shall
set aside the Incentive Bonus Pool Amount from each Subsequent Payment Period to pay bonuses to key management employees and investment professionals pursuant to the Incentive Bonus Plan and as further detailed on Schedule 5.3. 

5.4 Post-Closing Operational Matters. Purchaser acknowledges and agrees to the terms of Schedule 5.4 attached hereto, and
agrees to perform its obligations thereunder. 
 5.5 Notice of Developments. Prior to the Closing Date, Purchaser shall
promptly give written notice to Seller of any material development which causes or is reasonably likely to cause a breach of any of its own representations and warranties; provided, however, that Purchaser agrees that this
Section 5.5 shall in no way limit or waive the remedies available to Seller or any Member, except as otherwise provided herein. 
 5.6 Amendment of Articles and Bylaws. Prior to the Closing Date, Purchaser shall amend its Articles of Incorporation and/or Bylaws as necessary to provide the same indemnity to Purchaser’s
officers and directors as is afforded the directors and officers of Parent under Parent’s Articles of Incorporation and/or Bylaws. 
 5.7 General. Purchaser shall use commercially reasonable efforts to take all actions necessary in order to consummate and make effective the transactions contemplated by this Agreement. 

SECTION 6. CONDITIONS. 
 6.1 Conditions to the Obligations of Purchaser. The obligation of Purchaser to consummate this Agreement and the transactions contemplated hereby are subject to the fulfillment, as of the Closing,
of the following conditions precedent: 
 (a) Accuracy of Representations and Warranties. The representations and
warranties made by Seller and the Members herein shall be true and correct in all respects on and as of the date hereof and true and correct in all respects on and as of the Closing Date, except for inaccuracies of representations or warranties the
circumstances giving rise to which, individually or in the aggregate, do not constitute and could not reasonably be expected to have a Material 

  
 40 

 
Adverse Effect (it being understood that, for purposes of determining the accuracy of such representations and warranties, all “Material Adverse Effect” qualifications and other
materiality qualifications or similar qualifications contained in such representations and warranties shall be disregarded). 

(b) Performance by Seller and Members. All of the covenants, terms and conditions of this Agreement to be complied with and
performed by Seller and the Members on or before the Closing Date shall have been complied with and performed in all material respects. 
 (c) Certificate of Compliance. Seller and the Members shall have delivered to Purchaser a Certificate of Seller and Members, dated as of the Closing Date, certifying as to compliance with
Section 6.1(a) and Section 6.1(b). 
 (d) Legal Challenge. 

(i) No Proceeding shall be pending or threatened (A) involving any challenge to, or seeking other damages, penalties or other relief
in connection with, the transactions contemplated by this Agreement, or (B) that has or may have the effect of preventing, delaying, making illegal or otherwise interfering with any of the transactions contemplated by this Agreement.

 (ii) No written communication from any Governmental Authority shall have been received by any party hereto which seeks to
prevent, delay, make illegal, or otherwise interfere with the transactions contemplated by this Agreement, or which seeks damages, penalties or other relief in connection with the consummation of such transactions or would impose any material burden
on any party hereto, in any case which has not been resolved. 
 (e) Approvals. All governmental and regulatory approvals
and registrations necessary for the consummation of the transactions contemplated hereby shall have been obtained. 
 (f) No
Material Adverse Effect. Between the date hereof and the Closing Date, there shall not have occurred any Material Adverse Effect. 
 (g) Consents. Seller shall have delivered the consents, amendments and landlord estoppel certificates set forth on Schedule 6.1(g). 

(h) Tail Coverage. Seller shall have delivered evidence that it has obtained the extended reporting endorsements or similar-type
endorsements contemplated by Section 4.9 hereof. 
 (i) Payoff Letters. Purchaser shall have received from
each party to whom Seller is indebted for borrowed money (each, a “Creditor”) a payoff letter indicating the outstanding principal amount due, and all accrued and unpaid interest thereon, under Seller’s existing indebtedness
with such Creditor. 
 (j) Bill of Sale and Assignment and Assumption Agreement. Seller shall have executed and delivered
a Bill of Sale and Assignment and Assumption Agreement regarding the Assumed Liabilities in substantially the form attached hereto as Exhibit 6.1(j) (the “Bill of Sale”). 

  
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 (k) Employment
Agreement. Seller shall have caused each Member who is employed by Seller immediately prior to the Closing to execute and deliver an Employment Agreement in substantially the form attached hereto as Exhibit 6.1(k). 

(l) Intellectual Property Assignments. Seller shall have executed and delivered the Domain Name Transfer and Assignment Agreement
in substantially the form attached hereto as Exhibit 6.1(l) (the “IP Assignment”). 
 (m)
Secretary’s Certificate. Seller shall have executed and delivered a certificate of the secretary of Seller, certifying (i) that attached thereto are true and correct copies of Seller’s Articles of Organization, Operating
Agreement and any amendments thereto, and the resolutions duly adopted by Seller’s board of managers and members authorizing Seller’s execution, delivery and performance of this Agreement and the Ancillary Documents to which it is a party,
and (ii) the names, titles and signatures of all of Seller’s officers who sign documents on behalf of Seller in connection with this Agreement, certifying the authority of such persons to do so. 

(n) Good Standing Certificate. Seller shall have delivered a certificate of good standing for Seller issued by the Secretary of
State of Indiana, dated within ten (10) business days prior to the Closing Date. 
 (o) FIRPTA Affidavit. Seller and
the Members and any Person having an ownership interest in a Member that is not a natural person shall have executed and delivered a certification of such Person’s non-foreign status, as set forth in Treasury Regulation §1.1445-2(b).

 (p) Confidentiality and Non-Solicitation Agreements. Seller shall have caused the employees listed on Schedule
6.1(p) to sign Confidentiality and Non-Solicitation Agreements, in the form attached hereto as Exhibit 6.1(p). 
 (q)
Operating Agreement Amendment. The Members shall have amended the Operating Agreement of Seller to remove any non-solicitation or non-competition restrictions which would otherwise be applicable to the Members following the Closing.

 (r) Employment Agreements. Seller shall have terminated its employment agreements with McKinney, Egan and Fink, and
such individuals shall have been released from any non-solicitation or non-competition restrictions which would otherwise be applicable to such individuals following the terminations of their respective employment agreements. 

  
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 6.2 Conditions to
Obligations of Seller. The obligations of Seller and the Members to consummate this Agreement and the transactions contemplated hereby are subject to the fulfillment, as of the Closing, of the following conditions precedent: 

(a) Accuracy of Representations and Warranties. The representations and warranties made by Purchaser shall be true and correct in
all respects on and as of the date hereof and true and correct in all respects on and as of the Closing Date, except for inaccuracies of representations or warranties the circumstances giving rise to which, individually or in the aggregate, do not
constitute and could not reasonably be expected to have a material adverse effect on Purchaser’s assets, operations or financial condition (it being understood that, for purposes of determining the accuracy of such representations and
warranties, all materiality qualifications or similar qualifications contained in such representations and warranties shall be disregarded). 
 (b) Performance by Purchaser. All of the covenants, terms and conditions of this Agreement to be complied with and performed by Purchaser on or before the Closing Date shall have been complied with
and performed in all material respects. 
 (c) Certificate of Compliance. Purchaser shall have delivered to Seller a
certificate of Purchaser dated as of the Closing Date, executed by Purchaser, certifying as to compliance with Section 6.2(a) and Section 6.2(b). 
 (d) Legal Challenge. 
 (i) No Proceeding shall be pending or threatened
(A) involving any challenge to, or seeking other damages, penalties or other relief in connection with, the transactions contemplated by this Agreement, or (B) that has or may have the effect of preventing, delaying, making illegal or
otherwise interfering with any of the transactions contemplated by this Agreement. 
 (ii) No written communication from any
Governmental Authority shall have been received by any party hereto which seeks to prevent, delay, make illegal, or otherwise interfere with the transactions contemplated by this Agreement, or which seeks damages, penalties or other relief in
connection with the consummation of such transactions or would impose any material burden on any party hereto, in any case which has not been resolved. 
 (e) Approvals. All governmental and regulatory approvals and registrations necessary for the consummation of the transactions contemplated hereby shall have been obtained. 

(f) Purchase Price. Purchaser shall have delivered the amounts set forth in Section 1.6 hereof. 

(g) Bill of Sale and Assignment and Assumption Agreement. Purchaser shall have executed and delivered the Bill of Sale.

 (h) Employment Agreements. Purchaser shall have executed and delivered the Employment Agreements contemplated in
Section 6.1(k). 
 (i) Secretary’s Certificate. Purchaser shall have executed and delivered a
certificate of the corporate secretary of Purchaser, certifying (i) that attached thereto are true and correct copies of Purchaser’s Articles of Incorporation and Bylaws, and the resolutions duly

  
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adopted by Purchaser’s Board of Directors authorizing Purchaser’s execution, delivery and performance of this Agreement and the Ancillary Documents to which it is a party, and
(ii) the names, titles and signatures of all of Purchaser’s officers who sign documents on behalf of Purchaser in connection with this Agreement, certifying the authority of such persons to do so. 

(j) Good Standing Certificate. Purchaser shall have delivered a certificate of good standing for Purchaser issued by the Secretary
of State of Missouri, dated within ten (10) business days prior to the Closing Date. 
 (k) Intellectual Property
Assignment. Purchaser shall have executed and delivered the Domain Name Transfer and Assignment Agreement in substantially the form attached hereto as Exhibit 6.1(l). 

(l) No Material Adverse Effect. Between the date hereof and the Closing Date, there shall not have occurred any material adverse
effect on (i) Purchaser’s and Parent’s business, assets, liabilities, capitalization or results of operations (financial or otherwise), taken as a whole, and (ii) Purchaser’s or Parent’s ability to consummate the
transactions contemplated hereby, except, in each instance, to the extent arising from any of the following: (a) the announcement of the transactions contemplated by this Agreement or any Ancillary Document; (b) any changes generally
affecting the industries in which Purchaser or Parent operates (including, without limitation, changes resulting from fluctuations in the capital markets); (c) acts of war, armed hostilities or acts of terrorism; (d) any changes in GAAP or
any changes in applicable Law or the interpretation thereof, after the date hereof; (e) any other action required by the terms of this Agreement; (f) actions taken by Seller or the Members, or facts, circumstances, changes or effects
relating to Seller or the Members that caused, or are reasonably likely to cause, a material adverse effect on Purchaser’s or Parent’s assets or financial condition, or the ability of Purchaser or Parent to consummate the transactions
contemplated hereby; or (g) any diminution in assets under management by Purchaser or Parent for any client to the extent attributable to changes in asset valuation, market price fluctuations or client withdrawals (unless resulting from any
fact, circumstance, change or effect otherwise constituting a material adverse effect under this Section 6.2(l). 

(m) Amendments to Articles of Incorporation and Bylaws. Purchaser shall have delivered the amendments contemplated by
Section 5.6 hereof. 
 SECTION 7. POST-CLOSING RIGHTS AND OBLIGATIONS. 

7.1 Collection of Assets. Subsequent to the Closing, Seller agrees that it shall promptly transfer or deliver to Purchaser any
property that Seller may receive which is included in the Purchased Assets. 
 7.2 Payment of Obligations. Seller shall
duly and timely pay and perform all of the Excluded Liabilities in the ordinary course of business as they become due. 

  
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 7.3 Assumed
Liabilities. After the Closing, Purchaser shall duly and timely pay and perform all of the Assumed Liabilities in the ordinary course of business as they become due. 
 7.4 Other Tax Matters. 
 (a) After the Closing Date, Purchaser and Seller
shall provide each other with such cooperation and information as either of them reasonably may request of the other in filing any Tax Return, amended Tax Return, determining a liability for Taxes or Transfer Taxes or participating in or conducting
any audit or other proceeding in respect of Taxes or Transfer Taxes. Without limiting the scope of the foregoing, Purchaser and Seller shall each make available to the other, as reasonably requested, all information, records or documents relating to
Tax matters of the Seller for all taxable periods prior to or including the Closing Date and shall preserve all such information, records and documents until the expiration of any applicable Tax statute of limitations or extensions thereof.

 (b) Subject to the terms of Section 9.2(a)(vi) hereof, any Transfer Taxes (as defined below) shall be borne
one-half by Seller and one-half by Purchaser. In the event any Taxing Authority shall assess any Transfer Taxes or Taxes for which Seller is liable hereunder, Seller and the Members shall have no recourse against, and shall not seek reimbursement
from, the clients of the Business with respect to which such Transfer Taxes or Taxes shall have been assessed. For purposes of this Agreement the term “Transfer Taxes” means all excise, sales, use, transfer, stamp, documentary,
filing, recordation and other similar taxes, if any, and any interest, fines, penalties, assessments and additions thereto arising out of, in connection with, or attributable to, the transactions effected pursuant to this Agreement. 

(c) Any Tax Return that must be filed in connection with Transfer Taxes shall be prepared and filed when due by the party primarily or
customarily responsible under the applicable local Law for filing such Tax Returns, and such party shall use its reasonable efforts to provide such Tax Returns to the other party at least ten (10) days prior to the date such Tax Returns are due
to be filed (taking into account any valid extension). The party providing such Tax Returns to the other party hereby agrees that it will act in good faith to consider and incorporate any comments that the other party might have on or relating to
such Tax Returns. 
 7.5 Name Change. Within five (5) business days after the Closing Date, Seller shall change each
of its corporate and trade names, in all jurisdictions in which it is qualified to do business, to a name that does not include the words “Reams Asset Management”. 
 SECTION 8. RESERVED. 
 SECTION 9. SURVIVAL; INDEMNIFICATION.

 9.1. Survival. 
 (a) The representations and warranties made by Seller, the Members and Purchaser herein shall survive Closing and continue in full force and effect for a period of three

  
 45 

 
(3) years from the Closing Date; provided, however, that the representations and warranties (each of the following, a “Fundamental Representation”) set forth herein in
Section 2.2 (first sentence only), Section 2.4, Section 2.5 (first three sentences only), Section 2.19, Section 2.26(b), Section 2.26(c), Section 2.26(f),
Section 3.2, Section 3.3 (first three sentences only) and Section 3.5 shall survive indefinitely, the representations and warranties set forth in Section 2.9, Section 2.22 and
Section 2.23 shall survive until the ninetieth (90th) day after the expiration of the applicable statute of limitations, and the representations and warranties set forth in Section 2.6(a)(iv) and Section 2.6(b) shall survive
until the fifth (5th) anniversary of the Closing Date. 
 (b) For the avoidance of doubt, any claim made pursuant to a
Third Party Claim Notice or Direct Claim Notice (as defined in Sections 9.4(a) and (e), respectively) properly delivered in accordance with Section 9.4 prior to the expiration of the applicable survival period shall survive
the expiration of such survival period until such claim has been finally resolved in accordance with the terms of this Section 9. The covenants and agreements of the parties shall survive the Closing Date in accordance with their terms.

 (c) Solely for the purposes of determining the amount of Losses (as defined below) under this Section 9, any
representation, warranty, covenant, or agreement of any party in this Agreement that is qualified by Material Adverse Effect, materiality or words of similar import (collectively, “Materiality Conditions”) shall be considered
without regard to such Materiality Conditions, but such Materiality Conditions shall not be disregarded for any other purpose, including without limitation determining whether an indemnification obligation exists. 

9.2 Indemnification by Seller and the Members. 
 (a) Subject to the limitations set forth in Section 9.5, from and after the Closing, Seller and the Principal Members, jointly and severally, and the other Members, severally and not jointly,
agree to indemnify, and hold Purchaser and its respective Affiliates and Persons serving as officers, directors, members, managers, employees, agents or representatives thereof (individually a “Purchaser Indemnified Party” and
collectively the “Purchaser Indemnified Parties”) harmless from and against any claims, damages, liabilities, losses, Taxes, fines, penalties, proceedings, suits, lost profits, diminution in value, judgments, deficiencies, costs,
and expenses (including, without limitation, reasonable fees of counsel) of any kind or nature whatsoever (whether or not arising out of third-party claims and including all amounts paid in investigation, defense or settlement of the foregoing)
(collectively, “Losses”), which may be sustained or suffered by any of them arising out of or in connection with any of the following matters: 
 (i) a breach by Seller or any Member of any representation or warranty made by Seller or any Member and contained in this Agreement, the Bill of Sale, the IP Assignment, or any certificate delivered
pursuant to this Agreement; 
 (ii) a breach or non-fulfillment by Seller of any covenant, restriction or agreement made by or
applicable to Seller and contained in this Agreement, the Bill of Sale, or the IP Assignment; 

  
 46 

  
 (iii) any failure by
Seller to pay, perform and discharge any liability, obligation, claim, action, complaint, debt, suit, cause of action, investigation, or proceeding of any kind whatsoever, against or relating to Seller, the Business, or the Purchased Assets, whether
asserted, instituted, or commenced prior to or after the Closing Date, by any third party for damages suffered by such third party resulting from the use, ownership or lease of the Purchased Assets, the Owned Real Property or the Leased Real
Property (as defined below) or operation of the Business on or prior to the Closing Date, or any actions taken or omitted to be taken by Seller on or prior to the Closing Date, or with respect to any continuing business activities of Seller after
the Closing Date; 
 (iv) any failure by Seller to pay, perform and discharge any of the Excluded Liabilities as set forth in
this Agreement; 
 (v) any liability for Taxes which (A) is imposed on Seller for any tax period ending on or prior to the
Closing Date or otherwise results from the ownership, possession, use or operation of the Assets or the Business on or prior to the Closing Date, (B) results by reason of a failure of Seller to file any Tax Return that is required to be filed
for any tax period ending on or prior to the Closing Date, or (C) is attributable to any distribution from Seller to any Member; and 
 (vi) any liability for Taxes or Transfer Taxes arising from Seller’s failure to comply with the provisions of any so-called bulk transfer or bulk sale law of any jurisdiction in connection with the
transactions contemplated by this Agreement. 
 (b) From and after the Closing, each Member shall indemnify the Purchaser
Indemnified Parties, and hold each of them harmless from and against any and all Losses which may be sustained or suffered by any of them arising out of or in connection with any breach or non-fulfillment by such Member of any covenant, restriction
or agreement made by or applicable to such Member and contained in this Agreement. 
 9.3 Indemnification by Purchaser.
Subject to the limitations set forth in Section 9.5, from and after the Closing, Purchaser and Parent, jointly and severally, agree to indemnify and hold Seller, its Members, and Persons serving as officers, directors, managers,
employees, agents or representatives thereof (individually, a “Seller Indemnified Party” and, collectively, the “Seller Indemnified Parties”) harmless from and against any Losses which may be sustained or suffered
by any of them arising out of or based upon any of the following matters: 
 (a) a breach by Purchaser of any representation or
warranty made by Purchaser and contained in this Agreement, the Bill of Sale, or the IP Assignment; 
 (b) a breach or
non-fulfillment by Purchaser of any covenant or agreement made by or applicable to Purchaser and contained in this Agreement, the Bill of Sale, or the IP Assignment; 
 (c) any failure by Purchaser to pay, perform and discharge any of the Assumed Liabilities as set forth in this Agreement; and 

  
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 (d) any claims or
demands by third parties against Seller arising out of or resulting from Purchaser’s operation of the Business after the Closing, excluding any claims or demands which are indemnifable under Section 9.2. 

9.4 Defense of Claims. 
 (a) If an indemnification claim involves a claim by a third party (a “Third Party Claim”), the party or parties seeking indemnification hereunder (each, an “Indemnified
Party”) shall give the party or parties from whom indemnification is sought or to be sought (each, an “Indemnifying Party”) prompt written notice of the Third Party Claim (a “Third Party Claim Notice”), and
shall provide the Indemnifying Party with all information delivered to the Indemnified Party in connection with such Third Party Claim, together with such information with respect thereto as the Indemnifying Party may reasonably request;
provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party shall relieve the Indemnifying Party from any obligation hereunder unless (and then solely to the extent) the Indemnifying Party
is materially prejudiced thereby. 
 (b) The Indemnifying Party will have the right and obligation to defend the Indemnified
Party against the Third Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party so long as (i) the Indemnifying Party notifies the Indemnified Party in writing within twenty (20) days after the Indemnified
Party’s delivery of the Third Party Claim Notice that the Indemnifying Party will indemnify the Indemnified Party from and against the entirety of any Losses the Indemnified Party may suffer resulting from, arising out of, relating to, in the
nature of, or caused by the Third Party Claim, (ii) the Indemnifying Party provides the Indemnified Party with evidence reasonably acceptable to the Indemnified Party that the Indemnifying Party will have the financial resources to defend
against the Third Party Claim and fulfill its indemnification obligations hereunder, (iii) the Third Party Claim involves only money damages and does not seek an injunction or other equitable relief; and (iv) the Indemnifying Party
conducts the defense of the Third Party Claim reasonably and diligently. If the Indemnifying Party assumes the defense of any Third Party Claim, the Indemnified Party shall, at the Indemnifying Party’s expense, cooperate with the Indemnifying
Party in such defense and make available to the Indemnifying Party all pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required
by the Indemnifying Party. 
 (c) So long as the Indemnifying Party is conducting the defense of the Third Party Claim in
accordance with Section 9.4(b) above, (i) the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim, (ii) the Indemnified Party will not consent to
the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnifying Party (not to be withheld unreasonably), and (iii) the Indemnifying Party will not consent to the
entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the Indemnified Party (not to be withheld unreasonably). Notwithstanding the foregoing, in the event that an Indemnified
Party withholds consent to a judgment or settlement with respect to a Third Party Claim that (A) would not involve a finding or admission of wrongdoing, (B) includes an unconditional written release by the claimant or plaintiff of the
Indemnified Party from all liability in respect of such Third Party 

  
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 Claim and (C) does not impose
equitable remedies or any obligation on the Indemnified Party other than solely the payment of money damages for which the Indemnified Party will be indemnified hereunder, then the Indemnifying Party shall have no further obligation to defend such
Third Party Claim and will not be liable for any amount in excess of the amount it would have owed pursuant to such judgment or settlement. 
 (d) In the event any of the conditions in Section 9.4(b) above is or becomes unsatisfied, however, (i) the Indemnified Party may defend against the Third Party Claim in any manner it
reasonably may deem appropriate, (ii) the Indemnifying Party will reimburse the Indemnified Party promptly and periodically (at least monthly) for the costs of defending against the Third Party Claim (including reasonable attorneys’ fees
and expenses), and (iii) the Indemnifying Party will remain responsible for any Losses the Indemnified Party may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim to the fullest extent
provided in this Section 9; provided, however, that if the Indemnified Party defends any Third Party Claim, the Indemnified Party without the prior written consent of the Indemnifying Party, such consent not to be
unreasonably withheld, shall not enter into any settlement or compromise or consent to the entry of any judgment with respect to such Third Party Claim. 
 (e) In the event any Indemnified Party should have a claim against any Indemnifying Party hereunder that does not involve a Third Party Claim being asserted against or sought to be collected from such
Indemnified Party, the Indemnified Party shall deliver prompt notice of such claim (a “Direct Claim Notice”) to the Indemnifying Party, but in no event after the expiration of the applicable time period for such claim under
Section 9.1. Subject to the time limitations set forth in Section 9.1, the failure to promptly provide such Direct Claim Notice, however, shall not release the Indemnifying Party from any of its obligations under this
Section 9, except to the extent that the Indemnifying Party is materially prejudiced by such failure and shall not relieve the Indemnifying Party from any other obligation or liability that it may have to the Indemnified Party, except as
specifically provided in this Section 9. If the Indemnifying Party notifies the Indemnified Party in writing within thirty (30) days following its receipt of such Direct Claim Notice that the Indemnifying Party does not dispute its
liability to the Indemnified Party hereunder, such claim specified by the Indemnified Party in such Direct Claim Notice shall be conclusively deemed a liability of the Indemnifying Party hereunder and the Indemnifying Party shall pay the amount of
such liability to the Indemnified Party on demand. If the Indemnifying Party agrees in writing that it has an indemnification obligation but asserts that it is obligated to pay a lesser amount than that claimed by the Indemnified Party, the
Indemnifying Party shall pay such lesser amount promptly to the Indemnified Party, without prejudice to or waiver of the Indemnified Party’s claim for the difference. If the Indemnifying Party notifies the Indemnified Party in writing within
thirty (30) days following its receipt of such Direct Claim Notice that it disputes such indemnification obligation, the Indemnified Party shall be entitled to pursue its indemnification rights hereunder and whatever other legal remedies may be
available to enforce its rights under this Section 9. 
 (f) Upon determination of the amount due with respect any matter
which is subject to indemnification under this Section 9 pursuant to either (i) a written agreement between the Indemnifying Party and the Indemnified Party or (ii) a final judgment or order of a court of competent
jurisdiction, the Indemnifying Party shall, subject to the other terms hereof, pay to the Indemnified Party or the Person entitled thereto, as applicable, the amount owing by the Indemnifying Party with respect to such matter within ten
(10) business days thereafter. 

  
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 (g) To the extent that
the Indemnifying Party makes or is required to make any indemnification payment to the Indemnified Party, the Indemnifying Party shall be entitled to exercise at its expense, and shall be subrogated to, any rights and remedies (including rights of
indemnity, rights of contribution and other rights of recovery) that the Indemnified Party may have against any other Person with respect to any Losses to which such indemnification payment is related; provided, however, in the case
where the Indemnified Party is a Purchaser Indemnified Party, such right shall not apply with respect to any rights or remedies against such Indemnified Party’s clients or any Member without the prior consent of such Indemnified Party. The
Indemnified Party shall permit the Indemnifying Party to use the name of the Indemnified Party and the names of the Indemnified Party’s representatives in any transaction or in any Proceeding or other matter involving any such rights or
remedies in such manner as may be approved by the Indemnified Party, such consent not to be unreasonably withheld or delayed. 

9.5 Limitations on Indemnification. 
 (a) Notwithstanding anything to the contrary contained in this Agreement, the Purchaser Indemnified Parties shall only be entitled to indemnification under Section 9.2(a)(i) above if the
aggregate amount of Losses incurred by the Purchaser Indemnified Parties as a result of such breaches exceed Five Hundred Thousand Dollars ($500,000) (the “Threshold”), and then only for such aggregate Losses that exceed Two Hundred
Fifty Thousand Dollars ($250,000) (the “Basket”); provided, however, that any Losses resulting from (i) any actual fraud on the part of Seller or any Member or (ii) any breach of the Fundamental
Representations of Seller and the Members, or Section 2.10(b), shall not be subject to the Threshold or the Basket. Notwithstanding anything to the contrary in this Agreement, the Seller Indemnified Parties shall only be entitled to
indemnification under Section 9.3(a) above if the aggregate amount of Losses incurred by the Seller Indemnified Parties as a result of such breaches exceed the Threshold, and then only for such aggregate Losses that exceed the Basket;
provided, however, that any Losses resulting from (i) any actual fraud on the part of Purchaser or (ii) any breach of the Fundamental Representations of Purchaser shall not be subject to the Threshold or the Basket. 

(b) The maximum amount for which the Purchaser Indemnified Parties may be entitled to indemnification under Section 9.2(a)(i)
shall be Fifteen Million Dollars ($15,000,000) (the “Cap”); provided, however, that the foregoing limitation shall not apply to (i) claims for indemnification for breaches of the Fundamental Representations, or
(ii) claims made as a result of actual fraud on the part of Seller or any Member. The maximum amount for which the Seller Indemnified Parties may be entitled to indemnification under Section 9.3(a) shall be the amount of the Cap;
provided, however, that the foregoing limitation shall not apply to (i) claims for indemnification for breaches of the Fundamental Representations, or (ii) claims made as a result of actual fraud on the part of Purchaser. 

(c) The Principal Members’ joint and several liability for any Losses relating to a claim for indemnification pursuant to
Section 9.2(a) shall not exceed the percentage of such Losses which is equal to the aggregate percentage of the Principal Members’ ownership percentages set forth on the list provided by Seller pursuant to
Section 2.4(a), and each other Member’s several liability for any Losses relating to a claim for indemnification pursuant to Section 9.2(a) shall not exceed such Member’s pro-rata percentage set forth on such list.

  
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 (d) Payments to an
Indemnified Party pursuant to this Section 9 shall be limited to the amount of any Losses that remain after deducting therefrom any insurance proceeds received by such Indemnified Party, it being understood that an Indemnified Party will
make commercially reasonable efforts to make an insurance claim, if available. 
 (e) Notwithstanding anything herein to the
contrary, following the recovery of any Losses by Purchaser for a breach of the representation and warranty contained in Section 2.10(b), and Purchaser subsequently collects on the invoice at issue from the defaulting account debtor,
then Purchaser shall promptly reimburse Seller for the amount collected. 
 (f) Any indemnification payments paid under this
Section 9 will be considered an adjustment to the Purchase Price. 
 SECTION 10. TERMINATION. 

10.1 Termination of Agreement. The parties may terminate this Agreement prior to the Closing as provided below: 

(a) The parties may terminate this Agreement by mutual written consent at any time prior to the Closing; 

(b) Purchaser may terminate this Agreement by giving written notice to Seller at any time prior to the Closing: (i) in the event
Seller or any Member has breached any representation, warranty, or covenant contained in this Agreement if such breach would give rise to a failure to satisfy a condition to the obligations of Purchaser contained in Section 6.1,
Purchaser has notified Seller of the breach in writing, and the breach has continued without cure for a period of thirty (30) days after the notice of breach, or (ii) if the Closing shall not have occurred on or before January 31,
2011 (the “Termination Date”), by reason of the failure of any condition precedent contained in Section 6.1; 
 (c) Seller may terminate this Agreement by giving written notice to Purchaser at any time prior to the Closing: (i) in the event Purchaser has breached any representation, warranty, or covenant
contained in this Agreement if such breach would give rise to a failure to satisfy a condition to the obligations of Seller and the Members contained in Section 6.2, Seller has notified Purchaser of the breach in writing, and the breach
has continued without cure for a period of thirty (30) days after the notice of breach, or (ii) if the Closing shall not have occurred on or before the Termination Date, by reason of the failure of any condition precedent contained in
Section 6.2; and 
 (d) By either Purchaser or Seller if consummation of the transactions contemplated by this
Agreement would violate any provision of applicable Law, or any non-appealable final order, decree or judgment of any court of competent jurisdiction; provided, in the latter case, the party seeking termination under this subsection shall have used
commercially reasonable efforts to have such order, decree or judgment vacated. 

  
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 (e) Effect of
Termination. If this Agreement is terminated as permitted by Section 10.1, such termination shall be effective as against all parties hereto and without liability of any party (or any stockholder, member, director, manager, officer,
employee, agent, consultant or representative of such party) to the other parties of this Agreement and this Agreement shall become null and void except that the parties agree that each shall party remain responsible for its own expenses in
connection with the negotiation and the consummation of the transactions contemplated by this Agreement; provided that any such termination shall not relieve any party from liability for damages for any willful breach of this Agreement.

 (f) Effect of Delay. In the event that the Closing has not earlier occurred or this Agreement has not been earlier
terminated as permitted by Section 10.1, and on December 31, 2010, (i) all of the conditions set forth in Section 6.1 have been fulfilled, (ii) Seller and the Members are willing and able to proceed to Closing,
and (iii) Purchaser is nonetheless unwilling or unable to proceed to Closing on such date, then upon any later consummation of the Closing, the amount of the Initial Cash Consideration shall be increased by an amount equal to the Make Whole
Amount (or if not then finally determinable, the Make Whole Amount shall be reimbursed to Seller promptly after such amount can be finally determined). The “Make Whole Amount” shall be an amount that will result in Seller and the Members
being in the same position after paying Taxes on the Make Whole Amount and the Initial Cash Consideration, respectively, as Seller and the Members would have been after paying Taxes on the Initial Cash Consideration had the Closing occurred on
December 31, 2010. In the event that Seller and Purchaser cannot agree on the amount of the Make Whole Amount after good faith efforts to resolve such dispute, then such dispute shall be resolved by the Independent Accountant and such
accounting firm’s determination shall be conclusive and binding on both parties. 
 SECTION 11. MISCELLANEOUS. 

11.1 Fees and Expenses. Except as otherwise provided in this Agreement, each of the parties shall bear its own expenses in
connection with the negotiation and the consummation of the transactions contemplated by this Agreement. No expenses of Seller or the Members relating in any way to the purchase and sale of the Purchased Assets hereunder and the transactions
contemplated hereby, including, without limitation, legal, accounting, or other professional expenses of Seller or the Members, shall be charged to or paid by Purchaser or included in any of the Assumed Liabilities. The foregoing shall not limit,
however, any party’s right to include expenses in any claim for damages against any other party who breaches any legally binding provision of this Agreement. 
 11.2 Governing Law; Forum. This Agreement shall be construed under and governed by the internal laws of the State of Missouri without regard to its conflict of laws provisions. The parties hereby
irrevocably and unconditionally submit to the exclusive jurisdiction of the state and federal courts of the State of Missouri in connection with any action arising out of or relating to this Agreement, and irrevocably and unconditionally waive the
defense of an inconvenient forum. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
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 11.3 Notices.
Any notice, request, demand, or other communication required or permitted hereunder shall be in writing and shall be deemed to have been given (a) if personally delivered, upon receipt, (b) if sent via overnight delivery by a nationally
recognized delivery service, upon the next business day, or (c) if sent by registered or certified mail, upon the sooner of the date on which receipt is acknowledged or the expiration of three days after deposit in United States post office
facilities properly addressed with postage prepaid. All notices to a party shall be sent to the addresses set forth below or to such other address or person as such party may designate by notice to each other party hereunder: 

 

			
	TO SELLER OR THE MEMBERS:	  	 Reams Asset Management Company, LLC
 227 Washington Street
 Columbus, Indiana 47201

Attention: Mark M. Egan and David M. McKinney

	  
 With a mandatory copy to:
	  	  
 Vedder Price P.C.

222 North LaSalle Street
 Chicago, Illinois
60601
 Attention: Renee M. Hardt, Esq.

	  
 TO PURCHASER:
	  	  
 Scout Investment Advisors, Inc.

c/o UMB Financial Corporation
 1010 Grand
Blvd.
 Kansas City, Missouri 64106

Attention: C. Warren Green

	  
 With a mandatory copy to:
	  	  
 Stradley Ronon Stevens & Young, LLP

2600 One Commerce Square
 Philadelphia,
Pennsylvania A 19103
 Attention: Michael P. O’Hare, Esq.

 Any notice given hereunder may be given on behalf of any party by his counsel or other authorized representatives. 
 11.4 Entire Agreement. This Agreement, including the Schedules, Exhibits, and Ancillary Documents referred to herein, is complete, reflects the entire agreement of the parties with respect to the
subject matter of this Agreement, and supersedes all previous written or oral negotiations, commitments, and writings with respect to the subject matter hereof; provided, however, that the Mutual Confidentiality and Non-Disclosure Agreement between
Parent and Seller dated as of October 14, 2009 shall remain in full force and effect. No promises, representations, understandings, warranties, and agreements have been made by any of the parties hereto except as referred to herein or in the
Ancillary Documents; and all inducements to the making of this Agreement relied upon by either party hereto have been expressed herein or in the Ancillary Documents. 

  
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 11.5 Assignability;
Binding Effect. No party hereto may assign or transfer any or all of its rights or obligations under this Agreement without the prior written consent of the other parties. 
 11.6 Captions. The captions in this Agreement are for convenience only and shall not affect the construction or interpretation of any term or provision hereof. 

11.7 Execution in Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. Signatures of the parties transmitted by facsimile or electronic mail shall be deemed to be original signatures for all
purposes. 
 11.8 Amendments. This Agreement may not be amended or modified, nor may compliance with any condition or
covenant set forth herein be waived, except by a writing duly and validly executed by each party hereto, or in the case of a waiver, the party waiving compliance. 
 11.9 Schedules and Exhibits. This Agreement shall be deemed to have incorporated by reference all Schedules and Exhibits referred to herein to the same extent as if such Schedules and Exhibits were
fully set forth herein. The information in the Schedules constitutes (i) exceptions to particular representations, warranties, covenants and obligations of Seller and the Members as set forth in this Agreement or (ii) descriptions or lists
of assets and liabilities and other items referred to in this Agreement. If there is any inconsistency between the statements in this Agreement and those in the Schedules (other than an exception expressly set forth as such in the Schedules with
respect to a specifically identified representation or warranty), the statements in this Agreement will control. 
 11.10 No
Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. This Agreement shall not benefit or create any right, remedy or cause of action
in or on behalf of any Person other than the parties hereto and their respective permitted successors and assigns. 
 11.11
Legal Representation of the Parties. This Agreement was negotiated by the parties with the benefit of legal representation, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted
against any party shall not apply to any construction or interpretation hereof. 
 11.12 Interpretation. In this
Agreement, unless a clear contrary intention appears: (a) the singular number includes the plural number and vice versa; (b) reference to any gender includes each other gender; (c) reference to any agreement, document or instrument
means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (d) “hereunder,” “hereof,” “hereto,” and words of similar import shall be
deemed references to this Agreement as a whole and not to any particular Article, Section or other provision hereof; and (e) references to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules
or amendments thereto. 

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

11.14 Severability. If any provision of this Agreement is construed to be invalid, illegal or unenforceable, then the remaining
provisions hereof shall not be affected thereby and shall be enforceable without regard thereto, and the parties agree that this Agreement shall be reformed to replace such unenforceable provisions with a valid and enforceable provision that comes
as close as possible to expressing the intent of the unenforceable provision. 
 11.15 Set-off. If Purchaser has
delivered a valid Direct Claim Notice or Third Party Claim Notice to Seller, and any such claims have not been fully resolved prior to the time scheduled for any payment owed to Seller pursuant to the terms of this Agreement, Purchaser shall have
the right to withhold from the amount otherwise due to Seller the amount or estimated amount of Purchaser’s indemnifiable claim(s) as set forth in the Direct Claim Notice or Third Party Claim Notice; provided, however, in the event that
Purchaser withholds any amounts pursuant to this Section 11.15, any amounts disputed by Seller must be deposited by Purchaser no later than ten (10) days after the receipt of Seller’s objections in an escrow account with a
party mutually approved by Seller and Purchaser until any such dispute is finally resolved by mutual agreement of Seller and Purchaser or by order of a court of competent jurisdiction. For the avoidance of doubt, Purchaser shall continue to own all
funds while held in the escrow account referred to above. 
 11.16 Press Releases. Purchaser shall be authorized to issue
one or more press releases related to this Agreement or the transactions contemplated hereby, with the content thereof subject to the approval by Seller (such approval not to be unreasonably withheld or delayed). Neither Seller nor the Members shall
issue any press release or other public disclosure related to this Agreement or the transactions contemplated hereby. Notwithstanding the foregoing, nothing contained herein shall prohibit any party from making any disclosure required by any
applicable Law or court order or the applicable rules of any stock exchange. 
 11.17 No Waiver. No failure to exercise,
delay in exercising or single or partial exercise of any right, power or remedy by any party, and no course of dealing between or among any of the parties, shall constitute a waiver of, or shall preclude any other or further exercise of, the same or
any other right, power or remedy. 
 11.18 Knowledge. The parties agree that the meaning of the words
(a) “to Seller’s Knowledge” or words of similar import in this Agreement, which are used to qualify a representation or warranty in this Agreement, shall in all cases be understood as comprising the actual knowledge of the
Members, and (b) “to Purchaser’s Knowledge” or words of similar import in this Agreement, which are used to qualify a representation or warranty in this Agreement, shall in all cases be understood as comprising the actual
knowledge of Clyde F. Wendel; provided, that for purposes of the definition of Seller’s Knowledge, actual knowledge shall be deemed to include knowledge of any information that would have been known to McKinney after a reasonable inquiry by
McKinney of the officers, directors, managers and employees of Seller who should reasonably be expected to have knowledge about the subject matter of the representation or warranty at issue. 

  
 55 

  
 11.19 Person;
Affiliates. The word “Person” as used in this Agreement, means any individual, sole proprietorship, joint venture, partnership, corporation, limited liability company, association, cooperative, trust, estate, governmental body,
administrative agency, regulatory authority, or other entity of any nature whatsoever. The word “Affiliate” as used in this Agreement means: (a) any Person directly or indirectly controlling, controlled by or under common
control with another Person; (b) a Person owning or controlling ten (10) percent or more of the outstanding voting securities of such other Person; (c) any officer, director, member, manager or partner of such Person; or (d) a
Person who is an officer, director, member, manager or partner or holder of ten (10) percent or more of any of the voting interests of any Person described in clauses (a) through (c) of this sentence. For purposes of the foregoing
definition, “control” (including “controlling,” “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 [Signature Pages Follow]

  
 56 

  
 IN WITNESS WHEREOF the
parties hereto have caused this Agreement to be executed as of the date set forth above. 
  

			
	 SCOUT INVESTMENT ADVISORS, INC.

	  
 By:
	 	  

 

	 Name:
	 	
	 Title:
	 	
	  
 UMB FINANCIAL CORPORATION, solely with

respect to Section 9.3

	  
 By:
	 	  

 

	 Name:
	 	
	 Title:
	 	
	  
 REAMS ASSET MANAGEMENT COMPANY,

LLC

	  
 By:
	 	  

 

	 Name:
	 	
	 Title:
	 	
	  
 MME
INVESTMENTS, LLC

	  
 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	  

	 MARK M. EGAN

	  

	 DAVID B. MCKINNEY

	  
 HILLTOP
CAPITAL, LLC

	  
 By:
	 	  

 

	 Name:
	 	
	 Title:
	 	

 Signature Pages to Asset Purchase Agreement 

  
 
			
	  

	 THOMAS M. FINK

	  

	 STEPHEN T. VINCENT

	  

	 TODD C. THOMPSON

	  

	 DEANNE B. OLSON

	  

	 DANIEL P. SPURGEON

 Signature Pages to Asset Purchase Agreement 

  
 EXHIBIT 1.9

 Subsequent Payments 
 The parties agree that the Subsequent Payments shall be calculated and paid in accordance with this Exhibit 1.9 as set forth below. 

(a) Definitions. For purposes of the Agreement and this Exhibit 1.9, the following terms shall have the following meanings
ascribed to them below: 
 “Adjusted Pre-Bonus Pre-Tax Income” shall mean, with respect to any Subsequent
Payment Period, the Pre-Bonus Pre-Tax Income, adjusted as follows (unless Pre-Bonus Pre-Tax Income already reflects such exclusions): 
 (i) Exclude any extraordinary gains included in the calculation of Pre-Bonus Pre-Tax Income, including from gains from the disposition of assets not in the ordinary course of business; and 

(ii) Exclude any extraordinary losses taken in the calculation of Pre-Bonus Pre-Tax Income, including any losses from the disposition of
assets not in the ordinary course of business. 
 “Adjusted Pre-Tax Income” shall mean, with respect to any
Subsequent Payment Period, the Adjusted Pre-Bonus Pre-Tax Income, minus the Incentive Bonus Pool Amount. 
 “Allocated
Purchaser Expenses” shall mean the following amounts expensed by the Purchaser (and not otherwise included in Expenses) in connection with efforts to generate Revenue or support the Reams Division; provided, however, that the parties agree
in advance that the aggregate amount of Allocated Purchaser Expenses described in clauses (ii) through (vi) below that may be expensed in any one Subsequent Payment Period shall, notwithstanding the actual amounts thereof, be deemed to
equal the Aggregate Cost Savings (as defined below) for such Subsequent Payment Period plus the Allocated Purchaser Expenses Cap (as defined below): 
 (i) Any organizational, set-up, registration or offering costs (including, without limitation any legal or regulatory costs, but excluding any acquisition or similar costs paid to third parties) relating
to any registered investment company or series thereof which is formed after the Closing Date (other than any investment company or series thereof into which the Frontegra Funds may be reorganized or merged) and advised by the Reams Division;
provided, however, that such costs shall be amortized over three consecutive years from the date of formation and in no event shall more than one third of such costs be expensed in any one Subsequent Payment Period; 

(ii) Twenty-five percent (25%) of the fixed salary and travel and entertainment costs of Purchaser’s sales team for asset
management services (i.e., for funds and 

  
 1.9-1

 
separately managed accounts), which for purposes hereof shall include Transferred Employee Mike Hoover (whose fixed salary and travel and entertainment costs shall not otherwise be included as an
expense); 
 (iii) Marketing costs (comprised of quarterly fund fact sheets, public relations support, sales presentations
encompassing quarterly designing of presentation graphics and printing/fulfillment of 500 presentations annually, and pass-through mailer) incurred to develop and prepare collateral and other materials to support the Business; 

(iv) Not more than 10% to 25% of the annual salary costs of Purchaser’s senior leadership (CEO, CFO, CCO); 

(v) Insurance, tax/audit and ADP/payroll services incurred by Purchaser in connection with the Reams Division; 

(vi) Fifty percent (50%) of the compensation expense attributable to the management information services full-time employee who is
shared with other divisions of Purchaser; and 
 (vii) Variable commissions expense of Purchaser’s sales team (i.e., for
funds and separately managed accounts managed by the Reams Division) which for purposes hereof shall include Transferred Employee Mike Hoover. 
 “Allocated Purchaser Expenses Cap” shall be $250,000, reduced by the amount of any Expenses incurred by or on behalf of the Reams Division for services rendered to any Currently Existing
Account (as defined below) during the applicable Subsequent Payment Period. 
 “Expenses” shall mean amounts
expensed for the direct costs incurred by or on behalf of the Reams Division (including, without limitation, salaries, wages and other compensation for present or future employees, insurance, utilities, rent, depreciation and amortization expense,
GIPS compliance and audit costs, and research costs such as that of Bloomberg, etc.), plus the Allocated Purchaser Expenses. For avoidance of doubt, the following amounts shall not constitute Expenses or Allocated Purchaser Expenses: 

(i) Any interest which has been expensed and which has been paid or accrued on indebtedness incurred to acquire all or part of the
ownership interests or assets of any business, or to engage in any transaction not in the ordinary course of business; 
 (ii)
Other than as expressly provided in the definition of Allocated Purchaser Expenses above, any overhead attributable to the general operation of Purchaser and which is not related to the services provided by Reams Division; 

(iii) Any amortization, except for amortization of software used in the Reams Division business or of similar intangibles acquired for
use by the Reams Division in the ordinary course of business; 

  
 1.9-2

  
 (iv) Any charges
against income which have resulted from changes in accounting practices not required by GAAP or International Financial Reporting Standards; 
 (v) Any expenses incurred or realized to adjust the fair market value of the Subsequent Payment liability related to the transactions contemplated by this Agreement; 

(vi) Any legal, accounting and other professional fees, insurance premiums, amortization, depreciation (solely to the extent
attributable to an increase in the tax basis of the assets purchased) and other costs and expenses of any type which have arisen out of or relate to the transactions contemplated by the Agreement; 

(vii) Any indemnity Losses paid or payable by Purchaser to any Seller Indemnified Party; and 

(viii) Any Losses which have been incurred by Purchaser and which are otherwise Expenses or Allocated Purchaser Expenses and for which
payments have been made by Seller to any Purchaser Indemnified Party to indemnify such Purchaser Indemnified Party for such Losses. 
 “Aggregate Cost Savings” shall mean, with respect to each Subsequent Payment Period, the aggregate cost savings in the Expense categories set forth below realized by the Reams Division as
a result of cost synergies after the Closing, as compared to the baseline amounts set forth opposite such categories (which reflect Seller’s pre-Closing costs on an approximate basis), expressed as a positive number; provided, however,
that the parties agree that in making such comparison, the baseline amounts shall be normalized for changes in employees and other appropriate factors after Closing (e.g., changes in the number of employees using Bloomberg terminals or increased
costs in the ordinary course of Business for research services, etc.), such that comparable comparisons for measuring cost synergies can be made. 
  

					
	 Category
	  	Baseline Amount	 
	 Bloomberg
	  	$	500,000	  
	 Moody’s
	  	$	94,000	  
	 Credit Sights (S&P)
	  	$	50,000	  
	 Insurance – Company
	  	$	160,000	  
	 Ashland (GIPS)
	  	$	45,000	  
	 Tax & Accounting Audit
	  	$	27,000	  
	 ADP (Payroll Services)
	  	$	11,000	  
	 Mike Hoover (Salary, Benefits and T&E costs)
	  	$	250,000	  

 “Incentive
Bonus Pool Amount” shall mean, with respect to each Subsequent Payment Period, an amount equal to twenty-five percent (25%) of Adjusted Pre-Bonus Pre-Tax Income. 
 “Pre-Bonus Pre-Tax Income” shall mean the Revenue less the Expenses, but calculated before deduction of (i) any amounts payable on account of any Taxes based on or measured by
income, all as determined in accordance with GAAP, and (ii) the Incentive Bonus Pool Amount. 

  
 1.9-3

  
 “Reams
Division” shall have the meaning set forth on Schedule 5.4. 
 “Revenue” shall mean the revenue
of Purchaser generated from the accounts directly advised or sub-advised by the Reams Division, excluding the following amounts: 
 (i) Revenue from Purchaser’s services rendered to any series of Scout Funds which is in existence as of the Closing Date (“Currently Existing Fund”); 

(ii) Revenue from Purchaser’s services rendered to any separately managed accounts which were already advised by Purchaser as of
the Closing Date, or to any other customers who as of the Closing Date were invested in fixed income products of Purchaser (a “Currently Existing Account”); 
 (iii) Revenue from advisory or sub-advisory services rendered to the Frontegra Core Fund or the Frontegra Core Plus Fund (or any successor funds), to the extent in excess of the revenue that would have
been payable to Seller with respect to the sub-advisory services provided to such funds using the fee schedules in effect as of the date of this Agreement; and 
 (iv) If after the Closing Date, either the Frontegra Core Fund or the Frontegra Core Plus Fund is combined with a Currently Existing Fund, any Revenue attributable to the management of the amount of net
assets within the Currently Existing Fund at the time of such combination. 
 (b) Calculation of Subsequent Payment.
(i) Not later than sixty (60) days following the end of each Subsequent Payment Period, Purchaser shall prepare and deliver to Seller (A) an unaudited income statement of the Business for such period prepared in accordance with GAAP,
and (B) a statement setting forth Purchaser’s calculation of Adjusted Pre-Tax Income for such period. 
 (ii) Not
later than thirty (30) days after delivery of the items to Seller set forth in Subparagraph (b)(i) above, Seller shall present any objections that Seller may have to any of the matters set forth therein, which objections shall be
set forth in writing and in reasonable detail, and Seller shall present its own calculation of Adjusted Pre-Tax Income for the Subsequent Payment Period in question. Following the delivery to Purchaser of any objections, Purchaser and Seller shall
meet to discuss the objections raised by Seller with a view toward resolving such objections. If Seller does not deliver any written objections to Purchaser within such 30-day period, Seller shall be deemed to have accepted Purchaser’s
calculation of Adjusted Pre-Tax Income for such Subsequent Payment Period and irrevocably waived any right to object thereto. 

(iii) If Seller delivers such written objections and all such objections are not resolved by Purchaser and Seller within thirty
(30) calendar days after delivery to Purchaser of such objections, then such dispute shall be submitted to the Independent Accountant for resolution. The Independent Accountant shall be instructed to deliver a decision within thirty
(30) calendar days after the submission of such matters to the Independent Accountant, and to only render a decision with respect to the matters submitted for resolution. The Independent Accountant shall be instructed that its decision shall be
in writing and shall include (A) a 

  
 1.9-4

 
statement describing in reasonable detail the decision of the Independent Accountant with respect to each item in dispute submitted to the Independent Accountant, and (B) the Independent
Accountant’s computation of Adjusted Pre-Tax Income for the Subsequent Payment Period in question, it being understood that the amount of such Adjusted Pre-Tax Income shall not be (x) less than the amount set forth in the statement
delivered by Purchaser pursuant to Paragraph (b)(i), nor (y) more than the amount set forth in Seller’s written objections delivered to Purchaser pursuant to Paragraph (b)(ii). The decision of the Independent
Accountant shall be final and binding and conclusive upon Purchaser and Seller for all purposes under this Agreement, absent manifest error. The fees and expenses of the Independent Accountant shall be shared equally by Purchaser on the one hand,
and Seller on the other hand. 
 (iv) Within ten (10) business days after the final determination of Adjusted Pre-Tax
Income for a given Subsequent Payment Period has been made, Purchaser shall pay to Seller a Subsequent Payment equal to the product of (A) the finally determined Adjusted Pre-Tax Income for such Subsequent Payment Period, (B) the
Applicable Percentage (as determined below) for such Subsequent Payment Period, and (C) the number ten (10). 
 (v) For
purposes of this Agreement, the “Applicable Percentage” shall be determined as follows: 
 (A) For the first
Subsequent Payment Period, the Applicable Percentage shall be Six Percent (6%). 
 (B) For the second Subsequent Payment
Period, the Applicable Percentage shall be Seven Percent (7%). 
 (C) For the third Subsequent Payment Period, the Applicable
Percentage shall be Eight Percent (8%). 
 (D) For the fourth Subsequent Payment Period, the Applicable Percentage shall be
Nine Percent (9%). 
 (E) For the fifth Subsequent Payment Period, the Applicable Percentage shall be Ten Percent (10%).

 Notwithstanding the foregoing, in the event that the Retention Percentage (as determined pursuant to Section 1.8
of the Agreement) is less than Eighty-Five Percent (85%), then the Applicable Percentages set forth above shall be reduced by the Discount Percentage (as defined below) in the following sequential manner: 

(I) First, the Applicable Percentage for the first Subsequent Payment Period shall be subtracted by up to four percent (4%), and then

 (II) Second, the Applicable Percentage for the second Subsequent Payment Period shall be subtracted by up to five percent
(5%), and then 
 (III) Third, the Applicable Percentage for the third Subsequent Payment Period shall be subtracted by up to
six percent (6%), and then 

  
 1.9-5

  
 (IV) Fourth, the
Applicable Percentage for the fourth Subsequent Payment Period shall be subtracted by up to seven percent (7%), and then 
 (V)
Fifth, the Applicable Percentage for the fifth Subsequent Payment Period shall be subtracted by up to eight percent (8%), until the sum of the subtractions set forth in subparagraphs (I) through (V) equal the Discount Percentage.
For the avoidance of doubt, in no event shall the Applicable Percentage for any Subsequent Payment Period ever be less than two percent (2%). 
 By way of example, if the Discount Percentage (as determined below) were to equal twenty percent (20%), then: the Applicable Percentage for the first Subsequent Payment Period would be subtracted by four
percent (4%) (resulting in an Applicable Percentage for the first Subsequent Payment Period of two percent (2%)), and then the Applicable Percentage for the second Subsequent Payment Period would be subtracted by five percent
(5%) (resulting in an Applicable Percentage for the second Subsequent Payment Period of two percent (2%)), and then the Applicable Percentage Period for the third Subsequent Payment Period would be subtracted by six percent (6%) (resulting
in an Applicable Percentage for the third Subsequent Payment Period of two percent (2%)), and then the Applicable Percentage for the fourth Subsequent Payment Period would be subtracted by five percent (5%) (resulting in an Applicable
Percentage for the fourth Subsequent Payment Period of four percent (4%)). In such example, the aggregate subtractions of 4% + 5% + 6% + 5% would equal the Discount Percentage of twenty percent (20%). For purposes of this Agreement,
“Discount Percentage” shall mean the difference by which the Retention Percentage is less than Eighty-Five Percent (85%), multiplied by two (2), but in no event shall the Discount Percentage be more than thirty percent (30%).

 (c) Limitation. Notwithstanding any language to the contrary contained herein, in the event that the Retention
Percentage is less than Sixty Percent (60%), Seller shall not be entitled to receive any Subsequent Payment for any Subsequent Payment Period unless the finally determined Adjusted Pre-Tax Income for such Subsequent Payment Period is equal to or
greater than Four Million Two Hundred Thousand Dollars ($4,200,000). 

  
 1.9-6

  
 BILL OF SALE,
ASSIGNMENT AND ASSUMPTION AGREEMENT 
 This BILL OF SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT (this
“Agreement”) is made as of this              day of
                    , 2010 by and between SCOUT INVESTMENT ADVISORS, INC., a Missouri corporation (“Purchaser”), and REAMS
ASSET MANAGEMENT COMPANY, LLC, an Indiana limited liability company (“Seller”). 
 RECITALS: 

WHEREAS, Purchaser, Seller and certain other parties have entered into an Asset Purchase Agreement (the “APA”) dated as
of                     , 2010, whereby Purchaser agreed, subject to the terms thereof, to acquire substantially all of the assets of the
Business of Seller. 
 WHEREAS, pursuant to the terms of the APA, Seller is executing and delivering this Agreement for the
purpose of selling, conveying, transferring, assigning and delivering to and vesting in Purchaser all of Seller’s right, title and interest in and to the Purchased Assets and Purchaser is executing and delivering this Agreement in order to
evidence Purchaser’s assumption of the Assumed Liabilities. 
 WHEREAS, this Agreement is made, executed and delivered
pursuant to and in accordance with the APA, the terms of which shall not be merged hereinto but shall survive the execution hereof as and to the extent provided therein. 
 NOW, THEREFORE, in consideration of the premises and the covenants set forth herein and in the APA and for good and valid consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows: 
 1. Capitalized terms used in this Agreement and not
otherwise defined herein shall have the meanings ascribed to such terms in the APA. In the event of a conflict between this Agreement and the APA, the terms of the APA shall take precedence and control. 

2. Seller hereby sells, assigns, transfers, conveys and delivers to Purchaser all of Seller’s right, title and interest, legal and
equitable, in and to the Purchased Assets, subject to the terms and conditions of the APA, including, without limitation, Section 1.1 of the APA. 
 3. Seller hereby constitutes and appoints Purchaser, its successors and assigns the true and lawful attorney of Seller, with full power of substitution in the name and stead of Seller on behalf and for
the benefit of Purchaser, its successors and assigns to demand and receive any and all of the Purchased Assets, to give receipts and releases for and in respect of the same, or any part thereof, and to do all acts and things in relation to the
Purchased Assets which Purchaser, its successors and assigns shall deem desirable; Seller hereby declaring that the foregoing powers are coupled with an interest and are and shall be irrevocable by Seller. 

4. Seller from time to time after the Closing at the reasonable request of Purchaser and without further consideration shall execute and
deliver further instruments of transfer and assignment and take such other action as Purchaser may reasonably require to more effectively transfer and assign to, and vest in, Purchaser each of the Purchased Assets. 

  
 5. Purchaser hereby
accepts the foregoing sale, transfer and assignment of all of Seller’s right, title and interest in and to the Purchased Assets. Seller hereby assigns, transfers and delivers to Purchaser, and Purchaser hereby assumes and agrees to pay,
discharge and perform the Assumed Liabilities in accordance with the APA. The assumption by Purchaser of the Assumed Liabilities shall not be construed, as between Purchaser on the one hand and the obligees of such Assumed Liabilities on the other
hand, to defeat, impair or limit in any way any rights or remedies of Purchaser to contest or dispute the validity or amount thereof. 
 6. Purchaser hereby covenants with Seller, its successors and assigns that from time to time and at the reasonable request of Seller, its successors and assigns and without further consideration,
Purchaser will do, execute, acknowledge and deliver or will cause to be done, executed, acknowledged and delivered any and all such further acts and instruments of assumption as may reasonably be required for the effective assumption by the
Purchaser of the Assumed Liabilities. 
 7. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Notwithstanding the foregoing, no party hereto may assign or transfer any or all of its rights or obligations under this Agreement without the prior written consent of the other party. 

8. This Agreement shall be construed and enforced in accordance with the laws of the State of Missouri (other than the choice of law
principles thereof). The parties hereby irrevocably and unconditionally submit to the exclusive jurisdiction of the state and federal courts of the State of Missouri in connection with any action arising out of or relating to this Agreement, and
irrevocably and unconditionally waive the defense of an inconvenient forum. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
AGREEMENT. 
 9. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same agreement. 
 10. This Agreement, together with the APA and the other
Ancillary Documents, reflects the entire agreement of the parties with respect to the subject matter hereof. 
 [signatures
follow] 

  
 - 2 -

  
 IN WITNESS WHEREOF,
the undersigned have duly executed this Bill of Sale, Assignment and Assumption Agreement on the day and year first above written. 
  

			
	SCOUT INVESTMENT ADVISORS, INC.
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	REAMS ASSET MANAGEMENT COMPANY, LLC
		
	 By:
	 	  

		 	Name:
		 	Title:

  
 EMPLOYMENT,
NON-COMPETITION AND NON-SOLICITATION AGREEMENT 
 This Employment, Non-Competition and Non-Solicitation Agreement (this
“Agreement”) dated as of                     , 2010, is entered into by and among Scout Investment Advisors, Inc., a Missouri
corporation (the “Company”),                     , an individual (“Employee”), and solely with respect to Paragraph 30 of
this Agreement, UMB Financial Corporation, a Missouri corporation (“Parent”). 
 WHEREAS, the execution and delivery
of this Agreement is a condition precedent to closing (the “Closing”) under that certain Asset Purchase Agreement (the “Purchase Agreement”) dated as of
                    , 2010 by and among the Company, Reams Asset Management Company, LLC, an Indiana limited liability company (“Reams
LLC”), and certain other parties thereto; and 
 WHEREAS, the parties hereto desire that Employee be employed by the
Company upon the terms and conditions provided for herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual
promises and conditions contained herein, and intending to be legally bound hereby, the parties agree as follows: 
 1.
Employment. Upon the terms and conditions of this Agreement, effective as of the Closing and thereafter during the Term (as defined in Paragraph 12 below), the Company agrees to employ Employee and Employee agrees to be employed by the
Company in the position(s) set forth on the Key Employment Terms Schedule which is attached hereto as Exhibit A and incorporated herein by reference (“Key Employment Terms Schedule”). 

2. Compensation. The Company will pay Employee an annual base salary in an amount not less than the amount set forth on the Key
Employment Terms Schedule, as such amount may be increased (but not decreased) from time to time. Employee shall be considered for a reasonable increase in annual base salary in the normal course of business at the time that all employees of the
Reams Division (as defined in the Purchase Agreement) of the Company are so considered. The annual base salary will accrue and be payable in arrears in accordance with the Company’s general payroll practices. All payments made and benefits
provided by the Company to Employee under this Agreement are subject to any applicable withholding and other applicable taxes. 

3. Employee Benefits; Expenses; Incentive Bonus Plan. 
 (a) Employee will be eligible for additional benefits, if any, by way of health insurance, life insurance, 401(k) plan and vacations normally provided to employees of the Company generally, pursuant to
the terms of those plans, programs and policies of the Company in effect during Employee’s employment by the Company, and such additional benefits as may be from time to time agreed upon in writing between Employee and the Company. The Company
will reimburse Employee for all ordinary and necessary out-of-pocket expenses incurred and paid by Employee in the course of the performance of Employee’s duties pursuant to this Agreement that conform to the Company’s policies (or amended
policies) with respect to travel, entertainment and other business expenses, and subject to the Company’s procedures regarding approval and reporting of those expenses. 

  
 (b) During the Term,
Employee shall be eligible to participate in the Scout Investment Advisors, Inc. (Reams) Incentive Bonus Plan (the “Incentive Bonus Plan”), a copy of which is attached hereto as Exhibit B and incorporated herein by reference.
Notwithstanding any language to the contrary contained herein, Employee shall not be eligible to participate in any other incentive bonus plan of the Company, Parent or their respective affiliates, including, without limitation, the UMB Long-Term
Incentive Compensation Plan or the UMB Short-Term Incentive Plan. 
 4. Duties. Throughout the Term, Employee shall have
duties, authority, responsibilities and reporting relationship(s) no less favorable to Employee than those set forth on the Key Employment Terms Schedule. So long as Employee is employed under this Agreement, Employee will (i) devote all of
Employee’s business time to perform such duties set forth on the Key Employment Terms Schedule, (ii) perform Employee’s responsibilities in a manner satisfactory to and subject to the direction and control of the person to whom
Employee is reporting as set forth on the Key Employment Terms Schedule, (iii) comply with all lawful rules, orders, regulations, policies and practices, including, without limitation, all codes of ethics and codes of conduct and policies of
UMB Financial Corporation, the Company, or any of their respective affiliates, as are applicable to Employee and similarly situated employees (collectively, the “Policies and Procedures”), and (iv) truthfully and accurately maintain
and preserve the Company’s records consistent with the Company’s practices and procedures (as they may be reasonably updated or amended) and make all reports reasonably required by the Company. Notwithstanding the foregoing, Employee may
manage his personal investments, act or continue to act as a member of civic, charitable or corporate boards set forth on Exhibit C, act as a manager or member of Reams LLC, in each case to the extent such activities do not violate
Employee’s other obligations under this Agreement, the Policies and Procedures, the Purchase Agreement, or raise conflicts of interest. During the Term, the Company shall use commercially reasonable efforts to avoid the relocation of Employee
from his present job location set forth on the Key Employment Terms Schedule, without the prior approval of Reams Senior Management (as such term is defined in the Purchase Agreement). 

5. Clients and Business of the Company. 
 (a) Employee agrees that any and all presently existing investment advisory businesses of the Company and its affiliates, and all businesses developed by the Company and its affiliates (including by
Employee or any other employee or agent of the Company or its affiliates), including, without limitation, all investment methodologies, all investment advisory contracts, fees and fee schedules, commissions, records, data, client lists, agreements,
trade secrets, and any other incident of any business developed by the Company or its affiliates or handled or carried on by Employee for the Company or its affiliates, and all trade names, service marks and logos under which the Company or its
affiliates do business, and any combinations or variations thereof and all related logos, are and shall be the exclusive property of the Company or such affiliate, as applicable, for its or their sole use. In addition, Employee acknowledges and
agrees that the investment performance of the accounts managed by the Company is attributable to the efforts of the team of professionals at the Company and not to the efforts of any single individual, and that therefore, the performance records of
the accounts managed by the Company are and shall be the exclusive property of the Company and not of the team or of any single professional. 
 (b) Employee agrees that all clients for whom Employee or others at the Company perform services while at the Company shall be considered clients of the Company, and shall not be 

  
 2 

 
considered clients of Employee. All prospective clients with whom Employee has business dealings during Employee’s employment with the Company shall be considered prospective clients of the
Company, and shall not be considered prospective clients of Employee. 
 6. Disclosure and Assignment of Intellectual
Property. 
 (a) All patents, trademarks, service marks, copyrights, trade secrets and other intellectual property rights
(“Intellectual Property”) relating in any way to the business of the Company or its affiliates that Employee (either alone or in conjunction with others) conceived, made, obtained or developed during the term of Employee’s employment
with the Company or conceive, make or obtain during the term of Employee’s employment (whether during or outside of working hours) with the Company (collectively, “the Company IP”) is the sole and exclusive property of the Company and
shall be considered a “work made for hire.” The Company IP belongs to the Company whether or not patent, trademark, copyright and/or other intellectual property right applications are or can be filed thereon. Notwithstanding the foregoing,
to the extent that the Company IP does not constitute a work made for hire under applicable law, Employee hereby assigns and transfers to the Company all right, title and interest in and to the Company IP, including, without limitation, any and all
copyright, trademark, service mark, patent or other intellectual property rights and goodwill inherent therein or related thereto. 
 (b) Employee will make full and prompt disclosure to the Company of all Intellectual Property and Company IP, and at the Company’s request and expense (but without additional compensation to
Employee), will at any time and from time to time during and after Employee’s employment with the Company execute and deliver to the Company such applications, assignments and other papers and take such other actions (including, but not limited
to, testifying in any legal proceedings) as the Company, in its sole discretion, considers necessary to vest, perfect, defend or maintain the Company’s rights in and to the Company IP. Employee has attached to this Agreement a complete list of
Intellectual Property, if any, conceived, made, obtained or developed by Employee (either alone or in conjunction with others) on or prior to the date hereof, and to the extent that such Intellectual Property does not also constitute the Company IP,
such Intellectual Property is excluded from the undertakings in this Agreement. 
 7. Covenant Not to Disclose Confidential
Information. 
 (a) The Company, in the course of performing its business activities, (i) acquires and develops trade
secrets and confidential and proprietary information which is not generally known in the industry, and (ii) acquires trade secrets and confidential and proprietary information of or about the Company’s affiliates, customers, vendors,
business partners, licensors, suppliers and other companies, persons or entities with which the Company maintains or has maintained a business relationship (hereinafter collectively, “the Company Business Relationships”). 

(b) Employee recognizes that the knowledge and information acquired by Employee concerning the following information of the Company and
of the Company Business Relationships: corporate information, including, but not limited to, business plans and methods, trade secrets, products, services, financial affairs, formulae, technology, know-how, contracts, pricing lists, costs, policies,
sales methods, financial information, profits, expenses, operations, operating methods and procedures, blueprints, drawings, processes, statistics, suppliers, marketing data, strategic information,

  
 3 

 
sales and plans for future developments, methods, reports, plans, strategies and efforts, customers, customer lists, customer requirements and information, prospective customers, customer files,
proposals and communications with customers and prospective customers, fees, information regarding meeting attendees, employee lists and information, financial and other record systems, records, applications, computers, computer programs, system
documentation, hardware, software and information contained therein, marketing and expansion plans, technologies, development, projects, forms and other trade secrets, inventions designs, know-how, any facts concerning the systems, methods,
procedures or plans developed or used by the Company or the Company Business Relationships or other private, confidential or proprietary information of or about the Company or the Company Business Relationships which is not already available to the
public (collectively, “Confidential Information”) are valuable, special and unique aspects of the business of the Company and the Company Business Relationships. Employee recognizes that such Confidential Information would not be provided
to Employee by the Company in the absence of this signed Agreement because of the risks that valuable Confidential Information might otherwise be divulged and thereby damage the Company’s competitive position in the marketplace, damage the
Company’s relationship with the Company Business Relationships, or otherwise cause damage to the Company Business Relationships. 
 (c) Employee agrees that Employee will not, during or after Employee’s employment or other affiliation with the Company, (i) disclose, in whole or in part, any Confidential Information to any
person, firm, corporation, association or other entity for any reason or purpose whatsoever unless authorized in writing to do so by the Company, or (ii) use any Confidential Information for Employee’s own purpose or for the benefit of any
person, firm, corporation, association or other entity other than the Company, except in the proper performance of Employee’s duties as instructed by the Company. Upon the cessation of Employee’s employment with the Company, the
restrictions set forth in this paragraph will not apply to Confidential Information which is then in the public domain (unless Employee is responsible, directly or indirectly, for such Confidential Information entering the public domain without the
Company’s consent). 
 (d) If Employee is requested, pursuant to, or required by applicable law or regulation, or by legal
process, to disclose any Confidential Information or Company Intellectual Property, Employee will use Employee’s best efforts to promptly notify the Company of this request and enable the Company or any subsidiary, parent or affiliate of the
Company to seek an appropriate protective order at the Company’s sole cost and expense. If a protective order or other protective remedy is not obtained, Employee may furnish only that portion of the Confidential Information or Company
Intellectual Property that is legally required, in the opinion of Employee’s counsel, and will exercise Employee’s best efforts to obtain reliable assurances that confidential treatment will be accorded the Confidential Information or
Company Intellectual Property; provided, however, that the Company shall bear the cost and expense of obtaining such confidential treatment. 
 8. Non-Disparagement. So long as Employee is an employee of the Company and thereafter (including after the termination of Employee’s employment), Employee will not make any disparaging
comment in any format, whether written, electronic or oral, to any client, customer, account, supplier, service provider, agency, employee or the media regarding the Company (or any subsidiary, parent or affiliate of the Company) or otherwise
relating to the business of the Company (or any subsidiary or affiliate of the Company). Similarly, the Company will not, and will cause its subsidiaries, parents and affiliates to not, make any disparaging comment in any format, written, electronic
or oral, to any client, customer, account, supplier, service provider, agency, employee or the media regarding Employee. Nothing in this paragraph 8 shall preclude truthful statements made pursuant to subpoena or as otherwise required by law.

  
 4 

  
 9. Covenant Not to
Compete. Employee agrees that during the Term and (except as otherwise set forth herein) for a period of twenty-four (24) months thereafter (hereinafter, “the Non-Competition Period”), Employee shall not, directly or indirectly
render services to, become affiliated with or employed by, own, or have a financial or other interest in (either as an individual, partner, joint venturer, owner, manager, stockholder, employee, partner, officer, director, independent contractor, or
other such role) any business which is engaged in Investment Management Services (as defined in Paragraph 11) (except nothing herein shall prohibit Employee from owning less than 5% of the outstanding shares in a publicly traded corporation).

 10. Non-Solicitation. Except in the performance of his duties hereunder on behalf of the Company, Employee agrees that
during the Term and (except as otherwise set forth herein) for a period of twenty-four (24) months thereafter (hereinafter, “the Non-Solicitation Period”), Employee shall not, directly or indirectly: 

(a) become employed by or affiliated with any Past Client, Present Client or Prospective Client of the Company or its affiliate (as the
terms are defined in paragraph 11 or 32) in a role which provides Investment Management Services (as defined in paragraph 11); 

(b) provide Investment Management Services to any person or entity that is a Past Client, Present Client or Prospective Client of the
Company or its affiliates; 
 (c) solicit or induce any person or entity with the effect or for the purpose (which need not be
the sole or primary effect or purpose) of: (i) causing any funds with respect to which the Company or its affiliates provides Investment Management Services to be withdrawn from such management, (ii) causing any Present Client or
Prospective Client of the Company to refrain from engaging the Company or any of its affiliates to provide Investment Management Services for any funds or any additional funds, or (iii) causing any Present Client to terminate or diminish its
relationship involving Investment Management Services with the Company or its affiliates; 
 (d) on behalf of Employee, or on
behalf of a competitive Investment Management Services business, contact, solicit, canvas, provide services to, contract with, or accept Investment Management Services business from any entity or individual which (i) is a Past Client, Present
Client or Prospective Client, or (ii) as of the date of such cessation of Employee’s employment, has received an outstanding proposal or offer from the Company, or its affiliates; or 

(e) (i) induce, offer, assist, solicit, encourage or suggest, in any manner whatsoever, (1) that Employee or another business or
enterprise offer employment to or enter into a business affiliation with any employee, agent or representative of the Company or its affiliates, or (2) that any employee, agent or representative of the Company or its affiliates terminate his or
her employment or business affiliation with the Company or its affiliates; or (ii) hire, employ or contract with any employee, agent or representative of the Company or its affiliates. 

  
 5 

  
 11.
Definitions. 
 (a) “Investment Management Services” shall mean any services which involve (i) the
management of an investment account or fund (or portions thereof or a group of investment accounts or funds), or (ii) the giving of advice with respect to the investment and/or reinvestment of assets or funds (or any group of assets or funds).

 (b) “Past Client” shall mean at any particular time, any person or entity who at any point within two years prior
to such time (i) had been a client of the Company or its affiliates receiving Investment Management Services, (ii) had been an advisee or investment advisory customer of, or recipient of Investment Management Services from, the Company or
its affiliates or (iii) had been an intermediary with respect to Investment Management Services between the Company or its affiliates and any such person or entity but at such time is not an advisee or investment advisory customer or client of,
or recipient of Investment Management Services from, the Company or its affiliates or an intermediary with respect to Investment Management Services between the Company or its affiliates and any such person or entity. 

(c) “Present Client” shall mean, at any particular time, any person or entity which is at such time (i) a current client
of the Company or its affiliates with respect to Investment Management Services, (ii) an advisee or investment advisory customer of, or recipient of Investment Management Services from, the Company or its affiliates or (ii) an intermediary
with respect to Investment Management Services between the Company or its affiliates and any such person or entity. 
 (d)
“Prospective Client” shall mean, at any particular time, any person or entity to whom the Company or its affiliates, through any of their officers, employees, agents or consultants (or persons acting in any similar capacity), has, within
twelve (12) months prior to such time, offered (by means of a personal meeting, telephone call, letter, written proposal or otherwise) (i) to provide Investment Management Services, (ii) to serve as investment adviser or otherwise
provide Investment Management Services including, without limitation, any intermediaries between the Company or its affiliates and any such person or entity, but who is not at such time an advisee or investment advisory customer of, or recipient of,
Investment Management Services from the Company or its affiliates or an intermediary with respect to Investment Management Services between the Company or its affiliates and any such person or entity. The preceding sentence is meant to exclude
blanket mailings and advertising, if any, through mass media in which the offer, if any, is available to the general public, such as magazines, newspapers or sponsorships of public events, in each case to the extent such efforts do not result in a
request by the recipient for further information or a presentation. 
 12. Termination. 

(a) Subject to Paragraphs 12(b) and 12(c) of this Agreement relating to the termination of Employee’s employment, and
Paragraph 31 relating to an extension of this Agreement, the term of Employee’s employment under this Agreement (the “Term”) will be five years from the Closing. 

(b) Notwithstanding Paragraph 12(a) of this Agreement, Employee’s employment by the Company and the Term will terminate immediately
upon the death or disability of Employee. For purposes of this Agreement, Employee will be deemed to be disabled when Employee has become unable, by reason of physical or mental disability, to satisfactorily perform Employee’s essential job
duties and there is no reasonable accommodation that can be provided to enable Employee to be a qualified individual with a disability under applicable law. Such matters will be determined by, or to the reasonable satisfaction of, the board of
directors of the Company. 

  
 6 

  
 (c) Notwithstanding
Paragraph 12(a) of this Agreement, the Company may terminate Employee's employment and the Term at any time for Cause or without Cause, and Employee may terminate his employment and the Term at any time with or without Good Reason. “Cause”
means (i) Employee has failed to perform his obligations under this Agreement or to observe and abide by the Policies and Procedures; (ii) Employee has refused to comply with reasonable, specific and lawful directions of Employee's
supervisor or other superior; (iii) Employee has engaged in acts or omissions or other misconduct against the Company, including, without limitation, breaches of fiduciary duty, malfeasance, intentional wrongdoing or dishonest or fraudulent
acts, that materially injure the Company's business, reputation or operations; (iv) Employee has been convicted of, or has entered a plea of nolo contendere to, any crime involving the theft or willful destruction of money or other
property, any crime involving moral turpitude or fraud, or any crime constituting a felony; or (v) Employee has engaged in the use of alcohol or drugs on the job, or has engaged in excessive absenteeism from the performance of Employee's duties
as the Company's employee, other than for reasons of illness; provided, however, that no termination for Cause will be made for the reasons set forth in clauses (i) and (ii) above, unless (A) the Company has given Employee thirty
(30) days’ written notice of the reason or circumstances providing a basis for the termination, (B) Employee has had an opportunity during such period to cure the reason or circumstance (if it is capable of being cured), and
(C) the reason or circumstance remains uncured after such period, and provided further, that if such reason or circumstance remains uncured after such period but Employee has diligently attempted to cure such reason or circumstance during such
period and has provided reasonable evidence that such reason or circumstance will be cured within a reasonable period following the expiration of such period, Employee will be deemed to have cured such reason or circumstance for purposes of this
Paragraph 12(c). 
 (d) If (i) the Company terminates Employee's employment with the Company for Cause or Employee’s
employment terminates as a result of death or disability or (ii) Employee terminates Employee's employment with the Company without Good Reason, the Company will pay or provide to Employee: 

(A) such salary as Employee has earned up to the date of Employee's termination (“Earned Salary”); and 

(B) the other benefits and other amounts due Employee under Paragraph 3(a) of this Agreement or as otherwise required by applicable
law, as Employee has earned up to the date of Employee's termination. Additionally, in the event that a payment has been awarded to Employee under the Incentive Bonus Plan, but prior to payment, Employee’s employment terminates as a result of
death or disability, such payment shall nonetheless be made to Employee or his estate (as applicable). Employee shall not otherwise be entitled to any payments under the Incentive Bonus Plan in connection with any termination of his employment
contemplated by this Paragraph 12(d). 
 (e) If, during the Term referred to in Paragraph 12(a), Employee terminates this
Agreement for Good Reason, or the Company terminates Employee's employment with the Company without Cause, and Employee executes a written release of all claims against the Company with respect to Employee’s employment and this Agreement, in a
form to be prepared by the Company, and 

  
 7 

 
Employee is not in violation of his obligations under this Agreement and/or the release agreement, then the Company will pay to Employee the amounts described below. “Good Reason” means
that, without Employee’s written consent, one or more of the following events occurred after the date hereof: (i) the Company or Parent materially breaches this Agreement; or (ii) the Company assigns Employee duties that are not
materially consistent with, and are materially adverse as compared to, the job duties described in the Key Employment Terms Schedule; provided, however, that no termination for Good Reason will be made for the reasons set forth above unless
(A) Employee has given the Company and Parent thirty (30) days’ written notice of the reason or circumstances providing a basis for the termination, (B) the Company and/or Parent has had an opportunity during such period to cure
the reason or circumstance (if it is capable of being cured), and (C) the reason or circumstance remains uncured after such period, and provided, further, that if such reason or circumstance remains uncured after such period but the Company
and/or Parent has diligently attempted to cure such reason or circumstance during such period and has provided reasonable evidence that such reason or circumstance will be cured within a reasonable period following the expiration of such period, the
Company and/or Parent will be deemed to have cured such reason or circumstance for purposes of this Paragraph 12(e). 
 Subject
to the foregoing, if Employee’s employment is terminated without Cause, or if Employee quits for Good Reason during the Term, the Company shall pay to Employee: 
 (A) Employee’s Earned Salary; and 
 (B) an amount equal to Employee’s
base salary as of the date of termination, on an ongoing basis, for an additional twelve (12) months following the date of termination; and 
 (C) an amount paid out of the Incentive Bonus Plan equal to (1) the Reference Bonus set forth on the Key Employment Terms Schedule if termination occurs before bonuses are determined under the
Incentive Bonus Plan for the first plan year, or (2) if the date of termination is after such bonuses have been determined, an amount equal to the bonus earned by Employee under the Incentive Bonus Plan for the plan year immediately preceding
the plan year during which such termination occurs; and 
 (D) such other benefits and other amounts due Employee under
Paragraph 3(a) of this Agreement or as otherwise required by applicable law, as Employee has earned up to the date of Employee’s termination. 
 The base salary continuation described in (B) above shall be paid on the regular payroll dates during such period and the bonus amount described in (C) shall be paid in a single lump sum at the
time such bonus would have been paid under the Incentive Bonus Plan if Employee’s employment had not terminated. For the avoidance of doubt, Employee shall not be entitled to any payments under the Incentive Bonus Plan in connection with any
termination of his employment contemplated by this Paragraph 12(e) except as set forth in (C) above. 
 It is the intention
of the parties that payments or benefits payable under this Agreement shall not be subject to the additional tax imposed pursuant to Section 409A of the Internal Revenue Code, and the provisions of this Agreement shall be construed and administered
in accordance with such intent, including, where applicable, application of a six month delay in payment of any amounts 

  
 8 

 
determined to be deferred compensation applicable on termination of a specified employee under Section 409A. To the extent such potential payments or benefits could become subject to
Internal Revenue Code Section 409A, the parties shall cooperate to amend this Agreement with the goal of giving Employee the economic benefits described herein in a manner that does not result in such tax being imposed. If the parties are
unable to agree on a mutually acceptable amendment, the Company may, in such manner as it deems reasonably necessary, amend or modify this Agreement or delay the payment of any amounts hereunder to the minimum extent necessary to meet the
requirements of Internal Revenue Code Section 409A while providing Employee with all benefits to which he is entitled under this Agreement. 
 13. Cooperation Regarding Litigation. During and after Employee’s employment, Employee shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in
existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while Employee was employed by the Company. Employee’s full cooperation in connection with such claims or
actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after Employee's employment, Employee also
shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Employee was
employed by the Company. The Company will reimburse Employee for any reasonable out-of-pocket expenses (excluding attorneys’ fees unless otherwise agreed to by the Company and/or its insurance carrier if any). 

14. The Company’s Documents and Other Information. 
 (a) Employee will not remove any records, documents or advertising, including client names and addresses or information from Employee’s work premises either in an original form or in duplicated or
copied form, or transmit any facts contained in the records, except in the ordinary course of business for the Company. 
 (b)
Upon the cessation of Employee’s employment with the Company or at any other time upon request of the Company, Employee shall deliver to the Company any and all property of the Company or its affiliates (including, but not limited to, keys and
credit cards), documents (including, but not limited to, the Company information and documents stored on Employee’s computer, including any documents, files, reports or other information received or made by Employee in connection with
Employee’s employment with the Company, regardless of whether or not such information is Company Confidential Information) and equipment (including, but not limited to, cell phones, PDAs and computer equipment). 

15. Subsequent Affiliation or Employment and Enforcement. 
 (a) Advising the Company of New Affiliation or Employment. In the event of a cessation of Employee’s employment with the Company, and during the Non-Solicitation and Non-Competition Periods
described above, Employee agrees to disclose to the Company the name and address of any new business affiliation or employer within thirty (30) days of Employee’s commencing such new relationship. 

  
 9 

  
 (b) Employee's
Ability to Earn Livelihood. Employee acknowledges that, in the event of a cessation of Employee's employment with the Company, for any reason and at any time, Employee will be able to earn a livelihood without violating the provisions of this
Agreement. Employee's acknowledgment regarding Employee's ability to earn a livelihood without violating the provisions of this Agreement is a material condition of Employee's employment with the Company. Employee and the Company acknowledge that
Employee's rights have been limited by this Agreement only to the extent reasonably necessary to protect the legitimate interests of the Company. 
 (c) Enforcement. Employee agrees that if Employee violates the covenants and agreements set forth above, the Company would suffer irreparable harm, and that such harm to the Company may be
impossible to measure in monetary damages. Accordingly, in addition to any other remedies which the Company may have at law or in equity, the Company shall have the right to have all obligations, undertakings, agreements, covenants and other
provisions of this Agreement specifically performed by Employee, and the Company shall have the right to obtain preliminary and permanent injunctive relief to secure specific performance, and to prevent a breach or contemplated breach of this
Agreement, without the necessity of posting a bond. In the event the Company or Employee is required to enforce the terms of this Agreement through court proceedings, then the substantially prevailing party shall be entitled to reimbursement for
reasonable legal fees, costs and expenses incident to such enforcement. 
 16. No Conflict. Employee represents and
warrants to the Company that neither the execution nor delivery of this Agreement, nor the performance of Employee's obligations under this Agreement will conflict with, or result in a breach of, any term, condition, or provision of, or constitute a
default under, any obligation, contract, agreement, covenant or instrument to which Employee is a party or under which Employee is bound, including, without limitation, the breach by Employee of a fiduciary duty to any former employers. 

17. Harassment Policy. Employee acknowledges that Employee has been provided a copy of the Company's policy against discrimination
and harassment in the workplace, which includes complaint reporting procedures. Employee will comply with this policy and will affirmatively support the Company's commitment to an equal opportunity work environment free from illegal harassment or
discrimination. The Company will promptly provide Employee with all new or updated policies. 
 18. Waiver. Neither the
failure nor delay of either party to exercise any right or remedy under this Agreement shall operate or be construed as a waiver of any such right or remedy or constitute an excuse for any subsequent breach of this Agreement. 

19. Entire Agreement; Amendment. This Agreement and the Purchase Agreement represent the entire understanding and agreement
between the parties with respect to the subject matter of this Agreement, and supersede all prior negotiations, agreements, discussions and proposals, both oral and written, between Employee and the Company with respect to the subject matter of this
Agreement. For the avoidance of doubt, nothing in the preceding sentence shall limit or impair Employee’s obligation to comply with the Policies and Procedures. No default by any party under this Agreement shall automatically constitute a
default under the Purchase Agreement, nor vice-versa. However, nothing herein shall limit or impair the obligations of Employee and the Company to comply with their respective obligations under the Purchase Agreement. This Agreement may not be
amended or modified, and no waiver hereunder shall be valid or binding, unless set forth in writing, duly executed by the party against whom enforcement of the amendment, modification or waiver is sought. 

  
 10 

  
 20. Potential
Unenforceability of any Provision. If a final judicial determination is made that any provision of this Agreement is an unenforceable restriction against Employee, the provisions of this Agreement will be rendered void only to the extent that a
judicial determination finds the provisions unenforceable, and the unenforceable provisions will automatically be reconstituted and become a part of this Agreement, effective as of the date of this Agreement, to the maximum extent in order to give
effect to the parties' intent that is lawfully enforceable and to give effect to the parties' intent. A judicial determination that any provision of this Agreement is unenforceable will not render the entire Agreement unenforceable, but rather this
Agreement will continue in full force and effect absent any unenforceable provision to the maximum extent permitted by law. 

21. Headings. The headings contained in this Agreement are inserted for convenience of reference only, and shall not be deemed to
be a part of this Agreement for any purposes, and shall not in any way define or affect the meaning, construction or scope of any of the provisions of this Agreement. 
 22. Governing Law. This Agreement shall be construed under and governed by the internal laws of the State of Missouri without regard to its conflict of laws provisions. The parties hereby
irrevocably and unconditionally submit to the exclusive jurisdiction of the state and federal courts of the State of Missouri in connection with any action arising out of or relating to this Agreement, and irrevocably and unconditionally waive the
defense of an inconvenient forum. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

23. Notice. Any notice, request, demand, or other communication required or permitted hereunder shall be in writing and shall be
deemed to have been given (a) if personally delivered, upon receipt, (b) if sent via overnight delivery by a nationally recognized delivery service, upon the next business day, or (c) if sent by registered or certified mail, upon the
sooner of the date on which receipt is acknowledged or the expiration of three days after deposit in United States post office facilities properly addressed with postage prepaid. All notices to a party shall be sent to the addresses set forth below
or to such other address or person as such party may designate by notice to each other party hereunder: 
  

			
		  	If to the Company:
		
		  	Scout Investment Advisors, Inc.
		  	c/o UMB Financial Corporation
		  	1010 Grand Blvd.
		  	Kansas City, Missouri 64106
		  	Attention: C. Warren Green

  
 11 

  

			
		 	with a mandatory copy to:
		 	  
 Stradley Ronon Stevens & Young,
LLP

		 	2600 One Commerce Square
		 	Philadelphia, Pennsylvania 19103
		 	Attention: Michael P. O’Hare, Esq.
		 	  
 If to Employee:

		 	  

		 	  

		 	  

		
		 	with a mandatory copy to:
		 	  
 Vedder Price, P.C.

		 	222 North LaSalle Street
		 	Chicago, IL 60601
		 	Attn: Renee M. Hardt

 Any notice given hereunder may be
given on behalf of any party by his counsel or other authorized representatives. 
 24. Assignment. This Agreement shall
be binding and inure to the benefit of the parties hereto, and to the Company’s and Parent’s (a) successors or assigns, (b) entities with which the Company or Parent may merge or consolidate, (c) entities to which the
Company or Parent may sell or transfer all or substantially all of its assets, (d) entities which by any corporate transaction or reorganization operate and control the Company’s or Parent’s business, or (e) to any other entities
which operate as a successor to the Company or Parent by operation of law or otherwise. Since Employee's duties and covenants under this Agreement are personal, this Agreement shall not be assignable by Employee. 

25. Indemnification and Insurance; Waiver of Certain Indemnification Rights. 

(a) The Company shall afford Employee the protection of the Company’s D&O insurance policy and fiduciary liability insurance
policy and indemnification rights under the Company’s and Parent’s articles of incorporation and by-laws, in each case to the same extent afforded to other officers and/or directors of the Company. 

(b) Notwithstanding Paragraph 25(a) above, Employee agrees that, with respect to matters for which he is contractually liable to
indemnify the Company pursuant to the Purchase Agreement, Employee hereby waives his right to seek indemnification, including but not limited to advancement of attorney fees, as an officer or director of the Company pursuant to the Company's or
Parent’s Articles of Incorporation or Bylaws. 
 26. Survival of Obligations. All obligations of each of the
Company, Parent and Employee that by their nature involve performance, in any particular, after the expiration or termination of the Term or this Agreement, or that cannot be ascertained to have been fully performed until after the expiration or
termination of the Term or this Agreement, will survive the expiration or termination of the Term or this Agreement. 

  
 12 

  
 27.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and constitute one and the same instrument. Faxed and/or electronic signatures are authorized. 

28. Gender. Reference to any gender includes each other gender. 

29. Acknowledgment. Employee acknowledges that he has carefully read and considered the provisions of this Agreement and has had
an opportunity to consult with independent legal counsel of his choosing prior to executing this Agreement. 
 30. Guarantee
of Parent. Parent guarantees the obligations of the Company to pay, provide or reimburse the Employee for all cash, benefits or other amounts to which the Company is obligated pursuant to the terms of this Agreement. 

31. Extension. 
 (a) The Company shall have the option (the “Option”), in its sole discretion, which may be exercised upon written notice to Employee at least ninety (90) days prior to the fifth anniversary
of the Closing, to extend the Term for a one year period through the sixth anniversary of the Closing (such one year period, the “Extension Term”). Except as provided in clause (i) below, the provisions of this Agreement shall
continue to apply to Employee's employment with the Company during the Extension Term (if any). 
 (i) If Employee’s
employment is terminated without Cause during the Extension Term, if Employee quits for Good Reason during the Extension Term, or if Employee remains employed as of the last day of the Extension Term, then the Non-Competition and Non-Solicitation
Periods set forth in Sections 9 and 10 hereof shall end twelve (12) months after the date of Employee’s termination (as opposed to twenty-four (24) months). If Employee’s employment is terminated with Cause during the Extension
Term, or if Employee quits without Good Reason during the Extension Term, then the Non-Competition and Non-Solicitation Periods set forth in Sections 9 and 10 hereof shall end on the seventh anniversary of the Closing (as opposed to twenty-four
(24) months after the date of Employee’s termination). 
 (b) If Employee remains employed by the Company on the fifth
anniversary of the Closing, but the Company declines to exercise the Option, then the Non-Competition and Non-Solicitation Periods set forth in Sections 9 and 10 hereof shall end twelve (12) months thereafter (as opposed to twenty-four
(24) months). 
 (c) For the avoidance of doubt, the parties acknowledge and agree that nothing in this Agreement shall
cause the terms of Schedule 5.4 of the Purchase Agreement to remain in effect following the fifth anniversary of the Closing. In addition, for the avoidance of doubt, the parties acknowledge and agree that Employee shall be entitled to receive an
incentive bonus award under the Incentive Bonus Plan with respect to the Extension Term determined on the same basis as such bonus was previously determined, notwithstanding any provisions of the Incentive Bonus Plan relating to the termination of
such plan after the fifth plan year. 

  
 13 

  
 32.
Definitions. The term “affiliate” as used in this Agreement shall have the same meaning as the term “Affiliate” set forth in the Purchase Agreement. 
 [Signature Page Follows] 

  
 14 

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

					
	SCOUT INVESTMENT ADVISORS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	UMB FINANCIAL CORPORATION, solely
	with respect to Paragraph 30
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[EMPLOYEE NAME]
	
	  

	Print Name:

  
 Exhibit A to
Employment Agreement 
 Key Employment Terms Schedule for [Insert Name] 

Position: 
 Title. Your
title(s) will be
                                        .

 Duties, Authority, Responsibility. [Describe duties, authority, etc.]. You may be assigned additional duties that are
materially consistent with the preceding job duties. 
 Reporting Relationship. Reporting to
[                    ]. 
 Primary Office Location. [Brookfield, WI or Columbus, IN] 
 Compensation: 

Base Salary. As of the Effective Date, annualized base salary of
$            . 
 Reference Bonus. Your Reference Bonus
amount is $            . 

  
 Exhibit B to
Employment Agreement 
 Scout Investment Advisors, Inc. 

(Reams) Incentive Bonus Plan 
 (See attached) 

  
 Exhibit C to
Employment Agreement 
 Civic, Charitable or Corporate Boards 

  
 DOMAIN NAME
TRANSFER AND ASSIGNMENT AGREEMENT 
 THIS AGREEMENT is dated as of
            , 2010 (this “Agreement”), and is by and between Reams Asset Management Company, LLC (“Seller”), an Indiana limited liability company having an
address of 227/231/235 Washington Street, Columbus, Indiana 47201, and Scout Investment Advisors, Inc. (“Purchaser”), a Missouri corporation having an address of 1010 Grand Blvd., Kansas City, Missouri 64106. Seller and Purchaser may be
collectively referred to herein as the “Parties,” or individually as a “Party.” 
 WITNESSETH 

WHEREAS, Purchaser, Seller and certain other parties have entered into an Asset Purchase Agreement (the “APA”) dated as of
                    , 2010, whereby Purchaser agreed, subject to the terms thereof, to acquire substantially all of the assets of the business
of Seller. 
 WHEREAS, Seller is the legal owner of the Internet domain names (the “Domain Names”) set forth on
Schedule 1 attached hereto and incorporated herein by reference; and 
 WHEREAS, as contemplated by, and subject to the terms
of, the APA, Purchaser wishes to purchase, and Seller wishes to sell to Purchaser, the Domain Names set forth on Schedule 1. 

NOW, THEREFORE, in consideration of the mutual covenants and promises herein, along with other consideration, the receipt and sufficiency
of which are hereby acknowledged to be adequate, the Parties hereto agree as follows: 
 1. Purchase and Assignment.
Seller hereby transfers and assigns to Purchaser all right, title, and interest in and to the Domain Names. Notwithstanding anything herein to the contrary, the provisions of this Agreement shall be subject to the provisions of the APA, and, if and
to the extent the provisions of this Agreement are inconsistent in any way with the provisions of the APA, the provisions of the APA shall be controlling. 
 2. Registration of Transfer. Contemporaneous to Seller’s execution of this Agreement, Seller shall simultaneously execute and notarize a Domain Name Transfer Application to be filed with
Network Solutions, Inc., substantially in the form attached hereto as Exhibit A, or such other domain registration service company as may exist from time-to-time. Seller shall cooperate as reasonably requested by Purchaser to ensure that the Domain
Names are validly transferred to Purchaser. 
 3. Transfer of Seller’s Interest; Assignment. 

(a) Seller shall transfer, assign, and deliver to Purchaser all right, title, interest, and possession to the Domain Names, subject to the
terms of the APA. 
 (b) Seller shall be responsible for ensuring that such transfer and assignments are completed in accordance
with all applicable laws and regulations. 

  
 (c) The Parties shall
cooperate with each other as reasonably requested to effectuate the purposes and provisions of this Agreement. 
 (d) This
Agreement may be amended only by a writing signed by the Parties. 
 (e) This Agreement may be executed in one or more
counterparts. 
 IN WITNESS WHEREOF, the Parties hereto have offered their hand and seal as of the date of this Agreement,
through their duly authorized representatives. 
  

	
	TRANSFEROR:
	
	REAMS ASSET MANAGEMENT COMPANY, LLC
	
	By:                             
                                
	Name:                             
                           
	Title:                            
                              

 

	
	TRANSFEREE:
	
	SCOUT INVESTMENT ADVISORS, INC.
	
	By:                             
                                
	Name:                             
                           
	Title:                            
                              

  
 Schedule 1 –
Assigned Domain Names and URLs 
 http://www.reamsasset.com 

  

  
 Exhibit A

 Domain Name Transfer Application 
 See attached. 

  

  
 CONFIDENTIALITY
AND NON-SOLICITATION AGREEMENT 
 THIS CONFIDENTIALITY AND NON-SOLICITATION AGREEMENT (“Agreement”) is entered
into by and between Scout Investment Advisors, Inc. (the “Company”), and                      (hereinafter, “you” or
“your”). 
 In consideration of (a) your employment with the Company; (b) the Company’s willingness to
provide you with valuable opportunities, compensation and/or benefits; (c) the expense, time and effort involved in providing you with specialized and unique training; (d) the access the Company is providing you to certain trade secrets,
and confidential and proprietary information related to the business of the Company; and (e) other consideration, 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained, and intending to be legally bound hereby, the parties hereto agree as follows: 
  

	1.	Employment. 

 You
desire to be employed by the Company and you acknowledge that such employment is conditioned upon your execution of this Agreement. Upon the terms and conditions set forth herein, the Company agrees to employ you in such capacity, with such duties
and compensation as may be determined by the Company, and as amended from time to time. During the entire period that you are employed by the Company, you agree to devote your best efforts to advance the interests of the Company. 

Your status is as an at-will employee, and the Company is not obligated by this Agreement or by separate arrangements to continue your
employment for any particular time period or under any specific terms or conditions. You acknowledge and agree that although this Agreement is ancillary to your employment with the Company, the terms and conditions of your employment (except as it
relates to the subject matter of this Agreement) are separate from and form no part of this Agreement. The termination of your employment, however, by either you or the Company, shall not terminate, modify or change your post-employment obligations
under this Agreement. 
 You will conduct your duties and activities in accordance with the rules and regulations of any
governmental or self-regulatory organization having authority over your duties and activities, and you shall not conduct or solicit transactions or receive funds with respect thereto until you are properly licensed and registered. 

You represent and warrant to the Company that you have furnished the Company with copies of any and all agreements, documents or
instruments, if any, to which you are a party or by which you are bound that may restrict you in the performance of your duties and activities for the Company. You agree not to divulge to the Company any information which would violate any such
agreements, documents or instruments, nor to divulge to the Company any trade secrets, or confidential or proprietary information of your prior business affiliations or employers. You represent and warrant to the Company that the performance of your
duties and activities for the Company will not breach the terms of any agreements, documents, or instruments to which you are a party or by which you are bound. 
  

	2.	Clients and Business of the Company. 

 (a) You agree that any and all presently existing investment advisory businesses of the Company and its affiliates, and all businesses developed by the Company and its affiliates (including by you or any
other employee or agent of the Company or its affiliates), including, without limitation, all investment methodologies, all investment advisory contracts, fees and fee schedules, commissions, records, data, client lists, agreements, trade secrets,
and any other incident of any business developed by the Company or its affiliates or handled or carried on by you for the Company or its affiliates, and all trade names, service marks and logos under which the Company or its affiliates do business,
and any combinations or variations thereof and all related logos, are and shall be the exclusive property of the Company or such affiliate, as applicable, for its or their sole use. In addition, you acknowledge and agree that the investment
performance of the accounts managed by the Company is attributable to the efforts of the team of professionals at the Company and not to the efforts of any single individual, and that therefore, the performance records of the accounts managed by the
Company are and shall be the exclusive property of the Company and not of the team or of any single professional. 
 (b) You
agree that all clients for whom you or others at the Company perform services while at the Company shall be considered clients of the Company, and shall not be considered clients of yours. All prospective clients with whom you have business dealings
during your employment with the Company shall be considered prospective clients of the Company, and shall not be considered prospective clients of yours. 
  

	3.	Non-Disclosure of Confidential Information. 

 The Company, in the course of performing its business activities, (a) acquires and develops trade secrets and confidential and proprietary information which is not generally known in the industry,
and (b) acquires trade secrets 

  

 
and confidential and proprietary information of or about the Company’s affiliates, customers, vendors, business partners, licensors, suppliers and other companies, persons or entities with
which the Company maintains or has maintained a business relationship (hereinafter collectively, “the Company Business Relationships”). 
 You recognize that the knowledge and information acquired by you concerning the following information of the Company and of the Company Business Relationships: corporate information, including, but not
limited to, business plans and methods, trade secrets, products, services, financial affairs, formulae, technology, know-how, contracts, pricing lists, costs, policies, sales methods, financial information, profits, expenses, operations, operating
methods and procedures, blueprints, drawings, processes, statistics, suppliers, marketing data, strategic information, sales and plans for future developments, methods, reports, plans, strategies and efforts, customers, customer lists, customer
requirements and information, prospective customers, customer files, proposals and communications with customers and prospective customers, fees, information regarding meeting attendees, employee lists and information, financial and other record
systems, records, applications, computers, computer programs, system documentation, hardware, software and information contained therein, marketing and expansion plans, technologies, development, projects, forms and other trade secrets, inventions
designs, know-how, any facts concerning the systems, methods, procedures or plans developed or used by the Company or the Company Business Relationships or other private, confidential or proprietary information of or about the Company or the Company
Business Relationships which is not already available to the public (collectively, “Confidential Information”) are valuable, special and unique aspects of the business of the Company and the Company Business Relationships. You recognize
that such Confidential Information would not be provided to you by the Company in the absence of this signed Agreement because of the risks that valuable Confidential Information might otherwise be divulged and thereby damage the Company’s
competitive position in the marketplace, damage the Company’s relationship with the Company Business Relationships, or otherwise cause damage to the Company Business Relationships. 

You agree that you will not, during or after your employment or other affiliation with the Company, (i) disclose, in whole or in
part, any Confidential Information to any person, firm, corporation, association or other entity for any reason or purpose whatsoever unless authorized in writing to do so by the Company, or (ii) use any Confidential Information for your own
purpose or for the benefit of any person, firm, corporation, association or other entity other than the Company, except in the proper performance of your duties as instructed by the Company. Upon the cessation of your employment with the Company,
the restrictions set forth in this paragraph will not apply to Confidential Information which is then in the public domain (unless you are responsible, directly or indirectly, for such Confidential Information entering the public domain without the
Company’s consent). 
  

	4.	Intellectual Property. All patents, trademarks, service marks, copyrights, trade secrets and other intellectual property rights (“Intellectual
Property”) relating in any way to the business of the Company or its affiliates that you (either alone or in conjunction with others) conceived, made, obtained or developed during the term of your employment with the Company or conceive, make
or obtain during the term of your employment (whether during or outside of working hours) with the Company (collectively, “the Company IP”), is the sole and exclusive property of the Company and shall be considered a “work made for
hire.” The Company IP belongs to the Company whether or not patent, trademark, copyright and/or other intellectual property right applications are or can be filed thereon. Notwithstanding the foregoing, to the extent that the Company IP does
not constitute a work made for hire under applicable law, you hereby assign and transfer to the Company all right, title and interest in and to the Company IP, including, without limitation, any and all copyright, trademark, service mark, patent or
other intellectual property rights and goodwill inherent therein or related thereto. 

 You will make full and
prompt disclosure to the Company of all Intellectual Property and Company IP, and at the Company’s request and expense (but without additional compensation to you), will at any time and from time to time during and after your employment with
the Company execute and deliver to the Company such applications, assignments and other papers and take such other actions (including, but not limited to, testifying in any legal proceedings) as the Company, in its sole discretion, considers
necessary to vest, perfect, defend or maintain the Company’s rights in and to the Company IP. You have attached to this Agreement a complete list of Intellectual Property, if any, conceived, made, obtained or developed by you (either alone or
in conjunction with others) on or prior to the date hereof, and to the extent that such Intellectual Property does not also constitute the Company IP, such Intellectual Property is excluded from the undertakings in this Agreement. 

If you are requested, pursuant to, or required by applicable law or regulation, or by legal process, to disclose any Confidential
Information or Company Intellectual Property, you will use your best efforts to promptly notify the Company of this request and enable the Company or any subsidiary, parent or affiliate of the Company to seek an appropriate protective order at the
Company's sole cost and expense. If a protective order or other protective remedy is not obtained, you may furnish only that portion of the Confidential Information or Company Intellectual Property that

  
 -2-

 
is legally required, in the opinion of your counsel, and will exercise your best efforts to obtain reliable assurances that confidential treatment will be accorded the Confidential Information or
Company Intellectual Property; provided, however, that the Company shall bear the cost and expense of obtaining such confidential treatment. 
  

	5.	Non-Solicitation. 

You agree that during the term of your employment relationship with the Company and for a period of twelve (12) months after the
cessation of such employment (hereinafter, “the Non-Solicitation Period”), you shall not, directly or indirectly, except in the performance of your duties on behalf of the Company: 

(a) become employed by or affiliated with any Past Client, Present Client or Prospective Client of the Company or its affiliate (as the
terms are defined in paragraph 6 or 11) in a role which provides Investment Management Services (as defined in paragraph 6); 

(b) provide Investment Management Services to any person or entity that is a Past Client, Present Client or Prospective Client of the
Company or its affiliates; 
 (c) solicit or induce any person or entity with the effect or for the purpose (which need not be
the sole or primary effect or purpose) of: (1) causing any funds with respect to which the Company or its affiliates provides Investment Management Services to be withdrawn from such management, (2) causing any Present Client or
Prospective Client of the Company to refrain from engaging the Company or any of its affiliates to provide Investment Management Services for any funds or any additional funds, or (3) causing any Present Client to terminate or diminish its
relationship involving Investment Management Services with the Company or its affiliates; 
 (d) on behalf of yourself, or on
behalf of a competitive Investment Management Services business, contact, solicit, canvas, provide services to, contract with, or accept Investment Management Services business from any entity or individual which (i) is a Past Client, Present
Client or Prospective Client, or (ii) as of the date of such cessation of your employment, has received an outstanding proposal or offer from the Company, or its affiliates; or 

(e) (i) induce, offer, assist, solicit, encourage or suggest, in any manner whatsoever, (1) that you or another business or
enterprise offer employment to or enter into a business affiliation with any employee, agent or representative of the Company or its affiliates, or (2) that any employee, agent or representative of the Company or its affiliates terminate his or
her employment or business affiliation with the Company or its affiliates; or (ii) hire, employ or contract with any employee, agent or representative of the Company or its affiliates. 

 

	6.	Definitions. 

 (a)
“Investment Management Services” shall mean any services which involve (i) the management of an investment account or fund (or portions thereof or a group of investment accounts or funds), or (ii) the giving of advice with
respect to the investment and/or reinvestment of assets or funds (or any group of assets or funds). 
 (b) “Past
Client” shall mean at any particular time, any person or entity who at any point within two years prior to such time (i) had been a client of the Company or its affiliates receiving Investment Management Services, (ii) had been an
advisee or investment advisory customer of, or recipient of Investment Management Services from, the Company or its affiliates or (iii) had been an intermediary with respect to Investment Management Services between the Company or its
affiliates and any such person or entity but at such time is not an advisee or investment advisory customer or client of, or recipient of Investment Management Services from, the Company or its affiliates or an intermediary with respect to
Investment Management Services between the Company or its affiliates and any such person or entity. 
 (c) “Present
Client” shall mean, at any particular time, any person or entity which is at such time (i) a current client of the Company or its affiliates with respect to Investment Management Services, (ii) an advisee or investment advisory
customer of, or recipient of Investment Management Services from, the Company or its affiliates or (ii) an intermediary with respect to Investment Management Services between the Company or its affiliates and any such person or entity.

 (d) “Prospective Client” shall mean, at any particular time, any person or entity to whom the Company or its
affiliates, through any of their officers, employees, agents or consultants (or persons acting in any similar capacity), has, within twelve (12) months prior to such time, offered (by means of a personal meeting, telephone call, letter, written
proposal or otherwise) (i) to provide Investment Management Services, (ii) to serve as investment adviser or otherwise provide Investment Management Services including, without limitation, any intermediaries between the Company or its
affiliates and any such person or entity, but who is not at such time an advisee or investment advisory customer of, or recipient of, Investment Management Services from the Company or its affiliates or an intermediary with respect to Investment
Management Services between the Company or its affiliates and any such person or entity. 

  
 -3-

  
 The preceding sentence
is meant to exclude blanket mailings and advertising, if any, through mass media in which the offer, if any, is available to the general public, such as magazines, newspapers or sponsorships of public events, in each case to the extent such efforts
do not result in a request by the recipient for further information or a presentation. 
  

	7.	The Company’s Documents and Other Information. 

 (a) You will not remove any records, documents or advertising, including client names and addresses or information from your work premises either in an original form or in duplicated or copied form, or
transmit any facts contained in the records, except in the ordinary course of business for the Company. 
 (b) Upon the
cessation of your employment with the Company or at any other time upon request of the Company, you shall deliver to the Company any and all property of the Company or its affiliates (including, but not limited to, keys and credit cards), documents
(including, but not limited to, the Company information and documents stored on your computer, including any documents, files, reports or other information received or made by you in connection with your employment with the Company, regardless of
whether or not such information is Company Confidential Information) and equipment (including, but not limited to, cell phones, PDAs and computer equipment). 
  

	8.	Non-Disparagement. 

So long as are you are an employee of the Company and thereafter (including after the termination of your employment), you will not make
any disparaging comment in any format, whether written, electronic or oral, to any client, customer, account, supplier, service provider, agency, employee or the media regarding the Company (or any subsidiary, parent or affiliate of the Company) or
otherwise relating to the business of the Company (or any subsidiary, parent or affiliate of the Company). Similarly, the Company will not, and will cause its subsidiaries, parents and affiliates to not, make any disparaging comment in any format,
written, electronic or oral, to any client, customer, account, supplier, service provider, agency, employee or the media regarding you. Nothing in this paragraph 8 shall preclude truthful statements made pursuant to subpoena or as otherwise required
by law. 
  

	9.	Subsequent Affiliation or Employment and Enforcement. 

 (a) Advising the Company of New Affiliation or Employment. In the event of a cessation of your employment with the Company, and during the Non-Solicitation Period described in paragraph 5
above, you agree to disclose to the Company the name and address of any new business affiliation or employer within thirty (30) days of your commencement of such new relationship. 

(b) Your Ability to Earn Livelihood. You acknowledge that, in the event of a cessation of your employment with the Company,
for any reason and at any time, you will be able to earn a livelihood without violating the provisions of paragraph 5 of this Agreement. Your acknowlegment regarding your ability to earn a livelihood without violating paragraph 5 of this Agreement
is a material condition of your employment with the Company. You and the Company acknowledge that your rights have been limited by this Agreement only to the extent reasonably necessary to protect the legitimate interests of the Company. 

(c) Construction and Severability. If any section, paragraph, term or provision of this Agreement, or the application
thereof, is determined by a competent court or tribunal to be invalid or unenforceable, then the other parts of such section, paragraph, term or provision shall not be affected thereby and shall be given full force and effect without regard to the
invalid or unenforceable portions, and the section, paragraph, term or provision of this Agreement will be deemed modified to the extent necessary to render it valid and enforceable. 

(d) Enforcement. You agree that if you violate the covenants and agreements set forth above (including but not limited to
paragraphs 3, 4, 5, 7 or 8), the Company would suffer irreparable harm, and that such harm to the Company may be impossible to measure in monetary damages. Accordingly, in addition to any other remedies which the Company may have at law or in
equity, the Company shall have the right to have all obligations, undertakings, agreements, covenants and other provisions of this Agreement specifically performed by you, and the Company shall have the right to obtain preliminary and permanent
injunctive relief to secure specific performance, and to prevent a breach or contemplated breach of this Agreement, without the necessity of posting a bond. In the event the Company or you are required to enforce the terms of this Agreement through
court proceedings, then the substantially prevailing party shall be entitled to reimbursement for reasonable legal fees, costs and expenses incident to such enforcement. 

 

	10.	 Litigation and Regulatory Cooperation. During and after your employment, you shall cooperate fully with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while you were employed by the Company. Your full cooperation in
connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company

  
 -4-

	 	 
at mutually convenient times. During and after your employment, you also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or occurrences that transpired while you were employed by the Company. The Company will reimburse you for any reasonable out-of-pocket expenses (excluding attorneys’
fees unless otherwise agreed to by the Company and/or its insurance carrier if any). 

  

	11.	Miscellaneous. 

(a) Assignment. This Agreement shall be binding and inure to the benefit of the parties hereto, and to the Company’s
(a) successors or assigns, (b) entities with which the Company may merge or consolidate, (c) entities to which the Company may sell or transfer all or substantially all of its assets, (d) entities which by any corporate
transaction or reorganization operate and control the Company’s business, or (e) to any other entities which operate as a successor to the Company by operation of law or otherwise. Since your duties and covenants under this Agreement are
personal, this Agreement shall not be assignable by you. 
 (b) Headings. The headings contained in this Agreement
are inserted for convenience of reference only, and shall not be deemed to be a part of this Agreement for any purposes, and shall not in any way define or affect the meaning, construction or scope of any of the provisions of this Agreement.

 (c) Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Missouri (without regard to its conflicts of laws principles). 
 (d) Entire Agreement. This Agreement represents
the entire understanding and agreement between the parties with respect to the subject matter of this Agreement, and supersedes all prior negotiations, agreements, discussions and proposals, both oral and written, between you and the Company with
respect to the subject matter of this Agreement. For the avoidance of doubt, nothing in the preceding sentence shall limit or impair Employee's obligation to comply with all lawful rules, orders, regulations, policies and practices, including,
without limitation, all codes of ethics and codes of conduct and policies of UMB Financial Corporation, the Company, or any of their respective affiliates, as are applicable to you and similarly situated employees. This Agreement may not be amended
or modified, and no waiver hereunder shall be valid or binding, unless set forth in writing, duly executed by the party against whom enforcement of the amendment, modification or waiver is sought. 

(e) Waiver. Neither the failure nor delay of either party to exercise any right or remedy under this Agreement shall operate
or be construed as a waiver of any such right or remedy or constitute an excuse for any subsequent breach of this Agreement. 

(f) Acknowledgement. You acknowledge that you have carefully read and considered the provisions of this Agreement, have had
an opportunity to consult with an independent legal counsel of your choosing, and accept this Agreement on the terms set forth herein. 
 (g) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and constitute one and the same instrument. Faxed and/or electronic
signatures are authorized. 
 (h) Definitions. The word “Person” as used in this Agreement, means
any individual, sole proprietorship, joint venture, partnership, corporation, limited liability company, association, cooperative, trust, estate, governmental body, administrative agency, regulatory authority, or other entity of any nature
whatsoever. The word “affiliate” as used in this Agreement means: (a) any Person directly or indirectly controlling, controlled by or under common control with another Person; (b) a Person owning or controlling ten
(10) percent or more of the outstanding voting securities of such other Person; (c) any officer, director, member, manager or partner of such Person; or (d) a Person who is an officer, director, member, manager or partner or holder of
ten (10) percent or more of any of the voting interests of any Person described in clauses (a) through (c) of this sentence. For purposes of the foregoing definition, “control” (including “controlling,”
“controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 SCOUT INVESTMENT ADVISORS, INC. 

 

					
	By:                             
                       	  		  	  

		  		  	Name:
			
	Dated:                            
                    	  		  	Dated:                     , 2010

  
 -5-

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