Document:

EX-10.2

 Exhibit 10.2 

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT AND THE NON-PUBLIC INFORMATION HAS BEEN FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION. 
 Exclusive License and Development Agreement 

between 
 Sorrento
Therapeutics, Inc. 
 and 

China Oncology Focus Limited 

  
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 THIS EXCLUSIVE LICENSE AND DEVELOPMENT AGREEMENT (this “Agreement”) is made and entered into as
of this 3rd day of October, 2014 (“Effective Date”) between Sorrento Therapeutics, Inc., a company organized and existing under the laws of the State of Delaware, United States of
America (“USA”) with its principal offices at 6042 Cornerstone Court West, Suite B, San Diego, California 92121 US (“SORRENTO”), and China Oncology Focus Limited, a company organized and existing under the laws of
British Virgin Islands with its registered office at Offshore Incorporations Centre, P.O. BOX 957, Road Town, Tortola, British Virgin Islands (“Lee’s”), an Affiliate of Lee’s Pharmaceutical Holdings Limited with a
principal offices at Unit 110-111, Bio-Informatics Centre, No. 2 Science Park West Avenue, Hong Kong Science Park, Shatin, Hong Kong. 
 SORRENTO and
Lee’s may be referred to herein individually as a “Party” and collectively as the “Parties.” 

Recitals: 
  

	A.	SORRENTO is the owner of all rights, title and interest in and to the Patent Rights (as defined in Article 1.11) and the Licensed Compound (as defined in Article 1.6) disclosed in the Patent Rights, and desires to have
Lee’s conduct pre-clinical and clinical research and development relating to the Licensed Compound and be able to manufacture and market the Licensed Compound and the Licensed Products in the territories of the PRC (as defined in article 1.13)
Hong Kong SAR, Macau SAR and Taiwan. 

  

	B.	Lee’s has expertise in the areas of pre-clinical and clinical development and marketing infrastructure in the Territory (as defined in Article 1.14). Lee’s wishes to: (i) conduct pre-clinical research and
clinical development at its sole expense; (ii) file an IND (as defined in Article 1.4) with the CFDA (as defined in Article 1.2) to obtain approval to conduct clinical development of the Licensed Compound in the PRC; and (iii) file an NDA
(as defined in Article 1.9) with the CFDA to obtain marketing approval of the Licensed Compound in the PRC. In accordance with the provisions of this Agreement, Lee’s will share with SORRENTO and its licensees of the Licensed Compound for
countries outside of the Territory the data it has obtained in pursuing regulatory approval of the Licensed Compound in the PRC. 

  

	C.	Hence, the Parties desire to collaborate with the aim of developing and commercializing the Licensed Compound and the Licensed Products, and SORRENTO wishes to grant Lee’s an exclusive license to develop, make,
have made, use, sell, offer to sell and import the Licensed Compound and the Licensed Products in the Territory for this purpose. 

THEREFORE, in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

  
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 ARTICLE 1. DEFINITIONS 

The terms defined herein have the meanings ascribed to them whenever used in this Agreement, unless otherwise clearly indicated by the context: 

 

	1.1	“Affiliate(s)” of a Person or Persons shall mean any other Person that, directly or indirectly, controls such Person or is controlled by such Person or is under common control with such Person, where
“control” means power and ability to direct the management and policies of the controlled Person through ownership of voting shares of the controlled Person or by contract or otherwise. 

 

	1.2	“CFDA” shall mean the China Food and Drug Administration or any successor entity. 

  

	1.3	“Field” shall mean treatment and management of human diseases and disorders. 

  

	1.4	“IND” shall mean an Investigational New Drug Application or its equivalent in the PRC. 

  

	1.5	“Intellectual Property” shall mean: (i) patents, patent applications, patent licenses, know-how licenses, trade names, trademarks, service marks, trade dress, logos, corporate names and copyrights
and any registration and application for registration; (ii) trade secrets, confidential information and proprietary information; (iii) whether or not confidential, technology, know-how, data, manufacturing and other processes and
techniques, research and development information, drawings specifications, designs, plans, data, business and marketing plans, customer and supplier lists and information; (iv) databases, computer software and other information technology,
including operating systems, source codes and specifications; and (v) all rights to bring actions or recover damages or other losses for present or past infringement of any of the foregoing. 

 

	1.6	“Licensed Compound” shall mean the IgG1 form of the fully human antibody called “*” listed as * clones * and * that binds to human PD-L1 and is described in published PCT application * where
the antibody is called “*”, which is covered by the Patent Rights. 

  

	1.7	“Licensed Materials” shall mean the materials described in Exhibit E attached hereto. 

  

	1.8	“Licensed Products” shall mean any pharmaceutical product containing the Licensed Compound as an active ingredient, alone or in combination with other active ingredients and commercialized for an
indication within the Field. 

  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion 

  
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	1.9	“NDA” shall mean a New Drug Application or its equivalent in the PRC. 

  

	1.10	“Net Sales” shall mean the gross amount actually received by Lee’s and its sublicensees on sales of Licensed Products, less: (a) credits or allowances, if any, actually granted;
(b) discounts actually allowed; (c) freight, postage, and insurance charges and additional special packaging charges; and (d) customs duties, and excises, sales, taxes, duties or other taxes imposed upon and paid with respect to such
sales (excluding what is commonly known as income taxes). In the case of any Licensed Product that contains or includes the Licensed Compound in combination with any other clinically active product(s) or ingredient(s) that is not a Licensed Compound
(the “Other Product”), whether packaged together or in the same therapeutic formulation (a “Combination Product”), Net Sales for such Combination Product shall be calculated by multiplying actual Net Sales of such
Combination Product by the fraction A/(A+B) where A is the average invoice price of the Licensed Product containing the Licensed Compound only, if sold separately, and B is the average invoice price of the Other Product in the Combination Product,
if sold separately. If the Other Product in the Combination Product is not sold separately, Net Sales for the purpose of determining royalties of the Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product
by the fraction A/C, where A is the average invoice price of the Licensed Product containing the Licensed Compound only, if sold separately, and C is the average invoice price of the Combination Product. If neither the Licensed Product containing
the Licensed Compound only nor the Other Product in the Combination Product is sold separately, the Parties shall determine Net Sales for such Combination Product by mutual agreement based on the relative contribution of the Licensed Product
containing the Licensed Compound only and the Other Product to the Combination Product. 

  

	1.11	“Patent Rights” shall mean all patents and patent applications that SORRENTO controls on the Effective Date and during the term of this Agreement (as defined in Article 11.1) including the patents and
patent applications listed in Exhibit B attached hereto that include the Licensed Compound within the scope of its claims, which Patent Rights are necessary to develop, make, have made, use and sell the Licensed Products in the Territory.

  

	1.12	“Person” shall mean any entity, corporation, company, partnership, association, trust, organization, government authority or individual. 

 

	1.13	“PRC” shall mean the People’s Republic of China. 

  

	1.14	“Territory” shall mean the PRC (including Hong Kong SAR and Macau SAR) and Taiwan and excludes the rest of the world. 

  
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 ARTICLE 2. LICENSE 

 

	2.1	Grant of License. In consideration of the obligations and undertakings expressed in this Agreement and subject to the terms and conditions of this Agreement, SORRENTO hereby grants to Lee’s, and Lee’s
accepts, an exclusive (even as to SORRENTO) license to develop, manufacture, make, have made, use, sell, offer to sell and import the Licensed Products under the Patent Rights, within the Field, and restricted to the Territory during the term of
this Agreement. 

  

	2.2	Rights to Grant Sublicense. Subject to the Article 4 below, SORRENTO hereby grants to Lee’s, and Lee’s accepts, a right to sublicense Lee’s rights under this Agreement, including the right to
develop, manufacture, sell and offer to sell the Licensed Compound and the Licensed Products in the Field and within the Territory. All sublicensees shall hold their rights contingent on Lee’s rights under this Agreement. Any loss by Lee’s
of its rights under this Agreement due to a termination of this Agreement for Lee’s breach, or due to any other reason, shall automatically cause all of the sublicensees to lose the same rights under the Sublicense Agreements (as defined in
Article 3.1 below). 

  

	2.3	No Implied License. Except as specifically provided in this Agreement, SORRENTO does not grant Lee’s any other licenses or rights whether by implication, estoppel or otherwise. 

ARTICLE 3. SUBLICENSE 
  

	3.1	Sublicenses. During the term (as defined in Article 11.1) Lee’s may enter into one or more sublicense agreement(s) (“Sublicense Agreement”) to sublicense its rights under Article 2 for the
manufactureand sale of the Licensed Products in the Territory. Subject to the terms and conditions of this Agreement, any Sublicense Agreement shall be executed by Lee’s and sublicensee, meanwhile SORRENTO shall be informed with written notice.
Lee’s has the right, at its discretion, to replace sublicensee or add another third party to enter into an Sublicense Agreement, provided the Sublicense Agreement (a) is subject to the terms and conditions hereof; (b) approved by
sublicensee; and (c) SORRENTO is provided with written notice, subject to SORRENTO’s prior written consent as provided in Article 3.2 below. 

  

	3.2	Consultation. Lee’s shall consult with and obtain SORRENTO’s written consent prior to entering into any Sublicense Agreement, provided, however, that SORRENTO shall not unreasonably withhold or delay
such consent and provided that no such consent shall be required in case of any Sublicense Agreement is entered into with any Affiliate of Lee’s. Unless otherwise agreed by SORRENTO, each Sublicense Agreement shall require the
sublicensee’s management to communicate its plan for the manufacture and sale of the Licensed Products and implement processes for consistent communication and coordination between the third party and SORRENTO during the term of the Sublicense
Agreement. 

  
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	3.3	Responsibility of Lee’s. Lee’s agrees that it shall be fully responsible and liable for any breach of the terms of this Agreement by any of its sublicensees to the same extent as if Lee’s itself
has committed any such breach. 

 ARTICLE 4. PAYMENTS 

 

	4.1	License Issue Fee. As consideration for the rights and licenses granted by SORRENTO to Lee’s under this Agreement, Lee’s shall pay SORRENTO an upfront license fee of US$1.0 million (US$ 1,000,000) upon
execution of this Agreement. 

  

	4.2	Development Expenses. In exchange for the license under Article 2, Lee’s shall pay all fees and expenses incurred for the pre-clinical and clinical development (“Development Expenses”) of
the Licensed Compound in the Territory. 

  

	4.3	Royalties and Fees. Lee’s or its sublicensees shall pay SORRENTO a royalty based on Net Sales of Licensed Products by Lee’s and its sublicensees during the term of this Agreement in the Territory. The
royalty rate shall be: (i) *percent (*%) for the first US$* of Net Sales per calendar year; (ii) *percent (*%) for Net Sales per calendar year of US$* to US$* per calendar year; (iii) * percent (*%) for Net Sales per calendar year of
US$* to US$* per calendar year; (iv) * percent (*%) for Net Sales per calendar year of US$* to US$* per calendar year; (v) *percent (*%) for Net Sales per calendar year of US$* to US$* per calendar year; and (vi) *percent (*%) for Net
Sales per calendar year in excess of US$*. All amounts payable hereunder shall be net amounts without any deductions or withholdings but subject to applicable tax withholdings. 

 

	4.4	Duration of Royalty Obligations. Lee’s royalty obligations as to each Licensed Product shall terminate on a country-by-country basis concurrently with the expiration of the last to expire of a claim within
the licensed Patent Rights that covers such Licensed Product in the given country of the Territory or, if no patents issue containing a claim within the licensed Patent Rights in the given country of the Territory or if no patent applications are
filed in that given country of the Territory, then ten (10) years from the first commercial sale in that country. 

  

	4.5	Sublicense Payments. Any and all non-refundable upfront or milestone payments due to Lee’s pursuant to the Lee’s grant of a sublicense to a third party for the Licensed Products (“Sublicense
Revenues”) shall be reported to SORRENTO by Lee’s within sixty (60) days after the end of the calendar quarter in which Lee’s received payment of such Sublicense Revenue (each, a “Notice”). Lee’s shall pay to
SORRENTO a non-creditable, non-refundable percentage of these Sublicense Revenues according to the following schedule concurrently with the delivery of the Notice relating to such Sublicense Revenue (“Sublicense Payments”):

  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion 

  
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	 Time of Grant by Lee’s to Sublicensee

(developmental milestone achieved)
	  	 Percent of Sublicense Revenues

Payable by Lee’s to SORRENTO

			
	4.5.1	 	Sublicense executed prior to initiation of a Phase I clinical trial	  	*%
			
	4.5.2	 	Sublicense executed upon or after the initiation of a Phase I clinical trial, but before the completion of a Phase II clinical trial	  	*%
			
	4.5.3	 	Sublicense executed upon or after the completion of a Phase II clinical trial	  	*%

 Any non-cash consideration in lieu of cash payment received by Licensee from Sublicensees or other third
parties pursuant to the grant of a sublicense to the Licensed Product shall be valued at its fair market value as of the date of receipt. 
  

	4.6	Payment Method - Due Dates. All payments by Lee’s shall be made by wire transfer to an account designated by SORRENTO from time to time. All payments shall be subject to applicable local governmental and
withholding taxes. All royalties and other amounts shall be paid in $USD. 

  

	4.7	Overdue Payments. In the event any payment due hereunder is not made when due, the payment shall accrue interest (beginning on the date such payment is due) calculated at the prime interest rate quoted by The
Wall Street Journal, Eastern edition, on the date said payment is due plus two percent (2%) per annum and such payment when made shall be accompanied by all interest so accrued. The remittance of such interest shall not foreclose SORRENTO from
exercising any other rights it may have pursuant to this Agreement because such payment is late. 

 ARTICLE 5. ROYALTY
REPORTS AND ACCOUNTING 
  

	5.1	Royalty Reports and Records. Upon commencement of the sale of any Licensed Products, Lee’s shall furnish, or cause to be furnished to SORRENTO, written royalty reports governing each of Lee’s semesters
(January-June and July-December) showing: 

  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion 

  
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	 	(i)	The Net Sales of all Licensed Products sold by Lee’s and its sublicensees during the reporting period and the royalties payable by Lee’s in $USD; 

 

	 	(ii)	the exchange rates used to calculate the royalties payable in $USD; and 

  

	 	(iii)	any withholding taxes required to be made from such royalties. 

 With respect to sales of the
Licensed Products invoiced in $USD, if any, the gross sales, Net Sales and royalties payable shall be expressed in $USD. With respect to sales of the Licensed Products invoiced in a currency other than $USD, the gross sales, Net Sales and royalties
payable shall be expressed in such currency with the $USD equivalent of the royalty payable, calculated using the simple average of the exchange rates published in the Wall Street Journal, Eastern Edition, under the heading “Current
Trading” on the last day of each month during the reporting period. 
 Royalty reports shall be made on a semester basis. Yearly royalty
reports shall be due within ninety (90) days of the close of every semester (January-June and July-December) and shall be prepared in accordance with IFRS. Lee’s shall keep accurate records in sufficient detail to enable royalties and
other payments payable hereunder to be determined. 
  

	5.2	Right to Audit. SORRENTO shall have the right, at its sole discretion, however no more than once every calendar year and upon prior notice to Lee’s, through an independent certified public accountant
selected by SORRENTO to have access during normal business hours to those records of Lee’s as may be reasonably necessary to verify the accuracy of the royalty reports required to be furnished by Lee’s pursuant to Article 4.3 of this
Agreement. Lee’s shall include in all Sublicense Agreements a provision requiring the sublicensee to keep and maintain records of sales made pursuant to such sublicense in accordance with IFRS and to grant access to such records by
SORRENTO’s independent certified public accountant, as applicable, under the same terms that SORRENTO has access to Lee’s records. If such independent certified public accountant report shows any underpayment of royalties by Lee’s or
its sublicensees; within thirty (30) days after Lee’s receipt of such report, Lee’s shall remit or shall cause its sublicensees to remit to SORRENTO: 

 

	 	(i)	the amount of such underpayment; and 

  

	 	(ii)	 if such underpayment exceeds five (5%) percent of the total royalties owed for the fiscal year then being reviewed, the reasonably necessary fees
and expenses of such independent certified public accountant performing the audit. Otherwise, fees and expenses of SORRENTO’s accountants shall be borne by SORRENTO. Upon the expiration of thirty-six (36) months following the end of any
fiscal year, the calculation of royalties payable with respect to such fiscal year shall be binding and conclusive on SORRENTO and Lee’s, unless an audit for such fiscal year is

  
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initiated before expiration of such thirty-six (36) months. Lee’s shall retain, and shall cause its sublicensees to retain those records required to be maintained pursuant to this
Article 5.2 in respect of each fiscal year for a period of thirty six (36) months after the end of such fiscal year. 

ARTICLE 6. MILESTONE PAYMENTS 
  

	6.1.	CFDA Achievement Payments. 1st NDA approval by the CFDA (1st indication) – US$ * (US$*); 2nd NDA regulatory approval granted by the CFDA for new indication - US$ * (US$ *). 

  

	6.2	Sales Milestone Payments. Upon achievement of each of the milestone events set out in the following table, Lee’s shall pay the amount set out next to such milestone event in the table: 

 

			
	 Milestone event
	  	 Amount to be paid

	The first calendar year in which the annual Net Sales in the Territory by Lee’s exceed US$ *	  	US$ * (US$ *)
		
	The first calendar year in which the annual Net Sales in the Territory by Lee’s exceed US$ *	  	US$ * (US$*)
		
	The first calendar year in which the annual Net Sales in the Territory by Lee’s exceed US$ *	  	US$ * (US$ *)
		
	The first calendar year in which the annual Net Sales in the Territory by Lee’s l exceed US$ *	  	US$ * (US$ *)
		
	The first calendar year in which the annual Net Sales in the Territory by Lee’s exceed US$ *	  	US$ * (US$ *)

 Payment of the sales milestones described above shall be made within six (6) months after the end
of the calendar year in question. Only one sales milestone can, however, be due in the same calendar year. If more than one such milestone is achieved in the same calendar year, the second milestone will be deferred to the first royalty payment date
of the subsequent calendar year. 
  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion 

  
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	6.3	Required Stock Purchase. Simultaneous with the execution of this Agreement, Lee’s or a Lee’s Affiliate shall subscribe to purchase 400,000 new shares of Sorrento Therapeutics common stock for a total
purchase price of US$ 3 Million six hundred thousand (US$ 3,600,000) under a Stock Purchase Agreement whose form is provided as Exhibit C. 

ARTICLE 7. ADDITIONAL OBLIGATIONS 
  

	7.1	SORRENTO Obligations. 

 (i) Following the Effective Date and during the term of this
Agreement, SORRENTO shall promptly provide to Lee’s 
 (a) all the technology, know-how, data, manufacturing, development and other
information which is necessary to develop, make, have made, use and sell the Licensed Compound and the Licensed Products in the Territory; and 

(b) the Licensed Materials. 
 (ii)
SORRENTO shall be responsible for patent strategy and pay all patent filings and future patent prosecutions and maintenance costs. 
  

	7.2	Lee’s Obligations. Lee’s warrants and covenants that: 

  

	 	(a)	Lee’s shall take all steps necessary to insure that the Licensed Compound or any Licensed Products are not sold, distributed, transported, exported or otherwise commercialized outside of the Territory by Lee’s
or its Affiliates, sublicensees or distributors. 

  

	 	(b)	Lee’s shall be responsible for the actions of any distributors, Affiliates or sublicensees. 

  

	 	(c)	If the Licensed Compound or any Licensed Products are sold, distributed, transported, exported or otherwise commercialized outside of the Territory by Lee’s or its Affiliates, sublicensees or distributors,
Lee’s shall be responsible for any and all payment arising in connection with SORRENTO’s pursuing any and all legal actions against such violation. 

  

	 	(d)	Lee’s agrees that SORRENTO has the right to use all pre-clinical protocol and data, as well as clinical trial protocol, data and results obtained in the Territory to support development and commercialization of the
Licensed Compound outside of the Territory. 

  

	7.3	 Lee’s Diligence Obligations and Commercial Development Plan. Lee’s agrees to provide to SORRENTO a commercial development plan within
six (6) months of the Effective Date, under which Lee’s intends to bring the Licensed Product to the point of commercial 

  
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use (the “Commercial Development Plan”) within the Territory. The Commercial Development Plan shall incorporate the target performance benchmarks listed in Exhibit D, as may be amended
from time to time (the “Benchmarks”). Upon its completion, Lee’s Commercial Development Plan shall be executed by SORRENTO and Lee’s and incorporated herein. 

 

	7.4	Progress Reports on Commercial Development Plan and Benchmarks. Lee’s shall provide written annual reports on its product development progress or efforts to commercialize under the Commercial Development
Plan in the Territory within sixty (60) days after June 30 of each calendar year. These progress reports shall include, but not be limited to: progress on research and development, copies of the Licensed Products’ data generated
during that year, status of applications for regulatory approvals, manufacturing, sublicensing, marketing, importing, and sales during the preceding calendar year, as well as plans for the period ending June 30 of the following calendar year.
If reported progress differs materially from that projected in the Commercial Development Plan, Lee’s shall explain the reasons for such differences. In any such annual report, Lee’s may propose amendments to the Commercial Development
Plan or Benchmarks. 

 ARTICLE 8. OWNERSHIP OF INTELLECTUAL PROPERTY 

 

	8.1	General. Each Party shall retain all of the right, title and interest in and to the Intellectual Property owned by such Party as of the Effective Date. Any improvements, enhancements, updates, or the equivalents
of each Party’s Intellectual Property (“Improvements”) shall be owned by the Party which owns such Intellectual Property. 

  

	8.2	Improvement. If Lee’s, its Affiliates, and/or sublicensees, develop or create any Improvements in relation to the Licensed Compound and/or the Licensed Products during the term of this Agreement, such
Improvements shall be solely owned by Lee’s. Lee’s shall immediately disclose such Improvements and the relevant technical documents and other data in connection therewith to SORRENTO as soon as practically possible after they
are developed or created. Lee’s hereby grants to SORRENTO an exclusive license to use and otherwise exploit such Improvements outside the Territory. 

If SORRENTO desires to exploit any such Improvements, SORRENTO shall notify Lee’s in writing. Following Lee’s receipt of such notice,
the Parties shall negotiate in good faith and on a case-by-case basis, the terms and conditions of such license, including commercially reasonable royalty rates, provided that such royalty shall in no event exceed 5% on relevant net sales. 

For the sake of clarity, it is understood that the direct or indirect use or reference to Lee’s Improvements in relation to: (i) the
conduct of clinical trials; and/or (ii) the obtainment of 

  
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regulatory approvals; and/or (iii) the commercialization of Licensed Products outside the Territory will imply the automatic exploitation of such Improvements by SORRENTO. 

 

	8.3	This Section is purposely left blank. 

  

	8.4	Third Party Infringement. If Lee’s becomes aware of any activity that it believes represents an infringement of any Intellectual Property licensed under this Agreement, Lee’s shall promptly advise
SORRENTO of all relevant facts and circumstances pertaining to the potential infringement. SORRENTO shall have the first right, but not the obligation, to enforce or have enforced, at its own expense, its rights to the Intellectual Property,
including, without limitation, the Patent Rights, licensed hereunder against infringement by a third party in the Territory and shall be entitled to retain recovery from such enforcement in the Territory (an “Enforcement Action”). In the
event that SORRENTO fails to initiate an Enforcement Action to enforce its rights to the Intellectual Property against infringement by a third party in the Territory within ninety (90) days of a request by Lee’s to do so, Lee’s may
(but shall not be obligated to) initiate an Enforcement Action against such infringement at its own expense. The Party initiating or defending any such Enforcement Action (the “Enforcing Party”) shall keep the other Party reasonably
informed of the progress of any such Enforcement Action, and such other Party shall have the right to participate with counsel of its own choice at its own expense. In any event, the other Party shall reasonably cooperate with the Enforcing Party,
including providing reasonably necessary information and materials and, if required to bring such action, the furnishing of a power of attorney or being named as a party, at the Enforcing Party’s request and expense. Neither Party shall settle
any such Enforcement Action in a manner adverse to the other Party without the prior written consent of the other Party, which consent shall not be unreasonably withheld. 

ARTICLE 9. INDEMNIFICATION 
  

	9.1	Disclaimer. Except as otherwise expressly set forth in this Agreement, SORRENTO makes no assertions and extends no warranties or conditions of any kind, either express or implied, with respect to the intellectual
property licensed hereunder or information disclosed hereunder, including, but not limited to, express or implied warranties of merchantability for a particular purpose, validity of any intellectual property licensed hereunder, whether patented or
unpatented, or non-infringement of the property rights of third parties. 

  

	9.2	 Indemnification. Each party shall indemnify and hold harmless the other Party and its agent, directors, employees and Affiliates
(“Indemnified Persons”) from and against any and all liabilities, damages, costs or expenses (including reasonable attorneys’ fees and disbursements) arising out of or related to any third party claim, demand, suit, action or
proceeding (“Third Party Claim”) which is the results of (i) any breach or non-performance of the indemnifying Party’s obligations, assertions or warranties under this

  
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Agreement, or (ii) the gross negligence or intentional misconduct of the indemnifying Party; provided, however, that the foregoing indemnification obligation shall not apply to the extent
that the Third Party Claim is the results of (y) any breach or non-performance of an Indemnified Person’s obligations, assertions or warranties under this Agreement, or (z) the gross negligence or intentional misconduct of an
Indemnified Persons. 

  

	9.3	Lee’s Indemnification Obligation. Lee’s shall indemnify and hold harmless SORRENTO and SORRENTO Indemnified Persons from and against any Third Party Claim which is the results of (i) the death of,
injury to, or damage to property of any Person resulting from the research, development, manufacture and/or use of the Licensed Compound in the Territory, or (ii) any product liability, pre-clinical trial liability or other claims to the extent
caused by Lee’s fault, whether willful or negligent. 

  

	9.4	Indemnification Procedures. The Indemnified Persons shall give written notice to the indemnifying Party with reasonable promptness upon becoming aware of any Third Party Claim or other facts upon which a claim
for indemnification will be based; the notice shall set forth such information with respect thereto as is then reasonably available to the Indemnified Persons. The indemnifying Party shall have the right to undertake the defense of any such Third
Party Claim and the Indemnified Persons shall cooperate in such defense and make available all records, materials and witnesses reasonably requested by the indemnifying Party in connection therewith at the indemnifying Party’s expense. The
indemnifying Party shall not be liable for any Third Party Claim settled without its consent, which consent shall not be unreasonably withheld or delayed. 

ARTICLE 10. CONFIDENTIALITY 
  

	10.1	Confidentiality. Each Party shall, and shall cause its Affiliates and sublicensees to, keep secret and confidential all Intellectual Property licensed hereunder, non-public information, data and know-how of the
other Party received prior to execution of or under this Agreement (“Confidential Information”) and shall not use the Confidential Information for any purpose other than for the purposes permitted in this Agreement, provided that a
Party shall have no obligation to maintain the secrecy of Confidential Information which: (a) at the time of disclosure by the disclosing Party is in the public domain; (b) after disclosure by the disclosing Party enters the public domain
through no improper conduct of the receiving Party or its Affiliate; (c) prior to disclosure by the disclosing Party was already in the possession of the receiving Party as evidenced by the receiving Party’s written records;
(d) subsequent to disclosure hereunder is obtained by the receiving Party from third parties who are lawfully in possession of such information, data and know-how and are not subject to an obligation to refrain from disclosing such information,
data and know-how to others; or (e) is required to be revealed under compulsion of law, provided that the Party under a legal compulsion to disclose the Confidential Information makes every effort to preserve the confidentiality of the
information and also provides the disclosing Party sufficient prior notice of the disclosure, so that such disclosing Party shall have an opportunity to take whatever action it deems necessary or desirable to protect its Confidential Information.

  
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	10.2	Exceptions. Notwithstanding the provisions of Article 10.1, a Party shall be entitled to disclose Confidential Information for the purpose of implementing this Agreement: (a) to any of the Party’s
representatives who have a need to know, provided the recipients have been informed of and are bound to secrecy obligations substantially similar to the provisions of this Article 11; (b) prior to filing an IND package, a Party shall be
entitled to disclose Confidential Information to Regulatory Authorities who have a need to know which have been advised of the confidential status of the Confidential Information, provided all necessary procedures are followed to preserve
confidentiality; (c) to the extent such disclosure is reasonably necessary in filing or prosecuting patent, copyright and trademark applications, prosecuting or defending litigation, complying with applicable governmental regulations, obtaining
regulatory approval, conducting preclinical or clinical trials, or otherwise required by law, provided, however, that if a Party is required by law or regulation to make any such disclosure of the other Party’s Confidential Information it will,
except where impracticable for necessary disclosures, for example in the event of medical emergency, give reasonable advance notice to the other Party of such disclosure requirement and, except to the extent inappropriate in the case of patent
applications, will use its reasonable efforts to secure confidential treatment of such Confidential Information required to be disclosed; or (d) to the extent mutually agreed in writing by the Parties. 

Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or in the possession of the
receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the receiving Party. Further, any combination of Confidential Information shall not be considered in the
public domain or in the possession of the receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession of the receiving Party unless the combination and its principles are in the
public domain or in the possession of the receiving Party. 
  

	10.3	Survival. The provisions of this Article 10 shall survive termination of this Agreement howsoever caused. 

ARTICLE 11. TERM AND TERMINATION 
  

	11.1	Term. This Agreement shall take effect from the Effective Date and will continue in full force and effect on a country-by-country basis until the last to expire of the Patent Rights, unless earlier terminated by
the terms of this Agreement. In the event that there are no patents issue containing a claim within the licensed Patent Rights in the given country of the Territory or if no patent applications are filed in that given country of the Territory, then
this Agreement expires ten (10) years from the first commercial sale in that country of the Territory. Upon expiration of this Agreement, the licenses granted to Lee’s under Articles 2 and 3 shall become fully paid-up and irrevocable.

  
 14 

	11.2	In the event that any of the following occurs, either Party shall be entitled to immediately terminate this Agreement by giving written notice to that effect: (i) the other Party becomes generally unable to pay its
debts as they become due; (ii) the other Party takes possession of or a receiver is appointed over any of the substantial property or assets of such other Party so that it is not expected to achieve the purpose of this Agreement; (iii) the
other Party makes any voluntary arrangement with its creditors or becomes subject to an administration order; or (iv) the other Party goes into liquidation (except for the purposes of amalgamation or reconstruction and in such manner that the
entity resulting therefrom effectively agrees to be bound by or assume the obligations imposed on that other party under this Agreement). 

  

	11.3	Termination by SORRENTO. SORRENTO shall have the right to terminate this Agreement, without recourse by Lee’s, upon: (i) a material breach of this Agreement by Lee’s, (ii) Lee’s failure
to pay royalties and other amounts set forth in Article 3 to SORRENTO within sixty (60) days of the due date; (iii) an infringement by Lee’s, its sublicensee or a third party of Intellectual Property licensed hereunder;
(iv) production, manufacture, sale, or any other use or exploit of the Licensed Compound or Licensed Products outside of the Territory by Lee’s or its sublicensee or (v) Lee’s or a sublicensee’s failure to diligently pursue
Licensed Products’ approval as set forth in Section 7.3 herein. 

  

	11.4	Termination by Lee’s. Lee’s shall have the right to terminate this Agreement, without recourse by SORRENTO, upon (i) a material breach of this Agreement by SORRENTO such as any other grant by
SORRENTO to a third party of a license to make, have made, use, sell and offer to sell the Licensed Compound in the Field inside of the Territory or the making, using, selling or offering to sell directly by SORRENTO or by its other licensees of the
Licensed Compound in the Field in the Territory; or (ii) at any time upon at least sixty (60) days prior written notice. 

  

	11.5	 Obligation Upon Termination. (i) If this Agreement is terminated pursuant to Article 11.3 or 11.4 (ii): (a) Lee’s shall forfeit
any and all rights related to the Intellectual Property licensed hereunder, and all data, discoveries and materials provided under this Agreement shall be promptly returned to SORRENTO by and at the expense of Lee’s; (b) Lee’s shall
transfer SORRENTO all data, discoveries, materials, information and know-how in Lee’s or its Affiliates’ possession relating to the Licensed Compound and the Licensed Products, at the expense of Lee’s; (c) if Lee’s develops
or creates any Improvements in relation to the Licensed Compound, Lee’s shall duly transfer the ownership of such Improvements to SORRENTO, at no cost to SORRENTO; (d) if Lee’s has filed an IND with the CFDA and obtained approval to
conduct clinical trial of the Licensed Compound, Lee’s shall assign such approval and the related documents in connection therewith to SORRENTO or a party designated by the SORRENTO within thirty (30) days after SORRENTO’s request, at
no cost to SORRENTO; (e) Lee’s shall, during the term of this Agreement and at any time thereafter, properly execute and deliver any and all documents, affidavits, etc., requested by SORRENTO to confirm

  
 15 

	 	
SORRENTO’s ownership to the Intellectual Property licensed hereunder, at the expense of Lee’s; and (f) if Lee’s has entered into a Sublicense Agreement with one or more
sublicensees, upon the request of SORRENTO at its discretion, Lee’s shall terminate the Sublicense Agreement or transfer any and all rights and obligations of Lee’s under the Sublicense Agreement to SORRENTO, at no cost to SORRENTO;
(ii) If this Agreement is terminated pursuant to Article 11.4 (i), Lee’s, its Affiliates and sublicensees shall automatically receive an exclusive, non-royalty bearing license under the Patent Rights in the Territory. 

 

	11.6	Compensation. In the event of termination of this Agreement due to any causes attributable to any Party, such Party shall compensate the other Party for any and all damages incurred by the other Party due to the
termination, unless explicitly otherwise provided herein. No Party shall be entitled to compensation for damages if the Parties decide to terminate this Agreement by mutual consent due to unexpected results from studies on the Licensed Compound,
including confirmation of a toxicity level which indicates that additional development of the Licensed Compound cannot be conducted. 

ARTICLE 12. GENERAL PROVISIONS 
  

	12.1	Assignment. Neither Party shall assign this Agreement or any part thereof without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed. Each Party may,
however, without such consent, assign or sell its rights under this Agreement: (a) in connection with the sale or transfer of all or substantially all of its pharmaceutical business to a third party; (b) in the event of a merger or
consolidation with a third party; or (c) to an Affiliate. No assignment shall relieve any Party of responsibility for the performance of any accrued obligation which such Party has under this Agreement. Any assignment shall be contingent upon
the assignee assuming in writing all of the obligations of its assignor under this Agreement. 

  

	12.2	Independent Contractors. The relationship between each of the Parties shall not constitute a partnership or agency. No Party has the power or the right to bind, commit or pledge the credit of any other Party.

  

	12.3	Publicity. The Parties agree to keep the existence of this Agreement and the terms hereof confidential and agrees not to disclose any such information to any third party (other than counsel) without the prior
written consent of the other Party. 

  

	12.4	 Governing Law; Governing Language. This Agreement and all amendments, modifications, alterations, or supplements hereto, and the rights of the
Parties hereunder, shall be construed under and governed by the laws of California, exclusive of its conflicts of laws principles. This Agreement has been prepared in the English language and the English language shall control its interpretation.
All consents, notices, reports and other written documents to be delivered or provided by a Party under this Agreement shall be in the English language, and in the event of any conflict between the provisions of any document and the English language
translation thereof, the terms of the English language 

  
 16 

	 	
translation shall control. 

  

	12.5	Dispute Resolution. If any dispute or disagreement shall arise between the Parties hereto concerning the construction of this Agreement or the rights, duties or liabilities of either Party hereunder, the Parties
shall strive to settle the dispute amicably, but if they are unable to do so, the dispute or difference shall be solely and finally settled by arbitration in London, United Kingdom under the Rules of Arbitration of the International Chamber of
Commerce by three (3) arbitrators appointed in accordance with such Rules. Each Party will be responsible for all of its own costs and expenses including but not limited to attorneys’ fees and expenses, travel, expert witnesses,
consultants, transcripts and the like. The filing fee and arbitrator’s fee will be paid by the appealing Party. Notwithstanding the foregoing, to the extent permitted by the applicable law, SORRENTO will be permitted, at its sole cost and
expense, to seek injunctive and permanent relief to prevent any violation of this Agreements or loss of any rights relating to or arising in connection with Intellectual Property licensed hereunder to any court of competent jurisdiction.

  

	12.6	Entire Agreement. This Agreement, together with the Exhibits attached hereto, constitutes the entire agreement between the Parties with respect to the subject matter hereof and shall not be modified, amended or
terminated, except as herein provided or except by another agreement in writing executed by the Parties hereto. 

  

	12.7	Waiver. No provision of this Agreement may be waived except by a writing signed by the Party entitled to the benefit thereof, and no such waiver of any provision hereof in one instance shall constitute a waiver
of any other provision or of such provision in any other instance. No omission, delay or failure on the part of any Party hereto in exercising any rights hereunder will constitute a waiver of such rights or of any other rights hereunder.

  

	12.8	Severability. In the event that any of the provisions of this Agreement shall be determined invalid, void or unenforceable, such provision shall be deemed to be deleted from this Agreement and the remaining
provisions of this Agreement shall continue in full force and effect. 

  

	12.9	 Force Majeure. If an event of force majeure, any act, cause, contingency or circumstances beyond the reasonable control of such Party,
including, but not limited to, any government action, order or restriction (whether foreign, federal or state), war (whether or not declared), public strike, riot, labor dispute, act of God, flood or public or natural disaster (“Force
Majeure”) occurs, such occurrence could not have been reasonably foreseen by either Party at the execution hereof, and such occurrence is not attributable to either Party, and a Party is prevented from performing its obligations under this
Agreement (the “Affected Party”), such Affected Party shall not be liable for failure to perform, in whole or in part, its obligations under this Agreement and shall promptly provide written notice after the occurrence of the Force
Majeure to the other non-affected Party (the “Non-Affected Party”). The Affected Party shall use all reasonable efforts to 

  
 17 

	 	
expeditiously mitigate the delay or failure to perform its obligations affected by the Force Majeure. Both Parties will discuss in good faith and determine treatment of this Agreement and shall
continue at all times to perform and observe the terms and conditions of this Agreement insofar as they are not affected by such Force Majeure. 

  

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

 

	12.11	Notices. All notices, statements, and reports required to be given under this Agreement shall be in writing and shall be deemed to have been given upon delivery in person or, when deposited in the mail in the
country of residence of Party giving the notice, registered or certified postage prepaid or with a professional courier service (e.g., FedEx or UPS), and addressed as follows: 

 

			
	To SORRENTO:	  	Sorrento Therapeutics Inc.
		  	6042 Cornerstone Court West
		  	San Diego, California 92121 US
		  	Attn: Henry Ji, Ph.D.
		
		  	Fax: +858 210 3759
		  	e-mail: hji@sorrentotherapeutics.com
		
	To Lee’s:	  	 China Oncology Focus Limited
 Offshore
Incorporations Centre
 PO BOX 957
 Road Town, Tortola

British Virgin Islands

		  	c/o Unit 110-111, Bio-Informatics Centre
		  	 No. 2 Science Park West Avenue
 Hong
Kong Science Park, Shatin, Hong Kong.

		
		  	Attn: Dr. Li Xiaoyi
		
		  	Fax: +852 2314 1708
		  	e-mail: drli@leespharm.com

 Any Party hereto may change the address to which notices to such Party are to be sent by giving notice to the
other Party at the address and in the manner provided above. Any notice may be given, in addition to the manner set forth above, by facsimile or e-mail, provided that the Party giving such notice obtains acknowledgment by facsimile or e-mail that
such notice has been received by the Party to be notified. Notices made in this manner shall be deemed to have been given when such acknowledgment has been transmitted. Any provision of this Article 12.11 to the contrary notwithstanding, any

  
 18 

 
notice to SORRENTO shall be effective if given as to SORRENTO prescribed above by Lee’s, despite any failure to deliver copies as prescribed above. 

  
 19 

 IN WITNESS WHEREOF, SORRENTO and Lee’s have caused this Agreement to be signed by their duly authorized
representatives, under seal, as of the day and year indicated above. 
  

			
	Sorrento Therapeutics, Inc.
		
	By:	 	 /s/ Henry Ji

	Print Name: Henry Ji, Ph.D.
	Title: President & CEO
	Date: October 3, 2014
	
	China Oncology Focus Limited
		
	By:	 	 /s/ Benjamin Li

	Print Name: Benjamin Li
	Title: Chief Executive Officer
	Date: October 3, 2014

  
 20 

 Exhibit A 

Licensed Compound 
  

	 	•	 	IgG1 form of * listed as * clones * and *. 

  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion 

  
 21 

 Exhibit B 

Patent Rights 
  

											
	 Territory
	  	 Title
	  	 Application No
	  	 Status
	  	 Publication No.
	  	 Ownership

	 WIPO
	  	 Antigen binding

proteins that bind
 PD-L1
	  	*	  	Pending	  	US * A2	  	Sorrento Therapeutics, Inc.

  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portion 

 Exhibit C 

Stock Purchase Agreement 

 Exhibit D 

Commercial Development Plan and Benchmarks 

To be filled within 6 months of the Effective Date 

 Exhibit E 

Licensed Materials 
 Research cell
bank (RCB) stocks of Chinese hamster ovary (CHO) lines stably transfected and expression the * clones * and * will be licensed from Sorrento to Lee’s Pharma. These materials will be used to generate the master cell bank (MCB) for production of
preclinical and clinical antibody material. 
  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portionEX-10.1

 Exhibit 10.1 

REVOLVING CREDIT AGREEMENT 

dated as of November 24, 2014 

among 
 HEALTHSTREAM, INC.

 as Borrower 
 THE
LENDERS FROM TIME TO TIME PARTY HERETO 
 and 

SUNTRUST BANK 
 as
Administrative Agent 
  
  

 
 SUNTRUST ROBINSON HUMPHREY, INC.

 as Sole Lead Arranger and Sole Book Manager 

							
	ARTICLE I	  	DEFINITIONS; CONSTRUCTION	  	 	1	  
			
	 Section 1.1.
	  	 Definitions
	  	 	1	  
			
	 Section 1.2.
	  	 Classifications of Loans and Borrowings
	  	 	26	  
			
	 Section 1.3.
	  	 Accounting Terms and Determination
	  	 	26	  
			
	 Section 1.4.
	  	 Terms Generally
	  	 	26	  
			
	ARTICLE II	  	AMOUNT AND TERMS OF THE COMMITMENTS	  	 	27	  
			
	 Section 2.1.
	  	 General Description of Facilities
	  	 	27	  
			
	 Section 2.2.
	  	 Revolving Loans
	  	 	27	  
			
	 Section 2.3.
	  	 Procedure for Revolving Borrowings
	  	 	27	  
			
	 Section 2.4.
	  	 Swingline Commitment
	  	 	28	  
			
	 Section 2.5.
	  	 [Reserved]
	  	 	29	  
			
	 Section 2.6.
	  	 Funding of Borrowings
	  	 	29	  
			
	 Section 2.7.
	  	 Interest Elections
	  	 	30	  
			
	 Section 2.8.
	  	 Optional Reduction and Termination of Commitments
	  	 	31	  
			
	 Section 2.9.
	  	 Repayment of Loans
	  	 	31	  
			
	 Section 2.10.
	  	 Evidence of Indebtedness
	  	 	32	  
			
	 Section 2.11.
	  	 Optional Prepayments
	  	 	32	  
			
	 Section 2.12.
	  	 Mandatory Prepayments
	  	 	33	  
			
	 Section 2.13.
	  	 Interest on Loans
	  	 	34	  
			
	 Section 2.14.
	  	 Fees
	  	 	35	  
			
	 Section 2.15.
	  	 Computation of Interest and Fees
	  	 	36	  
			
	 Section 2.16.
	  	 Inability to Determine Interest Rates
	  	 	36	  
			
	 Section 2.17.
	  	 Illegality
	  	 	36	  
			
	 Section 2.18.
	  	 Increased Costs
	  	 	37	  
			
	 Section 2.19.
	  	 Funding Indemnity
	  	 	38	  
			
	 Section 2.20.
	  	 Taxes
	  	 	38	  
			
	 Section 2.21.
	  	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	42	  
			
	 Section 2.22.
	  	 Letters of Credit
	  	 	43	  
			
	 Section 2.23.
	  	 Increase of Commitments; Additional Lenders
	  	 	48	  
			
	 Section 2.24.
	  	 Mitigation of Obligations
	  	 	51	  
			
	 Section 2.25.
	  	 Replacement of Lenders
	  	 	51	  
			
	 Section 2.26.
	  	 Defaulting Lenders
	  	 	52	  

  
 -i- 

							
	ARTICLE III	  	CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT	  	 	56	  
			
	 Section 3.1.
	  	 Conditions to Effectiveness
	  	 	56	  
			
	 Section 3.2.
	  	 Conditions to Each Credit Event
	  	 	59	  
			
	 Section 3.3.
	  	 Delivery of Documents
	  	 	59	  
			
	ARTICLE IV	  	REPRESENTATIONS AND WARRANTIES	  	 	59	  
			
	 Section 4.1.
	  	 Existence; Power
	  	 	59	  
			
	 Section 4.2.
	  	 Organizational Power; Authorization
	  	 	60	  
			
	 Section 4.3.
	  	 Governmental Approvals; No Conflicts
	  	 	60	  
			
	 Section 4.4.
	  	 Financial Statements
	  	 	60	  
			
	 Section 4.5.
	  	 Litigation and Environmental Matters
	  	 	60	  
			
	 Section 4.6.
	  	 Compliance with Laws and Agreements
	  	 	61	  
			
	 Section 4.7.
	  	 Investment Company Act
	  	 	61	  
			
	 Section 4.8.
	  	 Taxes
	  	 	61	  
			
	 Section 4.9.
	  	 Margin Regulations
	  	 	61	  
			
	 Section 4.10.
	  	 ERISA
	  	 	61	  
			
	 Section 4.11.
	  	 Ownership of Property; Insurance
	  	 	62	  
			
	 Section 4.12.
	  	 Disclosure
	  	 	63	  
			
	 Section 4.13.
	  	 Labor Relations
	  	 	63	  
			
	 Section 4.14.
	  	 Subsidiaries
	  	 	63	  
			
	 Section 4.15.
	  	 Solvency
	  	 	63	  
			
	 Section 4.16.
	  	 Deposit and Disbursement Accounts
	  	 	63	  
			
	 Section 4.17.
	  	 Material Agreements
	  	 	63	  
			
	 Section 4.18.
	  	 OFAC
	  	 	64	  
			
	 Section 4.19.
	  	 Patriot Act
	  	 	64	  
			
	ARTICLE V	  	AFFIRMATIVE COVENANTS	  	 	64	  
			
	 Section 5.1.
	  	 Financial Statements and Other Information
	  	 	64	  
			
	 Section 5.2.
	  	 Notices of Material Events
	  	 	66	  
			
	 Section 5.3.
	  	 Existence; Conduct of Business
	  	 	67	  
			
	 Section 5.4.
	  	 Compliance with Laws
	  	 	67	  
			
	 Section 5.5.
	  	 Payment of Obligations
	  	 	67	  
			
	 Section 5.6.
	  	 Books and Records
	  	 	67	  
			
	 Section 5.7.
	  	 Visitation and Inspection
	  	 	67	  

  
 -ii- 

							
	 Section 5.8.
	  	 Maintenance of Properties; Insurance
	  	 	67	  
			
	 Section 5.9.
	  	 Use of Proceeds; Margin Regulations
	  	 	68	  
			
	 Section 5.10.
	  	 Casualty and Condemnation
	  	 	68	  
			
	 Section 5.11.
	  	 Cash Management
	  	 	68	  
			
	 Section 5.12.
	  	 Additional Subsidiaries and Guaranties
	  	 	69	  
			
	 Section 5.13.
	  	 Real Estate; Leased Locations
	  	 	69	  
			
	 Section 5.14.
	  	 Further Assurances
	  	 	70	  
			
	ARTICLE VI	  	FINANCIAL COVENANTS	  	 	70	  
			
	 Section 6.1.
	  	 Funded Debt Leverage Ratio
	  	 	70	  
			
	 Section 6.2.
	  	 Interest Coverage Ratio
	  	 	70	  
			
	ARTICLE VII	  	NEGATIVE COVENANTS	  	 	70	  
			
	 Section 7.1.
	  	 Indebtedness and Preferred Equity
	  	 	70	  
			
	 Section 7.2.
	  	 Liens
	  	 	71	  
			
	 Section 7.3.
	  	 Fundamental Changes
	  	 	72	  
			
	 Section 7.4.
	  	 Investments, Loans
	  	 	73	  
			
	 Section 7.5.
	  	 Restricted Payments
	  	 	73	  
			
	 Section 7.6.
	  	 Sale of Assets
	  	 	74	  
			
	 Section 7.7.
	  	 Transactions with Affiliates
	  	 	74	  
			
	 Section 7.8.
	  	 Restrictive Agreements
	  	 	74	  
			
	 Section 7.9.
	  	 Sale and Leaseback Transactions
	  	 	75	  
			
	 Section 7.10.
	  	 Hedging Transactions
	  	 	75	  
			
	 Section 7.11.
	  	 Amendment to Material Documents
	  	 	75	  
			
	 Section 7.12.
	  	 Accounting Changes
	  	 	75	  
			
	 Section 7.13.
	  	 Lease Obligations
	  	 	75	  
			
	 Section 7.14.
	  	 Government Regulation
	  	 	76	  
			
	ARTICLE VIII	  	EVENTS OF DEFAULT	  	 	76	  
			
	 Section 8.1.
	  	 Events of Default
	  	 	76	  
			
	 Section 8.2.
	  	 Application of Proceeds
	  	 	79	  
			
	ARTICLE IX	  	THE ADMINISTRATIVE AGENT	  	 	80	  
			
	 Section 9.1.
	  	 Appointment of the Administrative Agent
	  	 	80	  
			
	 Section 9.2.
	  	 Nature of Duties of the Administrative Agent
	  	 	80	  
			
	 Section 9.3.
	  	 Lack of Reliance on the Administrative Agent
	  	 	81	  
			
	 Section 9.4.
	  	 Certain Rights of the Administrative Agent
	  	 	82	  

  
 -iii- 

							
	 Section 9.5.
	  	 Reliance by the Administrative Agent
	  	 	82	  
			
	 Section 9.6.
	  	 The Administrative Agent in its Individual Capacity
	  	 	82	  
			
	 Section 9.7.
	  	 Successor Administrative Agent
	  	 	82	  
			
	 Section 9.8.
	  	 Withholding Tax
	  	 	83	  
			
	 Section 9.9.
	  	 The Administrative Agent May File Proofs of Claim
	  	 	83	  
			
	 Section 9.10.
	  	 Authorization to Execute Other Loan Documents
	  	 	84	  
			
	 Section 9.11.
	  	 Guaranty Matters
	  	 	84	  
			
	 Section 9.12.
	  	 Documentation Agent; Syndication Agent
	  	 	84	  
			
	 Section 9.13.
	  	 Right to Enforce Guaranty
	  	 	84	  
			
	 Section 9.14.
	  	 Bank Product Obligations and Hedging Obligations
	  	 	84	  
			
	ARTICLE X	  	MISCELLANEOUS	  	 	85	  
			
	 Section 10.1.
	  	 Notices
	  	 	85	  
			
	 Section 10.2.
	  	 Waiver; Amendments
	  	 	87	  
			
	 Section 10.3.
	  	 Expenses; Indemnification
	  	 	89	  
			
	 Section 10.4.
	  	 Successors and Assigns
	  	 	90	  
			
	 Section 10.5.
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	94	  
			
	 Section 10.6.
	  	 WAIVER OF JURY TRIAL
	  	 	95	  
			
	 Section 10.7.
	  	 Right of Set-off
	  	 	95	  
			
	 Section 10.8.
	  	 Counterparts; Integration
	  	 	96	  
			
	 Section 10.9.
	  	 Survival
	  	 	96	  
			
	 Section 10.10.
	  	 Severability
	  	 	96	  
			
	 Section 10.11.
	  	 Confidentiality
	  	 	97	  
			
	 Section 10.12.
	  	 Interest Rate Limitation
	  	 	97	  
			
	 Section 10.13.
	  	 Waiver of Effect of Corporate Seal
	  	 	97	  
			
	 Section 10.14.
	  	 Patriot Act
	  	 	98	  
			
	 Section 10.15.
	  	 No Advisory or Fiduciary Responsibility
	  	 	98	  
			
	 Section 10.16.
	  	 Location of Closing
	  	 	98	  

  
 -iv- 

					
	Schedules	 		    	
			
	 Schedule I
	 	-	    	Applicable Margin and Applicable Percentage
	 Schedule II
	 		    	Commitment Amounts
			
	Exhibits	 		    	
			
	 Exhibit A
	 	-	    	Form of Assignment and Acceptance
	 Exhibit 2.3
	 	-	    	Form of Notice of Revolving Borrowing
	 Exhibit 2.4
	 	-	    	Form of Notice of Swingline Borrowing
	 Exhibit 2.7
	 	-	    	Form of Notice of Continuation/Conversion
	 Exhibit 2.20
	 	-	    	Tax Certificates
	 Exhibit 3.1(b)(ii)
	 	-	    	Form of Secretary’s Certificate
	 Exhibit 3.1(b)(v)
	 	-	    	Form of Officer’s Certificate
	 Exhibit 5.1(c)
	 	-	    	Form of Compliance Certificate

  
 -v- 

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT (this “Agreement”) is made and entered into as of this 24th day of November, 2014, by and among HEALTHSTREAM, INC., a Tennessee corporation (the “Borrower”), the several banks and other financial institutions and lenders from time to time
party hereto (the “Lenders”), and SUNTRUST BANK, in its capacity as administrative agent for the Lenders (the “Administrative Agent”), as issuing bank (the “Issuing Bank”) and as swingline lender
(the “Swingline Lender”). 
 W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Lenders (a) establish a $50,000,000.00 revolving credit facility in favor of the
Borrower and (b) to provide a letter of credit subfacility in favor of the Borrower; 
 WHEREAS, subject to the terms and
conditions of this Agreement, the Lenders, the Issuing Bank and the Swingline Lender, to the extent of their respective Commitments as defined herein, are willing severally to establish the requested revolving credit facility, letter of credit
subfacility and swingline subfacility in favor of the Borrower; 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Borrower, the Lenders, the Administrative Agent, the Issuing Bank and the Swingline Lender agree as follows: 

ARTICLE I  

DEFINITIONS; CONSTRUCTION 

Section 1.1. Definitions. In addition to the other terms defined herein, the following terms used herein shall have the
meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined): 

“Acquisition” shall mean (a) any Investment by the Borrower or any of its Subsidiaries in any other Person organized in
the United States (with substantially all of the assets of such Person and its Subsidiaries located in the United States), pursuant to which such Person shall become a Subsidiary of the Borrower or any of its Subsidiaries or shall be merged with the
Borrower or any of its Subsidiaries or (b) any acquisition by the Borrower or any of its Subsidiaries of the assets of any Person (other than a Subsidiary of the Borrower) that constitute all or substantially all of the assets of such Person or
a division or business unit of such Person, whether through purchase, merger or other business combination or transaction (and substantially all of such assets, division or business unit are located in the United States). With respect to a
determination of the amount of an Acquisition, such amount shall include all consideration (including any deferred payments) set forth in the applicable agreements governing such Acquisition as well as the assumption of any Indebtedness in
connection therewith. 
 “Additional Lender” shall have the meaning set forth in Section 2.23. 

“Adjusted LIBO Rate” means, with respect to each Interest Period for a Eurodollar Loan, (i) the rate per annum
equal to the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person taking over the administration of that rate) appearing on Reuters screen page LIBOR 01 (or on any successor or substitute page of
such 

 
service or any successor to such service, or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at
approximately 11:00 A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period for deposit in U.S. Dollars, with a maturity comparable to such Interest Period, divided by (ii) a percentage equal to 100%
minus the then stated maximum rate of all reserve requirements (including any marginal, emergency, supplemental, special or other reserves and without benefit of credits for proration, exceptions or offsets that may be available from time to
time) applicable to any member bank of the Federal Reserve System in respect of Eurocurrency liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D); provided, that if the rate referred to in
clause (i) above is not available at any such time for any reason, then the rate referred to in clause (i) shall instead be the interest rate per annum, as reasonably determined by the Administrative Agent, to be the arithmetic
average of the rates per annum at which deposits in U.S. Dollars in an amount equal to the amount of such Eurodollar Loan are offered by major banks in the London interbank market to the Administrative Agent at approximately 11:00 A.M.
(London time), two (2) Business Days prior to the first day of such Interest Period. 
 “Administrative Agent” shall
have the meaning set forth in the introductory paragraph hereof. 
 “Administrative Questionnaire” shall mean, with respect
to each Lender, an administrative questionnaire in the form provided by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender. 

“Affiliate” shall mean, as to any Person, any other Person that directly, or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such Person. For the purposes of this definition, “Control” shall mean the power, directly or indirectly, either to (i) vote 5% or more of the securities having ordinary
voting power for the election of directors (or persons performing similar functions) of a Person or (ii) direct or cause the direction of the management and policies of a Person, whether through the ability to exercise voting power, by control
or otherwise. The terms “Controlled by” and “under common Control with” have the meanings correlative thereto. 

“Aggregate Revolving Commitment Amount” shall mean the aggregate principal amount of the Aggregate Revolving Commitments from
time to time. On the Closing Date, the Aggregate Revolving Commitment Amount is $50,000,000.00. 
 “Aggregate Revolving
Commitments” shall mean, collectively, all Revolving Commitments of all Lenders at any time outstanding. 
 “Anti-Terrorism
Order” shall mean Executive Order 13224, signed by President George W. Bush on September 24, 2001. 
 “Applicable
Lending Office” shall mean, for each Lender and for each Type of Loan, the “Lending Office” of such Lender (or an Affiliate of such Lender) designated for such Type of Loan in the Administrative Questionnaire submitted by such
Lender or such other office of such Lender (or such Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office by which its Loans of such Type are to be made and maintained. 

  
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 “Applicable Margin” shall mean, as of any date, with respect to interest on all
Revolving Loans outstanding on such date or the letter of credit fee, as the case may be, the percentage per annum determined in accordance with the pricing grid set forth on Schedule I, which pricing grid is based on the Funded
Debt Leverage Ratio; provided that a change in the Applicable Margin resulting from a change in the Funded Debt Leverage Ratio shall be effective on the second (2nd) Business Day after
which the Borrower delivers each of the financial statements required by Section 5.1(a) and (b) and the Compliance Certificate required by Section 5.1(c); provided, further, that if at any time the
Borrower shall have failed to deliver such financial statements and such Compliance Certificate when so required, the Applicable Margin shall be at Level III as set forth on Schedule I until such time as such financial statements and
Compliance Certificate are delivered, at which time the Applicable Margin shall be determined as provided above. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until the date by which the financial statements and
Compliance Certificate for the Fiscal Quarter ending December 31, 2014 are required to be delivered shall be at Level I as set forth on Schedule I. In the event that any financial statement or Compliance Certificate delivered hereunder
is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin based upon the
pricing grid set forth on Schedule I (the “Accurate Applicable Margin”) for any period that such financial statement or Compliance Certificate covered, then (i) the Borrower shall immediately deliver to the
Administrative Agent a correct financial statement or Compliance Certificate, as the case may be, for such period, (ii) the Applicable Margin shall be adjusted such that after giving effect to the corrected financial statement or Compliance
Certificate, as the case may be, the Applicable Margin shall be reset to the Accurate Applicable Margin based upon the pricing grid set forth on Schedule I for such period and (iii) the Borrower shall immediately pay to the
Administrative Agent, for the account of the Lenders, the accrued additional interest owing as a result of such Accurate Applicable Margin for such period. The provisions of this definition shall not limit the rights of the Administrative Agent and
the Lenders with respect to Section 2.13(c) or Article VIII. 
 “Applicable Percentage” shall mean, as
of any date, with respect to the commitment fee as of such date, the percentage per annum determined in accordance with the pricing grid set forth on Schedule I, which pricing grid is based on the Funded Debt Leverage Ratio;
provided that a change in the Applicable Percentage resulting from a change in the Leverage Ratio shall be effective on the second (2nd) Business Day after which the Borrower delivers
each of the financial statements required by Section 5.1(a), (b) and the Compliance Certificate required by Section 5.1(c); provided, further, that if at any time the Borrower shall have failed to
deliver such financial statements and such Compliance Certificate when so required, the Applicable Percentage shall be at Level III as set forth on Schedule I until such time as such financial statements and Compliance Certificate are
delivered, at which time the Applicable Percentage shall be determined as provided above. Notwithstanding the foregoing, the Applicable Percentage for the commitment fee from the Closing Date until the date by which the financial statements and
Compliance Certificate for the Fiscal Quarter ending December 31, 2014 are required to be delivered shall be at Level I as set forth on Schedule I. In the event that any financial statement or Compliance Certificate delivered hereunder
is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Percentage based upon
the pricing grid set forth on Schedule I (the “Accurate Applicable Percentage”) for any period that such financial statement or Compliance Certificate covered, then (i) the Borrower shall immediately deliver to the
Administrative Agent a correct financial statement or Compliance Certificate, as the case may be, for such period, (ii) the 

  
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Applicable Percentage shall be adjusted such that after giving effect to the corrected financial statement or Compliance Certificate, as the case may be, the Applicable Percentage shall be reset
to the Accurate Applicable Percentage based upon the pricing grid set forth on Schedule I for such period and (iii) the Borrower shall immediately pay to the Administrative Agent, for the account of the Lenders, the accrued additional
commitment fee owing as a result of such Accurate Applicable Percentage for such period. The provisions of this definition shall not limit the rights of the Administrative Agent and the Lenders with respect to Section 2.13(c) or
Article VIII. 
 “Approved Fund” shall mean any Person (other than a natural Person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or
(iii) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.4(b)) and accepted by the Administrative Agent, in the form of Exhibit A
attached hereto or any other form approved by the Administrative Agent. 
 “Availability Period” shall mean the period from
the Closing Date to but excluding the Revolving Commitment Termination Date. 
 “Bank Product Obligations” shall mean,
collectively, all obligations and other liabilities of any Loan Party to any Bank Product Provider arising with respect to any Bank Products. 

“Bank Product Provider” shall mean any Person that, at the time it provides any Bank Product to any Loan Party, (i) is a
Lender or an Affiliate of a Lender and (ii) except when the Bank Product Provider is SunTrust Bank and its Affiliates, has provided prior written notice to the Administrative Agent which has been acknowledged by the Borrower of (x) the
existence of such Bank Product, (y) the maximum dollar amount of obligations arising thereunder (the “Bank Product Amount”) and (z) the methodology to be used by such parties in determining the obligations under such Bank
Product from time to time. In no event shall any Bank Product Provider acting in such capacity be deemed a Lender for purposes hereof to the extent of and as to Bank Products except that each reference to the term “Lender” in Article
IX and Section 10.3(b) shall be deemed to include such Bank Product Provider and in no event shall the approval of any such person in its capacity as Bank Product Provider be required in connection with the release or termination of
any security interest or Lien of the Administrative Agent. The Bank Product Amount may be changed from time to time upon written notice to the Administrative Agent by the applicable Bank Product Provider. No Bank Product Amount may be established at
any time that a Default or Event of Default exists. 
 “Bank Products” shall mean any of the following services provided to
any Loan Party by any Bank Product Provider: (a) any treasury or other cash management services, including deposit accounts, automated clearing house (ACH) origination and other funds transfer, depository (including cash vault and check
deposit), zero balance accounts and sweeps, return items processing, controlled disbursement accounts, positive pay, lockboxes and lockbox accounts, account reconciliation and information reporting, payables outsourcing, payroll processing, trade
finance services, investment accounts and securities accounts, and (b) card services, including credit cards (including purchasing cards and commercial cards), prepaid cards, including payroll, stored value and gift cards, merchant services
processing, and debit card services. 

  
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 “Base Rate” shall mean the highest of (i) the rate which the Administrative
Agent announces from time to time as its prime lending rate, as in effect from time to time, (ii) the Federal Funds Rate, as in effect from time to time, plus one-half of one percent (0.50%) per annum and (iii) the Adjusted LIBO
Rate determined on a daily basis for an Interest Period of one (1) month, plus one percent (1.00%) per annum (any changes in such rates to be effective as of the date of any change in such rate). The Administrative Agent’s
prime lending rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent may make commercial loans or other loans at rates of interest at, above, or below the
Administrative Agent’s prime lending rate. 
 “Beneficial Owner” shall mean, with respect to any amount paid hereunder
or under any other Loan Document, the Person that is the beneficial owner, for U.S. federal income tax purposes, of such payment. 

“Borrower” shall have the meaning set forth in the introductory paragraph hereof. 

“Borrowing” shall mean a borrowing consisting of (i) Loans of the same Class and Type, made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, or (ii) a Swingline Loan. 

“Business Day” shall mean any day other than (i) a Saturday, Sunday or other day on which commercial banks in Nashville,
Tennessee or Atlanta, Georgia are authorized or required by law to close and (ii) if such day relates to a Borrowing of, a payment or prepayment of principal or interest on, a conversion of or into, or an Interest Period for, a Eurodollar Loan
or a notice with respect to any of the foregoing, any day on which banks are not open for dealings in Dollar deposits in the London interbank market. 

“Capital Expenditures” shall mean, for any period, without duplication, (i) the additions to property, plant and
equipment and other capital expenditures of the Borrower and its Subsidiaries that are (or would be) set forth on a consolidated statement of cash flows of the Borrower for such period prepared in accordance with GAAP and (ii) Capital Lease
Obligations incurred by the Borrower and its Subsidiaries during such period, excluding any expenditure to the extent such expenditure is part of the aggregate amounts payable in connection with, or other consideration for, any Permitted Acquisition
consummated during or prior to such period. 
 “Capital Lease Obligations” of any Person shall mean all obligations of such
Person to pay rent or other amounts under any lease (or other arrangement conveying the right to use) of real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a
balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Capital Stock” shall mean all shares, options, warrants, general or limited partnership interests, membership interests or
other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other “equity security” (as
such term is defined in Rule 3a11 1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Exchange Act). 

  
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 “Cash Collateralize” shall mean, in respect of any obligations, to provide and
pledge (as a first priority perfected security interest) cash collateral for such obligations in Dollars with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent (and
“Cash Collateral”, “Cash Collateralized” and “Cash Collateralization” have the corresponding meanings). 

“Change in Control” shall mean the occurrence of one or more of the following events: (i) any sale, lease, exchange or
other transfer (in a single transaction or a series of related transactions) of all or substantially all of the assets of the Borrower to any Person or “group” (within the meaning of the Exchange Act and the rules of the Securities and
Exchange Commission thereunder in effect on the date hereof), (ii) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or “group” (within the meaning of the Exchange Act and the rules of the
Securities and Exchange Commission thereunder as in effect on the date hereof) of 40% or more of the outstanding shares of the voting equity interests of the Borrower, or (iii) during any period of 24 consecutive months, a majority of the
members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals who are Continuing Directors. 

“Change in Law” shall mean (i) the adoption of any applicable law, rule or regulation after the date of this Agreement,
(ii) any change in any applicable law, rule or regulation, or any change in the interpretation, implementation or application thereof, by any Governmental Authority after the date of this Agreement, or (iii) compliance by any Lender (or
its Applicable Lending Office) or the Issuing Bank (or, for purposes of Section 2.18(b), by the Parent Company of such Lender or the Issuing Bank, if applicable) with any request, guideline or directive (whether or not having the force
of law) of any Governmental Authority made or issued after the date of this Agreement; provided that for purposes of this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are Revolving Loans or Swingline Loans and when used in reference to any Commitment, refers to whether such Commitment is a Revolving Commitment or a Swingline Commitment. 

“Closing Date” shall mean the date on which the conditions precedent set forth in Section 3.1 and
Section 3.2 have been satisfied or waived in accordance with Section 10.2. 
 “Code” shall mean the
Internal Revenue Code of 1986, as amended and in effect from time to time. 
 “Commitment” shall mean a Revolving
Commitment or a Swingline Commitment or any combination thereof (as the context shall permit or require). 
 “Commodity Exchange
Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended and in effect from time to time, and any successor statute. 

  
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 “Compliance Certificate” shall mean a certificate from the principal executive
officer or the principal financial officer of the Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as Exhibit 5.1(c). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA” shall mean, for the Borrower and its
Subsidiaries for any period, an amount equal to the sum of (i) Consolidated Net Income for such period plus (ii) to the extent deducted in determining Consolidated Net Income for such period, and without duplication,
(A) Consolidated Interest Expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation and amortization determined on a consolidated basis in accordance with GAAP, (D) all other
non-cash charges determined on a consolidated basis in accordance with GAAP, in each case for such period, and (E) transaction costs and expenses paid in cash in connection with the Permitted Acquisitions in an aggregate amount not to exceed
$750,000.00; provided that for the purposes of calculating compliance with the financial covenants set forth in Article VI, to the extent that during such period any Loan Party shall have consummated a Permitted Acquisition or
other Acquisition approved in writing by the Required Lenders, or any sale, transfer or other disposition of any Person, business, property, or assets, Consolidated EBITDA shall be calculated on a Pro Forma Basis with respect to such Person,
business, property, or assets so acquired or so disposed of. 
 “Consolidated Interest Expense” shall mean, for the
Borrower and its Subsidiaries for any period, determined on a consolidated basis in accordance with GAAP, the sum of (i) total interest expense, including, without limitation, the interest component of any payments in respect of Capital Lease
Obligations, capitalized or expensed during such period (whether or not actually paid during such period) plus (ii) the net amount payable (or minus the net amount receivable) with respect to Hedging Transactions during such period
(whether or not actually paid or received during such period). 
 “Consolidated Net Income” shall mean, for the Borrower
and its Subsidiaries for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, but excluding therefrom (to the extent otherwise included therein)
(i) any extraordinary gains or losses, (ii) any gains attributable to write-ups of assets or the sale of assets (other than the sale of inventory in the ordinary course of business), (iii) any equity interest of the Borrower or any
Subsidiary of the Borrower in the unremitted earnings of any Person that is not a Subsidiary and (iv) any income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or
any Subsidiary or the date that such Person’s assets are acquired by the Borrower or any Subsidiary. 
 “Continuing
Director” shall mean, with respect to any period, any individuals (A) who were members of the board of directors or other equivalent governing body of the Borrower on the first day of such period, (B) whose election or nomination
to that board or equivalent governing body was approved by individuals referred to in clause (A) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, or (C) whose
election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (A) and (B) above constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body. 

  
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 “Contractual Obligation” of any Person shall mean any provision of any security
issued by such Person or of any agreement, instrument or undertaking under which such Person is obligated or by which it or any of the property in which it has an interest is bound. 

“Copyright” shall have the meaning assigned to such term in the Guaranty and Security Agreement. 

“Current Assets” shall mean, with respect to any Person, all current assets of such Person as of any date of determination
calculated in accordance with GAAP, but excluding cash, cash equivalents and debts due from Affiliates. 
 “Current
Liabilities” shall mean, with respect to any Person, all liabilities of such Person that should, in accordance with GAAP, be classified as current liabilities as of any date of determination, and in any event including all Indebtedness
payable on demand or within one year from such date of determination without any option on the part of the obligor to extend or renew beyond such year and all accruals for federal or other taxes based on or measured by income and payable within such
year, but excluding the current portion of long-term debt required to be paid within one year and the aggregate outstanding principal balance of the Revolving Loans and the Swingline Loans. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 

“Default” shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an
Event of Default. 
 “Default Interest” shall have the meaning set forth in Section 2.13(c). 

“Defaulting Lender” shall mean, subject to Section 2.26(c), any Lender that (a) has failed to (i) fund
all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, any Issuing Bank, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Bank or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to
that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent
or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor

  
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Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the
ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 2.26(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, each Swingline Lender and each Lender. 

“Disclosure Letter” means that certain Disclosure Letter, dates as of the date hereof, executed and delivered by Borrower to
Administrative Agent for the benefit of the Lenders. 
 “Dollar(s)” and the sign “$” shall mean lawful
money of the United States. 
 “Domestic Subsidiary” shall mean each Subsidiary of the Borrower that is organized under the
laws of the United States or any state or district thereof. 
 “Environmental Laws” shall mean all laws, rules,
regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental Authority relating in any way to the environment, preservation or reclamation of
natural resources, the management, Release or threatened Release of any Hazardous Material or to health and safety matters. 

  
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 “Environmental Liability” shall mean any liability, contingent or otherwise
(including any liability for damages, costs of environmental investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), of the Borrower or any of its Subsidiaries directly or
indirectly resulting from or based upon (i) any actual or alleged violation of any Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (iii) any actual or
alleged exposure to any Hazardous Materials, (iv) the Release or threatened Release of any Hazardous Materials or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any successor statute and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” shall
mean any person that for purposes of Title I or Title IV of ERISA or Section 412 of the Code would be deemed at any relevant time to be a “single employer” or otherwise aggregated with the Borrower or any of its Subsidiaries under
Section 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA. 
 “ERISA Event” shall mean
(i) any “reportable event” as defined in Section 4043 of ERISA with respect to a Plan (other than an event as to which the PBGC has waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043 the
requirement of Section 4043(a) of ERISA that it be notified of such event); (ii) any failure to make a required contribution to any Plan that would result in the imposition of a lien or other encumbrance or the provision of security under
Section 430 of the Code or Section 303 or 4068 of ERISA, or the arising of such a lien or encumbrance, there being or arising any “unpaid minimum required contribution” or “accumulated funding deficiency” (as defined or
otherwise set forth in Section 4971 of the Code or Part 3 of Subtitle B of Title 1 of ERISA), whether or not waived, or any filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code or Section 303
of ERISA with respect to any Plan or Multiemployer Plan, or that such filing may be made, or any determination that any Plan is, or is expected to be, in at-risk status under Title IV of ERISA; (iii) any incurrence by the Borrower, any of its
Subsidiaries or any of their respective ERISA Affiliates of any liability under Title IV of ERISA with respect to any Plan or Multiemployer Plan (other than for premiums due and not delinquent under Section 4007 of ERISA); (iv) any
institution of proceedings, or the occurrence of an event or condition which would reasonably be expected to constitute grounds for the institution of proceedings by the PBGC, under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan; (v) any incurrence by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan, or the receipt by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice that a Multiemployer Plan is in endangered or critical status under Section 305 of ERISA; (vi) any
receipt by the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any notice, or any receipt by any Multiemployer Plan from the Borrower, any of its Subsidiaries or any of their respective ERISA Affiliates of any
notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (vii) engaging in a non-exempt prohibited
transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA; or (viii) any filing of a notice of intent to terminate any Plan if such termination would require material additional contributions in order to be
considered a standard termination within the meaning of Section 4041(b) of ERISA, any filing under Section 4041(c) of ERISA of a notice of intent to terminate any Plan, or the termination of any Plan under Section 4041(c) of ERISA.

  
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 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” shall have the meaning set forth in Section 8.1. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended and in effect from time to time. 

“Excluded Swap Obligation” shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or
a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act at the time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to
the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.25) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to
Section 2.20, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 2.20 and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Rate” shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the next 1/100 of
1%) equal to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System arranged by Federal funds brokers, as published by the Federal Reserve Bank of New York on the next

  
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succeeding Business Day or, if such rate is not so published for any Business Day, the Federal Funds Rate for such day shall be the average (rounded upwards, if necessary, to the next 1/100 of
1%) of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. 

“Fee Letter” shall mean any fee letter executed by SunTrust Robinson Humphrey, Inc. and SunTrust Bank and accepted by the
Borrower after the date of this Agreement. 
 “Fiscal Quarter” shall mean any fiscal quarter of the Borrower. 

“Fiscal Year” shall mean any fiscal year of the Borrower. 

“Flood Insurance Laws” shall mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in
effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or
any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect of any successor statute thereto, in each case, together with all statutory and regulatory provisions consolidating, amending, replacing,
supplementing, implementing or interpreting any of the foregoing, as amended or modified from time to time. 
 “Foreign
Lender” shall mean (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in
which the Borrower is resident for tax purposes. 
 “Foreign Person” shall mean any Person that is not a U.S. Person. 

“Foreign Subsidiary” shall mean each Subsidiary of the Borrower that is organized under the laws of a jurisdiction other than
one of the fifty states of the United States or the District of Columbia. 
 “Funded Debt” means (1) all obligations
for money borrowed, (2) all obligations evidenced by a bond, indenture, note, loan agreement, letter of credit or similar instrument, (3) all Capital Lease Obligations and (4) all other obligations upon which interest charges are
customarily paid. 
 “Funded Debt Leverage Ratio” shall mean, as of any measurement date, the ratio of (i) Funded
Debt, to (ii) Consolidated EBITDA. 
 “GAAP” shall mean generally accepted accounting principles in the United States
applied on a consistent basis and subject to the terms of Section 1.3. 
 “Governmental Authority” shall mean
the government of the United States, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” of or by any Person (the “guarantor”) shall mean any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, 

  
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whether directly or indirectly and including any obligation, direct or indirect, of the guarantor (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such
Indebtedness or other obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation or (iv) as an account party in respect of any letter of credit or letter of guaranty issued in support of such Indebtedness or obligation; provided that the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made
or, if not so stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. The term “Guarantee” used as a verb
has a corresponding meaning. 
 “Guarantor” shall mean each of the Subsidiary Loan Parties. 

“Guaranty” shall mean the Guaranty dated as of the date hereof made by the Loan Parties in favor of the Administrative Agent
for the benefit of the Secured Parties. 
 “Hazardous Materials” shall mean all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedging Obligations” of any Person
shall mean any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations, buy backs,
reversals, terminations or assignments of any Hedging Transactions and (iii) any and all renewals, extensions and modifications of any Hedging Transactions and any and all substitutions for any Hedging Transactions. 

“Hedge Termination Value” shall mean, in respect of any one or more Hedge Transactions, after taking into account the effect
of any legally enforceable netting agreement relating to such Hedge Transactions, (a) for any date on or after the date such Hedge Transactions have been closed out and termination value(s) determined in accordance therewith, such termination
value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Transactions, as determined based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Hedge Transactions (which may include a Lender or any Affiliate of a Lender). 
 “Hedging
Transaction” of any Person shall mean (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into by such Person that is a rate swap transaction, swap option, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, spot transaction, credit protection transaction, credit swap, credit default swap, credit default option, 

  
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total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or any other similar transaction
(including any option with respect to any of these transactions) or any combination thereof, whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Increasing Lender” shall have the meaning set forth in Section 2.23. 

“Incremental Commitment” shall have the meaning set forth in Section 2.23. 

“Incremental Revolving Commitment” shall have the meaning set forth in Section 2.23. 

“Incremental Loan” shall have the meaning set forth in Section 2.23. 

“Indebtedness” of any Person shall mean, without duplication, (i) all obligations of such Person for borrowed money,
(ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the deferred purchase price of property or services (other than trade payables
incurred in the ordinary course of business; provided that, for purposes of Section 8.1(g), trade payables overdue by more than 120 days shall be included in this definition except to the extent that any of such trade payables are
being disputed in good faith and by appropriate measures), (iv) all obligations of such Person under any conditional sale or other title retention agreement(s) relating to property acquired by such Person, (v) all Capital Lease Obligations
of such Person, (vi) all obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit, (vii) all Guarantees of such Person of the type of Indebtedness described in
clauses (i) through (vi) above, (viii) all Indebtedness of a third party secured by any Lien on property owned by such Person, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person,
contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (x) all Off-Balance Sheet Liabilities and (xi) all Hedging Obligations. The Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture in which such Person is a general partner or a joint venturer, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” shall mean (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or
on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Intellectual Property” shall mean any patents, trademarks, service marks, trade names, copyrights and other intellectual
property that are material to the operation of the business. 
 “Interest Coverage Ratio” shall mean, as of any measurement
date, the ratio of (i) Consolidated EBITDA to (ii) Consolidated Interest Expense. 
 “Interest Expense” means
interest expense (including without limitation the interest component of any payments in respect of capital capitalized or expensed during such period). 

  
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 “Interest Period” shall mean with respect to any Eurodollar Borrowing, a period
of one, two, three or six months; provided that: 
 (i) the initial Interest Period for such Borrowing shall commence
on the date of such Borrowing (including the date of any conversion from a Borrowing of another Type), and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period
expires; 
 (ii) if any Interest Period would otherwise end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day, unless such Business Day falls in another calendar month, in which case such Interest Period would end on the next preceding Business Day; 

(iii) any Interest Period which begins on the last Business Day of a calendar month or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of such calendar month; and 

(iv) no Interest Period may extend beyond the Revolving Commitment Termination Date. 

“Investments” shall have the meaning set forth in Section 7.4. 

“IRS” shall mean the United States Internal Revenue Service. 

“Issuing Bank” shall mean SunTrust Bank in its capacity as the issuer of Letters of Credit pursuant to
Section 2.22. 
 “LC Commitment” shall mean that portion of the Aggregate Revolving Commitments that may be
used by the Borrower for the issuance of Letters of Credit in an aggregate face amount not to exceed $5,000,000.00. 
 “LC
Disbursement” shall mean a payment made by the Issuing Bank pursuant to a Letter of Credit. 
 “LC Documents”
shall mean all applications, agreements and instruments relating to the Letters of Credit but excluding the Letters of Credit. 

“LC Exposure” shall mean, at any time, the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit
at such time, plus (ii) the aggregate amount of all LC Disbursements that have not been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender shall be its Pro Rata Share of the total LC Exposure at such
time. 

  
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 “Lender-Related Hedge Provider” means any Person that, at the time it enters
into a Hedging Transaction with any Loan Party, (i) is a Lender or an Affiliate of a Lender and (ii) except when the Lender-Related Hedge Provider is SunTrust Bank or any of its Affiliates, has provided prior written notice to the
Administrative Agent which has been acknowledged by the Borrower of (x) the existence of such Hedging Transaction and (y) the methodology to be used by such parties in determining the obligations under such Hedging Transaction from time to
time. In no event shall any Lender-Related Hedge Provider acting in such capacity be deemed a Lender for purposes hereof to the extent of and as to Hedging Obligations except that each reference to the term “Lender” in
Article IX and Section 10.3(b) shall be deemed to include such Lender-Related Hedge Provider. In no event shall the approval of any such Person in its capacity as Lender-Related Hedge Provider be required in connection with
the release or termination of any security interest or Lien of the Administrative Agent. 
 “Lenders” shall have the
meaning set forth in the introductory paragraph hereof and shall include, where appropriate, the Swingline Lender, each Increasing Lender and each Additional Lender that joins this Agreement pursuant to Section 2.23. 

“Letter of Credit” shall mean any stand-by letter of credit issued pursuant to Section 2.22 by the Issuing Bank
for the account of the Borrower pursuant to the LC Commitment. 
 “Lien” shall mean any mortgage, pledge, security
interest, lien (statutory or otherwise), charge, encumbrance, hypothecation, assignment, deposit arrangement, or other arrangement having the practical effect of any of the foregoing or any preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having the same economic effect as any of the foregoing). 

“Loan Documents” shall mean, collectively, this Agreement, the Guaranty Agreement, the LC Documents, the Disclosure Letter,
any Fee Letter, all Notices of Borrowing, all Notices of Conversion/Continuation, all Compliance Certificates, any promissory notes issued hereunder and any and all other instruments, agreements, documents and writings executed in connection with
any of the foregoing. 
 “Loan Parties” shall mean the Borrower and the Subsidiary Loan Parties. 

“Loans” shall mean all Revolving Loans and Swingline Loans in the aggregate or any of them, as the context shall require, and
shall include, where appropriate, any loan made pursuant to Section 2.23. 
 “Material Adverse Effect” shall
mean, with respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singularly or in conjunction with any other
event or events, act or acts, condition or conditions, occurrence or occurrences whether or not related, resulting in a material adverse change in, or a material adverse effect on, (i) the business, results of operations, financial condition,
assets or liabilities of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Loan Parties to perform any of their respective obligations under the Loan Documents, (iii) the rights and remedies of the Administrative
Agent, the Issuing Bank, the Swingline Lender or the Lenders under any of the Loan Documents or (iv) the legality, validity or enforceability of any of the Loan Documents. 

  
 -16- 

 “Material Agreements” shall mean (i) all agreements, indentures or notes
governing the terms of any Material Indebtedness, (ii) all employment and non-compete agreements with management, (iii) all leases of Real Estate that have been filed with the U.S. Securities and Exchange Commission, and (iv) all
other agreements, documents, contracts, indentures and instruments pursuant to which (A) any Loan Party or any of its Subsidiaries are obligated to make payments in any twelve month period of $5,000,000.00 or more, (B) any Loan Party or
any of its Subsidiaries expects to receive revenue in any twelve month period of $5,000,000.00 or more or (C) a default, breach or termination thereof would reasonably be expected to result in a Material Adverse Effect. 

“Material Indebtedness” shall mean any Indebtedness (other than the Loans and the Letters of Credit) of the Borrower or any
of its Subsidiaries individually or in an aggregate committed or outstanding principal amount exceeding $1,000,000.00. For purposes of determining the amount of attributed Indebtedness from Hedging Obligations, the “principal amount” of
any Hedging Obligations at any time shall be the Net Mark-to-Market Exposure of such Hedging Obligations. 
 “Maturity
Date” means, with respect to Revolving Loans, the Revolving Commitment Termination Date. 
 “Moody’s” shall
mean Moody’s Investors Service, Inc. 
 “Multiemployer Plan” shall mean any “multiemployer plan” as defined
in Section 4001(a)(3) of ERISA, which is contributed to by (or to which there is or may be an obligation to contribute of) the Borrower, any of its Subsidiaries or an ERISA Affiliate, and each such plan for the five-year period immediately
following the latest date on which the Borrower, any of its Subsidiaries or an ERISA Affiliate contributed to or had an obligation to contribute to such plan. 

“Net Mark-to-Market Exposure” of any Person shall mean, as of any date of determination with respect to any Hedging
Obligation, the excess (if any) of all unrealized losses over all unrealized profits of such Person arising from such Hedging Obligation. “Unrealized losses” shall mean the fair market value of the cost to such Person of replacing the
Hedging Transaction giving rise to such Hedging Obligation as of the date of determination (assuming such Hedging Transaction were to be terminated as of that date), and “unrealized profits” shall mean the fair market value of the gain to
such Person of replacing such Hedging Transaction as of the date of determination (assuming such Hedging Transaction were to be terminated as of that date). 

“Non-Defaulting Lender” shall mean, at any time, a Lender that is not a Defaulting Lender. 

“Non-U.S. Plan” shall mean any plan, fund (including, without limitation, any superannuation fund) or other similar program
established, contributed to (regardless of whether through direct contributions or through employee withholding) or maintained outside the United States by the Borrower or one or more of its Subsidiaries primarily for the benefit of employees of the
Borrower or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement, or payments to be made upon termination of
employment, and which plan is not subject to ERISA or the Code. 

  
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 “Notices of Borrowing” shall mean, collectively, the Notices of Revolving
Borrowing and the Notices of Swingline Borrowing. 
 “Notice of Conversion/Continuation” shall have the meaning set forth
in Section 2.7(b). 
 “Notice of Revolving Borrowing” shall have the meaning set forth in
Section 2.3. 
 “Notice of Swingline Borrowing” shall have the meaning set forth in Section 2.4.

 “Obligations” shall mean (a) all amounts owing by the Loan Parties to the Administrative Agent, the Issuing Bank,
any Lender (including the Swingline Lender) or the Sole Lead Arranger pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any Loan or Letter of Credit including, without limitation, all principal,
interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding), reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to the Administrative Agent, the Issuing Bank and any
Lender (including the Swingline Lender) incurred pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder,
(b) all Hedging Obligations owed by any Loan Party to any Lender-Related Hedge Provider, and (c) all Bank Product Obligations, together with all renewals, extensions, modifications or refinancings of any of the foregoing; provided,
however, that with respect to any Guarantor, the Obligations shall not include any Excluded Swap Obligations. 

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

“Off-Balance Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of such Person with
respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, (iii) any Synthetic Lease
Obligation or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person. 

“OSHA” shall mean the Occupational Safety and Health Act of 1970, as amended from time to time, and any successor statute.

 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former
connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.25). 

  
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 “Parent Company” shall mean, with respect to a Lender, the “bank holding
company” as defined in Regulation Y, if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“Participant” shall have the meaning set forth in Section 10.4(d). 

“Participant Register” shall have the meaning set forth in Section 10.4(d). 

“Patent” shall have the meaning assigned to such term in the Guaranty and Security Agreement. 

“Patriot Act” shall mean the USA PATRIOT Improvement and Reauthorization Act of 2005 (Pub. L. 109-177 (signed into law
March 9, 2006)), as amended and in effect from time to time. 
 “Payment Office” shall mean the office of the
Administrative Agent located at 401 Commerce Street, Suite 4400, Nashville, Tennessee 37219, or such other location as to which the Administrative Agent shall have given written notice to the Borrower and the other Lenders. 

“PBGC” shall mean the U.S. Pension Benefit Guaranty Corporation referred to and defined in ERISA, and any successor entity
performing similar functions. 
 “Perfection Certificate” shall have the meaning assigned to such term in the Guaranty and
Security Agreement. 
 “Permitted Acquisition” means an Acquisition of an entity (“Target”) that occurs
when all of the following conditions have been satisfied: (a) after giving effect to such Acquisition, no Default or Event of Default has occurred and is continuing and all representations and warranties in this Credit Agreement or any other
Loan Documents shall continue to be true and correct in all material respects, except for those made as of a particular date; (b) at least fifteen (15) days prior to completion of such Acquisition, Borrower shall have delivered written
notice to Administrative Agent, which notice shall provide general details about the Acquisition and shall include a pro forma “post-acquisition” calculation of the financial covenants set forth in Article VI demonstrating that after
giving effect to such Acquisition, Borrower will not be within 0.25x of the financial covenant limitations; (c) in the event that the aggregate consideration payable in connection with such Acquisition (including cash, equity and Indebtedness
or liabilities incurred or assumed and all transaction costs) will exceed $30,000,000, then at least ten (10) days prior to the completion of such Acquisition, Borrower shall deliver to Administrative Agent copies of the Acquisition agreement
and other material documents pertaining to such Acquisition which shall be in form and substance reasonably satisfactory to the Administrative Agent; (d) such Acquisition is consensual and is approved by the board of directors (or the
equivalent thereof) of the Person whose stock or assets are being acquired; (e) the Person or assets being acquired are in substantially the same type of business conducted by the Borrower and its Subsidiaries on the date hereof or any business
reasonably related thereto; (f) such Acquisition is consummated in material compliance with all requirements of law, and those consents and approvals from any governmental authority or other Person required in connection with such Acquisition
have been obtained; (g) the Person or assets being acquired shall have positive EBITDA (calculated in a manner substantially similar to “Consolidated 

  
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EBITDA” to the extent the provisions of such definition are relevant) for the 12-month period ending on the date of such Acquisition, as determined based upon financial statements for the
most recent completed fiscal year and the most recent interim financial period completed within 45 days prior to the date of consummation of such Acquisition; provided, however, that notwithstanding the foregoing, the Borrower shall be
permitted to consummate two (2) Acquisitions of a Person or assets having negative EBITDA (calculated in the manner and for the period specified above); provided that, in each case, the negative EBITDA of such Person or assets
being acquired in any single Acquisition is not greater than (-$2,000,000); (h) before and after giving effect to such Acquisition and any indebtedness incurred in connection therewith, Borrower and its Subsidiaries are solvent; (i) any
Subsidiary of Borrower formed or acquired in connection with such Acquisition shall have executed and delivered a guaranty of the obligations under this Credit Agreement and other Loan Documents provided customary authorizations and opinions in that
regard; and (j) the Borrower has delivered to the Administrative Agent a certificate executed by a responsible officer certifying that each of the conditions set forth above has been satisfied. 

“Permitted Encumbrances” shall mean: 

(i) Liens imposed by law for taxes, assessments or governmental charges or levies not yet due or which are being contested in
good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves are being maintained in accordance with GAAP; 

(ii) statutory Liens of landlords, carriers, warehousemen, mechanics, materialmen and other Liens imposed by law in the
ordinary course of business for amounts not yet due or which are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves are being maintained in accordance with GAAP; 

(iii) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment
insurance and other social security laws or regulations; 
 (iv) deposits to secure the performance of bids, trade contracts,
leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

(v) judgment and attachment liens not giving rise to an Event of Default or Liens created by or existing from any litigation or
legal proceeding that are currently being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves are being maintained in accordance with GAAP; 

(vi) customary rights of set-off, revocation, refund or chargeback under deposit agreements or under the Uniform Commercial
Code or common law of banks or other financial institutions where the Borrower or any of its Subsidiaries maintains deposits (other than deposits intended as cash collateral) in the ordinary course of business; and 

(vii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the
ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Borrower and its Subsidiaries taken as
a whole; 

  
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 provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness. 
 “Permitted Investments” shall mean Investments which comply with Borrower’s internal investment
policy dated March 7, 2013 (the “Investment Policy”) incorporated herein by this reference, provided that Borrower may not materially diverge from the Investment Policy without the prior written consent of the Required Lenders.

 “Person” shall mean any individual, partnership, firm, corporation, association, joint venture, limited liability
company, trust or other entity, or any Governmental Authority. 
 “Plan” shall mean any “employee benefit plan”
as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) maintained or contributed to by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate has or may have an obligation to contribute, that is
subject to Title IV of ERISA. 
 “Pro Forma Basis” shall mean, (i) with respect to any Person, business, property or
asset acquired in a Permitted Acquisition or other Acquisition approved in writing by the Required Lenders, the inclusion as “Consolidated EBITDA” of the EBITDA (i.e. net income before interest, taxes, depreciation and amortization) for
such Person, business, property or asset as if such Acquisition had been consummated on the first day of the applicable period, based on historical results accounted for in accordance with GAAP, and (ii) with respect to any Person, business,
property or asset sold, transferred or otherwise disposed of, the exclusion from “Consolidated EBITDA” of the EBITDA (i.e. net income before interest, taxes, depreciation and amortization) for such Person, business, property or asset so
disposed of during such period as if such disposition had been consummated on the first day of the applicable period, in accordance with GAAP (in each case together with such adjustments thereto as are, in the reasonable judgment of Administrative
Agent, directly attributable to such transaction and as are factually supportable (in the reasonable judgment of the Administrative Agent)). 

“Pro Rata Share” shall mean (i) with respect to any Class of Commitment or Loan of any Lender at any time, a percentage,
the numerator of which shall be such Lender’s Commitment of such Class (or if such Commitment has been terminated or expired or the Loans have been declared to be due and payable, such Lender’s Revolving Credit Exposure), and the
denominator of which shall be the sum of all Commitments of such Class of all Lenders (or if such Commitments have been terminated or expired or the Loans have been declared to be due and payable, all Revolving Credit Exposure of all Lenders) and
(ii) with respect to all Classes of Commitments and Loans of any Lender at any time, the numerator of which shall be such Lender’s Revolving Commitment (or if such Revolving Commitment has been terminated or expired or the Loans have been
declared to be due and payable, such Lender’s Revolving Credit Exposure) and the denominator of which shall be the sum of all Lenders’ Revolving Commitments (or if such Revolving Commitments have been terminated or expired or the Loans
have been declared to be due and payable, all Revolving Credit Exposure of all Lenders funded under such Commitments). 
 “Real
Estate” shall mean all real property owned or leased by the Borrower and its Subsidiaries. 

  
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 “Recipient” shall mean, as applicable, (a) the Administrative Agent,
(b) any Lender and (c) the Issuing Bank. 
 “Regulation D” shall mean Regulation D of the Board of Governors of
the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 
 “Regulation
T” shall mean Regulation T of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 

“Regulation U” shall mean Regulation U of the Board of Governors of the Federal Reserve System, as the same may be in effect
from time to time, and any successor regulations. 
 “Regulation X” shall mean Regulation X of the Board of Governors of
the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 
 “Regulation
Y” shall mean Regulation Y of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 

“Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective
managers, administrators, trustees, partners, directors, officers, employees, agents, advisors or other representatives of such Person and such Person’s Affiliates. 

“Release” shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge,
dispersal, leaching or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or fixture. 

“Required Lenders” shall mean, at any time, Lenders holding more than 50% of the aggregate outstanding Revolving Commitments
at such time or, if the Lenders have no Commitments outstanding, then Lenders holding more than 50% of the aggregate outstanding Revolving Credit Exposure of the Lenders at such time; provided that: (a) if at any time the number of
Lenders is two (2) or less, then the required percentages listed above shall each be 100%, and (b) if at any time the number of Lenders is three (3), then the required percentages listed above shall each be 50% but in no event less than
two of the three Lenders; and further provided that to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Revolving Commitments, Revolving Credit Exposure shall be excluded for purposes of determining
Required Lenders. 
 “Required Revolving Lenders” shall mean, at any time, Lenders holding more than 50% of the aggregate
outstanding Revolving Commitments at such time or, if the Lenders have no Revolving Commitments outstanding, then Lenders holding more than 50% of the aggregate Revolving Credit Exposure; provided that: (a) if at any time the number of
Lenders is two (2) or less, then the required percentages listed above shall each be 100%, and (b) if at any time the number of Lenders is three (3), then the required percentages shall each be 50% but in no event less than two of the
three Lenders; and further provided that to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Revolving Commitments and Revolving Credit Exposure shall be excluded for purposes of determining Required
Revolving Lenders. 
 “Requirement of Law” for any Person shall mean the articles or certificate of incorporation, bylaws,
partnership certificate and agreement, or limited liability company certificate of organization and agreement, as the case may be, and other organizational and governing documents of such Person, and any law, treaty, rule or regulation, or
determination of a Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

  
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 “Responsible Officer” shall mean (x) with respect to certifying compliance
with the financial covenants set forth in Article VI, the chief financial officer or the treasurer of the Borrower and (y) with respect to all other provisions, any of the president, the chief executive officer, the chief operating
officer, the chief financial officer, the treasurer or a vice president of the Borrower or such other representative of the Borrower as may be designated in writing by any one of the foregoing with the consent of the Administrative Agent. 

“Restricted Payment” shall mean, for any Person, any dividend or distribution on any class of its Capital Stock, or any
payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement, defeasance or other acquisition of any shares of its Capital Stock, any Indebtedness subordinated to the Obligations or any
Guarantee thereof or any options, warrants or other rights to purchase such Capital Stock or such Indebtedness, whether now or hereafter outstanding, or any management or similar fees. 

“Revolving Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Revolving Loans to the
Borrower and to acquire participations in Letters of Credit and Swingline Loans in an aggregate principal amount not exceeding the amount set forth with respect to such Lender on Schedule II, as such schedule may be amended pursuant to
Section 2.23, or, in the case of a Person becoming a Lender after the Closing Date, the amount of the assigned “Revolving Commitment” as provided in the Assignment and Acceptance executed by such Person as an assignee, or the
joinder executed by such Person, in each case as such commitment may subsequently be increased or decreased pursuant to the terms hereof. 

“Revolving Commitment Termination Date” shall mean the earliest of (i) November 24, 2017, (ii) the date on
which the Revolving Commitments are terminated pursuant to Section 2.8 and (iii) the date on which all amounts outstanding under this Agreement have been declared or have automatically become due and payable (whether by acceleration
or otherwise). 
 “Revolving Credit Exposure” shall mean, with respect to any Lender at any time, the sum of the
outstanding principal amount of such Lender’s Revolving Loans, LC Exposure and Swingline Exposure. 
 “Revolving Loan”
shall mean a loan made by a Lender (other than the Swingline Lender) to the Borrower under its Revolving Commitment, which may either be a Base Rate Loan or a Eurodollar Loan. 

“S&P” shall mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 

“Sanctioned Country” shall mean a country subject to a sanctions program identified on the list maintained by OFAC and
available at http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx, or as otherwise published from time to time. 

“Sanctioned Person” shall mean (i) a Person named on the list of “Specially Designated Nationals and Blocked
Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (ii) (A) an agency of the government of a Sanctioned
Country, (B) an organization controlled by a Sanctioned Country, or (C) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 

  
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 “Sole Lead Arranger” shall mean SunTrust Robinson Humphrey, Inc., in its
capacity as sole lead arranger in connection with this Agreement. 
 “Solvent” shall mean, with respect to any Person on a
particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including subordinated and contingent liabilities, of such Person; (b) the present fair saleable value of
the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts and liabilities, including subordinated and contingent liabilities as they become absolute and matured;
(c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (d) such Person is not engaged in a business or
transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities (such as litigation, guaranties and pension plan
liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing at the time, represents the amount that would reasonably be expected to become an actual or matured liability. 

“Subsidiary” shall mean, with respect to any Person (the “parent”) at any date, any corporation,
partnership, joint venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, partnership, joint venture, limited liability company, association or other entity (i) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (ii) that is, as of such date, otherwise controlled,
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless otherwise indicated, all references to “Subsidiary” hereunder shall mean a Subsidiary of the Borrower. 

“Subsidiary Loan Party” shall mean any Subsidiary that executes or becomes a party to the Guaranty. 

“Swap Obligation” shall mean, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 “Swingline
Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal amount at any time outstanding not to exceed $5,000,000.00. 

  
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 “Swingline Exposure” shall mean, with respect to each Lender, the principal
amount of the Swingline Loans in which such Lender is legally obligated either to make a Base Rate Loan or to purchase a participation in accordance with Section 2.4, which shall equal such Lender’s Pro Rata Share of all outstanding
Swingline Loans. 
 “Swingline Lender” shall mean SunTrust Bank. 

“Swingline Loan” shall mean a loan made to the Borrower by the Swingline Lender under the Swingline Commitment. 

“Synthetic Lease” shall mean a lease transaction under which the parties intend that (i) the lease will be treated as an
“operating lease” by the lessee pursuant to Accounting Standards Codification Sections 840-10 and 840-20, as amended, and (ii) the lessee will be entitled to various tax and other benefits ordinarily available to owners (as opposed to
lessees) of like property. 
 “Synthetic Lease Obligations” shall mean, with respect to any Person, the sum of (i) all
remaining rental obligations of such Person as lessee under Synthetic Leases which are attributable to principal and, without duplication, (ii) all rental and purchase price payment obligations of such Person under such Synthetic Leases
assuming such Person exercises the option to purchase the lease property at the end of the lease term. 
 “Target” shall
have the meaning ascribed to such term within the definition of “Permitted Acquisition”. 
 “Taxes” shall
mean any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees, charges imposed by any Governmental Authority, including any interest, additions to tax or penalties
applicable thereto. 
 “Trading with the Enemy Act” shall mean the Trading with the Enemy Act of the United States of
America (50 U.S.C. App. §§ 1 et seq.), as amended and in effect from time to time. 
 “Type”, when used in
reference to a Loan or a Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Base Rate. 

“Unfinanced Cash Capital Expenditures” shall mean, for any period, the amount of Capital Expenditures made by the Borrower
and its Subsidiaries during such period in cash, but excluding any such Capital Expenditures financed with Indebtedness permitted under Section 7.1(c) or that constitute reinvestment of proceeds as permitted under
Section 2.12(a). 
 “Unfunded Pension Liability” of any Plan shall mean the amount, if any, by which the value
of the accumulated plan benefits under the Plan, determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds the fair
market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions). 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as in effect from time to time in
the State of Tennessee. 

  
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 “United States” or “U.S.” shall mean the United States of
America. 
 “U.S. Borrower” shall mean any Borrower that is a U.S. Person. 

“U.S. Person” shall mean any Person that is a “United States person” as defined in Section 7701(a)(30) of the
Code. 
 “U.S. Tax Compliance Certificate” shall have the meaning set forth in Section 2.20(e)(ii). 

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” shall
mean the Borrower, any other Loan Party or the Administrative Agent, as applicable. 
 “Working Capital” shall mean the
average of the Current Assets less the Current Liabilities for the first three months of each Fiscal Year compared to the average of the Current Assets less the Current Liabilities for the last three months of such Fiscal Year. 

Section 1.2. Classifications of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g. “Revolving Loan”) or by Type (e.g. “Eurodollar Loan” or “Base Rate Loan”) or by Class and Type (e.g. “Revolving Eurodollar Loan”). Borrowings also may be classified and referred to by Class
(e.g. “Revolving Borrowing”) or by Type (e.g. “Eurodollar Borrowing”) or by Class and Type (e.g. “Revolving Eurodollar Borrowing”). 

Section 1.3. Accounting Terms and Determination. Unless otherwise defined or specified herein, all accounting terms used
herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP as in effect from time to time, applied on a basis
consistent with the most recent audited consolidated financial statement of the Borrower delivered pursuant to Section 5.1(a); provided that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any
covenant in Article VI to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI for such purpose), then the
Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner
satisfactory to the Borrower and the Required Lenders. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein
shall be made, without giving effect to any election under Accounting Standards Codification Section 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any
Loan Party or any Subsidiary of any Loan Party at “fair value”, as defined therein. 
 Section 1.4. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word

  
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“shall”. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the word
“to” means “to but excluding”. Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or
other document as it was originally executed or as it may from time to time be amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereof”, “herein” and “hereunder” and words of similar import shall be construed to
refer to this Agreement as a whole and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and Schedules to this Agreement and the
Disclosure Letter, and (v) all references to a specific time shall be construed to refer to the time in the city and state of the Administrative Agent’s principal office, unless otherwise indicated. 

ARTICLE II 
 AMOUNT
AND TERMS OF THE COMMITMENTS 
 Section 2.1. General Description of Facilities. Subject to and upon the terms and
conditions herein set forth, (i) the Lenders hereby establish in favor of the Borrower a revolving credit facility pursuant to which each Lender severally agrees (to the extent of such Lender’s Revolving Commitment) to make Revolving Loans
to the Borrower in accordance with Section 2.2; (ii) the Issuing Bank shall issue Letters of Credit in accordance with Section 2.22; (iii) the Swingline Lender shall make Swingline Loans in accordance with
Section 2.4; and (iv) each Lender agrees to purchase a participation interest in the Letters of Credit and the Swingline Loans pursuant to the terms and conditions hereof; provided that in no event shall the aggregate
principal amount of all outstanding Revolving Loans, Swingline Loans and outstanding LC Exposure exceed the Aggregate Revolving Commitment Amount in effect from time to time. 

Section 2.2. Revolving Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make
Revolving Loans, ratably in proportion to its Pro Rata Share of the Aggregate Revolving Commitments, to the Borrower, from time to time during the Availability Period, in an aggregate principal amount outstanding at any time that will not result in
(a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment or (b) the aggregate Revolving Credit Exposures of all Lenders exceeding the Aggregate Revolving Commitment Amount. During the Availability
Period, the Borrower shall be entitled to borrow, prepay and re-borrow Revolving Loans in accordance with the terms and conditions of this Agreement; provided that the Borrower may not borrow or re-borrow should there exist a Default or Event of
Default. 
 Section 2.3. Procedure for Revolving Borrowings. The Borrower shall give the Administrative Agent written
notice (or telephonic notice promptly confirmed in writing) of each Revolving Borrowing, substantially in the form of Exhibit 2.3 attached hereto (a “Notice of Revolving Borrowing”), (x) prior to 11:00 a.m. on the
requested date of each Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to the requested date of each Eurodollar Borrowing. Each Notice of Revolving Borrowing shall be irrevocable and shall specify (i) the
aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Revolving Loan comprising such Borrowing and (iv) in the case of a Eurodollar Borrowing, the
duration of the initial Interest 

  
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Period applicable thereto (subject to the provisions of the definition of Interest Period). Each Revolving Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as the Borrower
may request. The aggregate principal amount of each Eurodollar Borrowing shall not be less than $5,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Borrowing shall not be less than $1,000,000 or a
larger multiple of $100,000; provided that Base Rate Loans made pursuant to Section 2.4 or Section 2.22(d) may be made in lesser amounts as provided therein. At no time shall the total number of Eurodollar Borrowings
outstanding at any time exceed six (6). Promptly following the receipt of a Notice of Revolving Borrowing in accordance herewith, the Administrative Agent shall advise each Lender of the details thereof and the amount of such Lender’s Revolving
Loan to be made as part of the requested Revolving Borrowing. 
 Section 2.4. Swingline Commitment. 

(a) Subject to the terms and conditions set forth herein, the Swingline Lender shall make Swingline Loans to the Borrower, from
time to time during the Availability Period, in an aggregate principal amount outstanding at any time not to exceed the lesser of (i) the Swingline Commitment then in effect and (ii) the difference between the Aggregate Revolving
Commitment Amount and the aggregate Revolving Credit Exposures of all Lenders; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. The Borrower shall be entitled to
borrow, repay and re-borrow Swingline Loans in accordance with the terms and conditions of this Agreement. 
 (b) The
Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of each Swingline Borrowing, substantially in the form of Exhibit 2.4 attached hereto (a “Notice of Swingline
Borrowing”), prior to 10:00 a.m. on the requested date of each Swingline Borrowing. Each Notice of Swingline Borrowing shall be irrevocable and shall specify (i) the principal amount of such Swingline Borrowing, (ii) the date of
such Swingline Borrowing (which shall be a Business Day) and (iii) the account of the Borrower to which the proceeds of such Swingline Borrowing should be credited. The Administrative Agent will promptly advise the Swingline Lender of each
Notice of Swingline Borrowing. The aggregate principal amount of each Swingline Loan shall not be less than $100,000 or a larger multiple of $50,000, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. The Swingline
Lender will make the proceeds of each Swingline Loan available to the Borrower in Dollars in immediately available funds at the account specified by the Borrower in the applicable Notice of Swingline Borrowing not later than 1:00 p.m. on the
requested date of such Swingline Borrowing. 
 (c) The Swingline Lender, at any time and from time to time in its sole
discretion, may, but in no event no less frequently than once each calendar week shall, on behalf of the Borrower (which hereby irrevocably authorizes and directs the Swingline Lender to act on its behalf), give a Notice of Revolving Borrowing to
the Administrative Agent requesting the Lenders (including the Swingline Lender) to make Base Rate Loans in an amount equal to the unpaid principal amount of any Swingline Loan. Each Lender will make the proceeds of its Base Rate Loan included in
such Borrowing available to the Administrative Agent for the account of the Swingline Lender in accordance with Section 2.6, which will be used solely for the repayment of such Swingline Loan. 

  
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 (d) If for any reason a Base Rate Borrowing may not be (as determined in the
reasonable discretion of the Administrative Agent), or is not, made in accordance with the foregoing provisions, then each Lender (other than the Swingline Lender) shall purchase an undivided participating interest in such Swingline Loan in an
amount equal to its Pro Rata Share thereof on the date that such Base Rate Borrowing should have occurred. On the date of such required purchase, each Lender shall promptly transfer, in immediately available funds, the amount of its participating
interest to the Administrative Agent for the account of the Swingline Lender. 
 (e) Each Lender’s obligation to make a
Base Rate Loan pursuant to subsection (c) of this Section or to purchase participating interests pursuant to subsection (d) of this Section shall be absolute and unconditional and shall not be affected by any circumstance, including,
without limitation, (i) any set-off, counterclaim, recoupment, defense or other right that such Lender or any other Person may have or claim against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (ii) the
existence of a Default or an Event of Default or the termination of any Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of any event or condition which has had or could reasonably be expected to have a Material
Adverse Effect, (iv) any breach of this Agreement or any other Loan Document by any Loan Party, the Administrative Agent or any Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the
foregoing. If such amount is not in fact made available to the Swingline Lender by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the
date of demand thereof (x) at the Federal Funds Rate until the second Business Day after such demand and (y) at the Base Rate at all times thereafter. Until such time as such Lender makes its required payment, the Swingline Lender shall be
deemed to continue to have outstanding Swingline Loans in the amount of the unpaid participation for all purposes of the Loan Documents. In addition, such Lender shall be deemed to have assigned any and all payments made of principal and interest on
its Loans and any other amounts due to it hereunder to the Swingline Lender to fund the amount of such Lender’s participation interest in such Swingline Loans that such Lender failed to fund pursuant to this Section, until such amount has been
purchased in full. 
 Section 2.5. [Reserved]. 

Section 2.6. Funding of Borrowings. 

(a) Each Lender will make available each Loan to be made by it hereunder on the proposed date thereof by wire transfer in
immediately available funds by 11:00 a.m. to the Administrative Agent at the Payment Office; provided that the Swingline Loans will be made as set forth in Section 2.4. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts that it receives, in like funds by the close of business on such proposed date, to an account maintained by the Borrower with the Administrative Agent or, at the Borrower’s option, by effecting a wire
transfer of such amounts to an account designated by the Borrower to the Administrative Agent. 
 (b) Unless the
Administrative Agent shall have been notified by any Lender prior to 5:00 p.m. one (1) Business Day prior to the date of a Borrowing in which such Lender is to participate that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume 

  
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that such Lender has made such amount available to the Administrative Agent on such date, and the Administrative Agent, in reliance on such assumption, may make available to the Borrower on such
date a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of such Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on
demand from such Lender together with interest (x) at the Federal Funds Rate until the second Business Day after such demand and (y) at the Base Rate at all times thereafter. If such Lender does not pay such corresponding amount forthwith
upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent together with interest at the rate
specified for such Borrowing. Nothing in this subsection shall be deemed to relieve any Lender from its obligation to fund its Pro Rata Share of any Borrowing hereunder or to prejudice any rights which the Borrower may have against any Lender as a
result of any default by such Lender hereunder. 
 (c) All Revolving Borrowings shall be made by the Lenders on the basis of
their respective Pro Rata Shares. No Lender shall be responsible for any default by any other Lender in its obligations hereunder, and each Lender shall be obligated to make its Loans provided to be made by it hereunder, regardless of the failure of
any other Lender to make its Loans hereunder. 
 Section 2.7. Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing. Thereafter, the Borrower may
elect to convert such Borrowing into a different Type or to continue such Borrowing, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Borrower shall give the Administrative Agent written notice (or
telephonic notice promptly confirmed in writing) of each Borrowing that is to be converted or continued, as the case may be, substantially in the form of Exhibit 2.7 attached hereto (a “Notice of Conversion/Continuation”)
(x) prior to 10:00 a.m. one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and (y) prior to 11:00 a.m. three (3) Business Days prior to a continuation of or conversion into a Eurodollar
Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing to which such Notice of Conversion/Continuation applies and, if different options are being elected with respect to different
portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing), (ii) the
effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day, (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing, and (iv) if the
resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of “Interest Period”. If any such Notice of
Conversion/Continuation requests a Eurodollar Borrowing but does not specify an Interest Period, the Borrower shall be deemed to have selected an Interest 

  
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Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for Eurodollar Borrowings and Base Rate Borrowings set forth in
Section 2.3. 
 (c) If, on the expiration of any Interest Period in respect of any Eurodollar Borrowing, the
Borrower shall have failed to deliver a Notice of Conversion/ Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert such Borrowing to a Base Rate Borrowing. No Borrowing may
be converted into, or continued as, a Eurodollar Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented in writing. No conversion of any Eurodollar Loan shall be
permitted except on the last day of the Interest Period in respect thereof. 
 (d) Upon receipt of any Notice of
Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

Section 2.8. Optional Reduction and Termination of Commitments. 

(a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the
Revolving Commitment Termination Date. 
 (b) Upon at least three (3) Business Days’ prior written notice (or
telephonic notice promptly confirmed in writing) to the Administrative Agent (which notice shall be irrevocable), the Borrower may reduce the Aggregate Revolving Commitments in part or terminate the Aggregate Revolving Commitments in whole;
provided that (i) any partial reduction shall apply to reduce proportionately and permanently the Revolving Commitment of each Lender, (ii) any partial reduction pursuant to this Section shall be in an amount of at least $5,000,000
and any larger multiple of $1,000,000, and (iii) no such reduction shall be permitted which would reduce the Aggregate Revolving Commitment Amount to an amount less than the aggregate outstanding Revolving Credit Exposure of all Lenders. Any
such reduction in the Aggregate Revolving Commitment Amount below the principal amount of the Swingline Commitment and the LC Commitment shall result in a dollar-for-dollar reduction in the Swingline Commitment and the LC Commitment. 

(c) With the written approval of the Administrative Agent, the Borrower may terminate (on a non-ratable basis) the unused
amount of the Revolving Commitment of a Defaulting Lender, and in such event the provisions of Section 2.26 will apply to all amounts thereafter paid by the Borrower for the account of any such Defaulting Lender under this Agreement
(whether on account of principal, interest, fees, indemnity or other amounts); provided that such termination will not be deemed to be a waiver or release of any claim that the Borrower, the Administrative Agent, the Issuing Bank, the
Swingline Lender or any other Lender may have against such Defaulting Lender. 
 Section 2.9. Repayment of Loans. The
outstanding principal amount of all Revolving Loans and Swingline Loans shall be due and payable (together with accrued and unpaid interest thereon) on the Revolving Commitment Termination Date. 

  
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 Section 2.10. Evidence of Indebtedness. 

(a) Each Lender shall maintain in accordance with its usual practice appropriate records evidencing the Indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable thereon and paid to such Lender from time to time under this Agreement. The Administrative Agent shall
maintain appropriate records in which shall be recorded (i) the Revolving Commitment of each Lender, (ii) the amount of each Loan made hereunder by each Lender, the Class and Type thereof and, in the case of each Eurodollar Loan, the
Interest Period applicable thereto, (iii) the date of any continuation of any Loan pursuant to Section 2.7, (iv) the date of any conversion of all or a portion of any Loan to another Type pursuant to Section 2.7,
(v) the date and amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder in respect of the Loans and (vi) both the date and amount of any sum received by the
Administrative Agent hereunder from the Borrower in respect of the Loans and each Lender’s Pro Rata Share thereof. The entries made in such records shall be prima facie evidence of the existence and amounts of the obligations of the
Borrower therein recorded; provided that the failure or delay of any Lender or the Administrative Agent in maintaining or making entries into any such record or any error therein shall not in any manner affect the obligation of the Borrower
to repay the Loans (both principal and unpaid accrued interest) of such Lender in accordance with the terms of this Agreement. 

(b) This Agreement evidences the obligation of the Borrower to repay the Loans and is being executed as a “noteless”
credit agreement. However, at the request of any Lender (including the Swingline Lender) at any time, the Borrower agrees that it will prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if
requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment
permitted hereunder) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

Section 2.11. Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any
Borrowing, in whole or in part, without premium or penalty, by giving written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent no later than (i) in the case of any prepayment of any Eurodollar Borrowing,
11:00 a.m. not less than three (3) Business Days prior to the date of such prepayment, (ii) in the case of any prepayment of any Base Rate Borrowing, on the date of such prepayment, and (iii) in the case of any prepayment of any
Swingline Borrowing, prior to 11:00 a.m. on the date of such prepayment. Each such notice shall be irrevocable and shall specify the proposed date of such prepayment and the principal amount of each Borrowing or portion thereof to be prepaid. Upon
receipt of any such notice, the Administrative Agent shall promptly notify each affected Lender of the contents thereof and of such Lender’s Pro Rata Share of any such prepayment. If such notice is given, the aggregate amount specified in such
notice shall be due and payable on the date designated in such notice, together with accrued interest to such date on the amount so prepaid in accordance with Section 2.13(d); provided that if a Eurodollar Borrowing is prepaid on
a date other than the last day of an Interest Period applicable thereto, the Borrower shall also pay all amounts required pursuant to Section 2.19. Each partial prepayment of any Loan shall be in an amount that would be permitted in the
case of an advance of a Revolving Borrowing of the same Type pursuant to Section 2.2 or, in the case of a Swingline Loan, pursuant to Section 2.4. Each prepayment of a Borrowing shall be applied ratably to the Loans
comprising such Borrowing. 

  
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 Section 2.12. Mandatory Prepayments. 

(a) Immediately upon receipt by the Borrower or any of its Subsidiaries of any proceeds of any sale or disposition by the
Borrower or any of its Subsidiaries of any of its assets, or any proceeds from any casualty insurance policies or eminent domain, condemnation or similar proceedings, the Borrower shall prepay the Obligations in an amount equal to all such proceeds,
net of commissions and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by the Borrower in connection therewith (in each case, paid to non-Affiliates); provided that the
Borrower shall not be required to prepay the Obligations with respect to (i) proceeds from the sales of assets in the ordinary course of business, and (ii) proceeds from other asset sales permitted under Section 7.6 and
(iii) proceeds from casualty insurance policies or eminent domain, condemnation or similar proceedings that are reinvested in assets then used or usable in the business of the Borrower and its Subsidiaries within 180 days following
receipt thereof. Any such prepayment shall be applied in accordance with subsection (d) of this Section. 
 (b) No later
than the Business Day following the date of receipt by the Borrower or any of its Subsidiaries of any proceeds from any issuance of Indebtedness by the Borrower or any of its Subsidiaries, the Borrower shall prepay the Obligations in an amount equal
to all such proceeds, net of underwriting discounts and commissions and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by the Borrower in connection therewith (in each case,
paid to non-Affiliates); provided that the Borrower shall not be required to prepay the Obligations with respect to proceeds of Indebtedness permitted under Section 7.1. Any such prepayment shall be applied in accordance with
subsection (d) of this Section. 
 (c) [Reserved]. 

(d) Any prepayments made by the Borrower pursuant to subsection (a) or (b) of this Section shall be applied as
follows: first, to the Administrative Agent’s fees and reimbursable expenses then due and payable pursuant to any of the Loan Documents; second, to all reimbursable expenses of the Lenders and all fees and reimbursable expenses of
the Issuing Bank then due and payable pursuant to any of the Loan Documents, pro rata to the Lenders and the Issuing Bank based on their respective pro rata shares of such fees and expenses; third, to interest and fees then due
and payable hereunder, pro rata to the Lenders based on their respective pro rata shares of such interest and fees; fourth, to the principal balance of the Swingline Loans, until the same shall have been paid in full, to the
Swingline Lender; fifth, to the principal balance of the Revolving Loans, until the same shall have been paid in full, pro rata to the Lenders based on their respective Revolving Commitments; and sixth, to Cash Collateralize the
Letters of Credit in an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid fees thereon. The Revolving Commitments of the Lenders shall not be permanently reduced by the amount of any prepayments made pursuant to
clauses fifth through sixth above, unless an Event of Default has occurred and is continuing and the Required Revolving Lenders so request. 

  
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 (e) If at any time the aggregate Revolving Credit Exposure of all Lenders exceeds
the Aggregate Revolving Commitment Amount, as reduced pursuant to Section 2.8 or otherwise, the Borrower shall immediately repay the Swingline Loans and the Revolving Loans in an amount equal to such excess, together with all accrued and
unpaid interest on such excess amount and any amounts due under Section 2.19. Each prepayment shall be applied as follows: first, to the Swingline Loans to the full extent thereof; second, to the Base Rate Loans to the full
extent thereof; and third, to the Eurodollar Loans to the full extent thereof. If, after giving effect to prepayment of all Swingline Loans and Revolving Loans, the aggregate Revolving Credit Exposure of all Lenders exceeds the Aggregate
Revolving Commitment Amount, the Borrower shall Cash Collateralize its reimbursement obligations with respect to all Letters of Credit in an amount equal to such excess plus any accrued and unpaid fees thereon. 

Section 2.13. Interest on Loans. 

(a) The Borrower shall pay interest on (i) each Base Rate Loan at the Base Rate plus the Applicable Margin in effect from
time to time and (ii) each Eurodollar Loan at the Adjusted LIBO Rate for the applicable Interest Period in effect for such Loan plus the Applicable Margin in effect from time to time. 

(b) The Borrower shall pay interest on each Swingline Loan at the Base Rate plus the Applicable Margin in effect from time to
time. 
 (c) Notwithstanding subsections (a) and (b) of this Section, at the option of the Required Lenders if an
Event of Default has occurred and is continuing, and automatically after acceleration or with respect to any past due amount hereunder, the Borrower shall pay interest (“Default Interest”) with respect to all Eurodollar Loans at the
rate per annum equal to 200 basis points above the otherwise applicable interest rate for such Eurodollar Loans for the then-current Interest Period until the last day of such Interest Period, and thereafter, and with respect to all Base Rate Loans
and all other Obligations hereunder (other than Loans), at the rate per annum equal to 200 basis points above the otherwise applicable interest rate for Base Rate Loans. 

(d) Interest on the principal amount of all Loans shall accrue from and including the date such Loans are made to but excluding
the date of any repayment thereof. Interest on all outstanding Base Rate Loans and Swingline Loans shall be payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Commitment Termination Date or
the Maturity Date, as the case may be. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Period applicable thereto, and, in the case of any Eurodollar Loans having an Interest Period in excess of three
months, on each day which occurs every three months after the initial date of such Interest Period, and on the Revolving Commitment Termination Date or the Maturity Date, as the case may be. Interest on any Loan which is converted into a Loan of
another Type or which is repaid or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid) thereof. All Default Interest shall be payable on demand. 

(e) The Administrative Agent shall determine each interest rate applicable to the Loans hereunder and shall promptly notify the
Borrower and the Lenders of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be conclusive and binding for all purposes, absent manifest error. 

  
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 Section 2.14. Fees. 

(a) The Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously
agreed upon in writing by the Borrower and the Administrative Agent, including without limitation, an up-front fee payable by Borrower on the date hereof equal to 0.15% of the amount of the Aggregate Revolving Commitment Amount. 

(b) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue
at the Applicable Percentage per annum (determined daily in accordance with Schedule I) on the daily amount of the unused Revolving Commitment (whether used or unused) of such Lender during the Availability Period. For purposes of
computing the commitment fee, the Revolving Commitment of each Lender shall be deemed used to the extent of the outstanding Revolving Loans and LC Exposure, but not Swingline Exposure. Notwithstanding anything to the contrary set forth in this
Section 2.14(b), from the Closing Date until the date by which the financial statements and Compliance Certificate for the Fiscal Quarter ending December 31, 2014 are required to be delivered, the commitment fee listed for Level I
on Schedule I shall apply. 
 (c) The Borrower agrees to pay (i) to the Administrative Agent, for the account of
each Lender, a letter of credit fee with respect to its participation in each Letter of Credit, which shall accrue at a rate per annum equal to the Applicable Margin for Eurodollar Loans then in effect on the average daily amount of such
Lender’s LC Exposure attributable to such Letter of Credit during the period from and including the date of issuance of such Letter of Credit to but excluding the date on which such Letter of Credit expires or is drawn in full (including,
without limitation, any LC Exposure that remains outstanding after the Revolving Commitment Termination Date) and (ii) to the Issuing Bank for its own account a fronting fee, which shall accrue at the rate set forth in the Fee Letter on the
average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the Availability Period (or until the date that such Letter of Credit is irrevocably cancelled, whichever is later), as well
as the Issuing Bank’s standard fees with respect to issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Notwithstanding the foregoing, if the Required Lenders elect to increase the interest
rate on the Loans to the rate for Default Interest pursuant to Section 2.13(c), the rate per annum used to calculate the letter of credit fee pursuant to clause (i) above shall automatically be increased by 200 basis points.

 (d) [Reserved]. 

(e) Accrued fees under subsections (b) and (c) of this Section shall be payable quarterly in arrears on the last day
of each March, June, September and December, commencing on December 31, 2014, and on the Revolving Commitment Termination Date (and, if later, the date the Loans and LC Exposure shall be repaid in their entirety); provided that any such
fees accruing after the Revolving Commitment Termination Date shall be payable on demand. 

  
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 Section 2.15. Computation of Interest and Fees. 

Interest hereunder based on the Administrative Agent’s prime lending rate shall be computed on the basis of a year of 365 days (or 366
days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All other interest and all fees hereunder shall be computed on the basis of a year of 360 days and paid for the actual number
of days elapsed (including the first day but excluding the last day). Each determination by the Administrative Agent of an interest rate or fee hereunder shall be made in good faith and, except for manifest error, shall be final, conclusive and
binding for all purposes. 
 Section 2.16. Inability to Determine Interest Rates. If, prior to the commencement of any
Interest Period for any Eurodollar Borrowing: 
 (i) the Administrative Agent shall have reasonably determined that, by
reason of circumstances affecting the relevant interbank market, adequate means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period, or 

(ii) the Administrative Agent shall have received notice from the Required Lenders that the Required Lenders have reasonably
determined that the Adjusted LIBO Rate does not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their Eurodollar Loans for such Interest Period, 

the Administrative Agent shall give written notice (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as
practicable thereafter. Until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) the obligations of the Lenders to make Eurodollar Revolving Loans or to
continue or convert outstanding Loans as or into Eurodollar Loans shall be suspended and (ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto unless the
Borrower prepays such Loans in accordance with this Agreement. Unless the Borrower notifies the Administrative Agent at least one (1) Business Day before the date of any Eurodollar Borrowing for which a Notice of Revolving Borrowing or a Notice
of has previously been given that it elects not to borrow, continue or convert to a Eurodollar Borrowing on such date, then such Revolving Borrowing shall be made as, continued as or converted into a Base Rate Borrowing. 

Section 2.17. Illegality. If any Change in Law shall make it unlawful or impossible for any Lender to make, maintain or
fund any Eurodollar Loan and such Lender shall so notify the Administrative Agent, the Administrative Agent shall promptly give notice thereof to the Borrower and the other Lenders, whereupon until such Lender notifies the Administrative Agent and
the Borrower that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make Eurodollar Revolving Loans, or to continue or convert outstanding Loans as or into Eurodollar Loans, shall be suspended. In the
case of the making of a Eurodollar Borrowing, such Lender’s Revolving Loan shall be made as a Base Rate Loan as part of the same Revolving Borrowing for the same Interest Period and, if the affected Eurodollar Loan is then outstanding, such
Loan shall be converted to a Base Rate Loan either (i) on the last day of the then current Interest Period applicable to such Eurodollar Loan if such Lender may lawfully continue to maintain such Loan to such date or (ii) immediately if
such Lender shall determine that it may not lawfully continue to maintain such Eurodollar Loan to such date. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the Administrative Agent, designate a different
Applicable Lending Office if such designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its discretion. 

  
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 Section 2.18. Increased Costs. 

(a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement that is not otherwise included in the
determination of the Adjusted LIBO Rate hereunder against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or 

(ii) impose on any Lender, the Issuing Bank or the eurodollar interbank market any other condition affecting this Agreement or
any Eurodollar Loans made by such Lender or any Letter of Credit or any participation therein; 
 and the result of any of the foregoing is to increase the
cost to such Lender of making, converting into, continuing or maintaining a Eurodollar Loan or to increase the cost to such Lender or the Issuing Bank of participating in or issuing any Letter of Credit or to reduce the amount received or receivable
by such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount), 
 then, from time to time, such Lender or the Issuing
Bank may provide the Borrower (with a copy thereof to the Administrative Agent) with written notice and demand with respect to such increased costs or reduced amounts, and within five (5) Business Days after receipt of such notice and demand
the Borrower shall pay to such Lender or the Issuing Bank, as the case may be, such additional amounts as will compensate such Lender or the Issuing Bank for any such increased costs incurred or reduction suffered. 

(b) If any Lender or the Issuing Bank shall have determined that on or after the date of this Agreement any Change in Law
regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital (or on the capital of the Parent Company of such Lender or the Issuing Bank) as a
consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender, the Issuing Bank or such Parent Company could have achieved but for such Change in Law (taking into consideration such
Lender’s or the Issuing Bank’s policies or the policies of such Parent Company with respect to capital adequacy and liquidity), then, from time to time, such Lender or the Issuing Bank may provide the Borrower (with a copy thereof to the
Administrative Agent) with written notice and demand with respect to such reduced amounts, and within five (5) Business Days after receipt of such notice and demand the Borrower shall pay to such Lender or the Issuing Bank, as the case may be,
such additional amounts as will compensate such Lender, the Issuing Bank or such Parent Company for any such reduction suffered. 

(c) A certificate of such Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender,
the Issuing Bank or the Parent Company of such Lender or the Issuing Bank, as the case may be, specified in subsection (a) or (b) of this Section shall be delivered to the Borrower (with a copy to the Administrative Agent) and shall be
conclusive, absent manifest error. 

  
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 (d) Failure or delay on the part of any Lender or the Issuing Bank to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender or Issuing Bank pursuant to
this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs
or reductions, and of each Lender’s or Issuing Bank’s intention to claim compensation therefor. 
 Section 2.19.
Funding Indemnity. In the event of (a) the payment of any principal of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion or
continuation of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto, or (c) the failure by the Borrower to borrow, prepay, convert or continue any Eurodollar Loan on the date specified in any applicable notice
(regardless of whether such notice is withdrawn or revoked), then, in any such event, the Borrower shall compensate each Lender, within five (5) Business Days after written demand from such Lender, for any loss, cost or expense attributable to
such event. In the case of a Eurodollar Loan, such loss, cost or expense shall be deemed to include an amount determined by such Lender to be the excess, if any, of (A) the amount of interest that would have accrued on the principal amount of
such Eurodollar Loan if such event had not occurred at the Adjusted LIBO Rate applicable to such Eurodollar Loan for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to
borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar Loan) over (B) the amount of interest that would accrue on the principal amount of such Eurodollar Loan for the same period if the Adjusted
LIBO Rate were set on the date such Eurodollar Loan was prepaid or converted or the date on which the Borrower failed to borrow, convert or continue such Eurodollar Loan. A certificate as to any additional amount payable under this Section submitted
to the Borrower by any Lender (with a copy to the Administrative Agent) shall be conclusive, absent manifest error. 
 Section 2.20.
Taxes. 
 (a) Defined Terms. For purposes of this Section 2.20, the term “Lender”
includes Issuing Bank and the term “applicable law” includes FATCA. 
 (b) Payments Free of Taxes. Any and
all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so
that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no
such deduction or withholding been made. 
 (c) Payment of Other Taxes by the Borrower. The Borrower shall timely pay
to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

  
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 (d) Indemnification by the Borrower. The Borrower shall indemnify each
Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to
be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative
Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.4(d) relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e). 
 (f) Evidence of Payments. As soon as practicable
after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority pursuant to this Section 2.20, the Borrower or other Loan Party shall deliver to the Administrative Agent the original or a certified copy of
a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(g) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set

  
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forth in Section 2.20(g) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(i) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S.
federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to
the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (i) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(ii) executed originals of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit 2.20A to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder”
of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals of IRS Form W-8BEN; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner,
executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.20B or Exhibit 2.20C, 

  
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IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.20D on behalf of each such direct and indirect partner;

 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such 

  
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refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no
event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Survival. Each party’s obligations under this Section 2.20 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

Section 2.21. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements, or of amounts payable under Section 2.18, 2.19 or 2.20, or otherwise) prior to 12:00 noon on the date when due, in immediately available funds, free and clear of any defenses, rights of
set-off, counterclaim, or withholding or deduction of taxes. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the Administrative Agent at the Payment Office, except payments to be made directly to the Issuing Bank or the Swingline Lender as expressly provided herein and except that payments
pursuant to Sections 2.18, 2.19, 2.20 and 10.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing
interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be made in Dollars. 

(b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of
principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied as follows: first, to all fees and reimbursable expenses of the Administrative Agent then due and payable pursuant to any of the Loan
Documents; second, to all reimbursable expenses of the Lenders and all fees and reimbursable expenses of the Issuing Bank then due and payable pursuant to any of the Loan Documents, pro rata to the Lenders and the Issuing Bank based on
their respective pro rata shares of such fees and expenses; third, to all interest and fees then due and payable hereunder, pro rata to the Lenders based on their respective pro rata shares of such interest and fees; and
fourth, to all principal of the Loans and unreimbursed LC Disbursements then due and payable hereunder, pro rata to the parties entitled thereto based on their respective pro rata shares of such principal and unreimbursed LC
Disbursements. 

  
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 (c) If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans that would result in such Lender receiving payment of a greater proportion of the aggregate amount of
its Revolving Credit Exposure, and accrued interest and fees thereon than the proportion received by any other Lender with respect to its Revolving Credit Exposure, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Revolving Credit Exposure of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Revolving Credit Exposure; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this subsection shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Credit Exposure to
any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this subsection shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount or amounts due. In such event, if the Borrower has not in
fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation. 
 Section 2.22. Letters of Credit. 

(a) During the Availability Period, the Issuing Bank, in reliance upon the agreements of the other Lenders pursuant to
subsections (d) and (e) of this Section, shall issue, at the request of the Borrower, Letters of Credit for the account of the Borrower on the terms and conditions hereinafter set forth; provided that (i) each Letter of Credit
shall expire on the earlier of (A) the date one year after the date of issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (B) the date that is five
(5) Business Days prior to the Revolving 

  
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Commitment Termination Date; (ii) each Letter of Credit shall be in a stated amount of at least $100,000.00; and (iii) the Borrower may not request any Letter of Credit if, after giving
effect to such issuance, (A) the aggregate LC Exposure would exceed the LC Commitment or (B) the aggregate Revolving Credit Exposure of all Lenders would exceed the Aggregate Revolving Commitment Amount. Each Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank without recourse a participation in each Letter of Credit equal to such Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Letter of
Credit on the date of issuance. Each issuance of a Letter of Credit shall be deemed to utilize the Revolving Commitment of each Lender by an amount equal to the amount of such participation. 

(b) To request the issuance of a Letter of Credit (or any amendment, renewal or extension of an outstanding Letter of Credit),
the Borrower shall give the Issuing Bank and the Administrative Agent irrevocable written notice at least three (3) Business Days prior to the requested date of such issuance specifying the date (which shall be a Business Day) such Letter of
Credit is to be issued (or amended, renewed or extended, as the case may be), the expiration date of such Letter of Credit, the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be
necessary to prepare, amend, renew or extend such Letter of Credit. In addition to the satisfaction of the conditions in Article III, the issuance of such Letter of Credit (or any amendment which increases the amount of such Letter of Credit)
will be subject to the further conditions that such Letter of Credit shall be in such form and contain such terms as the Issuing Bank shall approve and that the Borrower shall have executed and delivered any additional applications, agreements and
instruments relating to such Letter of Credit as the Issuing Bank shall reasonably require; provided that in the event of any conflict between such applications, agreements or instruments and this Agreement, the terms of this Agreement shall
control. 
 (c) At least two (2) Business Days prior to the issuance of any Letter of Credit, the Issuing Bank will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received such notice, and, if not, the Issuing Bank will provide the Administrative Agent with a copy thereof. Unless the Issuing Bank has received
notice from the Administrative Agent, on or before the Business Day immediately preceding the date the Issuing Bank is to issue the requested Letter of Credit, directing the Issuing Bank not to issue the Letter of Credit because such issuance is not
then permitted hereunder because of the limitations set forth in subsection (a) of this Section or that one or more conditions specified in Article III are not then satisfied, then, subject to the terms and conditions hereof, the Issuing
Bank shall, on the requested date, issue such Letter of Credit in accordance with the Issuing Bank’s usual and customary business practices. 

(d) The Issuing Bank shall examine all documents purporting to represent a demand for payment under a Letter of Credit promptly
following its receipt thereof. The Issuing Bank shall notify the Borrower and the Administrative Agent of such demand for payment and whether the Issuing Bank has made or will make a LC Disbursement thereunder; provided that any failure to
give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to such LC Disbursement. The Borrower shall be irrevocably and unconditionally obligated to reimburse the
Issuing Bank for any LC Disbursements paid by the Issuing Bank in respect of such drawing, without presentment, demand or other formalities of 

  
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any kind. Unless the Borrower shall have notified the Issuing Bank and the Administrative Agent prior to 11:00 a.m. on the Business Day immediately prior to the date on which such drawing is
honored that the Borrower intends to reimburse the Issuing Bank for the amount of such drawing in funds other than from the proceeds of Revolving Loans, the Borrower shall be deemed to have timely given a Notice of Revolving Borrowing to the
Administrative Agent requesting the Lenders to make a Base Rate Borrowing on the date on which such drawing is honored in an exact amount due to the Issuing Bank; provided that for purposes solely of such Borrowing, the conditions precedent
set forth in Section 3.2 hereof shall not be applicable. The Administrative Agent shall notify the Lenders of such Borrowing in accordance with Section 2.3, and each Lender shall make the proceeds of its Base Rate Loan
included in such Borrowing available to the Administrative Agent for the account of the Issuing Bank in accordance with Section 2.6. The proceeds of such Borrowing shall be applied directly by the Administrative Agent to reimburse the
Issuing Bank for such LC Disbursement. 
 (e) If for any reason a Base Rate Borrowing may not be (as determined in the sole
discretion of the Administrative Agent), or is not, made in accordance with the foregoing provisions, then each Lender (other than the Issuing Bank) shall be obligated to fund the participation that such Lender purchased pursuant to subsection
(a) of this Section in an amount equal to its Pro Rata Share of such LC Disbursement on and as of the date which such Base Rate Borrowing should have occurred. Each Lender’s obligation to fund its participation shall be absolute and
unconditional and shall not be affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right that such Lender or any other Person may have against the Issuing Bank or any other
Person for any reason whatsoever, (ii) the existence of a Default or an Event of Default or the termination of the Aggregate Revolving Commitments, (iii) any adverse change in the condition (financial or otherwise) of the Borrower or any
of its Subsidiaries, (iv) any breach of this Agreement by the Borrower or any other Lender, (v) any amendment, renewal or extension of any Letter of Credit or (vi) any other circumstance, happening or event whatsoever, whether or not
similar to any of the foregoing. On the date that such participation is required to be funded, each Lender shall promptly transfer, in immediately available funds, the amount of its participation to the Administrative Agent for the account of the
Issuing Bank. Whenever, at any time after the Issuing Bank has received from any such Lender the funds for its participation in a LC Disbursement, the Issuing Bank (or the Administrative Agent on its behalf) receives any payment on account thereof,
the Administrative Agent or the Issuing Bank, as the case may be, will distribute to such Lender its Pro Rata Share of such payment; provided that if such payment is required to be returned for any reason to the Borrower or to a trustee,
receiver, liquidator, custodian or similar official in any bankruptcy proceeding, such Lender will return to the Administrative Agent or the Issuing Bank any portion thereof previously distributed by the Administrative Agent or the Issuing Bank to
it. 
 (f) To the extent that any Lender shall fail to pay any amount required to be paid pursuant to subsection (d) or
(e) of this Section on the due date therefor, such Lender shall pay interest to the Issuing Bank (through the Administrative Agent) on such amount from such due date to the date such payment is made at a rate per annum equal to
the Federal Funds Rate; provided that if such Lender shall fail to make such payment to the Issuing Bank within three (3) Business Days of such due date, then, retroactively to the due date, such Lender shall be obligated to pay interest
on such amount at the rate set forth in Section 2.13(c). 

  
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 (g) If any Event of Default shall occur and be continuing, on the Business Day
that the Borrower receives notice from the Administrative Agent or the Required Lenders demanding that its reimbursement obligations with respect to the Letters of Credit be Cash Collateralized pursuant to this subsection, the Borrower shall deposit
in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Bank and the Lenders, an amount in cash equal to 105% of the aggregate LC Exposure of all Lenders as of such date plus any
accrued and unpaid fees thereon; provided that such obligation to Cash Collateralize the reimbursement obligations of the Borrower with respect to the Letters of Credit shall become effective immediately, and such deposit shall become
immediately due and payable, without demand or notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 8.1(h) or (i). Such deposit shall be held by the Administrative Agent
as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. The Borrower
agrees to execute any documents and/or certificates to effectuate the intent of this subsection. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest and profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it had not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure
at such time or, if the maturity of the Loans has been accelerated, with the consent of the Required Lenders, be applied to satisfy other obligations of the Borrower under this Agreement and the other Loan Documents. If the Borrower is required to
Cash Collateralize its reimbursement obligations with respect to the Letters of Credit as a result of the occurrence of an Event of Default, such cash collateral so posted (to the extent not so applied as aforesaid) shall be returned to the Borrower
within three (3) Business Days after all Events of Default have been cured or waived. 
 (h) Upon the request of any
Lender, but no more frequently than quarterly, the Issuing Bank shall deliver (through the Administrative Agent) to each Lender and the Borrower a report describing the aggregate Letters of Credit then outstanding. Upon the request of any Lender
from time to time, the Issuing Bank shall deliver to such Lender any other information reasonably requested by such Lender with respect to each Letter of Credit then outstanding. 

(i) The Borrower’s obligation to reimburse LC Disbursements hereunder shall be absolute, unconditional and irrevocable and
shall be performed strictly in accordance with the terms of this Agreement under all circumstances whatsoever and irrespective of any of the following circumstances: 

(i) any lack of validity or enforceability of any Letter of Credit or this Agreement; 

(ii) the existence of any claim, set-off, defense or other right which the Borrower or any Subsidiary or Affiliate of the
Borrower may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons or entities for whom any such beneficiary or transferee may be acting), any Lender 

  
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(including the Issuing Bank) or any other Person, whether in connection with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction; 

(iii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect
or any statement therein being untrue or inaccurate in any respect; 
 (iv) payment by the Issuing Bank under a Letter of
Credit against presentation of a draft or other document to the Issuing Bank that does not comply with the terms of such Letter of Credit; 

(v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the
provisions of this Section, constitute a legal or equitable discharge of, or provide a right of set-off against, the Borrower’s obligations hereunder; or 

(vi) the existence of a Default or an Event of Default. 

Neither the Administrative Agent, the Issuing Bank, any Lender nor any Related Party of any of the foregoing shall have any liability or responsibility by
reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to above), or any error, omission, interruption, loss or
delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence
arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any actual direct damages (as opposed to special,
indirect (including claims for lost profits or other consequential damages), or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the
Issuing Bank’s failure to exercise due care when determining whether drafts or other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised due care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept
and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit. 
 (j) Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a
Letter of Credit is issued and subject to applicable laws, (i) each standby Letter of Credit shall be governed by the “International Standby Practices 1998” (ISP98) (or such later revision as may be published by the Institute of
International Banking Law & Practice on any date any Letter of Credit may be issued), (ii) each documentary Letter of Credit shall be governed by the Uniform Customs and Practices for Documentary Credits (2007 Revision), International
Chamber of Commerce Publication No. 600 (or such later revision as may be published by the International Chamber of Commerce on any date any Letter of Credit may be issued) and (iii) the Borrower shall specify the foregoing in each letter
of credit application submitted for the issuance of a Letter of Credit. 

  
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 Section 2.23. Increase of Commitments; Additional Lenders. 

(a) From time to time after the Closing Date and before the date that is ninety (90) days prior to the Revolving
Commitment Termination Date, and in accordance with this Section, the Borrower and one or more Increasing Lenders or Additional Lenders (each as defined below) may enter into an agreement to increase the aggregate Revolving Commitments hereunder
(each such increase, an “Incremental Commitment”) so long as the following conditions are satisfied: 
 (i)
the aggregate principal amount of all such Incremental Commitments made pursuant to this Section shall not exceed $25,000,000.00 (the principal amount of each such Incremental Commitment, the “Incremental Commitment Amount”); 

(ii) the Borrower shall execute and deliver such documents and instruments and take such other actions as may be reasonably
required by the Administrative Agent in connection with and at the time of any such proposed increase; 
 (iii) at the time
of and immediately after giving effect to any such proposed increase, no Default or Event of Default shall exist, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material
respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects), and, since
December 31, 2013, or, if and as applicable, the date of the most-recent financial statements actually delivered by Borrower pursuant to Section 5(a) of this Agreement, there shall have been no change which has had or could
reasonably be expected to have a Material Adverse Effect; 
 (iv) any incremental Revolving Commitments provided pursuant to
this Section (the “Incremental Revolving Commitments”) shall have a termination date no earlier than the Revolving Commitment Termination Date; 

(v) the Borrower and its Subsidiaries shall be in pro forma compliance with each of the financial covenants set forth in
Article VI as of the most recently ended Fiscal Quarter for which financial statements are required to have been delivered, calculated as if all such Incremental Revolving Commitments had been established as of the first day of the relevant
period for testing compliance; 
 (vi) if the Initial Yield applicable to any such Incremental Revolving Commitments exceeds
by more than 0.50% per annum, the sum of the Applicable Margin then in effect for Eurodollar Revolving Loans, as applicable, plus one-fourth of the Up-Front Fees paid in respect of the existing Revolving Commitments, as applicable (the
“Existing Yield”), then the Applicable Margin of the existing Revolving Loans, as applicable, shall increase by an amount equal to the difference between the Initial Yield and the Existing Yield minus 0.50% per annum; and 

(vii) all other terms and conditions with respect to any such Incremental Commitments shall be reasonably satisfactory to the
Administrative Agent. 

  
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 (b) The Borrower shall provide at least 30 days’ written notice to the
Administrative Agent (who shall promptly provide a copy of such notice to each Lender) of any proposal to establish an Incremental Commitment (each an “Incremental Commitment Notice”). Within the first thirty (30) days after
Borrower’s delivery of any Incremental Commitment Notice (the “Exclusive Option Period”), SunTrust Bank shall have the sole and exclusive right (without obligation) to elect to provide all or a portion of such Incremental
Commitment. Following the expiration of the Exclusive Option Period, any Lender or Increasing Lender offered or approached to provide all or a portion of any Incremental Commitment may elect or decline, in its sole discretion, to provide such
Incremental Commitment to the extent not exercised and elected by SunTrust Bank during the Exclusive Option Period. The Borrower may also, but is not required to, specify any fees offered to those Lenders (the “Increasing Lenders”)
that agree to increase the principal amount of their Revolving Commitments, which fees may be variable based upon the amount by which any such Lender is willing to increase the principal amount of its Revolving Commitment. Each Increasing Lender
shall as soon as practicable, and in any case within 15 days following receipt of such notice, specify in a written notice to the Borrower and the Administrative Agent the amount of such proposed Incremental Commitment that it is willing to provide.
No Lender (or any successor thereto) shall have any obligation, express or implied, to offer to increase the aggregate principal amount of its Revolving Commitment, and any decision by a Lender to increase its Revolving Commitment shall be made in
its sole discretion independently from any other Lender. Only the consent of each Increasing Lender shall be required for an increase in the aggregate principal amount of the Revolving Commitments pursuant to this Section. No Lender which declines
to increase the principal amount of its Revolving Commitment may be replaced with respect to its existing Revolving Commitment, as a result thereof without such Lender’s consent. If any Lender shall fail to notify the Borrower and the
Administrative Agent in writing about whether it will increase its Revolving Commitment within 15 days after receipt of such notice, such Lender shall be deemed to have declined to increase its Revolving Commitment. The Borrower may accept some or
all of the offered amounts or designate new lenders that are acceptable to the Administrative Agent (such approval not to be unreasonably withheld) as additional Lenders hereunder in accordance with this Section (the “Additional
Lenders”), which Additional Lenders may assume all or a portion of such Incremental Commitment. The Borrower and the Administrative Agent shall have discretion jointly to adjust the allocation of such Incremental Revolving Commitments among
the Increasing Lenders and the Additional Lenders. The sum of the increase in the Revolving Commitments of the Increasing Lenders plus the Revolving Commitments of the Additional Lenders shall not in the aggregate exceed the unsubscribed amount of
the Incremental Commitment Amount. 
 (c) Subject to subsections (a) and (b) of this Section, any increase
requested by the Borrower shall be effective upon delivery to the Administrative Agent of each of the following documents: 

(i) an originally executed copy of an instrument of joinder, in form and substance reasonably acceptable to the Administrative
Agent, executed by the Borrower, by each Additional Lender and by each Increasing Lender, setting forth the new Revolving Commitments, as applicable, of such Lenders and setting forth the agreement of each Additional Lender to become a party to this
Agreement and to be bound by all of the terms and provisions hereof; 

  
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 (ii) such evidence of appropriate corporate authorization on the part of the
Borrower with respect to such Incremental Commitment and such opinions of counsel for the Borrower with respect to such Incremental Commitment as the Administrative Agent may reasonably request; 

(iii) a certificate of the Borrower signed by a Responsible Officer, in form and substance reasonably acceptable to the
Administrative Agent, certifying that each of the conditions in subsection (a) of this Section has been satisfied; 

(iv) to the extent requested by any Additional Lender or any Increasing Lender, executed promissory notes evidencing such
Incremental Revolving Commitments, issued by the Borrower in accordance with Section 2.10; and 
 (v) any other
certificates or documents that the Administrative Agent shall reasonably request, in form and substance reasonably satisfactory to the Administrative Agent. 

Upon the effectiveness of any such Incremental Commitment, the Commitments and Pro Rata Share of each Lender will be adjusted to give effect
to the Incremental Revolving Commitments, and Schedule II shall automatically be deemed amended accordingly. 
 (d) If
any Incremental Revolving Commitments are to have terms that are different from the Revolving Commitments outstanding immediately prior to such incurrence (any such Incremental Revolving Commitments, the “Non-Conforming Credit
Extensions”), all such terms shall be as set forth in a separate assumption agreement among the Borrower, the Lenders providing such Incremental Incremental Revolving Commitments and the Administrative Agent, the execution and delivery of
which agreement shall be a condition to the effectiveness of the Non-Conforming Credit Extensions. If the Borrower incurs Incremental Revolving Commitments under this Section, regardless of whether such Incremental Revolving Commitments are
Non-Conforming Credit Extensions, the Borrower shall, after such time, repay and incur Revolving Loans ratably as between the Incremental Revolving Commitments and the Revolving Commitments outstanding immediately prior to such incurrence.
Notwithstanding anything to the contrary in Section 10.2, the Administrative Agent is expressly permitted to amend the Loan Documents to the extent necessary to give effect to any increase pursuant to this Section and mechanical changes
necessary or advisable in connection therewith (including amendments to implement the requirements in the preceding two sentences, amendments to ensure pro rata allocations of Eurodollar Loans and Base Rate Loans between Loans incurred
pursuant to this Section and Loans outstanding immediately prior to any such incurrence and amendments to implement ratable participation in Letters of Credit between the Non-Conforming Credit Extensions consisting of Incremental Revolving
Commitments and the Revolving Commitments outstanding immediately prior to any such incurrence). 

  
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 (e) For purposes of this Section, the following terms shall have the meanings
specified below: 
 (i) “Initial Yield” shall mean, with respect to Incremental Revolving Commitments, the
amount (as determined by the Administrative Agent) equal to the sum of (A) the margin above the Eurodollar Rate on such Incremental Revolving Loans, as applicable (including as margin the effect of any “LIBO rate floor” applicable on
the date of the calculation), plus (B) (x) the amount of any Up-Front Fees on such Incremental Revolving Commitments, as applicable (including any fee or discount received by the Lenders in connection with the initial extension
thereof), divided by (y) the lesser of (1) the Weighted Average Life to Maturity of such Incremental Revolving Commitments, as applicable, and (2) four. 

(ii) “Up-Front Fees” shall mean the amount of any fees or discounts received by the Lenders in connection with
the making of Loans or extensions of credit, expressed as a percentage of such Loan or extension of credit. For the avoidance of doubt, “Up-Front Fees” shall not include any arrangement fee paid to the Sole Lead Arranger. 

(iii) “Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number
of years obtained by dividing (i) the sum of the products obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final
maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness. 

Section 2.24. Mitigation of Obligations. If any Lender requests compensation under Section 2.18, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.20, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable under Section 2.18 or Section 2.20, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The Borrower hereby agrees to pay all costs and expenses incurred by any Lender in connection with such designation or assignment. 

Section 2.25. Replacement of Lenders. If (a) any Lender requests compensation under Section 2.18, or if
the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.20, or (b) any Lender is a Defaulting Lender, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions set forth in Section 10.4(b)), all of its
interests, rights (other than its existing rights to payments pursuant to Section 2.18 or 2.20, as applicable) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another
Lender) (a “Replacement Lender”); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, (ii) such Lender shall
have received payment of an amount equal to the outstanding principal amount of all Loans owed to it, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (in the case 

  
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of such outstanding principal and accrued interest) and from the Borrower (in the case of all other amounts), and (iii) in the case of a claim for compensation under Section 2.18
or payments required to be made pursuant to Section 2.20, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

Section 2.26. Defaulting Lenders. 

(a) Cash Collateral 

(i) At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the
Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Issuing Bank’s LC Exposure with respect to such Defaulting Lender (determined after giving effect to
Section 2.26(b)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 105% of the Issuing Bank’s LC Exposure with respect to such Defaulting Lender. 

(ii) The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the
Administrative Agent, for the benefit of the Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letters of
Credit, to be applied pursuant to clause (iii) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Bank as herein
provided, or that the total amount of such Cash Collateral is less than the minimum amount required pursuant to clause (i) above, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent
additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(iii) Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this
Section 2.26(a) or Section 2.26(b) in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letters of Credit or LC Disbursements
(including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(iv) Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Bank’s LC Exposure shall no
longer be required to be held as Cash Collateral pursuant to this Section 2.26(a) following (A) the elimination of the applicable LC Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or
(ii) the determination by the Administrative Agent and the Issuing Bank that there exists excess Cash Collateral; provided that, subject to Section 2.26(b) through (d) the Person providing Cash Collateral and each
Issuing Bank may agree that Cash Collateral shall be held to support future anticipated LC Exposure or other obligations and provided further that to 

  
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the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

  
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 (b) Defaulting Lender Adjustments. Notwithstanding anything to the
contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of Required Lenders and in Section 10.2. 
 (ii) Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Section 10.7 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or Swingline Lender hereunder; third, to Cash Collateralize the
Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with Section 2.26(a); fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a
deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future LC
Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.26(a); sixth, to the payment of any amounts owing to the Lenders, the Issuing Bank
or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a
time when the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to
the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the
Commitments under the applicable Facility without giving effect to sub-section (iv) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are 

  
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applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.26(b)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto. 
 (iii) (A) No Defaulting Lender shall be entitled to receive any
Commitment Fee pursuant to Section 2.14(b) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that
Defaulting Lender). 
 (B) Each Defaulting Lender shall be entitled to receive letter of credit fees pursuant to
Section 2.14(c) for any period during which that Lender is a Defaulting Lender only to the extent allocable to that portion of its LC Exposure for which it has provided Cash Collateral pursuant to Section 2.26(a). 

(C) With respect to any letter of credit fee not required to be paid to any Defaulting Lender pursuant to clause (A) or
(B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letters of Credit or Swingline
Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the
extent allocable to the Issuing Bank’s LC Exposure or Swingline Lender’s Swingline Exposure with respect to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(iv) All or any part of such Defaulting Lender’s participation in Letters of Credit and Swingline Loans shall be
reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares of the Revolving Commitments (calculated without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that (x) the
conditions set forth in Section 3.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and
warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No
reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of
such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (v) If the reallocation described in
clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline
Lender’s Swingline Exposure with respect to such Defaulting Lender and (y) second, Cash Collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with the procedures set forth in
Section 2.26(a). 

  
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 (c) Defaulting Lender Cure. If the Borrower, the Administrative Agent,
Swingline Lender and Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the applicable Commitments (without giving
effect to Section 2.26(b)(iv), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that
Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party
hereunder arising from that Lender’s having been a Defaulting Lender. 
 (d) New Swingline Loans/Letters of
Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Swingline Exposure after giving effect to such Swingline Loan and
(ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no LC Exposure after giving effect thereto. 

ARTICLE III 

CONDITIONS PRECEDENT TO LOANS AND LETTERS OF CREDIT 

Section 3.1. Conditions to Effectiveness. The obligations of the Lenders (including the Swingline Lender) to make Loans and
the obligation of the Issuing Bank to issue any Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.2): 

(a) The Administrative Agent shall have received payment of all fees, expenses and other amounts due and payable on or prior to
the Closing Date, including, without limitation, reimbursement or payment of all out-of-pocket expenses of the Administrative Agent, the Sole Lead Arranger and their Affiliates (including reasonable fees, charges and disbursements of counsel to the
Administrative Agent) required to be reimbursed or paid by the Borrower hereunder, under any other Loan Document and under any agreement with the Administrative Agent or the Sole Lead Arranger. 

(b) The Administrative Agent (or its counsel) shall have received the following, each to be in form and substance satisfactory
to the Administrative Agent: 
 (i) a counterpart of this Agreement signed by or on behalf of each party hereto or written
evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and all other Loan Documents; 

  
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 (ii) a certificate of the Secretary or Assistant Secretary of each Loan Party in
the form of Exhibit 3.1(b)(ii), attaching and certifying copies of its bylaws, or partnership agreement or limited liability company agreement, and of the resolutions of its board of directors or other equivalent governing body, or comparable
organizational documents and authorizations, authorizing the execution, delivery and performance of the Loan Documents to which it is a party and certifying the name, title and true signature of each officer of such Loan Party executing the Loan
Documents to which it is a party; 
 (iii) certified copies of the articles or certificate of incorporation, certificate of
organization or limited partnership, or other registered organizational documents of each Loan Party, together with certificates of good standing or existence, as may be available from the Secretary of State of the jurisdiction of organization of
such Loan Party and each other jurisdiction where such Loan Party is required to be qualified to do business as a foreign corporation; 

(iv) a favorable written opinion of Bass Berry & Sims PLC, counsel to the Loan Parties, addressed to the
Administrative Agent, the Issuing Bank and each of the Lenders, and covering such matters relating to the Loan Parties, the Loan Documents and the transactions contemplated therein as the Administrative Agent or the Required Lenders shall reasonably
request; 
 (v) a certificate in the form of Exhibit 3.1(b)(v), dated the Closing Date and signed by a Responsible
Officer, certifying that after giving effect to the funding of any initial Revolving Borrowing, (x) no Default or Event of Default exists, (y) all representations and warranties of each Loan Party set forth in the Loan Documents are true
and correct and (z) since the date of the financial statements of the Borrower described in Section 4.4, there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect; 

(vi) a duly executed Notice of Borrowing for any initial Revolving Borrowing; 

(vii) a duly executed funds disbursement agreement, together with a report setting forth the sources and uses of the proceeds
hereof; 
 (viii) certified copies of all consents, approvals, authorizations, registrations and filings and orders required
or advisable to be made or obtained under any Requirement of Law, or by any Contractual Obligation of any Loan Party, in connection with the execution, delivery, performance, validity and enforceability of the Loan Documents or any of the
transactions contemplated thereby, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired, and no investigation or inquiry by any
governmental authority regarding the Commitments or any transaction being financed with the proceeds thereof shall be ongoing; 

  
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 (ix) receipt and satisfactory review of the consolidated audited financial
statements of the Borrower and its subsidiaries for the fiscal year ended December 31, 2011, December 31, 2012 and December 31, 2013, including balance sheets, income statements and cash flow statements audited by independent
public accountants of recognized national standing in conformity with GAAP; 
 (x) copies of the internally prepared
quarterly financial statements of the Borrower and its Subsidiaries on a consolidated basis for the Fiscal Quarters ending June 30, 2013, September 30, 2013, and December 31, 2013, and (C) financial projections on a
quarterly basis for the Fiscal Year ending December 31, 2014; 
 (xi) a duly completed and executed Compliance
Certificate, including calculations of the financial covenants set forth in Article VI hereof as of June 30, 2014, calculated on a pro forma basis as if any initial Revolving Borrowing had been funded as of the first day of the relevant
period for testing compliance (and setting forth in reasonable detail such calculations); 
 (xii) a certificate, dated the
Closing Date and signed by the chief financial officer of each Loan Party, confirming that each Loan Party is Solvent before and after giving effect to the funding of any initial Revolving Borrowing and the consummation of the transactions
contemplated to occur on the Closing Date; 
 (xiii) the Guaranty Agreement, duly executed by the Borrower and each of its
Domestic Subsidiaries; 
 (xiv) all documentation and information required by regulatory authorities under applicable
“know your customer” and anti-money laundering laws; 
 (xv) all governmental and third party consents and
approvals; 
 (xvi) certified copies of all Material Agreements; 

(xvii) receipt of UCC-11 reports and other due diligence reports containing no information objectionable to Administrative
Agent; and 
 (xviii) certificates of insurance, in form and detail acceptable to the Administrative Agent, describing the
types and amounts of insurance (property and liability) maintained by any of the Loan Parties. 
 Without limiting the generality of the
provisions of this Section, for purposes of determining compliance with the conditions specified in this Section, each Lender that has signed this Credit Agreement shall be deemed to have consented to, approved of, accepted or been satisfied with
each document or other matter required thereunder to be consented to, approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its
objection thereto. 

  
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 Section 3.2. Conditions to Each Credit Event. The obligation of each Lender to
make a Loan on the occasion of any Borrowing and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to Section 2.26(c) and the satisfaction of the following conditions: 

(a) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of
such Letter of Credit, as applicable, no Default or Event of Default shall exist; 
 (b) at the time of and immediately after
giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material
respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects), and except for
those made as of a particular date); 
 (c) since December 31, 2013, there shall have been no change which has had or
could reasonably be expected to have a Material Adverse Effect; 
 (d) the Borrower shall have delivered the required Notice
of Borrowing; and 
 (e) the Administrative Agent shall have received such other documents, certificates, information or
legal opinions as the Administrative Agent or the Required Lenders may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent or the Required Lenders. 

Each Borrowing and each issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and
warranty by the Borrower on the date thereof as to the matters specified in subsections (a), (b) and (c) of this Section. 

Section 3.3. Delivery of Documents. All of the Loan Documents, certificates, legal opinions and other documents and papers
referred to in this Article, unless otherwise specified, shall be delivered to the Administrative Agent for the account of each of the Lenders and in sufficient counterparts or copies for each of the Lenders and shall be in form and substance
satisfactory in all respects to the Administrative Agent. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Administrative Agent, each Lender and the Issuing Bank as follows: 

Section 4.1. Existence; Power. The Borrower and each of its Subsidiaries (i) is duly organized, validly existing and
in good standing as a corporation, partnership or limited liability company under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to carry on its business as now conducted, and (iii) is duly
qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 4.2. Organizational Power; Authorization. The execution, delivery and
performance by each Loan Party of the Loan Documents to which it is a party are within such Loan Party’s organizational powers and have been duly authorized by all necessary organizational and, if required, shareholder, partner or member
action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to which any Loan Party is a party, when executed and delivered by such Loan Party, will constitute, valid and binding
obligations of the Borrower or such Loan Party (as the case may be), enforceable against it in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general principles of equity. 
 Section 4.3. Governmental
Approvals; No Conflicts. The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party (a) do not require any material consent or approval of, registration or filing with, or any action by, any
Governmental Authority, except those as have been obtained or made and are in full force and effect, (b) will not violate any material Requirement of Law applicable to the Borrower or any of its Subsidiaries or any judgment, order or ruling of
any Governmental Authority, (c) except as would not reasonably be expected to result in a Material Adverse Effect, will not violate or result in a default under any Contractual Obligation of the Borrower or any of its Subsidiaries or any of its
assets or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries,
except Liens (if any) created under the Loan Documents. 
 Section 4.4. Financial Statements. The Borrower has furnished
to each Lender (i) the audited consolidated balance sheet of the Borrower and its Subsidiaries as of December 31, 2013, and the related audited consolidated statements of income, shareholders’ equity and cash flows for the Fiscal Year
then ended, prepared by Ernst & Young, LLP and (ii) the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as of June 30, 2014, and the related unaudited consolidated statements of income and cash flows for
the Fiscal Quarter and year-to-date period then ended, certified by a Responsible Officer. Such financial statements fairly present the consolidated financial condition of the Borrower and its Subsidiaries as of such dates and the consolidated
results of operations for such periods in conformity with GAAP consistently applied, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii). Since December 31, 2013, there
have been no changes with respect to the Borrower and its Subsidiaries which have had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

Section 4.5. Litigation and Environmental Matters. 

(a) No litigation, investigation or proceeding of or before any arbitrators or Governmental Authorities is pending against or,
to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination that would reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect or (ii) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document. 

(b) Except as would reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its
Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other 

  
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approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability
or (iv) knows of any basis for any Environmental Liability. 
 Section 4.6. Compliance with Laws and Agreements. The
Borrower and each of its Subsidiaries is in compliance with (a) all Requirements of Law and all judgments, decrees and orders of any Governmental Authority and (b) all indentures, agreements or other instruments binding upon it or its
properties, except where non-compliance, either individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 4.7. Investment Company Act. Neither the Borrower nor any of its Subsidiaries is (a) an “investment
company” or is “controlled” by an “investment company”, as such terms are defined in, or subject to regulation under, the Investment Company Act of 1940, as amended and in effect from time to time, or (b) otherwise
subject to any other regulatory scheme limiting its ability to incur debt or requiring any approval or consent from, or registration or filing with, any Governmental Authority in connection therewith. 

Section 4.8. Taxes. The Borrower and its Subsidiaries and each other Person for whose taxes the Borrower or any of its
Subsidiaries could become liable have timely filed or caused to be filed all Federal income tax returns and all other material tax returns that are required to be filed by them, and have paid all taxes shown to be due and payable on such returns or
on any assessments made against it or its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except (i) tax liabilities of less than an aggregate amount of $1,000,00.00, or
(ii) where the same are currently being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as the case may be, has set aside on its books adequate reserves in accordance with GAAP. The charges,
accruals and reserves on the books of the Borrower and its Subsidiaries in respect of such taxes are adequate, and no tax liabilities that could be materially in excess of the amount so provided are anticipated. 

Section 4.9. Margin Regulations. None of the proceeds of any of the Loans or Letters of Credit will be used, directly or
indirectly, for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of such terms under Regulation U or for any purpose that violates the provisions of Regulation T, Regulation U or
Regulation X. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock”. 

Section 4.10. ERISA. Each Plan is in substantial compliance in form and operation with its terms and with ERISA and the
Code (including, without limitation, the Code provisions compliance with which is necessary for any intended favorable tax treatment) and all other applicable laws and regulations, except where a failure to be in substantial compliance with such
applicable laws and regulations would not reasonably be expected to result in a Material Adverse Effect. Each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable
determination letter from the Internal Revenue Service to the effect that it meets the requirements of Sections 401(a) and 501(a) of the Code covering all applicable tax law changes, or is comprised of a master or prototype plan or volume submitter
plan that has received a favorable opinion letter from the IRS, and nothing has occurred since the date of such determination that would adversely affect such determination (or, in the case of a Plan with no determination, nothing has occurred that
would adversely affect the issuance of a favorable determination letter or otherwise adversely affect such qualification). No ERISA Event has occurred or is reasonably expected to occur. There exists no Unfunded Pension 

  
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Liability with respect to any Plan. None of the Borrower, any of its Subsidiaries or any ERISA Affiliate is making or accruing an obligation to make contributions, or has, within any of the five
calendar years immediately preceding the date this assurance is given or deemed given, made or accrued an obligation to make, contributions to any Multiemployer Plan. There are no actions, suits or claims pending against or involving a Plan (other
than routine claims for benefits) or, to the knowledge of the Borrower, any of its Subsidiaries or any ERISA Affiliate, threatened, which would reasonably be expected to be asserted successfully against any Plan and, if so asserted successfully,
would reasonably be expected either singly or in the aggregate to result in a Material Adverse Effect. The Borrower, each of its Subsidiaries and each ERISA Affiliate have made all contributions to or under each Plan and Multiemployer Plan required
by law within the applicable time limits prescribed thereby, by the terms of such Plan or Multiemployer Plan, respectively, or by any contract or agreement requiring contributions to a Plan or Multiemployer Plan, except where a failure to make such
timely contributions would not reasonably be expected to result in a Material Adverse Effect. No Plan which is subject to Section 412 of the Code or Section 302 of ERISA has applied for or received an extension of any amortization period
within the meaning of Section 412 of the Code or Section 303 or 304 of ERISA. None of the Borrower, any of its Subsidiaries or any ERISA Affiliate have ceased operations at a facility so as to become subject to the provisions of
Section 4068(a) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions of Section 4063 of ERISA or ceased making contributions to any Plan subject to Section 4064(a) of ERISA to which it made
contributions. Except where it would not reasonably be expected to result in a Material Adverse Effect, (i) each Non-U.S. Plan has been maintained in compliance with its terms and with the requirements of any and all applicable laws, statutes,
rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities, (ii) all contributions required to be made with respect to a Non-U.S. Plan have been timely made, (iii) neither
the Borrower nor any of its Subsidiaries has incurred any obligation in connection with the termination of, or withdrawal from, any Non-U.S. Plan, and (iv) the present value of the accrued benefit liabilities (whether or not vested) under each
Non-U.S. Plan, determined as of the end of the Borrower’s most recently ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan allocable to such benefit
liabilities. 
 Section 4.11. Ownership of Property; Insurance. 

(a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all of its real and personal
property material to the operation of its business, including all such properties reflected in the most recent audited consolidated balance sheet of the Borrower referred to in Section 4.4 or purported to have been acquired by the
Borrower or any of its Subsidiaries after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are
material to the business or operations of the Borrower and its Subsidiaries are valid and subsisting and are in full force. 

(b) Each of the Borrower and its Subsidiaries owns, or is licensed or otherwise has the right to use, all Intellectual Property
material to its business, as currently conducted, except were the failure to own or possess any licenses to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Borrower and its
Subsidiaries the use thereof by the Borrower and its Subsidiaries does not infringe in any material respect on the rights of any other Person. 

  
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 (c) The properties of the Borrower and its Subsidiaries are insured with
financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar
properties in localities where the Borrower or any applicable Subsidiary operates. 
 (d) As of the Closing Date, neither the
Borrower nor any of its Subsidiaries owns fee simple interest in any Real Estate. 
 Section 4.12. Disclosure. The
Borrower has disclosed to the Lenders all agreements, instruments, and corporate or other restrictions to which the Borrower or any of its Subsidiaries is subject, and all other matters known to any of them, that, either individually or in the
aggregate, would reasonably be expected to result in a Material Adverse Effect. None of the reports that the Borrower is required to file with the Securities and Exchange Commission contain any material misstatement of fact or omit to state any
material fact necessary to make the statements therein, taken as a whole in light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only
that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
 Section 4.13.
Labor Relations. There are no strikes, lockouts or other material labor disputes or grievances against the Borrower or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened against or affecting the Borrower or any of
its Subsidiaries, and no significant unfair labor practice charges or grievances are pending against the Borrower or any of its Subsidiaries, or, to the Borrower’s knowledge, threatened against any of them before any Governmental Authority. All
payments due from the Borrower or any of its Subsidiaries pursuant to the provisions of any collective bargaining agreement have been paid or accrued as a liability on the books of the Borrower or any such Subsidiary, except where the failure to do
so would not reasonably be expected to have a Material Adverse Effect. 
 Section 4.14. Subsidiaries. Schedule
4.14 of the Disclosure Letter sets forth the name of, the ownership interest of the applicable Loan Party in, the jurisdiction of incorporation or organization of, and the type of each Subsidiary of the Borrower and the other Loan Parties and
identifies each Subsidiary that is a Subsidiary Loan Party, in each case as of the Closing Date. 
 Section 4.15.
Solvency. After giving effect to the execution and delivery of the Loan Documents and the making of the Loans under this Agreement, each Loan Party is Solvent. 

Section 4.16. Deposit and Disbursement Accounts. Schedule 4.16 of the Disclosure Letter lists all banks and other
financial institutions at which any Loan Party maintains deposit accounts, lockbox accounts, disbursement accounts, investment accounts or other similar accounts as of the Closing Date, and such Schedule correctly identifies the name, address and
telephone number of each financial institution, the name in which the account is held, the type of the account, and the complete account number therefor. 

Section 4.17. Material Agreements. As of the Closing Date, all Material Agreements of the Borrower and its Subsidiaries are
described on Schedule 4.17 of the Disclosure Letter, and each such Material Agreement is in full force and effect. The Borrower does not have any knowledge of any pending amendments or threatened termination of any of the Material Agreements.
As of the Closing Date, the Borrower has delivered to the Administrative Agent a true, complete and correct copy of each Material Agreement (including all schedules, exhibits, amendments, supplements, modifications, assignments and all other
documents delivered pursuant thereto or in connection therewith). 

  
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 Section 4.18. OFAC. Neither any Loan Party nor any of its Subsidiaries or
Affiliates (i) is a Sanctioned Person, (ii) has any of its assets in Sanctioned Countries, or (iii) derives any of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries. No part of
the proceeds of any Loans hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned Person or a Sanctioned Country or for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as amended and in effect from time to time. 
 Section 4.19. Patriot
Act. Neither any Loan Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act or any enabling legislation or executive order
relating thereto. Neither any Loan Party nor any or its Subsidiaries is in violation of (a) the Trading with the Enemy Act, (b) any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B,
Chapter V, as amended) or any enabling legislation or executive order relating thereto or (c) the Patriot Act. None of the Loan Parties (i) is a blocked person described in Section 1 of the Anti-Terrorism Order or (ii) to the
best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person. 
 ARTICLE V

 AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains unpaid or outstanding: 

Section 5.1. Financial Statements and Other Information. The Borrower will deliver to the Administrative Agent and each
Lender: 
 (a) as soon as available and in any event within 90 days after the end of each Fiscal Year of the Borrower, a copy
of the annual audited report for such Fiscal Year for the Borrower and its Subsidiaries, containing a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of
income, stockholders’ equity and cash flows (together with all footnotes thereto) of the Borrower and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in
reasonable detail and reported on by Ernst & Young, LLP or other independent public accountants of nationally recognized standing (without a “going concern” or like qualification, exception or explanation and without any
qualification or exception as to the scope of such audit) to the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of the Borrower and its Subsidiaries for such Fiscal
Year on a consolidated basis in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards; 

  
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 (b) as soon as available and in any event within 45 days after the end of each
Fiscal Quarter of the Borrower, an unaudited consolidated and consolidating balance sheet of the Borrower and its Subsidiaries as of the end of such Fiscal Quarter and the related unaudited consolidated and consolidating statements of income and
cash flows of the Borrower and its Subsidiaries for such Fiscal Quarter and the then elapsed portion of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding Fiscal Quarter and the corresponding portion
of the Borrower’s previous Fiscal Year and the corresponding figures for the budget for the current Fiscal Year; 
 (c)
concurrently with the delivery of the financial statements referred to in subsections (a) and (b) of this Section (other than the financial statements for the fourth Fiscal Quarter of each Fiscal Year delivered pursuant to subsection
(b) of this Section), a Compliance Certificate signed by the principal executive officer or the principal financial officer of the Borrower (i) certifying as to whether there exists a Default or Event of Default on the date of such
certificate and, if a Default or an Event of Default then exists, specifying the details thereof and the action which the Borrower has taken or proposes to take with respect thereto, (ii) setting forth in reasonable detail calculations
demonstrating compliance with the financial covenants set forth in Article VI, (iii) specifying any change in the identity of the Subsidiaries as of the end of such Fiscal Year or Fiscal Quarter from the Subsidiaries identified to the Lenders
on the Closing Date or as of the most recent Fiscal Year or Fiscal Quarter, as the case may be, and (iv) stating whether any change in GAAP or the application thereof has occurred since the date of the mostly recently delivered audited
financial statements of the Borrower and its Subsidiaries, and, if any change has occurred, specifying the effect of such change on the financial statements accompanying such Compliance Certificate; 

(d) concurrently with the delivery of the financial statements referred to in subsection (a) above, a certificate of the
accounting firm that reported on such financial statements stating whether they obtained any knowledge during the course of their examination of such financial statements of any Default or Event of Default (which certificate may be limited to the
extent required by accounting rules or guidelines); 
 (e) [Reserved]; 

(f) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally,
as the case may be; and 
 (g) promptly following any request therefor, such other information regarding the results of
operations, business affairs and financial condition of the Borrower or any of its Subsidiaries as the Administrative Agent or any Lender may reasonably request. 

So long as the Borrower is required to file periodic reports under Section 13(a) or Section 15(d) of the Exchange Act, the Borrower
may satisfy its obligation to deliver the financial statements referred to in clauses (a) and (b) above by delivering such financial statements by electronic mail to such e-mail addresses as the Administrative Agent and the Lenders shall
have provided to the Borrower from time to time. In the event Borrower ceases to be a publicly-reporting company then from and after such date any requirement in this Agreement to provide Lender or Administrative Agent with documents or materials
that are on file or have been filed 

  
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with the Securities and Exchange Commission shall become a requirement for Borrower to provide and deliver such materials and documents as and when Borrower would otherwise have been required
were Borrower a publicly reporting company. 
 Section 5.2. Notices of Material Events. The Borrower will furnish to the
Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default or Event of
Default; 
 (b) the filing or commencement of, or any material development in, any action, suit or proceeding by or before
any arbitrator or Governmental Authority against or, to the knowledge of the Borrower, affecting the Borrower or any of its Subsidiaries which, if adversely determined, would reasonably be expected to result in a Material Adverse Effect; 

(c) promptly and in any event within 15 days after (i) the Borrower, any of its Subsidiaries or any ERISA Affiliate knows
that any ERISA Event has occurred, a certificate of the chief financial officer of the Borrower describing such ERISA Event and the action, if any, proposed to be taken with respect to such ERISA Event and a copy of any notice filed with the PBGC or
the IRS pertaining to such ERISA Event and any notices received by the Borrower, such Subsidiary or such ERISA Affiliate from the PBGC or any other governmental agency with respect thereto, and (ii) becoming aware (1) that there has been
an increase in Unfunded Pension Liabilities (not taking into account Plans with negative Unfunded Pension Liabilities) since the date the representations hereunder are given or deemed given, or from any prior notice, as applicable, (2) of the
existence of any Withdrawal Liability, (3) of the adoption of, or the commencement of contributions to, any Plan subject to Section 412 of the Code by the Borrower, any of its Subsidiaries or any ERISA Affiliate, or (4) of the
adoption of any amendment to a Plan subject to Section 412 of the Code which results in a material increase in contribution obligations of the Borrower, any of its Subsidiaries or any ERISA Affiliate, a detailed written description thereof from
the chief financial officer of the Borrower; 
 (d) the occurrence of any default or event of default, or the receipt by the
Borrower or any of its Subsidiaries of any written notice of an alleged default or event of default, with respect to any Material Indebtedness of the Borrower or any of its Subsidiaries; 

(e) any material amendment or modification to any Material Agreement (together with a copy thereof), and prompt notice of any
termination, expiration or loss of any Material Agreement that, individually or in the aggregate, could reasonably be expected to result in a reduction in revenue or Consolidated EBITDA of the Loan Parties of 10% or more on a consolidated basis from
the prior Fiscal Year; and 
 (f) any other development that results in, or would reasonably be expected to result in, a
Material Adverse Effect. 
 The Borrower will furnish to the Administrative Agent and each Lender promptly and in any event at least 30 days
prior thereto, notice of any change (i) in any Loan Party’s legal name, (ii) in any Loan Party’s chief executive office, its principal place of business, or any office in which it maintains a material portion of its books or
records (including the establishment of any 

  
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such new office or facility), (iii) in any Loan Party’s identity or legal structure, (iv) in any Loan Party’s federal taxpayer identification number or organizational number
or (v) in any Loan Party’s jurisdiction of organization. 
 Each notice or other document delivered under this Section shall be
accompanied by a written statement of a Responsible Officer setting forth the details of the event or development requiring such notice or other document and any action taken or proposed to be taken with respect thereto. 

Section 5.3. Existence; Conduct of Business. Except as otherwise determined in the reasonable business judgment of Borrower
(but excluding from such business judgment authority any determination that would reasonably be deemed to be materially adverse to the Lenders), Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary
to preserve, renew and maintain in full force and effect its legal existence and its respective rights, licenses, permits, privileges, franchises, Intellectual Property registered or applied for before a Governmental Authority material to the
conduct of its business; provided that nothing in this Section shall prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.3. 

Section 5.4. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws,
rules, regulations and requirements of any Governmental Authority applicable to its business and properties, including, without limitation, all Environmental Laws, ERISA and OSHA, except where the failure to do so, either individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.5. Payment of
Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay and discharge at or before maturity all of its material obligations and liabilities (including, without limitation, all taxes, assessments and other governmental
charges, levies and all other claims that could result in a statutory Lien) before the same shall become delinquent or in default, except where (a) (i) the validity or amount thereof is being contested in good faith by appropriate
proceedings, (ii) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) the failure to make payment would not reasonably be expected to result in a Material Adverse
Effect. 
 Section 5.6. Books and Records. The Borrower will, and will cause each of its Subsidiaries to, keep proper
books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the consolidated financial statements of the Borrower in
conformity with GAAP. 
 Section 5.7. Visitation and Inspection. The Borrower will, and will cause each of its
Subsidiaries to, permit any representative of the Administrative Agent or any Lender to visit and inspect its properties, to examine its books and records and to make copies and take extracts therefrom, and to discuss its affairs, finances and
accounts with any of its officers and with its independent certified public accountants, all at such reasonable times and as often as the Administrative Agent or any Lender may reasonably request after reasonable prior notice to the Borrower;
provided that if an Event of Default has occurred and is continuing, no prior notice shall be required. 
 Section 5.8.
Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its 

  
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business in good working order and condition, ordinary wear and tear excepted, and (b) maintain with financially sound and reputable insurance companies which are not Affiliates of the
Borrower insurance with respect to its properties and business, and the properties and business of its Subsidiaries, against loss or damage of the kinds customarily insured against by companies in the same or similar businesses operating in the same
or similar locations (including, in any event, flood insurance), and will, upon request of the Administrative Agent, furnish to each Lender at reasonable intervals a certificate of a Responsible Officer setting forth the nature and extent of all
insurance maintained by the Borrower and its Subsidiaries in accordance with this Section. 
 Section 5.9. Use of Proceeds;
Margin Regulations. The Borrower will use the proceeds of the Loans to (a) refinance certain existing Indebtedness owed to SunTrust Bank, (b) to fund Permitted Acquisitions, (c) to fund permitted stock repurchases, (d) to
provide for working capital and capital expenditures, and (e) for other general corporate purposes of the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that
would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulation T, Regulation U or Regulation X. All Letters of Credit will be used for general corporate purposes. 

Section 5.10. Casualty and Condemnation. If applicable, the Borrower (a) will furnish to the Administrative Agent and
the Lenders prompt written notice of any casualty or other insured damage to any material portion of any Real Estate or the commencement of any action or preceding for the taking of any material portion of any Real Estate or any part thereof or
interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the net cash proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected
and applied in accordance with the applicable provisions of this Agreement. 
 Section 5.11. Cash Management. The
Borrower shall, and except as set forth in this Section 5.11 below, shall cause its Domestic Subsidiaries other than Sy.Med Development, Inc. and Health Care Compliance Strategies, Inc., to: 

(a) except as set forth in this Section 5.11 below, maintain substantially all cash management and treasury
business with SunTrust Bank, including, without limitation, all deposit accounts, disbursement accounts, investment accounts and lockbox accounts (other than zero-balance accounts for the purpose of managing local disbursements, payroll, withholding
and other fiduciary accounts, all of which the Loan Parties may maintain without restriction); and 
 (b) except as set forth
in this Section 5.11 below, deposit promptly, and in any event no later than 10 Business Days after the date of receipt thereof, all cash, checks, drafts or other similar items of payment relating to or constituting payments made in respect of
any and all accounts into accounts maintained with SunTrust Bank, in each case except for cash and Permitted Investments the aggregate value of which does not exceed $100,000.00 at any time; 

Notwithstanding the requirements of Section 5.11(a) and Section 5.11(b) of this Agreement, from the date of this Agreement until the
date of the first Borrowing under Article II of this Agreement, Borrower is not required to maintain any of its investment accounts with SunTrust Bank. Additionally, for any Acquisition that occurs subsequent to any Lender having a Commitment
under this Agreement, Borrower shall after a commercially reasonable transition period not to exceed twelve (12) months, cause the acquired Person to comply with Sections 5.11(a)-(b) of this Agreement. 

  
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 Section 5.12. Additional Subsidiaries and Guaranties. 

(a) In the event that, subsequent to the Closing Date, any Person becomes a Domestic Subsidiary, whether pursuant to formation,
acquisition or otherwise, (x) the Borrower shall promptly notify the Administrative Agent and the Lenders thereof and (y) within 30 days after such Person becomes a Domestic Subsidiary, the Borrower shall cause such Domestic Subsidiary
(i) to become a new Guarantor by executing and delivering to the Administrative Agent a supplement to the Guaranty Agreement in form and substance reasonably satisfactory to the Administrative Agent, and (ii) to deliver all such other
documentation (including, without limitation, certified organizational documents, resolutions and legal opinions) and to take all such other actions as such Subsidiary would have been required to deliver and take pursuant to Section 3.1
if such Subsidiary had been a Loan Party on the Closing Date or that such Subsidiary would be required to deliver pursuant to Section 5.13 with respect to any Real Estate. 

(b) In the event that, subsequent to the Closing Date, any Person becomes a Foreign Subsidiary, whether pursuant to formation,
acquisition or otherwise, (x) the Borrower shall promptly notify the Administrative Agent and the Lenders thereof and (y) to the extent such Foreign Subsidiary is owned directly by any Loan Party, within 60 days after such Person becomes a
Foreign Subsidiary or, if the Administrative Agent determines in its sole discretion that the Borrower is working in good faith, such longer period as the Administrative Agent shall permit not to exceed 60 additional days, the Borrower shall, or
shall cause the applicable Loan Party to (i) become a new Guarantor by executing and delivering to Administrative Agent a supplement to the Guaranty Agreement in form and substance reasonably satisfactory to the Administrative Agent unless such
guaranty would create for such Foreign Subsidiary materially adverse tax consequences, and (ii) deliver all such other documentation (including, without limitation, certified organizational documents, resolutions, lien searches and legal
opinions) and to take all such other actions as the Administrative Agent may reasonably request. 
 (c) All actions to be
taken pursuant to this Section shall be at the expense of the Borrower or the applicable Loan Party, and shall be taken to the reasonable satisfaction of the Administrative Agent. 

Section 5.13. Real Estate; Leased Locations. 

(a) To the extent otherwise permitted hereunder, if any Loan Party proposes to acquire an interest in Real Estate after the
Closing Date through a single purchase or a series of related transactions, and if at the time of such acquisition(s), the total aggregate amount paid by or credited on the account of Borrower at the closing or over the course of the agreement
period is equal to or greater than $5,000,000.00, then Borrower shall at the time of any such acquisition provide to the Administrative Agent the following documents with regard to such Real Estate: a copy of the purchase and sale agreement, a copy
of the deed conveying such Real Estate to such Loan Party, and a copy of the closing statement or settlement statement(s) pertaining to such Real Estate acquisition, and copies of any other encumbrances recorded in connection with such conveyance
and acquisition. 

  
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 (b) To the extent otherwise permitted hereunder, if any Loan Party proposes to
lease any Real Estate, which lease(s) would cause the present value of direct or contingent liabilities of the Borrower and its Subsidiaries under such leases or agreements to lease, on a consolidated basis, to exceed $5,000,000.00 in the aggregate,
then such Loan Party shall first provide to the Administrative Agent a copy of such lease from the landlord of such leased property or the bailee with respect to any warehouse or other location where such books, or records will be stored or located.

 Section 5.14. Further Assurances. The Borrower will, and will cause each other Loan Party to, execute any and all
further documents, financing statements, agreements and instruments, and take all such further actions, which may be required under any applicable law, or which the Administrative Agent or the Required Lenders may reasonably request, to effectuate
the transactions contemplated by the Loan Documents, all at the expense of the Loan Parties. 
 ARTICLE VI 

FINANCIAL COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains unpaid or outstanding: 

Section 6.1. Funded Debt Leverage Ratio. The Borrower will maintain a Funded Debt Leverage Ratio of not greater than 3.0 to
1.0, as calculated as of the end of each fiscal quarter on a rolling four (4) quarter basis, commencing with the quarter ending on June 30, 2014. 

Section 6.2. Interest Coverage Ratio. The Borrower will maintain an Interest Coverage Ratio of not less than 3.0 to 1.0, as
calculated as of the end of each fiscal quarter on a rolling four (4) quarter basis, commencing with the quarter ending on September 30, 2014. 

ARTICLE VII 

NEGATIVE COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains outstanding: 

Section 7.1. Indebtedness and Preferred Equity. The Borrower will not, and will not permit any of its Subsidiaries to,
create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness created pursuant to the Loan
Documents; 
 (b) Indebtedness of the Borrower and its Subsidiaries existing on the date hereof and set forth on Schedule
7.1 of the Disclosure Letter and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such extension, renewal or replacement) or
shorten the maturity or the weighted average life thereof; 
 (c) Indebtedness of the Borrower or any of its Subsidiaries
incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations, and any Indebtedness assumed in connection with the 

  
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acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof (provided that such Indebtedness is incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvements), and extensions, renewals or replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (immediately prior to giving effect to such
extension, renewal or replacement) or shorten the maturity or the weighted average life thereof; provided that the aggregate principal amount of such Indebtedness does not exceed $1,000,000.00 for any fiscal year of Borrower at any time outstanding;

 (d) Indebtedness of the Borrower owing to any Subsidiary and of any Subsidiary owing to the Borrower or any other
Subsidiary; provided that any such Indebtedness that is owed by a Subsidiary that is not a Subsidiary Loan Party shall be subject to Section 7.4; 

(e) Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any
other Subsidiary; provided that Guarantees by any Loan Party of Indebtedness of any Subsidiary that is not a Subsidiary Loan Party shall be subject to Section 7.4; 

(f) Indebtedness of any Person which becomes a Subsidiary after the date of this Agreement; provided that (i) such
Indebtedness exists at the time that such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary, and (ii) the aggregate principal amount of such Indebtedness permitted
hereunder shall not exceed $1,000,000.00 in any fiscal year of Borrower at any time outstanding; 
 (g) Hedging Obligations
permitted by Section 7.10; and 
 (h) other unsecured Indebtedness of the Borrower or its Subsidiaries in an
aggregate principal amount not to exceed $250,000.00 at any time outstanding. 
 The Borrower will not, and will not permit any Subsidiary
to, issue any preferred stock or other preferred equity interest that (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (ii) is or may become redeemable or re-purchasable by the Borrower or such
Subsidiary at the option of the holder thereof, in whole or in part, or (iii) is convertible or exchangeable at the option of the holder thereof for Indebtedness or preferred stock or any other preferred equity interest described in this
paragraph, on or prior to, in the case of clause (i), (ii) or (iii), the first anniversary of the Revolving Commitment Termination Date. 

Section 7.2. Liens. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer
to exist any Lien on any of its assets or property now owned or hereafter acquired, except: 
 (a) Permitted Encumbrances;

 (b) Liens on any property or asset of the Borrower or any of its Subsidiaries existing on the date hereof and set forth on
Schedule 7.2 of the Disclosure Letter; provided that such Liens shall not apply to any other property or asset of the Borrower or any Subsidiary; 

(c) purchase money Liens upon or in any fixed or capital assets to secure the purchase price or the cost of construction or
improvement of such fixed or capital assets 

  
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or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement of such fixed or capital assets (including Liens securing any Capital Lease
Obligations); provided that (i) such Lien secures Indebtedness permitted by Section 7.1(c), (ii) such Lien attaches to such asset concurrently or within 90 days after the acquisition or the completion of the construction
or improvements thereof, (iii) such Lien does not extend to any other asset, (iv) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets, and (v) the Indebtedness
secured thereby does not exceed an aggregate principal amount of $1,000,000.00 at any time outstanding in any fiscal year of Borrower; 

(d) any Lien (x) existing on any asset of any Person at the time such Person becomes a Subsidiary of the Borrower,
(y) existing on any asset of any Person at the time such Person is merged with or into the Borrower or any of its Subsidiaries, or (z) existing on any asset prior to the acquisition thereof by the Borrower or any of its Subsidiaries;
provided that (i) any such Lien was not created in the contemplation of any of the foregoing and (ii) any such Lien secures only those obligations which it secures on the date that such Person becomes a Subsidiary or the date of
such merger or the date of such acquisition; and 
 (e) extensions, renewals, or replacements of any Lien referred to in
subsections (b) through (e) of this Section; provided that the principal amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or replacement is limited to the assets originally encumbered
thereby. 
 Section 7.3. Fundamental Changes. 

(a) The Borrower will not, and will not permit any of its Subsidiaries to, merge into or consolidate into any other Person, or
permit any other Person to merge into or consolidate with it, or sell, lease, transfer or otherwise dispose of (in a single transaction or a series of transactions) all or substantially all of its assets (in each case, whether now owned or hereafter
acquired) or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired) or liquidate or dissolve; provided that if, at the time thereof and immediately after giving effect thereto,
no Default or Event of Default shall have occurred and be continuing, (i) the Borrower or any Subsidiary may merge with a Person if the Borrower (or such Subsidiary if the Borrower is not a party to such merger) is the surviving Person,
(ii) any Subsidiary may merge into another Subsidiary, provided that if any party to such merger is a Subsidiary Loan Party, the Subsidiary Loan Party shall be the surviving Person, (iii) any Subsidiary may sell, transfer, lease or
otherwise dispose of all or substantially all of its assets to the Borrower or to a Subsidiary Loan Party, and (iv) any Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve if the Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; provided, further, that any such merger involving a Person that is not a wholly owned Subsidiary immediately
prior to such merger shall not be permitted unless also permitted by Section 7.4. 
 (b) The Borrower will not,
and will not permit any of its Subsidiaries to, engage in any business other than health care information technology and businesses reasonably related thereto. 

  
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 Section 7.4. Investments, Loans. The Borrower will not, and will not permit
any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Capital Stock, evidence of Indebtedness or other securities (including any
option, warrant, or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person (all of the
foregoing being collectively called “Investments”), or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person that constitute a business unit, or create or form any Subsidiary,
except: 
 (a) Investments (other than Permitted Investments) existing on the date hereof and set forth on Schedule
7.4 of the Disclosure Letter (including Investments in Subsidiaries); 
 (b) Permitted Investments; 

(c) Guarantees by the Borrower and its Subsidiaries constituting Indebtedness permitted by Section 7.1;
provided that the aggregate principal amount of Indebtedness of Subsidiaries that are not Subsidiary Loan Parties that is Guaranteed by any Loan Party shall be subject to the limitation set forth in subsection (d) of this Section; 

(d) Investments made by the Borrower in or to any Subsidiary and by any Subsidiary to the Borrower or in or to another
Subsidiary; provided that the aggregate amount of Investments by the Loan Parties in or to, and Guarantees by the Loan Parties of Indebtedness of, any Subsidiary that is not a Subsidiary Loan Party (including all such Investments and
Guarantees existing on the Closing Date) shall not exceed $1,000,000.00 at any time outstanding; 
 (e) loans or advances to
employees, officers or directors of the Borrower or any of its Subsidiaries in the ordinary course of business for travel, relocation and related expenses; provided that the aggregate amount of all such loans and advances does not exceed
$1,000,000.00 at any time outstanding; 
 (f) Hedging Transactions permitted by Section 7.10; 

(g) Permitted Acquisitions; and 

(h) Investments in Persons that are not Subsidiaries which in the aggregate do not exceed $4,000,000 at any time; and 

(i) other Investments which in the aggregate do not exceed $1,000,000.00 in any Fiscal Year. 

Section 7.5. Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make,
or agree to pay or make, directly or indirectly, any Restricted Payment, except: 
 (i) dividends payable by the Borrower
solely in interests of any class of its common equity; 
 (ii) Restricted Payments made by any Subsidiary to the Borrower or
to another Subsidiary, on at least a pro rata basis with any other shareholders if such Subsidiary is not wholly owned by the Borrower and other wholly owned Subsidiaries of the Borrower; and 

  
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 (iii) dividends, stock repurchases, and redemptions paid on the common equity of
the Borrower; provided that (a) no Default or Event of Default shall have occurred and be continuing at the time such dividend or distribution is paid or would occur as a result of such payment, (b) the aggregate amount of all such
Restricted Payments made by the Borrower during the effectiveness of this Agreement does not exceed $50,000,000.00, (c) after giving effect to any such Restricted Payments, the Borrower’s pro forma Leverage Ratio shall be 1.50:1.00 or less
and Borrower shall otherwise be in compliance with the covenants required by Article VI, (d) after giving effect to any such Restricted Payments, Borrower would have and does have a minimum liquidity of $30,000,000.00, as reflected in an
aggregate of: (i) Borrower’s cash-on-hand, and (ii) the Revolving Commitment less the aggregate Revolving Credit Exposure for all Lenders, and (e) a Responsible Officer of Borrower shall have provided Administrative Agent with a
written certification that the foregoing conditions have been satisfied. 
 Section 7.6. Sale of Assets. The Borrower
will not, and will not permit any of its Subsidiaries to, convey, sell, lease, assign, transfer or otherwise dispose of any of its assets, business or property or, in the case of any Subsidiary, any shares of such Subsidiary’s Capital Stock, in
each case whether now owned or hereafter acquired, to any Person other than the Borrower or a Subsidiary Loan Party (or to qualified directors if required by applicable law), except: 

(a) the sale or other disposition for fair market value of obsolete or worn out property or other property not necessary for
operations disposed of in the ordinary course of business; 
 (b) the sale of inventory and Permitted Investments in the
ordinary course of business; and 
 (c) the sale or other disposition of such assets in an aggregate amount not to exceed
$2,000,000.00 in any 12-month period ending on the date of determination thereof. 
 Section 7.7. Transactions with
Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any
other transactions with, any of its Affiliates, except: 
 (a) in the ordinary course of business at prices and on terms and
conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties; 

(b) transactions between or among the Borrower and any Subsidiary Loan Party not involving any other Affiliates; and 

(c) any Restricted Payment permitted by Section 7.5. 

Section 7.8. Restrictive Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, directly or
indirectly, enter into, incur or permit to exist any agreement that 

  
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prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any of its Subsidiaries to create, incur or permit any Lien upon any of its assets or properties,
whether now owned or hereafter acquired, or (b) the ability of any of its Subsidiaries to pay dividends or other distributions with respect to its Capital Stock, to make or repay loans or advances to the Borrower or any other Subsidiary
thereof, to Guarantee Indebtedness of the Borrower or any other Subsidiary thereof or to transfer any of its property or assets to the Borrower or any other Subsidiary thereof; provided that (i) the foregoing shall not apply to restrictions or
conditions imposed by law or by this Agreement or any other Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such
restrictions and conditions apply only to the Subsidiary that is sold and such sale is permitted hereunder, (iii) clause (a) shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted
by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness and (iv) clause (a) shall not apply to customary provisions in leases restricting the assignment thereof. 

Section 7.9. Sale and Leaseback Transactions. The Borrower will not, and will not permit any of its Subsidiaries to, enter
into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property
that it intends to use for substantially the same purpose or purposes as the property sold or transferred. 
 Section 7.10.
Hedging Transactions. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging Transaction, other than Hedging Transactions entered into in the ordinary course of business to hedge or mitigate risks to
which the Borrower or any of its Subsidiaries is exposed in the conduct of its business or the management of its liabilities. Solely for the avoidance of doubt, the Borrower acknowledges that a Hedging Transaction entered into for speculative
purposes or of a speculative nature (which shall be deemed to include any Hedging Transaction under which the Borrower or any of its Subsidiaries is or may become obliged to make any payment (i) in connection with the purchase by any third
party of any Capital Stock or any Indebtedness or (ii) as a result of changes in the market value of any Capital Stock or any Indebtedness) is not a Hedging Transaction entered into in the ordinary course of business to hedge or mitigate risks.

 Section 7.11. Amendment to Material Documents. The Borrower will not, and will not permit any of its Subsidiaries to,
amend, modify or waive any of its rights under (a) its certificate of incorporation, bylaws or other organizational documents or (b) any Material Agreements in each case in a manner that would be materially adverse to Borrower, and its
Subsidiaries (taken as a whole), and/or the Lenders. 
 Section 7.12. Accounting Changes. The Borrower will not, and will
not permit any of its Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required by GAAP, or change the fiscal year of the Borrower or of any of its Subsidiaries, except to change the fiscal year
of a Subsidiary to conform its fiscal year to that of the Borrower. 
 Section 7.13. Lease Obligations. The Borrower will
not, and will not permit any of its Subsidiaries to, create or suffer to exist any obligations for the payment under operating leases or agreements to lease (but excluding any obligations under leases required to be classified as capital leases
under GAAP having a term of five years or more) which would cause the present value of the direct or contingent liabilities of the Borrower and its Subsidiaries under such leases 

  
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or agreements to lease, on a consolidated basis, to exceed $2,000,000.00 in the aggregate in any Fiscal Year. Notwithstanding anything to the contrary set forth in this Agreement, the lease
restrictions set forth in this Section 7.13 shall apply solely to leases or agreements to lease that are entered into subsequent to the date of the first Borrowing under Article II of this Agreement, and shall not apply to any
leases entered into prior to the date of the first Borrowing under Article II of this Agreement. 
 Section 7.14.
Government Regulation. The Borrower will not, and will not permit any of its Subsidiaries to, (a) be or become subject at any time to any law, regulation or list of any Governmental Authority of the United States (including, without
limitation, the OFAC list) that prohibits or limits the Lenders or the Administrative Agent from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Loan Parties, or (b) fail to provide
documentary and other evidence of the identity of the Loan Parties as may be requested by the Lenders or the Administrative Agent at any time to enable the Lenders or the Administrative Agent to verify the identity of the Loan Parties or to comply
with any applicable law or regulation, including, without limitation, Section 326 of the Patriot Act at 31 U.S.C. Section 5318. 

ARTICLE VIII 
 EVENTS
OF DEFAULT 
 Section 8.1. Events of Default. If any of the following events (each, an “Event of
Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or of any reimbursement
obligation in respect of any LC Disbursement, when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or otherwise; or 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount payable under
subsection (a) of this Section or an amount related to a Bank Product Obligation) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a
period of three (3) Business Days; or 
 (c) any representation or warranty made or deemed made by or on behalf of the
Borrower or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document (including the Schedules attached hereto and thereto), or in any amendments or modifications hereof or waivers hereunder, or in any certificate,
report, financial statement or other document submitted to the Administrative Agent or the Lenders by any Loan Party or any representative of any Loan Party pursuant to or in connection with this Agreement or any other Loan Document shall prove to
be incorrect in any material respect (other than any representation or warranty that is expressly qualified by a Material Adverse Effect or other materiality, in which case such representation or warranty shall prove to be incorrect in any respect)
when made or deemed made or submitted; or 
 (d) the Borrower shall fail to observe or perform any covenant or agreement
contained in Section 5.1, 5.2, or 5.3 (with respect to the Borrower’s legal existence) or Article VI or VII; or 

  
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 (e) any Loan Party shall fail to observe or perform any covenant or agreement
contained in this Agreement (other than those referred to in subsections (a), (b) and (d) of this Section) or any other Loan Document or related to any Bank Product Obligation, and such failure shall remain unremedied for 30 days after the
earlier of (i) any officer of the Borrower becomes aware of such failure, or (ii) notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender; or 

(f) (i) the Borrower or any of its Subsidiaries (whether as primary obligor or as guarantor or other surety) shall fail to pay
any principal of, or premium or interest on, any Material Indebtedness (other than any Hedging Obligation) that is outstanding, when and as the same shall become due and payable (whether at scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument evidencing or governing such Indebtedness; or any other event shall occur or condition shall exist under any
agreement or instrument relating to any Material Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate the maturity of such
Indebtedness; or any Material Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or any offer to prepay, redeem,
purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof or (ii) there occurs under any Hedging Transaction an Early Termination Date (as defined in such Hedge Transaction) resulting
from (A) any event of default under such Hedging Transaction as to which the Borrower or any of its Subsidiaries is the Defaulting Party (as defined in such Hedging Transaction) and the Hedge Termination Value owed by the Borrower or such
Subsidiary as a result thereof is greater than $500,000.00 or (B) any Termination Event (as so defined) under such Hedging Transaction as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and the Hedge Termination
Value owed by the Borrower or such Subsidiary as a result thereof is greater than $500,000.00 and is not paid; or 
 (g) the
Borrower or any of its Subsidiaries shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial part of its property, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in subsection (i) of this Section, (iii) apply for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any such
Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take
any action for the purpose of effecting any of the foregoing; or 
 (h) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its Subsidiaries or its debts, or any substantial part of its assets, under any federal, state or foreign
bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator or other similar official for the Borrower or any of its Subsidiaries or for a substantial part of its
assets, and in any such case, such proceeding or petition shall remain undismissed for a period of 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or 

  
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 (i) the Borrower or any of its Subsidiaries shall become unable to pay, shall
admit in writing its inability to pay, or shall fail to pay, its debts as they become due; or 
 (j) (i) an ERISA Event shall
have occurred that, when taken together with other ERISA Events that have occurred, would result in a Material Adverse Effect, (ii) there is or arises an Unfunded Pension Liability (not taking into account Plans with negative Unfunded Pension
Liability) that would result in a Material Adverse Effect, or (iii) there is or arises any potential Withdrawal Liability or that would result in a Material Adverse Effect. 

(k) any judgment or order for the payment of money in excess of $4,000,000.00 in the aggregate shall be rendered against the
Borrower or any of its Subsidiaries, and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be a period of 30 consecutive days during which a stay of enforcement of
such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
 (l) any non-monetary
judgment or order shall be rendered against the Borrower or any of its Subsidiaries that could reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, and there shall be a period of 30 consecutive days
during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

(m) a Change in Control shall occur or exist; or 

(n) any provision of the Guaranty Agreement shall for any reason cease to be valid and binding on, or enforceable against, any
Loan Party, or any Loan Party shall so state in writing, or any Loan Party shall seek to terminate its obligation under the Guaranty Agreement (other than the release of any guaranty to the extent permitted pursuant to Section 9.11);

 then, and in every such event (other than an event with respect to the Borrower described in subsection (h) or (i) of this Section) and at any
time thereafter during the continuance of such event, the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:
(i) terminate the Commitments, whereupon the Commitment of each Lender shall terminate immediately, (ii) declare the principal of and any accrued interest on the Loans, and all other Obligations owing hereunder, to be, whereupon the same
shall become, due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, (iii) exercise all remedies contained in any other Loan Document, and
(iv) exercise any other remedies available at law or in equity; provided that, if an Event of Default specified in either subsection (h) or (i) shall occur, the Commitments shall automatically terminate and the principal of the Loans
then outstanding, together with accrued interest thereon, and all fees and all other Obligations shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower. 

  
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 Section 8.2. Application of Proceeds. All proceeds realized (including funds
paid by Guarantor) by any Secured Party after an Event of Default arises shall be applied as follows: 
 (a) first, to
the reimbursable expenses of the Administrative Agent incurred in connection with collection of the Obligations, until the same shall have been paid in full; 

(b) second, to the fees and other reimbursable expenses of the Administrative Agent, the Swingline Lender and the
Issuing Bank then due and payable pursuant to any of the Loan Documents, until the same shall have been paid in full; 
 (c)
third, to all reimbursable expenses, if any, of the Lenders then due and payable pursuant to any of the Loan Documents, until the same shall have been paid in full; 

(d) fourth, to the fees and interest then due and payable under the terms of this Agreement, until the same shall have
been paid in full; 
 (e) fifth, to the aggregate outstanding principal amount of the Loans, the LC Exposure, the Bank
Product Obligations and the Net Mark-to-Market Exposure of the Hedging Obligations that constitute Obligations, until the same shall have been paid in full, allocated pro rata among the Secured Parties based on their respective pro
rata shares of the aggregate amount of such Loans, LC Exposure, Bank Product Obligations and Net Mark-to-Market Exposure of such Hedging Obligations; 

(f) sixth, to additional cash collateral for the aggregate amount of all outstanding Letters of Credit until the
aggregate amount of all cash collateral held by the Administrative Agent pursuant to this Agreement is at least 105% of the LC Exposure after giving effect to the foregoing clause fifth; and 

(g) seventh, to the extent any proceeds remain, to the Borrower or as otherwise provided by a court of competent
jurisdiction. 
 All amounts allocated pursuant to the foregoing clauses third through fifth to the Lenders as a result of
amounts owed to the Lenders under the Loan Documents shall be allocated among, and distributed to, the Lenders pro rata based on their respective Pro Rata Shares; provided that all amounts allocated to that portion of the LC Exposure
comprised of the aggregate undrawn amount of all outstanding Letters of Credit pursuant to clauses fifth and sixth shall be distributed to the Administrative Agent, rather than to the Lenders, and held by the Administrative Agent in an
account in the name of the Administrative Agent for the benefit of the Issuing Bank and the Lenders as cash collateral for the LC Exposure, such account to be administered in accordance with Section 2.22(g). All cash collateral for LC
Exposure shall be applied to satisfy drawings under the Letters of Credit as they occur; if any amount remains on deposit on cash collateral after all letters of credit have either been fully drawn or expired, such remaining amount shall be applied
to other Obligations, if any, in the order set forth above. 
 Notwithstanding the foregoing, (a) no amount received from any Guarantor
shall be applied to any Excluded Swap Obligation of such Guarantor and (b) Bank Product Obligations and Hedging Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice
thereof, together with such supporting documentation as the Administrative Agent may request, from the Bank Product Provider or the Lender-Related Hedge Provider, as the case may be. Each Bank Product Provider or
Lender-

  
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Related Hedge Provider that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative
Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto. 
 ARTICLE
IX 
 THE ADMINISTRATIVE AGENT 

Section 9.1. Appointment of the Administrative Agent. 

(a) Each Lender irrevocably appoints SunTrust Bank as the Administrative Agent and authorizes it to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Loan Documents, together with all such actions and powers that are reasonably incidental thereto. The Administrative Agent may perform
any of its duties hereunder or under the other Loan Documents by or through any one or more sub-agents or attorneys-in-fact appointed by the Administrative Agent. The Administrative Agent and any such sub-agent or attorney-in-fact may perform any
and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions set forth in this Article shall apply to any such sub-agent, attorney-in-fact or Related Party and shall apply to their
respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 

(b) The Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith until such time and except for so long as the Administrative Agent may agree at the request of the Required Lenders to act for the Issuing Bank with respect thereto; provided that the Issuing Bank shall have all the benefits and
immunities (i) provided to the Administrative Agent in this Article with respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and the
application and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent” as used in this Article included the Issuing Bank with respect to such acts or omissions and (ii) as
additionally provided in this Agreement with respect to the Issuing Bank. 
 Section 9.2. Nature of Duties of the Administrative
Agent. The Administrative Agent shall not have any duties or obligations except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or
exercise any discretionary powers, except those discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 10.2), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may
expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may affect a
forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and (c) except as 

  
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expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower or any of its Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it, its sub-agents or its
attorneys-in-fact with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.2) or in the absence of its own gross
negligence or willful misconduct. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall not be deemed to have
knowledge of any Default or Event of Default unless and until written notice thereof (which notice shall include an express reference to such event being a “Default” or “Event of Default” hereunder) is given to the Administrative
Agent by the Borrower or any Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document,
(ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements, or other terms and conditions
set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article III
or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. The Administrative Agent may consult with legal counsel (including counsel for the Borrower) concerning all
matters pertaining to such duties. 
 Section 9.3. Lack of Reliance on the Administrative Agent. Each of the Lenders, the
Swingline Lender and the Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent, the Issuing Bank or any other Lender and based on such documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each of the Lenders, the Swingline Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Issuing Bank or any
other Lender and based on such documents and information as it has deemed appropriate, continue to make its own decisions in taking or not taking any action under or based on this Agreement, any related agreement or any document furnished hereunder
or thereunder. 

  
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 Section 9.4. Certain Rights of the Administrative Agent. If the Administrative
Agent shall request instructions from the Required Lenders with respect to any action or actions (including the failure to act) in connection with this Agreement, the Administrative Agent shall be entitled to refrain from such act or taking such act
unless and until it shall have received instructions from such Lenders, and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action
whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders where required by the terms of this Agreement. 

Section 9.5. Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, posting or other distribution) believed by it to be genuine and to have been signed,
sent or made by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person and shall not incur any liability for relying thereon. The
Administrative Agent may consult with legal counsel (including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or not taken by it in accordance with the advice
of such counsel, accountants or experts. 
 Section 9.6. The Administrative Agent in its Individual Capacity. The bank
serving as the Administrative Agent shall have the same rights and powers under this Agreement and any other Loan Document in its capacity as a Lender as any other Lender and may exercise or refrain from exercising the same as though it were not the
Administrative Agent; and the terms “Lenders”, “Required Lenders”, “Required Revolving Lenders”, or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its
individual capacity. The bank acting as the Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or Affiliate of the Borrower as if it were
not the Administrative Agent hereunder. 
 Section 9.7. Successor Administrative Agent. 

(a) The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower. Upon any such
resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, subject to approval by the Borrower provided that no Default or Event of Default shall exist at such time. If no successor Administrative Agent shall
have been so appointed, and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent which shall be a commercial bank organized under the laws of the United States or any state thereof or a bank which maintains an office in the United States. 

(b) Upon the acceptance of its appointment as the Administrative Agent hereunder by a successor, such successor Administrative
Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this
Agreement and the other Loan Documents. If, within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this Section, no successor Administrative Agent shall have been appointed and shall have

  
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accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative Agent shall thereupon
be discharged from its duties and obligations under the Loan Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until such time as the Required Lenders
appoint a successor Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder, the provisions of this Article shall continue in effect for the benefit of such retiring or removed Administrative
Agent and its representatives and agents in respect of any actions taken or not taken by any of them while it was serving as the Administrative Agent. 

(c) In addition to the foregoing, if a Lender becomes, and during the period it remains, a Defaulting Lender, and if any
Default has arisen from a failure of the Borrower to comply with Section 2.26(b), then the Issuing Bank and the Swingline Lender may, upon prior written notice to the Borrower and the Administrative Agent, resign as Issuing Bank or as
Swingline Lender, as the case may be, effective at the close of business Atlanta, Georgia time on a date specified in such notice (which date may not be less than five (5) Business Days after the date of such notice). 

Section 9.8. Withholding Tax. To the extent required by any applicable law, the Administrative Agent may withhold from any
interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or any other jurisdiction asserts a claim that the Administrative Agent did not properly
withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that
rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower
and without limiting the obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal
expenses, allocated staff costs and any out of pocket expenses. 
 Section 9.9. The Administrative Agent May File Proofs of
Claim. 
 (a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or any Revolving Credit Exposure shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans or
Revolving Credit Exposure and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank and the Administrative Agent and its agents and counsel and all other amounts due the Lenders, the Issuing Bank and the Administrative Agent
under Section 10.3) allowed in such judicial proceeding; and 
 (ii) to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same. 

  
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 (b) Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Lender and the Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the
Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Section 10.3. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent
to vote in respect of the claim of any Lender in any such proceeding. 
 Section 9.10. Authorization to Execute Other Loan
Documents. Each Lender hereby authorizes the Administrative Agent to execute on behalf of all Lenders all Loan Documents other than this Agreement. 

Section 9.11. Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its
discretion to release any Loan Party from its obligations under the Guaranty Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. 

Section 9.12. Documentation Agent; Syndication Agent. Each Lender hereby designates SunTrust Bank as Documentation Agent
and agrees that the Documentation Agent shall have no duties or obligations under any Loan Documents to any Lender or any Loan Party. Each Lender hereby designates SunTrust Bank as Syndication Agent and agrees that the Syndication Agent shall have
no duties or obligations under any Loan Documents to any Lender or any Loan Party. 
 Section 9.13. Right to Enforce
Guaranty. Anything contained in any of the Loan Documents to the contrary notwithstanding, the Borrower, the Administrative Agent and each Lender hereby agree that no Lender shall have any right individually to enforce the Guaranty
Agreement, it being understood and agreed that all powers, rights and remedies hereunder and under the Guaranty Agreement may be exercised solely by the Administrative Agent. 

Section 9.14. Bank Product Obligations and Hedging Obligations. No Bank Product Provider or Lender-Related Hedge Provider
that obtains the benefits of Section 8.2, the Guaranty Agreement or of any other Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document other
than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the
payment of, or that other satisfactory arrangements have been made with respect to, Bank Product Obligations and Hedging 

  
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Obligations unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the
applicable Bank Product Provider or Lender-Related Hedge Provider, as the case may be. 
 ARTICLE X 

MISCELLANEOUS 

Section 10.1. Notices. 

(a) Written Notices. 

(i) Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications to any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

 

			
	To the Borrower:	  	Healthstream, Inc.
		  	209 10th Avenue South, Suite 450
		  	Nashville, Tennessee 37203
		  	Attention: Chief Financial Officer
		  	Telecopy Number: 615-301-3200
		
	With a copy to (for)	  	
	Informational purposes only):	  	Felix R. Dowsley, III
		  	Bass Berry & Sims PLC
		  	150 Third Avenue S., Suite 2800
		  	Nashville, Tennessee 37201
		  	Telecopy Number: (615) 742-2728
		
	To the Administrative Agent:	  	SunTrust Bank
		  	303 Peachtree Street, N.E./25th Floor
		  	Atlanta, Georgia 30308
		  	Attention: Brenda Shaw
		  	Telecopy Number: (404) 724-3879
		  	b.l.shaw@suntrust.com
		
	With a copy to (for	  	
	Information purposes only):	  	SunTrust Bank
		  	Agency Services
		  	303 Peachtree Street, N.E. / 25th Floor
		  	Atlanta, Georgia 30308
		  	Attention: Doug Weltz
		  	Telecopy Number: (404) 221-2001
		  	and

  
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		  	James C. Cotey, Esq.
		  	Stites & Harbison, PLLC
		  	401 Commerce Street, Suite 800
		  	Nashville, Tennessee 37219
		  	Telecopy Number: (615) 742-4118
		
	To the Issuing Bank:	  	SunTrust Bank
		  	25 Park Place, N.E. / Mail Code 3706 / 16th Floor
		  	Atlanta, Georgia 30303
		  	Attention: Standby Letter of Credit Dept.
		  	Telecopy Number: (404) 588-8129
		
	To the Swingline Lender:	  	SunTrust Bank
		  	Agency Services
		  	303 Peachtree Street, N.E. / 25th Floor
		  	Atlanta, Georgia 30308
		  	Attention: Doug Weltz
		  	Telecopy Number: (404) 221-2001
		
	To any other Lender:	  	the address set forth in the Administrative
		  	Questionnaire or the Assignment and Acceptance
		  	executed by such Lender

 Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto. All such notices and other communications shall be effective upon actual receipt by the relevant Person or, if delivered by overnight courier service, upon the first Business Day after the date
deposited with such courier service for overnight (next-day) delivery or, if sent by telecopy, upon transmittal in legible form by facsimile machine or, if mailed, upon the third Business Day after the date deposited into the mail or, if delivered
by hand, upon delivery; provided that notices delivered to the Administrative Agent, the Issuing Bank or the Swingline Lender shall not be effective until actually received by such Person at its address specified in this Section. 

(ii) Any agreement of the Administrative Agent, the Issuing Bank or any Lender herein to receive certain notices by telephone
or facsimile is solely for the convenience and at the request of the Borrower. The Administrative Agent, the Issuing Bank and each Lender shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrower
to give such notice and the Administrative Agent, the Issuing Bank and the Lenders shall not have any liability to the Borrower or other Person on account of any action taken or not taken by the Administrative Agent, the Issuing Bank or any Lender
in reliance upon such telephonic or facsimile notice. The obligation of the Borrower to repay the Loans and all other Obligations hereunder shall not be affected in any way or to any extent by any failure of the Administrative Agent, the Issuing
Bank or any Lender to receive written confirmation of any telephonic or facsimile notice or the receipt by the Administrative Agent, the Issuing Bank or any Lender of a confirmation which is at variance with the terms understood by the
Administrative Agent, the Issuing Bank and such Lender to be contained in any such telephonic or facsimile notice. 

  
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 (b) Electronic Communications. 

(i) Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic
communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article
II unless such Lender, the Issuing Bank, as applicable, and the Administrative Agent have agreed to receive notices under any Section thereof by electronic communication and have agreed to the procedures governing such communications. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 (ii) Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

Section 10.2. Waiver; Amendments. 

(a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder
or under any other Loan Document, and no course of dealing between the Borrower and the Administrative Agent or any Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of the Administrative Agent, the Issuing Bank and the
Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement or of any other Loan Document or consent to any departure by the
Borrower therefrom shall in any event be effective unless the same shall be permitted by subsection (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent, any Lender or the
Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. 

  
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 (b) No amendment or waiver of any provision of this Agreement or of the other
Loan Documents (other than the Fee Letter), nor consent to any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Borrower and the Required Lenders, or the Borrower and the
Administrative Agent with the consent of the Required Lenders, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that, in addition to the consent of the
Required Lenders, no amendment, waiver or consent shall: 
 (i) increase the Commitment of any Lender without the written
consent of such Lender; 
 (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest
thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby; 
 (iii) postpone
the date fixed for any payment of any principal of, or interest on, any Loan or LC Disbursement or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of any
Commitment, without the written consent of each Lender affected thereby; 
 (iv) change Section 2.21(b) or
(c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender; 

(v) change any of the provisions of this subsection (b) or the definition of “Required Lenders” or
“Required Revolving Lenders” or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without
the consent of each Lender; 
 (vi) release all or substantially all of the guarantors, or limit the liability of such
guarantors, under any guaranty agreement guaranteeing any of the Obligations, without the written consent of each Lender; or 

(vii) release all or substantially all collateral (if any) securing any of the Obligations, without the written consent of each
Lender; 
 provided, further, that no such amendment, waiver or consent shall amend, modify or otherwise affect the rights, duties or
obligations of the Administrative Agent, the Swingline Lender or the Issuing Bank without the prior written consent of such Person. 

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder, except that the Commitment of such Lender may not be increased or extended, and amounts payable to such Lender hereunder may not be permanently reduced, without the consent of such Lender (other than reductions in fees and
interest in which such reduction does not disproportionately affect such Lender). Notwithstanding anything contained herein to the contrary, this Agreement may be amended and restated without the consent of any Lender (but with the consent of the
Borrower and the Administrative Agent) if, upon giving effect to such amendment and restatement, such 

  
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Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the
benefits of Sections 2.18, 2.19, 2.20 and 10.3), such Lender shall have no other commitment or other obligation hereunder and such Lender shall have been paid in full all principal, interest and other amounts owing to it
or accrued for its account under this Agreement. 
 Section 10.3. Expenses; Indemnification. 

(a) The Borrower shall pay (i) all reasonable, out-of-pocket costs and expenses of the Administrative Agent and its
Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of
the Loan Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Loan Document shall be consummated), including the reasonable fees, charges and disbursements of
outside counsel for the Administrative Agent and its Affiliates, (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder and (iii) all out-of-pocket costs and expenses (including, without limitation, the reasonable fees, charges and disbursements of outside counsel) incurred by the Administrative Agent, the Issuing Bank or any Lender in
connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or any Letters of Credit issued hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from
all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from
any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or 

  
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related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (x) the gross negligence or willful misconduct of such
Indemnitee or (y) a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document. No Indemnitee shall be liable for any
damages arising from the use by others of any information or other materials obtained through Syndtrak, Intralinks or any other Internet or intranet website, except as a result of such Indemnitee’s gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final and non-appealable judgment. 
 (c) The Borrower shall pay, and
hold the Administrative Agent, the Issuing Bank and each of the Lenders harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to this Agreement and any other Loan Documents, any collateral
described therein or any payments due thereunder, and save the Administrative Agent, the Issuing Bank and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes. 

(d) To the extent that the Borrower fails to pay any amount required to be paid to the Administrative Agent, the Issuing Bank
or the Swingline Lender under subsection (a), (b) or (c) hereof, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s pro rata share (in
accordance with its respective Revolving Commitment (or Revolving Credit Exposure, as applicable) determined as of the time that the unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such. 

(e) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby, the transactions contemplated therein, any Loan or any Letter of Credit or the use of proceeds thereof. 

(f) All amounts due under this Section shall be payable promptly after written demand therefor. 

Section 10.4. Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign
or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of
subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be
null and void). Nothing in 

  
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this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the
extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement. 
 (b) Any Lender may at any time assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitments, Loans and other Revolving Credit Exposure at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitments, Loans and other
Revolving Credit Exposure at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Loans and Revolving Credit Exposure outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans and Revolving Credit Exposure of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date)
shall not be less than $5,000,000 with respect to Revolving Loans and in minimum increments of $1,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents
(each such consent not to be unreasonably withheld or delayed), provided that Borrower shall be deemed to have approved of a proposed assignment if Borrower fails to provide to Administrative Agent as approval or disapproval within five
(5) Business Days after receiving notice thereof. 
 (ii) Proportionate Amounts. Each partial assignment shall be
made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans, other Revolving Credit Exposure or the Commitments assigned, except that this subsection (b)(ii)
shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Commitments on a non-pro rata basis. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section and, in addition the consent of the Issuing Bank (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under
one or more Letters of Credit (whether or not then outstanding), and the consent of the Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the Revolving Commitments. 

  
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 (iv) Assignment and Acceptance. The parties to each assignment shall
deliver to the Administrative Agent (A) a duly executed Assignment and Acceptance, (B) a processing and recordation fee of $3,500, (C) an Administrative Questionnaire unless the assignee is already a Lender and (D) the documents
required under Section 2.20(e). 
 (v) No Assignment to the certain Persons. No such assignment shall be
made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing
Persons described in this clause (B). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person. 
 (vii) Certain Additional Payments. In connection with any assignment of rights and obligations of
any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in
an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become
effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date
specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.18, 2.19, 2.20 and 10.3 with respect to
facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release
of any claim of any party 

  
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hereunder arising from such Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. If the consent of the Borrower to an assignment is required
hereunder (including a consent to an assignment which does not meet the minimum assignment thresholds specified above), the Borrower shall be deemed to have given its consent unless it shall object thereto by written notice to the Administrative
Agent within five (5) Business Days after notice thereof has actually been delivered by the assigning Lender (through the Administrative Agent) to the Borrower. 

(c) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices
in Nashville, Tennessee a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans and Revolving Credit Exposure
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Information contained in the Register with respect to any Lender shall be available for inspection by such Lender at any reasonable time and from
time to time upon reasonable prior notice; information contained in the Register shall also be available for inspection by the Borrower at any reasonable time and from time to time upon reasonable prior notice. In establishing and maintaining the
Register, the Administrative Agent shall serve as the Borrower’s agent solely for tax purposes and solely with respect to the actions described in this Section, and the Borrower hereby agrees that, to the extent SunTrust Bank serves in such
capacity, SunTrust Bank and its officers, directors, employees, agents, sub-agents and affiliates shall constitute “Indemnitees”. 

(d) Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the Swingline
Lender or the Issuing Bank, sell participations to any Person (other than a natural person, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 
 Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver with respect to the following to the extent affecting such Participant:
(i) increase the Commitment of such Lender; (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder; (iii) postpone the date fixed for any payment of
any principal of, or interest on, any Loan or LC Disbursement or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of any Commitment; (iv) change
Section 2.21(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby; (v) change any of the provisions of Section 10.2(b) or the definition of “Required
Lenders” or “Required Revolving Lenders” or any other 

  
 -93- 

 
provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder;
(vi) release all or substantially all of the guarantors, or limit the liability of such guarantors, under any guaranty agreement guaranteeing any of the Obligations; or (vii) release all or substantially all collateral (if any) securing
any of the Obligations. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.18, 2.19, and 2.20 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant agrees to be subject to Section 2.24 as though it were a Lender. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.7 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.21 as though it were a Lender. 

Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register in the United
States on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. The Borrower and the Administrative Agent shall have inspection rights to such Participant Register (upon reasonable prior notice to the applicable Lender) solely for purposes of
demonstrating that such Loans or other obligations under the Loan Documents are in “registered form” for purposes of the Code. 

(e) A Participant shall not be entitled to receive any greater payment under Sections 2.18 and 2.20 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant shall
not be entitled to the benefits of Section 2.20 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.20(e) and
(f) as though it were a Lender. 
 (f) Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

Section 10.5. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract or
tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be construed in
accordance with and be governed by the law (without giving effect to the conflict of law principles thereof) of the State of Tennessee. 

  
 -94- 

 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and
its property, to the exclusive jurisdiction of the United States District Court for the Middle District of Tennessee, and of any state court of the State of Tennessee, and of any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined in such District Court or such Tennessee state court or, to the extent permitted by applicable law, such appellate court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any
right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction.

 (c) The Borrower irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of
venue of any such suit, action or proceeding described in subsection (b) of this Section and brought in any court referred to in subsection (b) of this Section. Each of the parties hereto irrevocably waives, to the fullest extent permitted
by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to the service of process in the manner provided for notices in
Section 10.1. Nothing in this Agreement or in any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted by law. 

Section 10.6. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 10.7. Right of Set-off. In addition to any rights now or hereafter granted under applicable law and not by way of
limitation of any such rights, each Lender and the Issuing Bank shall have the right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice to the Borrower, any such notice being
expressly waived by the Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special, time or demand, provisional or final) of the Borrower at any time held or other obligations at any time owing
by such Lender and the Issuing Bank to or 

  
 -95- 

 
for the credit or the account of the Borrower against any and all Obligations held by such Lender or the Issuing Bank, as the case may be, irrespective of whether such Lender or the Issuing Bank
shall have made demand hereunder and although such Obligations may be unmatured; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of Section 2.26(b) and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit
of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to
which it exercised such right of setoff. Each Lender and the Issuing Bank agrees promptly to notify the Administrative Agent and the Borrower after any such set-off and any application made by such Lender or the Issuing Bank, as the case may be;
provided that the failure to give such notice shall not affect the validity of such set-off and application. Each Lender and the Issuing Bank agrees to apply all amounts collected from any such set-off to the Obligations before applying such
amounts to any other Indebtedness or other obligations owed by the Borrower and any of its Subsidiaries to such Lender or the Issuing Bank. 

Section 10.8. Counterparts; Integration. This Agreement may be executed by one or more of the parties to this Agreement on
any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Agreement, the Fee Letter, the other Loan Documents, and any separate letter agreements relating to any
fees payable to the Administrative Agent and its Affiliates constitute the entire agreement among the parties hereto and thereto and their affiliates regarding the subject matters hereof and thereof and supersede all prior agreements and
understandings, oral or written, regarding such subject matters. Delivery of an executed counterpart to this Agreement or any other Loan Document by facsimile transmission or by electronic mail in pdf format shall be as effective as delivery of a
manually executed counterpart hereof. 
 Section 10.9. Survival. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates, reports, notices or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.18, 2.19, 2.20, and 10.3 and Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

Section 10.10. Severability. Any provision of this Agreement or any other Loan Document held to be illegal, invalid or
unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof or
thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 -96- 

 Section 10.11. Confidentiality. Each of the Administrative Agent, the Issuing
Bank and the Lenders agrees to take normal and reasonable precautions to maintain the confidentiality of any information relating to the Borrower or any of its Subsidiaries or any of their respective businesses, to the extent designated in writing
as confidential and provided to it by the Borrower or any of its Subsidiaries, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the
Borrower or any of its Subsidiaries, except that such information may be disclosed (i) to any Related Party of the Administrative Agent, the Issuing Bank or any such Lender including, without limitation, accountants, legal counsel and other
advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iii) to the extent requested by any regulatory agency or authority purporting to have jurisdiction over it (including any
self-regulatory authority such as the National Association of Insurance Commissioners), (iv) to the extent that such information becomes publicly available other than as a result of a breach of this Section, or which becomes available to the
Administrative Agent, the Issuing Bank, any Lender or any Related Party of any of the foregoing on a non-confidential basis from a source other than the Borrower or any of its Subsidiaries, (v) in connection with the exercise of any remedy
hereunder or under any other Loan Documents or any suit, action or proceeding relating to this Agreement or any other Loan Documents or the enforcement of rights hereunder or thereunder, (vi) subject to execution by such Person of an agreement
containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (B) any actual or
prospective party (or its Related Parties) to any swap or derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (vii) to any rating agency,
(viii) to the CUSIP Service Bureau or any similar organization, or (ix) with the consent of the Borrower. Any Person required to maintain the confidentiality of any information as provided for in this Section shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord its own confidential information. In the event of any conflict between the
terms of this Section and those of any other Contractual Obligation entered into with any Credit Party (whether or not a Loan Document), the terms of this Section shall govern. 

Section 10.12. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which may be treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of interest (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by a Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate
to the date of repayment (to the extent permitted by applicable law), shall have been received by such Lender. 
 Section 10.13.
Waiver of Effect of Corporate Seal. The Borrower represents and warrants that neither it nor any other Loan Party is required to affix its corporate seal to this 

  
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Agreement or any other Loan Document pursuant to any Requirement of Law, agrees that this Agreement is delivered by the Borrower under seal and waives any shortening of the statute of limitations
that may result from not affixing the corporate seal to this Agreement or such other Loan Documents. 
 Section 10.14. Patriot
Act. The Administrative Agent and each Lender hereby notifies the Loan Parties that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information
includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. 

Section 10.15. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees and acknowledges its Affiliates’ understanding that
(i) (A) the services regarding this Agreement provided by the Administrative Agent and/or the Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one
hand, and the Administrative Agent and the Lenders, on the other hand, (B) each of the Borrower and the other Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate, and
(C) the Borrower and each other Loan Party is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each
of the Administrative Agent and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the
Borrower, any other Loan Party or any of their respective Affiliates, or any other Person, and (B) neither the Administrative Agent nor any Lender has any obligation to the Borrower, any other Loan Party or any of their Affiliates with respect
to the transaction contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lenders and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and each of the Administrative Agent and the Lenders has no obligation to disclose any of such interests to the
Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and the other Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent or
any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

Section 10.16. Location of Closing. Each Lender and the Issuing Bank acknowledges and agrees that it has delivered, with
the intent to be bound, its executed counterparts of this Agreement to the Administrative Agent, c/o Jason A. Reierson, SunTrust Bank, 401 Commerce Street, Suite 4400, Nashville, TN 37219. The Borrower acknowledges and agrees that it has delivered,
with the intent to be bound, its executed counterparts of this Agreement and each other Loan Document, together with all other documents, instruments, opinions, certificates and other items required under Section 3.1, to the
Administrative Agent, c/o c/o Jason A. Reierson, SunTrust Bank, 401 Commerce Street, Suite 4400, Nashville, TN 37219. All parties agree that the closing of the transactions contemplated by this Agreement has occurred in Nashville, Tennessee. 

(remainder of page left intentionally blank) 

  
 -98- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
	HEALTHSTREAM, INC.
		
	By:	 	 /s/ Gerard M. Hayden, Jr.

		 	Name:	 	Gerard M. Hayden, Jr.
		 	Title:	 	Chief Financial Officer and Senior Vice President
	
	SUNTRUST BANK
	as the Administrative Agent, as the Issuing Bank, as the Swingline Lender and as a Lender
		
	By:	 	 /s/ Jason A. Reierson

		 	Name:	 	Jason A. Reierson
		 	Title:	 	First Vice President

  
 Signature Page to 

Revolving Credit Agreement 

 SCHEDULE I 

Applicable Margin and Applicable Percentage 
  

															
	 Pricing Level
	  	 Leverage Ratio
	  	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
Base Rate
Loans	 	 	Applicable
Percentage for
Commitment
Fee	 
	 I
	  	 Less than or equal to 1.50:1.00
	  	 
  
	1.50
 per annum
	% 
   
	 	 
  
	0.50
 per annum
	% 
   
	 	 
  
	0.20
 per annum
	% 
   

	 II
	  	 Greater than 1.50:1.00 but less than or equal to 2.25:1.00
	  	 
  
	1.75
 per annum
	% 
   
	 	 
  
	0.75
 per annum
	% 
   
	 	 
  
	0.25
 per annum
	% 
   

	 III
	  	 Greater than 2.25:1.00
	  	 
  
	2.00
 per annum
	% 
   
	 	 
  
	1.00
 per annum
	% 
   
	 	 
  
	0.30
 per annum
	% 
   

 SCHEDULE II 

Commitment Amounts 
  

					
	 Lender
	  	Revolving
Commitment Amount	 
	 SunTrust Bank
	  	$	50,000,000.00	  
		  			
		  			
		  			
		  			

 EXHIBIT A 

[FORM OF] 
 ASSIGNMENT
AND ACCEPTANCE 
 [date to be supplied] 

Reference is made to the Revolving Credit Agreement dated as of November     , 2014 (as amended and in effect on the date hereof,
the “Agreement”), among HEALTHSTREAM, INC., a Tennessee corporation (“Borrower”), the lenders from time to time party thereto and SUNTRUST BANK, as Administrative Agent for such lenders. Terms defined in the
Agreement are used herein with the same meanings. 
 The [name of assignor] (the “Assignor”) hereby sells and assigns, without
recourse, to [name of assignee] (the “Assignee”), and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the
“Assigned Interest”) in the Assignor’s rights and obligations under the Agreement, including, without limitation, the interests set forth below, as applicable, in the Revolving Commitment of the Assignor on the Assignment Date
and Revolving Loans owing to the Assignor which are outstanding on the Assignment Date, but excluding accrued interest and fees to and excluding the Assignment Date. The Assignee hereby acknowledges receipt of a copy of the Agreement. From and after
the Assignment Date (i) the Assignee shall be a party to and be bound by the provisions of the Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to
the extent of the Assigned Interest, relinquish its rights and be released from its obligations under the Agreement. 
 This Assignment and Acceptance is
being delivered to the Administrative Agent together with any documentation required to be delivered by the Assignee, duly completed and executed by the Assignee. The Assignee shall pay the fee payable to the Administrative Agent pursuant to this
Agreement. 
 The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (ii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to
consummate the transactions contemplated hereby, and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Agreement or any other Loan Document, (ii) the
execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of their respective Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrowers, any of their respective Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Agreement, 

 
(ii) from and after the Effective Date, it shall be bound by the provisions of the Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a
Lender thereunder, and (iii) it has received a copy of the Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance
on the Administrative Agent or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 
 From and after the Effective Date, the Administrative Agent shall make all payments in respect
of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the
Effective Date, unless otherwise agreed in writing by the Administrative Agent, Assignor and Assignee. 
 This Assignment and Acceptance shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Assignment and Acceptance by telecopy or other electronic transmission (including in pdf format) shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance.
This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of Tennessee. 
 Assignment Date: 

Legal Name of Assignor: 
 Legal Name of Assignee: 

Assignee’s Address for Notices: 
 Effective Date of
Assignment: 
 (“Effective Date”): 

									
	 Facility
	  	Principal Amount
Assigned	 	  	Percentage Assigned of
Revolving Commitment (set)
forth, to at least 8 decimals, 
as
a percentage of the aggregate
Revolving Commitments of all
Lenders thereunder)	 
			
	 Revolving Loans
	  	$	            	  	  	 	    	% 
			
	 Term Loan
	  	$	            	  	  	 	N/A	  

 The terms set forth above are hereby agreed to: 

 

					
	[Name of Assignor], as Assignor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[Name of Assignee], as Assignee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 The undersigned hereby consents to the within assignment: 

 

									
	Borrower:	 		 	Administrative Agent:
			
	HEALTHSTREAM, INC.	 		 	SUNTRUST BANK,
		 		 		 	as Administrative Agent
					
	By:	 	  
	 		 	By:	 	  

		 	Gerard M. Hayden, Jr., Chief Financial Officer and Senior Vice President	 		 		 	Jason A. Reierson, First Vice President

 EXHIBIT 2.3 

[FORM OF] 
 NOTICE OF
REVOLVING BORROWING 
 [Date] 
  

	
	SunTrust Bank
	
	  

	  

 Ladies and Gentlemen: 

Reference is made to the Revolving Credit Agreement dated as of November     , 2014 (as amended and in effect on the date hereof,
the “Agreement”), among HEALTHSTREAM, INC. (“Borrower”), the lenders from time to time party thereto and SUNTRUST BANK, as Administrative Agent for such lenders. Terms defined in the Agreement are used herein with the same
meanings. This notice constitutes a Notice of Revolving Borrowing, and Borrower hereby requests a Revolving Borrowing under the Agreement, and in that connection the Borrower specifies the following information with respect to the Revolving
Borrowing requested hereby: 
  

	 	(A)	Aggregate principal amount of Revolving Borrowing:                      

 

	 	(B)	Date of Revolving Borrowing (which is a Business Day):                      

 

	 	(C)	Interest Rate basis: (i) $[        ] Eurodollar Borrowing and (ii) $         Base Rate Borrowing 

 

	 	(D)	Interest Period1:
                                        

  

	 	(E)	Location and number of Borrower’s account to which proceeds of Revolving Borrowing are to be disbursed:
                     

 

	1 	For Eurodollar Borrowing, must comply with the definition of “Interest Period” and end not later than the Revolving Commitment Termination Date. 

 The Borrower hereby represents and warrants that the conditions specified in paragraphs (a), (b) and
(c) of Section 3.2 of the Agreement are satisfied. 
  

					
	Very truly yours,
	
	HEALTHSTREAM, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT 2.4 

[FORM OF] 
 NOTICE OF
SWINGLINE BORROWING 
 [Date] 
  

	
	SunTrust Bank
	
	  

	  

 Ladies and Gentlemen: 

Reference is made to the Revolving Credit Agreement dated as of November     , 2014 (as amended and in effect on the date hereof,
the “Agreement”), among HEALTHSTREAM, INC. (“Borrower”), the lenders from time to time party thereto, and SUNTRUST BANK, as Administrative Agent for such lenders. Terms defined in the Agreement are used herein with the same
meanings. This notice constitutes a Notice of Swingline Borrowing, and Borrower hereby requests a Swingline Borrowing under the Agreement, and in that connection the Borrower specifies the following information with respect to the Swingline
Borrowing requested hereby: 
  

	 	(A)	Aggregate principal amount of Swingline Borrowing:                      

 

	 	(B)	Date of Swingline Borrowing (which is a Business Day):                      

 

	 	(C)	Interest Rate basis = higher of: (i) Administrative Agent’s announced prime lending rate, (ii) Federal Funds Rate plus one-half of one percent (0.50%) per annum, and (iii) Adjusted LIBO Rate
determined on a daily basis for an Interest Period of one (1) month plus one percent (1%) per annum. 

  

	 	(D)	Interest Period2:
                                        

  

	 	(E)	Location and number of Borrower’s account to which proceeds of Swingline Borrowing are to be disbursed:
                     

 

	2 	Which must comply with the definition of “Interest Period” and end not later than the Revolving Commitment Termination Date. 

 The Borrower hereby represents and warrants that the conditions specified in paragraphs (a), (b) and
(c) of Section 3.2 of the Agreement are satisfied. 
  

					
	Very truly yours,
	
	HEALTHSTREAM, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT 2.7 

[FORM OF] 
 NOTICE OF
CONVERSION/CONTINUATION 
 [Date] 
  

	
	SunTrust Bank
	
	  

	  

 Ladies and Gentlemen: 

Reference is made to the Revolving Credit Agreement dated as of November     , 2014 (as amended and in effect on the date hereof,
the “Agreement”), among HEALTHSTREAM, INC. (“Borrower”), the lenders from time to time party thereto and SunTrust Bank, as Administrative Agent for such lenders. Terms defined in the Agreement are used herein with the same
meanings. This notice constitutes a Notice of Conversion/Continuation and the Borrower hereby requests the conversion or continuation of a Borrowing under the Agreement, and in that connection the Borrower specifies the following information with
respect to the Borrowing to be converted or continued as requested hereby: 
  

	 	(A)	Borrowing to which this request applies:                      

 

	 	(B)	Principal amount of Borrowing to be converted/continued:                      

 

	 	(C)	Effective date of election (which is a Business Day):                      

 

	 	(D)	Interest rate basis: (i) $[        ] Eurodollar Borrowing and (ii) $[        ] Base Rate Borrowing 

 

	 	(E)	Interest Period:
                                        

  

					
	Very truly yours,
	
	HEALTHSTREAM, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT 2.20A 

[FORM OF] 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Revolving Credit Agreement dated as of November     , 2014 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Healthstream, Inc., as Borrower, SunTrust Bank, as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
  

					
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:                  , 20[    ]

 EXHIBIT 2.20B 

[FORM OF] 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Not 

Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Revolving Credit Agreement dated as of November     , 2014 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Healthstream, Inc., as Borrower, SunTrust Bank, as Administrative Agent , and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code]. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:                  , 20[    ]

 EXHIBIT 2.20C 

[FORM OF] 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Revolving Credit Agreement dated as of November     , 2014 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Healthstream, Inc., as Borrower, SunTrust Bank, as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and
currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

					
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:                  , 20[    ]

 EXHIBIT 2.20D 

[FORM OF] 
 U.S. TAX
COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Revolving Credit Agreement dated as of November     , 2014 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Healthstream, Inc., as Borrower, SunTrust Bank, as Administrative Agent, and each lender from time to time party thereto. 

Pursuant to the provisions of Section 2.20 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)
evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is
claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

					
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:                  , 20[    ]

 EXHIBIT 3.1(b)(ii) 

[FORM OF] 

OFFICER’S CERTIFICATE OF HEALTHSTREAM, INC. 

Reference is made to the Revolving Credit Agreement dated as of the date hereof (the “Credit Agreement”) by and among HEALTHSTREAM, INC. (the
“Company”), the several banks and other financial institutions and lenders party thereto (the “Lenders”), and SUNTRUST BANK, in its capacity as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being delivered pursuant to Section 3.1(b)(ii) of the Credit Agreement. 

The undersigned, the Secretary of Healthstream, Inc., a Tennessee corporation (the “Company”), in his/her official capacity and on
behalf of the Company certifies as follows: 
 1. Attached hereto as Exhibit 1 is a true, complete and correct copy of the Fourth Amended and
Restated Charter of the Company, together with all amendments thereto. 
 2. Attached hereto as Exhibit 2 is a true, complete and correct copy of the
Amended and Restated Bylaws of the Company, together with all amendments thereto. 
 3. Attached hereto as Exhibit 3 is a copy of the Certificate of
Existence from the Secretary of State of Tennessee for the Company dated September 23, 2014. 
 4. Attached hereto as Exhibit 4 is a true and
correct copy of certain resolutions duly adopted by the Board of Directors of the Company at a meeting of said Board of Directors duly called and held on [date], which resolutions are the only resolutions adopted by the Board of Directors of
the Company or any committee thereof relating to the Credit Agreement and the other Loan Documents to which the Company is a party and have not been revoked, amended, supplemented or modified and are in full force and effect on the date hereof. 

5. The following named individuals have been authorized to execute the Loan Documents to which the Company is a party. Such persons hold the respective office
set forth opposite his or her name and the signature set forth opposite of such person is his or her genuine signature: 
  

					
	 Name
	  	 Title
	 	 Specimen Signature

		  		 	
	  
	  	  
	 	  

		  		 	
		  		 	
		  		 	

 IN WITNESS WHEREOF, I have hereunto signed my name as of the date first above written. 

 

	
	  

	Michael M. Collier, Secretary

 I,
                                        ,
[                                        ]
of the Company, do hereby certify that Michael M. Collier has been duly elected, is duly qualified and is the Secretary of the Company, that the signature set forth above is his genuine signature and that he has held such office at all times since
            ,         . 
  

	
	  

	Name:
	Title:

 EXHIBIT 1 TO OFFICER’S CERTIFICATE 

FOURTH AMENDED AND RESTATED CHARTER 

 EXHIBIT 2 TO OFFICER’S CERTIFICATE 

AMENDED AND RESTATED BYLAWS 

 EXHIBIT 3 TO OFFICER’S CERTIFICATE 

CERTIFICATE OF EXISTENCE 

 EXHIBIT 4 TO OFFICER’S CERTIFICATE 

RESOLUTIONS 

 EXHIBIT 3.1(b)(v) 

[FORM OF] 

OFFICER’S CERTIFICATE OF NO DEFAULT/MATERIAL CHANGE 

OFFICER’S CERTIFICATE 

November     , 2014 

Reference is made to the Revolving Credit Agreement dated as of the date hereof (the “Credit Agreement”), among HEALTHSTREAM, INC.
(“Borrower”), SUNTRUST BANK, as Administrative Agent, and the Lenders from time to time party thereto. Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being delivered pursuant to
Section 3.1(b)(v) of the Credit Agreement. 
 I, Michael M. Collier, Secretary of Healthstream, Inc. DO HEREBY CERTIFY that: 

(a) I am the Borrower’s Authorized Representative for the purpose of this certification; 

(b) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct on and as of the date hereof;

 (c) no Default or Event of Default has occurred and is continuing at the date hereof; and 

(d) since [the date], which is the date of the most recent financial statements described in
Section 5.1(a) of the Credit Agreement, there has been no change which has had or could reasonably be expected to have a Material Adverse Effect. 

IN WITNESS WHEREOF, I have hereunto signed my name as of the date first above written. 

 

			
	  

	Name:	 	Michael M. Collier, Secretary

 EXHIBIT 5.1 

[FORM OF] 
 COMPLIANCE
CERTIFICATE 
             , 201     

 

	
	SunTrust Bank
	
	  

	  

 Ladies and Gentlemen: 

This certificate is delivered to you pursuant to Section 5.1(c) of the Revolving Credit Agreement dated November
    , 2014 (the “Credit Agreement”), by and among HEALTHSTREAM, INC. (“Borrower”), the several banks and other financial institutions and lenders party thereto (the
“Lenders”), and SUNTRUST BANK, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, capitalized terms used herein (including those
on the Attachment hereto) have the meanings ascribed to them in the Credit Agreement. 
 The undersigned hereby certifies that he or she is
the Treasurer or other senior financial officer of the Borrowers and further certifies that as of             , 201     (the “Computation
Date”): 
 (a) no Default or Event of Default has occurred and is continuing; 

(b) the calculations of the covenants set forth below, calculated on a pro forma basis as if the Borrowings had been funded as
of the first day of the relevant period for testing compliance: 
 (i) the Borrower’s (A) Funded Debt was
$        , (B) Consolidated EBITDA was $        , (C) the Funded Debt Leverage Ratio was
                     as shown in detail on the Attachment hereto, which complies/does not comply* with the requirements of
Section 6.1 of the Credit Agreement; and 
 (ii) the Borrower’s Interest Coverage Ratio was
             to 1.0, as shown in detail on the Attachment hereto, which complies/does not comply* with the requirements of Section 6.2 of the Credit Agreement; 

(c) no change has occurred in the identity of the Subsidiaries from the Subsidiaries identified to Lenders as of the most
recent Fiscal Quarter; and 
 (d) no change in GAAP or the application thereof has occurred since the date of the most
recently delivered audited financial statements under Section 5.1(a) and Section 5.1(b). 
 [SIGNATURE PAGE FOLLOWS]

  

	*	Designate the correct response by circling the appropriate provision. 

 IN WITNESS WHEREOF, I have hereunto set my hand as of
            , 201    . 
  

			
	HEALTHSTREAM, INC.
		
	By:	 	  

		 	 (signature)

 
			
		
	Print Name:	 	  

 
			
		
	Title:	 	  

 EXHIBIT B 

Borrower’s Investment Policy

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