Document:

Second Amendment to loan documents, dated July 25, 2011

 Exhibit 10.11 
 Execution Version 
  

			
	 Second Amendment to Loan Documents
	  	

 THIS SECOND AMENDMENT TO LOAN DOCUMENTS (this “Amendment” or the
“Second Amendment”) is made as of July 25, 2011 (the “Second Amendment Date”), by and between EPAM Systems, Inc. (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the
“Bank”). 
 BACKGROUND 

A. The Borrower has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name as
set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral assignments, and other agreements, instruments, certificates and documents, some or all of which are
more fully described on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which evidence or secure some or all of the Borrower’s obligations to the Bank
for one or more loans or other extensions of credit (the “Obligations”). 
 B. The Borrower and
the Bank desire to amend the Loan Documents as provided for in this Amendment. 
 NOW, THEREFORE, in
consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as amended by
this Amendment. This Amendment is deemed incorporated into each of the Loan Documents. Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Documents. To the extent
that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control. 

2. The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as
amended by this Amendment, are, except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as if made anew, and (iii) incorporated into
this Amendment by reference, (b) no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not be cured by the execution and
effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has
been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower confirms that the
Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment. 
 3. The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Borrower or third parties (if applicable), shall
continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment. 

 4. As a condition precedent to the effectiveness of this Amendment, the
Borrower shall comply with the terms and conditions (if any) specified in Exhibit A. 
 5. This Amendment may be
signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile transmission shall be effective as delivery of a manually executed counterpart. Any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so
shall not affect the validity of the counterpart executed by facsimile transmission. 
 6. This Amendment will
be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns. 
 7. This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated in the Loan Documents is located. This Amendment will be
interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State of New York, excluding its conflict of laws rules (except General Obligations Law Section 5-1401). 

8. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in
full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or
release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby reserved). The Borrower
expressly ratifies and confirms the waiver of jury trial provisions contained in the Loan Documents. 
 [SIGNATURE PAGE
FOLLOWS] 
  

  
 - 2 -

 WITNESS the due execution of this Amendment as a document under seal
as of the date first written above. 
  

							
	 WITNESS / ATTEST:
	 		 	 EPAM Systems, Inc.

				
	 /s/ Amy Uliano
	 	 	 	 By:
	 	 /s/ Ilya Cantor

	 Print Name: Amy Uliano
	 	 	 	 	 	 Print Name: Ilya Cantor
                    (SEAL)

	 Title: Senior Corporate Paralegal
	 	 	 	 	 	 Title: Vice President and Chief Financial Officer

				
		 		 		 	
			
		 		 	 PNC BANK, NATIONAL ASSOCIATION

				
	 	 	 	 	 By:
	 	 /s/ Andrew Vlahos

		 		 		 	 Print Name: Andrew Vlahos                    
(SEAL)

		 		 		 	 Title: Vice President

  

  
 - 3 -

 EXHIBIT A TO 
 SECOND AMENDMENT TO LOAN DOCUMENTS 
 DATED AS OF JULY 25, 2011

  

	 A.
	 The “Loan Documents” that are the subject of this Amendment include the following (as any of the foregoing have previously been amended,
modified or otherwise supplemented): 

  

	 	 1.
	 Letter Agreement dated November 22, 2006, between the Borrower and the Bank, as amended by that certain First Amendment to Loan Documents,
dated as of September 30, 2010 (collectively, the “Agreement”). 

  

	 	 2.
	 $15,000,000 Amended and Restated Committed Line of Credit Note, dated September 30, 2010, executed and delivered by the Borrower in favor of
the Bank (the “Existing Line of Credit Note”). 

	 	

	 	 3.
	 Borrowing Base Rider, dated November 22, 2006, between the Borrower and the Bank (the “Borrowing Base Rider”).

	 	

	 	 4.
	 Security Agreement, dated November 22, 2006, between the Borrower and the Bank (the “Security Agreement”).

	 	

	 	 5.
	 Reimbursement Agreements, each dated September 30, 2003, executed and delivered by the Borrower to the Bank. 

	 	

	 	 6.
	 Pledge Agreement (Bank Deposits), dated as of June 14, 2010, executed and delivered by the Borrower to the Bank. 

	 	

	 	 7.
	 All other documents, instruments, agreements, and certificates executed and delivered in connection with the Loan Documents listed in this Section
A. 

  

	 B.
	 The Agreement is, as of the Second Amendment Date, amended as follows: 

 

	 	 1.
	 The “Reference” in the Agreement (above the salutation) is hereby deleted in its entirety and replaced with the following:

 Re: Committed Line of Credit 

 

	 	 2.
	 The first sentence of Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 This is a committed revolving line of credit under which the Borrower may request that the
Bank, subject to the terms and conditions of this letter, will make advances to the Borrower from time to time until the Expiration Date, in an amount in the aggregate at any time outstanding not to exceed $30,000,000.00 (the “Line of
Credit” or the “Loan”). 
  

	 	 3.
	 The following new material is added after the fifth sentence of Section 1 of the Agreement: 

 (For the avoidance of doubt, the cash collateralized letters of credit
listed on Schedule 1 annexed hereto and made a part hereof (the “Cash Collateralized Letters of Credit”) shall not constitute “Letters of Credit” as that term is used herein.) 

 

	 	 4.
	 The first sentence of the second subparagraph of Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 The availability of the advances under the Line of Credit will be subject to a borrowing
base formula and other provisions as set forth in a Borrowing Base Rider dated on or about the date of this Letter Agreement between the Borrower and the Bank, as the same may be amended, modified, restated, supplemented or replaced, the terms and
conditions of which are incorporated herein by reference (the “Borrowing Base Rider”). 
  

	 	 5.
	 Section 6(b) of the Agreement is hereby deleted in its entirety and replaced with the following: 

(b) The Borrower will not make or permit any change in its form of organization or the nature of its
businesses carried on as of the date of this Letter Agreement. Further, no change in control to the Borrower shall occur, excluding any initial underwritten public offering of common stock of the Borrower pursuant to an effective registration
statement of the Security and Exchange Commission in accordance with the Securities Act of 1933, as amended. 
  

	 	 6.
	 Section 6(d) of the Agreement is hereby deleted in its entirety and replaced with the following: 

(d) The Borrower shall comply with the financial covenants and other covenants included in Exhibit
“A” hereto. 
  

	 	 7.
	 The first sentence of Section 8 of the Agreement is hereby deleted in its entirety and replaced with the following:

 Beginning on the 15th day of the quarter after the Second Amendment Date and continuing on
the 15th day of each quarter thereafter until the
Expiration Date, the Borrower shall pay a commitment fee to the Bank, in arrears, at the rate of one-eighth of one percent (.125%) per annum on the average daily balance of the Line of Credit which is undisbursed and uncancelled during the preceding
quarter. 
  

	 	 8.
	 Section 9 of the Agreement is hereby amended by deleting the last sentence of such section relating to the German Receivables.

  

	 	 9.
	 Section 11 of the Agreement is hereby deleted in its entirety and not replaced. 

 

	 	 10.
	 Section 12 of the Agreement is hereby amended by adding the following new material at the end of such Section: 

Furthermore, the Bank will not be obligated to make any advance or to issue any Letter of Credit under the Line of Credit
if there shall occur any material adverse change in the Borrower’s business, assets, operations, financial condition or results of operations. 

 

	 	 11.
	 Section (1)(f) of Part A of Exhibit A of the Agreement (Financial Reporting Covenants) is hereby deleted in its entirety and replaced with the
following: 

 The Borrower shall permit representatives of the Bank to make, at any time
during normal business hours, annual inspections of the Collateral and of the Borrower’s facilities, activities, and books and records, at the Bank’s cost and expense, and shall cause its officers and employees to give full cooperation and
assistance in connection therewith. If an Event of Default has occurred and is continuing, the Borrower shall, however, be responsible for the cost of all field exams and inspections, and such exams and inspections shall not be limited in number and
may be conducted as and when deemed appropriate by the Bank, in its reasonable discretion; provided that immaterial, technical Events of Default will not trigger the Borrower’s payment responsibility as aforesaid. Such inspections shall be made
upon prior reasonable notice to the Borrower. 
  

	 	 12.
	 Section (1) of Part A of Exhibit A of the Agreement (Financial Reporting Covenants) is hereby amended by adding, as new material, the
following: 

 (g) At any time after the Borrower becomes a publicly traded company, within
thirty (30) days after the submission thereof to the Securities and Exchange Commission or any successor thereto, copies of its financial statements and any reports, notices and other materials and filings. 

 

	 	 13
	 Part A of Exhibit A of the Agreement (Financial Reporting Covenants) is hereby amended by adding the following additional clause:

 (2) For so long as advances made under the Line of Credit remain outstanding, and subject
to the Borrower’s agreement to deliver Borrowing Base Certificates to the Bank pursuant to the Borrowing Base Rider, the Borrower shall immediately notify the Bank in writing if the Available Cash (as hereinafter defined) shall fall below the
Cash Component (as hereinafter defined) and shall, with such notification, furnish to the Bank a Borrowing Base Certificate, updated to the date of determination. 

For purposes of this Agreement, the term “Available Cash” shall mean, as of the date of determination,
the aggregate cash on hand owned by the Borrower (denominated in U.S. currency or, with respect to cash held in EUROS, converted to the U.S. Dollar equivalent thereof), which cash is on deposit in one or more deposit accounts established and
maintained at the Bank or an Affiliate of the Bank (including BlackRock, Inc., so long as BlackRock, Inc. is an Affiliate of the Bank), excluding, however, all cash collateralizing the Cash Collateralized Letters of Credit. For purposes of this
Agreement, the term “Cash Component” shall mean: (i) from the Second Amendment Date through December 31, 2011, the lesser of the Available Cash or $10,000,000.00; (ii) from January 1, 2012, through
December 31, 2012, the lesser of the Available Cash or $5,000,000.00; and (iii) from and after January 1, 2013, zero (0). 
  

	 	 14.
	 The definition of “EBITDA” in Part B of Exhibit A of the Agreement is hereby deleted in its entirety and replaced with the
following: 

 “EBITDA” means net income plus interest expense
plus income tax expense plus depreciation plus amortization plus non-cash stock compensation expense. 
  

	 	 15.
	 Section B(1) of Part B of Exhibit A of the Agreement is hereby amended by adding the following material at the end of said subsection:

 The aforesaid covenant shall be tested quarterly on a rolling four quarters basis.

  

	 	 16.
	 Section (C)(1) of Exhibit A of the Agreement is hereby modified by adding the following at the end of said subsection, prior to the period:

 ; provided, however, such liens or security interests granted to a Qualified Financial
Institution shall not include the Collateral (as defined in the Security Agreement). 
  

	 	 17.
	 Section C(5) of Exhibit A of the Agreement is hereby modified by inserting, at the end of clause (b), prior to the period, the following:

 ; provided, however, that the aggregate amount of any such loans outstanding at any time
shall not exceed $10,000,000.00. 
  

	 C.
	 The Borrowing Base Rider is, as of the Second Amendment Date, amended as follows: 

 

	 	 1.
	 The second sentence of Section 1 of the Borrowing Base Rider is deleted in its entirety and replaced with the following:

 If at any time the aggregate principal amount of indebtedness outstanding under the
Facility exceeds the limitations set forth in this Section 1 for any reason, then the Borrower shall immediately repay the amount of such excess to the Bank in immediately available funds. 

 

	 	 2.
	 Section 2 of the Borrowing Base Rider is hereby deleted in its entirety and replaced with the following: 

2. Borrowing Base Certificates. In addition to any and all provisions of the other Loan
Documents which establish conditions to the Borrower’s ability to request and obtain any advance under the Facility, the Borrower may not request an advance under the Facility unless the Borrowing Base Certificate (as hereinafter defined) shall
have been delivered to the Bank with such advance request. In addition, the Borrower shall deliver each month during which there are advances outstanding under the Facility, a Borrowing Base Certificate to the Bank on or before the fifteenth
(15th) day of each such calendar month. Delivery of a
Borrowing Base Certificate by the Borrower pursuant to the first sentence of this Section 2, on or prior to the fifteenth (15th) day of a month shall satisfy the Borrower’s reporting requirements set forth in the second sentence of this
Section 2. 
  

	 	 3.
	 The definition of the term “Borrowing Base” in Section 3 of the Borrowing Base Rider is hereby deleted in its entirety and
replaced with the following: 

 “Borrowing Base” at any time shall mean the
lesser of (a) $30,000,000.00 (the maximum principal amount of the Facility) and (b) the sum of (i) 85% of Qualified Accounts at such time and (ii) the lesser of (A) the Available Cash at such time and (B) the Cash
Component at such time. The value of Qualified 

 
Accounts at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered by the Borrower to the Bank. 

 

	 	 4.
	 Clause (p) of the definition of “Qualified Accounts” in Section 3 of the Borrowing Base Rider is hereby deleted in its
entirety and replaced with the following: 

 (p) Other than the Accounts owed by the entities
enumerated below, the Account shall be ineligible to the extent that the aggregate amount of all the Accounts of the Account Debtor and its Affiliates exceeds 25% of all of the Borrower’s Accounts; provided, however, with respect to Accounts
owed by Thomson Reuters America LLC, Viacom, Expedia Inc, Oracle USA, Inc. ATG (ATG Professional Services), Wolters Kluwer, The Coca Cola Company, Ipreo LLC, Google, Inc., WideOrbit, Global 360, Inc., and Publicis Groupe Operating Divisions, LLC,
such concentration percentage shall not, with respect to each such entity and its Affiliates, exceed 40% of all of the Borrower’s Accounts; 
  

	 	 5.
	 Clause (t) of the definition of “Qualified Accounts” in Section 3 of the Borrowing Base Rider is hereby deleted in its
entirety and replaced with the following: 

 (t) The Account shall be ineligible if the
underlying Account Debtor is not domiciled in any country other than the United States or the Province of Ontario, Canada, or a province of Canada which has adopted and has in effect the Personal Property Security Act, so long as all actions have
been taken, as reasonably determined by the Bank, to properly perfect the Bank’s first priority security interest in such Canadian Accounts; 
  

	 	 6.
	 Exhibit A to the Borrowing Base Rider is hereby deleted and replaced with Exhibit A to Borrowing Base Rider (Revised as of the Second Amendment
Date) annexed hereto and made a part hereof. 

  

	 D.
	 The Security Agreement is, as of the Second Amendment Date, amended as follows: 

 

	 	 1.
	 The following clause is inserted into the third line of Section 9 of the Security Agreement, after the phrase “the following events or
conditions it being agreed that”: 

 ... , except with respect to the events described
in clauses (e) (unless the Bank determines, in the exercise of its reasonable good faith judgment, that any such breach does not result in or would not be reasonably likely to result in a material adverse effect on the Borrower, the
Borrower’s business, assets, operations or financial condition or the Bank’s first priority perfected security interest in the Collateral), (g) and (h) below, ... . 

 

	 	 2.
	 Clause (g) of Section 9 of the Security Agreement is hereby deleted in its entirety and replaced with the following:

 (g) the failure of the Bank to have a perfected first priority security interest in the
Collateral; 
  

	 E.
	 All of the Loan Documents are, as of the Second Amendment Date, amended to provide that (i) the choice of law and venue provisions in each of
the Loan Documents containing such clauses, shall be changed from (x) New Jersey or the State where the Bank’s office indicated in the applicable Loan 

	 	
Document is located to (y) New York, and (ii) the Borrower’s address is changed from “989 Lennox Drive, Suite 305, Lawrenceville, New Jersey 08648” to “41 University
Drive, Suite 202, Newtown, Pennsylvania 18940.” 

  

	 F.
	 Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments set forth in this Amendment is subject to the prior
satisfaction of the following conditions: 

  

	 	 1.
	 Execution by all parties and delivery to the Bank of this Amendment, the Amended and Restated Committed Line of Credit Note and the Resolutions for
Extensions of Credit and Incumbency Certificate approving this Amendment. 

  

	 	 2.
	 Delivery to the Bank of good standing certificates for Borrower’s state of incorporation and such other jurisdictions where Borrower is
authorized to conduct business. 

  

	 	 3.
	 Payment by the Borrower to the Bank of an amendment fee in the amount of $15,000.00, which amendment fee shall be deemed to be fully earned and
nonrefundable on the date that this Amendment is executed and delivered by the Borrower to the Bank. The Borrower hereby authorizes the Bank to effect payment of this amendment fee by means of an advance under the Line of Credit.

  

	 	 4.
	 Reimbursement of the fees and expenses of the Bank’s outside and in-house counsel in connection with this Amendment, which fees and expenses
(i) are hereby authorized to be paid by means of an advance under the Line of Credit and (ii) shall be “capped” at $10,000.00. 

 

 Schedule 1 
 Cash Collateralized Letters of Credit 
  

									
	 Letter of
Credit
 Number
	 	Beneficiary	 	Issue Date	 	Expiry Date	 	 Face Amount of
 Letter of Credit

	 	 	 	 	 
	 LC18113016
	 	 State Tax

Administration of

Ukraine
  
	 	05/24/2010	 	05/24/2012	 	$891,505.00
	 	 	 	 	 
	 LC18113017
	 	 State Tax

Administration of

Ukraine
  
	 	05/24/2010	 	05/24/2014	 	$891,505.00

  

 EXHIBIT “A” 
 TO BORROWING BASE RIDER 
 (REVISED AS OF THE SECOND AMENDMENT DATE) 

 

			
	 Borrowing Base Certificate
	  	

 THIS BORROWING BASE CERTIFICATE, dated as of _________________ _____, _______, is
executed and delivered by the undersigned borrower (the “Borrower”) in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), pursuant to a letter agreement dated as of November 22, 2006 (including any
Borrowing Base Rider executed pursuant thereto and made a part thereof, and as amended or otherwise modified from time to time, the “Agreement”). All initially capitalized terms used in this Certificate shall have the meanings
assigned to them in the Agreement. To induce the Bank to make loans and other financial accommodations available to the Borrower under the Agreement, the Borrower hereby certifies, represents and warrants to the Bank, as of the date hereof, that
(a) the person signing below is an authorized officer or representative of the Borrower; (b) the statements below concerning the collateral securing the Obligations are true and complete; (c) the eligible collateral described below
represents only Qualified Accounts and Qualified Inventory; (d) the Borrower is in compliance with all of the terms and provisions of the Agreement and the other Loan Documents; (e) all of the Borrower’s representations and warranties
in the Agreement and the other Loan Documents are true and correct; and (f) no Event of Default has occurred and is continuing or exists. 

 

					
	 1. Collateral Availability
	  	 	 
		
	 A. Accounts Receivable
	  			
	 1.    Beginning A/R Balance
	  	$	_____________	  
	 2.    Changes to A/R Balance
	  	$	_____________	  
	 3.    Total A/R
	  	$	_____________	  
	 4.    Ineligible A/R
	  	$	_____________	  
	 5.    Qualified A/R (L3 – L4)
	  	$	_____________	  
	 6.    Advance Percentage
	  	 	           85%
	  
	 7.    A/R Borrowing Availability
(L5 X L6)
	  	$	_____________	  
		
	 B. Cash
	  			
		
	 8.    Available Cash
	  	$	_____________	  
	 9.    Applicable Cash Component
	  	$	_____________	  
	 10.  Lesser of Available
Cash and Cash Component
	  	$	_____________	  
	 11.  Total Availability
(Sum of L7 + L10)
	  	$	_____________	  

					
	 2. Borrowing Availability
	  			
		
	 12.  Maximum Line Amount
	  	$	30,000,000.00	  
	 13.  Total Availability (L11)
	  	$	______________	  
	 14.  Maximum Borrowing Capacity (lesser of L12 & L13)
	  	$	______________	  
	 15.  Outstanding Principal Balance
	  	$	______________	  
	 16.  L/C’s, other items to be covered
	  	$	______________	  
	 17.  Available to Borrow
L14 – L15 – L16
	  	$	______________	  
	 18.  Advance Request
	  	$	______________	  
	 19.  New Line Balance
	  	$	______________	  
	 20.  Collateral Coverage
	  	$	______________	  

 

  
  

			
	 Dated: ______________________________
	 	 EPAM Systems, Inc.

		
		 	 By: ______________________________________

		
		 	 Print Name: ________________________________

		
	 Certificate No.:______________________________
	 	 Title: _____________________________________Second Amended and Restated Committed Line of Credit Note dated July 25, 2011

 Exhibit 10.12 
 Execution Version 
 

 
 Second Amended and Restated Committed Line Of Credit Note 

(Multi-Rate Options) 
  

			
	 $30,000,000.00
	  	July 25, 2011

 FOR VALUE RECEIVED, EPAM SYSTEMS, INC. (the “Borrower”), with an address
at 41 University Drive, Suite 202, Newtown, Pennsylvania 18940, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at
its offices located at Two Tower Centre Boulevard, East Brunswick, New Jersey 08816, or at such other location as the Bank may designate from time to time, the principal sum equal to Thirty Million Dollars ($30,000,000.00) (the
“Facility”) or such lesser amount as may be advanced to or for the benefit of the Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided below. 

1. Advances. The Borrower may request advances, repay and request additional advances hereunder until the Expiration Date,
subject to the terms and conditions of this Note and the Loan Documents (as hereinafter defined). The “Expiration Date” shall mean October 15, 2013, or such later date as may be designated by the Bank by written notice from the
Bank to the Borrower. The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Facility or this Note beyond the Expiration Date. The Borrower may request advances hereunder upon giving oral
or written notice to the Bank by 11:00 a.m. (East Brunswick, New Jersey time) (a) on the day of the proposed advance, in the case of advances to bear interest under the Base Rate Option (as hereinafter defined) and (b) three
(3) Business Days prior to the proposed advance, in the case of advances to bear interest under the LIBOR Option (as hereinafter defined), followed promptly thereafter by the Borrower’s written confirmation to the Bank of any oral notice.
The aggregate unpaid principal amount of advances under this Note shall not exceed the face amount of this Note. 
 2.
Rate of Interest. Each advance outstanding under this Note will bear interest at a rate or rates per annum as may be selected by the Borrower from the interest rate options set forth below (each, an “Option”): 

(i) Base Rate Option. A rate of interest per annum which is at all times equal to the Base Rate. If and
when the Base Rate (or any component thereof) changes, the rate of interest with respect to any advance to which the Base Rate Option applies will change automatically without notice to the Borrower, effective on the date of any such change. There
are no required minimum interest periods for advances bearing interest under the Base Rate Option. 
 (ii)
LIBOR Option. A rate per annum equal to (A) LIBOR plus (B) one hundred twenty-five (125) basis points (1.25%), for the applicable LIBOR Interest Period. 

For purposes hereof, the following terms shall have the following meanings: 

“Base Rate” shall mean the highest of (A) the Prime Rate, and (B) the sum of the Federal Funds
Open Rate plus fifty (50) basis points (0.50%), and (C) the sum of the Daily LIBOR Rate plus one hundred (100) basis points (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable and not unlawful. 

“Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial
banks are authorized or required by law to be closed for business in East Brunswick, New Jersey. 

 “Daily LIBOR Rate” shall mean, for any day, the rate per
annum determined by the Bank by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage. 
 “Federal Funds Open Rate” shall mean, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP
North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized
electronic source used for the purpose of displaying such rate as selected by the Bank (an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate
Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Bank at such time (which determination shall be
conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. The rate of interest charged shall be
adjusted as of each Business Day based on changes in the Federal Funds Open Rate without notice to the Borrower. 
 “LIBOR” shall mean, with respect to any advance to which the LIBOR Option applies for the applicable LIBOR Interest Period, the interest rate per annum determined by the Bank by dividing
(the resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100th of 1%) (i) the rate of interest determined by the Bank in accordance with its usual procedures (which determination shall be conclusive absent
manifest error) to be the eurodollar rate two (2) Business Days prior to the first day of such LIBOR Interest Period for an amount comparable to such advance and having a borrowing date and a maturity comparable to such LIBOR Interest Period by
(ii) a number equal to 1.00 minus the LIBOR Reserve Percentage. 
 “LIBOR Interest Period”
shall mean, as to any advance to which the LIBOR Option applies, the period of one (1), two (2), three (3) or six (6) months as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, commencing on
the date of disbursement of an advance (or the date of conversion of an advance to the LIBOR Option, as the case may be) and each successive period selected by the Borrower thereafter; provided that, (i) if a LIBOR Interest Period would
end on a day which is not a Business Day, it shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the LIBOR Interest Period shall end on the next preceding Business Day,
(ii) the Borrower may not select a LIBOR Interest Period that would end on a day after the Expiration Date, and (iii) any LIBOR Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no
numerically corresponding day in the last calendar month of such LIBOR Interest Period) shall end on the last Business Day of the last calendar month of such LIBOR Interest Period. 

“LIBOR Reserve Percentage” shall mean the maximum effective percentage in effect on such day as
prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to eurocurrency
funding (currently referred to as “Eurocurrency liabilities”). 
 “Prime Rate” shall
mean the rate publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the Bank as a means of pricing some loans to its borrowers. The Prime Rate is not tied to any external rate of
interest or index, and does not necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or category of customers. 
 “Published Rate” shall mean the rate of interest published each Business Day in the Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered
Rates” for a one month period (or, if 

  
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no such rate is published therein for any reason, then the Published Rate shall be the eurodollar rate for a one month period as published in another publication selected by the Bank).

 LIBOR and the Daily LIBOR Rate shall be adjusted with respect to any advance to which the LIBOR Option or Base Rate Option
applies, as applicable, on and as of the effective date of any change in the LIBOR Reserve Percentage. The Bank shall give prompt notice to the Borrower of LIBOR or the Daily LIBOR Rate as determined or adjusted in accordance herewith, which
determination shall be conclusive absent manifest error. 
 If the Bank determines (which determination shall be final and
conclusive) that, by reason of circumstances affecting the eurodollar market generally, deposits in dollars (in the applicable amounts) are not being offered to banks in the eurodollar market for the selected term, or adequate means do not exist for
ascertaining LIBOR, then the Bank shall give notice thereof to the Borrower. Thereafter, until the Bank notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (a) the availability of the LIBOR Option shall
be suspended, and (b) the interest rate for all advances then bearing interest under the LIBOR Option shall be converted at the expiration of the then current LIBOR Interest Period(s) to the Base Rate Option. 

In addition, if, after the date of this Note, the Bank shall determine (which determination shall be final and conclusive) that any
enactment, promulgation or adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by a governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by the Bank with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for
the Bank to make or maintain or fund loans based on LIBOR, the Bank shall notify the Borrower. Upon receipt of such notice, until the Bank notifies the Borrower that the circumstances giving rise to such determination no longer apply, (a) the
availability of the LIBOR Option shall be suspended, and (b) the interest rate on all advances then bearing interest under the LIBOR Option shall be converted to the Base Rate Option either (i) on the last day of the then current LIBOR
Interest Period(s) if the Bank may lawfully continue to maintain advances based on LIBOR to such day, or (ii) immediately if the Bank may not lawfully continue to maintain advances based on LIBOR. 

The foregoing notwithstanding, it is understood that the Borrower may select different Options to apply simultaneously to different
portions of the advances and may select up to six (6) different interest periods to apply simultaneously to different portions of the advances bearing interest under the LIBOR Option. Interest hereunder will be calculated based on the actual
number of days that principal is outstanding over a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law. 
 3. Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to
such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at
the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or
renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the
advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of
any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s
duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the LIBOR Option having a LIBOR Interest Period of one month’s duration. Any such
election shall be promptly confirmed in writing by such method as the Bank may require. 
 4. Advance Procedures.
A request for advance made by telephone must be promptly confirmed in writing by such method as the Bank may require. The Borrower authorizes the Bank to accept telephonic requests for 

  
 - 3 -

 
advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and
all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephone requests or making such advances. The Bank will enter on its books and
records, which entry when made will be presumed correct, the date and amount of each advance, the interest rate and interest period applicable thereto, as well as the date and amount of each payment. 

5. Payment Terms. The Borrower shall pay accrued interest on the unpaid principal balance of this Note in arrears:
(a) for the portion of advances bearing interest under the Base Rate Option, on the first day of each month during the term hereof, (b) for the portion of advances bearing interest under the LIBOR Option, on the last day of the respective
LIBOR Interest Period, for such advance, (c) if any LIBOR Interest Period is longer than three (3) months, then also on the three (3) month anniversary of such interest period and every three (3) months thereafter, and
(d) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity, on demand until paid in full. All outstanding principal and accrued interest hereunder shall be due and payable in full on the Expiration
Date. 
 If any payment under this Note shall become due on a Saturday, Sunday or public holiday under the laws of the State
where the Bank’s office indicated above is located, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment. The Borrower hereby
authorizes the Bank to charge the Borrower’s deposit account at the Bank for any payment when due hereunder; provided that the Bank previously provides notice to the Borrower of such charge. Payments received will be applied to reasonable
charges, fees and expenses (including reasonable attorneys’ fees), accrued interest and principal in any order the Bank may choose, in its sole discretion. 
 6. Late Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within fifteen
(15) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”). Such fifteen
(15) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter
defined) and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year of 360 days) which shall be one
percentage point (1%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not
judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and
not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate
reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and
that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty. 
 7.
Prepayment. The Borrower shall have the right to prepay any advance hereunder at any time and from time to time, in whole or in part; subject, however, to payment of any break funding indemnification amounts owing pursuant to paragraph 8
below. 
 8. Yield Protection; Break Funding Indemnification. The Borrower shall pay to the Bank on written demand
therefor, together with the written evidence of the justification therefor, all direct costs incurred, losses suffered or payments made by Bank by reason of any change in law or regulation or its interpretation imposing any reserve, deposit,
allocation of capital, or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets. In addition, the Borrower agrees
to indemnify the Bank against any liabilities, losses or expenses (including, without limitation, loss of margin, any loss or expense sustained or incurred in liquidating or 

  
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employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any advance (or any part thereof) bearing interest under the
LIBOR Option which the Bank sustains or incurs as a consequence of either (i) the Borrower’s failure to make a payment on the due date thereof, (ii) the Borrower’s revocation (expressly, by later inconsistent notices or
otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any advance bearing interest under the LIBOR Option, or (iii) the Borrower’s payment or prepayment (whether voluntary, after acceleration of
the maturity of this Note or otherwise) or conversion of any advance bearing interest under the LIBOR Option on a day other than the last day of the applicable LIBOR Interest Period. A notice as to any amounts payable pursuant to this paragraph
given to the Borrower by the Bank shall, in the absence of manifest error, be conclusive and shall be payable upon demand. The Borrower’s indemnification obligations hereunder shall survive the payment in full of the advances and all other
amounts payable hereunder. 
 9. Other Loan Documents. This Note is issued in connection with a letter agreement
or loan agreement between the Borrower and the Bank, dated on or before the date hereof, and the other agreements and documents executed and/or delivered in connection therewith or referred to therein, the terms of which are incorporated herein by
reference (as amended, modified or renewed from time to time, collectively the “Loan Documents”), and is secured by the property (if any) described in the Loan Documents and by such other collateral as previously may have been or
may in the future be granted to the Bank to secure this Note. 
 10. Events of Default. The occurrence of
any of the following events will be deemed to be an “Event of Default” under this Note, it being agreed that (except with respect to events described below in subparagraph (i), the portion of subparagraph (iii) relating to a
voluntary bankruptcy, insolvency or other referenced proceeding, the portion of subparagraph (iv) relating to an assignment for the benefit of creditors, the portion of subparagraph (iv) relating to such levy, garnishment, attachment or
similar proceeding (unless the Bank determines that such event or circumstance does not result in or would not be reasonably likely to result in a material adverse effect on the Borrower, the Borrower’s business, assets or financial condition,
or the Bank’s first priority perfected security interest in the collateral securing the obligations of the Borrower to the Bank, subparagraph (vi), subparagraph (viii), subparagraph (ix), and subparagraph (x) (unless the Bank determines
that any such misrepresentation or warranty does not result in or would not be reasonably likely to result in a material adverse effect on the Borrower, the Borrower’s business, assets or financial condition or the Bank’s first priority
perfected security interest in the collateral securing the obligations of the Borrower to the Bank)) in the absence of any requirement for notice and without there being a period within which to cure, each said event shall not mature and be deemed
an “Event of Default” if cured to the reasonable satisfaction of the Bank within thirty (30) days of the Bank’s provision of notice to Borrower thereof: (i) the nonpayment of any principal, interest or other indebtedness
under this Note when due; (ii) the occurrence of any event of default or any default and the lapse of any notice or cure period, or the Borrower’s failure to observe or perform any covenant or other agreement, under or contained in any
Loan Document or any other document now or in the future evidencing or securing any debt, liability or obligation of the Borrower to the Bank; (iii) the filing by or against the Borrower of any proceeding in bankruptcy, receivership,
insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against the Borrower, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided
that the Bank shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by the Borrower for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against
any property of the Borrower held by or deposited with the Bank; (v) a default with respect to any other indebtedness of the Borrower for borrowed money, if the effect of such default is to cause or permit the acceleration of such debt;
(vi) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations of the Borrower to the Bank; (vii) the entry of a final judgment against the Borrower, which causes
a material adverse effect on the Borrower and/or its business, assets, operations or financial condition, and in such event the failure of the Borrower to discharge the judgment within fifteen (15) days of the entry thereof; (viii) the
Borrower ceases doing business as a going concern; and (ix) any representation or warranty made by the Borrower to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations of the Borrower
to the Bank, is false, erroneous or misleading in any material respect. 

  
 - 5 -

 Upon the occurrence of an Event of Default: (a) the Bank shall be under no further
obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable
hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable
hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option, this Note will bear interest at the Default Rate from the date of the
occurrence of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law. 

11. Right of Setoff. In addition to all liens upon and rights of setoff against the Borrower’s money, securities or
other property given to the Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the extent permitted by law, a contractual possessory security interest in and a contractual right of
setoff against, and the Borrower hereby grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s right, title and interest in and to, all of the Borrower’s
deposits, moneys, securities and other property now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., whether held in a general or
special account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised without
demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its
books and records at a later time. 
 12. Indemnity. The Borrower agrees to indemnify each of the Bank, each legal
entity, if any, who controls, is controlled by or is under common control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend and hold each Indemnified Party
harmless from and against any and all claims, damages, losses, liabilities and expenses (including all fees and charges of external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which
any Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower), in connection with or arising
out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the
Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or
governmental authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party’s gross negligence or willful
misconduct. The indemnity agreement contained in this Section shall survive the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder. The Borrower may participate at its expense in the defense of any
such action or claim. 
 13. Miscellaneous. All notices, demands, requests, consents, approvals and other
communications required or permitted hereunder (“Notices”) must be in writing (except as may be agreed otherwise above with respect to borrowing requests) and will be effective upon receipt. Notices may be given in any manner to
which the parties may separately agree, including electronic mail. Without limiting the foregoing, first-class mail, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. Regardless of
the manner in which provided, Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this paragraph. No delay or omission on the Bank’s
part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and
remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity. No modification, amendment or waiver of, or consent to any departure by the Borrower from, any
provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific 

  
 - 6 -

 
instance and for the purpose for which given. The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in
this Note and in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found to be invalid, illegal or unenforceable in any respect by a court, all the other
provisions of this Note will remain in full force and effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment. The Borrower also waives all defenses
based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such persons or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors,
administrators, successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however, that the Borrower may not assign this Note in whole or in part without the
Bank’s written consent and the Bank at any time may assign this Note in whole or in part. 
 This Note has been delivered
to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located. THIS NOTE WILL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF THE BANK AND THE BORROWER
DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
EXCLUDING ITS CONFLICT OF LAWS RULES (EXCEPT SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW). The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located;
provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower
within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue
and any objection based on a more convenient forum in any action instituted under this Note. 
 14. Commercial
Purpose. The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the purpose of acquiring or carrying on a business, professional or commercial activity, and not for personal, family
or household purposes. 
 15. Amendment and Restatement. This Note amends and restates, and is in
substitution for, that certain Amended and Restated Committed Line of Credit Note in the original principal amount of $15,000,000.00 payable to the order of the Bank and dated September 30, 2010 (the “Existing Note”). However,
without duplication, this Note shall in no way extinguish, cancel or satisfy Borrower’s unconditional obligation to repay all indebtedness evidenced by the Existing Note or constitute a novation of the Existing Note. Nothing herein is intended
to extinguish, cancel or impair the lien priority or effect of any security agreement, pledge agreement or mortgage with respect to the Borrower’s obligations hereunder and under any other document relating hereto. 

16. WAIVER OF JURY TRIAL. THE BORROWER IRREVOCABLY WAIVES
ANY AND ALL RIGHTS THE BORROWER MAY HAVE TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO
THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY
TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT
THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
 The Borrower acknowledges that it has read and understood all the provisions of this Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

 [SIGNATURE PAGE FOLLOWS] 

  
 - 7 -

 WITNESS the due execution hereof as a document under seal, as of the date first
written above, with the intent to be legally bound hereby. 
  

							
	 WITNESS / ATTEST:
	 		 	 EPAM SYSTEMS, INC.

				
	 /s/ Amy Uliano
	 	 	 	 By:
	 	 /s/ Ilya Cantor

	 Print Name: Amy Uliano
	 		 		 	 Print Name: Ilya Cantor
                    (SEAL)

	 Title: Senior Corporate Paralegal
	 		 		 	 Title: Vice President and Chief Financial Officer

  
 - 8 -

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