Document:

Ex 10.1 - Credit Facility Second Amendment

SECOND AMENDMENT TO CREDIT AGREEMENT 
AND JOINDER TO GUARANTY
THIS SECOND AMENDMENT TO CREDIT AGREEMENT AND JOINDER TO GUARANTY (this “Amendment”), dated as of September 30, 2013, by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation (the “REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda are hereinafter collectively referred to as the “Borrowers”), each party listed as an “Existing Guarantor” and a “New Guarantor” on the signature pages hereto (collectively, the “Guarantors”), KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as Agent for itself and the other Lenders from time to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as the “Administrative Agent”), and each party listed as an “Existing Lender”, a “New Lender” or an “Exiting Lender” on the signature pages hereto (such Existing Lenders and New Lenders, collectively, the “Lenders”).
W I T N E S S E T H:
WHEREAS, the Borrowers, KeyBank, the Administrative Agent, the other Existing Lenders (as hereinafter defined) and the Exiting Lenders (as hereinafter defined) are party to that certain Senior Secured Credit Agreement dated as of December 13, 2011, as amended by that certain First Amendment to Credit Agreement dated as of April 5, 2013 and effective as of March 31, 2013 (as the same may be varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated, the “Credit Agreement”);
WHEREAS, certain of the Guarantors executed and delivered to the Administrative Agent and the Lenders that certain Continuing Guaranty dated as of December 13, 2011 (as the same may be varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated, the “Guaranty”);
WHEREAS, each of Shelter Properties IV Limited Partnership, a South Carolina limited partnership, Hunt Club Partners, L.L.C., a Maryland limited liability company and Waters Landing Partners, L.L.C., a Maryland limited liability company (collectively, the “New Guarantors”), is required pursuant to the terms of the Credit Agreement, as amended hereby, to become a “Guarantor” thereunder and under the other Loan Documents, and each such New Guarantor is executing and delivering this Amendment for purposes of, among other things, evidencing its agreement to be bound by the Credit Agreement and the other Loan Documents as a “Guarantor” thereunder;
WHEREAS, the Exiting Lenders are assigning and delegating their Commitments and Revolving Loans to the Existing Lenders and New Lenders (each as defined herein), in accordance with the terms and conditions of this Amendment;
WHEREAS, the Borrowers and the Guarantors have requested that the Lenders modify the Credit Agreement in certain respects and the Lenders have agreed to modifications on the terms and conditions set forth below;

NOW, THEREFORE, in consideration of the mutual covenants, promises, and agreements set forth hereinbelow, and for other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, and as a material inducement to the Lenders to agree to such modifications, the parties do hereby covenant and agree as follows:
1.Definitions.  Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have the respective meanings given thereto in the Credit Agreement.
2.Modifications of the Credit Agreement.  The Borrowers, the Administrative Agent and the Lenders do hereby modify and amend the Credit Agreement as follows:
(a)By inserting the following new definitions in Section 1.01 of the Credit Agreement, in the appropriate alphabetical order:

“Amendment Closing Date” has the meaning given such term in the Second Amendment to Credit Agreement by and among the Borrowers, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto.
“Bottom Tier Subsidiary” has the meaning specified in Section 6.12(a).
“Credit Rating” means, as of any date of determination, the highest of the credit ratings (or their equivalents) then assigned to the REIT’s or a Borrower’s long-term senior unsecured non-credit enhanced debt by any of the Rating Agencies.  For purposes herein, the credit ratings described in each respective Credit Rating Level are deemed equivalent.  If the REIT or a Borrower shall have obtained a credit rating from at least two of the Rating Agencies, the highest of the credit ratings shall control, provided that the next highest credit rating is only one level below that of the highest credit rating.  If the next highest credit rating is more than one level below that of the highest credit rating, the operative credit rating would be deemed to be one rating level lower than the highest credit rating.  If the REIT or a Borrower shall have obtained a credit rating from two or more of the Rating Agencies and shall thereafter lose all such credit ratings (whether as a result of a withdrawal, suspension, election to not obtain a rating, or otherwise) from the Rating Agencies, or if the only credit rating the REIT or a Borrower shall have is provided by Fitch, the REIT or such Borrower, as applicable, shall be deemed for the purposes hereof not to have a credit rating.  If at any time two or more of the Rating Agencies shall no longer perform the functions of a securities rating agency, then the Borrowers and the Administrative Agent shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each such substitute rating agency with that of the rating agency being replaced) and, pending such amendment, the Credit Rating of the other of the Rating Agencies, if one has been provided, shall continue to apply. 
“Credit Rating Confirmation Notice” means a written notice from REIT or a Borrower that it has first obtained an Investment Grade Rating from at least two Rating Agencies.

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“Credit Rating Election Notice” means a written notice from REIT or a Borrower that it elects to have the Applicable Rate determined by reference to the Credit Rating Level.
“Credit Rating Level” means one of the following five pricing levels, as applicable:
“Credit Rating Level 1” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to A- by S&P or Fitch or A3 by Moody’s;
“Credit Rating Level 2” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Fitch or Baa1 by Moody’s and Credit Rating Level 1 is not applicable;
“Credit Rating Level 3” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Fitch or Baa2 by Moody’s and Credit Rating Levels 1 and 2 are not applicable;
“Credit Rating Level 4” means the Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB- by S&P or Fitch or Baa3 by Moody’s and Credit Rating Levels 1, 2 and 3 are not applicable; and
“Credit Rating Level 5” means the Credit Rating Level which would be applicable for so long as the Credit Rating is less than BBB- by S&P or Fitch or Baa3 by Moody’s or there is no Credit Rating.
“Facility Fee” has the meaning specified in Section 2.09(b).
“Fitch” means Fitch Ratings, Inc. and any successor thereto.
“Investment Grade Rating” shall mean a Credit Rating of BBB- or better from S&P or Fitch or Baa3 or better from Moody’s.
“Material Subsidiary” has the meaning specified in Section 6.12(a).
“Rating Agencies” means S&P, Moody’s and Fitch, collectively, and “Rating Agency” means S&P, Moody’s or Fitch.
“Second Tier Subsidiary” has the meaning specified in Section 6.12(a).
“Section 6.12(c) Subsidiary” has the meaning specified in Section 6.12(c).
“Singer Portfolio” shall mean, collectively, (a) twenty (20) senior mortgage loans held by Singer AIMCO Held Notes, LLC, a Delaware limited liability company and (b) the junior mortgage loan held by AIMCO Harlem Funding, LLC, a Delaware limited liability company, secured by various properties located New York, New York.

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“Unencumbered Subsidiary” has the meaning specified in Section 6.12(a).
(b)By deleting in their entirety the definitions of the terms “Applicable Rate”, “Fee Letter”, “Negative Pledge Assets” and “Wholly-Owned Subsidiary” appearing in Section 1.01 of the Credit Agreement, and inserting in lieu thereof the following new definitions:
“Applicable Rate” means, as of any date of determination prior to such time as Administrative Agent receives a Credit Rating Confirmation Notice and a Credit Rating Election Notice, the following percentages per annum (the “Leverage Rates”), based upon the Leverage Ratio as set forth in the most recent Compliance Certificate received by Administrative Agent pursuant to Section 6.02(b):
	
					
	Applicable Rate

	

Pricing
Level
	Leverage Ratio
	

Eurodollar Rate 
Applicable Rate
	Base Rate Applicable Rate
	Letters of Credit

	1
	< 50%
	1.875%
	0.500%
	1.875%

	2
	> 50% and < 55%
	2.050%
	0.675%
	2.050%

	3
	> 55% and < 60%
	2.250%
	0.875%
	2.250%

	4
	> 60%
	2.625%
	1.250%
	2.625%

While the Leverage Rates are in effect, any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered until the date such Compliance Certificate is delivered, whereupon, the Applicable Rate shall be adjusted based upon the calculation of the Leverage Ratio contained in such Compliance Certificate.  While the Leverage Rates are in effect, the Applicable Rate in effect (x) from the Closing Date to the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.02(b) for the fiscal quarter ended December 31, 2011 shall be determined based upon Pricing Level 2 and (y) from the Amendment Closing Date to the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.02(b) for the fiscal quarter ended September 30, 2013 shall be determined based upon Pricing Level 1.
From and after the time that Administrative Agent receives a Credit Rating Confirmation Notice and a Credit Rating Election Notice, “Applicable Rate” shall mean, as of any date of determination, a percentage per annum (the “Credit Rating Rates”) determined by reference to the Credit Rating Level as set forth below (provided that any accrued interest payable at the Applicable Rate determined by reference to the Leverage Ratio shall be payable as provided in Section 2.08):

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	Pricing
Level
	Credit Rating Level
	Eurodollar Rate Loans & Letters of Credit Fees
	Base Rate Loans

	I
	Credit Rating Level 1
	1.00%
	0.00%

	II
	Credit Rating Level 2
	1.05%
	0.05%

	III
	Credit Rating Level 3
	1.10%
	0.10%

	IV
	Credit Rating Level 4
	1.35%
	0.35%

	V
	Credit Rating Level 5
	1.70%
	0.70%

While the Credit Rating Rates are in effect, the Applicable Rate for each Base Rate Loan shall be determined by reference to the Credit Rating Level in effect from time to time, and the Applicable Rate for any Interest Period for all Eurodollar Rate Loans comprising part of the same Borrowing shall be determined by reference to the Credit Rating Level in effect on the first day of such Interest Period; provided, however, that (i) no change in the Applicable Rate resulting from the application of the Credit Rating Levels shall be effective until the first Business Day after the date on which the Administrative Agent receives a Credit Rating Confirmation Notice and a Credit Rating Election Notice, (ii) no change in the Credit Rating Level shall be effective until the first Business Day after the date on which the Administrative Agent receives written notice, pursuant to Section 6.03(e) or addressed to the Administrative Agent from the applicable Rating Agency, of a change in such Credit Rating Level, or otherwise confirms such change through information made publicly available by such Rating Agency and (iii) during any period that the REIT or any Borrower ceases to have a Credit Rating Level, Credit Rating Level 5 shall be the applicable Credit Rating Level.  From and after the first time that the Applicable Rate is based on the REIT’s or a Borrower’s Investment Grade Rating, the Applicable Rate shall no longer be calculated by reference to the Leverage Rates.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
“Fee Letter” means the letter agreement, dated August 8, 2013, among the REIT, the Administrative Agent, the Syndication Agent and the Joint Lead Arrangers.
“Negative Pledge Assets” means, collectively, (i) the Note(s) Receivables (other than any Note(s) Receivables relating to the Singer Portfolio and any Note(s) Receivables that may be approved by the Required Lenders), (ii) all property management contracts of the Borrowing Group, and (iii) the Borrowing Group’s general partnership interests in partnerships that own properties managed by any member of the Borrowing Group.
“Wholly-Owned Subsidiary” means a Subsidiary of AIMCO and/or the REIT and/or AIMCO/Bethesda of which 100% of the Equity Interests is owned directly or indirectly by (i) Borrowers or (ii) for purposes of the last sentence of Section 6.12 one or more Guarantors.

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(c)By deleting the references to “0.35%” and “0.25%” in the definition of the term “Applicable Unused Fee” appearing in Section 1.01 of the Credit Agreement, and inserting in lieu thereof references to “0.25%” and “0.20%”, respectively.

(d)By deleting the reference to “December 31, 2010” in the definition of the term “Audited Financial Statements” appearing in Section 1.01 of the Credit Agreement, and inserting in lieu thereof a reference to “December 31, 2012”.
 
(e)By deleting the reference to “has been treated” in clause (c) of the definition of the term “Defaulting Lender” appearing in Section 1.01 of the Credit Agreement, and inserting in lieu thereof a reference to “is currently being treated”.

(f)By deleting the reference to “December 13, 2014” in clause (a) of the definition of the term “Maturity Date” appearing in Section 1.01 of the Credit Agreement, and inserting in lieu thereof a reference to “September 30, 2017”.

(g)By inserting the following parenthetical to the end of the first sentence of the definition of the term “Recourse Indebtedness” appearing in Section 1.01 of the Credit Agreement: “(such exclusions to encompass any Guarantees which are limited to customary non-recourse exceptions)”.

(h)By (i) re-alphabetizing the existing clause (b) of Section 2.09 of the Credit Agreement as clause (c) of such Section and (ii) inserting the following new clause (b) to such Section:

“(b)    Facility Fee.  From and after the time that Administrative Agent receives a Credit Rating Confirmation Notice and a Credit Rating Election Notice, the Applicable Unused Fee shall no longer accrue (but any accrued Applicable Unused Fee shall be payable as provided in Section 2.09(a)), and the Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a facility fee (the “Facility Fee”) equal to the applicable Facility Fee Rate set forth in the table below multiplied by the actual daily amount of the Aggregate Commitments from the date thereof in the case of each Lender then a party thereto and from the effective date specified in the Assignment and Acceptance Agreement pursuant to which it became a Lender in the case of each other Lender until the last day of the Availability Period, payable quarterly in arrears on the last Business Day of each March, June, September and December, and on the last day of the Availability Period.  The Facility Fee payable to the account of each Lender shall be calculated daily for each period for which the Facility Fee is payable during such period at the rate per annum set forth below:

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	Credit Rating Level
	Facility Fee Rate

	Credit Rating Level 1
	0.15%

	Credit Rating Level 2
	0.15%

	Credit Rating Level 3
	0.20%

	Credit Rating Level 4
	0.25%

	Credit Rating Level 5
	0.30%

The Facility Fee shall be determined by reference to the Credit Rating Level in effect from time to time; provided, however, that no change in the Facility Fee rate resulting from a change in the Credit Rating Level shall be effective until one Business Day after the date on which the Administrative Agent receives written notice, pursuant to Section 6.03(e) or addressed to the Administrative Agent from the applicable Rating Agency, of a change in such Credit Rating Level or otherwise confirms such change through information made publicly available by such Rating Agency.”
(i)By (i) deleting the reference to “0.25%” in clause (b)(iii) of Section 2.16 of the Credit Agreement, and inserting in lieu thereof a reference to “0.20%” and (ii) deleting in its entirety clause (a) of Section 2.16 of the Credit Agreement and inserting in lieu thereof the following new clause (a) to such Section:
“(a)    Requests for Extension.  The Borrowers shall have the one-time right and option, by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 120 days prior to, and not later than 60 days prior to, the Maturity Date then in effect hereunder (the “Existing Maturity Date”), to cause each Lender to extend such Lender’s Existing Maturity Date for an additional one (1) year with respect to such exercise from the Existing Maturity Date and each Lender shall extend such Lender’s Commitment for an additional one (1) year with respect to such exercise from the Existing Maturity Date in accordance with this Section 2.16.”
(j)By deleting the reference to “Section 7.04” in Section 5.01(a) of the Credit Agreement and inserting in lieu thereof a reference to “Section 6.05 or 7.04”.
(k)By (i) deleting the period at the end of clause (d) of Section 6.03 of the Credit Agreement and inserting in lieu thereof “; and” and (ii) inserting the following new clause (e) at the end of such Section:
“(e)    at any time the Credit Rating Rates are in effect, upon becoming aware of a change in the Credit Rating given by a Rating Agency or any announcement that any rating is “under review” or that any such rating has been placed on a watch list or that any similar action has been taken by a Rating Agency.”
(l)By deleting in its entirety clauses (a) and (b) of Section 6.12 of the Credit Agreement and inserting in lieu thereof the following new clauses (a), (b) and (c) to such Section:

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“(a)    Notify the Administrative Agent of any domestic Wholly-Owned Subsidiary of the Borrowers that directly (x) owns in fee simple or ground leases any real property assets that are not encumbered by a Lien (each, an “Unencumbered Subsidiary”) or (y) owns assets that are projected to generate an amount of Net Operating Income (without giving effect to Net Operating Income of any Subsidiary owned by such Wholly-Owned Subsidiary) equal to or greater than 2% of the Net Operating Income of AIMCO for the next calendar quarter (each, a “Material Subsidiary”; each Unencumbered Subsidiary and each Material Subsidiary herein referred to as a “Bottom Tier Subsidiary”), and promptly thereafter (and in any event within 60 days), cause such Person to (i) become a Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose and (ii) deliver to the Administrative Agent the documents referred to in clauses (iii) and (iv) of Section 4.01(a) and, if required by Administrative Agent, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (i) of this Section 6.12(a)), all in form, content and scope reasonably satisfactory to the Administrative Agent.  If a Bottom Tier Subsidiary is prohibited from providing a Guaranty by Contractual Obligation, Organization Documents or applicable law, then no Guaranty from such Subsidiary shall be required and the Borrowers shall cause each Wholly-Owned Subsidiary which is not then a Guarantor and which owns an Equity Interest in the Bottom Tier Subsidiary (each, a “Second Tier Subsidiary”) to instead execute and deliver the Guaranty.  If a Second Tier Subsidiary is prohibited from providing a Guaranty by Contractual Obligation, Organization Documents or applicable law, then no Guaranty from such Subsidiary shall be required and the Borrowers shall cause each Wholly-Owned Subsidiary which is not then a Guarantor and which owns an Equity Interest in the Second Tier Subsidiary to instead execute and deliver the Guaranty (to the extent such guaranty is not prohibited by Contractual Obligation, Organization Documents or applicable law).  If a Bottom Tier Subsidiary is a Wholly-Owned Subsidiary of one or more existing Guarantors, and there is no intervening debt obligation between such Subsidiary and such Guarantor(s), then no Guaranty from such Bottom Tier Subsidiary shall be required.
(b)    With respect to any Wholly-Owned Subsidiary that becomes a Guarantor pursuant to Section 6.12(a) (other than any Unencumbered Subsidiary unless and until it qualifies as a Material Subsidiary) and promptly after such Wholly-Owned Subsidiary becomes a Guarantor (or, in the case of any Unencumbered Subsidiary which was not a Material Subsidiary at the time it became a Guarantor, promptly after such Unencumbered Subsidiary qualifies as a Material Subsidiary), and in any event within 20 days thereof, the Borrowers shall cause the Stock or other Equity Interest in such Wholly-Owned Subsidiary that becomes a Guarantor to be pledged to the Administrative Agent for the benefit of the Lenders as Collateral under this Agreement and each Pledge Agreement (to the extent not prohibited by Contractual Obligation or Organization Documents).  Borrowers or any applicable Subsidiary (to the extent not prohibited by Contractual Obligation or Organization Documents) shall execute and/or deliver to the Administrative Agent (i) such amendments or joinders to the Pledge Agreements as the Administrative Agent deems reasonably 

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necessary or desirable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Stock or other Equity Interest of such new Guarantor in accordance with the Pledge Agreements and deliver to the Administrative Agent the certificates representing such Stock or Equity Interest (to the extent certificated), together with undated stock powers, in blank, executed and delivered by a duly authorized officer and (ii) the documents referred to in clauses (iii) and (iv) of Section 4.01(a) and, if required by Administrative Agent, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (i) of this Section 6.12(b)).
(c)    Notwithstanding the foregoing clauses (a) and (b) of this Section 6.12, Borrowers shall have no obligation to cause (i) Largo Partners, L.L.C., a Maryland limited liability company, NHP Windsor Crossing L.P., a Delaware limited partnership, Oak Park-Oxford Associates Limited Partnership, a Michigan limited partnership, Atlantic IX, L.L.C., a Michigan limited liability company, and Fox Strategic Housing Income Partners, a California Limited Partnership, a California limited partnership (each a “Section 6.12(c) Subsidiary”), to become a Guarantor pursuant to Section 6.12(a) prior to January 15, 2014, as such deadline may be extended by the Administrative Agent in its sole and absolute discretion (the “Delivery Deadline”), by which Delivery Deadline, unless any such Subsidiary no longer owns any real property assets that are not encumbered by a Lien (in which case, this Section 6.12(c) shall then cease to apply to such Subsidiary), Borrowers shall have caused each such Subsidiary to execute and/or deliver all documents, opinions and certificates required by Section 6.12(a) with respect to such Subsidiary and, in the event such Subsidiary is, as of the date of the delivery of such documents, opinions and certificates or on any date thereafter, a Material Subsidiary, shall have caused the Stock or other Equity Interest in such Subsidiary (or any other Subsidiary which becomes a Guarantor in lieu of such Subsidiary by operation of this Section 6.12(c)) to be pledged to the Administrative Agent for the benefit of the Lenders as Collateral under this Agreement and each Pledge Agreement (to the extent not prohibited by Contractual Obligation or Organization Documents) and shall have caused to be executed and/or delivered all documents, opinions and certificates required by Section 6.12(b) with respect to the applicable Borrower or Borrowers and/or the applicable Subsidiary or Subsidiaries or (ii) New Guarantors, to deliver the documents referred to in clauses (iii) and (iv) of Section 4.01(a) with respect to such New Guarantors and, if required by Administrative Agent, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (i) of Section 6.12(a)) prior to the Delivery Deadline.  If a Section 6.12(c) Subsidiary is prohibited from providing a Guaranty by Contractual Obligation, Organization Documents or applicable law, then no Guaranty from such Subsidiary shall be required and the Borrowers shall cause each Second Tier Subsidiary to instead execute and deliver the Guaranty.  If a Second Tier Subsidiary is prohibited from providing a Guaranty by Contractual Obligation, Organization Documents or applicable law, then no Guaranty from such Subsidiary shall be required and the Borrowers shall cause each Wholly-Owned Subsidiary which is not then a Guarantor and which owns an Equity Interest in the Second Tier Subsidiary to instead execute and deliver the Guaranty 

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(to the extent such guaranty is not prohibited by Contractual Obligation, Organization Documents or applicable law).”
(m)By deleting the reference to “Section 7.02” in Section 7.09 of the Credit Agreement and inserting in lieu thereof a reference to “Section 7.01”.
(n)By deleting in their entirety clauses (a), (c), (d) and (h) of Section 7.11 of the Credit Agreement and inserting in lieu thereof the following new clauses (a), (c), (d) and (h) to such Section:
“(a)    Permit the Fixed Charge Coverage Ratio (i) for the fiscal quarter ending December 31, 2011, to be less than 1.20:1.00, (ii) for the fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter through and including the fiscal quarter ending December 31, 2014, to be less than 1.30:1.00 and (iii) for the fiscal quarter ending March 31, 2015 and each fiscal quarter thereafter, to be less than 1.40:1.00;”
“(c)    Permit the Secured Indebtedness Ratio (i) for the fiscal quarter ending December 31, 2011, to exceed 0.65:1.00, (ii) for the fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter through and including the fiscal quarter ending December 31, 2014, to exceed 0.60:1.00 and (iii) for the fiscal quarter ending March 31, 2015 and each fiscal quarter thereafter, to exceed 0.55:1.00;
(d)    Permit the Leverage Ratio (i) for the fiscal quarter ending December 31, 2011 and each fiscal quarter thereafter through and including the fiscal quarter ending June 30, 2013, to exceed 0.65:1.00 and (ii) for the fiscal quarter ending September 30, 2013 and each fiscal quarter thereafter, to exceed 0.60:1.00; provided, however, that for purposes of calculating the Leverage Ratio pursuant to this Section 7.11(d)(ii), the REIT or the Borrowers may elect for any one (1) period (but only one (1) period during the term of this Agreement) of up to two (2) consecutive fiscal quarters during which the Leverage Ratio may exceed 0.60:1.00 but may not exceed 0.65:1.00;”
“(h)    Permit the aggregate outstanding principal amount of the Borrowing Group’s Share of Aggregate Recourse Indebtedness, exclusive of the Commitments and the Total Outstandings, to exceed the greater of (i) 5% of Total Funded Indebtedness and (ii) $225,000,000;”
(o)For purposes of, and in accordance with, Section 9.08 of the Credit Agreement, Citibank, N.A. and PNC Bank, National Association shall be deemed to be “Co-Documentation Agents listed on the cover page hereof”, as such phrase appears in such Section.
(p)By deleting in its entirety clause (c) of Section 9.10 of the Credit Agreement and inserting in lieu thereof the following new clause (c) to such Section:
“(c)    provided no Default or Event of Default then exists or would arise as a result thereof, to release any Guarantor from its obligations under the Guaranty (i) if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder or (ii) such Guarantor owns real property assets that are, contemporaneously with such release, to become 

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encumbered by a Lien securing a first mortgage loan permitted under this Agreement (it being acknowledged and understood that all obligations of such Guarantor under the Loan Documents (other than indemnification obligations which by their term survive the payment of the Obligations) shall automatically terminate and be of no further force and effect upon the consummation of any such transaction).”
(q)By deleting the contents of Schedule 2.01A attached to the Credit Agreement and inserting in lieu thereof the contents of Schedule 1 attached hereto.
(r)By deleting the reference to “A < $100,000,000” in Part VIII.B of Schedule 2 to Exhibit D to the Credit Agreement and inserting in lieu thereof a reference to “A < greater of (i) 5% of Total Funded Indebtedness at Statement Date and (ii) $225,000,000”.
3.Reallocation of Commitments; No Novation; Etc.
(a)In order to facilitate this Amendment, one or more lenders that are a party to the Credit Agreement are no longer continuing as “Lenders” thereunder (each an “Exiting Lender”; the lenders that are a party to the Credit Agreement immediately both before and after giving effect to this Amendment are each herein referred to as an “Existing Lender”), and certain new lenders are executing this Amendment in order to become a party to the Credit Agreement as “Lenders” (each a “New Lender”).  Contemporaneously with the execution of this Amendment, each Exiting Lender shall be deemed to have assigned and delegated its Commitment and Revolving Loans to the Lenders, and each Exiting Lender shall be paid all principal, interest and fees due to it in connection therewith.  Such Commitments and Revolving Loans shall be allocated among the Lenders that are a party to this Amendment in accordance with their respective Applicable Percentages reflected on Schedule 1 attached hereto.  The foregoing is done as an accommodation to the Borrowers, each Exiting Lender and the Lenders, and shall be deemed to have occurred with the same force and effect as if such assignments were evidenced by the applicable Assignment and Assumption (as defined in the Credit Agreement), and no other documents shall be, or shall be required to be, executed in connection therewith, except as provided in Sections 3(c), (d) and (f) of this Amendment.  For the avoidance of doubt, other than payments contemplated by this Section 3(a) and the payment of certain fees described in Section 2.09 of the Credit Agreement and in the Fee Letter, no payment is due and payable to any Lender or Exiting Lender in connection with the foregoing.  Each such Exiting Lender shall promptly after the date hereof return the original Note held by such Exiting Lender to the Borrowers for cancellation.
(b)Each New Lender hereby acknowledges, agrees and confirms that, by its execution of this Amendment, it will be deemed to be a party to the Credit Agreement and a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, and shall have all of the rights and obligations of a “Lender” thereunder as fully as if it has executed the Credit Agreement and the other Loan Documents.  Each New Lender hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement and in the Loan Documents which are binding upon the Lenders, including, without limitation all of the authorizations of the Lenders set forth in Article IX of the Credit Agreement, as supplemented from time to time in accordance with the terms thereof.

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(c)Each New Lender agrees (i) that, concurrently herewith, it will complete, and execute and deliver to the Administrative Agent, an Administrative Questionnaire, and (ii) that, at any time and from time to time, upon the written request of the Administrative Agent, it will execute and deliver such further documents and do such further acts and things as the Administrative Agent may reasonably request in order to effect the purposes of this Section 3.
(d)Each New Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a “Lender” under the Credit Agreement, (ii) from and after the date hereof, it shall be bound by the provisions of the Credit Agreement and, to the extent of its Applicable Percentage of the Commitments, shall have the rights and obligations of a “Lender” thereunder, (iii) it has received a copy of the Credit Agreement and the Schedules and Exhibits thereto, and the other Loan Documents, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment on the basis of which it has made such analysis and decision, and (iv) it has delivered to the Administrative Agent prior to the date hereof any documentation required to be delivered by it pursuant to the terms of the Credit Agreement (including Section 3.01 thereof), duly completed and executed by such New Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any other Lender or any Exiting Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a “Lender” thereunder.
(e)The Borrowers and the Guarantors hereby acknowledge and agree that (i) each New Lender is an Eligible Assignee and (ii) as of the effective date of the Amendment Closing Date, the amount of each Lender’s Commitment shall be the amount set forth on Schedule 1 attached hereto.  The terms of the Commitment provided by each New Lender, and the Revolving Loans to be made under the Credit Agreement, shall be as set forth for Commitments and Revolving Loans, respectively, in the Credit Agreement.
(f)There shall not be deemed to have occurred, and there has not otherwise occurred, any payment, satisfaction or novation of the Indebtedness evidenced by the Credit Agreement and the Notes, which Indebtedness is instead allocated among the Lenders as of the date hereof in accordance with their respective Applicable Percentages of the Aggregate Commitments, and is evidenced by the Credit Agreement and any Note(s), and the Lenders shall as of the date hereof make such adjustments to the outstanding Loans of such Lenders so that such outstanding Loans are consistent with their respective Applicable Percentages of the Aggregate Commitments.
4.Conditions.  The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent (the date all such conditions have been satisfied or waived in writing by the Lenders hereinafter referred to as the “Amendment Closing Date”):
(i)Execution of this Amendment.  The Administrative Agent shall have received executed originals of counterpart signature pages to this Amendment 

12

from the Borrowers, the Guarantors, the Exiting Lenders, the New Lenders and the Existing Lenders.
(ii)No Default.  There shall exist no Default or Event of Default.
(iii)Representations and Warranties.  The representations and warranties contained in Article V of the Credit Agreement and in each other Loan Document shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the Amendment Closing Date (except to the extent such representations and warranties specifically relate to an earlier date, in which case they shall only be required to have been true and correct in all material respects as of such earlier date and except that for purposes of this Section 3(iii), the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement).
(iv)New Notes.  The Borrowers shall have executed and delivered to the Administrative Agent a Note for each New Lender, each such Note to be in the amount set forth opposite such New Lender’s name on Schedule 1 attached hereto.
(v)Opinions of Counsel.  The Administrative Agent shall have received one or more favorable opinions of counsel to the Borrowers and the Guarantors (other than the New Guarantors) addressed to the Administrative Agent and the Lenders covering such matters as the Administrative Agent may reasonably request and in form and substance reasonably satisfactory to the Administrative Agent.
(vi)Compliance Certificate.  The Administrative Agent shall have received a duly completed Compliance Certificate (demonstrating the Borrowers will be in compliance with the financial covenants in the Credit Agreement after giving effect to the amendments to the Credit Agreement contemplated herein) as of the last day of the fiscal quarter of the Borrowers’ most recently ended prior to the Amendment Closing Date, signed by a Responsible Officer of the Borrowers.
(vii)Authority Documents.  The Administrative Agent shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Borrower and each Guarantor (other than the New Guarantors) as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized as of the date hereof to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party.
(viii)Organizational Documents.  The Administrative Agent shall have received evidence that each Borrower and each Guarantor (other than the New Guarantors) is duly organized or formed, and that each Borrower and each such Guarantor is validly existing and (to the extent such concept is applicable) in good standing in its jurisdiction of organization.
(ix)Fees.  The Borrowers shall have paid all fees and expenses of the Administrative Agent and the Joint Lead Arrangers due and payable with respect to this Amendment (including, without limitation, those fees due and payable pursuant to the letter agreement, dated 

13

August 8, 2013, among the REIT, the Administrative Agent, the Syndication Agent and the Joint Lead Arrangers, and the fees and expenses of counsel to the Administrative Agent), all of which shall be fully earned and non-refundable under any circumstances when paid.
(x)Other.  Such other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders may reasonably request.
5.References to Credit Agreement.  All references in the Loan Documents to the Credit Agreement shall be deemed a reference to the Credit Agreement, as modified and amended herein.
6.Joinder of New Guarantors; Consent of the Borrowers and the Guarantors.
(a)By execution of this Amendment, each New Guarantor hereby (i) becomes a “Guarantor” under the Credit Agreement, the Guaranty and the other Loan Documents with respect to all the Obligations of the Borrower now or hereafter incurred under the Credit Agreement and the other Loan Documents, (ii) agrees that it is and shall be bound by, and hereby assumes, all representations, warranties, covenants, terms, conditions, duties and waivers applicable to a “Guarantor” under the Credit Agreement, the Guaranty the other Loan Documents and (iii) agrees that the Guaranty and the Intra-Company Loan Subordination Agreement heretofore delivered to the Administrative Agent and the Lenders shall be a joint and several obligation of such New Guarantor to the same extent as if executed and delivered by such New Guarantor, and upon request by the Administrative Agent, it will promptly become a party to the Guaranty and/or the Intra-Company Loan Subordination Agreement to confirm such obligation.
(b)By execution of this Amendment, the Borrowers and the Guarantors hereby expressly consent to the modification and amendment relating to the Credit Agreement as set forth herein, and the Borrowers and the Guarantors hereby acknowledge, represent and agree that the Loan Documents remain in full force and effect and constitute the valid and legally binding obligations of the Borrowers and the Guarantors enforceable against such Persons in accordance with their respective terms.
7.Representations.  Each Borrower and each Guarantor represents and warrants to the Administrative Agent and the Lenders as follows:
(a)Authorization.  The execution, delivery and performance of this Amendment and the transactions contemplated hereby (i) are within the authority of such Borrower and such Guarantor, (ii) have been duly authorized by all necessary proceedings on the part of the Borrower and such Guarantor, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which such Borrower or such Guarantor is subject or any judgment, order, writ, injunction, license or permit applicable to such Borrower or such Guarantor, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the articles of incorporation, bylaws, operating agreement, partnership agreement, declaration of trust or other charter documents of, or any agreement or other instrument binding upon, such Borrower or such Guarantor, or any of their respective properties, (v) do not and will not result in or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of any Borrower or any Guarantor (other than those in favor of the Administrative Agent), and (vi) do not require the approval or 

14

consent of, action by, notice to or filing with, any Governmental Authority or other Person other than those already obtained and delivered to the Administrative Agent.
(b)Enforceability.  This Amendment constitutes the valid and legally binding obligations of the Borrowers and the Guarantors, enforceable in accordance with the respective terms and provisions hereof, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).
(c)Reaffirmation.  The Borrowers and the Guarantors reaffirm and restate as of the date hereof each and every representation and warranty made by the Borrowers, the Guarantors and their respective Subsidiaries in the Loan Documents or otherwise made by or on behalf of such Persons in connection therewith (except to the extent such representations and warranties specifically relate to an earlier date and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement).
8.No Default.  By execution hereof, the Borrowers certify that as of the date of this Amendment and immediately after giving effect to this Amendment no Default or Event of Default has occurred and is continuing.
9.Waiver of Claims. Each Borrower and each Guarantor acknowledges, represents and agrees that as of the date of this Amendment it has no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loan or with respect to any acts or omissions of the Administrative Agent or any Lender, or any past or present officers, agents or employees of the Administrative Agent or any Lender, and the Borrowers and the Guarantors do hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
10.Ratification, etc.  Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement and the other Loan Documents, as modified and amended herein.  Except as set forth in Section 3(f) above, nothing in this Amendment shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness evidenced by the Notes or the other obligations of any Borrower or any Guarantor under the Loan Documents.
11.Amendment as Loan Document.  This Amendment shall constitute a Loan Document.

15

12.Counterparts.  This Amendment may be executed in any number of counterparts which shall together constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic image (e.g., “PDF” or “TIF” via electronic mail) shall be effective as delivery of a manually executed counterpart of this Amendment.
13.Miscellaneous.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.  All captions in this Amendment are included herein for convenience of reference only and shall not constitute part of this Amendment for any other purpose.

[remainder of this page intentionally left blank]

16

IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly authorized officers and/or other representatives, have duly executed this Amendment, under seal, as of the day and year first above written.
BORROWERS:
APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
By: /s/ Patti K. Fielding            
Name:  Patti K. Fielding
Title:  Executive Vice President and Treasurer

AIMCO PROPERTIES, L.P., a Delaware limited partnership

		
	By:
	AIMCO-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding        
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation

By: /s/ Patti K. Fielding        
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

EXISTING GUARANTORS:

AIMCO EQUITY SERVICES, INC.,
a Virginia corporation
AIMCO HOLDINGS QRS, INC.,
a Delaware corporation
AIMCO-LP TRUST,
a Delaware trust
AIMCO PROPERTIES FINANCE CORP.,
a Delaware corporation
ANGELES REALTY CORPORATION II,
a California corporation
CONCAP EQUITIES, INC.,
a Delaware corporation
NHP A&R SERVICES, INC.,
a Virginia corporation
NHPMN STATE MANAGEMENT, INC.,
a Delaware corporation
AIMCO-GP, INC.,
a Delaware corporation
NHPMN-GP, INC.,
a Delaware corporation
By: /s/ Patti K. Fielding_____________
      Name: Patti K. Fielding
  Title: Executive Vice President and Treasurer

AIMCO IPLP, L.P., a Delaware limited partnership
		
	By:
	AIMCO/IPT, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

AIMCO HOLDINGS, L.P., a Delaware limited partnership
		
	By:
	AIMCO Holdings QRS, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:
	Ambassador Florida Partners Limited Partnership,a Delaware limited partnership, its General Partner

		
	By:
	Ambassador Florida Partners, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

AMBASSADOR APARTMENTS, L.P., a Delaware limited partnership
		
	By:
	AIMCO QRS GP, LLC, a Delaware limited liability company, its General Partner

		
	By:
	AIMCO Properties, L.P., a Delaware limited partnership, its Member

		
	By:
	AIMCO-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding     
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
LAC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:
	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner

		
	By:
	AIMCO-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
GP-OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:
	AIMCO Properties, L.P., a Delaware limited partnership, its Member

		
	By:
	AIMCO-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

NHPMN MANAGEMENT, L.P., a Delaware limited partnership
		
	By:
	NHPMN-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
NHPMN MANAGEMENT, LLC, a Delaware limited liability company
		
	By:
	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, its General Manager

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
OP PROPERTY MANAGEMENT, L.P., a Delaware limited partnership
		
	By:
	NHPMN-GP, Inc., a Delaware corporation, its Managing General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:
	AIMCO Properties, L.P., a Delaware limited partnership, its General Manager

		
	By:
	AIMCO-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

LAC PROPERTIES GP I LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:
	LAC Properties GP I LLC, a Delaware limited liability company, its General Partner

		
	By:
	LAC Properties Operating Partnership, L.P., a Delaware limited partnership, its Managing Member

		
	By:
	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner

		
	By:
	AIMCO-GP, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
LAC PROPERTIES GP II LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:
	LAC Properties QRS II Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
AIMCO SELECT PROPERTIES, L.P., a Delaware limited partnership
		
	By:
	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

 
THE NATIONAL HOUSING PARTNERSHIP, a District of Columbia limited partnership
		
	By:
	National Corporation for Housing Partnerships, a District of Columbia corporation, its General Partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
NEW GUARANTORS:
SHELTER PROPERTIES IV LIMITED PARTNERSHIP, a South Carolina limited partnership
		
	By:
	Shelter Realty IV Corporation, a South Carolina corporation, its corporate general partner

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer
HUNT CLUB PARTNERS, L.L.C., a Maryland limited liability company
		
	By:
	HC/OAC, L.L.C., a Maryland limited liability company, its manager

		
	By:
	OAC Investment, Inc., a Maryland corporation, its manager

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

WATERS LANDING PARTNERS, L.L.C., a Maryland limited liability company
		
	By:
	WL/OAC, L.L.C., a Maryland limited liability company, its manager

		
	By:
	OAC Investment, Inc., a Maryland corporation, its manager

By: /s/ Patti K. Fielding    
Name: Patti K. Fielding
Title: Executive Vice President and Treasurer

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

EXISTING LENDERS:
KEYBANK NATIONAL ASSOCIATION, as Administrative Agent and an Existing Lender
By:/s/ Meredith Houseworth                
Name: Meredith Houseworth            
Title:   Vice President                
WELLS FARGO BANK, N.A., as Syndication Agent and an Existing Lender
By:/s/ Kevin A. Stacker                
Name: Kevin A. Stacker                
Title:   Vice President                

BANK OF AMERICA, N.A., as Co-Documentation Agent, an L/C Issuer and an Existing Lender
By: /s/ James P. Johnson                
Name: James P. Johnson                
Title:   Senior Vice President            

REGIONS BANK, as Co-Documentation Agent and an Existing Lender
By: /s/ Kevin W. Murry                
Name: Kevin W. Murry                
Title:   Director                    
CITIBANK, N.A., as Co-Documentation Agent and an Existing Lender
By: /s/ John C. Rowland                
Name: John C. Rowland            
Title:   Vice President    

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

PNC BANK, NATIONAL ASSOCIATION, as Co-Documentation Agent and an Existing Lender
By: /s/ James A. Harmann                
Name: James A. Harmann            
Title:   Senior Vice President            
THE HUNTINGTON NATIONAL BANK, a national banking association, as an Existing Lender
By: /s/ Scott Childs                    
Name: Scott Childs                
Title:   Senior Vice President            
MORGAN STANLEY BANK, N.A, an Existing Lender
By: /s/ Michael King                    
Name: Michael King                
Title:   Authorized Signatory            
NEW LENDERS:
RBS CITIZENS, N.A., as a New Lender
By: /s/ David R. Jablonowski                
Name: David R. Jablonowski            
Title:   Vice President                
BANK OF THE WEST, a California banking corporation, as a New Lender
By: /s/ Lynn Foster                    
Name: Lynn Foster                
Title:   S.V.P.                    

By: /s/ Chuck Weerasooriya                
Name: Chuck Weerasooriya            
Title:   Senior Vice President            

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

The following Exiting Lenders have duly executed this Amendment for the limited purpose of acknowledging and agreeing to the terms of Section 3(a) above:
EXITING LENDERS:
MANUFACTURERS AND TRADERS TRUST COMPANY, as an Exiting Lender
By: /s/ John Mangan                    
Name: John Mangan                
Title:   Vice President                
HSBC BANK USA, NATIONAL ASSOCIATION, as an Exiting Lender
By: /s/ Timothy J, Mertens                
Name: Timothy J. Mertens            
Title:   Vice President                
RAYMOND JAMES BANK, N.A., as an Exiting Lender
By: /s/ Thomas G. Scott                
Name: Thomas G. Scott                
Title:   Senior Vice President    

[Signature Page to Second Amendment to Credit Agreement and Joinder to Guaranty]

SCHEDULE 1

COMMITMENTS AND APPLICABLE PERCENTAGES

	
			
	Lender
	Commitment
	Applicable Percentage

	KeyBank National Association
	$107,500,000
	17.91666667%

	Wells Fargo Bank, N.A.
	$107,500,000
	17.91666667%

	Bank of America, N.A.
	$75,000,000
	12.50000000%

	Regions Bank
	$75,000,000
	12.50000000%

	Citibank, N.A.
	$60,000,000
	10.00000000%

	PNC Bank, National Association
	$60,000,000
	10.00000000%

	RBS Citizens, N.A.
	$40,000,000
	6.66666667%

	The Huntington National Bank
	$35,000,000
	5.83333333%

	Bank of The West
	$25,000,000
	4.16666667%

	Morgan Stanley Bank, N.A.
	$15,000,000
	2.50000000%

	Total:
	$600,000,000
	100%

Schedule 1EX-10.1

 EXHIBIT 10.1 
 Shareholders Agreement 
 This Shareholders Agreement (“Agreement”)
is made as of the March 24, 2011, by and among Wixpress Ltd., an Israeli company (the “Company”), the Persons whose names and addresses are listed on Schedule I(a) (the “Ordinary Shareholders”), the
Persons whose names and addresses are listed on Schedule I(b) (the “Preferred Shareholders”). 
 W i t n
e s s e t h: 
 Whereas, the Ordinary Shareholders hold Ordinary Shares of the Company, and the Preferred Shareholders hold
Preferred Shares of the Company; 
 Whereas, the Party Shareholders (as defined below) wish to set forth in writing certain
matters regarding the ownership of the share capital of the Company, and rights of holders of their holdings in the Company; 

NOW, THEREFORE, the parties to this Agreement further agree as follows: 

 

	1.	Definitions. 

 For
purposes of this Agreement: 
  

	 	1.1.	“Articles” means the Articles of Association of the Company, as they may be amended and replaced from time to time. 

 

	 	1.2.	“as converted basis” means assuming the theoretical conversion of all outstanding Preferred Shares into Ordinary Shares, at the then applicable
conversion ratio. 

  

	 	1.3.	“Board” means the Company’s board of directors designated or elected in accordance with the Articles. 

 

	 	1.4.	“Damages” means any loss, damage, or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange
Act, or other applicable law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement of the Company; or (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by
the indemnifying party of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law in any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto. 

  

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

  

	 	1.6.	“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or any subsidiary of the Company
pursuant to a share option, share purchase, or similar plan; or (ii) a registration relating to an SEC Rule 145 transaction. 

  

	 	1.7.	“Form F-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act
subsequently adopted by the SEC. 

  

	 	1.8.	“Form F-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently
adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

	 	1.9.	“GAAP” means generally accepted accounting principles in Israel. 

 

	 	1.10.	“Holder” means any holder of Registrable Securities. 

  

	 	1.11.	“Initiating Holders” means Preferred Holders holding Preferred Registrable Securities and reflecting at least a Majority Preferred.

  

	 	1.12.	“IPO” means the initial underwritten public offering of the Company’s Ordinary Shares. 

 

	 	1.13.	“M&A Event” as defined in the Articles. 

  

	 	1.14.	“Majority Preferred” means the majority defined in the Articles. 

 

	 	1.15.	“Ordinary Registrable Securities” means the Ordinary Shares held by the Ordinary Shareholders and Ordinary Shares issued as a dividend or other
distribution with respect to, or in exchange for or in replacement of, the shares referenced above; excluding for purposes of Section 2 any shares (a) for which registration rights have terminated pursuant to Section 2.12 of this
Agreement, (b) which have previously been registered, or (c) transferred in a transaction, in which the rights under this Agreement are not assigned in accordance herewith. 

 

	 	1.16.	“Ordinary Shares” means ordinary shares of the Company par value NIS 0.01 each. 

 

	 	1.17.	“Party Shareholders” means the Ordinary Shareholders and the Preferred Shareholders. 

 

	 	1.18.	“Permitted Transferee” means as defined in the Articles. 

  

	 	1.19.	“Person” means an individual, corporation, partnership, joint venture, trust, any other corporate entity and any unincorporated association or
organization. 

  

	 	1.20.	“Preferred Directors” means as defined in the Articles. 

  

	 	1.21.	“Preferred Shares” means, collectively, the Series A Preferred Shares of the Company par value NIS 0.01 each (the “Preferred A
Shares”), the Series B Preferred Shares of the Company par value NIS 0.01 each (the “Preferred B Shares”), the Series B-1 Preferred Shares of the Company par value NIS 0.01 each (the “Preferred B-1
Shares”), the Series C Preferred Shares of the Company par value NIS 0.01 each (the “Preferred C Shares”), the Series D Preferred Shares of the Company par value NIS 0.01 each (the “Preferred D Shares”) and
the Series E Preferred Shares of the Company par value NIS 0.01 each (the “Preferred E Shares”) 

  

	 	1.22.	“Preferred Holder” means any holder of Preferred Registrable Securities. 

 

	 	1.23.	 “Preferred Registrable Securities” means (i) the Ordinary Shares issuable or issued upon conversion of the Preferred Shares
(including, without limitation, any Preferred Shares purchased pursuant to: (a) that certain Series D Share Purchase Agreement dated as of March 29, 2010 and the transaction ancillary thereto including, without limitation, under the Second
Closing (as such term is defined therein); and (b) that certain Series E Share Purchase Agreement dated on or about the date hereof, or any closing thereunder including, without limitation, under the Second Closing (as such term is defined
therein) or pursuant to any Share Sale Agreement (as such term is defined therein)); (ii) Ordinary Shares, or Ordinary Shares issuable or issued (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, in
each case, acquired by the holders of Preferred Shares on or after the date hereof (including any Ordinary Shares purchased pursuant to: (x) that certain Founders Share Sale Agreement dated as of March 29, 2010 (which was part of the
Series D financing round); and (y) that certain Founders Share Sale Agreement dated on or about the date hereof and any Ordinary Shares purchased at the Second Closing of the transaction under the Series E

	 	
Share Purchase Agreement dated on or about the date hereof); and (iii) Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is
issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding for purposes of Section 2 any shares (a) for which registration
rights have terminated pursuant to Section 2.12 of this Agreement, (b) which have previously been registered, or (c) transferred in a transaction, in which the rights under this Agreement are not assigned in accordance herewith.

  

	 	1.24.	“Preferred Registrable Securities then outstanding” means the number of shares determined by adding the number of outstanding Ordinary Shares that are
Preferred Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Preferred Registrable Securities. 

 

	 	1.25.	“Recapitalization Event” means any event of share combination or subdivision, distribution of Bonus Shares or any other reclassification,
reorganization or recapitalization of the Company’s share capital where the Shareholders retain their proportionate holdings in the Company on an as converted basis. 

 

	 	1.26.	“register”, “registered”, and “registration” mean a registration effected by preparing and filing a registration
statement for a public offering and sale of securities of the Company in compliance with the Securities Act, or any similar federal statute, and the rules and regulation of the SEC issued under the Securities Act, or the comparable laws of another
jurisdiction, and the declaration or ordering of effectiveness of such registration statement. 

  

	 	1.27.	“Registrable Securities” means the Preferred Registrable Securities and the Ordinary Registrable Securities. 

 

	 	1.28.	“SEC” means the U.S. Securities and Exchange Commission. 

  

	 	1.29.	“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

 

	 	1.30.	“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

 

	 	1.31.	“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

 

	2.	Registration Rights. 

 The
Company covenants and agrees as follows: 
  

	 	2.1.	Demand Registration. 

  

	 	2.1.1.	Form F-1 Demand. If at any time after a date that is 180 (one hundred eighty) days after the effective date of the registration statement for the IPO, the
Company receives a request from Initiating Holders that the Company file a Form F-1 registration statement with respect to Preferred Registrable Securities then outstanding with the anticipated gross aggregate offering price of at least US$2,000,000
(two million U.S. Dollars), then the Company shall (i) within 10 (ten) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders; and (ii) make its best efforts to file, as soon as
practicable, a Form F-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such
registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 (twenty) days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 2.1.3 and
Section 2.3. 

	 	2.1.2.	Form F-3 Demand. If at any time when it is eligible to use a Form F-3 registration statement, the Company receives a request from Preferred Holder(s) (the
“F-3 Initiating Holders”) that the Company file a Form F-3 registration statement with respect to outstanding Registrable Securities of such Holder(s) having an anticipated gross aggregate offering price of at least US$1,000,000 (one
million U.S. Dollars), then the Company shall (i) within 10 (ten) days after the date such request is given, give a Demand Notice to all Holders; and (ii) make its best efforts to file, as soon as practicable, a Form F-3 registration
statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 (twenty) days of the date the Demand
Notice is given, and in each case, subject to the limitations of Section 2.1.3 and Section 2.3. 

  

	 	2.1.3.	Deferral. Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section 2.1 a
certificate signed by the Company’s Chief Executive Officer stating that in the good faith judgment of the Board, including the Preferred Directors, it would be materially detrimental to the Company and its shareholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; (iii) render the Company unable
to comply with requirements under the Securities Act or Exchange Act; or (iv) for any other reason approved, in good faith, by the Company’s Board of Directors, including the Preferred Directors, then the Company shall have the right to
defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than 90 (ninety) days after the request of the Initiating Holders or F-3
Initiating Holders, as applicable, is given; provided, however, that the Company may not invoke this right more than once in any 12 (twelve) month period; and provided further that the Company shall not register any securities for its own account or
that of any other shareholder during such 90 (ninety) day period. 

  

	 	2.1.4.	Qualifications. 

  

	 	2.1.4.1.	 The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1.1 (i) during the
period that is 60 (sixty) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 120 (one hundred and twenty) days after the effective date of, a Company-initiated registration, provided, that the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after 

	 	
the Company has effected two registrations pursuant to Section 2.1.1; or (iii) if the Initiating Holders propose to dispose of Preferred Registrable Securities that may be immediately
registered on Form F-3 pursuant to a request made pursuant to Section 2.1.2. 

  

	 	2.1.4.2.	The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1.2 (i) during the period that is 30
(thirty) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90 (ninety) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in
good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Section 2.1.2 within the 12 (twelve) month period immediately preceding
the date of such request. 

  

	 	2.1.4.3.	A registration shall not be counted as “effected” for purposes of this Section 2.1.4 until such time as the applicable registration statement has been
declared effective by the SEC, unless the Initiating Holders or F-3 Initiating Holders, as applicable, withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 2.1. 

 

	 	2.2.	Company Registration. 

  

	 	2.2.1.	If the Company proposes to register (including, for this purpose, a registration effected by the Company for shareholders other than the Holders but not including a
registration effected pursuant to the IPO) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly
give each Holder notice of such registration. Upon the request of each Holder given within 20 (twenty) days after such notice is given by the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of
the Registrable Securities that each such Holder has requested to be included in such registration. 

  

	 	2.2.2.	The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration,
whether or not any Holder has elected to include Registrable Securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 

 

	 	2.3.	Underwriting Requirements. 

  

	 	2.3.1.	 If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Preferred Registrable Securities covered by their request by

	 	
means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the Initiating Holders or F-3 Initiating Holders, as applicable, subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities
in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall (together with the Company as provided in Section 2.4.5) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. No holder of
Preferred Registrable Securities shall be required to: (i) make any representations or warranties in any underwriting agreement (or other agreement in connection with a proposed sale of Registrable Securities) other than representations,
warranties or agreements regarding such holder, the ownership of such holder’s Preferred Registrable Securities and such holder’s intended method or methods of disposition and any other representation required by law, unless a majority of
the holders of Preferred Registrable Securities have agreed to make such representations and warranties (i.e. in such event all holders of Preferred Registrable Securities participating shall be obligated to provide such representations and
warranties); or (ii) to furnish any indemnity to any Person which is deemed by the majority of the holders of Preferred Registrable Securities as unreasonable. Any such indemnity obligation shall be severally and not jointly and on a
prorated basis according to the number of shares proposed for registration by each of the holders. Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise(s) the Initiating Holders or F-3 Initiating
Holders, as applicable, in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise the Company which shall so advise all Holders that otherwise would be underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated (i) first, among the Preferred Holders who requested inclusion of their Preferred Registrable Securities in such
registration statement on a pro rata basis (on an as converted basis), based on the number of Preferred Registrable Securities then held by each such Preferred Holder up to a total amount of shares having an aggregate value equal to: (a) in the
case of Preferred E Shares or Ordinary Shares issued upon conversion of Preferred E Shares – the Preferred E Preference Amount (as defined in the Articles); (b) in the case of Preferred D Shares or Ordinary Share issued upon conversion of
Preferred D Shares – the Preferred D Preference Amount (as defined in the Articles); and (c) in the case of Preferred Shares other than Preferred D Shares or Ordinary Share issued upon conversion of such Preferred Shares – the
Preferred Preference Amount (as defined in the Articles). The number of shares to be registered shall be determined based on the average closing market price of the Company’s shares during the 3 (three) days immediately preceding the date on
which the number of shares to be registered is calculated; and (ii) second, among both the Preferred Holders and the holders of the Ordinary Registrable Securities who requested

	 	
inclusion of their Registrable Securities in such registration statement, on a pro rata basis, on an as converted basis, based on the number of Registrable Securities then held by each such
Holder (less the number of Registrable Securities registered according to paragraph (i) above). To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares
allocated to any Holder to the nearest 100 shares. 

  

	 	2.3.2.	In connection with any offering involving an underwriting of shares of the Company’s share capital pursuant to Section 2.2, the Company shall not be required
to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in
their sole discretion determine will not jeopardize the success of the offering by the Company. No holder of Preferred Registrable Securities shall be required to: (i) make any representations or warranties in any underwriting agreement (or
other agreement in connection with a proposed sale of Registrable Securities) other than representations, warranties or agreements regarding such holder, the ownership of such holder’s Preferred Registrable Securities and such holder’s
intended method or methods of disposition and any other representation required by law, unless a majority of the holders of Preferred Registrable Securities have agreed to make such representations and warranties (i.e. in such event all holders of
Preferred Registrable Securities participating shall be obligated to provide such representations and warranties); or (ii) to furnish any indemnity to any Person which is deemed by the majority of the holders of Preferred Registrable
Securities as unreasonable. Any such indemnity obligation shall be severally and not jointly and on a prorated basis according to the number of shares proposed for registration by each of the holders. If the underwriters determine that less than all
of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in accordance with the allocation mechanism
set forth in Section 2.3.1. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the
foregoing, in no event shall the amount of securities of the Holders included in any such offering be reduced below twenty-five percent (25%) of the total amount of securities included in such offering, unless such offering is the IPO, in which
case the Holders may be excluded if the underwriters make the determination described above and no other shareholder’s securities are included in such offering. 

 

	 	2.3.3.	Notwithstanding the foregoing, in no event shall the number of Registrable Securities included in any offering be reduced unless all other securities (however, in case
of a registration pursuant to Section 2.2 - other than securities to be sold by the Company) are first entirely excluded from the offering. 

  

	 	2.3.4.	For purposes of the provision in this Section 2.3 concerning apportionment, the holdings of a selling Holder shall be aggregated together with the holdings of all
of its Permitted Transferees. 

  

	 	2.3.5.	For purposes of Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback
provisions in Section 2.3, fewer than 60% (sixty percent) of the total number of Preferred Registrable Securities that Preferred Holders have requested to be included in such registration statement are actually included.

	 	2.4.	Obligations of the Company. 

 Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

 

	 	2.4.1.	Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to
become effective and, upon the request of the Majority Preferred, keep such registration statement effective for a period of up to 180 (one hundred eighty) days or, if earlier, until the distribution contemplated in the registration statement has
been completed; provided, however, that (i) such 180 (one hundred eighty) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of
the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with
applicable SEC rules, such 180 (one hundred eighty) day period shall be extended for up to 210 (two hundred and ten) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold.

  

	 	2.4.2.	Prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as
may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement. 

  

	 	2.4.3.	Furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents
as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities. 

  

	 	2.4.4.	Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as
shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already
subject to service in such jurisdiction and except as may be required by the Securities Act. 

  

	 	2.4.5.	In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the
underwriter(s) of such offering. 

  

	 	2.4.6.	Use its best efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system
and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed. 

	 	2.4.7.	Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration. 

  

	 	2.4.8.	Promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any
attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all reasonably required financial and other records, pertinent corporate documents, and properties of the Company, and cause the
Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy
of the information in such registration statement and to conduct appropriate due diligence in connection therewith. 

  

	 	2.4.9.	Notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement
to any prospectus forming a part of such registration statement has been filed. After such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration
statement or prospectus and shall provide such selling Holders with such number of any amendments or supplements as they may reasonably request. 

  

	 	2.5.	Furnishing Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to
the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably
required to effect the registration of such Holder’s Registrable Securities. 

  

	 	2.6.	Expenses of Registration. All expenses incurred in connection with registrations, filings, or qualifications pursuant to Section 2, other than
underwriter’s commissions and fees and stock transfer taxes directly related to the sale, but including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and
the reasonable fees and disbursements of one counsel for the selling Holders, shall be borne and paid by the Company. It is hereby agreed however, that if a registration statement filed pursuant to Section 2.1.1 or Section 2.1.2 is
withdrawn at the request of the Holders requesting such registration for no reason related to any adverse change in the Company’s conditions and if the requesting Holders elect not to have such registration counted as a registration requested
under Section 2.1.1 or 2.1.2, as applicable, the requesting Holders shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Securities to be included in such registration. All
expenses relating to Registrable Securities registered pursuant to this Section 2 which are not to be borne by the Company shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their
behalf. 

  

	 	2.7.	Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this
Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

	 	2.8.	Indemnification. If any Registrable Securities are included in a registration statement under this Section 2: 

 

	 	2.8.1.	To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and shareholders of
each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act
or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or
defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8.1 shall not apply to amounts paid in settlement of any such claim or
proceeding if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon
actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such
registration. 

  

	 	2.8.2.	To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its
officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other
Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity
agreement contained in this Section 2.8.2 shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the prior written consent of the Holder, which consent shall not be unreasonably
withheld; and provided further that in no event shall any indemnity under this Section 2.8.2 (when combined with any amounts paid or payable pursuant to Section 2.8.5) exceed the proceeds from the offering received by such Holder (net of
any expenses paid by such Holder in accordance with Section 2.6). 

  

	 	2.8.3.	 Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including any governmental
action) for which a party may be entitled to 

	 	
indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying party notice
of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to
retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such
indemnifying party of liability to the indemnified party under this Section 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 

  

	 	2.8.4.	Notwithstanding anything else herein to the contrary, the foregoing indemnity agreements of the Company and the selling Holders are subject to the condition that,
insofar as they relate to any Damages arising from any untrue statement or alleged untrue statement of a material fact contained in, or omission or alleged omission of a material fact from, a preliminary prospectus (or necessary to make the
statements therein not misleading) that has been corrected in the form of prospectus included in the registration statement at the time it becomes effective, or any amendment or supplement thereto filed with the SEC pursuant to Rule 424(b) under the
Securities Act (the “Final Prospectus”), such indemnity agreement shall not inure to the benefit of any Person if a copy of the Final Prospectus was furnished to the indemnified party and such indemnified party failed to deliver, at
or before the confirmation of the sale of the shares registered in such offering, a copy of the Final Prospectus to the Person asserting the loss, liability, claim, or damage in any case in which such delivery was required by the Securities Act.

  

	 	2.8.5.	 To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party otherwise
entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to
appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under the
Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or
expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the 

	 	
indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect
any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or
the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission; provided, however, that, in any such case, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to
such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.8.5, when combined with the amounts paid or payable by such Holder pursuant to Section 2.8.2, exceed the proceeds from the
offering received by such Holder (net of any expenses paid by such Holder in accordance with Section 2.6). 

  

	 	2.8.6.	Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders
under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement. 

 

	 	2.9.	Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at
any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company shall: 

 

	 	2.9.1.	make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the
registration statement filed by the Company for the IPO; 

  

	 	2.9.2.	use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

  

	 	2.9.3.	 furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and
the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a
copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably

	 	
requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the
reporting requirements under the Exchange Act) or pursuant to Form F-3 (at any time after the Company so qualifies to use such form). 

  

	 	2.10.	Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the
Majority Preferred, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include such securities in any registration or (ii) to demand
registration of any securities held by such holder or prospective holder. 

  

	 	2.11.	“Market Stand-off” Agreement. Each Holder hereby agrees that (other than sales or dispositions to members of his, her or its Permitted Transferees (as
defined in the Articles) which the managing underwriter has consented to and which are permitted under the applicable security laws and regulations and other than with respect to those Ordinary Shares included in such registration) it will not,
without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to
exceed 180 (one hundred eighty) days, which period may be extended upon the request of the managing underwriter for an additional period of up to 15 (fifteen) days if the Company issues or proposes to issue an earnings or other public release within
15 (fifteen) days of the expiration of the 180-day lockup period), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to
purchase; or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares held immediately before the effective date of
the registration statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to the sale
of any shares to an underwriter pursuant to an underwriting agreement, and – unless otherwise agreed by the Majority Preferred – shall be applicable to the Holders only if all officers, directors, and shareholders individually owning more
than 1% (one percent) of the Company’s outstanding Ordinary Shares (on an as-converted basis) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this
Section 2.11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in
connection with such registration that are consistent with this Section 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or
the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 

  

	 	2.12.	Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to
Section 2.1 or Section 2.2 shall terminate upon the earlier of (i) the fifth anniversary of the IPO, and (ii) with respect to any Holder that holds (in the aggregate together with its Permitted Transferees) Registrable Securities
that constitute less than 1% (one percent) of the issued and outstanding share capital of the Company, on an as converted basis, such time as all of such Holder’s Registrable Securities could be sold without restriction under SEC Rule 144.

	 	2.13.	Registration Outside the U.S. The provisions of Section 2 hereof shall apply also, mutatis mutandis, to any registration of shares of the Company in
any jurisdiction other than the U.S. and all references to U.S. laws and regulations shall be deemed as made to the applicable relevant laws. 

  

	3.	Information Rights; Certain Covenants. 

  

	 	3.1.	Delivery of Financial Statements. Until the consummation of the IPO, the Company shall deliver the following information: 

 

	 	3.1.1.	The Company shall deliver to each Preferred Holder holding at least two percent (2%) of the then-outstanding securities of the Company on a fully diluted basis (as
adjusted for subsequent stock splits, stock dividends, recapitalizations and the like) (“Eligible Holder”), within 90 (ninety) days of the end of each fiscal year of the Company, financial statements of the Company for such year
including a consolidated balance sheet of the Company as of the end of such year, and statements of income and statements of cash flow of the Company for such year, setting forth in each case in comparative form the figures for the previous fiscal
year, all in reasonable detail, United States dollar-denominated, prepared in accordance with GAAP audited by a firm of Independent Certified Public Accountants in the State of Israel who are affiliated with one of the “big four” U.S.
accounting firms (“Independent Accounting Firm”), accompanied by an opinion of such firm which opinion shall state that such balance sheet and statements of income and cash flow have been prepared in accordance with GAAP applied on
a basis consistent with that of the preceding fiscal year, and present fairly and accurately the financial position of the Company as of their date; 

  

	 	3.1.2.	The Company shall deliver to each Eligible Holder, within 60 (sixty) days after the end of each fiscal quarter of the Company, unaudited but reviewed financial
statements of the Company as of the end of such quarter, containing an unaudited consolidated balance sheet of the Company as at the end of each such period and unaudited consolidated statements of (i) income and (ii) cash flow of the
Company for such period and, in the case of the first, second and third quarterly periods, for the period from the beginning of the current fiscal year to the end of such quarterly period, setting forth in each case in comparative form the figures
for the corresponding period of the previous fiscal year, all in reasonable detail, United States dollar-denominated and certified, by the chief financial officer (or if none, by the chief executive officer) of the Company (the
“CFO”), that such financial statements were prepared in accordance with GAAP applied on a basis consistent with that of preceding periods and fairly present the financial position of the Company as of their date subject to footnotes
in accordance with customary format and changes resulting from year-end audit adjustments, all reviewed by an Independent Accounting Firm. Notwithstanding the aforesaid, the Company may be exempted from the requirement to have the above mentioned
financial statements reviewed, if so approved in writing by the Majority Preferred. 

  

	 	3.1.3.	 The Company shall deliver to each Eligible Holder, within 15 (fifteen) days of the end of each month, a report in a form agreed from time to time by
the Board, which report shall include a business 

	 	
update and overview and an unaudited consolidated balance sheet of the Company and unaudited estimated consolidated statements of income and statements of cash flow (including, opening cash,
income, expenses and closing cash) as at the end of such month, representing the actual results against the annual operating plan and budget. 

  

	 	3.1.4.	The Company shall deliver to the Board, for its approval, at least 30 (thirty) days before the end of each fiscal year, a budget and operating plan for the next fiscal
year, and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and (collectively, the “Budget”), and also, promptly after prepared, any other budgets or revised
budgets prepared by the Company. Board members may share information regarding the Company’s operating plans and budgets with the shareholders who appointed them. 

 

	 	3.1.5.	The Company shall deliver to each Eligible Holder such other information as may be reasonably requested by any such Eligible Holder, including, but not limited to, all
information that was made available to any other shareholder (in its capacity as a shareholder), and any court decisions or orders addressed to the Company. 

 

	 	3.2.	Inspection. Until the consummation of an IPO, each Eligible Holder shall have, at reasonable times and upon reasonable notice full access to all books and
records of the Company with a right to copy them, and shall be entitled to inspect the properties of the Company and consult with management of the Company. 

 

	 	3.3.	 Confidentiality. Each Party Shareholder agrees that such Party Shareholder will keep confidential and will not disclose, divulge, or use for any
purpose (other than to monitor its investment in the Company - in which case any such information shall be kept by the receivers in strict confidentiality) any confidential information obtained from the Company pursuant to the terms of this
Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section by
such Party Shareholder), (b) is or has been independently developed or conceived by such Party Shareholder without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Party Shareholder
by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a Preferred Holder may disclose confidential information (i) to its attorneys, accountants, consultants,
and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from it, if such prospective purchaser agrees
to be bound by the provisions of this Section, and provided that such prospective purchaser is not a competitor of the Company; (iii) in connection with periodic reports to its shareholders, partners, affiliates, or members (limited to
statements not containing proprietary information or intellectual property or other highly confidential matters and provided that such Persons are under an obligation to the Party Shareholder to keep such information confidential); or (iv) as
may otherwise be required by law, provided that the Party Shareholder promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. Notwithstanding the foregoing, Preferred
Holders and their affiliates may disclose (w) information concerning the Company and general statements concerning the nature and progress of the Company’s business in reports to its limited partners, investors, managers, members,
representatives and advisors, (x) information to its directors, officers, partners, members, stockholders, employees, agents and advisors who have a need to know such information, (y) information in

	 	
compliance with the terms of the limited partnership or other organizational documents of such Preferred Holder or its affiliates, and (z) information in connection with the marketing of
investment funds managed or advised, directly or indirectly, by such Preferred Holder or its affiliates. 

  

	 	3.4.	Proprietary Information and Inventions Agreements. The Company shall require all employees and consultants with access to confidential information to execute and
deliver a Proprietary Information and Inventions Agreement in substantially the form approved by the Board. 

  

	 	3.5.	Employee Agreements. Unless approved by the Board, all future employees of the Company who shall purchase, or receive options to purchase, shares of
Company’s Ordinary Shares following the date hereof shall be required to execute share purchase or option agreements providing for (a) vesting of shares over a four (4) year period with the first twenty five percent (25%) of such
shares vesting following twelve (12) months of continued employment or services, and the remaining shares vesting in equal quarterly installments over the following thirty six (36) months thereafter and (b) a one hundred and eighty
(180)-day lockup period (plus an additional period of up to eighteen (18) days) in connection with the IPO. 

  

	4.	Covenants regarding Conversion. 

 The Party Shareholders agree that, in the event that at any time the number of authorized Ordinary Shares of the Company shall be insufficient to permit the conversion or conversion by reclassification of
all Preferred Shares into Ordinary Shares in accordance with the conversion provisions of the Articles, the Party Shareholders shall vote in favor of such increase or reclassification in the Company’s registered share capital as shall be
necessary to allow such conversion and shall take all steps as are legally required to allow the Preferred Holders to execute such conversion or conversion by way of reclassification. 

 

	5.	Incorporation by Reference of Certain Provisions of the Articles; Application. 

 

	 	5.1.	The parties hereto hereby agree that the following provisions stipulated in the Articles (the “Incorporated Articles”) shall be considered, deemed and
construed as an integral part of this Agreement: 

  

	 	(a)	Preemptive Rights (Article 14); 

  

	 	(b)	Right of No-Sale – (Article 38); 

  

	 	(c)	Rights of First Refusal (Article 40); 

  

	 	(d)	Right of Co-Sale (Article 41); 

  

	 	(e)	Right of Bring Along (Article 44); 

  

	 	(f)	Restrictions regarding major decisions (Article 61); and 

  

	 	(g)	Election of Directors (Article 71). 

  

	 	5.2.	In the event that any of the Incorporated Articles is amended by the shareholders of the Company, such amendment shall be incorporated herein ipso facto,
whereupon such Incorporated Article, as amended, shall be deemed incorporated herein by reference. In any case of differences or contradictions between the provisions of this Agreement and the Articles, the provisions of the Articles, as amended
from time to time, shall prevail. 

  

	 	5.3.	It is hereby agreed that any and all securities issuable according to the Company’s equity based plans and all other issuances of Company securities shall be
subject to the afore-mentioned right of first refusal set forth in Article 40. 

  

	 	5.4.	The restrictive provisions set forth in Article 61 shall also apply to actions by any subsidiary of the Company. 

	6.	Insurance. 

 The Company
shall maintain in full force and effect, Directors and Officers Insurance policies of financially sound and reputable insurers, covering the directors of the Company and of Wix.com Inc. - the Company’s fully owned subsidiary (including any
newly appointed directors), in a form approved by the Board. 
  

	7.	Miscellaneous. 

  

	 	7.1.	Further Assurance. Each of the parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary to carry out and
give full effect to the provisions of this Agreement and the intentions of the parties as reflected thereby. 

  

	 	7.2.	Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
assignees, heirs, executors and administrators of the parties hereto. No assignment of any rights or obligations pursuant to this Agreement may be made by a Party Shareholder except with a transfer of Shares held by such Party Shareholder in
accordance with the Articles and except for an assignment to a Permitted Transferee of such Party Shareholder (as defined in the Articles). 

  

	 	7.3.	Governing Law; Jurisdiction. This Agreement shall be governed by and construed according to the laws of the State of Israel, without regard to the conflict of
laws provisions thereof. The parties hereby irrevocably and unconditionally submit to the exclusive jurisdiction of courts in Tel-Aviv in respect of any matter arising in connection with this Agreement. 

 

	 	7.4.	Entire Agreement; Effect; Amendment and Waiver. This Agreement and the Schedules hereto constitute the full and entire understanding and agreement between the
parties with regard to the subject matters hereof and thereof and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled, including that certain Shareholders Agreement dated as
of March 29, 2010, executed by the Company, the holders of the Ordinary Shares, and the holders of the Preferred A Shares, the Preferred B Shares, the Preferred B-1 Shares, the Preferred C Shares and the Preferred D Shares (the “Former
Agreement”). This Agreement shall be in effect even if not signed by all Persons listed in Schedule I(a) and I(b), and shall be binding on all such persons, once signed by the Company and the Majority Preferred, in accordance with the
provisions of the Former Agreement. Any term of this Agreement may be amended only with the written consent of the Company and the Majority Preferred, and, to the extent that such amendment directly adversely affects a unique right of a specific
class of shareholders (namely, the Ordinary Shareholders, or the holders of any class of Preferred Shares), then shall also be required the written consent of holders of shares of such class holding at least a majority of the shares held by all
holders of the relevant class of shares. The observance of any term hereof may be waived (either prospectively or retroactively and either generally or in a particular instance) only with the written consent of the party against such waiver is
sought. 

  

	 	7.5.	 Notices, etc. All notices and other communications required or permitted hereunder to be given to a party to this Agreement shall be in writing
and shall be telecopied or mailed by registered or certified mail, postage prepaid, or prepaid air courier, or otherwise delivered by hand or by messenger, addressed to such party’s address as follows: (i) with respect to the Company
– to 40 HaNamal St. Tel Aviv, Israel; and (ii) with respect to any Ordinary Shareholder or Preferred Shareholder, to the address set forth in Schedule I(a) and Schedule I(b); or at such other address as the party

	 	
shall have furnished to each other party in writing in accordance with this provision. Any notice sent in accordance with this Section shall be effective (i) if mailed, seven
(7) business days after mailing, (ii) if by air courier two (2) business days after delivery to the courier service, (iii) if sent by messenger, upon delivery, and (iv) if sent via facsimile or email, upon transmission and
electronic confirmation of receipt or (if transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation of receipt (provided, however, that any notice of change of address shall only be
valid upon receipt). 

  

	 	7.6.	Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default under this Agreement, shall be
deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part
of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any of
the parties, shall be cumulative and not alternative. 

  

	 	7.7.	Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall
be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in such event this Agreement shall be
interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction. 

 

	 	7.8.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties
actually executing such counterpart, and all of which together shall constitute one and the same instrument. 

  

	 	7.9.	Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement. 

  

	 	7.10.	Aggregation of Shares. All securities of the Company held or acquired by Permitted Transferees shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement. 

  

	 	7.11.	No Publicity. The Company shall not use Insight Venture Management, L.L.C.’s (or any of its affiliated funds) (“Insight”) name in any manner,
context or format (including, without limitation, pursuant to references or links to websites or in any press release) without the prior written approval of Insight. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

							
	THE COMPANY:	 		 	  

		 		 	Wixpress Ltd.
				
		 		 	By:	 	 /s/ Avishai Abrahami

		 		 	Title:	 	  

				
	THE ORDINARY SHAREHOLDERS:	 		 		 	
			
		 		 	 /s/ Avishai Abrahami

		 		 	Avishai Abrahami*
		 		 	(also holds Preferred Shares)
			
		 		 	 /s/ Nadav Abrahami

		 		 	Nadav Abrahami
			
		 		 	 /s/ Giora Kaplan

		 		 	Giora Kaplan
			
		 		 	 /s/ Zev Laderman

		 		 	Zev Laderman*
		 		 	(also holds Preferred Shares)
				
	THE PREFERRED SHAREHOLDERS:	 		 		 	
			
		 		 	  

		 		 	INSIGHT VENTURE PARTNERS VII, L.P.
		 		 	By: Insight Venture Associates VII, L.P. its General Partner
		 		 	By: Insight Venture Associates VII, Ltd., its General Partner
				
		 		 	By:	 	 /s/ Blair M. Flicker

		 		 	Name:	 	 Blair M. Flicker

		 		 	Title:	 	 Authorized Person

			
		 		 	  

		 		 	INSIGHT VENTURE PARTNERS (CAYMAN) VII, L.P.
		 		 	By: Insight Venture Associates VII, L.P. its General Partner
		 		 	By: Insight Venture Associates VII, Ltd., its General Partner
				
		 		 	By:	 	 /s/ Blair M. Flicker

		 		 	Name:	 	 Blair M. Flicker

		 		 	Title:	 	 Authorized Person

			
		 		 	  

		 		 	DAG Ventures IV-QP, L.P.
		 		 	By: DAG Ventures Management IV, LLC, its General Partner
				
		 		 	by:	 	 /s/ Nicholas K. Pianim

		 		 	Nicholas K. Pianim, Managing Director
			
		 		 	  

		 		 	DAG Ventures IV, L.P.
		 		 	by: DAG Ventures Management IV, LLC, its General Partner
				
		 		 	by:	 	 /s/ Nicholas K. Pianim

		 		 	Nicholas K. Pianim, Managing Director

 [Signature page to Shareholders Agreement, March 24, 2011, Wixpress Ltd.] 

							
		 		 	  

		 		 	Benchmark Capital Partners VI, L.P.
		 		 	as nominee for
		 		 	Benchmark Capital Partners VI, L.P.,
		 		 	Benchmark Founders’ Fund VI, L.P., and
		 		 	 Benchmark Founders’ Fund VI-B, L.P.
 and related individuals

		 		 	By: Benchmark Capital Management Co. VI, L.L.C., General Partner
				
		 		 	Signature:	 	 /s/ Steven M. Spulock

		 		 	Print Name:	 	  

		 		 	Title:	 	Managing Member

							
			
		 		 	  

		 		 	Bessemer Venture Partners VII L.P.
		 		 	By: Deer VII & Co. L.P., their General Partner
		 		 	By: Deer VII & Co. Ltd., its General Partner
				
		 		 	By:	 	 /s/ Edmund Colloton

		 		 	J. Edmund Colloton, Director
			
		 		 	  

		 		 	Bessemer Venture Partners VII Institutional L.P.
		 		 	By: Deer VII & Co. L.P., their General Partner
		 		 	By: Deer VII & Co. Ltd., its General Partner
				
		 		 	By:	 	 /s/ Edmund Colloton

		 		 	J. Edmund Colloton, Director
			
		 		 	  

		 		 	Mangrove II Investments S.a.r.l
				
		 		 	By:	 	 /s/ Mark Tluszcz and Hans-Jürgen Schmitz

		 		 	Title:	 	  

			
		 		 	 /s/ Ran Tushia

		 		 	Ran Tushia
			
		 		 	 /s/ Roy Saar

		 		 	Roy Saar
			
		 		 	 /s/ Alon Medina

		 		 	Alon Medina
			
		 		 	 /s/ Victor Medina

		 		 	Victor Medina

 [Signature page to Shareholders Agreement, March 24, 2011, Wixpress Ltd.] 

							
		 		 	  

		 		 	TargetMatch Ltd.
				
		 		 	By:	 	 /s/ Ilan Elrom

		 		 	Title:	 	 Director

			
		 		 	 /s/ Eilon Tirosh

		 		 	Eilon Tirosh
			
		 		 	 /s/ Ehud Grober

		 		 	Ehud Grober
			
		 		 	 /s/ Laurel Bowden

		 		 	Laurel Bowden

 [Signature page to Shareholders Agreement, March 24, 2011, Wixpress Ltd.] 

 Schedule I(a) 
 The Ordinary Shareholders 
  

			
	 Name
	  	 Address

	Giora Kaplan	  	[###]
		
	Avishai Abrahami	  	[###]
		
	Nadav Abrahami	  	[###]
		
	Zev Laderman	  	[###]

 Schedule I(b) 
 The Preferred Shareholders 
  

			
	 Name
	  	 Address

	Insight Venture Partners VII, L.P.	  	 680 Fifth Avenue, 8th Floor,

New York, NY 10019, USA

		
	Insight Venture Partners (Cayman) VII, L.P.	  	 680 Fifth Avenue, 8th Floor,

New York, NY 10019, USA

		
	DAG Ventures IV-QP, L.P.	  	 251 Lytton Avenue, Suite 200

Palo Alto, CA 94301

		
	DAG Ventures IV, L.P.	  	 251 Lytton Avenue, Suite 200

Palo Alto, CA 94301

		
	Benchmark Capital Partners VI, L.P.	  	 2480 Sand Hill Road, Suite 200
 Menlo Park, California 94025
 United States

 
 9 Hamanofim Street
 Herzliya Pituach 46725
 Israel

		
	Bessemer Venture Partners VII L.P.	  	 c/o Bessemer Venture Partners

1865 Palmer Avenue, Suite 104, Larchmont, NY 10538, U.S.A.
 Tel. 914-833-5300
 Email: transactions@bvp.com

		
	Bessemer Venture Partners VII Institutional L.P.	  	 c/o Bessemer Venture Partners

1865 Palmer Avenue, Suite 104, Larchmont, NY 10538, U.S.A.
 Tel. 914-833-5300
 Email: transactions@bvp.com

		
	Ran Tushia	  	[###]
		
	Roy Saar	  	[###]
		
	Vector Medina	  	[###]
		
	Alon Medina	  	[###]

			
	TargetMatch Ltd.	  	[###]
		
	Mangrove II Investments S.a.r.l	  	 Banque Privee Edmond de Rothschild Europe 20, Boulevard
 Emmanuel Servais L-2535 Luxembourg
 Fax: +352 - 26253420

Email: [###]

		
	Mr. Eilon Tirosh	  	[###]
		
	Mr. Ehud Grober	  	[###]
		
	Laurel Bowden	  	[###]

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