Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT
NO. 1 TO CREDIT AGREEMENT 
 This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of July 12,
2019, is entered into by and between BOX, INC., a Delaware corporation (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Lender”), with respect to the following: 

A.    The Borrower and the Lender have previously entered into that certain Credit Agreement dated as of November 27,
2017 (as in effect prior to the date hereof, the “Existing Credit Agreement” and as the same may be supplemented, amended, modified, amended and restated or replaced in writing from time to time and in effect from time to time,
including, but not limited to, by this Amendment, the “Credit Agreement”). 
 B.    The Borrower has
requested certain amendments to the Existing Credit Agreement. 
 C.    The Lender is willing to grant such request on
the terms and subject to the conditions set forth in this Amendment. 
 NOW, THEREFORE, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Definitions. Except as otherwise defined in this Amendment, terms defined in the Credit Agreement are
used herein as defined therein. 
 2.    Amendments. On the terms and subject to the conditions of this
Amendment, as of the Amendment No. 1 Effective Date: 
 (a)    Credit Agreement. The Existing Credit
Agreement is amended as set forth in Annex A hereto (stricken text shall be deleted from the Credit Agreement (indicated textually in the same manner as the following example:
stricken text) and double-underlined text shall be added to the Credit Agreement (indicated textually in the same manner as
the following examples: double-underlined text or double-underlined text). 

(b)    Compliance Certificate. Exhibit B (Compliance Certificate) of the Credit Agreement is hereby amended and
restated in its entirety with Exhibit B attached hereto in Annex B. 
 3.    Reaffirmation.
Notwithstanding the effectiveness of this Amendment, each Security Document, each other Loan Document, and all guarantees, pledges, grants, security interests and other agreements thereunder shall continue to be in full force and effect and the
Borrower hereby reaffirms each Security Document, each other Loan Document, and all guarantees, pledges, grants, security interests and other agreements thereunder. This Amendment shall not be a novation. This Amendment shall not release, limit nor
impair in any way any security interests or liens (or the priority thereof) held by the Lender against any assets of any Loan Party, arising under any Security Document or any other Loan Document. 

 4.    Representations and Warranties. The Borrower
represents and warrants to the Lender as to itself and each of its Subsidiaries (if any), that (a) the representations and warranties contained in Article V of the Credit Agreement and in the other Loan Documents are true, correct and complete
in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of the date hereof as though made on and as of the date hereof,
except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true, correct and complete in all material respects (or, in the case of any such representation
or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of such earlier date and (b) no Event of Default or Potential Event of Default has occurred and is continuing. 

5.    Conditions Precedent to the Effectiveness of this Amendment. The effectiveness of the provisions of
Section 2 of this Amendment is conditioned upon, and such provisions shall not be effective until, satisfaction of the conditions set forth below (the first date on which such conditions have been satisfied being referred to herein as
the “Amendment No. 1 Effective Date”): 
 (a)    The Lender shall have received the following,
each in form and substance satisfactory to the Lender in its sole discretion: 
 (i)    executed copies of this
Agreement and an amended and restated Note; 
 (ii)    a copy of the certificate of incorporation of the Borrower,
certified as of a recent date by the Secretary of State of the State of Delaware; 
 (iii)    a copy of the bylaws of
the Borrower, certified by the Secretary or an Assistant Secretary or other authorized person of the Borrower; 

(iv)    a copy of resolutions of the Board of Directors or other authorizing documents of the Borrower approving the Loan
Documents and the Borrowings thereunder; 
 (v)    an incumbency certificate executed by the Secretary or an Assistant
Secretary or other authorized person of the Borrower or equivalent document, certifying the names and signatures of the officers of the Borrower or other Persons authorized to sign the Loan Documents and the other documents to be delivered
hereunder; 
 (vi)    a certificate from the Chief Executive Officer of the Borrower certifying the matters set forth
in Section 4; 
 (vii)    a certificate of good standing or its equivalent and evidence of good standing as
to payment of any applicable franchise or similar taxes with respect to the Borrower from the Secretary of State of the State of Delaware; 

  
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 (viii)    evidence that all governmental, regulatory and other third
party consents and approvals required in connection with the Loan Documents and the Borrowings thereunder have been obtained and are in full force and effect; 

(ix)    a favorable opinion or opinions of counsel for the Borrower addressing issues under California and Delaware law,
dated the Amendment No. 1 Effective Date; 
 (x)    a certificate from the Chief Financial Officer of the Borrower
or other authorized officer with knowledge of the financial position of the Borrower dated the Amendment No. 1 Effective Date certifying as to the matters set forth in Section 5.01(p) of the Credit Agreement as to Solvency; and 

(xi)    such documentation and other information that the Lender requests as to the Borrower in order to comply with its
ongoing due diligence pursuant to regulatory requirements and its internal policies, including its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 

(b)    The Lender shall have received all fees and other amounts due and payable on or prior to the Amendment No. 1
Effective Date, including, to the extent invoiced at least two (2) Business Days prior to the Amendment No. 1 Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket costs and expenses required to be reimbursed or paid by the Borrower under any Loan Document. 

6.    Miscellaneous. 

(a)    The Borrower acknowledges that all reasonable and documented out-of-pocket costs and expenses of the Lender (including reasonable and documented out-of-pocket attorneys’ fees and
costs) in connection with the preparation, negotiation, execution and delivery of this Amendment and the related Loan Documents will be paid by the Borrower in accordance with Section 8.05 of the Credit Agreement. 

(b)    References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this
Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby. 

(c)    This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and the other Loan Documents,
and except as specifically modified by this Amendment, the Credit Agreement and the other Loan Documents shall remain unchanged and unwaived and shall remain in full force and effect and are hereby ratified and confirmed. 

(d)    The execution, delivery and performance of this Amendment shall not constitute a forbearance, waiver, consent or
amendment of any other provision of, or operate as a forbearance or waiver of any right, power or remedy of the Lender under the Credit Agreement or any of the other Loan Documents, all of which are ratified and reaffirmed in all respects and shall
continue in full force and effect. 

  
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 (e)    This Amendment shall be governed by, and construed in accordance
with, the laws of the State of California without giving effect to its choice of law principles which would result in the application of the law of another jurisdiction. 

(f)    This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by facsimile or other electronic method
of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. This Amendment may be executed in any number of identical counterparts, any set of which signed by all the parties hereto shall be
deemed to constitute a complete, executed original for all purposes. Transmission by facsimile, “pdf” or similar electronic copy of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such
counterpart. Any party hereto may request an original counterpart of any party delivering such electronic counterpart. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Amendment or any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties to
this Amendment consent to conduct the transactions contemplated hereunder by electronic means. 
 (g)    This
Amendment, the Credit Agreement and the other Loan Documents embody the entire agreement and understanding by and among the parties hereto and thereto relating to the subject matter hereof and thereof and supersedes any and all prior agreements and
understandings, oral or written, relating to the subject matter hereof and thereof. 
 (h)    In case any one or more
of the provisions contained in this Amendment should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.
Section headings in this Amendment are included for convenience of reference only and shall not be given any substantive effect. 

(i)    This Amendment is a Loan Document as defined in the Credit Agreement, and the expense reimbursement,
indemnification, waiver of jury trial, consent to jurisdiction and other provisions of the Credit Agreement generally applicable to Loan Documents are applicable hereto and incorporated herein by this reference and this Amendment shall be
interpreted, construed and enforced as if all such provisions were set forth in full in this Amendment. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the date first above written. 
  

			
	BOX, INC.
		
	By:	 	/s/ Dylan Smith

 
			
	Name:	 	Dylan Smith
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Amendment No. 1 to Credit Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/w/ Wendy Wong

 
			
	Name:	 	Wendy Wong
	Title:	 	Director

  
 [Signature Page to
Amendment No. 1 to Credit Agreement] 

 Annex A 

Conformed Credit Agreement 
 (see
attached) 

 CREDIT AGREEMENT 

between 

BOX, INC. 

and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Date as of November 27, 2017 

 TABLE OF CONTENTS

 Page 

 

							
	ARTICLE I. DEFINITIONS 	  	 	1	 
			
	
Section 1.01 
	  	Defined Terms	  	 	1	 
			
	
Section 1.02 
	  	Other Definitional Provisions	  	 	18	 
			
	
Section 1.03 
	  	Divisions	  	 	20	 
		
	ARTICLE II. THE LOANS 	  	 	20	 
			
	
Section 2.01 
	  	The Loans	  	 	20	 
			
	
Section 2.02 
	  	Repayment	  	 	21	 
			
	
Section 2.03 
	  	Interest Payment Dates and Interest Rate	  	 	22	 
			
	
Section 2.04 
	  	Continuation; Conversion	  	 	22	 
			
	
Section 2.05 
	  	Fees	  	 	23	 
			
	
Section 2.06 
	  	Cash Collateralization	  	 	23	 
		
	ARTICLE III. GENERAL PROVISIONS CONCERNING THE LOANS 	  	 	24	 
			
	
Section 3.01 
	  	Use of Proceeds	  	 	24	 
			
	
Section 3.02 
	  	Default Interest	  	 	24	 
			
	
Section 3.03 
	  	Computation of Interest	  	 	24	 
			
	
Section 3.04 
	  	Payments	  	 	24	 
			
	
Section 3.05 
	  	Delay in Requests	  	 	24	 
			
	
Section 3.06 
	  	Reduced Return	  	 	25	 
			
	
Section 3.07 
	  	Funding Losses	  	 	25	 
			
	
Section 3.08 
	  	Inability to Determine Interest Rate	  	 	25	 
			
	
Section 3.09 
	  	Requirements of Law	  	 	26	 
			
	
Section 3.10 
	  	Illegality	  	 	26	 
			
	
Section 3.11 
	  	Taxes	  	 	27	 
			
	
Section 3.12 
	  	Effect of Benchmark Transition Event	  	 	30	 
		
	ARTICLE IV. CONDITIONS OF LENDING 	  	 	33	 
			
	
Section 4.01 
	  	Conditions Precedent to Credit Facility	  	 	33	 
			
	
Section 4.02 
	  	Conditions Precedent to Each Borrowing	  	 	36	 
			
	
Section 4.03 
	  	Post Closing Conditions	  	 	36	 
		
	ARTICLE V. REPRESENTATIONS AND WARRANTIES 	  	 	37	 
			
	
Section 5.01 
	  	Representations and Warranties	  	 	37	 

  
 i 

 TABLE OF CONTENTS

 (continued)

 Page 

 

							
	ARTICLE VI. COVENANTS 	  	 	42	 
			
	
Section 6.01 
	  	Affirmative Covenants	  	 	42	 
			
	
Section 6.02 
	  	Negative Covenants	  	 	47	 
			
	
Section 6.03 
	  	Financial Covenants	  	 	58	 
		
	ARTICLE VII. EVENTS OF DEFAULT 	  	 	59	 
			
	
Section 7.01 
	  	Events of Default	  	 	59	 
		
	ARTICLE VIII. MISCELLANEOUS 	  	 	61	 
			
	
Section 8.01 
	  	Amendments, Etc	  	 	61	 
			
	
Section 8.02 
	  	Notices, Etc	  	 	61	 
			
	
Section 8.03 
	  	Right of Set-off	  	 	61	 
			
	
Section 8.04 
	  	No Waiver; Remedies	  	 	62	 
			
	
Section 8.05 
	  	Costs and Expenses	  	 	62	 
			
	
Section 8.06 
	  	Indemnity	  	 	62	 
			
	
Section 8.07 
	  	Assignments and Participations	  	 	63	 
			
	
Section 8.08 
	  	Limitation on Payments	  	 	63	 
			
	
Section 8.09 
	  	Disclosure of Information	  	 	64	 
			
	
Section 8.10 
	  	Limitation of Liability	  	 	64	 
			
	
Section 8.11 
	  	Effectiveness; Binding Effect; Governing Law	  	 	64	 
			
	
Section 8.12 
	  	Waiver of Jury Trial	  	 	64	 
			
	
Section 8.13 
	  	Consent to Jurisdiction; Venue	  	 	65	 
			
	
Section 8.14 
	  	Entire Agreement	  	 	65	 
			
	
Section 8.15 
	  	Separability of Provisions; Headings	  	 	65	 
			
	
Section 8.16 
	  	Execution in Counterparts; Etc	  	 	65	 
			
	
Section 8.17 
	  	USA Patriot Act	  	 	66	 
			
	
Section 8.18 
	  	English Language	  	 	66	 
			
	
Section 8.19 
	  	Service of Process	  	 	66	 
			
	
Section 8.20
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	66	 
			
	
Section 8.21 
	  	Acknowledgement Regarding Any Supported QFCs	  	 	66	 

  
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 CREDIT AGREEMENT

 This Credit Agreement dated as of November 27, 2017 (as supplemented, amended, modified, amended and restated or replaced in
writing from time to time, this “Agreement”), is entered into by and between BOX, INC., a Delaware corporation (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Lender”). 

RECITALS 
 WHEREAS, the
Borrower has requested that the Lender make available loans and other financial accommodations to the Borrower; and 
 WHEREAS, the Lender
has agreed to make available such loans and other financial accommodations on the terms and subject to the conditions set forth herein; 

NOW THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.01    Defined Terms. As used in
this Agreement, the following terms have the following meanings: 
 “Accounts Receivable”: All accounts (as that
term is defined in the UCC). 
 “Affiliate”: As applied to any Person, any other Person directly or indirectly controlling,
controlled by, or under common control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common
control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by
contract or otherwise. 
 “Agreement”: As defined in the introductory paragraph of this Agreement. 

“Applicable Margin”: For any day, (i) 0.25% in the case of Prime Rate Loans and (ii) 1.00% in the case of LIBOR Loans.

 “Applicable Reserve Requirement”: At any time, for any Loan, the maximum rate, expressed as a decimal, at which reserves
are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D of the Board) under regulations issued from time to time by the Board or other applicable banking regulator.
Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserve required by the Board to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits
by reference to which the applicable LIBOR or any other interest rate of a Loan is determined or (ii) any category of extensions of credit or other assets which include Loans. A Loan shall be deemed to constitute Eurocurrency liabilities and as
such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offers that may be available from time to time to the Lender. The rate of interest on LIBOR Loans shall be adjusted automatically on and as
of the effective date of any change in the Applicable Reserve Requirement. 

 “Average Deferred Revenue Change”: The average Deferred Revenue Change
calculated based upon each of the four Fiscal Quarters in any trailing twelve month period. 
 “Bail-In Action”: The exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any
liability of an EEA Financial Institution. 
 “Bail-In Legislation”: With respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Bankruptcy Code”: Title 11 of the United States Code entitled
“Bankruptcy”, as now and hereafter in effect, or any successor statute. 

“Beneficial Ownership Certification”: A
certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. 

“Beneficial Ownership Regulation”: 31 C.F.R. § 1010.230. 

“Board”: The Board of Governors of the Federal Reserve System and any successor thereto. 

“Borrower”: As defined in the introductory paragraph of this Agreement. 

“Borrowing”: As defined in Section 2.01(b). 

“Business Day”: A day other than a Saturday, Sunday or a day on which commercial banks in California are authorized or
required by law to close. 
 “Capital Expenditures”: As to any Person, expenditures (including expenditures with respect to
Capital Leases) made by such Person to acquire or construct fixed assets, plants and equipment (including renewals, improvements and replacements, but excluding repairs unless such repairs are required to be capitalized in accordance with GAAP).

 “Capital Lease”: As applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as
lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person. 
 “Cash
Collateralize”: To pledge and deposit with or deliver to the Lender, as collateral, an amount (whether in cash or deposit account balances or in the form of a standby letter of credit in form and substance reasonably satisfactory to, and
issued by a United States commercial bank reasonably acceptable to, the Lender in its commercially reasonable discretion) pursuant to documentation in form and substance reasonably satisfactory to the Lender. “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

  
 2 

 “Cash Equivalents”: 

(i)    Direct obligations of, or obligations the principal of and interest on which are unconditionally
guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of issuance thereof;

 (ii)    investments in commercial paper maturing within 270 days from the date of issuance thereof
and having, at such date of acquisition, a rating of at least “Prime 1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P; 

(iii)    investments in certificates of deposit, banker’s acceptances and time deposits maturing
within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Lender or any domestic office of any commercial bank organized under the laws of the United
States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and that issues (or the parent of which issues) commercial paper rated at least “Prime 1” (or the then
equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P; 

(iv)    fully collateralized repurchase agreements with a term of not more than 30 days for securities
described in clause (i) above and entered into with a financial institution satisfying the criteria of clause (iii) above; 

(v)    investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in investments of the type described in clauses (i) through (iv) above; 

(vi)    other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment
practices for cash management in investments of a type analogous to the foregoing; and 

(vii)    investments described on Schedule 1.01(a)(i) to the Disclosure Letter and other
investments approved by the Lender. 
 “Cash Management Obligations”: With respect to any Person, all liabilities of such
Person under any agreement to provide cash management services, including treasury, depositary, overdraft, credit or debit card, electronic funds transfer and other cash management agreements. 

“CFC”: A controlled foreign corporation within the meaning of Section 957(a) of the Internal Revenue Code. 

  
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 “Change in Control”: Shall be deemed to have occurred if (i) any
“person” or “group” (within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934, as in effect on the date hereof), other than the Permitted
Investors, shall own, directly or indirectly, beneficially or of record, shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower, or (ii) any change in
control (or similar event, however denominated) with respect to the Borrower or any Subsidiary shall occur under and as defined in any indenture or agreement in respect of any Debt in an aggregate principal amount exceeding $5,000,000 to which the
Borrower or any Subsidiary is a party. 
 “Change in Law”: The occurrence, after the date of this Agreement, of any
of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
governmental authority, central bank or comparable entity charged with the interpretation or administration thereof, or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any
governmental authority, central bank or comparable entity charged with the interpretation or administration thereof; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted
or issued. 
 “Chief Financial Officer”: The chief financial officer (or equivalent Person) of Borrower. 

“Closing Date”: The date on which all conditions precedent set forth in Section 4.01 have been satisfied or waived by
the Lender. 
 “Collateral”: The collective reference to the “Collateral” as defined in the Security Agreement
and any other collateral pledged to the Lender pursuant to a Loan Document. 
 “Commitment”: The commitment of the Lender
to make Loans to the Borrower pursuant to Section 2.01(a). The amount of the Lender’s Commitment as of the Closing Date is $85,000,000July 12, 2019 is $100,000,000. 
 “Commodity Exchange Act”: The Commodity Exchange Act (7 U.S.C. § 1 et
seq.), as amended from time to time, and any successor statute. 
 “Compliance Certificate”: A certificate substantially in
the form of Exhibit B hereto. 
 “Connection Income Taxes”: Other Connection Taxes that are imposed on or measured
by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

  
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 “Consolidated Net Income (or Deficit)”: The consolidated net income (or
deficit) of any Person and its Subsidiaries, after deduction of all expenses, taxes, and other proper charges, determined in accordance with GAAP, after eliminating therefrom all extraordinary or nonrecurring items of income. 

“Consolidated Total Interest Expense”: With respect to any Person for any period, the aggregate amount of interest required
to be paid or accrued by a Person and its Subsidiaries during such period on all indebtedness of such Person and its Subsidiaries outstanding during all or any part of such period, whether such interest was or is required to be reflected as an item
of expense or capitalized, including payments consisting of interest in respect of any capitalized lease or any synthetic lease, and including commitment fees, agency fees, facility fees, balance deficiency fees and similar fees or expenses in
connection with the borrowing of money. 
 “Convertible Debt Securities”: Unsecured Debt of the Borrower that is convertible into (a) Qualified Equity Interests of the Borrower (or other securities or property following a merger event, reclassification or other change of such Qualified Equity Interests) and cash in lieu
of fractional shares, (b) cash (in an amount determined by reference to the price of such Qualified
Equity Interests or such other securities or property) or (c) a combination of the
foregoing. 
 “Cost Sharing Agreement”: Cost Sharing
Agreement dated as of June 25, 2013 between Borrower and Box Intl Technology Ltd., as amended on October 15, 2015, as may be amended from time to time. 

“Debt”: As applied to any Person, without duplication, (i) all indebtedness for borrowed money and all obligations
evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (ii) that portion of obligations with respect to Capital Leases which is properly classified as a liability on a balance sheet in conformity with GAAP,
(iii) notes payable representing extensions of credit whether or not representing obligations for borrowed money, (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding (a) trade
accounts payable incurred in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have
been provided for on the books of such Person, (b) earnout payments (other than, for the avoidance of doubt, earnout payments payable solely in Qualified Equity Interests of the Borrower) , (c) any accruals for payroll and other non-interest bearing liabilities accrued in the ordinary course of business and (d) any obligations in respect of operating leases) which purchase price is (y) due more than six months from the date of
incurrence of the obligation in respect thereof or (z) evidenced by a note or similar written instrument, (v) all indebtedness for borrowed money secured by any Lien on any property owned or held by that Person regardless of whether the
indebtedness for borrowed money secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person (excluding any obligations in respect of operating leases), (vi) all obligations, contingent or otherwise,
with respect to the face amount of all letters of credit (whether drawn or undrawn), bankers’ acceptances or similar obligations issued for the account of such Person, (vii) all swap and related hedging arrangements (including the Hedging
Obligations) of such Person valued at the net termination value thereof, (viii) all obligations of such person in respect of Disqualified Equity Interests, and (ix) any Guaranty of such Person in respect of any Debt of any other Person
described in clauses (i) through (viii) above. 

  
 5 

 “Deferred Revenue”: All amounts received or invoiced in advance of
performance under contracts and not yet recognized as revenue, as determined in accordance with GAAP. 
 “Deferred Revenue
Change”: Any change in Deferred Revenue as of the last day of a Fiscal Quarter as compared to Deferred Revenue for the last day of the same Fiscal Quarter in the prior Fiscal Year.  

“Disclosure Letter”: That certain disclosure letter dated as of the date hereof delivered by the Borrower to the Lender, as
may be updated from time to time in accordance with the terms of this Agreement and the other Loan Documents. 

“Disposition”: As defined in Section 6.02(f). 

“Disqualified Equity Interests”: Any Equity Interests that, by their terms (or by the terms of any security or other Equity
Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (i) mature or are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking
fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the
Loans and all other Obligations that are accrued and payable and the termination of the Commitment), (ii) are redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of a change of
control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and
the termination of the Commitment), in whole or in part, (iii) provide for the scheduled payment of dividends in cash or (iv) are or become convertible into or exchangeable for Debt or any other Equity Interests that would constitute
Disqualified Equity Interests, in each case, prior to the date that is 91 days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of Borrower or its Subsidiaries or by any such plan to their
respective employees or independent contractors, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by Borrower or its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations. 
 “Dollars” and “$”: The lawful currency of the United States of America. 

“Domestic Subsidiary”: Each Subsidiary that is organized under the laws of the United States, any state, territory,
protectorate or commonwealth thereof or the District of Columbia. 
 “EBITDA”: With respect to any period an amount equal
to the sum of (a) Consolidated Net Income of the Borrower and its Subsidiaries for such period, plus (b) in each case to the extent deducted in the calculation of the Borrower’s Consolidated Net Income and without duplication,
(i) depreciation and amortization for such period, plus (ii) provision (benefit) for income tax for such period, plus (iii) Consolidated Total Interest Expense paid or accrued during such period, plus
(iv) non-cash expenses, losses and charges, including, without limitation, non-cash compensation-based expenses, plus (v) all extraordinary, unusual or non-recurring expenses, losses and charges for such period, including , without limitation, restructuring charges, 

  
 6 

 
including, without limitations, costs, fees and expenses incurred by Borrower or its Subsidiaries in connection with any Permitted Acquisition, plus (vi) any other expenses, losses or
charges agreed to by the Lender, plus or minus (c) the Average Deferred Revenue Change, all as determined in accordance with GAAP. 
 “EEA Financial Institution”: (a) any credit institution or investment firm established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country
which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in
clauses (a) or (b) of this definition and is subject to consolidated supervision with its
parent; 

“EEA Member Country”: Any of the member states of
the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority”: Any public administrative authority or any person entrusted with public administrative authority of any EEA Member
Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Accounts Receivable”: Bona fide trade Accounts Receivable created in the ordinary course of the Borrower’s
consolidated business, evidenced by an invoice rendered to the account debtor, upon which the Borrower’s (on a consolidated basis) right to receive payment is absolute and not contingent upon the fulfillment of any condition whatsoever (other
than with respect to prepaid subscription fees received by the Borrower (on a consolidated basis), which fees shall be deemed to be Eligible Accounts Receivable to the extent that the corresponding customer agreements pursuant to which such fees
arise and the Borrower (on a consolidated basis) renders services remain in full force and effect and no notice of termination has been given under such agreements), and in which the Lender has a perfected security interest of first priority, and in
each case, classified as a “current asset” in accordance with GAAP, and shall not include any Account Receivable that has been outstanding more than 60 days past due. 

“Environmental Laws”: Any and all current or future statutes, ordinances, orders, rules, regulations, guidance documents,
judgments, governmental authorizations, or any other requirements of governmental authorities relating to (i) environmental matters or (ii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or
animal health or welfare, in any manner applicable to any Loan Party or any of its Subsidiaries. 
 “Environmental Permit”:
Any permit, approval, identification number, license or other authorization required under any Environmental Law. 
 “Equity
Interests”: (i) All shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit
interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting, and (ii) all securities convertible into or exchangeable for any of
the foregoing and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible, exchangeable or
exercisable; provided that Equity Interests shall not include Convertible Debt Securities (irrespective of whether the Convertible Debt
Securities are settled in Qualified Equity Interests, cash or a combination thereof). 

  
 7 

 “ERISA”: The Employee Retirement Income Security Act of 1974, as amended
from time to time, and any successor statute. 
 “EU Bail-In Legislation
Schedule”: The EU Bail-In Legislation Schedule published by
the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default”: As defined in Section 7.01. 

“Exchange Act”: The Securities Exchange Act of
1934, as amended from time to time, and any successor statute. 

“Excluded Taxes”: Any of the following Taxes imposed on or with respect to the Lender or required to be withheld or deducted
from a payment to the Lender (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) imposed as a result of the Lender being organized under the laws of, or having
its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) Federal withholding Taxes imposed on amounts payable
to or for the account of the Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (a) the Lender acquires such interest in the Loan or Commitment or (b) the Lender changes
its lending office, except in each case to the extent that, pursuant to Section 3.11, amounts with respect to such Taxes were payable either to the Lender’s assignor immediately before the Lender became a party hereto or to the Lender
immediately before it changed its lending office, (iii) Taxes attributable to such recipient’s failure to comply with Section 3.11(f), and (iv) any Federal withholding Taxes under FATCA. 

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

“Existing Credit Agreement”: The Credit Agreement dated as of December 4, 2015 among the Borrower, the Existing Lender,
as administrative agent, collateral agent and lender, and the other lenders party thereto (as amended, supplemented or otherwise modified from time to time). 

“Existing Lender”: HSBC Bank USA, National Association, a national banking association. 

  
 8 

 “FATCA”: Sections 1471 through 1474 of the Internal Revenue Code, as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into
pursuant to Section 1471(b)(1) of the Internal Revenue Code. 
 “FCPA”: As defined in Section 5.01(y). 

“Fiscal Quarter”: A fiscal quarter of any Fiscal Year. 

“Fiscal Year”: The fiscal year of the Borrower ending on January 31 of each year. 

“Foreign Subsidiary”: Any Subsidiary that is organized under the laws of any jurisdiction other than the United States, any
state, territory, protectorate or commonwealth thereof or the District of Columbia. 
 “GAAP”: Generally accepted
accounting principles, standards and practices in the United States, applied on a consistent basis. 
 “Grantor”: As
defined in the Security Agreement. 
 “Guarantor”: Each Domestic Subsidiary (other than a Domestic Subsidiary of a Foreign
Subsidiary that is a CFC) that is a Material Subsidiary (or, at the election of the Borrower, any other Subsidiary) that is or becomes a party to a Subsidiary Guarantee. 

“Guaranty”: As to any Person, (i) any obligation, contingent or otherwise, of such Person guaranteeing or having the
economic effect of guaranteeing any Debt or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation, (b) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Debt or
other obligation of the payment or performance of such Debt or other obligation, (c) to maintain working capital, equity capital or any other financial statement or condition or liquidity or level of income or cash flow of the primary obligor
so as to enable the primary obligor to pay such Debt or other obligation, or (d) entered into for the purpose of assuring in any other manner the obligee in respect of such Debt or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (ii) any Lien on any assets of such Person securing Debt or other obligation of any other Person, whether or not such Debt or other obligation is assumed by such
Person (or any right, contingent or otherwise, of any holder of such Debt to obtain any such Lien). The amount of any Guaranty shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guaranty is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. Notwithstanding anything herein to the
contrary, the term “Guaranty” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations (A) in effect on the Closing Date,
(B) entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Debt), or (C) set forth in customer or vendor agreements entered into by the Borrower
or any Subsidiary in the ordinary course of business consistent with past practices (other than such obligations with respect to Debt). 

  
 9 

 “Hazardous Materials”: All chemicals, materials, substances, wastes,
pollutants, contaminants, compounds, in any form, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas or mold, subject to regulation under or which give rise to liability
pursuant to any Environmental Law. 
 “Hedge Agreement”: (i) Any and all agreements in respect of rate swaps, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond
price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap or floor transactions, collar transactions, currency-swaps, cross-currency rate swaps, currency options, spot contracts or any similar
transactions or any combinations of the foregoing (including any options to enter into any of the foregoing), whether or not any such transactions is governed by or subject to any master agreement, and (ii) any and all agreements which are
governed by, or subject to the terms and conditions of, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement or any other master agreement. For the
avoidance of doubt, the following shall not be deemed a “Hedge Agreement”: (a) any agreement related to incentive stock, restricted stock, restricted stock units, stock options, phantom stock or similar agreements entered into with current
or former directors, officers, employees or consultants of the Borrower, (b) any stock option or warrant agreement for the purchase of Equity Interests of the Borrower, (c) the purchase of Equity Interests of Borrower pursuant to delayed
delivery contracts or other similar agreements, or (d) a Permitted Call Hedging Agreement. 

“Hedging Obligations”: With respect to any Person, all net liabilities of such Person under any Hedge Agreement. 

“Indemnified Liabilities”: As defined in Section 8.06. 

“Indemnified Parties”: As defined in Section 8.06. 

“Indemnified Taxes”: (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of the Borrower under any Loan Document and (ii) to the extent not otherwise described in the preceding clause (i), Other Taxes. 

“Interest Payment Date”: As to any LIBOR Loan with an Interest Period of three months or less, the last day of such Interest
Period and the Maturity Date; and as to any LIBOR Loan with an Interest Period in excess of three months, (i) each day prior to the last day of such Interest Period that occurs at intervals of three months following the beginning of such
Interest Period, (ii) the last day of such Interest Period and (iii) the Maturity Date; and as to any Prime Rate Loan, the last day of each calendar quarter, commencing on the first such date to occur after such Prime Rate Loan is made,
and the Maturity Date. 

  
 10 

 “Interest Period”: With respect to any LIBOR Loan: 

(i)    initially, the period commencing on, as the case may be, the Borrowing date with respect to such
LIBOR Loan and ending one, three or six months thereafter as selected by the Borrower in its notice of Borrowing as provided in Section 2.01(b); and 

(ii)    thereafter, each period commencing on (a) in the case of a continuation of a LIBOR Loan, the
last day of the next preceding Interest Period applicable to such LIBOR Loan and (b) in the case of a conversion to a LIBOR Loan, the effective date of such conversion, and in each case, ending one, three or six months thereafter as selected by
the Borrower in its notice of continuation or conversion as provided in Section 2.04; 
 provided that all of the foregoing provisions relating to
Interest Periods are subject to the following: 
 (a)    if any Interest Period for a LIBOR Loan would otherwise end on
a day which is not a LIBOR Business Day, that Interest Period shall be extended to the next succeeding LIBOR Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding LIBOR Business Day; 
 (b)    if any Interest Period for a LIBOR
Loan begins on the last LIBOR Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) that Interest Period shall, subject to clause (c), end on the
last LIBOR Business Day of the relevant calendar month at the end of such Interest Period; 
 (c)    Borrower may not
select an Interest Period with respect to any portion of principal of a LIBOR Loan which extends beyond the Maturity Date; and 

(d)    there shall be no more than three (3) Interest Periods with respect to LIBOR Loans outstanding at any time.

 “Internal Revenue Code”: The Internal Revenue Code of 1986, as amended to the date hereof and from time to time
hereafter, including any regulations of the U.S. Department of the Treasury. 
 “Landlord Subordination Agreement”: A
landlord subordination agreement in form and substance reasonably satisfactory to the Lender, executed by a landlord of any leased real property. 

“Lender”: As defined in the introductory paragraph of this Agreement. 

“Letter of Credit”: As defined in
Section 2.01(b)(ii). 

“Letter of Credit Agreement”: As defined in
Section 2.01(b)(ii). 

  
 11 

 “Letter of Credit Sublimit”: A sublimit for Letters of Credit not to exceed
$30,000,00045,000,000. 

“Leverage Ratio”: TheAs of any date of determination, the ratio of (ia) without duplication, all outstanding Debt of the Borrower and its
Subsidiaries as of such date (i) owed under the Commitment, (ii) in respect of Letters of Credit issued and outstanding under
the Letter of Credit Sublimit and(including all outstanding unreimbursed amounts with respect to
any Letter of Credit) and (iii) that constitutes Capital Leases, to
(iib) EBITDA, measured on a
trailingas of the end of the twelve
month basis andperiod most recently ended for which financial statements are available, determined on a consolidated basis in accordance with GAAP. 
 “LIBOR”: With
respect to any LIBOR Loan, the London interbank offered rate administered and published by ICE Benchmark Administration Limited (or any other successor thereto which takes over administration of such rate), as determined by the Lender from time to
time for purposes of providing quotations of interest rate applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two (2) LIBOR Business Days prior to the making of such LIBOR Loan, as the rate
of the offering of Dollar deposits with a maturity comparable to the Interest Period of such LIBOR Loan, in each case as adjusted for Applicable Reserve Requirements; provided, that if LIBOR is less than zero, LIBOR shall be deemed to be zero. 

“LIBOR Business Day”: A day which is a Business Day and on which dealings in Dollar deposits may be carried out in the London
interbank market. 
 “LIBOR Loans”: Loans hereunder at such time as they accrue interest at a rate based upon LIBOR. 

“Lien”: Any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement, any financing lease in the nature thereof, and any agreement to give any security interest). 

“Liquidity”: At any time of determination, the sum of (i) the amount (without duplication) of Eligible Accounts
Receivable at such time and (ii) the amount of Unrestricted Cash at such time. 
 “Loans”: All advances made to the
Borrower pursuant to Section 2.01. 
 “Loan Documents”: This Agreement, the Note, the Security Documents, the
Subsidiary Guarantee, and each other agreement or certificate delivered to the Lender in connection with this Agreement and/or the credit extended hereunder (but excluding any Hedge Agreement with the Lender or its Affiliates or any agreements
relating to Cash Management Obligations owing to the Lender or its Affiliates). 
 “Loan Party”: The Borrower and the
Guarantors. 
 “Management and Services Agreement”: Management and Services Agreement dated as of August 26, 2013
between Borrower and Box.com (UK) Ltd, as may be amended from time to time. 

  
 12 

 “Material Adverse Effect”: (i) A material adverse change in, or a
material adverse effect upon, the business, general affairs, assets, liabilities, properties, operations, financial condition or results of operations of the Loan Parties, taken as a whole, (ii) (a) a material impairment of the ability of any
Loan Party to comply with or perform any of its payment obligations under any Loan Document or (b) a material impairment of the ability of any Loan Party to comply with or perform any of its other obligations under any Loan Document or
(iii) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document. 

“Material Subsidiary”: Any Subsidiary that, on a consolidated basis for such Subsidiary and its Subsidiaries, (i) for
the most recent Fiscal Quarter for which financial statements have been delivered or required to be delivered pursuant to Section 6.01(a)(i) or (ii) accounted for more than 10% of the consolidated revenues of the Borrower and its
Subsidiaries or (ii) as at the end of such Fiscal Quarter, was the owner of more than 10% of the consolidated assets of the Borrower and its Subsidiaries. 

“Maturity Date”: November 27July 12,
20202022. 

“Moody’s”: Moody’s Investors Service, Inc., or any successor thereto. 

“Multiemployer Plan”: A “multiemployer plan” as defined in Section 3(37) of ERISA. 

“Net Share Settlement”: Any settlement upon
conversion of Convertible Debt Securities consisting of Qualified Equity Interests, cash or a combination of cash and Qualified Equity Interests. 

“Non-U.S. Lender Party”: As defined in Section 3.11(f)(ii)(B). 

“Note”: A promissory note in the form of Exhibit C, as supplemented, amended, modified, amended and restated or replaced in
writing from time to time. 
 “Obligations”: All advances to, debts, liabilities, obligations (monetary (including
post-petition interest, allowed or not) or otherwise) of every nature of any Loan Party from time to time arising under any Loan Document or otherwise with respect to any Loan, in each case, whether direct or indirect, absolute or contingent, due or
to become due, now existing or hereafter arising, and including principal, interest, fees, expenses and indemnification obligations. 

“OFAC”: The Office of Foreign Assets Control, Department of the Treasury. 

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

  
 13 

 “Other Taxes”: All present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Patriot
Act”: The USA Patriot Act (Title III of Pub. L. 107-56), as amended. 
 “Pension
Plan”: Any employee benefit plan as defined in Section 3(3) of ERISA, other than a Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA. 

“Permitted Acquisition”: Any acquisition by the Borrower or any of its Subsidiaries of all or substantially all of the stock,
assets or any business line or division of a U.S. or foreign Person, whether by merger, consolidation or otherwise, in any transaction or a series of related transactions, provided that: 

(i)    no less than one (1) day prior to the proposed closing date of such acquisition, the Borrower
shall have delivered written notice of such Permitted Acquisition to the Lender, which notice shall include the proposed closing date of such Permitted Acquisition; 

(ii)    for any acquisition in which the aggregate amount of consideration exceeds $10,000,000, the
Borrower shall have furnished to the Lender at least one (1) day prior to the consummation thereof copies of such agreements, instruments and other documents as the Lender shall reasonably request, including any term sheet and/or commitment
letter and other documents in connection with such acquisition; 
 (iii)    the Borrower shall have
furnished to the Lender such documentation and other information that the Lender reasonably requests as to the target of such acquisition in order to comply with its ongoing due diligence pursuant to regulatory requirements and its internal
policies, including its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act; 

(iv)    if required under Regulation S-X of the SEC, the Borrower
shall have furnished to the Lender within the time period prescribed under Regulation S-X, a pro-forma balance sheet of the Borrower and each of its Subsidiaries
(including any Subsidiary formed or acquired in connection therewith) after giving effect to the consummation of such Permitted Acquisition and any incurrence of Loans to finance such Permitted Acquisition; 

(v)    both before and immediately after giving effect to the consummation thereof, no Potential Event of
Default or Event of Default shall have occurred and be continuing; 

  
 14 

 (vi)    the target of such Permitted Acquisition shall
be engaged in a business engaged in by the Borrower or any of its Subsidiaries on the Closing Date or (a) a related, ancillary, supplementary or complementary business line, (b) a reasonable expansion or extension thereof or (c) such
other lines of business as may be consented to in writing by the Lender (which consent shall not be unreasonably withheld or delayed); and 

(vii)    the Borrower shall have furnished to the Lender (a) a Compliance Certificate duly executed
by its Chief Financial Officer that (x) to the extent Borrower is required to deliver a pro forma balance sheet pursuant to clause (iv) above, shows in reasonable detail the calculations used in determining the financial covenants set
forth in Sections 6.03(a) and 6.03(b) on a pro forma basis as of the last day of the most recently ended period for which financial statements have been delivered to Lender pursuant to Section 6.01(a)(i) or (ii), and (y) states that no
Potential Event of Default or Event of Default is continuing as of the date of delivery of such Compliance Certificate or, if a Potential Event of Default or Event of Default is continuing, states the nature thereof and the action that the Borrower
proposes to take with respect thereto and (b) a certificate duly executed by an authorized officer of the Borrower demonstrating compliance with the requirements of clauses (i) through (vi) above and stating that, to the knowledge of the
Borrower, such Permitted Acquisition has been approved by the board of directors (or equivalent governing body) of the Person to be acquired. 

“Permitted Call Hedging Agreement”: An agreement
pursuant to which the Borrower acquires a call or a capped call option (or substantively equivalent derivative transaction) requiring the counterparty thereto to deliver to the Borrower shares of common stock of the Borrower (or other securities or
property following a merger event, reclassification or other change of such common stock), the cash value of such shares (or such other securities or property) or a combination thereof, or cash representing the termination value of such option from
time to time upon settlement, exercise or early termination of such option, entered into by the Borrower in connection with the issuance of Convertible Debt Securities (including, without limitation, the exercise of any over-allotment or initial
purchaser’s or
underwriter’s option). 

“Permitted Investors”: The Persons listed on Schedule 1.01(a)(ii) to the Disclosure Letter. 

“Permitted Lien”: As defined in Section 6.02(a). 

“Permitted Refinancing”: With respect to any Person, any amendment, modification, replacement, refinancing, refunding,
renewal or extension of any Debt of such Person, provided that the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Debt so amended, modified, replaced,
refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium, make whole amounts and penalties thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with
such amendment, modification, replacement, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder. 

  
 15 

 “Person”: An individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature, whether in an individual, fiduciary or other capacity. 

“Platform Contribution Transaction License Agreement”: Platform Contribution Transaction License Agreement dated
June 25, 2013, between the Borrower and Box Intl Technology Ltd., as may be amended from time to time. 
 “Pledged
Shares”: As defined in the Security Agreement. 
 “Potential Event of Default”: A condition or event which, after
notice or lapse of time or both, would constitute an Event of Default. 
 “Prime Rate”: At any time the rate of interest
most recently announced within Lender at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Lender’s base rates and serves as the basis upon which effective rates of interest are calculated for those
loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Lender may designate. 

“Prime Rate Loans”: Loans hereunder at such time as they accrue interest at a rate based upon the Prime Rate. 

“Qualified Equity Interests”: Any Equity Interests that are not Disqualified Equity Interests. 

“Regulations T, U and X”: Regulations T, U and X, respectively, promulgated by the Board, as amended from time to time, and
any successors thereto. 
 “Replacement Assets”: With respect to any properties or assets subject to an existing Lien, any
replacements, substitutions, attachments and accessions of or to such properties or assets subject to such Lien under the terms of the documentation creating such Lien at the time such properties or assets are acquired (or, with respect to the
acquisition of a Person that owns such assets, the time such Person becomes a Subsidiary) and proceeds and products of the properties or assets subject to such Lien. 

“Requirement”: As defined in Section 3.06. 

“Restricted Payment”: any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any Equity Interests in the Borrower or any Subsidiary. 
 “S&P”: Standard & Poor’s
Ratings Service, or any successor thereto. 
 “Sanctions”: As defined in Section 5.01(x). 

  
 16 

 “SEC”: The Securities and Exchange Commission, or any governmental
authority succeeding to any or all of its functions. 
 “Secured Obligations”: Collectively, (i) the Obligations,
(ii) all Hedging Obligations owing to the Lender or any of its Affiliates and (iii) all Cash Management Obligations owing to the Lender or any of its Affiliates, provided that “Secured Obligations” shall not, as to any Loan
Party, include any Excluded Swap Obligations of such Loan Party. 
 “Security Agreement”: The Security Agreement dated as
of November 27, 2017 among the Lender, the Borrower and the Guarantors from time to time party thereto, as supplemented, amended, modified, amended and restated or replaced in writing from time to time. 

“Security Documents”: Collectively, the Security Agreement, and each other security agreement or other instrument or
document, in each case in form and substance reasonably satisfactory to the Lender, delivered from time to time in favor of the Lender pursuant to the terms of this Agreement to secure any of the Secured Obligations. 

“Solvent”: With respect to the Loan Parties on a consolidated basis, that as of the date of determination, both (i)
(a) the sum of the Loan Parties’ debts (including contingent liabilities) does not exceed the present fair saleable value of the Loan Parties’ present assets, (b) the Loan Parties’ capital is not unreasonably small in
relation to their business as contemplated on the Closing Date or with respect to any transaction contemplated to be undertaken after the Closing Date, and (c) the Loan Parties have not incurred and do not intend to incur, or believe (nor
should they reasonably believe) that they will incur, debts beyond their ability to pay such debts generally as they become due (whether at maturity or otherwise) and (ii) the Loan Parties are “solvent” (within the meaning given that
term and similar terms under the Bankruptcy Code and applicable laws related to fraudulent transfers and conveyances). For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in the
light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subsidiary”: A corporation, partnership or other entity of which the relevant Loan Party owns, directly or through another
Subsidiary, at the date of determination, more than 50% of the outstanding capital stock or membership interests (or other shares of beneficial interest) having ordinary voting power for the election of directors or other governing body or Person,
irrespective of whether or not at such time stock of any other class or classes might have voting power by reason of the happening of any contingency, or holds at least a majority of partnership or similar interests, or is a general partner of such
a partnership. 
 “Subsidiary Guarantee”: The Subsidiary Guarantee, in the form of Exhibit D, made by the Guarantors
party thereto in favor of the Lender, as supplemented, amended, modified, amended and restated or replaced in writing from time to time. 

“Swap Obligation”: With respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

  
 17 

 “Taxes”: All present or future taxes, levies, imposes, duties, deductions,
withholding (including backup withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Funded Debt” shall mean, as of any date of
determination all Debt of the Borrower and its Subsidiaries on a consolidated basis as of such date but
excluding (x) Debt
contemplated by
Section 6.02(b)(xvi) and
(y) the contingent liabilities with respect to any swap and related hedging arrangements (including
the Hedging Obligations) prior to the date any such swap and related hedging arrangement (including the Hedging Obligations) is closed out and the termination value thereof determined in accordance therewith. 
 “Total Leverage Ratio”: As of any date of determination, the ratio of
(a) without duplication, all outstanding Total Funded Debt of the Borrower and its Subsidiaries as
of such date to (b) EBITDA, as of the end of the twelve month period most recently ended for which
financial statements are available, determined on a consolidated basis in accordance with GAAP. 

“U.S. Person”: Any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal
Revenue Code. 
 “U.S. Tax Compliance Certificate”: As defined in Section 3.11(f)(ii)(B)(iii). 

“UCC”: The Uniform Commercial Code as in effect from time to time in the State of California. 

“UK Bribery Act”: As defined in Section 5.01(y). 

“Unrestricted Cash”: As of any date of determination, the amount (without duplication) of unrestricted cash and Cash
Equivalents of the Borrower or any other Loan Party that is in deposit accounts or in securities accounts, or any combination thereof, that are held in an account with (i) the Lender or any of its Affiliates, or (ii) with any other
financial institution, with respect to which, in the case of any account with any Affiliate of the Lender or another financial institution, the Lender has received an account control agreement over such account, executed by such Affiliate or
financial institution, the Lender and the Borrower or such other Loan Party, in form and substance satisfactory to the Lender, and in each case, classified as a “current asset” in accordance with GAAP. 

“Write-Down and Conversion Powers”: With respect
to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section
 1.02    Other Definitional Provisions. 

(e)
(a)    As used herein and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in Section 1.01, and accounting terms
partly defined in Section 1.01 to the extent not defined, shall have the respective meanings given to them under GAAP. Notwithstanding the foregoing, for purposes of determining compliance with any covenant or requirement contained herein or in any other Loan Document the effects of FASB ASC 606 on revenue 

  
 18 

 
recognition shall be disregarded. If at any time any change in GAAP
would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Lender shall so request, the Borrower and the Lender shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP, provided that until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide Lender financial statements and other documents required under this Agreement or as reasonably requested herein setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to
such change in GAAP. Notwithstanding anything in this Agreement or any other Loan Documents, if GAAP requires the Borrower subsequent to the Closing Date to cause operating leases to be treated as capitalized leases, including, without limitation,
as a result of the implementation of proposed changes to FASB ASC 840 and 842, then such change shall not be given effect hereunder (other than for purposes of the delivery of financial statements prepared in accordance with GAAP), and those types of leases which were treated as operating leases as of the Closing Date shall continue to be treated as operating leases and not capitalized leases. 

(f)
(b)    The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement, and section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

(g)
(c)    Any certificate or other writing required hereunder or under any other Loan Document to be certified by any officer or other authorized representative of any Person
shall be deemed to be executed and delivered by such officer or other authorized representative solely in such individual’s capacity as an officer or other authorized representative of such Person and not in such officer’s or other
authorized representative’s individual capacity. 

(h)
(d)    Unless the context requires otherwise any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document). 

(i)
(e)    For the purposes of calculating EBITDA in connection with any financial ratio or test for any measurement period, if at any time during such period the Borrower or a
Subsidiary shall have consummated a Permitted Acquisition that requires the Borrower to deliver a pro forma balance sheet pursuant to clause (iv) of the definition of “Permitted Acquisition”, then EBITDA for such period shall be
calculated after giving pro forma effect thereto (including pro forma adjustments arising out of events which are directly attributable to such Permitted Acquisition, including as a result of actions taken or expected to be taken (in the good faith
determination of Borrower) and are reasonably identifiable and factually supportable, and are expected to have a continuing impact, and, in each case, which are (x) determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Securities Act and as interpreted by the staff of the SEC, or (y) reflected in any pro forma financial model of Borrower and its Subsidiaries delivered to the Lender and which pro
forma adjustments are reasonably acceptable to the Lender, or otherwise to be mutually and reasonably agreed upon by the Borrower and the Lender) or in such other manner acceptable to the Lender; in each case, as if any such Permitted Acquisition
occurred on the first day of such period. 

  
 19 

 Section 1.03    Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person
becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall
be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time. 

ARTICLE II. 
 THE LOANS

 Section 2.01    The Loans. 

(a)    The Commitment. The Lender agrees, on the terms and conditions hereinafter set forth, to make Loans to the
Borrower from time to time during the period from the date hereof to but excluding the Maturity Date in an aggregate amount not to exceed the Commitment at any time outstanding. Within the limits of the Commitment, the Borrower may borrow, repay
pursuant to Section 2.02(b) and reborrow under this Section 2.01(a). 
 (b)    Making the Loans. 

(i)    Loans. Each borrowing under this Section 2.01 (a “Borrowing”) shall be
in a minimum amount of $100,000 or an integral multiple of $100,000 above such amount. Subject to Section 3.08, each Borrowing shall be comprised entirely of Prime Rate Loans or LIBOR Loans, as the Borrower may request in accordance herewith.
The Borrower may borrow under the Commitment, less the aggregate face amount of Letters of Credit issued under the Letter of Credit Sublimit, on any Business Day (or for LIBOR Loans, any LIBOR Business Day), provided that the Borrower shall give the
Lender irrevocable written notice substantially in the form of Exhibit A hereto (which notice must be received by the Lender prior to 12:00 p.m., California time) (1) in the case of Prime Rate Loans, on such requested Borrowing
date, and (2) in the case of LIBOR Loans, two (2) LIBOR Business Days prior to the requested Borrowing date, in each case specifying (A) the amount of the proposed Borrowing, (B) the requested date of the Borrowing,
(C) whether such Borrowing is to be a Prime Rate Loan or a LIBOR Loan (and if no election is indicated, such Borrowing shall be a Prime Rate Loan) and (D) if such Borrowing is a LIBOR Loan, the length of the Interest Period therefor. Upon
satisfaction or waiver of the applicable conditions set forth in Article IV, the Lender will make available the proceeds of all such Loans to the Borrower by crediting the account of the Borrower on the books of the Lender, or as otherwise directed
by the Borrower. The Lender’s failure to receive any written notice of a particular Borrowing shall not relieve the Borrower of its obligations to repay the Borrowing made and to pay interest thereon. The Lender shall not incur any liability to
the Borrower in acting upon any notice of Borrowing which the Lender believes in good faith to have been given by a Person duly authorized to borrow on behalf of the Borrower. 

  
 20 

 (ii)    Letters of Credit. Subject to the terms
and conditions of this Agreement, Lender hereby agrees to issue or cause an affiliate to issue standby letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”)
from time to time up to and including the Maturity Date; provided however, that the aggregate of all undrawn amounts, and all amounts drawn and unreimbursed, under any Letters of Credit issued shall not at any time exceed the Letter of Credit
Sublimit. The form and substance of each Letter of Credit shall be subject to approval by Lender, in its sole discretion. Each Letter of Credit shall be subject to the additional terms of the Letter of Credit agreements, applications and any related
documents required by Lender in connection with the issuance thereof (each, a “Letter of Credit Agreement”). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Lender may reasonably
request. Borrower further agrees to be bound by the regulations and interpretations of the issuer of any Letters of Credit guaranteed by Lender and opened for Borrower’s account or by Lender’s interpretations of any Letter of Credit issued
by Lender for Borrower’s account, and Borrower understands and agrees that Lender shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in the
Letters of Credit or any modifications, amendments, or supplements thereto. If, on the Maturity Date (or the effective date of any termination of this Agreement), there are any outstanding Letters of Credit, then on such date Borrower shall provide
to Lender cash collateral in an amount equal to at least 100% of the aggregate dollar equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or estimated by Bank to become due in connection therewith, to
secure all of the Obligations relating to such Letters of Credit. 
 (c)    Note. The Loans made by the Lender
pursuant hereto shall be evidenced by a Note payable to the Lender and representing the obligation of the Borrower to pay the aggregate unpaid principal amount of all outstanding Loans, with interest thereon as prescribed in Section 2.03. The
Lender is hereby authorized to record in its books and records and on any schedule annexed to the Note the date and amount of each Loan made by the Lender, and the date and amount of each payment of principal thereof, and any such recordation shall
constitute prima facie evidence of the accuracy of the information so recorded, provided that failure by the Lender to effect such recordation shall not affect the Borrower’s obligations hereunder. Prior to the transfer of a Note, the Lender
shall record such information on any schedule annexed to and forming a part of such Note. 
 Section 2.02    Repayment. 
 (d)(a)    Mandatory Repayment.
The aggregate principal amount of the Loans outstanding on the Maturity Date, together with accrued but unpaid interest thereon, shall be due and payable in full on the Maturity Date. 

  
 21 

 (e)(b)    Optional Prepayment. Subject to Section 3.07, the Borrower may at its option prepay the Loans, in
whole or in part, at any time and from time to time without premium or penalty, provided that the Lender shall have received from the Borrower notice of any such prepayment no later than 11:00 a.m. California time (i) two (2) LIBOR
Business Days prior to any date of prepayment of any LIBOR Loan and (ii) on the date of prepayment of any Prime Rate Loan, in each case specifying the date and the amount of prepayment. Partial prepayments hereunder shall be in an aggregate
principal amount of the lesser of (a) a minimum of $100,000 and in an integral multiple of $100,000 and (b) the outstanding balance of the Loan being paid. 

(f)
(c)    Reduction or Termination of Commitment. At any time, the Borrower may, upon not less than five (5) Business Days’ prior written notice to the Lender,
terminate or permanently reduce the Commitment without premium or penalty by an aggregate minimum amount of $5,000,000 or any integral multiple of $5,000,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Loans made
pursuant to Section 2.02(b), the outstanding principal amount of all Loans would exceed the amount of the Commitment sought to be in effect after such reduction. Once reduced in accordance with this Section 2.02(c), the Commitment may not
be increased. 
 Section 2.03    Interest Payment Dates and
Interest Rate. 
 (g)(a)    Payment of Interest. Interest with respect to each Loan shall be payable in arrears on each Interest
Payment Date for such Loan. 
 (h)(b)    Prime Rate Loans. Loans which are Prime Rate Loans shall bear interest on the unpaid principal amount
thereof at a rate per annum equal to the Prime Rate plus the Applicable Margin. 
 (i)(c)    LIBOR Loans. Loans
which are LIBOR Loans shall bear interest for each Interest Period with respect thereto on the unpaid principal amount thereof at a rate per annum equal to LIBOR determined for such Interest Period in accordance with the terms hereof plus the
Applicable Margin. 
 Section 2.04    Continuation; Conversion.

 The Borrower may elect from time to time to (a) continue any outstanding LIBOR Loan upon the expiration of the Interest
Period applicable thereto as a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of continuation and the succeeding Interest Period of such continued Loan will commence on the last
day of the Interest Period of the Loan to be continued, (b) convert any outstanding LIBOR Loan upon expiration of the Interest Period applicable thereto to a Prime Rate Loan by giving to the Lender at least one (1) Business Day’s
prior irrevocable written notice of conversion and (c) convert any outstanding Prime Rate Loan to a LIBOR Loan by giving to the Lender at least two (2) LIBOR Business Days’ prior irrevocable written notice of conversion, provided that
no Loan may be continued as a Loan other than a Prime Rate Loan if an Event of Default or Potential Event of Default has occurred and is continuing. Each such irrevocable written notice electing to continue or convert a Loan shall specify:
(i) the proposed continuation or conversion date, (ii) the amount of the Loan to be continued or converted, (iii) the nature of the proposed continuation or 

  
 22 

 
conversion (including whether the converted Loan will be a LIBOR Loan or a Prime Rate Loan) and (iv) for Loans being continued as or converted to LIBOR Loans, the requested Interest Period,
and shall certify that no Event of Default or Potential Event of Default has occurred and is continuing. On the date on which such continuation or conversion is being made, the Lender shall take such action as is necessary to effect such
continuation or conversion. In the event that no notice of continuation or conversion, or an incomplete notice of continuation or conversion, is received by the Lender with respect to outstanding LIBOR Loans, or if an Event of Default or Potential
Event of Default has occurred and is continuing, then upon expiration of the Interest Period(s) applicable thereto, such Loans shall automatically convert to Prime Rate Loans. 

Section
 2.05    Fees. 

(j)
(a)    Annual Loan Fee. The Borrower agrees to pay to the Lender, an annual fee equal to the Commitment multiplied by 0.20%. Such fee will be fully earned and
shall be due and payable in advance in full in cash on the Closing Date and on each annual anniversary thereof. 
 (k)(b)    Letter of Credit Fees.
Borrower shall pay to Lender (i) fees upon the issuance of each Letter of Credit equal to 0.75% per annum (computed on the basis of a 360-day year, actual days elapsed) of the face amount thereof, and
(ii) fees upon the payment or negotiation of each drawing under any Letter of Credit and fees upon the occurrence of any other activity with respect to any Letter of Credit (including without limitation, the transfer, amendment or cancellation
of any Letter of Credit) determined in accordance with Lender’s standard fees and charges then in effect for such activity. 
 (l)(c)    Lender Expenses.
Borrower shall pay to Lender all Lender Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement, provided that such fees paid by Borrower for the documentation and negotiation of this
Agreement through the Closing Date and completion of any post-closing items pursuant to Section 6.01(r) will not exceed the lesser of (i) 50% of all such attorneys’ fees and expenses incurred by Lender or (ii) Twenty Thousand Dollars
($20,000)) incurred through and after the Closing Date, when due (or, if no stated due date, upon demand by Lender). 
 Section 2.06    Cash Collateralization. 
 (m)(a)    Hedging Obligations.
Upon the request of the Lender during the continuance of any Event of Default, the Borrower shall immediately Cash Collateralize the outstanding Hedging Obligations owing to the Lender or any of its Affiliates in an amount equal to 100% of the
aggregate amount of such Hedging Obligations. 

(n)
(b)    Cash Management Obligations. Upon the request of the Lender during the continuance of any Event of Default, the Borrower shall immediately Cash Collateralize
the outstanding Cash Management Obligations owing to the Lender or any of its Affiliates in an amount equal to 100% of the aggregate amount of such Cash Management Obligations. 

(o)
(c)    Security Interest. The Borrower hereby grants to the Lender a security interest in all cash, deposit accounts and all balances in such cash or deposit accounts
and all proceeds of the foregoing deposited as cash collateral pursuant to this Section 2.06 or Section 7.01. 

  
 23 

 (p)(d)    Return of Cash Collateral. Cash Collateral provided under this Section 2.06 shall be returned to the
Borrower within five (5) Business Days after all Events of Default or Potential Events of Default have been cured or waived. Any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and
remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents. 

ARTICLE III. 
 GENERAL
PROVISIONS CONCERNING THE LOANS 
 Section 3.01    Use of Proceeds. The
proceeds of the Loans hereunder shall be used by the Borrower (i) to repay all outstanding Debt owed to the Existing Lender and the other lenders under the Existing Credit Agreement; (ii) to pay fees and expenses incurred in connection
with this Agreement and the other Loan Documents, and (iii) for working capital and general corporate purposes of the Borrower and its Subsidiaries (including, to finance any Permitted Acquisition). 

Section
 3.02    Default Interest. Notwithstanding anything to the contrary contained in
Section 2.03, any amounts payable hereunder which are not paid when due shall bear interest at a rate per annum which is equal to 3.00% above the rate which would otherwise be applicable pursuant to Section 2.03 or otherwise under this
Agreement from the date of such nonpayment until paid in full (after as well as before judgment), payable on demand. 
 Section 3.03    Computation of Interest. 

(a)    Calculations. All computations of interest for Prime Rate Loans when the Prime Rate is determined by the
Lender’s prime lending rate shall be made on the basis of the year of 365 or 366 days, as the case may be, and the actual number of days elapsed. All other interest and fees hereunder shall be calculated on the basis of a 360 day year for the
actual days elapsed. Any change in the interest rate on a Prime Rate Loan resulting from a change in the Prime Rate shall become effective as of the opening of business on the day on which such change in the Prime Rate shall become effective. 

(b)    Determination by Lender. Each determination of an interest rate by the Lender pursuant to any provision of
this Agreement shall be conclusive and binding on the Borrower in the absence of manifest error. 
 Section 3.04    Payments. The Borrower shall make each payment of principal, interest and fees hereunder and under the Note, without set-off or counterclaim,
not later than 12:00 p.m., California time, on the day when due in lawful money of the United States of America to the Lender at the office of the Lender designated from time to time in immediately available funds. Subject to the provisions set
forth in the definition of “Interest Period”, if any payment hereunder shall be stated to 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 in such
case be included in the computation of interest or fees, as the case may be. 
 Section 3.05    Delay in Requests. Failure or delay on the part of the Lender to demand compensation pursuant to Section 3.06, 3.07 or 3.09 shall not constitute a waiver of the Lender’s
right to demand such compensation, except that the Borrower shall not be required to 

  
 24 

 
compensate the Lender pursuant to those Sections for any increased costs incurred or reductions suffered more than 180 days prior to the date that the Lender notifies the Borrower of the change
in law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor, unless the change in law giving rise to such increased costs or reduction is retroactive, in which case the 180 day period
referred to above shall be extended to include the period of retroactive effect thereof. 
 Section 3.06    Reduced Return. If the Lender shall have determined that any Change in Law (each, a “Requirement”) regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on the Lender’s or its holding company’s capital as a consequence of its Commitment, Loans and obligations hereunder (and which has not been taken into account in computing LIBOR or the Applicable
Reserve Requirement) to a level below that which would have been achieved but for such Requirement or compliance therewith (taking into consideration the Lender’s policies with respect to capital or liquidity requirements) by an amount deemed
by the Lender to be material (which amount shall be determined by the Lender’s reasonable allocation of the aggregate of such reductions resulting from such events), then from time to time, within ten (10) Business Days after demand
(accompanied by a statement setting forth and explaining the change in such requirement and including all relevant calculations relating thereto) by the Lender, the Borrower shall pay to the Lender such additional amount or amounts as will
compensate the Lender for such reduction. The determination of such amount by the Lender shall be presumed correct absent manifest error. This covenant shall survive termination of this Agreement and the payment of the Obligations. 

Section
 3.07    Funding Losses. The Borrower hereby agrees to indemnify the Lender and to hold the
Lender harmless from any loss or expense, including, but not limited to, any such loss or expense arising from interest or fees payable by the Lender to lenders of funds obtained by it in order to maintain its LIBOR Loans hereunder, in each case,
which the Lender actually sustains or incurs (in each case, excluding loss of anticipated profits or margin) as a consequence of (i) the Borrower failing to borrow or continue any LIBOR Loan after notice has been given to the Lender in
accordance with this Agreement (whether or not withdrawn by the Borrower), (ii) if for any reason a LIBOR Loan must be converted to a Prime Rate Loan in accordance with this Agreement, (iii) default by the Borrower in making any prepayment
of a LIBOR Loan on any date specified in a prepayment notice thereof in accordance with Section 2.02(b) or (iv) the Borrower making any payment of a LIBOR Loan on a day other than the last day of the Interest Period for such Loan. For
purposes of this Section 3.07, it shall be assumed that the Lender had funded or would have funded 100%, as the case may be, of a LIBOR Loan in the London interbank market for a corresponding amount and term. The determination of such amount by
the Lender shall be presumed correct in the absence of manifest error. This covenant shall survive termination of this Agreement and the payment of the Obligations. 

Section
 3.08    Inability to Determine Interest Rate. In the event that the Lender shall have
determined (which determination shall be conclusive and binding upon the Borrower) that by reason of circumstances affecting the London interbank market, adequate and reasonable means do not exist for ascertaining LIBOR applicable pursuant to
Section 2.03 for any Interest Period with respect to a LIBOR Loan that will result from a requested LIBOR Loan or that such rate of interest does not adequately cover the cost of funding such Loan, the Lender shall forthwith give notice of such
determination to the Borrower not later than 1:00 p.m. California time, on the 

  
 25 

 
requested Borrowing date or the last day of an Interest Period of a Loan which was to have been continued as a LIBOR Loan. If such notice is given and has not been withdrawn, (i) any
requested LIBOR Loan shall be made as a Prime Rate Loan, or, at the Borrower’s option, such Loan shall not be made, and (ii) any outstanding LIBOR Loan shall be converted, on the last day of the then current Interest Period with respect
thereto, to a Prime Rate Loan. Until such notice has been withdrawn by the Lender, no further LIBOR Loans shall be made. The Lender will review the circumstances affecting the London interbank market from time to time and the Lender will withdraw
such notice at such time as it shall determine that the circumstances giving rise to said notice no longer exist. 
 Section 3.09    Requirements of Law. In the event that any Change in Law: 
 (c)(a)    does or shall subject the
Lender to any Taxes with respect to this Agreement, the Note or any Loan made, or change the basis of taxation of payments to the Lender of principal, interest, fee or any other amount payable hereunder (except for (A) Indemnified Taxes,
(B) Excluded Taxes and (C) Connection Income Taxes, or changes in the rates thereof); 
 (d)(b)    does or shall impose, modify
or hold applicable any reserve, assessment rate, special deposit, compulsory loan or other requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended with respect to
any Loan Document or any Loan by, or any other acquisition of funds by, any office of the Lender which are not otherwise included in the determination of LIBOR at the last Borrowing or continuation date of a Loan; 

(e)
(c)    does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or other requirement against the Commitment to extend credit; or

 (f)(d)    does or shall impose on the Lender any other condition with respect to any Loan Document or any Loan; 

and the result of any of the foregoing is to increase the cost to the Lender of making, renewing or maintaining its Commitment or the LIBOR Loans or to reduce
any amount receivable thereunder (which increase or reduction shall be determined by the Lender’s customary allocation of the aggregate of such cost increases or reduced amounts receivable resulting from such events), then, in any such case,
the Borrower shall pay to the Lender, within ten (10) Business Days of its demand, any additional amounts necessary to compensate the Lender for such additional cost or reduced amount receivable as determined by the Lender with respect to this
Agreement. If the Lender becomes entitled to claim any additional amounts pursuant to this Section 3.09, it shall notify the Borrower of the event by reason of which it has become so entitled. A statement incorporating the calculation as to any
additional amounts payable pursuant to the foregoing sentence submitted by the Lender to the Borrower shall be presumed correct in the absence of manifest error. This covenant shall survive termination of this Agreement and the payment of the
Obligations. 
 Section 3.10    Illegality. Notwithstanding
any other provisions herein, if any Change in Law shall make it unlawful, impossible, or impracticable for the Lender to make or maintain LIBOR Loans as contemplated by this Agreement, (a) the commitment of the Lender

  
 26 

 
hereunder to make LIBOR Loans shall forthwith be cancelled and (b) the Lender’s Loans then outstanding as LIBOR Loans, if any, shall be converted automatically to Prime Rate Loans on
the last day of the then current Interest Period with respect thereto or within such earlier period as required by law. The Borrower hereby agrees to pay the Lender, within three (3) Business Days of its demand, any additional amounts necessary
to compensate the Lender for any actual costs incurred by the Lender in making any conversion in accordance with this Section 3.10, including, but not limited to, any interest or fees payable by the Lender to lenders of funds obtained by it in
order to make or maintain its LIBOR Loans hereunder (the Lender’s notice of such costs, as certified to the Borrower, to be presumed correct absent manifest error). 

Section
 3.11    Taxes. 

(g)
(a)    Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction
for any Taxes, except as required by applicable law. If the Borrower shall be required by law to deduct or withhold any Taxes from such payments, then (i) the Borrower shall make all required deductions, (ii) the Borrower shall pay the
full amount deducted to the relevant governmental authority in accordance with applicable law, and (iii) if such tax is an Indemnified Tax, the sum payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section 3.11) the Lender receives an amount equal to the sum it would have received had no such deductions been made. 

(h)
(b)    Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay all Other Taxes in accordance with applicable law or, at the election of the
Lender, timely reimburse it for the payment of such Other Taxes. 

(i)
(c)    Indemnification by the Borrower. The Borrower shall indemnify the Lender, within ten (10) Business Days after written demand therefor, for the full amount
of any Indemnified Taxes paid by the Lender on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including any such Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 3.11) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of
such payment or liability delivered to the Borrower by the Lender shall be presumed correct absent manifest error. 
 (j)(d)    Evidence of Payments.
As soon as practicable after any payment of any Taxes by the Borrower to a governmental authority pursuant to this Section 3.11, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such governmental
authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender. 

(k)
(e)    Refunds. If the Lender determines in its sole discretion exercised in good faith that it has received a refund of any Taxes as to which it has been indemnified
by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 3.11, it shall pay over such refund to the Borrower (but only to the extent of indemnification payments made, or additional amounts paid,
by the Borrower under this Section 3.11 with respect to such 

  
 27 

 
Taxes giving rise to such refund), net of all out-of-pocket expenses of the Lender and without interest (other than
any interest paid by the relevant governmental authority with respect to such refund), provided that the Borrower, upon the request of the Lender, shall repay the amount paid over to the Borrower to the Lender in the event the Lender is required to
repay such refund to such governmental authority. This Section 3.11 shall not be construed to require the Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or
any other Person. 
 (l)(f)    Status of Lenders. (i) The Lender or other relevant party that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower, at any time reasonably requested by the Borrower such properly completed and executed documentation reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Lender or other relevant party if reasonably requested by the Borrower shall deliver such other documentation prescribed by
applicable law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not the Lender or other relevant party is subject to United States backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.11(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in
the Lender’s reasonable judgment such completion, execution or submission would subject the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Lender. 

(ii)    Without limiting the generality of the foregoing: 

(A)    the Lender or other relevant party that is a U.S. Person shall deliver to the Borrower on or prior to the date of
this Agreement or the date on which such other relevant party becomes the Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form
W-9 certifying that Lender or other relevant party is exempt from Federal backup withholding tax; 

(B)    the Lender or other relevant party that is not a U.S. Person (a
“Non-U.S. Lender Party”) shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested by the Borrower) on or prior to the date
on which such Non-U.S. Lender Party becomes the Lender or other relevant party under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the following is
applicable; 
 (i)    in the case of a Non-U.S. Lender Party
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an
exemption from, or reduction of, Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form
W-8BEN establishing an exemption from, or reduction of, Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

  
 28 

 (ii)    executed originals of IRS Form W-8ECI; 
 (iii)    in the case of a
Non-U.S. Lender Party claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Non-U.S. Lender Party is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN; or 
 (iv)    to the extent a Non-U.S. Lender Party is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable, provided that if the Non-U.S. Lender Party is a partnership and one or more direct or indirect partners of such Non-U.S. Lender party are claiming the portfolio interest exemption, such Non-U.S. Lender Party may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 

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

(D)    if a payment made to the Lender (or other relevant party) under any Loan Document would be subject to Federal
withholding Tax imposed by FATCA if the Lender (or other relevant party) were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as
applicable), the Lender (or other relevant party) shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(1) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with its obligations under FATCA and to determine that
the Lender (or other relevant party) has complied with the Lender’s (or other relevant party’s) obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
 29 

 If any form or certification previously delivered expires or becomes obsolete or inaccurate
in any respect, the Lender (or other relevant party) shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. 

Section
 3.12    Effect of Benchmark Transition Event. 

(a)    
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in
Election, as applicable, the Lender may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment will become effective at 5:00 p.m. on the
tenth (10th) Business Day after the Lender has provided such proposed amendment to the Borrower
without any further action or consent of the Borrower, so long as the Lender has not received, by such time, written notice of objection to such amendment from the Borrower. No replacement of LIBOR with a Benchmark Replacement pursuant to this
Section 3.12 will occur prior to the applicable Benchmark Transition Start Date. 

(b)    
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Lender will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of the Borrower. 
 (c)    Notices;
Standards for Decisions and Determinations. The Lender will promptly notify the Borrower of
(i) any occurrence of a Benchmark Transition Event or an Early
Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Lender pursuant to this Section 3.12, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in the Lender’s sole discretion and without consent from the Borrower, except, in each case, as expressly required pursuant to
this Section 3.12.

(d)    
Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of
the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Borrowing of, conversion to or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing
that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability
Period, the component of Base Rate based upon LIBOR will not be used in any determination of Base Rate. 

  
 30 

 (e)    Certain
Defined Terms. As used in this Section 3.12: 

“Benchmark Replacement” means the sum of:
(a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Lender
and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for
U.S. dollar-denominated syndicated or bilateral credit facilities and (b) the Benchmark Replacement
Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.

 “Benchmark Replacement Adjustment” means, with
respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) that has been selected by the Lender and the Borrower giving due consideration to (i) any
selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a spread adjustment, or
method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities at such time. 
 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest and other
administrative matters) that the Lender decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Lender in a manner substantially consistent with market
practice (or, if the Lender decides that adoption of any portion of such market practice is not administratively feasible or if the Lender determines that no market practice for the administration of the Benchmark Replacement exists, in such other
manner of administration as the Lender decides is reasonably necessary in connection with the administration of this Agreement). 

“Benchmark Replacement Date” means the earlier to
occur of the following events with respect to LIBOR: 
 (1)    in the case of clause (1) or (2) of the definition of
“Benchmark Transition
Event,” the later of
(a) the date of the public statement or publication of information referenced therein and
(b) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide
LIBOR; or 

(2)    
in the case of clause (3) of the
definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

  
 31 

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to LIBOR: 

(1)    
a public statement or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator has ceased or will cease to provide LIBOR,
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR; 
 (2)    a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S.
Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over
the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide LIBOR; or 
 (3)    a public statement or publication of
information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative. 

“Benchmark Transition Start Date” means
(a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and
(ii) if such Benchmark Transition Event is a public statement or publication of information of a
prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date
of such statement or publication) and (b) in the case of an Early
Opt-in Election, the date specified by the Lender by notice to the Borrower, so long as the Lender has not received, by such date, written notice of objection to such Early
Opt-In Election from the Borrower. 

“Benchmark Unavailability Period” means, if a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement
has replaced LIBOR for all purposes hereunder in accordance with this
Section 3.12 and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to this Section 3.12. 

“Early Opt-in Election” means the occurrence of: 

(1)    
a determination by the Lender that at least five currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities at such time contain (as a result of
amendment or as originally executed) as a benchmark interest rate, in lieu of LIBOR, a new benchmark interest rate to replace LIBOR, and 

(2)    
the election by the Lender to declare that an Early Opt-in Election has occurred and the provision by the Lender of written notice of such
election to the Borrower. 

  
 32 

 “Federal Reserve Bank of New
York’s
Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor
source. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or
convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” with respect to any day means the secured
overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Term SOFR” means the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Unadjusted Benchmark Replacement” means the
Benchmark Replacement excluding the Benchmark Replacement Adjustment.  

ARTICLE IV. 
 CONDITIONS
OF LENDING 
 Section 4.01    Conditions Precedent to Credit
Facility. The effectiveness of this Agreement and the obligations of the Lender to make Loans hereunder on the Closing Date are subject to the conditions precedent that: 

(a)    The Lender shall have received the following, each in form and substance satisfactory to the Lender in its sole
discretion: 
 (i)    executed copies of this Agreement, the Note, the Security Agreement and each other
Loan Document; 
 (ii)    a copy of the certificate of incorporation of the Borrower, certified as of a
recent date by the Secretary of State of the State of Delaware; 
 (iii)    a copy of the bylaws of the
Borrower, certified by the Secretary or an Assistant Secretary or other authorized person of the Borrower; 

(iv)    a copy of resolutions of the Board of Directors or other authorizing documents of the Borrower
approving the Loan Documents and the Borrowings hereunder; 
 (v)    an incumbency certificate executed
by the Secretary or an Assistant Secretary or other authorized person of the Borrower or equivalent document, certifying the names and signatures of the officers of the Borrower or other Persons authorized to sign the Loan Documents and the other
documents to be delivered hereunder; 

  
 33 

 (vi)    a certificate of good standing or its equivalent
and evidence of good standing as to payment of any applicable franchise or similar taxes with respect to the Borrower from the Secretary of State of the State of Delaware; 

(vii)    evidence that all governmental, regulatory and other third party consents and approvals required
in connection with the Loan Documents and the Borrowings hereunder have been obtained and are in full force and effect; 

(viii)    a favorable opinion or opinions of counsel for the Borrower addressing issues under California
and Delaware law, dated the Closing Date; 
 (ix)    evidence of payment of all costs, expenses, fees
and other compensation (including reasonable, documented and out-of-pocket attorneys’ fees and expenses) required to be paid to the Lender by the Borrower pursuant
to this Agreement or any other written agreement on or prior to the Closing Date; 
 (x)    a
certificate from the Chief Financial Officer of the Borrower or other authorized officer with knowledge of the financial position of the Borrower dated the Closing Date certifying as to the matters set forth in Section 5.01(p) of this Agreement
as to Solvency; 
 (xi)    a completed Compliance Certificate for the fiscal quarter ending
July 31, 2017; 
 (xii)    such documentation and other information that the Lender requests as to
the Borrower in order to comply with its ongoing due diligence pursuant to regulatory requirements and its internal policies, including its obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act; 
 (xiii)    other than as delivered pursuant to Section 4.03 of this
Agreement, evidence that the Lender shall have a valid and perfected first priority security interest in the Collateral (subject to Permitted Liens, except with respect to the Collateral that is required to be physically delivered to the Lender
pursuant to the Security Documents) (including (w) any documents reasonably requested by the Lender or as required by the terms of the Security Documents to evidence its security interest in the Collateral (including, without limitation, any
Landlord Subordination Agreements, bailee letters, control agreements and filings evidencing a security interest in any intellectual property included in the Collateral); (x) copies of lien search reports and of all effective prior filings listed
therein, together with evidence of the termination of such prior filings (except with respect to Permitted Liens), in each case as may be requested by the Lender, (y) such documents duly executed by the Borrower as the Lender may request with
respect to the perfection of its security interests in the Collateral (including financing statements under the UCC and other applicable documents under the laws of any jurisdiction with respect to the perfection of Liens created by the Security
Documents) and (z) all certificates, instruments and other documents representing the Collateral and related undated powers or endorsements duly executed in blank); 

  
 34 

 (xiv)    a completed perfection certificate as to the
Borrower, dated the Closing Date and signed by an authorized officer of the Borrower, together with all attachments contemplated thereby; 

(xv)    an executed payoff letter from the Existing Lender which shall, among other things, provide for
the discharge of all Liens over the property of the Borrower in favor of the Existing Lender in connection with the Existing Credit Agreement; 

(xvi)    evidence of insurance coverage, in form, substance, amounts, covering risks and issued by
companies satisfactory to the Lender, and where required by the Lender, with lender loss payable endorsements in favor of the Lender; 

(xvii)    such other certificates and documents as the Lender shall reasonably request; 

(b)    all corporate and legal proceedings and all instruments and documents in connection with the transactions
contemplated by this Agreement shall be reasonably satisfactory in content, form and substance to the Lender and its counsel, and the Lender and the Lender’s counsel shall have received any and all further information and documents which the
Lender or such counsel may reasonably have requested in connection therewith, such documents where appropriate to be certified by proper corporate or governmental authorities; 

(c)    completion by the Lender of a due diligence investigation of the Borrower in scope, and with results, satisfactory
to the Lender in its reasonable discretion; 
 (d)    neither the Borrower nor any of its Subsidiaries shall be in
default in the performance of any agreement or instrument to which it may be a party or by which its properties may be bound, or in violation of any law, in any case which defaults and violations, individually or in the aggregate, have had or could
reasonably be expected to have a Material Adverse Effect; 
 (e)    the representations and warranties contained in this
Agreement and the other Loan Documents shall be true, correct and complete in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on
and as of the Closing Date as though made on and as of the Closing Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true, correct and
complete in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of such earlier date; 

(f)    no event or condition shall have occurred and be continuing that would constitute an Event of Default or Potential
Event of Default; and 

  
 35 

 (g)    since the date of the most recent audited financial statements
received by the Lender prior to the Closing Date, no Material Adverse Effect shall have occurred. 
 Section 4.02    Conditions Precedent to Each Borrowing. The obligation of the Lender to make a Loan on the occasion of each Borrowing (including the initial Borrowing) shall be subject to the
further condition precedent that on the date of such Borrowing, the following statements shall be true and the Lender shall have received the notice required by Section 2.01(b), which notice shall be deemed to be a certification by the Borrower
that: 
 (h)(a)    the representations and warranties contained in this Agreement and the other Loan Documents are true, correct and
complete in all material respects (or, in the case of any such representation or warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of such date as though made on and as of such date, except
to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true, correct and complete in all material respects (or, in the case of any such representation or
warranty already qualified by materiality or reference to Material Adverse Effect, in all respects) on and as of such earlier date; 

(i)
(b)    no event or condition has occurred and is continuing, or would result from such Borrowing that would constitute an Event of Default or Potential Event of Default; and

 (j)(c)    all Loan Documents are in full force and effect. 

Section
 4.03    Post Closing Conditions. Borrower agrees to deliver the following items to Bank:

 (k)(a)    within five (5) Business Days (or any longer period agreed to by Bank) after the date hereof, to the extent
such Equity Interests are certificated, the certificates for the Equity Interests of Borrower’s Subsidiaries, together with Stock Powers, duly executed in blank; provided that such certificates shall be for 100% of the voting power of all
classes of the Equity Interests with respect to any Domestic Subsidiary and 65% of the voting power of all classes of the Equity Interests of a Foreign Subsidiary (or Domestic Subsidiary of a Foreign Subsidiary that is a CFC); 

(l)
(b)    within sixty (60) days (or any longer period agreed to by Bank) after the date hereof, account control agreements, in form and substance satisfactory to the
Lender, and executed by the financial institution or securities intermediary at which the Borrower’s deposit account(s) or securities account(s) not held with Lender and constituting Collateral, as the case may be, are maintained; 

(m)
(c)    within sixty (60) days (or any longer period agreed to by Bank) after the date hereof, a Landlord Subordination Agreement, in form and substance reasonably
acceptable to Bank, in favor of Bank for 900 Jefferson Ave., Redwood City, CA 94063 by the respective landlord thereof, together with the duly executed original signatures thereto. 

  
 36 

 ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Section
 5.01    Representations and Warranties. The Borrower represents and warrants as follows:

 (a)    Organization. Each Loan Party and each of its Subsidiaries is duly incorporated, formed or
organized, as applicable, validly existing and in good standing under the laws of the jurisdiction of its incorporation, formation or organization (to the extent such concept is relevant or applicable in such jurisdiction) and each jurisdiction
where such Loan Party is required to be qualified to do business unless the failure to so qualify is not likely to have a Material Adverse Effect, and has all requisite corporate, limited liability company or partnership power and authority to own
and operate its properties and to carry out its business. 
 (b)    Authorization. The execution, delivery and
performance by each Loan Party of the Loan Documents executed by it, and the making of Borrowings hereunder in the case of the Borrower, are within such Loan Party’s corporate, limited liability or partnership powers, as applicable, and have
been duly authorized by all necessary corporate, limited liability or partnership action, as applicable. 
 (c)    No
Conflict. The execution, delivery and performance by each Loan Party of the Loan Documents executed by it do not (i) violate such Person’s charter, by-laws or other organizational document,
(ii) violate any law or regulation (including Regulations T, U and X) applicable to such Person or any order, judgment or decree of any court or governmental agency body binding on such Person, (iii) result in a breach of or a default
under, or result in or require the imposition of a Lien pursuant to any contract binding on such Person, except to the extent the foregoing could not reasonably be expected to have a Material Adverse Effect, or (iv) violate any material
agreement as to which such Person is a party, except to the extent such violation could not reasonably be expected to result in the termination of such material agreement or otherwise have a Material Adverse Effect. 

(d)    Governmental Consents. No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for the due execution, delivery and performance by any Loan Party of the Loan Documents, except for filings and recordings with respect to the Collateral to be made under the Loan Documents. 

(e)    Validity. Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto
and constitutes the binding obligations of each Loan Party that is a party thereto, each enforceable against each Loan Party that is a party thereto in accordance with their respective terms, except in each case as such enforceability may be limited
by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

(f)    Litigation. Except as set forth on Schedule 5.01(f)to the Disclosure Letter, there is no action or
proceeding pending (or threatened in writing) affecting any Loan Party or any of its Subsidiaries before any court, governmental agency or arbitrator, which could reasonably be expected to have a Material Adverse Effect. 

(g)    Employee Benefit Plans. No Loan Party, (i) sponsors, maintains or contributes to (or is required to
contribute to) any Pension Plans or (ii) contributes to a Multiemployer Plan or has been required to contribute to a Multiemployer Plan or Pension Plan in the past six years. 

  
 37 

 (h)    Disclosure. No information, report, financial statement,
exhibit or schedule furnished to the Lender by or on behalf of any Loan Party or any of its Subsidiaries for use in connection with the transactions contemplated by this Agreement, taken as a whole, contains any untrue statement of a material fact
or omits to state a material fact necessary in order to make the statements contained therein (taken as a whole) not misleading in any material respect in the light of the circumstances in which the same were made; provided that, to the extent any
such information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, the Borrower represents and warrants only that it acted in good faith and utilized reasonable assumptions (based upon
accounting principles consistent with the historical audited financial statements of the Borrower) and due care in the preparation of such information, report, financial statement, exhibit or schedule, it being recognized by the Lender that such
information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such information may differ materially from the projected results set forth therein. 

(i)    Environmental Matters. Each Loan Party and its Subsidiaries are in compliance with all Environmental Laws
and no event or condition has occurred or is occurring with respect to such Loan Party or any of its Subsidiaries relating to any Environmental Law that has resulted in or could reasonably be expected to result in claims alleging potential liability
or responsibility for violation of any Environmental Law or release or injury to the environment, or is or could reasonably be expected to be the subject of any investigation, proceeding, settlement, except in each case violations and claims that,
individually or in the aggregate, have not had and could not reasonably be expected to have a Material Adverse Effect. Such Loan Party and its Subsidiaries have all Environmental Permits necessary for the ownership and operation of their respective
properties and businesses as presently owned and operated and as presently proposed to be owned and operated, except for those which are not yet necessary or the absence of which, individually, or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect. Neither such Loan Party nor its Subsidiaries has transported or arranged for the transport of any Hazardous Materials or any other materials subject to Environmental Laws to any environmental clean-up site which has not been in compliance with Environmental Laws, except for any noncompliance that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(j)    Title to Properties; Liens; Location of Real Property and Leased Premises. (i) Each Loan Party and its
Subsidiaries have (A) good, sufficient and legal title to (in the case of fee interests) the real property owned by it, (B) valid leasehold interests in (in the case of leasehold interests in real property) the real property leased by it
or (C) good title to all of their respective material personal property. Except as permitted by Section 6.02(a), all such properties are free and clear of Liens. (ii) Schedule 5.01(j)(ii) to the Disclosure Letter lists, as of
the Closing Date, all real property owned by the Borrower and its Subsidiaries and the addresses thereof. (iii) Schedule 5.01(j)(iii) to the Disclosure Letter lists, as of the Closing Date, each parcel of real property leased, subleased,
licensed or sublicensed by the Borrower and its Subsidiaries, the address and the owner thereof, and the expiration date of the related lease, sublease, license or sublicense. 

  
 38 

 (k)    Payment of Taxes. All income and other material tax
returns and reports of each Loan Party and its Subsidiaries required to be filed by any of them have been timely filed (or an extension has been obtained for the filing thereof), and all taxes shown on such tax returns to be due and payable and all
assessments, fees and other governmental charges upon such Loan Party and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises that are due and payable have been paid when due and payable, except any of
the foregoing that are being contested in good faith by appropriate proceedings and with respect to which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP have been made or provided therefor. 

(l)    Governmental Regulation. Neither any Loan Party nor any of its Subsidiaries is subject to regulation under
the Investment Company Act of 1940 or under any other Federal or state statute or regulation which may limit its ability to incur Debt or which may otherwise render all or any portion of the Obligations unenforceable. The Borrower is not engaged nor
will the Borrower engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United
States of America) in violation of Regulation T, U or X. 
 (m)    Licenses and Permits; Intellectual Property.
Each Loan Party and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, service marks, trademarks and trade names, or rights thereto, necessary for the operation of their businesses, free and clear
of all Liens (other than Permitted Liens) and, except (i) as set forth on Schedule 5.01(m) to the Disclosure Letter, or (ii) as could not reasonably be expected to have a Material Adverse Effect, without known conflict with the
rights of others. Except (A) as set forth on Schedule 5.01(m) to the Disclosure Letter, or (B) as could not reasonably be expected to have a Material Adverse Effect, (i) to the knowledge of such Loan Party, no product of such
Loan Party or its Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, service mark, trademark, trade name or other right owned by any other Person and (ii) to the knowledge of such
Loan Party, there is no material violation by any Person of any right of such Loan Party or any of its Subsidiaries with respect to any patent, copyright, service mark, trademark, trade name or other right owned or used by such Loan Party or any of
its Subsidiaries. 
 (n)    Labor Disputes; Casualties. Neither any Loan Party nor any of its Subsidiaries is
affected by any fire, explosion, accident, strike, lockout, or other labor dispute, drought, storm, hail, earthquake, embargo, act of public enemy or other casualty (whether or not covered by insurance) which, individually or in the aggregate, has
had or could be reasonably expected to have a Material Adverse Effect. 
 (o)    Compliance. Neither any Loan
Party nor any of its Subsidiaries is in default in the performance of any agreement or instrument to which it is a party or by which its properties are bound, or in violation of any law, in any case which defaults and violations, individually or in
the aggregate, have had or could reasonably be expected to have a Material Adverse Effect. 

  
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 (p)    Solvency. The Loan Parties on a consolidated basis are,
and, upon the incurrence of, and after giving effect to, any Obligations under the Loan Documents by the Loan Parties, will be, Solvent. 

(q)    Investments. No Loan Party has any investments as described in Section 6.02(e) in other Persons except
investments which would be permitted under Section 6.02(e). 
 (r)    Debt. No Loan Party has any Debt
except Debt which would be permitted under Section 6.02(b). 
 (s)    Equity Ownership; Subsidiaries.
Schedule 5.01(s) to the Disclosure Letter correctly sets forth the ownership interest of each Subsidiary of the Borrower as of the Closing Date. As of the Closing Date, the capitalization of the Borrower’s Subsidiaries consists of the
number of Equity Interests, authorized, issued and outstanding, of such classes and series, with or without par value, described on Schedule 5.01(s) to the Disclosure Letter. All outstanding Equity Interests of the Borrower’s
Subsidiaries have been duly authorized and validly issued and are fully paid and nonassessable, in the case of Equity Interests issued by a corporation, or duly issued and outstanding, in the case of Equity Interests issued by any other entity, and
not subject to any preemptive or similar rights, except as described on Schedule 5.01(s) to the Disclosure Letter. As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or
other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any Subsidiary of the Borrower, except as described on Schedule 5.01(s) to the
Disclosure Letter. All outstanding shares of the Borrower’s capital stock have been duly authorized and validly issued and are fully paid and nonassessable. 

(t)    OFAC. Neither any Loan Party nor any of its Subsidiaries (i) is a person whose property or interest in
property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2011 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg.
49079 (2001)), (ii) engages in dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in a manner violative of Section 2 or (iii) is a person on the list of
Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s OFAC regulation or executive order. 

(u)    Insurance. Each Loan Party and its properties and businesses, and the properties and businesses of its
Subsidiaries, are insured with financially sound and reputable insurance companies (which are not Loan Parties or Affiliates of the Loan Parties) against loss or damage as required by Section 6.01(e). 

(v)    Negative Pledge. Neither the Borrower nor any of its Subsidiaries is a party to or bound by any agreement or
undertaking or security which prohibits the creation or existence of any Lien upon any of its properties or assets or which requires the grant of security for an obligation if security is granted for the Obligations, except for (i) this
Agreement and the other Loan Documents, (ii) covenants in Capital Leases and documents creating Liens permitted by Section 6.02(a) which prohibit further Liens on the properties encumbered thereby and (iii) any other agreement or
undertaking permitted by Section 6.02(j). 

  
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 (w)    Security Documents. The Security Documents are effective
to create in favor of the Lender a legal, valid and enforceable security interest in the Collateral described therein (including any proceeds of any item of such Collateral). In the case of (i) the Pledged Shares described in the Security
Agreement, when any stock certificates or notes, as applicable, representing such Pledged Shares are delivered to the Lender and (ii) the other Collateral described in the Security Documents, when a financing statement in appropriate form is
filed in the applicable filing office (which financing statement has been duly completed and delivered to the Lender), the Lender shall have a fully perfected first priority Lien on, and security interest in, all right, title and interest of the
applicable Loan Party in such Collateral (including any proceeds of any item of such Collateral) (in each case, to the extent a security interest in such Collateral and proceeds can be perfected through the filing of a financing statement in such
filing office or through the delivery of such Pledged Shares), as security for the Secured Obligations, in each case prior and superior in right to any other Person, except Liens expressly permitted by Section 6.02(a). 

(x)    Sanctions. None of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any
director, officer, employee, agent or Affiliate of the Borrower or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are, (i) the subject of any sanctions administered or enforced by OFAC, the US Department
of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or the Hong Kong Monetary Authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory
that is, or whose government is, the subject of Sanctions, including, without limitation, currently, the Crimea Region, Cuba, Iran, North Korea, Sudan and Syria. 

(y)    Anti-Bribery. None of the Borrower, nor to the knowledge of the Borrower, any director, officer, agent,
employee, Affiliate or other person acting on behalf of the Borrower or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable
anti-bribery law, including but not limited to, the United Kingdom Bribery Act 2010 (the “UK Bribery Act”) and the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”). Furthermore, the Borrower and, to the
knowledge of the Borrower, its Affiliates have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance therewith. 

(z)    
Beneficial Ownership. Unless the Lender has otherwise received the notice contemplated by
Section 6.01(b)(iv), the Borrower is an issuer of a class of securities registered under Section 12 of the Exchange Act, is required to file reports under Section 15(d) of the Exchange Act and/or has common stock listed on the New York Stock Exchange, and is excluded on those
bases from the definition of “legal entity customer” as defined in the Beneficial Ownership Regulation, and each other Loan Party is owned by the Borrower.  

  
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 ARTICLE VI. 

COVENANTS 
 Section 6.01    Affirmative Covenants. So long as the Note or any Obligation (other than inchoate indemnity obligations) hereunder and under the other Loan Documents shall remain unpaid or the
Lender shall have any Commitment hereunder, unless the Lender shall otherwise consent in writing: 

(a)    Financial Information. The Borrower will furnish to the Lender: 

(i)    as soon as available, but in any event within ninety (90) days after the end of each Fiscal
Year, a copy of the audited consolidated financial statements of the Borrower and its Subsidiaries as at the end of such Fiscal Year, including a balance sheet and related statements of income and cash flows, accompanied by a report and opinion
thereon (prepared in accordance with generally accepted auditing standards) of Ernst & Young LLP or other independent certified public accountants reasonably acceptable to the Lender (which report and opinion shall be unqualified as to
going concern and scope of audit); 
 (ii)    as soon as available, but in any event within forty-five
(45) days after each of the first three Fiscal Quarters of each Fiscal Year, a copy of the unaudited consolidated financial statements of the Borrower and its Subsidiaries for such period; 

all such financial statements referred to in clauses (i) – (ii) to fairly present in all material respects the financial condition and
results of operations of the Borrower and its Subsidiaries and to be in reasonable detail and in accordance with GAAP (subject in the case of quarterly financials to changes resulting from normal year-end
adjustments and the absence of footnotes); and 
 (iii)    as soon as available, but in any event within
forty-five (45) days after the end of each Fiscal Quarter, a complete and accurate Accounts Receivable agings report in form satisfactory to the Lender, calculated as of the last day of such Fiscal Quarter; and 

(iv)    as soon as available, but in any event within sixty (60) days after the beginning of each
Fiscal Year, management projected year-end consolidated financial statements of the Borrower and its Subsidiaries for such Fiscal Year, including a projected balance sheet and related statements of income and
cash flows and a statement of all the material assumptions on which such projections are based. 
 (b)    Notices and
Information. The Borrower shall deliver to the Lender: 
 (i)    promptly upon any senior officer of
the Borrower obtaining actual knowledge (w) of any condition or event which constitutes an Event of Default or Potential Event of Default, (x) that any Person has given any notice to any Loan Party or any of its Subsidiaries or taken any
other action with respect to a claimed default or event or condition of the type referred to in Section 7.01(e), (y) of the institution of any litigation involving an alleged liability (including possible forfeiture of property) of any
Loan Party or any of its Subsidiaries equal to or greater than $5,000,000 with respect to any such Person, or any adverse 

  
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determination in any litigation involving a potential liability of any Loan Party or any of its Subsidiaries equal to or greater than $5,000,000 with respect to any such Person, in each case to
the extent not covered by insurance, or (z) of a condition or events that could reasonably be expected to cause a Material Adverse Effect, an officers’ certificate specifying the nature and period of existence of any such condition or
event, or specifying the notice given or action taken by such holder or Person and the nature of such claimed default, Event of Default, Potential Event of Default, event or condition, and what action the Borrower or the applicable Subsidiary has
taken, is taking and proposes to take with respect thereto; 
 (ii)    promptly, and in any event within
thirty (30) days after receipt thereof, a copy of any notice, summons, citation, directive, letter or other form of communication from any governmental authority or court in any way concerning any action or omission on the part of such Loan
Party or any of its Subsidiaries in connection with any Hazardous Material or any waste or by product thereof, or concerning the filing of a Lien upon, against or in connection with such Loan Party or such Subsidiary, or any of their leased or owned
real or personal property, in connection with a Hazardous Substance Superfund or a Post-Closure Liability Fund as maintained pursuant to Section 9507 of the Internal Revenue Code, in each case which could reasonably be expected to have a
Material Adverse Effect; 
 (iii)    concurrently with any delivery of financial statements under clause
(a)(i) or (a)(ii) above, a Compliance Certificate duly executed by the Chief Financial Officer of the Borrower that, among other things, (x) shows in reasonable detail the calculations used in determining the financial covenants set forth in
Section 6.03(a) and in Section 6.03(b) as of the end of such Fiscal Quarter, as applicable, and (y) states that no Potential Event of Default or Event of Default is continuing as of the date of delivery of such Compliance Certificate
or, if a Potential Event of Default or Event of Default is continuing, states the nature thereof and the action that the Loan Parties propose to take with respect thereto; 

(iv)    reserved; 
 (iv)    (I) promptly following any change that would result in the Borrower ceasing to fall within an express exclusion to the
definition of “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall execute and deliver to the Lender a Certification of
Beneficial Owner(s) complying with the Beneficial Ownership Regulation, in form and substance reasonably acceptable to the Lender and (II) thereafter (A) concurrently with any delivery of financial statements under clause (a)(i) or (a)(ii) above, notify the Lender of any change in the information provided in the Beneficial
Ownership Certification that would result in a change to the list of beneficial owners identified therein and (B) if reasonably requested by the Lender, promptly and in no event later than five (5) Business Days after such request, provide the Lender any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation;  

  
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 (v)    promptly after the same become publicly
available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC, or with any national securities exchange, or distributed to its stockholders, as the case may be; 

(vi)    promptly upon receipt thereof, copies of all material reports submitted to the Borrower by its
independent certified public accountants in connection with each annual audit examination of the Borrower and its Subsidiaries made by such accountants, including the “management letter” submitted by such accountants to the Borrower in
connection with their annual audit and any written management responses thereto, and copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S.
jurisdiction) concerning any actual investigation or indicating a likely investigation by such agency regarding financial or other operational results of the Borrower or any Subsidiary thereof; and 

(vii)    promptly, and, to the extent practicable, within ten (10) Business Days after request by the
Lender, such other information and data with respect to the Borrower or any of its Subsidiaries as from time to time may be reasonably requested by the Lender. 

Documents required to be delivered pursuant to Section 6.01(a)(i) or (ii) or Section 6.01(b)(v) (to the extent any such documents are included
in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at; https://www.boxinvestorrelations.com/financial-information/sec-filings/default.aspx or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or
intranet website, if any, to which the Lender has access; provided that: (x) the Borrower shall deliver paper copies of such documents to the Lender if the Lender so requests until a written request to cease delivering paper copies is given by
the Lender and (y) the Borrower shall notify the Lender (by facsimile, electronic mail, automatic electronic notification or other form of notification acceptable to the Lender) of the posting of any such documents. 

(c)    Corporate Existence. Except as otherwise permitted under Section 6.02(d) or 6.02(f), each Loan Party
shall, and shall cause each of its Subsidiaries to, at all times, preserve and keep in full force and effect (i) its corporate, limited liability company or partnership, as applicable, existence and (ii) rights and franchises material to
its business; provided that any Subsidiary that is not a Loan Party may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lender. 
 (d)    Payment of Taxes and Claims. Each Loan Party shall, and shall cause each
of its Subsidiaries to, pay all federal income taxes and material state and local taxes, assessments and other governmental charges imposed upon it or any of its properties or assets or in respect of any of its franchises, business, income or
property before any penalty or fine accrues thereon, except for any of the foregoing that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and (i) with respect to which reserves or other

  
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appropriate provisions, if any, as shall be required in conformity with GAAP have been made or provided therefor and (ii) in the case of a tax, assessment, or charge which has or may become
a Lien against any of the Collateral, such proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such tax, assessment, or charge. 

(e)    Maintenance of Properties; Insurance. Except as could not reasonably be expected to have a Material Adverse
Effect, each Loan Party shall, and shall cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition (other than wear and tear occurring in the ordinary course of business) all properties used in
the business of such Loan Party and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof which in the exercise of its reasonable business judgment are required for the
continuation of its business. Each Loan Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained, with financially sound and reputable insurance companies (which are not Affiliates of the Loan Parties), insurance
with respect to its properties and business and the properties and businesses of its Subsidiaries against loss or damage of the kinds customarily insured against by corporations of established reputation engaged in the same or similar businesses and
similarly situated, of such types and in such amounts (and with such deductibles) as are customarily carried under similar circumstances by such other corporations. 

(f)    Use of Proceeds. The Borrower shall only use the proceeds of the Loans as permitted under Section 3.01.

 (g)    Compliance with Laws, Etc. Each Loan Party shall exercise, and cause each of its Subsidiaries to
exercise, all due diligence in order to comply with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, including, without limitation, all Environmental Laws, noncompliance with which could
reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Effect. 
 (h)    Books
and Records. Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain proper records and accounts in which full, true and correct entries in conformity with GAAP, consistently applied, shall be made of its financial
transactions and matters involving the assets and business of such Loan Party and its Subsidiaries. 
 (i)    OFAC,
Etc. Without limiting clause (g) above, each Loan Party shall, and shall cause each of its Subsidiaries to, (i) ensure that no Person who owns a controlling interest in or otherwise controls a Loan Party is or shall be (x) listed
on the Specially Designated Nationals and Blocked Person List maintained by OFAC and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (y) a person designated under
Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders, and (ii) comply with all applicable Bank Secrecy Act and anti-money
laundering laws and regulations. 
 (j)    Payment of Obligations. Each Loan Party shall, and shall cause each of
its Subsidiaries to, pay all obligations and lawful claims (including, without limitation, claims for labor, services, materials and supplies) that, if unpaid, would become a Lien for a material amount against any of its properties or assets, except
for any such obligations being contested in good faith 

  
 45 

 
by appropriate proceedings diligently conducted and against which adequate reserves, if any required under GAAP, have been established, and so long as any Lien resulting therefrom has not become
enforceable or is the subject of proceedings that operate to stay the enforcement of such Lien. 
 (k)    Material
Licenses. Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain and preserve all licenses, permits (including Environmental Permits), authorizations and consents from any Person and all registrations, notices and filings
with any Person (i) which if not obtained, held or made would have a Material Adverse Effect or (ii) that is necessary for the execution or performance by such Loan Party or such Subsidiary, or the validity or enforceability against such
party, of this Agreement or any other Loan Document. 
 (l)    Environmental Matters. Except as could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Loan Party shall, and shall cause each of its Subsidiaries to, (i) comply, and cause all lessees and other Persons operating or occupying
properties owned or leased by it to comply, with all Environmental Laws and Environmental Permits, (ii) obtain and renew all Environmental Permits necessary for its operations and properties and (iii) conduct any investigation, study,
sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to address Hazardous Materials at, on, under or emanating from any properties owned or leased by it in accordance with the requirements of all Environmental
Laws. 
 (m)    Subsidiaries. (i) From and after the Closing Date, if the Borrower or any of its
Subsidiaries acquires or creates any Domestic Subsidiary (other than a Domestic Subsidiary of a Foreign Subsidiary that is a CFC) that is a Material Subsidiary (and, at the election of the Borrower, any other Domestic Subsidiary), promptly, and in
no event later than twenty (20) Business Days after such acquisition or creation, notify the Lender of that fact and cause such Domestic Subsidiary (A) to execute and deliver to the Lender a counterpart of the Subsidiary Guarantee and the
Security Agreement and to take all such further actions and execute all such further documents and instruments as may be reasonably requested by the Lender to create in favor of the Lender a valid and perfected first priority Lien in all of the
Collateral of such Domestic Subsidiary (subject to Permitted Liens), and (B) to execute and deliver to the Lender such documents and instruments and to take actions comparable to those described in clauses (ii), (iii), (iv), (v) (vi), (vii),
(xii), (xiii), (xiv) and (xvi) of Section 4.01(a) as the Lender may reasonably request. (ii) For each Subsidiary acquired or created after the Closing Date, each Loan Party shall have complied with its obligations under the Security
Agreement in respect of the Equity Interests of such Subsidiary. For the avoidance of doubt, no Foreign Subsidiary (or Domestic Subsidiary of a Foreign Subsidiary that is a CFC) shall be required to execute and deliver a Guaranty or Security
Agreement, and no equity interests of a Foreign Subsidiary (or Domestic Subsidiary of a Foreign Subsidiary that is a CFC) shall be required to be pledged pursuant to the provisions of the Security Agreement or otherwise, in each case to the extent
material adverse tax consequences to the Borrower could reasonably be expected to result therefrom, it being understood and agreed that a pledge by the Borrower or its Domestic Subsidiary of 65% of the voting power and 100% of the non-voting power of all classes of the Equity Interests of a Foreign Subsidiary (or Domestic Subsidiary of Foreign Subsidiary that is a CFC) will not cause material adverse tax consequences to Borrower and a pledge
by the Borrower or its Domestic Subsidiary of more than 65% of the voting power of all classes of the Equity Interests of a Foreign Subsidiary (or Domestic Subsidiary of a Foreign Subsidiary that is a CFC) will be deemed to cause material adverse
tax consequences to Borrower. 

  
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 (n)    Employee Benefit Plans. No Loan Party shall,
(i) establish a Pension Plan or (ii) contribute to or become required to contribute to a Multiemployer Plan. 

(o)    Access to Property and Inspections. Each Loan Party shall, and shall cause its Subsidiaries to, at the
Borrower’s sole cost and expense, permit the Lender and each of its duly authorized representatives or agents to visit (but only during normal business hours when no Event of Default has occurred and is continuing) any of its properties and
inspect any of its assets or books and records, to conduct appraisals and valuations, to examine and make copies of its books and records, and to discuss its affairs, finances and accounts with, and to be advised as to the same 

by, its officers and employees at any such reasonable times and intervals as the Lender may reasonably request and, so long as no Event of Default or Potential
Event of Default has occurred and is continuing, with reasonable prior notice to the Borrower; provided that, so long as no Event of Default or Potential Event of Default has occurred and is continuing, the Lender shall not request more than
one field visit and examination during any Fiscal Year. 
 (p)    Business Locations. Each Loan Party shall
promptly (but in no event more than thirty (30) days) after adding any new leased business location in the United States containing any assets (excluding leasehold improvements and any raw materials related thereto) of any Loan Party with a
book value in excess of $3,000,000 individually for any location or $5,000,000 for all locations with respect to which the applicable landlord has not executed and delivered a Landlord Subordination Agreement, notify the Lender of such fact, and, if
requested by the Lender, use its reasonable best efforts to cause the applicable landlord to enter into a Landlord Subordination Agreement with respect to each such location as requested by the Lender. For the avoidance of doubt, this
Section 6.01(p) shall not apply to facilities utilized by the Borrower or its Subsidiaries solely as data centers for its server equipment. 

(q)    Accounts. Each Loan Party shall maintain its primary U.S. depository and operating accounts with Lender.

 (r)    Post-Closing Matters. Execute and deliver the documents and complete the tasks set forth on Schedule
6.01(r), in each case within the time limits specified on such schedule. 
 (s)    Further Assurances. Each
Loan Party shall execute any and all further documents, financing statements, agreements and instruments, and take all such further actions, which the Lender may reasonably request, to cause the Lender to have at all times a first priority,
perfected Lien in the Collateral (subject to Permitted Liens). 

Section
 6.02    Negative Covenants. So long as any Note or Obligation (other than inchoate indemnity
obligations) hereunder and under the other Loan Documents shall remain unpaid or the Lender shall have any Commitment hereunder, without the written consent of the Lender: 

  
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 (t)(a)    Liens, Etc. Borrower shall not, and shall not permit any of its Subsidiaries to, create or suffer to exist
any Lien upon or with respect to any of its assets or properties, whether now owned or hereafter acquired, or assign any right to receive income, in each case to secure any Debt of any Person, other than (in each case, a “Permitted
Lien”): 
 (i)    Liens in favor of the Lender; 

(ii)    Liens existing on the Closing Date and listed on Schedule 6.02(a) to the Disclosure Letter
and any modifications, replacements, renewals, refinancings or extensions thereof; provided that the Lien does not extend to any additional property other than (A) Replacement Assets, and (B) proceeds and products thereof; 

(iii)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or
other like Liens arising in the ordinary course of business or by operation of law, and Liens incurred by the Borrower or such Subsidiary in the ordinary course of business in connection with worker’s compensation, unemployment insurance and
other types of social security, or to secure the performance of surety and appeal bonds, deeds, leases (other than Debt), government contracts, bids, trade contracts, statutory obligations, performance and return of money bonds and other similar
obligations; 
 (iv)    Liens or charges arising in favor of governmental authorities by operation of
law for which no default exists in the payment of the obligations secured thereby or which are being contested in compliance with Section 6.01(d); 

(v)    Liens arising under (A) the security documents in respect of Hedge Agreements permitted under
Section 6.02(b)(iii) in favor of the Lender or its Affiliates and (B) agreements relating to Cash Management Obligations in favor of the Lender or its Affiliates; 

(vi)    Capital Leases of, and security interests in, assets acquired, constructed or improved (whether
real or personal, tangible or intangible) by the Borrower or such Subsidiary after the date hereof, provided that such Liens and the Debt secured thereby (A) are incurred prior to or within 180 days after such acquisition or the completion of
such construction or improvement, (B) the Debt secured thereby does not exceed the cost of acquiring, constructing or improving such assets and is otherwise permitted by Section 6.02(b)(ii), and (C) such Liens shall not apply to any
other property or assets of the Borrower or such Subsidiary (other than Replacement Assets); 

(vii)    Liens of landlords and mortgagees of landlords arising by statute; 

(viii)    judgment Liens securing judgments and other proceedings not constituting an Event of Default
hereunder; 
 (ix)    Liens existing on (A) property acquired by such Loan Party or Subsidiary at
the time of such acquisition or (B) assets of a Person at the time such Person is acquired, so long as (1) the Lien was not created in contemplation of such acquisition, (2) the amount of the obligations secured thereby has not been

  
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increased in connection with such acquisition or at any time thereafter (except in connection with any Permitted Refinancing), (3) any such Lien does not extend to property not subject to such
Lien at the time of such acquisition (other than improvements thereon and Replacement Assets), any such Lien is applicable only to specific property, and such Liens are not “blanket” or all asset Liens, and (4) such Lien secures only
(x) those obligations which it secures on the date of such acquisition or the date such Person is acquired, as the case may be, and such obligations are otherwise permitted by Section 6.02(b)(vii) and (y) any Permitted Refinancing of
such obligations; 
 (x)    to the extent constituting a Lien, any interest or title of (i) a
lessor under any personal property operating lease entered into in the ordinary course of business of the Borrower or any Subsidiary and precautionary financing statement filings relating thereto and (ii) a licensor under any non-exclusive license entered into in the ordinary course of business of the Borrower or any Subsidiary; 

(xi)    zoning restrictions, easements,
rights-of-way, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not
substantial in amount and do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; 

(xii)    Liens on assets of Foreign Subsidiaries; provided that (A) such Liens do not extend
to, or encumber, assets that constitute Collateral or the Equity Interests of the Borrower or any of the other Loan Parties, and (B) such Liens extending to the assets of any Foreign Subsidiary secure only Debt incurred by such Foreign
Subsidiary pursuant to Section 6.02(b)(vi), (vii) or (xi); 
 (xiii)    (A) Liens of a
collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction and (B) Liens arising in the ordinary course of
business of any depositary bank or securities intermediary in connection with statutory, common law and customary contractual rights of set-off and recoupment with respect to any deposit account or securities
account of the Borrower or any Subsidiary thereof; 
 (xiv)    Liens on cash pledged to secure
(i) obligations in respect of letters of credit or banker’s acceptances permitted under Section 6.02(b)(x) or (ii) Cash Management Obligations permitted under Section 6.02(b)(v); 

(xv)    Liens on proceeds of insurance policies securing the financing of the premiums with respect
thereto; 
 (xvi)    Liens in favor of a seller solely on any cash earnest money deposits made by the
Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement with respect to any Permitted Acquisition or other investment permitted by Section 6.02(e); 

  
 49 

 (xvii)    leases,
non-exclusive licenses, subleases or non-exclusive sublicenses granted to others that do not interfere in any material respect with the business of the Borrower and its
Subsidiaries, taken as a whole; and 
 (xviii)    other Liens not specifically listed above securing
obligations not to exceed $5,000,000 in the aggregate at any time outstanding. 

(u)
(b)    Debt. Borrower shall not, and shall not permit any of its Subsidiaries to, create or suffer to exist any Debt, other than: 

(i)    Debt owed to the Lender; 

(ii)    Capital Leases and Debt incurred to finance the acquisition, construction or improvement of any
equipment or capital assets in an aggregate principal amount not to exceed
$100,000,000200,000,000 at any time outstanding;

 (iii)    obligations (contingent or otherwise) existing or arising under any Hedge Agreement,
provided that if such obligations are not with the Lender or any of its Affiliates, (x) such obligations are (or were) entered into by such Loan Party in the ordinary course of business for the purpose of directly mitigating risks associated
with fluctuations in interest rates or foreign exchange rates and (y) such Hedge Agreement does not contain any provision exonerating the non-defaulting party from its obligation to make payments on
outstanding transactions to the defaulting party; 
 (iv)    to the extent constituting Debt,
investments permitted under Section 6.02(e), including intercompany Debt of the Borrower and the Subsidiaries to the extent permitted by Section 6.02(e); provided that any such Debt that is owed by a Loan Party to a Subsidiary that
is not a Loan Party is subordinated to the Obligations on the terms satisfactory to the Lender; 

(v)    Cash Management Obligations, provided that if such Cash Management Obligations are not with
the Lender or any of its Affiliates, to the extent incurred in the ordinary course of business in a manner not prohibited by this Agreement; 

(vi)    Debt existing on the date of this Agreement and set forth on Schedule 6.02(b) to the
Disclosure Letter, together with any Permitted Refinancing; 
 (vii)    Debt assumed in connection with
a Permitted Acquisition, so long as such Debt (A) does not exceed $5,000,000 in the aggregate at any time outstanding and (B) was not incurred in contemplation of such Permitted Acquisition; 

(viii)    Debt under performance bonds, surety bonds, release, appeal and similar bonds, statutory
obligations or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business; 

  
 50 

 (ix)    Guaranties with respect to Debt permitted by
this Section; 
 (x)    Debt in respect of letters of credit or bankers’ acceptances supporting
facility leases in an aggregate principal or face amount not exceeding $5,000,000 at any time; 

(xi)    Debt secured by Liens permitted by Sections 6.02(a)(iii), (iv), (vii), (viii), (x), (xi), and
(xiii); 
 (xii)    Debt of the Borrower or any of its Subsidiaries arising from the honoring by a bank
or other financial institution of a check, draft or similar instrument inadvertently drawn by the Borrower or such Subsidiary in the ordinary course of business against insufficient funds; 

(xiii)    Debt in the form of earn-outs in respect of any Permitted Acquisition or any other investments
permitted by Section 6.02(e); 
 (xiv)    Debt owing to any insurance company in connection with
the financing of any insurance premiums permitted by such insurance company in the ordinary course of business; and

 (xv)    Debt constituting Convertible Debt Securities of
the Borrower not otherwise permitted pursuant to this Section, in an aggregate principal amount not to exceed the greater of (x) $350,000,000 and (y) immediately after
giving pro forma effect to the incurrence of such Debt, an amount that would not cause the Total Leverage Ratio (calculated to include the proposed Debt contemplated under this Section 
6.02(b)(xv)) to exceed 6.00 to 1.00 (based on the financial statements for the most recent fiscal quarter end for which financial statements have been provided), which may be incurred on a one-time basis (and which may be refinanced
pursuant to a Permitted Refinancing), in each case, that complies with each of clauses (A)-(F) below; provided that (A) immediately after giving effect to
the incurrence of such Debt, the Borrower shall be in compliance with the financial covenants set forth in Section 6.03, on a pro forma basis (based on the financial statements for the most recent fiscal quarter end for which financial statements have been provided), (B) the final maturity of such Debt shall not be prior to the date that is
one-hundred eighty (180) days after the Maturity Date,
(C) such Debt will not have mandatory prepayment, amortization, redemption, sinking fund or similar
prepayments (other than asset sale, casualty, condemnation, nationalization or extraordinary receipts events, change of control, fundamental change, make-whole fundamental change or similar event risk provisions providing for mandatory offers to
repurchase customary for debt securities, and, for the avoidance of doubt, any Net Share Settlement provisions) prior to the date that is one-hundred eighty (180) days after the Maturity Date at the time of the issuance of such Debt, (D) such Debt is not guaranteed by any Subsidiary that has not guaranteed the Obligations, (E) the covenants, events of default and other terms of such Debt, taken as a whole, are not more restrictive on
Borrower and its Subsidiaries than the terms of the Loan Documents, taken as a whole (as determined in good faith by Borrower, it being

  
 51 

 
understood that (1) customary repurchase or redemption obligations described in the parenthetical to clause (C) above and (2) customary additional
interest provisions for failure to file required reports or additional interest in lieu of customary events of default, in each case shall not be more restrictive), and
(F) no Event of Default
shall have occurred and be continuing or result from the incurrence of such Debt;  

(xvi) 
   “Purchase
Obligations” of the type described in Note 8 to the Consolidated Financial Statements of the
Borrower in its Annual Report on Form 10-K for the fiscal year ended January 31, 2019 incurred in the ordinary course of business in an aggregate principal amount not to exceed $120,000,000 at
any time outstanding; and 
 (xv)(xvii)    Debt not otherwise
permitted under this Section 6.02(b) in an aggregate principal amount not to exceed $5,000,000 at any time outstanding for such Loan Parties and their Subsidiaries taken as a whole. 

(v)
(c)    Restricted Payments. Borrower shall not, and shall not permit any of its Subsidiaries to, declare or make, or agree to declare or make, directly or indirectly,
any Restricted Payment, or incur any obligation (contingent or otherwise) to do so; except: 

(i)    any Subsidiary may declare and pay dividends or make other distributions ratably to its equity
holders; 
 (ii)    payments made or expected to be made by the Borrower in respect of withholding or
similar Taxes payable by any future, present or former employee, director, manager or consultant and any repurchases of Equity Interests in consideration of such payments including deemed repurchases in connection with the exercise of stock options
or the vesting of restricted stock awards or restricted stock units; 
 (iii)    so long as no Event of
Default or a Potential Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may repurchase its Equity Interests owned by employees of the Borrower or the Subsidiaries or make payments to employees of the
Borrower or the Subsidiaries upon termination of employment in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management or employee incentive plans or in
connection with the death or disability of such employees in an aggregate amount not to exceed $2,000,000 in any Fiscal Year; 

(iv)    the Borrower and its Subsidiaries may declare and pay dividends or make other distributions solely
in Qualified Equity Interests of such Person; and 

(v)    the Borrower may deliver its Equity Interests upon conversation of any Equity Interest and pay cash
solely in lieu of issuing fractional shares in connection with such conversion.; and 

  
 52 

 (vi)    to the extent it would constitute a Restricted
Payment, the purchase or settlement of any Permitted Call Hedging Agreement.  

(w)
(d)    Consolidation, Merger. The Borrower shall not, and shall not permit its Subsidiaries to, consolidate with or merge into any other corporation or entity, except
that (i) if at the time thereof and immediately after giving effect thereto no Event of Default or Potential Event of Default shall have occurred and be continuing, (x) any Subsidiary may merge into the Borrower in a transaction in which
the Borrower is the surviving corporation, and (y) any Subsidiary may merge into or consolidate with any other Subsidiary (provided that if any party to any such transaction is a Loan Party, the surviving entity of such transaction shall be a
Loan Party) and (ii) in connection with a Permitted Acquisition, any corporation or entity may consolidate with or merge into any Loan Party or any Loan Party (other than the Borrower) may merge into any other corporation or entity, provided that
such Loan Party shall be the surviving entity of such merger or consolidation or the surviving entity of such merger or consolidation shall become a Loan Party promptly following the consummation thereof, and provided, further, that immediately
after the consummation of such consolidation or merger there shall exist no condition or event which constitutes an Event of Default or a Potential Event of Default. 

(x)
(e)    Loans, Investments. The Borrower shall not, and shall not permit its Subsidiaries to, make or permit to remain outstanding any loan or advance to, or own,
purchase or acquire any stock, obligations or securities of or any other interest in, or make any capital contribution to, any other Person or make any acquisition of all or substantially all of the stock or assets of any business or division of a
Person through a merger, consolidation or any other combination with such Person in any transaction or a series of related transactions, except that the Borrower and such Subsidiary may: 

(i)    acquire any Cash Equivalents; 

(ii)    acquire and own stock, securities and other investments received from customers and suppliers in
connection with debts created in the ordinary course of business owing to such Loan Party or such Subsidiaries; 

(iii)    endorse negotiable instruments for deposit or collection or similar transactions in the ordinary
course of business; 
 (iv)    consummate a Permitted Acquisition, provided that the aggregate amount of
consideration (other than consideration payable in Qualified Equity Interests) expended to acquire Persons or assets that do not become Loan Parties or Collateral, respectively, shall not exceed $10,000,000 during the term of this Agreement; 

(v)    maintain the loans, investments and/or liabilities in existence on the date of this Agreement and
set forth on Schedule 6.02(e)(v) to the Disclosure Letter; 
 (vi)    invest in the Equity
Interests of the Subsidiaries, provided that (A) any such investment in the form of Equity Interests held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to any limitations applicable to voting stock of a
Foreign Subsidiary referred to therein), (B) no part of any such 

  
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investment by a Loan Party to a non-Loan Party shall take the form of a contribution of intellectual property (other than any contribution or transfer to a
Foreign Subsidiary of intellectual property that is necessary to, or useful in, the business of such Foreign Subsidiary pursuant to the Management and Services Agreement, the Cost Sharing Agreement or the Platform Contribution Transaction License
Agreement), and (C) the aggregate amount of investments by the Loan Parties in Subsidiaries that are not Loan Parties (determined without regard to any write-downs or write-offs of such investments) shall not exceed $25,000,000 per Fiscal Year;

 (vii)    reserved; 

(viii)    make loans or advances made by the Borrower to any Subsidiary and made by the Borrower or any
Subsidiary to the Borrower or any other Subsidiary; provided that (A) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged to the Lender pursuant to the Security Agreement, (B) such loans and
advances shall be unsecured and, to the extent owed by a Loan Party to a Person that is not a Loan Party, subordinated to the Obligations pursuant to a subordination agreement in form and substance satisfactory to the Lender, and (C) the amount
of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in clause (vi) of this Section; 

(ix)    make investments, loans or advances constituting non-cash
consideration received by the Borrower or any Subsidiary in respect of any Dispositions permitted under Section 6.02(f); 

(x)    accounts receivable and extensions of trade credit arising in the ordinary course of business; 

(xi)    make investments represented by Hedge Agreements permitted under Section 6.02(b); and 

(xii)    maintain deposit and securities accounts to the extent not prohibited by this Agreement; and 

(xiii) 
   enter into and perform its obligations under any Permitted Call Hedging Agreement;
and 

(xiii)(xiv)    make other investments, loans or advances in an aggregate amount not to exceed $3,000,000 during the term of
this Agreement. 
 For purposes of compliance with this Section 6.02(e), the amount of any investment (whether an equity investment, loan,
guarantee or other investment governed by this Section 6.02(e)) of any Person shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such investment less (x) any returns or
distributions of capital or repayment of principal actually received in cash by such Person with respect thereto, whether by disposition, return on capital, dividend or otherwise or (y) in the case of any investment by a Loan Party in any
Foreign Subsidiary, as reduced by any cash payments received by such Loan Party from any Foreign Subsidiary pursuant to the Management and Services Agreement, the Cost Sharing Agreement or the Platform Contribution Transaction License Agreement.

  
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 (y)(f)    Asset Sales. Borrower shall not, and shall not permit its Subsidiaries to, convey, sell, lease, transfer or
otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, property or assets outside the ordinary course of business (including stock or other equity of a Subsidiary), whether now owned or hereafter
acquired (a “Disposition”), except that any Loan Party and any Subsidiary may convey, sell, lease, transfer or otherwise dispose of business, property or assets (i) that are surplus, obsolete or otherwise not used or
useful in the business of such Loan Party or such Subsidiary, provided that not less than 75% of the aggregate sale price from such Disposition shall be paid in cash or credited against the purchase price of replacement property or other
assets useful in the business of Borrower and its Subsidiaries, (ii) consisting of cash or Cash Equivalents (A) in exchange for cash or other Cash Equivalents, (B) to a Person that is not an Affiliate of any Loan Party or such
Subsidiary, or (C) to a Person that is an Affiliate of any Loan Party or such Subsidiary, to the extent permitted by Section 6.02(g) and not prohibited by any other provision of the Credit Agreement, (iii) in exchange for other assets
comparable or superior as to type, value and quality, as determined in good faith by Borrower, (iv) between and among the Borrower and its Subsidiaries, provided that if the transferor in such a transaction is a Loan Party, then either
(x) the transferee must be a Loan Party or (y) the portion of any such Disposition made for less than fair market value and any non-cash consideration received in exchange for such Disposition shall
in each case constitute an investment in such Subsidiary restricted by Section 6.02(e) and must be permitted thereunder; (v) resulting from any casualty, taking or condemnation of any property of the Borrower or any Subsidiary;
(vi) constituting subleases of office space, for fair market value as determined by the Borrower in good faith, in the ordinary course of business not interfering with the ordinary conduct of the business of the Borrower or any of its
Subsidiaries; (vii) to the extent permitted by Section 6.01(c) or Sections 6.02(a), (c) or (e); (viii) constituting sale and leaseback transactions permitted by Section 6.02(q); (ix) consisting of Inventory in the ordinary course of
business; (x) consisting of the lapse, abandonment or other Disposition of Intellectual Property, that is in the reasonable business judgment of the Borrower, no longer used or useful in the conduct of its business or otherwise uneconomical to
prosecute or maintain; (xi) the unwinding of Hedge AgreementAgreements permitted under Section 6.02(b) or Permitted Call Hedging Agreements; (xii) other Dispositions for aggregate consideration not exceeding
$5,000,000 in the aggregate during any Fiscal Year so long as (A) at the time of such Disposition, no Event of Default or Potential Event of Default shall have occurred and be continuing or would result from such Disposition; (B) not less
than 75% of the aggregate sale price from such Disposition shall be paid in cash, and (C) all such Dispositions shall be for at least fair market value of the assets or property subject to such Disposition. 

(z)
(g)    Transactions with Affiliates. Except as otherwise permitted by the Loan Documents, Borrower shall not, and shall not permit its Subsidiaries to, enter into or
permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of such Loan Party or its Subsidiaries on terms that are less favorable to such Loan Party or such
Subsidiary than those that could reasonably be expected to be obtained at the time from Persons who are not such an Affiliate; provided that this clause (g) shall not prohibit the issuance and sale of Equity Interests to the extent not
otherwise prohibited under the terms of this Agreement. 

  
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 (aa)(h)    Conduct of Business. Borrower shall not, and shall not permit its Subsidiaries to, engage in any business,
other than (i) the businesses engaged in by such Loan Party or such Subsidiaries on the Closing Date; (ii) any related, ancillary, supplementary or complementary business line; (iii) any reasonable expansion or extension of any of the
foregoing; or (iv) such other lines of business as may be consented to in writing by the Lender. 
 (bb)(i)    Modification of
Organizational Documents; Etc. No Loan Party shall permit its or any of its Subsidiaries’ charter, by-laws or other organizational documents to be amended or modified in any way unless (i) copies
of such amendment or modification are promptly provided to the Lender, or have been previously provided to the Lender in accordance with Section 6.01(b), (ii) such amendment or modification does not adversely affect in any material respect the
interests of the Lender hereunder or at law and (iii) such amendment or modification is not reasonably likely to have Material Adverse Effect. No Loan Party shall, and shall not permit any of its Subsidiaries to, change its jurisdiction of
incorporation, formation or organization, as applicable, name or corporate form without providing ten (10) days’ prior written notice to the Lender. 

(cc)
(j)    Inconsistent Agreements; Negative Pledge. No Loan Party shall, or shall permit any of its Subsidiaries to, enter into any agreement containing any provision
which would be violated or breached by any Borrowing by the Borrower hereunder or by the performance by any Loan Party of any of its Obligations hereunder or under any other Loan Document (including the grant of the Liens in the Collateral pursuant
to the Security Documents). No Loan Party shall or shall allow any of its Subsidiaries to create or permit to exist or become effective any encumbrance or restriction on the ability of such Loan Party or any of its Subsidiaries to create, incur,
assume or suffer to exist any Lien in favor of Lender upon any of its properties or revenues or which requires the grant of any security for an obligation if security is granted for the Secured Obligations, except for (i) this Agreement and the
other Loan Documents, (ii) covenants in capital leasesCapital Leases and documents creating Liens permitted by Section 6.02(a) prohibiting further Liens on the properties encumbered thereby and Replacement Assets, (iii) customary restrictions in leases and other
contracts restricting the assignment or pledge thereof, (iv) any encumbrance or restriction existing under or by reason of applicable law, regulation or rule, (v) any encumbrance or restriction with respect to the subletting, assignment or
transfer of any property or asset that is a lease, sublease, license, sublicense, permit, franchise, conveyance or contract or similar property or asset, (vi) any encumbrance or restriction existing by virtue of any transfer of, agreement to
transfer, option or right with respect to, or Lien on, any property or assets of any Loan Party or any Subsidiary thereof not otherwise prohibited by this Agreement, and customary restrictions contained in purchase agreements and acquisition
agreements to the extent in effect pending the consummation of such transaction, (vii) restrictions that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary, so long as such restrictions were not into solely in
contemplation of such Persona becoming a Subsidiary, (viii) customary restrictions under any arrangement with any governmental authority imposed on any Foreign Subsidiary in connection with governmental grants, financial aid, tax holidays or
similar benefits or economic interests. Notwithstanding the foregoing, the Loan Parties shall not grant any Person, or suffer to exist, control over any deposit accounts or securities accounts, other than (x) pursuant to control agreements in
favor of the Lender or (y) in connection with Liens permitted pursuant to Sections 6.02(a)(ii), (xiv) and (xvi) limited solely to deposits and pledges so permitted. 

  
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 (dd)(k)    Amendments to Certain Agreements. The Borrower shall not, and shall not permit any of its Subsidiaries to,
amend or otherwise modify, or waive any rights under, the Management and Services Agreement, the Cost Sharing Agreement or the Platform Contribution Transaction License Agreement to which such Person is a party in any manner adverse to the Lender.

 (ee)(l)    Fiscal Year. The Borrower shall not change its Fiscal Year end to a date other than January 31. 

(ff)
(m)    Prepayment and Cancellation of Debt. No Loan Party shall, or shall permit any of its Subsidiaries to, (i) voluntarily prepay any Debt other than
(x) the Obligations in accordance with the terms of the Loan Documents, (y) Debt permitted under Section 6.02(b) (provided that any prepayment of Debt that is subordinated to the Obligations must also be permitted under the
terms of the applicable subordination or intercreditor agreement) and (z) trade payables in the ordinary course of business, or (ii) cancel any claim or debt owing to it, except for reasonable consideration determined by the Borrower in
good faith or as permitted by Section 6.02(f). 

(gg)
(n)    Certain Equity Securities; Equity Ownership. Neither the Borrower nor any Subsidiary shall issue any Equity Interest that is not Qualified Equity Interest. The
Borrower shall not cause or suffer to exist a Change in Control. 

(hh)
(o)    New Subsidiaries. The Borrower shall not acquire, organize or create any Subsidiary unless (i) the Borrower complies with Section 6.01(m) hereunder,
(ii) such Subsidiary is wholly owned by the Borrower, directly or indirectly, and (iii) such Borrower shall have complied with its obligations under the Security Agreement in respect of the Shares (as defined in the Security Agreement) of
such Subsidiary. 
 (ii)(p)    Employee Benefit Plans. No Loan Party shall establish (i) a Pension Plan or (ii) contribute to or
become required to contribute to a Multiemployer Plan. 

(jj)
(q)    Sale and Lease-Back Transactions. No Loan Party shall, and shall not permit any of their Subsidiaries to, enter into any arrangement, directly or indirectly,
with any Person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for
substantially the same purpose or purposes as the property being sold or transferred unless any obligations in connection with any Capital Lease or Liens arising in connection therewith are permitted by Sections 6.02(a) and 6.02(b), as the case may
be. 
 (kk)(r)    Sanctions; Anti-Bribery. Borrower will not, directly or, to the Borrower’s knowledge, indirectly, use
the proceeds of the Loans or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory,
that, at the time of such funding, is, or whose government is, the subject of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as
underwriter, advisor, investor or otherwise). The Borrower will not directly, or to the Borrower’s knowledge, indirectly, permit any part of the proceeds of the Loans to be used for any payments that would constitute a violation of any
applicable anti-bribery law. 

  
 57 

 (ll)(s)    Capital Expenditures. Borrower shall not, and shall not permit any of its Subsidiaries to, make any Capital
Expenditures if at the time of making of such Capital Expenditure, an Event of Default shall have occurred and is continuing or would result from such Capital Expenditure. 

Section
 6.03    Financial Covenants. So long as the Note or any Obligation hereunder and under the
other Loan Documents shall remain unpaid or the Lender shall have any Commitment hereunder: 
 (mm)(a)    Minimum Liquidity.
The Borrower shall not permit the Liquidity to be less than $120,000,000150,000,000 at any time, measured as of the last day of any Fiscal Quarter; and 
 (nn)(b)    Leverage Ratio. The
Borrower shall not permit the Leverage Ratio, measured quarterly on a trailing 12 months basis as of the last day of any Fiscal Quarter, to be greater than the
ratios set below for the corresponding measuring periods:2.50 to 1.00.  
  

			
	Measuring Period End Date	  	Leverage Ratio
	July 31, 2017	  	4.25 to 1.00
	October 31, 2017	  	4.25 to 1.00
	January 31, 2018	  	3.25 to 1.00
	April 30, 2018	  	3.25 to 1.00
	July 31, 2018	  	3.25 to 1.00
	October 31, 2018	  	3.25 to 1.00
	January 31, 2019	  	3.25 to 1.00
	April 30, 2019	  	3.00 to 1.00
	July 31, 2019	  	3.00 to 1.00
	October 31, 2019	  	2.50 to 1.00
	January 31, 2020 and each measuring period thereafter	  	2.50 to 1.00

  
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 ARTICLE
XLIV.ARTICLE VII. 
 EVENTS OF DEFAULT 

Section
 7.01    Events of Default. If any of the following events (each, an “Event of
Default”) shall occur and be continuing: 
 (a)    any Loan Party shall (i) fail to pay any
principal hereunder when due, (ii) fail to pay any interest or other amount payable hereunder or under any other Loan Documents within three (3) Business Days of the date when due, or (iii) fail to Cash Collateralize any obligations
as required hereunder; or 
 (b)    any representation or warranty made by a Loan Party herein or in any other Loan
Document or by a Loan Party (or any of its officers) in connection with this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made; or 

(c)    (i) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Sections
6.01(b)(i), 6.01(c), 6.01(f), 6.01(q), 6.01(r), 6.02 or 6.03; or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Sections 4.01 or 4.02 of the Security Agreement on its part to be performed or
observed and any such failure shall remain unremedied for twenty (20) days after the earlier to occur of (A) such Loan Party obtaining actual knowledge of such failure and (B) such Loan Party’s receipt of written notice from
Lender of such failure; or 
 (d)    any Loan Party shall fail to perform or observe any term, covenant or agreement
contained in this Agreement or any other Loan Document other than those referred to in clauses (a), (b) and (c) above on its part to be performed or observed and any such failure shall remain unremedied for thirty (30) days after the
earlier to occur of (i) such Loan Party obtaining actual knowledge of such failure and (ii) such Loan Party’s receipt of written notice from Lender of such failure; or 

(e)    any Loan Party or any of its Subsidiaries shall fail to pay any principal of, or premium or interest on, any Debt
(excluding Debt evidenced by the Loan Documents) (i) in any amount with respect to any Hedging Obligations or Cash Management Obligations owing to the Lender or any of its Affiliates, or (ii) in an aggregate principal amount exceeding
$5,000,000 in any other case, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument
relating to such Debt, or an event of default shall occur and be continuing under any agreement or instrument relating to any such Debt, in each case which shall accelerate the maturity of such Debt or permit the holder thereof or any trustee or
agent for such holder to cause such Debt to become due and payable prior to its expressed maturity, provided that this clause shall not apply to (1) to secured Debt that becomes due as a result of the voluntary sale or
transfer of the property or assets securing such Debt, if such sale or transfer is permitted hereunder
or, (2) termination events or equivalent events pursuant to the terms of Hedge Agreements not arising as a result
of a default by the Borrower or any Subsidiary thereunder; or, or (3) any redemption, repurchase, conversion or settlement with respect to any Convertible Debt Securities pursuant to
their terms unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event that would constitute an Event of Default; or 

  
 59 

 (f)    (i) the Borrower, any other Loan Party or any Material Subsidiary
of the Borrower shall commence any case, proceeding or other action (x) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order
for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other
relief with respect to it or its debts, or (y) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or substantially all of its assets, or the Borrower, any other Loan Party or any Material
Subsidiary of the Borrower shall make a general assignment for the benefit of its creditors, or (ii) there shall be commenced against the Borrower, any other Loan Party or any Material Subsidiary of the Borrower any case, proceeding or other
action of a nature referred to in clause (i) above which (x) results in the entry of an order for relief or any such adjudication or appointment or (y) remains undismissed or undischarged for a period of sixty (60) days; or 

(g)    one or more final, non-appealable judgments, attachments or decrees shall
be entered against any Loan Party or any of its Subsidiaries involving in the aggregate a liability equal to or greater than $5,000,000 with respect to such Loan Party or such Subsidiary in excess of insurance (as to which a solvent and unaffiliated
insurance company has not denied coverage) or third-party indemnities (as to which the indemnitor has not denied responsibility) and such judgments, attachments or decrees shall not have been satisfied, vacated, dismissed, discharged, or stayed or
bonded pending appeal within ninety (90) days from the entry thereof; or 
 (h)    any Loan Document, for any
reason other than satisfaction in full of all Obligations (other than inchoate indemnity obligations), ceases to be in full force and effect, is declared null and void, or any Loan Party denies that it has any further liability under such Loan
Document or gives notice to such effect; or 
 (i)    any Loan Document purporting to grant a Lien to secure any
Obligation shall, at any time after the delivery of such Loan Document, fail to create a valid and enforceable Lien on any Collateral purported to be covered thereby (except to the extent terminated in accordance with the terms of this Agreement or
any other Loan Document), or such Lien shall fail or cease to be a perfected Lien on any Collateral with the priority required in the relevant Loan Document or any Loan Party shall state in writing that any of the events described in this clause
(i) shall have occurred, except, in each case, if such failure is a result of the Lender’s action or omission; or 

(j)    any part of the property of any Loan Party is nationalized, expropriated, seized or otherwise appropriated, or
custody or control of such property or of such Loan Party is assumed by any governmental authority, unless the same (i) is not likely to have a Material Adverse Effect or (ii) is being contested in good faith by appropriate proceedings
diligently pursued and a stay of enforcement is in effect; 
 THEN (i) upon the occurrence of any Event of Default described in clause (f) above,
the Commitment shall immediately terminate and all Loans and Letters of Credit hereunder together with accrued interest thereon and all other Obligations owing under this Agreement, the Note and the other Loan Documents shall automatically become
due and payable and (ii) upon the occurrence of any other Event of Default, the Lender may, by notice to the Borrower, declare the 

  
 60 

 
Commitment to be terminated forthwith, whereupon the Commitment shall immediately terminate, and/or, by notice to the Borrower, declare the Loans hereunder, with accrued interest thereon and all
other Obligations owing under this Agreement, the Note and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and in each case the Borrower shall be required to immediately Cash
Collateralize (x) the outstanding Hedging Obligations owing to the Lender or any of its Affiliates in an amount equal to 100% of the aggregate net amount of such Hedging Obligations and (y) the outstanding Cash Management Obligations owing
to the Lender or any of its Affiliates in an amount equal to 100% of the aggregate amount of such Cash Management Obligations. Except as expressly provided above in this Section 7.01, presentment, demand, protest and all other notices of any
kind are hereby expressly waived. 
 ARTICLE XLV.ARTICLE VIII. 
 MISCELLANEOUS 

Section
 8.01    Amendments, Etc. No amendment or waiver of any provision of any Loan Documents, nor
consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender and the applicable Loan Party and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. 

Section
 8.02    Notices, Etc. Except as otherwise set forth in this Agreement, all notices and other
communications provided for hereunder and under the other Loan Documents shall be in writing (including email or facsimile communication) and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
facsimile or email, (i) if to a Loan Party, to the attention of the Borrower at the Borrower’s address set forth on the signature page hereof and (ii) if to the Lender, at the address set forth below or, as to each party, at such
other address as shall be designated by such party in a written notice to the other parties. All such notices and communications shall be effective as follows: notices and other communications sent by hand or overnight courier service, or
mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient); and notices delivered by email shall be deemed to have been given when received. Notwithstanding the foregoing, notices and
communications to the Lender pursuant to Article II shall not be effective until received by the Lender. 
 Wells Fargo Corporate
Banking – Technology Banking Group 
 45 Fremont Street, 7th Floor, San Francisco,
CA 94105 
 Phone: 415-222-1183 

Email: wendy.y.wong@wellsfargo.com 

Attention: Wendy Wong 
 Section 8.03    Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, the Lender and each of its Affiliates are hereby
authorized by each Loan Party, at any time and from time to time, without notice, to the fullest extent permitted by applicable law (a) to set off against, and to appropriate and apply to the payment of, the obligations

  
 61 

 
and liabilities of such Loan Party under the Loan Documents (whether matured or unmatured) any and all amounts owing by the Lender to such Loan Party (whether payable in Dollars or any other
currency, whether matured or unmatured, and, in the case of deposits, whether general or special, time or demand, provisional or final and however evidenced), irrespective of whether or not the Lender or any of its Affiliates shall have made any
demand under this Agreement or any other Loan Document and although such obligations and liabilities of such Loan Party are owed to a branch, office or Affiliate of the Lender different from the branch, office or Affiliate holding such deposit or
obligated on such amounts, and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items
drawn against any deposits so held as the Lender in its sole discretion may elect. Each Loan Party hereby grants to the Lender a security interest in all deposits and accounts maintained with the Lender or any of its Affiliates to secure the Secured
Obligations. The rights of the Lender and its Affiliates under this Section 8.03 are in addition to other rights and remedies (including other rights of set-off) which the Lender or its Affiliates may
have. 
 Section 8.04    No Waiver; Remedies. No
failure on the part of the Lender to exercise, and no delay in exercising, any right under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right under any of the Loan Documents preclude
any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section
 8.05    Costs and Expenses. Subject to the limitation specified in Section 2.05(c), the
Borrower hereby agrees to pay on demand (a) all reasonable and documented out-of-pocket costs and expenses of the Lender (including reasonable and documented out-of-pocket attorneys’ fees and costs) in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents or
(b) all costs and expenses of the Lender (including attorneys’ fees and costs) in connection with the administration of the Loan Documents or any amendments, modifications, or waivers of the provisions hereof or thereof, enforcement
(including, without limitation, in appellate, bankruptcy, insolvency, liquidation, reorganization, moratorium or other similar proceedings) or restructuring of the Loan Documents (including any amendment, modification or waiver with respect
thereto). This covenant shall survive termination of this Agreement and the payment of the Obligations. 
 Section 8.06    Indemnity. Whether or not the transactions contemplated hereby shall be consummated, the Borrower hereby agrees to indemnify, pay and hold the Lender, its Affiliates and their
respective shareholders, officers, directors, employees and agents of the Lender (collectively, the “Indemnified Parties”), harmless from and against any and all claims, liabilities, losses, damages, penalties, costs and expenses
(whether or not any of the foregoing Persons is a party to any litigation), including, without limitation, attorneys’ fees and costs and costs of investigation, document production, attendance at a deposition, or other discovery, with respect
to or arising out of this Agreement or the other Loan Documents or any use of proceeds hereunder, or any exercise by the Lender of its rights and remedies under this Agreement or, any other Loan Document, or any claim, demand, action or cause of
action being asserted against any Loan Party, including without limitation with respect to violation of any Environmental Law or other Law (collectively, the “Indemnified Liabilities”), provided that the Borrower shall have no
obligation hereunder with respect to Indemnified Liabilities arising from (i) the gross negligence or willful 

  
 62 

 
misconduct of any such Persons or its employees or representatives or (ii) any breach in bad faith by such Indemnified Party of any Loan Document. No Indemnified Party shall assert, and each
Indemnified Party hereby waives, any claim based on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty
imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein
or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and each Indemnified Party hereby waives, releases and covenants not to sue
upon any such claim or seek any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. This covenant shall survive termination of this Agreement and the payment of the Obligations. 

Section
 8.07    Assignments and Participations. The Lender may sell, assign, transfer, negotiate or
grant participations to other financial institutions in all or part of its right and obligations under the Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to the Lender), (i) in the case of a sale,
assignment or transfer, with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed), provided, that the Borrower’s consent shall not be required (A) at any time that an Event of Default
has occurred and is continuing or (B) in the case of a sale, assignment or transfer to an Affiliate of the Lender or an Approved Fund of the Lender, and (ii) in the case of a participation, without the consent of, or notice to, the
Borrower, provided, further, that in each case, any assignee or transferee agrees to be bound by the terms and conditions of this Agreement; and provided even further, that, in the case of a participation, (x) the Lender’s
obligations under this Agreement shall remain unchanged, (y) the Lender shall remain solely responsible to the Borrower for the performance of such obligations, and (z) the Borrower shall continue to deal solely and directly with the
Lender in connection with the Lender’s rights and obligations under this Agreement. The Lender may, in connection with any actual or proposed assignment or participation, disclose to the actual or proposed assignee or participant, any
information relating to the Loan Parties, so long as such potential participants or assignees comply with the provisions of Section 8.09 related to participants and assignees. No Loan Party shall have the right to assign its rights hereunder or
under any Loan Document or any interest herein or therein without the prior written consent of the Lender, which consent can be withheld in the sole discretion of the Lender. “Approved Fund” means any Person (other than a natural
Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed by the Lender or an
Affiliate of the Lender. 
 Section 8.08    Limitation on Payments. The
parties hereto intend to conform to all applicable laws limiting the maximum rate of interest that may be charged or collected by the Lender from the Borrower. Accordingly, notwithstanding any other provision hereof, the Borrower shall not be
required to make any payment to or for the account of the Lender, and the Lender shall refund any payment made by the Borrower, to the extent that such requirement or such failure to refund would violate or conflict with mandatory and nonwaivable
provisions of applicable law limiting the maximum amount of interest which may be charged or collected by the Lender from the Borrower. To the fullest extent permitted by law, in any action, suit or proceeding

  
 63 

 
pertaining to this Agreement, the burden of proof, by clear and convincing evidence, shall be on the Borrower to demonstrate that this Section 8.08 applies to limit any obligation of the
Borrower under this Agreement or to require the Lender to make any refund, or claiming that this Agreement conflicts with any applicable law limiting the maximum rate of interest that may be charged or collected by the Lender from the Borrower, as
to each element of such claim. 
 Section 8.09    Disclosure of Information.
The Lender may disclose information relating to any Loan Party or any of their respective businesses, including information regarding the financial condition and property, and the amount of Debt owed to the Lender and the terms, conditions and other
provisions applicable thereto to its Affiliates and to any of its partners, directors, officers, employees, agents, trustees, advisors and representatives, regulatory authorities (including self-regulatory), assignees or participants or prospective
assignees or participants, provided that each such Person shall be informed of the confidential nature of such information and instructed to keep such information confidential, and in the case of assignees or participants or prospective
assignees or participants, such Persons shall have executed and delivered in favor of the Borrower a confidentiality agreement in reasonable and customary form. 

Section
 8.10    Limitation of Liability. TO THE FULLEST EXTENT PERMITTED BY LAW, NO CLAIM MAY BE MADE
BY ANY PARTY TO ANY LOAN DOCUMENT AGAINST THE OTHER PARTY HERETO OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, ATTORNEY OR AGENT OF SUCH OTHER PARTY FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM ARISING FROM
OR RELATING TO THIS AGREEMENT OR, ANY OTHER LOAN DOCUMENT OR ANY STATEMENT, COURSE OF CONDUCT, ACT, OMISSION OR EVENT IN CONNECTION WITH ANY OF THE FOREGOING (WHETHER BASED ON BREACH OF CONTRACT, TORT OR ANY OTHER THEORY OF LIABILITY); AND EACH
PARTY HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR ANY SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST. 

Section
 8.11    Effectiveness; Binding Effect; Governing Law. This Agreement shall become effective
when it shall have been executed by the Borrower and the Lender and thereafter shall be binding upon and inure to the benefit of the Borrower, the Lender and their respective successors and assigns (subject to Section 8.07). THIS AGREEMENT AND
THE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PRINCIPLES WHICH WOULD RESULT IN THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION. 

Section
 8.12    Waiver of Jury Trial. THE BORROWER HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THE BORROWER AND THE LENDER RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER
RELATIONSHIP THAT IS BEING ESTABLISHED. IF AND TO THE EXTENT THAT THE FOREGOING WAIVER OF THE RIGHT TO A JURY TRIAL IS UNENFORCEABLE FOR ANY REASON IN SUCH FORUM, EACH OF THE
PARTIES 

  
 64 

 
HERETO HEREBY CONSENTS TO THE ADJUDICATION OF ALL CLAIMS PURSUANT TO JUDICIAL REFERENCE AS PROVIDED IN CALIFORNIA CODE OF CIVIL
PROCEDURE SECTION 638, AND THE JUDICIAL REFEREE SHALL BE EMPOWERED TO HEAR AND DETERMINE ALL ISSUES
IN SUCH REFERENCE, WHETHER FACT OR LAW. 
 Section 8.13    Consent to Jurisdiction; Venue. All judicial proceedings brought against a Loan Party with respect to this Agreement or the other Loan Documents may be brought in any state or
federal court of competent jurisdiction in the State of California, and by execution and delivery of this Agreement, each Loan Party hereby accepts for itself and in connection with its properties, generally and unconditionally, the exclusive
jurisdiction of the aforesaid courts, and each Loan Party hereby irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement and the other Loan Documents. Each Loan Party hereby irrevocably waives any right it
may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding is brought in accordance with this Section 8.13. Nothing in this Agreement or in any other Loan Document shall affect any right that the
Lender may otherwise have to bring any action or proceeding relating to any Loan Document against any Loan Party or its property in the courts of any jurisdiction. 

Section
 8.14    Entire Agreement. This Agreement with all Exhibits and Schedules hereto and the other
Loan Documents embody the entire agreement and understanding by and among the parties hereto and thereto relating to the subject matter hereof and thereof and supersedes any and all prior agreements and understandings, oral or written, relating to
the subject matter hereof and thereof. 
 Section 8.15    Separability of Provisions;
Headings. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby. Section headings in this Agreement are included for convenience of reference only and shall not be given any substantive effect. 

Section
 8.16    Execution in Counterparts; Etc. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart
of this Agreement by facsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include
electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the California Uniform Electronic Transactions Act, or any other
state laws based on the Uniform Electronic Transactions Act, and the parties to this Agreement consent to conduct the transactions contemplated hereunder by electronic means. 

  
 65 

 Section 8.17    USA Patriot Act. The Lender
hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and
other information that will allow the Lender to identify the Loan Parties in accordance with the Patriot Act. 
 Section 8.18    English Language. This Agreement and each of the other Loan Documents has been negotiated and executed in the English language. Except as specified otherwise herein all certificates,
reports, notices and other documents and communications given or delivered pursuant to this Agreement and the other Loan Documents (including any modifications or supplements hereto or thereto) shall be in the English language, or accompanied by an
English translation. 
 Section 8.19    Service of Process. Each
party hereto irrevocably consents to service of process in the manner provided for notices in Section 8.02. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable
laws. 
 Section 8.20    Acknowledgement and Consent to Bail-In of
EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    
the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

(ii) 
   a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii) 
   the variation of the terms of such liability in connection with the exercise of the
Write-Down and Conversion Powers of any EEA Resolution Authority. 
 Section 8.21    
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC
Credit 

  
 66 

 
Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the
State of California and/or of the United States or any other state of the United States): 

(a)    
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the
benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be
effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the
United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.  

(b)    
As used in this Section 8.21, the following terms have the following meanings:  

“BHC Act Affiliate” of a party means an
“affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  

“Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).  
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
 

“QFC” has the meaning assigned to the term
“qualified financial
contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 (c)    Each Loan Document is hereby amended to
incorporate by reference the provisions of this Section 8.21, mutatis mutandis.  

[remainder of page intentionally left blank] 

  
 67 

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

			
	BORROWER:
	
	BOX, INC.

 
			
		
	By:	 	/s/ Dylan Smith

 
			
	
	Name: Dylan Smith
	
	Title: Chief Financial Officer

 
			
		
	Address:	 	
		 	900 Jefferson Ave
		 	Redwood City, CA 94063
		 	Phone: (877) 729-4269
		 	Facsimile: (888) 418-6762
		 	Attention: Chief Financial Officer

  
 [Signature Page to Credit
Agreement] 

 
			
	LENDER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION

 
			
		
	By:	 	/s/ Wendy Wong

 
			
		
	Name:	 	Wendy Wong

 
			
		
	Title:	 	VP

  
 [Signature Page to Credit
Agreement] 

 Annex B 

Updated Compliance Certificate 

(see attached) 

 ANNEX B 

COMPLIANCE CERTIFICATE 

_____________ ___, 201__ 
 THE UNDERSIGNED HEREBY
CERTIFIES AS FOLLOWS: 
  

	 	1.	 I am the Chief Financial Officer of BOX, INC. (the “Borrower”). 

 

	 	2.	 Reference is made to that certain Credit Agreement dated as of November 27, 2017 (as supplemented,
amended, modified, amended and restated or replaced in writing from time to time, the “Credit Agreement”, the terms defined therein and not otherwise defined herein being used herein as therein defined), by and between BOX, INC., a
Delaware corporation (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Lender”). All terms used but not otherwise defined herein shall have the meanings set forth in the Credit Agreement. 

 

	 	3.	 [No Potential Event of Default or Event of Default is continuing as of the date of delivery of this Compliance
Certificate.] 

 [OR] 

[A Potential Default or Event of Default is continuing as of the date of delivery of this Compliance Certificate. The nature of such Potential
Default or Event of Default is ____________________. The action that the Borrower proposes to take with respect thereto is ______________________.] 
  

	 	4.	 Attached hereto as Annex A are the calculations used in determining the financial covenants set forth in
Section 6.03(a) and Section 6.03(b) of the Credit Agreement, in each case, as of the date of this Compliance Certificate. 

 The
foregoing certifications, together with the computations set forth in Annex A hereto are made and delivered as of the date first set forth above pursuant to the Credit Agreement. 

 

			
	BOX, INC.
		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 ANNEX A 

To Compliance Certificate 
  

					
	 I.   Section 6.03(a) – Minimum Liquidity
	  			
	 a.   Liquidity
	  			
	 i.   Amount without duplication of Eligible Accounts Receivable of the Borrower
(on a consolidated basis) at such time:
	  	$	 	 
		  	  
	  
	 
	 ii.  Amount of Unrestricted Cash of the Borrower and any other Loan Part at such
time:
	  	$	 	 
		  	  
	  
	 
	 1.  Unrestricted cash, plus
	  	$	 	 
		  	  
	  
	 
	 2.  unrestricted Cash Equivalents, in each case, of the Borrower and any other Loan
Party in deposit or securities accounts (or any combination thereof) held with the Lender or any of its Affiliates, or with any other financial institution, with respect to which the Lender has received an account control agreement over such
account
	  	$	 	 
		  	  
	  
	 
	 b.  The sum of Line I.a.i and Line I.a.ii
	  	$	 	 
		  	  
	  
	 
	 c.   Minimum required at all times:
	  	$	150,000,000	 
	 II.   Section 6.03(b) – Leverage Ratio
	  			
	 a.   Borrower and Subsidiaries’ total Debt
	  			
	 i.   Outstanding Letters of Credit issued under the Agreement (including all
outstanding unreimbursed amounts under Letters of Credit)
	  	$	 	 
		  	  
	  
	 
	 ii.  Debt outstanding under the Agreement
	  	$	 	 
		  	  
	  
	 
	 iii.   Capital Leases
	  	$	 	 
		  	  
	  
	 
	 iv.   Without duplication, Line II.a.i plus Line II.a.ii plus Line
II.a.iii
	  	$	 	 
		  	  
	  
	 
	 b.  EBITDA:
	  			
	 i.   Consolidated Net Income:
	  	$	 	 
		  	  
	  
	 
	 ii.  Add-backs:
	  			
	 1.  Depreciation and amortization:
	  	$	 	 
		  	  
	  
	 
	 2.  Provision (benefits) for income tax
	  	$	 	 
		  	  
	  
	 
	 3.  Consolidated Total Interest Expense
	  	$	 	 
		  	  
	  
	 
	 4.  Non-cash expenses, losses and charges,
including, without limitation, non-cash compensation-based expenses:
	  	$	 	 
		  	  
	  
	 
	 5.  Extraordinary, unusual or non-recurring
expenses, losses and charges, including, without limitation, restructuring charges and costs, fees and expenses incurred by Borrower or its Subsidiaries in connection with any Permitted Acquisition
	  	$	 	 
		  	  
	  
	 
	 6.  Other expenses, losses or charges agreed to by the Lender:
	  	$	 	 
		  	  
	  
	 
	 7.  Total adjustments (sum of Line II.b.ii.1 through Line II.b.ii.6)
	  	$	 	 
		  	  
	  
	 
	 iii.   Average Deferred Revenue Change
	  			
	 iv.   Adjusted EBITDA (Line II.b.i plus Line II.b.ii.7 plus Line
II.b.iii)
	  	$	 	 
		  	  
	  
	 
	 c.   Line II.a.iv divided by Line II.b.iv:
	  	 	_____ : 1.00	 
	 d.  Maximum permitted Leverage Ratio:
	  	 	2.50:1.00Exhibit 4.1

 

Subscription Documents For

 

NEW MOUNTAIN GUARDIAN III BDC, L.L.C.

 

(U.S. INVESTORS)

 

 

SUBSCRIPTION DOCUMENT INSTRUCTIONS

 

Prospective investors must complete the Subscription Agreement (the “Subscription Agreement”), the Investor Questionnaire (the “Investor Questionnaire”) and any necessary attachments (the Subscription Agreement, the Investor Questionnaire and all such attachments collectively, the “Subscription Documents”) contained in this package in the manner described below.  For purposes of these Subscription Documents, the “Investor” is the person or entity for whose account the Units are being purchased and that can make the representations and warranties set forth in the Subscription Documents.  Another person or entity with investment authority may execute the Subscription Documents on behalf of the Investor, but should indicate the capacity in which it is doing so and the name of the Investor.  Capitalized terms not defined herein are used as defined in the Subscription Agreement.

 

General Instructions

 

All Investors must complete or provide the following:

 

o                                    Subscription Agreement (complete page 13, date and execute).

 

o                                    Acknowledgment form (complete the appropriate form on pages 15-20, execute and notarize).

 

o                                    Investor Questionnaire (complete the applicable sections and execute page 18).

 

o                                    Rule 506(D) Events Questionnaire (included as Exhibit A hereto).

 

o                                    Internal Revenue Service (“IRS”) Form W-9 (available at https://www.irs.gov).

 

o                                    Evidence of authorization (see instructions below).

 

Evidence of Authorization:

 

Each Investor should provide satisfactory evidence of authorization.  This evidence of authorization must include evidence of the authority of the individual who signed IRS Form W-9 to execute such documents.

 

For Individuals:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and their country of citizenship.

 

o                                    Provide proof of address that corresponds to the address provided in the Subscription Documents and passport or driver’s license.

 

o                                    If an individual Investor is using a third party to act on his/her behalf, provide a copy of the driver’s license or passport of that third party.

 

o                                    If the copy of the passport or driver’s license of the Investor or third party does not contain the individual’s current address, provide an additional government issued identification document certifying the individual’s name and current address.

 

1

 

For Corporations:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and country of citizenship for each signatory.

 

o                                    Submit certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign the Subscription Documents.

 

o                                    Provide a copy of the certificate of incorporation, or other information identifying the place of incorporation.

 

For Partnerships:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and country of citizenship for each signatory.

 

o                                    Submit a certified copy of the partnership certificate (in the case of limited partnerships) or partnership agreement identifying the general partner(s).

 

For Limited Liability Companies:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and country of citizenship for each signatory.

 

o                                    Submit a certified copy of the limited liability company operating agreement or certificate of formation identifying the manager or managing member, as applicable, empowered to sign the Subscription Documents.

 

o                                    Provide a copy of the certificate of formation, or other information identifying the place of formation or incorporation.

 

For Trusts:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and country of citizenship for each signatory.

 

o                                    Submit a copy of the trust agreement and, if not included in the trust agreement, a document identifying authorized signatories.

 

For Employee Benefit Plans:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and country of citizenship for each signatory.

 

o                                    Submit a certificate or similar documentation of an appropriate officer certifying that the subscription has been authorized and identifying the individual empowered to sign the Subscription Documents.

 

For Governmental Plans:

 

o                                    Provide a copy of a passport or a driver’s license with photograph and country of citizenship for each signatory.

 

o                                    Submit a certificate or similar documentation of an appropriate officer certifying that the subscription has been authorized and identifying the individual empowered to sign the Subscription Documents.

 

2

 

Investors may be requested to furnish other or additional documentation evidencing the authority to invest in the Fund.  The Fund may waive any of the foregoing in its sole discretion.

 

Delivery of Subscription Documents

 

One (1) original completed and executed copy of the following documents should be delivered to the Fund, care of Simpson Thacher & Bartlett LLP, at the address noted below:

 

i.             the Subscription Agreement and the Investor Questionnaire,

 

ii.          the appropriate notarized acknowledgment form;

 

iii.       the IRS Form W-9; and

 

iv.      any required evidence of authorization.

 

Address for delivery:

 

Simpson Thacher & Bartlett LLP
 900 G Street, N.W.

Washington, D.C. 20001
 Attn: Debbie Sutter

 

In addition, please send (i)-(iv) above by email to Simpson Thacher & Bartlett LLP at List-NMGIII-SubDocs@lists.stblaw.com as soon as possible.

 

Inquiries regarding subscription procedures should be directed to Simpson Thacher & Bartlett LLP at List-NMGIII-SubDocs@lists.stblaw.com.  If the Investor Questionnaire indicates that any Investor’s response to a question requires further information, such Investor should contact the above at Simpson Thacher & Bartlett LLP.

 

If the Investor’s subscription is accepted by the Fund (in whole or in part), a fully executed set of the Subscription Documents will be returned to the Investor.

 

[remainder of page intentionally left blank]

 

3

 

SUBSCRIPTION AGREEMENT

 

New Mountain Guardian III BDC, L.L.C.
 787 7th Avenue, 49th Floor

New York, New York 10019

 

Ladies and Gentlemen:

 

1.              Subscription. The person or entity for whose account the units of limited liability company interests (“Units”) are being purchased (the “Investor”) subscribes for and agrees to purchase Units in New Mountain Guardian III BDC, L.L.C. (the “Fund”) with a Capital Commitment (as defined in the Limited Liability Company Agreement referred to below) in the amount set forth on the signature page hereto.  The Investor acknowledges and agrees that this subscription (i) is irrevocable on the part of the Investor, (ii) is conditioned upon acceptance by or on behalf of the Fund and (iii) may be accepted or rejected in whole or in part by the Fund in its sole discretion.  The Investor agrees to be bound by all the terms and provisions of the Amended and Restated Limited Liability Company Agreement of the Fund (as amended from time to time, the “Limited Liability Company Agreement”) in the final form provided to the Investor.  Capitalized terms not defined herein are used as defined in the Limited Liability Company Agreement.  To the extent anything in this Subscription Agreement is inconsistent with the terms of the Limited Liability Company Agreement, the Limited Liability Company Agreement shall control.

 

2.              Representations and Warranties of the Investor.  To induce the Fund to accept this subscription, the Investor represents, warrants and/or covenants as follows:

 

(a)                                 The Investor has been furnished and has carefully read the Private Placement Memorandum relating to the Fund (as amended, restated and/or supplemented through the closing date of the Investor’s subscription for Units, the “Memorandum”), the Limited Liability Company Agreement and, if the Investor is a natural person, a current copy of the New Mountain Privacy Policy attached hereto as Annex 1.  The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Units, is able to bear the risks of an investment in the Units and understands the risks of, and other considerations relating to, a purchase of Units, including the matters set forth under the caption “Certain Risk Factors and Potential Conflicts of Interest” in the Memorandum.

 

(b)                                 The Units to be acquired pursuant to this Subscription Agreement are being acquired by the Investor for the Investor’s own account for investment purposes only and not with a view to resale or distribution.

 

(c)                                  The Investor understands that the Fund intends to file or has filed (i) an election to be treated as a business development company under the Investment Company Act and (ii) an election to be treated as a regulated investment company within the meaning of Section 851 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); pursuant to those elections, the Investor will be required to furnish certain information to

 

1

 

the Fund as required under Treasury Regulations § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Fund, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulations § 1.852-7. Upon the request of the Fund, the Investor may be required to promptly deliver a properly completed and executed IRS Form 972 with respect to the Fund. The Fund intends to file a registration statement on Form 10 (the “Form 10 Registration Statement”) for its Units with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Form 10 Registration Statement is not the offering document pursuant to which the Fund is conducting this offering and may not include all information regarding the Fund contained in the Memorandum; accordingly, Investors should rely on information contained in the Memorandum and Subscription Documents in making their investment decisions. The Investor acknowledges it may be required to make filings with the SEC pursuant to Section 13 or Section 16 of the Exchange Act, as applicable.

 

(d)                                 The Investor understands that the Units have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), the securities laws of any state thereof or the securities laws of any other jurisdiction, nor is such registration contemplated.  The Investor understands and agrees further that the Units must be held indefinitely unless they are subsequently registered under the Securities Act and these laws or an exemption from registration under the Securities Act and these laws covering the sale of Units is available.  Even if such an exemption is available, the assignability and transferability of the Units will be governed by the Limited Liability Company Agreement, which imposes substantial restrictions on transfer.  The Investor understands that legends stating that the Units have not been registered under the Securities Act and these laws, and setting out or referring to the restrictions on the transferability and resale of the Units, will be placed on all documents evidencing the Units.  The Investor represents and warrants that, unless separately acknowledged in writing by the Fund on the date of acceptance of this Subscription Agreement, there are no governmental orders, permissions, consents, approvals or authorizations that are required to be obtained and/or observed, and no registrations or other filings (other than a notice of exempt offering on Form D under the Securities Act or other similar filings under any applicable U.S. state “blue sky” law or the securities laws of any other jurisdiction) are required to be made (in each case whether regarding registration as a lobbyist, investment advisor and/or other status or category, or otherwise (including restrictions on gifts, political contributions or other activities) for the Fund, New Mountain Finance Advisers BDC, L.L.C. (the “Adviser”) or their respective Affiliates or employees) in connection with the purchase of the Units by the Investor and/or the Investor’s status as a Unitholder of the Fund. The Investor’s overall commitment to the Fund and other investments that are not readily marketable is not disproportionate to the Investor’s net worth, and the Investor has no need for immediate liquidity in the Investor’s investment in Units.

 

(e)                                  To the full satisfaction of the Investor, the Investor has been furnished any materials the Investor has requested relating to the Fund, the offering of Units or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions of representatives of the Fund concerning the terms and

 

2

 

conditions of the offering and to obtain any additional information necessary to verify the accuracy of any representations or information set forth in the Memorandum.

 

(f)                                   Other than as set forth in the Memorandum, the Limited Liability Agreement and any separate agreement in writing with the Fund or the Adviser executed in conjunction with the Investor’s subscription for Units, the Investor is not relying upon any other information (including, without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine, website or similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or advertising), representation or warranty by the Fund, the Adviser, any Affiliate of the foregoing or any agent of them, written or otherwise, in determining to invest in the Fund and the Investor understands that the Memorandum is not intended to convey tax or legal advice.  The Investor has consulted to the extent deemed appropriate by the Investor with the Investor’s own advisers as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in Units, and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment in the Units, and believes that an investment in the Units is suitable and appropriate for the Investor.

 

(g)                                  If the Investor is not a natural person (i) the Investor has the power and authority to enter into this Subscription Agreement, the Limited Liability Company Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Units, and to perform its obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (ii) the person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement, the Limited Liability Company Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Units.  If the Investor is a natural person, the Investor has all requisite legal capacity to acquire and hold the Units and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Units.  The Investor has provided the Fund with a copy of any policy or regulation applicable to the Investor or the Investor’s service providers (including with respect to political contributions, third-party payments or the use of placement agents) to which the Adviser, and/or the Fund will be expected to comply in connection with the Investor’s investment in the Fund.  Neither (A) the execution and delivery by the Investor of, and compliance by the Investor with, this Subscription Agreement, the Limited Liability Company Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for Units nor (B) except as disclosed to the Fund in writing prior to the submission hereof, the payment of a fee to any placement agent, solicitor or finder in connection with the Investor’s subscription for Units, violates or represents a breach of, or constitutes a default under, any instruments governing the Investor, any law, regulation, order or policy, or any agreement to which the Investor is a party or by which the Investor is bound, including any policy or regulation of the type referred to in the previous sentence.  This Subscription Agreement has been duly executed by the Investor and constitutes, and the Limited Liability Company Agreement, when the Investor is admitted as a Unitholder, will constitute, a valid and legally binding agreement

 

3

 

of the Investor, enforceable against it in accordance with the terms thereof (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, by equitable principles (whether considered in a proceeding in equity or at law) and by an implied covenant of good faith and fair dealing).

 

(h)                                 The Investor: (i) is not registered as an investment company under the 1940 Act; (ii) has not elected to be regulated as a business development company under the 1940 Act; and (iii) either (A) is not relying on the exception from the definition of “investment company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company regulated under the 1940 Act.

 

(i)                                     If the Investor is, or is acting (directly or indirectly) on behalf of, a Plan(1) that is subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975 of the Code, or any provisions of any other U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to those provisions of ERISA or the Code (collectively, “Other Plan Laws”):

 

(i)             (a) neither the Adviser, the Fund or any of their respective Affiliates (collectively referred to as the “New Mountain Entities”) has acted as the Plan’s fiduciary, or has been relied upon for any advice, with respect to the Plan’s decision to purchase or hold any Units and none of the New Mountain Entities shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to purchase, continue to hold, transfer, withdraw, vote or provide any consent with respect to any Units; and

 

(b) the decision to invest in the Fund has been made, and the performance of the Plan’s obligations under (and the exercise of the Plan’s rights in connection with) the Limited Liability Company Agreement and the Subscription Agreement will continue to be made, at the recommendation or direction of an independent fiduciary (a “Fiduciary”) who is:

 

(A)       independent of the New Mountain Entities;

 

(B)       capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies;

 

(1)         The term “Plan” is defined to include (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual retirement account or other arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types of plans, accounts or arrangements, for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder and (v) an entity that is deemed to hold the assets of any of the foregoing described in clauses (i), (ii), (iii) or (iv), pursuant to ERISA or otherwise.

 

4

 

(C)       a fiduciary (under ERISA and/or Section 4975 of the Code or Other Plan Laws, as applicable), with respect to the Plan’s investment in the Fund and is responsible for exercising independent judgment in evaluating the Plan’s investment in the Fund; and

 

(D)       aware of and acknowledges that (I) none of the New Mountain Entities are undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the Plan’s investment in the Fund, (II) the New Mountain Entities have a financial interest in the Plan’s investment in the Fund on account of the fees and other compensation they expect to receive from the Fund and their other relationships with the Fund, and (III) any such fees and other compensation received by a New Mountain Entity do not constitute fees or other compensation rendered for the provision of investment advice to the Plan;

 

(ii)          the Independent Fiduciary has taken into consideration its fiduciary duties under ERISA or any Other Plan Law, as applicable, including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable), in authorizing the Plan’s investment in the Fund, and has concluded that such investment is prudent;

 

(iii)       the Plan’s decision to invest in the Fund and the acquisition of the Units contemplated thereby is in accordance with the terms of the Plan’s governing instruments and complies with all applicable requirements of ERISA, the Code and Other Plan Laws and does not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, or a similar violation under any applicable Other Plan Laws; and

 

(iv)      if the Investor is (directly or indirectly) investing the assets of a Plan which is not subject to Title I of ERISA or Section 4975 of the Code but is subject to Other Plan Laws, the Investor represents and warrants that the Fund’s assets will not constitute the assets of such Plan under the provisions of such Other Plan Laws thereby subjecting the Fund and the Adviser (or other Persons responsible for the operation of the Fund and/or investment of the Fund’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

 

The representations and warranties set forth in this paragraph 2(i) shall be deemed repeated and reaffirmed on each day the Investor holds any Units.  If at any time prior to the winding up and dissolution of the Fund the representations and warranties set forth in this paragraph shall cease to be true, the Investor shall promptly notify the Fund in writing.  The Investor was offered the Units through private negotiations, not through any general solicitation or general advertising, and in the State listed in Section A.4 in the Investor Questionnaire attached hereto (the “Investor Questionnaire”) and intends that the securities laws of that State govern the Investor’s subscription.

 

5

 

(j)                                    The Investor acknowledges, or, if the Investor is acting as agent, representative or nominee for a subscriber, the Investor has advised the beneficial owner that the Fund has entered, or may enter, into an agreement with a Placement Agent providing for a payment from the Fund of a one-time or ongoing fee based upon the Units of any Investor introduced to the Fund by such Placement Agent.

 

(k)                                 (i)                                     Neither the Investor, nor any of its Affiliates or beneficial owners (w) appears on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) (which can be found here: http://www.treas.gov/offices/enforcement/ofac/), nor are they otherwise a party with which the Fund is prohibited to deal under the laws of the United States, (x) appears on the European External Action Service consolidated list of persons, groups and entities subject to EU financial sanctions maintained on behalf of the European Commission, (y) appears on the Consolidated United Nations Security Council Sanctions List or (z) is a person identified as a terrorist organization on any other relevant lists maintained by governmental authorities.  The Investor further represents and warrants that: (a) if the Investor is a natural person, the Investor is not a person who is or has been entrusted with prominent public functions, such as Head of State or of government, a senior politician, a senior government, judicial or military official, a senior executive of a state-owned corporation or an important political party official, or a close family member or close associate of such person, and (b) the monies used to fund the investment in the Units are not derived from, invested for the benefit of or related in any way to, the governments of, or persons within, any country that (i) is under a U.S. embargo enforced by OFAC, (ii) has been designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or (iii) has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern.”

 

The Investor further represents and warrants that the Investor: (i) has conducted thorough due diligence with respect to all of its beneficial owners, (ii) has established the identities of all beneficial owners and the source of each of the beneficial owner’s funds and (iii) will retain evidence of any such identities, any such source of funds and any such due diligence.  Pursuant to anti-money laundering laws and regulations, the Fund may be required or determine that it is necessary and appropriate to collect documentation verifying the Investor’s identity and the source of funds used to acquire a Unit before, and from time to time after, acceptance by the Fund of this Subscription Agreement.  The Investor does not know or have any reason to suspect that (i) the monies used to fund the Investor’s investment in a Unit have been or will be derived from or related to any illegal activities, including but not limited to, money laundering activities, and (ii) the proceeds from the Investor’s investment in Units will be used to finance any illegal activities.  Neither the Investor, nor any of its Affiliates, nor any person having a direct or indirect beneficial

 

6

 

interest in the Units being acquired is (i) a senior foreign political figure (“SFPF”),(2) (ii) an immediate family member(3) of a SFPF or (iii) a close associate(4) of a SFPF.

 

Neither the Investor, nor any of its Affiliates, nor any person having a direct or indirect beneficial interest in the Units being acquired is (i) a politically exposed person (a “PEP”),(5) (ii) an immediate family member(6) of a PEP or (iii) a close associate(7) of a PEP.  The Investor further represents and warrants that to the extent a beneficial owner is a bank, including a branch, agency or office of a bank, that is not physically located in the United States, that the Investor has taken and will take reasonable measures to establish that the bank has a physical presence or is an affiliate of a regulated entity.  The Investor has determined that the funds being invested by the Investor in the Fund do not come from corruption.

 

(ii)                                  The Investor acknowledges and agrees that unless the Adviser or the Fund otherwise agrees, any distributions to it will be paid to the account specified in Section A of the Investor Questionnaire, which will be the same account from which payments will be made by the Investor to the Fund and will only be made in the Investor’s name and, unless otherwise specified in Section A of the Investor Questionnaire, to and from a bank account of a bank based or incorporated in or formed under the laws of the United States or of a bank that is regulated in and either based or incorporated in or formed under the laws of the United States or another “Approved FATF Country” and that is not a “foreign shell bank” within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be amended from time to time.  For the purposes of this Subscription Agreement, an “Approved FATF Country” means a country

 

(2)         A “senior foreign political figure” means a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major non-U.S. political party or a current or former senior executive of a non-U.S. government-owned commercial enterprise.  In addition, a “senior foreign political figure” includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.  For purposes of this definition, a “senior official” or “senior executive” means an individual with substantial authority over policy, operations, or the use of government-owned resources.

(3)         An “immediate family member” of a SFPF means spouses, parents, siblings, children and a spouse’s parents and siblings.

(4)         A “close associate” of a SFPF means a person who is widely and publicly known (or is actually known) to be a close associate of a SFPF.

(5)         A “politically exposed person” means individuals who are or have been entrusted with prominent public functions domestically or by a foreign country or an international organization. Examples include, without limitation, a current or former senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not), a senior official of a major political party or a senior executive of a government-owned corporation.  In addition, a “politically exposed person” includes any corporation, business or other entity that has been formed by, or for the benefit of, a political figure.

(6)         An “immediate family member” of a PEP typically includes the figure’s parents, siblings, spouse, children and in-laws.

(7)         A “close associate” of a PEP means a person who is widely and publicly known to maintain an unusually close relationship with a PEP, and includes a person who is in a position to conduct substantial financial transactions on behalf of a PEP.

 

7

 

that is recognized as such by the Financial Action Task Force on Money Laundering.(8)

 

(iii)                               If the Investor or beneficial owner of the investment in the Units is a non-U.S. banking institution (a “Non-U.S. Bank”), the Investor represents and warrants to the Fund that it is not a prohibited “shell bank” as defined by the USA PATRIOT Act Regulations.

 

(iv)                              In the event that the Investor is a non-U.S. Bank or if the Investor receives deposits from, makes payments on behalf of, or handles other financial transactions related to a Non-U.S. Bank, the Investor represents and warrants to the Fund that: (A) the Non-U.S. Bank has a fixed address, other than an electronic address or a post-office box, in a country in which the Non-U.S. Bank is authorized to conduct banking activities; (B) the Non-U.S. Bank employs one or more individuals on a full-time basis; (C) the Non-U.S. Bank maintains operating records related to its banking activities; (D) the Non-U.S. Bank is subject to inspection by the banking authority that licensed the Non-U.S. Bank to conduct banking activities; and (E) the Non-U.S. Bank does not provide banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a regulated affiliate.

 

(v)                                 The Investor agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations and/or if the Fund determines in its good faith judgment that such action is in the best interests of the Fund (including if the Investor fails to provide any information or execute and deliver any documents requested pursuant to Section 4), the Adviser  may “freeze the account” of the Investor, either by prohibiting additional investments by the Investor, segregating assets of the Investors and/or suspending other rights the Investor may have under the Limited Liability Company Agreement and (B) the Adviser may be required to report such action or confidential information relating to the Investor (including, without limitation, disclosing the Investor’s identity) to governmental authorities, self-regulatory organizations and financial institutions.

 

(vi)                              The representations and warranties set forth in this paragraph 2(k) shall be deemed repeated and reaffirmed by the Investor to the Fund as of each date that the Investor is required to make a Capital Contribution or other payment to, or receives a distribution from, the Fund or any alternative investment vehicle, if applicable.  If at any time during the term of the Fund, the representations and warranties set forth in this paragraph 2(k) cease to be true, the Investor shall promptly so notify the Fund in writing.

 

(vii)                           The Investor understands and agrees that the Fund may not accept any amounts from a prospective Unitholder if such prospective Unitholder cannot make the representations and warranties set forth in this paragraph 2(k).  If an

 

(8)         A list of current FATF members can be found at

http://www.fatf-gafi.org/pages/aboutus/membersandobservers/#d.en.3147.

 

8

 

existing Unitholder cannot make these representations or warranties at any time, the Fund may require the redemption of such Unitholder’s Units pursuant to Section 10.3 of the Limited Liability Company Agreement.

 

(l)                               The Investor will not transfer or deliver any interest in the Units except in accordance with the restrictions set forth in the Limited Liability Company Agreement.

 

3.              Tax Information.  The Investor certifies under penalties of perjury that (i)(A) the Investor’s name, taxpayer identification or social security number and address provided in the Investor Questionnaire are correct and (B) the Investor will complete and return with this Subscription Agreement an IRS Form W-9 and (ii)(A) the Investor is not a non-resident alien individual, foreign corporation, foreign partnership, foreign trust or foreign estate (as defined in the Code) and (B) the Investor will notify the Fund within sixty (60) calendar days of any change in such status.  The Investor agrees to execute properly and provide to the Fund in a timely manner any tax documentation or other information that may be reasonably required by the Adviser in connection with the Fund (including, but not limited to, the name, address and tax identification number of any “substantial U.S. owner” of the Investor or other information required to reduce or eliminate any withholding tax directly or indirectly imposed on or collected by or with respect to the Fund pursuant to Sections 1471 through 1474 of the Code, an intergovernmental agreement entered into in connection with the implementation of Sections 1471 through 1474 of the Code or any similar regime under non-U.S. law implementing such intergovernmental agreement or any similar provision of non-U.S. law (“FATCA”) and any other information reasonably requested by the Adviser that is necessary for the Fund (or any entity in which the Investor directly or indirectly invests) to comply with its obligations pursuant to FATCA).

 

4.              Further Advice and Assurances.  All information which the Investor has provided to the Fund, including the information in this Subscription Agreement and in the Investor Questionnaire, is true, correct and complete as of the date hereof, and the Investor agrees to notify the Fund immediately if any representation or warranty contained in this Subscription Agreement or any of the information in the Investor Questionnaire, becomes untrue at any time.  The Investor agrees to provide such information and execute and deliver such documents with respect to itself and its direct and indirect beneficial owners as the Fund may from time to time reasonably request from time to time to verify the accuracy of the Investor’s representations and warranties herein, to establish the identity of the Investor and the direct and indirect participants in its investment in Units, to the extent applicable, to effect the transfer and admission referred to in the second sentence of paragraph 5 below, to comply with any law, rule or regulation to which the Fund may be subject, including, without limitation, compliance with anti-money laundering laws, rules and regulations of any applicable jurisdiction, to respond to requests for information concerning the identity of Unitholders or source of funds from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures, to update such information, or to respond to any request by a court or regulatory authority in connection with any actual or proposed Portfolio Investment or for any other reasonable purpose.

 

5.              Power of Attorney.  The Investor by executing this Subscription Agreement hereby appoints any duly authorized representative of the Fund, with full power of substitution, as the Investor’s true and lawful representative and attorney-in-fact, and agent of the Investor, to

 

9

 

execute, acknowledge, verify, swear to, deliver, record and file, in the Investor’s name, place and stead, the Limited Liability Company Agreement, any amendments to the Limited Liability Company Agreement (approved in accordance therewith) or any other agreement or instrument that the Fund deems appropriate solely to admit the Investor as a Unitholder of the Fund.  To the fullest extent permitted by law, this power of attorney is coupled with an interest, is irrevocable and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of the Investor.  This power of attorney shall not revoke any prior powers of attorney executed by the Investor (including any powers of attorney contained in any documents executed pursuant to a power of attorney) and will terminate upon the complete withdrawal of an assigning Unitholder from participation in the Fund.  The Investor acknowledges and agrees that under the terms of the Limited Liability Company Agreement each Unitholder grants a further power of attorney to the Fund as provided for therein.

 

6.              Indemnity.  The Investor understands that the information provided herein (including the Investor Questionnaire) will be relied upon by the Fund and the Adviser for the purpose of determining the eligibility of the Investor to purchase Units in the Fund.  The Investor agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor to purchase Units in the Fund.  To the fullest extent permitted by law, unless otherwise agreed to in writing by the Adviser (on its own behalf and/or on behalf of the Fund) the Investor agrees to indemnify and hold harmless the Fund, the Adviser, the Administrator and their respective Affiliates and each Unitholder thereof from and against any loss, damage or liability due to or arising out of a material breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire attached hereto) or in any other document provided by the Investor to the Fund or in any agreement (other than the Limited Liability Company Agreement) executed by the Investor with the Fund or the Adviser in connection with the Investor’s investment in Units.  Notwithstanding any provision of this Subscription Agreement (including the Investor Questionnaire), the Investor does not waive any rights granted to it under the Limited Liability Company Agreement or applicable securities laws.

 

7.              Miscellaneous.  This Subscription Agreement is not assignable by the Investor without the prior written consent of the Fund.  The representations and warranties made by the Investor in this Subscription Agreement, including the Investor Questionnaire attached hereto, shall survive the closing of the transactions contemplated hereby and any investigation made by the Fund or the Adviser.  The Investor Questionnaire, including, without limitation, the representations and warranties contained therein, is an integral part of this Subscription Agreement and shall be deemed incorporated by reference herein.  This Subscription Agreement may be executed in one or more counterparts, all of which together shall constitute one instrument.  Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York, and the parties hereto submit to the non-exclusive jurisdiction of federal and state courts located in the State of New York.

 

8.              Distributions.  Distributions to the Investor in respect of its Units shall be made to the account(s) specified in Section A of the Investor Questionnaire or as otherwise specified in writing by the Investor to the Fund.

 

10

 

9.              “Disqualifying Event” under Rule 506. The Investor represents that neither the Investor nor any person who through the Investor’s Units (including anyone who has investment discretion on the Investor’s behalf) beneficially owns the Units has been subject to any of the events specified in Exhibit A during the time periods specified therein.  Furthermore, the Investor agrees to provide the Fund with prompt written notice of the occurrence of any event specified in Exhibit A with respect to the Investor or any such beneficial owner.

 

FOR FLORIDA INVESTORS

 

THE UNITS HAVE NOT BEEN REGISTERED UNDER THE FLORIDA SECURITIES ACT.

 

IF SALES ARE MADE TO FIVE (5) OR MORE INVESTORS IN FLORIDA, ANY FLORIDA INVESTOR MAY, AT HIS OR HER OPTION, VOID ANY PURCHASE HEREUNDER WITHIN A PERIOD OF THREE (3) DAYS AFTER HE OR SHE (A) FIRST TENDERS OR PAYS TO THE FUND, AN AGENT OF THE FUND OR AN ESCROW AGENT THE CONSIDERATION REQUIRED HEREUNDER OR (B) DELIVERS HIS OR HER EXECUTED SUBSCRIPTION AGREEMENT, WHICHEVER OCCURS LATER. TO ACCOMPLISH THIS, IT IS SUFFICIENT FOR A FLORIDA INVESTOR TO SEND A LETTER OR TELEGRAM TO THE FUND WITHIN SUCH THREE (3) DAY PERIOD, STATING THAT HE OR SHE IS VOIDING AND RESCINDING THE PURCHASE.  IF ANY INVESTOR SENDS A LETTER, IT IS PRUDENT TO DO SO BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO INSURE THAT THE LETTER IS RECEIVED AND TO EVIDENCE THE TIME OF MAILING.

 

FOR INVESTORS IN OTHER U.S. STATES

 

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE FUND AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.  THE UNITS HAVE NOT BEEN RECOMMENDED BY ANY U.S. FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY.  FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

THE UNITS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

11

 

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the date set forth below.

 

	
Date:
    	
 
    	
 
    	
Amount of Capital   Commitment:
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
$
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
INDIVIDUAL   INVESTOR:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Print Full Name)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Signature)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
PARTNERSHIP,   CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, JOINT   ACCOUNT(9), OTHER INVESTOR:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Print Full Name of Entity)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
(Signature)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Print Full Name and Title)
    
							

 

(9)   If the account is a joint account, the other authorized signatory on such account must also execute this Subscription Agreement.

 

12

 

ACCEPTANCE OF SUBSCRIPTION

 

(to be filled out only by the Fund)

 

The Fund hereby accepts the above application for subscription for Units as of the date set forth below.

 

	
NEW MOUNTAIN GUARDIAN   III BDC, L.L.C.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Amount of Capital   Commitment Accepted:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
$
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
						

 

13

 

ACKNOWLEDGMENT FOR INDIVIDUAL SUBSCRIBERS

 

	
STATE OF
    	
 
    	
)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
:  ss.:
    
	
 
    	
 
    	
 
    
	
COUNTY OF
    	
 
    	
)
    

 

On this         day of             , 201   , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally appeared                    , known to me to be the person (or persons) whose name is (or whose names are) subscribed to on the within instrument, and acknowledged that he (or she or they) executed the same.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
[Seal]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My commission expires:
    	
 
    	
 
    

 

14

 

PARTNERSHIP ACKNOWLEDGMENT

 

	
STATE OF
    	
 
    	
)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
:  ss.:
    
	
 
    	
 
    	
 
    
	
COUNTY OF
    	
 
    	
)
    

 

On this         day of             , 201   , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally appeared                    , known to me to be the person whose name is subscribed to on the within instrument, and acknowledged that he (she) executed the same as a general partner of the foregoing partnership.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
[Seal]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My commission expires:
    	
 
    	
 
    

 

15

 

CORPORATE ACKNOWLEDGMENT

 

	
STATE OF
    	
 
    	
)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
:  ss.:
    
	
 
    	
 
    	
 
    
	
COUNTY OF
    	
 
    	
)
    

 

On this         day of             , 201   , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally appeared                         , known to me, who, being by me duly sworn, did depose and say that he (she) is the                 of             , the corporation whose name is subscribed to on the within instrument; that he (she) executed said instrument on behalf of said corporation by authority of its board of directors or pursuant to its by-laws and that the same is the free act and deed by said corporation.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
[Seal]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My commission expires:
    	
 
    	
 
    

 

16

 

TRUST ACKNOWLEDGMENT

 

	
STATE OF
    	
 
    	
)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
:  ss.:
    
	
 
    	
 
    	
 
    
	
COUNTY OF
    	
 
    	
)
    

 

On this         day of             , 201   , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally appeared                , known to me, who duly acknowledged to me that he (she) (they) (it) is (are) the trustee(s) of                 trust described in the foregoing instrument, that the foregoing instrument was signed on behalf of said trust and that the same is the free act and deed of said trust.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
[Seal]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My commission expires:
    	
 
    	
 
    

 

17

 

LIMITED LIABILITY COMPANY ACKNOWLEDGMENT

 

	
STATE OF
    	
 
    	
)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
:  ss.:
    
	
 
    	
 
    	
 
    
	
COUNTY OF
    	
 
    	
)
    

 

On this         day of             , 201   , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally appeared                          , known to me to be the person whose name is subscribed to on the within instrument, and acknowledged that he (she) executed the same as a manager or managing member, as applicable, of the foregoing limited liability company.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
[Seal]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My commission expires:
    	
 
    	
 
    

 

18

 

STATE PENSION PLAN ACKNOWLEDGMENT

 

	
STATE OF
    	
 
    	
)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
:  ss.:
    
	
 
    	
 
    	
 
    
	
COUNTY OF
    	
 
    	
)
    

 

On this         day of             , 201    , before me, the undersigned, a Notary Public of said State, duly commissioned and sworn, personally appeared                           , known to me, who, being by me duly sworn, did depose and say that she is the                  of                                                                            , the state governmental pension plan whose name is subscribed to on the within instrument; that she executed said instrument on behalf of said state governmental pension plan by authority of its enabling statute and that the same is the free act and deed by said state governmental pension plan.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    
	
 
    	
 
    	
 
    
	
[Seal]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
My commission expires:
    	
 
    	
 
    

 

19

 

INVESTOR QUESTIONNAIRE

 

A.            General Information

 

1.                                      Print Full Name of Investor

 

	
Individual:   
    	
 
    	
Entity:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
First
    	
Middle
    	
Last
    	
 
    	
Full Name of Entity 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name   of Parent Institution Known to New Mountain (if different from Entity name   above)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Beneficial Owner of   Investment (optional)
    
	
 
    	
 
    	
 
    
	
Permanent   Address of Investor:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
					

 

	
Entity:  To   assist the Fund in preparing the its tax and regulatory filings, please check   the category into which you fall (please select only one of the   options below):
    
	
 
    	
 
    
	
 
    	
o
    	
Individual that is a United States person (including a trust of any such individual)
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Individual that is a not a United States person (including a trust of any such individual)
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Broker-dealer
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Insurance company
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Investment company   registered with the SEC under the Investment Company Act
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
An issuer that would be an   investment company as defined in Section 3 of the Investment Company Act   but for Section 3(c)(1) or 3(c)(7) thereof
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Non-profit organization
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Pension plan (excluding governmental pension plans)
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Banking or thrift   institution (proprietary)
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Any state or political   subdivision of a state, including (i) any agency, authority or   instrumentality of the state or political subdivision; (ii) a plan or   pool of assets controlled by the state or political subdivision or any   agency, authority or instrumentality thereof; and (iii) any officer,   agent or employee of the state or political subdivision or any agency,   authority or instrumentality thereof, acting in its official capacity (excluding governmental pension plans)
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
State or municipal   governmental pension plan
    

 

1

 

	
 
    	
o
    	
Sovereign wealth fund or   foreign official institution
    
	
 
    	
 
    	
 
    
	
 
    	
o
    	
Other (please specify):                                                 
    
	
 
    	
 
    
	
2.
    	
U.S. Taxpayer Identification or Social Security   Number:
    
	
 
    	
 
    
	
3.
    	
Medicare Identification Number (if   applicable):                                                                                                         o Not Applicable 
    
	
 
    	
 
    
	
 
    	
Please provide information on all of the individuals who play a   role in the Investor’s investment in the Fund, including contacts for   business relationship matters and investment decision making, receiving   financial information and maintaining records, capital call and distribution   notices, legal documentation and tax matters.
    
	
 
    	
 
    
	
 
    	
E-mail addresses will be used to notify the   Investor of any notices, reports, requests, demands, consents or other   communications that are posted to the Fund’s intranet website (currently   IntraLinks) in accordance with Section 13.1 of the Limited Liability   Company Agreement.
    
	
 
    	
 
    
	
4.
    	
Primary Contact Person for this Account, for   business relationship matters and investment decision making:
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    
	
 
    	
E-mail:
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    
	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    
	
 
    	
o
    	
For Tax Matters
    
	
 
    	
 
    
	
5.
    	
Additional Contact Person
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    
	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    

 

2

 

	
 
    	
o
    	
For   Tax Matters 
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    
	
 
    	
E-mail:
    
	
 
    	
 
    
	
6.
    	
Additional Contact Person
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    
	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    
	
 
    	
o
    	
For   Tax Matters 
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    
	
 
    	
E-mail:
    
	
 
    	
 
    
	
7.
    	
Additional   Contact Person
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    
	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    
	
 
    	
o
    	
For   Tax Matters 
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    
	
 
    	
E-mail:
    
	
 
    	
 
    
	
8.
    	
Additional Contact   Person
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    

 

3

 

	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    
	
 
    	
o
    	
For   Tax Matters 
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    
	
 
    	
E-mail:
    
	
 
    	
 
    
	
9.
    	
Additional Contact   Person
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    
	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    
	
 
    	
o
    	
For   Tax Matters 
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    
	
 
    	
E-mail:
    
	
 
    	
 
    
	
10.
    	
Additional   Contact Person
    
	
 
    	
 
    
	
 
    	
o
    	
All   Information Below
    
	
 
    	
o
    	
Financial   Statements & Capital Statements
    
	
 
    	
o
    	
For   Capital Call and Distribution Notices
    
	
 
    	
o
    	
For   Legal Documentation
    
	
 
    	
o
    	
For   Tax Matters
    
	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Street Address:
    
	
 
    	
Organization:
    
	
 
    	
Telephone:
    

 

4

 

	
 
    	
E-mail:
    
	
 
    	
 
    
	
11.
    	
For   distributions of cash, please wire funds to the following bank account:
    
	
 
    	
 
    
	
 
    	
Bank Name:
    
	
 
    	
Bank Address:
    
	
 
    	
Bank’s ABA or IBAN:
    
	
 
    	
Account Name:
    
	
 
    	
Account Number:
    
	
 
    	
Intermediary Bank Name, if any:
    
	
 
    	
Intermediary Bank ABA or IBAN, if any:
    
	
 
    	
For further credit account name, if any:
    
	
 
    	
For further credit account number, if any:
    
	
 
    	
Reference:
    
	
 
    	
SWIFT Code:
    
	
 
    	
 
    
	
12.
    	
For distributions in-kind, please: 
    
	
 
    	
 
    
	
 
    	
Credit securities to my brokerage account at the   following firm:
    
	
 
    	
Firm Name:
    
	
 
    	
Address:
    
	
 
    	
Account Name:
    
	
 
    	
Account Number:
    
	
 
    	
DTC Number:
    

 

B.                                    Accredited Investor Status

 

The Investor represents and warrants that the Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and has checked each and every box below which is next to the category or categories under which the Investor qualifies as an accredited investor:

 

FOR INDIVIDUALS:

 

o                                                            (A)                                                       A natural person with individual net worth (or joint net worth with spouse) in excess of $1 million.  For purposes of this item, “net worth” means the excess of total assets at fair market value, including automobiles and other personal property but excluding the value of the primary residence of such natural person (and including property owned by a spouse other than the primary residence of the spouse), over total liabilities.  (For this purpose, the amount of any mortgage or other indebtedness secured by an investor’s

 

5

 

primary residence should not be included as a “liability,” except to the extent (i) the fair market value of the residence is less than the amount of such mortgage or other indebtedness or (ii) such indebtedness existing on the date of the acceptance of the Investor’s subscription for Units exceeds the indebtedness that existed 60 days preceding such date and such indebtedness was not as a result of the acquisition of the Investor’s primary residence).

 

o                                                            (B)                                                       A natural person with individual income (without including any income of the Investor’s spouse) in excess of $200,000, or joint income with spouse in excess of $300,000, in each of the two most recent years and who reasonably expects to reach the same income level in the current year.

 

FOR ENTITIES:

 

o                                                            (C)                                                       An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust may be an equity owner).

 

o                                                            (D)                                                       A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.

 

o                                                            (E)                                                        An insurance company as defined in Section 2(a)(13) of the Securities Act.

 

o                                                            (F)                                                         A broker-dealer registered pursuant to Section 15 of the Exchange Act.

 

o                                                            (G)                                                       An investment company registered under the Investment Company Act.

 

o                                                            (H)                                                      A business development company as defined in Section 2(a)(48) of the Investment Company Act.

 

o                                                            (I)                                                           A small business investment company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

 

o                                                            (J)                                                           A private business development company as defined in Section 202(a)(22) of the Advisers Act.

 

o                                                            (K)                                                       An organization described in Section 501(c)(3) of the Code, a corporation, Massachusetts or similar business trust or partnership, in each case not formed for the specific purpose of acquiring Units, with total assets in excess of $5 million.

 

6

 

o                                                            (L)                                                      A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Units, whose purchase is directed by a person with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Units.

 

o                                                            (M)                                                  An employee benefit plan within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the decision to invest in the Units is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

 

o                                                            (N)                                                     A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

C.                                    Supplemental Data for Individuals (Entities may skip this Section of the Investor Questionnaire)

 

1.                                      Please indicate whether you are investing the assets of any retirement plan, account or arrangement (such as, for example, an individual retirement account or a “Keogh” plan).

 

o     Yes               o     No

 

If the above question was answered “Yes,” please contact Simpson Thacher & Bartlett            LLP for additional information that will be required.

 

2.                                      Please provide your date of birth:

 

D.                                    Supplemental Data for Entities (Natural persons may skip this Section of the Investor Questionnaire)

 

1.                                      If the Investor is not a natural person, the Investor must furnish the following supplemental data:

 

Legal form of entity (trust, corporation, partnership, limited liability company, benefit plan, etc.):

 

 

Jurisdiction of organization and location of domicile:

 

Location of principal place of business:

 

2.a.                            Was the Investor organized for the specific purpose of acquiring Units?

 

7

 

o     Yes               o     No

 

2.b.                            Are shareholders, partners or other holders of equity or beneficial interests in the Investor able to decide individually whether to participate, or the extent of their participation, in the Investor’s investment in the Fund (i.e., can shareholders, partners or other holders of equity or beneficial interests in the Investor determine whether their capital will form part of the capital invested by the Investor in the Fund)?

 

o     Yes               o     No

 

2.c.                             Does the amount of the Investor’s subscription for Units in the Fund exceed 40% of the total assets (on a consolidated basis with its subsidiaries) of the Investor?

 

o     Yes               o     No

 

2.d.                            Will any other person or persons have a beneficial interest in the Units to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial owner of equity interests in the Investor)? (By way of example, “nominee” Investors or Investors who have entered into swap or other synthetic or derivative instruments or arrangements with regard to the Units to be acquired herein would check “Yes”).

 

o     Yes               o     No

 

If any of questions 2.a., 2.b., 2.c. or 2.d. above were answered “Yes,” please contact Simpson Thacher & Bartlett LLP for additional information that will be required.

 

3.a.                            Please indicate whether or not the Investor is, or is acting (directly or indirectly) on behalf of, (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual retirement account or arrangement is subject to Section 4975 of the Code, (iii) a plan, fund or other similar program that is established or maintained outside the United States which provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, (iv) an insurance company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder, or (v) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts, funds, programs or arrangements (each of the foregoing described in clauses (i), (ii), (iii), (iv) and (v) being referred to as a “Plan”).

 

o     Yes               o     No

 

3.b.                            If the Investor is, or is acting (directly or indirectly) on behalf of, such Plan, please indicate whether or not the Plan is subject to Title I of ERISA or Section 4975 of the Code.

 

8

 

o     Yes               o     No

 

3.c.                             If question 3.b. above was answered “Yes”, please indicate what percentage of the Plan’s assets invested in the Fund are considered to be the assets of “benefit plan investors” within the meaning of Section 3(42) of ERISA.

 

                             %

 

3.d.                            If the Investor is investing the assets of an insurance company general account, please indicate what percentage of the insurance company general account’s assets invested in the Fund are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder.

 

                             %

 

3.e.                             Please indicate whether the Investor is a Person or entity (other than a “benefit plan investor” within the meaning of Section 3(42) of ERISA) that has discretionary authority or control with respect to any assets of the Fund, a Person who provides investment advice for a fee (direct or indirect) with respect to any assets of the Fund, or any “affiliate” of any such Person. An “affiliate” of a Person includes any Person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Person. For purposes of this definition, “control,” with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or policies of such Person:

 

o     Yes               o     No

 

4.a.                            Is the Investor a private investment company which is not registered under the Investment Company Act in reliance on:

 

Section 3(c)(1) thereof?                                                           o     Yes                                                 o     No

 

Section 3(c)(7) thereof?                                                           o     Yes                                                 o     No

 

4.b.                            Is the Investor an “investment company” registered or required to be registered under the Investment Company Act or an “employee securities company” within the meaning of Section 2(a)(13) of the Investment Company Act?

 

o     Yes               o     No

 

4.c.                             If the answer to question 4.a. or 4.b. is “Yes,” is the Investor structured in a manner to comply with Section 12(d)(1)(E) of the Investment Company Act?

 

o     Yes               o     No

 

5.                                      If the Investor’s tax year ends on a date other than December 31, please indicate such date.

 

9

 

 

6.                                      Is the Investor directly or indirectly (a) subject to the U.S. Freedom of Information Act, 5 U.S.C. § 552, (“FOIA”), any state public records access laws, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement that might result in the disclosure of confidential information relating to the Fund, its Affiliates and/or any Portfolio Company, or (b) subject, by regulation, contract or otherwise, to disclose information concerning the Fund to a trading exchange or other market where interests in such Investor are sold or traded, whether foreign or domestic?

 

o     Yes               o     No

 

If the above question was answered “Yes,” please indicate the relevant laws to which the Investor is subject and provide any additional explanatory information.

 

7.a.                            For any Investor that is a governmental entity and/or agency, authority, instrumentality or other subdivision of any governmental authority, including any pension plan or pool of assets controlled by any such governmental authority or part thereof: Are there any applicable laws, rules, regulations and/or policies that limit or restrict the ability of the Investor and/or the Investor’s employees and/or representatives to participate in activities at meetings or other functions of the Fund and/or to receive items distributed at such meetings and/or functions? (Examples include any prohibitions, requirements to reimburse the Fund and its affiliates or other similar limits with respect to participation in social or entertainment activities, meals or other gifts or tokens distributed at activities hosted by the Fund and its affiliates.)

 

o     Yes               o     No

 

If the question above was answered “Yes,” please indicate the relevant laws, rules, regulations and/or policies to which the Investor is subject and provide additional explanatory information in the space below:

 

7.b.                            If question 7.a. was answered “Yes,” is the Investor entitled to any sovereign or other immunity in respect of itself, its property, or any litigation in any jurisdiction, court, or venue?

 

o     Yes               o     No

 

10

 

If question 7.b. was answered “Yes,” please contact Simpson Thacher & Bartlett LLP for additional information that will be required.

 

Notwithstanding any response to this question 7.b., the Investor hereby confirms that nothing herein shall relieve the Investor of or modify any obligations that the Investor may have under the Limited Liability Company Agreement or the Subscription Agreement to contribute capital to the Fund in accordance with the terms and conditions of the Limited Liability Company Agreement and the Subscription Agreement. A lender which provides financing to the Fund or any alternative investment vehicle in accordance with the terms of the Limited Liability Company Agreement may rely on this paragraph.

 

8.                                      What percentage of the Investor is owned by U.S. Persons?

 

                             %

 

9.                                      What percentage of the Investor is owned by non-U.S. Persons?

 

                             %

 

10.                               Is the Investor (a) a trust any portion of which is treated (under subpart E of part I of subchapter J of chapter 1 of subtitle A of the Code) as owned by a natural person (e.g., a grantor trust), (b) an entity disregarded for U.S. federal income tax purposes and owned (or treated as owned) by a trust described in clause (a) of this sentence (e.g., a limited liability company with a single member), (c) an organization described in Section 401(a), Section 501(c)(17) or Section 509(a) of the Code or (d) a trust permanently set aside or to be used for a charitable purpose?

 

o     Yes               o     No

 

If the above question was answered “Yes,” please indicate which of the preceding items (a)-(d) applies to the Investor:    .

 

E.                                    Discretionary Management

 

1.                                      Please check a box below indicating whether any third party has discretion to make such investment in the Fund on your behalf:

 

o     Yes               o     No

 

If the above question was answered “Yes,” please list the name of the discretionary manager:

 

F.                                     Related Parties/Other Beneficial Parties

 

1.                                      To the best of the Investor’s knowledge, does the Investor control, or is the Investor controlled by or under common control with, any other investor in the Fund?

 

11

 

o     Yes               o     No

 

If the above question was answered “Yes,” please indicate the name of such other investor:

 

If the question above was answered “Yes,” please contact Simpson Thacher & Bartlett LLP for additional information that will be required.

 

G.                                   Tax-Exempt Status

 

1.a.                            Is the Investor exempt from United States federal income taxation, including under Section 501 of the Code?

 

o     Yes               o     No

 

1.b.                            If question 1.a. was answered “Yes,” please indicate the basis on which the Investor is exempt from U.S. federal income taxation in the space below:

 

 

 

H.                                   Bank Holding Company Status

 

1.                                      Is the Investor a “BHC Investor”(10)? as such term is defined in the Limited Liability Company Agreement?

 

o     Yes               o     No

 

I.                                        Non-U.S. Person Status

 

1.                                      Is the Investor a “Non-U.S. Person”(11)?

 

(10)                          A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account.

(11)                          “Non-U.S. Person” means (a) a citizen of a country other than the United States, (b) an entity organized under the laws of a jurisdiction other than those of the United States or any state, territory or possession of the United States, (c) a government other than the government of the United States or of any state, territory or possession of the United States, (d) a corporation, limited partnership, limited liability company or other entity of which, in the aggregate, more than 25% of the capital stock or other partnership, membership or ownership interests is owned of record or voted by Persons described in any of clauses (a) through (c) 

 

12

 

o     Yes               o     No

 

J.                                      Anti-Money Laundering

 

1.                                      Please fill out the following table including the name and country of citizenship for:

 

(i)                                             each individual that is a director and significant(12) shareholder if the Investor is a corporation;

 

(ii)                                          the ultimate owner(s) of the Investor’s general partner(s) and significant(12) limited partners if the Investor is a partnership;

 

(iii)                                       the ultimate owner(s) of the Investor’s managing members and significant(12) members if the Investor is a limited liability company; or

 

(iv)                                      the Investor’s settlor and/or grantor, trustees and beneficiaries if the Investor is a trust.

 

You may make additional copies of the table below as necessary.

 

	
Name
    	
 
    	
Country of Citizenship
    	
 
    	
Percentage of Ownership
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

[remainder of page intentionally left blank]

 

above or an entity described in this clause (d) or (e) a representative of, or entity controlled by, Persons described in any of the foregoing clauses (a) through (e).

(12)                          “Significant” means a holder of more than 10% of the equity interests of the Investor.

 

13

 

The Investor understands that the foregoing information will be relied upon by the Fund for the purpose of determining the eligibility of the Investor to purchase and own Units in the Fund. The Investor agrees to notify the Fund immediately in writing if any representation, warranty or information contained in this Subscription Agreement, including this Investor Questionnaire, becomes untrue or incomplete at any time.  The Investor agrees to provide, if requested, any additional information and execute and deliver such documents regarding itself and all of its beneficial owners as the Fund may reasonably request from time to time to substantiate the Investor’s status as an accredited investor or to otherwise determine the eligibility of the Investor to purchase Units in the Fund, to verify the accuracy of the Investor’s representations and warranties herein or to comply with any law, rule or regulation to which the Fund and/or the Adviser may be subject, including compliance with anti-money laundering laws and regulations.  To the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Fund, the Adviser, the Administrator and their respective Affiliates and each Partner thereof from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document provided by the Investor to the Fund or in any agreement (other than the Limited Liability Company Agreement) executed by the Investor with the Fund or the Adviser in connection with the Investor’s investment in Units.

 

	
 
    	
INDIVIDUAL   INVESTOR:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Print Full Name)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Signature)
    
	
 
    	
 
    
	
 
    	
PARTNERSHIP,   CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, JOINT   ACCOUNT, OTHER INVESTOR:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Print Full Name of Entity)
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
(Signature)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Print Full Name and Title)
    

 

18

 

ANNEX 1

 

 

Annex 1

 

New Mountain Capital, L.L.C. (“NMC”)

 

PRIVACY NOTICE

 

To: Investors in New Mountain Guardian III BDC, L.L.C. (the “Fund”):

 

We are providing this notice to individual investors (i.e. investors who are natural persons) in order to inform you of our privacy policies and practices of such funds with respect to your personal, nonpublic information.

 

It is important to note that we have always treated the personal information we receive from all of our investors with sensitivity and plan to continue that practice. Certain disclosures are “permitted under the rules” (for example disclosures to accountants and attorneys for the fund) and the rules allow an individual investor to elect to “opt out” of any other disclosures to unaffiliated third parties. We believe that all of our existing and future anticipated disclosures are permissible under these new rules and will therefore not be affected by an “opt out” election. In the unlikely event we deem it necessary to disclose information, which is not permitted under the rules, we have provided you with an election to “opt out” of such disclosure. Please contact Compliance@newmountaincapital.com or your Business Development representative if you would like to opt out of these disclosures.

 

In the European Economic Area (“EEA”), investors subject to EU Regulation 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (the “GDPR”) who control and/or process personal data, including any personal data furnished in a subscription agreement provided to New Mountain (such as authorised signatories, directors, beneficial owners, etc.) or personal data provided in the course of communicating with New Mountain (such as email addresses, business cards, telephone numbers, etc.), are required to ensure, inter alia, that any such data is processed and provided lawfully, fairly and in a transparent manner. The addendum to this Privacy Notice is intended to provide specific information about how New Mountain uses and processes personal data received from investors established in the EEA.

 

In connection with the formation and ongoing activities of our private investment funds, we collect and maintain nonpublic personal information about our individual investors from the following sources:

 

a)                                     Information we receive from you on subscription agreements, investor questionnaires or other forms that you submit to us or contracts that you enter into with us;

 

b)                                     Information related to your transactions with us, our affiliates or others; and

 

c)                                      Information you provide to us directly about your personal finances or personal circumstances, including information obtained from meetings, telephone conversations and electronic communications with you.

 

 

We may disclose any of the information we collect, as described above, in connection with the activities of our investment funds to third parties and to our affiliates, including:

 

a)                                     Providers of services and products, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by or operations of our private funds; and

 

b)                                     Actual and potential portfolio companies, purchasers thereof and potential co-investors, and each of their respective advisors if requested in connection with an investment or disposition.

 

We may also disclose nonpublic personal information about you to nonaffiliated third parties as permitted or required by law and in accordance with the agreements governing your investment in our private funds, including:

 

c)                                      Other service providers to our investment funds, such as those who provide accounting, legal or tax preparation services;

 

d)                                     Other partners and potential investors in our investment funds; and transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to our limited partners.

 

We have procedures in place that limit access to personal information to those employees who have a reasonable need to know such information in order to perform business services. We maintain physical, electronic and procedural safeguards to guard the nonpublic personal information that we have obtained from you.

 

cc:                                Joseph Hartswell
 Managing Director & Chief Compliance Officer

 

 

Disclosure Opt Out

 

If you prefer that we not disclose nonpublic personal information about you to nonaffiliated third parties, you may opt out of those disclosures (other than disclosures permitted by law or the agreements governing your investment in our private funds); that is, you may direct us not to make those disclosures (other than disclosures permitted by law or the agreements governing your investment in our private funds). To opt out of disclosures to nonaffiliated third parties, you may return the Opt Out Form included in the next page to us.

 

 

OPT OUT FORM

 

To be completed and returned in the event that you (i) are an individual investor (i.e. natural person) and (ii) desire that we not make disclosures to nonaffiliated parties discussed in the above Privacy Notice (other than disclosures permitted by law or the agreements governing your investment in our private funds).

 

	
Name of Individual Investor:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Name of Fund:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signature:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Date:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

Return to:

 

New Mountain Capital, L.L.C.
  787 Seventh Avenue 49th Floor 
 New York, NY 10019 
 Attn: Joseph Hartswell, Managing Director & Chief Compliance Officer

 

 

Addendum for EEA Investors

EU Regulation 2016/679 on the protection of natural persons

with regard to the processing of personal data and on the free movement of such data

(“General Data Protection Regulation”)

 

This Privacy Notice is addressed to individuals in the EEA with whom we interact in relation to an investment in the Fund and is provided pursuant to the General Data Protection Regulation. New Mountain will endeavour to ensure that Personal Data that you provide to us is handled in accordance with our obligations under U.S. law and in accordance with the General Data Protection Regulation as described in this notice.

 

1.              In this Notice, the following terms have the following meaning:

 

	
“data   controller”
    	
 
    	
means the New Mountain entity that decides how and   why personal data is processed;
    
	
“EEA”
    	
 
    	
means the member states of the European Economic   Area;
    
	
“personal data”
    	
 
    	
means information from which it is possible to   identify a natural person (an individual), or information from which any   individual is identifiable;
    
	
“processing”
    	
 
    	
means anything that is done with personal data,   whether or not by automated means, such as collection, recording,   organisation, structuring, storage, adaptation or alteration, retrieval,   consultation, use, disclosure by transmission, dissemination or otherwise   making available, alignment or combination, restriction, erasure or   destruction.
    
	
“processor”
    	
 
    	
means the person or entity that processes personal data   on behalf of a data controller.
    

 

2.              We will only use personal data that you provide to us, or which is otherwise obtained by us in connection with an investment in the Fund, as set out in this Privacy Notice.

 

3.              We may receive personal data about you from the following sources:

 

a.              when you provide it to us (e.g., where you contact us via email or telephone, or by any other means);

 

b.              when you subscribe to one of our funds and complete a subscription agreement or other fund documents;

 

c.               when it is in the public domain, or obtained from searches of public registries, such as court registries or lists maintained by governmental authorities; and

 

d.              from third parties who provide it to us, e.g., where we conduct credit reference verification, anti-money laundering checks, or where we receive your details from financial intermediaries or placement agents fund-raising on our behalf.

 

4.              The categories of personal data that we may process are as follows:

 

e.               name(s); date of birth; identification, such as passport; social security number; national ID or insurance number, tax identification number; copy of passport; nationality; signatures;

 

f.                address; telephone number; email address; and

 

 

g.               business activities; financial expertise including educational qualifications and investment experience; value of financial portfolio; ability to bear losses; nature of past or current employment within or outside the financial sector.

 

5.              We may organise the personal data we collect and combine it with other personal data that you provide or that we collect from other sources.

 

6.              We only process information about criminal offences to the extent required by applicable law.

 

7.              The purposes for which we process personal data and the legal bases for doing so are as follows:

 

	
 
    	
Purpose
    	
 
    	
Legal Basis
    
	
a)
    	
KYC -    confirming your identity and screening against government,   supranational bodies or sanctions lists or performing other on-boarding due   diligence
    	
 
    	
·                  The processing is necessary for compliance   with a legal obligation;  
    
	
 
    	
 
    	
 
    	
 
    
	
b)
    	
To perform our   contract, including managing the assets of the fund, providing periodic and   annual reporting, responding to your queries, keeping you apprised of   co-investment opportunities, and any other matters of legitimate interest to   investors including other investment opportunities
    	
 
    	
·                  To perform our contract with you

·                  We also have a legitimate business interest   in carrying out processing for some of these purposes where we consider that,   on balance, our legitimate interests are not overridden by your interests,   fundamental rights or freedoms
    
	
 
    	
 
    	
 
    	
 
    
	
c)
    	
Legal compliance -   detecting, investigating and preventing breaches and criminal offences, in   accordance with applicable law.
    	
 
    	
·                  The processing is necessary for compliance   with a legal obligation; or

·                  We have a legitimate interest in carrying out   the processing 
    
	
 
    	
 
    	
 
    	
 
    
	
d)
    	
Legal proceedings.
    	
 
    	
·                  We have a legitimate interest in carrying out   the processing for the purpose of establishing, exercising or defending our   legal rights

 
    
	
 
    	
 
    	
 
    	
 
    
	
e)
    	
Improving our   products and services,
    	
 
    	
·                  We have a legitimate interest in carrying out   the processing for the purpose of improving our products or services where we   consider that, on balance, our legitimate interests are not overridden by 
    

 

 

	
 
    	
 
    	
 
    	
your interests,   fundamental rights or freedoms
    

 

8.              Where it is necessary for the performance of our contract with you, or for our internal business processes, we may share personal data with the Fund in which you are invested, any other funds in which you invest or apply to invest in and/or the administrator(s) of such funds. In addition, we may disclose your personal data to:

 

a.              credit reference agencies;

 

b.              anti-fraud services;

 

c.               governmental, tax and regulatory, or similar authorities;

 

d.              accountants, auditors, financial and tax advisors, lawyers and other outside professional advisors to the Fund or NMC;

 

e.               third party processors (such as email and electronic communications retention vendors or fund administrators), located in Canada, Europe and the U.S.A, as applicable;

 

f.                any relevant party, enforcement agency or court, to the extent necessary for the establishment, exercise or defence of legal rights;

 

g.               for the prevention, investigation or prosecution of criminal offences;

 

h.              in connection with AML/KYC requirements; and

 

i.                  any relevant third party acquirer(s), in the event that we sell or transfer all or any relevant portion of the Fund.

 

9.              Where it is necessary for the performance of our contract with you and you choose not to provide personal data to us or do not want NMC to process this data, it may prevent NMC from allowing you to invest in the Fund and may adversely affect NMC’s ability otherwise to manage its business relationship with you.

 

10.       Where we engage a third-party processor, the processor will be subject to contractual obligations to: (i) process in accordance with our prior written instructions; and (ii) use measures to protect the confidentiality and security of the personal data.

 

11.       NMC is based in the U.S.A. The personal data you provide to us will be transferred to and stored on our servers in the U.S.A. We take reasonable steps to protect your personal data from unauthorised access and against unlawful processing, accidental loss, destruction and damage. Where we receive your personal data directly in the U.S.A. we are not responsible for its transfer outside the EEA. Personal data may be shared with fund administrators (for certain NMC products) and other service providers (e.g., for email and electronic communications retention) that are located outside of the United States.  Otherwise, we do not intend to transfer your personal data to other countries outside the U.S.A. Where any transfer takes place under a written contract, you have the right to request a copy of that contract and may do so by contacting NMC (see the contact details below).

 

12.       We take reasonable steps designed to ensure that your personal data are accurate and, where necessary, kept up to date.  You have the right to ask to see the data we hold about you and to ask us to: (a) make any changes to ensure that any personal data is accurate and up to date; (b) erase or stop processing any personal data we hold where there is no longer a legal

 

 

ground for us to process it; and, (c) transfer such data to a third party (however we do not foresee the applicability of this right in the context of your investment in a fund).  To exercise one or more of these rights, or to ask a question about these rights, please contact NMC at the address below.

 

13.       You have the right to ask us not to process your personal data for marketing purposes. You can exercise this right by checking a box on any communication in which we seek to gather any personal data from you for such purposes; alternatively, you can exercise the right at any time by contacting us at the address below.

 

14.       The criteria for determining the duration for which we will retain your personal data are as follows:

 

a.              in a form that permits identification only for as long as necessary in connection with the lawful purpose for which it is held;

 

b.              for the period under applicable law during which any person could bring a legal claim against NMC in relation to a matter in which your personal data may be relevant; and

 

c.               if a legal claims were to be brought, for such additional periods as are necessary in connection with that claim.

 

15.       Once these periods have expired, we will permanently delete or destroy the relevant personal data.

 

To Contact NMC:

 

If you would like to contact NMC about any of the information in this Notice, or if you want to make a complaint please contact:

 

New Mountain Capital, L.L.C.

787 Seventh Avenue 49th Floor

New York, NY 10019

Attn: Joseph Hartswell, Managing Director & Chief Compliance Officer

 

You can also obtain further information on data privacy and/or make a complaint by contacting your local data protection authority in your member state.

 

Last updated January 23, 2019

 

***

 

 

EXHIBIT A

 

RULE 506(D) EVENTS QUESTIONNAIRE

 

Disqualifying Events

 

Please check all appropriate boxes below that are next to the category or categories of “Disqualifying Events.”

 

You and/or any person who through your Units in the Fund (including anyone who has investment discretion on your behalf), beneficially owns Units in the Fund:

 

o            (i) Have been convicted, within the past 10 years, of any felony or misdemeanor within the United States:

 

(A) in connection with the purchase or sale of any security;

 

(B) involving the making of any false filing with the SEC; or

 

(C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities.

 

o            (ii) Are subject to any order, judgment or decree of any court of competent jurisdiction, entered within the past 5 years, that restrains or enjoins you from engaging or continuing to engage in any conduct or practice:

 

(A) in connection with the purchase or sale of any security;

 

(B) involving the making of any false filing with the SEC; or

 

(C) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities.

 

o            (iii) Are subject to a final order(13) of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

 

(A) Bars you from:

 

(1) Association with an entity regulated by such commission, authority, agency or officer;

 

(2) Engaging in the business of securities, insurance or banking; or

 

(3) Engaging in savings association or credit union activities; or

 

(13)                          Final order means a written directive or declaratory statement issued by a federal or state agency under applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

 

 

(B) Constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within the past 10 years.

 

o            (iv) Are subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Securities Exchange Act of 1934 or Section 203(e) or (f) of the Investment Advisers Act of 1940 that:

 

(A) Suspends or revokes your registration as a broker, dealer, municipal securities dealer or investment adviser;

 

(B) Places limitations on your activities, functions or operations;

 

(C) Bars you from being associated with any entity or from participating in the

 

offering of any penny stock.

 

o            (v) Are subject to any order of the SEC entered within the past 5 years that orders you to cease and desist from committing or causing a violation or future violation of:

 

(A) Any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and 17 CFR 240.10b-5, Section 15(c)(1) of the Securities Exchange Act of 1934 and Section 206(1) of the Investment Advisers Act of 1940, or any other rule or regulation thereunder; or

 

(B) Section 5 of the Securities Act of 1933.

 

o            (vi) Are suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

o            (vii) Have filed (as a registrant or issuer), or were or were named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the past 5 years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued.

 

o            (viii) Are subject to a United States Postal Service false representation order entered within the past 5 years, or are subject to temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representation.

 

o            (ix) None of the above.

 

 

If you checked box or boxes (i) through (viii) above, please provide a description of each disqualifying event in the space provided below, including the date such conviction, order, judgment, decree, suspension, expulsion or bar occurred:

 

 

 

 

If you checked box or boxes (i) through (viii) above and the Disqualifying Event(s) occurred before September 23, 2013, (i) do the description(s) you provided above sufficiently disclose such Disqualifying Event(s) in accordance with the requirements in Rule 506(e) under the Securities Act of 1933 and (2) do you authorize disclosure of the description(s) above to current and prospective investors in the Fund?

 

o Yes                                                             o No

 

Waivers

 

If you checked box or boxes (i) through (viii) above and the Disqualifying Event(s) occurred after September 23, 2013, please check a box below indicating whether Disqualifying Event(s) described above is/are subject to a waiver, order, judgment or decree described in Annex A  (a “Waiver”).

 

o Yes                                                             o No

 

If you checked “Yes” above, (1) have you provided a copy of the applicable Waiver referenced above to the general partner of the Fund; (2) have you complied with and are you complying with the terms and conditions of any applicable Waiver and such Waiver has not been revoked or further conditioned; (3)  if a condition of the Waiver requires disclosure to prospective investors in the Fund, does the description you provided above comply with the requirements of the applicable Waiver; and (4) do you authorize the disclosure of such description to current and prospective investors of the Fund?

 

o Yes                                                             o No

 

Discretionary Management

 

Please check a box below indicating whether any third party has discretion to make such investment in the Fund on your behalf:

 

o Yes                                                             o No

 

If you checked “Yes” box, please list the name of the discretionary manager below.

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