Document:

Amended and Restated Sales Agreement

 Exhibit 10.1 
 Capstead Mortgage Corporation 
 DOCS® financing facility*

 Shares of Common Stock, 
 $0.01 par value 
 AMENDED AND RESTATED 

SALES AGREEMENT 
 June 1, 2011 
  

	*	DOCS® is a registered service mark of Brinson Patrick Securities Corporation. 

 THIS AMENDED AND RESTATED SALES AGREEMENT (the
“Agreement”) dated as of June 1, 2011 between Brinson Patrick Securities Corporation, having its principal office at 1515 Broadway, 11th Floor, New York, New York 10036 (the “Sales Manager”) and Capstead Mortgage Corporation, a corporation
organized and existing under the laws of the State of Maryland (the “Company”). 
 WHEREAS, the Company and the
Sales Manager previously entered into that certain Sales Agreement, dated March 10, 2008 (the “Original Agreement”) with respect to the issuance and sale through the Sales Manager of shares of the Company’s common stock, par
value $0.01 per share (the “Common Stock”) on the terms set forth therein; and 
 WHEREAS, the Company and the
Sales Manager desire to amend and restate the Original Agreement to provide for the issuance and sale through the Sales Manager of shares of Common Stock and shares of Series B Preferred Stock (collectively, the “Company Equity
Securities”) on the terms set forth in Article II hereof. 
 IN CONSIDERATION of the mutual covenants contained in
this Agreement, the Company and the Sales Manager agree as follows: 
 ARTICLE I 

REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY 
 1.1 For purposes of this Agreement, unless the context
requires to the contrary, the term “Company” shall also include all significant subsidiaries (as defined by Section 1-02 of Regulation S-X) of the Company. The Company represents and warrants to, and agrees with, the Sales Manager
that: 
 (a) The Company meets the requirements for use of Form S-3 under the Securities Act of 1933, as amended (the
“Act”), and the rules and regulations thereunder (“Rules and Regulations”), and the Company is eligible to use Form S-3 for the transactions contemplated by this Agreement. A registration statement on Form S-3 (Registration
No. 333-156073) with respect to, among other securities, the Company Equity Securities, including a form of prospectus, has been prepared by the Company in conformity with the requirements of the Act and the Rules and Regulations, has been
filed with the Securities and Exchange Commission (the “Commission”) and has been declared effective by the Commission. No stop order suspending the effectiveness of such registration statement has been issued, and no proceeding for that
purpose has been instituted or, to the knowledge of the Company, threatened by the Commission. Additionally, the Company is eligible to file a new registration statement on Form S-3 with respect to the Company Equity Securities that will become
effective upon filing with the Commission pursuant to Rule 462(e) under the Act. Each such registration statement, as it may have heretofore been or may hereafter be filed, as amended, is referred to herein as the “Registration Statement,”
and the final form of prospectus included in the Registration Statement, as amended or supplemented from time to time, is referred to herein as the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus, or any
amendment or supplement thereto shall be deemed to refer to and include the documents 

 
incorporated (or deemed to be incorporated) by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the
Registration Statement or Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. 

(b) Each part of the Registration Statement, when such part became or becomes effective, and the Prospectus and any amendment or
supplement thereto, on the date of filing thereof with the Commission and at each Settlement Date (as hereinafter defined), conformed or will conform in all material respects with the requirements of the Act and the Rules and Regulations; each part
of the Registration Statement, when such part became or becomes effective, did not or will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; and the Prospectus and any amendment or supplement thereto, on the date of filing thereof with the Commission and at each Settlement Date, did not or will not include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; except that the foregoing shall not apply to statements in or omissions from any such document in reliance upon, and in
conformity with, written information furnished to the Company by or on behalf of the Sales Manager, specifically for use in the Registration Statement, the Prospectus or any amendment or supplement thereto. 

(c) The documents incorporated by reference in the Registration Statement or the Prospectus, or any amendment or supplement thereto, when
they became or become effective under the Act or were or are filed with the Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as the case may be, conformed or will conform in all material respects with
the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder. 

(d) The financial statements of the Company, together with the related schedules and notes thereto, set forth or included or incorporated
by reference in the Registration Statement and Prospectus, fairly present the financial condition of the Company as of the dates indicated and the results of operations, changes in financial position, stockholders’ equity, and cash flows for
the periods therein specified, in conformity with generally accepted accounting principles consistently applied throughout the periods involved (except as otherwise stated therein). The summary and selected financial and statistical data included or
incorporated by reference in the Registration Statement and the Prospectus present fairly the information shown therein and, to the extent based upon or derived from the financial statements, have been compiled on a basis consistent with the
financial statements presented therein. 
 (e) The accountants who certified the financial statements and the supporting
schedules included in the Registration Statement are and, during the periods covered by their reports, were qualified and independent public accountants as required by Rule 2-01 of Regulation S-X. 

(f) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of
Maryland. Other than as disclosed in the Registration Statement, the Company has no subsidiaries and does not control, directly or 

  
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indirectly, any corporation, partnership, limited liability company, joint venture, association or other business organization. The Company is duly qualified and in good standing as a foreign
corporation in each jurisdiction in which the character or location of its assets or properties (owned, leased or licensed) or the nature of its business makes such qualification necessary (including every jurisdiction in which it owns or leases
property), except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect on the Company. For purposes of this Agreement, “Material Adverse Effect” means any adverse effect on the business,
operations, properties or financial condition of the Company that is (either alone or together with all other adverse effects) material to the Company, and any material adverse effect on the transactions contemplated under this Agreement or any
other agreement or document contemplated hereby or thereby. Each of the Company’s significant subsidiaries is validly existing as a corporation, limited liability company or partnership, as applicable, in its respective jurisdiction of
formation. Schedule 1.1(f) hereto identifies each of the Company’s subsidiaries that is a significant subsidiary (as defined in Section 1-02 of Regulation S-X) of the Company. All of the issued and outstanding capital stock, limited
liability company interests or partnership interests, as applicable, of each significant subsidiary has been duly authorized and validly issued, is fully paid and nonassessable and (except as otherwise disclosed or incorporated by reference in the
Registration Statement and the Prospectus) is owned by the Company, directly or indirectly, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. Except as disclosed or incorporated by reference in the
Registration Statement and the Prospectus, the Company does not own, lease or license any asset or property or conduct any business outside the United States of America. The Company has all requisite corporate or limited liability company power and
authority, as applicable, and all necessary authorizations, approvals, consents, orders, licenses, certificates and permits of and from all governmental orders or regulatory bodies or any other person or entity, to own, lease, license and operate
its assets and properties and conduct its business as now being conducted and as described or incorporated by reference in the Registration Statement and the Prospectus; except for such authorizations, approvals, consents, orders, licenses,
certificates and permits the absence of which would not have a Material Adverse Effect; and no such authorization, approval, consent, order, license, certificate or permit contains a materially burdensome restriction other than as disclosed or
incorporated by reference in the Registration Statement and the Prospectus. 
 (g) The Company has good title to each of the
items of personal property which are reflected in the financial statements referred to in Section 1.1(d) or are referred to in the Registration Statement and the Prospectus or any document incorporated by reference therein as being owned by the
Company and valid and enforceable leasehold interests in each of the items of real and personal property which are referred to in the Registration Statement and the Prospectus or any document incorporated by reference therein as being leased by the
Company, in each case free and clear of all liens, encumbrances, claims, security interests and defects, other than those described in the Registration Statement and the Prospectus and those which do not and will not have a Material Adverse Effect.

 (h) The Company has been subject to the requirements of Section 12 of the Exchange Act during the period commencing 12
months preceding the filing of the Registration Statement and ending on the date hereof (the “Reporting Period”) and during such Reporting Period the Company has timely filed all material and reports required under Sections 13(a), 14
and/or 15(d) of the Exchange Act. All such materials and reports conformed in form and 

  
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substance to the requirements of the Exchange Act and the rules and regulations thereunder. As of the date of filing of the Registration Statement, and as of the date hereof, the aggregate market
value of the voting and non-voting common equity held by non-affiliates of the Company was and is at least $150 million. 
 (i)
The Company has good and marketable title to, or leasehold interests in, all properties and assets (including, without limitation, mortgaged assets) as described in the Registration Statement and the Prospectus or any document incorporated by
reference therein, owned by the Company, free and clear of all liens, charges, encumbrances or restrictions, except such as are described in the Registration Statement and the Prospectus or any document incorporated by reference therein, and except
such as would not have a Material Adverse Effect on the Company. 
 (j) The debt financing employed by the Company to acquire
its portfolio of mortgage assets is not convertible into shares of Company Equity Securities. 
 (k) There is no litigation or
governmental or other proceeding or investigation before any court or before or by any public body or board pending or, to the knowledge of the Company, threatened (and the Company does not know of any basis therefor) against, or involving the
assets, properties or businesses of the Company which would materially adversely affect the value or the operation of any such assets or otherwise have a Material Adverse Effect on the Company except as described or incorporated by reference in the
Registration Statement. 
 (l) The Company maintains insurance (issued by insurers of recognized financial responsibility) of
the types and in the amounts generally deemed adequate for its businesses and, to the knowledge of the Company, consistent with insurance coverage maintained by similar companies in similar businesses, including, but not limited to, insurance
covering real and personal property owned or leased by the Company against theft, damage, destruction, acts of vandalism and all other risks customarily insured against, all of which insurance is in full force and effect. 

(m) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, except as
described therein, (i) there has not been any material adverse change in the assets or properties, business, results of operations or condition (financial or otherwise) of the Company, whether or not arising from transactions in the ordinary
course of business; (ii) the Company has not sustained any material loss or interference with its assets, businesses or properties (whether owned or leased) from fire, explosion, earthquake, flood or other calamity, whether or not covered by
insurance, or from any labor dispute or any court or legislative or other governmental action, order or decree; (iii) since the date of the latest balance sheet, included or incorporated by reference in the Registration Statement and the
Prospectus, except as reflected therein, the Company has not undertaken any liability or obligation, direct or contingent, except such liabilities or obligations undertaken in the ordinary course of business; and (iv) there has not been any
transaction that is material to the Company, except transactions in the ordinary course of business or as otherwise disclosed in the Registration Statement and the Prospectus. 

  
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 (n) There is no document or contract of a character required to be described in the
Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement that is not described or filed as required. Each document, instrument, contract and agreement of the Company described in the Registration Statement
or the Prospectus or incorporated by reference therein or listed as exhibits to the Registration Statement is in full force and effect and is valid and enforceable by and against the Company in accordance with their terms, assuming the due
authorization, execution and delivery thereof by each of the other parties thereto except as otherwise disclosed in the Registration Statement or Prospectus. The Company is not, nor to the knowledge of the Company is any other party, in default in
the observance or performance of any term or obligation to be performed by it under any such agreement, and no event has occurred which with notice or lapse of time or both would constitute such a default, which default or event would have a
Material Adverse Effect. No default exists, and no event has occurred which with notice or lapse of time or both would constitute a default, in the due performance and observance of any term, covenant or condition, by the Company of any other
agreement or instrument to which the Company is a party or by which it or its properties or business may be bound or affected, which default or event would have a Material Adverse Effect. 

(o) The Company is not in violation of any term or provision of its charter, by-laws or operating agreement, as applicable. The Company
is not in violation of any franchise, license, permit, judgment, decree, order, statute, rule or regulation, where the consequences of such violation would have a Material Adverse Effect. 

(p) Neither the execution, delivery and performance of this Agreement by the Company nor the consummation of any of the transactions
contemplated hereby (including, without limitation, the issuance and sale by the Company of the Company Equity Securities) will give rise to a right to terminate or accelerate the due date of any payment due under, or conflict with or result in the
breach of any term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any consent or waiver under, or result in the execution or imposition of any lien,
charge, encumbrance, claim, security interest, restriction or defect upon any properties or assets of the Company pursuant to the terms of, any indenture, mortgage, deed of trust or other agreement or instrument to which the Company is a party or by
which the Company is bound, or any of its properties or businesses are bound, or any franchise, license, permit, judgment, decree, order, statute, rule or regulation applicable to the Company or violate any provision of the charter or by-laws of the
Company, except for such consents or waivers which have already been obtained and are in full force and effect. 
 (q) All of
the outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable and none of the shares were issued in violation of any preemptive or other similar right. The Company Equity
Securities, when issued and sold pursuant to this Agreement, will be duly authorized and validly issued, fully paid and nonassessable and will not be issued in violation of any preemptive or other similar right. Except as disclosed in the
Registration Statement and the Prospectus, there is no outstanding option, warrant or other right calling for the issuance of, and there is no commitment, plan or arrangement to issue, any capital stock of the Company or any security convertible
into or exercisable or exchangeable for such capital stock, except for standard 

  
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dividend reinvestment plans. The Company Equity Securities conform in all material respects to all statements relating thereto contained in the Registration Statement and the Prospectus. Any
stock options issued by the Company have been issued in compliance with law, and the terms and provisions of such stock options were established in compliance with law. 
 (r) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, except as (x) described or referred to therein, or (y) are not material
(as to clauses (i) and (ii) only), are consistent with past practice (as to clauses (i) and (ii) only), and are publicly disclosed, the Company has not (i) issued any securities or incurred any liability or obligation,
direct or contingent, except such liabilities or obligations incurred in the ordinary course of business including, without limitation, debt financing to acquire and develop properties, (ii) entered into any transaction not in the ordinary
course of business or (iii) declared or paid any dividend or made any distribution on any shares of its capital stock or redeemed, purchased or otherwise acquired or agreed to redeem, purchase or otherwise acquire any shares of its capital
stock. 
 (s) Except as disclosed in the Registration Statement and Prospectus, no holder of any security of the Company has the
right, which has not been waived, to have any security owned by such holder included in the Registration Statement or any right to demand registration of any security owned by such holder. 

(t) All necessary corporate or limited liability company action, as applicable, has been duly and validly taken by the Company to
authorize the execution, delivery and performance of this Agreement and the issuance and sale of the Company Equity Securities by the Company. This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes
and will constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. Except for any “blue sky” filings or Trading Market listing applications to be filed pursuant hereto,
each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental body necessary in connection with the execution and delivery by the Company of this Agreement and the
consummation of the transactions contemplated hereby and the issuance and sale of the Company Equity Securities by the Company has been obtained or made and is in full force and effect. The Company will use its best reasonable efforts to cause the
Company Equity Securities to be listed for trading on the Trading Market. For purposes of this Agreement, the “Trading Market” is (i) the New York Stock Exchange, Inc., and (ii) each other nationally recognized securities
exchange on which the Company Equity Securities of the Company is admitted for trading. 
 (u) The Company has not incurred any
liability for a fee, commission or other compensation on account of the employment of a broker or finder in connection with the transactions contemplated by this Agreement other than as contemplated hereby or as described in the Registration
Statement. 
 (v) The Company is conducting its business in compliance with all applicable laws, rules and regulations of the
jurisdictions in which it is conducting business, except where the failure to be so in compliance would not have a Material Adverse Effect. 

  
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 (w) No transaction has occurred between or among the Company and any of its officers or
directors or any affiliate or affiliates of any such officer or director that is required to be described in and is not described in the Registration Statement and the Prospectus. 

(x) The Company has not taken, nor will it take, directly or indirectly, any action designed to or which might reasonably be expected to
cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of the Company Equity Securities to facilitate the sale or resale of any of the Company Equity
Securities. 
 (y) The Company has filed all federal, state, local and foreign tax returns which are required to be filed
through the date hereof (and will file all such tax returns when and as required to be filed after the date hereof), or has received extensions thereof, and has paid all taxes shown on such returns to be due on or prior to the date hereof (and will
pay all taxes shown on such returns to be due after the date hereof) and all assessments received by it to the extent that the same are material and have become due, except where the failure to file such a return or pay such amount would not have a
Material Adverse Effect. 
 (z) The Company has met the qualification requirements for a “real estate investment
trust” during its taxable years ending on or after December 31, 1999 and its proposed method of operations will enable it to continue to meet the requirements for qualification and taxation as a “real estate investment trust”
under the Internal Revenue Code of 1986, as amended (the “Code”), assuming no change in the applicable underlying law. The Company does not know of any event that would cause or is likely to cause the Company to fail to qualify as a
“real estate investment trust” at any time. 
 (aa) The Company is not an “investment company” within the
meaning of the Investment Company Act of 1940, as amended. 
 (bb) The Company’s systems of internal accounting controls
taken as a whole are sufficient to meet the broad objectives of internal accounting control insofar as those objectives pertain to the prevention or detection of errors or irregularities in amounts that would be material in relation to the
Company’s financial statements; and, to the best of the Company’s knowledge, neither the Company nor any employee or agent thereof has made any payment of funds of the Company or received or retained any funds, and no funds of the Company
have been set aside to be used for any payment, in each case in violation of any law, rule or regulation. 
 (cc) There is and
has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection
therewith, including without limitation Section 402 related to loans and Sections 302 and 906 related to certificates. 

  
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 ARTICLE II 
 SALE AND DELIVERY OF SECURITIES 
 2.1 (a) On the basis of the
representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell through the Sales Manager, as agent, and the Sales Manager agrees to sell, as agent for the
Company, on a best efforts basis at prevailing market prices, shares of Company Equity Securities during the term of this Agreement on the terms set forth herein. Company Equity Securities will be sold from time to time as described in the
Registration Statement and Prospectus, in amounts and, subject to price limitations, as directed by the Company and as agreed to by the Sales Manager; provided that nothing in this Agreement shall be construed to require the Company to sell any
shares of Company Equity Securities through the Sales Manager. 
 (b) The Company or the Sales Manager may, upon notice to the
other party hereto by telephone (confirmed promptly by telecopy or e-mail), at any time and from time to time suspend the offering of Company Equity Securities; provided, however, that such suspension shall not affect or impair the
parties’ respective obligations with respect to the Company Equity Securities sold hereunder prior to the giving of such notice. 
 (c) The compensation to the Sales Manager for sales of Company Equity Securities sold under this Agreement shall be at the following commission rates: 3.0% of the gross sales price per share (“sales
proceeds”) for the first $8 million of aggregate sales proceeds raised in each Sales Period; 2.5% of sales proceeds for the next $4 million of aggregate sales proceeds raised in each Sales Period and 2.0% of sales proceeds for the next $88
million of aggregate sales proceeds raised in each Sales Period; and 1.0% of sales proceeds for any additional aggregate sales proceeds raised in each Sales Period. For purposes of this section 2.1(c), the initial “Sales Period” shall
commence on March 10, 2008 and shall end on December 31, 2012 and each subsequent Sales Period shall be for a two year period, commencing on January 1 and ending on December 31 of the following calendar year. The remaining
proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect to such sale shall constitute the net proceeds to the Company for such Company Equity Securities (the “Net
Proceeds”). For purposes of the first sentence of this section 2.1(c), sales proceeds include sales proceeds from sales of Company Equity Securities by the Sales Manager for the account of the Company, whether under this Agreement, or
otherwise. 
 (d) The Company shall open and maintain a trading account or accounts (the “Trading Accounts”) at a
clearing agent designated by the Sales Manager to facilitate the transactions contemplated by this Agreement. The Net Proceeds from the sale of any Company Equity Securities shall be available in the Trading Accounts on the third business day (or
such other day as is industry practice for regular-way trading) following each sale of any Company Equity Securities (each, a “Settlement Date”). The Company shall effect the delivery of the applicable number of shares of Company Equity
Securities to an account or accounts designated by the Sales Manager at The Depository Trust Company on or before the Settlement Date of each sale hereunder. The Sales Manager’s compensation shall be withheld from the sales proceeds on each
Settlement Date and shall be paid to the Sales Manager. 

  
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 (e) At each Settlement Date, the Company shall be deemed to have affirmed each
representation, warranty, covenant and other agreement contained in this Agreement. Any obligation of the Sales Manager under this Agreement shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to
the performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Article IV of this Agreement. 
 (f) If the Company shall default on its obligation to deliver Company Equity Securities on any Settlement Date, the Company shall (i) hold the Sales Manager harmless against any loss, claim or damage
arising from or as a result of such default by the Company and (ii) pay the Sales Manager any commission to which it would otherwise be entitled absent such default. 
 ARTICLE III 
 COVENANTS OF THE COMPANY 

3.1 The Company covenants and agrees with the Sales Manager that: 

(a) As promptly as practicable after the date of this Agreement, the Company will (if not previously filed) file the Registration
Statement to permit sales of the Company Equity Securities under the Act. The Company will use its best reasonable efforts to cause the Registration Statement to become effective as promptly as possible thereafter. 

(b) During the period in which the Sales Agent has been requested to offer and sell Company Equity Securities, the Company will notify
the Sales Manager promptly of the time when any subsequent amendment to the Registration Statement has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or
supplement to the Registration Statement or the Prospectus or for additional information. The Company will prepare and file with the Commission, promptly upon the Sales Manager’s reasonable request, any amendments or supplements to the
Registration Statement or Prospectus that, in the Sales Manager’s reasonable opinion, may be necessary or advisable in connection with the sale of the Company Equity Securities pursuant to this Agreement. The Company will not file any amendment
or supplement to the Registration Statement or Prospectus (other than a supplement to the Prospectus that (i) does not materially change the information about the Company or its business, operations, properties or financial condition previously
disclosed in the Registration Statement or Prospectus, (ii) relates to a “follow-on” offering of Company Equity Securities by the Company, or (iii) relates to an offering of securities other than the Company Equity Securities
(each, an “Excluded Supplement”)) unless a copy thereof has been submitted to the Sales Manager a reasonable period of time before the filing and the Sales Manager has not reasonably objected thereto; and it will notify the Sales Manager
at the time of filing thereof of any document that upon filing is deemed to be incorporated by reference in the Registration Statement or Prospectus, which will then be available on the Company’s website at www.capstead.com (and will furnish to
the Sales Manager any such document that is not available on the Company’s website). The Company will cause each amendment to the Registration Statement or supplement to the Prospectus and each filing or report incorporated therein, to be
prepared in form and substance as required by the Act, the Rules and Regulations, the Exchange Act and the rules and regulations thereunder, and to be timely filed with the Commission. 

  
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 (c) The Company will advise the Sales Manager, promptly after it shall receive notice or
obtain knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of any Company Equity Securities for offering or sale in any
jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its best reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be
issued. 
 (d) Within the time during which a prospectus relating to any Company Equity Securities is required to be delivered
under the Act, the Company will comply with all requirements imposed upon it by the Act and by the Rules and Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Company Equity
Securities as contemplated by the provisions hereof and the Prospectus. If during such period any event occurs as a result of which the Prospectus, as then amended or supplemented, would include an untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with
the Act, the Company will promptly notify the Sales Manager to suspend the offering of Company Equity Securities during such period and the Company will amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so
as to correct such statement or omission or effect such compliance and will use its best reasonable efforts to have any amendment or supplement to the Registration Statement or Prospectus declared effective as soon as possible, unless the Company
has reasonable business reasons to defer public disclosure of the relevant information. 
 (e) The Company will use its best
reasonable efforts to qualify any Company Equity Securities for sale under the securities laws of such jurisdictions as the Sales Manager designates and to continue such qualifications in effect so long as required for the sale of any Company Equity
Securities, except that the Company shall not be required in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process in any jurisdiction. 

(f) The Company will furnish to the Sales Manager and its legal counsel (at the expense of the Company) copies of the Registration
Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during the period in which a prospectus relating
to any Company Equity Securities is required to be delivered under the Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as available and in such
quantities as the Sales Manager may from time to time reasonably request. The Company will take such action as to enable the conditions set forth in Rule 153(b) of the Rules and Regulations to be satisfied at all times that the Sales Agent is
selling any Company Equity Securities. 

  
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 (g) The Company will make generally available to its security holders as soon as
practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that satisfies the provisions of Section 11(a) of
the Act and Rule 158 of the Rules and Regulations. 
 (h) The Company, whether or not the transactions contemplated hereunder
are consummated or this Agreement is terminated, will pay all of its expenses incident to the performance of its obligations hereunder (including, but not limited to, any transaction fees imposed by any governmental or self-regulatory organization
with respect to transactions contemplated by this Agreement and any blue sky fees) and will pay the expenses of printing all documents relating to the offering. The Company will reimburse the Sales Manager for its reasonable out-of-pocket costs and
expenses incurred in connection with entering into this Agreement, including, without limitation, reasonable travel, reproduction, printing and similar expenses, as well as the reasonable fees and disbursements of its legal counsel. 

(i) The Company shall use its best reasonable efforts to list, subject to notice of issuance, the Company Equity Securities on the
applicable Trading Market. 
 (j) The Company will apply the Net Proceeds from the sale of the Company Equity Securities as set
forth in the Prospectus. 
 (k) The Company will not, directly or indirectly, offer or sell any shares of equity securities
(other than the Company Equity Securities) or securities convertible into or exchangeable for, or any rights to purchase or acquire, equity securities (other than the Company Equity Securities) during the period from the date of this Agreement
through the final Settlement Date for the sale of any Company Equity Securities hereunder without (i) giving the Sales Manager at least one business day prior written notice specifying the nature of the proposed sale and the date of such
proposed sale and (ii) suspending activity under this program for such period of time as may reasonably be determined by agreement of the Company and the Sales Manager; provided, however, that no such notice and suspension shall
be required in connection with the Company’s issuance or sale of (i) shares of equity securities pursuant to any employee or director stock option or benefits plan, stock ownership plan, dividend reinvestment plan, as such plans may be
amended from time to time, and (ii) equity securities issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding on the date hereof. Notwithstanding the foregoing, this paragraph
(k) shall not apply during periods that the Company is neither selling Company Equity Securities through the Sales Manager nor has requested the Sales Manager to sell Company Equity Securities. 

(l) The Company will, at any time during the term of this Agreement, as supplemented from time to time, advise the Sales Manager
immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Sales Manager pursuant to Article IV herein.

 (m) Each time that the Registration Statement or the Prospectus shall be amended or supplemented (other than an Excluded
Supplement) and on the dates specified in Section 4.1(f) below, the Company shall (unless the Company is not then selling Company 

  
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Equity Securities through the Sales Manager and has not requested the Sales Manager to sell Company Equity Securities) furnish or cause to be furnished to the Sales Manager forthwith a
certificate, in form and substance satisfactory to the Sales Manager to the effect that the statements contained in the certificates referred to in Section 4.1(f) below that were last furnished to the Sales Manager are true and correct at the
time of such amendment or supplement, as the case may be, as though made at and as of such time (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such time) or, in
lieu of such certificates, certificates of the same tenor as the certificates referred to in said Section 4.1(f) below, modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of
delivery of such certificate. 
 (n) Each time that a post-effective amendment to the Registration Statement is declared
effective or the Company files an Annual Report on Form 10-K, and at such other times as may be reasonably requested by the Sales Manager, the Company shall (unless the Company is not then selling Company Equity Securities through the Sales Manager
and has not requested the Sales Manager to sell Company Equity Securities) furnish or cause to be furnished forthwith to the Sales Manager and to its legal counsel, a written opinion of Andrews Kurth LLP, counsel to the Company (“Company
Counsel”), or other counsel reasonably satisfactory to the Sales Manager, dated the date of effectiveness of such amendment or the date of filing with the Commission of such document, as the case may be, in form and substance satisfactory to
the Sales Manager, of the same tenor as the opinion referred to in Section 4.1(d) below, but modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinion;
provided, however that in lieu of such opinion, the Company may furnish the Sales Manager with a letter from Company Counsel to the effect that the Sales Manager may rely on the prior opinion delivered pursuant to Section 4.1(d) below to the
same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented to the time of delivery of such letter).

 (o) Each time that a post-effective amendment to the Registration Statement is declared effective or the Company files an
Annual Report on Form 10-K, and at such other times as may be reasonably requested by the Sales Manager, the Company shall (unless the Company is not then selling Company Equity Securities through the Sales Manager and has not requested the Sales
Manager to sell Company Equity Securities) cause Ernst & Young LLP, or other independent accountants then retained by the Company, forthwith to furnish to the Sales Manager a letter, dated the date of effectiveness of such amendment, or the
date of filing of such supplement or other document with the Commission, as the case may be, in form and substance satisfactory to the Sales Manager, of the same tenor as the letter referred to in Section 4.1(e) below but modified to relate to
the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. 
 (p) The Company
represents and agrees that, unless it obtains the prior consent of the Sales Manager, and the Sales Manager represents and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer relating to any
Company Equity Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus” as defined in Rule 405, required to be

  
 12 

 
filed with the Commission. Any such free writing prospectus consented to by the Company and the Sales Manager is hereinafter referred to as a “Permitted Free Writing Prospectus.” The
Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433 of the Act, and has complied and will comply with the requirements
of Rules 164 and 433 of the Act, as applicable to any Permitted Free Writing Prospectus, including timely Commission filings where required, legending and record keeping. 
 For the purposes of this Section, “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the Act, relating to any Company Equity
Securities in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) of the Act. 

Notwithstanding the foregoing, the Company shall not be required to obtain the consent of the Sales Manager with respect to the offering
of any securities other than Company Equity Securities or any “follow-on” offering of Company Equity Securities pursuant to an Issuer Free Writing Prospectus. 
 ARTICLE IV 
 CONDITIONS OF THE SALES MANAGER’S OBLIGATIONS

 4.1 The obligations of the Sales Manager to sell the Company Equity Securities as provided herein shall be subject to the
accuracy, as of the date hereof, and as of each Settlement Date contemplated under this Agreement, of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the following
additional conditions: 
 (a) The Registration Statement has been declared effective. No stop order suspending the effectiveness
of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the knowledge of the Company or the Sales Manager, threatened by the Commission, and any request of the Commission for
additional information (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the Sales Manager’s reasonable satisfaction. The Company Equity Securities shall have been listed for trading
on the Trading Market. 
 (b) The Sales Manager shall not have advised the Company that the disclosures in the Registration
Statement or the Prospectus, or any amendment or supplement thereto, are not reasonably acceptable to the Sales Manager. 
 (c)
Except as contemplated in the Prospectus, subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there shall not have been any material adverse change in the capital stock of the
Company, or any material adverse change, or any development that may reasonably be expected to cause a material adverse change, in the condition (financial or other), business, net worth or results of operations of the Company, or any adverse change
in the rating assigned to any securities of the Company. 

  
 13 

 (d) (i) The Sales Manager shall have received at the date of the first sale of Company
Equity Securities hereunder (the “Commencement Date”) and at every other date specified in Section 3.1(n) hereof, opinions of Company Counsel, dated as of the Commencement Date and dated as of such other date, in a form reasonably
acceptable to the Sales Manager. 
 (ii) The Sales Manager shall have received a letter from Company Counsel
authorizing the Sales Manager to rely on the opinion on tax matters delivered by Company Counsel as Exhibit 8.1 to the Registration Statement. 
 (e) At the Commencement Date and at such other dates specified in Section 3.1(o) hereof, the Sales Manager shall have received a “comfort letter” from Ernst & Young LLP,
independent public accountants for the Company, or other independent accountants then retained by the Company, dated the date of delivery thereof, in form and substance satisfactory to the Sales Manager. 

(f) The Sales Manager shall have received from the Company a certificate, or certificates, signed by the Chief Financial Officer and
Executive Vice President of the Company, dated as of the Commencement Date and (unless the Company is not then selling Company Equity Securities through the Sales Manager and has not requested the Sales Manager to sell Company Equity Securities)
dated as of the first business day of each calendar month thereafter and such other times as the Sales Manager shall request (each, a “Certificate Date”), to the effect that, to the best of their knowledge based upon reasonable
investigation: 
 (i) The representations and warranties of the Company in this Agreement are true and correct,
as if made at and as of the Commencement Date or the Certificate Date (as the case may be), and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the
Commencement Date and each such Certificate Date (as the case may be); 
 (ii) No stop order suspending the
effectiveness of the Registration Statement has been issued, and no proceeding for that purpose has been instituted or, to the knowledge of such officer after due inquiry, is threatened, by the Commission; 

(iii) Since the date of this Agreement there has occurred no event required to be set forth in an amendment or supplement
to the Registration Statement or Prospectus that has not been so set forth and there has been no document required to be filed under the Exchange Act and the rules and regulations of the Commission thereunder that upon such filing would be deemed to
be incorporated by reference in the Prospectus that has not been so filed; and 
 (iv) Since the date of this
Agreement, there has not been any material adverse change in the assets or properties, business, results of operations or condition (financial or otherwise) of the Company, which has not been described in an amendment or supplement to the
Registration Statement or Prospectus (directly or by incorporation). 

  
 14 

 (g) At the Commencement Date and on each Settlement Date, the Company shall have furnished
to the Sales Manager such appropriate further information, certificates and documents as the Sales Manager may reasonably request. 
 (h) At the Commencement Date and on each Settlement Date, the Company shall have listed for quotation the Company Equity Securities on the Trading Market. 

All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are
satisfactory in form and substance to the Sales Manager. The Company will furnish the Sales Manager with such conformed copies of such opinions, certificates, letters and other documents as the Sales Manager shall reasonably request. 

ARTICLE V 

INDEMNIFICATION AND CONTRIBUTION 
 5.1 (a) The Company agrees to indemnify and hold harmless the Sales Manager and each person, if any, who controls the Sales Manager within the meaning of Section 15 of the Act or Section 20 of
the Exchange Act, as follows: 
 (i) against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the representations in this Agreement or contained in the Registration Statement (or any amendment thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in any preliminary
prospectus or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; 
 (ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred,
to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
 (iii) against any and all expense whatsoever, as incurred (including, subject to Section 5(c) hereof, the reasonable fees and disbursements of legal counsel chosen by the Sales Manager), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above; 

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out
of any untrue statement or omission or alleged untrue 

  
 15 

 
statement or omission made in reliance upon and in conformity with written information furnished to the Company by the Sales Manager expressly for use in the Registration Statement (or any
amendment thereto) or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto). 
 (b) The Sales
Manager agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 5.1(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement (or any amendments thereto) or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to
the Company by the Sales Manager expressly for use in the Registration Statement (or any amendment thereto) or such preliminary prospectus or the Prospectus (or any amendment or supplement thereto). The total liability of the Sales Manager under
this Section 5.1(b) shall not exceed the total actual sales price of Company Equity Securities sold by the Sales Manager that is the subject of the dispute. 
 (c) Any indemnified party that proposes to assert the right to be indemnified under this Article V will, promptly after receipt of notice of commencement of any action against such party in respect of
which a claim is to be made against an indemnifying party or parties under this Article V, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying
party will not relieve the indemnifying party from any liability that it might have to any indemnified party to the extent it is not materially prejudiced as a result thereof. If any such action is brought against any indemnified party and it
notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the
commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with legal counsel reasonably satisfactory to the indemnified party, and after notice from the
indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of
investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own legal counsel in any such action, but the fees, expenses and other charges of such legal counsel
will be at the expense of such indemnified party unless (1) the employment of legal counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on
written advice of legal counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists
(based on written advice of legal counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the
indemnified party) or (4) the indemnifying party has not in fact employed legal counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the
reasonable fees, disbursements and 

  
 16 

 
other charges of legal counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All
such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not be liable for any settlement of any action or claim effected without its written consent (which
consent will not be unreasonably withheld). 
 (d) In order to provide for just and equitable contribution in circumstances in
which the indemnification provided for in the foregoing paragraphs of this Article V is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or the Sales Manager, the Company and the Sales Manager
will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any
claim asserted, but after deducting any contribution received by the Company from persons other than the Sales Manager, such as persons who control the Company within the meaning of the Act, officers of the Company who signed the Registration
Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Sales Manager may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one
hand and the Sales Manager on the other. The relative benefits received by the Company on the one hand and the Sales Manager on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting
expenses) received by the Company bear to the total compensation (before deducting expenses) received by the Sales Manager from the sale of Company Equity Securities on behalf of the Company. If, but only if, the allocation provided by the foregoing
sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the
Company, on the one hand, and the Sales Manager, on the other, with respect to the statements or omission which resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable
considerations with respect to such offering. Such relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or the Sales Manager, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Sales Manager agree that it would not
be just and equitable if contributions pursuant to this Section 5.1(d) were to be determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to herein. The
amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above in this Section 5.1(d) shall be deemed to include, for the purpose of this
Section 5.1(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the foregoing provisions of this Section 5.1(d), the Sales
Manager shall not be required to contribute any amount in excess of the amount by which the total actual sales price at which Company Equity Securities sold by the Sales Manager exceeds the amount of any damages that the Sales Manager has otherwise
been required to pay by reason of such untrue or 

  
 17 

 
alleged untrue statement or omission or alleged omission and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 5.1(d), any person who controls a party to this Agreement within the meaning of the Act will have the same rights to contribution
as that party, and each officer and director of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly
after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 5.1(d), will notify any such party or parties from whom contribution may be sought, but the
omission so to notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 5.1(d). No party will be liable for contribution with respect to any action or
claim settled without its written consent (which consent will not be unreasonably withheld). 
 (e) The indemnity and
contribution provided by this Article V shall not relieve the Company and the Sales Manager from any liability the Company and the Sales Manager may otherwise have (including, without limitation, any liability the Sales Manager may have for a breach
of its obligations under Article II hereof). 
 ARTICLE VI 

REPRESENTATIONS AND AGREEMENTS TO SURVIVE DELIVERY 
 6.1 All representations, warranties and agreements of the Company herein or in certificates delivered pursuant hereto, and the agreements of the Sales Manager contained in Article V hereof, shall remain
operative and in full force and effect regardless of any investigation made by or on behalf of the Sales Manager or any controlling persons, or the Company (or any of their officers, directors or controlling persons), and shall survive delivery of
and payment for any Company Equity Securities. 
 ARTICLE VII 

TERMINATION 
 7.1 The Company shall have the right, by giving notice as hereinafter specified, to terminate this Agreement in its sole discretion at any time. Any such termination shall be without liability of any
party to any other party except that the provisions of Section 3.1(h), Article V and Article VI hereof shall remain in full force and effect notwithstanding such termination. 

7.2 The Sales Manager shall have the right, by giving notice as hereinafter specified, to terminate this Agreement in its sole discretion
at any time. Any such termination shall be without liability of any party to any other party except that the provisions of Article 3.1(h), Article V and Article VI hereof shall remain in full force and effect notwithstanding such termination.

  
 18 

 7.3 This Agreement shall remain in full force and effect unless terminated pursuant to
Section 7.1 or 7.2 above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section 3.1(h), Article V and Article VI shall remain in full
force and effect. 
 7.4 Any termination of this Agreement shall be effective on the date specified in such notice of
termination; provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Manager or the Company, as the case may be. If such termination shall occur during a period when sales
of Company Equity Securities are being made pursuant to this Agreement, any sales of Company Equity Securities made prior to the termination of this Agreement shall settle in accordance with the provisions of this Agreement. 

ARTICLE VIII 
 NOTICES 
 8.1 All notices or communications hereunder
shall be in writing and if sent to the Sales Manager shall be mailed, delivered or telecopied and confirmed to the Sales Manager at Brinson Patrick Securities Corporation, 1515 Broadway, 11th Floor, New York, New York 10036, facsimile number (212) 453-5555, Attention: Corporate Finance, or if sent to the
Company, shall be mailed, delivered or telecopied and confirmed to the Company at Capstead Mortgage Corporation, 8401 N. Central Expressway, Suite 800, Dallas, Texas 75225, facsimile number (214) 874-2323, Attention: Mr. Andrew F.
Jacobs. Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. 
 ARTICLE IX 
 MISCELLANEOUS 

9.1 This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Manager and their respective successors
and the controlling persons, officers and directors referred to in Article V hereof, and no other person will have any right or obligation hereunder. 
 9.2 This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, between the parties hereto with regard to the
subject matter hereof. 
 9.3 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. 
 9.4 This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties agree that this Agreement will be considered signed when the signature of a party is delivered by
facsimile transmission. Such facsimile transmission shall be treated in all respects as having the same effect as an original signature. 

  
 19 

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

					
	CAPSTEAD MORTGAGE CORPORATION
		
	By:	 	     /s/ Phillip A. Reinsch

		 	    Name:	 	Phillip A. Reinsch
		 	    Title:	 	Executive Vice President and Chief Financial Officer
	
	BRINSON PATRICK SECURITIES CORPORATION
		
	By:	 	     /s/ Todd Wyche

		 	    Name:	 	Todd Wyche
		 	    Title:	 	Managing Director

  
 20 

 SCHEDULE 1.1(f) 

List of Significant Subsidiaries 
 None.Employment Agreement by and between the registrant and Walter F. Ulloa

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”) is effective as of January 1, 2011, by and between Entravision Communications Corporation, a Delaware corporation (together with its successors and assigns permitted under the Agreement, the “Company”), and
Walter F. Ulloa (the “Executive”) with reference to the following facts: 
 WHEREAS, the Company and the Executive
previously entered into that certain Employment Agreement effective as of August 1, 2005 (the “Prior Agreement”). 
 WHEREAS, the term of the Prior Agreement has expired. 
 WHEREAS, the Company and
the Executive desire to enter into this Agreement to provide for the Executive’s continued employment by the Company, upon the terms and conditions set forth herein. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Employment. The Company hereby agrees to the Executive’s employment, and the Executive hereby accepts such employment and agrees to perform his duties and responsibilities in accordance
with the terms and conditions hereinafter set forth. 
 (a) Employment Term. The term of the Executive’s employment
under this Agreement shall commence as of January 1, 2011 (the “Effective Date”) and shall continue until December 31, 2013, unless earlier terminated in accordance with Section 4 or Section 5 hereof. The period
commencing as of the Effective Date and ending on December 31, 2013, or such later date to which the term of the Executive’s employment under the Agreement shall have been extended is hereinafter referred to as the “Employment
Term.” 
 (b) Duties and Responsibilities. The Executive shall serve as Chairman and Chief Executive Officer of the
Company. During the Employment Term, the Executive shall perform all duties and accept all responsibilities incident to such position or other appropriate duties as may be assigned to him by the Company’s Board of Directors (the
“Board”). Except to attend to those business interests of the Executive set forth on Schedule A attached hereto and incorporated herein by this reference, the Executive shall devote his full productive time and best efforts to the
performance of his duties and responsibilities under this Section 1(b). 
 (c) Base Salary. For all of the services
rendered by the Executive hereunder for the first calendar year commencing on the Effective Date, the Company shall pay the Executive an annual base salary (“Base Salary”) of Seven Hundred Sixty-Seven Thousand Dollars ($767,000), payable
in installments at such times as the Company shall pay its other senior level executives (but in any event no less often than monthly). The Executive’s Base Salary shall be reviewed at least annually prior to each of the anniversaries of the
Effective Date and, in the discretion of the Compensation Committee (“Compensation Committee”) of the Board, the Executive’s Base Salary may be increased. In reviewing increases in the Executive’s Base Salary, the Compensation
Committee shall consider factors including, but not limited to, the market for executives with skills and experience similar to those of the Executive, performance considerations, and the nature and extent of salary increases given to other
employees of the Company during the prior year. In no event shall the Executive’s Base Salary be decreased to an amount less than Seven Hundred Sixty-Seven Thousand Dollars ($767,000) per annum. 

  
 1 

 (d) Annual Bonus. In addition to the Base Salary provided for in Section 1(c)
above, the Executive shall be eligible to receive an annual bonus (“Annual Bonus”) pursuant to such factors, criteria or annual bonus plan(s) of the Company as determined by the Compensation Committee from time to time. The
Executive’s annual target bonus under such plan(s) shall equal one-hundred percent (100%) of his Base Salary. The Compensation Committee shall have the discretion to determine, on either a prospective or retrospective basis, the factors,
criteria or annual bonus plan(s), including performance goals which must be met, if any, for such Annual Bonus to be paid to the Executive for each applicable year. The Annual Bonus will be paid in the year following the annual performance period,
as soon as practicable after the completion of the Company’s year-end audited financial statements. 
 (e) Stock
Options. The Executive shall be eligible for grants of stock options, restricted stock and other equity incentives pursuant to the Entravision Communications Corporation 2004 Equity Incentive Plan (or any successor plan thereto) on the same
terms applicable to the Company’s other executive officers. 
 (f) Automobile Allowance. During the Employment Term,
the Executive shall be entitled to receive a Two Thousand Dollars ($2,000) monthly automobile allowance, payable monthly in advance, which shall include all costs attendant to the use of the automobile, including, without limitation, liability and
property insurance coverage, costs of maintenance and fuel. Notwithstanding the foregoing, the amount of the monthly automobile allowance shall be reviewed by the Company annually. 

(g) Benefit Coverages. During the Employment Term, the Company shall provide medical and dental coverage for the Executive and the
Executive’s dependents at no cost to the Executive; provided that if the provision of any such coverage under a fully-insured plan would subject the Company to an excise tax, then the foregoing provision shall cease to apply. During such
Employment Term, the Executive shall also be entitled to participate in all employee pension and welfare benefit plans and programs made available to the Company’s senior level executives as a group or to its employees generally, as such plans
or programs may be in effect from time to time (the “Benefit Coverages”), including, without limitation, pension, profit sharing, savings and other retirement plans or programs, short-term and long- term disability and life insurance
plans, accidental death and dismemberment protection and travel accident insurance. During such Employment Term, the Company will also use commercially reasonable efforts to obtain and maintain, at the Company’s sole cost, (i) a life
insurance policy providing a $3,000,000 death benefit to the beneficiary(ies) designated by the Executive under such policy, and (ii) a disability insurance policy or policies that provide, in the aggregate, benefits to the Executive of
$2,000,000 in the event the Executive becomes disabled (as defined under such policy). The Company will use its commercially reasonable efforts to obtain a life insurance policy pursuant to clause (i) and a disability insurance policy(ies)
pursuant to clause (ii) that are transferable to Executive upon his termination of employment, and if such insurance is obtained, the Company shall take all steps necessary to transfer such policy(ies) to the Executive, at his request, upon his
termination of employment, with all costs and premiums of such policy(ies) to be paid solely by Executive following his termination of employment. The Executive agrees to submit to a physical examination at any reasonable time requested by the
Company for the purpose of obtaining life insurance or disability insurance with respect to the Executive; provided, however, that the Company shall bear the entire cost of such examination. 

  
 2 

 (h) Reimbursement of Expenses; Vacation; Residence. The Executive shall be provided
with full and prompt reimbursement of expenses related to his employment by the Company (including mobile telephone usage) on a basis no less favorable than that which may be authorized from time to time by the Board, in its sole discretion, for
senior level executives as a group, and entitled to the vacation and holidays in accordance with, and subject to the limitations of, the Company’s normal personnel policies; provided that the minimum vacation to be provided to the Executive per
year shall be four (4) weeks. The Executive currently resides in the Los Angeles, California area, and the Company agrees that he shall not be required to relocate his residence from that area without his prior written consent (which may be
withheld in his sole discretion), or from any other area to which he may voluntarily move with the Company’s prior written consent, during the Employment Term. 
 (i) Tax Withholding. The Company may withhold from any compensation or other benefits payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law
or governmental regulation or ruling. 
 2. Indemnification; Insurance. The Company shall indemnify the Executive to the
fullest extent allowed by applicable law pursuant to that certain Indemnification Agreement dated as of August 1, 2000 by and between the Company and the Executive, as the same may be amended from time to time. The Executive shall be covered by
the Company’s directors’ and officers’ liability insurance policy, if any. 
 3. Proprietary Information;
Non-Compete. 
 (a) Confidential Information. The Executive recognizes and acknowledges that by reason of his
employment by and service to the Company during and, if applicable, after the Employment Term, he has had and will continue to have access to certain confidential and proprietary information relating to the Company’s business
(“Confidential Information”). The Executive covenants that he will not, unless expressly authorized in writing by the Company, at any time during the course of his employment divulge or disclose any Confidential Information to any person,
firm or corporation except in connection with the performance of his duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. The Executive also covenants that at any time after the
termination of such employment, directly or indirectly, he will not divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public domain through no fault of the Executive or except when
required to do so by law. All written Confidential Information (including, without limitation, in any computer or other electronic format) which comes into the Executive’s possession during the course of his employment shall remain the property
of the Company. Except as required in the performance of the Executive’s duties for the Company, or unless expressly authorized in writing by the Company, the Executive shall not remove any written Confidential Information from the
Company’s premises, except in connection with the performance of his duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Upon termination of the Executive’s employment, the
Executive agrees immediately to return to the Company all written Confidential Information in his possession. 

  
 3 

 (b) Non-Compete; Non-Solicitation. Except for those existing business activities set
forth on Schedule A attached hereto, the Executive shall not engage in, independently or with others, any business activity of any type or description that is in competition with the Company. Notwithstanding the foregoing, the Executive may
own securities of publicly traded or private companies competitive with the business of the Company so long as such shares do not constitute five percent (5%) or more of the outstanding securities of any such company. The Executive further
agrees that for as long as this Agreement remains in effect and for a period of twelve (12) months after the termination of this Agreement by the Company or by the Executive, in each case for any reason whatsoever or for no reason whatsoever,
the Executive will not induce or attempt to induce, directly or indirectly, any person to leave his or her employment with the Company. 
 4. Termination. The Employment Term shall terminate upon the occurrence of any one of the following events: 
 (a) Disability. The Company may terminate the Employment Term if the Executive is unable substantially to perform his duties and responsibilities hereunder to the full extent required by the
Company by reason of his illness, injury or incapacity for six (6) consecutive months, or for more than six (6) months in the aggregate during any period of twelve (12) calendar months. In the event of such termination, the Company
shall pay the Executive his Base Salary through the date of such termination. In addition, the Executive shall be entitled to the following: (i) a pro rata Annual Bonus for the year of termination paid at the same time such bonus would have
been paid had the Executive remained in employment, but only if and to the extent the performance goal(s) for such bonus are achieved; (ii) any other amounts earned, accrued or owing but not yet paid under Section 1 above;
(iii) continued participation for the remaining Employment Term in those Benefit Coverages in which he was participating on the date of termination which, by their terms, permit a former employee to participate; and (iv) any other benefits
in accordance with applicable plans and programs of the Company, including but not limited to, benefits under the disability insurance policy or policies maintained by the Company for the Executive. In such event, the Company shall have no further
liability or obligation to the Executive for compensation under this Agreement except as otherwise specifically provided in this Agreement. The Executive agrees, in the event of a dispute under this Section 4(a), to submit to a physical
examination by a licensed physician selected by the Company. The Company agrees that the Executive shall have the right to have his personal physician present at any examination conducted by the physician selected by the Company. 

(b) Death. The Employment Term shall terminate in the event of the Executive’s death. In such event, the Company shall pay to
the Executive’s executors, legal representatives or administrators, as applicable, the Executive’s Base Salary through the date of such termination. In addition, the Executive’s estate or designated beneficiaries shall be entitled to:
(i) any other benefits in accordance with applicable plans and programs of the Company; and (ii) any death benefit payable under the life insurance policy maintained by the Company for the benefit of the Executive. The Company shall have
no further liability or obligation under this Agreement to the Executive’s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through him except as otherwise specifically provided in this
Agreement. 

  
 4 

 (c) Termination by the Company With Cause. The Company may terminate the Employment
Term, at any time, for “Cause”, in which event all payments under this Agreement shall cease, except for Base Salary to the extent already accrued. For purposes of this Agreement, the Executive’s employment may be terminated for
“Cause” (i) immediately if the Executive is convicted of a felony or (ii) following the determination by the Board (without the Executive’s participation) that the Executive has engaged in intentional fraud, intentional
misconduct or intentional misappropriation of Company assets. 
 (d) Termination by the Company Without Cause. The
Company may terminate the Employment Term, at any time, without Cause. In the event the Executive is terminated without Cause, subject to Section 8, the Executive shall be entitled to receive: 

(i) any amounts earned, accrued or owing but not yet paid pursuant to Section 1 above; and 

(ii) a severance payment in an aggregate amount equal to two (2) times the sum of (A) the Executive’s then-current Base
Salary, plus (B) the average Annual Bonus received by the Executive for the three (3) years preceding such termination; and 
 (iii) a continuation of all Benefit Coverages for which the Executive is eligible to participate as of the Termination Date in a fashion which is similar to those which the Executive is receiving
immediately prior to the Termination Date for a period of two (2) years after such termination without Cause; and 
 (iv)
notwithstanding any provision to the contrary in the Entravision Communications Corporation 2004 Equity Incentive Plan (or any agreement entered into thereunder or any successor stock compensation plan or agreement thereunder), (A) immediate
vesting of, and the lapse of all restrictions applicable to, all unvested stock options and any other equity incentives that vest solely based on the passage of time granted to the Executive and outstanding immediately prior to the Termination Date;
and (B) vesting of any performance based equity incentives awarded to the Executive and outstanding immediately prior to the Termination Date, such vesting to occur in accordance with the terms of their applicable award agreements and plans
determined as if the Executive had not terminated employment with the Company. 
 Amounts payable and benefits to be received pursuant to
subsections (i), (ii), (iii), and (iv) of the preceding sentence will be collectively referred to herein as the “Severance Package.” 
 Subject to Section 9, the amount payable under subsection (ii) shall be paid in twelve (12) equal monthly installments, commencing with the first payroll date that occurs coincident with or
following the sixty-first (61st) day after the
Executive’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Subject to Section 9, each subsequent monthly installment shall thereafter be
paid on a regularly scheduled payroll date of the Company. 

  
 5 

 (e) Constructive Termination Without Cause. 

(i) Constructive Termination Without Cause shall mean a termination of the Executive’s employment at his initiative following the
occurrence, without the Executive’s written consent, of one or more of the following events: 
 (A) a material reduction
in the Executive’s then current Base Salary; 
 (B) a material diminution in the Executive’s duties, title,
responsibilities, authority as Chairman and Chief Executive Officer or the assignment to the Executive of duties which are materially inconsistent with his duties or which materially impair the Executive’s ability to function in his then
current position; and 
 (C) a requirement by the Company that the Executive move his residence from the Los Angeles,
California area, or from any other area to which he may have voluntarily moved with the Company’s prior written consent. 

(ii) In the event of a Constructive Termination Without Cause, subject to Section 8, the Executive shall be entitled to receive the
Severance Package as if the Executive had been terminated by the Company without Cause under Section 4(d). 
 (iii) The
Executive’s employment may be terminated by the Executive by written notice to the Company within ninety (90) days of the initial existence of the event constituting a Constructive Termination Without Cause; provided,
however, that the Company shall be given a period of thirty (30) days from the date of receipt of such notice to cure any such event, and if the Company cures such event within such thirty (30) day period, the Executive shall be
permitted to revoke his notice of termination. 
 5. Payments Upon a Change in Control. 

(a) Definitions. For all purposes of this Section 5, the following terms shall have the meanings specified in this
Section 5(a) unless the context clearly otherwise requires: 
 (i) “Change in Control” means: 

(A) a merger or acquisition in which the Company is not the surviving entity, except for a transaction the principal purpose of which is
to change the state of the Company’s incorporation; 
 (B) a stockholder approved sale, transfer or other disposition of
all or substantially all of the assets of the Company; 
 (C) a transfer of all or substantially all of the Company’s
assets pursuant to a partnership or joint venture agreement or similar arrangement where the Company’s resulting interest is less than fifty percent (50%); 
 (D) any reverse merger in which the Company is the surviving entity but in which fifty percent (50%) or more of the Company’s outstanding voting stock is transferred to holders different from
those who held the stock immediately prior to such merger; 
 (E) on or after the date hereof, a change in ownership of the
Company through an action or series of transactions, such that any person is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the securities of the combined voting
power of the Company’s outstanding securities; or 

  
 6 

 (F) a majority of the members of the Board are replaced during any twelve (12) month
period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of such appointment of election. 
 (ii) “Termination Date” shall mean the date of receipt of a Notice of Termination of this Agreement or any later date specified therein. 

(iii) “Termination of Employment” shall mean the termination by the Company of the Executive’s actual employment
relationship with the Company. 
 (iv) “Termination Upon a Change in Control” shall mean that upon or within two
(2) years after a Change in Control, there is a Constructive Termination Without Cause, or there is any other Termination of Employment other than (i) as a result of the Executive’s disability, as described in Section 4(a) above,
(ii) the Executive’s death, as described in Section 4(b) above, or (ii) with Cause, as described in Section 4(c) above. 
 (b) Notice of Termination. Any Termination Upon a Change in Control shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 13 below. For
purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) briefly summarizes the facts and circumstances deemed to
provide a basis for a Termination of Employment and the applicable provision hereof and (iii) if the Termination Date is other than the date of receipt of such notice, specifies the Termination Date (which date shall not be more than fifteen
(15) days after the giving of such notice, except that if the termination is a Constructive Termination Without Cause, the date shall be thirty-one (31) days after the giving of such notice). 

(c) Severance Compensation Upon Termination. In the event of the Executive’s Termination Upon a Change in
Control, subject to Section 8, the Executive shall be entitled to receive the Severance Package, except that (i) the payment provided in Section 4(d)(ii) shall be an aggregate amount equal to three (3) times the sum of
(A) the Executive’s then-current Base Salary, plus (B) the average Annual Bonus received by the Executive for the three (3) years preceding such termination; (ii) payment of the amount described in clause
(i) shall be made in a lump sum on the sixty-first
(61st) day following the Executive’s separation
from service (within the meaning of Code Section 409A) from the Company; and (iii) the provisions of Section 4(d)(iv) shall also apply to all stock options and other equity incentives granted to the Executive after the Effective Date.
In such event, the Company shall have no further liability or obligation to the Executive for compensation under this Agreement except as otherwise specifically provided in this Agreement. A voluntary resignation by the Executive shall not be deemed
a breach of this Agreement and shall not affect any rights of the Executive accrued through the date of such resignation. 
 6.
Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the Company or any
affiliate and for which the Executive may qualify; provided, however, that if the Executive becomes entitled to the payments provided for in this Agreement, the Executive hereby waives his right to receive payments under any severance plan or
similar program applicable to all employees of the Company. 

  
 7 

 7. Survivorship. The respective rights and obligations of the parties hereunder shall
survive any termination of the Executive’s employment to the extent necessary to the intended preservation of such rights and obligations. 
 8. Release. Receipt of the Severance Package pursuant to Sections 4(d), 4(e) or 5(c) shall be in lieu of all other amounts payable by the Company to the Executive and in settlement and complete
release of all claims the Executive may have against the Company other than those arising pursuant to payment of the Severance Package. Notwithstanding any provision in this Agreement to the contrary, the Company shall not have any obligation to pay
any amount or provide any benefit, as the case may be, under this Agreement pursuant to Sections 4(d), 4(e) or 5(c), unless the Executive executes, delivers to the Company, and does not revoke (to the extent the Employee is allowed to do so), a
general release within sixty (60) days of the Executive’s termination of employment with the Company, which shall set forth (i) a release of the Company and its affiliates, in such form as the Company may reasonably request, of all
claims against the Company and its affiliates relating to the Executive’s employment and termination thereof, and (ii) an agreement to continue to comply with and be bound by, the provisions of Section 3 hereof. 

9. Payments to Specified Employees. Notwithstanding any other Section of this Agreement, if the Executive is a “specified
employee” as defined in Code Section 409A(a)(2)(b)(i) and Treasury Regulation Section 1.409A-1(i) at the time of the Executive’s separation from service, payments or distributions of property to the Executive provided under this
Agreement, to the extent considered amounts deferred under a non-qualified deferred compensation plan (as defined in Code Section 409A), shall be deferred until the six (6) month anniversary of such separation from service to the extent
required in order to comply with Code Section 409A and Treasury Regulation Section 1.409A-3(i)(2). If any payments are required to be delayed pursuant to this Section 9, such payments will be made as soon as practicable after the six
(6) month anniversary of the Executive’s separation from service without interest thereon. 
 10. Mitigation.
There shall be no offset against amounts due the Executive under this Agreement on account of any remuneration attributable to any subsequent employment that he may obtain. 
 11. Change in Control Excise Tax. 
 (a) Notwithstanding anything to the
contrary herein, if any portion of any payment or benefit under this Agreement, or under any other agreement with the Executive or plan of the Company or any affiliate (in the aggregate, “Total Payments”) would constitute an “excess
parachute payment” and would, but for this Section 11(a), result in the imposition on the Executive of an excise tax under Code Section 4999 (“Excise Tax”), then the Total Payments to be made to the Executive shall either be
(i) delivered in full, or (ii) delivered in such amount so that no portion of such Total Payments would be subject to the Excise Tax, whichever of the foregoing results in the receipt by the Executive of the greatest benefit on an
after-tax basis (taking into account the applicable federal, state and local income taxes and the Excise Tax). 
 (b) Within
forty (40) days following a separation of service that entitles or may entitle the Executive to the Severance Package or notice by one party to the other of its belief that there is a payment or benefit due the Executive that will result in an
excess parachute payment, the Executive and the Company, at the Company’s expense, shall obtain the opinion 

  
 8 

 
(which need not be unqualified) of nationally recognized tax counsel (“National Tax Counsel”) selected by the Company’s independent auditors and reasonably acceptable to the
Executive (which may be regular outside counsel to the Company), which opinion sets forth (i) the amount of the Base Period Income (as defined below), (ii) the amount and present value of the Total Payments, (iii) the amount and
present value of any excess parachute payments determined without regard to any reduction of Total Payments pursuant to Section 11(a) and (iv) the net after-tax proceeds to the Executive, taking into account the tax imposed under Code
Section 4999 if (x) the Total Payments were reduced in accordance with Section 11(a) or (y) the Total Payments were not so reduced. The opinion of National Tax Counsel shall be addressed to the Company and the Executive and shall
be binding upon the Company and the Executive. If such National Tax Counsel opinion determines that Section 11(a)(ii) applies, then the payments and benefits hereunder or any other payments or benefits determined by such counsel to be
includable in Total Payments shall be reduced or eliminated so that under the bases of calculations set forth in such opinion there will be no excess parachute payment. In such event, payments or benefits included in the Total Payments shall be
reduced or eliminated by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced
or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments
shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits to be received by the
Executive (on the basis of the relative present value of the parachute payments). 
 (c) For purposes of this Agreement:
(A) the terms “excess parachute payment” and “parachute payments” shall have the meanings assigned to them in Code Section 280G and such “parachute payments” shall be valued as provided therein. Present value
for purposes of this Agreement shall be calculated in accordance with Code Section 280G(d)(4); (B) the term “Base Period Income” means an amount equal to the Executive’s “annualized includible compensation for the base
period” as defined in Code Section 280G(d)(1); (C) for purposes of the opinion of National Tax Counsel, the value of any noncash benefits or any deferred payment or benefit shall be determined by the Company’s independent
auditors in accordance with the principles of Code Sections 280G(d)(3) and (4), which determination shall be evidenced in a certificate of such auditors addressed to the Company and the Executive; and (D) Executive shall be deemed to pay
federal income tax and employment taxes at the highest marginal rate of federal income and employment taxation, and state and local income taxes at the highest marginal rate of taxation in the state or locality of Executive’s domicile
(determined in both cases in the calendar year in which the separation of service occurs or notice described in Section 11(c) is given, whichever is earlier), net of the maximum reduction in federal income taxes that may be obtained from the
deduction of such state and local taxes. 
 (d) If such National Tax Counsel so requests in connection with the opinion required
by this Section 11, the Executive and the Company shall obtain, at the Company’s expense, and the National Tax Counsel may rely on, the advice of a firm of recognized executive compensation consultants as to the reasonableness of any item
of compensation to be received by the Executive solely with respect to its status under Code Section 280G. 

  
 9 

 (e) This Section 11 shall be amended to comply with any amendment or successor
provision to Sections 280G or 4999 of the Code. If such provisions are repealed without successor, then this Section 11 shall be cancelled without further effect. 
 12. Arbitration; Expenses. 
 (a) In the event of any dispute under the
provisions of this Agreement, other than a dispute in which the sole relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim settled by arbitration in the City of Los
Angeles, California in accordance with the commercial arbitration rules then in effect of the American Arbitration Association, before a panel of three arbitrators, two of whom shall be selected by the Company and the Executive, respectively, and
the third of whom shall be selected by the other two arbitrators. Any award entered by the arbitrators shall be final, binding and non-appealable and judgment may be entered thereon by either party in accordance with applicable law in any court of
competent jurisdiction. This arbitration provision shall be specifically enforceable. The fees of the American Arbitration Association and the arbitrators and any expenses relating to the conduct of the arbitration (including reasonable
attorneys’ fees and expenses) shall be paid as determined by the arbitrators. 
 (b) In the event of an arbitration or
lawsuit by either party to enforce the provisions of this Agreement following a Change in Control, if the Executive prevails on any material issue which is the subject of such arbitration or lawsuit, he shall be entitled to recover from the Company
the reasonable costs, expenses and attorneys’ fees he has incurred attributable to such issue. 
 13. Notices. Any
notice required to be given hereunder shall be delivered personally, shall be sent by first class mail, postage prepaid, return receipt requested, by overnight courier, or by facsimile, to the respective parties at the addresses given below, which
addresses may be changed by the parties by notice conforming to the requirements of this Agreement. 
  

			
	If to the Company:	  	 Entravision Communications Corporation
 Attention: Philip C. Wilkinson
 2425 Olympic Boulevard, Suite 6000 West

Santa Monica, California 90404

		
	With a required copy to:	  	 Entravision Communications Corporation
 Attention: General Counsel
 2425 Olympic Boulevard, Suite 6000 West

Santa Monica, California 90404

		
	If to the Executive:	  	 Walter F. Ulloa
 15304
Sunset Boulevard, Suite 204
 Pacific Palisades, California 90272

 Any such notice deposited in the mail shall be conclusively deemed delivered to and received by the addressee four (4) days after deposit in the mail, if all of the foregoing conditions of notice
shall have been satisfied. All facsimile communications shall be deemed delivered and received on the date of the facsimile, if (i) the transmittal form showing a successful transmittal is retained by the sender, and (ii) the facsimile
communication is followed by mailing a copy thereof to the addressee of the facsimile in accordance with this Section 13. Any communication sent by overnight courier shall be deemed delivered on the earlier of proof of actual receipt or the
first day upon which the overnight courier will guarantee delivery. 

  
 10 

 14. Contents of Agreement; Amendment and Assignment. 

(a) This Agreement supersedes all prior agreements, including, without limitation, the Prior Agreement, and sets forth the entire
understanding between the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except by a written agreement executed by the parties hereto or their respective successors and legal
representatives. 
 (b) All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and
be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Executive hereunder are of a personal nature and shall not be
assignable or delegable in whole or in part by the Executive. To the extent that Executive was eligible to receive any amounts in respect of Base Salary, Annual Bonus or other compensation under the Prior Agreement that were not received by
Executive, Executive hereby waives the right to receive any such amounts and releases the Company from any obligation to pay any such amounts. 
 15. Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or
application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. 

16. Remedies Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other
remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity. No delay or omission by a party in exercising any right, remedy or power
hereunder or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole
discretion. 
 17. Beneficiaries; References. The Executive shall be entitled, to the extent permitted under any
applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following the Executive’s death by giving the Company written notice thereof. In the event of the Executive’s
death or a judicial determination of his incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 

18. Compliance with Section 409A of the Code. For purposes of applying the provisions of Section 409A of the Code to
this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Section 409A of the Code, any series of installment

  
 11 

 
payments under this Agreement shall be treated as a right to a series of separate payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days,
the actual date of payment within the specified period shall be within the sole discretion of the Company. 
 19.
Recoupment. Notwithstanding anything in this Agreement to the contrary, all incentive compensation payments to the Executive hereunder are subject to recoupment by the Company pursuant to the recoupment policy approved by the Board, as it may
be amended from time to time or as otherwise may be required by law from time to time hereafter. 
 20. Captions. All
section headings and captions used in this Agreement are for convenience only and shall in no way define, limit, extend or interpret the scope of this Agreement or any particular section hereof. 

21. Executed Counterparts. This Agreement may be executed in one or more counterparts, all of which when fully-executed and
delivered by all parties hereto and taken together shall constitute a single agreement, binding against each of the parties. To the maximum extent permitted by law or by any applicable governmental authority, any document may be signed and
transmitted by facsimile with the same validity as if it were an ink-signed document. Each signatory below represents and warrants by his signature that he is duly authorized (on behalf of the respective entity for which such signatory has acted) to
execute and deliver this instrument and any other document related to this transaction, thereby fully binding each such respective entity. 
 22. Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of California without giving effect to any conflict of laws provisions. 

[Remainder of Page Left Intentionally Blank] 

  
 12 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this
Agreement as of the date first above written. 
  

							
	“Company”	 		 	 ENTRAVISION COMMUNICATIONS CORPORATION,
 a Delaware corporation

				
		 		 	By:	 	     /s/ Philip C. Wilkinson

		 		 		 	    Philip C. Wilkinson
		 		 		 	    President and Chief Operating Officer
			
	“Executive”	 		 	             /s/ Walter F.
Ulloa

		 		 	Walter F. Ulloa

[Signature Page to Employment Agreement] 

  
 13

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