Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 AMENDED AND
RESTATED 
 STOCK PURCHASE AGREEMENT 
  

 
 By and Among

 THE LINCOLN NATIONAL LIFE INSURANCE COMPANY, 

ENTERCOM COMMUNICATIONS CORP. 

and 
 ENTERCOM RADIO, LLC 

Dated as of July 10, 2015 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
		 	2	  
			
	 Section 1.01.
		 Certain Defined Terms
		 	2	  
	 Section 1.02.
		 Definitions
		 	11	  
	 Section 1.03.
		 Interpretation and Rules of Construction
		 	13	  
		
	 ARTICLE II PURCHASE AND SALE
		 	14	  
			
	 Section 2.01.
		 Purchase and Sale of the Shares
		 	14	  
	 Section 2.02.
		 Purchase Price
		 	15	  
	 Section 2.03.
		 Closing
		 	15	  
	 Section 2.04.
		 Closing Deliveries by Seller
		 	15	  
	 Section 2.05.
		 Closing Deliveries by Purchaser and Parent
		 	16	  
	 Section 2.06.
		 Net Working Capital Adjustment
		 	16	  
	 Section 2.07.
		 Purchase Price Adjustment
		 	18	  
	 Section 2.08.
		 Withholding
		 	19	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
		 	20	  
			
	 Section 3.01.
		 Organization, Authority and Qualification of Seller
		 	20	  
	 Section 3.02.
		 Organization, Authority and Qualification of the Companies
		 	21	  
	 Section 3.03.
		 Capitalization; Ownership of Shares
		 	21	  
	 Section 3.04.
		 No Conflict
		 	21	  
	 Section 3.05.
		 Governmental Consents and Approvals
		 	22	  
	 Section 3.06.
		 FCC Licenses
		 	22	  
	 Section 3.07.
		 Financial Information
		 	23	  
	 Section 3.08.
		 Absence of Certain Changes
		 	24	  
	 Section 3.09.
		 Absence of Undisclosed Material Liabilities
		 	24	  
	 Section 3.10.
		 Compliance with Laws; Litigation
		 	24	  
	 Section 3.11.
		 Intellectual Property
		 	25	  
	 Section 3.12.
		 Real Property
		 	26	  
	 Section 3.13.
		 Employee Benefit Matters
		 	29	  
	 Section 3.14.
		 Labor Matters
		 	30	  
	 Section 3.15.
		 Material Contracts
		 	31	  
	 Section 3.16.
		 Environmental Matters
		 	33	  
	 Section 3.17.
		 Insurance
		 	34	  
	 Section 3.18.
		 Brokers
		 	34	  
	 Section 3.19.
		 Corporate Records
		 	34	  
	 Section 3.20.
		 Subsidiaries
		 	35	  
	 Section 3.21.
		 Assets of the Business
		 	35	  
	 Section 3.22.
		 Related Party Transactions
		 	35	  
	 Section 3.23.
		 Bank Accounts
		 	35	  
	 Section 3.24.
		 Preferred Stock
		 	35	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER
		 	36	  
			
	 Section 4.01.
		 Organization, Authority and Qualification of Parent and Purchaser
		 	36	  
	 Section 4.02.
		 Organization, Authority and Qualification of the Parent Subsidiaries
		 	37	  

  
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	 Section 4.03.
		 No Conflict
		 	37	  
	 Section 4.04.
		 Governmental Consents and Approvals
		 	38	  
	 Section 4.05.
		 Investment Purpose
		 	38	  
	 Section 4.06.
		 Compliance with Laws; Litigation
		 	38	  
	 Section 4.07.
		 Qualification
		 	39	  
	 Section 4.08.
		 Brokers
		 	39	  
	 Section 4.09.
		 Preferred Stock
		 	39	  
	 Section 4.10.
		 Capitalization
		 	39	  
	 Section 4.11.
		 SEC Filings; Financial Statements
		 	40	  
	 Section 4.12.
		 Absence of Undisclosed Material Liabilities
		 	41	  
	 Section 4.13.
		 Absence of Certain Changes
		 	42	  
	 Section 4.14.
		 Financing
		 	42	  
	 Section 4.15.
		 Material Contracts
		 	42	  
		
	 ARTICLE V ADDITIONAL AGREEMENTS
		 	42	  
			
	 Section 5.01.
		 Conduct of Business Prior to the Closing
		 	42	  
	 Section 5.02.
		 Access to Information
		 	45	  
	 Section 5.03.
		 Confidentiality
		 	46	  
	 Section 5.04.
		 Regulatory and Other Authorizations; Notices and Consents
		 	47	  
	 Section 5.05.
		 Retained Names and Marks.
		 	48	  
	 Section 5.06.
		 Control
		 	49	  
	 Section 5.07.
		 Notifications
		 	49	  
	 Section 5.08.
		 Affiliate Agreements
		 	49	  
	 Section 5.09.
		 Further Action
		 	49	  
	 Section 5.10.
		 Title Insurance, Surveys, and Lien Search
		 	49	  
	 Section 5.11.
		 Retained Assets
		 	50	  
	 Section 5.12.
		 No Solicitation
		 	50	  
	 Section 5.13.
		 Divestiture of Trust Station
		 	51	  
	 Section 5.14.
		 Transaction Expenses
		 	51	  
	 Section 5.15.
		 Preferred Stock
		 	51	  
	 Section 5.16.
		 Disclaimer
		 	52	  
	 Section 5.17.
		 Purchaser Covenants
		 	52	  
	 Section 5.18.
		 Registration Rights Agreement
		 	52	  
	 Section 5.19.
		 Employee Benefit Matters
		 	53	  
	 Section 5.20.
		 Employee Matters
		 	55	  
	 Section 5.21.
		 No Third-Party Beneficiary
		 	56	  
		
	 ARTICLE VI [RESERVED]
		 	56	  
		
	 ARTICLE VII TAX MATTERS
		 	56	  
			
	 Section 7.01.
		 Tax Representations
		 	56	  
	 Section 7.02.
		 Preparation of Tax Returns; Payment of Taxes
		 	58	  
	 Section 7.03.
		 Tax Claims
		 	61	  
	 Section 7.04.
		 Tax Cooperation and Exchange of Information
		 	63	  
	 Section 7.05.
		 Section 338(h)(10) Election
		 	63	  
		
	 ARTICLE VIII CONDITIONS TO CLOSING
		 	65	  
			
	 Section 8.01.
		 Conditions to Obligations of Seller
		 	65	  
	 Section 8.02.
		 Conditions to Obligations of Purchaser
		 	66	  

  
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	 ARTICLE IX INDEMNIFICATION
		 	66	  
			
	 Section 9.01.
		 Survival of Representations and Warranties
		 	66	  
	 Section 9.02.
		 Indemnification by Seller
		 	67	  
	 Section 9.03.
		 Indemnification by Purchaser
		 	68	  
	 Section 9.04.
		 Limits on Indemnification
		 	68	  
	 Section 9.05.
		 Notice of Loss; Third Party Claims
		 	69	  
	 Section 9.06.
		 Remedies
		 	71	  
	 Section 9.07.
		 Treatment of Indemnity Payments
		 	72	  
	 Section 9.08.
		 Additional Indemnification Provisions
		 	72	  
		
	 ARTICLE X TERMINATION, AMENDMENT AND WAIVER
		 	72	  
			
	 Section 10.01.
		 Termination
		 	72	  
	 Section 10.02.
		 Effect of Termination
		 	73	  
		
	 ARTICLE XI GENERAL PROVISIONS
		 	73	  
			
	 Section 11.01.
		 Expenses
		 	73	  
	 Section 11.02.
		 Notices
		 	74	  
	 Section 11.03.
		 Public Announcements
		 	74	  
	 Section 11.04.
		 Severability
		 	75	  
	 Section 11.05.
		 Entire Agreement
		 	75	  
	 Section 11.06.
		 Assignment
		 	75	  
	 Section 11.07.
		 Amendment
		 	75	  
	 Section 11.08.
		 Waiver
		 	75	  
	 Section 11.09.
		 Audit Assistance
		 	75	  
	 Section 11.10.
		 No Third Party Beneficiaries
		 	76	  
	 Section 11.11.
		 Neutral Construction
		 	76	  
	 Section 11.12.
		 Currency
		 	76	  
	 Section 11.13.
		 Governing Law
		 	76	  
	 Section 11.14.
		 Waiver of Jury Trial
		 	77	  
	 Section 11.15.
		 Counterparts
		 	77	  
	 Section 11.16.
		 Enforcement
		 	77	  
	 Section 11.17.
		 Release
		 	77	  
	 Section 11.18.
		 Conflicts and Privilege
		 	77	  

  
 iii 

 AMENDED AND RESTATED STOCK PURCHASE AGREEMENT 

THIS AMENDED AND RESTATED STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of July 10, 2015, by and among THE
LINCOLN NATIONAL LIFE INSURANCE COMPANY, an Indiana corporation (“Seller”), ENTERCOM RADIO, LLC, a Delaware limited liability company (“Purchaser”) and ENTERCOM COMMUNICATIONS CORP., a Pennsylvania corporation
(“Parent”). 
 RECITALS 

WHEREAS, the parties hereto are parties to that certain Stock Purchase Agreement, dated as of December 7, 2014 (the “Original
Agreement”), which they desire to amend and restate as set forth below; 
 WHEREAS, Seller owns all the issued and outstanding
shares of capital stock (the “Shares”) of Lincoln Financial Media Company, a North Carolina corporation (“LFMC” and a “Company”); 

WHEREAS, LFMC owns all the issued and outstanding shares of capital stock of Lincoln Financial Media Company of California, a North Carolina
corporation (“LFMCA”), Lincoln Financial Media Company of Colorado, a North Carolina corporation (“LFMCO”), Lincoln Financial Media Company of Florida, a North Carolina corporation (“LFMFL”), and
Lincoln Financial Media Company of Georgia, a North Carolina corporation (“LFMGA”, and together with LFMCA, LFMCO, and LFMFL, the “Subsidiaries”, and each individually, a “Subsidiary” or a
“Company”, and together with LFMC, the “Companies”); 
 WHEREAS, the Subsidiaries own and operate radio
stations KEPN(AM), Lakewood, Colorado, KKFN(FM), Longmont, Colorado, KRWZ(AM), Denver, Colorado, KQKS(FM), Lakewood, Colorado, KYGO-FM, Denver, Colorado, KYGO-FM1, Boulder, Colorado, K251AB, Longmont, Colorado, K276FK, Denver, Colorado, WQXI(AM),
Atlanta, Georgia, WSTR(FM), Smyrna, Georgia, WAXY(AM), South Miami, Florida, WLYF(FM), Miami, Florida, WMXJ(FM), Pompano Beach, Florida, WAXY-FM, Miramar, Florida KBZT(FM), San Diego, California, KIFM(FM), San Diego, California, KSON-FM, San Diego,
California, and KSOQ-FM, Escondido, California (together, and with all associated translator and booster facilities, the “Stations”) pursuant to certain authorizations issued by the FCC; 

WHEREAS, Purchaser is a wholly owned subsidiary of Parent and is disregarded as an entity separate from Parent; 

WHEREAS, simultaneously with the execution and delivery of the Original Agreement, the Companies and Purchaser or its Affiliates entered into
that certain Time Brokerage Agreement, dated December 7, 2014 (the “TBA”); 
 WHEREAS, the parties hereto agree that,
upon the execution and delivery of this Agreement, the TBA shall become null and void and of no further force or effect; and 
 WHEREAS,
Seller wishes to sell to Purchaser, and Purchaser wishes to purchase from Seller, the Shares, all upon the terms and subject to the conditions set forth herein. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the promises and the mutual agreements and covenants hereinafter set forth, and intending to be legally
bound, Seller and Purchaser hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01.
Certain Defined Terms. For purposes of this Agreement: 
 “Action” means any claim, litigation, action, suit, arbitration, inquiry,
audit, examination, administrative or other proceeding or investigation, at Law or in equity, by or before any Governmental Authority. 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with,
such other Person. 
 “Affiliated Group” means the affiliated group of corporations within the meaning of Section 1504 of the Code of
which Seller is the common parent and each Company is a member. 
 “Assets” means all right, title and interest of the Companies in all
properties, assets, privileges, rights, interests and claims, real and personal, tangible and intangible, of every type and description, wherever located, including their business and goodwill, that are owned or leased by the Companies or otherwise
used or held for use by any Company. 
 “Business” means the business and operation of the Stations by each of the Subsidiaries. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in
New York, New York. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Combined Return” means any Tax Return that Seller or any of its Affiliates (other than a Company) files with one or more Companies on a
consolidated, combined, unitary or similar group basis. 
 “Company Employee” means each individual who is or was employed by a Company
prior to the Closing. 
 “Company Intellectual Property” means all Intellectual Property owned by any Company that is used or held for use
in the operation of the Business as currently conducted. 
 “Company IP Agreements” means all (a) licenses of Intellectual Property to
any of the Companies, and (b) licenses of Intellectual Property by any of the Companies to third parties. 
 “Confidential
Information” means all information (whether or not specifically identified as confidential), in any form or medium, that is disclosed to, or developed or learned by, Seller or 

  
 2 

 
any Company as the owner of the Shares or an employee, officer or director of the Companies, as the case may be, in the performance of duties for, or on behalf of, the Companies or that relates
to the business, services or research of the Companies, including: (a) internal business information (including information relating to strategic plans and practices, business, accounting, financial or marketing plans, practices or programs,
training practices and programs, salaries, bonuses, incentive plans and other compensation and benefits information and accounting and business methods), (b) identities of, individual requirements of, specific contractual arrangements with, and
information about, the Companies, their vendors and suppliers, their customers and guests and their confidential information, (c) industry research compiled by, or on behalf of the Companies, including identities of potential target companies,
potential development or acquisition opportunities (including locations thereof), management teams, and transaction sources identified by, or on behalf of, the Companies, (d) compilations of data and analyses, processes, methods, track and
performance records, data and data bases relating thereto, and (e) information related to any Company Intellectual Property and updates of any of the foregoing, provided, however, “Confidential Information” shall not
include any information which (i) is or becomes generally available to the public other than as a result of a disclosure by Seller in breach of Section 5.03 of this Agreement, (ii) becomes available to Seller on a
non-confidential basis from a source other than one of the Companies; provided, that such source is not, to Seller’s Knowledge, bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of
confidentiality to, any Company with respect to such information, or (iii) is independently developed by Seller without use of Confidential Information. 

“Continuing Employee” means each Company Employee employed by a Company as of the Closing (not including any Corporate Employees). 

“control” (including the terms “controlled by” and “under common control with”), with respect to the
relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of the affairs or management and/or policies of a
Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract or otherwise. 

“Encumbrance” means any (a) pledge, charge, deed of trust, deed to secure debt, security interest, hypothecation, claim, mortgage, lien
(statutory or otherwise), title defect, burden, option, right of first refusal, right of first offer, encroachment, encumbrance or similar restriction, (b) any covenant, condition, restriction, easement, charge, encroachment, right-of-way,
adverse claim of any kind or similar matter of record, (c) any zoning, entitlement, conservation restriction and other land use and environmental regulations by Governmental Authorities, and (d) conditional, installment, contingent sale or
other title retention agreement or lease in the nature thereof. 
 “Environment” means any and all environmental media, including ambient
and indoor air, land, soil, surface or subsurface strata, surface water, drinking water, ground water, wetlands and sediment. 
 “Environmental
Law(s)” means any federal, state, local statute, law, ordinance, regulation, rule, code, order, policy, guideline, principal of law, Environmental Permit, consent decree, judicial 

  
 3 

 
interpretation or judgment, in each case in effect as of the date of the Original Agreement, relating to the Environment, pollution, human health and safety, protection or restoration of the
Environment or natural resources, or noise, including those relating to Releases or threatened Releases of any Hazardous Material into the Environment, or otherwise relating to the manufacture, generation, processing, distribution, use, Release,
treatment, storage, disposal, transport or handling of Hazardous Materials, including the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), the Federal Water Pollution Control Act (the “Clean
Water Act”), the Clean Air Act, the Resource Conservation and Recovery Act (“RCRA”) and the Occupational Safety and Health Act, and analogous state statutes, all as amended, and all regulations, codes, policies, guidelines,
Environmental Permits, orders, and judicial interpretations issued thereunder. 
 “Environmental Liability” means any and all Liabilities
to the extent arising out of or resulting from the occurrence or existence of (a) any Release of Hazardous Materials by any Company or on any Real Property, (b) the use, generation, storage, disposal, handling, treatment, recycling,
shipment, transportation (or arrangement for any of the foregoing) of any Hazardous Materials by any Company or on any Real Property, or (c) any Liability of any Company under any Environmental Laws or any Environmental Permits, in each case,
for any action, omission, event or state of facts occurring or existing on or before the Closing Date. 
 “Environmental Permit(s)” means
any permit, certificate, license, approval, registration, identification number, consent or other authorization required to conduct the Business by or pursuant to any applicable Environmental Law. 

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

“Excluded Taxes” means (a) Taxes of the Companies (including any obligation to contribute to the payment of a Tax determined on a
consolidated, combined, unitary or similar group basis) for all Pre-Closing Tax Periods, (b) Taxes of any Person (other than the Companies and Purchaser and any of its Affiliates) imposed on any Company as a transferee or successor, by contract
or otherwise (including any Liability for Taxes pursuant to Regulations Section 1.1502-6 or any corresponding or similar provision of state, local or foreign Law), which Taxes relate to an event, fact or circumstance (including prior membership
in a consolidated, combined, unitary or similar group under applicable Tax Law) occurring, arising or existing before the Closing, and (c) Taxes of Seller or any of its Affiliates (excluding the Companies); provided, that, for purposes
of determining the amount of Excluded Taxes in the case of any Straddle Period, Taxes of the Companies shall be allocated between the period ending on the Closing Date and the period beginning after the Closing Date based on the principles in
Section 7.02(c)(ii). 
 “FCC” means the United States Federal Communications Commission or any successor agency thereto. 

“FCC Applications” means the application or applications that Seller, the Companies and Purchaser must file with the FCC requesting its
consent to the transfer of control and/or assignment of the FCC Licenses to Purchaser or any of its Affiliates. 

  
 4 

 “FCC Consent” means the initial Action by the FCC approving the FCC Applications. 

“GAAP” means United States generally accepted accounting principles and practices in effect from time to time applied consistently throughout
the periods involved. 
 “Government Consents” means the FCC Consent and HSR Clearance. 

“Governmental Authority” means any federal, state, local or foreign government, governmental, regulatory or administrative authority, agency,
commission or department or any court, tribunal, or judicial or arbitral body or any non-governmental self-regulatory authority, agency, commission or department, domestic or foreign. 

“Governmental Order” means any agreement, order, writ, judgment, injunction, prohibition, ruling, decree, stipulation, determination or award
(arbitration or otherwise) entered by or with any Governmental Authority. 
 “Hazardous Material(s)” means, whether naturally occurring and
whether alone or in combination, any hazardous, dangerous or toxic substance, pollutant, material or waste or any pollutant, contaminant, substance, material or chemical that is listed, classified, regulated pursuant to any Environmental Law or
whose presence at some quantity requires investigation, notification, or remediation, or could give rise to liability, under any Environmental Law, including, without limitation, any material, substance, pollutant, or contaminant that is
(a) designated as a “hazardous substance” pursuant to the Clean Water Act (33 U.S.C. §1317), (b) defined as “hazardous waste” pursuant to RCRA, (c) defined as a “hazardous substance” pursuant to
CERCLA, (d) petroleum and any petroleum by-products and waste oil, (e) asbestos and asbestos-containing materials, (f) polychlorinated biphenyls, or (g) lead-based paint. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

 “HSR Clearance” means the expiration or termination of any applicable waiting period (and any extension thereof) under the HSR Act. 

“Indebtedness” means, with respect to the Companies, all obligations of any Company with respect to, and with respect to Parent, all
obligations of Parent or any of its subsidiaries with respect to, in each case without duplication: (a) all obligations under any indebtedness for borrowed money or indebtedness issued in substitution or exchange for borrowed money of such
Person, (b) all indebtedness evidenced by any note, bond, debenture or other debt security, (c) all commitments that assure a creditor against loss (including contingent reimbursement obligations with respect to letters of credit,
performance bonds or bankers acceptances (in each case, to the extent drawn)), (d) all obligations under capitalized leases determined in accordance with GAAP, (e) all obligations for the deferred purchase price of stocks, assets or
property (including any earn-out obligations and ongoing commissions payments whether or not contingent and regardless of when due (for the avoidance of doubt, excluding obligations with respect to commission payments to sales staff in the ordinary
course of business)), (f) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (to the extent drawn), (g) all obligations arising out of
derivative or hedging arrangements, (h) all guarantees for any of the items described in clauses (a) and (g) of 

  
 5 

 
this definition, and (i) any indebtedness of another person or entity of the type described in clauses (a) through (h) of this definition secured by an Encumbrance on any assets of
any Company or Parent and its subsidiaries, as applicable. 
 “Indemnified Party” means a Purchaser Indemnified Party or a Seller
Indemnified Party, as the case may be. 
 “Indemnifying Party” means Seller pursuant to Section 9.02 and Purchaser pursuant to
Section 9.03, as the case may be. 
 “Intellectual Property” means all intellectual property and proprietary rights, including
all (a) patents and patent applications, (b) trademarks, service marks, trade names, trade dress, service names, logos, slogans, brand names, domain names, and other indicia of origin, together with the goodwill associated therewith,
(c) copyrights, including copyrights in computer software, (d) trade secrets, and all intellectual property rights in confidential business information (including ideas, research and development, know-how, formulas, compositions,
manufacturing and production processes and techniques, technical data, designs, drawings, specifications, research records, records of inventions, test information, customer and supplier lists, pricing and cost information, and business and
marketing plans and proposals), and (e) registrations, issuances, and applications for the registration or issuance of any of the foregoing, and all copies and tangible embodiments thereof (in whatever form or media). 

“IRS” means the Internal Revenue Service of the United States. 

“IT Assets” means the computers, servers, workstations, routers, hubs, switches, circuits, networks, data communications lines and all other
information technology equipment owned, used, or held for use by any of the Companies. 
 “Law” means any federal, state, provincial,
local, municipal, foreign or similar governmental statute, law, ordinance, regulation, rule, code, interpretation, directive, policy, treaty, writ, decree, injunction, stay, Governmental Order, requirement, rule of law (including common law) or of
any Governmental Authority. 
 “Lease(s)” means the contracts granting any of the Companies the right of use or occupancy of any portion of
the Leased Real Property, or any contract to which any of the Companies is a party and granting any other Person the right of use or occupancy of any portion of the Real Property, together with any amendments, modifications or supplements thereto.

 “Leased Real Property” means the real property leased, subleased or licensed by any of the Companies, as lessee, sublessee or licensee,
or for which any party or parties has granted to any of the Companies the right of use or occupancy of any portion of such real property, together with any right, title and interest of the Company pursuant to a Lease thereof and all improvements
thereon. 
 “Liability” means any liability, cost, expense, debt or obligation of any kind, character, or description, and whether known or
unknown, accrued, absolute, contingent or otherwise, and regardless of when asserted or by whom. 

  
 6 

 “made available” means that information or documents available for Purchaser to download in
reviewable format on the Merrill electronic documentation site established on behalf of Seller prior to the execution of the Original Agreement. 

“Material Adverse Effect” means any event, circumstance, change or effect that (a) has had, or would reasonably be expected to have, a
material adverse effect on the business, results of operations or the financial condition of the Companies, taken as a whole, or (b) would reasonably be expected to prevent, materially delay or materially impede the performance by Seller of its
obligations under this Agreement or the consummation of the transactions contemplated hereby, in the case of clause (a), other than any event, circumstance, change or effect to the extent (and only to the extent) resulting from (i) events,
circumstances, changes or effects that generally affect the radio industry in the United States (including legal and regulatory changes), (ii) events, circumstances, changes or effects that generally affect the radio markets in which the
Companies operate, (iii) general economic or political conditions or events, circumstances, changes or effects affecting the securities, financial or credit markets generally, (iv) changes arising from the consummation of the transactions
contemplated by, or the announcement of the execution of, or the performance of, the Original Agreement, including (A) any actions of competitors or (B) any delays or cancellations of orders for services or other effects on relationships
with customers, suppliers or employees, (v) any change in accounting requirements or principles or the interpretation thereof, (vi) events, circumstances, changes or effects caused by any outbreak or escalation of war, act of foreign
enemies, hostilities, terrorist activities, or acts of nature, and (vii) any circumstance, change or effect that results from any action taken or omitted pursuant to or in accordance with the express terms of the Original Agreement or at the
request of Purchaser; except, in the case of clauses (i), (ii), (iii), (v), and (vi) above, to the extent that such events, circumstances, changes, effects, facts or developments disproportionately affect the Companies, taken as a whole,
relative to other companies in the industry in which the Companies operate. 
 “Net Working Capital” as of any date or time means, in each
case as determined in accordance with GAAP and the Net Working Capital Principles, (a) the consolidated current assets of the Companies as of such date or time, minus (b) the consolidated current liabilities of the Companies as of
such date or time, plus (c) the aggregate amount of all security deposits held by utility providers, minus (d) $2,650,000, and plus or minus (e) any adjustment pursuant to the last sentence of
Section 5.19(c); it being understood that any and all current assets and current liabilities accrued in respect of any Excluded Taxes shall be excluded from the calculation of Net Working Capital. 

“Net Working Capital Principles” means the accounting policies, principles, practices and methodologies used in the preparation of the
Financial Statements to the extent in accordance with GAAP and as otherwise set forth in Exhibit 1.01(a) attached hereto. 
 “Owned Real
Property” means the real property in which any of the Companies have fee title (or equivalent) interest and all buildings, structures and other improvements located thereon, fixtures used or held for use in connection with the operation of
the Station operated on such real property (as set forth in Section 3.12(a) of the Seller Disclosure Schedule) and all appurtenances thereto. 

  
 7 

 “Parent Subsidiaries” means each direct or indirect subsidiary of Parent. 

“Permit” means any permit, license, approval, consent, registration, variance, certification, endorsement or qualification granted by or
obtained from any Governmental Authority pursuant to Law. 
 “Permitted Encumbrances” means (a) statutory liens for current Taxes of
the Companies not yet due or delinquent (or which remain payable and may be paid without interest or penalties) and liens for Taxes of the Companies the validity or amount of which is being contested diligently in good faith by appropriate
proceedings and for which adequate reserves have been established and maintained in accordance with GAAP and which contested liens as of the date of the Original Agreement are disclosed on Section 7.01(e) of the Seller Disclosure
Schedule, (b) mechanics’, carriers’, workers’, repairers’ and other similar liens arising or incurred in the ordinary course of business relating to obligations as to which there is no default on the part of any of the
Companies, or the validity or amount of which is being contested in good faith by appropriate proceedings, or pledges, deposits or other liens securing the performance of bids, trade contracts, leases or statutory obligations (including
workers’ compensation, unemployment insurance or other social security legislation) which do not or would not reasonably be expected to materially interfere with or impair the value, occupancy or current use of the Assets or operation of the
Stations, (c) zoning, entitlement, conservation restriction and other land use and environmental regulations by Governmental Authorities which do not or would not reasonably be expected to materially interfere with or impair the occupancy or
current use of the Assets or operation of the Stations, (d) all covenants, conditions, restrictions, easements, charges, rights-of-way, imperfections of title and other Encumbrances of record, and similar matters of record, which do not or
would not reasonably be expected to materially interfere with or impair the occupancy or current use of the Assets or operation of the Stations, (e) matters which would be disclosed by an accurate survey or inspection of the Owned Real Property
which do not or would not reasonably be expected to materially interfere with or impair the occupancy or current use of the Assets or operation of the Stations, and (f) the Leases identified on Section 3.12(b) of the Seller
Disclosure Schedule pursuant to which the Company has granted any other person the right to lease or otherwise occupy any portion of the Real Property. 

“Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, joint
venture, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act. 

“Post-Closing Tax Period” means any taxable period beginning after the Closing Date and the portion of any Straddle Period beginning after
the Closing Date. 
 “Pre-Closing Tax Period” means any taxable period ending on or before the Closing Date and the portion of any Straddle
Period ending on the Closing Date. 
 “Preliminary Retained Liabilities Amount” means an amount equal to the Retained Liabilities as set
forth on the Retained Liabilities Statement. 

  
 8 

 “Purchase Price Bank Account” means a bank account in the United States to be designated by
Seller in a written notice to Purchaser at least two (2) Business Days before the Closing. 
 “Purchaser Disclosure Schedule” means
the Disclosure Schedule of Purchaser delivered with the Original Agreement. 
 “Purchaser MAE” means any event, circumstance, change or
effect that (a) has had, or would reasonably be expected to be have, a material adverse effect on the business, results of operations or the financial condition of Parent and its subsidiaries, taken as a whole, or (b) would reasonably be
expected to prevent, materially delay or materially impede the performance by Parent or Purchaser of its obligations under this Agreement or the consummation of the transactions contemplated hereby, in the case of clause (a), other than any event,
circumstance, change or effect to the extent (and only to the extent) resulting from (i) events, circumstances, changes or effects that generally affect the radio industry in the United States (including legal and regulatory changes),
(ii) events, circumstances, changes or effects that generally affect the radio markets in which Parent and its subsidiaries operate, (iii) general economic or political conditions or events, circumstances, changes or effects affecting the
securities, financial or credit markets generally, (iv) changes arising from the consummation of the transactions contemplated by, or the announcement of the execution of, or performance of, the Original Agreement, including (A) any
actions of competitors, or (B) any delays or cancellations of orders for services or other effects on relationships with customers, suppliers or employees, (v) any change in accounting requirements or principles or the interpretation
thereof, (vi) events, circumstances, changes or effects caused by any outbreak or escalation of war, act of foreign enemies, hostilities, terrorist activities, or acts of nature, and (vii) any circumstance, change or effect that results
from any action taken or omitted pursuant to or in accordance with the express terms of the Original Agreement or at the request of Seller; except, in the case of clauses (i), (ii), (iii), (v), and (vi) above, to the extent that such events,
circumstances, changes, effects, facts or developments disproportionately affect Parent and its subsidiaries relative to other companies in the industry in which Parent and its subsidiaries operate. 

“Purchaser’s Knowledge”, “Knowledge of Purchaser”, “Parent’s Knowledge”, “Knowledge of
Parent” or similar terms used in this Agreement means the actual knowledge of those Persons listed in Section 1.01(a) of the Purchaser Disclosure Schedule. 

“Real Property” means all Owned Real Property and Leased Real Property. 

“Reference Statement Date” means September 30, 2014. 

“Regulations” means the Treasury Regulations (including Temporary Regulations) promulgated by the United States Department of Treasury with
respect to the Code or other federal tax statutes. 
 “Release” means any accidental or intentional, releasing, spilling, leaking, pumping,
pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing or dumping into the Environment (including the abandonment or discarding of barrels, containers and other closed receptacles containing any Hazardous
Materials). 

  
 9 

 “Representative” means, with respect to any Person, its officers, directors, employees,
financial advisors, attorneys, accountants, actuaries, consultants, investment bankers, potential sources of debt or equity financing and other agents, advisors and representatives. 

“Retained Liabilities” means all long-term Indebtedness and other long-term liabilities (as such term is defined in accordance with GAAP) of
the Companies required to be set forth on a consolidated balance sheet of the Companies prepared in accordance with GAAP and the accounting policies, principles, practices and methodologies used in the preparation of the Financial Statements and
existing as of the Closing Date; provided, that with respect to any Lease, Retained Liabilities shall exclude the liabilities from the straight-lining of fixed future rent obligations under any such Lease in accordance with GAAP. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities” means the Class A Common Stock, par value $0.01 per share, of Parent. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Seller Disclosure Schedule” means the Disclosure Schedule of Seller delivered with the Original Agreement. 

“Seller’s Knowledge”, “Knowledge of Seller” or similar terms used in this Agreement means the actual knowledge of those
Persons listed in Section 1.01(a) of the Seller Disclosure Schedule. 
 “Straddle Period” means any taxable period beginning on
or before the Closing Date and ending after the Closing Date. 
 “subsidiaries” means, when used with respect to any Person, any
corporation, partnership, limited liability company, or other organization, whether incorporated or unincorporated, or Person of which (i) such first Person directly or indirectly owns or controls at least a majority of the securities or other
interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions, or (ii) such first Person is or directly or indirectly has the power to appoint a general partner,
manager or managing member or others performing similar functions. 
 “Subsidiaries Shares” means all the issued and outstanding shares of
capital stock of the Subsidiaries. 
 “Tax” or “Taxes” means any and all taxes, charges, fees, levies, tariffs, duties,
liabilities, impositions or other assessments in the nature of a tax (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority, whether disputed or
not, including any federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits,
withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated or other tax of any kind whatsoever. 

  
 10 

 “Tax Return” means any return (including any information return), report, form, claim for
refund, election, estimated Tax filing or payment, request for extension, document, declaration, statement, or certification filed or required to be filed with a Governmental Authority with respect to Taxes, including all attachments thereto and
amendments thereof. 
 “Transaction Expenses” means all costs, fees and expenses incurred by or on behalf of Seller or any Company (or for
which Seller or any Company is responsible or liable, directly or indirectly, as obligor, guarantor, surety or otherwise) in connection with this Agreement and the consummation of the transactions contemplated hereby to outside counsel, accountants,
financial advisors, appraisers, investment bankers, brokers and other advisors retained by Seller or any Company. 
 “Transfer Taxes” means
any and all transfer, documentary, sales, use, gross receipts, stamp, registration, value added, recording, escrow and other similar Taxes and fees (including any penalties and interest) incurred in connection with the transactions contemplated by
this Agreement (including recording and escrow fees), but excluding any and all income Taxes and real property or leasehold interest transfer or gains Tax and any similar Tax. 

“Transmission Equipment” means all digital, analog or other equipment used in connection with the Stations, including the antenna,
transmitter and all associated transmission equipment, lines and facilities. 
 SECTION 1.02. Definitions. The following terms
have the meanings set forth in the Sections set forth below: 
  

			
	 Definition
	  	 Location

	 “Affiliate Agreements”
	  	3.15(a)(v)
	 “Agreement”
	  	Preamble
	 “Alternative Transaction”
	  	5.12
	 “Ancillary Documents”
	  	3.01
	 “Appraisal”
	  	7.05(c)
	 “Appraiser”
	  	7.05(c)
	 “Auditor”
	  	2.06(c)
	 “Back to Back Employees”
	  	5.19(e)
	 “Back to Back Purchaser”
	  	5.19(e)
	 “Basket Amount”
	  	9.04(a)
	 “CERCLA”
	  	Definition of Environmental Laws
	 “Change in Control Payments”
	  	5.20(a)(ii)
	 “Claim Notice”
	  	9.05(a)
	 “Clean Water Act”
	  	Definition of Environmental Laws
	 “Closing”
	  	2.03
	 “Closing Date”
	  	2.03
	 “Closing Net Working Capital Amount”
	  	2.06(c)
	 “Communications Act”
	  	3.06(a)

  
 11 

			
	 Definition
	  	 Location

	 “Companies”
	  	Recitals
	 “Company”
	  	Recitals
	 “Company Plan”
	  	3.13(a)
	 “Company Registered IP”
	  	3.11(a)
	 “Company Releasees”
	  	11.17
	 “Confidentiality Agreement”
	  	5.03(a)
	 “Contract”
	  	3.04
	 “Corporate Employee”
	  	5.20(a)(i)
	 “Determination Date”
	  	2.06(c)
	 “Divestiture Application”
	  	5.13
	 “Enforceability Exceptions”
	  	3.01
	 “ERISA”
	  	3.13(a)
	 “Estimated Net Working Capital Amount”
	  	2.06(a)
	 “Existing Counsel”
	  	11.19
	 “FCC Licenses”
	  	3.06(a)
	 “FCC Rules”
	  	3.06(a)
	 “Final Allocation Schedule”
	  	7.05(e)
	 “Final Retained Liabilities Amount”
	  	2.07(c)
	 “Financial Statements”
	  	3.07(a)
	 “Fundamental Representations”
	  	9.01
	 “Guarantee”
	  	5.17
	 “Interim Financial Statements”
	  	3.07(a)
	 “LFMC”
	  	Recitals
	 “LFMCA”
	  	Recitals
	 “LFMCO”
	  	Recitals
	 “LFMFL”
	  	Recitals
	 “LFMGA”
	  	Recitals
	 “Loss”
	  	9.02
	 “Material Contracts”
	  	3.15(a)
	 “MDV End Date”
	  	5.19(a)(i)
	 “Net Working Capital Adjustment Amount”
	  	2.06(d)(ii)
	 “Newly Eligible Continuing Employee”
	  	5.20(d)
	 “NWC Statement”
	  	2.06(b)
	 “Original Agreement”
	  	Recitals
	 “Outside Date”
	  	10.01(a)
	 “Parent”
	  	Preamble
	 “Parent Financial Statements”
	  	4.11(b)
	 “Parent SEC Documents”
	  	4.11(a)
	 “Parent Shares”
	  	4.10(a)
	 “Plans”
	  	3.13(a)
	 “Preferred Stock”
	  	2.02
	 “Preliminary Closing Net Working Capital Amount”
	  	2.06(b)
	 “Proposed Allocation Schedule”
	  	7.05(c)
	 “PTO”
	  	5.19(d)

  
 12 

			
	 Definition
	  	 Location

	 “Purchase Price”
	  	2.02
	 “Purchaser”
	  	Preamble
	 “Purchaser FSA Plans”
	  	5.19(c)
	 “Purchaser Indemnified Party”
	  	9.02
	 “Purchaser Plans”
	  	5.19(b)
	 “RCRA”
	  	Definition of Environmental Laws
	 “Registration Rights Agreement”
	  	5.18
	 “Retained Assets”
	  	5.11
	 “Retained Liabilities Statement”
	  	2.07(a)
	 “Retained Names and Marks”
	  	5.05(a)
	 “Sarbanes-Oxley Act”
	  	4.11(a)
	 “Section 338 Elections”
	  	7.05(a)
	 “Section 338 Forms”
	  	7.05(a)
	 “Seller”
	  	Preamble
	 “Seller FSA Plans”
	  	5.19(c)
	 “Seller Indemnified Party”
	  	9.03
	 “Shares”
	  	Recitals
	 “Stations”
	  	Recitals
	 “Subsidiary”
	  	Recitals
	 “Subsidiaries”
	  	Recitals
	 “Survey”
	  	5.10(b)
	 “S-X Financials”
	  	11.09
	 “Tax Claim”
	  	7.03(b)
	 “Third Party Claim”
	  	9.05(a)
	 “Title Commitment”
	  	5.10(a)
	 “Title Company”
	  	5.10(a)
	 “Title Policy”
	  	5.10(a)
	 “Towers”
	  	3.12(h)
	 “Transmission Structures”
	  	3.12(h)
	 “Trust Station”
	  	5.13
	 “Year End Statements”
	  	3.07(a)

 SECTION 1.03. Interpretation and Rules of Construction. In this Agreement, except to the extent
otherwise provided or that the context otherwise requires: 
 (a) when a reference is made in this Agreement to an Article,
Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; 

(b) the table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the
meaning or interpretation of this Agreement; 

  
 13 

 (c) whenever the words “include,” “includes” or
“including” are used in this Agreement, they are deemed to be followed by the words “without limitation”; 

(d) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (e) all terms defined
in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; 

(f) the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms; 

(g) references to a Person are also to its successors and permitted assigns; 

(h) references to the date of this Agreement or the date hereof shall be deemed to be references to December 7, 2014, the
date of the Original Agreement, and representations and warranties of the parties contained in this Agreement shall be deemed to be made as of the date of the Original Agreement (or a specific month and day where a specific month and day is
referenced therein) and shall not be deemed to be made as of the date of this Amended and Restated Agreement (except, in each case, as expressly set forth in Sections 3.01 and 4.01) notwithstanding that such representations and
warranties may be formulated in or use the present tense; and 
 (i) all covenants and agreements of the parties contained in
this Agreement shall be deemed to be originally made as of the date of the Original Agreement notwithstanding that such covenants and agreements may be formulated in or use the present tense, and none of the parties to this Agreement shall be deemed
to have waived any claim for breach of, failure to perform or non-compliance with any of the covenants or agreements of the other parties contained in this Agreement arising out of any action or omission that occurred on or after the date of the
Original Agreement and prior to the date of this Agreement to the extent that such action or omission would constitute a breach of, failure to perform or non-compliance with any of the covenants or agreements of the other parties contained in this
Agreement if such action or omission occurred on or after the date of this Agreement, and such other parties shall be be considered in breach of, to have failed to perform, or to have failed to comply with such covenants and agreements to the same
extent as if such breach, failure to perform or non-compliance occurred on or after the date of this Agreement. 
 ARTICLE II 

PURCHASE AND SALE 

SECTION 2.01. Purchase and Sale of the Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing,
Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, all right, title and interest in and to the Shares, free and clear of all Encumbrances, which Shares collectively constitute and shall constitute as of the Closing Date all of
the issued and outstanding shares of capital stock of LFMC, for the Purchase Price as specified in Section 2.02. 

  
 14 

 SECTION 2.02. Purchase Price. The amount payable to Seller in consideration for the
Shares shall be an aggregate of (a) $77,500,000 in cash or immediately available funds minus the Preliminary Retained Liabilities Amount, and (b) eleven (11) shares of Preferred Stock to be issued by Parent with the rights and
preferences set forth in Exhibit 2.02 (the “Preferred Stock”) (collectively, the “Purchase Price”). The cash Purchase Price will be increased or decreased, as applicable, by the Closing Net Working Capital
Amount as determined and paid in accordance with Section 2.06. 
 SECTION 2.03. Closing. Subject to the terms and
conditions of this Agreement, the sale and purchase of the Shares contemplated by this Agreement shall take place at a closing (the “Closing”) to be held at the offices of Latham & Watkins LLP, 330 North Wabash Street,
Suite 2800, Chicago, Illinois, commencing at 9:00 a.m. New York City time on a date that is at least one (1) and no more than fifteen (15) days following the satisfaction or waiver of the conditions to the obligations of the parties hereto
set forth in Sections 8.01 and 8.02 (other than conditions that by their nature are to be satisfied at the Closing but subject to the satisfaction or waiver of such conditions) (the “Closing Date”); provided,
that each party shall use commercially reasonable efforts to effect the Closing as promptly as practicable following the satisfaction or waiver of such conditions, or at such other place or at such other time or on such other date as Seller and
Purchaser may mutually agree upon in writing. The Closing shall be deemed to have taken place and shall be effective at 11:59 p.m. New York City time on the Closing Date. 

SECTION 2.04. Closing Deliveries by Seller. At the Closing, Seller shall deliver or cause to be delivered to Purchaser into
escrow, with such deliverables to be released at 11:59 p.m. New York City time on the Closing Date: 
 (a) stock certificates
evidencing the Shares duly endorsed in blank, or accompanied by stock powers duly executed in blank and with all required stock transfer tax stamps affixed; 

(b) copies of (i) the existing certificate of incorporation of LFMC, certified by the Secretary or an Assistant Secretary
of Seller, and (ii) the bylaws of LFMC, certified by the Secretary or an Assistant Secretary of Seller; 
 (c) a
certificate of a duly authorized officer of Seller certifying as to the matters set forth in Section 8.02(a); 

(d) a certificate as to the non-foreign status of Seller pursuant to Regulations Section 1.1445-2(b)(2); 

(e) resignations and releases by all directors and officers of each of the Companies who are not employees of the Companies;

 (f) duly executed Section 338 Forms (as defined below); and 

  
 15 

 (g) a duly executed counterpart to the Registration Rights Agreement. 

SECTION 2.05. Closing Deliveries by Purchaser and Parent. At the Closing: 

(a) Purchaser shall deliver to Seller the cash Purchase Price, as adjusted in accordance with Section 2.02, by wire
transfer in immediately available funds to the Purchase Price Bank Account; 
 (b) Parent shall issue and deliver to Seller
into escrow, with such deliverable to be released at 11:59 p.m. New York City time on the Closing Date, the certificates evidencing the Preferred Stock (or at Seller’s discretion, in non-certificated book-entry form to Seller’s designated
account), along with a certificate of the Secretary or an Assistant Secretary of Parent certifying that the Preferred Stock has been duly authorized and validly issued, is fully paid and nonassessable and is not being issued in violation of any
preemptive rights; 
 (c) Parent shall deliver to Seller into escrow, with such deliverable to be released at 11:59 p.m. New
York City time on the Closing Date, a certificate of a duly authorized officer of Parent certifying as to the matters set forth in Section 8.01(a); and 

(d) Parent shall deliver to Seller into escrow, with such deliverable to be released at 11:59 p.m. New York City time on the
Closing Date, a duly executed counterpart to the Registration Rights Agreement. 
 SECTION 2.06. Net Working Capital Adjustment.

 (a) Estimated Net Working Capital Adjustment. Not more than ten (10) Business Days prior to the Closing Date, Seller
shall deliver to Purchaser its good faith estimate of Net Working Capital as of the Closing Date (the “Estimated Net Working Capital Amount”), together with a reasonably detailed explanation of the calculation thereof, prepared
in accordance with the Net Working Capital Principles. The Estimated Net Working Capital Amount may be positive or negative. The effective time for purposes of calculating the Estimated Net Working Capital Amount and the Closing Net Working Capital
Amount shall be 11:59 p.m. New York City time on the Closing Date. If the Estimated Net Working Capital Amount would otherwise exceed $17.5 million, and Purchaser provides a written objection to Seller not later than ten (10) Business Days
prior to the date of the first installment under Section 2.06(d)(i) stating Purchaser’s good faith view that the Estimated Net Working Capital Amount is overstated, then the Estimated Net Working Capital Amount shall be deemed
equal to $17.5 million. 
 (b) NWC Statement. Following the delivery by Seller of its calculation of the Estimated Net Working
Capital Amount pursuant to Section 2.06(a), to the extent in the possession or control of Seller, Seller will provide to Purchaser and its Representatives reasonable access, during normal business hours and upon reasonable prior notice,
to the books and records (including work papers prepared in sufficient detail), employees and accountants of Seller and its Affiliates, to the extent reasonably related to its evaluation of Seller’s calculation of the Estimated Net Working
Capital Amount, and shall cause the employees of Seller and its Affiliates to cooperate with Purchaser and its Representatives in connection with Purchaser’s 

  
 16 

 
review of such work papers and other documents and information relating to Seller’s calculation of the Estimated Net Working Capital Amount as Purchaser may request. Within sixty
(60) calendar days after delivery by Seller of its calculation of the Estimated Net Working Capital Amount pursuant to Section 2.06(a), Purchaser shall deliver to Seller a statement (the “NWC Statement”), setting
forth its calculation of Net Working Capital as of the Closing Date (the “Preliminary Closing Net Working Capital Amount”), together with a reasonably detailed explanation of the calculation thereof. The NWC Statement shall be
prepared in accordance with the Net Working Capital Principles. 
 (c) Disputes. Upon delivery of the NWC Statement, to the extent in
the possession or control of Purchaser, Purchaser will provide to Seller and its Representatives reasonable access, during normal business hours and upon reasonable prior notice, to the books and records (including work papers prepared in sufficient
detail), employees and accountants of the Companies, to the extent reasonably related to its evaluation of the NWC Statement and the calculation of the Preliminary Closing Net Working Capital Amount, and shall cause the employees of Purchaser and
its Affiliates to cooperate with Seller and its Representatives in connection with Seller’s review of such work papers and other documents and information relating to Purchaser’s calculation of Preliminary Closing Net Working Capital
Amount as Seller may request. If Seller shall disagree with the calculation of the Preliminary Closing Net Working Capital Amount or any element of the NWC Statement relevant thereto, it shall notify Purchaser of such disagreement in writing within
twenty (20) days after its receipt of the NWC Statement, which notice shall set forth in reasonable detail the particulars of such disagreement. In the event that Seller does not provide such a notice of disagreement within such twenty
(20) day period, Seller shall be deemed to have accepted the NWC Statement and the calculation of the Preliminary Closing Net Working Capital Amount delivered by Purchaser, and such Preliminary Closing Net Working Capital Amount shall be deemed
the “Closing Net Working Capital Amount” for purposes of this Agreement. In the event any such notice of disagreement is timely provided by Seller, Purchaser and Seller shall use their commercially reasonable efforts for a period of
twenty (20) days (or such longer period as they may mutually agree) to resolve any disagreements with respect to the calculation of the Closing Net Working Capital Amount. If, at the end of such period, they are unable to resolve such
disagreements, then an independent accounting firm of recognized national standing as may be mutually selected by Purchaser and Seller (the “Auditor”) shall resolve any remaining disagreements. If Purchaser and Seller cannot
mutually agree on the choice of the Auditor, then Purchaser shall deliver to Seller a list of three independent accounting firms of national standing in the United States and Seller shall select one of such three accounting firms to act as the
Auditor. The Auditor shall determine the Closing Net Working Capital Amount as of the Closing Date as promptly as practicable, but in any event within fifteen (15) days after the date on which such dispute is referred to the Auditor, based
solely on written submissions forwarded by Purchaser and Seller to the Auditor within ten (10) days following the Auditor’s selection, and such amount, which shall be equal to or between Seller’s and Purchaser’s calculation of
the Closing Net Working Capital Amount set forth in their written submissions, shall be deemed the “Closing Net Working Capital Amount” for purposes of this Agreement. The fees and expenses of the Auditor shall be paid one-half by
Purchaser and one-half by Seller. The determination of the Auditor shall be final, conclusive and binding on the parties. The date on which the Closing Net Working Capital Amount is finally determined in accordance with this
Section 2.06(c) is referred as to the “Determination Date.” 

  
 17 

 (d) Net Working Capital Payments. 

(i) In the event the Estimated Net Working Capital Amount is a positive number, Purchaser shall pay, by wire transfer in
immediately available funds, to Seller an amount equal to the Estimated Net Working Capital Amount in three (3) equal installments (the “Interim Net Working Capital Payments”), with one installment payable on the date that is
(i) thirty (30) days, (ii) sixty (60) days, and (iii) ninety (90) days, respectively, after the Closing Date; provided, that if any such date is not a Business Day, Purchaser shall pay the relevant Interim Net
Working Capital Payment on the first Business Day immediately following such date. In the event the Estimated Net Working Capital Amount is a negative number, Seller shall pay, by wire transfer in immediately available funds, to Purchaser the
Interim Net Working Capital Payments, with one installment payable on the date that is (i) thirty (30) days, (ii) sixty (60) days, and (iii) ninety (90) days, respectively, after the Closing Date; provided, that
if any such date is not a Business Day, Seller shall pay the relevant Interim Net Working Capital Payment on the first Business Day immediately following such date. 

(ii) The “Net Working Capital Adjustment Amount,” which may be positive or negative, shall mean (A) the
difference between (1) the Closing Net Working Capital Amount and (2) the Estimated Net Working Capital Amount minus (B) the amount of severance paid, if any, to the first and fourth individual listed on Schedule 5.20(a)(ii)
(i.e., the Denver change-in-control employees), during the period within sixty (60) days after the Closing Date solely to the extent that (X) such severance payments reduce the amount of Change in Control Payments which Seller or any of
its Affiliates is obligated to pay to such individuals, and (Y) the liability for such severance payments was not included in the determination of Net Working Capital. 

(iii) On the later of (A) Determination Date, or (B) the day that is ninety-one (91) days after the Closing
Date, (1) if the Net Working Capital Adjustment Amount is positive, then within five (5) days after the later of the Determination Date and the date that is ninety-one (91) days after the Closing Date, Purchaser shall pay, by wire
transfer in immediately available funds, to Seller the Net Working Capital Adjustment Amount, and (2) if Net Working Capital Adjustment Amount is negative, then within five (5) days after the later of the Determination Date and the date
that is ninety-one (91) days after the Closing Date, Seller shall pay, by wire transfer in immediately available funds, to Purchaser the Net Working Capital Adjustment Amount. 

SECTION 2.07. Purchase Price Adjustment. 

(a) Not more than ten (10) nor less than one (1) Business Day prior to the Closing Date, Seller shall deliver to Purchaser a
reasonably detailed estimate, prepared in good faith and in accordance with the accounting policies, principles, practices and methodologies used in the preparation of the Financial Statements, of the Retained Liabilities as of the Closing Date (the
“Retained Liabilities Statement”). 
 (b) Upon delivery of the Retained Liabilities Statement, to the extent in the
possession or control of Seller, Seller will provide to Purchaser and its Representatives 

  
 18 

 
reasonable access, during normal business hours and upon reasonable prior notice, to the books and records of Seller, to the extent reasonably related to its evaluation of the Retained
Liabilities Statement, and shall cause the employees of Seller to cooperate with Purchaser and its Representatives in connection with Purchaser’s review of the Retained Liabilities Statement and other documents and information relating to
Seller’s calculation of the Retained Liabilities as Purchaser may request. If Purchaser shall disagree with the calculation of the Retained Liabilities or any element of the Retained Liabilities Statement relevant thereto, it shall notify
Seller of such disagreement in writing within sixty (60) days after its receipt of the Retained Liabilities Statement, which notice shall set forth in reasonable detail the particulars of such disagreement. In the event that Purchaser does not
provide such a notice of disagreement within such sixty (60) day period, Purchaser shall be deemed to have accepted the Retained Liabilities Statement and the calculation of the Retained Liabilities delivered by Seller, which shall be final,
binding and conclusive for all purposes hereunder. In the event a notice of disagreement is timely provided by Purchaser, Purchaser and Seller shall use their commercially reasonable efforts for a period of twenty (20) days (or such longer
period as they may mutually agree) to resolve any disagreements with respect to the calculation of the Retained Liabilities. If, at the end of such period, they are unable to resolve such disagreements, then an Auditor shall resolve any remaining
disagreements. If Purchaser and Seller cannot mutually agree on the choice of the Auditor, then Purchaser shall deliver to Seller a list of three independent accounting firms of national standing in the United States and Seller shall select one of
such three accounting firms to act as the Auditor. The Auditor shall determine the Retained Liabilities as of the Closing Date as promptly as practicable, but in any event within fifteen (15) days after the date on which such dispute is
referred to the Auditor, based solely on written submissions forwarded by Purchaser and Seller to the Auditor within ten (10) days following the Auditor’s selection, and such Retained Liabilities amount, which shall be equal to or between
Seller’s and Purchaser’s calculations with respect to the Retained Liabilities, in the aggregate, shall be final, binding and conclusive for all purposes hereunder. The fees and expenses of the Auditor shall be paid one-half by Purchaser
and one-half by Seller. 
 (c) Within five (5) Business Days following the final determination of the Retained Liabilities in
accordance with this Section 2.07, (i) in the event that the Final Retained Liabilities Amount exceeds the Preliminary Retained Liabilities Amount, Seller shall pay to Purchaser the amount of such excess in cash or immediately
available funds, and (ii) in the event that the Preliminary Retained Liabilities Amount exceeds the Final Retained Liabilities Amount, Purchaser shall pay to Seller the amount of such excess in cash or immediately available funds. The
“Final Retained Liabilities Amount” means an amount equal to the Retained Liabilities as finally determined in accordance with this Section 2.07. 

SECTION 2.08. Withholding. Any party shall be entitled to deduct and withhold from any payments made pursuant to this Agreement
any amounts required to be deducted and withheld with respect to the making of any such payment under applicable Tax Law at the applicable rate for such withholding, and shall timely remit any such withheld amounts to the appropriate Governmental
Authority as required by applicable Law, unless, with respect to a certain payment, the payee provides the payor with a valid exemption from or reduction of withholding tax in respect of such payment at least five (5) Business Days prior to the
date of such payment. Any amounts deducted and withheld and timely remitted pursuant to this Section 2.08 shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such deduction and
withholding were made. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 OF
SELLER 
 Except as set forth in the Seller Disclosure Schedule, which Seller Disclosure Schedule is arranged in sections corresponding to the lettered and
numbered paragraphs contained in this Agreement, and whether or not the corresponding lettered and numbered paragraph contains an explicit reference to the Seller Disclosure Schedule, provided that (i) items disclosed in one section of the
Seller Disclosure Schedule shall be deemed disclosed in all other applicable sections of the Seller Disclosure Schedule to the extent it is reasonably apparent on the face of such disclosure that such disclosure is relevant to another section of
this Agreement or of the Seller Disclosure Schedule, and (ii) the mere inclusion of an item in the Seller Disclosure Schedule as an exception to a representation, warranty or covenant shall not be deemed an admission by Seller that such item
has had, or would have, a Material Adverse Effect, or that such item is material or meets or exceeds any monetary or other threshold specified for disclosure in the Agreement, subject to Section 1.03(h) Seller hereby represents and
warrants to Purchaser as follows: 
 SECTION 3.01. Organization, Authority and Qualification of Seller. Seller is a corporation
duly organized and validly existing under the laws of the jurisdiction of its incorporation and has all necessary corporate power and authority to enter into the Original Agreement (and as of this tenth (10th) day of July, 2015, to enter into this Agreement) and the other agreements, instruments, documents and certificates to be executed and delivered by Seller in connection herewith and therewith,
as applicable, including the Registration Rights Agreement (the “Ancillary Documents”), to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. Seller is duly
licensed or qualified to do business and is in good standing in each jurisdiction which the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent that the failure to
be so licensed, qualified or in good standing would not reasonably be expected to have a Material Adverse Effect. The execution and delivery of the Original Agreement (and as of this tenth
(10th) day of July, 2015, the execution and delivery of this Agreement) and the Ancillary Documents by Seller, the performance by Seller of its obligations hereunder and thereunder and the
consummation by Seller of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of Seller, including its board of directors and applicable shareholders (to the extent required by applicable
Law). The Original Agreement (and as of this tenth (10th) day of July, 2015, this Agreement) and the Ancillary Documents have been, or upon execution and delivery thereof (in the case of
Ancillary Documents not delivered herewith) will be, duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by Purchaser and Parent) are, or upon execution and delivery thereof (in the case of Ancillary
Documents not delivered herewith) will be, legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms, except as enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights or by general equity principles (the “Enforceability Exceptions”). No

  
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further act or proceeding on the part of Seller or its shareholders is necessary to authorize the Original Agreement (and as of this tenth
(10th) day of July, 2015, this Agreement), the Ancillary Documents and the transactions contemplated hereby and thereby. The representations and warranties contained in this
Section 3.01, to the extent that they expressly reference the Original Agreement, shall be deemed made only as of the date of the Original Agreement and not as of any other time, including the Closing Date. 

SECTION 3.02. Organization, Authority and Qualification of the Companies. Each Company is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation and has all necessary corporate power and authority to own, operate or lease the properties and Assets now owned, operated or leased by it and to carry on its
business as it has been and is currently conducted. Each Company is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business makes such
licensing or qualification necessary, except to the extent that any failure to be so licensed, qualified or in good standing would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

SECTION 3.03. Capitalization; Ownership of Shares. A complete list of the authorized and the issued and outstanding capital stock
or other ownership interests, as the case may be, of the Companies and the record holders thereof as of the date of the Original Agreement is set forth in Section 3.03 of the Seller Disclosure Schedule. No shares of capital stock of any
Company are held in the treasury of such Company. All of the Shares and the Subsidiaries Shares are duly authorized, validly issued, fully paid and nonassessable and were not issued in violation of any preemptive rights. There are no options,
warrants, convertible securities or other rights, agreements, arrangements or commitments relating to the Shares or the Subsidiaries Shares obligating either Seller or any Company to sell any Shares or Subsidiaries Shares, or to issue or sell any
shares of capital stock of any Company, any securities convertible into or exchangeable for any shares of capital stock of any Company, or any other interest in any Company. There are no promises by Seller or any Company to grant or award any
securities, options, warrants, calls or other rights to purchase or subscribe for Shares or Subsidiaries Shares. The Shares constitute all the issued and outstanding capital stock of LFMC and are owned of record and beneficially by Seller free and
clear of all Encumbrances (other than any restrictions imposed by applicable securities Laws). The Subsidiaries Shares constitute all the issued and outstanding capital stock of the Subsidiaries and are owned of record and beneficially by LFMC free
and clear of all Encumbrances (other than any restrictions imposed by applicable securities Laws). 
 SECTION 3.04. No Conflict.
Assuming that all consents, approvals, authorizations and other actions described in Section 3.05 have been obtained and all filings and notifications described therein made, and except as may result from any facts or circumstances
relating solely to Purchaser, the execution, delivery and performance by Seller of this Agreement and the Ancillary Documents to which Seller is a party, and the consummation by Seller of the transactions contemplated hereby and thereby, do not and
will not (a) violate, conflict with or result in the breach of the certificate of incorporation or bylaws (or similar organizational documents) of Seller or any of the Companies, (b) conflict with or violate any Law or Governmental Order
applicable to Seller or any of the Companies, (c) except as set forth in 

  
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Section 3.04(c) of the Seller Disclosure Schedule, conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both,
would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, any loan or credit agreement, debenture, concession, purchase or sale order or
other obligation, commitment, understanding, undertaking, Permit, note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, franchise or other instrument or arrangement, whether oral or written (including any amendment,
extension, renewal, guarantee or other supplement with respect thereto) (each, other than any Plan, a “Contract”) to which Seller or any of the Companies is a party or by which any of their respective properties or Assets are bound,
(d) result in the creation or imposition of any Encumbrance (other than Permitted Encumbrances) upon any of the Shares or any Assets, or (e) require the approval, consent, authorization or act of, or the making by Seller or any of the
Companies of any declaration, filing or registration with, any third party or any Governmental Authority, except for such of the foregoing as are necessary pursuant to the Communications Act and the HSR Act and except, in the case of clauses (b),
(c) and (e), as would not reasonably be expected to (i) adversely affect in any material respect the ability of Seller to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement and the Ancillary
Documents, or (ii) materially impair the conduct of the Business. 
 SECTION 3.05. Governmental Consents and Approvals. The
execution, delivery and performance of this Agreement and the Ancillary Documents by Seller, and the consummation by Seller of the transactions contemplated hereby and thereby, and the performance by Seller of its obligations hereunder do not and
will not require any consent, approval, authorization or other order of, Action by, filing or registration with or notification to, any Governmental Authority, except (a) as described in Section 3.05 of the Seller Disclosure
Schedule, (b) the Government Consents, or (c) as may be necessary as a result of any facts or circumstances relating to Purchaser or any of its Affiliates. 

SECTION 3.06. FCC Licenses. 

(a) The Companies are the holders as of the date of the Original Agreement of the licenses, permits and authorizations set forth in
Section 3.06 of the Seller Disclosure Schedule. The Companies hold all of the licenses, permits and authorizations issued by the FCC that are required for or otherwise used in the present operation of the Stations (the “FCC
Licenses”). Except as set forth in Section 3.06 of the Seller Disclosure Schedule, the FCC Licenses are in full force and effect and have not been revoked, suspended, canceled, rescinded or terminated and have not expired. There
is not pending, or, to Seller’s Knowledge, threatened, and, to Seller’s Knowledge on the date of the Original Agreement, no facts exist that may result in, any Action by or before the FCC to revoke, suspend, cancel, rescind or materially
and adversely modify any of the FCC Licenses (other than proceedings to amend FCC rules of general applicability). Except as set forth in Section 3.06 of the Seller Disclosure Schedule, there is not issued or outstanding, by or before
the FCC, any order to show cause, notice of violation, notice of apparent liability, investigation (to Seller’s Knowledge), letter of inquiry or order of forfeiture against any of the Stations or against any Company with respect to any of the
Stations that could result in any such Action, or that may materially affect Purchaser’s ability to operate any Station in accordance with the FCC Licenses. The Stations are operating in compliance in all material respects with the FCC
Licenses, the Communications Act of 1934, as amended (the “Communications Act”), and the rules, regulations and policies of the FCC (the “FCC Rules”). 

  
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 (b) All material reports and filings required to be filed with the FCC by each of the Companies
with respect to each of the Stations have been timely filed. All such reports and filings are accurate and complete in all material respects. Each of the Companies maintain appropriate public inspection files at the Stations as required by the FCC
Rules. 
 (c) Set forth in Section 3.06 of the Seller Disclosure Schedule are the Towers on which the main antenna of each of
the Stations is mounted. With respect to Owned Real Property, and to Seller’s Knowledge with respect to Leased Real Property, the Transmission Structures are registered with the FCC to the extent required by FCC Rules and all such Transmission
Structures have been constructed, and are operated and maintained, in compliance in all material respects with the FCC Licenses and all applicable Laws, including the Communications Act and those promulgated by the FAA (and including, to the extent
applicable, all such Laws concerning the marking, painting, lighting, height and registration of the Transmission Structures). 
 (d) The
Stations and their respective transmission facilities are operating in material compliance with the FCC Licenses, the Communications Act and the FCC Rules. To Seller’s Knowledge, none of the Stations is causing interference in violation of the
FCC Rules to the transmissions of any other broadcast station or communications facility. As of the date of the Original Agreement, neither Seller nor the Companies has received any written complaint with respect to any such interference. To
Seller’s Knowledge, as of the date of the Original Agreement no other broadcast station or communications facility is causing interference in violation of the FCC Rules to any of the Stations’ transmissions or, to the best of Seller’s
Knowledge, to the public’s reception of such transmissions. 
 (e) The Companies do not hold, directly or indirectly, any licenses or
other authorization issued by the FCC with respect to any broadcast station other than the Stations. 
 SECTION 3.07. Financial
Information. 
 (a) Section 3.07 of the Seller Disclosure Schedule contains true and complete copies of (a) the audited
combined balance sheet of the Lincoln Financial Media Radio Stations for the year ended December 31, 2013 and the related audited statements of income and cash flows for the fiscal year of the Lincoln Financial Media Radio Stations then ended
(the “Year End Statements”), and (b) the unaudited combined balance sheet of the Lincoln Financial Media Radio Stations and the related unaudited combined statements of income for the nine (9) month period ending on the
Reference Statement Date, together with the notes thereto (the “Interim Financial Statements” and, together with the Year End Statements, the “Financial Statements”). The Financial Statements have been prepared from
the books and records of the Companies and in accordance with GAAP consistently applied with the past practices of the Companies, are true and complete, and present fairly in all material respects the financial condition and results of operations of
the Lincoln Financial Media Radio Stations for the respective periods covered thereby, subject to any matter disclosed in the notes thereto and, in the case of the Interim 

  
 23 

 
Financial Statements, normal year-end adjustments, which will not be material in amount or materially different in nature from past practices. The books and records of the Companies have been
kept accurately and maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. 

(b) Seller as of the date of the Original Agreement has established and maintains a system of internal accounting controls sufficient to
provide reasonable assurance that transactions are recorded as necessary to permit preparation of the Lincoln Financial Media Radio Stations combined financial statements in conformity with GAAP. 

SECTION 3.08. Absence of Certain Changes. 

(a) Except for actions taken in preparation of the transactions contemplated by this Agreement and the Ancillary Documents, from the Reference
Statement Date through the date of the Original Agreement (i) the Business has been conducted in the ordinary course consistent with past practices in all material respects, and (ii) there has not been any event, occurrence or development
which has had a Material Adverse Effect. 
 (b) Since the Reference Statement Date and through the date of the Original Agreement, neither
the Seller nor any of the Companies has taken any action that if taken by Seller or any Company from the date of the Original Agreement through the Closing Date, would require the consent of Purchaser under Section 5.01 (other than
Section 5.01(b)(xiv)). 
 SECTION 3.09. Absence of Undisclosed Material Liabilities. There are no Liabilities of any
Company (whether accrued, contingent, absolute, determined, determinable or otherwise) of a nature required to be disclosed or reflected on or reserved against in, or to be disclosed in the notes to, the Financial Statements prepared in accordance
with GAAP, other than Liabilities (a) reflected or reserved against on the Financial Statements or the notes thereto, (b) set forth in Section 3.09 of the Seller Disclosure Schedule, (c) incurred since the Reference
Statement Date in the ordinary course of business of the Companies (consistent with past practice), or (d) which would not reasonably be expected, individually or in the aggregate, to materially impair the ownership of the Companies or the
ownership or use of the Assets, and there is no circumstance currently existing as of the date of the Original Agreement that would reasonably be expected to result in such Liability. 

SECTION 3.10. Compliance with Laws; Litigation. 

(a) No Company is in violation of, and for the past three (3) years, no Company has been given written or, to Seller’s Knowledge,
oral notice of or been charged with any violation of, any Law or Governmental Order applicable to any of the Companies or any of their respective Assets and properties by, or investigation, audit or review with respect to, any of the Companies
except for such violations, investigations, audits or reviews that have not and would not reasonably be expected to, individually or in the aggregate, result in material liability to any Company or otherwise interfere in any material respect with
the conduct of their respective businesses as currently conducted or result in any criminal or quasi-criminal Action. 
 (b) The Companies
have the Permits set forth in Section 3.10(b) of the Seller Disclosure Schedule as of the date of the Original Agreement, which represent all such Permits 

  
 24 

 
required under applicable Law or necessary to conduct its business in all material respects as presently conducted and are in compliance in all material respects with the terms of the Permits,
and no event has occurred which, with notice or the lapse of time or both, would cause any Company not to be in compliance in all material respects with, or would allow revocation or termination of, or would result in any other material impairment
of the rights of the holder of, any such Permit. No Company has received written or, to Seller’s Knowledge, oral notice claiming that any Permit may be terminated, revoked, suspended, limited or modified or may not be renewed except where such
revocation, suspension, modification or limitation has not resulted, and would not reasonably be expected to result in material liability to the Business or otherwise materially interfere with the conduct of the Business in substantially the manner
currently conducted. 
 (c) There is no Action pending or, to Seller’s Knowledge, threatened against or affecting Seller or any of the
Companies or their respective Assets, or any officers or directors of any Company in their capacities as such, at Law or in equity or before or by any Governmental Authority that would result in material liability to the Business or otherwise
materially interfere with the conduct of the Business in substantially the manner currently conducted or would affect the legality, validity or enforceability of this Agreement or the Ancillary Documents, or the consummation of the transactions
contemplated hereby or thereby. None of the Companies are subject to any judgment, writ, injunction, settlement agreement, order or decree entered in any lawsuit or proceeding. There is no Governmental Order outstanding against any Company or any of
their respective Assets that, individually or in the aggregate, has resulted or would reasonably be expected to result in material liability to any Company or otherwise interfere in any respect with the conduct of their respective businesses as
currently conducted or result in any criminal or quasi-criminal Action. No Company has received any written notification of, and to Seller’s Knowledge there is no, investigation by any Governmental Authority involving any Company or any of
their respective Assets that, individually or in the aggregate, have resulted or would reasonably be expected to result in material liability to any Company or otherwise interfere in any material respect with the conduct of their respective
businesses as currently conducted or result in any criminal or quasi-criminal Action. 
 (d) This Section 3.10 does not relate
to matters with respect to Taxes. 
 SECTION 3.11. Intellectual Property. 

(a) Section 3.11 of the Seller Disclosure Schedule sets forth a true and complete list as of the date of the Original Agreement of
all (i) issued patents and pending patent applications, (ii) trademark and service mark registrations and applications, (iii) copyright registrations and applications, and (iv) internet domain name registrations, in each case
that are owned by any of the Companies (the “Company Registered IP”). Each item of Company Registered IP is subsisting, and has not been abandoned, cancelled, or otherwise compromised in any material respect. No Action is pending,
or to Seller’s Knowledge is threatened, challenging the validity, enforceability, registration, ownership or use of any of the Company Registered IP in any material respect. Each Company is the owner of the entire right, title and interest in
and to the Intellectual Property set forth opposite its name on Section 3.11 of the Seller Disclosure Schedule, free and clear of all liens and encumbrances other than licenses granted pursuant to the Company IP Agreements. 

  
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 (b) To Seller’s Knowledge, (i) none of the Companies is infringing, misappropriating,
diluting, or otherwise violating the Intellectual Property of any Person, and (ii) no Person is infringing, misappropriating, diluting, or otherwise violating any Company Intellectual Property in any material respect. No Action is pending, or
to Seller’s Knowledge is threatened, alleging that any of the Companies is infringing, misappropriating, diluting, or otherwise violating the Intellectual Property of any Person. 

(c) The execution, delivery and performance by Seller of this Agreement and the Ancillary Documents to which Seller is a party, and the
consummation by Seller of the transactions contemplated hereby and thereby, will not result in the loss, forfeiture, termination, or impairment of, or give rise to a right of any Person to limit, terminate or consent to the continued use of, any
material rights of any of the Companies in any Intellectual Property. 
 (d) To Seller’s Knowledge, all material and competitively
sensitive and confidential Intellectual Property of the Companies has been maintained in confidence in all material respects. 
 (e) All
former and current officers, directors, employees, personnel, consultants, advisors, agents, and independent contractors of the Companies who have contributed to or participated in the conception and development of Company Registered IP for any of
the Companies have entered into valid and binding proprietary rights agreements with the applicable Company vesting ownership of such Company Registered IP in the applicable Company. 

(f) To Seller’s Knowledge, the IT Assets operate and perform in all material respects in accordance with their documentation and
functional specifications and otherwise as required by the Companies and have not materially malfunctioned or failed within the past three (3) years. The Companies have security policies relating to their IT Assets that they believe are
commercially reasonable. 
 SECTION 3.12. Real Property. 

(a) Section 3.12(a) of the Seller Disclosure Schedule lists the street address and legal description of each parcel of Owned
Real Property as of the date of the Original Agreement and the applicable Company that is the current owner of each parcel of Owned Real Property. Except as described in Section 3.12(a) of the Seller Disclosure Schedule, (i) the
applicable Companies (as set forth in Section 3.12(a) of the Seller Disclosure Schedule) are the sole owners and holders of good, marketable and insurable (at standard rates) title in fee simple (and such fee simple interest is recorded)
to each parcel of Owned Real Property free and clear of all Encumbrances, except Permitted Encumbrances, and (ii) Seller has made available to Purchaser copies of each deed for each parcel of Owned Real Property and all title insurance
policies, underlying title exception documents, Leases and surveys relating to the Owned Real Property, in each case to the extent in Seller’s or any Company’s possession. None of the Companies nor, to Seller’s Knowledge, any other
Person is a party to any Lease relating to such 

  
 26 

 
parcels of Owned Real Property except for those Leases listed on Section 3.12(a) of the Seller Disclosure Schedule. Seller has delivered to Purchaser true and complete copies of all
Leases in effect at the date of the Original Agreement relating to the Owned Real Property. 
 (b) Section 3.12(b) of the Seller
Disclosure Schedule lists the street address and legal description of each parcel of Leased Real Property and the identity of the lessor, lessee and current occupant (if different from lessee) of each such parcel of Leased Real Property. Seller
has delivered to Purchaser true and complete copies of the Leases in effect at the date of the Original Agreement relating to the Leased Real Property, and, except as described in Section 3.12(b) of the Seller Disclosure Schedule, there
has not been any sublease, license, assignment entered into or other use or occupancy right granted by any of the Companies, nor to Seller’s Knowledge, any other Person, in respect of the Leases relating to the Leased Real Property. The
Companies (as set forth in Section 3.12(b) of the Seller Disclosure Schedule) are the sole owners and holders of good, valid, existing and enforceable leasehold interests in all of the Leased Real Property, subject to no Encumbrances
other than Permitted Encumbrances. Seller has delivered or otherwise made available to Purchaser true, correct and complete copies of all title insurance reports and policies, underlying title exception documents, surveys, Leases and agreements,
related documents and information pertaining to Leased Real Property (including any and all amendments and modifications thereto) in the possession or under the control of Seller or any of the Companies as of the date of the Original Agreement. Each
Company that is a party thereto has peaceful and undisturbed possession under each Lease with respect to the Leased Real Property. As of the date of the Original Agreement, other than as reflected in the Interim Financial Statements or incurred in
the ordinary course since the Reference Statement Date, there are no leasing commissions or similar payments due, arising out of, resulting from or with respect to any Lease, that is owed by any of the Companies. 

(c) The Real Property constitutes all interests in real property currently used in or held for use in connection with the operation of the
Stations and which are necessary for the continued operation of the Stations as currently conducted. One of the Companies owns, leases or has the legal and recorded right to use in the ordinary course of business all easements, rights of entry and
rights-of-way which are material to the business and operations of the Stations. There are no material structural, electrical, mechanical, plumbing, air conditioning, heating or other defects in the Real Property that materially adversely affect the
operation of the Stations, and all of the buildings, fixtures and improvements located on the Real Property are in good condition and repair (normal wear and tear excepted), adequate to operate such facilities as currently used, are suitable for the
current operation of the Stations and no condition exists that would interfere with the Companies’ customary use and operation thereof in any material respect. 

(d) Except as disclosed in Section 3.12(d) of the Seller Disclosure Schedule, there are no parties in possession of any portion of
the Real Property other than the Companies, whether as lessees, tenants at will, trespassers or otherwise, and no Company, nor, to the Seller’s Knowledge, any other Person has granted any oral or written right to any Person other than the
Companies to Lease the Owned Real Property. There are no options or rights in any third party to purchase or acquire any ownership interest in the Owned Real Property, including pursuant to any executory contracts of sale, rights of first refusal or
options. 

  
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 (e) Each parcel of Owned Real Property is properly and duly zoned for its current use, and such
current use is a conforming use and does not violate any restrictive covenants affecting or encumbering the Owned Real Property, and no zoning, subdivision, building, health, land use, fire or other federal, state or municipal Law is violated by the
continued maintenance, operation, use or occupancy of the Owned Real Property or any tract or portion thereof or interest therein in its present manner, except for such violations that are not material. 

(f) All utilities required in connection with the use, occupancy and operation of each parcel of Real Property are sufficient for its present
purposes and are fully operational and in working order in all material respects. 
 (g) Neither Seller nor any of the Companies has
received any written notice of any assessments, general or special, that have been or are in the process of being levied against any parcel of Real Property, and to Seller’s Knowledge, there are no threatened or contemplated assessments. 

(h) The following are included in the Assets: (i) with respect to Owned Real Property and Leased Real Property pursuant to a ground
lease, the antenna support structures, including any guy anchors and guy wires, used or useful in connection with the operation of the Stations (“Towers”), buildings (including transmitter buildings) and other structures and
improvements used or useful in connection with the operation of the Stations (collectively, “Transmission Structures”), (ii) Transmission Equipment, and (iii) other tangible assets and property. The Companies have, and
upon the Closing Purchaser shall continue to have, full legal and practical access to Real Property in all material respects, and each parcel of Real Property is accessible without charge by a public right of way or is otherwise reasonably
accessible for purposes of conducting the use of each such property, as currently conducted, including reasonable access between and among each transmitter building, the Tower corresponding thereto and, if applicable, each guy anchor supporting each
such Tower. In all material respects, all ingress and egress to, from, between and among the transmitter building, the Tower corresponding thereto and, if applicable, each guy anchor supporting each such Tower are located entirely on the Real
Property; provided, that to the extent that any transmitter building, Tower or, if applicable, guy anchor supporting any Tower is located on an easement comprising the Real Property, such easement (and the corresponding transmitter building,
Tower, or guy anchor thereon) is identified and described in Section 3.12(h) of the Seller Disclosure Schedule. None of the Transmission Structures or the use thereof violates in any material respect any restrictive covenants or
encroaches on any property owned by any other Person, and all such Transmission Structures are constructed in conformity with all applicable “set-back” lines, easements and other restrictions or rights of record in all material respects.

 (i) With respect to Owned Real Property, except as described in Section 3.12(i) of the Seller Disclosure Schedule, no
condemnation or eminent domain proceeding is pending or, to Seller’s Knowledge, threatened which could reasonably be expected to preclude or impair the use of any Owned Real Property by the Stations. With respect to Leased Real Property, to
Seller’s Knowledge, no condemnation or eminent domain proceeding is pending or, to Seller’s Knowledge, threatened which could reasonably be expected to preclude or impair in any way the use of any Leased Real Property by the Stations. 

  
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 SECTION 3.13. Employee Benefit Matters. 

(a) For purposes of this Agreement, “Plans” means all employee benefit plans (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)) and all bonus, equity compensation, incentive, deferred compensation, vacation, paid time off, disability, medical, welfare benefit, retirement, retiree medical or life
insurance, supplemental retirement, severance, change in control, retention, termination or other material benefit plans, agreements, policies, programs or arrangements, and all material employment agreements and independent contractor or other
agreements, whether or not reduced to writing (i) to which any of the Companies is a party or with respect to which any of the Companies has any obligation, and (ii) which are maintained, contributed to or sponsored by Seller or any of the
Companies for the benefit of any current or former employee, officer or director of any of the Companies. Section 3.13(a) of the Seller Disclosure Schedule identifies each Plan that is solely maintained or sponsored by any of the
Companies (each, a “Company Plan”); provided, that with respect to employment agreements, Section 3.13(a) of the Seller Disclosure Schedule is only required to include employment agreements with total annual
compensation payments in excess of $200,000. Seller has made available to Purchaser a true and complete copy of each Company Plan (including any amendment) and, if applicable, related trust agreements, annuity contracts, insurance contracts, summary
plan descriptions, and summaries of material modification, all amendments thereto, the most recent IRS determination or opinion letter (if any), the most recent annual reports (including Form 5500 and any applicable schedules thereto) required to be
filed in connection with any such Company Plan, and all notices that were given to Seller, the Companies or a Company Plan by the Internal Revenue Service, Department of Labor, or other Governmental Authority concerning any Company Plan. 

(b) Each Company Plan has been operated in all material respects in accordance with its terms and the requirements of all applicable Laws.
Except as set forth in Section 3.13(b) of the Seller Disclosure Schedule, no material Action is pending or, to Seller’s Knowledge, threatened with respect to any Company Plan (other than claims for benefits in the ordinary course).

 (c) Except as set forth in Section 3.13(c) of the Seller Disclosure Schedule, all benefits, contributions and premiums
required by and due under the terms of each Company Plan or applicable Law have been timely paid in accordance with the terms of such Company Plan and applicable Law or, if not yet due, have been properly accrued. 

(d) Each Company Plan that is intended to be qualified under Section 401(a) of the Code or Section 401(k) of the Code has received a
favorable determination or opinion letter from the IRS on which it is entitled to rely covering all of the provisions applicable to the Plan for which determination or opinion letters are currently available that the Plan is so qualified and each
trust established in connection with any Plan which is intended to be exempt from federal income taxation under Section 501(a) of the Code has received a determination letter from the IRS that it is so exempt. To Seller’s Knowledge,
nothing has occurred that would reasonably be expected to cause the revocation of such determination letter from the IRS or the unavailability of reliance on such opinion letter from the IRS, as applicable. 

  
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 (e) No Plan: (i) is subject to Title IV of ERISA or the minimum funding standards of
Section 302 of ERISA or Section 412 of the Code, (ii) is a “multi-employer plan” (as defined in Section 3(37) of ERISA), (iii) is a “multiple employer plan welfare arrangement” (as defined in
Section 3(40) of ERISA), or (iv) in the case of Company Plans only, is a “nonqualified deferred compensation plan” subject to Section 409A of the Code. None of the Companies: (A) has any unsatisfied liability under
Title IV of ERISA, (B) has withdrawn from any pension plan under circumstances resulting (or expected to result) in a liability to the Pension Benefit Guaranty Corporation, or (C) has engaged in any transaction which would give rise to a
liability of such Company under Section 4069 or Section 4212(c) of ERISA; and to Seller’s Knowledge, no condition exists that presents a material risk to any Company of incurring a material liability under Title IV of ERISA. 

(f) Except as set forth in Section 3.13(f) of the Seller Disclosure Schedule and other than as required under Section 4980B
of the Code or other applicable Law, no Company Plan provides benefits or coverage in the nature of health, life or disability insurance following retirement or other termination of employment (other than death benefits when termination occurs upon
death). 
 (g) Except as set forth in Section 3.13(g) of the Seller Disclosure Schedule, neither the execution and delivery of
this Agreement nor the consummation of the transactions contemplated hereby could, either alone or in combination with another event, (i) entitle any employee, director, or independent contractor of a Company to severance pay or any material
increase in severance pay (other than severance pay required by any Law) for which Purchaser or any of the Companies will be liable, (ii) accelerate the time of payment or vesting, or materially increase the amount of compensation due to any
such employee, director, or independent contractor, or (iii) result in the payment of any amount that could, individually or in combination with any other such payment, constitute an “excess parachute payment” as defined in
Section 280G(b)(1) of the Code. 
 SECTION 3.14. Labor Matters. 

(a) No Company is a party to, or bound by, any collective bargaining or other agreement with a labor organization representing any of its
employees. Within the past three (3) years, there has not been, nor, to Seller’s Knowledge, has there been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar material labor
activity or dispute affecting any Company. 
 (b) Each of the Companies is in material compliance with all applicable Laws pertaining to
employment, employment practices, labor, collective bargaining, discrimination, parental leave and pay, immigration control, worker classification, information and data privacy and security, terms and conditions of employment, wages and hours,
employment standards, human rights, occupational safety, workers’ compensation, mass layoffs, collective redundancies and plant closings. There are no actions, suits, claims, investigations or other legal proceedings against any of the
Companies pending, or to Seller’s Knowledge, threatened to be brought or filed, by or with any Governmental Authority or arbitrator in connection with the employment of any current or former employee of the Companies, including, without
limitation, any claim relating to unfair labor practices, employment discrimination, harassment, retaliation, equal pay or any other employment related matter arising under applicable Laws. 

  
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 SECTION 3.15. Material Contracts. 

(a) Section 3.15(a) of the Seller Disclosure Schedule lists each of the following Contracts and agreements to which Seller or any
of the Companies is a party or by which it is bound, or to which any of the Assets are subject as of the date of the Original Agreement (such Contracts and agreements being “Material Contracts”): 

(i) all collective bargaining agreements or Contracts with any labor union or labor organization applicable to employees of any
of the Companies; 
 (ii) all Contracts relating to Indebtedness (other than Indebtedness between Companies) or pursuant to
which any Company has committed to incur Indebtedness, or guaranteed Indebtedness of any other Person (other than another Company) or any indemnification agreements (other than indemnification provisions set forth in customer or vendor agreements
entered into in the ordinary course of business); 
 (iii) all Contracts that limit or purport to limit in any material
respect the ability of any of the Companies to compete in any line of business or with any Person or in any geographic area or during any period of time or to own, operate, sell, transfer, pledge or otherwise dispose of or encumber any material
Asset and which would so limit the freedom of Purchaser and the Companies after the Closing Date; 
 (iv) all employment
Contracts with total annual compensation payments in excess of $200,000, and all non-employment Contracts with total annual payments in excess of $50,000 or with total aggregate payments in excess of $100,000; 

(v) all Contracts between or among any of the Companies, on the one hand, and Seller or any Affiliate of Seller, on the other
hand (the “Affiliate Agreements”); 
 (vi) all Leases; 

(vii) all Contracts providing any of the Companies with national advertising sales representation; 

(viii) all partnership or joint venture agreements in which any Company participates as a general partner or joint venturer or
any limited liability company agreements, partnership agreements, or joint venture agreements; 
 (ix) all Contracts that by
their terms provide for the sale, assignment, license or other disposition of any material Asset or right of any Company, other than in the ordinary course of business; 

(x) all Contracts during the five (5) year period prior to the date of the Original Agreement with respect to the
acquisition or disposition of any business, assets 

  
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or securities outside the ordinary course of business, or any equity or debt investment in or any loan or capital contribution to any Person, in each case with any continuing obligation on the
part of any Company; 
 (xi) all Contracts pursuant to which any Company has advanced or loaned any amount to any of its
directors, officers or employees; 
 (xii) all Contracts requiring capital expenditures after the date of the Original
Agreement in excess of $100,000 in any calendar year; and 
 (xiii) all commitments to enter into any of the foregoing. 

(b) Seller has made available to Purchaser true and complete copies of all written Material Contracts, and set forth in
Section 3.15(b) of the Seller Disclosure Schedule are true and complete descriptions of the material terms and conditions of all oral Material Contracts (including any and all amendments and other modifications to such Material
Contracts). Each Material Contract (i) is the legal, valid and binding obligation of the Company that is party thereto, as the case may be, and, to Seller’s Knowledge, the counterparties thereto, in each case enforceable in accordance with
their respective terms, and is in full force and effect, subject to the Enforceability Exceptions, and (ii) upon consummation of the transactions contemplated by this Agreement shall continue in full force and effect without penalty or other
adverse consequence. None of the Companies (nor, to Seller’s Knowledge, any other party) is in breach of, or default under (or to Seller’s Knowledge alleged to be in breach of, or default under), any Material Contract, and, to
Seller’s Knowledge, no other party to any Material Contract has breached or defaulted thereunder, in each case, except for such breaches or defaults that would not result in material liability to the Business or otherwise materially interfere
with the conduct of the Business in substantially the manner currently conducted. No event has occurred and no condition or state of facts exists that, with the receipt of notice or the passage of time or both, will, or would reasonably be expected
to, (A) result in a violation or breach of any of the provisions of any Material Contract by any Company or, to Seller’s Knowledge, any counterparty or other third party thereto, (B) give any counterparty or other third party the
right to declare a default or exercise any remedy under any Material Contract, (C) give any counterparty or other third party the right to accelerate the maturity or performance of any Material Contract, or (D) give any counterparty or
third party the right to cancel, terminate or modify any Material Contract. Neither Seller nor any Company has (1) sent or received any notice indicating that any party to any of the Material Contracts intends to amend the terms of, cancel,
refuse to renew upon its expiration on terms or to renew only upon terms and conditions that are materially less favorable to the Company that is a party thereto, or terminate any Material Contract, or (2) sent or received any notice of default
under any Lease that remains outstanding and uncured as of the date of the Original Agreement. All oral Material Contracts set forth in Section 3.15(b) of the Seller Disclosure Schedule are terminable by the Company that is a party
thereto at will or upon no more than thirty (30) days’ notice. 

  
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 SECTION 3.16. Environmental Matters. Except as set forth in Section 3.16 of
the Seller Disclosure Schedule: 
 (a) The Companies are now and at all times have been in compliance in all material
respects with all applicable Environmental Laws, including such Environmental Laws relating to the manufacture, generation, processing, storage, treatment, recycling, removal, cleanup, transport or disposal of all Hazardous Materials at the Real
Property or otherwise applicable to the Business and operations of the Companies and the possession of all Environmental Permits required by any applicable Environmental Laws. 

(b) Neither Seller nor any Company has received any demand notice, claim, request for information, complaint or administrative
or judicial order, and there is no pending or, to Seller’s Knowledge, threatened civil or criminal litigation, claim, notice of violation, formal administrative proceeding, or investigation, inquiry or information request from any Governmental
Authority or any Person regarding any liabilities or potential liabilities (whether accrued, absolute, contingent, unliquidated or otherwise), including any material investigatory, remedial or corrective obligations, arising under Environmental Law
with respect to the Companies, the Real Property, the Stations or the Assets and there are no conditions or occurrences with respect to the Companies, the Real Property, the Stations or the Assets that would reasonably be expected to lead to any
such demands, claims, information requests or notices. 
 (c) The current and historical operation and use of the Stations,
the Real Property and the Assets is and has been during the past five (5) years in compliance in all material respects with all applicable Environmental Laws, including those Environmental Laws relating to the manufacture, generation,
processing, storage, treatment, recycling, removal, cleanup, transport or disposal of all Hazardous Materials at or from the Stations or the Real Property. 

(d) There has been no Release of any Hazardous Materials at or from the Real Property (to Seller’s Knowledge, in the case
of periods prior to the Companies’ ownership of the Owned Real Property or in the case of the Leased Real Property) or other Asset reportable under or in violation of any Environmental Law or that would reasonably be expected to give rise to
any liability or remediation obligation on Purchaser under any Environmental Law. 
 (e) There are no Hazardous Materials at,
on, under or emanating from any Real Property that are in excess of any concentration levels or standards prescribed by any Environmental Law or that would reasonably be expected to give rise to any liability or remediation obligation under any
Environmental Law. 
 (f) There are no underground storage tanks, polychlorinated biphenyls or asbestos-containing material
located at any of the Real Property and, any storage tanks (whether under or above ground) previously located at any such property were, to Seller’s Knowledge, at all times maintained, operated, sealed, closed and disposed of in accordance with
all applicable Environmental Laws. 
 (g) There are no circumstances or conditions present at the operations of the Stations
or any of the Real Property or other Assets that would reasonably be expected to prevent the operations, when used and operated in the manner currently used and operated, from continuing to operate in material compliance with all applicable
Environmental Laws. 

  
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 (h) Neither Seller, any Company nor, to Seller’s Knowledge, any third party
(including any prior owner or tenant of the Real Property) has manufactured, generated, processed, used, handled, treated, stored, disposed of or Released any Hazardous Materials at, under, on or about the Real Property in violation of any
Environmental Law. 
 (i) True and complete copies of all material environmental reports pertaining to the Real Property, the
Assets, the Stations or the Companies in Seller’s or any Company’s possession or control have been delivered to Purchaser prior to Closing. 

(j) This Section 3.16 contains the sole and exclusive representations and warranties of Seller with respect to
Environmental Laws and other environmental matters. 
 SECTION 3.17. Insurance. As of the date of the Original Agreement, the
Companies have in force, or are an insured party pursuant to, policies of insurance in the amounts and with the insurance companies as set forth in Section 3.17 of the Seller Disclosure Schedule. As of the date of the Original Agreement,
each such policy is valid and binding, and is or has been in effect during the entire policy period stated therefor and, except as set forth in Section 3.17 of the Seller Disclosure Schedule, no such policy will terminate or lapse prior
to the Closing by reason of the transactions contemplated by this Agreement. True and complete copies of all such policies have been delivered to Purchaser. All insurance policies are in the name of Seller, Seller’s parent company or in the
name of any of the Companies and all premiums with respect to such policies are currently, and as of the Closing Date will be, paid or accrued. As of the date of the Original Agreement, none of Seller or any of the Companies has received any written
notice of any defects in the Real Property or cancellation or termination of any insurance policy maintained in favor of a Company or been denied or had revoked or rescinded any insurance coverage. As of the date of the Original Agreement, none of
the Companies has received any written notice, and to Seller’s Knowledge, any other notice, from any board of fire underwriters (or other body exercising similar functions) requesting that Seller or any Company perform any material repairs,
alterations or other work to the improvements on any Real Property, with which full compliance has not been made. 
 SECTION 3.18.
Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller
or any of the Companies, in each case, for which either Purchaser or any of the Companies will have liability following the Closing. 

SECTION 3.19. Corporate Records. All significant corporate actions taken by any of the Companies since their respective
incorporations have been duly and validly authorized by all necessary corporate action, except as would not be material to the Companies, taken as a whole. True and complete copies of the certificates of incorporation and bylaws of each of the
Companies, each as amended to the date of the Original Agreement and currently in full force and effect, have been made available to Purchaser. 

  
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 SECTION 3.20. Subsidiaries. No Subsidiary owns, directly or indirectly, any capital
stock or other participation in or of any Person other than another Subsidiary. LFMC does not own, directly or indirectly, any capital stock or other participation in or of any Person other than the Subsidiaries. 

SECTION 3.21. Assets of the Business. Except as set forth in Section 3.21 of the Seller Disclosure Schedule, the
Assets owned, leased or licensed by the Companies (a) constitute all of the assets used or held for use by the Companies in the Business, (b) are adequate to continue to operate the Business as it is presently conducted consistent with
past practice in all material respects, and (c) to the extent owned by the Company are owned free and clear of all Encumbrances other than Permitted Encumbrances. The Companies have good and valid title to, or a valid leasehold interest in or
license to, all of the properties and Assets used by the Companies in the Business, free and clear of all Encumbrances other than Permitted Encumbrances. 

SECTION 3.22. Related Party Transactions. Except as set forth in Section 3.22 of the Seller Disclosure Schedule, none
of the Companies, nor any of their respective Affiliates or any directors or officers of Lincoln National Corporation (or any of their “immediate family members,” as defined in Item 404 of Regulation S-K promulgated under the Exchange
Act) is presently, or during the twelve (12) month period ending on the date of the Original Agreement has been, (a) a party to any transaction with any Company, including any Contract providing for the furnishing of services by, or rental
of real or personal property from, or otherwise requiring payments to, any such Affiliate, director or officer, or (b) the direct or indirect owner of any material property right, tangible or intangible, which is used by a Company in the
conduct of its business. Ownership of five percent or less of any class of securities of a company whose securities are registered under the Exchange Act, as amended, shall not be deemed to be an interest for purposes of this
Section 3.22. 
 SECTION 3.23. Bank Accounts. Section 3.23 of the Seller Disclosure Schedule contains a
complete list as of the date of the Original Agreement of all (a) bank accounts, and (b) lock-box accounts of each of the Companies. 

SECTION 3.24. Preferred Stock. Seller is an “accredited investor” within the meaning set forth in the rules and
regulations promulgated under the Securities Act. Seller has such knowledge and experience in financial and business matters that Seller is capable of evaluating the risks and merits of the transactions contemplated hereby, including an investment
in the Preferred Stock to be received by Seller pursuant to this Agreement and is able to bear the economic risk inherent in holding such Preferred Stock. The Preferred Stock is being acquired by Seller on behalf of itself and not for any other
Person and for the account of Seller (or one of Seller’s Affiliates to which it may transfer the Preferred Stock), not as a nominee or agent and not for the account of any other Person. Seller (a) has had reasonable opportunity to ask
questions of and receive answers from Purchaser concerning the acquisition of the Preferred Stock, (b) has been permitted access, to Seller’s satisfaction, to any information or data regarding Purchaser that it has requested, and
(c) understands that the acquisition of the Preferred Stock is subject to risks and acknowledges that it fully understands such risks. Seller acknowledges that Seller and its advisors have been given access to documents filed by Purchaser with
the SEC. Each party acknowledges that the Preferred Stock was not offered to Seller by way of general 

  
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solicitation or general advertising by any means. Seller understands that the shares of Preferred Stock being issued hereunder have not been registered or qualified under the Securities Act, or
any applicable state securities laws. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER 

Except as set forth in the Purchaser Disclosure Schedule, which Purchaser Disclosure Schedule is arranged in sections corresponding to the lettered and
numbered paragraphs contained in this Agreement, and whether or not the corresponding lettered and numbered paragraph contains an explicit reference to the Purchaser Disclosure Schedule, provided that (i) items disclosed in one section of the
Purchaser Disclosure Schedule shall be deemed disclosed in all other applicable sections of the Purchaser Disclosure Schedule to the extent it is reasonably apparent on the face of such disclosure that such disclosure is relevant to another section
of this Agreement or of the Purchaser Disclosure Schedule, and (ii) the mere inclusion of an item in the Purchaser Disclosure Schedule as an exception to a representation, warranty or covenant shall not be deemed an admission by Purchaser that
such item has had, or would have, a Purchaser MAE, or that such item is material or meets or exceeds any monetary or other threshold specified for disclosure in the Agreement, subject to Section 1.03(h) Purchaser hereby represents and
warrants to Seller as follows: 
 SECTION 4.01. Organization, Authority and Qualification of Parent and Purchaser. Purchaser is
a limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all necessary power and authority to enter into the Original Agreement (and as of this tenth (10th) day of July, 2015, to enter into this Agreement) and the Ancillary Documents, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and
thereby. Parent is a corporation duly organized and validly existing under the laws of the jurisdiction of its incorporation and has all necessary corporate power and authority to enter into the Original Agreement (and as of this tenth (10th) day of July, 2015, to enter into this Agreement) and the Ancillary Documents, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and
thereby. Each of Purchaser and Parent is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business makes such licensing or qualification
necessary, except to the extent that the failure to be so licensed, qualified or in good standing would not reasonably be expected to have a Purchaser MAE. The execution and delivery of the Original Agreement (and as of this tenth (10th) day of July, 2015, the execution and delivery of this Agreement) and the Ancillary Documents by Purchaser and Parent, the performance by Purchaser and Parent of their obligations hereunder and
thereunder and the consummation by Purchaser and Parent of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of Purchaser and Parent, including its board of directors. The Original
Agreement (and as of this tenth (10th) day of July, 2015, this Agreement) and the Ancillary Documents have been, or upon execution and delivery thereof (in the case of Ancillary Documents not
delivered herewith) will be, duly executed and delivered by Purchaser and Parent, and (assuming due authorization, execution and delivery by Seller) are, or upon execution and delivery thereof (in the case of Ancillary Documents not delivered
herewith) will be, legal, valid and binding obligations of Purchaser and Parent, enforceable against Purchaser 

  
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and Parent in accordance with their respective terms, subject to the Enforceability Exceptions. No further act or proceeding on the part of Purchaser, Parent or its shareholders is necessary to
authorize the Original Agreement (and as of this tenth (10th) day of July, 2015, this Agreement), the Ancillary Documents and the transactions contemplated hereby and thereby. True and
complete copies of the certificates of incorporation and bylaws of each of Parent and Purchaser, each as amended to the date of the Original Agreement and currently in full force and effect, have been made available to Seller. The representations
and warranties contained in this Section 4.01, to the extent that they expressly reference the Original Agreement, shall be deemed made only as of the date of the Original Agreement and not as of any other time, including the Closing
Date. 
 SECTION 4.02. Organization, Authority and Qualification of the Parent Subsidiaries. Each of the Parent Subsidiaries
that is a “significant subsidiary” as defined in Rule 210.1-02(w) of Regulation S-X promulgated under the Exchange Act is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
and has all necessary corporate power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business as it has been and is currently conducted. Each of the Parent
Subsidiaries that is a “significant subsidiary” as defined in Rule 210.1-02(w) of Regulation S-X promulgated under the Exchange Act is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the
properties owned or leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent that any failure to be so licensed, qualified or in good standing would not reasonably be expected to have,
individually or in the aggregate, a Purchaser MAE. 
 SECTION 4.03. No Conflict. Assuming that all consents, approvals,
authorizations and other actions described in Section 4.04 have been obtained and all filings and notifications described therein made, and except as may result from any facts or circumstances relating solely to Seller, the execution,
delivery and performance by Purchaser and Parent of this Agreement and the Ancillary Documents to which Purchaser or Parent is a party (including the guarantee agreements pursuant to Section 5.17), and the consummation by Purchaser and
Parent of the transactions contemplated hereby and thereby, do not and will not (a) violate, conflict with or result in the breach of the certificate of incorporation or bylaws (or similar organizational documents) of Purchaser or Parent,
(b) conflict with or violate any Law or Governmental Order applicable to Purchaser or Parent or their respective assets, properties or businesses, (c) conflict with, result in any breach of, constitute a default (or event which with the
giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any Contract to which Purchaser or
Parent is a party or by which any of their respective properties or assets are bound, (d) result in the creation or imposition of any Encumbrance (other than Permitted Encumbrances) upon any of their assets, or (e) require the approval,
consent, authorization, act of, or the making by Purchaser or Parent of any declaration, filing or registration with, any third party or any Governmental Authority, except for such of the foregoing as are necessary pursuant to the Communications Act
and the HSR Act, except, in the case of clauses (b), (c) and (e), as would not reasonably be expected to (i) adversely affect in any material respect the ability of Purchaser and Parent to carry out their obligations under, and to
consummate the transactions contemplated by, this Agreement and the Ancillary Documents or (ii) have a Purchaser MAE. 

  
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 SECTION 4.04. Governmental Consents and Approvals. The execution, delivery and
performance of this Agreement and the Ancillary Documents by Purchaser and Parent, and the consummation of the transactions contemplated hereby and thereby, and the performance by Purchaser and Parent of their respective obligations hereunder and
thereunder do not and will not require any consent, approval, authorization or other order of, Action by, filing or registration with or notification to, any Governmental Authority, except (a) as described in Section 4.04 of the
Purchaser Disclosure Schedule, or (b) the Government Consents. 
 SECTION 4.05. Investment Purpose. Purchaser is
acquiring the Shares solely for the purpose of investment and not with a view to, or for offer or sale in connection with, any distribution thereof, and in compliance with all applicable Laws, including United States federal securities Laws.
Purchaser agrees that the Shares may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and any applicable state securities Laws, except pursuant to an exemption
from such registration under the Securities Act and such Laws. Purchaser is able to bear the economic risk of holding the Shares for an indefinite period (including total loss of its investment), and (either alone or together with its advisors) has
sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment. Purchaser (a) has had reasonable opportunity to ask questions of and receive answers from Seller
concerning the acquisition of the Shares, (b) has been permitted access, to Purchaser’s satisfaction, to any information or data regarding Seller that it has requested, and (c) understands that the acquisition of the Shares is subject
to risks and acknowledges that it fully understands such risks. 
 SECTION 4.06. Compliance with Laws; Litigation. 

(a) No Action by or against Purchaser, Parent or any Parent Subsidiary is pending or, to the Knowledge of Purchaser or Parent, threatened,
which would be reasonably expected to result in a Purchaser MAE or have a material adverse impact on the legality, validity or enforceability of this Agreement or the consummation of the transactions contemplated hereby or thereby. None of
Purchaser, Parent or any Parent Subsidiary is subject to any material judgment, writ, injunction, settlement agreement, order or decree entered in any lawsuit or proceeding. There is no Governmental Order outstanding against Purchaser, Parent or any
Parent Subsidiary or any of their respective assets that, individually or in the aggregate, has resulted or would reasonably be expected to result in a Purchaser MAE. None of Purchaser, Parent or any Parent Subsidiary has received any written
notification of, and to Purchaser’s and Parent’s Knowledge there is no, investigation by any Governmental Authority involving any of them or any of their respective assets that, individually or in the aggregate, have resulted or would
reasonably be expected to result in a Purchaser MAE. 
 (b) None of Purchaser, Parent or any Parent Subsidiary is in violation of, and for
the past three (3) years, none of Purchaser, Parent or any Parent Subsidiary has been given written or, to the Knowledge of Purchaser and Parent, oral notice of or been charged with any violation of, any Law or Governmental Order applicable to
any of them or any of their respective assets and properties by , or investigation, audit or review with respect to, any of them, except for such violations, investigations, audits or reviews that have not and would not reasonably be expected to,
individually or in the aggregate, result in material liability to Purchaser or Parent or otherwise interfere in any material respect with the conduct of their respective businesses as currently conducted or result in any criminal or quasi-criminal
Action. 

  
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 (c) Each of Purchaser, Parent and the Parent Subsidiaries possesses all Permits required under
applicable Law or necessary to conduct its business in all material respects as presently conducted and is in compliance in all material respects with the terms of the Permits, and no event has occurred which, with notice or the lapse of time or
both, would cause any of them not to be in compliance in all material respects with, or would allow revocation or termination of, or would result in any other material impairment of the rights of the holder of, any such Permit. None of Purchaser,
Parent or any Parent Subsidiary has received written or, to Purchaser’s and Parent’s Knowledge, oral notice claiming that any Permit may be terminated, revoked, suspended, limited or modified or may not be renewed except where such
revocation, suspension, modification or limitation has not resulted, and would not reasonably be expected to result in, material liability to the business of Parent and its subsidiaries or otherwise materially interfere with the conduct of the
business of Parent and its subsidiaries in substantially the manner currently conducted. 
 SECTION 4.07. Qualification. Except
as set forth on Section 4.07 of the Purchaser Disclosure Schedule, Purchaser and Parent are legally, financially and otherwise qualified to acquire the Shares and to own each of the Companies and to control and operate the Stations under
the Communications Act and the FCC Rules, and there are no facts that would, under existing Law, including the FCC Rules, disqualify Purchaser as transferee of control of the FCC Licenses. Except as set forth on Section 4.07 of the Purchaser
Disclosure Schedule, neither Purchaser nor Parent is required to obtain any waiver of or exemption from any FCC Rule for the FCC Consent to be obtained. Except as set forth in Section 4.07 of the Purchaser Disclosure Schedule, there
are no matters relating to Purchaser or Parent that would reasonably be expected to result in the FCC’s denial or delay of approval of the FCC Application. At Closing, Purchaser will have sufficient net liquid assets on hand or available from
committed sources to consummate the transactions contemplated by this Agreement, including, to pay the Purchase Price and to operate the Stations and otherwise conduct its business following Closing. 

SECTION 4.08. Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Purchaser or Parent. 

SECTION 4.09. Preferred Stock. The Preferred Stock to be issued in connection with this Agreement will be, when issued in
accordance with the terms hereof, duly authorized, validly issued, fully paid and nonassessable and will not be issued in violation of any preemptive rights. 

SECTION 4.10. Capitalization. 

(a) As of the date of the Original Agreement, the authorized capital stock of Parent consists of (i) 200,000,000 shares of Securities, of
which 31,888,613 shares are issued and outstanding, (ii) 75,000,000 shares of Class B Common Stock of Parent, of which 7,197,532 shares are issued and outstanding, (iii) 50,000,000 shares of Class C Common Stock

  
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of Parent, of which 0 shares are issued and outstanding, and (iv) 25,000,000 shares of preferred stock of Parent, of which zero (0) shares are issued and outstanding (collectively, the
“Parent Shares”). No Parent Shares are held in treasury. All of the outstanding Parent Shares have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive rights. 

(b) Except as set forth in Section 4.10(b) of the Purchaser Disclosure Schedule, and except for incentive or other compensation
plans or arrangements for directors, officers, employees and consultants of Parent and its subsidiaries involving Securities, there are no (i) options, warrants, convertible securities or other rights relating to any equity interests of Parent,
or (ii) agreements or arrangements obligating Parent to issue, acquire or sell any equity interests of Parent. 
 (c) There are no
bonds, debentures, notes or other Indebtedness of Parent having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters on which holders of Parent Shares may vote. 

SECTION 4.11. SEC Filings; Financial Statements. 

(a) Since January 1, 2012, Parent has filed with, or otherwise furnished to, as applicable, all registration statements, prospectuses,
forms, reports, definitive proxy statements, schedules and other documents required to be filed with or furnished by it to the SEC pursuant to the Securities Act or the Exchange Act, as the case may be, together with all certifications required
pursuant to the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) (such documents and any other documents filed by Parent with or furnished by Parent to the SEC, together with any supplements, modifications and amendments
thereto since the time of filing, collectively, the “Parent SEC Documents”). As of their respective filing dates and, if supplemented, modified or amended since the time of filing, as of the date of such supplement, modification or
amendment (and at the time of effectiveness, in the case of registration statements, and at the time of the applicable shareholder meeting, in the case of proxy statements), the Parent SEC Documents (i) did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and (ii) complied in all material
respects with the applicable requirements of the Exchange Act or the Securities Act, as the case may be, and the Sarbanes-Oxley Act. No executive officer of Parent has failed to make the certifications required of him or her under Section 302
or 906 of the Sarbanes-Oxley Act. As of the date of the Original Agreement, no Parent Subsidiary is separately subject to the periodic reporting requirements of the Exchange Act. As of the date of the Original Agreement, there are no outstanding
comments from or unresolved issues raised by the SEC with respect to any of the Parent SEC Documents. 
 (b) The audited consolidated
financial statements and unaudited consolidated interim financial statements of Parent and the Parent Subsidiaries (including, in each case, any related notes and schedules thereto) included in the Parent SEC Documents (collectively, the
“Parent Financial Statements”), (i) complied as of their respective dates of filing with the SEC, in all material respects with the published rules and regulations of the SEC with respect thereto, (ii) have been prepared
from the books and records of Parent and in accordance with GAAP 

  
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applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of interim financial statements, for normal and recurring year-end
adjustments and as may be permitted by the SEC on Form 10-Q, Form 8-K or any successor or like form under the Exchange Act), and (iii) fairly present in all material respects the consolidated financial position and the consolidated results of
operations, cash flows and changes in shareholders’ equity of Purchaser as of the dates and for the periods referred to therein (except, in the case of interim financial statements, for normal and recurring year-end adjustments as may be
permitted by the SEC on Form 10-Q, Form 8-K or any successor or like form under the Exchange Act). The books and records of Parent have been kept accurately and maintained in all material respects in accordance with GAAP and any other applicable
legal and accounting requirements. As of the date of the Original Agreement, neither PricewaterhouseCoopers LLP nor any director or officer of Parent has resigned (or informed Parent that it intends to resign) or been dismissed by Parent as a result
of or in connection with any disagreements with Parent on a matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure. 

(c) Parent has established and maintains a system of internal accounting controls that comply with Rule 13a-15 under the Exchange Act and are
sufficient to provide reasonable assurance: (i) that material transactions, receipts and expenditures of Parent and the Parent Subsidiaries are being executed and made only in accordance with appropriate authorizations of management and the
board of directors of Parent, (ii) that transactions are recorded as necessary to permit preparation of Parent’s consolidated financial statements in conformity with GAAP, (iii) that material information relating to Parent and the
Parent Subsidiaries is made known to management and the board of directors of Parent, and (iv) that the amount recorded for assets on the books and records of the Parent and the Parent Subsidiaries are compared with the existing assets and
appropriate action is taken with respect to any difference. Parent’s principal executive officer and principal financial officer have disclosed, based on their most recent evaluation prior to the date of the Original Agreement, to Parent’s
outside auditors and the audit committee of Parent’s board of directors (x) any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) which are reasonably likely to adversely affect Parent’s ability to record, process, summarize and report financial information, and (y) any fraud, whether or not material, that involves management or other employees who have
a significant role in Parent’s internal controls over financial reporting. 
 SECTION 4.12. Absence of Undisclosed Material
Liabilities. There are no material Liabilities of Purchaser, Parent or the Parent Subsidiaries (whether accrued, contingent, absolute, determined, determinable or otherwise) of a nature required to be disclosed or reflected on or reserved
against in, or to be disclosed in the notes to, the Parent Financial Statements as of and for the period ended on the Reference Statement Date included in the Parent SEC Documents, other than Liabilities (a) reflected or reserved against on the
Parent Financial Statements or the notes thereto, (b) set forth in Section 4.12 of the Purchaser Disclosure Schedule, (c) incurred since the Reference Statement Date in the ordinary course of business of Purchaser and Parent
(consistent with past practice), or (d) that would not reasonably be expected, individually or in the aggregate, to materially impair the operation of Purchaser’s business, and to Purchaser’s Knowledge there is no circumstance
currently existing as of the date of the Original Agreement that would reasonably be expected to result in such Liability. 

  
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 SECTION 4.13. Absence of Certain Changes. Since the Reference Statement Date, through
the date of the Original Agreement, there has not been any Purchaser MAE or any event(s), circumstance(s), change(s), or effect(s) which have had or would reasonably be expected to have, individually or in the aggregate with all other such event(s),
circumstance(s), change(s), or effect(s), a Purchaser MAE. 
 SECTION 4.14. Financing. On the Closing Date, Purchaser will have
sufficient cash, available lines of credit or other sources of immediately available funds to make the payments required by this Agreement. 

SECTION 4.15 Material Contracts. Parent, or its applicable subsidiary party to each of the Contracts filed as exhibits to Parent’s
most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q pursuant to Item 601 of Regulation S-K promulgated by the SEC, is in compliance with, and is not in default under, any such Contract, except as has not, and would not
reasonably be expected to have, individually or in the aggregate, a Purchaser MAE. 
 ARTICLE V 

ADDITIONAL AGREEMENTS 

SECTION 5.01. Conduct of Business Prior to the Closing. 

(a) Except (i) with the written consent of Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed),
(ii) as set forth in Section 5.01(a) of the Seller Disclosure Schedule, (iii) as otherwise expressly permitted by the terms of this Agreement, or (iv) as required by Law, from the date of the Original Agreement until the
earlier of the Closing Date and the termination of this Agreement in accordance with its terms, Seller shall, and shall cause each of the Companies to, (A) conduct its business in all material respects in the ordinary course in substantially
the same manner as currently conducted, and in compliance with all Laws, and (B) use commercially reasonable efforts to preserve intact in all material respects the Companies’ present operations, organization and goodwill and present
relationships with customers, suppliers, Governmental Authorities and other Persons with whom any Company has similar relationships. Notwithstanding the foregoing, or anything in this Agreement to the contrary, Seller shall not be required to make
or incur any capital expenditures with respect to the Companies. 
 (b) Seller covenants and agrees that, except as described in
Section 5.01(b) of the Seller Disclosure Schedule and except as required or expressly permitted by this Agreement, or as required by Law, between the date of the Original Agreement and the earlier of the Closing Date and the termination
of this Agreement in accordance with its terms, without the prior written consent of Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed), none of the Companies will (and in the case of clause (xvi) below, with
respect to any Company, Seller (or any of its Affiliates) will not): 
 (i) (A) issue, transfer, sell or dispose of any
capital stock, notes, bonds or other securities (or any option, warrant or other right to acquire the same) or other 

  
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equity interests of any Company, (B) redeem any of its capital stock, or (C) grant (or make any promises to grant) options, warrants, calls or other rights to purchase or otherwise
acquire shares of the capital stock or other equity interests of any Company; 
 (ii) amend or restate its certificate of
incorporation or bylaws (or similar organizational documents); 
 (iii) except as required pursuant to Plans in effect prior
to the date of the Original Agreement, or as otherwise required by Law, (A) grant any severance or termination payments or benefits to any director, officer or employee of any of the Companies, except in the case of employees who are not
executive officers, in the ordinary course of business, (B) grant or announce any increase in the compensation, bonuses or other benefits payable to any director, officer or employee of any of the Companies, other than merit increases in the
ordinary course of business consistent with past practice, (C) establish, adopt, terminate or amend any Company Plan or collective bargaining agreement that applies to any Company, or (D) grant or materially amend the terms of any equity
based awards (with respect to equity securities of any of the Companies) granted to any director, officer or employee of any of the Companies; 

(iv) change any method of accounting or accounting practice or policy used by it, other than such changes required by GAAP;

 (v) exercise or fail to exercise any rights of renewal with respect to any Lease of Leased Real Property that by its terms
would otherwise expire, except in the ordinary course of business following consultation with Purchaser; 
 (vi) materially
or adversely modify the FCC Licenses or fail to maintain the FCC Licenses in full force and effect (including by timely filing all necessary applications for renewal of the FCC Licenses, and all required reports, and paying all required annual
regulatory fees for the operation of each Company), or fail to operate the Companies in accordance with the terms of their respective FCC Licenses in all material respects and in compliance in all material respects with all applicable Laws,
including the Communications Act and the FCC Rules; 
 (vii) apply to the FCC for any construction permit that would
materially restrict any Company’s present operations, or make any material change in any Company’s buildings, leasehold improvements, or fixtures that is not in the ordinary course of business; 

(viii) fail to remain qualified under the Communications Act to perform its obligations hereunder, to be the licensee of, and
to own and operate the Stations; 
 (ix) effect any recapitalization, reclassification, stock split or like change in the
capitalization of any Company; 
 (x) (A) incur any Indebtedness or guarantee any such Indebtedness of another Person,
or (B) make any loans, advances or capital contributions to any other Person (other than loans, advances or capital contributions made by one Company to another Company); 

  
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 (xi) mortgage, pledge, create or otherwise grant any Encumbrance on any material
property or Assets (whether tangible or intangible) of any Company, other than Permitted Encumbrances; 
 (xii) transfer,
sell or otherwise dispose of, or lease or exclusively license, any material property or Assets of any Company; 
 (xiii)
purchase or otherwise acquire (whether by merger or otherwise), or lease or license, any material property or assets of any company; 

(xiv) except in the ordinary course of business, enter into or materially amend or modify or terminate any Material Contract or
any Contract that, if it was in effect on the date of the Original Agreement, would have been a Material Contract, or waive any material default under, or release, settle, or compromise any material claim against any of the Companies or any material
Liability owing to any of the Companies under any Material Contract or such Contract; 
 (xv) settle, release, waive or
compromise any pending or threatened Action unless the costs of such settlement are borne entirely by Seller or any of its Affiliates (other than the Companies) and the settlement does not involve injunctive or non-monetary equitable relief
applicable to any Company; 
 (xvi) with respect to the Companies, (A) make, change or revoke any material Tax election,
(B) adopt or materially change (or request to adopt or change) any method of Tax accounting, (C) enter into or amend (or seek to enter or amend) any agreement, settlement or compromise with respect to any material Tax Liability,
(D) amend any material Tax Return, (E) surrender any right to claim a refund of Taxes, or (F) consent to any extension or waiver of the statute of limitations for the assessment or collection of any Tax; 

(xvii) (A) declare, set aside or pay any dividends on, or make any other distributions in respect of, any of its capital stock
or other equity interests payable in stock or property other than cash (it being understood that the foregoing shall not prohibit any of the Companies from declaring, setting aside or paying any cash dividends on its capital stock or other equity
interests), (B) split, combine or reclassify any of its capital stock or issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for shares of its capital stock, or (C) purchase, redeem or
otherwise acquire any shares of capital stock of any Company or any other securities thereof or any rights, warrants or options to acquire any such shares or other securities; or 

(xviii) authorize any of, or commit or agree to take any of the foregoing actions. 

(c) Each of Parent and Purchaser covenants and agrees that from the date of the Original Agreement until the earlier of the Closing Date and
the termination of this 

  
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Agreement in accordance with its terms, except as required or expressly permitted by this Agreement, as required by Law, or with the prior written consent of Seller (which consent shall not be
unreasonably withheld, conditioned or delayed), Parent and Purchaser shall not do any of the following: 
 (i) amend or
restate Parent’s certificate of incorporation or bylaws in a manner that would adversely affect the economic benefits of the transactions contemplated by this Agreement to Seller as the holder of the Preferred Stock, or issue any shares of
Preferred Stock or any other series or class of preferred stock, including any Senior Stock (as defined in Exhibit 2.02), other than the shares of Preferred Stock to be issued to Seller pursuant to this Agreement; 

(ii) effect any recapitalization, reclassification, stock split or like change in the capitalization of Parent in a manner that
would adversely affect the economic benefits of the transactions contemplated by this Agreement to Seller as the holder of the Preferred Stock; 

(iii) adopt a plan of complete or partial liquidation or resolutions providing for or authorizing such liquidation or a
dissolution, consolidation, recapitalization or bankruptcy reorganization of Parent; or 
 (iv) authorize any of, or commit
or agree to take any of the foregoing actions. 
 SECTION 5.02. Access to Information. 

(a) From the date of the Original Agreement until the Closing, upon reasonable notice, Seller shall, and shall cause the Companies and each of
their respective officers, directors, employees, agents, Representatives, accountants and counsel to, afford Purchaser and its Representatives reasonable access to the offices, properties and books and records of each of the Companies;
provided, however, that any such access shall be conducted during normal business hours, under the supervision of Seller’s personnel and in such a manner as not to unreasonably interfere with the normal operations of the Business.
Notwithstanding anything to the contrary in this Agreement, Seller shall not be required to disclose any information to Purchaser if such disclosure would, in Seller’s reasonable discretion, (a) jeopardize any attorney-client or other
legal privilege, or (b) contravene any applicable Law (including the HSR Act), fiduciary duty or agreement; provided, that Seller and the Companies, as applicable, shall make any reasonable and appropriate substitute disclosure
arrangements under circumstances in which disclosure is so restricted, such as by designating certain portions of such information as being provided on an outside-counsel basis only. All information provided pursuant to this Section 5.02
shall remain subject in all respects to the Confidentiality Agreement. 
 (b) In order to facilitate the resolution of any claims made by or
against or incurred by any party or any of its Affiliates or Representatives after the Closing (other than any claim made by a party against another party to this Agreement or any of the Ancillary Documents), and any applicable Law or any request or
requirement of any Governmental 

  
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Authority or for any other reasonable purpose, for a period of six (6) years after the Closing, each of the parties shall, and shall cause their respective subsidiaries to, (A) retain
the books and records (including Tax Returns) of the Companies within their possession or control in a manner consistent with such party’s customary document retention policies (other than destruction policies) on or after the Closing,
(B) upon reasonable notice, afford the Representatives of the other parties reasonable access (including the right to make photocopies, at such parties expense), during normal business hours, under the supervision of the other party’s
personnel and in such a manner as not to unreasonably interfere with the normal operations of such party’s business, to such books and records and reasonable access to and the reasonable assistance of the other party and its subsidiaries and
respective Representatives with respect to the matters contemplated by this Section 5.02(b) and (C) otherwise cooperate with and assist the other parties or any of their respective Affiliates or Representatives, at the other
parties’ cost and expense, in connection with the matters contemplated by this Section 5.02(b), including by causing its and its Affiliates’ employees to avail themselves for trial, depositions, interviews and other
Action-related litigation endeavors. 
 SECTION 5.03. Confidentiality. 

(a) The terms of the letter agreement dated as of September 7, 2014, as amended September 15, 2014 (the “Confidentiality
Agreement”) between Seller and Purchaser are hereby incorporated by reference and shall continue in full force and effect until the Closing, at which time such Confidentiality Agreement and the obligations of Purchaser under this
Section 5.03 shall terminate. If this Agreement is, for any reason, terminated prior to the Closing, the Confidentiality Agreement shall nonetheless continue in full force and effect. 

(b) Nothing provided to Purchaser pursuant to Section 5.02 shall in any way amend or diminish Purchaser’s obligations under
the Confidentiality Agreement. Purchaser acknowledges and agrees that any information provided to Purchaser pursuant to Section 5.02 or otherwise by Seller, the Companies or any officer, director, employee, agent, Representative,
accountant or counsel thereof shall be subject to the terms and conditions of the Confidentiality Agreement; provided, that neither the foregoing nor anything in the Confidentiality Agreement shall prohibit Purchaser or its Affiliates from
(i) engaging in discussions with one (1) or more potential acquirers of one (1) or more of the Stations during the term of the Confidentiality Agreement; provided, that upon Seller’s request, Purchaser shall furnish a list
of the parties with which it has disclosed Confidential Information in connection with such discussions, or (ii) sharing Confidential Information relating to such Station(s) with such potential acquirer(s), it being agreed that such potential
acquirer(s) shall be deemed a “Representative” of Purchaser under the Confidentiality Agreement. 
 (c) From and after the
Closing, Seller shall treat and hold as confidential all of the Confidential Information and refrain from disclosing or using any of the Confidential Information except in connection with this Agreement or to its Representatives who have a need to
know to such Confidential Information and who agree to hold such information as confidential. In the event that Seller is requested or required (by oral question or request for information or documents in any Action or by any Governmental Authority)
to disclose any Confidential Information, Seller shall, to the extent legally permissible, notify Purchaser promptly of the request or requirement so that Purchaser may seek an appropriate protective

  
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order or waive compliance with the provisions of this Section 5.03(c). If, in the absence of a protective order or the receipt of a waiver hereunder, Seller is, on the advice of
counsel, compelled to disclose any Confidential Information to any Governmental Authority, Seller may disclose the Confidential Information to such Governmental Authority; provided, however, that Seller shall use its commercially
reasonable efforts to obtain, at the reasonable request of Purchaser and at Purchaser’s expense, an order or other assurance that confidential treatment will be accorded to such portion of the Confidential Information required to be disclosed
as Purchaser shall designate. Upon consummation of the transactions contemplated by this Agreement, Seller shall, and shall cause its Affiliates and Representatives to deliver promptly to Purchaser, at the request and option of the Purchaser, all
tangible embodiments (and copies thereof), of such Confidential Information which are in Seller’s possession or under Seller’s control with respect to which copies are not already in the possession of the Companies, and shall destroy all
other Confidential Information, provided, that neither Seller nor its Affiliates or Representatives shall be required to destroy any routine backup tapes or systems, and each shall be permitted to retain copies of the Confidential Information
included in non-Company board materials, included in this Agreement (including the schedules, exhibits and related agreements) or retained solely for compliance purposes or purposes of fulfilling its obligations hereunder, provided that they shall
continue to maintain the confidentiality of such Confidential Information as provided herein. 
 SECTION 5.04. Regulatory and Other
Authorizations; Notices and Consents. 
 (a) Each of Purchaser and Seller shall use its reasonable best efforts to promptly obtain all
authorizations, consents, orders and approvals of all Governmental Authorities and officials that are necessary or advisable for its performance of its obligations pursuant to this Agreement and the consummation of the transactions contemplated
hereby, and will cooperate with each other in promptly seeking to obtain all such authorizations, consents, orders and approvals. As soon as practicable, but in no event later than ten (10) Business Days after the date of the Original
Agreement, Purchaser and Seller shall make any required filings with the Federal Trade Commission and the United States Department of Justice pursuant to the HSR Act with respect to the transactions contemplated hereby (including a request for early
termination of the waiting period thereunder), and shall thereafter promptly respond to all requests received from such agencies for additional information or documentation and shall use its reasonable best efforts to promptly cause the expiration
or termination of the waiting period under the HSR Act. 
 (b) Purchaser and Seller each shall oppose any petitions to deny or other
objections filed with respect to the FCC Applications, the Divestiture Application or any of them, to the extent such petition or objection relates to such party. Neither Purchaser nor Seller shall take any intentional action that would, or
intentionally fail to take such action the failure of which to take would, reasonably be expected to have the effect of materially delaying receipt of the FCC Consent or grant of the Divestiture Application. 

(c) Each party to this Agreement shall, except as prohibited by Law, promptly notify the other party of any communication it or any of its
Affiliates receives from any Governmental Authority relating to the matters that are the subject of this Agreement and permit the other party to review in advance any proposed communication by such party to any

  
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Governmental Authority. Neither party to this Agreement shall agree to participate in any meeting with any Governmental Authority in respect of any filings, investigation or other inquiry unless,
to the extent permitted by Law, it consults with the other party in advance and, to the extent permitted by such Governmental Authority, gives the other party the opportunity to attend and participate at such meeting. The parties to this Agreement
will coordinate and cooperate fully with each other in exchanging such information and providing such assistance as the other party may reasonably request in connection with the foregoing and in seeking the Government Consents. Except as prohibited
by Law, the parties to this Agreement will provide each other with copies of all correspondence, filings or communications between them or any of their representatives, on the one hand, and any Governmental Authority, on the other hand, with respect
to this Agreement and the transactions contemplated hereby. 
 SECTION 5.05. Retained Names and Marks. 

(a) Purchaser hereby acknowledges that all right, title and interest in and to any of the trademarks, service marks, domain names, trade names,
corporate names, logos and other identifiers of Seller and its Affiliates which are comprised of or incorporate the terms “Lincoln”, “Lincoln National”, “Lincoln Financial”, “LFM”, “Jefferson-Pilot”,
“Lincoln Financial Media” (including the website “lincolnfinancialmedia.com”), “Lincoln Financial Management”, “You’re In Charge,” “Chief Life Officer” and “Hello Future,” together
with trademarks, service marks, domain names, trade names, corporate names, logos and other identifiers of source of Seller and its Affiliates that comprise or are derived from any of the foregoing, or that constitute confusingly similar variations
thereof or confusingly similar derivations therefrom (the “Retained Names and Marks”) are owned exclusively by Seller or its Affiliates, and that any and all rights of any of the Companies to use the Retained Names and Marks as
source identifiers shall terminate as of the Closing. Purchaser further acknowledges that it is not acquiring any rights (including any title or interest in or license or other right to use) with respect to the Retained Names and Marks, and that any
title, interest, license or other such right or arrangement relating thereto existing prior to the Closing shall automatically terminate simultaneously with and effective as of the Closing. 

(b) Purchaser shall, promptly and within ten (10) days following the Closing, cause each of the Companies to file amended articles of
incorporation with the appropriate authorities changing their corporate names to corporate names that do not contain any Retained Names and Marks and to promptly supply copies of any such filings to Seller. As soon as practicable following the
Closing, but not later than ninety (90) days after the Closing, Purchaser shall cause the Companies to remove and change signage, change and substitute promotional or advertising material in whatever medium, change stationery and packaging and
take all such other steps as may be required or appropriate to cease use of all Retained Names and Marks; provided, however, that Purchaser shall not be deemed to have violated this Section 5.05 by reason of (i) the
appearance of any Retained Names and Marks in or on any tools, dies, equipment, engineering/manufacturing drawings, manuals, work sheets, operating procedures, other written materials or other assets that are used for internal purposes only in
connection with the Business; provided, that the Companies endeavor to remove such Retained Names and Marks in the ordinary course of the operation of the Business, or (ii) the appearance of any Retained Names and Marks in or on any
third party’s publications, marketing materials, brochures, instruction sheets, or other materials Seller distributed in the ordinary course of business prior to the Closing Date, and that generally are in the public domain, or any other
similar uses by any such third party over which Purchaser has no control. 

  
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 SECTION 5.06. Control. Purchaser shall not, directly or indirectly, control,
supervise or direct the operation of the Stations prior to Closing. Between the date of the Original Agreement and the Closing Date, and consistent with the Communications Act and the FCC Rules, control, supervision and direction of the operation of
the Stations prior to Closing shall remain the responsibility of the holders of the FCC Licenses. 
 SECTION 5.07.
Notifications. Until the Closing, each party hereto shall promptly notify the other party in writing of any fact, change, condition, circumstance or occurrence or nonoccurrence of any event of which it is aware that will or is reasonably
likely to result in any of the conditions set forth in Article VIII of this Agreement becoming incapable of being satisfied, provided, that any failure to give notice in accordance with the foregoing shall not be deemed to constitute
the failure of any condition set forth in Article VIII to be satisfied, or otherwise constitute a breach of this Agreement by the party failing to give such notice, in each case unless the underlying breach would independently result in a
failure of a condition set forth in Article VIII to be satisfied. Notwithstanding anything to the contrary herein, no disclosure made pursuant to this Section 5.07 shall be deemed to amend or supplement the Seller Disclosure
Schedules or the Purchaser Disclosure Schedules, as applicable, for the purposes of determining whether (a) the conditions set forth in Article VIII have been satisfied, (b) either party has the right to terminate this Agreement
under Article X, or (c) either party is entitled to indemnification under Article IX. 
 SECTION 5.08. Affiliate
Agreements. Except as set forth in Section 5.08 of the Seller Disclosure Schedule, effective at the Closing, all Affiliate Agreements set forth in Section 3.15(a)(v) of the Seller Disclosure Schedule shall be terminated
and all amounts owing thereunder shall be cancelled and full releases of all obligations shall be executed and delivered with respect thereto. 

SECTION 5.09. Further Action. The parties hereto shall use all commercially reasonable efforts to take, or cause to be taken, all
appropriate action, to do or cause to be done all things necessary, proper or advisable under applicable Law, and to execute and deliver such documents and other papers, as may be required to carry out the provisions of this Agreement and consummate
and make effective the transactions contemplated by this Agreement; provided, that no party shall be required to (a) take any action that would result in the incurrence of a fine or other penalty that would require payment by such party,
or (b) divest or otherwise dispose of any assets except as contemplated in this Agreement. 
 SECTION 5.10. Title Insurance,
Surveys, and Lien Search. 
 (a) With respect to each parcel of the Real Property, Seller and the Companies shall cooperate with
Purchaser to enable Purchaser, at Purchaser’s election, to obtain at Purchaser’s own expense: (i) preliminary reports on title covering a date subsequent to the date of the Original Agreement, issued by Purchaser’s title company
(“Title Company”) containing a commitment (the “Title Commitment”) of the Title Company to issue one or more (as appropriate) ALTA owner’s or lessee’s title insurance (and corresponding mortgagee’s,
if 

  
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applicable) policies (or updates to existing ALTA owner’s or lessee’s title insurance policies) (each, a “Title Policy”) insuring the fee simple or leasehold interest
of the Company in such parcels of Real Property, and (ii) copies of all documents, filings and information disclosed in the Title Commitment. 

(b) With respect to each parcel of the Real Property, Seller and the Companies shall cooperate with Purchaser to enable Purchaser, at
Purchaser’s election and expense, to seek a boundary survey, as-built survey or of similar depiction (which Purchaser shall be entitled to determine) of the Owned Real Property (and to the extent the prior consent of the owner(s) of the Leased
Real Property (or such other party whose consent is required) has been obtained, which consent Seller shall use commercially reasonable efforts to obtain at Purchaser’s request) the Leased Real Property (the “Survey”).
Purchaser and Parent will indemnify the Seller Indemnified Parties for any Loss arising out of or related to the preparation of any Survey (which, for the avoidance of doubt, shall not include Loss related to matters disclosed therein), including
any claim asserted by the owner of any Leased Real Property, except to the extent of the gross negligence or willful misconduct of the Seller Indemnified Parties or any owner of any Leased Property. 

(c) The parties understand and agree that the procedures outlined in this Section 5.10 shall in no event delay the Closing or
affect the conditions to Closing set forth in this Agreement, shall in no way affect the representations, warranties, covenants or agreements of Seller set forth in this Agreement, and shall in no way affect the Liabilities of Seller, including any
indemnification obligations of Seller, under this Agreement. Seller and the Companies agree to cooperate reasonably with Purchaser in the event Purchaser elects to obtain Surveys or Title Policies pursuant to Section 5.10(a) and
Section 5.10(b) hereof, such cooperation to include, without limitation, the delivery to Purchaser and/or the Title Company of all customary certificates, affidavits and other materials reasonably requested by the Title Company as a
condition to the issuance of an owner’s or lessee’s title insurance policy for each parcel of the Real Property which Purchaser elects to seek (including an (i) affidavit with respect to mechanics’ liens certifying that there are
no unpaid bills (except as included in the Permitted Liens) for services rendered or materials furnished to any Real Property, (ii) a non-imputation affidavit, and (iii) customary seller’s or owner’s affidavits and indemnities).

 SECTION 5.11. Retained Assets. Between the date of the Original Agreement and the Closing Date, Seller shall sell, transfer
or assign the Assets and Liabilities set forth on Section 5.11 of the Seller Disclosure Schedule (the “Retained Assets”) to an Affiliate or a third party. With respect to any sale of such Retained Assets prior to the
Closing Date, Seller shall provide Purchaser with a reasonable opportunity to review drafts of all agreements pursuant to which Seller will dispose of such Retained Assets, and shall incorporate any comments reasonably requested by Purchaser. Any
sale, transfer or assignment of the Retained Assets prior to the Closing Date shall be made at the sole cost and expense of Seller (including any Taxes incurred in connection with such sale, transfer or assignment). For the avoidance of doubt, the
Retained Names and Marks and the privileges and rights set forth in Section 11.19 shall also constitute Retained Assets. 

SECTION 5.12. No Solicitation. From the date of the Original Agreement through the Closing or the earlier termination of this
Agreement, Seller shall not, and will cause 

  
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its Representatives not to, directly or indirectly, take any of the following actions with any Person other than Purchaser or its Affiliates without the prior written consent of Purchaser:
(a) solicit, initiate, facilitate or encourage, or furnish information with respect to the Companies in connection with, any inquiry, proposal or offer with respect to any merger, consolidation, sale of equity interests or other securities,
sale of assets or other business combination involving the Companies or the acquisition of any assets (other than assets sold or acquired in the ordinary course of business consistent with past practices) or securities of, the Companies (an
“Alternative Transaction”), (b) negotiate, discuss, explore or otherwise communicate or cooperate in any way with any third party with respect to any Alternative Transaction, (c) enter into any agreement, arrangement or
understanding with respect to an Alternative Transaction or requiring Seller to abandon, terminate or refrain from consummating a transaction with Purchaser, or (d) make or authorize any public statement, recommendation or solicitation in
support of any Alternative Transaction. Seller shall immediately cease any discussions or negotiations existing as of the date of the Original Agreement with any third party relating to any proposed Alternative Transaction, and shall request that
all Confidential Information furnished on behalf of the Companies to any such third parties be returned. 
 SECTION 5.13.
Divestiture of Trust Station. In furtherance of and without limiting Section 5.04, as soon as practicable but in any event within ten (10) Business Days after the date of the Original Agreement, Purchaser and Seller shall,
and Seller shall cause the Companies to, file the FCC Applications, which if Purchaser so elects shall contemplate the assignment effective as of the Closing of the FCC authorizations for the Stations to one or more wholly-owned subsidiaries of
Purchaser; provided, that such process would not reasonably be expected to delay the grant of the FCC Consent. Purchaser shall, and Seller shall cause the Companies to, diligently prosecute the FCC Applications, and otherwise use their
reasonable best efforts to obtain the FCC Consent as promptly as possible. The FCC Applications shall include all necessary applications with the FCC and any other applicable Governmental Authority to request consent to the assignment of the FCC
licenses and authorizations for KKFN (the “Trust Station”) to a third party, which may include a divestiture trustee, in order to comply with the provisions of section 73.3555(a) of the FCC’s Rules regarding local radio
ownership and obtain the expiration or termination of the waiting period under the HSR Act (the “Divestiture Application”). Purchaser shall diligently prosecute the foregoing, including (i) responding to any requests by the FCC
or any other Governmental Authority for (a) amendments to the Divestiture Application, or (b) additional information, (ii) using reasonable best efforts to oppose any petition to deny or other objection to the grant of the Divestiture
Application, and (iii) taking any necessary auxiliary measures. 
 SECTION 5.14. Transaction Expenses. The Companies will,
immediately following the Closing, have no unpaid Transaction Expenses. 
 SECTION 5.15. Preferred Stock. From the date of the
Original Agreement until the earlier of (a) the termination of this Agreement, or (b) the first day after the Closing Date that no shares of Preferred Stock remain outstanding, Seller will not enter into any swap, hedge, short-sale or
other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities, in cash or
otherwise, or publicly disclose the intention to enter into any such transaction, swap, hedge, short-sale or other 

  
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arrangement, without, in each case, the prior written consent of Parent; provided, that, for the avoidance of doubt, (i) the foregoing shall not prohibit Seller from selling any
Securities received upon the conversion of or in exchange for shares of Preferred Stock, and (ii) the foregoing shall not prohibit Seller’s Affiliates from engaging in such aforementioned transactions or other transactions involving
securities of Parent in the ordinary course of their insurance, advisory and other financial services businesses. 
 SECTION 5.16.
Disclaimer. PURCHASER, PARENT AND SELLER AGREE THAT (A) EXCEPT AS SET FORTH IN THIS AGREEMENT, NONE OF SELLER, ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR REPRESENTATIVES MAKE OR HAVE MADE ANY
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, WITH RESPECT TO THE COMPANIES, THE SHARES, THE ASSETS OR THE BUSINESS, INCLUDING WITH RESPECT TO (I) MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, (II) THE
OPERATION OF THE BUSINESS BY PURCHASER AFTER THE CLOSING OR (III) THE PROBABLE SUCCESS OR PROFITABILITY OF THE COMPANIES OR THE BUSINESS AFTER THE CLOSING, INCLUDING IN RESPECT OF ANY MATERIALS PROVIDED OR STATEMENTS MADE IN CONNECTION WITH
PURCHASER’S, PARENT’S OR SELLER’S DUE DILIGENCE INVESTIGATION, AND NONE OF PURCHASER, PARENT OR SELLER HAS RELIED ON ANY REPRESENTATION, WARRANTY OR OTHER STATEMENT MADE OR MATERIALS PROVIDED BY OR ON BEHALF OF ANY PARTY HERETO EXCEPT
FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN ARTICLE III AND ARTICLE IV OF THIS AGREEMENT, AND (B) OTHER THAN THE INDEMNIFICATION OBLIGATIONS SET FORTH IN ARTICLE IX, NEITHER PARTY OR ITS AFFILIATES, OR ANY OF THEIR
RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR REPRESENTATIVES WILL HAVE OR BE SUBJECT TO ANY LIABILITY OR INDEMNIFICATION OBLIGATION TO THE OTHER PARTY OR TO ANY OTHER PERSON RESULTING FROM THE DISTRIBUTION OR USE OF, ANY INFORMATION RELATING TO THE
COMPANIES, THE BUSINESS, THE ASSETS, OR THE PURCHASER, RESPECTIVELY OR IN ANY OTHER FORM IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. THE PARTIES ACKNOWLEDGE AND AGREE THAT ANY SUCH OTHER REPRESENTATION OR WARRANTY IS HEREBY
EXPRESSLY DISCLAIMED. 
 SECTION 5.17. Purchaser Covenants. Parent shall cause Purchaser to perform all of its obligations under
this Agreement and shall be jointly liable for the same. Simultaneously with the execution of this Agreement, and as an inducement to Seller entering into this Agreement, Parent has provided to Seller the Guarantee attached to the signature page
hereto (the “Guarantee”). 
 SECTION 5.18. Registration Rights Agreement. Effective at the Closing, Parent
shall enter into a registration rights agreement with Seller in the form of Exhibit 5.18 (the “Registration Rights Agreement”). 

  
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 SECTION 5.19. Employee Benefit Matters. 

(a) At or prior to the effectiveness of the Closing, each of the Companies shall cease being a participating or adopting employer in each Plan
that is maintained or sponsored by Seller. 
 (i) Seller shall be responsible for: (A) claims for medical, dental and
vision benefits that are incurred through the last day of the month in which the Closing occurs (the “MDV End Date”), (B) claims for disability benefits, life insurance benefits and workers compensation incurred prior to the
Closing, and (C) claims related to “COBRA” coverage attributable to “qualifying events” occurring on or prior to the MDV End Date, in each case with respect to any Company Employee (including former Company Employees) and
their beneficiaries and dependents. 
 (ii) Purchaser shall be responsible for: (A) claims for medical, dental and
vision benefits that are incurred after the MDV End Date, (B) claims for disability benefits, life insurance benefits and workers compensation incurred after the Closing, and (C) claims related to “COBRA” coverage attributable to
“qualifying events” occurring after the MDV End Date, in each case with respect to any Continuing Employee and his or her beneficiaries and dependents. 

(iii) For purposes of this Section 5.19(a), a medical/dental/vision claim shall be considered incurred in
accordance with the terms of the applicable medical, dental and/or vision plans. A life insurance or workers compensation claim shall be considered incurred in accordance with the terms of the applicable life insurance plan or policy. A disability
claim shall be deemed to be incurred based on when the employee first was absent from work due to the condition giving rise to the disability. 

(iv) Within five Business Days following the MDV End Date, Purchaser shall remit to Seller an amount equal to the product
obtained by multiplying (A) $6,486 by (B) the number of days from but not including the Closing Date through and including the MDV End Date. 

(b) (i) Purchaser shall cause all Continuing Employees to be eligible to participate in its or its applicable Affiliate’s “employee
welfare benefit plans” (as defined in Section 3(1) of ERISA) and its “defined contribution plans” (as defined in Section 414(i) of the Code) (collectively, the “Purchaser Plans”) to the extent
Purchaser’s similarly-situated employees are generally eligible to participate, (ii) all Continuing Employees and their spouses and dependents (to the extent that Purchaser makes such benefits available to spouses and dependents) shall be
eligible for coverage or participation under such employee welfare benefit plans and defined contribution plans as of the Closing (and shall not be excluded from coverage under any employee welfare benefit plan that is a group health plan on account
of any pre-existing condition, as long as such condition is covered under Purchaser’s group health plan), (iii) with respect to any Purchaser Plans, for purposes of any length of service requirements, waiting periods, vesting periods or
differential benefits based on length of service in any such employee welfare benefit plans (including any severance plans or policies) and defined contribution plans for which Continuing Employees may be eligible as of the Closing, Purchaser shall
use commercially reasonable efforts to ensure, to the extent permitted by applicable Law (including ERISA and the Code), that service with Seller shall be deemed to 

  
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have been service with Purchaser, (iv) Purchaser shall cause its defined contribution plans to accept rollover contributions from the Continuing Employees of any account balances distributed
to them by the Seller’s 401(k) plan or any 401(k) plan of an Affiliate of Seller, and (v) Purchaser shall allow any such Continuing Employee’s outstanding plan loan to be rolled into Purchaser’s defined contribution plans. The
distribution and rollover described herein shall comply with applicable Law, and each party shall make all filings and take any actions required of such party by applicable Law in connection therewith. Purchaser also shall ensure, to the extent
permitted by applicable Law (including ERISA and the Code) and/or Purchaser Plans, that Continuing Employees receive credit under any welfare benefit plan of Purchaser for any deductibles or co-payments paid by Continuing Employees and their spouses
and dependents for the current plan year under a plan maintained by Seller. 
 (c) To the extent permitted by applicable Law and the
Purchaser Plans, effective as of the Closing Date, Seller shall cause the portion of its flexible spending account reimbursement plan (the “Seller FSA Plan”) applicable to each Continuing Employee to be segregated into a separate
component and the account balances in such Seller FSA Plan shall be transferred by Seller to a replacement flexible spending account plan established or maintained by Purchaser or any of its subsidiaries (the “Purchaser FSA Plan”)
for the benefit of such employees. To the extent that the aggregate account balances transferred from the Seller FSA Plan to the Purchaser FSA Plan are negative, then such negative difference shall be to the benefit of Seller in the determination of
Net Working Capital, and to the extent that the aggregate account balances transferred from the Seller FSA Plan to the Purchaser FSA Plan are positive, then such positive difference shall be to the benefit of Purchaser in the determination of Net
Working Capital. 
 (d) With respect to each Continuing Employee, (i) Purchaser shall recognize and assume the liability with respect
to paid time off (“PTO”) up to a maximum of five days, but solely to the extent that such days are included in the determination of Net Working Capital, and (ii) Seller shall pay to each Continuing Employee the value of any
accrued and unused PTO in excess of the five (5) days referred to in the immediately preceding clause (i) and, in that case, the value of such accrued and unused PTO will not be included in the determination of Net Working Capital. 

(e) Purchaser shall, or shall cause its Affiliates to, ensure that any purchaser of KKFN (FM), KYGO (FM), or KEPN (AM) (a “Back to
Back Purchaser”) complies with the terms of this Section 5.19 and the first sentence of Section 5.20(d) (provided that in the event Bonneville International Corporation is the Back to Back Purchaser, then Purchaser
shall be deemed to comply with Section 5.19 and the first sentence of Section 5.20(d) so long as it complies with the terms of Section 9.4(f) and Section 9.4(g) of the draft Asset Exchange Agreement previously
provided by Purchaser to Seller) with respect to the employees it hires in connection with such transaction (the “Back to Back Employees”) as though such Back to Back Purchaser were the “Purchaser” hereunder and such Back
to Back Employees were “Continuing Employees” hereunder, mutatis mutandis. In the event that the United States Department of Justice appoints a trustee to sell KKFN (FM), KYGO (FM), or KEPN (AM), Purchaser shall be relieved of its
obligations under this Section 5.19(e) with respect to the Back to Back Employees hired by the Back to Back Purchaser of such station. 

  
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 SECTION 5.20. Employee Matters. 

(a) Prior to Closing Seller shall take or cause each of the Companies to take the following actions with respect to the Company Employees: 

(i) terminate or transfer the employment of each of the Company Employees listed on Schedule 5.20(a)(i) (the
“Corporate Employees”) out of the Companies to Seller or an Affiliate of Seller, in a manner that will not result in any Liability to the Companies for severance or payment of unpaid, accrued PTO other than Liability reflected in
the determination of Net Working Capital; 
 (ii) terminate, pay or otherwise assign liability in such a manner that none of
the Companies shall have any Liability, for any stay bonus or change of control payments owed to a Company Employee as a result of this Agreement or the Closing, or change in control agreements applicable to Company Employees (the “Change in
Control Payments”); the Continuing Employees who are recipients of all such potential Change in Control Payments are identified on Schedule 5.20(a)(ii) hereto. 

(b) To the extent not included in the determination of Net Working Capital, Seller will be responsible for paying, or reimbursing Purchaser if
Purchaser has paid or is responsible for payment of any (i) Change in Control Payments, (ii) severance or PTO with respect to the Corporate Employees, or (iii) the employer portion of any employment taxes incurred upon payment of the
amounts referred to in clauses (i) and (ii) (collectively the amounts under (i), (ii) and (iii) above with respect to each employee, the “Reimbursed Amount”). The Reimbursed Amount shall be payable as soon as
practicable following receipt of notice from Purchaser to Seller. At Seller’s request, Purchaser will make Change in Control Payments on behalf of Seller, provided Seller pre-funds or otherwise makes arrangements satisfactory to Purchaser to
cover the amount of such Change in Control Payments and the employer portion of any employment taxes incurred upon payment of such Change in Control Payments. 

(c) Notwithstanding anything in this Agreement to the contrary, the Purchaser shall be responsible for ensuring that the termination of any
Continuing Employees on or after the Closing, combined with termination of Company Employees by the Companies prior to the Closing, complies with the Worker Adjustment and Retraining Notification Act and any similar or related state Law
(collectively, “WARN”). At Closing, Seller shall provide Purchaser with a list of Company Employees terminated within the 90 day period prior to Closing. 

(d) Following the Closing, Purchaser shall honor the terms of all employment agreements applicable to Continuing Employees, and shall
otherwise continue to employ the Company Employees who do not have employment agreements at a monetary compensation (consisting of base salary, commission rate and normal bonus opportunity) and on other terms and conditions that are at least as
favorable in the aggregate as those provided to similarly situated employees of Purchaser. For a period of not less than twelve (12) months following the Closing, Purchaser shall provide severance benefits to each Continuing Employee (including
any Continuing Employee who became eligible for such severance benefits after the 

  
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date of the Original Agreement as a result of the reduction of the eligibility requirement from thirty-five to thirty hours per week (any such Continuing Employee, a “Newly Eligible
Continuing Employee”) and including any Back to Back Employee) who does not remain employed by Purchaser on terms at least as favorable as the terms under the severance policies of Seller as in effect immediately prior to the date of the
Original Agreement; provided, however, that if Purchaser pays severance to any Newly Eligible Continuing Employee in accordance with the requirements of this sentence, Seller promptly shall reimburse Purchaser for an amount equal to
the excess, if any, of the amount required by this sentence over the amount that would have been payable to such Newly Eligible Continuing Employee under Purchaser’s applicable severance policies in effect on the date of termination. Nothing
contained in this Section 5.20(d) shall limit Purchaser’s ability to terminate any Continuing Employee following the Closing. 

SECTION 5.21. No Third-Party Beneficiary. Nothing contained in Sections 5.19 or 5.20, express or implied, is
intended to confer upon any Company Employee any right to continued employment for any period or continued receipt of any specific employee benefit, or shall constitute an amendment to or any other modification of any employee benefit plan that is
maintained or sponsored by Seller or Purchaser. Further, Sections 5.19 and 5.20 shall be binding upon and inure solely to the benefit of each party to this Agreement, and nothing contained therein, express or implied, is intended to
confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of those Sections. 
 ARTICLE VI 

[RESERVED] 
 ARTICLE VII 

TAX MATTERS 
 SECTION 7.01.
Tax Representations. Subject to Section 1.03(h), Seller hereby represents and warrants to Purchaser that, except as set forth in Section 7.01 of the Seller Disclosure Schedule: 

(a) All federal, state and local income Tax Returns and other material Tax Returns required to have been filed by or with respect to any of
the Companies (whether separately or on a consolidated, combined, unitary or similar group basis) have been timely filed with the appropriate Governmental Authority (taking into account any extension of time to file granted or obtained), and all
such Tax Returns are correct and complete in all material respects. No Company is currently the beneficiary of any extension of time to file any material Tax Return (other than extensions arising solely as a result of automatic extensions of filing
deadlines). No claim has been made by a Governmental Authority in a jurisdiction where a Company does not file Tax Returns that such Company may be subject to taxation by that jurisdiction. 

(b) All material Taxes due and payable by or with respect to the Companies (whether or not shown or reportable on any Tax Return) have been
paid. 

  
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 (c) All material Taxes (including, without limitation, sales and use and employment Taxes)
required by Law to be withheld or collected by any Company have been duly withheld or collected and, to the extent required, have been timely paid to the proper Governmental Authority. Each Company has complied with all information reporting and
backup withholding provisions of applicable Law, including the collection and retention of all required exemption certificates and other comparable documentation supporting any claimed exemption or waiver of Taxes on sales or other transactions as
to which the Company would have been obligated to collect or withhold a material amount of Taxes. 
 (d) No deficiency or other assessment
relating to any material Taxes of the Companies or the Business or any other material Taxes has been claimed, proposed, asserted or assessed in writing or threatened in writing by a Governmental Authority against or with respect to any of the
Companies that has not been satisfied by payment, settled or withdrawn. No material Taxes or material Tax Returns of or with respect to any of the Companies are currently under audit, examination or investigation, in each case, by a Governmental
Authority, and no such audits, examinations or investigations have been threatened in writing. 
 (e) There are no liens for Taxes on any
assets of any Company, other than statutory liens for current Taxes of such Company not yet due and payable. None of the assets of any Company is required to be treated for federal income Tax purposes as property owned by any other Person. 

(f) None of the Companies (or any member of any consolidated, combined, unitary or similar group with which any Company filed or was required
to file a group Tax Return) has granted any extension or waiver of the statute of limitations applicable to any Tax or Tax Return, in each case, of or with respect to the Companies, which period (after giving effect to such extension or waiver) has
not yet expired. No power of attorney has been executed by or on behalf of any Company with respect to any matters relating to Taxes that is currently in force and that will continue to be in force after the Closing. 

(g) None of the Companies has ever been a member of an affiliated group of corporations (other than a group of which Seller or any of the
Companies is or was the common parent) that filed or was required to file a consolidated, combined, unitary or similar group Tax Return. None of the Companies is a party to any Tax sharing, allocation or similar agreement or arrangement or has any
contractual obligation (other than a commercial agreement entered into in the ordinary course of business the primary purpose of which does not relate to Taxes) to indemnify any other Person with respect to Taxes. None of the Companies has any
Liability for the Taxes of any Person under Regulations Section 1.1502-6 or any corresponding or similar provision of state, local or foreign Law (other than other members of the Affiliated Group), as a transferee or successor, by contract or
otherwise. 
 (h) None of the Companies has requested or received, or is the subject of, any private letter ruling, technical advice
memoranda, closing agreement or other agreement relating to Taxes or ruling entered into or issued by any Governmental Authority. None of the Companies is currently the beneficiary of any Tax holiday or other Tax reduction or incentive arrangement
with any Governmental Authority (including any voluntary disclosure agreement). To the Knowledge of Seller, none of the Companies will be subject to any recapture, clawback, 

  
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termination or similar adverse consequence with respect to any Tax credits, grants or other Tax reduction, abatement or incentive arrangement with any Governmental Authority as a result of the
transactions contemplated by this Agreement. 
 (i) None of the Companies has entered into or participated in any “reportable
transaction” as defined in Regulations Section 1.6011-4(b). 
 (j) None of the Companies has been a “distributing
corporation” or a “controlled corporation” in connection with any transaction that was treated by the parties as a distribution to which Section 355 of the Code applies. 

(k) None of the Companies will be required to include any item of income in, or exclude any item of deduction from, taxable income for any
Post-Closing Tax Period as a result of: (i) an adjustment under Section 481(c) of the Code (or any corresponding or similar provision of state, local or foreign Law) or any other change in method of accounting requested or made on or prior
to the Closing Date, (ii) any closing agreement pursuant to Section 7121 of the Code (or any corresponding or similar provision of state, local or foreign Law) executed on or prior to the Closing Date, (iii) intercompany transaction
or excess loss account described in the Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign Law) occurring or arising on or prior to the Closing Date, (iv) any installment sale
or open transaction disposition made on or prior to the Closing Date, (v) any prepaid amount received on or prior to the Closing Date, or (vi) any election under Section 108(i) of the Code (or any corresponding or similar provision of
state, local or foreign Law) made on or prior to the Closing Date. None of the Companies have deferred or elected to defer any gross income economically realized in a Pre-Closing Tax Period to a Post-Closing Tax Period. 

(l) Seller and the Companies are eligible to make an election under Section 338(h)(10) of the Code and the Regulations promulgated
thereunder with respect to the purchase and sale of the Shares pursuant to this Agreement and the deemed purchase and sale of the outstanding capital stock of the Subsidiaries resulting from an election under Section 338(h)(10) of the Code with
respect to the purchase and sale of the Shares. 
 (m) All unclaimed property reports required to be filed by or with respect to any Company
have been timely filed with the appropriate Governmental Authority. All unclaimed property held by any Company has been remitted to the appropriate Governmental Authority or delivered or paid to the proper recipient, in each case, as required by
applicable Law. 
 SECTION 7.02. Preparation of Tax Returns; Payment of Taxes. 

(a) Group Returns. Seller or its Affiliate shall prepare or cause to be prepared (at Seller’s expense) and timely file the U.S.
federal consolidated income Tax Return for the Affiliated Group and any other Combined Returns for all taxable periods of the Companies and shall pay all Taxes due with respect thereto. The parties agree that the Companies shall be treated as if
they ceased to be part of the Affiliated Group, and any other group for which a Combined Return is filed, as of the end of the day on the Closing Date. With 

  
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respect to any short-year Tax Return required to be filed as a result of the consummation of the transactions contemplated in this Agreement, the parties hereto agree to use a closing of the
books method to allocate Tax items of the Companies between the short-year ending on the Closing Date and the short-year that begins after the Closing Date, and none of Seller, Purchaser, or any of their respective Affiliates will make a ratable
allocation election under Regulations Section 1.1502-76(b)(2)(ii) (or any corresponding or similar state, local or foreign Law) with respect to the transactions contemplated in this Agreement to the extent such election is permissible. To the
extent required by Regulations Section 1.1502-76(b)(1)(ii)(B) (and any corresponding or similar state, local or foreign Law), any extraordinary transaction that occurs on the Closing Date after the Closing shall be treated as occurring on the
day after the Closing Date. Seller or its Affiliate shall provide Purchaser with copies of the separate company pro-forma portion of all such Tax Returns relating to the Companies within ten (10) Business Days after filing any such Tax Returns.

 (b) Separate Company Returns. Seller or its Affiliate shall prepare or cause to be prepared (at Seller’s expense) any other
Tax Returns of the Companies required to be filed after the Closing Date for any taxable period ending on or prior to the Closing Date and shall pay all Taxes due with respect thereto. If a Company is permitted under applicable Law to treat the
Closing Date as the last day of the taxable period in which the Closing occurs, Seller and Purchaser shall treat (and cause their respective Affiliates to treat) the Closing Date as the last day of such taxable period. All such Tax Returns shall be
prepared consistent with the past practices of the applicable Company, except as otherwise required by applicable Law. Seller shall provide a draft of each such Tax Return to Purchaser for its review and comment a reasonable time, and no later than
twenty (20) Business Days for any income Tax Return, prior to the due date for filing such Tax Return (including any applicable extensions). Seller shall in good faith consider all reasonable comments received from Purchaser in writing no later
than five (5) Business Days prior to the due date for filing such Tax Return, including any applicable extensions. Seller shall deliver the final Tax Return to Purchaser, together with an amount equal to the Taxes shown as due thereon, no later
than three (3) Business Days prior to the due date thereof, and Purchaser shall timely file each such Tax Return and timely pay all Taxes shown as due thereon. No such Tax Return shall be filed without Purchaser’s consent, which consent
shall not be unreasonably withheld, conditioned or delayed. 
 (c) Straddle Period Returns and Taxes. 

(i) Purchaser shall prepare or cause to be prepared (at Purchaser’s expense) all Tax Returns of the Companies for all Straddle Periods
(other than any Combined Returns described in Section 7.02(a)). All such Tax Returns shall be prepared consistent with the past practices of the applicable Company, except as otherwise required by applicable Law. Purchaser shall provide
a copy of each such Tax Return (accompanied, where appropriate, by an allocation between the Pre-Closing Tax Period and the Post-Closing Tax Period of the Taxes shown to be due on such Tax Return) to Seller for its review, comment and approval
(which approval shall not be unreasonably withheld, conditioned or delayed) a reasonable time, and no later than twenty (20) Business Days for any income Tax Return, prior to the due date for filing such Tax Return (including any applicable
extensions). Purchaser shall incorporate all reasonable comments received from Seller in writing no later than five (5) Business Days before the due date of such Tax Return, including any applicable extensions. Purchaser shall timely file

  
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each such Tax Return and, subject to the other provisions in this Agreement, timely pay all Taxes shown as due thereon. Seller shall pay to Purchaser no later than three (3) Business Days
prior to the due date for filing any such Tax Return the amount of Taxes owing with respect to the portion of such Straddle Period ending on the Closing Date as determined pursuant to Section 7.02(c)(ii). 

(ii) For purposes of this Agreement, including Article IX, in the case of Taxes that are payable with respect to a Straddle Period,
the portion of any such Tax that is allocable to the Pre-Closing Tax Period shall be deemed equal to (A) in the case of real or personal property Taxes or other similar Taxes imposed on an ad valorem basis, the amount of such Taxes for the
entire Straddle Period, multiplied by a fraction the numerator of which is the number of days in the Straddle Period ending on the Closing Date and the denominator of which is the total number of days in the Straddle Period, (B) in the case of
any Tax based upon or measured by capital (including net worth or long-term debt) or intangibles, a proportionate amount of such Taxes computed by reference to the level of such items on the Closing Date and the timing of the Closing Date in
relation to the relevant Straddle Period, and (C) in the case of any other Taxes, the amount of Taxes that would be payable based on an interim closing of the books of the applicable Company as of the end of the day on the Closing Date;
provided, that, exemptions, allowances or deductions that are calculated on an annual basis (such as depreciation) shall be apportioned on a pro rata basis. All determinations necessary to effect the foregoing allocations shall be made in a
manner consistent with prior practice of the applicable Company, unless otherwise required by applicable Law. 
 (d) Tax Sharing
Agreements; Amendments. All Tax sharing, allocation or other similar agreements or arrangements to which any Company is a party shall be terminated effective prior to or as of the Closing. Neither Seller nor any of its Affiliates shall file any
amended Tax Return for any Company for any Pre-Closing Tax Period without Purchaser’s consent, which shall not be unreasonably withheld, conditioned or delayed, if such filing reasonably could be expected to increase the Liability of Purchaser
or any Company for Taxes in a Post-Closing Tax Period. Neither Purchaser nor any of its Affiliates (including the Companies after the Closing Date) shall file any amended Tax Return for any Pre-Closing Tax Period without Seller’s written
consent, which shall not be unreasonably withheld, conditioned or delayed. 
 (e) Tax Refunds and Tax Benefits. Except as provided
with respect to refunds of Transfer Taxes, any refund or credit resulting from overpayment of any Excluded Taxes or any Taxes (including any interest paid or credited with respect thereto) relating to a Pre-Closing Tax Period shall be the
property of Seller, and if received by Purchaser or the Companies after the Closing Date, shall be paid over promptly to Seller; provided, that any refund or credit resulting from an overpayment of Taxes for a Straddle Period shall be
prorated based upon the method employed in Section 7.02(c)(ii) taking into account the type of Tax to which the refund relates. If any such refund is paid over to Seller pursuant to this Section 7.02(e) and is subsequently revoked,
rescinded or otherwise required to be repaid to the relevant Governmental Authority, Seller shall repay the amount of such refund that is required to be repaid to the relevant Governmental Authority to Purchaser within fifteen (15) Business
Days after demand therefor. Purchaser shall, at Seller’s reasonable request and at Seller’s expense, cause the Companies or other relevant entity to file for and use commercially reasonable efforts

  
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to obtain the receipt of any refund to which Seller is entitled under this Section 7.02(e). Purchaser shall permit Seller to participate in (at Seller’s expense) the prosecution
of any such refund claim. Neither Purchaser nor any of the Companies shall, to the extent permitted by applicable Tax Law, carryback to a Pre-Closing Tax Period any item of loss, deduction or credit or any net operating loss, net capital loss or
other tax credit or benefit that is attributable to, arises from or relates to any taxable period (or portion thereof) commencing after the Closing Date. 

(f) Transfer Taxes. All Transfer Taxes incurred in connection with Purchaser’s acquisition of the Shares shall be borne one-half
by Seller and one-half by Purchaser. Seller and Purchaser shall cooperate in timely preparing and filing all Tax Returns and other documentation required to be filed in connection with such Transfer Taxes. Seller shall cause all appropriate stock
Transfer Tax stamps to be affixed to the certificate or certificates representing the Shares sold and delivered pursuant to this Agreement. To the extent a party pays any Transfer Tax in excess of the amount for which it is liable under this
Section 7.02(f), the party responsible for such excess amount shall reimburse the other party for such amount within fifteen (15) Business Days of delivery to the responsible party of evidence of payment of such Transfer Tax to the
applicable Governmental Authority. Notwithstanding anything to the contrary in this Agreement, any refund of Transfer Taxes shall be for the benefit of the party who paid such Taxes (whether directly or by way of reimbursing the other party) and, if
applicable, shall be paid over to such party within fifteen (15) Business Days of another party’s receipt of any such refund. 

SECTION 7.03. Tax Claims. 

(a) Payment of Claims. Any Purchaser Indemnified Party making a claim for Excluded Taxes or other Losses pursuant to Article IX
shall promptly give written notice of such claim to Seller, together with a copy of the Tax Return or other relevant documentation evidencing the Tax Liability or other Loss. Seller shall pay the amount of such claim to the Indemnified Party within
fifteen (15) Business Days after written demand is made; provided, in no event shall Seller be obligated to make any such payment with respect to Taxes earlier than five (5) Business Days before the date on which such Taxes are
required to be paid to the relevant Governmental Authority. In the case of any contested Tax, payment of the Tax to the appropriate Governmental Authority shall not be considered to be due earlier than the date a final determination with respect to
such Tax Liability is made by the appropriate Governmental Authority. 
 (b) Notice of Tax Claims. If a Governmental Authority shall
make any claim relating to Taxes that, if successful, might result in a claim for indemnification under Article IX (a “Tax Claim”), the party against whom such claim is made shall promptly (and, in any event within ten
(10) calendar days) give written notice to the other party, together with copies of all notices and communications relating to such Tax Claim; provided, however, no failure or delay in providing notice of a Tax Claim shall reduce
or otherwise affect the obligation of the indemnifying party hereunder except to the extent the indemnified party is actually prejudiced thereby. Such notice shall specify in reasonable detail the basis for such Tax Claim and shall include a copy of
the relevant portion of any correspondence received from the Governmental Authority. 

  
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 (c) Tax Claims Relating to Group Taxes. Seller shall have the right (at Seller’s
expense) to control the conduct of all proceedings and make all decisions relating to any Tax Claims relating to any U.S. federal consolidated income Tax Return of the Affiliate Group and any Combined Returns; provided, however, that
solely to the extent the resolution of such Tax Claim reasonably would be expected to increase the Tax liability of Purchaser or any of its Affiliates (including a Company) for any taxable period ending after the Closing Date or reasonably would be
expected to result in a Tax or Loss to Purchaser or any of its Affiliates (including a Company) for which Seller is not obligated to indemnify a Purchaser Indemnified Party pursuant to Article IX, Seller shall consult with Purchaser before
taking any significant action in connection with such Tax Claim and shall not compromise or settle any such Tax Claim without Purchaser’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 

(d) Tax Claims Relating to Other Pre-Closing Taxes. Seller shall have the right (at Seller’s expense) upon written notification to
Purchaser within ten (10) calendar days following receipt of any Tax Claim made against Seller or its Affiliates or notice of any Tax Claim made against Purchaser or its Affiliates, to control the conduct of all proceedings and make all
decisions relating to any Tax Claim (other than those described in Section 7.03(c)) relating to a taxable period ending on or before the Closing Date; provided, that solely to the extent the resolution of such Tax Claim reasonably
would be expected to increase the Tax liability of Purchaser or any of its Affiliates (including a Company) for any taxable period ending after the Closing Date or reasonably would be expected to result in a Tax or Loss to Purchaser or any of its
Affiliates (including a Company) for which Seller is not obligated to indemnify a Purchaser Indemnified Party pursuant to Article IX, (i) Seller shall consult with Purchaser before taking any significant action in connection with such
Tax Claim, (ii) Seller shall keep Purchaser informed regarding the progress and substantive aspects of such Tax Claim, (iii) Purchaser (at its own expense) shall be entitled to participate in any proceedings relating to such Tax Claim;
provided, further, however, that if (A) Seller fails to timely notify Purchaser of its desire to control the conduct of such proceedings, or (B) Seller declines to control the conduct of such proceedings, then (1) Seller shall
not be entitled to control such Tax Claim and Purchaser (at Seller’s expense) shall control such Tax Claim, (2) Purchaser shall keep Seller informed regarding the progress and substantive aspects of such Tax Claim, and (3) Seller (at
its own expense) shall be entitled to participate in any proceedings relating to such Tax Claim. Neither Seller nor Purchaser shall compromise or settle any such Tax Claim without obtaining the other party’s prior written consent, which shall
not be unreasonably withheld, conditioned or delayed. 
 (e) Tax Claims Relating to Straddle Periods. Purchaser shall have the right
(at Purchaser’s expense) to control the conduct of all proceedings and make all decisions relating to any Tax Claim (other than those described in Section 7.03(c)) relating to a Straddle Period, provided that (i) Purchaser
shall keep Seller informed regarding the progress and substantive aspects of any such Tax Claim, (ii) Purchaser shall consult with Seller before taking any significant action in connection with such Tax Claim, (iii) Purchaser shall defend
such Tax Claim diligently and in good faith as if it were the only party in interest in connection with such Tax proceeding, (iv) Seller (at its own expense) shall be entitled to participate in any proceedings relating to any such Tax Claim,
and (v) Purchaser shall not compromise or settle any such Tax Claim without Seller’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 

  
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 SECTION 7.04. Tax Cooperation and Exchange of Information. From and after the Closing
Date, Purchaser and Seller shall reasonably cooperate, and shall cause their respective Affiliates, officers, employees, agents, auditors and other Representatives to reasonably cooperate, in connection with preparing, executing and filing all Tax
Returns pursuant to Section 7.02 and any Action relating to Taxes of the Companies (including Tax Claims). Such cooperation shall include the retention and (upon the other party’s request) the provision of records and information
relating to Taxes of the Company or the Business or otherwise reasonably relevant to any such Action and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder
or to testify at any proceedings relating to Taxes of the Company or the Business. Purchaser and Seller shall (i) retain all books and records with respect to Tax matters pertinent to the Companies relating to any taxable period beginning
before the Closing Date until expiration of the statute of limitations (taking into account any extensions thereof) of the respective taxable periods and to abide by all record retention agreements entered into with any Governmental Authority,
(ii) allow the other party and its Representatives at times and dates mutually acceptable to the parties, to inspect, review and make copies of such records as such party may deem necessary or appropriate from time to time, such activities to
be conducted during normal business hours at such party’s expense, and (iii) give the other party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other party so requests,
shall allow the requesting party to take possession of such books and records at such other party’s own expense. 
 SECTION 7.05.
Section 338(h)(10) Election. 
 (a) Seller and Purchaser (and each of their applicable Affiliates) shall jointly and timely make
and file irrevocable elections under Section 338(h)(10) of the Code and, if permissible, any comparable provisions of applicable state or local Tax Law (together, the “Section 338 Elections”) with respect to the purchase
and sale of the Shares under this Agreement, including the deemed purchase and sale of the outstanding capital stock of the Subsidiaries resulting from the Section 338 Election with respect to the purchase and sale of the Shares. No later than
ten (10) Business Days prior to the Closing Date, Seller shall deliver to Purchaser for its review and comment draft IRS Forms 8023 for each of the Companies, including any schedules thereto, and any corresponding or similar forms required
under applicable state and local Law to make the Section 338 Elections (the “Section 338 Forms”). Seller shall incorporate any and all reasonable comments to the Section 338 Forms received from Purchaser in writing
prior to the Closing. At the Closing, Seller shall deliver to Purchaser the Section 338 Forms, duly executed by Seller (and its applicable Affiliates) for execution by Purchaser at Closing. Each of Seller and Purchaser shall execute and timely
file such Section 338 Forms in accordance with applicable Law. 
 (b) The parties (and any applicable Affiliates) shall cooperate with
each other to take all actions necessary and appropriate (including filing such additional forms, Tax Returns, elections, schedules and other documents as may be required) to effect and preserve the Section 338 Elections in accordance with
Regulations Section 1.338(h)(10)-1 (or any 

  
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comparable provisions of state or local Tax Law) or any successor provisions. Seller and Purchaser agree that neither of them shall, or shall permit any of its Affiliates to, revoke the
Section 338 Elections following the filing of the Section 338 Forms without the prior written consent of Seller or Purchaser, as the case may be. Seller and Purchaser (and their respective applicable Affiliates) shall file all Tax Returns
consistent with the Section 338 Elections and shall not take any action that could cause the Section 338 Elections to be invalid, or take any position contrary thereto unless required pursuant to a determination as defined in
Section 1313(a) of the Code or any similar provision of state or local Tax Law. 
 (c) Purchaser will retain Bond & Pecaro,
Inc. (the “Appraiser”) to value each Company and the individual assets of the Business conducted by each Company (such valuation, the “Appraisal”), and the costs of obtaining the Appraisal shall be borne equally by
Purchaser and Seller. Seller shall reasonably cooperate with the Appraisal process, including responding to any reasonable requests for information from the Appraiser, and shall be entitled to receive, review and respond to draft reports prior to
completion of the Appraisal. Purchaser shall direct the Appraiser to consider in good faith any comments of Seller on any draft reports, provided the Appraiser shall retain the ultimate discretion and authority with respect to the Appraisal.
Purchaser shall deliver a copy of the Appraisal to Seller upon completion. Within ninety (90) days following the later of Determination Date or the Closing Date, Purchaser shall prepare and deliver to Seller a schedule setting forth (i) a
determination of the ADSP (as defined in the applicable Regulations under Section 338 of the Code) for each Company, and (ii) an allocation of the ADSP of each Company among the assets of the Company, which shall be prepared in accordance
with Sections 338 and 1060 of the Code and the Regulations promulgated thereunder and based on the Appraisal (the “Proposed Allocation Schedule”). Seller shall have thirty (30) days following receipt of the Proposed Allocation
Schedule to provide written notice to Purchaser of any good faith objection to any portion of the Proposed Allocation Schedule, which objection shall be set forth with reasonable detail in such notice. Unless Seller timely delivers notice of an
objection to the Proposed Allocation Schedule, Seller shall be deemed to accept and approve the Proposed Allocation Schedule, which shall thereafter be final and binding upon the parties. 

(d) Following receipt of any timely notice of any objection to the Proposed Allocation Schedule, the parties shall attempt in good faith to
resolve their disagreement and arrive at a mutually agreed allocation. If the parties are unable to reach agreement within thirty (30) days following notice by Seller to Purchaser of an objection to the Proposed Allocation Schedule, then any
unresolved disputed matters shall be submitted to the Auditor for final determination in a manner consistent with Section 2.06(c). The Auditor’s resolution of the disputed matters shall be final and binding on the parties. 

(e) The Proposed Allocation Schedule as accepted (or deemed accepted) pursuant to Section 7.05(c) or as finally agreed and
determined pursuant to Section 7.05(d) shall become the “Final Allocation Schedule” and the parties shall file all Tax Returns (including but not limited to IRS Form 8883 and any similar forms required by applicable
state and local Law) consistent with the Final Allocation Schedule and shall not take any position contrary thereto in connection with any Action relating to Taxes; provided, however, that nothing contained herein shall prevent Seller
or Purchaser (and their respective Affiliates) from settling any proposed deficiency or adjustment by any Governmental Authority based upon or arising out of the Final 

  
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Allocation Schedule, and neither Seller nor Purchaser shall be required to litigate before any court, any proposed deficiency or adjustment by any Governmental Authority challenging such
allocation. If the Purchase Price is adjusted pursuant to Section 9.07, the Final Allocation Schedule shall be adjusted in a consistent manner. 

ARTICLE VIII 
 CONDITIONS TO
CLOSING 
 SECTION 8.01. Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment or written waiver, at or prior to the Closing, of each of the following conditions: 

(a) Representations, Warranties and Covenants. (i) (A) The Fundamental Representations (as defined below) of
Purchaser and Parent shall be true and correct in all respects at and as of the Closing Date (other than any representation or warranty that expressly relates to a specific date, which representation and warranty shall be true and correct on the
date so specified) other than such failures to be true and correct as are de minimis, and (B) all other representations and warranties of Purchaser and Parent set forth in Article IV of this Agreement shall be true and correct (without
giving effect to any limitations as to “materiality” or “Purchaser MAE”) at and as of the Closing Date (other than any representation or warranty that expressly relates to a specific date, which representation and warranty shall
be true and correct on the date so specified) except where the failure of such representations and warranties to be true and correct would not reasonably be expected to have, individually or in the aggregate, a Purchaser MAE, and (ii) the
covenants and agreements contained in this Agreement to be complied with by Purchaser and Parent on or before the Closing shall have been complied with in all material respects; 

(b) Government Consent. The Government Consents shall have been obtained; 

(c) No Order. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or
Governmental Order that is in effect and that has the effect of making the transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the consummation of such transactions; 

(d) Officer’s Certificate. Parent shall have delivered to Seller a certificate of a duly authorized officer of
Parent certifying as to the matters set forth in Section 8.01(a); and 
 (e) No Purchaser MAE. Since the
date of the Original Agreement, no event, effect, circumstance, change, occurrence, fact or development shall have occurred, come into existence or become known that, individually or in the aggregate, has had or would reasonably be expected to have
a Purchaser MAE. 

  
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 SECTION 8.02. Conditions to Obligations of Purchaser. The obligations of Purchaser to
consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or written waiver, at or prior to the Closing, of each of the following conditions: 

(a) Representations, Warranties and Covenants. (i) (A) The Fundamental Representations of Seller shall be true and
correct in all respects at and as of the Closing Date (other than any representation or warranty that expressly relates to a specific date, which representation and warranty shall be true and correct on the date so specified) other than such
failures to be true and correct as are de minimis, and (B) all other representations and warranties of Seller set forth in Article III of this Agreement shall be true and correct (without giving effect to any limitations as to
“materiality” or “Material Adverse Effect”) at and as of the Closing Date (other than any representation or warranty that expressly relates to a specific date, which representation and warranty shall be true and correct on the
date so specified), except where the failure of such representations and warranties to be true and correct would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and (ii) the covenants and
agreements contained in this Agreement to be complied with by Seller at or before the Closing shall have been complied with in all material respects; 

(b) Government Consents. The Government Consents shall have been obtained; 

(c) No Order. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or
Governmental Order that is in effect and that has the effect of making the transactions contemplated by this Agreement illegal or otherwise restraining or prohibiting the consummation of such transactions; and 

(d) Officer’s Certificate. Seller shall have delivered to Purchaser a certificate of a duly authorized officer of
Seller certifying as to the matters set forth in Section 8.02(a). 
 ARTICLE IX 

INDEMNIFICATION 

SECTION 9.01. Survival of Representations and Warranties. The representations and warranties (other than the Fundamental
Representations (as defined below)) of the parties hereto contained in this Agreement shall survive the Closing for a period of eighteen (18) months from the Closing Date; provided, however, that representations and warranties set
forth in (a) Section 3.01 (Organization, Authority and Qualification of Seller), (b) Section 3.02 (Organization, Authority and Qualification of the Companies), (c) Section 3.03 (Capitalization;
Ownership of Shares), (d) Section 7.01 (Tax Representations), (e) Section 4.01 (Organization, Authority and Qualification of Parent and Purchaser), (f) Section 4.02 (Organization, Authority and
Qualification of the Parent Subsidiaries), (g) Section 4.09 (Preferred Stock), and (h) Section 4.10 (Capitalization) (collectively, the “Fundamental Representations”; provided, that the
representations and warranties set forth in Section 7.01 (Tax Representations) shall be considered Fundamental Representations only for purposes of this Article IX, and not for purposes of Article VIII) shall survive the
Closing until six (6) years from the Closing Date; provided, however, that any claim made in writing (specifying the nature of the claim and the underlying basis for which indemnification is sought) by the party seeking to be
indemnified thereunder within the time periods set forth in this Section 9.01 shall survive until such claim is finally and fully resolved. The covenants and agreements of the parties in this 

  
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Agreement that by their terms are to be performed following the Closing shall survive the Closing and continue in effect in accordance with their terms until performed or the obligation to so
perform shall have expired. The covenants and agreements of the parties contained herein that by their terms are to be performed at or prior to the Closing shall survive the Closing until one (1) year from the Closing Date. The indemnity
obligations set forth in Section 9.02(c) and Section 9.02(d) shall survive the Closing until sixty (60) days after the expiration of the applicable statute of limitations period; provided, however, that any
claim made in writing (specifying the nature of the claim and the underlying basis for which indemnification is sought) by the party seeking to be indemnified thereunder within the time period set forth in this Section 9.01 shall survive
until such claim is finally and fully resolved. The indemnity obligations set forth in Section 9.02(e), Section 9.02(f), Section 9.02(g), and Section 9.02(h), shall survive the Closing for a period of
three (3) years from the Closing Date; provided, however, that any claim made in writing (specifying the nature of the claim and the underlying basis for which indemnification is sought) by the party seeking to be indemnified
thereunder within the time period set forth in this Section 9.01 shall survive until such claim is finally and fully resolved. 

SECTION 9.02. Indemnification by Seller. Subject to the provisions of this Article IX, following the Closing, Purchaser and
its Affiliates, and their respective officers, directors, employees, agents, successors and assigns (each, a “Purchaser Indemnified Party”) shall be indemnified and held harmless by Seller for and against all losses, Liabilities,
damages, claims, costs and expenses, interest, awards, judgments, fines, fees, obligations and penalties (including reasonable attorneys’ and consultants’ fees and expenses) suffered, sustained or incurred by them (hereinafter, a
“Loss”), arising out of or resulting from, without duplication: (a) any breach by Seller of any representation or warranty made by Seller contained in this Agreement, which shall be deemed made on the date of the Original
Agreement and the Closing Date (other than any representation or warranty that expressly relates to a specific date, which representation and warranty shall be made on the date so specified) (provided, however, that Seller shall not be obligated to
indemnify the Purchaser Indemnified Parties pursuant to this Section 9.02(a) for any Tax imposed with respect to a Post-Closing Tax period on the basis of a breach of any representation or warranty contained in Section 7.01 (Tax
Representations) other than the representations and warranties contained in the second sentence of Section 7.01(e), Section 7.01(h), and Section 7.01(k)), (b) the breach of any covenant or agreement contained
in this Agreement requiring performance by Seller or any Company (prior to Closing), (c) Excluded Taxes, (d) an invalid or ineffective (for federal income Tax purposes and to the extent applicable for state or local income Tax purposes)
Section 338 Election solely to the extent Taxes are caused by, and would not have been incurred but for, a breach of any representation in Section 7.01 or a breach of any covenant of Seller or any Company (other than covenants to be
performed by a Company after the Closing unless performed at the direction and control of Seller, if and to the extent so exercised by the Seller) contained in this Agreement or any other document contemplated hereby, (e) any Retained Assets,
(f) any Liability, whether known or unknown as of the Closing Date, with respect to the operation of the Business or the Companies prior to the Closing Date (whether such claim or Action is brought by a third party or otherwise), other than to
the extent any such Loss arises under any Contract (other than under any Contract for any prior sales of business units by any Company or any Losses arising out of or resulting from any breach of any Contract by any Company prior to the Closing
Date), (g) any Third Party Claim to the extent of any punitive damages award where such Third Party Claim arises out of or results from the operation or conduct of the Business or the Companies prior to the Closing Date and any Environmental
Liability, and (h) any Environmental Liability. 

  
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 SECTION 9.03. Indemnification by Purchaser. Subject to the provisions of this
Article IX, following the Closing, Seller and its Affiliates, and their respective officers, directors, employees, agents, successors and assigns (each, a “Seller Indemnified Party”) shall be indemnified and held harmless by
Purchaser, for and against any and all Losses arising out of or resulting from: (a) any breach of any representation or warranty made by Purchaser or Parent contained in this Agreement, which shall be deemed made on the Closing Date (other than
any representation or warranty that expressly relates to a specific date, which representation and warranty shall be made on the date so specified), and (b) the breach of any covenant or agreement contained in this Agreement requiring
performance by Purchaser or Parent. 
 SECTION 9.04. Limits on Indemnification. 

(a) Notwithstanding anything to the contrary contained in this Agreement: (i) an Indemnifying Party shall not be liable for any claim for
indemnification pursuant to Section 9.02(a), Section 9.02(f), Section 9.02(g), Section 9.02(h), or Section 9.03(a), as applicable, unless and until the aggregate amount of indemnifiable Losses
which may be recovered from the Indemnifying Party exceeds an amount equal to $500,000 (the “Basket Amount”), after which the Indemnifying Party shall be liable only for indemnifiable Losses in excess of the Basket Amount,
(ii) the maximum amount of indemnifiable Losses which may be recovered from an Indemnifying Party arising out of or resulting from the causes set forth in Section 9.02(a), Section 9.02(f) or Section 9.03(a)
shall be an amount equal to $25,000,000, and (iii) Seller shall not be required to indemnify any Person under this Agreement or be liable to any Person under this Agreement under any theory of recovery whatsoever for Losses in the aggregate
exceeding the cash Purchase Price; provided, however, that the limitations set forth in clauses (i) and (ii) of this Section 9.04(a) shall not apply to (A) claims arising out of breaches of the Fundamental
Representations, (B) claims pursuant to Section 9.02(c), (C) claims pursuant to Sections 9.02(d) and 9.02(e), or (D) in the case of fraud by the other party in connection with entering into this Agreement or
consummating the transactions contemplated hereby, and the limitations set forth in clause (ii) shall not apply to claims pursuant to Section 9.02(g) and 9.02(h); provided, further, that the limitations set
forth in clause (iii) of this Section 9.04(a) shall not apply to claims pursuant to Section 9.02(c) in respect of clause (b) (to the extent such Excluded Taxes are Taxes of Seller or any its Affiliates (other than
the Companies) or any of their respective predecessors, successors or former Affiliates) and (c) of the definition of Excluded Taxes. 

(b) Notwithstanding anything in this Agreement to the contrary, no Indemnifying Party shall have any Liability (including under this
Article IX) for, and Losses shall be deemed to exclude, (i) any punitive damages, and (ii) any consequential or special damages, loss of profits, diminution in value, or damages based on any multiplier of the earnings, income or
cash flow or any other premium or valuation methodology, except, (A) in the case of clause (ii), to the extent such damages or Losses are found to be (x) not based on any special circumstances of the party entitled to indemnification, and
(y) are the natural, probable and reasonably foreseeable result of the event that gave rise thereto or the matter for which indemnification is sought hereunder, regardless of the form of Action through which such

  
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damages are sought, or (B) in the case of clauses (i) and (ii), to the extent such Losses or damages are awarded and paid with respect to a Third Party Claim as to which a party is
entitled to seek indemnification under this Agreement. Notwithstanding anything to the contrary and for the avoidance of doubt, any Taxes arising or resulting from an invalid or ineffective (for federal income Tax purposes and to the extent
applicable for state or local income Tax purposes) Section 338 Election solely to the extent such Taxes are caused by, and would not have been incurred but for, a breach of any representation in Section 7.01 or a breach of any
covenant of the Seller or the Companies (other than covenants to be performed by the Companies after the Closing unless performed at the direction and control of the Seller, if and to the extent so exercised by the Seller) contained in this
Agreement or any other document contemplated hereby shall be deemed direct damages and not consequential, special, or punitive damages for purposes of indemnification pursuant to Section 9.02(d). 

(c) Notwithstanding anything in this Agreement to the contrary, the representations and warranties of Seller, Parent and Purchaser contained
in this Agreement shall not be affected or deemed waived by reason of any investigation made (or not made) by or on behalf of Purchaser or Seller, as applicable, including, but not limited to, any investigations made (or not made) by any of
Purchaser’s or Seller’s, as applicable, respective Representatives, or by reason of the fact that Purchaser or Seller, as applicable, or any of its Representatives knew or should have known that any such representation and warranty is or
might be inaccurate or untrue. Seller and Purchaser hereby acknowledge that, regardless of any investigation made (or not made) by or on behalf of Purchaser or Seller, as applicable, and regardless of the results of any such investigation, Purchaser
and Seller have entered into this Agreement in express reliance upon the representations and warranties of the other and the Company made herein. Seller and Purchaser further acknowledge that, in connection with this Agreement, each has furnished to
the other good and sufficient consideration in exchange for the representations and warranties made herein. 
 (d) Except with respect to
the representations and warranties set forth in Section 3.04 (No Conflict), Section 3.07 (Financial Information), Section 3.08 (Absence of Certain Changes), Section 3.13(a) (Employee Benefits
Matters), Section 3.15(a)(iii) and (ix) (Material Contracts), Section 3.21 (Assets of the Business), Section 3.22 (Related Party Transactions) Section 4.11 (SEC Filings; Financial
Statements) and Section 4.13 (Absence of Certain Changes), for purposes of (i) determining whether there has been a breach of any representation or warranty, and (ii) calculating Losses hereunder, any “materiality” or
“Material Adverse Effect” or “Purchaser MAE” qualifier in any representation or warranty made by Seller, Purchaser or Parent, as applicable, shall be disregarded. Notwithstanding anything to the contrary contained in this
Agreement, Seller shall not be liable for any claim for indemnification for any Loss or Tax to the extent such Loss or Tax is included in the Closing Net Working Capital Amount or the Final Retained Liabilities Amount or otherwise deducted from the
Purchase Price pursuant to Section 2.02. 
 SECTION 9.05. Notice of Loss; Third Party Claims. 

(a) If an Indemnified Party reasonably expects to seek indemnification with respect to any claim asserted or threatened by an unaffiliated
third party against the Indemnified Party (a “Third Party Claim”), it shall give the Indemnifying Party prompt notice of the Third 

  
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Party Claim (a “Claim Notice”), which Claim Notice shall describe in reasonable detail the facts and circumstances with respect to such Third Party Claim, stating a reasonable
estimate of the amount of the Loss, to the extent known or reasonably determinable; provided, that the failure to so notify an Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that
(and only to the extent that) the Indemnifying Party is prejudiced by such failure. 
 (b) The Indemnifying Party shall be entitled to
direct the defense of such Third Party Claim at its sole expense and through counsel of its choice if it gives notice of its intention to do so to the Indemnified Party within thirty (30) days of the receipt of such Claim Notice from the
Indemnified Party. If the Indemnifying Party elects to direct the defense of a Third Party Claim within thirty (30) days of the receipt of notice of such claim from the Indemnified Party, and such claim can reasonably be expected to be resolved
by money damages alone without any injunctive or equitable relief that would be binding on the Indemnified Party, the Indemnifying Party has the financial resources to pay such damages, then the Indemnifying Party shall be entitled to direct
the defense of any claim at its sole cost and expense and to settle or compromise any such claim or consent to the entry of any judgment, but such defense shall be conducted by legal counsel reasonably satisfactory to the Indemnified Party;
provided, that if (i) the Indemnifying Party assumes the defense of a Third Party Claim and thereafter discovers facts as a result of which the Indemnifying Party, acting reasonably, determines that such information is likely to mean
that the Indemnifying Party does not have an indemnification obligation in respect of such Third Party Claim, then (ii) the Indemnifying Party shall provide the Indemnified Party written notice of the same and shall cooperate with the other
party to transfer control back to the Indemnified Party, and shall cooperate in respect of the same, in order to ensure that such other party is not prejudiced in its defense; provided, further, that the Indemnified Party shall be
entitled to assume control of such defense and to settle or compromise any such claim or consent to the entry of any judgment (provided, that the Indemnified Party shall not settle, compromise, consent to the entry of a judgment with respect
to or pay, or permit to be paid, any part of such Third Party Claim unless the Indemnifying Party consents in writing to such payment (which consent shall not be unreasonably withheld, conditioned or delayed) or unless a final judgment from which no
appeal may be taken is entered against the Indemnified Party for such Third Party Claim) if the Indemnifying Party failed or is failing to diligently defend such Third Party Claim. The Indemnifying Party shall not be entitled to settle, compromise
or consent to the entry of a judgment with respect to such Third Party Claim without the consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) unless such settlement, compromise or judgment does
not involve any injunctive or non-monetary equitable relief that would be binding on the Indemnified Party, and contains a complete and unconditional release of the Indemnified Party and the Indemnifying Party verifies to the Indemnified Party in
writing that such Indemnifying Party shall be solely responsible (with no reservation of rights) for the full amount of such settlement, compromise or judgment. After notice from the Indemnifying Party to the Indemnified Party of its election to
assume the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party under this Section 9.05 for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the
defense thereof; provided, however, that the Indemnified Party shall have the right to employ counsel to represent it, at its sole cost and expense; provided, further, that if, in the reasonable opinion of
the Indemnified Party, based on 

  
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the advice of counsel, it is advisable for the Indemnified Party to be represented by separate counsel due to actual or potential conflicts of interest, then in such event, the reasonable fees
and expenses of one such separate counsel (in addition to one firm of local counsel reasonably required) shall be paid by the Indemnifying Party. The Indemnified Party and the Indemnifying Party shall each render to each other such assistance as may
reasonably be requested in order to ensure the proper and adequate defense of any such claim or proceeding, including as provided in Section 5.02(b). If the Indemnifying Party elects to direct the defense of any such claim or proceeding,
the Indemnified Party shall not settle, compromise, consent to the entry of a judgment with respect to or pay, or permit to be paid, any part of such Third Party Claim unless the Indemnifying Party consents in writing to such payment (which consent
shall not be unreasonably withheld, conditioned or delayed) or unless a final judgment from which no appeal may be taken is entered against the Indemnified Party for such Third Party Claim. If the Indemnified Party assumes the defense of any such
claims or proceeding pursuant to this Section 9.05 and proposes to settle such claims or proceeding prior to a final judgment thereon or to forgo any appeal with respect thereto, then the Indemnified Party shall give the Indemnifying
Party prompt written notice thereof and the Indemnifying Party shall have the right to participate in the settlement or assume or reassume the defense of such claims or proceeding. Notwithstanding anything to the contrary in this
Section 9.05, the Indemnified Party will have the absolute right to conduct and control, through counsel of its choosing (the reasonable fees and expenses of which shall be paid by the Indemnifying Party, subject to the limitations set
forth in this Article IX), the defense, compromise and settlement of any Third Party Claim if (A) such Third Party Claim seeks an injunction or other non-monetary relief against the Indemnified Party that poses a reasonable likelihood of
resulting in non-monetary relief that would materially and adversely affect the business of the Indemnified Party, (B) the Third Party Claim is a criminal or quasi criminal Action, (C) the amount of potential damages exceeds the
indemnification available hereunder by an amount that exceeds the amount that is available hereunder, after taking into account all other claims made or reasonably anticipated or (D) the Indemnifying Party does not elect to assume control of
the defense within thirty (30) Business Days after receiving notice of such Third Party Claim; provided that the Indemnifying Party shall be permitted to participate in the defense of such Third Party Claim with its own counsel and it
its own expense. 
 (c) If an Indemnified Party reasonably expects to make a claim against any Indemnifying Party hereunder that does not
involve a Third Party Claim, it shall deliver notice of such claim promptly to the Indemnifying Party, describing in reasonable detail the facts giving rise to any claim for indemnification hereunder, a reasonable estimate of the amount of such
claim (to the extent known or reasonably determinable) and such other information with respect thereto as the Indemnifying Party may reasonably request; provided, that the failure to so notify an Indemnifying Party shall not relieve the
Indemnifying Party of its obligations hereunder except to the extent that (and only to the extent that) the Indemnifying Party is prejudiced by such failure. 

(d) In the event of any conflict between the provisions of this Section 9.05 and Section 7.03 with respect to Tax
Claims, Section 7.03 shall control. 
 SECTION 9.06. Remedies. Except in the case of fraud by the other party in
connection with entering into this Agreement or consummating the transactions contemplated 

  
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hereby, following the Closing, the indemnification provisions of Article IX shall be the sole and exclusive remedies of Parent, Purchaser and Seller and the other Purchaser Indemnified
Parties and Seller Indemnified Parties with respect to the subject matter of this Agreement and the transactions contemplated hereby; provided, that this provision shall not limit any remedies available to Seller in respect of a breach of
Section 5.04 or the right to specific performance or injunctive relief pursuant to Section 11.16. 

SECTION 9.07. Treatment of Indemnity Payments. Any indemnity payments made by an Indemnifying Party pursuant to this Article
IX shall be treated as an adjustment to the Purchase Price for all income Tax purposes, unless otherwise required by Law. 

SECTION 9.08. Additional Indemnification Provisions. 

(a) Any party that becomes aware of a Loss for which it seeks indemnification under this Article IX shall be required to use
commercially reasonable efforts to mitigate the Loss, including taking any actions reasonably requested by an Indemnifying Party, and an Indemnifying Party shall not be liable for any Loss to the extent such Loss is attributable to the Indemnified
Party’s failure to mitigate the Loss. 
 (b) In calculating the amount of any Loss for which indemnification is sought hereunder, the
proceeds actually received by any Indemnified Party under any insurance policy or pursuant to any claim, recovery, settlement or payment by or against any other Person (including pursuant to any indemnity, contribution or similar proceeds recovered
by the Indemnified Party in connection with the facts giving rise to the right of indemnification), net of any deductible or actual costs or expenses incurred in connection with securing or obtaining such proceeds, shall be deducted from the amount
of such Losses (it being agreed that if any such amounts are recovered by the Indemnified Party subsequent to the Indemnifying Party’s making of an indemnification payment, such amount shall be promptly remitted to the Indemnifying Party to the
extent of the indemnification payment made). Each Indemnified Party shall use commercially reasonable efforts to collect any amounts available under such insurance coverage and from such other Person alleged to have any responsibility for such Loss.
Upon making any payment to the Indemnified Party pursuant to this Article IX, the Indemnifying Party shall be subrogated, to the extent of such payment, to any rights which the Indemnified Party may have against any Person with respect to the
subject matter underlying such indemnification claim, and the Indemnified Party shall assign any such rights to the Indemnifying Party. 

ARTICLE X 
 TERMINATION, AMENDMENT
AND WAIVER 
 SECTION 10.01. Termination. This Agreement may be terminated at any time prior to the Closing: 

(a) by either Seller or Purchaser if the Closing shall not have occurred by the date that is no later than eighteen (18) months after the
date of the Original Agreement (the “Outside Date”); provided, however, that the right to terminate this Agreement under this Section 10.01(a) shall not be available to any party whose failure to fulfill
any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date. 

  
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 (b) by either Purchaser or Seller in the event that any Law or Governmental Order restraining,
enjoining or otherwise prohibiting the transactions contemplated by this Agreement shall have become final and nonappealable or in the event that any Government Consent is denied by final, nonappealable action of the relevant Governmental Authority;
provided, that the party hereto seeking to terminate this Agreement pursuant to this Section 10.01(b) shall have used commercially reasonable efforts to remove such Governmental Order and obtain such Government Consent; 

(c) by Seller if Purchaser or Parent shall have breached any of its representations, warranties, covenants or agreements contained in this
Agreement which would give rise to the failure of a condition set forth in Article VIII, which breach cannot be or has not been cured within thirty (30) days after the giving of written notice by Seller to Purchaser specifying such
breach, provided, however, that a failure by Purchaser to pay the Purchase Price at Closing shall be a material breach not subject to cure and provided, further, that Seller is not then in material breach of any of its
representations, warranties, covenants or agreements contained in this Agreement; 
 (d) by Purchaser if Seller shall have breached any of
its representations, warranties, covenants or agreements contained in this Agreement which would give rise to the failure of a condition set forth in Article VIII, which breach cannot be or has not been cured within thirty (30) days
after the giving of written notice by Purchaser to Seller specifying such breach; provided, that neither Purchaser nor Parent is then in material breach of any of its representations, warranties, covenants or agreements contained in this
Agreement; 
 (e) by the mutual written consent of Seller and Purchaser; or 

(f) by Purchaser prior to the Closing Date if an event, effect, circumstance, change, occurrence, fact or development shall have occurred,
come into existence or become known that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect. 

SECTION 10.02. Effect of Termination. In the event of termination of this Agreement as provided in Section 10.01, this
Agreement shall forthwith become void and there shall be no Liability on the part of either party hereto except that (i) Section 5.03 and Article XI shall survive such termination, and (ii) nothing herein shall relieve either
party from liability for any willful and material breach of this Agreement occurring prior to such termination. 
 ARTICLE XI 

GENERAL PROVISIONS 

SECTION 11.01. Expenses. Except as otherwise specified in this Agreement, each party shall be solely responsible for all costs and
expenses incurred by it in connection with the negotiation, preparation and performance of and compliance with the terms of this Agreement. All governmental fees and charges applicable to any requests for Government Consents shall be paid one-half
by Purchaser and one-half by Seller, except that if more than one HSR Act filing is necessary because a party has more than one ultimate parent entity, then such party shall pay the HSR Act filing fees for any additional filings. 

  
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 SECTION 11.02. Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, by facsimile (subject to
written confirmation of receipt by the recipient) or registered or certified mail (postage prepaid, return receipt requested) to the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in
a notice given in accordance with this Section 11.02): 
  

	 	(a)	if to Seller: 

 Lincoln National Corporation 

Legal Dept. – Contract Law 

150 N. Radnor Chester Road 

Radnor, PA 19087 
 Facsimile:
(484) 583-8141 
 Attention: Vice President – Contract Law 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, NY 10019 
 Facsimile:
(212) 403-2000 
 Attention: Nicholas G. Demmo 
  

	 	(b)	if to Purchaser: 

 Entercom Communications Corp. 

401 E. City Avenue, Suite 809 

Bala Cynwyd, PA 19004 

Facsimile: (610) 660-5662 

Attention:  Andrew P. Sutor, IV, 

                  Senior Vice President and General
Counsel 
 with a copy to: 

Latham & Watkins LLP 

330 N. Wabash Ave., Suite 2800 

Chicago, IL 60611 
 Facsimile:
(312) 993-9767 
 Attention: Zachary A. Judd 

SECTION 11.03. Public Announcements. Neither party to this Agreement shall make, or cause to be made, any press release or public
announcement in respect of this Agreement or the transactions contemplated by this Agreement or otherwise communicate with 

  
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any news media without the prior written consent of the other party (not to be unreasonably withheld, conditioned or delayed) unless otherwise required by Law or applicable stock exchange
regulation, and the parties to this Agreement shall cooperate as to the timing and contents of any such press release, public announcement or communication. 

SECTION 11.04. Severability. If any term or other provision of this Agreement is deemed by any court to be violative of Law or
public policy and therefore invalid, illegal or incapable of being enforced, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated by this Agreement are consummated as originally contemplated to the greatest extent possible. 
 SECTION 11.05. Entire
Agreement. This Agreement and the Confidentiality Agreement constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral,
between Seller, Parent and Purchaser with respect to the subject matter hereof and thereof. 
 SECTION 11.06. Assignment. This
Agreement may not be assigned by any party hereto without the express written consent of the other parties (which consent may be granted or withheld in such parties’ sole discretion); provided, however, so long as Purchaser
remains liable for the performance of its obligations hereunder, Purchaser or Seller may assign its rights under this Agreement (including the right to acquire the title to and ownership of the Shares or to receive the Purchase Price, as applicable)
to a wholly owned subsidiary without the consent of the other party, provided that such assignment would not reasonably be expected to prevent or delay the consummation of the transactions contemplated hereby. 

SECTION 11.07. Amendment. This Agreement may not be amended or modified except (a) by an instrument in writing signed by, or
on behalf of, each party hereto, or (b) by a waiver in accordance with Section 11.08. 
 SECTION 11.08. Waiver.
Either Seller, on the one hand, or Purchaser or Parent, on the other hand, may (a) extend the time for the performance of any of the obligations or other acts of the other party, (b) waive any inaccuracies in the representations and
warranties of the other party contained herein or in any document delivered by the other party pursuant hereto, or (c) waive compliance with any of the agreements of the other party or conditions to such party’s obligations contained
herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party to be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a
subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of either party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 

SECTION 11.09. Audit Assistance. Seller acknowledges that Parent is a reporting company under the Exchange Act and that, in
connection therewith, Parent may be required to file with the SEC financial statements relating to the Companies, the Business and the 

  
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Stations prepared in accordance with Regulation S-X of the Securities Act of 1933, as amended (“S-X Financials”). Accordingly, Seller will use its commercially reasonable efforts
to furnish promptly to Parent and Purchaser any additional information or documents as Parent or Purchaser may reasonably request which are necessary for the completion of the S-X Financials that are within its possession or control;
provided, that none of Seller or any of its Affiliates or Representatives shall be required to pay any fee or incur any cost or expense that is not promptly reimbursed by Parent or Purchaser. None of the Seller Indemnified Parties shall have
any Liability in respect of such S-X Financials except as expressly set forth in this Agreement, and Purchaser and Parent shall indemnify the Seller Indemnified Parties for and against any and all Losses arising out of or resulting from the S-X
Financials or Seller’s or its Affiliates’ or Representatives’ cooperation pursuant to this Section 11.09. 

SECTION 11.10. No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express or implied (including the provisions of Article IX relating to indemnified parties), is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement. 

SECTION 11.11. Neutral Construction. Seller and Purchaser agree that this Agreement was negotiated at arms-length and that the
final terms hereof are the product of the parties’ negotiations. This Agreement shall be deemed to have been jointly and equally drafted by Seller and Purchaser, and the provisions hereof should not be construed against a party on the grounds
that the party drafted or was more responsible for drafting the provision. 
 SECTION 11.12. Currency. Unless otherwise
specified in this Agreement, all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in United States dollars. 

SECTION 11.13. Governing Law. This Agreement and all disputes, claims or controversies relating to, arising out of, or in
connection with this Agreement shall be governed by and construed in accordance with the internal Laws of the State of Delaware (including in respect of the statute of limitations or other limitations period applicable to any claim, controversy or
dispute hereunder) without regard to the Laws of any other jurisdiction that might be applied because of the conflicts of laws rules of the State of Delaware. Each party irrevocably agrees that any legal action or proceeding arising out of or
relating to this Agreement brought by the other party or its successors or assigns shall be brought and determined in any State or Federal court sitting in the State of Delaware (or, if such court lacks subject matter jurisdiction, in any
appropriate Delaware State or Federal court), and each party hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action
or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each party agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than
actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein. Each party further agrees that notice as provided herein shall constitute sufficient service of
process and each party further waives any argument that such service is insufficient. Each party hereby irrevocably and 

  
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unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any
such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (c) that (i) the suit,
action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 SECTION 11.14. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT IT MAY HAVE TO A TRIAL BY
JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

SECTION 11.15. Counterparts. This Agreement may be executed and delivered (including by email or facsimile transmission) in one or
more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. 

SECTION 11.16. Enforcement. The parties hereto agree that irreparable damage to the parties would occur in the event that any of
the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that any party shall be entitled to an injunction or injunctions to prevent breaches of this Agreement
and to enforce specifically the terms and provisions of this Agreement, without bond or other security being required, this being in addition to any other remedy to which such party is entitled at Law or in equity. 

SECTION 11. 17. Release. Effective as of the Closing, Seller, on behalf of itself and its Affiliates and Representatives, hereby
does release and forever discharge the Companies and the Transferred Employees and their respective successors and assigns (the “Company Releasees”), in their capacities as such, from any and all Liabilities whatsoever, whether at
Law or in equity, and whether known or unknown, in respect of the Companies as a result of any act or omission, prior to the Closing Date, by such Company Releasees, other than any action or omission involving fraud, willful misconduct or gross
negligence. From and after the Closing, the Seller shall not initiate or maintain any Action against the Company Releasees in respect of Liabilities released pursuant to this Section 11.17. 

SECTION 11.18. Conflicts and Privilege. It is acknowledged by each of the parties hereto that Seller and the Companies have
retained Wachtell, Lipton, Rosen & Katz and Lerman Senter PLLC (together, the “Existing Counsel”) to act as counsel in connection with the transactions contemplated hereby and with respect to other matters occurring prior
to or after the date of the Original Agreement. To the extent that any material subject to the attorney-client privilege or any other applicable legal privilege, as regards the Companies, has been shared between them, whether prior to or after the
date of the Original Agreement, it is the parties’ 

  
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desire, intention and mutual understanding that the sharing of such material is not intended to, and shall not, waive or diminish in any way such material’s continued protection under
attorney-client or any other applicable legal privilege. Specifically, the parties agree that (a) Parent and Purchaser shall not, and from and after the Closing shall cause the Companies to not, seek to have any Existing Counsel disqualified
from representing Seller or (prior to the Closing only) the Companies in any dispute (whether in contract, tort or otherwise) based upon, arising out of or related to this Agreement or any of the transactions contemplated hereunder in whole or in
part, and (b) in connection with any dispute that may arise, prior to the Closing, between Seller or any of the Companies, on the one hand, and Parent or Purchaser, on the other hand, or, from and after the Closing, Parent, Purchaser or the
Companies, on the one hand, and Seller, on the other hand, Seller (and not any of the Companies) will have the sole and exclusive right to decide whether or not to waive any attorney-client or other applicable privilege that may apply to any
communications between Seller or any of the Companies and any Existing Counsel that occurred on or prior to the Closing. Except with respect to any existing or pending litigation or administrative proceedings, or any internal investigations relating
to circumstances that could result in either of the foregoing, for which the parties shall cooperate in good faith to share attorney-client privilege, upon and after the Closing, (i) Seller and its Affiliates (and not the Companies) shall be
the sole holders of the attorney-client and any other applicable legal privilege with respect to the engagement of Existing Counsel, and none of the Companies shall be a holder thereof, (ii) to the extent that files of Existing Counsel
constitute property of the client, only Seller and its Affiliates (and not the Companies) shall hold such property rights, and (iii) Existing Counsel shall have no duty whatsoever to reveal or disclose any such attorney-client communications or
files to any of the Companies by reason of any attorney-client relationship between Existing Counsel and any of the Companies or otherwise. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, Seller, Purchaser and Parent have caused this Agreement to be executed as of the date first
written above by their respective officers thereunto duly authorized. 
  

			
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:		 /s/ Jeffrey Coutts

	Name:		Jeffrey Coutts
	Title:		SVP, Treasurer
	
	ENTERCOM COMMUNICATIONS CORP.
		
	By:		 /s/ Andrew P. Sutor

	Name:		Andrew P. Sutor, IV
	Title:		Senior Vice President
	
	ENTERCOM RADIO, LLC
		
	By:		 /s/ Andrew P. Sutor

	Name:		Andrew P. Sutor, IV
	Title:		Senior Vice President

 [Signature Page to Amended and Resetated Stock Purchase Agreement] 

 GUARANTEE 

Entercom Communications Corp., a Pennsylvania corporation (“Parent” or “Purchaser Guarantor”), hereby
executes this Guarantee, which shall be deemed a part of the preceding Amended and Restated Stock Purchase Agreement among The Lincoln National Life Insurance Company (“Seller”), Parent and Entercom Radio, LLC
(“Purchaser”), dated as of July 10, 2015 (the “Agreement”), attached hereto, for purposes of making the following guarantee in favor, and for the benefit, of the Seller. Capitalized terms used herein without
definition shall have the meaning ascribed thereto in the Agreement. 
 Purchaser Guarantor hereby absolutely, irrevocably, and
unconditionally, guarantees to Seller and the other Seller Indemnitees the prompt and complete performance of each and all of Purchaser’s obligations under the Agreement, including, without limitation, all of Purchaser’s obligations to pay
the Purchase Price to Seller, and all of Purchaser’s indemnification obligations under Article IX of the Agreement, in each case as and when the performance of the same shall become due (collectively, the “Guarantee
Obligations”). Upon failure by Purchaser to perform punctually any Guarantee Obligation, Purchaser Guarantor shall forthwith without demand perform such obligation in the manner specified herein. The obligations of Purchaser Guarantor
hereunder shall be an unconditional and absolute guarantee of payment and performance and not of collectability only. 
 Purchaser Guarantor
hereby agrees that the Guarantee Obligations set forth herein shall not be released, diminished, impaired, reduced, or affected by any renewal, extension, adjustment, or modification of the Guarantee Obligations, including the time, place or manner
of payment thereof, and Purchaser Guarantor consents to any extensions of time of the Guarantee Obligations, to any changes in the terms of the Guarantee Obligations as agreed to by Seller and Purchaser, and to any settlement or adjustment with
respect to the Guarantee Obligations entered into between Seller and Purchaser. Purchaser Guarantor hereby waives any and all rights or defenses which would otherwise require an election of remedies by Seller, and further waives promptness,
diligence, presentment, demand for payment, default, dishonor and protest, notice of any Guarantee Obligations incurred and all other notices of any kind (other than those expressly required by the Agreement), all defenses that may be available by
virtue of any valuation, stay, moratorium, or similar law now or hereafter in effect, any right to require the marshalling of assets of Purchaser or any other Person, and all suretyship defenses generally (other than fraud and defenses that are
available to Parent or Purchaser under the Agreement to performance of the Guarantee Obligations). Purchaser Guarantor hereby waives and agrees not to exercise any rights that it may have or acquire against Purchaser that arise from the existence,
payment, performance, or enforcement of the Guarantee Obligations (other than any such rights that Parent or Purchaser has against Seller under the Agreement), including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution or indemnification and any right to participate in any claim or remedy of Seller against Purchaser, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the
right to take or receive from Purchaser, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Guarantee Obligations shall have
been performed in full (including, with respect to any payment obligations, all such amounts due having been paid to Seller in cash in full). If any amount shall be paid to Purchaser Guarantor in violation of the

 
immediately preceding sentence at any time prior to the performance in full of the Guarantee Obligations (including the payment to Seller in cash in full of all amounts due), such amount shall be
received and held in trust for the benefit of Seller, shall be segregated from other property and funds of Purchaser Guarantor and shall forthwith be paid or delivered to Seller in the same form as so received (with any necessary endorsement or
assignment) to be credited and applied to the Guarantee Obligations. Purchaser Guarantor acknowledges that it will receive substantial benefits from the transactions contemplated by the Agreement, and this Guarantee, including the waivers set forth
herein, is knowingly made in contemplation of such benefits. The Guarantee Obligations shall conclusively be deemed to have been created, contracted or incurred in reliance on this Guarantee. 

No delays on the part of Seller in the exercise of any right or remedy with respect to any of the Guarantee Obligations shall operate as a
waiver thereof, and no single or partial exercise by Seller of any right or remedy with respect to any of the Guarantee Obligations shall preclude any other or further exercise thereof or the exercise of any other right or remedy. Seller shall not
be obligated to file any claim relating to the Guarantee Obligations in the event that Parent or Purchaser becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of Seller to so file shall not affect the Guarantee
Obligations hereunder. Purchaser Guarantor’s obligations hereunder shall remain in full force and effect until all Guarantee Obligations shall have been performed in full. If at any time any performance of any Guarantee Obligation is rescinded
or must be otherwise restored or returned upon Purchaser’s insolvency, bankruptcy or reorganization or otherwise, Purchaser Guarantor’s obligations hereunder with respect to such performance shall be reinstated as though such performance
had been due but not made at such time. If acceleration of the time for performance of any Guarantee Obligation is stayed upon Purchaser’s insolvency, bankruptcy or reorganization, all such Guarantee Obligations otherwise subject to
acceleration under the terms of the Agreement shall nonetheless by performed by Purchaser Guarantor hereunder forthwith. Purchaser Guarantor acknowledges and agrees that the Guarantee Obligations set forth herein shall not be released, discharged or
affected by any change in corporate existence, structure or ownership of Parent or Purchaser or any other Person, any insolvency, bankruptcy, reorganization or similar proceeding involving Parent or Purchaser, the addition, substitution or release
of any Person now or hereafter liable with respect to the Guarantee Obligations, any rescission, waver or amendment of the Agreement, the existence of any claim, set-off or other right that Purchaser Guarantor may have against any Person, the
adequacy of any other means of Seller obtaining payment or performance related to any of the Guarantee Obligations, the validity or enforceability of the Agreement or any provision of applicable Law purporting to prohibit the performance by
Purchaser Guarantor of any of the Guarantee Obligations, any release, impairment, non-perfection or invalidity of any direct or indirect security or co-obligor for any of Purchaser’s obligations under the Agreement, or any other act or omission
to act or delay of any kind by Seller, Purchaser or any other Person or any other circumstance which might, but for the provisions hereof, constitute a legal or equitable discharge of or defense to Purchaser Guarantor’s obligations hereunder
(other than to the extent such act, omission, delay or circumstance gives rise to a defense available to Parent or Purchaser under the Agreement to performance of the Guarantee Obligations). 

Purchaser Guarantor acknowledges and agrees that this Guarantee is a primary obligation of Purchaser Guarantor, and that Seller shall be
entitled to make a demand hereunder, and pursue all of its rights and remedies against it, whether or not Seller has made any demand or pursued any remedies, or during the pendency of any demand made hereunder or remedies

 
pursued, against Purchaser or any other Person. Purchaser Guarantor further agrees that this Guarantee shall inure to the benefit of and be binding upon Purchaser Guarantor and its successors and
assigns. Purchaser Guarantor represents and warrants to Seller that it has the financial capacity to pay and perform the Guarantee Obligations and has all requisite power and authority to make, execute and deliver this Guarantee and that this
Guarantee constitutes the legal, valid and binding obligation of Purchaser Guarantor, enforceable against Purchaser Guarantor in accordance with its terms, subject to the Enforceability Exceptions. 

This Guarantee shall remain in full force and effect and shall be binding on Purchaser Guarantor, its successors and assigns, until all the
Guarantee Obligations have been performed in full. 

 IN WITNESS WHEREOF, Purchaser Guarantor has caused this Guarantee to be executed and delivered as
of the date first written above by its officer thereunto duly authorized. 
  

			
	ENTERCOM COMMUNICATIONS CORP.
		
	By:		 /s/ Andrew P. Sutor

	Name:		Andrew P. Sutor, IV
	Title:		Senior Vice President

 Accepted and agreed to by: 
  

			
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:		 /s/ Jeffrey Coutts

	Name:		Jeffrey Coutts
	Title:		SVP, TreasurerEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 MASTER
TRANSACTION AGREEMENT 
 BY AND AMONG 

QBE INVESTMENTS (NORTH AMERICA), INC., 

QBE HOLDINGS, INC. 
 AND

 NATIONAL GENERAL HOLDINGS CORP. 

DATED AS OF JULY 15, 2015 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
		 	1	  
			
	 Section 1.01.
		 Certain Defined Terms
		 	1	  
		
	 ARTICLE II PURCHASE AND SALE
		 	13	  
			
	 Section 2.01.
		 Purchase and Sale of the Shares
		 	13	  
			
	 Section 2.02.
		 Excluded Assets and Liabilities; Transferred Assets and Liabilities
		 	13	  
			
	 Section 2.03.
		 Closing
		 	14	  
			
	 Section 2.04.
		 Purchase Price
		 	14	  
			
	 Section 2.05.
		 Payment at Closing
		 	15	  
			
	 Section 2.06.
		 Adjustment to Payment at Closing
		 	15	  
			
	 Section 2.07.
		 Transactions; Closing Deliveries
		 	19	  
			
	 Section 2.08.
		 Payments and Computations
		 	20	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF PARENT AND THE SELLER
		 	21	  
			
	 Section 3.01.
		 Incorporation and Authority of Parent and the Seller
		 	21	  
			
	 Section 3.02.
		 Incorporation, Qualification and Authority of the Company and the Transferred Subsidiaries
		 	22	  
			
	 Section 3.03.
		 Capital Structure of the Company and the Transferred Subsidiaries; Ownership and Transfer of the Shares
		 	22	  
			
	 Section 3.04.
		 No Conflict
		 	23	  
			
	 Section 3.05.
		 Consents and Approvals
		 	23	  
			
	 Section 3.06.
		 Financial Information; Absence of Undisclosed Liabilities
		 	24	  
			
	 Section 3.07.
		 Absence of Certain Changes
		 	24	  
			
	 Section 3.08.
		 Absence of Litigation
		 	24	  
			
	 Section 3.09.
		 Compliance with Laws
		 	24	  
			
	 Section 3.10.
		 Governmental Licenses and Permits
		 	25	  
			
	 Section 3.11.
		 Intellectual Property
		 	25	  
			
	 Section 3.12.
		 Environmental Matters
		 	26	  
			
	 Section 3.13.
		 Material Contracts
		 	26	  
			
	 Section 3.14.
		 Affiliate Transactions
		 	27	  
			
	 Section 3.15.
		 Employee Benefits; Employees
		 	27	  
			
	 Section 3.16.
		 Insurance Issued by the LPI Insurance Companies
		 	30	  
			
	 Section 3.17.
		 Reinsurance
		 	30	  

  
 i 

							
	 Section 3.18.
		 Regulatory Filings
		 	31	  
			
	 Section 3.19.
		 Insurance
		 	31	  
			
	 Section 3.20.
		 Property
		 	31	  
			
	 Section 3.21.
		 Taxes
		 	32	  
			
	 Section 3.22.
		 Actuarial Report; Reserves
		 	34	  
			
	 Section 3.23.
		 Brokers
		 	34	  
			
	 Section 3.24.
		 Excluded Assets and Excluded Liabilities
		 	34	  
			
	 Section 3.25.
		 Intercompany LPT Reinsurance Agreement
		 	34	  
			
	 Section 3.26.
		 NO OTHER REPRESENTATIONS OR WARRANTIES
		 	34	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE ACQUIROR
		 	35	  
			
	 Section 4.01.
		 Incorporation and Authority of the Acquiror
		 	35	  
			
	 Section 4.02.
		 Qualification of the Acquiror
		 	35	  
			
	 Section 4.03.
		 No Conflict
		 	36	  
			
	 Section 4.04.
		 Consents and Approvals
		 	36	  
			
	 Section 4.05.
		 Absence of Litigation
		 	36	  
			
	 Section 4.06.
		 Securities Matters
		 	36	  
			
	 Section 4.07.
		 Financial Ability
		 	37	  
			
	 Section 4.08.
		 Financial Statements
		 	37	  
			
	 Section 4.09.
		 Investigation
		 	37	  
			
	 Section 4.10.
		 Brokers
		 	38	  
		
	 ARTICLE V ADDITIONAL AGREEMENTS
		 	38	  
			
	 Section 5.01.
		 Conduct of Business Prior to the Closing
		 	38	  
			
	 Section 5.02.
		 Access to Information
		 	40	  
			
	 Section 5.03.
		 Books and Records
		 	42	  
			
	 Section 5.04.
		 Confidentiality
		 	42	  
			
	 Section 5.05.
		 Regulatory and Other Authorizations; Consents
		 	43	  
			
	 Section 5.06.
		 Insurance
		 	46	  
			
	 Section 5.07.
		 Intercompany Obligations
		 	47	  
			
	 Section 5.08.
		 Intercompany Arrangements
		 	47	  
			
	 Section 5.09.
		 Non-Solicitation
		 	48	  
			
	 Section 5.10.
		 Non-Competition
		 	48	  
			
	 Section 5.11.
		 QBE Intellectual Property; Trade Names and Trademarks
		 	50	  

  
 ii 

							
	 Section 5.12.
		 Transaction Agreements
		 	51	  
			
	 Section 5.13.
		 Sublease of Leased Real Property
		 	52	  
			
	 Section 5.14.
		 D&O Liabilities
		 	52	  
			
	 Section 5.15.
		 Further Action
		 	52	  
		
	 ARTICLE VI EMPLOYEE MATTERS
		 	54	  
			
	 Section 6.01.
		 Employee Matters
		 	54	  
		
	 ARTICLE VII TAX MATTERS
		 	57	  
			
	 Section 7.01.
		 Liability for Taxes
		 	57	  
			
	 Section 7.02.
		 Tax Returns
		 	59	  
			
	 Section 7.03.
		 Contest Provisions
		 	60	  
			
	 Section 7.04.
		 Assistance and Cooperation
		 	60	  
			
	 Section 7.05.
		 Other Tax Matters
		 	61	  
			
	 Section 7.06.
		 Tax Allocation Agreements
		 	61	  
			
	 Section 7.07.
		 Consolidated Return Elections; Section 336(e) Election
		 	62	  
		
	 ARTICLE VIII CONDITIONS TO CLOSING AND RELATED MATTERS
		 	63	  
			
	 Section 8.01.
		 Conditions to Obligations of Parent and the Seller
		 	63	  
			
	 Section 8.02.
		 Conditions to Obligations of the Acquiror
		 	64	  
		
	 ARTICLE IX TERMINATION AND WAIVER
		 	65	  
			
	 Section 9.01.
		 Termination
		 	65	  
			
	 Section 9.02.
		 Notice of Termination
		 	65	  
			
	 Section 9.03.
		 Effect of Termination
		 	65	  
		
	 ARTICLE X INDEMNIFICATION
		 	66	  
			
	 Section 10.01.
		 Indemnification by Parent and the Seller
		 	66	  
			
	 Section 10.02.
		 Indemnification by the Acquiror
		 	66	  
			
	 Section 10.03.
		 Notification of Claims
		 	67	  
			
	 Section 10.04.
		 Payment
		 	68	  
			
	 Section 10.05.
		 Exclusive Remedies
		 	69	  
			
	 Section 10.06.
		 Additional Indemnification Provisions
		 	69	  
			
	 Section 10.07.
		 Mitigation
		 	70	  
			
	 Section 10.08.
		 Reserves
		 	71	  
		
	 ARTICLE XI GENERAL PROVISIONS
		 	71	  
			
	 Section 11.01.
		 Survival
		 	71	  
			
	 Section 11.02.
		 Expenses
		 	71	  

  
 iii 

							
	 Section 11.03.
		 Notices
		 	71	  
			
	 Section 11.04.
		 Public Announcements
		 	73	  
			
	 Section 11.05.
		 Severability
		 	73	  
			
	 Section 11.06.
		 Entire Agreement
		 	73	  
			
	 Section 11.07.
		 Assignment
		 	73	  
			
	 Section 11.08.
		 No Third-Party Beneficiaries
		 	74	  
			
	 Section 11.09.
		 Amendment; Waiver
		 	74	  
			
	 Section 11.10.
		 Disclosure Schedules
		 	74	  
			
	 Section 11.11.
		 Submission to Jurisdiction
		 	74	  
			
	 Section 11.12.
		 GOVERNING LAW
		 	75	  
			
	 Section 11.13.
		 WAIVER OF JURY TRIAL
		 	75	  
			
	 Section 11.14.
		 Specific Performance
		 	75	  
			
	 Section 11.15.
		 Rules of Construction
		 	75	  
			
	 Section 11.16.
		 Counterparts
		 	76	  

 EXHIBITS 
  

			
	Exhibit A		Form of Administrative Services Agreement
	Exhibit B-1		Form of External LPT Reinsurance Agreement
	Exhibit B-2		Form of Quota Share Reinsurance Agreement
	Exhibit C-1		Form of Forward Transition Services Agreement
	Exhibit C-2		Form of Reverse Transition Services Agreement

 SCHEDULES 

 

			
	Schedule 1.01		Agreed Balance Sheet Principles
	Schedule 1.02		Agreed Reinsurance Settlement Statement Principles
	Schedule 1.03		Employees
	Schedule 1.04		Excluded Books and Records
	Schedule 1.05		Parent and Seller Knowledge Parties
	Schedule 1.06		Acquiror Knowledge Parties
	Schedule 1.07		LPI Companies
	Schedule 2.02(a)(i)		Excluded Assets
	Schedule 2.02(a)(ii)		Exceptions to Excluded Assets
	Schedule 2.02(a)(iii)		Excluded Liabilities
	Schedule 2.02(b)(i)		Transferred Assets
	Schedule 2.02(b)(ii)		Exceptions to Transferred Assets
	Schedule 2.02(b)(iii)		Transferred Liabilities
	Schedule 5.05		Conduct of Business
	Schedule 5.05(d)		Consent Cost Sharing

  
 iv 

			
	Schedule 5.05(h)		Shared Software Consent Cost Sharing
	Schedule 5.07		Intercompany Obligations
	Schedule 5.08		Surviving Intercompany Agreements
	Schedule 5.13(a)		Subleases of Leased Real Property
	Schedule 6.01(b)		Excluded Employees
	Schedule 6.01(f)		Severance Benefit Plan

 Disclosure Schedule 
 Acquiror
Disclosure Schedule 

  
 v 

 This MASTER TRANSACTION AGREEMENT, dated as of July 15, 2015, is made by and among QBE
Investments (North America), Inc., a Delaware corporation (“Parent”), QBE Holdings, Inc., a Delaware corporation (the “Seller”) and National General Holdings Corp., a Delaware corporation (the
“Acquiror”). 
 RECITALS 

WHEREAS, in addition to its other businesses, Parent is engaged, directly and through certain of its Subsidiaries and their divisions,
in the Business (as defined herein); 
 WHEREAS, the Seller owns directly all the issued and outstanding Capital Stock (as
defined herein) (the “Shares”) of QBE Financial Institution Risk Services, Inc., a Delaware corporation (the “Company”); 

WHEREAS, the Company owns, directly or indirectly, all the issued and outstanding Capital Stock of each of the following entities
(collectively, the “Transferred Subsidiaries”): QBE FIRST Insurance Agency, Inc., a California corporation, Mortgage & Auto Solutions, Inc., a Texas corporation, Seattle Specialty Insurance Services, Inc., a Washington
corporation, and Newport Management Corporation, a California corporation; 
 WHEREAS, the Seller desires to sell and assign to the
Acquiror, and the Acquiror desires to purchase and assume from the Seller, the Business, by means of certain reinsurance and administrative arrangements and a transfer of the Shares upon the terms and subject to the conditions set forth herein;
and 
 WHEREAS, the parties hereto desire that, among other things, (i) Parent and the Seller cause their Controlled
Affiliates to distribute, assign, convey, deliver or otherwise transfer to the Company or a Transferred Subsidiary all right, title and interest in, to or under the Transferred Assets (as defined herein) and (ii) the Acquiror (or the Company or
a Transferred Subsidiary, as the case may be) assume, pay, perform, discharge and is responsible for the Transferred Liabilities (as defined herein), in each case, upon the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.01. Certain Defined Terms. Capitalized terms used in this Agreement have the meanings specified below, or as specified
elsewhere in this Agreement. 
 “Acquiror” shall have the meaning set forth in the preamble. 

 “Acquiror Disclosure Schedule” means the final version of the disclosure
schedule delivered by the Acquiror to Parent and the Seller relating to the representations and warranties of the Acquiror set forth herein and which forms a part of this Agreement. 

“Acquiror Indemnified Parties” shall have the meaning set forth in Section 10.01(a). 

“Acquiror Transaction Agreements” shall have the meaning set forth in Section 4.01(b). 

“Acquiror Party” means each Affiliate of Acquiror that is, or is contemplated by this Agreement to become at the Closing, a
party to one or more Transaction Agreements. 
 “Acquiror Reinsurer” means Integon National Insurance Company. 

“Acquiror Reinsurer Annual Statutory Statements” shall have the meaning set forth in Section 4.08. 

“Acquiror Reinsurer Quarterly Statements” shall have the meaning set forth in Section 4.08. 

“Acquiror Reinsurer Statutory Statements” shall have the meaning set forth in Section 4.08. 

“Acquiror’s FSA” shall have the meaning set forth in Section 6.01(h). 

“Acquiror’s Retirement Plan” shall have the meaning set forth in Section 6.01(i). 

“Action” means any claim, action, suit, litigation, arbitration or proceeding by or before any Governmental Authority or
arbitrator or arbitration panel or similar Person or body. 
 “Actuarial Report” shall have the meaning set forth in
Section 3.22(a). 
 “Administrative Services Agreement” means the Reinsurance Administrative Services Agreement
to be entered into pursuant to Section 5.12 and which shall be substantially in the form set forth in Exhibit A. 

“Affiliate” means, with respect to any specified Person, any other Person that, at the time of determination, directly or
indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such specified Person; provided, however, that for the purposes of this Agreement, Parent shall be deemed not to be an Affiliate
of (a) the Acquiror or (b) after the Closing, the Company or any of the Transferred Subsidiaries. 
 “After-Acquired
Business” shall have the meaning set forth in Section 5.10(b)(vii). 
 “After-Tax Basis” means that,
in determining the amount of the payment necessary to indemnify any party against, or reimburse any party for, Losses, the amount of such Losses shall be (a) increased to take account of (i) any Tax cost incurred by the Indemnified Party,
in the taxable year of the indemnity payment or the following taxable year, arising from the receipt of indemnity payments hereunder and (ii) to the extent not previously taken into account in 

  
 2 

 
computing the amount of the Loss, all increases in federal, state, local and other Taxes (including estimated Taxes) payable by the Indemnified Party, in the taxable year of the Loss or the
following taxable year, as a result of the event that gives rise to the Losses and (b) to the extent not previously taken into account in computing the amount of the Loss, decreased to take account of any Tax benefit actually realized by the
Indemnified Party (or any Affiliate thereof), in the taxable year of the Loss or the following taxable year, as the result of sustaining or paying such Losses (including as the result of facts or circumstances due to which the Indemnified Party
sustained or paid such Losses). 
 “Aggregate After-Acquired Revenues” shall have the meaning set forth in
Section 5.10(b)(vii). 
 “Agreed Balance Sheet Principles” shall have the meaning set forth on Schedule
1.01. 
 “Agreed Reinsurance Settlement Statement Principles” shall have the meaning set forth on Schedule 1.02.

 “Agreement” means this Master Transaction Agreement, dated as of July 15, 2015, by and among Parent, the Seller and
the Acquiror, including the Disclosure Schedule, the Acquiror Disclosure Schedule, the Schedules and Exhibits. 
 “Base Purchase
Price” shall have the meaning set forth in Section 2.04. 
 “Benefit Plan” means
(i) “employee benefit plans,” as defined in Section 3(3) of ERISA, and (ii) incentive, profit-sharing, stock option, stock purchase, other equity-based, employment, consulting, compensation, vacation or other leave, change
in control, retention, supplemental retirement, severance, health, medical, disability, life insurance, deferred compensation and other employee compensation and benefit plans, programs, and agreements, in each case established or maintained by
Parent or any of its Affiliates or to which Parent or any of its Affiliates contributes or is obligated to contribute, for the benefit of any Employees. 

“Books and Records” means the books, records and documents of the Seller, the Parent, the Company, the Transferred
Subsidiaries and the LPI Insurance Companies, to the extent that they exclusively pertain to or are exclusively used to administer, reflect, monitor, evidence or record information about the Business or the business, operations or conduct of the
Company or the Transferred Subsidiaries, including all such records maintained on electronic or magnetic media, or in any electronic database systems of Parent, the Seller, the Company, the Transferred Subsidiaries or any of their respective
Affiliates and including litigation and arbitration files and customer lists. “Books and Records” shall not include Excluded Books and Records. 

“Business” means the business activities of the LPI Companies (whether or not loan tracking services are provided as part of
such activities) as a managing general agent, general agent, producer or broker and insurer of lender-placed hazard insurance, REO insurance, lender-placed automobile insurance, lender-placed flood and flood gap insurance, lender-placed wind
insurance, guaranteed asset protection insurance, leased equipment insurance and insurance recovery services. 

  
 3 

 “Business Day” means any day that is not a Saturday, a Sunday or other day on
which commercial banks in the City of New York, New York are required or authorized by Law to be closed. 
 “Business Intellectual
Property” means the Intellectual Property that is used exclusively in the Business as conducted on the date hereof. 

“Capital Stock” means any capital stock, partnership interests, member interests or any other equity or membership interests
in any Person. 
 “Ceding Commission” shall have the meaning set forth in Section 2.05(a). 

“Closing” shall have the meaning set forth in Section 2.03. 

“Closing Date” shall have the meaning set forth in Section 2.03. 

“Closing Date Net Settlement Amount” shall have the meaning set forth in Section 2.06(a). 

“Closing Date Working Capital” shall have the meaning set forth in Section 2.06(a). 

“Closing Pro Forma Working Capital Statement” shall have the meaning set forth in Section 2.05(b)(i). 

“COBRA” shall have the meaning set forth in Section 6.01(e). 

“Code” means the United States Internal Revenue Code of 1986. 

“Company” shall have the meaning set forth in the recitals. 

“Competing After-Acquired Revenues” shall have the meaning set forth in Section 5.10(b)(vii). 

“Competing Business” means the business of marketing, producing, selling or administering lender-placed hazard insurance, REO
insurance, lender-placed automobile insurance, lender-placed flood and flood gap insurance, lender-placed wind insurance, guaranteed asset protection insurance, leased equipment insurance and insurance recovery services. 

“Confidentiality Agreement” shall have the meaning set forth in Section 5.04(a). 

“Consent Period” shall have the meaning set forth in Section 5.05(e). 

“Consultation Period” shall have the meaning set forth in Section 2.06(e). 

“Control” means, as to any Person, the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise. 

  
 4 

 “Current Assets” means the current assets of the Company and the
Transferred Subsidiaries determined in accordance with the Agreed Balance Sheet Principles. 
 “Current
Liabilities” means the current liabilities of the Company and the Transferred Subsidiaries determined in accordance with the Agreed Balance Sheet Principles. 

“D&O Indemnified Person” shall have the meaning set forth in Section 5.14. 

“Disclosure Schedule” means the final version of the disclosure schedule delivered by Parent and the Seller to the Acquiror
relating to the representations and warranties of Parent and the Seller set forth herein and which forms a part of this Agreement. 

“Eligible Insurance Proceeds” shall have the meaning set forth in Section 10.06(f). 

“Employee” means each employee of the Seller or any of its Affiliates who is listed on Schedule 1.03 and is an
employee of the Seller or any of its Affiliates immediately prior to the Closing. 
 “Environmental Law” means any Law
relating to pollution or protection of the environment, including the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 

“Equator” means Equator Reinsurances Limited, a Bermuda-domiciled insurance company. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“Estimated Closing Working Capital” means Parent and Seller’s good faith determination of the Working Capital as of the
Closing Date. 
 “Estimated Closing Working Capital Calculation” shall have the meaning set forth in
Section 2.05(b)(i). 
 “Estimated Net Settlement Amount” shall have the meaning set forth in
Section 2.05(b)(ii). 
 “Estimated Purchase Price” shall have the meaning set forth in
Section 2.05(a). 
 “Estimated Reinsurance Settlement Statement” shall have the meaning set forth in
Section 2.05(b)(ii). 
 “Excluded Assets” shall have the meaning set forth in Section 2.02(a)(ii).

 “Excluded Books and Records” means originals and copies of those books and records, documents, data and information (in
whatever form maintained) of the Parent, the Seller, the Company or the Transferred Subsidiaries that are identified on Schedule 1.04. 

“Excluded Liabilities” shall have the meaning set forth in Section 2.02(a). 

  
 5 

 “External LPT Reinsurance Agreement” means the Loss Portfolio Transfer
Reinsurance Agreement to be entered into pursuant to Section 5.12 and which shall be substantially in the form set forth in Exhibit B-1. 

“Final Allocation Schedule” shall have the meaning set forth in Section 7.07(b). 

“Final Working Capital” shall have the meaning set forth in Section 2.06(f). 

“Final Working Capital Statement” shall have the meaning set forth in Section 2.06(f). 

“Final Reinsurance Settlement Statement” shall have the meaning set forth in Section 2.06(f). 

“Forward Transition Services Agreement” means the transition services agreement to be entered into pursuant to
Section 5.12 and which shall be substantially in the form set forth in Exhibit C-1. 
 “GAAP” means
generally accepted accounting principles used in the United States. 
 “Governmental Approval” shall have the meaning set
forth in Section 3.05. 
 “Governmental Authority” means any United States federal, state or local or any
supra-national or non-U.S. government, political subdivision, governmental, regulatory or administrative authority, instrumentality, agency, body or commission, self-regulatory organization or any court, tribunal, or judicial or arbitral body. 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or
with any Governmental Authority. 
 “Hazardous Materials” means (a) petroleum, petroleum derived substances and
products, radioactive materials, friable asbestos or polychlorinated biphenyls, and (b) any chemical, material or substance defined or regulated as toxic or as a pollutant, contaminant or waste under any Environmental Law. 

“Indemnified Party” shall have the meaning set forth in Section 10.03(a). 

“Indemnifying Party” shall have the meaning set forth in Section 10.03(a). 

“Independent Accountant” shall have the meaning set forth in Section 2.06(f). 

“Initial Reinsurance Settlement Statement” shall have the meaning set forth in Section 2.06(a). 

“Initial Working Capital Statement” shall have the meaning set forth in Section 2.06(a). 

“Insurance Policy” shall have the meaning set forth in Section 10.06(f). 

“Intellectual Property” means: (a) patents, patent applications and statutory invention registrations, including
reissues, divisions, continuations, continuations in part, renewals, 

  
 6 

 
extensions and reexaminations thereof, and all patents which may issue on such applications, all rights therein provided by international treaties or conventions, (b) trademarks, service
marks, trade dress, logos, and all goodwill associated with the foregoing, any and all common law rights therein, and registrations and applications for registration thereof, all rights therein provided by international treaties or conventions, and
all reissues, extensions and renewals of any of the foregoing, (c) copyrightable works, copyrights and database rights, whether or not registered, and registrations and applications for registration thereof, and all rights therein provided by
international treaties or conventions, (d) protectable rights in confidential and proprietary information, including trade secrets, processes and know-how that arise from not being publicly known, in each case existing on the Closing Date,
(e) Internet domain names, and registrations pertaining thereto, and (f) rights in Software. 
 “Intercompany
Agreements” shall have the meaning set forth in Section 3.14. 
 “Intercompany LPT Reinsurance
Agreement” shall have the meaning set forth in Section 3.25. 
 “Interest Rate” means an interest rate
equal to three (3)-month LIBOR for dollars that appears on page LIBOR 01 (or a successor page) of the Reuters Telerate Screen as of 11:00 a.m., New York time, on each day during the period for which interest is to be paid. 

“IRS” means the Internal Revenue Service. 

“Knowledge” of a Person means: (a) in the case of Parent and the Seller, the actual knowledge of any Person listed in
Schedule 1.05, or (b) in the case of the Acquiror, the actual knowledge of any Person listed in Schedule 1.06, in each case as of the date hereof and subject to the subject matter limitations set forth on such schedule.

 “Law” means any U.S. federal, state, local or non-U.S. statute, law, ordinance, regulation, rule, code, order or other
requirement or rule of law. 
 “Leased Real Property” shall have the meaning set forth in Section 3.20(a). 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, security interest, encumbrance, claim, lien or charge of any
kind. 
 “Losses” means all losses, damages, costs, expenses (including reasonable attorney’s fees), obligations and
claims of any kind. 
 “LPI Companies” means, collectively, the Company, the Transferred Subsidiaries, the LPI Insurance
Companies and the entities set forth on Schedule 1.07. 
 “LPI Insurance Companies” means QBE Insurance Corporation,
Praetorian Insurance Company and QBE Specialty Insurance Company. 
 “LPI Insurance Policy” means any insurance contract
issued by an LPI Insurance Company in connection with its conduct of the Business. 

  
 7 

 “Material Adverse Effect” means (a) with respect to the Business, a
material adverse effect on the financial condition or results of operations of the Business, taken as a whole; provided, however, that none of the following shall constitute or be deemed to contribute to a Material Adverse Effect, and
otherwise shall not be taken into account in determining whether a Material Adverse Effect has occurred or would be reasonably likely to occur: any adverse effect arising out of, resulting from or attributable to (i) an event or series of
events or circumstances affecting (A) the United States or global economy generally or capital or financial markets generally, including changes in interest or exchange rates, (B) political conditions generally of the United States or any
other country or jurisdiction in which any of the Seller, the Company or the Transferred Subsidiaries operates or (C) any of the industries generally in which the Business operates or in which products or services of the Business are used or
distributed, (ii) the negotiation, execution or the announcement of, the consummation of the transactions contemplated by, or the performance of obligations under, this Agreement or the other Transaction Agreements, (iii) the identity of,
or the effects of any facts or circumstances relating to, the Acquiror, (iv) any changes or prospective changes in applicable Law, GAAP or SAP or the enforcement or interpretation thereof, (v) any hostilities, acts of war, sabotage,
terrorism or military actions, or any escalation or worsening of any such hostilities, act of war, sabotage, terrorism or military actions, (vi) the credit, financial strength or other ratings (other than the facts underlying any such ratings)
of the Company or any of the Transferred Subsidiaries or (vii) any failure by the Parent or its Affiliates including the Company or the Transferred Subsidiaries or the Business to achieve any earnings, premiums written, or other financial
projections or forecasts (other than the facts underlying any such failure), except in the case of the foregoing clauses (a)(i), (a)(iv) and (a)(v) to the extent such effect or change is materially disproportionately adverse with respect to the
Business as compared to other businesses engaged in the industries in which the Business operates, and (b) with respect to Parent, the Seller or the Acquiror, a material impairment or delay of the ability of Parent, the Seller or the Acquiror,
respectively, to perform its material obligations under this Agreement or to consummate the transactions contemplated hereby. 

“Material Contract” means any contract, agreement, instrument or other legally binding and enforceable commitment (i) of
the Parent, Seller or any of the LPI Companies other than the Company or any Transferred Subsidiary to the extent exclusively relating to the Business or (ii) to which the Company or any of the Transferred Subsidiaries is a party or is
otherwise subject (other than Excluded Assets or Real Property Leases or insurance policies and insurance certificates) or (iii) which comprises any of the Transferred Assets, in each case which (A) calls for the payment by or on behalf of
any LPI Company in excess of $100,000 per annum or the delivery by any LPI Company of goods or services with a fair market value in excess of $300,000 per annum, during the remaining term thereof, (B) provides for any LPI Company to receive any
payments in excess of, or any property with a fair market value in excess of, $300,000 or more during the remaining term thereof, or (C) restricts or limits the Company’s or any Transferred Subsidiary’s ability to conduct the Business
in any geographic area (excluding non-exclusive Intellectual Property licenses, sublicenses, hosting, access or related agreements granted in the ordinary course of business, to the extent not already listed in clauses (A) or (B) above).

 “Material Permits” shall have the meaning set forth in Section 3.10(a). 

  
 8 

 “Net Settlement Amount” means the amount set forth on the line item “Net
Settlement Amount” reflected on the Estimated Reinsurance Settlement Statement, the Initial Reinsurance Settlement Statement or the Final Reinsurance Settlement Statement, as applicable. 

“Non-Compete Period” shall have the meaning set forth in Section 5.10(a). 

“Notice of Disagreement” shall have the meaning set forth in Section 2.06(d). 

“Notice of Insurance” shall have the meaning set forth in Section 10.06(f). 

“Owned Business Intellectual Property” means Business Intellectual Property that is either (a) wholly-owned by the
Company or a Transferred Subsidiary (individually, or collectively with the Company or a Transferred Subsidiary, as the case may be) and is not included in the Excluded Assets, or (b) wholly-owned by Parent, the Seller or one of their
Controlled Affiliates (individually, or collectively with Parent, the Seller or one of their Controlled Affiliates, as the case may be) and included in the Transferred Assets. For the avoidance of doubt, “Owned Business Intellectual
Property” excludes any Business Intellectual Property that is owned or controlled by a non-affiliated third party. 

“Parent” shall have the meaning set forth in the preamble. 

“Parent’s FSA” shall have the meaning set forth in Section 6.01(h). 

“Permitted Liens” means the following Liens: (a) Liens that secure debt that is reflected on the Pro Forma Balance
Sheets; (b) Liens for Taxes, assessments or other governmental charges or levies that are not yet due and payable or that are being contested in good faith by appropriate proceedings; (c) statutory Liens of landlords and Liens of carriers,
warehousemen, mechanics, materialmen, repairmen and other Liens imposed by Law and on a basis consistent with past practice for amounts not yet due; (d) Liens incurred or deposits made to a Governmental Authority in connection with a
governmental authorization, registration, filing, license, permit or approval; (e) Liens incurred or deposits made in the ordinary course of business and on a basis consistent with past practice in connection with workers’ compensation,
unemployment insurance or other types of social security; (f) defects of title, easements, rights-of-way, covenants, restrictions and other similar charges or
encumbrances not materially interfering with the ordinary conduct of business; (g) Liens not created by the Company or any of the Transferred Subsidiaries that affect the underlying fee interest of any Leased Real Property; (h) Liens
incurred in the ordinary course of business and on a basis consistent with past practice securing obligations or liabilities that are not individually or in the aggregate material to the relevant asset or property, respectively; (i) zoning,
building and other generally applicable land use restrictions; (j) Liens that have been placed by a third party on the fee title of the real property constituting the Leased Real Property or real property over which the Company or the
Transferred Subsidiaries have easement rights; (k) Liens resulting from any facts or circumstances relating to the Acquiror or its Affiliates; (l) any set of facts an accurate up-to-date survey would show, provided, however,
such facts do not materially interfere with the present use of the relevant Leased Real Property by the Company or the Transferred Subsidiaries, respectively; and (m) Liens or other restrictions on transfer imposed by applicable insurance Laws.

  
 9 

 “Person” means any natural person, corporation, general or limited partnership,
limited liability company, limited liability partnership, firm, joint-stock company, association, trust, joint venture, unincorporated organization, governmental, judicial or regulatory body, business unit, division or other entity. 

“Post-Closing Adjustment” shall have the meaning set forth in Section 2.06(h). 

“Post-Closing Covenant” means any covenant or agreement that by its terms applies or is to be performed in whole or in part
after the Closing Date. 
 “Post-Closing Reinsurance Settlement Adjustment” shall have the meaning set forth in
Section 2.06(i). 
 “Post-Closing Taxable Period” means a taxable period that begins after the Closing Date.

 “Pre-Closing Taxable Period” means a taxable period that ends on or before the Closing Date. 

“Pro Forma Balance Sheets” shall have the meaning set forth in Section 3.06(a). 

“Purchase Price” shall have the meaning set forth in Section 2.04. 

“QBE Names and Marks” shall have the meaning set forth in Section 5.11(a). 

“Quota Share Reinsurance Agreement” means the 100% Quota Share Reinsurance Agreement, to be entered into pursuant to
Section 5.12 and which shall be substantially in the form set forth in Exhibit B-3. 
 “Real Property
Lease” shall have the meaning set forth in Section 3.20(a). 
 “Registered Intellectual Property”
shall have the meaning set forth in Section 3.11(a). 
 “Reinsurance Agreements” means the Intercompany LPT
Reinsurance Agreement, the External LPT Reinsurance Agreement and the Quota Share Reinsurance Agreement. 
 “Reinsured
Liabilities” shall have the meaning set forth in the Quota Share Reinsurance Agreement. 
 “Representative” of a
Person means the directors, officers, employees, advisors, agents, stockholders, consultants, independent accountants, investment bankers, counsel or other representatives of such Person and of such Person’s Affiliates. 

“Reserves” shall have the meaning set forth in Section 3.22(b). 

“Restricted Person” shall have the meaning set forth in Section 5.10(a). 

“Retained Insurance Proceeds” shall have the meaning set forth in Section 10.06(f). 

  
 10 

 “Reverse Transition Services Agreement” means the transition services agreement
to be entered into pursuant to Section 5.12 which shall be substantially in the form set forth in Exhibit C-2. 

“Review Period” shall have the meaning set forth in Section 2.06(b). 

“Revised Allocation Schedule” shall have the meaning set forth in Section 7.07(b). 

“SAP” means, as to any insurance or reinsurance company, the statutory accounting practices prescribed or permitted by the
insurance regulatory authorities of the jurisdiction in which such company is domiciled. 
 “Section 338(h)(10) Elections”
shall have the meaning set forth in Section 7.07(a). 
 “Section 338 Taxes” means Taxes imposed by any taxing
jurisdiction with respect to which a Section 338(h)(10) Election is expressly made in accordance with paragraph Section 7.07(a), and any elections deemed made as a result of the Section 338(h)(10) Election, to the extent such
Taxes are imposed as a result of such Section 338(h)(10) Election and any such deemed election. 
 “Securities Act”
means the Securities Act of 1933. 
 “Security and Control Agreements” means those security and control agreements to be
entered into pursuant to Section 5.12. 
 “Seller” shall have the meaning set forth in the preamble. 

“Seller Indemnified Parties” shall have the meaning set forth in Section 10.02(a). 

“Seller Party” means each Affiliate of the Seller that is, or is contemplated by this Agreement to become at the Closing, a
party to one or more Transaction Agreements. 
 “Shared Software” shall have the meaning set forth in
Section 5.05(h). 
 “Shares” shall have the meaning set forth in the recitals. 

“Software” means all computer software, including assemblers, applets, compilers, source code, object code, firmware, binary
libraries, development tools, design tools, user interfaces in any form or format, however fixed and all associated documentation. 

“Straddle Period” means a taxable period that, to the extent it relates to the Company or any Transferred Subsidiary,
includes, but does not end on, the Closing Date. 
 “Subsidiary” of any Person means any corporation, general or limited
partnership, joint venture, limited liability company, limited liability partnership or other Person that is a legal entity, trust or estate of which (or in which) at the time of determination (a) the issued and outstanding Capital Stock having
ordinary voting power to elect a majority of the board of directors (or a majority of another body performing similar functions) of such corporation or 

  
 11 

 
other Person (irrespective of whether at the time Capital Stock of any other class or classes of such corporation or other Person shall or might have voting power upon the occurrence of any
contingency); (b) more than fifty percent (50%) of the interest in the capital or profits of such partnership, joint venture or limited liability company; or (c) more than fifty percent (50%) of the beneficial interest in such
trust or estate, is directly or indirectly through another Subsidiary owned or Controlled by such Person. 
 “Target Working
Capital” shall have the meaning set forth in Section 2.04. 
 “Tax” means all income, excise, gross
receipts, ad valorem, sales, use, employment, franchise, profits, gains, property, transfer, use, payroll, surplus-lines, stamp taxes or other taxes, (whether payable directly or by withholding) imposed by any Tax Authority, together with any
interest and any penalties thereon or additional amounts with respect thereto. 
 “Tax Allocation Agreement” means any
written or unwritten arrangement for the allocation or payment of Tax liabilities or payment for Tax benefits with respect to a consolidated, combined or unitary Tax Return, which Tax Return includes or has included the Company or any Transferred
Subsidiary. 
 “Tax Authority” means any Governmental Authority having jurisdiction over the assessment, determination,
collection or imposition of any Tax. 
 “Tax Returns” means all returns, reports and claims for refunds (including
elections, declarations, disclosures, schedules, estimates and information returns) required to be supplied to a Tax Authority relating to Taxes and, in each case, any amendments thereto. 

“Third Party Claim” shall have the meaning set forth in Section 10.03(a). 

“Transaction Agreements” means, collectively, this Agreement, each of the agreements referred to in
Section 2.07(b) and the subleases referred to in Section 2.07(e). 
 “Transfer” shall have the
meaning set forth in Section 2.01. 
 “Transferred Assets” has the meaning set forth in
Section 2.02(b)(ii). 
 “Transferred Employee” shall have the meaning set forth in Section 6.01(b).

 “Transferred Liabilities” has the meaning set forth in Section 2.02(b). 

“Transferred Subsidiaries” shall have the meaning set forth in the recitals. 

“Transition Services Agreements” means the Forward Transition Services Agreement and the Reverse Transition Services
Agreement. 
 “Trust Account” shall have the meaning set forth in the Trust Agreements. 

“Trust Agreements” means those certain trust agreements to be entered into pursuant to Section 5.12. 

  
 12 

 “WARN” shall have the meaning set forth in Section 3.15(d)(iii).

 “Working Capital” means (a) Current Assets minus (b) Current Liabilities. 

ARTICLE II 
 PURCHASE
AND SALE 
 Section 2.01. Purchase and Sale of the Shares. On the terms and subject to the conditions set forth in this
Agreement, at the Closing, the Seller shall sell, distribute, convey, assign, deliver or otherwise transfer (“Transfer”) to the Acquiror, free and clear of all Liens, and the Acquiror shall, purchase, acquire and accept from the
Seller, all the Seller’s right, title and interest in and to the Shares. 
 Section 2.02. Excluded Assets and Liabilities;
Transferred Assets and Liabilities. 
 (a) As of or prior to the Closing, and subject to Sections 5.05(d), 5.05(f) and
5.05(h), the Seller shall cause the Company and the Transferred Subsidiaries to Transfer to Parent or one or more of Parent’s Affiliates (other than the Company and the Transferred Subsidiaries) all right, title and interest in, to or
under: 
 (i) all assets, properties, contracts, rights and licenses of every kind and description that are owned by the
Company or one of the Transferred Subsidiaries and that are not used exclusively in the operation or conduct of the Business; and 

(ii) assets, properties, contracts, rights and licenses that are set forth in Schedule 2.02(a)(i) ((i) and (ii),
collectively, the “Excluded Assets”); 
 in each case free and clear of all Liens, except Permitted Liens; provided, that
notwithstanding the foregoing and for the avoidance of doubt, the Seller shall not cause the Company or the Transferred Subsidiaries to Transfer to Parent or any of its Affiliates (other than the Company and the Transferred Subsidiaries) any right,
title or interest in, to or under any of the assets, properties, contracts, rights or licenses set forth in Schedule 2.02(a)(ii). Such Transfers shall be made without any representations, warranties or other obligations or duties on the part
of the Company or any of the Transferred Subsidiaries. The Seller shall accept assignment of, assume, pay, perform, discharge and be responsible for, otherwise indemnify, defend and hold harmless the Acquiror, its Affiliates, the Company and the
Transferred Subsidiaries for, and the Acquiror, its Affiliates, the Company and the Transferred Subsidiaries shall not retain or be obligated to pay, perform, discharge or otherwise be responsible for, any liability or obligation of Parent, the
Seller, their Affiliates, the Company and the Transferred Subsidiaries, whether direct or indirect, known or unknown, absolute or contingent, to the extent not relating to or arising from the Transferred Assets or the Business, whether existing
prior to, on or after the Closing Date, as well as any matter set forth in Schedule 2.02(a)(iii) (collectively, the “Excluded Liabilities”). 

  
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 (b) As of or prior to the Closing, and subject to Sections 5.05(d), 5.05(e),
5.05(h) and 5.11, Parent and the Seller shall, or shall cause their Controlled Affiliates (other than the Company and the Transferred Subsidiaries) to, Transfer to the Company or a Transferred Subsidiary all right, title and interest
in, to or under: 
 (i) all the assets, properties (including Business Intellectual Property), contracts, rights and
licenses of every kind and description that are wholly-owned (alone or in combination with one or the other of the following) by Parent, the Seller or their Controlled Affiliates (other than the Company and the Transferred Subsidiaries) and that are
used exclusively in the operation or conduct of the Business, as conducted on the date hereof; and 
 (ii) assets,
properties and rights that are set forth in Schedule 2.02(b)(i) ((i) and (ii), collectively, the “Transferred Assets”); 
 in each
case free and clear of all Liens, except Permitted Liens; provided, that notwithstanding the foregoing and for the avoidance of doubt, neither Parent nor the Seller shall, nor shall Parent or the Seller cause their Controlled Affiliates
(other than the Company and the Transferred Subsidiaries) to, Transfer to the Company or any of the Transferred Subsidiaries any right, title, or interest in, to or under any of the assets, properties, contracts, rights or licenses set forth in
Schedule 2.02(b)(ii). Except as set forth herein, such Transfer shall be made without any representations, warranties or other obligations or duties on the part of Parent or any of its Affiliates. The Acquiror (or the Company or a Transferred
Subsidiary, as the case may be) shall accept assignment of, assume, pay, perform, discharge and be responsible for, otherwise indemnify, defend and hold harmless Parent and its Affiliates (other than the Company and the Transferred Subsidiaries)
for, and Parent and its Affiliates (other than the Company and the Transferred Subsidiaries) shall not retain or be obligated to pay, perform, discharge or otherwise be responsible for, any liability or obligation, whether direct or indirect, known
or unknown, absolute or contingent, to the extent relating to or arising from the Transferred Assets or the Business, whether existing prior to, on or after the Closing Date, including those set forth in Schedule 2.02(b)(iii),
provided, however, that, for the avoidance of doubt, such liabilities and obligations shall not include any Excluded Liabilities (collectively, the “Transferred Liabilities”). 

Section 2.03. Closing. On the first Business Day of the first month which begins at least five (5) Business Days following
the first day on which the conditions set forth in Article VIII hereof are satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions
at the Closing) or on such other date as Parent, the Seller and the Acquiror may agree in writing, the transactions contemplated by this Agreement shall take place at a closing (the “Closing”) that shall be held at 10:00 a.m., New
York City time, at the offices of Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019, or such other place as Parent or the Seller and the Acquiror may agree in writing (the date on which the Closing takes place being the
“Closing Date”). The Closing shall be deemed effective at 12:00 a.m., New York City time, on the first calendar day of the month in which the Closing Date occurs. 

Section 2.04. Purchase Price. The aggregate purchase price for the Shares (the “Purchase Price”) shall be an
amount in cash equal to $45,000,000 (the “Base Purchase Price”), as such amount shall be (x) increased, if the Final Working Capital exceeds negative $31,716,000 (the “Target Working Capital”), on a
dollar-for-dollar basis, subject to the 

  
 14 

 
limitations described in Part III Specific Policy 9 of the Agreed Balance Sheet Principles, by the amount of such excess or (y) decreased, if the Final Working Capital is less than the
Target Working Capital, on a dollar-for-dollar basis, subject to the limitations described in Part III Specific Policy 9 of the Agreed Balance Sheet Principles, by the amount of such difference. The Purchase Price shall be paid pursuant to the
provisions of Sections 2.05 and 2.06. 
 Section 2.05. Payment at Closing. 

(a) At the Closing, the Acquiror shall pay or cause to be paid to the Seller (i) an amount in cash equal to the Base Purchase Price,
which amount shall be (A) increased, if the Estimated Closing Working Capital exceeds the Target Working Capital, on a dollar-for-dollar basis by the amount of such excess or (B) decreased, if the Estimated Closing Working Capital is less
than the Target Working Capital, on a dollar-for-dollar basis by the amount of such difference (the “Estimated Purchase Price”) and (ii) an amount in cash equal to $45,000,000, the aggregate ceding commission payable by
Acquiror Reinsurer to the Seller in consideration for the transactions contemplated by the Reinsurance Agreements (the “Ceding Commission”). At the Closing, the Seller shall cause the LPI Insurance Companies to transfer cash or cash
equivalents in the amount of the Estimated Net Settlement Amount (as defined below) to the Acquiror Reinsurer by depositing such assets into the Trust Account on behalf of the Acquiror Reinsurer into the Trust Account. The Estimated Purchase Price
payment and the Estimated Net Settlement Amount shall be subject to a Post-Closing Adjustment and Post-Closing Reinsurance Settlement Adjustment, respectively, pursuant to the provisions of Section 2.06. 

(b) Not less than three (3) Business Days prior to the anticipated Closing Date, the Seller shall prepare and deliver, or cause to be
prepared and delivered, to the Acquiror: 
 (i) an estimated consolidated pro forma working capital statement for the
Company and the Transferred Subsidiaries as of the Closing Date (the “Closing Pro Forma Working Capital Statement”) which shall include Seller’s good faith calculation of the Estimated Closing Working Capital as of the Closing
Date (the “Estimated Closing Working Capital Calculation”). The Closing Pro Forma Working Capital Statement shall be compiled from the books of account and other financial records of the Company and the Transferred Subsidiaries,
shall be prepared in accordance with the Agreed Balance Sheet Principles. 
 (ii) a pro forma estimated reinsurance
settlement statement (the “Estimated Reinsurance Settlement Statement”) substantially in the form set forth in the Agreed Reinsurance Settlement Statement Principles, which shall set forth Seller’s good faith estimate of the
Net Settlement Amount as of the anticipated Closing Date (the “Estimated Net Settlement Amount”), determined in accordance with Agreed Reinsurance Settlement Statement Principles. 

Section 2.06. Adjustment to Payment at Closing. 

(a) Within ninety (90) days following the Closing Date, the Acquiror shall prepare and deliver to Parent and the Seller (i) a
consolidated working capital statement of the Company and the Transferred Subsidiaries as of 12:00 a.m. on the Closing Date (the “Initial  

  
 15 

 
Working Capital Statement”), which shall set forth the amount of the Working Capital as of the Closing Date (the “Closing Date Working Capital”), and (ii) a
settlement statement as of 12:00 a.m. on the Closing Date (the “Initial Reinsurance Settlement Statement”), which shall set forth the Net Settlement Amount as of the Closing Date (the “Closing Date Net Settlement
Amount”). The Initial Working Capital Statement shall be prepared in accordance with the Agreed Balance Sheet Principles and the Initial Reinsurance Settlement Statement shall be prepared in accordance with the Agreed Reinsurance Settlement
Statement Principles. If the Acquiror does not deliver either the Initial Working Capital Statement or the Initial Reinsurance Settlement Statement to Parent and the Seller within ninety (90) days after the Closing Date, then, at the election
of Parent and the Seller, either (A) Parent and the Seller may prepare and present the Initial Working Capital Statement and the Initial Reinsurance Settlement Statement within an additional ninety (90) days thereafter or (B) the
Estimated Closing Working Capital and the Estimated Reinsurance Settlement Statement shall be deemed to be the Final Working Capital and the Final Reinsurance Settlement Statement, respectively in accordance with Section 2.06(f). If
Parent and the Seller elect to prepare the Initial Working Capital Statement and the Initial Reinsurance Settlement Statement in accordance with the immediately preceding sentence, then all subsequent references in this Section 2.06
(other than those in Sections 2.06(c), (g), (h) or (i)) to Parent and the Seller and the Acquiror, respectively, shall be deemed to be references to the Acquiror and Parent and the Seller, respectively. In connection
with the Acquiror’s preparation of the Initial Working Capital Statement and the Initial Reinsurance Settlement Statement, to the extent the Acquiror does not have all relevant information in its possession, the Acquiror and its Representatives
shall have reasonable access to review Parent’s and its Controlled Affiliates’ working papers and any working papers of Parent’s and its Controlled Affiliates’ independent accountants relating to the preparation of the Closing
Pro Forma Working Capital Statement, the Estimated Closing Working Capital Calculation and the Estimated Reinsurance Settlement Statement, and Parent shall, and shall cause its Controlled Affiliates to, make reasonably available the individuals then
in its employ, if any, responsible for and knowledgeable about the preparation of the Closing Pro Forma Working Capital Statement, the Estimated Closing Working Capital Calculation and the Estimated Reinsurance Settlement Statement in order to
respond to the reasonable inquiries of the Acquiror; provided, however, that the independent accountants of Parent and its Controlled Affiliates shall not be obligated to make any work papers available to the Acquiror unless and until
the Acquiror has signed a customary agreement relating to such access to work papers in form and substance reasonably acceptable to such independent accountants. 

(b) During the sixty (60) days immediately following Parent and the Seller’s receipt of the Initial Working Capital Statement and
the Initial Reinsurance Settlement Statement (the “Review Period”), Parent, the Seller and their Representatives shall be permitted to review the Acquiror’s work papers and the work papers of the Acquiror’s independent
accountants relating to the preparation of the Initial Working Capital Statement and the Initial Reinsurance Settlement Statement, as well as all the books, records and other relevant information relating to the operations and finances of the
Company and the Transferred Subsidiaries with respect to the period up to and including the Closing Date, and the Acquiror shall make reasonably available the individuals then in its employ responsible for and knowledgeable about the information
used in, and the preparation of, the Initial Working Capital Statement and the Initial Reinsurance Settlement Statement in order to respond to the reasonable inquiries of Parent and the Seller; provided, however, that the independent
accountants of the Acquiror shall not be obligated to 

  
 16 

 
make any work papers available to Parent or the Seller unless and until such Person has signed a customary agreement relating to such access to work papers in form and substance reasonably
acceptable to such independent accountants. 
 (c) The Acquiror agrees that, following the Closing through the date that the Final Working
Capital and the Final Reinsurance Settlement Statement become final and binding, it shall not take any actions with respect to any accounting, books, records, policies or procedures on which the Pro Forma Balance Sheets, the Initial Working Capital
Statement or the Initial Reinsurance Settlement Statement are based or, if applicable, on which the Final Working Capital Statement or the Final Reinsurance Settlement Statement are to be based that would be reasonably expected to impede or delay in
any material respect the determination of the Closing Date Working Capital or the Net Settlement Amounts or the preparation of the Notice of Disagreement, the Final Working Capital Statement or the Final Reinsurance Settlement Statement in the
manner and utilizing the methods contemplated by this Agreement. 
 (d) Parent and the Seller shall notify the Acquiror in writing (the
“Notice of Disagreement”) prior to the expiration of the Review Period if Parent or the Seller disagrees with the Initial Working Capital Statement or the Initial Reinsurance Settlement Statement by virtue of such document not being
prepared in compliance with this Agreement. The Notice of Disagreement shall set forth in reasonable detail the basis for such dispute, the amounts involved and Parent’s and the Seller’s determination of the amount of Closing Date Working
Capital or Net Settlement Amounts, as applicable. If no Notice of Disagreement is received by the Acquiror prior to the expiration of the Review Period, then the Initial Working Capital Statement or the Initial Reinsurance Settlement Statement, as
applicable, shall be deemed to have been accepted by Parent and the Seller and shall become final and binding upon the parties in accordance with Section 2.06(f). If requested by the Acquiror, Parent and the Seller shall designate one
party to represent Parent and the Seller in all matters under this Section 2.06. 
 (e) During the thirty (30) days
immediately following the delivery of a Notice of Disagreement (the “Consultation Period”), Parent, the Seller and the Acquiror shall seek in good faith to resolve any differences that they may have with respect to the matters
specified in the Notice of Disagreement. 
 (f) If, at the end of the Consultation Period, Parent, the Seller and the Acquiror have been
unable to resolve any differences that they may have with respect to the matters specified in the Notice of Disagreement, then Parent, the Seller and the Acquiror shall submit all matters that remain in dispute with respect to the Notice of
Disagreement (along with a copy of the Initial Working Capital Statement or Initial Reinsurance Settlement Statement, as applicable, marked to indicate those line items that are in dispute) to Deloitte Touche Tohmatsu Limited (as determined pursuant
to this Section 2.06(f), the “Independent Accountant”). In the event that a partner of Deloitte Touche Tohmatsu Limited refuses or is otherwise unable to act as the Independent Accountant, the parties shall jointly
select an independent certified public accounting firm in the United States of national recognition with significant experience relating to insurance company audits that is not the independent auditor for Parent, the Seller or the Acquiror and is
otherwise independent and impartial. The Independent Accountant shall be requested to deliver as promptly as practicable and in any event within sixty (60) days after its appointment, a written award setting forth the Independent
Accountant’s determination of the 

  
 17 

 
appropriate amount of each of the line items in the Initial Working Capital Statement or the Initial Reinsurance Settlement Statement, as applicable, as to which Parent, the Seller and the
Acquiror disagree as set out in the Notice of Disagreement. With respect to each disputed line item, such determination, if not in accordance with the position of either Parent, the Seller or the Acquiror, shall not be more favorable to Parent and
the Seller than the amounts advocated by Parent and the Seller in the Notice of Disagreement or more favorable to the Acquiror than the amounts advocated by the Acquiror in the Initial Working Capital Statement or the Initial Reinsurance Settlement
Statement, as applicable, with respect to such disputed line item. For the avoidance of doubt, the Independent Accountant’s review of the Initial Working Capital Statement or the Initial Reinsurance Settlement Statement shall be limited to a
determination of whether any such document was prepared in accordance with the Agreed Balance Sheet Principles or the Agreed Reinsurance Settlement Statement Principles, respectively, and the Independent Accountant shall not review any line items or
make any determination with respect to any matters not subject to a dispute in the Notice of Disagreement. The consolidated working capital statement of the Company and the Transferred Subsidiaries (prepared in accordance with the Agreed Balance
Sheet Principles) and the determination of the Closing Date Working Capital and the statement of Net Settlement Amounts that are final and binding on the parties, as determined either through (i) failure to timely deliver a Notice of
Disagreement pursuant to Section 2.06(d), (ii) agreement of the parties pursuant to Section 2.06(a) or 2.06(e) or (iii) through the action of the Independent Accountant pursuant to this
Section 2.06(f), are referred to as the “Final Working Capital Statement” (if applicable), the “Final Reinsurance Settlement Statement” and the “Final Working Capital”, respectively.

 (g) Each of Parent, the Seller and the Acquiror shall bear the fees and costs incurred by it in connection with the matters set forth in
this Section 2.06, except that the fees and disbursements of the Independent Accountant shall be borne by the party providing the Notice of Disagreement in the same proportion as the aggregate amount of the matters specified in the
Notice of Disagreement that is unsuccessfully disputed by such party (as determined by the Independent Accountant) bears to the total amount of matters specified in the Notice of Disagreement submitted to the Independent Accountant and the other
party shall bear the remainder of the fees and disbursements. During the review by the Independent Accountant, the Acquiror, Parent and the Seller shall each make available to the Independent Accountant interviews with such individuals
(provided, that a Representative of the other party be allowed to be present at such interview), and such information, Books and Records and work papers, as may be reasonably required by the Independent Accountant to fulfill its obligations
under Section 2.06(f); provided, however, that the independent accountants of Parent or the Acquiror shall not be obligated to make any work papers available to the Independent Accountant unless and until such firm has
signed a customary agreement relating to such access to work papers in form and substance reasonably acceptable to such accountants. 
 (h)
The “Post-Closing Adjustment” shall be the amount equal to the Final Working Capital minus the Estimated Closing Working Capital. If the Post-Closing Adjustment is a positive number the Acquiror shall pay to the Seller an
amount equal to the Post-Closing Adjustment. If the Post-Closing Adjustment is a negative number, the Seller shall pay to the Acquiror an amount equal to the absolute value of the Post-Closing Adjustment. For the avoidance of doubt, the Final
Working Capital and the Estimated Closing Working Capital may be negative. Any such payment shall be paid by wire transfer of immediately available funds to 

  
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an account designated by the recipient within two (2) Business Days after the Final Working Capital is determined, together with interest thereon accrued from the Closing Date at the
Interest Rate calculated and payable in accordance with Section 2.08. 
 (i) The “Post-Closing Reinsurance Settlement
Adjustment” shall be the amount equal to the Final Net Settlement minus the Estimated Net Settlement Amount. If the Post-Closing Reinsurance Settlement Adjustment is a positive number the Seller shall cause the LPI Insurance
Companies to pay the Acquiror Reinsurer an amount equal to the Post-Closing Reinsurance Settlement Adjustment. If the Post-Closing Adjustment is a negative number, the Acquiror shall cause the Acquiror Reinsurer to pay the LPI Insurance Companies an
amount equal to the absolute value of the Post-Closing Adjustment. Any such payments shall be paid by wire transfer of immediately available funds to an account designated by each recipient within two (2) Business Days after the Final
Reinsurance Settlement Statement is determined, together with interest thereon accrued from the Closing Date at the Interest Rate calculated and payable in accordance with Section 2.08. 

(j) Each of Parent, the Seller and the Acquiror agree that, for U.S. federal income tax purposes, the purchase price for the Shares shall be
equal to (i) the Purchase Price, plus or minus (ii) any adjustment to the Purchase Price described in Section 2.05(a)(i) or Section 2.06(h). 

Section 2.07. Transactions; Closing Deliveries. 

(a) To document the transactions contemplated by this Agreement, at the Closing: 

(i) the Acquiror shall pay to the Seller the Estimated Purchase Price by wire transfer of immediately available funds to an
account designated by the Seller at least two (2) Business Days prior to the Closing; and 
 (ii) the Seller shall
deliver to the Acquiror (A) one or more stock certificates evidencing the Shares owned by it, duly endorsed in blank or accompanied by stock powers duly executed in blank, and (B) written resignations of each of the directors of the
Company and each of the Transferred Subsidiaries other than those directors with respect to which the Acquiror shall have notified the Seller in writing at least two (2) Business Days prior to the Closing to not so resign. 

(b) To further document the transactions contemplated by this Agreement, at or prior to the Closing, Parent and the Seller (or one or more of
their Affiliates, as applicable) shall enter into and deliver to the Acquiror (or its Affiliates, if applicable), and the Acquiror (or its Affiliates, if applicable) shall enter into and deliver to Parent and the Seller (or one or more of their
Affiliates, as applicable): 
 (i) the Administrative Services Agreement; 

(ii) the Reinsurance Agreements; 

(iii) the Transition Services Agreements; 

  
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 (iv) the Trust Agreements; 

(v) the Security and Control Agreements; 

(vi) IRS Form 8023 (and any corresponding state or local forms) as required to effect the Section 338(h)(10) Elections,
completed and properly executed by Parent and Acquiror; and 
 (vii) such other agreements, documents, instruments or
certificates reasonably requested by the other party. 
 (c) Parent and the Seller shall deliver to the Acquiror: 

(i) a copy of an assignment and assumption agreement that is reasonably satisfactory to the Acquiror and its counsel pursuant
to which, at or prior to the Closing, all right, title and interest in, to or under the Transferred Assets were Transferred to the Company or a Transferred Subsidiary, and that the Acquiror (or the Company or a Transferred Subsidiary) assumed and
agreed to pay, perform, discharge and be responsible for, otherwise indemnify, defend and hold harmless Parent, the Seller and their Affiliates (other than the Company and the Transferred Subsidiaries) for the Transferred Liabilities; and 

(ii) a copy of an assignment and assumption agreement that is reasonably satisfactory to the Acquiror and its counsel pursuant
to which, at or prior to the Closing, all right, title and interest in, to or under the Excluded Assets were Transferred to Parent or one or more of its Affiliates (other than the Company and the Transferred Subsidiaries), and that each of Parent
and the Seller assumed and agreed to pay, perform, discharge and be responsible for, otherwise indemnify, defend and hold harmless the Acquiror, the Company and the Transferred Subsidiaries for the Excluded Liabilities of the Company and the
Transferred Subsidiaries directly or indirectly owned by the Seller. 
 (d) Each of Parent and the Seller, on the one hand, and the
Acquiror, on the other hand, shall deliver to the other a certificate of the Secretary or an Assistant Secretary of each such Person, dated as of the Closing Date, as to the resolutions duly and validly adopted by the board of directors, or other
governing body, of such party evidencing its authorization of the execution, delivery and performance of the Transaction Agreements to which such Person is a party and such other documents as may be reasonably necessary to consummate the other
transactions contemplated by the Transaction Agreements. 
 (e) Parent and the Seller shall deliver to the Acquiror each of the subleases
contemplated by Section 5.13(a). 
 (f) The Seller shall deliver, and shall cause each of the LPI Insurance Companies to
deliver, to the Acquiror a certificate of non-foreign status that complies with the requirements of Section 1445 of the Code, and the Treasury Regulations promulgated thereunder. 

Section 2.08. Payments and Computations. Each party hereto shall make each payment due to the other parties hereto pursuant to
this Article II as early as practicable on the day when due. All payments shall be paid by wire transfer of immediately available funds to the account or accounts designated by the party receiving such payment no later than two
(2) Business Days preceding the date of payment. All computations of interest shall be at the Interest Rate on the basis of a year of 365 days, in each case for the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest is payable. Whenever any payment under this Agreement shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall
be included in the computation of payment of interest. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF PARENT AND THE SELLER 

The Seller and Parent, jointly and severally hereby represent and warrant to the Acquiror, as of the date hereof and the Closing Date, as
follows: 
 Section 3.01. Incorporation and Authority of Parent and the Seller. 

(a) Each of Parent, the Seller and each Seller Party is a corporation or other organization duly incorporated or organized, validly existing
and in good standing under the Laws of the jurisdiction of its incorporation or organization. 
 (b) Each of Parent, the Seller and each
Seller Party has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its obligations under, the Transaction Agreements to which it is or will be a party. The execution and delivery by Parent, the
Seller and each Seller Party of the Transaction Agreements to which it is or will be a party, and the consummation by Parent, the Seller and each Seller Party of the transactions contemplated by, and the performance by Parent, the Seller and each
Seller Party of its obligations under, such Transaction Agreements have been duly authorized by all requisite corporate action on the part of Parent, the Seller and each Seller Party. This Agreement has been duly and validly authorized, executed and
delivered by each of Parent and the Seller, and (assuming due authorization, execution and delivery of this Agreement by the Acquiror) is the legal, valid and binding obligation of Parent and the Seller, enforceable against each of them in
accordance with its terms, and each of the Transaction Agreements to which Parent, the Seller or any Seller Party is or will be a party has been duly and validly authorized by Parent, the Seller or such Seller Party and, upon execution and delivery
by Parent, the Seller or such Seller Party, will be (assuming the valid authorization, execution and delivery by the other party or parties thereto) a legal, valid and binding obligation of Parent, the Seller or such Seller Party enforceable in
accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, rehabilitation, liquidation, fraudulent conveyance or similar Laws relating to or affecting creditors’ rights generally and
subject, as to enforceability, to the effect of general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
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 Section 3.02. Incorporation, Qualification and Authority of the Company and the
Transferred Subsidiaries. 
 (a) Each of the Company and the Transferred Subsidiaries is a corporation or other organization
(i) duly incorporated or organized, validly existing and (ii) in good standing under the Laws of its jurisdiction of incorporation or organization and has the requisite power and authority to operate its business as now conducted, except
where the failures to be in good standing, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect with respect to the Business. 

(b) Each of the Company and the Transferred Subsidiaries is duly qualified as a foreign corporation or other organization to do business and,
to the extent legally applicable, is in good standing in each jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary, except for failures to be so qualified or
be in good standing that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a Material Adverse Effect with respect to the Business. Each of the Company and the Transferred Subsidiaries has all requisite
corporate or similar power to enter into, consummate the transactions contemplated by and carry out its obligations under, the Transaction Agreements to which it is or will be a party. The execution and delivery by the Company and each of the
Transferred Subsidiaries of the Transaction Agreements to which it is or will be a party, and the consummation by the Company and each of the Transferred Subsidiaries of the transactions contemplated by, and the performance by the Company and each
of the Transferred Subsidiaries of its obligations under, such Transaction Agreements have been duly authorized by all requisite corporate action on the part of such entity. Upon execution and delivery of the Transaction Agreements to which the
Company and each of the Transferred Subsidiaries is or will be a party, such Transaction Agreements will be duly executed and delivered by such entity, and (assuming due authorization, execution and delivery by each other party to such Transaction
Agreements) such Transaction Agreements will constitute, the legal, valid and binding obligation of such entity, enforceable against it in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency,
moratorium, fraudulent conveyance or similar Laws relating to or affecting creditors’ rights generally and subject, as to enforceability, to the effect of general equitable principles (regardless of whether such enforceability is considered in
a proceeding in equity or at law). 
 Section 3.03. Capital Structure of the Company and the Transferred Subsidiaries; Ownership and
Transfer of the Shares. Section 3.03(a) of the Disclosure Schedule sets forth (a) all the authorized Capital Stock of the Company and each of the Transferred Subsidiaries and (b) the number of shares of each class or series
of Capital Stock of the Company and each of the Transferred Subsidiaries that are issued and outstanding, together with the registered holder thereof. All the outstanding shares of Capital Stock of the Company and each of the Transferred
Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and were not issued in violation of any preemptive or subscription rights. There are no options, calls, warrants or convertible or exchangeable securities,
or conversion, preemptive, subscription or other rights, or agreements, arrangements or commitments, in any such case, obligating or which may obligate the Company or any of the Transferred Subsidiaries to issue, sell, purchase, return or redeem any
of their respective Capital Stock or securities convertible into or exchangeable for any of their respective Capital Stock, and there are no shares of Capital Stock of the Company or 

  
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any of the Transferred Subsidiaries reserved for issuance for any purpose. There are no capital appreciation rights, phantom stock plans, securities with participation rights or features, or
similar obligations and commitments of the Company or any of the Transferred Subsidiaries. Except as set forth in Section 3.03(b) of the Disclosure Schedule, the Seller directly or indirectly owns all the outstanding Capital Stock of the
Company and each of the Transferred Subsidiaries, free and clear of all Liens, other than any Liens arising as a result of the Transaction Agreements and restrictions on transfer imposed by applicable Laws. Except for this Agreement or as set forth
in Section 3.03(c) of the Disclosure Schedule, there are no voting trusts, stockholder agreements, proxies or other rights or agreements in effect with respect to the voting, transfer or dividend rights of the Shares or of the Capital
Stock of any Transferred Subsidiary. Except as set forth in Section 3.03(d) of the Disclosure Schedule, the Company does not have Subsidiaries other than the Transferred Subsidiaries. 

Section 3.04. No Conflict. Provided that all consents, approvals, authorizations and other actions described in
Section 3.05 have been obtained or taken, except as set forth in Section 3.04 of the Disclosure Schedule or as otherwise provided in this Article III and except as may result from any facts or circumstances solely
relating to the Acquiror or its Affiliates (as opposed to any other third party), the execution, delivery and performance by the Seller and each Seller Party of, and the consummation by the Seller and each Seller Party of the transactions
contemplated by, the Transaction Agreements to which it is or will be a party do not and will not (a) violate or conflict with the organizational documents of Parent, the Seller or any Seller Party, the Company or any of the Transferred
Subsidiaries, (b) conflict with or violate any Law or other Governmental Order applicable to Parent, the Seller or any Seller Party, the Company or any Transferred Subsidiary or by which any of them or any of their respective properties or
assets or the Transferred Assets is bound or affected, or (c) result in any breach of, or constitute a default (or event which, with the giving of notice or lapse of time, or both, would constitute a default) under, or give to any Person any
rights of termination, acceleration or cancellation of, or result in the creation of any Lien (other than Permitted Liens) on any of the assets or properties of the Company or any of the Transferred Subsidiaries (other than the Excluded Assets) or
the Transferred Assets pursuant to, any note, bond, loan or credit agreement, mortgage or indenture to which any of the LPI Companies is a party or by which any of them or any of their respective properties or assets is bound or subject, except, in
the case of clause (c), any such conflicts, violations, breaches, defaults, terminations, accelerations, cancellations or creations of Liens that, individually or in the aggregate, would not reasonably be expected to have, a Material Adverse Effect
with respect to the Business, Parent or the Seller. 
 Section 3.05. Consents and Approvals. Except as set forth in
Section 3.05 of the Disclosure Schedule, or as may result from any facts or circumstances solely relating to the Acquiror or its Affiliates (as opposed to any other third party), the execution and delivery by Parent, the Seller and each
Seller Party of the Transaction Agreements to which any of them is or will be a party does not, and the performance by the Seller and each Seller Party of, and the consummation by the Seller and each Seller Party of the transactions contemplated by,
such Transaction Agreements will not, require any consent, approval, license, permit, order, qualification, authorization of, or registration or other action by, or any filing with or notification to, any Governmental Authority (each, a
“Governmental Approval”), to be obtained or made by Parent, the Seller, any Seller Party, the Company or any Transferred Subsidiary, except for any Governmental Approvals the failure to obtain or make which, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect with respect to the Business, Parent or the Seller. 

  
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 Section 3.06. Financial Information; Absence of Undisclosed Liabilities. 

(a) Section 3.06(a) of the Disclosure Schedule sets forth the unaudited consolidated balance sheets of the Company and the
Transferred Subsidiaries as of December 31, 2014 and June 30, 2015 (the “Pro Forma Balance Sheets”). Except as set forth in Section 3.06(a) of the Disclosure Schedule, the Pro Forma Balance Sheets have been
prepared in accordance with the Agreed Balance Sheet Principles and reasonably present, in all material respects, the assets, liabilities and financial position of the Business as of such dates. 

(b) Assuming the completion of the transactions contemplated by Section 2.02, none of the Company or the Transferred Subsidiaries
have any material liabilities or obligations of a type that would be required under GAAP to be reflected on a financial statement, other than liabilities or obligations (i) as set forth in Section 3.06(b) of the Disclosure Schedule,
(ii) as set forth in the most recent Pro Forma Balance Sheet, (iii) incurred in the ordinary course of business consistent with past practice since June 30, 2015, (iv) resulting from the consummation of the transactions
contemplated by the Transaction Agreements or (v) comprising Excluded Liabilities. 
 Section 3.07. Absence of Certain
Changes. Except as set forth in Section 3.07 of the Disclosure Schedule or as contemplated by this Agreement, from January 1, 2015: (a) the LPI Companies have conducted the Business in the ordinary course consistent with
past practice and (b) there has not occurred any event or events that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect with respect to the Business. 

Section 3.08. Absence of Litigation. Except as set forth in Section 3.08 of the Disclosure Schedule, as of the date
hereof, there are no Actions (other than claims under or in connection with policies and certificates of insurance within applicable policy limits or otherwise in the ordinary course of business) pending or, to the Knowledge of Parent and the
Seller, threatened in writing against (a) any of the LPI Companies (other than the Company and the Transferred Subsidiaries) relating to the Business or the Transferred Assets, or (b) the Company or any of the Transferred Subsidiaries, in
each case that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect with respect to the Business, Parent or the Seller. 

Section 3.09. Compliance with Laws. Except as set forth in Section 3.09 of the Disclosure Schedule, since
January 1, 2013 the Business has been and is being conducted in compliance with applicable Law and applicable privacy and data security policies and (a) none of the Company or the Transferred Subsidiaries is in violation of any Laws or
Governmental Orders applicable to it or its assets, properties or businesses (other than the Excluded Assets) and (b) none of the LPI Companies is in violation of any Laws or Governmental Orders applicable to the Business or the Transferred
Assets, except for violations that, individually or in the aggregate, would not reasonably be expected to have, a Material Adverse Effect with respect to the Business. None of the Company or the Transferred Subsidiaries is a party to, or bound by,
any material Governmental Order. 

  
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 Section 3.10. Governmental Licenses and Permits. 

(a) The Company, the Transferred Subsidiaries and, to the extent related to the Business, the other LPI Companies possess all material
governmental qualifications, registrations, filings, licenses, permits, approvals or authorizations held by the (collectively, the “Material Permits”) that are necessary to conduct the Business and to own or use their respective
assets and properties, as such Business, assets and properties are conducted, owned and used on the date hereof. 
 (b) Except as set forth
in Section 3.10(b) of the Disclosure Schedule, (i) all Material Permits are valid and in full force and effect and (ii) none of the Company, the Transferred Subsidiaries or, to the extent related to the Business, the other LPI
Companies is the subject of any pending or, to the Knowledge of Parent and the Seller, threatened Action seeking the revocation, suspension, termination, modification or impairment of any Material Permit. 

Section 3.11. Intellectual Property. 

(a) Section 3.11(a) of the Disclosure Schedule sets forth a true and correct list of all registered Owned Business Intellectual
Property (the “Registered Intellectual Property”) and each owner thereof. 
 (b) Section 3.11(b) of the
Disclosure Schedule sets forth a true and correct list of all Software (other than any off-the-shelf, commercially available Software) that is material to and is used in the Business, as conducted on the date hereof, and, in each case, whether such
Software is (i) Owned Business Intellectual Property, (ii) used exclusively in the Business, or (iii) used in the Business and another business of Parent, the Seller or any of their Controlled Affiliates. 

(c) Except as set forth in Section 3.11(c) of the Disclosure Schedule, and subject to Section 5.11, the Company and
the Transferred Subsidiaries shall own all the Owned Business Intellectual Property free and clear of any Liens, other than Permitted Liens as of the Closing. 

(d) Section 3.11(d) of the Disclosure Schedule sets forth a true and correct list of material written agreements entered into by
Parent, the Seller or any of their Affiliates granting to a third party any right to the Owned Business Intellectual Property. 
 (e) Except
as set forth in Section 3.11(e) of the Disclosure Schedule, to the Knowledge of Parent and the Seller, (i) the Business as currently conducted does not infringe, misappropriate or otherwise violate the Intellectual Property of any
Person; (ii) none of Parent, the Seller or any of their Controlled Affiliates has received within the three (3) year period prior to the date hereof any written claim or notice from any Person alleging that the Company or any of the
Transferred Subsidiaries has infringed or misappropriated any Intellectual Property right of such Person, which has not been resolved; and (iii) none of the employees, agents, consultants, contractors or others who have contributed to or
participated in the reduction to practice or development of any Business Intellectual Property on behalf of any of the LPI Companies has any right, title or interest in or to any Owned Business Intellectual Property. 

  
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 (f) Except as set forth in Section 3.11(f) of the Disclosure Schedule, with respect
to the Registered Intellectual Property: (i) Parent and the Seller have transferred, or will, as of the Closing or within a reasonable period of time thereafter, transfer, to the Company or the appropriate Transferred Subsidiary, books and
records directly relating to any such Registered Intellectual Property, including registration certificates and file wrappers; (ii) to the Knowledge of Parent and the Seller, each of such registrations is valid, enforceable and in full force
and effect; and (iii) there is no pending, existing or, to the Knowledge of Parent and the Seller, threatened opposition, interference, cancellation proceeding or other legal or governmental proceeding before any Governmental Authority against
or relating thereto, and there is no valid basis for any such proceeding. 
 (g) This Section 3.11 contains the sole and
exclusive representations and warranties pertaining to matters relating to Intellectual Property and Software. 
 Section 3.12.
Environmental Matters. Except as set forth in Section 3.12 of the Disclosure Schedule: (a) to the Knowledge of Parent and the Seller, none of Parent, the Seller, the Company or the Transferred Subsidiaries has received, since
December 31, 2013, a written notice, request for information, claim or demand from any Governmental Authority or third party alleging liability in connection with any release, discharge or disposal of a Hazardous Material into the environment
or the violation of any Environmental Law; (b) to the Knowledge of Parent and the Seller, there has been no release, discharge or disposal of Hazardous Materials on, at or under any real property owned or leased by the Company or any of the
Transferred Subsidiaries during the period that it was owned or leased by the Company or any Transferred Subsidiary or arising out of the conduct by the Company and the Transferred Subsidiaries of their respective businesses, that would reasonably
be expected to result in the imposition of any material liability to the Company or any of the Transferred Subsidiaries under Environmental Laws; (c) to the Knowledge of Parent and the Seller, none of the Leased Real Properties is subject to
any Lien in favor of any Governmental Authority for (A) material liability under any Environmental Laws or (B) material costs incurred by a Governmental Authority in response to a release or threatened release of a Hazardous Material into
the environment; (d) to the Knowledge of Parent and the Seller, with respect to the Leased Real Properties, or the operation by the Company and the Transferred Subsidiaries of their respective businesses thereon, there are no material judicial
or administrative proceedings pending or threatened arising under or relating to an Environmental Law or making any claim based on an Environmental Law for personal injury, wrongful death or property damage; and (e) the Company and the
Transferred Subsidiaries have operated and are operating their respective businesses in compliance in all material respects with any applicable Environmental Laws. This Section 3.12 contains the sole and exclusive representations and
warranties pertaining to environmental matters, Environmental Laws and Hazardous Materials. 
 Section 3.13. Material Contracts.
Section 3.13(a) of the Disclosure Schedule sets forth a true and correct list of each of the Material Contracts as in effect on the date hereof. Except as set forth in Section 3.13(b) of the Disclosure Schedule, each Material
Contract is a valid and binding obligation of an LPI Company, and, to the Knowledge of Parent and the Seller, each other party to such Material Contract, except for such failures to be valid and binding as would not reasonably be expected to,
individually or in the aggregate, have a Material Adverse Effect. Each Material Contract is enforceable against such LPI Company, and, to the Knowledge of Parent and the Seller, each such other party, in accordance with its terms (except in each
case 

  
 26 

 
as may be limited by applicable bankruptcy, insolvency, moratorium, rehabilitation, liquidation, fraudulent conveyance or similar Laws now or hereafter in effect relating to or affecting
creditors’ rights generally, including the effect of statutory and other Laws regarding fraudulent conveyances and preferential transfers, and subject to the limitations imposed by general equitable principles (whether or not such
enforceability is considered in a proceeding at Law or in equity)). None of the LPI Companies or, to the Knowledge of Parent and the Seller, any other party to a Material Contract, is in material default or material breach of a Material Contract,
and, to the Knowledge of Parent and the Seller, there does not exist any event, condition or omission that would constitute such a material breach or material default (whether by lapse of time or notice or both, and including by reason of the
transactions contemplated by this Agreement and the other Transaction Agreements). 
 Section 3.14. Affiliate Transactions.
Section 3.14 of the Disclosure Schedule sets forth a true and correct list, as of the date hereof, of all material contracts, agreements, leases, licenses and other instruments between the Company or a Transferred Subsidiary, on the one
hand, and Parent or any Controlled Affiliate of Parent (other than the Company or any Transferred Subsidiary), on the other hand (collectively, “Intercompany Agreements”). 

Section 3.15. Employee Benefits; Employees. 

(a) Section 3.15(a)(i) of the Disclosure Schedule sets forth, as of the date hereof, a list of all material Benefit
Plans. With respect to each such material Benefit Plan in which any Employee participates, Parent has delivered or made available to the Acquiror a summary of each such Benefit Plan. Neither the Company nor any Transferred Subsidiaries maintain or
sponsor any Benefit Plans. Except as set forth on Section 3.15(a)(ii) of the Disclosure Schedule or as otherwise expressly provided in Article VI, neither the Company nor any Transferred Subsidiaries will have any liability for
any Benefit Plans following the Closing Date that has or would be reasonably expected to have, a Material Adverse Effect with respect to the Business. 

(b) Each Benefit Plan has been operated and administered in compliance with its terms and with applicable Law including ERISA
and the Code, other than any non-compliance that individually and in the aggregate would not be material. Except as set forth in Section 3.15(b) of the Disclosure Schedule, no Benefit Plan is subject to Section 412 of the Code,
Section 302 of ERISA or Title IV of ERISA. None of Parent, the Seller or the Company or any Transferred Subsidiary has engaged in a transaction with respect to any Benefit Plan that, assuming the taxable period of such transaction expired as of
the date hereof, would reasonably be expected to subject the Company or any Transferred Subsidiary or any Benefit Plan to a Tax or penalty imposed by either Section 4975 of the Code or Section 502(i) of ERISA in an amount which could be
material. All contributions required to be made under any Benefit Plan with respect to any Employee have been made on or before the due date thereof except as would not reasonably be expected to result in material liability to the Company or any
Transferred Subsidiary. All Benefit Plans intended to be “qualified” under Section 401(a) of the Code have received a determination letter on which reliance is currently permitted, and there are no circumstances under which such
qualified status would reasonably be expected to be revoked. 

  
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 (c) None of the Company or the Transferred Subsidiaries has any obligations for
retiree welfare benefits other than (i) coverage mandated by applicable Law or (ii) coverage that continues during an applicable severance period. 

(d) Except as set forth in Section 3.08 or 3.15(d) of the Disclosure Schedule, with respect to the
Employees: 
 (i) there is not now in existence, nor has there been within the last twelve (12) months prior to the
Closing, any pending or, to the Knowledge of Parent and the Seller, threatened: (A) strike, slowdown, stoppage, picketing, interruption of work, lockout, or any other dispute or controversy with or involving a labor organization or with respect
to unionization or collective bargaining; (B) labor-related organizational effort, election activities, or request or demand for negotiations, recognition or representation; or (C) grievance, arbitration, administrative hearing, claim of
unfair labor practice, other union- or labor-related Action or other claim, workers’ compensation claim, claim or investigation of wrongful discharge, claim or investigation of employment discrimination or retaliation, claim or investigation of
sexual harassment, or other employment dispute of any nature, against the Company or any of the Transferred Subsidiaries that, individually or in the aggregate, has had, or would be reasonably expected to have, a Material Adverse Effect with respect
to the Business; 
 (ii) (A) none of the Company and the Transferred Subsidiaries, is, or within the last twelve
(12) months prior to the Closing has been, a party to or bound by any collective bargaining agreement, other agreement or understanding, work rules or practice, or arbitration award with any labor union or any other similar organization; and
(B) none of the Employees are subject to or covered by any such collective bargaining agreement, other agreement or understanding, work rules or practice, or arbitration award, or are represented by any labor organization; 

(iii) for the twelve (12) months preceding the date hereof, the Company and each of the Transferred Subsidiaries:
(i) is and has been in compliance in all material respects with all applicable federal, state, local, foreign and other Laws which relate to employment, equal employment opportunity (including Laws prohibiting employment discrimination,
harassment or retaliation), wages, hours, leaves, workers’ compensation, disability, occupational health and safety, immigration, collective bargaining, secondment, contractors and temporary employees, other employment terms and conditions, and
plant closings and layoffs (including the Worker Adjustment and Retraining Notification Act and comparable state, local or other Laws) (collectively, “WARN”), except for such non-compliance as has not resulted in, and would not
reasonably be expected to result in, material liability to the Company and the Transferred Subsidiaries; and (ii) is not and has not been (individually or collectively in any respect) liable in any material respect for any arrears of wages,
other compensation or benefits, or any taxes or penalties for failure to comply with any of the foregoing, except for such liability as has not had and would not reasonably be expected to have a Material Adverse Effect with respect to the Business;

  
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 (iv) Parent has caused the Company and the Transferred Subsidiaries to provide
or make available to the Acquiror true and correct summaries of all layoffs and other losses of employment experienced at any site of employment of the Company or any of the Transferred Subsidiaries or one or more facilities or operating units
within any site of employment or facility of the Company or any of the Transferred Subsidiaries during the ninety (90)-day period preceding the date hereof; 

(v) none of the Company or the Transferred Subsidiaries is a party to or obligated under any agreement with any Employee with
respect to length, duration or material conditions of employment (or the termination of employment), salaries, bonuses, percentage compensation, deferred compensation, health insurance, any other material form of remuneration or benefits that is not
terminable at will by the Company or such Transferred Subsidiary, as applicable, or any successor employer, without cost, liability, penalty or other monetary or non-monetary obligation of any kind, including any termination or severance payments;

 (vi) there is not pending or, to the Knowledge of Parent and the Seller, threatened any Action or other claim or
investigation against the Company or any of the Transferred Subsidiaries for actual or possible violation of any agreement described in clause (v) above, or for violation of any material right or obligation under any of the Benefit Plans, nor
to the Knowledge of Parent and the Seller, is there any reasonable basis for any such Action or other claim (other than routine claims for benefits) or investigation; 

(vii) no Employee or other agent is subject to any secrecy or non-competition agreement or any other agreement or restriction
of any kind to which Parent, the Company or the Transferred Subsidiaries are a party or have Knowledge that would impede in any way the ability of such Employee or other agent to carry out fully all of his or her activities and duties; 

(viii) the consummation of the transactions contemplated by this Agreement will not (either alone or together with any other
event) (A) entitle any Employee to severance, change of control or other similar pay or benefits under, or accelerate the time of payment or vesting or trigger any payment of funding (through a grantor trust or otherwise) of compensation or
benefits under, or increase the amount payable or trigger any other material obligation pursuant to, any Benefit Plan, or (B) result in any payment (whether in cash or property) or the vesting of any property under any Benefit Plan to any
“disqualified individual” (as such term is defined in Treasury Regulation section 1.280G-1) that would reasonably be construed, individually or in combination with any other such payment, to constitute an “excess parachute
payment” (as defined in section 280G(b)(1) of the Code); 
 (ix) no Employee is entitled to receive any additional
payment (including any tax gross-up or other payment) from the Company or any of the Transferred Subsidiaries as a result of the imposition of the Taxes under section 409A or 4999 of the Code; and 

(x) to the Knowledge of Parent and the Seller, all Persons classified or treated by the Company or any of the Transferred
Subsidiaries as independent contractors or otherwise as non-employees satisfy all applicable laws, rules, regulations and other requirements of Law to be so classified or treated, and the Company and each of the Transferred Subsidiaries has fully
and accurately reported in all material respects their compensation of any kind on IRS Forms 1099 or as otherwise required by Law. 

(e) This Section 3.15 contains the sole and exclusive representations and warranties pertaining to matters relating to the
Employees or Benefit Plans. 

  
 29 

 Section 3.16. Insurance Issued by the LPI Insurance Companies. Except as set forth in
Section 3.16 of the Disclosure Schedule: 
 (a) since December 31, 2013, all LPI Insurance Policy benefits due and payable
by or on behalf of any of the LPI Insurance Companies have in all material respects been paid in accordance with the terms of the LPI Insurance Policies under which they arose, except for such benefits for which an LPI Insurance Company believes
there is a reasonable basis to contest payment; 
 (b) all policy forms for LPI Insurance Policies currently in use by any of the LPI
Insurance Companies, and all amendments, applications, and certificates pertaining thereto, where required by applicable Law, have been approved by all applicable Governmental Authorities or filed with and not objected to by such Governmental
Authorities within the period provided by applicable Law for objection, in all material respects; 
 (c) any rates currently in use by the
LPI Insurance Companies, solely with respect to the Business, that are required to be filed with or approved by any Governmental Authority have been so filed or approved and the rates currently in use by the LPI Insurance Companies, solely with
respect to the Business, conform thereto, in all material respects; and 
 (d) as of the date hereof, there are no material unpaid claims or
assessments made against any LPI Insurance Company by any state insurance guaranty associations or similar organizations in connection with such association’s insurance guarantee fund relating to the Business. 

Section 3.17. Reinsurance. Section 3.17 of the Disclosure Schedule sets forth a true and correct list as of the date
hereof of all reinsurance and retrocessional treaties and agreements, solely with respect to the Business (i) with an effective date from January 1, 2015 to the date hereof or (ii) with respect to which there are any ceded statutory
reserves, to which any of the LPI Insurance Companies is party and to which any such Person has any existing rights or obligations. Each of such treaties and agreements is in full force and effect. Solely with respect to the Business, none of the
LPI Insurance Companies or, to the Knowledge of Parent and the Seller, any of the other parties thereto, is in default under any such reinsurance treaty or agreement where such default gives rise to any right of termination, acceleration or
cancellation to the other party or parties thereto. Since January 1, 2013 to the date hereof, solely with respect to the Business, none of the LPI Insurance Companies has received any written notice from any applicable reinsurer that any amount
of reinsurance ceded by any of the LPI Insurance 

  
 30 

 
Companies, solely with respect to the Business, will be uncollectible or otherwise defaulted upon. As of the date hereof, except as set forth in Section 3.17 of the Disclosure
Schedule, there are no pending or, to the Knowledge of Parent and the Seller, threatened, Actions with respect to any reinsurance or retrocessional treaties or agreements set forth in Section 3.17 of the Disclosure Schedule. 

Section 3.18. Regulatory Filings. Parent and the Seller have made available for inspection by the Acquiror (a) any material
reports of examination (including financial, market conduct and similar examinations, and including any draft reports) of any LPI Insurance Company (to the extent such report of examination of any LPI Insurance Company relates to the Business)
issued by any insurance regulatory authority, in any case, since January 1, 2013 and (b) all material Insurance Holding Company System Act filings or submissions made by any LPI Insurance Company (to the extent such filing or submission of
any LPI Insurance Company relates to the Business) with any insurance regulatory authority since January 1, 2013. Except as set forth in Section 3.18(a) of the Disclosure Schedule, all material deficiencies or violations noted in
the examination reports described in clause (a) above have been resolved to the reasonable satisfaction of the insurance department that noted such deficiencies or violations. 

Section 3.19. Insurance. Section 3.19 of the Disclosure Schedule sets forth a true and correct list of all current
property and liability insurance policies (other than life insurance policies, self-insurance programs or excess policies on self-insurance programs) covering the Company, any of the Transferred Subsidiaries or the Transferred Assets. All such
policies are in full force and effect (and all premiums due and payable thereon have been paid in full on a timely basis), and no written notice of cancellation, termination or revocation or other written notice that any such insurance policy is no
longer in full force or effect or that the issuer of any such insurance policy is not willing or able to perform its obligations thereunder has been received by the Company, any of the Transferred Subsidiaries, Parent or the Seller and, to the
Knowledge of Parent and the Seller, none of the Company or the Transferred Subsidiaries is in default of any provision thereof, except for such defaults that, individually or in the aggregate, would not be reasonably expected to have a Material
Adverse Effect with respect to the Business, Parent or the Seller. 
 Section 3.20. Property. 

(a) Section 3.20(a) of the Disclosure Schedule sets forth a true and correct list, as of the date hereof, of all real property
leased by the Company or any Transferred Subsidiary or, solely to the extent used in connection with the operation of the Business, any LPI Company (other than the Company or any Transferred Subsidiary), as lessee, including Transferred Assets
(each, a “Real Property Lease”; with the real property specified in such lease being referred to herein as a “Leased Real Property”). An LPI Company will have a legal, binding, valid and enforceable leasehold
interest or license (as applicable) under each of the Real Property Leases, subject to Permitted Liens and to applicable bankruptcy, insolvency, moratorium, rehabilitation, liquidation, fraudulent conveyance or similar Laws affecting creditors’
rights and remedies generally and subject, as to enforceability, to general equitable principles (whether or not enforcement is sought in a proceeding at Law or in equity), and none of Parent, the Seller or any of the LPI Companies, as of the date
hereof, has received any written notice of any default under any Real Property Lease, and to the Knowledge of Parent and the Seller, no event has occurred 

  
 31 

 
and no condition exists that, with notice or lapse of time, or both, would constitute a default by any such LPI Company under any of the Real Property Leases, except, in each case, for such
invalidity, unenforceability or defaults that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Parent and the Seller have delivered or otherwise made available to the Acquiror true and correct
copies of the Real Property Leases as in effect as of the date hereof, together with all material amendments, modifications or supplements, if any, thereto. 

(b) Except as set forth in Section 3.20(b)(i) of the Disclosure Schedule, each of the LPI Companies, including the Company and the
Transferred Subsidiaries, is in possession of and has title to, or has valid leasehold interests in or valid rights under contract to use, in each case free and clear of any Liens other than Permitted Liens, all tangible personal property used in
the conduct of the Business (other than the Excluded Assets and, in the case of the LPI Companies other than the Company and the Transferred Subsidiaries, other than any asset that is not a Transferred Asset), including all material tangible
personal property reflected on the Pro Forma Balance Sheets and the Transferred Assets, other than property disposed of since the date thereof in the ordinary course of business and tangible personal property acquired since such date. Except as set
forth in Section 3.20(b)(ii) of the Disclosure Schedule, such tangible personal property is free and clear of all Liens, other than Permitted Liens. 

(c) Except as set forth in Section 3.20(c) of the Disclosure Schedule, and assuming receipt of all approvals, consents and
authorizations relating to the matters set forth in Section 3.04 of the Disclosure Schedule or as contemplated by Section 3.05, and subject to the consummation of the transactions contemplated by Section 5.05(h),
(i) the assets and properties of the Company and the Transferred Subsidiaries (excluding the Excluded Assets), (ii) the Transferred Assets and (iii) the rights, licenses and services to be made available by Parent, the Seller and
their Affiliates pursuant to the Transaction Agreements will be sufficient for the Company and the Transferred Subsidiaries to conduct the Business in all material respects in the ordinary course on and immediately after the Closing Date as it is
being conducted on the date hereof; provided, however, that this Section 3.20(c) shall not be deemed to be breached as a result of any action for which the Acquiror has provided its consent (including pursuant to
Section 5.01). 
 (d) This Section 3.20 contains the sole and exclusive representations and warranties pertaining to
matters relating to real property and tangible personal property. 
 Section 3.21. Taxes. Except as set forth in
Section 3.21 of the Disclosure Schedule: 
 (a) (i) All material Tax Returns required to be filed by or on behalf of the Company
and each of the Transferred Subsidiaries (or, to the extent the Company or a Transferred Subsidiary could reasonably be expected to be liable for Taxes relating thereto, with respect to the Transferred Assets) have been timely filed with the
appropriate Tax Authority (after giving effect to any valid extensions of time in which to make such filings) and such Tax Returns are true, correct and complete in all material respects, (ii) all material Taxes payable with respect to the
Company and the Transferred Subsidiaries (or, to the extent the Company or a Transferred Subsidiary could reasonably be expected to be liable for Taxes relating thereto, the 

  
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Transferred Assets), have been fully and timely paid; (iii) none of the Company or the Transferred Subsidiaries is currently the beneficiary of any extension of time within which to file any
income or other material Tax Return and (iv) none of the Company or the Transferred Subsidiaries has waived in writing or been requested in writing to waive any statute of limitations in respect of income or other material Taxes which waiver is
currently in effect. 
 (b) Each of the Company and the Transferred Subsidiaries has, and with respect to the Transferred Assets, Parent and
its Affiliates have, (i) complied in all material respects with all applicable Laws relating to the payment and withholding of Taxes and (ii) duly and timely withheld from employee salaries, wages and other compensation and has paid over
to the appropriate Tax Authority all material amounts required to be so withheld and paid over. 
 (c) All deficiencies asserted in writing
or assessments made in writing as a result of any examinations by any Tax Authority of Tax Returns related to the Company and the Transferred Subsidiaries or the Transferred Assets have been fully paid or otherwise resolved, and no other audits or
investigations by any Tax Authority relating to any such Tax Returns are in progress from a Tax Authority. 
 (d) None of the Company or any
Transferred Subsidiary is a party to any Tax Allocation Agreements pursuant to which it will have any liability or obligation to make any payments after the Closing Date. 

(e) There are no Tax rulings, requests for rulings, or closing agreements relating to the Company or any Transferred Subsidiary or the
Transferred Assets, which will materially affect the Company’s or any Transferred Subsidiary’s liability for Taxes for any period after the Closing Date. 

(f) None of the Company or any Transferred Subsidiary will be required to include any item of income in, or exclude any item of deduction
from, taxable income for the portion of a Straddle Period beginning after the Closing Date or any Post-Closing Taxable Period, as a result of (i) a change in accounting method for any Straddle Period or any Pre-Closing Taxable Period pursuant
to Section 481 of the Code (or any corresponding provision of Law), (ii) installment sale or open transaction disposition made prior to the Closing or (iii) prepaid amount received on or prior to the Closing Date. None of the Company
or any Transferred Subsidiary has been a “distributing corporation” or a “controlled corporation” within the meaning of Section 355 of the Code (x) in the two years prior to the date of this Agreement or (y) in a
distribution that could otherwise constitute a “plan” or “series of related transactions” in conjunction with the transaction contemplated by this Agreement. 

(g) None of the Company or any Transferred Subsidiary has participated in a listed transaction within the meaning of Treasury Regulation
Section 1.6011-4(c). 
 (h) There are no Liens for Taxes upon any assets of the Company or any Transferred Subsidiary or the
Transferred Assets except for Permitted Liens. 
 (i) Except to the extent other representations and warranties in this
Article III relate expressly to Taxes, the representations and warranties made in this Section 3.21 are the only representations and warranties made by Parent or the Seller with respect to matters relating to Taxes (including
Tax Returns, Tax Allocation Agreements, Tax claims and Actions related to Taxes). 

  
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 Section 3.22. Actuarial Report; Reserves. 

(a) The Seller has delivered to the Acquiror a true and correct copy of an actuarial memorandum entitled “Analysis of Unpaid Loss and
Loss Adjustment Expense as of December 31, 2014,” redacted to exclude portions not related to the Business (the “Actuarial Report”). The factual information and data provided by Seller and its Affiliates in connection with
the preparation of the Actuarial Report was complete and accurate in all material respects as of the date so provided. 
 (b) The statutory
policy reserves required by SAP to be held by the LPI Insurance Companies in respect of the LPI Insurance Policies as of December 31, 2014, as set forth in the Actuarial Report (the “Reserves”): (i) were determined in all
material respects in accordance with generally accepted actuarial standards consistently applied (except as otherwise noted in the Actuarial Report) and (ii) satisfied the requirements of applicable Law in all material respects as of
December 31, 2014. 
 Section 3.23. Brokers. Except for Willis Capital Markets & Advisory and Morgan
Stanley & Co. LLC, no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf
of Parent, the Seller or their Affiliates. Parent and the Seller (but not the Company or the Transferred Subsidiaries) are solely responsible for any fees and expenses payable to Willis Capital Markets & Advisory and Morgan
Stanley & Co. LLC. 
 Section 3.24. Excluded Assets and Excluded Liabilities. None of Parent, the Seller or any other
Person makes any express or implied representation or warranty with respect to the Excluded Assets or Excluded Liabilities under this Agreement or under any other Transaction Agreement. 

Section 3.25. Intercompany LPT Reinsurance Agreement. Section 3.25 of the Disclosure Schedule sets forth a true and
correct form of the Loss Portfolio Transfer Reinsurance Agreement to be entered into on or prior to the Closing Date by and among the LPI Insurance Companies and Equator (the “Intercompany LPT Reinsurance Agreement”). 

Section 3.26. NO OTHER REPRESENTATIONS OR WARRANTIES. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS ARTICLE
III (AS MODIFIED BY THE SCHEDULES, AS SUPPLEMENTED AND AMENDED) AND IN THE OTHER TRANSACTION AGREEMENTS, NONE OF PARENT, THE SELLER OR ANY OTHER PERSON MAKES ANY OTHER EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WITH RESPECT TO PARENT OR THE
SELLER, THE PROBABLE SUCCESS OR PROFITABILITY OF THE BUSINESS, THE SHARES, THE COMPANY OR THE TRANSFERRED SUBSIDIARIES, THE ASSETS AND PROPERTIES TO BE TRANSFERRED TO THE COMPANY OR THE TRANSFERRED SUBSIDIARIES, THE BUSINESS OR THE TRANSACTIONS
CONTEMPLATED BY THIS 

  
 34 

 
AGREEMENT, AND PARENT AND THE SELLER DISCLAIM ANY OTHER REPRESENTATIONS, WARRANTIES, FORECASTS, PROJECTIONS, STATEMENTS OR INFORMATION, WHETHER MADE BY PARENT, THE SELLER OR ANY OF THEIR
AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE ACQUIROR 

The Acquiror hereby represents and warrants to Parent and the Seller, as of the date hereof and the Closing Date, as follows: 

Section 4.01. Incorporation and Authority of the Acquiror. 

(a) Each of the Acquiror and each Acquiror Party is a corporation or other organization duly incorporated or organized, validly existing and
in good standing under the Laws of the jurisdiction of its incorporation or organization. 
 (b) Each of the Acquiror and each Acquiror
Party has all requisite corporate or similar power and authority to enter into, consummate the transactions contemplated by and carry out its obligations under, each of the Transaction Agreements to which the Acquiror or any Acquiror Party will be a
party (the “Acquiror Transaction Agreements”). The execution and delivery by the Acquiror and each Acquiror Party of the Acquiror Transaction Agreements, the consummation by the Acquiror and each Acquiror Party of the transactions
contemplated by, and the performance by the Acquiror and each Acquiror Party of its obligations under, the Acquiror Transaction Agreements have been duly authorized by all requisite corporate action on the part of each Acquiror Party. This Agreement
has been duly and validly authorized, executed and delivered by the Acquiror, and (assuming due authorization, execution and delivery of this Agreement by Parent and the Seller) is the legal, valid and binding obligation of the Acquiror, enforceable
in accordance with its terms, and each of the Acquiror Transaction Agreements has been duly and validly authorized by the Acquiror or such Acquiror Party and, upon execution and delivery by the Acquiror or such Acquiror Party, will be (assuming the
valid authorization, execution and delivery by the other party or parties thereto) a legal, valid and binding obligation of the Acquiror or such Acquiror Party enforceable in accordance with its terms, subject to the effect of any applicable
bankruptcy, reorganization, insolvency, moratorium, rehabilitation, liquidation, fraudulent conveyance or similar Laws relating to or affecting creditors’ rights generally and subject, as to enforceability, to the effect of general equitable
principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 4.02.
Qualification of the Acquiror. Each of the Acquiror and each Acquiror Party has all requisite corporate or similar power and authority to operate its business as now conducted and is duly qualified as a foreign corporation or other
organization to do business, to the extent legally applicable, and is in good standing in each jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary, except
for such failures to so qualify or be in good standing as would not materially impair or delay the ability of the Acquiror or any Acquiror Party to consummate the transactions contemplated by, or perform its obligations under, the Acquiror
Transaction Agreements. 

  
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 Section 4.03. No Conflict. Except as set forth in Section 4.03 of the
Acquiror Disclosure Schedule and provided that all consents, approvals, authorizations and other actions described in Section 4.04 have been obtained or taken, and except as may result from any facts or circumstances solely relating to
Parent, the Seller, the Company or the Transferred Subsidiaries (as opposed to any other third party), the execution, delivery and performance by the Acquiror and the Acquiror Parties of, and the consummation by the Acquiror and the Acquiror Parties
of the transactions contemplated by, the Acquiror Transaction Agreements do not and will not (a) violate or conflict with the organizational documents of the Acquiror or any Acquiror Party, (b) conflict with or violate any Law or other
Governmental Order applicable to the Acquiror or any Acquiror Party or by which it or its properties or assets is bound or affected or (c) result in any breach of, or constitute a default (or event which with the giving of notice or lapse of
time, or both, would become a default) under, or give to any Person any rights of termination, acceleration or cancellation of, or result in the creation of any Lien (other than Permitted Liens) on any of the assets or properties of the Acquiror or
any Acquiror Party pursuant to any note, bond, mortgage, indenture or contract to which the Acquiror, an Acquiror Party or any of its Subsidiaries is a party or by which any of them or their respective assets or properties is bound or subject,
except, in the case of clause (c), any such conflicts, violations, breaches, defaults, terminations, accelerations, cancellations or creations of Liens as would not materially impair or delay the ability of the Acquiror or any Acquiror Party to
consummate the transactions contemplated by, or perform its obligations under, the Acquiror Transaction Agreements. 
 Section 4.04.
Consents and Approvals. Except as set forth in Section 4.04 of the Acquiror Disclosure Schedule, or as may result from any facts or circumstances solely relating to Parent, the Seller, the Company or the Transferred Subsidiaries,
the execution and delivery by the Acquiror and each Acquiror Party of the Acquiror Transaction Agreements do not, and the performance by the Acquiror and each Acquiror Party of, and the consummation by the Acquiror and each Acquiror Party of the
transactions contemplated by, the Acquiror Transaction Agreements will not, require any Governmental Approvals to be obtained or made by the Acquiror or any of its Affiliates, except for any Governmental Approvals the failure to obtain or make
which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect with respect to the Acquiror. 

Section 4.05. Absence of Litigation. As of the date hereof, there are no Actions pending or, to the Knowledge of the Acquiror,
threatened against the Acquiror or any Acquiror Party that question the validity of, or seek injunctive relief with respect to, any of the Acquiror Transaction Agreements or the right of the Acquiror or any Acquiror Party to enter into any of the
Acquiror Transaction Agreements. 
 Section 4.06. Securities Matters. The Shares are being acquired by the Acquiror for its own
account and without a view to the public distribution or sale of the Shares or any interest in them. The Acquiror has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its
investment in the Shares, and the Acquiror is capable of bearing the economic risks of such investment, including 

  
 36 

 
a complete loss of its investment in the Shares. The Acquiror understands and agrees that it may not sell, transfer, assign, pledge or otherwise dispose of any of the Shares other than pursuant
to a registered offering in compliance with, or in a transaction exempt from, the registration requirements of the Securities Act and applicable state and foreign securities laws. 

Section 4.07. Financial Ability. The Acquiror has, and will have at the Closing, all funds necessary to pay the Purchase Price and
to consummate the transactions contemplated by this Agreement and the other Acquiror Transaction Agreements and has furnished to Parent and the Seller evidence thereof. 

Section 4.08. Financial Statements. The Acquiror has delivered to the Seller true and correct copies of the following statutory
statements, in each case, together with the exhibits, schedules and notes thereto and any affirmations and certifications filed therewith: (i) the annual statutory statement of Acquiror Reinsurer as of and for the year ended December 31,
2014, as filed with the North Carolina Department of Insurance; (ii) the audited annual statutory financial statements of Acquiror Reinsurer as of and for the year ended December 31, 2014 (the statements referenced in (i) and (ii),
the “Acquiror Reinsurer Annual Statutory Statements”); and (iii) the unaudited quarterly statutory financial statements of Acquiror Reinsurer as of and for the quarter ended March 31, 2015 (the “Acquiror Reinsurer
Quarterly Statements” and, collectively with the Acquiror Reinsurer Annual Statutory Statements, the “Acquiror Reinsurer Statutory Statements”). Each of the Acquiror Reinsurer Statutory Statements has been prepared in
accordance with SAP and in conformity with the practices consistently applied by the Acquiror Reinsurer and presents fairly, in all material respects, the financial position and results of operations of the Acquiror Reinsurer as at the respective
dates and for the respective periods indicated, in accordance with SAP. No material deficiency has been asserted by any Governmental Authority with respect to any Acquiror Reinsurer Statutory Statements that remains unresolved prior to the date
hereof. 
 Section 4.09. Investigation. The Acquiror acknowledges and agrees that it (a) has made its own inquiry and
investigation into, and, based thereon, has formed an independent judgment concerning, the Company, the Transferred Subsidiaries and the Business and (b) has been furnished with or given adequate access to such information about the Company,
the Transferred Subsidiaries and the Business as it has requested. The Acquiror further acknowledges and agrees that (i) the only representations, warranties, covenants and agreements made by Parent and the Seller are the representations,
warranties, covenants and agreements expressly made in this Agreement by Parent and the Seller, (ii) except as set forth in Article III, Parent and the Seller do not make any other representation or warranty of any kind or nature
whatsoever, oral or written, express or implied, with respect to Parent, the Seller, the Company, the Transferred Subsidiaries, the Business, the Transaction Agreements or the transactions contemplated by the Transaction Agreements, including any
relating financial condition, results of operations, assets or liabilities of any of the foregoing, or with respect to any information provided by Parent, the Seller or their Affiliates or Representatives, whether or not in the electronic “data
room” established by Parent and the Seller for the Acquiror, and (iii) Parent and the Seller do not make any representation or warranty as to (A) the operation of the Company and the Transferred Subsidiaries by the Acquiror after the
Closing in any manner or (B) the probable success or profitability of the Company, the Transferred Subsidiaries or the Business (whether before or after the Closing). Except for the representations and warranties

  
 37 

 
contained in Article III, the Acquiror has not relied upon any other representations or warranties or any other information made or supplied by or on behalf of Parent and the Seller or by
any of their Affiliates. 
 Section 4.10. Brokers. No broker, finder or investment banker is entitled to any brokerage,
finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Acquiror. 

ARTICLE V 
 ADDITIONAL
AGREEMENTS 
 Section 5.01. Conduct of Business Prior to the Closing. Except as required by applicable Law, as otherwise
contemplated by or necessary to effectuate this Agreement or any other Transaction Agreement and for matters identified in Schedule 5.01, and subject to obligations under agreements or contracts in existence as of the date hereof, from the
date hereof through the Closing, unless the Acquiror otherwise consents in advance (which consent shall not be unreasonably withheld, delayed or conditioned), Parent and the Seller shall cause the LPI Companies to (a) conduct the Business in
the ordinary course consistent with past practice, (b) use commercially reasonable efforts to preserve intact their business organizations, to maintain their regulatory relationships in good standing, and to maintain the current significant
business relationships and goodwill with the policyholders, agents, brokers, distributors and other customers, suppliers and service providers of and to their businesses and (c) not do any of the following with respect to the Company, the
Transferred Subsidiaries or the Business: 
 (i) repurchase, redeem, repay or otherwise acquire any outstanding Capital
Stock of the Company or any of the Transferred Subsidiaries; 
 (ii) transfer, issue, sell, pledge (other than as set forth
in Schedule 5.01(c)(ii)) or dispose of any Capital Stock or other securities of the Company or any of the Transferred Subsidiaries or grant options, warrants, calls or other rights to purchase or otherwise acquire Capital Stock or other
securities of the Company or any of the Transferred Subsidiaries; 
 (iii) effect any recapitalization, reclassification,
stock split or like change in the capitalization of the Company or any of the Transferred Subsidiaries; 
 (iv) amend the
certificate of incorporation or bye-laws (or other comparable organizational documents) of the Company or any of the Transferred Subsidiaries; 

(v) except with respect to changes intended to improve underwriting profitability (even if such changes have an effect of
reducing premium volume), make any material change in the underwriting, claims administration, reserving, customer service, selling or financial accounting policies, practices or principles (other than any change required by applicable Law, GAAP or
SAP or in the ordinary course of business consistent with past practice) of the Business; 

  
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 (vi) except for the Transfer of Leased Real Property, or the Transfer of the
Excluded Assets and Excluded Liabilities as contemplated by Section 2.02(a) or the Transferred Assets and Transferred Liabilities as contemplated by Section 2.02(b), permit the Company or any Transferred Subsidiary to
purchase, sell, lease, exchange or otherwise dispose of or acquire any property or assets, including the Transferred Assets (other than transactions occurring in the ordinary course of business consistent with past practice) or make any capital
expenditure for which the aggregate consideration paid or payable in any individual transaction is in excess of $50,000 or in the aggregate in excess of $250,000; 

(vii) incur any indebtedness for borrowed money from third party lending sources (other than current trade accounts payable
incurred in respect of property or services purchased in the ordinary course of business consistent with past practice) or assume, grant, guarantee or endorse, or otherwise as an accommodation become responsible for, the obligations of any Person,
or make any loans or advances (other than, in each case, in the ordinary course of business consistent with past practice), for individual amounts in excess of $50,000 or in the aggregate in excess of $250,000; 

(viii) permit the Company or any Transferred Subsidiary to enter into or amend (in any material respect) or, other than
pursuant to its current terms, terminate, renew or extend any Material Contract or any contract with any Controlled Affiliate of Parent or the Seller; 

(ix) permit the Company or any Transferred Subsidiary to enter into any merger, consolidation, purchase or sale of material
assets or businesses, recapitalization, restructuring or other similar material transaction or series of transactions; 

(x) grant, increase, or accelerate the vesting or payment of, or announce or promise to grant, increase or accelerate the
vesting or payment of, any wages, salaries, bonuses, incentives, severance pay, other compensation, pension or other benefits payable to any Employee, other than (A) normal merit salary increases for non-executive officers, not to exceed two
percent (2%) in the aggregate or (B) in the ordinary course of business consistent with past practice; 
 (xi) (A)
enter into, or amend, any employment contracts with executive officers, except as required by applicable Law or (B) hire any Employee, other than a non-executive officer Employee hired to replace an Employee whose employment has terminated;

 (xii) make or change any material Tax election, change any annual Tax accounting period, adopt or change any method of
Tax accounting, amend any material Tax Returns or file any claims for material Tax refunds, enter into any material closing agreement, settle any material Tax claim, audit or assessment or surrender any right to claim a material Tax refund, offset
or other reduction in Tax liability, in each case, to the extent such action could reasonably be expected to result in an increase in the Tax liability of the Company or any Transferred Subsidiary for any Post-Closing Taxable Period or the portion
of a Straddle Period beginning after the Closing Date; 

  
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 (xiii) pay, settle or compromise any Action or threatened Action involving the
Business (in each case, except for claims under policies and certificates of insurance within applicable policy limits), other than any settlement or compromise that involves solely cash payments not in the aggregate for any and all such settled or
compromised Actions in excess of an amount as set forth in Schedule 5.01(c)(xiii); or 
 (xiv) pledge, sell, lease,
transfer, license, assign, abandon, dispose of or otherwise make subject to any encumbrance (other than a Permitted Lien) any Owned Business Intellectual Property; or 

(xv) enter into any legally binding commitment with respect to any of the foregoing. 

Section 5.02. Access to Information. 

(a) From the date hereof until the Closing Date, upon reasonable prior notice, and subject to applicable Law, any applicable privileges
(including the attorney-client privilege) and contractual confidentiality obligations, Parent and the Seller shall, and shall cause each of the LPI Companies and each such Person’s respective Representatives, to (i) afford the
Representatives of the Acquiror reasonable access to the offices, properties, books and records of the LPI Companies relating to the Business, (ii) furnish to the Representatives of the Acquiror such additional financial and operating data and
other information regarding the Business as the Acquiror may from time to time reasonably request, and (iii) make available to the Representatives of the Acquiror and its Affiliates, the employees of LPI Companies in respect of the Company and
the Transferred Subsidiaries and the Business whose assistance and expertise is necessary to assist the Acquiror in connection with the Acquiror’s preparation to integrate the Business (including the Company and the Transferred Subsidiaries and
their businesses and personnel) into the Acquiror’s organization following the Closing; provided, however, that the reasonableness of such access and requests shall be determined by taking into account, among other considerations,
the competitive positions of the parties and the sensitive nature of the transactions contemplated hereby, and, provided, further, that such investigation shall be on a basis and follow procedures that the parties shall mutually agree,
and shall not unreasonably interfere with any of the businesses or operations of any of the LPI Companies; and provided, further, that the auditors and independent accountants of Parent or any of its Affiliates shall not be obligated
to make any work papers available to any Person unless and until such Person has signed a customary confidentiality agreement relating to such access to work papers in form and substance reasonably acceptable to such auditors or accountants. If so
reasonably requested by Parent or the Seller, the Acquiror shall enter into a customary joint defense agreement with any one or more of Parent, the Seller, the Company and the Transferred Subsidiaries with respect to any information to be provided
to the Acquiror pursuant to this Section 5.02(a). Without limiting the foregoing, any environmental investigation undertaken by the Acquiror shall not include invasive sampling of soil or groundwater on any property occupied by or
otherwise affiliated with the Company or any Transferred Subsidiary without the Seller’s prior written consent and such investigation shall not unreasonably interfere with any of the businesses or operations of Parent or any of its Affiliates
(and all costs thereof shall be borne by the Acquiror). 

  
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 (b) In addition to the provisions of Section 5.03, from and after the Closing Date,
subject to any applicable privileges (including the attorney-client privilege), to the extent required to comply with applicable Law or in connection with any other reasonable business purpose, including the preparation of Tax Returns and the
determination of any matter relating to the rights or obligations of Parent, the Seller or any of their Affiliates under any of the Transaction Agreements, upon reasonable prior notice, the Acquiror shall, and shall cause the Company and the
Transferred Subsidiaries and their respective Controlled Affiliates and Representatives to (A) afford the Representatives of Parent and its Affiliates reasonable access, during normal business hours, to the offices, properties, books and
records of the Acquiror and its Affiliates in respect of the Company and the Transferred Subsidiaries and the businesses conducted by them, (B) furnish to the Representatives of Parent and its Affiliates such additional financial and other
information regarding the Company and the Transferred Subsidiaries and the businesses conducted by them as Parent or its Representatives may from time to time reasonably request and (C) make available to the Representatives of Parent and its
Affiliates the employees of the Acquiror and its Affiliates in respect of the Company and the Transferred Subsidiaries and the businesses conducted by them whose assistance, expertise, testimony, notes and recollections or presence is reasonably
necessary to assist Parent in connection with Parent’s reasonable inquiries for any of the purposes referred to above, including the presence of such persons as witnesses in hearings or trials for such purposes; provided, however,
that such investigation shall not unreasonably interfere with the business or operations of the Acquiror or any of its Affiliates; and provided, further, that the auditors and independent accountants of the Acquiror or its Affiliates
shall not be obligated to make any work papers available to any Person unless and until such Person has signed a customary confidentiality agreement relating to such access to work papers in form and substance reasonably acceptable to such auditors
or accountants. If so reasonably requested by the Acquiror, Parent and the Seller shall enter into a customary joint defense agreement with the Acquiror and its Affiliates (including the Company and the Transferred Subsidiaries) with respect to any
information to be provided to Parent and the Seller pursuant to this Section 5.02(b). 
 (c) In addition to the provisions of
Section 5.03, from and after the Closing Date, subject to any applicable privileges (including the attorney-client privilege), to the extent required to comply with applicable Law or in connection with any other reasonable business
purpose, including the preparation of Tax Returns and the determination of any matter relating to the rights or obligations of Acquiror or any of its Affiliates under any of the Transaction Agreements, upon reasonable prior notice, Parent and the
Seller shall, and shall cause each of the LPI Companies and their respective Representatives to (A) afford the Representatives of Acquiror and its Affiliates reasonable access, during normal business hours, to the offices, properties, books and
records of Parent, Seller and the LPI Companies in respect of the Business and (B) furnish to the Representatives of Acquiror and its Affiliates such additional financial and other information regarding Parent, Seller and the LPI Companies in
respect of the Business as Acquiror or its Representatives may from time to time reasonably request; provided, however, that such investigation shall not unreasonably interfere with the business or operations of Parent or any of the
LPI Companies; and provided, further, that the auditors and independent accountants of Parent or the LPI Companies shall not be obligated to make any work papers 

  
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available to any Person unless and until such Person has signed a customary confidentiality agreement relating to such access to work papers in form and substance reasonably acceptable to such
auditors or accountants. If so reasonably requested by Parent, the Acquiror shall enter into a customary joint defense agreement with Parent and its Controlled Affiliates with respect to any information to be provided to the Acquiror pursuant to
this Section 5.02(c). Notwithstanding the foregoing, Parent and the Seller shall not be required to provide access to any Excluded Books and Records. 

Section 5.03. Books and Records. 

(a) Parent and its Controlled Affiliates shall have the right, at their own expense, to retain copies of all books and records of each of the
Company and the Transferred Subsidiaries and their respective businesses relating to periods ending on or prior to the Closing Date subject to compliance with all applicable privacy Laws regarding the Employees. The Acquiror agrees that, with
respect to all original books and records of each of the Company and the Transferred Subsidiaries existing as of the Closing Date, it shall (and shall cause each of the Company and the Transferred Subsidiaries to) (i) comply in all material
respects with all applicable Laws relating to the preservation and retention of records and (ii) apply preservation and retention policies that are no less stringent than those generally applied by the Acquiror. 

(b) Prior to the Closing Date, the parties hereto shall develop and implement a plan that shall result in the delivery or transfer, subject to
compliance with applicable Law, of the Books and Records to the Acquiror (or a Person designated by the Acquiror) at, or as soon as reasonably practicable following, the Closing in the manner (and in the case of physical books and records at the
location(s)) reasonably requested by the Acquiror to the extent not located at an office of the Company or the Transferred Subsidiaries. Parent and the Seller shall, and shall cause their Controlled Affiliates to, use their commercially reasonable
efforts to separate any Books and Records from any other books and records of Parent, the Seller and their Controlled Affiliates (other than the Company or the Transferred Subsidiaries). To the extent that Parent, the Seller or their Controlled
Affiliates are unable to separate any Books and Records pursuant to the previous sentence, Parent, the Seller and their Controlled Affiliates shall not be required to physically deliver Books and Records contained in an archived computer system of
Parent, the Seller or their Controlled Affiliates that (i) cannot be separated from other books and records of Parent, the Seller or their Controlled Affiliates (other than the Company or the Transferred Subsidiaries) or (ii) are stored as
a result of automated backup procedures in the ordinary course of business by Parent, the Seller or their Controlled Affiliates (other than the Company or the Transferred Subsidiaries), but Parent and Seller shall cooperate with the Acquiror to
develop a means of providing reasonable access to such Books and Records for Acquiror and its Affiliates. Parent and the Seller shall not be obligated to perform any data conversion or migration with respect to the Books and Records or incur any
costs or expenses in connection therewith. 
 Section 5.04. Confidentiality. 

(a) The Acquiror acknowledges and agrees that the confidentiality agreement, dated March 25, 2015 (the “Confidentiality
Agreement”), between the Seller and the Acquiror, remains in full force and effect and, in addition, covenants and agrees to keep confidential, in accordance with the provisions of the Confidentiality Agreement, information provided to the

  
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Acquiror pursuant to this Agreement. If this Agreement is, for any reason, terminated prior to the Closing, the Confidentiality Agreement and the provisions of this Section 5.04 shall
nonetheless continue in full force and effect in accordance with its terms. 
 (b) Parent and the Seller hereby assign to the Acquiror all
rights that Parent, Seller and any of their Affiliates or Representatives may have with respect to any confidentiality or other similar agreements entered into with any other prospective purchaser of the Business or any portion thereof, and
immediately following execution of this Agreement will terminate any access that any such Persons may have to information about the Business, whether through the electronic “data room” established by Parent and the Seller or otherwise. All
discussions with any such Persons with respect to the Business or any portion thereof will be formally terminated immediately following execution of this Agreement. 

Section 5.05. Regulatory and Other Authorizations; Consents. 

(a) The parties hereto shall promptly make all filings and notifications with, and shall use their commercially reasonable efforts to promptly
obtain all authorizations, consents, orders and approvals of, all Governmental Authorities that may be or become necessary for their respective execution and delivery of, and the performance of their respective obligations pursuant to, and the
consummation of the transactions contemplated by, the Transaction Agreements and shall take all commercially reasonable actions as may be requested by any such Governmental Authorities to obtain such authorizations, consents, orders and approvals.
The parties hereto shall cooperate with the reasonable requests of each other in promptly seeking to obtain all such authorizations, consents, orders and approvals. None of Parent, the Seller or the Acquiror shall take any action that they should be
reasonably aware would have the effect of delaying, impairing or impeding the receipt of any required approvals. 
 (b) Subject to the terms
and conditions set forth in this Agreement, without limiting the generality of the other undertakings pursuant to this Section 5.05, each of Parent (in the case of clauses (i) and (iii)), the Seller (in the case of clauses (i) and
(iii)) and the Acquiror (in all cases set forth below) agree to take or cause to be taken the following actions: (i) the prompt provision to a Governmental Authority of non-privileged information and documents requested by such Governmental
Authority or that are necessary, proper or advisable to permit consummation of the transactions contemplated by the Transaction Agreements; (ii) the prompt use of its commercially reasonable efforts to avoid the entry of, or to effect the
dissolution of, any permanent, preliminary or temporary injunction or other order, decree, decision, determination or judgment that would delay, restrain, prevent, enjoin or otherwise prohibit consummation of the transactions contemplated by the
Transaction Agreements; and (iii) the prompt use of its commercially reasonable efforts to take, in the event that any permanent, preliminary or temporary injunction, decision, order, judgment, determination or decree is entered or issued, or
becomes reasonably foreseeable to be entered or issued, in any proceeding or inquiry of any kind that would make consummation of the transactions contemplated by the Transaction Agreements in accordance with the terms of the Transaction Agreements
unlawful or that would delay, restrain, prevent, enjoin or otherwise prohibit consummation of the transactions contemplated by the Transaction Agreements, any and all commercially reasonable steps necessary to resist, vacate, modify, reverse,
suspend, prevent, eliminate or remove such actual, anticipated or threatened injunction, decision, order, judgment, determination or decree so as to permit such consummation on a schedule as close as possible to that contemplated by the Transaction
Agreements. 

  
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 (c) Subject to applicable Laws relating to the sharing of information and
Section 5.02(a), each of Parent, the Seller and the Acquiror shall promptly notify one another of any communication it receives from any Governmental Authority relating to the matters that are the subject of this Agreement and permit the
other party to review in advance any proposed communication by such party to any Governmental Authority and shall promptly provide each other with copies of all correspondence, filings or communications between such party or any of its
Representatives, on the one hand, and any Governmental Authority or members of its staff, on the other hand, relating to such matters. None of Parent, the Seller or the Acquiror shall agree to participate in any meeting with any Governmental
Authority in respect of any such filings, investigation or other inquiry relating to matters that are the subject of this Agreement unless it consults with the other parties in advance and, to the extent permitted by such Governmental Authority,
gives the other parties the opportunity to attend and participate at such meeting. Subject to the Confidentiality Agreement and Section 5.02(a), Parent, the Seller and the Acquiror shall coordinate and cooperate fully with each other in
exchanging such information and providing such assistance as the other party may reasonably request in connection with the foregoing; provided, however, that the foregoing shall not require Parent, the Seller or the Acquiror
(i) to disclose any information that in the reasonable judgment of Parent, the Seller or the Acquiror, as the case may be, would result in the disclosure of any trade secrets of third parties or violate any of its obligations with respect to
confidentiality or (ii) to disclose any privileged information or confidential competitive information of Parent, the Seller or the Acquiror or their respective Affiliates, as the case may be; and provided, further, that the
Acquiror’s obligation to notify Parent with respect to communications received by a Tax Authority, and the rights and obligations of the parties hereto with respect to any Tax audit or administrative or court proceeding relating to Taxes, shall
be governed solely by Section 7.03. None of the parties hereto shall be required to comply with any provision of this Section 5.05(c) to the extent that such compliance would be prohibited by applicable Law. 

(d) Parent, the Seller and the Acquiror shall use their commercially reasonable efforts to obtain any other consents and approvals (other than
those addressed under Sections 5.05(a), 5.05(h) and 5.13) and make any other notifications that may be required in connection with the transactions contemplated by the Transaction Agreements. The parties shall allocate the costs
associated with obtaining any such consents and approvals in accordance with the terms set forth on Schedule 5.05(d). 
 (e) If, on
the Closing Date, any consent required to effect the Transfer of the Transferred Assets and the assumption of the Transferred Liabilities is not obtained, or if an attempted Transfer thereof would be ineffective or a violation of applicable Law or
would in the reasonable judgment of the Acquiror adversely affect the material rights of the Company and the Transferred Subsidiaries (as assignees of the applicable LPI Companies or otherwise) thereto or thereunder so that the Company and the
Transferred Subsidiaries would not in fact receive all such rights, such Transferred Assets and Transferred Liabilities shall not be Transferred, and Parent, the Seller and the Acquiror shall cooperate in a mutually agreeable arrangement under which
the Company and the Transferred Subsidiaries would, in compliance with applicable Law, obtain the material benefits and assume the obligations and bear the economic burdens 

  
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associated with such Transferred Assets and Transferred Liabilities in accordance with this Agreement, including subcontracting, sublicensing or subleasing to the Company and the Transferred
Subsidiaries or under which the LPI Companies (other than the Company and the Transferred Subsidiaries) would enforce for the benefit (and at the expense) of the Company and the Transferred Subsidiaries any and all of their rights against a third
party (including any Governmental Authority) associated with such Transferred Assets and Transferred Liabilities, and Parent or the Seller would, or would cause the LPI Companies (other than the Company and the Transferred Subsidiaries) to, promptly
pay to the Company and the Transferred Subsidiaries when received all monies received by them under any such Transferred Assets, and the Acquiror would, or would cause the Company and the Transferred Subsidiaries to, promptly pay to Parent or the
Seller or the LPI Companies (other than the Company and the Transferred Subsidiaries) all amounts due by them under any such Transferred Liabilities following the Closing, and the parties hereto shall continue to use their commercially reasonable
efforts, and shall cooperate fully with each other to obtain promptly such consents or waivers for a period of eighteen (18) months (the “Consent Period”). Pending receipt of such consent or waiver, the parties hereto shall
cooperate with each other to effect mutually agreeable, reasonable and lawful arrangements to provide to the Acquiror and its Affiliates the benefits of any such Transferred Asset. In the event that a consent or waiver for the Transfer of any such
Transferred Asset not Transferred at the Closing is obtained, the Seller shall Transfer such Transferred Asset to the Acquiror at no additional cost. 

(f) If, on the Closing Date, any consent required to effect the Transfer of the Excluded Assets and Excluded Liabilities is not obtained, or
if an attempted Transfer thereof would be ineffective or a violation of Law or would in the reasonable judgment of Parent adversely affect the material rights of the LPI Companies (other than the Company and the Transferred Subsidiaries) (as
assignees of the Company and the Transferred Subsidiaries) thereto or thereunder so that the LPI Companies (other than the Company and the Transferred Subsidiaries) would not in fact receive all such rights, such Excluded Assets and Excluded
Liabilities shall not be Transferred, and Parent, the Seller and the Acquiror shall cooperate in a mutually agreeable arrangement under which the LPI Companies (other than the Company and the Transferred Subsidiaries) would, in compliance with Law,
obtain the benefits and assume the obligations and bear the economic burdens associated with such Excluded Assets and Excluded Liabilities in accordance with this Agreement, including subcontracting, sublicensing or subleasing to the LPI Companies
(other than the Company and the Transferred Subsidiaries) or under which the Company and the Transferred Subsidiaries would enforce for the benefit (and at the expense) of the LPI Companies (other than the Company and the Transferred Subsidiaries)
any and all of their rights against a third party (including any Governmental Authority) associated with such Excluded Assets and Excluded Liabilities, and the Acquiror would, or would cause the Company and the Transferred Subsidiaries to, promptly
pay to the LPI Companies (other than the Company and the Transferred Subsidiaries) when received all monies received by them under any such Excluded Assets, and Parent and the Seller would, or would cause the LPI Companies (other than the Company
and the Transferred Subsidiaries) to, promptly pay to the Acquiror, the Company or the Transferred Subsidiaries all amounts due by them under any such Excluded Liabilities, and the parties hereto shall continue to use their commercially reasonable
efforts, and shall cooperate fully with each other, to obtain promptly such consents or waivers during the Consent Period. Pending receipt of such consent or waiver, the parties hereto shall cooperate with each other to effect mutually agreeable,
reasonable and 

  
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lawful arrangements pursuant to the Transition Services Agreements or otherwise designed to provide to Parent and its Controlled Affiliates the benefits of any such Excluded Asset. Once consent
or waiver for the Transfer of any such Excluded Asset not Transferred at the Closing is obtained, the Acquiror shall Transfer such Excluded Asset to Parent or its Controlled Affiliates at no additional cost. 

(g) Notwithstanding the foregoing, in no event shall the expiration of the Consent Period terminate, limit or otherwise affect the
Acquiror’s obligations under Section 10.02(a)(ii) or Parent’s and the Seller’s obligations under Section 10.01(a)(ii) with respect to any Transferred Liability or Excluded Liability, respectively. 

(h) The Software identified in Section 3.11(b) of the Disclosure Schedule as being used in the Business and another business of
Parent, the Seller or any of their Controlled Affiliates (“Shared Software”) shall, subject to Sections 5.05(e) and 5.05(f), be made available to the Company and the Transferred Subsidiaries in accordance with this
Section 5.05(h). To the extent necessary to effectuate the transactions contemplated by this Agreement, Parent and the Seller shall use commercially reasonable efforts to obtain any consent required from any licensor of Shared Software
and the Acquiror shall cooperate with such efforts. If any Shared Software was acquired by or for the benefit of the Business by Parent, the Seller or any of their Controlled Affiliates (other than the Company or the Transferred Subsidiaries)
pursuant to an enterprise license, the parties hereto shall use commercially reasonable efforts to Transfer to the Acquiror, the Company or a Transferred Subsidiary: (i) the rights to the Shared Software under the applicable statement of work
or other procurement document; or (ii) in the case of Shared Software licensed on a seat-by-seat basis, the number of seats agreed upon by the parties hereto; provided, that nothing herein shall be construed as requiring Parent, the
Seller or any of their Controlled Affiliates to Transfer an enterprise license to the Acquiror, the Company or a Transferred Subsidiary. To the extent reasonably necessary to effectuate the transactions contemplated by this Agreement, and to the
extent permitted by any Shared Software license, Parent, the Seller or one of their Affiliates (as applicable) shall: (x) grant to the Acquiror a sublicense to the Shared Software; (y) use the Shared Software to provide services to the
Acquiror, the Company or the Transferred Subsidiaries under the Forward Transition Services Agreement; or (z) otherwise obtain the continuing right for the Acquiror, the Company or the Transferred Subsidiaries to use the Shared Software. Under
no circumstances shall Parent, the Seller or their Controlled Affiliates be required to take any action that shall cause Parent, the Seller or any of their Controlled Affiliates to be in breach of any obligation to the licensor of Shared Software.
The parties shall allocate any costs associated with obtaining any such consents required from any licensor of such Shared Software in accordance with the terms set forth on Schedule 5.05(h). 

Section 5.06. Insurance. 

(a) From and after the Closing Date, the Company and the Transferred Subsidiaries shall cease to be insured by Parent’s or its
Affiliates’ (other than the Company or any Transferred Subsidiary, as the case may be) insurance policies or by any of their self-insured programs to the extent such insurance policies or programs cover the Company or the Transferred
Subsidiaries. With respect to events or circumstances relating to the Company or the Transferred Subsidiaries that occurred or existed prior to the Closing Date that are covered by 

  
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occurrence-based third party liability insurance policies and any workers’ compensation insurance policies or comparable workers’ compensation self-insurance programs sponsored by
Parent or its Controlled Affiliates and that apply to the locations at which the businesses of the Company and the Transferred Subsidiaries operate, the Acquiror, the Company and the Transferred Subsidiaries may make claims under such policies and
programs; provided, however, that by making any such claims, the Acquiror agrees to reimburse Parent for any increased costs incurred by Parent as a result of such claims, including any retroactive or prospective premium adjustments
associated with such coverage, as such amounts are determined in accordance with those policies and programs generally applicable from time to time to Parent and its Affiliates; provided, further, that none of the Acquiror or any of
its Affiliates shall make any such claims if, and to the extent that, such claims are covered by insurance policies sponsored by the Acquiror or its Affiliates (including, after the Closing, the Company and the Transferred Subsidiaries). As of the
second anniversary of this Agreement, the Acquiror shall no longer have access to such occurrence-based third party liability insurance policies of Parent and its Affiliates (other than the Company and the Transferred Subsidiaries) or to such
workers’ compensation insurance policies or comparable workers’ compensation self-insurance programs that apply to the locations at which the businesses of the Company and the Transferred Subsidiaries operate and the Acquiror shall assume
full responsibility for, and release Parent and its Affiliates (other than the Company and the Transferred Subsidiaries) from, all liability for claims, known or unknown, resulting from occurrences prior to the Closing Date. 

(b) With respect to any open claims against the insurance policies of Parent or any of its Controlled Affiliates (other than the Company and
the Transferred Subsidiaries) issued by third parties relating to claims made prior to the Closing Date, Parent and the Seller agree to remit to the Acquiror any net proceeds realized from such claims. 

Section 5.07. Intercompany Obligations. Except for the intercompany obligations set forth in Schedule 5.07, Parent and the
Seller shall, and shall cause their Controlled Affiliates to, take such action and make such payments as may be necessary so that, no later than immediately prior to the Closing, each of the Company and the Transferred Subsidiaries, on the one hand,
and Parent and its Controlled Affiliates (other than the Company and the Transferred Subsidiaries), on the other hand, shall settle, discharge, offset, pay or repay in full all intercompany loans, notes, and advances, to the extent actually owed by
such entity, regardless of their maturity and all intercompany receivables and payables for the amount due (including any accrued and unpaid interest to but excluding the date of payment); provided, however, that if each such item is
not paid in full in cash, the method of discharge must be reasonably satisfactory to the Acquiror. 
 Section 5.08. Intercompany
Arrangements. Except (a) as otherwise contemplated by the Transaction Agreements, (b) as set forth in Schedule 5.08 or (c) as otherwise agreed by Parent and the Acquiror, no later than immediately prior to the Closing,
Parent and the Seller shall, and shall cause their Controlled Affiliates to, take such actions as may be necessary to terminate, all Intercompany Agreements, after giving effect to Section 5.07. 

  
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 Section 5.09. Non-Solicitation. 

(a) For a period of two (2) years from the Closing Date, Parent and the Seller shall not, and shall cause their Controlled Affiliates not
to, without the prior written consent of the Acquiror, directly or indirectly, solicit for employment or knowingly hire any Employee; provided, however, that Parent and its Controlled Affiliates may employ or hire any such Person who
is terminated or otherwise discharged by the Company, any of the Transferred Subsidiaries or their respective Affiliates; and provided, further, that nothing in this Section 5.09(a) shall prohibit Parent or any of its
Controlled Affiliates from employing or hiring any Person who contacts Parent or any of its Controlled Affiliates on his or her own initiative without direct solicitation or as a result of a general solicitation to the public or general advertising.

 (b) For a period of two (2) years from the Closing Date, the Acquiror shall not, and shall cause its Controlled Affiliates
(including the Company and the Transferred Subsidiaries) not to, without the prior written consent of the Seller, directly or indirectly, solicit for employment or knowingly hire any Person who is an employee, agent, broker, sales representative or
distributor of Parent or any of its Affiliates (other than the Company and the Transferred Subsidiaries) as of the date hereof with whom the Acquiror or its Affiliates came into contact, or became aware of, in connection with the transactions
contemplated by this Agreement or the Transaction Agreements; provided, however, that the Acquiror and its Controlled Affiliates (including the Company and the Transferred Subsidiaries) may employ or hire any such Person who is
terminated or otherwise discharged by Parent or any of its Affiliates; and provided, further, that nothing in this Section 5.09(b) shall prohibit the Acquiror or any of its Controlled Affiliates (including the Company and
the Transferred Subsidiaries) from employing or hiring any Person who contacts the Acquiror or any of its Controlled Affiliates (including the Company and the Transferred Subsidiaries) on his or her own initiative without direct solicitation or as a
result of a general solicitation to the public or general advertising. 
 Section 5.10. Non-Competition. 

(a) Except as contemplated by the Transaction Agreements, from the Closing until the second anniversary of the Closing Date (the
“Non-Compete Period”), Parent agrees not to, and shall cause each Person (a “Restricted Person”) that is a Controlled Affiliate of Parent not to, engage, as a principal or jointly with others, in the Competing
Business in the United States; provided, however, that Parent and its Controlled Affiliates shall continue to administer certain policies pursuant to the Reinsurance Administrative Services Agreement, dated as of June 1, 2011, by
and between Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company and QBE Insurance Corporation. Parent shall not have any obligation under this Section 5.10 with respect to any Restricted Person from and after
such time as such Restricted Person ceases to be a Controlled Affiliate of Parent. A Restricted Person shall not include any Person that purchases or receives assets, operations or a business from Parent or one of its Subsidiaries, if such Person is
not a Controlled Affiliate of Parent after such transaction is consummated. 

  
 48 

 (b) Notwithstanding anything to the contrary set forth in Section 5.10(a), and
without implication that the following activities otherwise would be subject to the provisions of this Section 5.10, nothing in this Agreement shall preclude, prohibit or restrict Parent from engaging, or require Parent to cause any
Restricted Person not to engage, in any manner in any of the following: 
 (i) making investments in the ordinary course of
business, including in a general or separate account of an insurance company, in Persons engaging in a Competing Business, provided that each such investment is a passive investment where Parent or such Restricted Person: (A) does not
have the right to designate a majority of the members of the board of directors or other governing body of such entity or to otherwise influence or direct the operation or management of any such entity, (B) is not a participant with any other
Person in any group (as such term is used in Regulation 13D of the Securities Exchange Act of 1934) with such intention or right, and (C) owns less than fifteen percent (15%) of the outstanding voting securities (including convertible
securities) of such entity; 
 (ii) making investments in the Acquiror or its Affiliates; 

(iii) selling any of its assets or businesses to a Person engaged in lines of business that compete with the Competing
Business; 
 (iv) managing or controlling investment funds that make investments in Persons engaging in a Competing
Business, so long as such investments are in the ordinary course of business; 
 (v) providing investment management and
similar services to any Person; 
 (vi) providing reinsurance; or 

(vii) acquiring, merging or combining with any business that would otherwise violate this Section 5.10 that is
acquired from any Person after the Closing Date (an “After-Acquired Business”); provided that either (A) at the time of such acquisition, merger or combination, the revenues derived from the Competing Business by the
After-Acquired Business (the “Competing After-Acquired Revenues”) constitute no more than fifteen percent (15%) of the gross revenues of the After-Acquired Business in the most recently completed fiscal year immediately prior
to the date of such acquisition, merger or combination (the “Aggregate After-Acquired Revenues”), or (B) if at the time of such acquisition, merger or combination, the Competing After-Acquired Revenues constitute more than
fifteen percent (15%) of the Aggregate After-Acquired Revenues then, within twelve (12) months after such acquisition, merger or combination, (x) Parent or such Restricted Person signs a definitive agreement to dispose, and
subsequently disposes of, the relevant portion of the business or securities of such After-Acquired Business, (y) Parent or such Restricted Person otherwise modifies the After-Acquired Business such that the Competing After-Acquired Revenues
constitute not more than fifteen percent (15%) of the Aggregate After-Acquired Revenues or (z) the business of such After-Acquired Business otherwise complies with this Section 5.10. 

(c) Notwithstanding anything herein to the contrary, no provision of this Agreement shall prohibit Parent or any Restricted Person from
engaging in any activities set forth in Schedule 5.10(c). 

  
 49 

 Section 5.11. QBE Intellectual Property; Trade Names and Trademarks. Except as
provided in the other Transaction Agreements: 
 (a) The Acquiror, for itself and its Affiliates, acknowledges and agrees that the Acquiror
is not purchasing, acquiring or otherwise obtaining any right, title or interest in and to any Intellectual Property of Parent, the Seller or its Controlled Affiliates (other than the Company and the Transferred Subsidiaries), including the names
and trademarks set forth in Schedule 5.11 and any visual representations thereof, monograms, tag-lines, designs, symbols, images, colors and characters, and any variation of the foregoing and any word or design that contains, incorporates or
is confusingly similar in sound or appearance to any of the foregoing (including all registrations and applications relating thereto) (collectively, the “QBE Names and Marks”), and, except as otherwise expressly provided in this
Section 5.11, neither the Acquiror nor any of its Affiliates (including, after the Closing, the Company and the Transferred Subsidiaries) shall have any rights in or to the QBE Names and Marks and neither the Acquiror nor any of its
Affiliates (including, after the Closing, the Company and the Transferred Subsidiaries) shall (i) seek to register in any jurisdiction any trade, corporate or business name, trademark, tag-line, identifying logo, trade dress, monogram, slogan,
service mark, domain name, brand name or other name or source identifier that is a derivation, translation, adaptation, combination or confusingly similar variation of the QBE Names and Marks; or (ii) contest the ownership or validity of any
rights of Parent, the Seller or any of its Controlled Affiliates in or to any of the QBE Names and Marks. 
 (b) The Acquiror agrees that,
except as otherwise provided in this Section 5.11, or in connection with historical references to the Business, following the Closing, the Acquiror and its Controlled Affiliates (including the Company and the Transferred
Subsidiaries) shall cease and discontinue all uses of the QBE Names and Marks, either alone or in combination with other words and all marks, trade dress, logos, monograms and other source identifiers similar to any of the foregoing or
embodying any of the foregoing alone or in combination with other words, including other words in compliance with Section 5.11(c). The Acquiror, for itself and its Controlled Affiliates (including, following the Closing, the Company and
the Transferred Subsidiaries), agrees that the rights of the Company and the Transferred Subsidiaries to the QBE Names and Marks pursuant to the terms of any pre-existing agreements shall terminate on the Closing Date without recourse by Acquiror,
the Company or the Transferred Subsidiaries. 
 (c) Following the Closing Date, Acquiror shall: (i) as soon as commercially
practicable, effect the removal of the QBE Names and Marks from all materials bearing the QBE Names and Marks, including signage, advertising, promotional materials, Software, Shared Software, packaging, inventory, electronic materials, collateral
goods, stationery, business cards, web sites, and other materials; and (ii) shall promptly discontinue all marketing and promotional campaigns (and shall not initiate or renew any marketing campaigns) using the QBE Names and Marks. To give
effect to the preceding sentence, beginning as soon as commercially practicable after the Closing Date, and in no event later than any period the Acquiror and its Controlled 

  
 50 

 
Affiliates have any rights to use the QBE Names and Marks for administrative services and transition services under the Administrative Services Agreement and the Forward Transition Services
Agreement, respectively, or such additional period as mutually agreed by the parties hereto in writing, the Acquiror and its Controlled Affiliates (including the Company and the Transferred Subsidiaries) shall re-label, destroy or exhaust all
materials bearing the QBE Names and Marks and make all filings with any office, agency or body to effect the elimination of any use of the QBE Names and Marks from the businesses of the Company and the Transferred Subsidiaries, so as to bring the
Acquiror and its Controlled Affiliates into compliance with this Section 5.11, and Acquiror and its Controlled Affiliates further are permitted to use the aforementioned pre-existing materials containing the QBE Marks and Names in
connection with such administrative services and during such transition period in a manner that is consistent with their use to date in connection with the Business and subject further to the restrictions set forth in this Section 5.11
(e.g. no use in marketing or promotional campaigns). The Acquiror, for itself and its Controlled Affiliates, agrees that during the period authorized by this Section 5.11, the QBE Names and Marks shall only be used with respect to
goods and services that are of a quality equal to or greater than the quality of the goods and services of the Company and the Transferred Subsidiaries that used the QBE Names and Marks prior to the Closing. The Acquiror shall take all necessary
action to ensure that the users of the QBE Names and Marks, whose rights terminate upon the Closing pursuant to this Section 5.11, shall cease use of the QBE Names and Marks, except as expressly authorized thereafter by Parent or for
archival and record-keeping purposes. The Acquiror, for itself and its Controlled Affiliates, agrees that the Acquiror and its Controlled Affiliates (including the Company and the Transferred Subsidiaries) shall not expressly, or by implication, do
business as or represent themselves as Parent or its Affiliates after the Closing Date. 
 (d) In the event the Acquiror or any of its
Controlled Affiliates (including, after the Closing, the Company and the Transferred Subsidiaries) violate any of such party’s obligations under this Section 5.11, Parent and its Controlled Affiliates may proceed against it in law
or in equity for such damages or other relief as a court may deem appropriate. The Acquiror acknowledges that a violation of this Section 5.11 may cause Parent and its Controlled Affiliates irreparable harm which may not be adequately
compensated for by money damages. The Acquiror therefore agrees that in the event of any actual or threatened violation of this Section 5.11, Parent and its Controlled Affiliates shall be entitled, in addition to other remedies that they
may have, to a temporary restraining order and to preliminary and final injunctive relief against the Acquiror or such Controlled Affiliate of the Acquiror to prevent any violations of this Section 5.11, without the necessity of posting
a bond. 
 (e) At the Closing, the Acquiror shall execute such amended organizational documents with respect to the Company and the
Transferred Subsidiaries such that each of the Company and the Transferred Subsidiaries can effect a change in its name to a name not containing any of the QBE Names and Marks. Promptly after the Closing, the Acquiror shall cause the Company and the
Transferred Subsidiaries to file the amended organizational documents with the applicable Governmental Authority and take all other necessary action to fulfill its obligations set forth in this Section 5.11 as soon as reasonably
practicable. 
 Section 5.12. Transaction Agreements. The parties have agreed to the forms of agreements attached as Exhibits
A through C in relation to the Administrative Services 

  
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Agreement, the Reinsurance Agreements and the Transition Services Agreements, respectively, with such changes as may be requested by any Governmental Authority reviewing such agreements. Promptly
after the execution of this Agreement, the parties hereto shall use their commercially reasonable efforts to negotiate in good faith and cooperate (i) in preparing Trust Agreements and Security and Control Agreements with respect to each of the
LPI Insurance Companies and Equator, as ceding companies under the applicable Reinsurance Agreements, for the establishment and the maintenance of the Trust Accounts contemplated in such Reinsurance Agreements and (ii) in preparing and
supplementing any omitted schedules, exhibits or other terms and conditions that are required for the proper performance and delivery of the services, functions, responsibilities and obligations set forth in such agreements consistent with the terms
set forth in the applicable Exhibits. 
 Section 5.13. Sublease of Leased Real Property. 

(a) As soon as practicable following the assignment of the Real Property Lease set forth on Schedule 5.13(a) and subject to
Section 5.13(b), Parent and the Seller shall cause, effective as of or prior to the Closing, the Company or a Transferred Subsidiary to sublease to a Controlled Affiliate of Parent a portion of the Real Property Lease set forth in
Schedule 5.13(a). 
 (b) Parent and the Seller shall use their commercially reasonable efforts to obtain, or cause to be obtained,
any consents and approvals and make any notifications that may be required in connection with the sublease contemplated by Section 5.13(a); provided, however, that neither Parent nor the Seller shall be required to make any
payment of any fee or other consideration to any third party or offer or grant any accommodation (financial or otherwise) to any third party to obtain any such consent or approval. 

Section 5.14. D&O Liabilities. From and after the Closing Date, the Acquiror shall not amend the by-laws or other governing
documents of the Company or any of the Transferred Subsidiaries in such a way as to affect adversely the rights of any individual who served as a director or officer of the Company or any of the Transferred Subsidiaries at any time prior to the
Closing Date (each, a “D&O Indemnified Person”) to be indemnified, under applicable Law or the organizational documents of the Company or the applicable Transferred Subsidiary as they existed prior to the Closing Date, against
any Losses, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring at or prior to the Closing Date and relating to the fact that such D&O Indemnified Person was a director or
officer of the Company or a Transferred Subsidiary, whether asserted or claimed prior to, at or after the Closing Date. 

Section 5.15. Further Action. 

(a) Parent, the Seller and the Acquiror (i) shall execute and deliver, or shall cause to be executed and delivered, such documents or
other papers and shall take, or shall cause to be taken, such further actions as may be reasonably required to carry out the provisions of the Transaction Agreements and give effect to the transactions contemplated by the Transaction Agreements,
(ii) shall refrain from taking any actions that could reasonably be expected to impair, delay or impede the Closing, (iii) without limiting the foregoing, shall use their 

  
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respective commercially reasonable efforts to cause all the conditions to the obligations of the other party to consummate the transactions contemplated by this Agreement to be met as soon as
reasonably practicable, (iv) prior to and after the Closing, shall cooperate in good faith in connection with meetings and communications with policyholders, customers, distribution channels and employees of the Company and the Transferred
Subsidiaries and (v) shall cooperate in good faith prior to, at and after the Closing to facilitate an orderly Closing and transition consistent with the terms of this Agreement. 

(b) Each of Parent, the Seller and the Acquiror shall keep each other reasonably apprised of the status of the matters relating to the
completion of the transactions contemplated hereby, including with respect to the satisfaction of the conditions set forth in Article VIII. From time to time following the Closing, subject to the terms and conditions of this Agreement,
Parent, the Seller and the Acquiror shall, and shall cause their respective Controlled Affiliates to, execute, acknowledge and deliver all reasonable further conveyances, notices, assumptions, releases and acquittances and such instruments, and
shall take such reasonable actions as may be necessary or appropriate to make effective the transactions contemplated hereby as may be reasonably requested by the other party, including (i) Transferring to Parent or its designated Affiliate any
Excluded Asset or Excluded Liability, which asset or liability was held by the Company or the Transferred Subsidiaries at the Closing and (ii) Transferring to the Acquiror or its designee any Transferred Asset or Transferred Liability, which
asset or liability was not Transferred to the Company or a Transferred Subsidiary at the Closing. 
 (c) If, after the Closing Date, the
Company or one of the Transferred Subsidiaries is not listed as the record and beneficial owner of the Registered Intellectual Property, Parent and the Seller shall, as soon as reasonably practicable, file or cause to be filed, and thereafter use
commercially reasonable efforts to pursue in the United States Patent and Trademark Office assignment documents to record the Company or one of the Transferred Subsidiaries as the record and beneficial owner of such Registered Intellectual Property.

 (d) If, after the Closing Date, Parent, the Seller, the Acquiror, the Company or a Transferred Subsidiary identifies any item of Business
Intellectual Property that should have been transferred, licensed or otherwise made available to the Acquiror, the Company or a Transferred Subsidiary pursuant to the terms of this Agreement, and that inadvertently was not previously transferred,
licensed or made available, then, to the extent that it has a right to do so, and subject to the other terms of this Agreement with respect to Business Intellectual Property, Parent, the Seller or one of their Affiliates shall promptly assign,
license or otherwise make available such Business Intellectual Property to the Acquiror, the Company or a Transferred Subsidiary for no additional consideration. 

(e) If, after the Closing Date, Parent, the Seller, the Acquiror, the Company or a Transferred Subsidiary identifies any item of Intellectual
Property that was inadvertently included in the Transferred Assets, not included in the Excluded Assets or otherwise transferred in error by Parent, the Seller or one of their Affiliates to the Acquiror, the Company or a Transferred Subsidiary, such
Intellectual Property shall promptly be transferred by the Acquiror, the Company or a Transferred Subsidiary, to the extent that it has a right to so, to an entity designated by Parent for no additional consideration. 

  
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 ARTICLE VI 

EMPLOYEE MATTERS 

Section 6.01. Employee Matters. 

(a) Except as otherwise expressly provided in this Section 6.01, as of the Closing Date, the Company and the Transferred
Subsidiaries shall terminate their participation in each Benefit Plan, and in no event shall any Employee be entitled to accrue any benefits under such Benefit Plans with respect to services rendered or compensation paid on or after the Closing
Date. 
 (b) Subject to Schedule 6.01(b), the Acquiror shall extend, or cause one of its Affiliates to extend, an offer of employment
to each of the Employees, which offers shall be subject to and effective as of the Closing. Each such offer of employment shall provide for a position located within a fifty (50)-mile radius of the place of each such Employee’s employment
immediately prior to the Closing Date. Each Employee who accepts an offer of employment extended by the Acquiror or one of its Affiliates pursuant to this Section 6.01(b) is referred to herein as a “Transferred
Employee”. For a period of at least twelve (12) months after the Closing Date, the Acquiror shall take all action necessary to provide that during each Transferred Employee’s period of employment with the Acquiror or any of its
Affiliates (including the Company and the Transferred Subsidiaries), (i) such Transferred Employee shall receive base compensation at a rate not less than such Transferred Employee’s base compensation as in effect immediately prior to the
Closing Date, (ii) such Transferred Employee shall be eligible for total incentive compensation opportunities (including long-term incentive compensation) that are no less favorable than the total incentive compensation opportunities provided
to similarly situated employees of the Acquiror and its Affiliates and (iii) such Transferred Employee shall be eligible for employee benefits, including retiree medical and retiree life insurance benefits, that are, in the aggregate, no less
favorable than the value of the employee benefits provided to similarly situated employees of the Acquiror and its Affiliates; provided, however, that, subject to the foregoing, nothing herein is intended to limit the right of the
Acquiror, the Company or the Transferred Subsidiaries (A) to terminate the employment of any Transferred Employee at any time, (B) to change or modify any incentive compensation or employee benefit plan or arrangement at any time and in
any manner, or (C) to change or modify the terms or conditions of employment for any of their employees. 
 (c) Effective as of the
Closing Date, each Transferred Employee shall be eligible to participate in the employee benefit plans, programs and arrangements maintained by the Acquiror or its Affiliates on the same basis as other similarly-situated employees of the Acquiror
and its Affiliates. For purposes of determining eligibility, vesting and benefit accruals under all benefit plans, programs and arrangements maintained by the Acquiror or its Affiliates, the Acquiror shall give each Transferred Employee full credit
for such Transferred Employee’s service with Parent and its Affiliates to the same extent recognized by Parent and its Affiliates immediately prior to the Closing Date. 

(d) Parent and the Seller shall retain the responsibility for payment of all covered medical, dental, life insurance and long-term disability
claims or expenses incurred by 

  
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any Employee (including all Transferred Employees) prior to the Closing Date, and the Acquiror shall not assume nor shall the Company nor any of the Transferred Subsidiaries be responsible for
any liability with respect to such claims. The Acquiror shall remit to Parent all Transferred Employee premiums due for medical, dental, life insurance and long-term disability coverage attributable to the period prior to the Closing Date, but
which, as of the Closing Date, had not been collected and remitted to Parent. With respect to the Transferred Employees, on and after the Closing Date, the Acquiror, the Company and the Transferred Subsidiaries shall have the liability and
obligation for, and none of Parent, the Seller or any of their Affiliates shall have any liability or obligation for: (l) any short-term disability, sick pay or salary continuation benefits payable to Transferred Employees whose leave commences
on or after the Closing Date; or (2) any medical, dental, life insurance, long-term disability or other welfare benefit claims incurred by Transferred Employees or their eligible dependents on or after the Closing Date; provided that
such liability and obligation of the Acquiror, the Company and the Transferred Subsidiaries shall not include any long-term disability benefits that are provided under Parent’s long-term disability plan with respect to any disability that
commenced prior to the Closing Date. Any preexisting condition clause in any of the welfare plans (including medical, dental and disability coverage) included in the Acquiror’s benefit programs shall be waived for the Transferred Employees. The
Acquiror shall credit the Transferred Employees with any amounts paid under the Benefit Plans prior to the Closing Date toward satisfaction of the applicable deductible amounts and copayment obligations under the corresponding welfare plans of the
Acquiror for the plan year in which the Transferred Employees become eligible to participate in the welfare plans of the Acquiror. 
 (e)
Parent and the Seller shall be responsible for providing the continuation of group health coverage required by Section 4980B(f) of the Code (“COBRA”) to any former employees of the Company or any Transferred Subsidiaries whose
“qualifying event,” within the meaning of Section 4980B(f) of the Code, occurred prior to the Closing Date (and such former employees’ “qualified beneficiaries,” within the meaning of Section 4980B(f) of the Code).
The Acquiror shall be responsible for providing the continuation of group health coverage required under COBRA to any Employees whose qualifying event occurs on or after the Closing Date (and such Employees’ qualified beneficiaries). 

(f) The Acquiror, the Company and the Transferred Subsidiaries shall, and hereby do, assume all liability and obligation for, and none of
Parent, the Seller or any of their Affiliates shall retain any liability or obligation for, severance pay and obligations payable to any Transferred Employee who is terminated by the Acquiror, the Company or any Transferred Subsidiary on or after
the Closing Date. With respect to any Transferred Employee whose employment is terminated by the Acquiror or any of its Controlled Affiliates during the twelve (12)-month period immediately following the Closing Date, the Acquiror shall provide, or
cause its Affiliates to provide, severance benefits to such Transferred Employee, which shall be determined and payable in accordance with either (i) the severance benefit plan or agreement maintained by Parent, the Seller or any of their
Affiliates for the benefit of such Transferred Employee immediately prior to the Closing Date as set forth on Schedule 6.01(f) or (ii) the severance benefit plan maintained for similarly situated employees of the Acquiror and its
Affiliates at the time of such Transferred Employee’s termination of employment, whichever is more favorable to the Transferred Employee, in each case taking into account all service recognized by Parent, the Acquiror and their respective
Affiliates in determining the amount of 

  
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severance benefits payable. As soon as practicable following the Closing Date, Parent will pay, or will cause its Affiliates to pay, to each Transferred Employee an amount in satisfaction of the
balance of that Transferred Employees’ accrued and unused vacation days (as determined as of the date that the Transferred Employee separates from employment with the Parent and its Affiliates), less all applicable withholdings. 

(g) Parent and the Seller shall retain the obligation and liability for any workers’ compensation or similar workers’ protection
claims of any Employee or former employee incurred prior to the Closing Date. The Acquiror, the Company and the Transferred Subsidiaries shall, and hereby do, assume the obligation and liability for any workers’ compensation or similar
workers’ protection claims of any Employee incurred on or after the Closing Date. 
 (h) The Acquiror shall establish flexible spending
accounts for medical and dependent care expenses under a new or existing plan established or maintained by Acquiror or an Affiliate under Section 125 and Section 129 of the Code (“Acquiror’s FSA”), effective as of the
Closing Date, for each Transferred Employee who, on or prior to such date, is a participant in, and maintains a flexible spending account for medical or dependent care expenses under, a Benefit Plan pursuant to Section 125 and Section 129
of the Code (“Parent’s FSA”). As of the Closing Date, the Acquiror shall credit the applicable account of each such Transferred Employee under Acquiror’s FSA with an amount equal to the balance of such Transferred
Employee’s account under Parent’s FSA immediately prior to such date, and, not less than thirty (30) days following the Closing Date, Seller shall transfer to Acquiror cash equal to the excess of the aggregate accumulated
contributions to the flexible spending accounts of Transferred Employees under the Parent’s FSA made during the year in which the Closing Date occurs over the aggregate reimbursement payouts made for such year from such accounts to such
Transferred Employee. The Acquiror and Parent intend that the actions to be taken pursuant to this subsection be treated as an assumption by the Acquiror of the portion of Parent’s FSA and the elections made thereunder attributable to such
Transferred Employees. 
 (i) As soon as administratively practicable following the Closing Date, Acquiror shall have, or shall cause one of
its Affiliates (including the Company and the Transferred Subsidiaries) to have, in effect a defined contribution plan that is intended to be qualified under Section 401(a) of the Code and that includes a cash or deferred arrangement within the
meaning of Section 401(k) of the Code (the “Acquiror’s Retirement Plan”) in which Transferred Employees who meet the eligibility criteria thereof shall be eligible to participate. Acquiror agrees to cause the
Acquiror’s Retirement Plan to accept eligible rollovers by Transferred Employees from a Benefit Plan, including promissory notes evidencing outstanding loans. Acquiror agrees that it will use commercially reasonable efforts to cause the
third-party administrators of the Acquiror’s Retirement Plan to accept any rollover no later than thirty days following the date that such third-party administrator receives the documentation necessary to process such rollover or transfer. 

(j) Nothing in this Agreement, whether express or implied, shall: (i) confer upon any Employee any rights or remedies, including any
right to employment or continued employment for any period or on any terms of employment, (ii) be interpreted to prevent or restrict Acquiror or any of its Affiliates from modifying or terminating the employment or terms

  
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of employment of any Transfer Employee, including the amendment or termination of any employee benefit or compensation program or arrangement, after the Closing Date, subject to the provisions of
this Article VI; or (iii) be treated as an amendment or other modification of any employee benefit plan or arrangement. 

ARTICLE VII 
 TAX
MATTERS 
 Section 7.01. Liability for Taxes. 

(a) Parent and the Seller shall be liable for and pay, and shall indemnify, defend, and hold harmless the Acquiror Indemnified Parties from
and against, and reimburse any Acquiror Indemnified Party for, any Losses with respect to (i) Taxes imposed on the Company or any Transferred Subsidiary pursuant to Treasury Regulation Section 1.1502-6 or similar provision of state, local
or foreign Law as a result of filing Tax Returns on a combined, consolidated or unitary basis with Parent or the Seller or any of their Affiliates prior to the Closing, (ii) Taxes imposed by reason of the Company or any Transferred Subsidiary
having liability for Taxes of another Person arising under principles of transferee or successor liability or by contract (other than contracts which (a) are ordinary course commercial agreements and (b) the primary subject matter of which
is not Taxes), as a result of activities or transactions taking place at or prior to the Closing, (iii) Taxes imposed on the Company or any Transferred Subsidiary, or for which the Company or any Transferred Subsidiary may otherwise be liable
or Taxes with respect to the Business, in each case for any Pre-Closing Taxable Periods and, with respect to any Straddle Period, the portion of such Straddle Period ending on and including the Closing Date, (iv) Taxes that arise from or are
attributable to any inaccuracy in or breach of any representation or warranty made in Section 3.21(e), (f) or (h) or to any breach of any Tax covenant under this Agreement, and (v) Section 338 Taxes;
provided, however, that Parent and the Seller shall not be liable for or pay, and shall not indemnify the Acquiror from and against, (A) any Taxes (other than any Section 338 Taxes) that result from any actual election (other
than the Section 338(h)(10) Elections, and any elections deemed made as a result of the Section 338(h)(10) Elections) under Section 338 of the Code or any similar provisions of state, local or foreign Law as a result of the purchase
of the Shares or the deemed purchase of the Capital Stock of any Transferred Subsidiary or that result from the Acquiror, any Affiliate of the Acquiror, the Company or any Transferred Subsidiary engaging in any activity or transaction that would
cause the transactions contemplated by this Agreement to be treated as a purchase or sale of assets of any Transferred Subsidiary for federal, state, local or other Tax purposes, (B) any Taxes imposed on the Company or any Transferred
Subsidiary or for which the Company or any Transferred Subsidiary may otherwise be liable as a result of transactions occurring on the Closing Date after the Closing, (C) any Taxes for which the Acquiror is liable under
Section 7.01(b), and (D) any Taxes taken into account in the calculation of the Final Working Capital. 
 (b) The Acquiror
shall be liable for and pay, and shall indemnify, defend, and hold harmless the Seller Indemnified Parties from and against, and reimburse the Seller Indemnified Party for any Taxes imposed on the Company or any Transferred Subsidiary, or for which
the Company or any Transferred Subsidiary may otherwise be liable, that are not subject to indemnification pursuant to Section 7.01(a). 

  
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 (c) For purposes of Sections 7.01(a) and 7.01(b), whenever it is necessary to
determine the liability for Taxes of the Company or a Transferred Subsidiary for a Straddle Period, the determination of the Taxes of the Company or such Transferred Subsidiary for the portion of the Straddle Period ending on and including, and the
portion of the Straddle Period beginning after, the Closing Date shall be determined by assuming that the Straddle Period consisted of two (2) taxable years or periods, one which ended at the close of the Closing Date and the other which began
at the beginning of the day following the Closing Date, and items of income, gain, deduction, loss or credit of the Company or such Transferred Subsidiary for the Straddle Period shall be allocated between such two (2) taxable years or periods
on a “closing of the books basis” by assuming that the books of the Company or such Transferred Subsidiary were closed at the close of the Closing Date, provided, however, that (I) transactions occurring on the Closing
Date that are properly allocable (based on, among other relevant factors, factors set forth in Treasury Regulation Section 1.1502-76(b)(1)(ii)(B)) to the portion of the Closing Date after the Closing shall be allocated to the taxable year or
period that is deemed to begin at the beginning of the day following the Closing Date, and (II) in the case of Taxes imposed on a periodic basis (e.g., property Taxes) and exemptions, allowances or deductions that are calculated on an annual
basis, such as the deduction for depreciation, shall be apportioned between such two (2) taxable years or periods on a daily basis. For purposes of Section 7.01(d), where it is necessary to apportion any refund or credit between
Parent or the Seller and the Acquiror for a Straddle Period, such refund or credit shall be apportioned in the same manner that Tax liabilities are apportioned pursuant to this Section 7.01(c). Notwithstanding the foregoing provisions of
this Section 7.01(c), if the transactions contemplated by this Agreement result in the reassessment of the value of any property owned by the Company or any Subsidiary for property Tax purposes, or the imposition of any property Taxes at
a rate which is different than the rate that would have been imposed if such transactions had not occurred, then (y) the portion of such property Taxes for the portion of the Straddle Period ending on and including the Closing Date shall be
determined on a daily basis, using the assessed value and Tax rate that would have applied had such transactions not occurred, and (z) the portion of such property Taxes for the portion of such Straddle Period beginning after the Closing Date
shall be the total property Taxes for the Straddle Period minus the amount described in clause (y) of this sentence. 
 (d) All refunds
of Taxes (including interest actually received thereon from a relevant Tax Authority) for which Parent and Seller are responsible pursuant to Section 7.01(a) (other than (i) to the extent such refund results from the carryback of a
Tax attribute of the Company or any Transferred Subsidiary relating to a Post-Closing Taxable Period or (ii) any such refunds reflected on the Final Working Capital Statement) shall be for the account of Seller, and Acquiror shall pay such
amounts (less Acquiror’s out-of-pocket expenses incurred in connection with obtaining such refund and less any Taxes incurred by Acquiror, its Affiliates, the Company or any Transferred Subsidiary in connection with the receipt of such refund
or interest) within thirty (30) days to Seller if such refunds are received by Acquiror, the Company or any Transferred Subsidiary. Acquiror shall be entitled to all other refunds of Taxes (including interest received thereon from a relevant
Tax Authority) in respect of any Taxes of the Company or any Transferred Subsidiary (including to the extent such refund results from the carryback of a Tax attribute of the Company or any Transferred Subsidiary relating to a Post-Closing Taxable
Period), and Seller shall pay such amounts (less Seller’s out-of-pocket costs incurred in connection with obtaining such refund and less any Taxes incurred by Seller, Parent or its Affiliates in connection with the receipt of such refund or
interest) within thirty (30) days to Acquiror if such amounts are received by Seller, Parent or any Affiliate thereof. 
 (e)
Notwithstanding anything herein to the contrary, the Acquiror shall pay, and shall indemnify the Seller against, any real property transfer or gains Tax, sales Tax, use Tax, stamp Tax, stock transfer Tax, or other similar Tax imposed on the
transactions contemplated by this Agreement. The Acquiror shall prepare and timely file all Tax Returns required to be filed in respect of any Taxes for which it is liable pursuant to this Section 7.01(e) (including any and all notices
required to be given with respect to bulk sales taxes). 

  
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 Section 7.02. Tax Returns. 

(a) Parent and the Seller shall timely file or cause to be timely filed when due (taking into account all extensions properly obtained) all
Tax Returns that are required to be filed by or with respect to the Company and the Transferred Subsidiaries for Pre-Closing Taxable Periods (in the case of Tax Returns required to be filed by or with respect to the Company or any Transferred
Subsidiary on a combined, consolidated or unitary basis with Parent and the Seller or any of their Controlled Affiliates other than solely the Company or any Transferred Subsidiary) or due on or prior to the Closing (in the case of other Tax
Returns) and in each case the Seller shall remit or cause to be remitted any Taxes due in respect of such Tax Returns. The Acquiror shall timely file or cause to be timely filed when due (taking into account all extensions properly obtained) all
other Tax Returns that are required to be filed by or with respect to the Company and each Transferred Subsidiary and the Acquiror shall remit or cause to be remitted any Taxes due in respect of such Tax Returns. With respect to Tax Returns to be
filed by the Acquiror pursuant to the immediately preceding sentence that relate to Pre-Closing Taxable Periods or any Straddle Period (x) except to the extent otherwise required by applicable Law, such Tax Returns shall be filed in a manner
consistent with past practice and no position shall be taken, election made or method adopted that is inconsistent with positions taken, elections made or methods used in prior periods in filing such Tax Returns (including any position which would
have the effect of accelerating income to periods for which Parent and the Seller are liable or deferring deductions to periods for which the Acquiror is liable) and (y) such Tax Returns shall be submitted to Parent not later than thirty
(30) days prior to the due date for filing such Tax Returns (or, if such due date is within forty-five (45) days following the Closing Date, as promptly as practicable following the Closing Date) for review and approval by Parent, which
approval may not be unreasonably withheld, conditioned or delayed, but may in all cases be withheld, conditioned or delayed if such Tax Returns were not prepared in accordance with clause (x) of this sentence. 

(b) Parent, the Seller or the Acquiror, shall pay the other party for the Taxes for which Parent, the Seller or the Acquiror, respectively, is
liable pursuant to Section 7.01 but which are payable with any Tax Return to be filed by the other party pursuant to Section 7.02(a) upon the written request of the party entitled to payment, setting forth in detail the
computation of the amount owed by Parent, the Seller or the Acquiror, as the case may be, but in no event later than five (5) days prior to the due date for paying such Taxes. 

(c) The Acquiror shall notify the Seller before the Acquiror, any Affiliate of the Acquiror, the Company or any Transferred Subsidiary amends,
files for the first time in any 

  
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jurisdiction, refiles or otherwise modifies (or grants an extension of any statute of limitation with respect to) any Tax Return of the Company or any Transferred Subsidiary with respect to any
Pre-Closing Taxable Periods (or with respect to any Straddle Period). None of the Acquiror or any Affiliate of the Acquiror shall (or shall cause or permit the Company or any Transferred Subsidiary to) amend, file for the first time in any
jurisdiction, refile or otherwise modify (or grant an extension of any statute of limitation with respect to) any such Tax Return without the prior written consent of the Seller, which consent may be withheld in the sole discretion of the Seller,
except such consent is not required when the Seller and the Acquiror agree (or the Independent Accountant, or other party selected by the Seller and the Acquiror, determines) that such amendment or initial filing is required by applicable Law. If
the Seller and the Acquiror shall not have agreed on whether the proposed amendment or initial filing is required by applicable Law within thirty (30) days of when the Acquiror provided the notice described in the first sentence of this
Section 7.02(c), the Seller and the Acquiror shall submit the amendment to the Independent Accountant (or in the event that a partner of Deloitte Touche Tohmatsu Limited refuses or is otherwise unable to act as the Independent
Accountant, any independent certified public accounting firm in the United States of national recognition that the Seller and the Acquiror jointly select) to determine whether such amendment is required by applicable Law. The Independent Accountant
shall be requested to deliver as promptly as practicable and in any event within sixty (60) days after its appointment, such determination. The fees of the Independent Accountant incurred in making such determination shall be shared equally by
the Seller and the Acquiror. 
 Section 7.03. Contest Provisions. 

(a) Each party shall promptly notify the other party in writing upon receipt of notice of any pending or threatened federal, state, local or
foreign Tax audits, examinations or assessments which are reasonably expected to affect the Tax liabilities for which such other party may be liable pursuant to Section 7.01(a) or Section 7.01(b). 

(b) Parent shall have the sole right to represent the Company’s and each Transferred Subsidiary’s interests in any Tax audit or
administrative or court proceeding relating to Pre-Closing Taxable Periods or otherwise relating to Taxes for which Parent, the Seller or any Affiliate thereof may be liable pursuant to Section 7.01(a), and to employ counsel of its
choice at its expense. Acquiror shall have the right to represent the Company’s and each Transferred Subsidiary’s interests in any other Tax audit or administrative or court proceeding. In the case of a Straddle Period, Parent shall be
entitled to participate at its expense in any Tax audit or administrative or court proceeding relating (in whole or in part) to Taxes attributable to the portion of such Straddle Period ending on and including the Closing Date and, with the written
consent of the Acquiror, and at Parent’s sole expense, may assume the entire control of such audit or proceeding. The party controlling any Tax audit or administrative or court proceeding shall not settle any Tax claim for any Taxes for which
the other party may be liable pursuant to Sections 7.01(a) or 7.01(b), without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. 

Section 7.04. Assistance and Cooperation. After the Closing Date, each of Parent, the Seller and the Acquiror shall (and cause
their respective Controlled Affiliates to): 
 (a) assist the other party in preparing any Tax Returns which such other party is responsible
for preparing and filing in accordance with Section 7.02; 

  
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 (b) cooperate fully in preparing for any audits of, or disputes with Tax Authorities regarding,
any Tax Returns of the Company and each Transferred Subsidiary; 
 (c) make available to the other and to any Tax Authority as reasonably
requested all information, records, and documents relating to Taxes of the Company and each Transferred Subsidiary; 
 (d) provide timely
notice to the other in writing of any pending or threatened Tax audits or assessments of the Company and each Transferred Subsidiary for taxable periods for which the other may have a liability under Section 7.01; 

(e) furnish the other with copies of all correspondence received from any Tax Authority in connection with any Tax audit or information
request with respect to any such taxable period for which the other may be liable under Section 7.01; 
 (f) timely sign and
deliver such certificates or forms as may be necessary or appropriate to establish an exemption from (or otherwise reduce), or file Tax Returns or other reports with respect to, Taxes described in Section 7.01(e) (relating to sales,
transfer and similar Taxes); and 
 (g) timely provide to the other powers of attorney or similar authorizations necessary to carry out the
purposes of this Article VII. 
 Section 7.05. Other Tax Matters. 

(a) The indemnification provided for in this Article VII shall be the sole remedy for any claim in respect of matters relating to Taxes
(including Tax Returns, Tax Allocation Agreements, Tax claims and Actions related to Taxes) and the provisions of Article X shall not apply to such claims, except as expressly provided. For the avoidance of doubt, the limitations
contained in Sections 10.01(b) and 10.02(b) shall not apply with respect to Taxes. 
 (b) Any claim for indemnity under
this Article VII may only be made at a time prior to sixty (60) days after the expiration of the applicable Tax statute of limitations with respect to the relevant taxable period (including all periods of extension, whether automatic or
permissive). 
 (c) The parties hereto shall treat any indemnification payment made under this Agreement as an adjustment to the Purchase
Price. 
 Section 7.06. Tax Allocation Agreements. All Tax Allocation Agreements between Parent, the Seller or any of their
Controlled Affiliates, on the one hand, and the Company and the Transferred Subsidiaries, on the other hand, shall be terminated with respect to the Company and the Transferred Subsidiaries on or prior to the Closing Date, effective as of the
Closing Date, and, after the Closing, none of the Company or the Transferred Subsidiaries shall be bound thereby or have any further liability or obligation thereunder. 

  
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 Section 7.07. Election Under Section 338(h)(10). 

(a) Parent and Acquiror shall make a joint election for the Company and for each of the Transferred Subsidiaries under Section 338(h)(10)
of the Code and under similar provisions of state or local law with respect to the purchase of the Shares or any deemed purchase of shares of Transferred Subsidiaries (collectively, the “Section 338(h)(10) Elections”). Parent and
Acquiror shall each deliver completed and executed copies of IRS Form 8023, required schedules thereto, and any similar state or local forms at the Closing in accordance with Section 2.07(b)(vi) (relating to Closing Date deliveries). If any
changes are required in these forms as a result of information which is first available after these forms are prepared, the parties will promptly make such changes. Each of Parent and Acquiror agrees that neither it nor any of its Affiliates shall
take, or fail to take, any action to the extent such action or failure to act, as the case may be, is inconsistent with or would otherwise prejudice any Section 338(h)(10) Elections. 

(b) Within sixty (60) days following the completion of the Final Working Capital Statement, Acquiror shall deliver to Parent a schedule
(the “Preliminary Allocation Schedule”) allocating the ADSP (as such term is defined in Treasury Regulation § 1.338-4) for the assets of the Company and each Transferred Subsidiary for which an election under
Section 338(h)(10) of the Code will be made, among the assets of the Company and each such Transferred Subsidiary (which for the avoidance of doubt shall include the Transferred Assets). The Preliminary Allocation Schedule shall be reasonable
and shall be prepared in accordance with Section 338(h)(10) of the Code and the Treasury Regulations thereunder. If, within thirty (30) days following delivery of the Preliminary Allocation Schedule, Parent notifies Acquiror in writing of
its disagreement with any item in the Preliminary Allocation Schedule, Parent and Acquiror shall endeavor to resolve the disagreement with respect to such item, and if they are able to do so shall make such revisions to the Preliminary Allocation
Schedule to reflect such resolution, which shall be final and binding. Any item in the Preliminary Allocation Schedule not specifically disputed by Parent as described in the preceding sentence shall be final and binding (other than revisions
necessary to reflect the resolution of such disagreement). 
 If, within thirty (30) days following such notification by Parent to
Acquiror, Parent and Acquiror are unable to resolve any disagreement, Parent shall submit all matters that remain in dispute to the Independent Accountant. As promptly as practicable (but in no event later than sixty (60) days following the
submission to the Independent Accountant), the Independent Accountant shall deliver a written award setting forth the Independent Accountant’s determination of the disputed item, provided that if the Independent Accountant determines
that there is a reasonable basis for Acquiror’s position with respect to any disputed item, the Independent Accountant shall resolve such dispute in the Acquiror’s position. The cost of the Independent Accountant shall be paid one-half by
Parent or Seller and one-half by Acquiror. 
 Within thirty (30) days following receipt of the award, Acquiror shall deliver to Parent
a revised allocation schedule (the “Revised Allocation Schedule”) allocating the ADSP (as such term is defined in Treasury Regulation § 1.338-4) for the assets of the Company and each Transferred Subsidiary for which an
election under Section 338(h)(10) of the Code will be made, among the assets of the Company and each such Transferred Subsidiary, which revised schedule shall be final and binding. The Revised Allocation Schedule shall be reasonable and shall
be prepared in accordance with Section 338(h)(10) of the Code and the Treasury 

  
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Regulations thereunder and in accordance with the award. The Preliminary Allocation Schedule or Revised Allocation Schedule, upon becoming final and binding in accordance with the foregoing,
shall constitute the “Final Allocation Schedule.” Each of Parent and Acquiror agrees that neither it nor any of its Affiliates shall file any Tax Returns in a manner that is inconsistent with the Final Allocation Schedule. 

ARTICLE VIII 

CONDITIONS TO CLOSING AND RELATED MATTERS 

Section 8.01. Conditions to Obligations of Parent and the Seller. The obligation of Parent and the Seller to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment or waiver by Parent and the Seller, as applicable, at or prior to the Closing, of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties contained in Article IV shall be true and correct
(without giving effect to any limitations as to materiality or “Material Adverse Effect” set forth therein) as of the Closing as if made on the Closing Date (other than any representation or warranty expressly made as of another date,
which representation or warranty shall have been true and correct as of such date), except to the extent that any failure of such representations and warranties, individually or in the aggregate, to be so true and correct would not reasonably be
expected to have a Material Adverse Effect with respect to the Acquiror. 
 (b) Performance of Obligations of the Acquiror. The
Acquiror shall have performed and complied in all material respects with all agreements, obligations and covenants required to be performed or complied with by it under this Agreement on or prior to the Closing Date. 

(c) Approvals of Governmental Authorities. The approvals of the Governmental Authorities listed in Section 8.01(c) of the
Disclosure Schedule shall have been received (or any waiting period shall have expired or shall have been terminated). 
 (d) No
Governmental Order. There shall be no Governmental Order in existence that prohibits, and no Action shall have been commenced by any Governmental Authority that seeks to enjoin or prohibit, the Closing as contemplated by this Agreement. 

(e) Other Agreements. The Acquiror or its Affiliates, as applicable, shall (i) have executed and delivered, or caused to be
executed and delivered, to Parent and the Seller the Administrative Services Agreement, the Reinsurance Agreements and the Transition Services Agreements, each in the form attached hereto together with any changes reasonably satisfactory to Parent
and the Seller and such changes as may be requested by any Governmental Authority reviewing such agreements, (ii) have executed and delivered, or caused to be executed and delivered, to Parent and the Seller the Security and Control Agreements
and the Trust Agreements, pursuant to Section 5.12, and (iii) the transactions contemplated by the agreements listed in clauses (i) and (ii) which are contemplated for consummation at the Closing shall have been
consummated. 

  
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 Section 8.02. Conditions to Obligations of the Acquiror. The obligations of the
Acquiror to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or waiver by the Acquiror, at or prior to the Closing, of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties contained in Article III shall be true and correct
(without giving effect to any limitations as to materiality or “Material Adverse Effect” set forth therein) as of the Closing as if made on the Closing Date (other than any representation or warranty expressly made as of another date,
which representation or warranty shall have been true and correct as of such date), except to the extent that any failure of such representations and warranties, individually or in the aggregate, to be so true and correct would not reasonably be
expected to have a Material Adverse Effect with respect to the Business, Parent or the Seller. 
 (b) Performance of Obligations of the
Seller. The Seller shall have performed and complied in all material respects with all agreements, obligations and covenants required to be performed or complied with by it under this Agreement on or prior to the Closing Date. 

(c) Approvals of Governmental Authorities. The approvals of the Governmental Authorities listed in Section 3.05 of the
Disclosure Schedule and Section 4.04 of the Acquiror Disclosure Schedule shall have been received (or any waiting period shall have expired or shall have been terminated). 

(d) No Governmental Order. There shall be no Governmental Order in existence that prohibits, and no Action shall have been commenced by
any Governmental Authority that seeks to enjoin or prohibit, the consummation of the Closing as contemplated by this Agreement. 
 (e)
Other Agreements. Parent, the Seller or their Affiliates, as applicable, shall (i) have executed and delivered, or caused to be executed and delivered, to the Acquiror the Administrative Services Agreement, the Reinsurance Agreements and
the Transition Services Agreements, each in the form attached hereto together with any changes reasonably satisfactory to the Acquiror and such changes as may be requested by any Governmental Authority reviewing such agreements, (ii) have
executed and delivered, or caused to be executed and delivered, to the Acquiror the Security and Control Agreements and the Trust Agreements, pursuant to Section 5.12, and (iii) the transactions contemplated by the agreements listed
in clauses (i) and (ii) which are contemplated for consummation at the Closing shall have been consummated. 
 (f)
Commutation. The LPI Insurance Companies and Equator shall have commuted all Reinsured Liabilities previously ceded from the LPI Insurance Companies to Equator on a quota share basis. 

  
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 ARTICLE IX 

TERMINATION AND WAIVER 

Section 9.01. Termination. This Agreement may be terminated prior to the Closing: 

(a) by the mutual written consent of Parent, the Seller and the Acquiror; 

(b) by Parent, the Seller or the Acquiror if the Closing shall not have occurred prior to twelve (12) months after the date hereof or
such later date as the parties hereto may mutually agree; provided, however, that the right to terminate this Agreement under this Section 9.01(b) shall not be available to any party whose failure to take any action
required to fulfill any of such party’s obligations under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur prior to such date; 

(c) by Parent, the Seller or the Acquiror in the event of the issuance of a final, non-appealable Governmental Order restraining or
prohibiting the consummation of the Closing as contemplated by this Agreement or if any Law shall have been enacted or enforced that renders the consummation of the Closing unlawful; 

(d) by the Acquiror if there shall have been a material breach of any representation, warranty, covenant or agreement of Parent or the Seller
such that one or more of the conditions to the Closing set forth in Section 8.02 are not capable of being fulfilled as of the date that is twelve (12) months after the date hereof (subject to extension pursuant to
Section 9.01(b)); or 
 (e) by Parent or the Seller if there shall have been a material breach of any representation, warranty,
covenant or agreement of the Acquiror such that one or more of the conditions to the Closing set forth in Section 8.01 are not capable of being fulfilled as of the date that is twelve (12) months after the date hereof (subject to
extension pursuant to Section 9.01(b)). 
 Section 9.02. Notice of Termination. Any party hereto permitted to and
desiring to terminate this Agreement pursuant to Section 9.01 shall give written notice of such termination to the other party or parties, as the case may be, to this Agreement. 

Section 9.03. Effect of Termination. If this Agreement is terminated in accordance with Section 9.01, this Agreement
shall thereafter become void as to all parties and have no effect, and no party hereto shall have any liability to any other party hereto or their respective Affiliates, directors, officers, shareholders, partners, agents or employees in connection
with this Agreement, except that (a) the obligations of the parties hereto contained in Section 5.04, this Section 9.03 and Article XI (other than Section 11.01) shall survive such termination and
(b) termination shall not relieve any party from liability for any willful misconduct, willful failure to perform its obligations under this Agreement or fraud prior to such termination. 

  
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 ARTICLE X 

INDEMNIFICATION 

Section 10.01. Indemnification by Parent and the Seller. 

(a) After the Closing and except as provided in Article VII, the other provisions of this Article X and
Section 11.01, Parent and Seller shall jointly indemnify, defend and hold harmless the Acquiror and its Affiliates (including the Company and the Transferred Subsidiaries) and Representatives (collectively, the “Acquiror
Indemnified Parties”) against, and reimburse any Acquiror Indemnified Party for, all Losses that such Acquiror Indemnified Party may at any time suffer or incur, or become subject to, as a result of or in connection with: 

(i) the inaccuracy or breach of any representation or warranty made by Parent or the Seller in this Agreement; 

(ii) any Excluded Asset or Excluded Liability; or 

(iii) any breach or failure by Parent or the Seller to perform any of its covenants or obligations contained in this
Agreement. 
 (b) Notwithstanding any other provision to the contrary, neither Parent nor the Seller shall be required to indemnify, defend
or hold harmless any Acquiror Indemnified Party against, or reimburse any Acquiror Indemnified Party for, any Losses pursuant to Section 10.01(a)(i) (other than Losses arising solely as a result of the inaccuracy or breach of any
representation or warranty in Sections 3.01, 3.02, 3.03 and 3.23, as to which this Section 10.01(b) shall not apply) (i) with respect to any claim (or series of related claims arising from the same
underlying facts, events or circumstances) unless such claim (or series of related claims arising from the same underlying facts, events or circumstances) involves Losses in excess of $25,000 (nor shall any such item that does not meet the $25,000
threshold be applied to or considered for purposes of calculating the aggregate amount of the Acquiror Indemnified Parties’ Losses for which Parent and the Seller have responsibility under clause (ii) below) and (ii) until the
aggregate amount of the Acquiror Indemnified Parties’ Losses exceeds one and a half percent (1.5%) of the Purchase Price plus the Ceding Commission, after which Parent and the Seller shall be obligated for all Losses of the Acquiror
Indemnified Parties that are in excess of such amount. The cumulative aggregate indemnification obligation of Parent and the Seller under Section 10.01(a)(i) shall in no event exceed fifteen percent (15%) of the Purchase Price plus
the Ceding Commission (other than in respect of Losses arising solely as a result of the inaccuracy or breach of any representation or warranty in Sections 3.01, 3.02, 3.03 and 3.23, for which such indemnification
obligation shall in no event exceed one hundred percent (100%) of the Purchase Price plus the Ceding Commission in the aggregate). 

Section 10.02. Indemnification by the Acquiror. 

(a) After the Closing and except as provided in Article VII, the other provisions of this Article X and
Section 11.01, the Acquiror shall indemnify, defend and hold harmless Parent, the Seller and their Affiliates (but not the Company or the Transferred Subsidiaries) and Representatives (collectively, the “Seller Indemnified
Parties”) against, and reimburse any Seller Indemnified Party for, all Losses that the Seller Indemnified Party may at any time suffer or incur, or become subject to, as a result of or in connection with: 

(i) the inaccuracy or breach of any representation or warranty made by the Acquiror in this Agreement; 

  
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 (ii) any Transferred Asset or Transferred Liability; or 

(iii) any breach or failure by the Acquiror to perform any of its covenants or obligations contained in this Agreement. 

(b) Notwithstanding any other provision to the contrary, the Acquiror shall not be required to indemnify, defend or hold harmless any Seller
Indemnified Party against, or reimburse any Seller Indemnified Party for, any Losses pursuant to Section 10.02(a)(i) (other than Losses arising solely as a result of the inaccuracy or breach of any representation or warranty in
Section 4.01, 4.02, or 4.10, as to which this Section 10.02(b) shall not apply) (i) with respect to any claim (or series of related claims arising from the same underlying facts, events or
circumstances), unless such claim (or series of related claims arising from the same underlying facts, events or circumstances) involves Losses in excess of $25,000 (nor shall any such item that does not meet the $25,000 threshold be applied to or
considered for purposes of calculating the aggregate amount of the Seller Indemnified Parties’ Losses for which the Acquiror has responsibility under clause (ii) below) and (ii) until the aggregate amount of the Seller Indemnified
Parties’ Losses exceeds one and a half percent (1.5%) of the Purchase Price plus the Ceding Commission, after which the Acquiror shall be obligated for all Losses of the Seller Indemnified Parties that are in excess of such amount. The
cumulative aggregate indemnification obligation of the Acquiror under Section 10.02(a)(i) shall in no event exceed fifteen percent (15%) of the Purchase Price plus the Ceding Commission (other than in respect of Losses arising
solely as a result of the inaccuracy or breach of any representation or warranty in Section 4.01, 4.02, or 4.10, for which such indemnification obligation shall in no event exceed one hundred percent (100%) of the
Purchase Price plus the Ceding Commission in the aggregate). 
 Section 10.03. Notification of Claims. 

(a) A Person that may be entitled to be indemnified under this Agreement (the “Indemnified Party”), shall promptly notify the
party or parties liable for such indemnification (the “Indemnifying Party”) in writing of any pending or threatened claim or demand by a third party that the Indemnified Party has determined has given or could reasonably give rise
to a right of indemnification under this Agreement (including a pending or threatened claim or demand asserted by a third party against the Indemnified Party, such claim being a “Third Party Claim”), describing in reasonable detail
the facts and circumstances with respect to the subject matter of such claim or demand; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from any of its obligations under this
Article X except to the extent the Indemnifying Party is prejudiced by such failure, it being understood that notices for claims in respect of a breach of a representation, warranty, covenant or agreement (other than a Post-Closing Covenant)
must be delivered prior to the expiration of any applicable survival period specified in Section 11.01 for such representation, warranty, covenant or agreement. 

  
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 (b) Upon receipt of a notice of a Third Party Claim from an Indemnified Party pursuant to
Section 10.03(a), (i) with respect to any Third Party Claim in respect of which indemnification may be sought under Section 10.01(a)(ii) or Section 10.02(a)(ii), the Indemnifying Party, by notice to the
Indemnified Party delivered within ten (10) Business Days of the receipt of notice of such claim, shall assume, or (ii) with respect to any other Third Party Claim, the Indemnifying Party, by notice to the Indemnified Party delivered
within ten (10) Business Days of the receipt of notice of such claim, may assume, the defense and control of such Third Party Claim; provided, however, that any Indemnified Party shall be entitled to participate in any such
defense with counsel of its own choice at its own expense. The Indemnified Party may take any actions reasonably necessary to defend such Third Party Claim prior to the time that it receives a notice from the Indemnifying Party as contemplated by
the preceding sentence. The Indemnified Party and the Indemnifying Party shall make reasonably available to each other and their respective agents and representatives all relevant business records and other documents available to them that are
necessary or appropriate for the defense of any Third Party Claim, subject to any bona fide claims of attorney-client privilege and each of the Indemnifying Party and the Indemnified Party shall use its commercially reasonable efforts to assist, and
to cause the employees and counsel of such party to assist, in the defense of such Third Party Claim. The Indemnifying Party shall be authorized to consent to a settlement of, or the entry of any judgment arising from, any Third Party Claim, without
the consent of any Indemnified Party; provided that such settlement (A) to the extent that an Indemnified Party may have any liability with respect to such action or claim for which it is entitled to indemnification hereunder, includes
as an unconditional term thereof the delivery by the claimant or plaintiff to the Indemnified Party of a written release from all liability in respect of such Third Party Claim, (B) does not impose any liabilities or obligations on the
Indemnified Party (other than as contemplated by Section 10.01(b) or 10.02(b)) or (C) does not involve any injunctive relief against the Indemnified Party with respect to such action or claim. The Indemnified Party shall not
settle, compromise or consent to the entry of any judgment with respect to any claim or demand for which it is seeking indemnification from the Indemnifying Party or admit to any liability with respect to such claim or demand without the prior
written consent of the Indemnifying Party. 
 (c) Notwithstanding anything to the contrary in this Article X, no Indemnifying Party
shall have any liability under this Article X for any Losses arising out of or in connection with any Third Party Claim that is settled or compromised by an Indemnified Party without the prior consent of such Indemnifying Party. 

Section 10.04. Payment. In the event an Action for indemnification under this Article X shall have been finally
determined, the amount of such final determination shall be paid to the Indemnified Party, on demand in immediately available funds. An Action, and the liability for and amount of damages therefor, shall be deemed to be “finally
determined” for purposes of this Article X when the parties to such Action have so determined by mutual agreement or, if disputed, when a final non-appealable Governmental Order shall have been entered. 

  
 68 

 Section 10.05. Exclusive Remedies. Each of Parent, the Seller and the Acquiror
acknowledge and agree that: 
 (a) prior to the Closing, other than in the case of willful misconduct, willful failure to perform its
obligations under this Agreement or actual fraud by Parent, the Seller or any of their respective Controlled Affiliates or Representatives, the sole and exclusive remedy of the Acquiror for any breach or inaccuracy of any representation, warranty or
covenant contained in this Agreement shall be refusal to close the purchase and sale of the Shares hereunder; and 
 (b) following the
Closing, other than in the case of actual fraud by Parent, the Seller, the Acquiror or any of their respective Controlled Affiliates or Representatives, and except for breaches or non-performance of provisions in this Agreement for which the remedy
of specific performance is available, the indemnification provisions of Article VII and Article X, shall be the sole and exclusive remedies of Parent, the Seller and the Acquiror, respectively, for any breach of the
representations or warranties in this Agreement and for any failure to perform or comply with any covenants or agreements contained in this Agreement. 

Section 10.06. Additional Indemnification Provisions. 

(a) Parent, the Seller and the Acquiror agree that for all purposes of this Article X (including both determining whether there has
been a breach of representation, warranty and covenant and determining the amount of indemnifiable Losses relating to any such breach), each representation, warranty, covenant and other agreement set forth in this Agreement shall be read and
construed without giving effect to any limitations as to materiality or “Material Adverse Effect” set forth therein. The parties agree that the foregoing allocation of risk is equitable in light of the agreed amount limitations set forth
in Sections 10.01(b) and 10.02(b), above. 
 (b) Parent, the Seller and the Acquiror agree, for themselves and on behalf of
their respective Controlled Affiliates, that with respect to each indemnification obligation in this Agreement, any other Transaction Agreement or any other document executed or delivered in connection with the Closing (i) each such obligation
shall be calculated on an After-Tax Basis, (ii) all Losses shall be net of any Eligible Insurance Proceeds, (iii) in no event shall the Indemnifying Party have liability to the Indemnified Party (other than in connection with
Section 10.02(a)(ii); provided, however, that the limitation in Section 10.06(b)(iii)(A) with respect to punitive damages shall apply to Section 10.02(a)(ii)) for: (A) any consequential,
special, incidental or punitive damages, or any Losses calculated by using multiples or any valuation methodologies or similar measures used in arriving at or that may be reflective of the Purchase Price (other than any such damages or similar items
actually paid to any unaffiliated third party in a Third Party Claim), (B) Losses to the extent based on reputational harm (other than any such damages or similar items that are paid to any unaffiliated third party in a Third Party Claim) or
(C) any costs and expenses of investigation, assertion, dispute, enforcement, defense or resolution, including attorneys’, actuaries’, accountants’ and other professionals’ fees, disbursements and expenses, to the extent
incurred in connection with any claim or dispute among the parties hereto as to whether a Seller Indemnified Party, on the one hand, or an Acquiror Indemnified Party, on the other hand, is entitled to indemnification under Article VII or this
Article X for any particular Loss or Losses or to specific enforcement under Section 11.14 (for the avoidance of doubt, the limitations in the subsection (C) shall not apply with respect to costs and expenses relating to the
investigation, assertion, dispute, enforcement, defense or resolution in respect of any Third Party Claim, including reasonable attorneys’, actuaries’, 

  
 69 

 
accountants’ and other professionals’ fees, disbursements and expenses in respect of any Third Party Claim) and (iv) in no event shall the Indemnifying Party have liability to the
Indemnified Party for any Loss, or portion thereof, as applicable to the extent reflected or reserved for or otherwise taken into account in determining the Final Working Capital. 

(c) To the extent that an Indemnified Party has a right to seek indemnification from a third Person (other than an Indemnifying Party) for any
Loss covered under this Article X, such Indemnified Party shall use its commercially reasonable efforts to obtain a recovery from such third Person; provided, that the foregoing shall not limit such Indemnified Party’s rights
under this Article X. In any case where an Indemnified Party recovers from a third Person any amount in respect of any Loss for which an Indemnifying Party has actually reimbursed it pursuant to this Article X (other than Retained
Insurance Proceeds), such Indemnified Party shall promptly pay over to the Indemnifying Party the amount so recovered (after deducting therefrom the amount of expenses incurred by it in procuring such recovery), but not in excess of the sum of
(i) any amount previously paid by the Indemnifying Party to or on behalf of the Indemnified Party in respect of such claim and (ii) any amount expended by the Indemnifying Party in pursuing or defending any claim arising out of such
matter. 
 (d) The parties hereto shall treat any indemnification payment made under this Agreement including any indemnity payments made
pursuant to Article VII, as an adjustment to the Purchase Price. 
 (e) The parties hereto acknowledge and agree that the same Loss
may be subject to indemnification under more than one subsection of Section 10.01(a) or Section 10.02(a), respectively; provided, however, that in no event shall any Indemnified Party be entitled to duplicative
recoveries for the same underlying Loss; and provided, further, that there shall be no indemnification pursuant to Section 10.01 or Section 10.02 with respect to any Losses which are expressly subject to
indemnification under any of the other Transaction Agreements, the sole remedy for which shall be as set forth in such other Transaction Agreement. 

(f) If any portion of Losses to be reimbursed by the Indemnifying Party may be covered, in whole or in part, by third-party insurance coverage
(each, an “Insurance Policy”), the Indemnified Party shall promptly give notice thereof to the Indemnifying Party (a “Notice of Insurance”). If the Indemnifying Party so requests within sixty (60) days after
receipt of a Notice of Insurance, the Indemnified Party shall use its commercially reasonable efforts to collect the maximum amount of insurance proceeds thereunder, in which event (i) all such proceeds actually received, net of costs
reasonably incurred by the Indemnified Party in seeking such collection, shall be considered “Eligible Insurance Proceeds” and (ii) the Indemnifying Party shall reimburse the Indemnified Party for all reasonable costs incurred
in connection with such collection. If the Indemnifying Party does not request that the Indemnified Party seek coverage of any portion of such Loss under the Insurance Policy within sixty (60) days after receipt of a Notice of Insurance, any
proceeds that the Indemnified Party may receive thereunder shall be considered “Retained Insurance Proceeds.” 

Section 10.07. Mitigation. In addition, each of the parties hereto agrees to take all reasonable steps to mitigate their
respective Losses upon and after becoming aware of any event or condition which would reasonably be expected to give rise to any Losses that are indemnifiable hereunder. 

  
 70 

 Section 10.08. Reserves. Except as set forth in Section 3.22,
notwithstanding anything to the contrary in this Agreement or the other Transaction Agreements, the Acquiror acknowledges and agrees that Parent and the Seller make no representation or warranty with respect to, and nothing contained in this
Agreement, any other Transaction Agreement, or in any other agreement, document or instrument to be delivered in connection with the transactions contemplated hereby or thereby is intended or shall be construed to be a representation or warranty
(express or implied) of Parent or the Seller, for any purpose of this Agreement, the other Transaction Agreements, or any other agreement, document or instrument to be delivered in connection with the transactions contemplated hereby or thereby,
with respect to (a) the adequacy or sufficiency of the reserves of any of the LPI Insurance Companies, (b) whether or not the reserves of any of the LPI Insurance Companies were determined in accordance with any actuarial, statutory or
other standard, (c) the effect of the adequacy or sufficiency of the reserves of any of the LPI Insurance Companies on any “line item” or asset, liability or equity amount or (d) the future experience or profitability arising
from the Business or that the reserves held by the LPI Insurance Companies or the assets supporting such reserves have been or will be adequate or sufficient for the purposes for which they were established or that the reinsurance recoverables taken
into account in determining the amount of such reserves will be collectible. 
 ARTICLE XI 

GENERAL PROVISIONS 

Section 11.01. Survival. The representations and warranties of Parent, the Seller and the Acquiror contained in or made pursuant
to this Agreement or in any certificate furnished pursuant to this Agreement (other than representations and warranties made in (i) Sections 3.01, 3.02, 3.03 and 3.23, which shall survive the Closing indefinitely,
(ii) Section 3.15, which shall survive until the date that is thirty-six (36) months after the Closing Date, and (iii) Section 3.21, which shall survive until the date that is sixty (60) days after the
expiration of the applicable statute of limitations), shall survive in full force and effect until the date that is eighteen (18) months after the Closing Date, at which time they shall terminate (and no claims shall be made for indemnification
with respect thereto under Section 10.01 or 10.02 thereafter). The Post-Closing Covenants of the parties hereto shall survive for the period provided in such covenants and agreements, if any, or if later, until fully performed.

 Section 11.02. Expenses. Except as may be otherwise specified in the Transaction Agreements, all costs and expenses,
including fees and disbursements of counsel, financial advisors and independent accountants, incurred in connection with the Transaction Agreements and the transactions contemplated by the Transaction Agreements shall be paid by the Person incurring
such costs and expenses, whether or not the Closing shall have occurred. 
 Section 11.03. Notices. All notices, requests,
consents, claims, demands and other communications under the Transaction Agreements shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier
service, by electronic mail (followed by delivery of an original via 

  
 71 

 
overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following respective addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this Section 11.03): 
  

	 	(i)	if to Parent or the Seller: 

 QBE Holdings, Inc. 

Attention: Jose Ramon Gonzalez, Chief Legal Officer 

Wall Street Plaza 

88 Pine Street 

New York, NY 10005 

Phone: 212.422.1212 

Facsimile: 212.422.1313 

With a concurrent copy (which shall not constitute notice) to: 

Sidley Austin LLP 

Attention: Sean M. Keyvan 

One South Dearborn 

Chicago, IL 60603 

Phone: (312) 853-4660 

Facsimile: (312) 853-7036 

e-mail: skeyvan@sidley.com 
  

	 	(ii)	if to the Acquiror: 

 National General Insurance Company 

Attention: Jeffrey Weissmann, General Counsel 

59 Maiden Lane 

38th Floor 

New York, NY 10038 

Phone: (212) 380-9479 

Facsimile: (212) 380-9498 

e-mail: jeffrey.weissmann@ngic.com 

With a concurrent copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

Attention: Nicholas F. Potter 

919 Third Avenue 

New York, NY 10022 

Phone: (212) 909-6459 

Facsimile: (212) 521-7459 

e-mail: nfpotter@debevoise.com 

  
 72 

 Any party hereto may, by notice given in accordance with this
Section 11.03 to the other party, designate another address or Person for receipt of notices hereunder; provided that notice of such a change shall be effective upon receipt. 

Section 11.04. Public Announcements. No party hereto or any Affiliate or Representative of such party shall issue or cause the
publication of any press release or public announcement or otherwise communicate with any news media in respect of the Transaction Agreements or the transactions contemplated by the Transaction Agreements without the prior written consent of the
other party (which consent shall not be unreasonably withheld or delayed), except as may be required by Law or applicable securities exchange rules, in which the case the party required to publish such press release or public announcement shall
allow the other party hereto a reasonable opportunity to comment on such press release or public announcement in advance of such publication. Prior to the Closing, none of the parties hereto, nor any of their respective Affiliates or
Representatives, shall make any disclosure concerning plans or intentions relating to the customers, agents or employees of, or other Persons with significant business relationships with, the Company or any of the Transferred Subsidiaries without
first obtaining the prior written approval of the other party hereto, which approval shall not be unreasonably withheld. 

Section 11.05. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is
not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

 Section 11.06. Entire Agreement. Except as otherwise expressly provided in the Transaction Agreements, the Transaction
Agreements constitute the entire agreement of the parties hereto with respect to the subject matter of the Transaction Agreements and supersede all prior agreements and undertakings, both written and oral, other than the Confidentiality Agreement to
the extent not in conflict with this Agreement, between or on behalf of Parent, the Seller or their Affiliates, on the one hand, and the Acquiror or its Affiliates, on the other hand, with respect to the subject matter of the Transaction Agreements.

 Section 11.07. Assignment. This Agreement shall not be assigned by operation of law or otherwise by any party hereto without
the prior written consent of the other parties hereto; provided, however, that the Acquiror may assign its rights hereunder to any of its Affiliates, but no such assignment shall release the Acquiror from any liability or obligation
under this Agreement. Any attempted assignment in violation of this Section 11.07 shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the parties hereto and their permitted
successors and assigns. 

  
 73 

 Section 11.08. No Third-Party Beneficiaries.
Except as provided in Section 5.14 with respect to D&O Indemnified Persons and Article X with respect to the Seller Indemnified Parties and the Acquiror Indemnified Parties, this Agreement is for the sole benefit of the
parties hereto, the Indemnified Parties (to the extent they are entitled to indemnity herein), and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or
entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 11.09.
Amendment; Waiver. No provision of this Agreement or any other Transaction Agreement may be amended, supplemented or modified except by a written instrument signed by all the parties to such agreement. No provision of this Agreement or any
other Transaction Agreement may be waived except by a written instrument signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by Law. 
 Section 11.10. Disclosure Schedules. Any disclosure with respect to a Section or Schedule
of the Disclosure Schedule shall be deemed to be disclosed for purposes of other Sections and Schedules of the Disclosure Schedule to the extent that such disclosure sets forth facts in sufficient detail so that the relevance of such disclosure
would be reasonably apparent to a reader of such disclosure. Matters reflected in any Section of the Disclosure Schedule or the Acquiror Disclosure Schedule, are not necessarily limited to matters required by this Agreement to be so reflected. Such
additional matters are set forth for informational purposes and do not necessarily include other matters of a similar nature. No reference to or disclosure of any item or other matter in any Section or Schedule of the Disclosure Schedule or the
Acquiror Disclosure Schedule shall be construed as an admission or indication that such item or other matter is material or that such item or other matter is required to be referred to or disclosed in this Agreement. Without limiting the foregoing,
no such reference to or disclosure of a possible breach or violation of any contract, Law or Governmental Order shall be construed as an admission or indication that breach or violation exists or has actually occurred. 

Section 11.11. Submission to Jurisdiction. Each of the Seller and the Acquiror irrevocably and unconditionally: 

(a) submits for itself and its property in any Action relating to the Transaction Agreements (including the transactions contemplated by the
Transaction Agreements, the formation, breach, termination or validity of the Transaction Agreements), or for recognition and enforcement of any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York
sitting in the County of New York, the court of the United States of America for the Southern District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such
Action shall be heard and determined in such state courts or, to the extent permitted by Law, in such federal court; 
 (b) consents that
any such Action may and shall be brought in such courts and waives any objection that it may now or hereafter have to the venue or jurisdiction of any such Action in any such court or that such Action was brought in an inconvenient court and agrees
not to plead or claim the same; 

  
 74 

 (c) agrees that service of process in any such Action may be effected by mailing a copy of such
process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address as provided in Section 11.03; and 

(d) agrees that nothing in this Agreement or any other Transaction Agreement shall affect the right to effect service of process in any other
manner permitted by the Laws of the State of New York. 
 Section 11.12. GOVERNING LAW. THIS AGREEMENT SHALL IN ALL
RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES OF SUCH STATE THAT
MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF SUCH AGREEMENTS TO THE LAWS OF ANOTHER JURISDICTION. 
 Section 11.13.
WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT OR ANY OTHER TRANSACTION AGREEMENT, OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER TRANSACTION AGREEMENT. 

Section 11.14. Specific Performance. Subject to Section 10.05, the parties hereto agree that irreparable damage would
occur in the event that any of the terms or provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Subject to Section 10.05, it is accordingly agreed that, notwithstanding
anything to the contrary contained in this Agreement, each of the parties hereto shall be entitled to injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court
referenced in Section 11.11(a) having jurisdiction, such remedy being in addition to any other remedy to which any party may be entitled at law or in equity. In the event that any Action is brought in equity to enforce the provisions of
this Agreement, no party will allege, and each party hereby waives the defense or counterclaim, that there is an adequate remedy at law. 

Section 11.15. Rules of Construction. Interpretation of this Agreement and the other Transaction Agreements (except as
specifically provided in any such agreement, in which case such specified rules of construction shall govern with respect to such agreement) shall be governed by the following rules of construction: (a) words in the singular shall be held to
include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to preamble, recitals, Articles, Sections, Exhibits and Schedules are references to the preamble,
recitals, Articles, Sections, Exhibits and Schedules to this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d)

  
 75 

 
the word “including” and words of similar import when used in the Transaction Agreements shall mean “including without limiting the generality of the foregoing,” unless
otherwise specified; (e) the word “or” shall not be exclusive; (f) the words “herein,” “hereof,” “hereunder,” “hereby” and similar terms shall be deemed to refer to this Agreement as a
whole and not to any specific section; (g) the headings contained in the Transaction Agreements are for reference purposes only and shall not affect in any way the meaning or interpretation of the Transaction Agreements; (h) the
Transaction Agreements shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted; (i) if a word or phrase is defined, the other
grammatical forms of such word or phrase shall have a corresponding meaning; (j) references to any statute, listing rule, rule, standard, regulation or other law (i) include a reference to the corresponding rules and regulations and
(ii) include a reference to each of them as amended, modified, supplemented, consolidated, replaced or rewritten from time to time; (k) references to any section of any statute, listing rule, rule, standard, regulation or other law include
any successor to such section; (l) any reference to “days” means calendar days unless Business Days are expressly specified; and (m) references to any contract (including the Transaction Agreements) or organizational document are
to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated. 

Section 11.16. Counterparts. This Agreement and each of the other Transaction Agreements may be executed in one or more
counterparts, and by the different parties to each such agreement in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to any Transaction Agreement by facsimile or electronic mail shall be as effective as delivery of a manually executed counterpart of any such agreement. 

  
 76 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date
first written above by their respective duly authorized officers. 
  

					
	QBE INVESTMENTS (NORTH AMERICA), INC.
		
	By:		 /s/ David B. Duclos

			Name:		David B. Duclos
			Title:		Chief Executive Officer, President
	
	QBE HOLDINGS, INC.
		
	By:		 /s/ David B. Duclos

			Name:		David B. Duclos
			Title:		Chief Executive Officer, President
	
	NATIONAL GENERAL HOLDINGS CORP.
		
	By:		 /s/ Michael Karfunkel

			Name:		Michael Karfunkel
			Title:		Chairman and Chief Executive Officer

 Signature Page 

Master Transaction Agreement 

 EXHIBIT A 

FORM OF ADMINISTRATIVE SERVICES AGREEMENT 

See attached. 

  
 A-1 

 EXHIBIT A 

FORM OF ADMINISTRATIVE SERVICES AGREEMENT 

REINSURANCE ADMINISTRATIVE SERVICES AGREEMENT 

BY AND AMONG 
 QBE
INSURANCE CORPORATION, 
 PRAETORIAN INSURANCE COMPANY, 

QBE SPECIALTY INSURANCE COMPANY, 

EQUATOR REINSURANCES LIMITED 

AND 
 INTEGON NATIONAL
INSURANCE COMPANY 
 DATED AS OF [●], 2015 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Definitions
	  	 	2	  
	 Section 2.
	 	 Appointment; Designation of Agreement Managers
	  	 	4	  
	 Section 3.
	 	 Services
	  	 	5	  
	 Section 4.
	 	 Service Standards; Inability to Perform Services; Errors
	  	 	8	  
	 Section 5.
	 	 Compliance With Applicable Laws and Policies; Cooperation
	  	 	9	  
	 Section 6.
	 	 Administrative Fees
	  	 	12	  
	 Section 7.
	 	 Access to Books and Records; Audits
	  	 	12	  
	 Section 8.
	 	 Confidential Information
	  	 	14	  
	 Section 9.
	 	 Computer Systems Access; Security and Integrity
	  	 	15	  
	 Section 10.
	 	 Disaster Recovery Plan
	  	 	17	  
	 Section 11.
	 	 Force Majeure
	  	 	17	  
	 Section 12.
	 	 Term; Termination
	  	 	17	  
	 Section 13.
	 	 Indemnification
	  	 	19	  
	 Section 14.
	 	 New Insurance Policies
	  	 	20	  
	 Section 15.
	 	 Insurance and Fidelity Bond
	  	 	22	  
	 Section 16.
	 	 Dispute Resolution
	  	 	22	  
	 Section 17.
	 	 Miscellaneous
	  	 	23	  

  

			
	Exhibit A	 	Service Levels and Reports
	Exhibit B	 	Security Requirements
	Exhibit C	 	Disaster Recovery Plan
	Exhibit D	 	Insurance and Fidelity Bond Security Requirements

  
 i 

 REINSURANCE ADMINISTRATIVE SERVICES AGREEMENT 

THIS REINSURANCE ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is made and entered into as of [●],
2015 (the “Closing Date”) by and among QBE INSURANCE CORPORATION, a Pennsylvania-domiciled property and casualty insurance company, PRAETORIAN INSURANCE COMPANY, a Pennsylvania-domiciled property and casualty insurance company, QBE
SPECIALTY INSURANCE COMPANY, a North Dakota-domiciled property and casualty insurance company, and EQUATOR REINSURANCES LIMITED, a Bermuda-domiciled insurance company (each, a “Service Recipient” and collectively, the
“Service Recipients”), and INTEGON NATIONAL INSURANCE COMPANY, a North Carolina-domiciled property and casualty insurance company (the “Administrator”). For convenience, the Service Recipients, on the one hand, and
the Administrator, on the other hand, may each be referred to as a “Party” and collectively as the “Parties.” 

WHEREAS, pursuant to that certain Master Transaction Agreement entered into as of July 15, 2015 (the “Master Transaction
Agreement”), the Service Recipients and the Administrator are simultaneously entering into a 100% Quota Share Reinsurance Agreement (the “Quota Share Reinsurance Agreement”), under which the Service Recipients, as the
ceding companies, shall cede to the Administrator, as the reinsurer, the Reinsured Liabilities (as defined herein) pursuant to the Quota Share Reinsurance Agreement; 

WHEREAS, concurrently with the execution of this Agreement, the Service Recipients and Equator Reinsurances Limited
(“Equator”), an Affiliate (as defined in the Master Transaction Agreement) of the Service Recipients, are entering into a Loss Portfolio Transfer Reinsurance Agreement (the “Internal Reinsurance Agreement”), under
which the Service Recipients, as the ceding companies, shall cede to Equator, as the reinsurer, the Reinsured Liabilities pursuant to the Internal Reinsurance Agreement; 

WHEREAS, concurrently with the execution of this Agreement, Equator and the Administrator are entering into a Loss Portfolio Transfer
Reinsurance Agreement (the “External Reinsurance Agreement” and, together with the Quota Share Reinsurance Agreement and the Internal Reinsurance Agreement, the “Reinsurance Agreements”), under which Equator, as the
ceding company, shall cede to the Administrator, as the reinsurer, the Reinsured Liabilities pursuant to the External Reinsurance Agreement; and 

WHEREAS, each Service Recipient desires to retain the Administrator, as an independent contractor of each Service Recipient, to provide
certain administrative services relating to the Policies (as defined in the Reinsurance Agreements) and the Reinsured Liabilities and to make any payments due to the insureds under the Policies, in each case on the terms and subject to the
conditions set forth herein, and the Administrator desires to provide such services, in consideration for the Service Recipients entering into the Reinsurance Agreements and the other Transaction Agreements (as defined herein). 

  
 1 

 NOW, THEREFORE, in consideration of the mutual and several promises and undertakings
herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 

Section 1. Definitions. 
 Any
capitalized term used but not defined herein shall have the meaning set forth in the Reinsurance Agreements. The following terms have the respective meanings set forth below throughout this Agreement: 

“Administrator” shall have the meaning set forth in the preamble. 

“Administrator Indemnitees” shall have the meaning set forth in Section 13(a). 

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

“Agreement Manager” shall have the meaning set forth in Section 2(d). 

“Alternative Administrator” shall have the meaning set forth in Section 4(b). 

“Books and Records” means all records and all other data and other information (in whatever form maintained) in the
possession or control of and available to, either Party and its Affiliates (including computer generated, recorded or stored records) relating primarily to the Policies, including customer lists, policy information, insurance policy forms, rate
filing information, rating plans, claim records, sales records, advertising and promotional materials, other files and records relating to regulatory matters, reinsurance records, underwriting records, records related to producers, financial and
accounting records (but excluding any Tax returns, Tax records and all other work papers, data and information with respect to Taxes). 

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

“Confidential Information” shall have the meaning set forth in Section 8(c). 

“Defaulted Administrative Service” shall have the meaning set forth in Section 4(b). 

“Disaster Recovery Plan” shall have the meaning set forth in Section 10. 

“Discloser” shall have the meaning set forth in Section 8(a). 

“Dispute” shall have the meaning set forth in Section 16(a). 

“Equator” shall have the meaning set forth in the recitals. 

“Excluded Services” shall have the meaning set forth in Section 3(a). 

“External Reinsurance Agreement” shall have the meaning set forth in the recitals. 

“Force Majeure Event” shall have the meaning set forth in Section 11(a). 

“Guest” shall have the meaning set forth in Section 9(a). 

“Guest User” shall have the meaning set forth in Section 9(a). 

  
 2 

 “Host” shall have the meaning set forth in Section 9(a). 

“Internal Reinsurance Agreement” shall have the meaning set forth in the recitals. 

“Master Transaction Agreement” shall have the meaning set forth in the recitals. 

“New Business Period” shall have the meaning set forth in Section 14(a)(i). 

“New Insurance Policies” shall have the meaning set forth in Section 14(a)(i). 

“Party” shall have the meaning set forth in the preamble. 

“Quota Share Reinsurance Agreement” shall have the meaning set forth in the recitals. 

“Recipient” shall have the meaning set forth in Section 8(a). 

“Reinsurance Agreements” shall have the meaning set forth in the recitals. 

“Reinsured Liabilities” shall have the meaning set forth in the applicable Reinsurance Agreement. 

“Related Administrative Services” shall have the meaning set forth in Section 4(b). 

“Security Requirements” shall have the meaning set forth in Section 9(a). 

“Service Levels” shall have the meaning set forth in Section 4(a). 

“Service Recipient(s)” shall have the meaning set forth in the preamble. 

“Service Recipient Indemnitees” shall have the meaning set forth in Section 13(b). 

“Services” shall have the meaning set forth in Section 2(a). 

“Software” means all computer software, including assemblers, applets, compilers, source code, object code, firmware, binary
libraries, development tools, design tools, user interfaces in any form or format, however fixed and all associated documentation. 

“Systems” shall have the meaning set forth in Section 9(a). 

“Tax” or “Taxes” means any and all federal, state, provincial, foreign or local income, gross receipts,
premium, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, ad valorem/personal property, stamp, goods and services, harmonized sales, excise, occupation, sales, use, transfer, value added,
alternative minimum, estimated or other tax, fee, duty, levy, custom, tariff, impost, assessment or charge of the same or of a similar nature to any of the foregoing, including any interest, penalty or addition thereto. 

“Term” shall have the meaning set forth in Section 12(a). 

  
 3 

 “Transaction Agreement” shall have the meaning set forth in the Master
Transaction Agreement. 
 “Virus” means any “back door,” “drop dead device,” “time bomb,”
“kill switch,” “Trojan horse,” “virus,” or “worm” (as such terms are commonly understood in the software industry) or any other code designed or intended to perform any of the following functions:
(a) disrupting, disabling, harming or otherwise impeding in any manner the operation of, or providing unauthorized access to, a computer system or network or other device on which such code is stored or installed; or (b) damaging or
destroying any data or file without the user’s consent. 
 Section 2. Appointment; Designation of Agreement Managers. 

 

	 	(a)	Appointment and Acceptance. Each Service Recipient appoints the Administrator as its administrator to perform (or cause to be performed) in accordance with the terms hereof for and on behalf of such Service
Recipient, at the Administrator’s sole expense, all required, necessary and appropriate administrative and other services, including the services set forth in Section 3, with respect to the Business and the Policies (other than
those services to be provided by the Seller and its Affiliates pursuant to the terms of the Transition Services Agreement for so long as such services are required to be provided by the Seller and its Affiliates under the Transition Services
Agreement), all on the terms and subject to the limitations and conditions set forth herein (collectively, the “Services”). The Administrator hereby accepts such appointment and shall perform such Services in accordance with the
terms set forth herein. The Administrator shall provide the Services in a manner that minimizes the involvement of personnel of each Service Recipient with respect to the administration of the Policies, subject only to any requirements of applicable
Law that require specific actions be taken by the applicable Service Recipient without the Administrator acting on its behalf. The Administrator shall give the Service Recipients timely notice of any actions that are legally required to be taken by
the Service Recipients or their Affiliates with respect to the Business or the Policies and, to the extent reasonably practicable, shall prepare in a timely manner the forms of any documentation required for Service Recipients or their Affiliates to
comply therewith. 

  

	 	(b)	Transfer of Responsibility. The Parties shall cooperate fully in the transfer of responsibility for the performance of the Services from the Service Recipients to the Administrator. Except as otherwise provided
in this Agreement, the Administrator shall bear all costs and expenses relating to such transfer. The Administrator agrees to send to all policyholders and such other Persons as determined by the Service Recipients and the Administrator, a written
notice, prepared by the Administrator and acceptable to the Service Recipients, as applicable, advising such policyholders and other Persons that the Administrator has been appointed by the Service Recipients, as applicable, to provide the Services.
The Administrator shall send such notice, by first class mail, facsimile or any other form of notice duly recognized as valid under the terms of any of the respective Policies, at its own expense, no more than thirty (30) days after the Closing
Date. 

  
 4 

	 	(c)	Independent Contractor. The Administrator shall perform its obligations under this Agreement as an independent contractor of each Service Recipient. Nothing herein shall be deemed to constitute the
Administrator and any Service Recipient as partners, joint venturers, or principal and agent. The Administrator has no authority to represent any Service Recipient as to any matters, except as expressly authorized in this Agreement or in any of the
Transaction Agreements. No Service Recipient shall have any Liability for the acts or omissions of the Administrator personnel or permitted subcontractors. The Administrator and its Affiliates and their respective employees are not eligible for, nor
may they participate in, any employee benefit plans of any of the Service Recipients or any of their Affiliates. None of the Service Recipients or their Affiliates shall insure the Administrator or any of its Affiliates for workers’
compensation coverage or for unemployment insurance. 

  

	 	(d)	Designation of Agreement Managers. The Service Recipients, on the one hand, and the Administrator, on the other, shall each appoint an agreement manager, each of whom shall serve as the primary contact
points for the Parties with respect to issues that may arise out of the performance of this Agreement (each such Person, an “Agreement Manager”). Each Party may replace its respective Agreement Manager by giving notice to the other
Party’s Agreement Manager stating the name, title and contact information for such Party’s new Agreement Manager. The Parties shall cause the Agreement Managers to meet, either in person or telephonically, at least once monthly during the
first year of this Agreement and quarterly thereafter, or more frequently if mutually agreed upon, to discuss items including the following: (i) the status of the Services, and to manage open issues related to this Agreement and performance
hereunder, (ii) any planned termination dates for particular Services, and (iii) review service levels achieved and missed in the previous month or quarter, as applicable, as well as non-achievement
of targets and corrective actions taken or planned. In addition, either Agreement Manager may call a meeting with the other Agreement Manager upon three (3) Business Days prior notice to address time critical issues related to the Services.
Within thirty (30) days of the end of each calendar year, the Administrator shall cause its Agreement Manager to provide to the Service Recipients’ Agreement Manager a written report summarizing all available current information on
compliance with and deviation from the applicable services levels. 

 Section 3. Services. 

 

	 	(a)	 Services. During the term of this Agreement and except as otherwise provided in the Transition Services Agreement, the Services to be provided
by the Administrator hereunder shall include all services that are required, necessary or appropriate for the administration, handling and performance of the Business and the Policies, including all administrative and other services currently
provided by 

  
 5 

	 	
the Service Recipients or their Affiliates with respect to the Business and the Policies, and any other services that are reasonably required, necessary or appropriate under applicable Law, the
terms of the Policies or otherwise in connection with, or incidental to, the administration of the Business. Without limiting the generality of the foregoing, the Services to be provided by the Administrator hereunder shall include all Services
except for those Services that each Service Recipient is required to provide without the Administrator acting on its behalf by applicable Law or Governmental Authorities (the “Excluded Services”). If required by applicable Law, the
Service Recipients may at any time upon at least thirty (30) days’ prior written notice to the Administrator redesignate any Service as an Excluded Service. 

 

	 	(b)	Resources. Except as otherwise expressly provided in this Agreement, and subject to the requirements of applicable Law, the Administrator shall provide all of the facilities, personnel, equipment, Software,
services and other resources necessary to provide the Services. 

  

	 	(c)	Subcontracting. The Administrator may delegate or subcontract any of its obligations under this Agreement to any third party so long as the Administrator provides notice of such delegation or subcontracting to
the Service Recipients prior to commencement of performance by such third party; provided, that the Administrator shall use the same degree of care in selecting any such subcontractor as it would if such subcontractor was being retained to
provide similar services directly to the Administrator; provided, further, that, except for those subcontractors that have performed Services outside of the United States prior to the date hereof, such subcontractor shall perform all
Services in the United States. The Administrator shall remain fully responsible for the performance of the Services by each subcontractor, for each subcontractor’s compliance with the terms of this Agreement, and for the acts and omissions of
such subcontractor and subcontractor’s employees or agents. The Administrator shall be responsible for all payments to its subcontractors. 

  

	 	(d)	Authorization. Each Service Recipient hereby authorizes the Administrator on its behalf to (i) endorse for payment all checks, drafts and money orders payable to any of the Service Recipients as payment of
premiums or other amounts payable to or chargeable by such Service Recipient with respect to the Policies and (ii) to draft or debit accounts of any owner of a Policy (who or which has given the applicable Service Recipient such right and
privilege) for premiums or other amounts payable with respect to the Policies and to remit each of such amounts in (i) and (ii) to the Administrator for deposit into an account in such Service Recipient’s name. Each Service Recipient
hereby delegates to the Administrator all of its rights and privileges to draft or debit the accounts of any policyholders for premiums or other amounts due under the Policies pursuant to existing pre-authorized bank draft or electronic fund
transfer arrangements between such Service Recipient and such policyholders. 

  
 6 

	 	(e)	Reports. As of and following the Effective Time, subject to the last sentence of this Section 3(e), the Administrator shall prepare any reports reasonably requested by the Service Recipients in
connection with the Business and the Policies (i) to enable the Service Recipients to comply with any and all applicable Laws, including all statutory insurance reporting, tax reporting and SAP and GAAP financial reporting requirements and any
current or future informational reporting, prior approval or other requirements imposed by any Governmental Authority or (ii) for any other reasonable business purpose. Any reports required to be prepared by the Administrator shall be prepared
and delivered on a timely basis in order for the Service Recipients to comply with any filing deadlines required by applicable Law, by contract or by the Service Recipients’ internal procedures and policies. All such reports shall include such
information as may reasonably be requested by the Service Recipients. The initial list of such reports is set forth on Exhibit A hereto, and additional reports may be added to Exhibit A as reasonably required by the Service Recipients
during the term of this Agreement with the consent of the Administrator, such consent not to be unreasonably withheld or delayed. 

  

	 	(f)	 Attorney-in-fact. In order to assist and to more fully evidence the authority granted pursuant to Section 2(a), subject to the
limits and restrictions set forth in other provisions of this Agreement, each Service Recipient hereby nominates, constitutes and appoints the Administrator as its attorney-in-fact with a limited power of attorney to act in such Service
Recipient’s name with respect to the following matters: (i) to do any and all lawful acts with respect to the Policies or Reinsurance Arrangements that such Service Recipient could do under the Policies or Reinsurance Arrangements,
(ii) to issue, in the name of such Service Recipient, New Insurance Policies pursuant to Section 14, and (iii) to proceed by all lawful means (A) to perform any and all obligations of such Service Recipient under the
Policies or the Reinsurance Arrangements, (B) to enforce any right, defend against any Liability and pay any amounts arising under the Policies or the Reinsurance Arrangements, (C) to sue or defend (in the name of such Service Recipient,
when necessary) any action arising under the Policies or the Reinsurance Arrangements, (D) to collect any and all sums due or payable to such Service Recipient under the Policies or the Reinsurance Arrangements, including through any automatic
charge authorizations of Persons who own or hold Policies, and (E) to sign (in the name of such Service Recipient, when necessary) vouchers, receipts, releases and other papers in connection with any of the foregoing matters. All of the
Services shall be performed by the Administrator in the name of and on behalf of each Service Recipient. Any and all correspondence with policyholders or other documents signed by the Administrator on behalf of the Service Recipients shall disclose
that the Administrator is acting as administrative agent or, where appropriate, attorney-in-fact, of the Service Recipients. Notwithstanding the foregoing, if (I) any Service Recipient determines in good faith with reasonable basis that the
Administrator has used, is continuing to use, or has threatened to use the foregoing limited power of attorney for purposes not necessary for the provision of the Services under this Agreement, (II) any Service Recipient determines in good
faith with reasonable basis that the grant of the 

  
 7 

	 	
foregoing limited power of attorney violates, or may violate, applicable Law or (III) any Service Recipient or any of its Affiliates is requested or required by a Governmental Authority, or
determines in good faith with reasonable basis that it may be requested or required by a Governmental Authority, to modify or revoke the foregoing limited power of attorney, then such Service Recipient may revoke its foregoing limited power of
attorney or place additional conditions or limitations on the foregoing power of attorney. 

 Section 4. Service Standards;
Inability to Perform Services; Errors.  
  

	 	(a)	Service Standards. The Administrator acknowledges that the performance of the Services in an accurate and timely manner is of paramount importance to the Service Recipients. The Administrator shall perform the
Services (i) in good faith and with the care, competence, skill, prudence and diligence of a person experienced in administering the Business and the Policies and in accordance with applicable Law, applicable industry standards and the terms of
the Policies, or as otherwise in accordance with the service levels set forth in Exhibit A (the “Service Levels”), and (ii) in accordance with the general service standards maintained by the Administrator and its
Affiliates in administering policies similar to the Policies, including those relating to completeness, diligence, accuracy, quality, timeliness, frequency, volume, amount, priority, care, responsiveness and detail. The Administrator acknowledges
that the performance of all Services required by this Agreement in compliance with the standards in the foregoing sentence is of critical importance to the Service Providers. For the duration of this Agreement, the Administrator hereby covenants
that it shall, at its sole cost and expense, as an independent contractor: 

  

	 	(i)	employ and retain staff with the requisite experience, skill and expertise to perform the Services it is obligated to perform hereunder, in a manner consistent with the standards set forth herein and using the
Administrator’s facilities, systems and equipment; and 

  

	 	(ii)	own, hold, possess and maintain (either directly or through a sub-contractor) all licenses, franchises, permits, privileges, immunities, approvals and other authorizations from any Governmental Authority that are
necessary for the provision by the Administrator of the Services. 

  

	 	(b)	 Inability to Perform Services. Subject to Section 11, in the event that the Administrator is unable to perform any Service
(including as a result of a Force Majeure Event) for a period that would reasonably be expected to exceed thirty (30) days or such shorter period as may be required by applicable Law (the “Defaulted Administrative Service”),
the Administrator and the Service Recipients, as applicable, shall mutually agree on alternative means of providing the Defaulted Administrative Service and any other Service(s) so connected to such Defaulted Administrative Service as to make
separation of such services impossible (the “Related Administrative Services”). If alternative means for the 

  
 8 

	 	
provision of the Defaulted Administrative Service and any Related Administrative Service cannot be agreed upon by the Parties, the Service Recipients may procure the Defaulted Administrative
Service and any Related Administrative Service for the Policies by commercially reasonable means but only until such time as the Administrator is in a position to provide such Service. The Administrator shall deliver copies of applicable Books and
Records to the Person selected to perform the Defaulted Administrative Service and any Related Administrative Service (the “Alternative Administrator”) and shall be solely responsible for all reasonable costs incurred in restoring
the Services which have not been provided due to its failure to adhere to its obligations under this Agreement, including all reasonable costs for the Defaulted Administrative Service and any Related Administrative Service provided by any
Alternative Administrator selected pursuant to this Section 4(b). 

  

	 	(c)	Errors. The Administrator shall, at its own expense, correct any errors in Services caused by it as soon as practicable after discovering such error or receiving notice thereof from any Service Recipient or other
Person. 

 Section 5. Compliance With Applicable Laws and Policies; Cooperation. 

 

	 	(a)	General. The Administrator, and all subcontractors to whom the Administrator has delegated any of its duties hereunder, shall perform all the Services hereunder in compliance with all applicable Law and with the
Policies. 

  

	 	(b)	Regulatory Proceedings. If a Party receives notice of, or otherwise becomes aware of, any regulatory inquiry, investigation or proceeding relating to the Policies, to the extent permitted by applicable Law, such
Party shall promptly notify the other Party thereof, whereupon the Parties shall cooperate in good faith and use their respective commercially reasonable efforts to resolve such matter, and the Administrator shall have the right to direct the
handling of such inquiry, investigation or proceeding and the Service Recipients shall cooperate in resolving the matter as directed by the Administrator. The Administrator shall prepare and send responses to any regulatory inquiry to the applicable
Governmental Authority, with a copy to the Service Recipients, in the name of the Service Recipients and at the Administrator’s sole cost and expense within the earlier of (i) the Governmental Authority’s requested time frame for
response or (ii) the time frame as permitted by applicable Law; provided, however, that the Administrator shall provide all proposed responses to the Service Recipients as soon as reasonably practicable prior to submission of any
such response and provide the Service Recipients with sufficient opportunity to comment on the proposed response. The Administrator shall act reasonably in incorporating any comments to the response provided by any Service Recipient. Notwithstanding
the foregoing, the Service Recipients, as applicable, shall have the ultimate right to direct, supervise and control the handling of such inquiry, investigation or proceeding and the Administrator shall cooperate in resolving the matter as directed
in writing referencing this Section 5(b) by such Service Recipient. 

  
 9 

	 	(c)	Litigation Proceedings. The Administrator shall promptly notify the Service Recipients of any litigation, arbitration or other legal proceeding that has been instituted or threatened in writing arising out of or
relating to any Policy, in all cases no more than ten (10) Business Days after receipt of notice thereof. The Service Recipients shall give prompt notice to the Administrator of any litigation, arbitration or other legal proceeding made or
brought against any Service Recipient in writing after the Closing Date arising out of or relating to any Policy to the extent known to it and not made against or served on the Administrator as administrator hereunder, and in no event more than ten
(10) Business Days after receipt or notice thereof, and shall promptly furnish to the Administrator copies of all pleadings in connection therewith. The Administrator shall assume the defense of the Service Recipients with respect to any such
legal proceedings. The Administrator shall defend and hold harmless, at its own expense and in the name of the Service Recipients when necessary, any litigation, arbitration or other legal proceeding arising out of or relating to any Policy. The
Administrator shall keep the Service Recipients fully informed of the progress of any such litigation, arbitration or other legal proceeding and provide to the Service Recipients a report summarizing the nature of such proceedings, the alleged
actions or omissions giving rise to such proceedings and copies of any files or other documents that any of the Service Recipients may reasonably request in connection with its review of these matters, in each case other than such files, documents
and other information as would, in the judgment of counsel to the Administrator, lead to the loss or waiver of legal privilege. A Service Recipient shall have the right, at its own expense, to engage its own separate legal representation and to
participate fully in the defense of any litigation with respect to the Policies, in which such Service Recipient is named as a party without waiving any rights to indemnification it may have under Section 13. The Administrator and the
Service Recipients shall cooperate with each other with respect to the administration of any such legal proceeding with respect to the Policies. The Administrator shall not settle any legal proceeding without the Service Recipients’ prior
written consent unless (i) there is no finding or admission of any violation of applicable Law or any violation of the rights of any Person by any Service Recipient or any of their Affiliates, (ii) the sole relief provided is monetary
damages that are paid in full by the Administrator and no culpability is found on the part of, and a full and complete release is provided to, any Service Recipient and its Affiliates, (iii) the settlement does not encumber any of the assets of
any Service Recipient or its Affiliates or contain any restriction or condition that would apply to or adversely affect any Service Recipient or its Affiliates or the conduct of business by any Service Recipient and its Affiliates and (iv) such
legal proceeding neither is certified, nor seeks certification, as a class action. 

  

	 	(d)	 Defense of Actions. Notwithstanding anything to the contrary in this Section 5, the Service Recipients, upon written notice to the
Administrator, shall have the right at any time to assume sole and exclusive control over the response, defense, settlement or other resolution of any legal proceeding (other than legal proceedings brought by any Governmental Authority, which are
the subject of Section 5(b)) (i) that seeks an order, injunction or other equitable relief against 

  
 10 

	 	
any Service Recipient or its Affiliates; (ii) that has been certified, or seeks certification, as a class action; (iii) if the Administrator does not accept material comments made by
the Service Recipients as to its handling of such legal proceeding; or (iv) that, if successful, could, in the Service Recipients’ reasonable opinion, materially interfere with the business, assets, liabilities, obligations, financial
condition, results of operations or reputation of any Service Recipient or any of its Affiliates; provided, that if any Service Recipient assumes control over the resolution of any legal proceeding pursuant to this Section 5,
(A) the Service Recipient shall be responsible for reasonable costs and expenses associated with such Action (other than judgments and amounts paid in settlement that constitute Reinsured Liabilities under the Reinsurance Agreements) and
(B) such Service Recipient shall not settle any legal proceeding without the Administrator’s prior written consent unless (I) there is no finding or admission of any violation of applicable Law or any violation of the rights of any
Person by the Administrator or any of its Affiliates, (II) the sole relief provided is monetary damages that are paid in full by the Service Recipient and no culpability is found on the part of, and a full and complete release is provided to, the
Administrator and its Affiliates and (III) the settlement does not encumber any of the assets of the Administrator or any of its Affiliates or contain any restriction or condition that would apply to or adversely affect the Administrator or any of
its Affiliates or the conduct of business by the Administrator or any of its Affiliates. 

  

	 	(e)	Customer Inquiries. Each Party shall promptly notify the other Party regarding any inquiries or complaints from customers with respect to the administration of the Policies and cooperate in good faith and use its
commercially reasonable efforts to resolve such complaint; provided, however, that the Administrator shall in the first instance have the right to direct the handling of such complaint and the Service Recipients shall cooperate in
resolving the complaint as directed by the Administrator. Notwithstanding the foregoing, the applicable Service Recipient shall have the ultimate right to direct the handling of such complaint and the Administrator shall cooperate in resolving the
matter. 

  

	 	(f)	Cooperation. Each Party shall cooperate fully with the other in all reasonable respects in order to accomplish the objectives of this Agreement. At the Administrator’s request and expense, each Service
Recipient shall cooperate with the Administrator in identifying and making available to the Administrator the form-filing files and related regulatory approvals of the Service Recipients with respect to the Policies and all other information with
respect to the Policies in the possession of the Service Recipient that may be reasonably required for the Administrator to prepare and file all necessary policy, rate, other regulatory and any other similar filings with any applicable Governmental
Authority with respect to the Policies (which filings may be made by the Administrator on its own behalf or on behalf of the Service Recipient). 

  

	 	(g)	 Ultimate Authority. Notwithstanding any other provision contained in this Agreement to the contrary, each Service Recipient shall, to the full
extent required by applicable Law (i) retain the ultimate authority to make all final decisions with 

  
 11 

	 	
respect to the administration of the Business and the Policies and (ii) have the right to direct the Administrator in its capacity as administrator to perform any action necessary for the
Policies to comply with applicable Law, to cease performing any action that constitutes a violation of applicable Law or to take any action, or to refrain from taking any action, to prevent material irreparable harm to the Service Recipients or
their Affiliates; provided, that in exercising such right, the Service Recipients shall act in good faith, taking into account the intent of the parties to, and the stated purposes of, this Agreement and the Transaction Agreements.

 Section 6. Administrative Fees. 
  

	 	(a)	Services Fee. The Administrator agrees (i) to perform the Services at its own expense and without any rights of reimbursement from any of the Service Recipients, in consideration of the Service Recipients
having entered into the Reinsurance Agreements and the other Transaction Agreements and for other good and valuable consideration, the receipt of which is hereby acknowledged and (ii) that no other compensation or reimbursement shall be payable
to the Administrator in respect of the Services provided hereunder. The Administrator shall reimburse each Service Recipient for any and all costs (which shall be deemed to include, in addition to all out-of-pocket costs, all corporate overhead and
other costs reasonably allocated to the performance of the Excluded Services in a manner consistent with past practice) incurred in connection with the performance of the Excluded Services to the extent relating to the Policies of such Service
Recipient. 

  

	 	(b)	Taxes. The Service Recipient shall pay and be liable for any applicable sales, value added, harmonized sales, goods and services, use, consumption, or similar Taxes imposed on it by applicable Law in connection
with the Services. The Administrator shall, to the extent practicable, separately state such sales, use, excise, services and other similar taxes on the relevant invoice for any Services. The Administrator shall deliver to the Service Recipient
correct, complete and executed originals of Internal Revenue Service Form W 9 (i) on or before the date hereof and (ii) promptly upon learning that any such previously provided form has become obsolete, incorrect or ineffective.

 Section 7. Access to Books and Records; Audits. 

 

	 	(a)	 Access to the Administrator’s Books and Records. For so long as any Service Recipient is required to maintain its own Books and Records
under applicable Law (and at a minimum for the length of the Term), the Administrator shall maintain (including backing up its computer files, and maintaining facilities and procedures for safekeeping and retaining documents) Books and Records on
behalf of such Service Recipient in accordance with prudent standards of insurance recordkeeping, in accordance with all applicable Laws, in accordance with Administrator’s internal record retention procedures and policies and in a format
reasonably accessible by each Service Recipient and its Representatives. 

  
 12 

	 	
The Administrator shall permit its Books and Records to be inspected and audited by such Service Recipient and its representatives and advisors, at reasonable times during the business hours of
the Administrator. In addition, the Service Recipients and their Representatives shall be allowed to make copies of such Books and Records. The Administrator shall allow the Service Recipients and their Representatives to interview the
Administrator’s and its Affiliates’ Representatives for any reasonable purpose relating to the Services, including in connection with the Service Recipients’ preparation or examination of regulatory and statutory filings and financial
statements and the conduct of any litigation relating to the Policies (other than any litigation or dispute between any Service Recipient or its Affiliates, on the one hand, and the Administrator or its Affiliates, on the other hand), or the conduct
of any Governmental Authority, contract holder, reinsurer or other dispute resolution whether pending or threatened. The foregoing audit rights may include audits (i) of practices and procedures, (ii) of Systems, (iii) of general
controls and security practices and procedures, (iv) of disaster recovery and backup procedures, (v) necessary to enable such Service Recipient to meet applicable requirements imposed by any Governmental Authority, and (vi) for any
other reasonable purpose as determined by the Service Recipient. This Agreement shall not be construed as to restrict such representatives and advisors from requesting further documentation in accordance with this Section 7(a) and in
addition to the audit rights above. To that effect, upon reasonable advance notice (unless a shorter notice is mandated by an order of a Governmental Authority), the Administrator shall provide any Service Recipient with access to its Books and
Records as is reasonably requested by such Service Recipient in connection with the Services provided under this Agreement or otherwise in connection with this Agreement or the Reinsurance Agreements. The Administrator shall fully cooperate
with any review or audit required by applicable Law or otherwise mandated or ordered by a Government Authority, stock exchange, accreditation body or court order or otherwise required by such Service Recipient to meet regulatory, discovery or other
requirements of applicable Law. The Administrator shall provide full cooperation to such Governmental Authorities, advisors and representatives as are contemplated by this Section 7. 

 

	 	(b)	Privileged Information. Notwithstanding any other provision of this Agreement to the contrary, the Administrator shall not be obligated to provide such access to any Books and Records or information if such
Administrator determines, in its reasonable judgment, that doing so would violate applicable Law or a contract, agreement or obligation of confidentiality owing to a third party, jeopardize the protection of an attorney-client privilege, or expose
such Party to Liability for disclosure of sensitive or personal information (it being understood that the Administrator shall use commercially reasonable efforts to enable such information to be furnished or made available to the Service Recipients
or their Representatives without so jeopardizing privilege or contravening such applicable Law or contract, including by entering into a customary joint defense agreement or common interest agreement). 

 

	 	(c)	Ownership of Books and Records. For the avoidance of doubt, each Service Recipient shall own and have custody of its Books and Records (including those maintained by the Administrator on such Service
Recipient’s behalf), and the Administrator shall own and have custody of its Books and Records. 

  
 13 

 Section 8. Confidential Information. 

 

	 	(a)	Confidentiality. All Confidential Information of a Party (the “Discloser”) disclosed to or received by the other Party, its Affiliates or their directors, officers, employees, agents or
subcontractors (the “Recipient”) in connection with the activities contemplated by this Agreement shall not be used by the Recipient except in connection with the activities contemplated by this Agreement, shall be maintained in
confidence by the Recipient under reasonable measures no less protective than those measures used by the Recipient to protect its own Confidential Information, and shall not otherwise be disclosed by the Recipient to any other person. Confidential
Information of a Party includes, with respect to each Party, Confidential Information of such Party’s Affiliate. 

  

	 	(b)	Permitted Disclosures. Notwithstanding Section 8(a), a Recipient may disclose the relevant aspects of the Discloser’s Confidential Information to its officers, agents, employees and
subcontractors to the extent that such disclosure is reasonably necessary for the performance of the Recipient’s duties and obligations under this Agreement; provided, that such Recipient takes all reasonable measures to ensure that such
Confidential Information is not disclosed or duplicated in contravention of the terms and conditions of this Agreement by such officers, agents, employees or subcontractors, including obtaining a customary confidentiality agreement from any such
officer, agent, employee or subcontractor. Notwithstanding anything to the contrary herein, the obligations in this Section 8 do not restrict any disclosure required by any applicable Law, or by order of any Governmental Authority;
provided, that the Recipient, to the extent permissible under applicable Law, provides prior notice of such disclosure to the Discloser, and assists the Discloser in its commercially reasonable efforts to obtain a protective order or other
remedy or minimize the degree of such disclosure. In the event that such protective order or other remedy is not obtained, or the Discloser waives compliance with this Section 8(b), the Recipient or its Affiliates, as applicable, shall
furnish only that portion of the Confidential Information which is legally required to be provided and exercise its commercially reasonable efforts to obtain assurances that appropriate confidential treatment shall be accorded the Confidential
Information. 

  

	 	(c)	 Definition. As used herein, “Confidential Information” means all information of any kind concerning the Discloser or any of
its Affiliates obtained directly or indirectly from the Discloser or any of its Affiliates, or Representatives in connection with the transactions contemplated by this Agreement and the other Transaction Agreements, except information
(i) ascertainable or obtained from public or published sources, (ii) which is lawfully disclosed to the Recipient by sources other than the Discloser who are not known by the Recipient to be bound

  
 14 

	 	
by a confidentiality obligation or otherwise prohibited from transmitting the information to Recipient by a contractual, legal or fiduciary obligation, (iii) which is or becomes known to the
public (other than through a breach of this Agreement or any other confidentiality or non-disclosure obligation of any Person), (iv) which was in the Recipient’s possession prior to disclosure thereof to the Recipient and which was not
subject to any obligation to keep such information confidential; or (v) which is independently developed by the Recipient or its Affiliates without the use or benefit of any information that would otherwise be Confidential Information.

  

	 	(d)	Ownership of Confidential Information. As between the Parties, each Discloser’s Confidential Information is and shall remain the sole and exclusive property of such Discloser. 

 

	 	(e)	Violations. Each Party shall promptly advise the other Party if it learns or has reason to believe that any Person that has had access to Confidential Information has violated or intends to violate any of the
confidentiality provisions of this Agreement. 

  

	 	(f)	Return of Confidential Information. Upon the request of a Discloser, the Recipient shall promptly return to the Discloser or destroy (and certify in a letter to the Discloser that such destruction has occurred)
any written, electronic or other Confidential Information of the Discloser, except to the extent that such Confidential Information must be preserved pursuant to applicable Law or to the extent that such Confidential Information is retained in an
electronic archival or backup system and destruction is not reasonably practicable; provided, that such Confidential Information shall remain subject to the requirements of this Section 8 for so long as the Recipient retains such
information. 

  

	 	(g)	Injunctive Relief. Each Party hereby acknowledges that it shall be impossible to measure the damages that would be suffered by the other Party if such Party failed to comply with this Section 8 and
that in the event of any such failure, there may not be adequate remedy at applicable Law for such other Party. Therefore, each Party shall be entitled, in addition to any other rights and remedies it may have, to the remedies provided in Section
17(g). 

 Section 9. Computer Systems Access; Security and Integrity. 

 

	 	(a)	 System Access. If, in connection with the Administrator’s performance of the Services hereunder, a Party (the “Host”)
grants another Party (the “Guest”) access to the Host’s computer system(s), Software, data, information or other materials (collectively, “Systems”), the Guest shall comply with the Host’s security
policies, procedures and requirements (“Security Requirements”) which the Host shall provide to the Guest in writing. The Guest shall use commercially reasonable efforts to ensure that only the members of the Guest’s personnel
(each, a “Guest User”) specifically authorized to access the Host’s Systems on behalf of the Guest are permitted access to the Host’s Systems. The Host has the right, in

  
 15 

	 	
its sole discretion, to require any Guest User to enter into a Systems access agreement (the form of which shall be approved in advance by the Guest) prior to granting such Guest User access to
the Host’s Systems. In addition, neither the Guest nor any Guest User shall tamper with, compromise or circumvent any security or audit measures employed by the Host. Unless authorized by the Host in writing, no Guest User shall engage in the
destruction or alteration of the Host’s Systems or of any information contained therein, including the introduction of any Virus into the Host’s Systems. If a Guest User or any other Person who is an employee of the Guest (i) seeks to
circumvent or circumvents the Host’s Security Requirements, (ii) obtains unauthorized access to the Host’s Systems, or (iii) engages in activities that are reasonably likely to lead to the unauthorized access, destruction,
alteration or loss of the Host’s Systems or of data or information contained therein, the Guest shall immediately (A) terminate or block such Guest User’s or other such Person’s access to the Host’s Systems and
(B) notify the Host thereof. In addition, the Host has the right to take measures reasonably necessary to protect the Host’s Systems from such Guest User or other such Person. During the Term, the Host shall be provided reasonably
sufficient access to the Guest’s facilities, at reasonable times and upon reasonable notice, to audit the Guest’s use of the Host’s Systems and compliance with the Host’s Security Requirements. Upon the termination or expiration
of the applicable services, the Guest and the Host shall use commercially reasonable efforts to terminate all Guest User’s access to the Host’s Systems. 

 

	 	(b)	Maintenance of Security Requirements. The Security Requirements currently implemented by the Administrator are attached hereto as Exhibit B.1 The
Administrator agrees to comply with all of the Security Requirements (or requirements substantially similar thereto and in no case less protective) and with all applicable Laws for so long as the Services are provided pursuant to this Agreement.

  

	 	(c)	Virus Protection. In connection with the Administrator’s performance of the Services hereunder, the Administrator agrees to take all reasonable steps to prevent the introduction of any Virus into any
Party’s Systems, including the implementation, maintenance and regular use of anti-Virus Software which meets the industry standards (but that is in no event less protective than the Software that the Host uses to protect its Systems). If, in
connection with the Administrator’s performance of the Services hereunder, a Virus is introduced into a Party’s Systems, the Administrator shall (i) provide written notice to the Service Recipients within twenty-four (24) hours
of Administrator’s discovery thereof, and (ii) use commercially reasonable efforts, or reasonably cooperate with the other Party’s efforts, as applicable, to eradicate such Virus and mitigate any effects thereof. If a Virus causes a
loss of data, upon a Service Recipient’s request, the Administrator shall use commercially reasonable efforts to restore such lost data. Each Party shall bear its own costs and expenses associated with the remediation of a Virus;
provided that, if it is determined that such Virus was introduced by a specific Party, such Party shall reimburse the other Parties for all reasonable costs and expenses actually incurred in connection therewith. 

 

	1 	Note to Seller: Subject to review of Exhibit B. 

  
 16 

 Section 10. Disaster Recovery Plan. To the extent not already part of the Administrator’s
current business practice, the Administrator shall develop disaster recovery and business recovery plans with respect to the Services, consistent with requirements set forth in Exhibit C (the “Disaster Recovery Plan”).2 As part of the Services, the Administrator shall implement the Disaster Recovery Plan(s) for the continuation of the Services, including recovery of the Service Recipients’ data and replacement
or recovery of the Administrator personnel, the Administrator’s operating environment, and telecommunications infrastructure as necessary to provide the Services with limited interruption of the Services or material degradation of the quality
of the Services. 
 Section 11. Force Majeure. 
  

	 	(a)	Definition. Neither Party is liable for any failure or delay in the performance of its obligations under this Agreement: (i) to the extent such failure or delay is caused, without fault of the non-performing
Party, by natural disaster, hurricane, earthquake, floods, fire, catastrophic weather conditions, diseases or other elements of nature or acts of God, acts of war (declared or undeclared), insurrection, riot, civil disturbance or disorders,
rebellion, sabotage, embargoes, terrorist acts, or explosions, strikes, failure of or damage to public utility; and (ii) cannot reasonably be circumvented by the non-performing Party by enacting the Disaster Recovery Plan (an event meeting the
criteria of both items (i) and (ii), a “Force Majeure Event”). 

  

	 	(b)	Excused Performance. Upon the occurrence of a Force Majeure Event, the non-performing Party shall be excused from its non-performance or observance of the affected obligation(s) for as long as such circumstances
prevail and such Party continues to attempt to recommence performance whenever and to whatever extent possible without delay. Any Party so delayed in its performance shall promptly notify the other by telephone or by the most timely means otherwise
available (to be confirmed in writing within two (2) Business Days or upon resumption of commercially accepted forms of written communication, whichever occurs later) and describe in reasonable detail the circumstances causing such delay.
Notwithstanding anything to the contrary herein, the occurrence of a Force Majeure Event shall not relieve the Administrator of its obligation to perform all applicable steps pursuant to the Disaster Recovery Plan. 

Section 12. Term; Termination. 
  

	 	(a)	Term. The term of this Agreement begins as of the Closing Date and ends on the earlier of (i) the last day of the calendar quarter during which the Service Recipients have notified the Administrator in
writing that no Service is required to be provided under the terms of the Policies and all Reinsured Liabilities under the 

 

	2 	 Note to Seller: Subject to discussion of Exhibit C. 

  
 17 

	 	
Policies have expired or been extinguished, (ii) any time upon the mutual consent of the Parties, or (iii) the date upon which this Agreement is terminated pursuant to
Section 12(b) or (c) (any of (i), (ii) or (iii), the “Term”). 

  

	 	(b)	Earlier Termination by the Service Recipients. The Service Recipients may terminate this Agreement (i) if the Reinsurance Agreements are terminated pursuant to their terms, or (ii) immediately, in the
event that the Administrator becomes insolvent or is placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or there is instituted against it proceedings for the
appointment of a receiver, liquidator, rehabilitator, conservator or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or assume control of its operations. Upon exercise of their termination right, the
Service Recipients shall deliver to the Administrator notice identifying a termination date for this Agreement that is not earlier than the termination date of the Reinsurance Agreements. Upon receipt of such notice, the Service Recipients and the
Administrator shall cooperate fully to transfer as promptly as practicable the Services (including any Systems and Software used in the provision of the Services) and Books and Records (or where appropriate, copies thereof) to the Service Recipients
or such Service Recipients’ designee so that the Service Recipient or its designee shall be able to perform the Services without interruption following termination of this Agreement and this Agreement shall not be terminated with respect to the
Service Recipients unless and until such transfer occurs. 

  

	 	(c)	Earlier Termination by the Administrator. The Administrator may terminate this Agreement if the Reinsurance Agreements are terminated pursuant to their terms. Upon exercise of its termination right, the
Administrator shall deliver to the Service Recipients notice identifying a termination date for this Agreement that is not earlier than the termination date of the Reinsurance Agreements. Upon termination of this Agreement, the Service Recipients
and the Administrator shall cooperate fully to transfer as promptly as practicable the Services (including any Systems and Software used in the provision of the Services) and Books and Records (or where appropriate, copies thereof) to the Service
Recipients or the Service Recipients’ designee so that the Service Recipients or their designees shall be able to perform the Services without interruption following termination of this Agreement and this Agreement shall not be terminated
unless and until such transfer occurs. 

  

	 	(d)	Post-Termination Transition and Administration. 

  

	 	(i)	In the event of termination of this Agreement for any reason, the Administrator shall continue to provide incidental services for as long as is reasonably needed by any Service Recipient, on a time and materials
basis, including services related to document retention, information needed for Tax reporting, litigation support and other incidental services that may be agreed upon by the Parties. 

 

	 	(ii)	Termination Costs. In the event that this Agreement is terminated in accordance with Section 12(b) or (c), all costs arising out of the termination shall be the responsibility of the Administrator and
its Affiliates including (i) the cost of transitioning the Services to a substitute provider, (ii) any fees paid to any such substitute provider and (iii) any costs incurred by the Service Recipients with respect to the Services after
termination of this Agreement 

  

	 	(e)	Survival. Notwithstanding the other provisions of this Section 12, Sections, 1, 7, 8, 9, 13, 16 and 17 shall remain in full force and effect after the expiration or termination of this
Agreement. 

  
 18 

 Section 13. Indemnification. 

 

	 	(a)	Indemnification by the Service Recipients. Each Service Recipient shall indemnify, defend and hold harmless the Administrator and its Affiliates and their respective officers, directors and employees
(collectively the “Administrator Indemnitees”) from and against any and all Damages actually sustained, incurred or suffered by the Administrator Indemnitees to the extent arising out of or related to (i) the breach of any
covenant or agreement of such Service Recipient set forth herein, without duplication of indemnification under any other Transaction Agreement or (ii) any successful enforcement of this indemnity. 

 

	 	(b)	Indemnification by the Administrator. The Administrator shall indemnify, defend and hold harmless each Service Recipient and its Affiliates and their respective officers, directors and employees (collectively the
“Service Recipient Indemnitees”) from and against any and all Damages actually sustained, incurred or suffered by the Service Recipient Indemnitees to the extent arising out of or related to (i) the breach of any covenant or
agreement of the Administrator set forth herein, without duplication of indemnification under any other Transaction Agreement, (ii) any violation of applicable Law by the Administrator or its Affiliates, (iii) the provision of the Services
by the Administrator or its Affiliates or (iv) any successful enforcement of this indemnity. 

  

	 	(c)	Procedures for Indemnification. Any proceedings related to indemnification under Sections 13(a) and (b) shall be conducted in accordance with the procedures set forth in Section 10.03 of
the Master Transaction Agreement, mutatis mutandis. 

  

	 	(d)	Exclusive Remedy. The indemnification provisions of this Section 13 shall be the exclusive remedy for any breach of this Agreement, except (i) for the termination provisions set forth
herein, (ii) for actual fraud relating to entry into this Agreement, or (iii) with respect to matters for which the remedy of specific performance, injunctive relief or other non-monetary equitable remedies are available 

  
 19 

 Section 14. New Insurance Policies 

 

	 	(a)	Authority to Write New Insurance Policies. 

  

	 	(i)	Subject to Sections 14(b) and 14(c), each Service Recipient hereby authorizes and grants the Administrator the authority, from the Effective Time until the 18 month anniversary of the Effective Time (such
period, the “New Business Period”), to quote, market, sell, underwrite, issue and renew (including renewals of Policies in force as of the date hereof), in the name of the Service Recipients, as applicable, policies with respect to
the Business (“New Insurance Policies”) in states where the Service Recipients were actively issuing Policies immediately prior to the Effective Time. 

 

	 	(ii)	The Administrator shall have the sole and exclusive right to make decisions with respect to the issuance and renewal of New Insurance Policies in accordance with Section 14(a)(i) and the non-renewal, cancellation or termination of Policies, in each case, subject to compliance with applicable Law, Section 14(d) and the terms and conditions set forth in the applicable Policies, the Quota
Share Reinsurance Agreement and this Agreement. 

  

	 	(iii)	Subject to the Quota Share Reinsurance Agreement and in accordance with the terms thereof, all New Insurance Policies shall be automatically ceded (effective immediately upon issuance thereof) by the Service Recipients
to the Administrator, as reinsurer thereunder, and reinsured by the Administrator on a one hundred percent (100%) indemnity reinsurance basis. 

  

	 	(iv)	All costs and expenses associated with the quotation, marketing, sale, underwriting, issuance and renewal of New Insurance Policies, including taxes, surcharges and assessments imposed on the basis of Premiums or
otherwise with respect to the New Issuance Policies, shall be borne by the Administrator 

  

	 	(v)	During the term of this Agreement, the Administrator shall use its commercially reasonable efforts in accordance with applicable Law, including seeking applicable regulatory approvals, permits, licenses or consents and
making all necessary regulatory filings (including any required rate and form filings), to have New Insurance Policies issued by the Administrator or another entity selected by the Administrator that is not affiliated with the Service Recipients by
the end of the New Business Period, such that the number of New Insurance Policies issued by the Service Recipients is minimized. The Service Recipients shall cooperate with the Administrator, at the Administrator’s request and expense, in
connection with seeking all such regulatory approvals, permits, licenses and consents and making such regulatory filings. 

  

	 	(vi)	During the term of this Agreement, the Service Recipients shall maintain all necessary regulatory approvals, permits, licenses or consents to issue New Insurance Policies on behalf of the Administrator.

  
 20 

	 	(b)	Guidelines. Any and all New Insurance Policies shall be (i) quoted, marketed, sold, underwritten, issued and renewed in accordance with the Service Recipients’ standards, guidelines, procedures and
practices as may be provided to the Administrator by the Service Recipients from time to time and in accordance with applicable Laws and (ii) written on policy forms and using any applicable rating plans in effect for Service Recipients for
such type of business at the Effective Time, except for changes required by applicable Law or changes that have been approved in advance and in writing by the Service Recipients. 

 

	 	(c)	Termination of Authority. The authority granted to the Administrator under Section 14(a) (i) shall terminate immediately without further action by any Person: (A) in the event that the
Administrator assigns or delegates, or seeks to assign or delegate, its underwriting authority with respect to such New Insurance Policies to any Person without the prior written consent of the Service Recipients (which consent may be withheld in
the Service Recipients’ sole discretion); (B) in the event that the Administrator issues, or seeks to issue, any New Insurance Policies outside of any jurisdiction in which any Service Recipient is appropriately licensed to issue any such
New Insurance Policy; (C) upon termination of the Quota Share Reinsurance Agreement or the inability of the Administrator, as reinsurer under the Quota Share Reinsurance Agreement, to reinsure New Insurance Policies under the Quota Share
Reinsurance Agreement; or (D) in the event that the Administrator becomes insolvent or is placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or there is
instituted against it proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or assume control of its operations; and
(ii) may be terminated by the Service Recipients upon written notice to the Administrator upon the occurrence of a Triggering Event, subject to any cure period. The authority granted to the Administrator hereunder to issue New Insurance
Policies shall terminate with respect to any state where the Administrator or its Affiliate has obtained the required licenses, permits and authorizations to issue such policies. Upon termination of the Administrator’s authority under
Section 14(a), whether pursuant to this Section 14(b) or expiration of the New Business Period, the Service Recipients shall have the right to effect the non-renewal, cancellation or termination, at the Administrator’s
expense, of any Policy, subject to applicable Law. The Administrator shall cooperate with the Service Recipients if the Service Recipients are required, by applicable Law or a Governmental Authority, to withdraw from any lines, kinds or classes
of insurance business in connection with the transition of the Business to the Administrator. 

  

	 	(d)	 Non-Renewals/Replacements. In connection with each renewal date of each Policy that occurs on or after the New Business Period, the
Administrator shall, or shall cause one of its Affiliates to, send on behalf of the Service Recipients (i) to 

  
 21 

	 	
each policyholder of a Policy that can be non-renewed as of such renewal date under applicable Law, a written notice in a form reasonably acceptable to the applicable Service Provider and
containing all information required by applicable Law, notifying such policyholder that its Policy will not be renewed and (ii) to each policyholder of a Policy that cannot be renewed as of such renewal date under applicable Law, a written
notice in a form reasonably acceptable to the applicable Service Provider offering a new insurance policy issued by the Administrator or one of its Affiliates that has terms and rates that are comparable to or more favorable to the policyholder than
the terms and rates that shall be offered to the relevant policyholder by the relevant Service Provider, as a replacement for the expiring Policy. 

  

	 	(e)	Marketing Activities. 

  

	 	(i)	The Administrator may develop and use new marketing and sales materials for the New Insurance Policies, only with the prior written consent of the Service Recipients. The Administrator shall provide the Service
Recipients with copies of all such materials prior to use thereof. 

  

	 	(ii)	The Administrator shall have responsibility for, and shall bear all costs, expenses and liabilities associated with, all activities relating to the marketing and sale of the New Insurance Policies by the Administrator,
including developing, printing and distributing marketing materials, and training agents, brokers and producers. 

 Section 15.
Insurance and Fidelity Bond. 
 The Administrator shall maintain insurance and fidelity bond coverages in accordance with the
specifications set forth in Exhibit D. 
 Section 16. Dispute Resolution. 

 

	 	(a)	General. Prior to taking any legal action related to this Agreement (excepting any legal action for immediate injunctive relief or equitable relief), any dispute, claim or controversy between the Parties arising
out of or relating to this Agreement, including with respect to the validity, performance, interpretation or application of any provision of this Agreement or the performance by the Administrator or any Service Recipient of their respective
obligations hereunder (a “Dispute”) shall be attempted to be resolved as provided in this Section 16. A Dispute is deemed to commence as of the date a Party informs the other Party in writing of the existence of a
Dispute. 

  

	 	(b)	Informal Dispute Resolution. The Parties shall first attempt to resolve their Dispute informally in the following manner: 

  

	 	(i)	 Either Party may submit the Dispute to the Agreement Managers, who shall meet as often as the Parties reasonably deem necessary to gather

  
 22 

	 	
and analyze any information relevant to the resolution of the Dispute. The Agreement Managers shall negotiate in good faith in an effort to resolve the Dispute; and 

 

	 	(ii)	If the Agreement Managers are unable to resolve the Dispute within fifteen (15) days, or otherwise determine in good faith that resolution through continued discussions by the Agreement Managers does not appear
likely, then the Parties may seek whatever remedies are available under applicable Law. 

  

	 	(c)	Continuity of Services. The Administrator acknowledges that the performance of its obligations, including the Services, pursuant to this Agreement is critical to the business and operations of the Service
Recipients. Accordingly, in the event of a Dispute between any of the Service Recipients, on the one hand, and the Administrator, on the other hand, the Administrator shall continue to perform the Services in good faith during the resolution of such
Dispute unless and until this Agreement is terminated in accordance with the provisions hereof. 

 Section 17.
Miscellaneous. 
  

	 	(a)	Entire Agreement. This Agreement constitutes the entire agreement between the Service Recipients and the Administrator with respect to the Services and supersedes all prior agreements and undertakings, both
written and oral. 

  

	 	(b)	Notices. All notices, requests, consents, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon
receipt) by delivery in person, by overnight courier service, by electronic mail (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective
Parties at the following respective addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 17(b)): 

 

	 	(i)	To the Administrator: 

 Integon National Insurance Company 

c/o National General Insurance Company 

Attention: Jeffrey Weissmann, General Counsel 

59 Maiden Lane 

38th Floor 

New York, NY 10038 

Phone: (212) 380-9479 

Facsimile: (212) 380-9498 

e-mail: jeffrey.weissmann@ngic.com 

  
 23 

 With a concurrent copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

Attention: Nicholas F. Potter 

919 Third Avenue 

New York, NY 10022 

Phone: (212) 909-6459 

Facsimile: (212) 521-7459 

e-mail: nfpotter@debevoise.com 
  

	 	(ii)	To the Service Recipients: 

 QBE Holdings, Inc. 

Attention: Jose Ramon Gonzalez, Chief Legal Officer 

Wall Street Plaza 

88 Pine Street 

New York, NY 10005 

Phone: (212) 422-1212 

Facsimile: (212) 422-1313 

e-mail: Jose.Gonzalez@us.qbe.com 

With a concurrent copy (which shall not constitute notice) to: 

Sidley Austin LLP 

Attention: Sean M. Keyvan 

One South Dearborn 

Chicago, IL 60603 

Phone: (312) 853-4660 

Facsimile: (312) 853-7036 

e-mail: skeyvan@sidley.com 

Any Party may, by notice given in accordance with this Section 17(b) to the other Party, designate another address
or Person for receipt of notices hereunder; provided that notice of such a change shall be effective upon receipt. 
  

	 	(c)	No Third-Party Beneficiaries. Except as provided in Section 13 with respect to Administrator Indemnitees and Service Recipient Indemnitees, this Agreement is for the sole benefit of the Parties and
their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to, or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement. 

  

	 	(d)	Successors and Assigns. This Agreement shall not be assigned by operation of law or otherwise by any Party without the prior written consent of the other Parties. Any attempted assignment in violation of this
Section 11.07 shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the Parties and their permitted successors and assigns. 

  
 24 

	 	(e)	Counterparts. This Agreement may be executed in any number of counterparts, each of which is deemed an original, and all of which collectively constitute one and the same instrument. Counterparts may be executed
and delivered in original, faxed or emailed in PDF form. 

  

	 	(f)	Governing Law and Jurisdiction. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES OF SUCH STATE THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF SUCH AGREEMENTS TO THE LAWS OF ANOTHER JURISDICTION. Any action for specific performance as
contemplated by Section 17(g) or any action, suit or proceeding directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement shall be brought in a New York Court.
The Parties hereby waive any objection they may now or hereafter have to the venue of any such action or proceeding in any such court and any claim that such action or proceeding has been brought in an inconvenient forum. Any service of any process,
summons, notice, document or other paper does, if delivered, sent or mailed in accordance with Section 17(b), constitute good, proper and sufficient service thereof. Each Party agrees that any final, nonappealable judgment in any such
action, suit or proceeding brought in any such court shall be conclusive and binding upon such Party and may be enforced in any other courts to whose jurisdiction such Party may be subject, by suit upon such judgment. 

EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER TRANSACTION AGREEMENT, OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER TRANSACTION AGREEMENT. 

 

	 	(g)	Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the terms or provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that, notwithstanding anything to the contrary contained in this Agreement, each of the Parties shall be entitled to injunctive or other equitable relief to prevent breaches of this Agreement and to
enforce specifically the terms and provisions hereof in any court referenced in Section 17(f) having jurisdiction, such remedy being in addition to any other remedy to which any party may be entitled at law or in equity. In the event
that any Action is brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense or counterclaim, that there is an adequate remedy at law. 

  
 25 

	 	(h)	Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any Party hereto. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible. 

  

	 	(i)	Amendments and Waivers. No provision of this Agreement may be amended, supplemented or modified except by a written instrument signed by all of the Parties. No provision of this Agreement may be waived except by
a written instrument signed by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by applicable Law.

  

	 	(j)	Interpretation. Interpretation of this Agreement shall be governed by the following rules of construction: (i) words in the singular shall be held to include the plural and vice versa, and words of one
gender shall be held to include the other gender as the context requires; (ii) references to the terms preamble, recitals, Section, and Exhibit are references to the preamble, recitals, Sections and Exhibits to this Agreement unless otherwise
specified; (iii) references to “$” shall mean U.S. dollars; (iv) the word “including” and words of similar import shall mean “including without limiting the generality of the foregoing,” unless otherwise
specified; (v) the word “or” shall not be exclusive; (vi) the words “herein,” “hereof,” “hereunder” “hereby” and similar terms shall be deemed to refer to this Agreement as a whole and not
to any specific Section; (vii) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (viii) this Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted; (ix) if a word or phrase is defined, the other grammatical forms of such word or phrase have a
corresponding meaning; (x) references to any statute, listing rule, rule, standard, regulation or other law (A) include a reference to the corresponding rules and regulations and (B) include a reference to each of them as amended,
modified, supplemented, consolidated, replaced or rewritten from time to time; (xi) references to any section of any statute, listing rule, rule, standard, regulation or other law include any successor to such section; (xii) any reference
to “days” means calendar days unless Business Days are expressly specified; and (xiii) references to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended,
modified, supplemented or replaced from time to time, unless otherwise stated. 

  
 26 

 [Signature page follows] 

  
 27 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
duly authorized officers effective as of the date first set forth above. 
  

									
	QBE INSURANCE CORPORATION				INTEGON NATIONAL INSURANCE COMPANY
					
	By:		  
				By:		  

					
	Name:		  
				Name:		  

					
	Title:		  
				Title:		  

				
	PRAETORIAN INSURANCE COMPANY						
					
	By:		  
						
					
	Name:		  
						
					
	Title:		  
						
				
	QBE SPECIALTY INSURANCE COMPANY						
					
	By:		  
						
					
	Name:		  
						
					
	Title:		  
						
				
	EQUATOR REINSURANCES LIMITED						
					
	By:		  
						
					
	Name:		  
						
					
	Title:		  
						

 [Signature Page to Reinsurance Administrative Services Agreement] 

 EXHIBIT B-1 

FORM OF EXTERNAL LPT REINSURANCE AGREEMENT 

See attached. 

  
 B-1 

 EXHIBIT B-1 

FORM OF EXTERNAL LPT REINSURANCE AGREEMENT 

LOSS PORTFOLIO TRANSFER 

REINSURANCE AGREEMENT 

BY AND AMONG 
 EQUATOR
REINSURANCES LIMITED 
 AND 

INTEGON NATIONAL INSURANCE COMPANY 

DATED AS OF [●], 2015 

 TABLE OF CONTENTS 

 

					
	 Article I DEFINITIONS
		 	2	  
		
	 Article II COVERED BUSINESS AND EFFECTIVE TIME
		 	6	  
		
	 Article III TERRITORY
		 	6	  
		
	 Article IV REINSURING CLAUSE
		 	6	  
		
	 Article V CONSIDERATION
		 	7	  
		
	 Article VI ADMINISTRATION OF THE REINSURED LIABILITIES
		 	10	  
		
	 Article VII EXCLUSIONS
		 	11	  
		
	 Article VIII SEVERABILITY
		 	11	  
		
	 Article IX ERRORS AND OMISSIONS; COOPERATION
		 	11	  
		
	 Article X EXISTING REINSURANCE CONTRACTS AND POLICIES
		 	12	  
		
	 Article XI INSOLVENCY
		 	13	  
		
	 Article XII TRUST ACCOUNT
		 	14	  
		
	 Article XIII LOSS SETTLEMENTS
		 	16	  
		
	 Article XIV RESERVES
		 	16	  
		
	 Article XV CURRENCY
		 	16	  
		
	 Article XVI OFFSET
		 	17	  
		
	 Article XVII SALVAGE AND SUBROGATION
		 	17	  
		
	 Article XVIII TERMINATION
		 	17	  
		
	 Article XIX INDEMNIFICATION
		 	18	  
		
	 Article XX NO OTHER REPRESENTATIONS OR WARRANTIES
		 	18	  
		
	 Article XXI MISCELLANEOUS
		 	19	  

  
 i 

 Schedule A – Reinsurance Arrangements 

Schedule B – Quarterly Financial Report 
 Schedule C –
Annual Reports 

  
 ii 

 LOSS PORTFOLIO TRANSFER REINSURANCE AGREEMENT 

THIS LOSS PORTFOLIO TRANSFER REINSURANCE AGREEMENT (this “Agreement”), is made and entered into as of
[●], 2015 (the “Closing Date”) by and between EQUATOR REINSURANCES LIMITED, a Bermuda-domiciled insurance company (the “Ceding Company”), and INTEGON NATIONAL INSURANCE COMPANY, a North Carolina-domiciled
property and casualty insurance company (the “Reinsurer”). The Ceding Company and the Reinsurer are each a “Party” and are collectively, the “Parties.” 

WHEREAS, QBE Financial Institution Risk Services, Inc. (the “Seller”), an Affiliate (as defined in the Master
Transaction Agreement (as defined herein)) of the Ceding Company, along with its Affiliate QBE Investments (North America), Inc., and National General Holdings Corp. (the “Acquiror”), an Affiliate of the Reinsurer, have entered into
that certain Master Transaction Agreement, dated as of July 15, 2015 (the “Master Transaction Agreement”), pursuant to which the Seller has agreed to sell, and the Acquiror has agreed to purchase, the Business (as defined
herein); 
 WHEREAS, as a condition to the Closing (as defined in the Master Transaction Agreement), certain insurance company
Affiliates of the Ceding Company shall have ceded to the Ceding Company, and the Ceding Company shall have reinsured all Reinsured Liabilities (as defined herein) in accordance with the terms and conditions of certain reinsurance agreements among
such parties including the Internal Reinsurance Agreement (as defined herein) (collectively, the “Intercompany Reinsurance Agreements”); 

WHEREAS, as a further condition to the Closing, the Ceding Company shall retrocede to the Reinsurer, and the Reinsurer shall reinsure
all Reinsured Liabilities (including Reinsured Liabilities assumed pursuant to the Intercompany Reinsurance Agreements); 
 WHEREAS,
simultaneous with the execution of this Agreement, the Reinsurer, as grantor, the Ceding Company, as the beneficiary, and the Trustee (as defined herein), as trustee, have entered into that certain Trust Agreement (the “Trust
Agreement”), which is intended for the credit protection of the Ceding Company and pursuant to which the Reinsurer has agreed to establish and maintain a trust account to secure the Reinsurer’s obligations to the Ceding Company under
this Agreement; 
 WHEREAS, simultaneous with the execution of this Agreement, the Reinsurer, as grantor, the Ceding Company, as the
secured party, and the Trustee, as securities intermediary, have entered into that certain Security and Control Agreement (the “Security and Control Agreement”), pursuant to which the Reinsurer has granted a first priority security
interest in favor of the Ceding Company in and continuing lien on all of its right, title and interest in, to and under the Trust Account (as defined herein) on the terms and subject to the conditions set forth therein; and 

WHEREAS, simultaneous with the execution of this Agreement, the Ceding Company and certain of its insurance company Affiliates and the
Reinsurer have entered into that certain Reinsurance Administrative Services Agreement (the “Administrative Services Agreement”), pursuant to which the Reinsurer shall provide certain administrative services on behalf of the QBE
Insurance Companies (as defined herein) with respect to the Policies (as defined herein). 

  
 1 

 NOW, THEREFORE, in consideration of the mutual and several promises and undertakings
herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE I 

DEFINITIONS 
 Any
capitalized term used but not defined herein shall have the meaning set forth in the Master Transaction Agreement. The following terms have the respective meanings set forth below throughout this Agreement: 

“Acquiror” shall have the meaning set forth in the recitals. 

“Actuarial Report” shall have the meaning set forth in Article V(D)(i). 

“Administrative Services Agreement” shall have the meaning set forth in the recitals. 

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

“Annual Reports” shall have the meaning set forth in Article V(D)(iv). 

“Business” means the business activities of the LPI Companies (whether or not loan tracking services are provided as part of
such activities) as a managing general agent, general agent, producer or broker and insurer of lender-placed hazard insurance, REO insurance, lender-placed automobile insurance, lender-placed flood and flood gap insurance, lender-placed wind
insurance, guaranteed asset protection insurance and leased equipment insurance. 
 “Ceding Company” shall have the meaning
set forth in the preamble. 
 “Ceding Company Indemnitees” shall have the meaning set forth in Article XIX(B). 

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

“Damages” means any and all damages, losses, Liabilities, judgments, settlements, costs and expenses (including reasonable
attorneys’ fees and other expenses of investigation and reasonable attorneys’ fees and other expenses in connection with any action, suit or proceeding). 

“Effective Date” means [●].1 

“Effective Time” means 12:00 a.m., Eastern Time on the Effective Date. 

 

	1 	Note to Draft: Effective Date will be the Closing Date under the Master Transaction Agreement. 

  
 2 

 “Eligible Investment” means any security or other asset, as set forth in the
applicable Laws of the Commonwealth of Pennsylvania, that would allow a Pennsylvania domiciled insurance company to obtain a reduction from liability for the reinsurance ceded to a reinsurer that is neither an authorized or a certified reinsurer in
the Commonwealth of Pennsylvania. 
 “Extra Contractual Obligations” means all Liabilities and obligations to any Person
arising out of or relating to the Policies (other than Liabilities or obligations arising under the express terms and conditions, and within the limits, of the Policies), including any Liability for fines, penalties, taxes, fees, forfeitures,
compensatory, punitive, exemplary, special, treble, bad faith, tort or any other form of extra contractual damages, and all legal fees and expenses relating thereto, including Liabilities or obligations arising from any act, error or omission,
whether intentional, negligent or in bad faith, arising out of (i) the form, sale, marketing, underwriting, production, issuance, cancellation or administration of the Policies, (ii) the investigation, defense, trial, settlement or
handling of claims, benefits or payments under the Policies, or (iii) the failure to pay or the delay in payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in
connection with the Policies. Extra Contractual Obligations shall not include Excluded Liabilities (as defined in the Master Transaction Agreement). 

“GAAP” means U.S. Generally Accepted Accounting Principles in effect at the time any applicable financial statements
were or are prepared. 
 “Initial Rate” means an interest rate equal to three (3)-month LIBOR for dollars that appears on
page LIBOR 01 (or a successor page) of the Reuters Telerate Screen as of 11:00 a.m., New York time, on each day during the period for which interest is to be paid. 

“Intercompany Reinsurance Agreements” shall have the meaning set forth in the recitals. 

“Internal Reinsurance Agreement” means that certain Reinsurance Agreement, dated as of even date hereof, between the QBE
Insurance Companies and the Ceding Company. 
 “Liabilities” means any and all liabilities, obligations, debts and binding
commitments of any kind, character or description, whether known or unknown, asserted or not asserted, absolute or contingent, fixed or unfixed, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, vested or
unvested, executory, determined, determinable or otherwise, whenever or however incurred or arising (including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by GAAP
or SAP to be reflected in financial statements or disclosed in the notes thereto. 
 “Master Transaction Agreement” shall
have the meaning set forth in the recitals. 
 “Net Cash Settlement Amount” shall have the meaning set forth in Article
V(D)(ii). 
 “Net Loss Reserves” means, as of any date of determination, gross statutory reserves for Policy
Liabilities, including billed but unpaid losses, case and other loss reserves, reserves for losses incurred but not yet reported and future development on known claims, and reserves for loss adjustment expenses (whether allocated or unallocated),
reopened claims reserves and claims in transit, in each case in respect of Policy Liabilities and net of ceded loss reserves under the Reinsurance Arrangements. 

  
 3 

 “New York Courts” shall have the meaning set forth in Article XXI(F).

 “Party” shall have the meaning set forth in the preamble. 

“Policies” means any and all binders, endorsements, riders, policies, certificates, slips, covers, supplements and other
contracts of insurance contracts issued, renewed, assumed or reinsured (including Policies reinsured pursuant to the Intercompany Reinsurance Agreements), on or prior to the Effective Time, by or on behalf of the QBE Insurance Companies in
connection with the Business. 
 “Policy Liabilities” means all Liabilities of the Ceding Company, including losses and
loss settlements, arising under or with respect to the Policies with respect to events and occurrences prior to the Effective Time. 

“QBE Insurance Companies” means QBE Insurance Corporation, Praetorian Insurance Company and QBE Specialty Insurance Company.

 “Quarterly Financial Report” shall have the meaning set forth in Article V(D)(ii). 

“Quarterly Settlement Period” means each quarterly period beginning on and including the first day of a calendar quarter and
ending on the last day of such calendar quarter, except that (i) the first Quarterly Settlement Period shall begin on the Effective Date, and (ii) the final Quarterly Settlement Period shall end on the date of termination of this
Agreement. 
 “RBC Calculation” shall have the meaning set forth in Article VI(B). 

“Recoverables” shall have the meaning set forth in Article V(B). 

“Reinsurance Arrangements” means reinsurance and other risk transfer or risk mitigation mechanisms or arrangements set forth
in Schedule A relating to the Policies that are (i) in force or are treated as being in force as of the Closing Date or (ii) terminated but under which there remains any outstanding Liability from the reinsurer with respect to which
reserves are carried or required to be carried as of the Closing Date. 
 “Reinsured Liabilities” means (i) all Policy
Liabilities (net of actual recoveries received by the Ceding Company under the Reinsurance Arrangements), (ii) all loss adjustment expenses related to the Policy Liabilities, (iii) all Extra Contractual Obligations (to the extent not
recovered under the Quota Share Reinsurance Agreement (as defined in the Master Transaction Agreement)) arising before, at or after the Effective Time, to the extent permitted by applicable Law and (iv) all guaranty fund or other residual
market assessments incurred by the Ceding Company with respect to premiums relating to Policy Liabilities, less the portion, if any, of premium tax credits, deductions and offsets associated with such assessments. 

“Reinsurer” shall have the meaning set forth in the preamble. 

  
 4 

 “Reinsurer Indemnitees” shall have the meaning set forth in Article
XIX(A). 
 “SAP” means, with respect to a Party, statutory accounting practices as prescribed or permitted by the
applicable Governmental Authorities having jurisdiction over such Party. 
 “Security Amount” means (i) at any time
prior to a Triggering Event, an amount equal to 102% of the Net Loss Reserves and (ii) at any time after a Triggering Event, an amount equal to 105% of the Net Loss Reserves. 

“Security and Control Agreement” shall have the meaning set forth in the recitals. 

“Seller” shall have the meaning set forth in the recitals. 

“Settlement Date” shall have the meaning set forth in Article V(E)(iii). 

“Termination Account” shall have the meaning set forth in Article XII(I)(i)(c). 

“Third Party Accountant” means Deloitte Touche Tohmatsu Limited; provided, that if Deloitte Touche Tohmatsu Limited is
unable to act as Third Party Accountant, the Third Party Account shall be an independent accounting firm of international recognition which is mutually acceptable to the Ceding Company and the Reinsurer or, if the Ceding Company and the Reinsurer
are unable to agree on such an accounting firm, an independent accounting firm selected by mutual agreement of the Ceding Company’s and the Reinsurer’s independent accountants. 

“Triggering Event” means the occurrence of any one or more of the following: (i) the Reinsurer’s financial strength
rating or claims paying rating, as applicable, by A.M. Best Company is reduced below A- (Excellent) or the Reinsurer ceases to be assigned a financial strength rating or claims paying rating, as applicable, by A.M. Best Company; (ii) the
Reinsurer’s statutory policyholder surplus falls below $325 million and has not been cured by the Reinsurer within thirty (30) days of such occurrence; (iii) the Reinsurer’s “total adjusted capital” (as reflected in the
RBC Calculation delivered by the Reinsurer to the Ceding Company pursuant to Article VI(B)) falls below two hundred percent (200%) of the Reinsurer’s “company action level risk-based capital” (as reflected in such RBC
Calculation) and has not been cured by the Reinsurer within thirty (30) days of such occurrence; (iv) the initiation or commencement of a liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding by or
against the Reinsurer and such liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding and has not been cured by the Reinsurer within sixty (60) days of such initiation or commencement; (v) the Reinsurer
fails to fund the Trust Account in accordance with the terms of this Agreement and the Trust Agreement and has not cured such failure within thirty (30) days or (vi) the Reinsurer is no longer a Subsidiary (as defined in the Master
Transaction Agreement) of the Acquiror. 
 “Trust Account” shall have the meaning set forth in the Trust Agreement. 

“Trust Agreement” shall have the meaning set forth in the recitals. 

“Trust Assets” shall have the meaning set forth in Article XII(D). 

“Trustee” means the trustee or custodian named under the Trust Agreement and any successor trustee or custodian appointed as
such pursuant to the terms of such Trust Agreement. 

  
 5 

 ARTICLE II 

COVERED BUSINESS AND EFFECTIVE TIME 

A. This Agreement shall apply to all Policies. 

B. This Agreement is effective as of the Effective Time and shall remain in force until such time as (i) all Reinsured Liabilities ceded
hereunder have been terminated and extinguished in accordance with the terms of the Policies and all amounts owing under this Agreement have been paid, or (ii) this Agreement is terminated in accordance with Article XVIII. 

C. The provisions of Articles I, II(C), II(D), XIX and XXI shall survive the termination of this
Agreement. In the event of a termination of this Agreement, each Party shall remain liable for any willful and material breach of this Agreement prior to such termination. 

D. In the event that this Agreement is terminated under Article XVIII, unless otherwise agreed in writing by the Parties,
(i) the Parties shall settle amounts based on a report in the same form as the Quarterly Financial Report as of the effective date of termination and delivered not later than thirty (30) days following the effective date of termination,
(ii) the Reinsurer shall return contemporaneously with delivery of said report by wire transfer of immediately available funds to an account designated by the Ceding Company in writing, an amount in cash or other Eligible Investments with a
fair market value in the aggregate equal to the value of the Net Loss Reserves as of the effective date of termination, determined in accordance with SAP, (iii) the Parties shall cooperate to effect a further unwinding of the transactions
contemplated by this Agreement as of the effective date of termination, including assigning back to the Ceding Company all rights and payments assigned by the Ceding Company to the Reinsurer pursuant to this Agreement effective as of the date of
termination; provided, that the Administrative Services Agreement shall remain in place until such time as it is terminated pursuant to its terms and (iv) the Parties shall true up the payment made under the preceding clause (ii)
using the procedures set forth in Article V(D) mutatis mutandis. 
 ARTICLE III 

TERRITORY 
 The
reinsurance provided under this Agreement shall be coextensive with the territory of the Policies. 
 ARTICLE IV 

REINSURING CLAUSE 

A. Subject to the terms and conditions of this Agreement, as of the Effective Time, the Ceding Company hereby cedes to the Reinsurer, and the
Reinsurer hereby accepts and agrees 

  
 6 

 
to assume and reinsure one hundred percent (100%) of all Reinsured Liabilities under Policies issued, renewed, reinsured or assumed prior to the Effective Time, whether or not such Policies
are still in force as of the Effective Time, excluding, for the avoidance of doubt. 
 B. Pursuant to the Administrative Services Agreement,
on and after the Closing Date, the Reinsurer, in its capacity as administrator under the Administrative Services Agreement, shall have responsibility for discharging and paying to or on behalf of the Ceding Company for the account of the party to
whom they are owed, as and when due, the Reinsured Liabilities. 
 C. The Reinsurer’s liability under this Agreement shall be subject
in all respects to the same risks, terms, rates, conditions, interpretations, assessments, waivers, and to the same modifications, alterations and cancellations, as the respective Policies to which liability under this Agreement attaches, the true
intent of this Agreement being that the Reinsurer shall, subject to the terms, conditions, and limits of this Agreement, follow the fortunes of the Ceding Company under the Policies, and the Reinsurer shall be bound, without limitation, by all
payments and settlements under the Policies made or entered into by or on behalf of the Ceding Company. 
 D. The Reinsurer accepts,
reinsures and assumes, as applicable and to the extent set forth herein, the Reinsured Liabilities subject to any and all defenses, setoffs and counterclaims to which the Ceding Company would be entitled with respect to the Reinsured Liabilities, it
being expressly understood and agreed by the Parties that no such defenses, setoffs or counterclaims are or shall be waived by the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby and that the
Reinsurer is and shall be fully subrogated in and to all such defenses, setoffs and counterclaims. 
 ARTICLE V 

CONSIDERATION 
 A.
As consideration for the reinsurance provided pursuant to this Agreement, the Ceding Company shall transfer, on the Closing Date in accordance with the Master Transaction Agreement, to the Trust Account, cash or other Eligible Investments equal to
the Estimated Net Settlement Amount determined by reference to the Estimated Reinsurance Settlement Statement. Such payment shall be adjusted following the date hereof in accordance with the mechanics set forth in the Master Transaction Agreement.

 B. As additional consideration for the reinsurance provided herein, and subject in any event to the Reinsurer’s compliance with and
performance of the terms and conditions of this Agreement and each other Transaction Agreement to which the Reinsurer is a party, the Ceding Company hereby irrevocably sells, transfers and conveys to the Reinsurer, and Reinsurer shall be entitled to
receive, one hundred percent (100%) of all of the following amounts actually received by the QBE Insurance Companies, the Ceding Company or the Reinsurer, whether in its role as reinsurer hereunder or as administrator under the Administrative
Services Agreement, with respect to the Policies after the Effective Time that are either due and unpaid as of the Effective Time or that arise on any date after the Effective Time (items (i) through (ii) below, collectively, the
“Recoverables”): 
 (i) litigation recoveries pursuant to litigation to the extent liability for such litigation
constitutes a Reinsured Liability; and 
 (ii) any and all other collections and recoveries of any sort whatsoever to the extent related to
the Reinsured Liabilities (other than recoveries under the Reinsurance Arrangements). 

  
 7 

 provided, however, that following the occurrence of a Triggering Event, the Ceding Company
shall be entitled to retain all such amounts as security for, and the Ceding Company shall have the right to use and apply such amounts solely to satisfy, the Reinsurer’s obligations under this Agreement. 

C. Subject in any event to the Reinsurer’s compliance with and performance of the terms and conditions of this Agreement and any other
Transaction Agreement to which the Reinsurer is a party, the Ceding Company hereby appoints the Reinsurer as its agent and attorney in fact to collect all Recoverables in the Ceding Company’s name. The Ceding Company agrees and acknowledges
that the Reinsurer and its permitted assigns and delegatees are entitled to enforce, in the name of the Ceding Company, all rights at law or in equity or good faith claims of the Ceding Company with respect to such Recoverables. If necessary for
such collection, the Ceding Company shall reasonably cooperate, at the Reinsurer’s expense, in any litigation or other dispute resolution mechanism relating to such collection. The Parties acknowledge and agree that the Reinsurer shall be
responsible for and has hereby assumed the financial risk of any uncollected or uncollectible Recoverables. To the extent that the Ceding Company recovers any Recoverables from any third party attributable to the Reinsured Liabilities, the Ceding
Company shall, in accordance with this Article V, transfer such amounts to the Reinsurer, together with any pertinent information that the Ceding Company may have relating thereto. 

D. Reports and Remittance. 

(i) On an annual basis, the Reinsurer shall prepare, or have prepared, in accordance with all applicable actuarial standards and statutory
actuarial opinion disclosure requirements, an actuarial review of the statutory reserves on a gross, ceded and net basis prior to the application of the reinsurance provided under this Agreement (“Actuarial Report”). The Actuarial
Report shall contain (a) a distribution release for regulators, tax authorities and rating agencies, (b) an actuarial point estimate, and (c) a data reconciliation between data underlying the actuarial analysis and data provided in
the Quarterly Financial Reports to the Ceding Company. The Reinsurer shall provide a copy of the Actuarial Report in final form to the Ceding Company no later than ninety (90) days following the end of each calendar year. With each Actuarial
Report, the Reinsurer shall cause the Ceding Company’s and the QBE Insurance Companies’ opining actuaries to be granted permission in writing from the actuary signing the Actuarial Report to rely on the Actuarial Report. 

(ii) As soon as practicable (but in no event later than ten (10) Business Days) after the end of each quarter ending on
February 28, May 31, August 31 and November 30, the Reinsurer shall deliver to the Ceding Company a quarterly financial report (each a “Quarterly 

  
 8 

 
Financial Report”), substantially in the form set forth in Schedule B, which shall report on the financial activity hereunder for the relevant Quarterly Settlement
Period and shall calculate the amount, if any, due from the Reinsurer to the Ceding Company or due from the Ceding Company to the Reinsurer, as applicable, under this Agreement for the relevant Quarterly Settlement Period to the extent not already
paid or settled (the “Net Cash Settlement Amount”). 
 (iii) If the Ceding Company has any objection to the Net Cash
Settlement Amount on the basis of (a) manifest arithmetic error, or (b) such Net Cash Settlement Amount not being calculated in accordance with the terms of this Agreement, the Ceding Company shall deliver to the Reinsurer written notice
thereof together with reasonable supporting detail concerning its objection. If the Ceding Company does not deliver a notice of objection within thirty (30) days after receipt of the calculation of the Net Cash Settlement Amount from the
Reinsurer, the Parties shall be bound by such calculation. If a notice of objection in respect of the calculation of the Net Cash Settlement Amount is provided by the Ceding Company to the Reinsurer, the Ceding Company and the Reinsurer shall
attempt in good faith to resolve the objection between themselves. If such objection is resolved between the Ceding Company and the Reinsurer, the calculation of the Net Cash Settlement Amount shall be as so agreed in writing between the Ceding
Company and the Reinsurer and the Parties shall be bound by such calculation. If the Ceding Company and the Reinsurer are unable to reach a resolution on the calculation of the Net Cash Settlement Amount within thirty (30) days after receipt by
the Reinsurer of the Ceding Company’s notice of objection, the dispute shall be submitted to a Third Party Accountant for resolution as soon as practicable (but in no event later than thirty (30) days) whose decision shall be final and
binding on the Parties. 
 (iv) Within fifteen (15) Business Days following the end of each calendar year, the Reinsurer shall deliver
to the Ceding Company the information and reports listed on Schedule C (collectively, the “Annual Reports”). 
 (v)
Without limiting the foregoing, each of the Reinsurer and the Ceding Company shall provide to the other Party such reports as are reasonably required in order that such other Party may prepare its financial statements, regulatory filings and any
other filings that must be made by such other Party or any other Person to which such other Party has ceded, or otherwise transferred the risk related to, the Policies. 

E. Remittance. If the Net Cash Settlement Amount as shown on the Quarterly Financial Report finally determined pursuant to
Article V(D)(ii) is a positive amount, the Ceding Company shall pay such amount to the Reinsurer, and if the Net Cash Settlement Amount as shown on such Quarterly Financial Report is a negative amount, then the Reinsurer shall pay the
absolute value of such negative amount to the Ceding Company. 
 (i) All Net Cash Settlement Amounts (including any interest on any of the
foregoing) due to the Reinsurer from the Ceding Company shall be remitted by wire transfer in immediately available funds to an account or accounts designated by the Reinsurer. 

(ii) All Net Cash Settlement Amounts (including any interest on the foregoing) due to the Ceding Company from the Reinsurer shall be remitted
by wire transfer in immediately available funds to an account or accounts designated by the Ceding Company. 

  
 9 

 (iii) Any payment required under this Article V(E) with respect to any Quarterly
Settlement Period shall be made within seven (7) days following final determination of the Net Cash Settlement Amount pursuant to Article (D)(ii) by the party required to make payment (the “Settlement Date”). 

(iv) Notwithstanding the foregoing, during any period of time when the Reinsurer is in breach of the Trust Agreement, (a) any amount
payable by the Ceding Company to the Reinsurer hereunder shall be deposited into the Trust Account and (b) any Recoverables collected by the Reinsurer during any Quarterly Settlement Period shall be deposited by the Reinsurer into the Trust
Account. 
 F. Delayed Payments. If there is a delayed settlement of any payment due hereunder between the Ceding Company and the
Reinsurer, interest shall accrue on such payment at the Initial Rate then in effect until settlement is made. For purposes of this Article V(F), a payment shall be considered overdue, and such interest shall begin to accrue, on the first
day immediately following the date such payment is due. 
 G. Books and Records. The Reinsurer shall, and shall cause its Affiliates
to, preserve, until such date as may be required by the Reinsurer’s standard document retention policies (or such other later date as may be required by applicable Law), all books and records related to the Business. During such period, upon
any reasonable request from the Ceding Company or its Representatives, the Reinsurer shall (i) provide to the Ceding Company and its Representatives reasonable access to such books and records during normal business hours; provided that
such access shall not unreasonably interfere with the conduct of the business of the Reinsurer, and (ii) permit the Ceding Company and Representatives to make copies of such records, in each case, at no cost to the Ceding Company or its
Representatives (other than for reasonable out-of-pocket expenses). Such books and records may be sought under this Article V(G) by the Ceding Company for any reasonable purpose, including to the extent reasonably required in connection
with accounting, litigation, federal securities disclosure or other similar purpose. Notwithstanding the foregoing, any and all such books and records may be destroyed by the Reinsurer if the Reinsurer sends to the Ceding Company written notice of
its intent to destroy such records, specifying in reasonable detail the contents of the records to be destroyed; such records may then be destroyed after the sixtieth (60th) day following such notice unless the Ceding Company notifies the
Reinsurer that it desires to obtain possession of such records, in which event the Reinsurer shall transfer the records to the Ceding Company and the Ceding Company shall pay all reasonable expenses of the Reinsurer in connection therewith. 

ARTICLE VI 

ADMINISTRATION OF THE REINSURED LIABILITIES 

A. The Reinsurer shall administer all matters related to the Reinsured Liabilities pursuant to the terms and conditions of the Administrative
Services Agreement. Notwithstanding any other provision to the contrary, the Reinsurer acknowledges that (i) in no event shall the Ceding Company have any Liability to the Reinsurer hereunder for any default of its obligations under this
Agreement caused by the failure of the Reinsurer to perform its obligations under the Administrative Services Agreement and (ii) in no event shall the failure of the Reinsurer to perform its obligations under the Administrative Services
Agreement give the Reinsurer any grounds for not performing its obligations under this Agreement. 
 B. Not later than sixty (60) days
after the end of each calendar year, the Reinsurer shall provide to the Ceding Company a calculation (an “RBC Calculation”) of the Reinsurer’s “total adjusted capital” and “company action level risk-based
capital,” in each case, determined by the Reinsurer in accordance with the risk-based capital instructions prescribed by the domiciliary jurisdiction of the Reinsurer. 

  
 10 

 ARTICLE VII 

EXCLUSIONS 
 The
exclusions with respect to the Reinsured Liabilities payable under this Agreement under the terms of the Policies shall be identical with those contained in the Policies. 

ARTICLE VIII 

SEVERABILITY 
 Any
term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction; provided that the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to either Party; provided further that if the economic or legal substance is so affected, the Parties shall negotiate in good faith in an effort to agree upon a suitable and
equitable substitute provision to effect the original intent of the Parties. If any provision of this Agreement is so broad as to be unenforceable, that provision shall be interpreted to be only so broad as is enforceable. 

ARTICLE IX 
 ERRORS
AND OMISSIONS; COOPERATION 
 A. Inadvertent delays, errors or omissions made in connection with this Agreement or any transaction
hereunder shall not relieve either Party from any Liability that would have attached had such delay, error or omission not occurred; provided that such delay, error or omission is rectified as soon as possible after discovery;
provided, further, that the Party making such error or omission or responsible for such delay shall be responsible for any additional Liability which attaches to either Party as a result of such error, omission or delay. Subject to the
foregoing, if (i) the failure of any Party to comply with any provision of this Agreement is unintentional or the result of a misunderstanding or oversight and (ii) such failure to comply is promptly rectified, the Parties shall be
restored as closely as possible to the positions they would have occupied if no error or oversight had occurred. 
 B. On or after the
Closing Date, the Ceding Company and the Reinsurer shall cooperate with each other in order to accomplish the objectives of this Agreement by furnishing 

  
 11 

 
any additional information and executing and delivering any additional documents as may be reasonably requested by the other to further perfect or evidence the consummation of, or otherwise
implement, any transaction contemplated by this Agreement, the Master Transaction Agreement or any other Transaction Agreement; provided, however, that any such additional documents must be reasonably satisfactory to each of the
Parties and not impose upon either Party any material liability, risk, obligation, loss, cost or expense not contemplated by this Agreement, the Master Transaction Agreement or any other Transaction Agreement. 

ARTICLE X 
 EXISTING
REINSURANCE CONTRACTS AND POLICIES 
 A. The Parties hereby agree that the collectability of reinsurance with respect to the
Policies under the Reinsurance Arrangements shall be at the risk of and for the account of the Reinsurer, and shall be reduced only by the actual amount of recoveries received by the Ceding Company under the Reinsurance Arrangements. 

B. Liabilities with respect to the Policies under any Reinsurance Arrangement that are terminated or recaptured, to the extent such
Liabilities constitute Reinsured Liabilities hereunder, shall be automatically ceded hereunder to the Reinsurer without further action, subject to receipt by the Reinsurer of any reserve transfer or similar transfers or settlement amount, if any,
received by the Ceding Company from the applicable reinsurer and, in such event, the Reinsurer shall pay any special transfer or recapture fee or any other amount payable by the Ceding Company in respect of the Reinsured Liabilities in connection
therewith as may be required under such Reinsurance Arrangement. 
 C. The Ceding Company shall not amend or change any term of any
Reinsurance Arrangement, to the extent that such amendment or change relates to the Policies, without the prior written consent of the Reinsurer, which consent shall not be unreasonably withheld; provided that the Ceding Company shall have no
obligation to renew any Reinsurance Arrangement at the end of its term. 
 D. On and after the Closing Date, the Ceding Company and the
Reinsurer shall cooperate and use their commercially reasonable efforts to enforce the Ceding Company’s rights at the sole cost of the Reinsurer with respect to any Reinsurance Arrangement (to the extent relating to the Policies), Policy, any
agreement with any producer with respect to the Policies except that the Ceding Company shall have the right to retain ultimate control of such agreement, arrangement or Policy. 

  
 12 

 ARTICLE XI 

INSOLVENCY 
 A. If
more than one reinsured company is referenced within the definition of “Ceding Company” in the preamble, this Article XI shall apply severally to each such company. Further, this Article XI and the Laws of the
jurisdiction of domicile shall apply in the event of the insolvency of any company covered hereunder. In the event of a conflict between any provision of this Article XI and the Laws of the jurisdiction of domicile of any company covered
hereunder, that jurisdiction’s Laws shall prevail. 
 B. In the event of the insolvency of the Ceding Company, reinsurance hereunder
(or the portion of any risk or obligation assumed by the Reinsurer, if required by applicable Law) shall be payable directly to the Ceding Company, or to its liquidator, receiver, conservator or statutory successor, either: (i) on the
basis of the Liability of the Ceding Company, or (ii) on the basis of claims filed and allowed in the liquidation proceeding, whichever may be required by applicable Law, without diminution because of the insolvency of the Ceding Company or
because the liquidator, receiver, conservator or statutory successor of the Ceding Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Ceding
Company shall give written notice to the Reinsurer of the pendency of a claim against the Ceding Company indicating the Policy reinsured, which claim would involve a possible Liability on the part of the Reinsurer within a reasonable time after such
claim is filed in the conservation or liquidation proceeding or in the receivership, and that during the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be
adjudicated, any defense or defenses that it may deem available to the Ceding Company or its liquidator, receiver, conservator or statutory successor. The expense thus incurred by the Reinsurer shall be chargeable, subject to the approval of the
court, against the Ceding Company as part of the expense of conservation or liquidation to the extent of a pro rata share of the benefit that may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer. 

C. Where two (2) or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim,
the expense shall be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Ceding Company. 

D. As to all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement, the reinsurance shall be payable as set
forth herein by the Reinsurer to the Ceding Company or to its liquidator, receiver, conservator or statutory successor, (except as provided by Section 4118(a)(1)(A) of the New York Insurance Law, provided the conditions of 1114(c) of such law
have been met, if New York law applies) or except (i) where the contract specifically provides another payee in the event of the insolvency of the Ceding Company, or (ii) where the Reinsurer, with the consent of the direct insured or
insureds, has assumed such Policy obligations of the Ceding Company as direct obligations of the Reinsurer to the payees under such Policies and in substitution for the obligations of the Ceding Company to such payees. Then, and in that event
only, the Ceding Company, with the prior approval of the certificate of assumption on New York risks by the Superintendent of Financial Services of the State of New 

  
 13 

 
York, or with the prior approval of such other regulatory authority as may be applicable, is entirely released from its obligation and the Reinsurer shall pay any loss directly to payees under
such Policy. 
 ARTICLE XII 

TRUST ACCOUNT 
 A.
If more than one reinsured company is referenced within the definition of “Ceding Company” in the preamble, this Article XII shall apply severally to each such company. Each such company shall have a separate Trust Agreement.
Further, this Article XII and the Laws of the Commonwealth of Pennsylvania shall apply. In the event of a conflict between any provision of this Article XII and the Laws of the Commonwealth of Pennsylvania, the Laws of the
Commonwealth of Pennsylvania shall prevail. 
 B. In accordance with the Trust Agreement, the Reinsurer, as grantor, has created the Trust
Account with the Trustee, naming the Ceding Company as sole beneficiary thereof. On the Closing Date, the Reinsurer shall fund the Trust Account with Trust Assets with a fair market value equal to the Security Amount. Pursuant to the terms of the
Trust Agreement, the assets in the Trust Account, including the residual interest therein, shall be held in trust by the Trustee for the sole and exclusive benefit of the Ceding Company as security for the payment of the Reinsurer’s obligations
to the Ceding Company hereunder. Pursuant to the terms of the Security and Control Agreement, a first priority security interest in favor of the Ceding Company in the assets in the Trust Account, including the residual interest therein, shall be
granted and perfected. During the term of the Trust Agreement, the Reinsurer shall not, and shall direct that the Trustee shall not, grant or cause to be created in favor of any third person any security interest whatsoever in any of the assets in
the Trust Accounts or in the residual interest therein. 
 C. In accordance with the requirements of the Trust Agreement, the Reinsurer
shall ensure that at each calendar quarter end, in accordance with the terms set forth herein, the Trust Account holds assets with a fair market value equal to the Security Amount. All transfers to and withdrawals from the Trust Account shall be in
accordance with and subject to the requirements set forth in the Trust Agreement. 
 D. The assets held in the Trust Account shall be valued
at their fair market value by the Trustee in accordance with the terms of the Trust Agreement as of the date as of which such assets are required to be valued. The assets that may be held in the Trust Account (the “Trust Assets”)
shall consist of any combination of cash and other Eligible Investments. 
 E. Prior to depositing Trust Assets in the Trust Account, the
Reinsurer shall execute assignments or endorsements in blank, or transfer legal title to the Trustee of all shares, obligations or any other assets requiring assignments, in order that the Ceding Company, or the Trustee upon the direction of the
Ceding Company, may whenever necessary negotiate such assets without the consent or signature from the Reinsurer or any other Person. 
 F.
All settlements of account under the Trust Agreement between the Ceding Company and the Reinsurer shall be made in United States dollars in cash or its cash equivalent. 

  
 14 

 G. At the Ceding Company’s request, the Reinsurer shall provide the Ceding Company with its
annual and quarterly statutory financial statements filed with Governmental Authorities and a copy of its audited statutory financial statements along with the audit report thereon. 

H. The Trust Account shall be established and maintained in compliance with all requirements of the relevant provisions of the Laws of the
Commonwealth of Pennsylvania at a given time that would govern a Pennsylvania domiciled ceding company’s right to take reserve credit if the Reinsurer were not licensed, certified or otherwise accredited under the Laws of the Commonwealth of
Pennsylvania. 
 I. Withdrawal of Assets by Ceding Company. 

(i) The Ceding Company may withdraw the assets held in the Trust Account at any time and from time to time, notwithstanding any other
provisions of this Agreement, and assets withdrawn from such Trust Account shall be utilized and applied by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, receiver, conservator or statutory
successor of the Ceding Company), without diminution because of insolvency on the part of the Ceding Company or the Reinsurer; provided, however, that the Ceding Company (or any successor by operation of law of the Ceding Company,
including any liquidator, receiver, conservator or statutory successor of the Ceding Company) may only withdraw such assets for one or more of the following purposes: 

(a) to pay or reimburse the Ceding Company for the Reinsurer’s share of any losses and unallocated loss expenses paid by
the Ceding Company, but not recovered from the Reinsurer; 
 (b) to pay to the Reinsurer amounts held in the Trust Account in
excess of the Security Amount; or 
 (c) upon the termination of the Trust Account or receipt by the Ceding Company of
notification of termination of the Trust Account and where the Reinsurer’s obligations under this Agreement remain unliquidated and undischarged five (5) Business Days prior to the termination date, to withdraw an amount of assets which,
in the aggregate, equals the Reinsurer’s share of the obligations assumed under this Agreement, and deposit those assets in a separate account (the “Termination Account”) in the name of the Ceding Company in a qualified United
States financial institution apart from its general assets, in trust for only the uses and purposes specified in paragraphs (a) and (b) of this Article XII(I)(i) as may remain executory after such withdrawal and for any period after
the termination date. The Ceding Company shall pay interest in cash to the Reinsurer on the amount withdrawn, equal to the actual amount of interest, dividends and other income earned on the assets in the Termination Account. The Ceding Company may
at any time substitute or exchange any assets held in the Termination Account and invest or reinvest such assets. 
 (ii) The Ceding Company
shall return to the Trust Account, within five (5) Business Days, assets withdrawn in excess of all amounts due under Article XII(I)(i)(a) and (b), 

  
 15 

 
or, in the case of Article XII(I)(i)(c), assets that are subsequently determined not to be due. Any such excess amounts shall at all times be held, until the return of such amounts to the
Trust Account in accordance with the immediately preceding sentence, by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, receiver, conservator or statutory successor of the Ceding Company) in
trust for the benefit of the Reinsurer and be maintained in a segregated account, separate and apart from any assets of the Ceding Company for the sole purpose of funding the payments and reimbursements described in Article XII(I)(i)(a)
and (b). 
 ARTICLE XIII 

LOSS SETTLEMENTS 

A. All loss settlements made by the Reinsurer or its Affiliates, on behalf of the Ceding Company, whether under Policy terms and conditions or
by way of compromise, shall be binding upon the Ceding Company and the Reinsurer, and the Ceding Company and the Reinsurer agree to pay or allow, as the case may be, its share of each such settlement in accordance with this Agreement;
provided, that loss settlements shall require the consent of the Ceding Company if they (i) impose any injunctive or other non-monetary equitable relief against the Ceding Company or its Affiliates or (ii) would create a precedent
for future actions against the Ceding Company or its Affiliates that are not fully reinsured or indemnified by the Reinsurer hereunder. 

B. The date of loss as defined in the Ceding Company’s Policies shall apply as respects any losses reported under this Agreement. 

ARTICLE XIV 

RESERVES 
 The
Reinsurer shall maintain the loss and loss adjustment expense reserves (including reserves for incurred but not reported losses) with respect to the Policies in an amount not less than the reserves required by SAP, the terms of the Policies and
conforming to United States Actuarial Standards of Practice. 
 ARTICLE XV 

CURRENCY 
 Whenever
the word “dollars” or the “$” sign appears in this Agreement, such word or sign shall be construed to mean United States dollars and all transactions under this Agreement shall be in United States dollars. 

  
 16 

 ARTICLE XVI 

OFFSET 

Notwithstanding anything to the contrary in this Agreement, each of the Parties acknowledges and agrees that it shall have no right hereunder
or pursuant to applicable Law to offset any amounts due or owing (or to become due or owing) following the Closing Date to any other Party against any amounts due or owing by such other Party or any of its Affiliates under any other agreement
(including the Master Transaction Agreement), contract or understanding. 
 ARTICLE XVII 

SALVAGE AND SUBROGATION 

A. The Ceding Company empowers and authorizes the Reinsurer to enforce its right to salvage or subrogation and other rights to indemnity,
contribution or other recovery rights (other than rights provided by the Reinsurer or its Affiliates to the Ceding Company) with respect to the Reinsured Liabilities under the Policies. The Ceding Company shall cooperate with the Reinsurer in this
regard and shall provide any written documentation if reasonably necessary to any third party to support the Reinsurer’s authority to pursue any recovery. 

B. Amounts recovered from salvage or subrogation with respect to the Policies shall be used to reimburse the excess reinsurers (and the
Reinsurer (as the Ceding Company’s designee), should it carry a portion of excess coverage net) in the reverse order of their participation in the loss before being used in any way to reimburse the Reinsurer (as the Ceding Company’s
designee) for its primary loss. The expense incurred by the Reinsurer (as the Ceding Company’s designee) in pursuing any such recovery shall be borne by each Party in proportion to its benefit (if any) from the recovery. If the recovery expense
exceeds the amount recovered, the amount recovered (if any) shall be applied to the reimbursement of recovery expense incurred by the Reinsurer (as the Ceding Company’s designee) and the remaining expense as well as any originally incurred loss
expense shall be borne by the Reinsurer. 
 C. Notwithstanding anything to the contrary in this Agreement, if the Reinsurer initiates an
action to secure salvage or subrogation in its name or the name of the Ceding Company, and there is no such recovery, or if the amount recovered is insufficient to cover the expenses incurred in pursuing salvage or subrogation, the Reinsurer shall
be liable for one hundred percent (100%) of such excess expense. Further, the Reinsurer shall be liable for one hundred percent (100%) of any damages to the Ceding Company, including reimbursement of any compensatory or punitive damages
resulting from the action. 
 ARTICLE XVIII 

TERMINATION 
 This
Agreement may only be terminated by the mutual written agreement of the Parties. Following the termination of this Agreement, any Policies ceded hereunder shall be administered pursuant to Section 12(d) of the Administrative Services Agreement.

  
 17 

 ARTICLE XIX 

INDEMNIFICATION 

A. Indemnification by the Ceding Company. The Ceding Company shall indemnify, defend and hold harmless the Reinsurer and its Affiliates
and their respective officers, directors and employees (collectively, the “Reinsurer Indemnitees”) from and against any and all Damages actually sustained, incurred or suffered by the Reinsurer Indemnitees to the extent arising out
of or related to (i) any breach or nonfulfillment by the Ceding Company, or any failure by the Ceding Company to perform, any of the covenants, terms or conditions of, or any duties or obligations under, this Agreement and (ii) any
successful enforcement of this indemnity. 
 B. Indemnification by the Reinsurer. The Reinsurer shall indemnify, defend and hold
harmless the Ceding Company and its Affiliates and their respective officers, directors and employees (collectively, the “Ceding Company Indemnitees”) from and against any and all Damages actually sustained, incurred or suffered by
the Ceding Company Indemnitees to the extent arising out of or related to (i) any breach or nonfulfillment by the Reinsurer, or any failure by the Reinsurer to perform, any of the covenants, terms or conditions of, or any duties or obligations
under, this Agreement, (ii) the Reinsured Liabilities, (iii) Extra Contractual Obligations and (iv) any successful enforcement of this indemnity. 

C. Any proceedings related to indemnification under Article XIX(A)-(B) shall be conducted in accordance with the procedures
set forth in Section 10.03 of the Master Transaction Agreement, mutatis mutandis. 
 D. The indemnification provisions of this
Article XIX shall be the exclusive remedy for any breach of this Agreement, except (i) for the termination provisions set forth herein, (ii) for actual fraud relating to entry into this Agreement, or (iii) with respect to
matters for which the remedy of specific performance, injunctive relief or other non-monetary equitable remedies are available. 
 ARTICLE
XX 
 NO OTHER REPRESENTATIONS OR WARRANTIES 

A. No Other Representations or Warranties. The Ceding Company acknowledges, understands and agrees that no representations or
warranties are made by the Reinsurer or any of its Affiliates in connection with the Master Transaction Agreement, this Agreement or the other Transaction Agreements and the transactions contemplated hereby or thereby, except as and to the extent
expressly covered by a representation or warranty made by the Reinsurer to the Ceding Company contained in Article IV of the Master Transaction Agreement. The Reinsurer acknowledges, understands and agrees that no representations or warranties are
made by the Ceding Company or any of its Affiliates in connection with the Master Transaction Agreement, this Agreement or the other Transaction Agreements and the transactions contemplated hereby or thereby, except as and to the extent expressly
covered by a representation or warranty made by the Ceding Company to the Reinsurer contained in Article III of the Master Transaction Agreement. Each of the Reinsurer and the Ceding Company acknowledges, understands and agrees that the exclusive
remedies available to any Person for any breach or inaccuracy of any representation or warranty contained in Article III or IV of the Master Transaction Agreement are pursuant to Article X of the Master Transaction Agreement. 

B. Waiver of Duty of Utmost Good Faith. In recognition that each Party has consummated the transactions contemplated by this Agreement
and the other Transaction Agreements to which it is a party, based on mutually negotiated representations, warranties, covenants, remedies and other terms and conditions as are fully set forth herein and therein, the Ceding Company and the Reinsurer
absolutely and irrevocably waive resort to the duty of “utmost good faith” or any similar principle in connection with the formation or performance of this Agreement. 

  
 18 

 ARTICLE XXI 

MISCELLANEOUS 
 A.
This Agreement constitutes the entire agreement between the Ceding Company and the Reinsurer with respect to the business being reinsured hereunder and supersedes all prior agreements and undertakings, both written and oral, other than the
Confidentiality Agreement to the extent not in conflict with this Agreement. 
 B. All notices, requests, consents, claims, demands and
other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail (followed by delivery
of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following respective addresses (or at such other address for a Party as shall be specified
in a notice given in accordance with this Article XXI(B)): 
 To the Ceding Company: 

Equator Reinsurances Limited 

Attention: Gavin P. Collery, Chief Financial Officer 

19 Par-La-Ville Road 
 Pembroke
HM11 
 Bermuda 
 Phone:
(441) 294-4818 
 e-mail: gavin.collery@bm.qbe.com 

To the Reinsurer: 
 Integon
National Insurance Company 
 c/o National General Insurance Company 

Attention: Jeffrey Weissmann, General Counsel 

59 Maiden Lane 
 38th Floor 

New York, NY 10038 
 Phone:
(212) 380-9479 
 Facsimile: (212) 380-9498 

e-mail: jeffrey.weissmann@ngic.com 

  
 19 

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

Debevoise & Plimpton LLP 

Attention: Nicholas F. Potter 

919 Third Avenue 
 New York, NY
10022 
 Phone: (212) 909-6459 

Facsimile: (212) 521-7459 

e-mail: nfpotter@debevoise.com 

Any Party may, by notice given in accordance with this Article XXI(B) to the other Party, designate another address or Person for
receipt of notices hereunder; provided that notice of such a change shall be effective upon receipt. 
 C. Except as set forth in
Article XIX, nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

D. No Party may assign its rights or delegate its obligations hereunder without the prior written consent of the other Parties. Any attempted
assignment in violation of this Article XXI(D) shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the Parties and their permitted successors and assigns. 

E. This Agreement may be executed in one or more counterparts, and by the different parties to this Agreement in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic mail shall be
as effective as delivery of a manually executed counterpart of any such agreement. 
 F. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES OF SUCH STATE THAT MIGHT REFER THE
GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF SUCH AGREEMENTS TO THE LAWS OF ANOTHER JURISDICTION. Any action, suit or proceeding directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated by
this Agreement, shall be brought in the United States District Court for the Southern District of New York or, if such court does not have subject matter jurisdiction over such suit, action or proceeding, in state court in New York, NY
(collectively, the “New York Courts”). The Parties hereby waive any objection they may now or hereafter have to the venue of any such action or proceeding in any such court and any claim that such action or proceeding has been
brought in an inconvenient forum. Any service of any process, summons, notice, document or other paper does, if delivered, sent or mailed in accordance with Article XXI(B), constitute good, proper and sufficient service thereof. Each
Party agrees that any final, nonappealable judgment in any such action, suit or proceeding brought in any such court shall be conclusive and binding upon such Party and may be enforced in any other courts to whose jurisdiction such Party may be
subject, by suit upon such judgment. 

  
 20 

 EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT. 

G. The Parties agree that irreparable damage would occur in the event that any of the terms or provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, notwithstanding anything to the contrary contained in this Agreement, each of the Parties shall be entitled to injunctive or other equitable relief to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court referenced in Article XXI(F) having jurisdiction, such remedy being in addition to any other remedy to which any Party may be
entitled at law or in equity. In the event that any Action is brought in equity to enforce the provisions of this Agreement, no Party shall allege, and each Party hereby waives the defense or counterclaim, that there is an adequate remedy at law.

 H. No provision of this Agreement may be amended, supplemented or modified except by a written instrument signed by all of the Parties.
No provision of this Agreement may be waived except by a written instrument signed by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by applicable Law. 
 I. The provisions of Section 8 (Confidential Information) of the Administrative
Services Agreement are incorporated by reference herein mutatis mutandis. 
 J. Interpretation of this Agreement shall be governed by
the following rules of construction: (i) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (ii) references to the terms
preamble, recitals, Article, paragraph and Schedule are references to the preamble, recitals, Articles, paragraphs and Schedules to this Agreement unless otherwise specified; (iii) the word “including” and words of similar import
shall mean “including without limitation,” unless otherwise specified; (iv) the word “or” shall not be exclusive; (v) the words “herein,” “hereof,” “hereunder” or “hereby” and
similar terms are to be deemed to refer to this Agreement as a whole and not to any specific Article; (vi) the headings are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement;
(vii) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted; (viii) if a word or phrase is defined, the other
grammatical forms of such word or phrase have a corresponding meaning; (ix) references to any statute, listing rule, rule, standard, regulation or other law include a reference to (a) the corresponding rules and regulations and
(b) each of them as amended, modified, supplemented, consolidated, replaced or rewritten from time to time; (x) references to any section of any statute, listing rule, rule, standard, regulation or other law include any successor to such
section; (xi) references to any Person include such Person’s 

  
 21 

 
predecessors or successors, whether by merger, consolidation, amalgamation, reorganization or otherwise; (xii) any reference to “days” means calendar days unless Business Days are
expressly specified; and (xiii) references to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise
stated. 
 [Signature page follows] 

  
 22 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first
above written. 
  

									
	EQUATOR REINSURANCES LIMITED				INTEGON NATIONAL INSURANCE COMPANY
					
	By:		  
				By:		  

					
	Title:		  
				Title:		  

 [Signature Page to Reinsurance Agreement] 

 EXHIBIT B-2 

FORM OF QUOTA SHARE REINSURANCE AGREEMENT 

See attached. 

  
 B-2 

 EXHIBIT B-2 

FORM OF QUOTA SHARE REINSURANCE AGREEMENT 

100% QUOTA SHARE REINSURANCE AGREEMENT 

BY AND AMONG 
 QBE
INSURANCE CORPORATION, 
 PRAETORIAN INSURANCE COMPANY, 

QBE SPECIALTY INSURANCE COMPANY 

AND 
 INTEGON NATIONAL
INSURANCE COMPANY 
 DATED AS OF [●], 2015 

 TABLE OF CONTENTS 

 

					
	 Article I DEFINITIONS
		 	2	  
		
	 Article II COVERED BUSINESS AND EFFECTIVE TIME
		 	6	  
		
	 Article III TERRITORY
		 	7	  
		
	 Article IV REINSURING CLAUSE
		 	7	  
		
	 Article V CONSIDERATION AND PREMIUMS
		 	8	  
		
	 Article VI ADMINISTRATION OF THE POLICIES
		 	11	  
		
	 Article VII EXCLUSIONS
		 	12	  
		
	 Article VIII SEVERABILITY
		 	12	  
		
	 Article IX ERRORS AND OMISSIONS; COOPERATION
		 	12	  
		
	 Article X EXISTING REINSURANCE CONTRACTS AND POLICIES
		 	13	  
		
	 Article XI INSOLVENCY
		 	14	  
		
	 Article XII TRUST ACCOUNT
		 	15	  
		
	 Article XIII LOSS SETTLEMENTS
		 	17	  
		
	 Article XIV RESERVES
		 	17	  
		
	 Article XV CURRENCY
		 	17	  
		
	 Article XVI OFFSET
		 	18	  
		
	 Article XVII SALVAGE AND SUBROGATION
		 	18	  
		
	 Article XVIII TERMINATION AND TRIGGERING EVENT
		 	18	  
		
	 Article XIX INDEMNIFICATION
		 	19	  
		
	 Article XX NO OTHER REPRESENTATIONS OR WARRANTIES
		 	19	  
		
	 Article XXI CREDIT FOR REINSURANCE
		 	20	  
		
	 Article XXII MISCELLANEOUS
		 	21	  

  
 i 

 Schedule A – Reinsurance Arrangements 

Schedule B – Quarterly Financial Report 
 Schedule C –
Annual Reports 

  
 ii 

 100% QUOTA SHARE REINSURANCE AGREEMENT 

THIS 100% QUOTA SHARE REINSURANCE AGREEMENT (this “Agreement”), is made and entered into as of [●], 2015 (the
“Closing Date”) by and among QBE INSURANCE CORPORATION, a Pennsylvania-domiciled property and casualty insurance company, PRAETORIAN INSURANCE COMPANY, a Pennsylvania-domiciled property and casualty insurance company, and QBE
SPECIALTY INSURANCE COMPANY, a North Dakota-domiciled property and casualty insurance company (collectively, the “Ceding Company”), and INTEGON NATIONAL INSURANCE COMPANY, a North Carolina-domiciled property and casualty insurance
company (the “Reinsurer”). The Ceding Company and the Reinsurer are each a “Party” and are collectively, the “Parties.” 

WHEREAS, QBE Financial Institution Risk Services, Inc. (the “Seller”), an Affiliate (as defined in the Master
Transaction Agreement (as defined herein)) of the Ceding Company, along with its Affiliate QBE Investments (North America), Inc., and National General Holdings Corp. (the “Acquiror”), an Affiliate of the Reinsurer, have entered into
that certain Master Transaction Agreement, dated as of July 15, 2015 (the “Master Transaction Agreement”), pursuant to which the Seller has agreed to sell, and the Acquiror has agreed to purchase, the Business (as defined
herein); 
 WHEREAS, immediately prior to the execution of this Agreement, the Ceding Company and Equator Reinsurances Limited
(“Equator”), an Affiliate of the Ceding Company, commuted all Reinsured Liabilities (as defined herein) previously ceded from the Ceding Company to Equator on a quota share basis; 

WHEREAS, as a condition to the Closing (as defined in the Master Transaction Agreement), the Ceding Company shall cede to the
Reinsurer, and the Reinsurer shall reinsure, on a one hundred percent (100%) quota share basis, all Reinsured Liabilities in accordance with the terms and conditions of this Agreement; 

WHEREAS, simultaneous with the execution of this Agreement, the Reinsurer, as grantor, the Ceding Company, as the beneficiary, and the
Trustee (as defined herein), as trustee, have entered into certain Trust Agreements (each, a “Trust Agreement”), which are intended for the credit protection of the Ceding Company and, in the event that the Reinsurer ceases to be
licensed or accredited as an insurer or reinsurer in the jurisdiction of domicile of the Ceding Company, to enable the Ceding Company to take statutory credit for the reinsurance provided hereunder, and pursuant to which the Reinsurer has agreed to
establish and maintain trust accounts to secure the Reinsurer’s obligations to the Ceding Company under this Agreement; 

WHEREAS, simultaneous with the execution of this Agreement, the Reinsurer, as grantor, the Ceding Company, as the secured party, and
the Trustee, as securities intermediary, have entered into certain Security and Control Agreements (each, a “Security and Control Agreement”), pursuant to which the Reinsurer has granted a first priority security interest in favor
of the Ceding Company in and continuing lien on all of its right, title and interest in, to and under each Trust Account (as defined herein) on the terms and subject to the conditions set forth therein; and 

  
 1 

 WHEREAS, simultaneous with the execution of this Agreement, the Ceding Company and the
Reinsurer have entered into that certain Reinsurance Administrative Services Agreement (the “Administrative Services Agreement”), pursuant to which the Reinsurer shall provide certain administrative services on behalf of the Ceding
Company with respect to the Policies (as defined herein). 
 NOW, THEREFORE, in consideration of the mutual and several promises and
undertakings herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE I  

DEFINITIONS 
 Any
capitalized term used but not defined herein shall have the meaning set forth in the Master Transaction Agreement. The following terms have the respective meanings set forth below throughout this Agreement: 

“Acquiror” shall have the meaning set forth in the recitals. 

“Actuarial Report” shall have the meaning set forth in Article V(D)(i). 

“Administrative Services Agreement” shall have the meaning set forth in the recitals. 

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

“Annual Reports” shall have the meaning set forth in Article V(D)(iv). 

“Business” means the business activities of the LPI Companies (whether or not loan tracking services are provided as part of
such activities) as a managing general agent, general agent, producer or broker and insurer of lender-placed hazard insurance, REO insurance, lender-placed automobile insurance, lender-placed flood and flood gap insurance, lender-placed wind
insurance, guaranteed asset protection insurance and leased equipment insurance. 
 “Ceded Expenses” means costs incurred
or paid by or on behalf of the Ceding Company in connection with the acquisition, servicing and maintenance of the Policies, including ceding commissions and profit sharing amounts paid to cedents, brokerage fees and commissions paid to reinsurance
intermediaries, commissions (including advance and contingent commissions) and profit sharing payments paid to agents, brokers or producers, fronting fees, other similar acquisition expenses, operating expenses, any and all state and local premium
or other similar taxes imposed on premiums written, collected or received, as applicable under the Law of the applicable jurisdiction relating to the Policies, and any and all guaranty fund or other residual market assessments incurred by the Ceding
Company with respect to premiums relating to the Reinsured Liabilities, less the portion, if any, of premium tax credits, deductions and offsets associated with such assessments, in respect of all such costs, to the extent (i) incurred after
Closing (as defined in the Master Transaction Agreement) or (ii) incurred prior to Closing and reflected in the Final Reinsurance Settlement Statement. Ceded Expenses does not include any such costs that were paid by or on behalf of the Ceding
Company prior to the Effective Time. 

  
 2 

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

“Ceding Company Indemnitees” shall have the meaning set forth in Article XIX(B). 

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

“Damages” means any and all damages, losses, Liabilities, judgments, settlements, costs and expenses (including reasonable
attorneys’ fees and other expenses of investigation and reasonable attorneys’ fees and other expenses in connection with any action, suit or proceeding). 

“Effective Date” means [●].1 

“Effective Time” means 12:00 a.m., Eastern Time on the Effective Date. 

“Eligible Investment” means with respect to each Ceding Company any security or other asset, as set forth in the applicable
Laws of such Ceding Company’s jurisdiction of domicile, that is of the type which is permitted to be held in a trust account which would allow such Ceding Company to obtain a reduction from liability for the reinsurance ceded to the Reinsurer.

 “Equator” shall have the meaning set forth in the recitals. 

“Extra Contractual Obligations” means all Liabilities and obligations to any Person arising out of or relating to the
Policies (other than Liabilities or obligations arising under the express terms and conditions, and within the limits, of the Policies), including any Liability for fines, penalties, taxes, fees, forfeitures, compensatory, punitive, exemplary,
special, treble, bad faith, tort or any other form of extra contractual damages, and all legal fees and expenses relating thereto, including Liabilities or obligations arising from any act, error or omission, whether intentional, negligent or in bad
faith, arising out of (i) the form, sale, marketing, underwriting, production, issuance, cancellation or administration of the Policies, (ii) the investigation, defense, trial, settlement or handling of claims, benefits or payments under
the Policies, or (iii) the failure to pay or the delay in payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in connection with the Policies. Extra
Contractual Obligations shall not include Excluded Liabilities (as defined in the Master Transaction Agreement). 
 “GAAP”
means U.S. Generally Accepted Accounting Principles in effect at the time any applicable financial statements were or are prepared. 

“Initial Rate” means an interest rate equal to three (3)-month LIBOR for dollars that appears on page LIBOR 01 (or a
successor page) of the Reuters Telerate Screen as of 11:00 a.m., New York time, on each day during the period for which interest is to be paid. 

“Liabilities” means any and all liabilities, obligations, debts and binding commitments of any kind, character or
description, whether known or unknown, asserted or not asserted, absolute or contingent, fixed or unfixed, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, vested or unvested, executory, determined,
determinable or 
  

	1 	Note to Draft: Effective Date will be the Closing Date under the Master Transaction Agreement. 

  
 3 

 
otherwise, whenever or however incurred or arising (including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by
GAAP or SAP to be reflected in financial statements or disclosed in the notes thereto. 
 “Master Transaction Agreement”
shall have the meaning set forth in the recitals. 
 “Net Cash Settlement Amount” shall have the meaning set forth in
Article V(D)(ii). 
 “Net Loss Reserves” means, as of any date of determination, gross statutory reserves for Policy
Liabilities, including billed but unpaid losses, case and other loss reserves, reserves for losses incurred but not yet reported and future development on known claims, and reserves for loss adjustment expenses (whether allocated or unallocated),
reopened claims reserves and claims in transit, in each case in respect of Policy Liabilities and net of ceded loss reserves under the Reinsurance Arrangements. 

“New Insurance Policies” shall have the meaning set forth in the Administrative Services Agreement. 

“New York Courts” shall have the meaning set forth in Article XXII(G). 

“Party” shall have the meaning set forth in the preamble. 

“Policies” means (i) any and all binders, endorsements, riders, policies, certificates, slips, covers, supplements and
other contracts of in force insurance contracts issued, renewed, assumed or reinsured, on or prior to the Effective Time, by or on behalf of the Ceding Company in connection with the Business, and (ii) the New Insurance Policies, including all
renewals of contracts in (i) or (ii) after the Effective Time and any contracts that were lapsed and terminated with unpaid claims or subsequently reinstated. 

“Policy Liabilities” means all Liabilities of the Ceding Company, including losses and loss settlements, arising under or
with respect to the Policies with respect to events and occurrences on or after the Effective Time. 
 “Premium” means
premiums, considerations, deposits and similar receipts with respect to the Policies. 
 “Quarterly Financial Report” shall
have the meaning set forth in Article V(D)(ii). 
 “Quarterly Settlement Period” means each quarterly period
beginning on and including the first day of a calendar quarter and ending on the last day of such calendar quarter, except that (i) the first Quarterly Settlement Period shall begin on the Effective Date, and (ii) the final Quarterly
Settlement Period shall end on the date of termination of this Agreement. 
 “RBC Calculation” shall have the meaning set
forth in Article VI(B). 
 “Recoverables” shall have the meaning set forth in Article V(B). 

  
 4 

 “Reinsurance Arrangements” means reinsurance and other risk transfer or risk
mitigation mechanisms or arrangements set forth in Schedule A relating to the Policies that are (i) in force or are treated as being in force as of the Closing Date or (ii) terminated but under which there remains any outstanding
Liability from the reinsurer with respect to which reserves are carried or required to be carried as of the Closing Date. 

“Reinsurance Credit Event” means an event that results in the Ceding Company being unable to obtain full statutory financial
statement credit for the reinsurance provided by this Agreement in the jurisdiction of domicile of the Ceding Company during the term of this Agreement. 

“Reinsured Liabilities” means (i) all Policy Liabilities (net of actual recoveries received by a Ceding Company under
the Reinsurance Arrangements), (ii) all Ceded Expenses paid or payable by a Ceding Company after the Effective Time, (iii) all loss adjustment expenses related to the Policy Liabilities and (iv) all Extra Contractual Obligations (to
the extent not recovered under the External LPT Reinsurance Agreement (as defined in the Master Transaction Agreement)) arising before, at or after the Effective Time, to the extent permitted by applicable Law. 

“Reinsurer” shall have the meaning set forth in the preamble. 

“Reinsurer Indemnitees” shall have the meaning set forth in Article XIX(A). 

“SAP” means, with respect to a Party, statutory accounting practices as prescribed or permitted by the applicable
Governmental Authorities having jurisdiction over such Party. 
 “Security Amount” means (i) at any time prior to a
Triggering Event, an amount equal to 102% of the Net Loss Reserves and (ii) at any time after a Triggering Event, an amount equal to 105% of the Net Loss Reserves. 

“Security and Control Agreement” shall have the meaning set forth in the recitals. 

“Seller” shall have the meaning set forth in the recitals. 

“Settlement Date” shall have the meaning set forth in Article V(E)(iii). 

“Termination Account” shall have the meaning set forth in Article XII(I)(i)(d). 

“Third Party Accountant” means Deloitte Touche Tohmatsu Limited; provided, that if Deloitte Touche Tohmatsu Limited is
unable to act as Third Party Accountant, the Third Party Account shall be an independent accounting firm of international recognition which is mutually acceptable to the Ceding Company and the Reinsurer or, if the Ceding Company and the Reinsurer
are unable to agree on such an accounting firm, an independent accounting firm selected by mutual agreement of the Ceding Company’s and the Reinsurer’s independent accountants. 

“Triggering Event” means the occurrence of any one or more of the following: (i) the Reinsurer’s financial strength
rating or claims paying rating, as applicable, by A.M. Best 

  
 5 

 
Company is reduced below A- (Excellent) or the Reinsurer ceases to be assigned a financial strength rating or claims paying rating, as applicable, by A.M. Best Company; (ii) the
Reinsurer’s statutory policyholder surplus falls below $325 million and has not been cured by the Reinsurer within thirty (30) days of such occurrence; (iii) the Reinsurer’s “total adjusted capital” (as reflected in the
RBC Calculation delivered by the Reinsurer to the Ceding Company pursuant to Article VI(B)) falls below two hundred percent (200%) of the Reinsurer’s “company action level risk-based capital” (as reflected in such RBC
Calculation) and has not been cured by the Reinsurer within thirty (30) days of such occurrence; (iv) the initiation or commencement of a liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding by or
against the Reinsurer and such liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding and has not been cured by the Reinsurer within sixty (60) days of such initiation or commencement; (v) the Reinsurer
fails to fund a Trust Account in accordance with the terms of this Agreement and the applicable Trust Agreement and has not cured such failure within thirty (30) days; (vi) a Reinsurance Credit Event that has not been cured within thirty
(30) days notice from the Ceding Company or the Reinsurer’s breach of its covenants set forth in Article XXI; or (vii) the Reinsurer is no longer a Subsidiary (as defined in the Master Transaction Agreement) of the
Acquiror. 
 “Trust Account” shall have the meaning set forth in the applicable Trust Agreement. 

“Trust Agreement” shall have the meaning set forth in the recitals. 

“Trust Assets” shall have the meaning set forth in Article XII(D). 

“Trustee” means the trustee or custodian named under the applicable Trust Agreement and any successor trustee or custodian
appointed as such pursuant to the terms of such Trust Agreement. 
 ARTICLE II 

COVERED BUSINESS AND EFFECTIVE TIME 

A. This Agreement shall apply to all Policies, including, for the avoidance of doubt, the New Insurance Policies issued or renewed in
accordance with Section 14 of the Administrative Services Agreement. 
 B. This Agreement is effective as of the Effective Time and
shall remain in force until such time as (i) all Reinsured Liabilities ceded hereunder have been terminated and extinguished in accordance with the terms of the Policies and all amounts owing under this Agreement have been paid, or
(ii) this Agreement is terminated in accordance with Article XVIII(A). 
 C. The provisions of Articles
I, II(C), II(D), XIX and XXII shall survive the termination of this Agreement. In the event of a termination of this Agreement, each Party shall remain liable for any willful and material breach of this Agreement
prior to such termination. 
 D. In the event that this Agreement is terminated under Article XVIII(A), unless otherwise agreed
in writing by the Parties, (i) the Parties shall settle amounts based on a report in 

  
 6 

 
the same form as the Quarterly Financial Report as of the effective date of termination and delivered not later than thirty (30) days following the effective date of termination,
(ii) the Reinsurer shall return contemporaneously with delivery of said report by wire transfer of immediately available funds to an account designated by the Ceding Company in writing, an amount in cash or other Eligible Investments with a
fair market value in the aggregate equal to the value of the unearned premium reserves and Net Loss Reserves as of the effective date of termination, determined in accordance with SAP, (iii) the Parties shall cooperate to effect a further
unwinding of the transactions contemplated by this Agreement as of the effective date of termination, including assigning back to the Ceding Company all rights and payments assigned by the Ceding Company to the Reinsurer pursuant to this Agreement
effective as of the date of termination; provided, that the Administrative Services Agreement shall remain in place until such time as it is terminated pursuant to its terms and (iv) the Parties shall true up the payment made under the
preceding clause (ii) using the procedures set forth in Article V(D) mutatis mutandis. 
 ARTICLE III 

TERRITORY 
 The
reinsurance provided under this Agreement shall be coextensive with the territory of the Policies. 
 ARTICLE IV 

REINSURING CLAUSE 

A. Subject to the terms and conditions of this Agreement, as of the Effective Time, the Ceding Company hereby cedes on a quota share basis to
the Reinsurer, and the Reinsurer hereby accepts and agrees to assume and reinsure on a quota share basis, one hundred percent (100%) of all Reinsured Liabilities under all the Policies, including for the avoidance of doubt, the New Insurance
Policies issued or renewed in accordance with Section 14 of the Administrative Services Agreement. 
 B. Pursuant to the Administrative
Services Agreement, on and after the Closing Date, the Reinsurer, in its capacity as administrator under the Administrative Services Agreement, shall have responsibility for discharging and paying to or on behalf of the Ceding Company for the
account of the party to whom they are owed, as and when due, the Reinsured Liabilities. 
 C. The Reinsurer’s liability under this
Agreement shall attach simultaneously with that of the Ceding Company under the Policies, and the Reinsurer’s liability under this Agreement shall be subject in all respects to the same risks, terms, rates, conditions, interpretations,
assessments, waivers, proportion of premiums paid to the Ceding Company without any deductions for brokerage, and to the same modifications, alterations and cancellations, as the respective Policies to which liability under this Agreement attaches,
the true intent of this Agreement being that the Reinsurer shall, subject to the terms, conditions, and limits of this Agreement, follow the fortunes of the Ceding Company under the Policies, and the Reinsurer shall be bound, without limitation, by
all payments and settlements under the Policies made or entered into by or on behalf of the Ceding Company. 
 D. The Reinsurer accepts,
reinsures and assumes, as applicable and to the extent set forth herein, the Reinsured Liabilities subject to any and all defenses, setoffs and counterclaims to which the Ceding Company would be entitled with respect to the Reinsured Liabilities, it
being expressly understood and agreed by the Parties that no such defenses, setoffs or counterclaims are or shall be waived by the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby and that the
Reinsurer is and shall be fully subrogated in and to all such defenses, setoffs and counterclaims. 

  
 7 

 ARTICLE V 

CONSIDERATION AND PREMIUMS 

A. As consideration for the reinsurance provided pursuant to this Agreement, the Ceding Company shall transfer, on the Closing Date in
accordance with the Master Transaction Agreement, to the applicable Trust Account, cash or other Eligible Investments equal to the Estimated Net Settlement Amount determined by reference to the Estimated Reinsurance Settlement Statement. Such
payment shall be adjusted following the date hereof in accordance with the mechanics set forth in the Master Transaction Agreement, and the Reinsurer shall pay to the Ceding Company, the Ceding Commission pursuant to the Master Transaction
Agreement, which shall be fully earned and nonrefundable upon receipt. 
 B. As additional consideration for the reinsurance provided
herein, and subject in any event to the Reinsurer’s compliance with and performance of the terms and conditions of this Agreement and each other Transaction Agreement to which the Reinsurer is a party, the Ceding Company hereby irrevocably
sells, transfers and conveys to the Reinsurer, and Reinsurer shall be entitled to receive, one hundred percent (100%) of all of the following amounts actually received by the Ceding Company or the Reinsurer, whether in its role as reinsurer
hereunder or as administrator under the Administrative Services Agreement, with respect to the Policies after the Effective Time that are either due and unpaid as of the Effective Time or that arise on any date after the Effective Time (items
(i) through (iv) below, collectively, the “Recoverables”): 
 (i) Premiums (net of premiums with respect to the
Reinsurance Arrangements as set forth in Schedule A); 
 (ii) litigation recoveries pursuant to litigation to the extent liability
for such litigation constitutes a Reinsured Liability; 
 (iii) any premium tax refunds relating to Premiums paid on or after the Effective
Time; and 
 (iv) any and all other collections and recoveries of any sort whatsoever to the extent related to the Reinsured Liabilities
(other than recoveries under the Reinsurance Arrangements). 
 provided, however, that following the occurrence of a Triggering Event,
the Ceding Company shall be entitled to retain all such amounts as security for, and the Ceding Company shall have the right to use and apply such amounts solely to satisfy, the Reinsurer’s obligations under this Agreement. 

  
 8 

 C. Subject in any event to the Reinsurer’s compliance with and performance of the terms and
conditions of this Agreement and any other Transaction Agreement to which the Reinsurer is a party, the Ceding Company hereby appoints the Reinsurer as its agent and attorney in fact to collect all Recoverables in the Ceding Company’s name. The
Ceding Company agrees and acknowledges that the Reinsurer and its permitted assigns and delegatees are entitled to enforce, in the name of the Ceding Company, all rights at law or in equity or good faith claims of the Ceding Company with respect to
such Recoverables. If necessary for such collection, the Ceding Company shall reasonably cooperate, at the Reinsurer’s expense, in any litigation or other dispute resolution mechanism relating to such collection. The Parties acknowledge and
agree that the Reinsurer shall be responsible for and has hereby assumed the financial risk of any uncollected or uncollectible Recoverables. To the extent that the Ceding Company recovers any Recoverables from any third party attributable to the
Reinsured Liabilities, the Ceding Company shall, in accordance with this Article V, transfer such amounts to the Reinsurer, together with any pertinent information that the Ceding Company may have relating thereto. 

D. Reports and Remittance. 

(i) On an annual basis, the Reinsurer shall prepare, or have prepared, in accordance with all applicable actuarial standards and statutory
actuarial opinion disclosure requirements, an actuarial review of the statutory reserves on a gross, ceded and net basis prior to the application of the reinsurance provided under this Agreement (“Actuarial Report”). The Actuarial
Report shall contain (a) a distribution release for regulators, tax authorities and rating agencies, (b) an actuarial point estimate, and (c) a data reconciliation between data underlying the actuarial analysis and data provided in
the Quarterly Financial Reports to the Ceding Company. The Reinsurer shall provide a copy of the Actuarial Report in final form to the Ceding Company no later than ninety (90) days following the end of each calendar year. With each Actuarial
Report, the Reinsurer shall cause the Ceding Company’s opining actuaries to be granted permission in writing from the actuary signing the Actuarial Report to rely on the Actuarial Report. 

(ii) As soon as practicable (but in no event later than ten (10) Business Days) after the end of each quarter ending on
February 28, May 31, August 31 and November 30, the Reinsurer shall deliver to the Ceding Company a quarterly financial report (each a “Quarterly Financial Report”), substantially in the form set forth
in Schedule B, which shall report on the financial activity hereunder for the relevant Quarterly Settlement Period and shall calculate the amount, if any, due from the Reinsurer to the Ceding Company or due from the Ceding Company to the
Reinsurer, as applicable, under this Agreement for the relevant Quarterly Settlement Period to the extent not already paid or settled (the “Net Cash Settlement Amount”). 

(iii) If the Ceding Company has any objection to the Net Cash Settlement Amount on the basis of (a) manifest arithmetic error, or
(b) such Net Cash Settlement Amount not being calculated in accordance with the terms of this Agreement, the Ceding Company shall deliver to the Reinsurer written notice thereof together with reasonable supporting detail concerning its
objection. If the Ceding Company does not deliver a notice of objection within 

  
 9 

 
thirty (30) days after receipt of the calculation of the Net Cash Settlement Amount from the Reinsurer, the Parties shall be bound by such calculation. If a notice of objection in respect of
the calculation of the Net Cash Settlement Amount is provided by the Ceding Company to the Reinsurer, the Ceding Company and the Reinsurer shall attempt in good faith to resolve the objection between themselves. If such objection is resolved between
the Ceding Company and the Reinsurer, the calculation of the Net Cash Settlement Amount shall be as so agreed in writing between the Ceding Company and the Reinsurer and the Parties shall be bound by such calculation. If the Ceding Company and the
Reinsurer are unable to reach a resolution on the calculation of the Net Cash Settlement Amount within thirty (30) days after receipt by the Reinsurer of the Ceding Company’s notice of objection, the dispute shall be submitted to a Third
Party Accountant for resolution as soon as practicable (but in no event later than thirty (30) days) whose decision shall be final and binding on the Parties. 

(iv) Within fifteen (15) Business Days following the end of each calendar year, the Reinsurer shall deliver to the Ceding Company the
information and reports listed on Schedule C (collectively, the “Annual Reports”). 
 (v) Without limiting the
foregoing, each of the Reinsurer and the Ceding Company shall provide to the other Party such reports as are reasonably required in order that such other Party may prepare its financial statements, regulatory filings and any other filings that must
be made by such other Party or any other Person to which such other Party has ceded, or otherwise transferred the risk related to, the Policies. 

E. Remittance. If the Net Cash Settlement Amount as shown on the Quarterly Financial Report finally determined pursuant to
Article V(D)(ii) is a positive amount, the Ceding Company shall pay such amount to the Reinsurer, and if the Net Cash Settlement Amount as shown on such Quarterly Financial Report is a negative amount, then the Reinsurer shall pay the
absolute value of such negative amount to the Ceding Company. 
 (i) All Net Cash Settlement Amounts (including any interest on any of the
foregoing) due to the Reinsurer from the Ceding Company shall be remitted by wire transfer in immediately available funds to an account or accounts designated by the Reinsurer. 

(ii) All Net Cash Settlement Amounts (including any interest on the foregoing) due to the Ceding Company from the Reinsurer shall be remitted
by wire transfer in immediately available funds to an account or accounts designated by the Ceding Company. 
 (iii) Any payment required
under this Article V(E) with respect to any Quarterly Settlement Period shall be made within seven (7) days following final determination of the Net Cash Settlement Amount pursuant to Article (D)(ii) by the party
required to make payment (the “Settlement Date”). 
 (iv) Notwithstanding the foregoing, during any period of time when the
Reinsurer is in breach of any Trust Agreement, (a) any amount payable by the Ceding Company to the Reinsurer hereunder shall be deposited into the applicable Trust Account and (b) any Recoverables collected by the Reinsurer during any
Quarterly Settlement Period shall be deposited by the Reinsurer into the applicable Trust Account. 

  
 10 

 F. Delayed Payments. If there is a delayed settlement of any payment due hereunder between
the Ceding Company and the Reinsurer, interest shall accrue on such payment at the Initial Rate then in effect until settlement is made. For purposes of this Article V(F), a payment shall be considered overdue, and such interest shall
begin to accrue, on the first day immediately following the date such payment is due. 
 G. Books and Records. The Reinsurer shall,
and shall cause its Affiliates to, preserve, until such date as may be required by the Reinsurer’s standard document retention policies (or such other later date as may be required by applicable Law), all books and records related to the
Business. During such period, upon any reasonable request from the Ceding Company or its Representatives, the Reinsurer shall (i) provide to the Ceding Company and its Representatives reasonable access to such books and records during normal
business hours; provided that such access shall not unreasonably interfere with the conduct of the business of the Reinsurer, and (ii) permit the Ceding Company and Representatives to make copies of such records, in each case, at no cost
to the Ceding Company or its Representatives (other than for reasonable out-of-pocket expenses). Such books and records may be sought under this Article V(G) by the Ceding Company for any reasonable purpose, including to the extent
reasonably required in connection with accounting, litigation, federal securities disclosure or other similar purpose. Notwithstanding the foregoing, any and all such books and records may be destroyed by the Reinsurer if the Reinsurer sends to the
Ceding Company written notice of its intent to destroy such records, specifying in reasonable detail the contents of the records to be destroyed; such records may then be destroyed after the sixtieth (60th) day following such notice unless the
Ceding Company notifies the Reinsurer that it desires to obtain possession of such records, in which event the Reinsurer shall transfer the records to the Ceding Company and the Ceding Company shall pay all reasonable expenses of the Reinsurer in
connection therewith. 
 ARTICLE VI 

ADMINISTRATION OF THE POLICIES 

A. The Reinsurer shall administer all matters related to the Policies pursuant to the terms and conditions of the Administrative Services
Agreement. Notwithstanding any other provision to the contrary, the Reinsurer acknowledges that (i) in no event shall the Ceding Company have any Liability to the Reinsurer hereunder for any default of its obligations under this Agreement
caused by the failure of the Reinsurer to perform its obligations under the Administrative Services Agreement and (ii) in no event shall the failure of the Reinsurer to perform its obligations under the Administrative Services Agreement give
the Reinsurer any grounds for not performing its obligations under this Agreement. 
 B. Not later than sixty (60) days after the end
of each calendar year, the Reinsurer shall provide to the Ceding Company a calculation (an “RBC Calculation”) of the Reinsurer’s “total adjusted capital” and “company action level risk-based capital,” in
each case, determined by the Reinsurer in accordance with the risk-based capital instructions prescribed by the domiciliary jurisdiction of the Reinsurer. 

  
 11 

 ARTICLE VII 

EXCLUSIONS 
 The
exclusions with respect to the Reinsured Liabilities payable under this Agreement under the terms of the Policies shall be identical with those contained in the Policies. 

ARTICLE VIII 

SEVERABILITY 
 Any
term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction; provided that the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to either Party; provided further that if the economic or legal substance is so affected, the Parties shall negotiate in good faith in an effort to agree upon a suitable and
equitable substitute provision to effect the original intent of the Parties. If any provision of this Agreement is so broad as to be unenforceable, that provision shall be interpreted to be only so broad as is enforceable. 

ARTICLE IX 
 ERRORS
AND OMISSIONS; COOPERATION 
 A. Inadvertent delays, errors or omissions made in connection with this Agreement or any transaction
hereunder shall not relieve either Party from any Liability that would have attached had such delay, error or omission not occurred; provided that such delay, error or omission is rectified as soon as possible after discovery;
provided, further, that the Party making such error or omission or responsible for such delay shall be responsible for any additional Liability which attaches to either Party as a result of such error, omission or delay. Subject to the
foregoing, if (i) the failure of any Party to comply with any provision of this Agreement is unintentional or the result of a misunderstanding or oversight and (ii) such failure to comply is promptly rectified, the Parties shall be
restored as closely as possible to the positions they would have occupied if no error or oversight had occurred. 
 B. On or after the
Closing Date, the Ceding Company and the Reinsurer shall cooperate with each other in order to accomplish the objectives of this Agreement by furnishing any additional information and executing and delivering any additional documents as may be
reasonably requested by the other to further perfect or evidence the consummation of, or otherwise implement, any transaction contemplated by this Agreement, the Master Transaction Agreement or any other Transaction Agreement; provided,
however, that any such additional documents must be reasonably satisfactory to each of the Parties and not impose upon either Party any material liability, risk, obligation, loss, cost or expense not contemplated by this Agreement, the Master
Transaction Agreement or any other Transaction Agreement. 

  
 12 

 ARTICLE X 

EXISTING REINSURANCE CONTRACTS AND POLICIES 

A. The Parties hereby agree that the collectability of reinsurance with respect to the Policies under the Reinsurance Arrangements shall be at
the risk of and for the account of the Reinsurer, and shall be reduced only by the actual amount of recoveries received by the Ceding Company under the Reinsurance Arrangements. 

B. Liabilities with respect to the Policies under any Reinsurance Arrangement that are terminated or recaptured, to the extent such
Liabilities constitute Reinsured Liabilities, shall be automatically ceded hereunder to the Reinsurer without further action, subject to receipt by the Reinsurer of any reserve transfer or similar transfers or settlement amount, if any, received by
the Ceding Company from the applicable reinsurer and, in such event, the Reinsurer shall pay any special transfer or recapture fee or any other amount payable by the Ceding Company in respect of the Reinsured Liabilities in connection therewith as
may be required under such Reinsurance Arrangement. 
 C. The Ceding Company shall not amend or change any term of any Reinsurance
Arrangement, to the extent that such amendment or change relates to the Policies, without the prior written consent of the Reinsurer, which consent shall not be unreasonably withheld; provided that the Ceding Company shall have no obligation
to renew any Reinsurance Arrangement at the end of its term. To the extent that the Ceding Company is required to purchase any compulsory reinsurance with respect to the Policies, the Reinsurer shall reimburse the Ceding Company for the cost of any
such reinsurance. 
 D. On and after the Closing Date, the Ceding Company and the Reinsurer shall cooperate and use their commercially
reasonable efforts to enforce the Ceding Company’s rights at the sole cost of the Reinsurer with respect to any Reinsurance Arrangement (to the extent relating to the Policies), Policy, any agreement with any producer with respect to the
Policies or any agreement of the Ceding Company relating to any Ceded Expenses except that the Ceding Company shall have the right to retain ultimate control of such agreement, arrangement or Policy. 

E. Until December 31, 2015, the Reinsurer shall present to the Ceding Company any request for reinsurance coverage in connection with the
Policies. The Ceding Company shall have the sole and exclusive right to underwrite such reinsurance coverage. Notwithstanding the foregoing, if (i) the Ceding Company declines to underwrite the coverage or (ii) the Ceding Company and the
Reinsurer are unable to reach an agreement on terms within ten (10) Business Days of the Reinsurer’s request, then the Reinsurer can obtain coverage from another insurance company. 

  
 13 

 ARTICLE XI 

INSOLVENCY 
 A. If
more than one reinsured company is referenced within the definition of “Ceding Company” in the preamble, this Article XI shall apply severally to each such company. Further, this Article XI and the Laws of the
jurisdiction of domicile shall apply in the event of the insolvency of any company covered hereunder. In the event of a conflict between any provision of this Article XI and the Laws of the jurisdiction of domicile of any company covered
hereunder, that jurisdiction’s Laws shall prevail. 
 B. In the event of the insolvency of the Ceding Company, reinsurance hereunder
(or the portion of any risk or obligation assumed by the Reinsurer, if required by applicable Law) shall be payable directly to the Ceding Company, or to its liquidator, receiver, conservator or statutory successor, either: (i) on the
basis of the Liability of the Ceding Company, or (ii) on the basis of claims filed and allowed in the liquidation proceeding, whichever may be required by applicable Law, without diminution because of the insolvency of the Ceding Company or
because the liquidator, receiver, conservator or statutory successor of the Ceding Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Ceding
Company shall give written notice to the Reinsurer of the pendency of a claim against the Ceding Company indicating the Policy reinsured, which claim would involve a possible Liability on the part of the Reinsurer within a reasonable time after such
claim is filed in the conservation or liquidation proceeding or in the receivership, and that during the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be
adjudicated, any defense or defenses that it may deem available to the Ceding Company or its liquidator, receiver, conservator or statutory successor. The expense thus incurred by the Reinsurer shall be chargeable, subject to the approval of the
court, against the Ceding Company as part of the expense of conservation or liquidation to the extent of a pro rata share of the benefit that may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer. 

C. Where two (2) or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim,
the expense shall be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Ceding Company. 

D. As to all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement, the reinsurance shall be payable as set
forth herein by the Reinsurer to the Ceding Company or to its liquidator, receiver, conservator or statutory successor, (except as provided by Section 4118(a)(1)(A) of the New York Insurance Law, provided the conditions of 1114(c) of such law
have been met, if New York law applies) or except (i) where the contract specifically provides another payee in the event of the insolvency of the Ceding Company, or (ii) where the Reinsurer, with the consent of the direct insured or
insureds, has assumed such Policy obligations of the Ceding Company as direct obligations of the Reinsurer to the payees under such Policies and in substitution for the obligations of the Ceding Company to such payees. Then, and in that event
only, the Ceding Company, with the prior approval of the certificate of assumption on New York risks by the Superintendent of Financial Services of the State of New 

  
 14 

 
York, or with the prior approval of such other regulatory authority as may be applicable, is entirely released from its obligation and the Reinsurer shall pay any loss directly to payees under
such Policy. 
 ARTICLE XII 

TRUST ACCOUNT 
 A.
If more than one reinsured company is referenced within the definition of “Ceding Company” in the preamble, this Article XII shall apply severally to each such company. Each such company shall have a separate Trust Agreement.
Further, this Article XII and the Laws of the jurisdiction of domicile of such Ceding Company shall apply. In the event of a conflict between any provision of this Article XII and the Laws of the jurisdiction of domicile of
any Ceding Company covered hereunder, that jurisdiction’s Laws shall prevail. 
 B. In accordance with the Trust Agreement, the
Reinsurer, as grantor, has created the Trust Account with the Trustee, naming the Ceding Company as sole beneficiary thereof. On the Closing Date, the Reinsurer shall fund the Trust Account with Trust Assets with a fair market value equal to the
Security Amount. Pursuant to the terms of the Trust Agreement, the assets in the Trust Account, including the residual interest therein, shall be held in trust by the Trustee for the sole and exclusive benefit of the Ceding Company as security for
the payment of the Reinsurer’s obligations to the Ceding Company hereunder. Pursuant to the terms of the Security and Control Agreement, a first priority security interest in favor of the Ceding Company in the assets in the Trust Account,
including the residual interest therein, shall be granted and perfected. During the term of the Trust Agreement, the Reinsurer shall not, and shall direct that the Trustee shall not, grant or cause to be created in favor of any third person any
security interest whatsoever in any of the assets in the Trust Accounts or in the residual interest therein. 
 C. In accordance with the
requirements of the Trust Agreement, the Reinsurer shall ensure that at each calendar quarter end, in accordance with the terms set forth herein, the Trust Account holds assets with a fair market value equal to the Security Amount. All transfers to
and withdrawals from the Trust Account shall be in accordance with and subject to the requirements set forth in the Trust Agreement. 
 D.
The assets held in the Trust Account shall be valued at their fair market value by the Trustee in accordance with the terms of the Trust Agreement as of the date as of which such assets are required to be valued. The assets that may be held in the
Trust Account (the “Trust Assets”) shall consist of any combination of cash and other Eligible Investments. 
 E. Prior to
depositing Trust Assets in the Trust Account, the Reinsurer shall execute assignments or endorsements in blank, or transfer legal title to the Trustee of all shares, obligations or any other assets requiring assignments, in order that the Ceding
Company, or the Trustee upon the direction of the Ceding Company, may whenever necessary negotiate such assets without the consent or signature from the Reinsurer or any other Person. 

F. All settlements of account under the Trust Agreement between the Ceding Company and the Reinsurer shall be made in United States dollars in
cash or its cash equivalent. 

  
 15 

 G. At the Ceding Company’s request, the Reinsurer shall provide the Ceding Company with its
annual and quarterly statutory financial statements filed with Governmental Authorities and a copy of its audited statutory financial statements along with the audit report thereon. 

H. The Trust Account shall be established and maintained in compliance with all requirements of the relevant provisions of the applicable Laws
of the jurisdiction in which the Ceding Company is domiciled at a given time that would govern the Ceding Company’s right to take reserve credit if the Reinsurer were not licensed, certified or otherwise accredited in the Ceding Company’s
jurisdiction of domicile. 
 I. Withdrawal of Assets by Ceding Company. 

(i) The Ceding Company may withdraw the assets held in the Trust Account at any time and from time to time, notwithstanding any other
provisions of this Agreement, and assets withdrawn from such Trust Account shall be utilized and applied by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, receiver, conservator or statutory
successor of the Ceding Company), without diminution because of insolvency on the part of the Ceding Company or the Reinsurer; provided, however, that the Ceding Company (or any successor by operation of law of the Ceding Company,
including any liquidator, receiver, conservator or statutory successor of the Ceding Company) may only withdraw such assets for one or more of the following purposes: 

(a) to pay or reimburse the Ceding Company for the Reinsurer’s share of any losses and unallocated loss expenses paid by
the Ceding Company, but not recovered from the Reinsurer; 
 (b) to pay to the Reinsurer amounts held in the Trust Account in
excess of the Security Amount; 
 (c) to pay any other amounts necessary to secure the credit for reinsurance taken by the
Ceding Company hereunder; or 
 (d) upon the termination of the Trust Account or receipt by the Ceding Company of
notification of termination of the Trust Account and where the Reinsurer’s obligations under this Agreement remain unliquidated and undischarged five (5) Business Days prior to the termination date, to withdraw an amount of assets which,
in the aggregate, equals the Reinsurer’s share of the obligations assumed under this Agreement, and deposit those assets in a separate account (the “Termination Account”) in the name of the Ceding Company in a qualified United
States financial institution apart from its general assets, in trust for only the uses and purposes specified in paragraphs (a) and (b) of this Article XII(I)(i) as may remain executory after such withdrawal and for any period after
the termination date. The Ceding Company shall pay interest in cash to the Reinsurer on the amount withdrawn, equal to the actual amount of interest, dividends and other income earned on the assets in the Termination Account. The Ceding Company may
at any time substitute or exchange any assets held in the Termination Account and invest or reinvest such assets. 
 (ii) The Ceding Company
shall return to the Trust Account, within five (5) Business Days, assets withdrawn in excess of all amounts due under Article XII(I)(i)(a), (b) and (c), or, in the case of Article XII(I)(i)(d), assets that are
subsequently determined not to be due. Any such excess amounts shall at all times be held, until the return of such amounts to the Trust Account in accordance with the immediately preceding sentence, by the Ceding Company (or any successor by
operation of law of the Ceding Company, including any liquidator, receiver, conservator or statutory successor of the Ceding Company) in trust for the benefit of the Reinsurer and be maintained in a segregated account, separate and apart from any
assets of the Ceding Company for the sole purpose of funding the payments and reimbursements described in Article XII(I)(i)(a), (b) and (c). 

  
 16 

 ARTICLE XIII 

LOSS SETTLEMENTS 

A. All loss settlements made by the Reinsurer or its Affiliates, on behalf of the Ceding Company, whether under Policy terms and conditions or
by way of compromise, shall be binding upon the Ceding Company and the Reinsurer, and the Ceding Company and the Reinsurer agree to pay or allow, as the case may be, its share of each such settlement in accordance with this Agreement;
provided, that loss settlements shall require the consent of the Ceding Company if they (i) impose any injunctive or other non-monetary equitable relief against the Ceding Company or its Affiliates or (ii) would create a precedent
for future actions against the Ceding Company or its Affiliates that are not fully reinsured or indemnified by the Reinsurer hereunder. 

B. The date of loss as defined in the Ceding Company’s Policies shall apply as respects any losses reported under this Agreement. 

ARTICLE XIV 

RESERVES 
 The
Reinsurer shall maintain the premium, loss and loss adjustment expense reserves (including reserves for incurred but not reported losses) with respect to the Policies in an amount not less than the reserves required by SAP, the terms of the Policies
and conforming to United States Actuarial Standards of Practice. 
 ARTICLE XV 

CURRENCY 
 Whenever
the word “dollars” or the “$” sign appears in this Agreement, such word or sign shall be construed to mean United States dollars and all transactions under this Agreement shall be in United States dollars. 

  
 17 

 ARTICLE XVI 

OFFSET 

Notwithstanding anything to the contrary in this Agreement, each of the Parties acknowledges and agrees that it shall have no right hereunder
or pursuant to applicable Law to offset any amounts due or owing (or to become due or owing) following the Closing Date to any other Party against any amounts due or owing by such other Party or any of its Affiliates under any other agreement
(including the Master Transaction Agreement), contract or understanding. 
 ARTICLE XVII 

SALVAGE AND SUBROGATION 

A. The Ceding Company empowers and authorizes the Reinsurer to enforce its right to salvage or subrogation and other rights to indemnity,
contribution or other recovery rights (other than rights provided by the Reinsurer or its Affiliates to the Ceding Company) with respect to the Reinsured Liabilities under the Policies. The Ceding Company shall cooperate with the Reinsurer in this
regard and shall provide any written documentation if reasonably necessary to any third party to support the Reinsurer’s authority to pursue any recovery. 

B. Amounts recovered from salvage or subrogation with respect to the Policies shall be used to reimburse the excess reinsurers (and the
Reinsurer (as the Ceding Company’s designee), should it carry a portion of excess coverage net) in the reverse order of their participation in the loss before being used in any way to reimburse the Reinsurer (as the Ceding Company’s
designee) for its primary loss. The expense incurred by the Reinsurer (as the Ceding Company’s designee) in pursuing any such recovery shall be borne by each Party in proportion to its benefit (if any) from the recovery. If the recovery expense
exceeds the amount recovered, the amount recovered (if any) shall be applied to the reimbursement of recovery expense incurred by the Reinsurer (as the Ceding Company’s designee) and the remaining expense as well as any originally incurred loss
expense shall be borne by the Reinsurer. 
 C. Notwithstanding anything to the contrary in this Agreement, if the Reinsurer initiates an
action to secure salvage or subrogation in its name or the name of the Ceding Company, and there is no such recovery, or if the amount recovered is insufficient to cover the expenses incurred in pursuing salvage or subrogation, the Reinsurer shall
be liable for one hundred percent (100%) of such excess expense. Further, the Reinsurer shall be liable for one hundred percent (100%) of any damages to the Ceding Company, including reimbursement of any compensatory or punitive damages
resulting from the action. 
 ARTICLE XVIII 

TERMINATION AND TRIGGERING EVENT 

A. Termination. This Agreement may only be terminated by the mutual written agreement of the Parties. Following the termination of this
Agreement, any Policies ceded hereunder shall be administered pursuant to Section 12(d) of the Administrative Services Agreement. 
 B.
Triggering Event. Upon the occurrence of a Triggering Event, subject to any cure period, and during the pendency of a Triggering Event, the Ceding Company shall have the right (but not the obligation) to cease underwriting any business that
would constitute Reinsured Liabilities hereunder. 

  
 18 

 ARTICLE XIX 

INDEMNIFICATION 

A. Indemnification by the Ceding Company. The Ceding Company shall indemnify, defend and hold harmless the Reinsurer and its Affiliates
and their respective officers, directors and employees (collectively, the “Reinsurer Indemnitees”) from and against any and all Damages actually sustained, incurred or suffered by the Reinsurer Indemnitees to the extent arising out
of or related to (i) any breach or nonfulfillment by the Ceding Company, or any failure by the Ceding Company to perform, any of the covenants, terms or conditions of, or any duties or obligations under, this Agreement and (ii) any
successful enforcement of this indemnity. 
 B. Indemnification by the Reinsurer. The Reinsurer shall indemnify, defend and hold
harmless the Ceding Company and its Affiliates and their respective officers, directors and employees (collectively, the “Ceding Company Indemnitees”) from and against any and all Damages actually sustained, incurred or suffered by
the Ceding Company Indemnitees to the extent arising out of or related to (i) any breach or nonfulfillment by the Reinsurer, or any failure by the Reinsurer to perform, any of the covenants, terms or conditions of, or any duties or obligations
under, this Agreement, (ii) the Reinsured Liabilities, (iii) Extra Contractual Obligations and (iv) any successful enforcement of this indemnity. 

C. Any proceedings related to indemnification under Article XIX(A)-(B) shall be conducted in accordance with the procedures
set forth in Section 10.03 of the Master Transaction Agreement, mutatis mutandis. 
 D. The indemnification provisions of this
Article XIX shall be the exclusive remedy for any breach of this Agreement, except (i) for the termination provisions set forth herein, (ii) for actual fraud relating to entry into this Agreement, or (iii) with respect to
matters for which the remedy of specific performance, injunctive relief or other non-monetary equitable remedies are available. 
  

ARTICLE XX 
 NO OTHER
REPRESENTATIONS OR WARRANTIES 
 A. No Other Representations or Warranties. The Ceding Company acknowledges, understands and
agrees that no representations or warranties are made by the Reinsurer or any of its Affiliates in connection with the Master Transaction Agreement, this Agreement or the other Transaction Agreements and the transactions contemplated hereby or
thereby, except as and to the extent expressly covered by a representation or warranty made by the Reinsurer to the Ceding Company contained in Article IV of the Master Transaction Agreement. The Reinsurer acknowledges, understands and agrees that
no representations or warranties are made by the Ceding Company or any of its Affiliates in connection with the Master Transaction Agreement, 

  
 19 

 
this Agreement or the other Transaction Agreements and the transactions contemplated hereby or thereby, except as and to the extent expressly covered by a representation or warranty made by the
Ceding Company to the Reinsurer contained in Article III of the Master Transaction Agreement. Each of the Reinsurer and the Ceding Company acknowledges, understands and agrees that the exclusive remedies available to any Person for any breach or
inaccuracy of any representation or warranty contained in Article III or IV of the Master Transaction Agreement are pursuant to Article X of the Master Transaction Agreement. 

B. Waiver of Duty of Utmost Good Faith. In recognition that each Party has consummated the transactions contemplated by this Agreement
and the other Transaction Agreements to which it is a party, based on mutually negotiated representations, warranties, covenants, remedies and other terms and conditions as are fully set forth herein and therein, the Ceding Company and the Reinsurer
absolutely and irrevocably waive resort to the duty of “utmost good faith” or any similar principle in connection with the formation or performance of this Agreement. 

ARTICLE XXI 
 CREDIT
FOR REINSURANCE 
 A. The Reinsurer shall hold and maintain all licenses and authorizations required by applicable Law and the
Reinsurer shall take all actions (including the posting of letters of credit or other acceptable security) necessary under applicable Law of the jurisdiction of domicile of the Ceding Company to permit the Ceding Company to obtain full financial
statement credit in such jurisdiction for the reinsurance provided by this Agreement. The form of any collateral, if required to be provided by the Reinsurer to obtain such credit, shall be at the sole cost and expense of the Reinsurer or its
Affiliates. The Reinsurer shall notify the Ceding Company as soon as practicable but in any event within five (5) Business Days of any loss of license or authorization or other matter that may affect the ability of the Ceding Company to obtain
full credit for the reinsurance being provided under this Agreement. In such event, the Reinsurer shall have fifteen (15) days to cure any such insufficiency; provided, however, that if the end of a calendar quarter would fall in
such fifteen (15)-day period, such fifteen (15)-day period shall be shortened to the extent necessary to end on the Business Day prior to such quarter end. The Reinsurer shall take all actions necessary under applicable Law to permit the Ceding
Company to maintain (or reobtain in the case of any loss) full financial statement credit in all applicable jurisdictions for the reinsurance provided by this Agreement. 

B. It is understood and agreed that any term or condition required by such applicable Law to be included in this Agreement for the Ceding
Company to receive financial statement credit for the reinsurance provided by this Agreement shall be deemed to be incorporated in this Agreement by reference. Furthermore, the Reinsurer and the Ceding Company agree to amend this Agreement or the
applicable Trust Agreement, or enter into other agreements or execute additional documents as needed to comply with the credit for reinsurance laws and regulations or the requirements of the applicable Governmental Authorities in the jurisdiction of
domicile of the Ceding Company. 
 C. Notwithstanding anything contained in this Article XXI to the contrary, in the event that
(i) there is a repeal of or amendment to the provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) that would authorize a Governmental Authority in any jurisdiction of the United States
where the Ceding Company is licensed to transact business to apply the applicable rules for credit for reinsurance in such jurisdiction to the Ceding Company, and (ii) the Ceding Company reasonably determines that it is obligated under
applicable Law to comply with such rules in order to receive financial statement credit in any such jurisdiction, then Articles XXI(A) and (B) shall automatically be deemed to be amended without any action by the Parties to
require that the Reinsurer shall take all steps necessary so as to enable the Ceding Company to obtain full financial statement credit for the reinsurance provided by this Agreement in any such jurisdiction in addition to its jurisdiction of
domicile. 

  
 20 

 ARTICLE XXII 

MISCELLANEOUS 
 A.
This Agreement constitutes the entire agreement between the Ceding Company and the Reinsurer with respect to the business being reinsured hereunder and supersedes all prior agreements and undertakings, both written and oral, other than the
Confidentiality Agreement to the extent not in conflict with this Agreement. 
 B. All notices, requests, consents, claims, demands and
other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail (followed by delivery
of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following respective addresses (or at such other address for a Party as shall be specified
in a notice given in accordance with this Article XXII(B)): 
 To the Ceding Company: 

QBE Holdings, Inc. 
 Attention:
Jose Ramon Gonzalez, Chief Legal Officer 
 Wall Street Plaza 

88 Pine Street 
 New York, NY
10005 
 Phone: (212) 422-1212 

Facsimile: (212) 422-1313 

e-mail: Jose.Gonzalez@us.qbe.com 

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

Sidley Austin LLP 
 Attention:
Sean M. Keyvan 
 One South Dearborn 

Chicago, IL 60603 
 Phone:
(312) 853-4660 
 Facsimile: (312) 853-7036 

e-mail: skeyvan@sidley.com 

  
 21 

 To the Reinsurer: 

Integon National Insurance Company 

c/o National General Insurance Company 

Attention: Jeffrey Weissmann, General Counsel 

59 Maiden Lane 
 38th Floor 

New York, NY 10038 
 Phone:
(212) 380-9479 
 Facsimile: (212) 380-9498 

e-mail: jeffrey.weissmann@ngic.com 

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

Debevoise & Plimpton LLP 

Attention: Nicholas F. Potter 

919 Third Avenue 
 New York, NY
10022 
 Phone: (212) 909-6459 

Facsimile: (212) 521-7459 

e-mail: nfpotter@debevoise.com 

Any Party may, by notice given in accordance with this Article XXII(B) to the other Party, designate another address or Person for
receipt of notices hereunder; provided that notice of such a change shall be effective upon receipt. 
 C. For purposes of sending
and receiving notices and payments required by this Agreement, QBE Holdings, Inc. shall be deemed to be the agent of all other Affiliates of QBE Holdings, Inc. that are reinsured companies under contracts with the Reinsurer or its Affiliates. In no
event, however, shall any reinsured company be deemed the agent of another with respect to the terms of Article XI. 
 D. Except
as set forth in Article XIX, nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement. 
 E. No Party may assign its rights or delegate its obligations hereunder without the prior written consent of the other
Parties. Any attempted assignment in violation of this Article XXII(E) shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the Parties and their permitted successors and
assigns. 
 F. This Agreement may be executed in one or more counterparts, and by the different parties to this Agreement in separate
counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same 

  
 22 

 
agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic mail shall be as effective as delivery of a manually executed counterpart of any
such agreement. 
 G. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES OF SUCH STATE THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF SUCH AGREEMENTS TO THE LAWS
OF ANOTHER JURISDICTION. Any action, suit or proceeding directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement, shall be brought in the United States District Court for
the Southern District of New York or, if such court does not have subject matter jurisdiction over such suit, action or proceeding, in state court in New York, NY (collectively, the “New York Courts”). The Parties hereby waive any
objection they may now or hereafter have to the venue of any such action or proceeding in any such court and any claim that such action or proceeding has been brought in an inconvenient forum. Any service of any process, summons, notice, document or
other paper does, if delivered, sent or mailed in accordance with Article XXII(B), constitute good, proper and sufficient service thereof. Each Party agrees that any final, nonappealable judgment in any such action, suit or proceeding
brought in any such court shall be conclusive and binding upon such Party and may be enforced in any other courts to whose jurisdiction such Party may be subject, by suit upon such judgment. 

EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT. 

H. The Parties agree that irreparable damage would occur in the event that any of the terms or provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, notwithstanding anything to the contrary contained in this Agreement, each of the Parties shall be entitled to injunctive or other equitable relief to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court referenced in Article XXII(G) having jurisdiction, such remedy being in addition to any other remedy to which any Party may be
entitled at law or in equity. In the event that any Action is brought in equity to enforce the provisions of this Agreement, no Party shall allege, and each Party hereby waives the defense or counterclaim, that there is an adequate remedy at law.

 I. No provision of this Agreement may be amended, supplemented or modified except by a written instrument signed by all of the Parties.
No provision of this Agreement may be waived except by a written instrument signed by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by applicable Law. 

  
 23 

 J. The provisions of Section 8 (Confidential Information) of the Administrative Services
Agreement are incorporated by reference herein mutatis mutandis. 
 K. Interpretation of this Agreement shall be governed by the
following rules of construction: (i) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (ii) references to the terms
preamble, recitals, Article, paragraph and Schedule are references to the preamble, recitals, Articles, paragraphs and Schedules to this Agreement unless otherwise specified; (iii) the word “including” and words of similar import
shall mean “including without limitation,” unless otherwise specified; (iv) the word “or” shall not be exclusive; (v) the words “herein,” “hereof,” “hereunder” or “hereby” and
similar terms are to be deemed to refer to this Agreement as a whole and not to any specific Article; (vi) the headings are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement;
(vii) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted; (viii) if a word or phrase is defined, the other
grammatical forms of such word or phrase have a corresponding meaning; (ix) references to any statute, listing rule, rule, standard, regulation or other law include a reference to (a) the corresponding rules and regulations and
(b) each of them as amended, modified, supplemented, consolidated, replaced or rewritten from time to time; (x) references to any section of any statute, listing rule, rule, standard, regulation or other law include any successor to such
section; (xi) references to any Person include such Person’s predecessors or successors, whether by merger, consolidation, amalgamation, reorganization or otherwise; (xii) any reference to “days” means calendar days unless
Business Days are expressly specified; and (xiii) references to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time,
unless otherwise stated. 
 [Signature page follows] 

  
 24 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first
above written. 
  

									
	QBE INSURANCE CORPORATION				INTEGON NATIONAL INSURANCE COMPANY
					
	By:		  
				By:		  

					
	Title:		  
				Title:		  

				
	PRAETORIAN INSURANCE COMPANY						
					
	By:		  
						
					
	Title:		  
						
				
	QBE SPECIALTY INSURANCE COMPANY						
					
	By:		  
						
					
	Title:		  
						

 [Signature Page to 100% Quota Share Reinsurance Agreement] 

 EXHIBIT C-1 

FORM OF FORWARD TRANSITION SERVICES AGREEMENT 

See attached. 

 EXHIBIT C-1 

FORM OF FORWARD TRANSITION SERVICES AGREEMENT 

TRANSITION SERVICES AGREEMENT 

BY AND BETWEEN 
 QBE
HOLDINGS, INC. 
 AND 

NATIONAL GENERAL HOLDINGS CORP. 

DATED AS OF [●], 2015 

 TABLE OF CONTENTS 

 

							
	Section 1.		 Certain Defined Terms
		 	2	  
	Section 2.		 Services in General; Transition Services Schedules
		 	4	  
	Section 3.		 Intellectual Property Matters
		 	6	  
	Section 4.		 Administration of Services
		 	7	  
	Section 5.		 Term, Extension and Termination of Services
		 	8	  
	Section 6.		 Standard of Performance; Limitations on Providing Services
		 	9	  
	Section 7.		 Payment of Fees and Charges
		 	10	  
	Section 8.		 Taxes on Services
		 	11	  
	Section 9.		 Independent Contractor
		 	11	  
	Section 10.		 Warranties
		 	11	  
	Section 11.		 Termination of Agreement
		 	11	  
	Section 12.		 Limitation on Scope
		 	12	  
	Section 13.		 Assignment; Subcontractors; No Third-Party Beneficiaries
		 	12	  
	Section 14.		 Force Majeure
		 	12	  
	Section 15.		 Governing Law; Dispute Resolution; Jurisdiction; Service of Process
		 	13	  
	Section 16.		 Waiver of Jury Trial
		 	14	  
	Section 17.		 Entire Agreement
		 	14	  
	Section 18.		 Notices
		 	14	  
	Section 19.		 Severability
		 	15	  
	Section 20.		 Amendment; Waiver
		 	15	  
	Section 21.		 Confidentiality
		 	16	  
	Section 22.		 Counterparts
		 	16	  
	Section 23.		 Good-Faith Cooperation
		 	16	  
	Section 24.		 Master Transaction Agreement
		 	17	  
	Section 25.		 Books and Records
		 	17	  
	Section 26.		 Limitation of Liability
		 	18	  
	Section 27.		 Indemnification of Service Provider by Service Recipient
		 	18	  
	Section 28.		 Indemnification of Service Recipient by Service Provider
		 	19	  
	Section 29.		 Indemnification as Exclusive Remedy
		 	19	  
	Section 30.		 Conduct of Proceedings
		 	19	  
	Section 31.		 No Limitation
		 	19	  
	Section 32.		 Order of Precedence
		 	19	  
	Section 33.		 Rules of Construction
		 	19	  
	Section 34.		 Fulfillment of Obligations
		 	20	  

  

			
	Schedule 2(a)(i)		Transition Services
	Schedule 2(a)(iii)		Excluded Services
	Schedule 3(a)		Intellectual Property License Exemptions
	Schedule 3(b)		Email Language
	Schedule 4(a)		Representatives
	Schedule 7		Fees and Charges

  
 1 

 TRANSITION SERVICES AGREEMENT 

This Transition Services Agreement (this “Agreement”), dated as of [●], 2015, is by and between QBE Holdings, Inc., a
Delaware corporation (“QBE”), and National General Holdings Corp., a Delaware corporation (the “Acquiror”). 

WHEREAS, pursuant to that certain Master Transaction Agreement by and among QBE Investments (North America), Inc., a Delaware
corporation (“Parent”), QBE, and the Acquiror, dated as of July 15, 2015 (the “Master Transaction Agreement”), the Acquiror is acquiring, directly or indirectly, all the outstanding common stock of QBE
Financial Institution Risk Services, Inc., a Delaware corporation (the “Company”) and the following subsidiaries of the Company (collectively, the “Transferred Subsidiaries”): (i) QBE FIRST Insurance Agency,
Inc., a California corporation, (ii) Seattle Specialty Insurance Services, Inc., a Washington corporation, (iii) Newport Management Corporation, a California corporation and (iv) Mortgage & Auto Solutions, Inc., a Texas
corporation. The Master Transaction Agreement contemplates that the parties shall, at the closing of the transactions contemplated by the Master Transaction Agreement, enter into this Agreement for the provision of certain services to the Company
and the Transferred Subsidiaries, on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

Section 1. Certain Defined Terms. Any capitalized term used but not defined herein shall have the meaning set forth in the Master
Transaction Agreement. The following terms have the respective meanings set forth below throughout this Agreement: 

“Acquiror” shall have the meaning set forth in the preamble. 

“Additional Services” shall have the meaning set forth in Section 2(a)(ii). 

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

“Authorization Expenses” shall have the meaning set forth in Section 2(d). 

“Authorizations” shall have the meaning set forth in Section 2(d). 

“Books and Records” shall have the meaning set forth in Section 25. 

“Business” shall have the meaning set forth in the Master Transaction Agreement. 

“Charges” shall have the meaning set forth in Section 2(b). 

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

“Company” shall have the meaning set forth in the recitals. 

“Confidential Information” shall have the meaning set forth in Section 21. 

  
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 “Dispute” shall have the meaning set forth in Section 15(b). 

“End Date” shall have the meaning set forth in Section 5(a). 

“Excluded Services” shall have the meaning set forth in Section 2(a)(iii). 

“Expiration Date” shall have the meaning set forth in Section 5(a). 

“Extension” shall have the meaning set forth in Section 5(a). 

“Group” shall have the meaning set forth in Section 21. 

“Intellectual Property” means: (a) patents, patent applications and statutory invention registrations, including
reissues, divisions, continuations, continuations in part, renewals, extensions and reexaminations thereof, and all patents which may issue on such applications, all rights therein provided by international treaties or conventions,
(b) trademarks, service marks, trade dress, logos, and all goodwill associated with the foregoing, any and all common law rights therein, and registrations and applications for registration thereof, all rights therein provided by international
treaties or conventions, and all reissues, extensions and renewals of any of the foregoing, (c) copyrightable works, copyrights and database rights, whether or not registered, and registrations and applications for registration thereof, and all
rights therein provided by international treaties or conventions, (d) protectable rights in confidential and proprietary information, including trade secrets, processes and know-how that arise from not being publicly known, in each case
existing on the Closing Date, (e) Internet domain names, and registrations pertaining thereto, and (f) rights in Software and Shared Software. 

“Licensed IP” shall have the meaning set forth in Section 3(a). 

“Losses” shall have the meaning set forth in Section 27. 

“Master Transaction Agreement” shall have the meaning set forth in the recitals. 

“Meeting” shall have the meaning set forth in Section 4(a). 

“Parent” shall have the meaning set forth in the recitals. 

“Policies” shall have the meaning set forth in the Reinsurance Agreements. 

“Provider Indemnified Person” shall have the meaning set forth in Section 26(a). 

“QBE” shall have the meaning set forth in the preamble. 

“Recipient Indemnified Person” shall have the meaning set forth in Section 28. 

“Reinsurance Agreements” shall have the meaning set forth in the Master Transaction Agreement 

“Representative” shall have the meaning set forth in Section 4(a). 

  
 3 

 “Scheduled Final Service Date” shall have the meaning set forth in
Section 2(c). 
 “Service” shall have the meaning set forth in Section 2(a). 

“Service Data” shall have the meaning set forth in Section 3(c). 

“Service Provider” means QBE and its Affiliates. 

“Service Recipient” means the Company and the Transferred Subsidiaries. 

“Term” shall have the meaning set forth in Section 5(a). 

“Terminated Service Log” shall have the meaning set forth in Section 5(b). 

“Third Party Contracts” shall have the meaning set forth in Section 2(d). 

“Transferred Subsidiaries” shall have the meaning set forth in the recitals. 

“Transition Plan” shall have the meaning set forth in Section 4(c). 

“Transition Services” shall have the meaning set forth in Section 2(a)(i). 

“Transition Services Schedule” shall have the meaning set forth in Section 2(a). 

“Transition Services Team” shall have the meaning set forth in Section 4(a). 

Section 2. Services in General; Transition Services Schedules. 

(a) Upon the terms contained in this Agreement and the Transition Services Schedules attached hereto (each such schedule, a
“Transition Services Schedule”), during the Term, Service Provider shall provide to Service Recipient all the services listed in the Transition Services Schedules (each such service, a “Service”), and Service
Recipient shall pay for such Services in accordance with the terms of this Agreement, as follows: 
 (i) Transition
Services. The Services that were historically provided by Service Provider to Service Recipient prior to the date hereof, which are identified as Transition Services in Schedule 2(a)(i) (the “Transition Services”). The
Transition Services shall also include, for the Charges to be mutually agreed by the parties, any Service(s) (other than the Excluded Services) that were historically provided by QBE to the Business prior to the date hereof that were inadvertently
omitted from Schedule 2(a)(i). The parties shall cooperate in good faith to amend Schedule 2(a)(i) to include any such omitted Service(s) that are identified by one of the parties after the date hereof. The Service Recipient shall not
be responsible for any Charges applicable to any individual Service included in the Terminated Service Log following Service Recipient’s provision of (A) sixty (60) days written notice to the Service Provider terminating such Service
to the extent such Service constitutes a service related to information technology or communications in accordance with Section 5(b)(i) or (B) thirty (30) days written notice to the Service Provider terminating such Service for
any other Service in accordance with Section 5(b)(ii). 

  
 4 

 (ii) Additional Services. During the Term, Service Recipient may request
that Service Provider provide such reasonably necessary additional services other than the Transition Services set forth on Schedule 2(a)(i) (the “Additional Services”) that are not Excluded Services, and Service Provider
shall consider all such requests in good faith. If Service Provider provides any such Additional Services, the parties shall negotiate in good faith the terms on which such Additional Services shall be provided and, if those terms are mutually
agreed upon, Schedule 2(a)(i) shall be amended pursuant to Section 20 to reflect such addition and the Additional Service(s) shall be deemed to form a part of the Services. 

(iii) Excluded Services. Schedule 2(a)(iii) sets forth a list and description of certain services that Service
Provider shall not provide to Service Recipient pursuant to this Agreement (the “Excluded Services”). 
 (b) For each
Service, the applicable Transition Services Schedule sets forth, among other things: (i) a description of the Service; (ii) the method for determining the Charge for the Service, which shall be the actual cost (which shall be deemed to
include, in addition to all third party and other out-of-pocket costs, all corporate overhead and other costs reasonably allocated to the Company and the Transferred Subsidiaries for employees, occupancy and other matters) of the provision of such
Service to Service Recipient (the “Charges”) as further determined using the principles for determining the Charges under Section 7; and (iii) the estimated monthly cost of the Charges. 

(c) Subject to Section 5, the parties shall agree that the date each such Service is to be terminated shall be the earlier of
(i) the date (if any) set forth in the applicable Transition Services Schedule (each, a “Scheduled Final Service Date”) and (ii) the Expiration Date. Service Recipient agrees to use commercially reasonable efforts to end
its need to use each and every Service as soon as reasonably practicable and in all events prior to the earlier of the Scheduled Final Service Date with respect to each Service and the Expiration Date. 

(d) Third Party Consents. Service Recipient understands, acknowledges and agrees that certain Services to be provided by Service
Provider may be provided by or through the use of the services, Software or other products of unaffiliated third parties on behalf of Service Provider pursuant to contracts to which Service Recipient is not a party (collectively, the “Third
Party Contracts”). Service Provider shall be responsible for obtaining any additional consents, approvals, permissions or licenses (collectively, “Authorizations”) required for the continued participation in such Third
Party Contracts by such third parties. Service Provider and Service Recipient shall each be responsible for fifty percent (50%) of any additional costs, expenses, fees, charges, commissions or right-to-use fees (“Authorization
Expenses”) that obtaining such Authorizations may involve. Service Provider agrees to use its commercially reasonable efforts to seek and obtain any Authorizations necessary pursuant to such Third Party Contracts to provide Services to
Service Recipient; provided, however, that Service Provider shall not be required to obtain any Authorizations if such Authorizations would require Service Provider to modify, amend or otherwise alter a Third Party Contract in a manner
that, in Service 

  
 5 

 
Provider’s reasonable opinion, is materially detrimental to Service Provider or any of its Affiliates. If, as of the date hereof, there are Third Party Contracts where Authorizations have
not been received by Service Provider, then Service Provider shall (i) continue to use commercially reasonable efforts to obtain such Authorizations or (ii) at Service Recipient’s request, use commercially reasonable efforts to
cooperate with Service Recipient and reasonably assist it to enter into its own agreements with third parties (including identifying and approaching the applicable vendor (or another third party vendor) with whom Service Recipient shall enter into
its own third party contract at a price and upon terms that are mutually agreeable to Service Recipient and such vendor relating to such Service). On termination or expiration of any Third Party Contract during the Term, Service Provider shall not
be obligated to continue to provide, or cause the provision of the Services to which the relevant Third Party Contract relates, but at Service Recipient’s request, shall use commercially reasonable efforts to cooperate with Service Recipient
and reasonably assist it to enter into its own agreements with third parties (including identifying and approaching the applicable vendor (or another third party vendor) with whom Service Recipient shall enter into its own third party contract at a
price and upon terms that are mutually agreeable to Service Recipient and such vendor relating to such Service). Service Provider acknowledges and agrees that with respect to any termination fees for any Third Party Contract or other third party
arrangement that are incurred by Service Provider as a result of the transition of Services to Service Recipient, Service Recipient shall be responsible for fifty percent (50%) of the termination fees associated with such contract or
arrangement. 
 Section 3. Intellectual Property Matters. 

(a) Except as set forth on Schedule 3(a), Service Provider hereby grants, or has caused each relevant Affiliate to grant, to Service
Recipient a royalty-free, non-exclusive, non-transferable, non-assignable, non-sublicenseable license to access or use the Intellectual Property, including Software or Shared Software, owned by the applicable Service Provider (collectively, the
“Licensed IP”) during the Term to the extent necessary to, and for the sole purpose of, Service Recipient’s receipt of Services during the Term but only to the extent (i) such Licensed IP is currently used in or necessary
for the conduct of the Business, (ii) accessed or used by Service Recipient prior to the Closing, (iii) such access or use is not in violation of applicable Law or any internal privacy-related policies of Service Provider and
(iv) Service Provider has or can obtain the right to grant such license in connection with providing the Services. In furtherance and not in limitation of the foregoing, unless otherwise agreed in writing by Service Provider, any such Licensed
IP that is Software or Shared Software may only be installed or used on Service Recipient systems on which the Software or Shared Software was installed or used prior to the Closing. For the avoidance of doubt, any Licensed IP licensed pursuant to
this Section 3(a) shall be deemed Confidential Information of Service Provider. 
 (b) During any period in which any employees,
consultants, agents or independent contractors of Service Recipient or its Affiliates are sending e-mails from an e-mail address or e-mail platform containing the name “QBE,” Service Recipient agrees that it shall, and shall cause its
Affiliates to, include the language set forth in Schedule 3(b), attached hereto, in all such e-mail messages that are sent from such email address or platform. 

(c) “Service Data” means all the data provided by a Service Recipient or created by or for Service Provider on behalf of a
Service Recipient in connection with the 

  
 6 

 
provision of the Services, including employee information, customer information, product details and pricing information. The Service Data and any Intellectual Property rights therein shall be
and shall remain the property of the applicable Service Recipient and shall be provided by Service Provider to Service Recipients pursuant to reports created by Service Provider. Except as set forth herein, all data, information, Intellectual
Property and Software created by Service Provider in connection with the provision of the Services shall be owned by Service Provider. Unless otherwise specifically provided herein, this Agreement shall not transfer ownership of, or license any
rights to any Intellectual Property from any Person to another Person. 
 Section 4. Administration of Services. 

(a) Service Recipient and Service Provider shall each designate a group of individuals (each, a “Transition Services Team”),
which shall work cooperatively with their counterparts to facilitate and administer this Agreement. Each Service Recipient and Service Provider shall designate (and reflect on Schedule 4(a)) two (2) or more persons (each, a
“Representative”), who shall make reasonable efforts to meet, in person or telephonically during normal business hours and with reasonable notice (each such meeting, a “Meeting”), from time to time as reasonably
requested by the other party’s Representatives to discuss the Services generally and any issues relating thereto; provided that any Representative’s failure to attend one or more Meetings shall not be deemed to constitute a breach
under this Agreement. Each party shall have the right at any time and from time to time to replace its Representatives by giving notice in writing to the other party setting forth the name of (i) the Representative to be replaced and
(ii) the replacement Representative. 
 (b) Service Recipient acknowledges and agrees that Service Provider may need to provide some of
the Services from or otherwise may need access to and use of locations owned or controlled by Service Recipient or its Affiliates. In order for Service Provider to perform its obligations under this Agreement, Service Recipient agrees to, and to
cause its Affiliates to: (i) provide and maintain a safe location and environment for the representatives providing the Services; (ii) provide a secure area reasonably located for Service Provider’s and its Affiliates’ property
and materials; (iii) provide Service Provider and its Affiliates reasonable access to its property, materials, information and data (including, upon reasonable advance notice, after normal business hours and during weekends and holidays) to the
extent reasonably necessary in order for such other party to perform its obligations under this Agreement; and (iv) permit any signage to be displayed at such locations or on such property as may be required under applicable Law (including for
regulatory purposes). In the event Service Recipient fails to provide access required hereunder to Service Provider’s employees and subcontractors as contemplated hereunder, Service Provider shall not be liable for any failure to perform under
this Agreement occasioned by the lack of access. In the event that either party shall require (A) physical separation of its employees, property or Services (or any signage at or on another party’s location or property), (B) employee
relocation or (C) technology firewalls (including such actions as may be required to effect the confidentiality obligations set forth in Section 21 or to comply with applicable Law), the resulting cost of such signage, physical
separation, relocation and firewalls shall be borne by Service Recipient (and if any authorization from a Governmental Authority is required by a party in connection with the matters contemplated by the foregoing, then the other party shall
cooperate with such party to obtain any such authorization). Service Recipient and Service Provider each agree to comply in all material 

  
 7 

 
respects with all Laws applicable to its activities under this Agreement and to use, and cause their respective Affiliates to use, commercially reasonable efforts to protect such property and
materials of the other party or its Affiliates against damage, destruction, loss or unauthorized use. To the extent that any property or materials of Service Provider or its Affiliates used to provide any terminated Service is located on premises
owned or controlled by Service Recipient, Service Provider shall have a reasonable period of time following the effective date of such termination to remove such property or materials. 

(c) By the 6-month anniversary of the date hereof, Service Recipient agrees to jointly develop with Service Provider a plan of transition (the
“Transition Plan”) explaining how Service Recipient intends to cease access to or its use of the Licensed IP, systems, operations, processes and platforms set forth on the Transition Services Schedules by the Expiration Date. The
Transition Plan shall contain a timeline of Service Recipient’s plan to exit or cease use of such Licensed IP, systems, operations, processes and platforms and identify the roles and responsibilities of both parties to complete the transition.
Service Provider shall cooperate with Service Recipient in providing such information and other data for the development of the Transition Plan contemplated above. The Transition Plan must be approved in writing by both parties in order to take
effect. Both parties acknowledge that the Transition Plan shall evolve and shall be subject to change. Changes shall be discussed and mutually agreed to by the Transition Services Team in its Meetings pursuant to Section 4(a), and the
Transition Plan updated accordingly. 
 Section 5. Term, Extension and Termination of Services. 

(a) The term of this Agreement shall commence on the date hereof and shall remain in effect until the twelve (12)-month anniversary of the
date hereof (the “End Date”); provided, however, that the End Date may be extended for up to two (2) additional six (6) month periods (each such extension period, an “Extension”) upon Service
Recipient’s request by written notice to Seller at least thirty (30) days before the last day of the End Date or, in the event that Service Recipient requests an Extension prior to the End Date, thirty (30) days before the last day of
such Extension (collectively, the “Term”). The last day of the Term is referred to herein as the “Expiration Date.” 

(b) With respect to (i) any individual Service provided hereunder that constitutes a service related to information technology or
communications, the Service Recipient may, upon sixty (60) days written notice to the Service Provider or (ii) any other individual Service provided hereunder, the Service Recipient may, upon thirty (30) days written notice to the
Service Provider, terminate the individual Service, which shall be one or more line items in the Transition Services Schedules. The Service Provider shall maintain a spreadsheet of individual Services terminated pursuant to this Section 5(b)
(the “Terminated Service Log”) and the Service Provider shall promptly update the Terminated Service Log reflecting the termination of any individual Service. At the Service Recipient’s request, the Service Provider shall
provide the Service Recipient with a current version of the Terminated Service Log. 

  
 8 

 Section 6. Standard of Performance; Limitations on Providing Services. 

(a) Service Provider shall perform the Services, including maintaining the systems, platforms and equipment used to provide the Services, in
accordance with applicable Law. The nature, quality, standard of care and the service levels at which such Services are performed shall be materially consistent with the nature, quality, standard of care and service levels at which the substantially
same services were performed by or on behalf of Service Provider to Service Recipient immediately prior to the date hereof; provided that appropriate modifications may be made for security, confidentiality and data integrity so long as such
modifications do not adversely affect the manner or quality of the Services delivered hereunder in any material respect; provided, further, that the level or volume of any specific Service required to be provided to a Service Recipient
hereunder shall not exceed the level or volume of such Service as historically utilized by such Service Recipient during the twelve (12)-month period ending immediately prior to the date hereof; and provided, further, that in providing
any Service, Service Provider shall have no obligation to allocate human, equipment or other resources in excess of the level of resources historically allocated to the provision to Service Recipient of such Service by Service Provider during the
twelve (12)-month period ending immediately prior to the date hereof. 
 (b) Service Recipient acknowledges that Service Provider is not in
the business of providing Services (or services of a like nature) to third parties, and the Services are being provided to Service Recipient by Service Provider solely to facilitate the transactions contemplated by the Master Transaction Agreement;
and Service Provider acknowledges that the receipt of the Services as provided herein in an accurate and timely manner is of paramount importance to the Service Recipient. 

(c) Service Provider shall not be required to provide any Service to the extent performance of such Service by Service Provider is prohibited
by, or would require Service Provider to violate, any applicable Laws. 
 (d) If Service Recipient, the Acquiror or any of their Affiliates
shall purchase, lease or otherwise acquire any business, assets or properties or rights in respect thereof, Service Provider shall have no obligation to provide any Services hereunder in respect of such acquired business, assets or properties;
provided, however, that Service Recipient may request that Service Provider service such acquired business, assets or properties as Additional Services pursuant to Section 2(a)(ii). Service Provider shall have no obligation
to provide any Services hereunder in respect of any business, asset or property owned by the Acquiror or any of its Affiliates prior to the date hereof. 

(e) It is understood and agreed that Service Provider may from time to time modify, change or enhance the manner, nature, quality or standard
of care of any Service provided to Service Recipient to the extent Service Provider is making a similar change in the performance of such Services for Service Provider and its Affiliates; provided that any such modification, change or
enhancement shall not reasonably be expected to adversely effect such Service in a material manner. Service Provider shall furnish to Service Recipient substantially the same notice (in content and timing), if any, as Service Provider furnishes to
its own organization with respect to such modifications, changes or enhancements. 

  
 9 

 (f) Except as may otherwise be expressly provided in this Agreement, the management of and
control over the provision of the Services by Service Provider shall reside solely with Service Provider and notwithstanding anything to the contrary, Service Provider shall be permitted to choose the methodology, systems and applications it
utilizes in the provision of such Services. The provision, use of and access to the Services shall be subject to (i) any technical and operational changes that may be required to manage any restrictions imposed by Service Provider in respect of
data access; (ii) Service Provider’s business, operational and technical environment, standards, policies and procedures as may be modified from time to time; (iii) any other third party services, resources or dependencies; and
(iv) the terms of this Agreement. Service Provider may suspend Service Recipient’s access (if any) to the information technology (including Software, Shared Software or other relevant Intellectual Property) or communications systems of
Service Provider used by Service Recipient following advance notice to the extent practicable if, in Service Provider’s reasonable opinion (A) the integrity, security or performance of its systems, or any data stored on them, is being or
is likely to be jeopardized by the activities of Service Recipient; or (B) continued access to such information technology or communications systems by Service Recipient would expose Service Provider to liability. 

Section 7. Payment of Fees and Charges. 

(a) In consideration for the Services provided hereunder, Service Recipient shall pay the applicable Charges hereunder in accordance with this
Section 7. 
 (b) Payment of the Charges shall be made in the manner specified in Schedule 7. If payment terms are
not specified in Schedule 7, payment shall be made within thirty (30) days of receipt of invoice for the Charges. 
 (c) If any
costs charged by unaffiliated third parties for goods, Software, services, technology or proprietary rights associated with the provision of Services increase, Service Provider shall be entitled to increase the Charges to reflect that increase on a
basis proportionate to the relative use by Service Recipient of the applicable goods, Software, services, technology or proprietary rights. 

(d) The Charges are exclusive of value added tax and other sales duties and taxes to be paid in relation to the provision of the Services
which shall be added to invoices at the appropriate rate. 
 (e) Interest shall be payable on any amounts which are not paid by the due date
for payment. Interest shall accrue and be calculated on a daily basis (both before and after any judgment) at an annual rate equal to the prime rate (which shall mean the “prime rate” published in the “Money Rates” section of
The Wall Street Journal) plus [●]% or, if less, the maximum rate allowed by law. 
 (f) Service Recipient shall not be entitled
to set off or reduce payments of the Charges by any amounts that it claims are owed to it by Service Provider under this Agreement or any other agreement. 

(g) The parties agree that the Charges determined in accordance with this Section 7 are intended as cost reimbursement only and
not intended to result in a profit or loss. 

  
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 Section 8. Taxes on Services. 

(a) Service Recipient shall be responsible for all sales, use, excise, services and other similar taxes, levies and charges not otherwise
included in the Charges (other than taxes based, in whole or in part, on net income or profits or employees of Service Provider) imposed by applicable taxing authorities on the provision of Services to Service Recipient and its Affiliates hereunder.
If Service Provider or any of its Affiliates is required to pay such taxes, levies or charges, Service Recipient shall promptly reimburse Service Provider therefor. Service Provider shall, to the extent practicable, separately state such sales, use,
excise, services and other similar taxes on the relevant invoice for any Charges. 
 (b) Service Provider shall deliver to Service Recipient
correct, complete and executed originals of Internal Revenue Service Form W-9 (i) on or before the date hereof and (ii) promptly upon learning that any such previously provided form has become obsolete, incorrect or ineffective. 

Section 9. Independent Contractor. In providing Services hereunder, Service Provider and its Affiliates and any third parties acting on
behalf of Service Provider shall act solely as independent contractors. Nothing herein shall constitute or be construed to be or create in any way or for any purpose a partnership, joint venture or principal-agent relationship between the parties.
No party shall have any power to control the activities or operations of the other party. No party shall have any power or authority to bind or commit any other party. In providing the Services hereunder, Service Provider’s employees and agents
shall not be considered employees or agents of Service Recipient, nor shall Service Provider’s employees or agents be eligible or entitled to any compensation, benefits, or perquisites (including severance) given or extended to any of Service
Recipient’s employees. 
 Section 10. Warranties. EXCEPT AS SPECIFICALLY PROVIDED HEREIN, THE SERVICES ARE PROVIDED
“AS-IS” AND THERE ARE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE PROVISION OF SERVICES HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT, QUALITY
OF INFORMATION OR TITLE/NONINFRINGEMENT, WHICH ARE SPECIFICALLY DISCLAIMED. 
 Section 11. Termination of Agreement. 

(a) Either party may terminate this Agreement if (i) the other party makes a general assignment for the benefit of creditors, or
petitions or applies to any tribunal for the appointment of a custodian, receiver or trustee for all or a substantial part of its assets, (ii) the other party commences any proceeding under any bankruptcy, reorganization, arrangement,
readjustment of debt, dissolution or liquidation law or statute of any jurisdiction whether now or hereafter in effect or the other party has had any such petition or application filed or any such proceeding commenced against it in which an order
for relief is entered or an adjudication or 

  
 11 

 
appointment is made and which remains undismissed for a period of sixty (60) days or more or (iii) the other party materially breaches this Agreement and does not cure such breach
within sixty (60) days after being given written notice of the breach describing the nature of such breach. 
 (b) The following
Sections shall survive any termination, cancellation or expiration of this Agreement or a Service: Sections 7 and 8 (in each case, to the extent of the Charges and taxes accrued prior to termination, cancellation or expiration) and
Section 4(b) (last sentence only), 9, 10, 11, 12, 15, 16, 17, 18, 21, 24, 25, 26, 27, 28, 29, 30, 31, 32 and
33. Notwithstanding the foregoing, in the event of any termination with respect to one or more, but less than all, Services, this Agreement shall continue in full force and effect with respect to any Services not terminated thereby. 

Section 12. Limitation on Scope. NEITHER PARTY ASSUMES ANY RESPONSIBILITY OR OBLIGATION WHATSOEVER IN CONNECTION HEREWITH, OTHER THAN
THE RESPONSIBILITIES AND OBLIGATIONS EXPRESSLY SET FORTH IN THIS AGREEMENT. 
 Section 13. Assignment; Subcontractors; No Third-Party
Beneficiaries. 
 (a) This Agreement shall not be assigned by operation of law or otherwise by any party, except as otherwise
expressly set forth in this Agreement, without the prior written consent of the other party. QBE may delegate any of its obligations as Service Provider under this Agreement to any of its Affiliates, in lieu of performing such obligations directly,
in which case the entity to which such obligation has been delegated shall be deemed a Service Provider for such purposes; provided that QBE shall in all such instances remain liable for the due and punctual performance of such obligations.
Any attempted assignment in violation of this Section 13(a) shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the parties and their permitted successors and assigns. 

(b) Service Provider may hire or engage one or more third-party service providers to perform any or all of its obligations under this
Agreement; provided, that such Service Provider shall use the same degree of care in selecting any such third-party service providers as it would if such third-party service providers was being retained to provide similar services to such
Service Provider. 
 (c) Except as otherwise expressly set forth in Section 26, 27, 28, 29, 30 or
31, this Agreement is for the sole benefit of the parties, the Provider Indemnified Person or the Recipient Indemnified Person (to the extent they are entitled to indemnity herein), and their permitted successors and assigns and nothing in
this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 14. Force Majeure. No party shall be liable for any failure or delay in performing any of its obligations under this Agreement so
long as and to the extent such failure or delay is due to any cause beyond its reasonable control, including any natural disaster, hurricane, earthquake, flood, fire, catastrophic weather conditions, disease or any other element of nature or

  
 12 

 
act of God, act of war (declared or undeclared), insurrection, riot, civil disturbance or disorder, rebellion, sabotage, embargo, terrorist act, or explosion, strike, failure of or damage to
public utility. 
 Section 15. Governing Law; Dispute Resolution; Jurisdiction; Service of Process. 

(a) THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES OF SUCH STATE THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF SUCH AGREEMENTS TO THE LAWS OF ANOTHER
JURISDICTION. 
 (b) Prior to taking any legal action related to this Agreement (excepting any legal action for immediate injunctive relief
or equitable relief), any dispute, claim or controversy between the parties arising out of or relating to this Agreement, including with respect to the validity, performance, interpretation or application of any provision of this Agreement or the
performance by Service Provider or Service Recipient of their respective obligations hereunder (a “Dispute”) shall be attempted to be resolved as provided in this Section 15(b). A Dispute is deemed to commence as of the
date a party informs the other party in writing of the existence of a Dispute. 
 (i) The parties shall first attempt to resolve their
Dispute informally in the following manner: 
 (A) Either party may submit the Dispute to the Representatives, who shall meet as often as
the Representatives of both parties reasonably deem necessary to gather and analyze any information relevant to the resolution of the Dispute. The Representatives shall negotiate in good faith in an effort to resolve the Dispute; and 

(B) If the Representatives are unable to resolve the Dispute within fifteen (15) days, or otherwise determine in good faith that
resolution through continued discussions by the Representatives does not appear likely, then the Parties may seek whatever remedies are available under applicable Law. 

(ii) Service Provider acknowledges that the performance of its obligations, including the Services, pursuant to this Agreement is critical to
the business and operations of Service Recipient. Accordingly, in the event of a Dispute between Service Recipient, on the one hand, and Service Provider, on the other hand, Service Provider shall continue to perform the Services in good faith
during the resolution of such Dispute unless and until this Agreement is terminated in accordance with the provisions hereof. 
 (c) The
parties irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of the State of New York sitting in the County of New York, the United States of America for the Southern District of New York, and appellate courts having
jurisdiction of appeals from any of the foregoing over any Action arising out of or relating to this Agreement. Each party agrees that all claims in respect of any Action arising out of or relating to this

  
 13 

 
Agreement shall be heard and determined in such state courts or, to the extent permitted by Law, in such federal court. The parties irrevocably and unconditionally consent that any such Action
may and shall be brought in such courts and waives any objection that it may now or hereafter have to the venue or jurisdiction of any such Action in any such court or that such Action was brought in an inconvenient court and agrees not to plead or
claim the same. 
 (d) Each party irrevocably and unconditionally agrees that service of process in any such Action may be effected by
mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address as provided in Section 18. Nothing in this Agreement shall affect the right to
effect service of process in any other manner permitted by the Laws of the State of New York. 
 Section 16. Waiver of Jury Trial. Each
party irrevocably and unconditionally waives all right to trial by jury in any Action (whether based on contract, tort or otherwise) arising out of or relating to the transactions contemplated by this Agreement, or its performance under or the
enforcement of this Agreement. 
 Section 17. Entire Agreement. This Agreement (including the Schedules hereto) together with the Master
Transaction Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, between the parties with respect to the subject matter hereof.

 Section 18. Notices. Unless otherwise provided herein, all notices, requests, consents, claims, demands and other communications
hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail (followed by delivery of an original via overnight
courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following respective addresses (or at such other address for a party as shall be specified in a notice given in
accordance with this Section 18): 
 To QBE: 

QBE Holdings, Inc. 
 Attention:
Jose Ramon Gonzalez, Chief Legal Officer 
 Wall Street Plaza 

88 Pine Street 
 New York, NY
10005 
 Phone: (212) 422-1212 

Facsimile: (212) 422-1313 

e-mail: Jose.Gonzalez@us.qbe.com 

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

Sidley Austin LLP 
 Attention:
Sean M. Keyvan 
 One South Dearborn 

Chicago, IL 60603 
 Phone:
(312) 853-4660 
 Facsimile: (312) 853-7036 

e-mail: skeyvan@sidley.com 

  
 14 

 To the Acquiror: 

National General Insurance Company 

Attention: Jeffrey Weissmann, General Counsel 

59 Maiden Lane 
 38th Floor 

New York, NY 10038 
 Phone:
(212) 380-9479 
 Facsimile: (212) 380-9498 

e-mail: jeffrey.weissmann@ngic.com 

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

Debevoise & Plimpton LLP 

Attention: Nicholas F. Potter 

919 Third Avenue 
 New York, NY
10022 
 Phone: (212) 909-6459 

Facsimile: (212) 521-7459 

e-mail: nfpotter@debevoise.com 

Any party may, by notice given in accordance with this Section 18 to the other party, designate another address or Person for
receipt of notices hereunder; provided that notice of such a change shall be effective upon receipt. 
 Section 19. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by
this Agreement be consummated as originally contemplated to the greatest extent possible. 
 Section 20. Amendment; Waiver. No provision
of this Agreement may be amended, supplemented or modified except by a written instrument signed by the parties. No provision of this Agreement may be waived except by a written instrument signed by the party against whom the waiver is to be
effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

  
 15 

 Section 21. Confidentiality. The parties agree that any confidential or proprietary
information of either party or its Affiliates or any of their subcontractors or vendors, whether relating to customer information, trade data, trade secrets, or business practices of the other party or its Affiliates, that either party or its
Affiliates, or their respective employees, agents or subcontractors (each, a “Group”), obtain on or after the date hereof from the other party or its Group relating to, arising out of or in connection with the Services rendered
hereunder (the “Confidential Information”), shall not be disclosed by any member of such Group to any third party unless (and then only to the extent that) (i) the party or its Group is legally required, by order of any court
or otherwise, to disclose such Confidential Information, or is requested by any applicable Governmental Authority to disclose Confidential Information to it or (ii) the nondisclosing party gives prior written consent. In the event of
(i) in the previous sentence, the party that is, or whose Group member is, required to disclose such Confidential Information shall, if legally permitted to do so, provide the other party with prior written notice of such legal requirement or
request to disclose and shall use commercially reasonable efforts to afford the nondisclosing party an opportunity to contest such disclosure at the sole cost of the nondisclosing party. Each party shall use commercially reasonable efforts to
restrict access to the other party’s and its Affiliates’ Confidential Information to any other member of such party’s Group who needs such Confidential Information in connection with performing or receiving Services or any other
obligations under this Agreement, provided such member is bound by confidentiality obligations to its party that are at least as protective as the obligations under this Section 21. Each party agrees to use the other party’s and its
Affiliates’ Confidential Information only in connection with the performance of its obligations hereunder. It is expressly understood that no information shall be subject to these confidentiality provisions, or otherwise deemed as Confidential
Information, to the extent: (a) the party or Group receiving such information legally learned of such information from a third party, such third party’s disclosure not violating a duty of non-disclosure owed to another party, (b) a
party or Group independently had knowledge of such information prior to the date hereof and without a duty of confidentiality, (c) such information becomes available through the public domain other than through disclosure by the recipient or
its Group in violation of this Section 21 or any other confidentiality agreement with the other party or its Affiliates or (d) information acquired or developed independently by a party or its Group without violating this
Section 21 or any other confidentiality agreement with the other party or its Affiliates. Without limiting the generality of the foregoing, each party shall cause its employees and agents to exercise the same level of care with respect
to Confidential Information relating to the other party or any of its Affiliates as it would with respect to its own Confidential Information. 

Section 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic mail shall be as effective as delivery of a manually executed
counterpart of any such agreement. 
 Section 23. Good-Faith Cooperation. Each party shall, and shall cause its respective Affiliates to,
cooperate with each other in good faith in all matters relating to the provision and receipt of Services. The Representatives of each party shall consult with each other regularly and the parties shall cooperate with each other in all reasonable
respects in order to effect an efficient transition and to minimize the expense thereof and the disruption therefrom to the 

  
 16 

 
business of the parties and their Affiliates. Each party further agrees to reasonably cooperate in any security arrangements which the other party reasonably deems necessary to prevent or redress
unauthorized access to its systems and data. Each party shall perform all obligations hereunder in good faith and in accordance with principles of fair dealing and shall not engage in any willful or intentional misconduct, gross negligence or common
law fraud or otherwise violate any applicable Law in connection with the performance of its obligations hereunder. Without limiting the foregoing, such cooperation shall include the execution and delivery of such further instruments or documents as
may be reasonably requested by the other party (at the requesting party’s cost) to enable the full performance of each party’s obligations hereunder. 

Section 24. Master Transaction Agreement. Nothing contained in this Agreement is intended or shall be construed to amend, modify, augment
or decrease in any respect, or constitute a waiver of, any of the rights and obligations of the parties under the Master Transaction Agreement. 

Section 25. Books and Records. 

(a) During the Term, and for so long as Service Provider is required to maintain its own Books and Records under applicable Laws,
(i) Service Provider shall maintain records, books, systems, internal or external audit reports or regulatory examination reports, including tax records (the “Books and Records”), relating to the Services and Service
Provider’s control environment used to provide the Services; (ii) such Books and Records shall be maintained by Service Provider in any format that may be required by applicable Laws; and (iii) to the extent Service Provider is
legally permitted to provide Service Recipient with access to such Books and Records, Service Provider shall provide to Service Recipient, within ten (10) Business Days of receipt of Service Recipient’s reasonable request (or such shorter
period as may be required by applicable Law), access to all such Books and Records (A) as may be required by Service Recipient in order for it and its Affiliates to comply with all applicable Laws, (B) in connection with a Dispute arising
out of or relating to this Agreement or Services provided under this Agreement or (C) as may be required in connection with any inspection by any Governmental Authority with jurisdiction or authority over Service Recipient. 

(b) During the Term, and for so long as Service Recipient is required to maintain its own Books and Records under applicable Laws,
(i) Service Recipient shall maintain its Books and Records relating to the Services and Service Recipient’s control environment used to receive the Services; (ii) such Books and Records shall be maintained by Service Recipient in any
format that may be required by applicable Laws; and (iii) to the extent Service Recipient is legally permitted to provide Service Provider with access to such Books and Records to Service Provider, Service Recipient shall provide to Service
Provider, within ten (10) Business Days of receipt of Service Provider’s reasonable request (or such shorter period as may be required by applicable Law), access to all such Books and Records (A) as may be required by Service Provider
in order for it and its Affiliates to comply with all applicable Laws, (B) in connection with a Dispute arising out of or relating to this Agreement or Services provided under this Agreement or (C) as may be required in connection with any
inspection by any Governmental Authority with jurisdiction or authority over Service Provider. 

  
 17 

 (c) All access rights under this Section 25 shall be conducted during normal business
hours in a manner that does not unreasonably interfere with the other party’s business operations. The parties agree that all information and records exchanged hereunder shall be treated as Confidential Information of the disclosing party. 

(d) During the Term, Service Recipient shall cooperate in good faith with Service Provider in the completion by Service Provider of its
quarterly financial statements; provided that such cooperation shall not unreasonably interfere with performance by Service Recipient’s personnel of their duties, including the Services. 

Section 26. Limitation of Liability. 

(a) The Acquiror agrees that none of Service Provider, its Affiliates or any of its or their respective directors, officers, agents,
consultants, representatives or employees (each, a “Provider Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to the Acquiror or its Affiliates or any other Person for or
in connection with the Services rendered or to be rendered by or on behalf of any Provider Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any actions or inactions by or on behalf of Provider Indemnified Person
in connection with any such Services or transactions, except to the extent any Losses have resulted from such Provider Indemnified Person’s gross negligence or willful misconduct in connection with any such Services, actions or inactions. 

(b) No Provider Indemnified Person or Recipient Indemnified Person shall be liable for any special, incidental, consequential or punitive
damages of any kind whatsoever in any way due to, resulting from or arising in connection with any of the Services or the performance of or failure to perform Service Provider’s or Service Recipient’s obligations under this Agreement, as
applicable. This disclaimer applies, without limitation, (i) to claims arising from the provision of the Services or any failure or delay in connection therewith, (ii) to claims for lost profits and (iii) regardless of the form of
action, whether in contract, tort, strict liability, or otherwise. 
 (c) In addition to the foregoing, each party agrees that it shall, in
all circumstances, use commercially reasonable efforts to mitigate and otherwise minimize its damages and those of its Affiliates, whether direct or indirect, due to, resulting from or arising in connection with any failure by the other party to
comply fully with its obligations under this Agreement. 
 Section 27. Indemnification of Service Provider by Service Recipient. Service
Recipient agrees to indemnify and hold harmless each Provider Indemnified Person from and against any damages, and to reimburse each Provider Indemnified Person for all costs, damages, liabilities and fees and expenses (including reasonable
attorneys’ fees and expenses and any other expenses reasonably incurred in connection with investigating, prosecuting or defending any Action) (collectively, “Losses”) incurred in investigating, preparing, pursuing, or
defending any Actions, whether or not in connection with pending or threatened litigation and whether or not any Provider Indemnified Person is a party, arising out of or in connection with Services rendered or to be rendered by or on behalf of any
Provider Indemnified Person pursuant to this Agreement, 

  
 18 

 
the transactions contemplated hereby or any actions or inactions by or on behalf of any Provider Indemnified Person in connection with any such Services or transactions; provided that
Service Recipient shall not be responsible for any Losses of any Provider Indemnified Person to the extent such Losses have resulted from such Provider Indemnified Person’s gross negligence or willful misconduct in connection with any of such
Services, actions or inactions (it being understood and agreed that the provision by Service Provider or any of its Affiliates of any of the Services without obtaining the consent of any party to any contract or agreement to which Service Provider
or any of its Affiliates is a party as of the date hereof shall not constitute gross negligence or willful misconduct by Service Provider or any of its Affiliates; provided that Service Provider or its Affiliate, as applicable, has used
commercially reasonable efforts to obtain the relevant consent, without any guarantee of success in respect thereof). 
 Section 28.
Indemnification of Service Recipient by Service Provider. Service Provider agrees to indemnify and hold harmless Service Recipient, each of its Affiliates and its and their respective directors, officers, agents, consultants,
representatives or employees (each, a “Recipient Indemnified Person”) from and against any Losses incurred in investigating, preparing, or defending any Action, to the extent such Losses have arisen out of the gross negligence or
willful misconduct of any Provider Indemnified Person in connection with the Services rendered or to be rendered pursuant to this Agreement. 

Section 29. Indemnification as Exclusive Remedy. Except for the termination rights provided for under the terms of this Agreement, the
indemnification provisions of this Section 29 shall be the exclusive remedy for breach of this Agreement and any matters relating to this Agreement. 

Section 30. Conduct of Proceedings. Any proceedings relating to indemnification under Section 27 or 28 shall be
conducted in accordance with the procedures set forth in Section 10.3 of the Master Transaction Agreement, mutatis mutandis. 

Section 31. No Limitation. Nothing contained in Sections 26 to 30 shall limit or alter the obligation of any party to
indemnify any other party pursuant to the Master Transaction Agreement; provided that no party shall obtain duplicative recoveries. 

Section 32. Order of Precedence. 

(a) If there is any material conflict between the terms in the body of this Agreement and any Schedules attached hereto, the terms in the body
of this Agreement shall prevail. 
 (b) If there is any material conflict between the terms in the body of this Agreement and the Master
Transaction Agreement, the terms of the Master Transaction Agreement shall prevail. 
 Section 33. Rules of Construction. Interpretation
of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires;
(b) references to preamble, recitals, Sections, Transition Services Schedules and Schedules are references to the preamble, recitals, Sections, Transition Services Schedules and 

  
 19 

 
Schedules to this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the word “including” and words of similar import when used
in this Agreement shall mean “including without limiting the generality of the foregoing,” unless otherwise specified; (e) the word “or” shall not be exclusive; (f) the words “herein,” “hereof,”
“hereunder,” “hereby” and similar terms shall be deemed to refer to this Agreement as a whole and not to any specific section; (g) the headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement; (h) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be
drafted; (i) if a word or phrase is defined, the other grammatical forms of such word or phrase shall have a corresponding meaning; (j) references to any statute, listing rule, rule, standard, regulation or other law (i) include a
reference to the corresponding rules and regulations and (ii) include a reference to each of them as amended, modified, supplemented, consolidated, replaced or rewritten from time to time; (k) references to any section of any statute,
listing rule, rule, standard, regulation or other law include any successor to such section; (l) each of the Acquiror, on the one hand, and QBE, on the other hand, shall be referred to as a “party” and collectively as the
“parties;” (m) all references to any period of days shall be deemed to be to the relevant number of calendar days unless Business Days are expressly specified; and (n) references to any contract (including this Agreement) or
organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated. 

Section 34. Fulfillment of Obligations. Any obligation of any party to any other party under this Agreement, which obligation is performed,
satisfied or fulfilled by an Affiliate of such party or by any third party in accordance with the terms of this Agreement, shall be deemed to have been performed, satisfied or fulfilled by such party. 

[Signature page follows] 

  
 20 

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the date first set forth
above. 
  

			
	QBE HOLDINGS, INC.
		
	By:		  

	Name:		
	Title		
	
	NATIONAL GENERAL HOLDINGS CORP.
		
	By:		  

	Name:		
	Title		

 Signature Page to Transition Services Agreement 

 EXHIBIT C-2 

FORM OF REVERSE TRANSITION SERVICES AGREEMENT 

See attached. 

 EXHIBIT C-2 

FORM OF REVERSE TRANSITION SERVICES AGREEMENT 

TRANSITION SERVICES AGREEMENT 

BY AND BETWEEN 

NATIONAL GENERAL HOLDINGS CORP. 

AND 
 QBE HOLDINGS, INC.

 DATED AS OF [●], 2015 

 TABLE OF CONTENTS 

 

							
	Section 1.		Certain Defined Terms		 	2	  
	Section 2.		Services in General; Transition Services Schedules		 	4	  
	Section 3.		Intellectual Property Matters		 	6	  
	Section 4.		Administration of Services		 	7	  
	Section 5.		Term, Extension and Termination of Services		 	8	  
	Section 6.		Standard of Performance; Limitations on Providing Services		 	8	  
	Section 7.		Payment of Fees and Charges		 	10	  
	Section 8.		Taxes on Services		 	10	  
	Section 9.		Independent Contractor		 	11	  
	Section 10.		Warranties		 	11	  
	Section 11.		Termination of Agreement		 	11	  
	Section 12.		Limitation on Scope		 	12	  
	Section 13.		Assignment; Subcontractors; No Third-Party Beneficiaries		 	12	  
	Section 14.		Force Majeure		 	12	  
	Section 15.		Governing Law; Dispute Resolution; Jurisdiction; Service of Process		 	12	  
	Section 16.		Waiver of Jury Trial		 	14	  
	Section 17.		Entire Agreement		 	14	  
	Section 18.		Notices		 	14	  
	Section 19.		Severability		 	15	  
	Section 20.		Amendment; Waiver		 	15	  
	Section 21.		Confidentiality		 	15	  
	Section 22.		Counterparts		 	16	  
	Section 23.		Good-Faith Cooperation		 	16	  
	Section 24.		Master Transaction Agreement		 	17	  
	Section 25.		Books and Records		 	17	  
	Section 26.		Limitation of Liability		 	18	  
	Section 27.		Indemnification of Service Provider by Service Recipient		 	18	  
	Section 28.		Indemnification of Service Recipient by Service Provider		 	19	  
	Section 29.		Indemnification as Exclusive Remedy		 	19	  
	Section 30.		Conduct of Proceedings		 	19	  
	Section 31.		No Limitation		 	19	  
	Section 32.		Order of Precedence		 	19	  
	Section 33.		Rules of Construction		 	19	  
	Section 34.		Fulfillment of Obligations		 	20	  

  

			
	Schedule 2(a)(i)		Transition Services
	Schedule 2(a)(iii)		Excluded Services
	Schedule 3(a)		Intellectual Property License Exemptions
	Schedule 4(a)		Representatives
	Schedule 7		Fees and Charges

  
 1 

 TRANSITION SERVICES AGREEMENT 

This Transition Services Agreement (this “Agreement”), dated as of [●], 2015, is by and between National General
Holdings Corp., a Delaware corporation (the “Acquiror”), and QBE Holdings, Inc., a Delaware corporation (“QBE”). 

WHEREAS, pursuant to that certain Master Transaction Agreement by and among QBE Investments (North America), Inc., a Delaware
corporation (“Parent”), QBE, and the Acquiror, dated as of July 15, 2015 (the “Master Transaction Agreement”), the Acquiror is acquiring, directly or indirectly, all the outstanding common stock of QBE
Financial Institution Risk Services, Inc., a Delaware corporation (the “Company”) and the following subsidiaries of the Company (collectively, the “Transferred Subsidiaries”): (i) QBE FIRST Insurance Agency,
Inc., a California corporation, (ii) Seattle Specialty Insurance Services, Inc., a Washington corporation, (iii) Newport Management Corporation, a California corporation and (iv) Mortgage & Auto Solutions, Inc., a Texas
corporation. The Master Transaction Agreement contemplates that the parties shall, at the closing of the transactions contemplated by the Master Transaction Agreement, enter into this Agreement for the provision of certain services to QBE and its
Affiliates (as defined in the Master Transaction Agreement), on the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

Section 1. Certain Defined Terms. Any capitalized term used but not defined herein shall have the meaning set forth in the Master
Transaction Agreement. The following terms have the respective meanings set forth below throughout this Agreement: 

“Acquiror” shall have the meaning set forth in the preamble. 

“Additional Services” shall have the meaning set forth in Section 2(a)(ii). 

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

“Authorization Expenses” shall have the meaning set forth in Section 2(d). 

“Authorizations” shall have the meaning set forth in Section 2(d). 

“Books and Records” shall have the meaning set forth in Section 25. 

“Business” shall have the meaning set forth in the Master Transaction Agreement. 

“Charges” shall have the meaning set forth in Section 2(b). 

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

“Company” shall have the meaning set forth in the recitals. 

  
 2 

 “Confidential Information” shall have the meaning set forth in
Section 21. 
 “Dispute” shall have the meaning set forth in Section 15(b). 

“End Date” shall have the meaning set forth in Section 5(a). 

“Excluded Services” shall have the meaning set forth in Section 2(a)(iii). 

“Expiration Date” shall have the meaning set forth in Section 5(a). 

“Extension” shall have the meaning set forth in Section 5(a). 

“Group” shall have the meaning set forth in Section 21. 

“Intellectual Property” means: (a) patents, patent applications and statutory invention registrations, including
reissues, divisions, continuations, continuations in part, renewals, extensions and reexaminations thereof, and all patents which may issue on such applications, all rights therein provided by international treaties or conventions,
(b) trademarks, service marks, trade dress, logos, and all goodwill associated with the foregoing, any and all common law rights therein, and registrations and applications for registration thereof, all rights therein provided by international
treaties or conventions, and all reissues, extensions and renewals of any of the foregoing, (c) copyrightable works, copyrights and database rights, whether or not registered, and registrations and applications for registration thereof, and all
rights therein provided by international treaties or conventions, (d) protectable rights in confidential and proprietary information, including trade secrets, processes and know-how that arise from not being publicly known, in each case
existing on the Closing Date, (e) Internet domain names, and registrations pertaining thereto, and (f) rights in Software and Shared Software. 

“Licensed IP” shall have the meaning set forth in Section 3(a). 

“Losses” shall have the meaning set forth in Section 27. 

“Master Transaction Agreement” shall have the meaning set forth in the recitals. 

“Meeting” shall have the meaning set forth in Section 4(a). 

“Parent” shall have the meaning set forth in the recitals. 

“Policies” shall have the meaning set forth in the Reinsurance Agreements. 

“Provider Indemnified Person” shall have the meaning set forth in Section 26(a). 

“QBE” shall have the meaning set forth in the preamble. 

“Recipient Indemnified Person” shall have the meaning set forth in Section 28. 

“Reinsurance Agreements” shall have the meaning set forth in the Master Transaction Agreement 

  
 3 

 “Representative” shall have the meaning set forth in Section 4(a).

 “Scheduled Final Service Date” shall have the meaning set forth in Section 2(c). 

“Service” shall have the meaning set forth in Section 2(a). 

“Service Data” shall have the meaning set forth in Section 3(b). 

“Service Provider” means the Company and the Transferred Subsidiaries. 

“Service Recipient” means QBE and its Affiliates. 

“Term” shall have the meaning set forth in Section 5(a). 

“Terminated Service Log” shall have the meaning set forth in Section 5(b). 

“Third Party Contracts” shall have the meaning set forth in Section 2(d). 

“Transferred Subsidiaries” shall have the meaning set forth in the recitals. 

“Transition Plan” shall have the meaning set forth in Section 4(c). 

“Transition Services” shall have the meaning set forth in Section 2(a)(i). 

“Transition Services Schedule” shall have the meaning set forth in Section 2(a). 

“Transition Services Team” shall have the meaning set forth in Section 4(a). 

Section 2. Services in General; Transition Services Schedules. 

(a) Upon the terms contained in this Agreement and the Transition Services Schedules attached hereto (each such schedule, a
“Transition Services Schedule”), during the Term, Service Provider shall provide to Service Recipient all the services listed in the Transition Services Schedules (each such service, a “Service”), and Service
Recipient shall pay for such Services in accordance with the terms of this Agreement, as follows: 
 (i) Transition
Services. The Services that were historically provided by Service Provider to Service Recipient prior to the date hereof, which are identified as Transition Services in Schedule 2(a)(i) (the “Transition Services”). The
Transition Services shall also include, for the Charges to be mutually agreed by the parties, any Service(s) (other than the Excluded Services) that were historically provided by the Company and the Transferred Subsidiaries to any of the other
businesses of QBE prior to the date hereof that were inadvertently omitted from Schedule 2(a)(i). The parties shall cooperate in good faith to amend Schedule 2(a)(i) to include any such omitted Service(s) that are identified by one of
the parties after the date hereof. The Service Recipient shall not be responsible for any Charges applicable to any individual Service included in the Terminated Service Log following Service Recipient’s provision of (A) sixty
(60) days written notice to the Service Provider terminating such Service to the extent such Service constitutes a service related to information technology or communications in accordance with Section 5(b)(i) or (B) thirty
(30) days written notice to the Service Provider terminating such Service for any other Service in accordance with Section 5(b)(ii). 

  
 4 

 (ii) Additional Services. During the Term, Service Recipient may request
that Service Provider provide such reasonably necessary additional services other than the Transition Services set forth on Schedule 2(a)(i) (the “Additional Services”) that are not Excluded Services and Service Provider
shall consider all such requests in good faith. If Service Provider provides any such Additional Services the parties shall negotiate in good faith the terms on which such Additional Services shall be provided and, if those terms are mutually agreed
upon, Schedule 2(a)(i) shall be amended pursuant to Section 20 to reflect such addition and the Additional Service(s) shall be deemed to form a part of the Services. 

(iii) Excluded Services. Schedule 2(a)(iii) sets forth a list and description of certain services that Service
Provider shall not provide to Service Recipient pursuant to this Agreement (the “Excluded Services”). 
 (b) For each
Service, the applicable Transition Services Schedule sets forth, among other things: (i) a description of the Service; and (ii) the method for determining the Charge for the Service, which shall be the actual cost (which shall be deemed to
include, in addition to all third party and other out-of-pocket costs, all corporate overhead and other costs reasonably allocated to QBE and its Affiliates for employees, occupancy and other matters) of the provision of such Service to Service
Recipient (the “Charges”) as further determined using the principles for determining the Charges under Section 7. 

(c) Subject to Section 5, the parties shall agree that the date each such Service is to be terminated shall be the earlier of
(i) the date (if any) set forth in the applicable Transition Services Schedule (each, a “Scheduled Final Service Date”) and (ii) the Expiration Date. Service Recipient agrees to use commercially reasonable efforts to end
its need to use each and every Service as soon as reasonably practicable and in all events prior to the earlier of the Scheduled Final Service Date with respect to each Service and the Expiration Date. 

(d) Third Party Consents. Service Recipient understands, acknowledges and agrees that certain Services to be provided by Service
Provider may be provided by or through the use of the services, Software or other products of unaffiliated third parties on behalf of Service Provider pursuant to contracts to which Service Recipient is not a party (collectively, the “Third
Party Contracts”). Service Provider shall be responsible for obtaining any additional consents, approvals, permissions or licenses (collectively, “Authorizations”) required for the continued participation in such Third
Party Contracts by such third parties. Service Provider and Service Recipient shall each be responsible for fifty percent (50%) of any additional costs, expenses, fees, charges, commissions or right-to-use fees (“Authorization
Expenses”) that obtaining such Authorizations may involve. Service Provider agrees to use its commercially reasonable efforts to seek and obtain any Authorizations necessary pursuant to such Third Party Contracts to provide Services to
Service Recipient; provided, however, that Service Provider shall not be required to obtain any Authorizations if such Authorizations would require Service Provider to modify, amend or otherwise alter a Third Party Contract in a manner
that, in Service Provider’s reasonable opinion, is materially detrimental to Service Provider or any of its 

  
 5 

 
Affiliates. If, as of the date hereof, there are Third Party Contracts where Authorizations have not been received by Service Provider, then Service Provider shall (i) continue to use
commercially reasonable efforts to obtain such Authorizations or (ii) at Service Recipient’s request, use commercially reasonable efforts to cooperate with Service Recipient and reasonably assist it to enter into its own agreements with
third parties (including identifying and approaching the applicable vendor (or another third party vendor) with whom Service Recipient shall enter into its own third party contract at a price and upon terms that are mutually agreeable to Service
Recipient and such vendor relating to such Service). On termination or expiration of any Third Party Contract during the Term, Service Provider shall not be obligated to continue to provide, or cause the provision of the Services to which the
relevant Third Party Contract relates, but at Service Recipient’s request, shall use commercially reasonable efforts to cooperate with Service Recipient and reasonably assist it to enter into its own agreements with third parties (including
identifying and approaching the applicable vendor (or another third party vendor) with whom Service Recipient shall enter into its own third party contract at a price and upon terms that are mutually agreeable to Service Recipient and such vendor
relating to such Service). Service Provider acknowledges and agrees that with respect to any termination fees for any Third Party Contract or other third party arrangement that are incurred by Service Provider as a result of the transition of
Services to Service Recipient, Service Recipient shall be responsible for fifty percent (50%) of the termination fees associated with such contract or arrangement. 

Section 3. Intellectual Property Matters. 

(a) Except as set forth on Schedule 3(a), Service Provider hereby grants, or has caused each relevant Affiliate to grant, to Service
Recipient a royalty-free, non-exclusive, non-transferable, non-assignable, non-sublicenseable license to access or use the Intellectual Property, including Software or Shared Software, owned by the applicable Service Provider (collectively, the
“Licensed IP”) during the Term to the extent necessary to, and for the sole purpose of, Service Recipient’s receipt of Services during the Term but only to the extent (i) currently accessed or used by Service Recipient
prior to the Closing, (iii) such access or use is not in violation of applicable Law or any internal privacy-related policies of Service Provider and (iv) Service Provider has or can obtain the right to grant such license in connection
with providing the Services. In furtherance and not in limitation of the foregoing, unless otherwise agreed in writing by Service Provider, any such Licensed IP that is Software or Shared Software may only be installed or used on Service Recipient
systems on which the Software or Shared Software was installed or used prior to the Closing. For the avoidance of doubt, any Licensed IP licensed pursuant to this Section 3(a) shall be deemed Confidential Information of Service Provider.

 (b) “Service Data” means all the data provided by a Service Recipient or created by or for Service Provider on behalf of
a Service Recipient in connection with the provision of the Services, including employee information, customer information, product details and pricing information. The Service Data and any Intellectual Property rights therein shall be and shall
remain the property of the applicable Service Recipient and shall be provided by Service Provider to Service Recipients pursuant to reports created by Service Provider. Except as set forth herein, all data, information, Intellectual Property and
Software created by Service Provider in connection with the provision of the Services shall be owned by Service Provider. Unless otherwise specifically provided herein, this Agreement shall not transfer ownership of, or license any rights to any
Intellectual Property from any Person to another Person. 

  
 6 

 Section 4. Administration of Services. 

(a) Service Recipient and Service Provider shall each designate a group of individuals (each, a “Transition Services Team”),
which shall work cooperatively with their counterparts to facilitate and administer this Agreement. Each Service Recipient and Service Provider shall designate (and reflect on Schedule 4(a)) two (2) or more persons (each, a
“Representative”), who shall make reasonable efforts to meet, in person or telephonically during normal business hours and with reasonable notice (each such meeting, a “Meeting”), from time to time as reasonably
requested by the other party’s Representatives to discuss the Services generally and any issues relating thereto; provided that any Representative’s failure to attend one or more Meetings shall not be deemed to constitute a breach
under this Agreement. Each party shall have the right at any time and from time to time to replace its Representatives by giving notice in writing to the other party setting forth the name of (i) the Representative to be replaced and
(ii) the replacement Representative. 
 (b) Service Recipient acknowledges and agrees that Service Provider may need to provide some of
the Services from or otherwise may need access to and use of locations owned or controlled by Service Recipient or its Affiliates. In order for Service Provider to perform its obligations under this Agreement, Service Recipient agrees to, and to
cause its Affiliates to: (i) provide and maintain a safe location and environment for the representatives providing the Services; (ii) provide a secure area reasonably located for Service Provider’s and its Affiliates’ property
and materials; (iii) provide Service Provider and its Affiliates reasonable access to its property, materials, information and data (including, upon reasonable advance notice, after normal business hours and during weekends and holidays) to the
extent reasonably necessary in order for such other party to perform its obligations under this Agreement; and (iv) permit any signage to be displayed at such locations or on such property as may be required under applicable Law (including for
regulatory purposes). In the event Service Recipient fails to provide access required hereunder to Service Provider’s employees and subcontractors as contemplated hereunder, Service Provider shall not be liable for any failure to perform under
this Agreement occasioned by the lack of access. In the event that either party shall require (A) physical separation of its employees, property or Services (or any signage at or on another party’s location or property), (B) employee
relocation or (C) technology firewalls (including such actions as may be required to effect the confidentiality obligations set forth in Section 21 or to comply with applicable Law), the resulting cost of such signage, physical
separation, relocation and firewalls shall be borne by Service Recipient (and if any authorization from a Governmental Authority is required by a party in connection with the matters contemplated by the foregoing, then the other party shall
cooperate with such party to obtain any such authorization). Service Recipient and Service Provider each agree to comply in all material respects with all Laws applicable to its activities under this Agreement and to use, and cause their respective
Affiliates to use, commercially reasonable efforts to protect such property and materials of the other party or its Affiliates against damage, destruction, loss or unauthorized use. To the extent that any property or materials of Service Provider or
its Affiliates used to provide any terminated Service is located on premises owned or controlled by Service Recipient, Service Provider shall have a reasonable period of time following the effective date of such termination to remove such property
or materials. 

  
 7 

 (c) By the 6-month anniversary of the date hereof, Service Recipient agrees to jointly develop
with Service Provider a plan of transition (the “Transition Plan”) explaining how Service Recipient intends to cease access to or its use of the Licensed IP, systems, operations, processes and platforms set forth on the Transition
Services Schedules by the Expiration Date. The Transition Plan shall contain a timeline of Service Recipient’s plan to exit or cease use of such Licensed IP, systems, operations, processes and platforms and identify the roles and
responsibilities of both parties to complete the transition. Service Provider shall cooperate with Service Recipient in providing such information and other data for the development of the Transition Plan contemplated above. The Transition Plan must
be approved in writing by both parties in order to take effect. Both parties acknowledge that the Transition Plan shall evolve and shall be subject to change. Changes shall be discussed and mutually agreed to by the Transition Services Team in its
Meetings pursuant to Section 4(a), and the Transition Plan updated accordingly. 
 Section 5. Term, Extension and Termination of
Services. 
 (a) The term of this Agreement shall commence on the date hereof and shall remain in effect until the twelve
(12)-month anniversary of the date hereof (the “End Date”); provided, however, that the End Date may be extended for up to two (2) additional six (6) month periods (each such extension period, an
“Extension”) upon Service Recipient’s request by written notice to Seller at least thirty (30) days before the last day of the End Date or, in the event that Service Recipient requests an Extension prior to the End Date,
thirty (30) days before the last day of such Extension (collectively, the “Term”). The last day of the Term is referred to herein as the “Expiration Date.” 

(b) With respect to (i) any individual Service provided hereunder that constitutes a service related to information technology or
communications, the Service Recipient may, upon sixty (60) days written notice to the Service Provider or (ii) any other individual Service provided hereunder, the Service Recipient may, upon thirty (30) days written notice to the
Service Provider, terminate the individual Service, which shall be one or more line items in the Transition Services Schedules. The Service Provider shall maintain a spreadsheet of individual Services terminated pursuant to this
Section 5(b) (the “Terminated Service Log”) and the Service Provider shall promptly update the Terminated Service Log reflecting the termination of any individual Service. At the Service Recipient’s request, the
Service Provider shall provide the Service Recipient with a current version of the Terminated Service Log. 
 Section 6. Standard of Performance;
Limitations on Providing Services. 
 (a) Service Provider shall perform the Services, including maintaining the systems,
platforms and equipment used to provide the Services, in accordance with applicable Law. The nature, quality, standard of care and the service levels at which such Services are performed shall be materially consistent with the nature, quality,
standard of care and service levels at which the substantially same services were performed by or on behalf of Service Provider to Service Recipient immediately prior to the date hereof; provided that appropriate

  
 8 

 
modifications may be made for security, confidentiality and data integrity so long as such modifications do not adversely affect the manner or quality of the Services delivered hereunder in any
material respect; provided, further, that the level or volume of any specific Service required to be provided to a Service Recipient hereunder shall not exceed the level or volume of such Service as historically utilized by such
Service Recipient during the twelve (12)-month period ending immediately prior to the date hereof; and provided, further, that in providing any Service, Service Provider shall have no obligation to allocate human, equipment or other
resources in excess of the level of resources historically allocated to the provision to Service Recipient of such Service by Service Provider during the twelve (12)-month period ending immediately prior to the date hereof. 

(b) Service Recipient acknowledges that Service Provider is not in the business of providing Services (or services of a like nature) to third
parties, and the Services are being provided to Service Recipient by Service Provider solely to facilitate the transactions contemplated by the Master Transaction Agreement; and Service Provider acknowledges that the receipt of the Services as
provided herein in an accurate and timely manner is of paramount importance to the Service Recipient. 
 (c) Service Provider shall not be
required to provide any Service to the extent performance of such Service by Service Provider is prohibited by, or would require Service Provider to violate, any applicable Laws. 

(d) If Service Recipient, QBE or any of their Affiliates shall purchase, lease or otherwise acquire any business, assets or properties or
rights in respect thereof, Service Provider shall have no obligation to provide any Services hereunder in respect of such acquired business, assets or properties; provided, however, that Service Recipient may request that Service
Provider service such acquired business, assets or properties as Additional Services pursuant to Section 2(a)(ii). Service Provider shall have no obligation to provide any Services hereunder in respect of any business, asset or property
owned by QBE or any of its Affiliates prior to the date hereof. 
 (e) It is understood and agreed that Service Provider may from time to
time modify, change or enhance the manner, nature, quality or standard of care of any Service provided to Service Recipient to the extent Service Provider is making a similar change in the performance of such Services for Service Provider and its
Affiliates; provided that any such modification, change or enhancement shall not reasonably be expected to adversely effect such Service in a material manner. Service Provider shall furnish to Service Recipient substantially the same notice
(in content and timing), if any, as Service Provider furnishes to its own organization with respect to such modifications, changes or enhancements. 

(f) Except as may otherwise be expressly provided in this Agreement, the management of and control over the provision of the Services by
Service Provider shall reside solely with Service Provider and notwithstanding anything to the contrary, Service Provider shall be permitted to choose the methodology, systems and applications it utilizes in the provision of such Services. The
provision, use of and access to the Services shall be subject to (i) any technical and operational changes that may be required to manage any restrictions imposed by Service Provider in respect of data access; (ii) Service Provider’s
business, operational and technical environment, standards, policies and procedures as may be modified from time to time; 

  
 9 

 
(iii) any other third party services, resources or dependencies; and (iv) the terms of this Agreement. Service Provider may suspend Service Recipient’s access (if any) to the
information technology (including Software, Shared Software or other relevant Intellectual Property) or communications systems of Service Provider used by Service Recipient following advance notice to the extent practicable if, in Service
Provider’s reasonable opinion (A) the integrity, security or performance of its systems, or any data stored on them, is being or is likely to be jeopardized by the activities of Service Recipient; or (B) continued access to such
information technology or communications systems by Service Recipient would expose Service Provider to liability. 
 Section 7. Payment of Fees
and Charges. 
 (a) In consideration for the Services provided hereunder, Service Recipient shall pay the applicable Charges
hereunder in accordance with this Section 7. 
 (b) Payment of the Charges shall be made in the manner specified in
Schedule 7. If payment terms are not specified in Schedule 7, payment shall be made within thirty (30) days of receipt of invoice for the Charges. 

(c) If any costs charged by unaffiliated third parties for goods, Software, services, technology or proprietary rights associated with the
provision of Services increase, Service Provider shall be entitled to increase the Charges to reflect that increase on a basis proportionate to the relative use by Service Recipient of the applicable goods, Software, services, technology or
proprietary rights. 
 (d) The Charges are exclusive of value added tax and other sales duties and taxes to be paid in relation to the
provision of the Services which shall be added to invoices at the appropriate rate. 
 (e) Interest shall be payable on any amounts
which are not paid by the due date for payment. Interest shall accrue and be calculated on a daily basis (both before and after any judgment) at an annual rate equal to the prime rate (which shall mean the “prime rate” published in the
“Money Rates” section of The Wall Street Journal) plus [●]% or, if less, the maximum rate allowed by law. 

(f) Service Recipient shall not be entitled to set off or reduce payments of the Charges by any amounts that it claims are owed to it by
Service Provider under this Agreement or any other agreement. 
 (g) The parties agree that the Charges determined in accordance with this
Section 7 are intended as cost reimbursement only and not intended to result in a profit or loss. 
 Section 8. Taxes on
Services. 
 (a) Service Recipient shall be responsible for all sales, use, excise, services and other similar taxes, levies
and charges not otherwise included in the Charges (other than taxes based, in whole or in part, on net income or profits or employees of Service Provider) imposed by applicable taxing authorities on the provision of Services to Service Recipient and
its 

  
 10 

 
Affiliates hereunder. If Service Provider or any of its Affiliates is required to pay such taxes, levies or charges, Service Recipient shall promptly reimburse Service Provider therefor. Service
Provider shall, to the extent practicable, separately state such sales, use, excise, services and other similar taxes on the relevant invoice for any Charges. 

(b) Service Provider shall deliver to Service Recipient correct, complete and executed originals of Internal Revenue Service Form W-9
(i) on or before the date hereof and (ii) promptly upon learning that any such previously provided form has become obsolete, incorrect or ineffective. 

Section 9. Independent Contractor. In providing Services hereunder, Service Provider and its Affiliates and any third parties acting on
behalf of Service Provider shall act solely as independent contractors. Nothing herein shall constitute or be construed to be or create in any way or for any purpose a partnership, joint venture or principal-agent relationship between the parties.
No party shall have any power to control the activities or operations of the other party. No party shall have any power or authority to bind or commit any other party. In providing the Services hereunder, Service Provider’s employees and agents
shall not be considered employees or agents of Service Recipient, nor shall Service Provider’s employees or agents be eligible or entitled to any compensation, benefits, or perquisites (including severance) given or extended to any of Service
Recipient’s employees. 
 Section 10. Warranties. EXCEPT AS SPECIFICALLY PROVIDED HEREIN, THE SERVICES ARE PROVIDED
“AS-IS” AND THERE ARE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE PROVISION OF SERVICES HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT, QUALITY
OF INFORMATION OR TITLE/NONINFRINGEMENT, WHICH ARE SPECIFICALLY DISCLAIMED. 
 Section 11. Termination of Agreement. 

(a) Either party may terminate this Agreement if (i) the other party makes a general assignment for the benefit of creditors, or
petitions or applies to any tribunal for the appointment of a custodian, receiver or trustee for all or a substantial part of its assets, (ii) the other party commences any proceeding under any bankruptcy, reorganization, arrangement,
readjustment of debt, dissolution or liquidation law or statute of any jurisdiction whether now or hereafter in effect or the other party has had any such petition or application filed or any such proceeding commenced against it in which an order
for relief is entered or an adjudication or appointment is made and which remains undismissed for a period of sixty (60) days or more or (iii) the other party materially breaches this Agreement and does not cure such breach within sixty
(60) days after being given written notice of the breach describing the nature of such breach. 
 (b) The following Sections shall
survive any termination, cancellation or expiration of this Agreement or a Service: Sections 7 and 8 (in each case, to the extent of the Charges and taxes accrued prior to termination, cancellation or expiration) and
Section 4(b) (last sentence only), 9, 10, 11, 12, 15, 16, 17, 18, 21, 24, 25, 26, 27, 28, 29, 30, 31, 32 and
33. 

  
 11 

 
Notwithstanding the foregoing, in the event of any termination with respect to one or more, but less than all, Services, this Agreement shall continue in full force and effect with respect to any
Services not terminated thereby. 
 Section 12. Limitation on Scope. NEITHER PARTY ASSUMES ANY RESPONSIBILITY OR OBLIGATION WHATSOEVER
IN CONNECTION HEREWITH, OTHER THAN THE RESPONSIBILITIES AND OBLIGATIONS EXPRESSLY SET FORTH IN THIS AGREEMENT. 
 Section 13. Assignment;
Subcontractors; No Third-Party Beneficiaries. 
 (a) This Agreement shall not be assigned by operation of law or otherwise by
any party, except as otherwise expressly set forth in this Agreement, without the prior written consent of the other party. Service Provider may delegate any of its obligations as Service Provider under this Agreement to any of its Affiliates, in
lieu of performing such obligations directly, in which case the entity to which such obligation has been delegated shall be deemed a Service Provider for such purposes; provided that Service Provider shall in all such instances remain liable
for the due and punctual performance of such obligations. Any attempted assignment in violation of this Section 13(a) shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the
parties and their permitted successors and assigns. 
 (b) Service Provider may hire or engage one or more third-party service providers to
perform any or all of its obligations under this Agreement; provided, that such Service Provider shall use the same degree of care in selecting any such third-party service providers as it would if such third-party service providers was being
retained to provide similar services to such Service Provider. 
 (c) Except as otherwise expressly set forth in Section 26,
27, 28, 29, 30 or 31, this Agreement is for the sole benefit of the parties, the Provider Indemnified Person or the Recipient Indemnified Person (to the extent they are entitled to indemnity herein), and their
permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. 
 Section 14. Force Majeure. No party shall be liable for any failure or delay in performing any of its obligations under
this Agreement so long as and to the extent such failure or delay is due to any cause beyond its reasonable control, including any natural disaster, hurricane, earthquake, flood, fire, catastrophic weather conditions, disease or any other element of
nature or act of God, act of war (declared or undeclared), insurrection, riot, civil disturbance or disorder, rebellion, sabotage, embargo, terrorist act, or explosion, strike, failure of or damage to public utility. 

Section 15. Governing Law; Dispute Resolution; Jurisdiction; Service of Process. 

(a) THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY 

  
 12 

 
WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW PRINCIPLES OF SUCH STATE THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF SUCH AGREEMENTS TO THE LAWS OF ANOTHER
JURISDICTION. 
 (b) Prior to taking any legal action related to this Agreement (excepting any legal action for immediate injunctive relief
or equitable relief), any dispute, claim or controversy between the parties arising out of or relating to this Agreement, including with respect to the validity, performance, interpretation or application of any provision of this Agreement or the
performance by Service Provider or Service Recipient of their respective obligations hereunder (a “Dispute”) shall be attempted to be resolved as provided in this Section 15(b). A Dispute is deemed to commence as of the
date a party informs the other party in writing of the existence of a Dispute. 
 (i) The parties shall first attempt to resolve their
Dispute informally in the following manner: 
 (A) Either party may submit the Dispute to the Representatives, who shall meet as often as
the Representatives of both parties reasonably deem necessary to gather and analyze any information relevant to the resolution of the Dispute. The Representatives shall negotiate in good faith in an effort to resolve the Dispute; and 

(B) If the Representatives are unable to resolve the Dispute within fifteen (15) days, or otherwise determine in good faith that
resolution through continued discussions by the Representatives does not appear likely, then the Parties may seek whatever remedies are available under applicable Law. 

(ii) Service Provider acknowledges that the performance of its obligations, including the Services, pursuant to this Agreement is critical to
the business and operations of Service Recipient. Accordingly, in the event of a Dispute between Service Recipient, on the one hand, and Service Provider, on the other hand, Service Provider shall continue to perform the Services in good faith
during the resolution of such Dispute unless and until this Agreement is terminated in accordance with the provisions hereof. 
 (c) The
parties irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of the State of New York sitting in the County of New York, the United States of America for the Southern District of New York, and appellate courts having
jurisdiction of appeals from any of the foregoing over any Action arising out of or relating to this Agreement. Each party agrees that all claims in respect of any Action arising out of or relating to this Agreement shall be heard and determined in
such state courts or, to the extent permitted by Law, in such federal court. The parties irrevocably and unconditionally consent that any such Action may and shall be brought in such courts and waives any objection that it may now or hereafter have
to the venue or jurisdiction of any such Action in any such court or that such Action was brought in an inconvenient court and agrees not to plead or claim the same. 

(d) Each party irrevocably and unconditionally agrees that service of process in any such Action may be effected by mailing a copy of such
process by registered or certified 

  
 13 

 
mail (or any substantially similar form of mail), postage prepaid, to such party at its address as provided in Section 18. Nothing in this Agreement shall affect the right to effect
service of process in any other manner permitted by the Laws of the State of New York. 
 Section 16. Waiver of Jury Trial. Each party
irrevocably and unconditionally waives all right to trial by jury in any Action (whether based on contract, tort or otherwise) arising out of or relating to the transactions contemplated by this Agreement, or its performance under or the enforcement
of this Agreement. 
 Section 17. Entire Agreement. This Agreement (including the Schedules hereto) together with the Master Transaction
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, between the parties with respect to the subject matter hereof. 

Section 18. Notices. Unless otherwise provided herein, all notices, requests, consents, claims, demands and other communications hereunder
shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail (followed by delivery of an original via overnight courier
service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following respective addresses (or at such other address for a party as shall be specified in a notice given in accordance with
this Section 18): 
 To QBE: 

QBE Holdings, Inc. 
 Attention:
Jose Ramon Gonzalez, Chief Legal Officer 
 Wall Street Plaza 

88 Pine Street 
 New York, NY
10005 
 Phone: (212) 422-1212 

Facsimile: (212) 422-1313 

e-mail: Jose.Gonzalez@us.qbe.com 

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

Sidley Austin LLP 
 Attention:
Sean M. Keyvan 
 One South Dearborn 

Chicago, IL 60603 
 Phone:
(312) 853-4660 
 Facsimile: (312) 853-7036 

e-mail: skeyvan@sidley.com 
 To
the Acquiror: 
 National General Insurance Company 

Attention: Jeffrey Weissmann, General Counsel 

59 Maiden Lane 

  
 14 

 38th Floor 

New York, NY 10038 
 Phone:
(212) 380-9479 
 Facsimile: (212) 380-9498 

e-mail: jeffrey.weissmann@ngic.com 

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

Debevoise & Plimpton LLP 

Attention: Nicholas F. Potter 

919 Third Avenue 
 New York, NY
10022 
 Phone: (212) 909-6459 

Facsimile: (212) 521-7459 

e-mail: nfpotter@debevoise.com 

Any party may, by notice given in accordance with this Section 18 to the other party, designate another address or Person for
receipt of notices hereunder; provided that notice of such a change shall be effective upon receipt. 
 Section 19. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by
this Agreement be consummated as originally contemplated to the greatest extent possible. 
 Section 20. Amendment; Waiver. No provision
of this Agreement may be amended, supplemented or modified except by a written instrument signed by the parties. No provision of this Agreement may be waived except by a written instrument signed by the party against whom the waiver is to be
effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

Section 21. Confidentiality. The parties agree that any confidential or proprietary information of either party or its Affiliates or any of
their subcontractors or vendors, whether relating to customer information, trade data, trade secrets, or business practices of the other party or its Affiliates, that either party or its Affiliates, or their respective employees, agents or
subcontractors (each, a “Group”), obtain on or after the date hereof from the other party or its Group relating to, arising out of or in connection with the Services rendered hereunder (the “Confidential
Information”), shall not be disclosed by any member of such Group to any third party unless (and then only to the extent that) (i) the party or its Group is legally required, by 

  
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order of any court or otherwise, to disclose such Confidential Information, or is requested by any applicable Governmental Authority to disclose Confidential Information to it or (ii) the
nondisclosing party gives prior written consent. In the event of (i) in the previous sentence, the party that is, or whose Group member is, required to disclose such Confidential Information shall, if legally permitted to do so, provide the
other party with prior written notice of such legal requirement or request to disclose and shall use commercially reasonable efforts to afford the nondisclosing party an opportunity to contest such disclosure at the sole cost of the nondisclosing
party. Each party shall use commercially reasonable efforts to restrict access to the other party’s and its Affiliates’ Confidential Information to any other member of such party’s Group who needs such Confidential Information in
connection with performing or receiving Services or any other obligations under this Agreement, provided such member is bound by confidentiality obligations to its party that are at least as protective as the obligations under this
Section 21. Each party agrees to use the other party’s and its Affiliates’ Confidential Information only in connection with the performance of its obligations hereunder. It is expressly understood that no information shall be
subject to these confidentiality provisions, or otherwise deemed as Confidential Information, to the extent: (a) the party or Group receiving such information legally learned of such information from a third party, such third party’s
disclosure not violating a duty of non-disclosure owed to another party, (b) a party or Group independently had knowledge of such information prior to the date hereof and without a duty of confidentiality, (c) such information becomes
available through the public domain other than through disclosure by the recipient or its Group in violation of this Section 21 or any other confidentiality agreement with the other party or its Affiliates or (d) information
acquired or developed independently by a party or its Group without violating this Section 21 or any other confidentiality agreement with the other party or its Affiliates. Without limiting the generality of the foregoing, each party
shall cause its employees and agents to exercise the same level of care with respect to Confidential Information relating to the other party or any of its Affiliates as it would with respect to its own Confidential Information. 

Section 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic mail shall be as effective as delivery of a manually executed
counterpart of any such agreement. 
 Section 23. Good-Faith Cooperation. Each party shall, and shall cause its respective Affiliates to,
cooperate with each other in good faith in all matters relating to the provision and receipt of Services. The Representatives of each party shall consult with each other regularly and the parties shall cooperate with each other in all reasonable
respects in order to effect an efficient transition and to minimize the expense thereof and the disruption therefrom to the business of the parties and their Affiliates. Each party further agrees to reasonably cooperate in any security arrangements
which the other party reasonably deems necessary to prevent or redress unauthorized access to its systems and data. Each party shall perform all obligations hereunder in good faith and in accordance with principles of fair dealing and shall not
engage in any willful or intentional misconduct, gross negligence or common law fraud or otherwise violate any applicable Law in connection with the performance of its obligations hereunder. Without limiting the foregoing, such cooperation shall
include the execution and delivery of such further instruments or documents as may be reasonably requested by the other party (at the requesting party’s cost) to enable the full performance of each party’s obligations hereunder. 

  
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 Section 24. Master Transaction Agreement. Nothing contained in this Agreement is intended or
shall be construed to amend, modify, augment or decrease in any respect, or constitute a waiver of, any of the rights and obligations of the parties under the Master Transaction Agreement. 

Section 25. Books and Records. 

(a) During the Term, and for so long as Service Provider is required to maintain its own Books and Records under applicable Laws,
(i) Service Provider shall maintain records, books, systems, internal or external audit reports or regulatory examination reports, including tax records (the “Books and Records”), relating to the Services and Service
Provider’s control environment used to provide the Services; (ii) such Books and Records shall be maintained by Service Provider in any format that may be required by applicable Laws; and (iii) to the extent Service Provider is
legally permitted to provide Service Recipient with access to such Books and Records, Service Provider shall provide to Service Recipient, within ten (10) Business Days of receipt of Service Recipient’s reasonable request (or such shorter
period as may be required by applicable Law), access to all such Books and Records (A) as may be required by Service Recipient in order for it and its Affiliates to comply with all applicable Laws, (B) in connection with a Dispute arising
out of or relating to this Agreement or Services provided under this Agreement or (C) as may be required in connection with any inspection by any Governmental Authority with jurisdiction or authority over Service Recipient. 

(b) During the Term, and for so long as Service Recipient is required to maintain its own Books and Records under applicable Laws,
(i) Service Recipient shall maintain its Books and Records relating to the Services and Service Recipient’s control environment used to receive the Services; (ii) such Books and Records shall be maintained by Service Recipient in any
format that may be required by applicable Laws; and (iii) to the extent Service Recipient is legally permitted to provide Service Provider with access to such Books and Records to Service Provider, Service Recipient shall provide to Service
Provider, within ten (10) Business Days of receipt of Service Provider’s reasonable request (or such shorter period as may be required by applicable Law), access to all such Books and Records (A) as may be required by Service Provider
in order for it and its Affiliates to comply with all applicable Laws, (B) in connection with a Dispute arising out of or relating to this Agreement or Services provided under this Agreement or (C) as may be required in connection with any
inspection by any Governmental Authority with jurisdiction or authority over Service Provider. 
 (c) All access rights under this
Section 25 shall be conducted during normal business hours in a manner that does not unreasonably interfere with the other party’s business operations. The parties agree that all information and records exchanged hereunder shall be
treated as Confidential Information of the disclosing party. 
 (d) During the Term, Service Recipient shall cooperate in good faith with
Service Provider in the completion by Service Provider of its quarterly financial statements; provided that such cooperation shall not unreasonably interfere with performance by Service Recipient’s personnel of their duties, including
the Services. 

  
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 Section 26. Limitation of Liability. 

(a) Service Recipient agrees that none of Service Provider, its Affiliates or any of its or their respective directors, officers, agents,
consultants, representatives or employees (each, a “Provider Indemnified Person”) shall have any liability, whether direct or indirect, in contract or tort or otherwise, to Service Recipient or its Affiliates or any other Person for
or in connection with the Services rendered or to be rendered by or on behalf of any Provider Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any actions or inactions by or on behalf of Provider Indemnified
Person in connection with any such Services or transactions, except to the extent any Losses have resulted from such Provider Indemnified Person’s gross negligence or willful misconduct in connection with any such Services, actions or
inactions. 
 (b) No Provider Indemnified Person or Recipient Indemnified Person shall be liable for any special, incidental, consequential
or punitive damages of any kind whatsoever in any way due to, resulting from or arising in connection with any of the Services or the performance of or failure to perform Service Provider’s or Service Recipient’s obligations under this
Agreement, as applicable. This disclaimer applies, without limitation, (i) to claims arising from the provision of the Services or any failure or delay in connection therewith, (ii) to claims for lost profits and (iii) regardless of
the form of action, whether in contract, tort, strict liability, or otherwise. 
 (c) In addition to the foregoing, each party agrees that
it shall, in all circumstances, use commercially reasonable efforts to mitigate and otherwise minimize its damages and those of its Affiliates, whether direct or indirect, due to, resulting from or arising in connection with any failure by the other
party to comply fully with its obligations under this Agreement. 
 Section 27. Indemnification of Service Provider by Service Recipient.
Service Recipient agrees to indemnify and hold harmless each Provider Indemnified Person from and against any damages, and to reimburse each Provider Indemnified Person for all costs, damages, liabilities and fees and expenses (including reasonable
attorneys’ fees and expenses and any other expenses reasonably incurred in connection with investigating, prosecuting or defending any Action) (collectively, “Losses”) incurred in investigating, preparing, pursuing, or
defending any Actions, whether or not in connection with pending or threatened litigation and whether or not any Provider Indemnified Person is a party, arising out of or in connection with Services rendered or to be rendered by or on behalf of any
Provider Indemnified Person pursuant to this Agreement, the transactions contemplated hereby or any actions or inactions by or on behalf of any Provider Indemnified Person in connection with any such Services or transactions; provided that
Service Recipient shall not be responsible for any Losses of any Provider Indemnified Person to the extent such Losses have resulted from such Provider Indemnified Person’s gross negligence or willful misconduct in connection with any of such
Services, actions or inactions (it being understood and agreed that the provision by Service Provider or any of its Affiliates of any of the Services without obtaining the consent of any party to any contract or agreement to which

  
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Service Provider or any of its Affiliates is a party as of the date hereof shall not constitute gross negligence or willful misconduct by Service Provider or any of its Affiliates;
provided that Service Provider or its Affiliate, as applicable, has used commercially reasonable efforts to obtain the relevant consent, without any guarantee of success in respect thereof). 

Section 28. Indemnification of Service Recipient by Service Provider. Service Provider agrees to indemnify and hold harmless Service
Recipient, each of its Affiliates and its and their respective directors, officers, agents, consultants, representatives or employees (each, a “Recipient Indemnified Person”) from and against any Losses incurred in investigating,
preparing, or defending any Action, to the extent such Losses have arisen out of the gross negligence or willful misconduct of any Provider Indemnified Person in connection with the Services rendered or to be rendered pursuant to this Agreement.

 Section 29. Indemnification as Exclusive Remedy. Except for the termination rights provided for under the terms of this Agreement, the
indemnification provisions of this Section 29 shall be the exclusive remedy for breach of this Agreement and any matters relating to this Agreement. 

Section 30. Conduct of Proceedings. Any proceedings relating to indemnification under Section 27 or 28 shall be
conducted in accordance with the procedures set forth in Section 10.3 of the Master Transaction Agreement, mutatis mutandis. 

Section 31. No Limitation. Nothing contained in Sections 26 to 30 shall limit or alter the obligation of any party to
indemnify any other party pursuant to the Master Transaction Agreement; provided that no party shall obtain duplicative recoveries. 

Section 32. Order of Precedence. 

(a) If there is any material conflict between the terms in the body of this Agreement and any Schedules attached hereto, the terms in the body
of this Agreement shall prevail. 
 (b) If there is any material conflict between the terms in the body of this Agreement and the Master
Transaction Agreement, the terms of the Master Transaction Agreement shall prevail. 
 Section 33. Rules of Construction. Interpretation
of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires;
(b) references to preamble, recitals, Sections, Transition Services Schedules and Schedules are references to the preamble, recitals, Sections, Transition Services Schedules and Schedules to this Agreement unless otherwise specified;
(c) references to “$” shall mean U.S. dollars; (d) the word “including” and words of similar import when used in this Agreement shall mean “including without limiting the generality of the foregoing,” unless
otherwise specified; (e) the word “or” shall not be exclusive; (f) the words “herein,” “hereof,” “hereunder,” “hereby” and similar terms shall be deemed to refer to this Agreement as a
whole and not to any specific section; (g) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (h) this Agreement shall

  
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be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted; (i) if a word or phrase is
defined, the other grammatical forms of such word or phrase shall have a corresponding meaning; (j) references to any statute, listing rule, rule, standard, regulation or other law (i) include a reference to the corresponding rules and
regulations and (ii) include a reference to each of them as amended, modified, supplemented, consolidated, replaced or rewritten from time to time; (k) references to any section of any statute, listing rule, rule, standard, regulation or
other law include any successor to such section; (l) each of the Acquiror, on the one hand, and QBE, on the other hand, shall be referred to as a “party” and collectively as the “parties;” (m) all references to any
period of days shall be deemed to be to the relevant number of calendar days unless Business Days are expressly specified; and (n) references to any contract (including this Agreement) or organizational document are to the contract or
organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated. 
 Section 34. Fulfillment of
Obligations. Any obligation of any party to any other party under this Agreement, which obligation is performed, satisfied or fulfilled by an Affiliate of such party or by any third party in accordance with the terms of this Agreement, shall
be deemed to have been performed, satisfied or fulfilled by such party. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have signed this Agreement as of the date first set forth
above. 
  

			
	NATIONAL GENERAL HOLDINGS CORP.
		
	By:		  

	Name:		
	Title		
	
	QBE HOLDINGS, INC.
		
	By:		  

	Name:		
	Title		

 Signature Page to Transition Services Agreement

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