Document:

EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
  

 
  
 

 
 CREDIT AGREEMENT 

dated as of 
 October 2, 2018

 among 
 NORTHWEST NATURAL
HOLDING COMPANY, 
 The Lenders Party Hereto 

JPMORGAN CHASE BANK, N.A. 
 as
Administrative Agent 
 BANK OF AMERICA, N.A., 

U.S. BANK NATIONAL ASSOCIATION 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Co-Syndication Agents 
  

 
 JPMORGAN CHASE
BANK, N.A., 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

U.S. BANK NATIONAL ASSOCIATION and WELLS FARGO SECURITIES, LLC, 

as Joint Bookrunners and Co-Lead Arrangers 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 Definitions
	  	 	1	 
	 SECTION 1.01
	 	 Defined Terms
	  	 	1	 
	 SECTION 1.02
	 	 Classification of Loans and Borrowings
	  	 	17	 
	 SECTION 1.03
	 	 Terms Generally
	  	 	17	 
	 SECTION 1.04
	 	 Accounting Terms; GAAP; Pro Forma Calculations
	  	 	17	 
	 SECTION 1.05
	 	 Interest Rates
	  	 	18	 
	 ARTICLE II
	 	 The Credits
	  	 	18	 
	 SECTION 2.01
	 	 Commitments
	  	 	18	 
	 SECTION 2.02
	 	 Loans and Borrowings
	  	 	18	 
	 SECTION 2.03
	 	 Requests for Revolving Borrowings
	  	 	19	 
	 SECTION 2.04
	 	 Intentionally Omitted
	  	 	20	 
	 SECTION 2.05
	 	 Intentionally Omitted
	  	 	20	 
	 SECTION 2.06
	 	 Letters of Credit
	  	 	20	 
	 SECTION 2.07
	 	 Funding of Borrowings
	  	 	24	 
	 SECTION 2.08
	 	 Interest Elections
	  	 	24	 
	 SECTION 2.09
	 	 Termination and Reduction of Commitments
	  	 	25	 
	 SECTION 2.10
	 	 Repayment of Loans; Evidence of Debt
	  	 	26	 
	 SECTION 2.11
	 	 Prepayment of Loans
	  	 	26	 
	 SECTION 2.12
	 	 Fees
	  	 	27	 
	 SECTION 2.13
	 	 Interest
	  	 	28	 
	 SECTION 2.14
	 	 Alternate Rate of Interest
	  	 	28	 
	 SECTION 2.15
	 	 Increased Costs
	  	 	30	 
	 SECTION 2.16
	 	 Break Funding Payments
	  	 	31	 
	 SECTION 2.17
	 	 Withholding of Taxes; Gross-Up
	  	 	31	 
	 SECTION 2.18
	 	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	34	 
	 SECTION 2.19
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	35	 
	 SECTION 2.20
	 	 Expansion Option
	  	 	36	 
	 SECTION 2.21
	 	 Defaulting Lenders
	  	 	38	 
	 SECTION 2.22
	 	 Extension of Maturity Date
	  	 	40	 
	 ARTICLE III
	 	 Representations and Warranties
	  	 	41	 
	 SECTION 3.01
	 	 Corporate Existence; Authorization
	  	 	42	 
	 SECTION 3.02
	 	 Enforceability
	  	 	41	 
	 SECTION 3.03
	 	 Financial Condition; No Material Adverse Change
	  	 	42	 
	 SECTION 3.04
	 	 Compliance with Laws and Material Contractual Obligations
	  	 	42	 
	 SECTION 3.05
	 	 No Material Litigation
	  	 	42	 
	 SECTION 3.06
	 	 Ownership of Property
	  	 	42	 
	 SECTION 3.07
	 	 Taxes
	  	 	42	 
	 SECTION 3.08
	 	 Subsidiaries
	  	 	43	 
	 SECTION 3.09
	 	 Investment Company Act; No Consents
	  	 	43	 
	 SECTION 3.10
	 	 ERISA
	  	 	43	 
	 SECTION 3.11
	 	 Environmental
	  	 	43	 
	 SECTION 3.12
	 	 Margin Regulations
	  	 	43	 
	 SECTION 3.13
	 	 Disclosure
	  	 	44	 
	 SECTION 3.14
	 	 Anti-Corruption Laws and Sanctions
	  	 	44	 
	 SECTION 3.15
	 	 EEA Financial Institutions
	  	 	44	 
	 SECTION 3.16
	 	 Plan Assets; Prohibited Transactions
	  	 	44	 
	 ARTICLE IV
	 	 Conditions
	  	 	44	 
	 SECTION 4.01
	 	 Effective Date
	  	 	44	 

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 4.02
	 	 Each Credit Event
	  	 	46	 
	 ARTICLE V
	 	 Affirmative Covenants
	  	 	47	 
	 SECTION 5.01
	 	 Financial Statements and Other Information
	  	 	47	 
	 SECTION 5.02
	 	 Certificates; Other Information
	  	 	47	 
	 SECTION 5.03
	 	 Payment of Taxes
	  	 	48	 
	 SECTION 5.04
	 	 Conduct of Business
	  	 	48	 
	 SECTION 5.05
	 	 Maintenance of Property; Insurance
	  	 	48	 
	 SECTION 5.06
	 	 Inspection of Property; Books and Records; Discussions
	  	 	48	 
	 SECTION 5.07
	 	 Notices
	  	 	48	 
	 SECTION 5.08
	 	 Use of Proceeds and Letters of Credit
	  	 	49	 
	 SECTION 5.09
	 	 Debt Rating
	  	 	49	 
	 ARTICLE VI
	 	 Negative Covenants
	  	 	49	 
	 SECTION 6.01
	 	 Fundamental Changes
	  	 	49	 
	 SECTION 6.02
	 	 Financial Covenants
	  	 	50	 
	 ARTICLE VII
	 	 Events of Default
	  	 	50	 
	 SECTION 7.01
	 	 Events of Default
	  	 	50	 
	 SECTION 7.02
	 	 Application of Payments
	  	 	52	 
	 ARTICLE VIII
	 	 The Administrative Agent
	  	 	53	 
	 SECTION 8.01
	 	 Authorization and Action
	  	 	53	 
	 SECTION 8.02
	 	 Administrative Agent’s Reliance, Indemnification, Etc
	  	 	55	 
	 SECTION 8.03
	 	 Posting of Communications
	  	 	56	 
	 SECTION 8.04
	 	 The Administrative Agent Individually
	  	 	57	 
	 SECTION 8.05
	 	 Successor Administrative Agent
	  	 	57	 
	 SECTION 8.06
	 	 Acknowledgments of Lenders and Issuing Bank
	  	 	58	 
	 SECTION 8.07
	 	 Certain ERISA Matters
	  	 	58	 
	 ARTICLE IX
	 	 Miscellaneous
	  	 	59	 
	 SECTION 9.01
	 	 Notices
	  	 	59	 
	 SECTION 9.02
	 	 Waivers; Amendments
	  	 	61	 
	 SECTION 9.03
	 	 Expenses; Indemnity; Damage Waiver
	  	 	62	 
	 SECTION 9.04
	 	 Successors and Assigns
	  	 	63	 
	 SECTION 9.05
	 	 Survival
	  	 	67	 
	 SECTION 9.06
	 	 Counterparts; Integration; Effectiveness; Electronic Execution
	  	 	67	 
	 SECTION 9.07
	 	 Severability
	  	 	68	 
	 SECTION 9.08
	 	 Right of Setoff
	  	 	68	 
	 SECTION 9.09
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	68	 
	 SECTION 9.10
	 	 WAIVER OF JURY TRIAL
	  	 	69	 
	 SECTION 9.11
	 	 Headings
	  	 	69	 
	 SECTION 9.12
	 	 Confidentiality
	  	 	69	 
	 SECTION 9.13
	 	 Material Non-Public Information
	  	 	70	 
	 SECTION 9.14
	 	 USA PATRIOT Act
	  	 	70	 
	 SECTION 9.15
	 	 Intentionally Omitted
	  	 	70	 
	 SECTION 9.16
	 	 Interest Rate Limitation
	  	 	70	 
	 SECTION 9.17
	 	 No Fiduciary Duty, etc
	  	 	71	 
	 SECTION 9.18
	 	 Acknowledgment and Consent to Bail-In of EEA Financial Institutions
	  	 	71	 

  
 ii 

 Table of Contents 

(continued) 
  

 SCHEDULES: 

Schedule 2.01A – Commitments 
 Schedule 2.01B – Letter
of Credit Commitments 
 Schedule 3.08 – Subsidiaries 

EXHIBITS: 
 Exhibit A – Form of Assignment and
Assumption 
 Exhibit B – Form of Increasing Lender Supplement 

Exhibit C – Form of Augmenting Lender Supplement 
 Exhibit D
– List of Closing Documents 
 Exhibit E-1 – Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships) 

Exhibit E-2 – Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships) 

Exhibit E-3 – Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships) 

Exhibit E-4 – Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships) 

Exhibit F-1 – Form of Borrowing Request 
 Exhibit F-2 –
Form of Interest Election Request 

  
 iii 

 CREDIT AGREEMENT (this “Agreement”) dated as of October 2, 2018 among
NORTHWEST NATURAL HOLDING COMPANY, the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and BANK OF AMERICA, N.A., U.S. BANK NATIONAL ASSOCIATION and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Co-Syndication Agents. 
 The parties hereto agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
bears interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted LIBO Rate” means, with respect to
any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as
administrative agent for the Lenders hereunder, and any successor appointed in accordance with Article VIII. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent Indemnitee”
has the meaning assigned to such term in Section 9.03(c). 
 “Aggregate Commitment” means the aggregate of the
Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Commitment is $100,000,000. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the NYFRB Rate in effect on such day plus  1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such
day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not
available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be
effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof,
then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as so determined would be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement. 

 “Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to money laundering, bribery or corruption. 

“Applicable Party” has the meaning assigned to it in Section 8.03(c). 

“Applicable Percentage” means, with respect to any Lender, the percentage of the Aggregate Commitment represented by such
Lender’s Commitment; provided that, in the case of Section 2.21 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s
Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any
Lender’s status as a Defaulting Lender at the time of determination. 
 “Applicable Rate” means, for any day, with
respect to any Eurodollar Loan or any ABR Loan or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “ABR Spread” or
“Facility Fee Rate”, as the case may be, based upon the Debt Rating applicable on such date: 
  

									
	 Pricing Level
	  	 Debt Rating:
	  	 Eurodollar

Spread
	  	 ABR Spread
	  	 Facility Fee

Rate

	 Level I
	  	AA- or higher / Aa3 or higher	  	0.680%	  	0.000%	  	0.070%
	 Level II
	  	A+ / A1	  	0.795%	  	0.000%	  	0.080%
	 Level III
	  	A / A2	  	0.900%	  	0.000%	  	0.100%
	 Level IV
	  	A- / A3	  	1.000%	  	0.000%	  	0.125%
	 Level V
	  	BBB+ / Baa1	  	1.075%	  	0.075%	  	0.175%
	 Level VI
	  	BBB or below / Baa2 or below	  	1.275%	  	0.275%	  	0.225%

 For purposes of the foregoing, (i) if only one of S&P and Moody’s shall have in effect a Debt Rating, the
applicable Pricing Level shall be determined by reference to the available rating; (ii) if neither S&P nor Moody’s shall have in effect a Debt Rating, the applicable Pricing Level will be set in accordance with Level VI; (iii) if
the ratings established or deemed to have been established by Moody’s and S&P for the Debt Rating shall fall within different Pricing Levels, the applicable Pricing Level shall be based on the better of the two ratings unless the ratings
are not in two adjacent Pricing Levels, in which case the applicable Pricing Level shall be determined by reference to the Pricing Level one level below the Pricing Level corresponding to the better of the two ratings; and (iv) if the Debt
Ratings established or deemed to have been established by Moody’s and S&P shall be changed, such change shall be effective as of the date on which it is first publicly announced by the applicable rating agency. Each change in Pricing Level
shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. 

“Approved Electronic Platform” has the meaning assigned to it in Section 8.03(a). 

  
 2 

 “Approved Fund” has the meaning assigned to such term in
Section 9.04(b). 
 “Arrangers” means each of JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner &
Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending
services or related businesses may be transferred following the date of this Agreement), U.S. Bank National Association and Wells Fargo Securities, LLC, in their respective capacities as joint bookrunners and co-lead arrangers hereunder. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the
Administrative Agent. 
 “Augmenting Lender” has the meaning assigned to such term in Section 2.20. 

“Authorized Officer” means the chief executive officer, the president, any vice president, the treasurer or any assistant
treasurer of the Borrower. 
 “Availability Period” means the period from and including the Effective Date to but excluding
the earlier of the Maturity Date and the date of termination of the Commitments. 
 “Bail-In Action” means the exercise of
any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or,
in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding
entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless
such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or
otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

  
 3 

 “Borrower” means Northwest Natural Holding Company, an Oregon corporation.

 “Borrower Materials” has the meaning assigned to such term in Section 5.02. 

“Borrowing” means Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of
Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Borrowing Request” means a request by the Borrower
for a Revolving Borrowing in accordance with Section 2.03, which shall be substantially in the form attached hereto as Exhibit F-1 or any other form approved by the Administrative Agent. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in
the London interbank market. 
 “Change in Control” means that (a)(i) either (x) a person or group (as defined in the
Securities Exchange Act of 1934) has acquired more than 50% of the voting stock of the Borrower or (y) a majority of the board of directors of the Borrower shall cease to be composed of individuals who were members of such board on the
Effective Date (“Existing Directors”) or were approved by a majority of the Existing Directors and previously approved directors; and (ii) at the time of, or at any time during the one-year period following, an event described
in the preceding clause (a)(i), the Borrower either (x) has a rating that is not an Investment Grade Rating from any one of S&P, Fitch or Moody’s or (y) does not have a credit rating from at least one of S&P, Fitch or
Moody’s. 
 “Change in Law” means the occurrence, after the date of this Agreement (or, with respect to any Lender,
such later date on which such Lender becomes a party to this Agreement), of: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or
Issuing Bank’s holding company, if any) with any request, rules, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that,
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder, or issued in connection therewith or in the
implementation thereof, and (y) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 

“Charges” has the meaning assigned to it in Section 9.16. 

“Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing
are Revolving Loans. 
 “Co-Syndication Agents” means each of Bank of America, N.A., U.S. Bank National Association and
Wells Fargo Bank, National Association. 

  
 4 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time
pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender’s Commitment is set forth on Schedule 2.01A, or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided
in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as applicable. 

“Communications” has the meaning assigned to such term in Section 8.03(c). 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are gross receipts or franchise Taxes or branch profits Taxes. 
 “Consolidated Indebtedness” means, at a particular
date, all Indebtedness, calculated for the Borrower and its Subsidiaries on a consolidated basis. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Credit Event” means a Borrowing, the issuance, amendment,
renewal or extension of a Letter of Credit, an LC Disbursement or any of the foregoing. 
 “Credit Party” means the
Administrative Agent, each Issuing Bank or any other Lender. 
 “Debt Rating” means the rating assigned by S&P or
Moody’s, as applicable, to the Borrower’s senior, unsecured, non-credit enhanced long-term debt; provided that, (a) if the Borrower’s senior, unsecured, non-credit enhanced long-term debt is not rated by S&P,
“Debt Rating” for S&P shall mean the (i) the corporate credit rating assigned by S&P to the Borrower; or (ii) if the rating described in clause (a)(i) shall not exist with respect to S&P, the rating for S&P that
is one level below the rating assigned by S&P to senior, unsecured, non-credit enhanced long-term debt of NW Natural; or (iii) if the ratings described in clause (a)(i) and (a)(ii) shall not exist with respect to S&P, the rating that is
two levels below the rating assigned by S&P to the senior, secured long-term debt of NW Natural; and (b) if the Borrower’s senior, unsecured, non-credit enhanced long-term debt is not rated by Moody’s, “Debt Rating” for
Moody’s shall mean (i) the corporate credit rating assigned by Moody’s to the Borrower; or (ii) if the rating described in clause (b)(i) shall not exist with respect to Moody’s, the rating for Moody’s that is one level
below the rating assigned by Moody’s to senior, unsecured, non-credit enhanced long-term debt of NW Natural; or (iii) if the ratings described in clause (b)(i) and (b)(ii) shall not exist with respect to Moody’s, the rating that is
two levels below the rating assigned by Moody’s to the senior, secured long-term debt of NW Natural. 
 “Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

  
 5 

 “Defaulting Lender” means any Lender that (a) has failed, within two
(2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required
to be paid by it hereunder, unless, in the case of clause (i) above, a condition precedent to funding has not been satisfied or is subject to a good faith dispute and such Lender notifies the Administrative Agent in writing that such Lender has
not funded because, in such Lender’s good faith determination, such condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit
Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on
such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it
commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its
obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance
with Section 9.02). 
 “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated
with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to (i) the environment, (ii) preservation or reclamation of natural resources, (iii) the management, release or threatened
release of any Hazardous Material or (iv) health and safety matters. 
 “Environmental Liability” means any liability,
contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental 

  
 6 

 
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible
into any of the foregoing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(b)(1) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of
the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) any
Reportable Event; (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the
Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with
respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any
Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the
receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor Person), as in effect from time to time. 
 “Eurodollar” when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Section 7.01. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), gross receipts, franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being
organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection
Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or 

  
 7 

 
Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA. 

“Existing Maturity Date” has the meaning assigned to such term in Section 2.22(a). 

“Extending Lender” has the meaning assigned to such term in Section 2.22(b)(ii). 

“Extension Request” means a written request from the Borrower to the Administrative Agent requesting an extension of the
Maturity Date pursuant to Section 2.22. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date
of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

 “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal
funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate,
provided that, if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 “Fitch” means Fitch, Inc., doing business as Fitch Ratings. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law. 

  
 8 

 “Hybrid Securities” means debt or equity securities that meet the following
requirements: (a) such securities are issued by (i) the Borrower or (ii) a Subsidiary or an independent trust (a “Hybrid Securities Subsidiary”) that engages in no business other than the issuance of such securities
and lending the proceeds thereof to the Borrower; (b) each of such securities of the Borrower and the loans, if any, made to the Borrower by the applicable Hybrid Securities Subsidiary with the proceeds of such securities (i) are
subordinated to the payment by the Borrower of its obligations hereunder in a manner reasonably satisfactory to the Administrative Agent and (ii) require no repayment, prepayment, mandatory redemption or mandatory repurchase prior to the date
that is at least 91 days after the scheduled Maturity Date; and (c) such securities are classified as possessing a minimum of at least one of the following: (x) “intermediate equity content” by S&P, (y) “Basket C
equity credit” by Moody’s and (z) “50% equity credit” by Fitch. 
 “Impacted Interest Period” has
the meaning assigned to such term in the definition of “LIBO Rate”. 
 “Increasing Lender” has the meaning
assigned to such term in Section 2.20. 
 “Incremental Term Loan” has the meaning assigned to such term in
Section 2.20. 
 “Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.20. 

“Indebtedness” of a Person means, at a particular date, the sum (without duplication) at such date of (a) indebtedness
for borrowed money or for the deferred purchase price of property, goods or services, excluding (i) trade accounts payable arising in the ordinary course of business, (ii) pension liabilities that are not then due and payable and
(iii) obligations in respect of Hybrid Securities that are not then due and payable, (b) obligations of such Person under capitalized leases and synthetic leases, (c) debts of third persons guaranteed by such Person or secured by
property of such Person (provided that the amount of Indebtedness secured by property of such Person shall be the lesser of (x) the fair market value of such property as of the date of determination and (y) the amount of the Indebtedness
as of the date of determination) and (d) any non-contingent reimbursement obligations of such Person in respect of letters of credit, acceptances or similar obligations issued or created for the account of such Person. 

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

“Indemnitee” has the meaning assigned to it in Section 9.03(b). 

“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b). 

“Information” has the meaning assigned to it in Section 9.12. 

“Information Memorandum” means the Confidential Information Memorandum dated August, 2018 relating to the Borrower and the
Transactions. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing
in accordance with Section 2.08, which shall be substantially in the form attached hereto as Exhibit F-2 or any other form approved by the Administrative Agent. 

  
 9 

 “Interest Payment Date” means (a) with respect to any ABR Loan, the
second Business Day following the last day of each March, June, September and December and the Maturity Date and (b) with respect to any Eurodollar Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a
part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of
such Interest Period and the Maturity Date. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would
end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a
Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO
Screen Rate for the longest period (for which the LIBO Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate
is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time. 
 “Investment
Grade Rating” means, for S&P, Fitch or Moody’s, as applicable, (a) if such rating agency has a rating assigned to the Borrower’s senior, unsecured, non-credit enhanced long-term debt of BBB- or higher by S&P or Fitch
and Baa3 or higher by Moody’s; and (b) if such rating agency does not have a rating assigned to the Borrower’s senior, unsecured, non-credit enhanced long-term debt but has a rating assigned to the Borrower’s senior, secured
long-term debt, BBB or higher by S&P or Fitch and Baa2 or higher by Moody’s. 
 “IRS” means the United States
Internal Revenue Service. 
 “Issuing Bank” means JPMorgan Chase Bank, N.A., Bank of America, N.A., U.S. Bank National
Association and Wells Fargo Bank, National Association and any other Lender that agrees to act as an Issuing Bank, each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate. Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto. 

“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j). 

“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit. 

  
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 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time. 
 “Lender Parent” means, with respect to any Lender, any
Person as to which such Lender is, directly or indirectly, a subsidiary. 
 “Lenders” means the Persons listed on
Schedule 2.01A and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or
otherwise. Unless the context otherwise requires, the term “Lenders” includes the Issuing Banks. 
 “Letter of
Credit” means any letter of credit issued pursuant to this Agreement. 
 “Letter of Credit Agreement” has the
meaning assigned to it in Section 2.06(b). 
 “Letter of Credit Commitment” means, with respect to each Issuing Bank,
the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01B, or if an Issuing Bank has entered into an Assignment and Assumption
or has otherwise assumed a Letter of Credit Commitment after the Effective Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent. The Letter of Credit Commitment of
an Issuing Bank may be modified from time to time by agreement between such Issuing Bank and the Borrower, and notified to the Administrative Agent. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing and for any applicable Interest Period, the LIBO Screen Rate at
approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, if the LIBO Screen Rate shall not be available at such time for such Interest Period (the “Impacted
Interest Period”), then the LIBO Rate for such Interest Period shall be the Interpolated Rate. It is understood and agreed that all of the terms and conditions of this definition of “LIBO Rate” shall be subject to
Section 2.14. 
 “LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar Borrowing and for any
Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on
such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on
the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than
zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “Loan Documents” means this Agreement,
including schedules and exhibits hereto, and any agreements entered into in connection herewith by the Borrower with or in favor of the Administrative Agent and/or the Lenders, including any promissory notes issued pursuant to Section 2.10(e),
any amendments, modifications or supplements thereto or waivers thereof, UCC filings, letter of credit applications and any agreements between the Borrower and an Issuing Bank regarding the issuance by such Issuing Bank of Letters of Credit
hereunder and/or the respective rights and obligations between the Borrower and such Issuing Bank in connection thereunder and any other documents instruments or certificates delivered by the Borrower pursuant to the terms of any other Loan
Document. Any reference in 

  
 11 

 
this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications
thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“Margin Stock” means margin stock within the meaning of Regulations T, U and X, as applicable. 

“Material Adverse Effect” means a material adverse effect on (a) the operations, the business or financial condition of
the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its Obligations or (c) the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or remedies of
the Administrative Agent and the Lenders thereunder. 
 “Maturity Date” means, with respect to any Lender, the later of
(a) October 2, 2023 and (b) if the maturity date is extended for such Lender pursuant to Section 2.22, such extended maturity date as determined pursuant to such Section; provided, however, in each case, if such
date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Maximum Rate” has the meaning
assigned to it in Section 9.16. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Non-extending Lender” has the meaning assigned to such term in Section 2.22(a). 

“NW Natural” means Northwest Natural Gas Company, an Oregon corporation. 

“NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day
and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day,
the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower and its
Subsidiaries arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether
such interest and fees are allowed or allowable claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities
and other amounts payable by the Borrower under any Loan Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole
discretion, may elect to pay or advance on behalf of the Borrower. 

  
 12 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and
overnight Eurodollar borrowings by U.S.–managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding
Business Day by the NYFRB as an overnight bank funding rate. 
 “Participant” has the meaning assigned to such term in
Section 9.04(c). 
 “Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“Patriot Act” has the meaning assigned to such term in Section 9.14. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit
plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA. 

“Platform” has the meaning assigned to such term in Section 5.02. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or,
if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected 

  
 13 

 
Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar
release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “Public Lender” has the meaning assigned to such term in Section 5.02. 

“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable. 

“Register” has the meaning assigned to such term in Section 9.04(b). 

“Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof. 
 “Regulation T” means Regulation T of the Federal Reserve Board, as in effect from
time to time and all official rulings and interpretations thereunder or thereof. 
 “Regulation U” means Regulation U of
the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof. 

“Regulation X” means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof. 
 “Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents, advisors and representatives of such Person and such Person’s Affiliates. 

“Reportable Event” means a reportable event, as defined in Section 4043 of ERISA and the regulations issued under such
section, with respect to a Plan, excluding any event as to which the PBGC by regulation waived the requirements of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided that a failure to
meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of
ERISA or Section 412(c) of the Code. 
 “Replacement Lender” has the meaning assigned to such term in
Section 2.22(c). 
 “Required Lenders” means, subject to Section 2.21, at any time, Lenders having Revolving
Credit Exposures and unused Commitments representing more than 50% of the sum of the Total Revolving Credit Exposure and unused Commitments at such time. 

“Requirement of Law” means, as to any Person, the certificate of incorporation and bylaws or other organizational or
governing documents of such Person, and any law, treaty, rule or regulation or order or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 

  
 14 

 “Response Date” has the meaning assigned to such term in
Section 2.22(a). 
 “Responsible Officer” means the chief executive officer, the president, any senior vice president,
the chief financial officer, the chief accounting officer, the treasurer or the general counsel of the Borrower. 

“Restructuring” has the meaning assigned to such term in Section 4.01(j). 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Revolving Loans and its LC Exposure at such time. 
 “Revolving Loan” means a Loan made pursuant to
Section 2.03. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business. 
 “Sanctioned Country” means, at any time, a country, region or territory (other than the
United States or any region or territory therein) which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom, or other relevant sanction authority, (b) any Person
operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of any Sanctions.

 “Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to
time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the
United Kingdom. 
 “SEC” means the Securities and Exchange Commission of the United States of America. 

“Securities Act” means the United States Securities Act of 1933. 

“Significant Subsidiary” means a Subsidiary that is a “significant subsidiary” as that term is defined in Rule
1-02(w) of Regulation S-X promulgated by the SEC (as in effect on the Effective Date). 
 “Statutory Reserve Rate” means a
fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in
Regulation D). Such reserve percentage shall include those imposed pursuant to Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any
reserve percentage. 

  
 15 

 “subsidiary” means, with respect to any Person (the “parent”) at
any date, any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in
the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent and/or one or more subsidiaries of the parent.

 “Subsidiary” means any subsidiary of the Borrower. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
Borrower or the Subsidiaries shall be a Swap Agreement. 
 “Taxes” means all present or future taxes, levies, imposts,
duties, deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to
tax or penalties applicable thereto. 
 “Total Capitalization” means the sum of Indebtedness, Equity Interests, additional
paid-in capital and retained earnings of the Borrower and its Subsidiaries, taken on a consolidated basis after eliminating all intercompany items. 

“Total Revolving Credit Exposure” means the sum of the outstanding principal amount of all Lenders’ Revolving Loans and
their LC Exposure at such time. 
 “Transactions” means the execution and delivery by the Borrower of, and the performance
by the Borrower of its obligations under, this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 
 “U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3). 
 “Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part 1 of Subtitle E of Title IV of ERISA. 

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

  
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 SECTION 1.02 Classification of Loans and Borrowings. For purposes of this
Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings
also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

SECTION 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and
other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to
any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (c) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified
or supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
 SECTION 1.04 Accounting Terms; GAAP; Pro Forma Calculations. (a) Except
as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the
Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision
contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to (i) any election under Financial Accounting
Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as
defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. 

  
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 (b) All pro forma computations required to be made hereunder giving effect to any
acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to
determine whether such acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period
covered by any component of such pro forma computation and on or prior to the date of such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal
quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements
referred to in Section 3.03(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of (but without giving effect to any synergies or cost savings) and any related incurrence
or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall
be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to such Indebtedness). 

(c) Notwithstanding anything to the contrary contained in Section 1.04(a) in the event of an accounting change requiring all leases to be
capitalized, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute capital leases in conformity with GAAP on the date hereof shall be considered capital leases, and all
calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 

SECTION 1.05 Interest Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not have any
liability with respect to, the administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor rate thereto, or replacement rate therefor. 

ARTICLE II 
 The Credits

 SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly)
agrees to make Revolving Loans to the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing pursuant to
Section 2.10) in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the Total Revolving Credit Exposure exceeding the Aggregate Commitment. Within the foregoing limits and subject to the
terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 
 SECTION 2.02 Loans and
Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be
made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

  
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 (b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of
ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an
Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such
Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any Eurodollar Revolving
Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 thereof. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of
$1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.06(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten (10) Eurodollar Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue,
any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 SECTION 2.03 Requests for
Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by submitting a Borrowing Request (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York
City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing; provided that any such
notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such
Borrowing Request shall be irrevocable and shall be signed by an Authorized Officer of the Borrower. Each such Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate principal amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 
 If no election as to the Type
of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have
selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing. 

  
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 SECTION 2.04 Intentionally Omitted. 

SECTION 2.05 Intentionally Omitted. 

SECTION 2.06 Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may
request the issuance of Letters of Credit denominated in Dollars as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at
any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this
Agreement shall control. Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to
fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions, (ii) in any manner that would result in a violation of any Sanctions by any party
to this Agreement or (iii) in any manner that would result in a violation of one or more policies of the Issuing Bank applicable to letters of credit generally. 

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the
amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) to the
applicable Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three (3) Business Days) a notice requesting the issuance of a Letter
of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which
shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. In
addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit
application, in each case, as required by the Issuing Bank and using the Issuing Bank’s standard form (each, a “Letter of Credit Agreement”). A Letter of Credit shall be issued, amended, renewed or extended only if (and upon
issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) (x) the aggregate undrawn amount of all
outstanding Letters of Credit issued by the Issuing Bank at such time plus (y) the aggregate amount of all LC Disbursements made by the Issuing Bank that have not yet been reimbursed by or on behalf of the Borrower at such time shall not exceed
the Issuing Bank’s Letter of Credit Commitment, (ii) the LC Exposure shall not exceed $40,000,000, (iii) no Lender’s Revolving Credit Exposure shall exceed its Commitment, and (iv) the Total Revolving Credit Exposure shall
not exceed the Aggregate Commitment. The Borrower may, at any time and from time to time, reduce the Letter of Credit Commitment of the Issuing Bank with the consent of the Issuing Bank; provided that the Borrower shall not reduce the Letter
of Credit Commitment of the Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through (iv) above shall not be satisfied. 

(c) Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank to the
beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date. 

  
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 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a
participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as
provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in
respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or
termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit issued by such Issuing Bank, the
Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the amount equal to such LC Disbursement, calculated as of the date such Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City
time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to
such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt;
provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount of such LC
Disbursement and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent
shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the
Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to such Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment
from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to such Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such
Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse such Issuing Bank for any LC Disbursement (other than the funding of an ABR Revolving Loan as contemplated above) shall
not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
 (f) Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft
or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement 

  
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therein being untrue or inaccurate in any respect, (iii) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the
terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a
right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Banks, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with
the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising
from causes beyond the control of the applicable Issuing Bank; provided that the foregoing shall not be construed to excuse such Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect,
consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as finally
determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect
to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(g) Disbursement Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment and whether
such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with
respect to any such LC Disbursement. 
 (h) Interim Interest. If such Issuing Bank shall make any LC Disbursement, then, unless the
Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the
reimbursement is due and payable, at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such
LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after the
date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i) Replacement and Resignation of Issuing Bank. 

(i) Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the
replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all

  
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unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank
shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to
such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 (ii) Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as an Issuing
Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i)(i) above. 

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 100% of
the amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in Section 7.01(h) or (i). Such deposit shall be held by the Administrative Agent as collateral for the
payment and performance of the Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse any applicable Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be
applied to satisfy other Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the
Borrower within three (3) Business Days after all Events of Default have been cured or waived. 
 (k) Letters of Credit Issued for
Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,”
“applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or
otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings
thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of
such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives
substantial benefits from the businesses of such Subsidiaries. 

  
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 (l) Issuing Bank Agreements. Unless otherwise requested by the Administrative Agent,
each Issuing Bank shall report in writing to the Administrative Agent (i) promptly following the end of each calendar month, the aggregate amount of Letters of Credit issued by it and outstanding at the end of such month, (ii) on or prior
to each Business Day on which such Issuing Bank expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the Letter of Credit to be issued, amended,
renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension occurred (and whether the amount thereof changed), it being understood that such Issuing Bank shall not permit any issuance, renewal,
extension or amendment resulting in an increase in the amount of any Letter of Credit to occur without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day
on which such Issuing Bank makes any payment under any Letter of Credit, the date of such payment under such Letter of Credit and the amount of such payment, (iv) on any Business Day on which the Borrower fails to reimburse any payment under
any Letter of Credit required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such payment and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably
request. 
 SECTION 2.07 Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof solely by wire transfer of immediately available funds by 12:00 noon, New York City time (or, with respect to any ABR Borrowing, the Borrowing Request for which shall have been received after 10:00 a.m. but at or before 1:00
p.m., New York City time, by 3:00 p.m., New York City time), to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. Except in respect of the provisions of this Agreement covering the
reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the Borrower by promptly making available the funds so received in the aforesaid account of the Administrative Agent by wire transfer of immediately
available funds to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall
be remitted by the Administrative Agent to the applicable Issuing Bank. 
 (b) Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.08 Interest Elections. (a) Each Revolving
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may
elect to convert such Borrowing to a different Type or to continue such Borrowing and, in 

  
 24 

 
the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of
the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by the time that a
Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall
be irrevocable and shall be signed by an Authorized Officer of the Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to elect an Interest Period for Eurodollar Loans that does not
comply with Section 2.02(d). 
 (c) Each Interest Election Request shall specify the following information in compliance with
Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and
of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with
respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR
Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto. 
 SECTION 2.09 Termination and Reduction of Commitments. (a) Unless previously terminated, the
Commitments shall terminate on the Maturity Date. 

  
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 (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments;
provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Total Revolving Credit Exposure would exceed the Aggregate Commitment. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this
Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon
the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is
not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

SECTION 2.10 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the
Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date. 
 (b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender
hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the
Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e) Any Lender may request that Loans made by it be evidenced
by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the
Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form. 

SECTION 2.11 Prepayment of Loans. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in
whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in
the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days 

  
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before the date of prepayment or (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date
of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a
conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any
such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a
Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to
the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16. If at any time the sum of the aggregate principal amount of all of the Revolving Credit Exposures exceeds the Aggregate Commitment, the
Borrower shall immediately repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause the aggregate principal
amount of all Revolving Credit Exposures to be less than or equal to the Aggregate Commitment. 
 SECTION 2.12 Fees.
(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which shall accrue at the Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period
from and including the Effective Date to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall
continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure.
Facility fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth day following the such last day and on the date on which the Commitments terminate, commencing
on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate shall be payable on demand. All facility fees shall be computed on the basis of a year of
360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) The
Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest
rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure and (ii) to each Issuing Bank for its own account a fronting fee, which shall accrue at the rate
or rates per annum separately agreed upon between the Borrower and the Issuing Bank on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued
by such Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s
standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued
through and including the last day of March, June, September and December of each year shall be payable on the fifteenth day following such last day, commencing on the first such date to occur after the Effective Date; provided that all
such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments 

  
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terminate shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and
fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Borrower and the Administrative Agent. 
 (d) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under any
circumstances. 
 SECTION 2.13 Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate
Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for
the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing, if any principal of or
interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate
per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate
applicable to ABR Loans as provided in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears
on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by
reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 SECTION 2.14 Alternate Rate of Interest. 

(a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis), for such Interest
Period; or 

  
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 (ii) the Administrative Agent is advised by the Required Lenders that the
Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto and
(ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 (b) If at any time
the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the
circumstances set forth in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no
successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or
indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying
a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate
rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to
reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, if such
alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective
without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a
written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in
clause (ii) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current
Interest Period applicable thereto, and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

  
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 SECTION 2.15 Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank; 

(ii) impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than
Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii)
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters
of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the
foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Loan or of maintaining its obligation to make any such Loan or to increase the cost to such Lender, such Issuing
Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder, whether of principal,
interest or otherwise, then the Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case
may be, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or any Issuing Bank determines that any Change in Law
regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if
any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing
Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or
such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of
a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to
the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or
reductions incurred more than 270 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such
Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to
include the period of retroactive effect thereof. 

  
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 SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any
Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of
whether such notice may be revoked under Section 2.11 and is revoked in accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the
Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount
determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan,
for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over
(ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and
period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

SECTION 2.17 Withholding of Taxes; Gross-Up. (a) Payments Free of Taxes. Any and all payments by or on account of any
obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding
agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 
 (c) Evidence of Payments. As
soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.17, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

  
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 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (e). 
 (f) Status of Lenders. (i) Any Lender that
is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or
the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would
subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

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

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

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

(2) in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed copy
of IRS Form W-8ECI; 
 (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”)
and (y) an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN; or 
 (4) to the extent a Foreign Lender is not the beneficial
owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E or IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner; 

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

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by

  
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Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its
legal inability to do so. 
 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an
amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments
or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person. 
 (h) Survival. Each party’s obligations under this Section 2.17 shall
survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan
Document. 
 (i) Defined Terms. For purposes of this Section 2.17, the term “Lender” includes the Issuing Bank and the
term “applicable law” includes FATCA. 
 SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00
noon, New York City time on the date when due, in immediately available funds, without set-off, recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices as specified in Section 9.01(a)(ii), except payments to be made directly to an
Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it
for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business
Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 

  
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 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) If any Lender shall, by exercising any
right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the
aggregate amount of its Revolving Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value)
participations in the Revolving Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or
participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
 SECTION 2.19 Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.15, or the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts
to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would 

  
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eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, or if any Lender does not consent to any proposed amendment, supplement, modification,
consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders (with the percentage in such
definition being deemed to be 50% for this purpose) has been obtained), then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and the other Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative
Agent (and if a Commitment is being assigned, the Issuing Banks), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in
LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts)
and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or
payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to
apply. Each party hereto agrees that (a) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (b) the Lender required to make such
assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other
parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties
thereto. 
 SECTION 2.20 Expansion Option. The Borrower may from time to time elect to increase the Commitments or enter into
one or more tranches of term loans (each an “Incremental Term Loan”), in each case a minimum amount of $10,000,000 and any integral of $5,000,000 in excess thereof, so long as, after giving effect thereto, the aggregate amount of
such increases and all such Incremental Term Loans does not exceed $50,000,000. The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to
participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting
Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be;
provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower, the Administrative Agent and the Issuing Bank to the extent the consent of the Issuing Bank would be required to effect an assignment under
Section 9.04(b), and (ii) (x) in the case of an 

  
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Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit B hereto, and (y) in the case of an Augmenting Lender, the
Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit C hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any
increase in Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the Borrower, the
Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or
tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and
(b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the
Borrower shall be in compliance (on a pro forma basis) with the covenants contained in Section 6.02 and (ii) the Administrative Agent shall have received documents and opinions consistent with those delivered on the Effective Date as
to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such increase. On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant Increasing
Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after
giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving
Loans, and (ii) except in the case of any Incremental Term Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of
the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the
immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16
if the deemed payment occurs other than on the last day of the related Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity
Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of
Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental
Term Loans may be priced differently than the Revolving Loans. Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the
other Loan Documents, executed by the Borrower, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may, without the
consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20.
Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder, or provide Incremental Term Loans, at any time. In connection with any increase
of the Commitments or Incremental Term Loans pursuant to this Section 2.20, any Augmenting Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in
the case of any Augmenting Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be
necessary for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act. 

  
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 SECTION 2.21 Defaulting Lenders. Notwithstanding any provision of this Agreement
to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.12(a); 

(b) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 7.02 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by
the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender
to the Issuing Bank hereunder; third, to cash collateralize the Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Borrower may request (so long as no Default or Event
of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the
Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash
collateralize the Issuing Bank’s future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing
to the Lenders or the Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by
the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a
court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and
(y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to,
all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable to
a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
hereto; 
 (c) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the
Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that, except as otherwise provided in Section 9.02, this
clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby; 

  
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 (d) if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in
accordance with their respective Applicable Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall
within three (3) Business Days following notice by the Administrative Agent, cash collateralize for the benefit of the applicable Issuing Banks only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure
(after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding; 

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to
clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC
Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to
clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant
to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to
the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing
Banks until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 
 (e) so long as such Lender is a
Defaulting Lender, the Issuing Banks shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the
Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.21(d) or LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among
non-Defaulting Lenders in a manner consistent with Section 2.21(d)(i) (and such Defaulting Lender shall not participate therein). 
 If
(i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) the Issuing Bank has a good faith belief that any Lender has defaulted in
fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Issuing Bank, as the case may be, shall
have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

  
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 In the event that the Administrative Agent, the Borrower and the Issuing Bank each agrees
that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such
Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

SECTION 2.22 Extension of Maturity Date. 

(a) The Borrower may, by delivering an Extension Request to the Administrative Agent (who shall promptly deliver a copy to each of the
Lenders), not less than 60 days in advance of the Maturity Date in effect at such time (the “Existing Maturity Date”), request that the Lenders extend the Existing Maturity Date to the first anniversary of such Existing Maturity
Date (or, if such date is not a Business Day, the immediately preceding Business Day). Each Lender, acting in its sole discretion, shall, by written notice to the Administrative Agent given not later than the date that is the 20th day after the date
of the Extension Request, or if such date is not a Business Day, the immediately following Business Day (the “Response Date”), advise the Administrative Agent in writing whether or not such Lender agrees to the requested extension.
Each Lender that advises the Administrative Agent that it will not extend the Existing Maturity Date is referred to herein as a “Non-extending Lender”; provided, that any Lender that does not advise the Administrative Agent of its
consent to such requested extension by the Response Date and any Lender that is a Defaulting Lender on the Response Date shall be deemed to be a Non-extending Lender. The Administrative Agent shall notify the Borrower, in writing, of the
Lenders’ elections promptly following the Response Date. The election of any Lender to agree to such an extension shall not obligate any other Lender to so agree, and it is understood that no Lender shall have any obligation whatsoever to agree
to any request made by the Borrower for an extension of the Existing Maturity Date. The Maturity Date may be extended no more than two times pursuant to this Section 2.22. 

(b)(i) If, by the Response Date, Lenders holding Commitments that aggregate 50% or more of the Aggregate Commitment shall constitute
Non-extending Lenders, then the Existing Maturity Date shall not be extended and the outstanding principal balance of all Loans and other amounts payable hereunder shall be payable, and the Commitments shall terminate, on the Existing Maturity Date
in effect prior to such extension. 
 (ii) If (and only if), by the Response Date, Lenders holding Commitments that
aggregate more than 50% of the Aggregate Commitment shall have agreed to extend the Existing Maturity Date (each such consenting Lender, an “Extending Lender”), then effective as of the Existing Maturity Date, the Maturity Date for
such Extending Lenders shall be extended to the first anniversary of the Existing Maturity Date (subject to satisfaction of the conditions set forth in Section 2.22(d)). In the event of such extension, the Commitment of each Non-extending
Lender shall terminate on the Existing Maturity Date in effect for such Non-extending Lender prior to such extension and the outstanding principal balance of all Loans and other amounts payable hereunder to such Non-extending Lender shall become due
and payable on such Existing Maturity Date and, subject to Section 2.22(c) below, the Aggregate Commitment hereunder shall be reduced by the Commitments of the Non-extending Lenders so terminated on such Existing Maturity Date. For purposes of
clarity, it is acknowledged and agreed that the Maturity Date on any date of determination shall not be a date more than five (5) years after such date of determination, whether such determination is made before or after giving effect to any
extension request made hereunder. 
 (c) In the event of any extension of the Existing Maturity Date pursuant to Section 2.22(b)(ii),
the Borrower shall have the right on or before the Existing Maturity Date, at its own expense, to require any Non-extending Lender to transfer and assign without recourse (in accordance with and subject to the restrictions contained in
Section 9.04) all its interests, rights (other than its rights to payments pursuant to Section 2.15, Section 2.16, Section 2.17 or Section 9.03 arising prior to the effectiveness of

  
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such assignment) and obligations under this Agreement to one or more banks or other financial institutions identified to the Non-extending Lender by the Borrower, which may include any existing
Lender (each a “Replacement Lender”), provided that (i) such Replacement Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent and the Issuing Bank (such approvals to not be
unreasonably withheld) to the extent the consent of the Administrative Agent or the Issuing Bank would be required to effect an assignment under Section 9.04(b), (ii) such assignment shall become effective as of a date specified by the
Borrower (which shall not be later than the Existing Maturity Date in effect for such Non-extending Lender prior to the effective date of the requested extension) and (iii) the Replacement Lender shall pay to such Non-extending Lender in
immediately available funds on the effective date of such assignment the principal of and interest accrued to the date of payment on the outstanding principal amount Loans made by it hereunder and all other amounts accrued and unpaid for its account
or otherwise owed to it hereunder on such date. 
 (d) As a condition precedent to each such extension of the Existing Maturity Date
pursuant to Section 2.22(b)(ii), the Borrower shall (i) deliver to the Administrative Agent a certificate of the Borrower dated as of the Existing Maturity Date signed by a Responsible Officer of the Borrower certifying that, as of such
date, both before and immediately after giving effect to such extension, (A) the representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects, except for any representation or
warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty shall be true and correct in all respects (except, in each case, to the extent that any such representation or warranty specifically
refers to an earlier date, in which case it shall be true and correct in all material respects, or in all respects, as applicable, as of such earlier date) and (B) no Default shall have occurred and be continuing, (ii) the Administrative
Agent shall have received all fees and other amounts due and payable on or prior to such extension of the Existing Maturity Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or
paid by the Borrower and (iii) first make such prepayments of the outstanding Loans and second provide such cash collateral (or make such other arrangements satisfactory to the applicable Issuing Bank) with respect to the outstanding Letters of
Credit as shall be required such that, after giving effect to the termination of the Commitments of the Non-extending Lenders pursuant to Section 2.22(b) and any assignment pursuant to Section 2.22(c), the aggregate Revolving Credit
Exposure less the face amount of any Letter of Credit supported by any such cash collateral (or other satisfactory arrangements) so provided does not exceed the aggregate amount of Commitments being extended. 

(e) For the avoidance of doubt, no consent of any Lender (other than the existing Lenders participating in the extension of the Existing
Maturity Date) shall be required for any extension of the Maturity Date pursuant to this Section 2.22 and the operation of this Section 2.22 in accordance with its terms is not an amendment subject to Section 9.02. 

ARTICLE III 
 Representations
and Warranties 
 The Borrower represents and warrants to the Lenders that: 

SECTION 3.01 Corporate Existence; Authorization. The Borrower (a) has been duly incorporated and is validly existing as a
corporation under the laws of its jurisdiction of incorporation, (b) has the requisite corporate power and authority to consummate the Transactions and (c) has duly taken all necessary corporate action to authorize the Transactions. 

  
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 SECTION 3.02 Enforceability. This Agreement and each note delivered hereunder
has been duly executed and delivered by the Borrower is the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, and any other instrument or agreement required hereunder, when executed and
delivered, will be similarly valid, binding and enforceable, except (in each case) to the extent that the enforcement thereof may be limited by bankruptcy, insolvency, reorganization or similar laws generally affecting creditors’ rights and by
general principles of equity. 
 SECTION 3.03 Financial Condition; No Material Adverse Change. (a) All fiscal year-end
financial statements furnished by the Borrower to the Administrative Agent or any Lender have been prepared in accordance with GAAP consistently applied, except as noted therein, and fairly present the consolidated financial position and the
consolidated results of operations of the Borrower as of the dates and for the periods presented. Financial statements and other information and data furnished to the Administrative Agent or any Lender other than fiscal year-end statements of the
Borrower are in reasonable detail and present fairly the consolidated financial position and consolidated results of operations of the Borrower as of the dates and for the periods presented, subject to year-end audit adjustments. 

(b) As of the Effective Date, there has been no material adverse change in the business or financial condition of the Borrower and its
Subsidiaries, taken as a whole, except as disclosed in the Borrower’s periodic reports filed with the SEC under the Securities Exchange Act of 1934 on or before the Effective Date. For the avoidance of doubt, the parties acknowledge that, prior
to the Restructuring, all filings with the SEC relating to the Borrower and its Subsidiaries were made by NW Natural. 
 SECTION 3.04
Compliance with Laws and Material Contractual Obligations. The operations of the Borrower and its Significant Subsidiaries are in compliance with (i) all Requirements of Law and (ii) its obligations under material agreements to
which it is a party, (a) except to the extent that the failure to comply therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect or (b) except as disclosed in the Borrower’s periodic reports
filed prior to the date of this Agreement with the SEC under the Securities Exchange Act of 1934. Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated, will violate (a) any
Requirement of Law, (b) violate or result in a default under any indenture or other material agreement or other material instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to
require any material payment to be made by the Borrower or any of its Subsidiaries or (c) result in the creation or imposition of, or the requirement to create, any lien or security interest on any asset of the Borrower or any of its
Subsidiaries. 
 SECTION 3.05 No Material Litigation. No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any of its Subsidiaries or against any of its or their respective properties or revenues (a) with respect to this Agreement or any
of the transactions contemplated hereby or (b) which could, insofar as the Borrower may reasonably foresee, have a Material Adverse Effect, except as disclosed in the Borrower’s periodic reports filed with the SEC prior to the date of this
Agreement under the Securities Exchange Act of 1934. 
 SECTION 3.06 Ownership of Property. Each of the Borrower and each of its
Significant Subsidiaries has title in fee simple to or valid leasehold interests in all its real property material to the operation of its business, and title to or valid leasehold interests in all its other property useful and necessary in its
business. 
 SECTION 3.07 Taxes. Each of the Borrower and each of its Significant Subsidiaries has filed or caused to be filed
all Tax returns which to the knowledge of the Borrower are required to be filed and has paid all material taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other material Taxes,
fees or other charges imposed on it or any of its property by any Governmental Authority (other than those the amount or validity of which is 

  
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currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or the applicable
Subsidiary, as the case may be); and no material Tax liens have been filed and, to the knowledge of the Borrower, no material claims are being asserted with respect to any such Taxes, fees or other charges. 

SECTION 3.08 Subsidiaries. Schedule 3.08 contains an accurate list of all of the presently existing Subsidiaries of the
Borrower, setting forth their respective jurisdictions of incorporation and the percentage of their respective Equity Interests owned by the Borrower and/or other Subsidiaries. All of the issued and outstanding shares of Equity Interests of such
Subsidiaries have been duly authorized and issued and are fully paid and nonassessable. 
 SECTION 3.09 Investment Company Act; No
Consents. Neither the Borrower nor any Subsidiary is an “Investment Company”, as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. No authorizations, approvals or consents of, no filings or
registrations with, any Governmental Authority are necessary for the consummation of the Transactions or for the validity or enforceability hereof or the notes delivered hereunder. 

SECTION 3.10 ERISA. The Borrower is in compliance in all material respects with all applicable provisions of ERISA. The Borrower
has not violated any provision of any Plan maintained or contributed to by the Borrower which could, insofar as the Borrower may reasonably foresee, have a Material Adverse Effect. No Reportable Event has occurred and is continuing with respect to
any Plan initiated by the Borrower. The Borrower has met its minimum funding requirements under ERISA with respect to each Plan. Each Plan will be able to fulfill its benefit obligations as they come due in accordance with the Plan documents and
under GAAP. 
 SECTION 3.11 Environmental. In the ordinary course of its business, the Borrower conducts an ongoing review of
the effect of Environmental Laws on the business, operations, and properties of the Borrower, in the course of which it identifies and evaluates associated liabilities and costs (including any capital or operating expenditures required for clean-up
or closure of properties presently or previously owned or operated, any capital or operating expenditures required to achieve or maintain compliance with environmental protection standards imposed by law or as a condition of any license, permit or
contract, any related constraints on operating activities, including any periodic or permanent shutdown of any facility or reduction in the level of or change in the nature of operations conducted thereat and any actual or potential liabilities to
third parties, including employees, and any related costs and expenses). On the basis of these reviews, the Borrower has reasonably concluded that Environmental Laws are unlikely to have a Material Adverse Effect. The Borrower hereby represents and
warrants that its business and assets and those of its Subsidiaries are operated, and covenants that its and its Subsidiaries’ business and assets will continue to be operated, in compliance with applicable Environmental Laws and that no
enforcement action in respect thereof is threatened or pending that could, in the case of any failure to so comply or any such enforcement action, insofar as the Borrower may reasonably foresee, have a Material Adverse Effect, except as disclosed in
the Borrower’s periodic reports filed with the SEC on or prior to the date of this Agreement under the Securities Exchange Act of 1934. 

SECTION 3.12 Margin Regulations. The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing or Letter of Credit extension hereunder will be used to buy
or carry any Margin Stock. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a
consolidated basis) will be Margin Stock. 

  
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 SECTION 3.13 Disclosure. (a) As of the Effective Date, neither the
Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of
this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time. 
 (b) As of the Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial
Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects. 

SECTION 3.14 Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures
designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and
directors and to the knowledge of the Borrower its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary, any of their respective directors
or officers, or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No
Borrowing or Letter of Credit, use of proceeds or other Transactions will violate any Anti-Corruption Law or applicable Sanctions. 

SECTION 3.15 EEA Financial Institutions. The Borrower is not an EEA Financial Institution. 

SECTION 3.16 Plan Assets; Prohibited Transactions. None of the Borrower or any of its Subsidiaries is an entity deemed to hold
“plan assets” (within the meaning of the Plan Asset Regulations), and neither the execution, delivery or performance of the Transactions, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise
to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. 
 ARTICLE IV 

Conditions 

SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit
hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

(a) The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this
Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a
counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other legal opinions, certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the
Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit D. 

  
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 (b) The Administrative Agent shall have received a favorable written opinion (addressed to
the Administrative Agent and the Lenders and dated the Effective Date) of Stoel Rives LLP, counsel for the Borrower, covering such matters relating to the Borrower, the Loan Documents or the Transactions as the Administrative Agent shall reasonably
request. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The Administrative Agent shall have received such
documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the
Borrower, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit D. 

(d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Responsible Officer of the Borrower,
certifying (i) that the representations and warranties contained in Article III are true and correct as of such date and (ii) that no Default or Event of Default has occurred and is continuing as of such date. 

(e) The Administrative Agent shall have received evidence satisfactory to it that each credit facility, if any, currently in effect for the
Borrower shall have been terminated and cancelled (except for provisions thereof that by their terms survive termination) and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Revolving
Loans) and any and all liens thereunder shall have been terminated. 
 (f) The Administrative Agent shall have received evidence
satisfactory to it of the refinancing of that certain Credit Agreement, dated as of December 20, 2012, by and among the NW Natural, the lenders parties thereto and JPMorgan Chase Bank N.A., as administrative agent, on terms and conditions
reasonably acceptable to the Administrative Agent. 
 (g) The Administrative Agent shall have received all fees and other amounts due and
payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

(h) The Administrative Agent shall have received (i) satisfactory audited consolidated financial statements of NW Natural for the two
most recent fiscal years ended prior to the Effective Date as to which such financial statements are available and (ii) satisfactory unaudited interim consolidated financial statements of NW Natural for each quarterly period ended subsequent to
the date of the latest financial statements delivered pursuant to clause (i) as to which such financial statements are available, it being acknowledged that any unaudited interim consolidated financial statements delivered on or after
October 1, 2018 may reflect the Restructuring. 
 (i)    (i) The Administrative Agent shall have received, at least
five days prior to the Effective Date (or such shorter period agreed to by the Administrative Agent in its sole discretion), all documentation and other information regarding the Borrower requested in connection with applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least 10 days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a
“legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to the Effective Date, a
Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set
forth in this clause (ii) shall be deemed to be satisfied). 

  
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 (j) The Borrower shall have entered into certain restructuring transactions (the
“Restructuring”) such that after giving effect thereto the Borrower shall own 100% of the Equity Interests of NW Natural (other than a single share of the junior preferred capital stock of NW Natural held by an independent third
party) on the terms and conditions described in the Proxy Statement of NW Natural and Prospectus of the Borrower, dated as of April 18, 2018. 

(k) The Administrative Agent shall have received such other documents as the Administrative Agent or the Required Lenders (through the
Administrative Agent) may reasonably request. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice
shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied
(or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on October 2, 2018 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 

SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing
Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The
representations and warranties of the Borrower set forth in this Agreement (other than, except in the case of the initial Loans, the representations and warranties set forth in Sections 3.04(b), 3.05(b) and 3.11) shall be true and correct in all
material respects, except for any such representation or warranty that is qualified by materiality or reference to Material Adverse Effect, which representation and warranty shall be true and correct in all respects, on and as of the date of such
Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit (except, in each case, to the extent that any such representation or warranty specifically refers to an earlier date, in which case it shall be true and
correct in all material respects, or in all respects, as applicable, as of such earlier date), as applicable. 
 (b) At the time of and
immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing. 

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

  
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 ARTICLE V 

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 

SECTION 5.01 Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent and each Lender:

 (a) as soon as practicable, but in any event within 120 days after the end of each fiscal year of the Borrower, a copy of the
consolidated balance sheet of the Borrower and its audited consolidated Subsidiaries as at the end of such year and the related consolidated statements of income, of shareholders’ equity and comprehensive income and of cash flows for such year,
setting forth in each case in comparative form the figures for the previous year, audited by independent certified public accountants of nationally recognized standing (without any qualification or exception as to the scope of such audit) to the
effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied; 
 (b) as soon as practicable, but in any event not later than 60 days after the end of each of the first three
quarterly periods of each fiscal year of the Borrower, the Form 10-Q as filed by the Borrower with the SEC for each such fiscal quarter (or, solely with respect to the period ending September 30, 2018, filed by NW Natural with the SEC for such
fiscal quarter), certified by an Authorized Officer as being complete and correct (subject to normal year-end audit adjustments); and 
 (c)
together with the financial statements required hereunder, a compliance certificate in form and substance satisfactory to the Administrative Agent signed by its chief financial officer or chief accounting officer showing the calculations necessary
to determine compliance with this Agreement, including its calculation of maintenance of Consolidated Indebtedness to Total Capitalization, and stating that no Default exists, or if any Default exists, stating the nature and status thereof. 

All such financial statements shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods
reflected therein (except as approved by such accountants or officer, as the case may be, and disclosed therein). 
 SECTION 5.02
Certificates; Other Information. The Borrower shall furnish to the Administrative Agent and each Lender as soon as practicable, but in any event within ten days after the same are sent, copies of all financial statements and reports which the
Borrower sends to its shareholders, and within ten days after the same are filed, copies of all financial statements and reports which the Borrower may make to, or file with, the SEC or any successor or analogous Governmental Authority. Promptly
following any request therefor, the Borrower shall furnish (x) such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as
the Administrative Agent or any Lender may reasonably request and (y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation; and the Borrower shall furnish to the Administrative Agent and each Lender prompt written notice of any change in the information
provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification. The Borrower hereby acknowledges that (a) the Administrative Agent
and/or the Arrangers will make available to the Lenders and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with
respect to the Borrower or its securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked
“PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower 

  
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Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials as either
publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” 

SECTION 5.03 Payment of Taxes. The Borrower shall, and shall cause each of its Subsidiaries to, pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may be, all taxes, except when (a) the amount or validity thereof is currently being contested in good faith by appropriate proceedings or (b) reserves in
conformity with GAAP with respect thereto have been provided on the books of the Borrower or such Subsidiary, as the case may be. 

SECTION 5.04 Conduct of Business. The Borrower shall (a) carry on and conduct its business in substantially the same manner
and in substantially the same fields of enterprise as it is presently conducted and to do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation in its jurisdiction of incorporation and
maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, and (b) comply with all Requirements of Law, except to the extent that failure to comply therewith could not, in the aggregate,
have a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with
Anti-Corruption Laws and applicable Sanctions. 
 SECTION 5.05 Maintenance of Property; Insurance. The Borrower shall, and shall
cause each of its Subsidiaries to, (a) keep all property useful and necessary in its business in good working order and condition; (b) maintain with financially sound and reputable insurance companies insurance on such property in at least
such amounts and against at least such risks as are usually insured against in the same general area by companies engaged in the same or a similar business; and (c) furnish to the Administrative Agent or any Lender, upon written request, full
information as to the insurance carried. 
 SECTION 5.06 Inspection of Property; Books and Records; Discussions. The Borrower
shall, and shall cause each of its Subsidiaries that have business operations to, (a) keep proper books of records and accounts in which entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business
and activities and (b) permit representatives of the Administrative Agent or any Lender, at such Person’s expense, to visit and inspect any of its properties and examine and make abstracts from any of its books and records upon reasonable
notice and during regular working hours, and to discuss the business, operations, properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries. 

SECTION 5.07 Notices. The Borrower shall promptly give notice to the Administrative Agent and each Lender of (a) the
occurrence of any Default; (b) any litigation, investigation or proceeding involving the Borrower or any of its Subsidiaries which, if not cured or if adversely determined, as the case may be, would have a Material Adverse Effect and
(c) of any change in any Debt Rating. Each notice pursuant to this Section 5.07 shall be accompanied by a statement of an Authorized Officer setting forth details of the occurrence referred to therein and stating what action the
Borrower proposes to take with respect thereto. 

  
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 SECTION 5.08 Use of Proceeds and Letters of Credit. The proceeds of the Loans
will be used only to finance the working capital needs, and for general corporate purposes, of the Borrower and its Subsidiaries in the ordinary course of business. No part of the proceeds of any Loan will be used, whether directly or indirectly,
for any purpose that entails a violation of any of the regulations of the Federal Reserve Board, including Regulations T, U and X. Letters of Credit will be issued only to support the Borrower and its Subsidiaries. The Borrower will not request any
Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (i) in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (iii) in any manner that would result in the violation of
any Sanctions applicable to any party hereto. 
 SECTION 5.09 Debt Rating. The Borrower shall maintain at all times a Debt
Rating from both Moody’s and S&P. 
 ARTICLE VI 

Negative Covenants 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw, and all LC
Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that it will not: 
 SECTION 6.01
Fundamental Changes. 
 (1) With respect to the Borrower or any Significant Subsidiary, without the consent of the Administrative
Agent and the Required Lenders, other than the Restructuring, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve (or suffer any liquidation or dissolution), convey, sell, lease, transfer or
otherwise dispose of, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Borrower and its Subsidiaries, taken as a whole, except (a) for sales, leases or rentals of property or assets in
the ordinary course of business, (b) that any consolidated Subsidiary of the Borrower may be merged or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving corporation) or with any one
or more Subsidiaries of the Borrower (provided that if any such transaction shall be between a Subsidiary and a wholly-owned Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving corporation), (c) any Subsidiary
may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or another wholly-owned Subsidiary of the Borrower and (d) the Borrower may be merged with any other Person if
(i) the Borrower is the surviving corporation, (ii) immediately after giving effect to such merger, there shall exist no condition or event which constitutes an Event of Default or which, with the giving of notice or lapse of time or both,
would constitute an Event of Default, and (iii) all representations and warranties contained in Article III hereof are true and correct in all material respects (except for any such representation and warranty that is qualified by
materiality or reference to Material Adverse Effect, which representation shall be true and correct in all respects) on and as of the date of the consummation of such merger, and after giving effect thereto, as though restated on and as of such date
(except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except for any such representation and warranty that is qualified by
materiality or reference to Material Adverse Effect, which representation shall be true and correct in all respects) as of such earlier date). 

  
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 (2) With respect to the Borrower, without the consent of the Administrative Agent and the
Required Lenders, cease to own, directly or indirectly, 100% of the Equity Interests of NW Natural (other than a single share of the junior preferred capital stock of NW Natural held by an independent third party), free and clear of any lien,
pledge, charge or other security interest. 
 SECTION 6.02 Financial Covenants. 

(a) Maintenance of Consolidated Indebtedness to Total Capitalization. As at the end of any fiscal quarter of the Borrower, permit
Consolidated Indebtedness to be greater than 70% of Total Capitalization. 
 ARTICLE VII 

Events of Default 

SECTION 7.01 Events of Default. If any of the following events (“Events of Default”) shall occur: 

(a) The Borrower shall fail to pay any principal of the Loans when due in accordance with the terms hereof; or 

(b) The Borrower shall fail to pay any interest on the Loans, or any other amount payable by the Borrower hereunder, within five days after
any such amount becomes due in accordance with the terms hereof; or 
 (c) Any representation or warranty made or deemed made by the
Borrower herein shall prove to have been incorrect in any material respect on or as of the date made; or 
 (d) The Borrower shall default
in the observance or performance of any covenant described in Sections 5.08, 6.01 or 6.02; or the Borrower shall default in the observance or performance of any other agreement or covenant contained in this Agreement, and such
default shall continue unremedied for a period of 30 days after the earlier of (i) the date a Responsible Officer has knowledge of such default or (ii) written notice of such default shall have been given to the Borrower by the
Administrative Agent or any Lender; or 
 (e) The Borrower or any Subsidiary of the Borrower shall fail to make any payment in respect of
any Indebtedness having singly or in the aggregate an outstanding amount in excess of $50 million when due or within any applicable grace period; or 

(f) A final judgment for the payment of money exceeding an aggregate of $15 million shall be rendered or entered against the Borrower and/or
any Significant Subsidiary and the same shall remain undischarged for a period of 60 days during which execution shall not be effectively stayed or contested in good faith; or 

(g) An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of the Borrower or any Significant Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; or 

  
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 (h) The Borrower or any Significant Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Borrower or any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the purpose of effecting any of the foregoing; 

(i) a Change in Control shall occur; 

(j) an ERISA Event shall have occurred (other than the NW Natural’s December 22, 2013 withdrawal from the Western States Office and
Professional Employees International Union Pension Fund) that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; or 

(k) any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or the Borrower or any Subsidiary contests in writing the validity or enforceability of any provision of any Loan Document; or,
prior to satisfaction in full of all Obligations, the Borrower denies in writing that it has any or further liability or obligation under any Loan Document, or the Borrower purports in writing to revoke, terminate or rescind any Loan Document other
than in compliance with Section 9.02; 
 then, and in every such event (other than an event with respect to the Borrower, described in clause
(g) or (h) above), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following
actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and/or (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations
of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, (iii) require cash collateral for the LC Exposure as
required in Section 2.06(j) hereof and (iv) exercise on behalf of itself, the Lenders and the Issuing Bank all rights and remedies available to it, the Lenders and the Issuing Bank under the Loan Documents and applicable law; and in case
of any event with respect to the Borrower described in clause (g) or (h) of this Section, the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash collateral for the LC Exposure, together with
accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the LC Exposure as provided in
clause (iii) above shall automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and during the continuance of an Event
of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity. 

  
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 SECTION 7.02 Application of Payments. Notwithstanding anything herein to the
contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower or the Required Lenders, all payments received on account of the Obligations shall, subject to
Section 2.21, be applied by the Administrative Agent as follows: 
 (i) first, to payment of that portion of the
Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03 and amounts
pursuant to Section 2.12(c) payable to the Administrative Agent in its capacity as such); 
 (ii) second, to
payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement obligations in respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders and the
Issuing Bank (including fees and disbursements and other charges of counsel to the Lenders and the Issuing Bank payable under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described
in this clause (ii) payable to them; 
 (iii) third, to payment of that portion of the Obligations constituting
accrued and unpaid Letter of Credit fees and charges and interest on the Loans and unreimbursed LC Disbursements, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause (iii) payable to
them; 
 (iv) fourth, (A) to payment of that portion of the Obligations constituting unpaid principal of the
Loans and unreimbursed LC Disbursements and (B) to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.06
or 2.21, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause (iv) payable to them; provided that (x) any such amounts applied pursuant to subclause (B) above shall be
paid to the Administrative Agent for the ratable account of the applicable Issuing Bank to cash collateralize Obligations in respect of Letters of Credit, (y) subject to Section 2.06 or 2.21, amounts used to cash collateralize the
aggregate amount of Letters of Credit pursuant to this clause (iv) shall be used to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without any pending drawings), the pro
rata share of cash collateral shall be distributed to the other Obligations, if any, in the order set forth in this Section 7.02; 

(v) fifth, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent, the
Lenders and the Issuing Bank based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and 

(vi) finally, the balance, if any, after all Obligations have been indefeasibly paid in full, to the Borrower or as
otherwise required by law. 
 If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired
(without any pending drawings), such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 

  
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 ARTICLE VIII 

The Administrative Agent 

SECTION 8.01 Authorization and Action. (a) Each Lender and the Issuing Bank hereby irrevocably appoints the entity named as
Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent to take such actions as agent
on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the
foregoing, each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, to exercise all rights,
powers and remedies that the Administrative Agent may have under such Loan Documents. 
 (b) As to any matters not expressly provided for
herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully
protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until
revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith
believes exposes it to liability unless the Administrative Agent receives an indemnification satisfactory to it from the Lenders and the Issuing Bank with respect to such action or (ii) is contrary to this Agreement or any other Loan Document
or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or
direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person
serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf
of the Lenders and the Issuing Bank (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of
the foregoing: 
  

	 	(i)	 the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any
other relationship as the agent, fiduciary or trustee of or for any Lender, Issuing Bank or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of
Default has occurred and is continuing (and it is understood and agreed that the 

  
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use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other
implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties);
additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and the transactions contemplated hereby;

  

	 	(ii)	 nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender
for any sum or the profit element of any sum received by the Administrative Agent for its own account; 

 (d) The
Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of
the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that
a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent. 

(e) None of any Co-Syndication Agents or any Arrangers shall have obligations or duties whatsoever in such capacity under this Agreement or
any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such Persons shall have the benefit of the indemnities provided for hereunder. 

(f) In case of the pendency of any proceeding with respect to the Borrower under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any other obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

 

	 	(i)	 to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the
Loans, LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any
claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and 

  

	 	(ii)	 to collect and receive any monies or other property payable or deliverable on any such claims and to distribute
the same; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such proceeding is hereby authorized by each Lender and each Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the
Issuing Bank, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to
authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such proceeding. 
 (g) The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and, except solely to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth in
this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. 

SECTION 8.02 Administrative Agent’s Reliance, Indemnification, Etc. (a) Neither the Administrative Agent nor any of its
Related Parties shall be (i) liable for any action taken or omitted to be taken by it under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence
or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and nonappealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by the Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the
Borrower to perform its obligations hereunder or thereunder. 
 (b) The Administrative Agent shall be deemed not to have knowledge of any
Default unless and until written notice thereof (stating that it is a “notice of default”) is given to the Administrative Agent by the Borrower, a Lender or the Issuing Bank, and the Administrative Agent shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness
or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent. 

(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such
promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent
public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or

  
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representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of the Borrower in
connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a
Lender or the Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the
making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate
or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or
otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof). 

SECTION 8.03 Posting of Communications. (a) The Borrower agrees that the Administrative Agent may, but shall not be obligated
to, make any Communications available to the Lenders and the Issuing Bank by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic
transmission system (the “Approved Electronic Platform”). 
 (b) Although the Approved Electronic Platform and its primary
web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved
Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Bank and the Borrower acknowledges and agrees that
the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic
Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders, the Issuing Bank and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and
understands and assumes the risks of such distribution. 
 (c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS
IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR
OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGERS, ANY CO-SYNDICATION AGENTS OR ANY OF
THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER, THE ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC
PLATFORM. 

  
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 “Communications” means, collectively, any notice, demand, communication, information,
document or other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic
communications pursuant to this Section, including through an Approved Electronic Platform. 
 (d) Each Lender and Issuing Bank agrees that
notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each
Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable) email address to which the
foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address. 
 (e)
Each of the Lenders, the Issuing Bank and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance
with the Administrative Agent’s generally applicable document retention procedures and policies. 
 (f) Nothing herein shall prejudice
the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

SECTION 8.04 The Administrative Agent Individually. With respect to its Commitment, Loans, Letter of Credit Commitments and
Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or
Issuing Bank, as the case may be. The terms “Issuing Bank”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual
capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any
other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any
duty to account therefor to the Lenders or the Issuing Bank. 
 SECTION 8.05 Successor Administrative Agent. Subject to the
appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required
Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of
any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and
the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any
other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as
Administrative Agent. 

  
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 SECTION 8.06 Acknowledgments of Lenders and Issuing Bank. (a) Each Lender
represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender, or any of the
Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may
contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

(b) Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment
and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to,
or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date. 
 SECTION 8.07 Certain ERISA
Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

 (i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more
Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 
 (ii) the transaction exemption set
forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general
accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement, and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection therewith, 

(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this
Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE
84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this Agreement, or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause
(i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender
involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the
Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 (c) The Administrative Agent,
and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person
has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement,
(ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may
receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees,
agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s
acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 
 ARTICLE IX 

Miscellaneous 

SECTION 9.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone
(and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as
follows: 
 (i) if to the Borrower, to it at 220 N.W. Second Avenue, Portland, OR 97209, Attention of Brody J. Wilson, Vice
President, Treasurer, Chief Accounting Officer and Controller (Telecopy No. (503) 220-2584; Telephone No. (503) 721-2524; Email Address: brody.wilson@nwnatural.com; 

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2, Chicago, IL 60603, Attention
of April Yebd (Telecopy No. (844) 490-5665, Telephone No. (312) 732-2628; Email Address: april.yebd@jpmorgan.com and JPM.Agency.Servicing.1@jpmorgan.com); 

  
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 (iii) if to the Issuing Banks, 

(A) in the case of JPMorgan Chase Bank, N.A, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 9, Chicago, IL
60603, Attention of Nancy Barwig (Telecopy No. (312) 732-1762, Telephone No. (312) 732-1838; Email Address: nancy.r.barwig@jpmorgan.com, with a copy to JPMorgan Chase Bank, N.A., Attention of Kavita Ujjni (Telephone No.
(214) 965-3272; Email Address: kavita.x.ujjni@jpmorgan.com); 
 (B) if to Bank of America, N.A. to it at Bank of
America, N.A., Commercial Banking Credit Products, OR1-129-17-01 121, SW Morrison St., Suite 1700, Portland, OR 97204, Attention of Daryl K. Hogge (Telecopy No. (312) 453-5325; Telephone No. (503) 795-6469; Email Address:
daryl.k.hogge@baml.com); 
 (C) if to U.S. Bank National Association to it at U.S. Bank National Association,
Corporate & Commercial Banking, 209 S. LaSalle St., Chicago, IL 60604 , MK-IL-RY3S, Attention of John M. Eyerman (Telephone No. (312) 325-2032; Email Address: john.eyerman@usbank.com); and 

(D) if to Wells Fargo Bank, National Association to it at Wells Fargo Bank, National Association, Wells Fargo Corporate
Banking, 90 S. Seventh Street, 15th Floor MAC: N9305-06G, Minneapolis, MN 55402 Attention of Gregory R. Gredvig (Telecopy No. (612) 316-0506; Telephone No. (612) 667-4832; Email Address: gregory.r.gredvig@wellsfargo.com); and 

(iv) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent
by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices
delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

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

  
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 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by written notice to the other parties hereto. 
 SECTION 9.02 Waivers; Amendments. (a) No failure
or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and
the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or
knowledge of such Default at the time. 
 (b) Subject to Section 2.14(b) and clauses (c) and (d) below, neither this
Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of
the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest
thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change
Section 2.09(c) or Section 2.18(b) or (d) in a manner that would alter the ratable reduction of Commitments or pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment
waterfall provisions of Section 2.21(b) or 7.02 without the written consent of each Lender or (vi) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the
number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that, solely with the consent of the
parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Revolving Loans
are included on the Effective Date); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank hereunder without the prior written consent of
the Administrative Agent or such Issuing Bank, as the case may be (it being understood that any change to Section 2.21 shall require the consent of the Administrative Agent and the Issuing Banks); provided further, that no such
agreement shall amend or modify the provisions of Section 2.06 or any letter of credit application and any bilateral agreement between the Borrower and any Issuing Bank regarding such Issuing Bank’s Letter of Credit Commitment or the
respective rights and obligations between the Borrower and such Issuing Bank in connection with the issuance of Letters of Credit without the prior written consent of the Administrative Agent and such Issuing Bank, respectively. Notwithstanding the
foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i),
(ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other modification. 

  
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 (c) Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended
(or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant to an Incremental Term Loan
Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the
Revolving Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders. 

(d) If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other
defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or
other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement. 

SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent, the Co-Syndication Agents, the Arrangers and their respective Affiliates, including the reasonable fees, charges and disbursements of counsel and other advisors and professionals for such Persons, in connection
with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the investigation, preparation, negotiation, documentation, collection and
administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the
Administrative Agent, the Co-Syndication Agents, any Arranger, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, the Co-Syndication Agents, any Arranger, any Issuing Bank or
any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) The Borrower shall indemnify the Administrative Agent, the Co-Syndication Agents, each Arranger, any Issuing Bank and each Lender, and
each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the
fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby,
(ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related
in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation, arbitration or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation,
arbitration or proceeding is brought by the Borrower or its respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other 

  
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theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (A) result from a claim brought by the Borrower or any of its Subsidiaries against such Indemnitee for material breach of such Indemnitee’s or any of its Related Parties’ obligations under any
Loan Document if the Borrower or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (B) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising
from any non-Tax claim. 
 (c) Each Lender severally agrees to pay any amount required to be paid by the Borrower under paragraph
(a) or (b) of this Section 9.03 to the Administrative Agent, the Co-Syndication Agents, the Arrangers and the Issuing Banks, and each Related Party of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the
extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentage in effect on the date on which indemnification is sought under this Section (or, if
indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), from and against any and all
losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against
such Agent Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or
any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against such Agent Indemnitee in its capacity as such; provided further that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall
survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 (d) To the extent
permitted by applicable law, (i) the Borrower shall not assert, and hereby waives, any claim against any Indemnitee for any damages arising from the use by others of information or other materials obtained through telecommunications,
electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any claim against any other party hereto, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d)(ii) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect,
consequential or punitive damages asserted against such Indemnitee by a third party. 
 (e) All amounts due under this Section shall be
payable promptly after written demand therefor. 
 SECTION 9.04 Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the 

  
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prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and
assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)    (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the
prior written consent (such consent not to be unreasonably withheld) of: 
 (A) the Borrower (provided that the Borrower
shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof); provided, further, that no consent of the
Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; 

(B) the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment
of any Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving effect to such assignment; and 

(C) the Issuing Banks. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent to a lesser amount, provided that no such consent of the Borrower shall
be required if an Event of Default has occurred and is continuing; 
 (B) each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s
rights and obligations in respect of one Class of Commitments or Loans; 
 (C) the parties to each assignment shall execute
and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the
Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such
Lenders; and 

  
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 (D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and
their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the following
meanings: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding
or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender. 
 “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender
or its Lender Parent, (c) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d) the Borrower or any of its Affiliates; provided that,
with respect to clause (c), such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed
by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its
activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of
the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated
interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the
Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (v) Upon its receipt of (x) a duly completed Assignment and Assumption
executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the
parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of
this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept
such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph. 
 (c) Any Lender may, without the consent of, or notice to, the
Borrower, the Administrative Agent or the Issuing Banks, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and
limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b)
of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as
though it were a Lender, provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a

  
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Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to
establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (d)
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and
this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 
 SECTION 9.05 Survival. All covenants, agreements, representations and
warranties made by the Borrower in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not
expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate
letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) the reductions of the Letter of Credit Commitment of the Issuing Bank constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 (b) Delivery of an executed counterpart of a signature page of this Agreement
by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in electronic form, each of 

  
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which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the
Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent. 

SECTION 9.07 Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated) at any time held, and other obligations at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to
or for the credit or the account of the Borrower against any and all of the Obligations now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank or their respective Affiliates, irrespective of
whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender
or such Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so
set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent, the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of
setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the
failure to give such notice shall not affect the validity of such setoff and application. 
 SECTION 9.09 Governing Law;
Jurisdiction; Consent to Service of Process. (a) This Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law
provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Lender relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated hereby or
thereby shall be construed in accordance with and governed by the law of the State of New York. 
 (c) Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject
matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan

  
 68 

 
Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may (and any such claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York
State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement or in any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower, the Borrower or its
properties in the courts of any jurisdiction. 
 (d) Each of the parties hereto hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court
referred to in paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (e) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12 Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to
this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any 

  
 69 

 
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, (g) on a confidential basis to (1) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP
Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities provided for herein, (h) with the consent of the Borrower or (i) to the extent such
Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the
Borrower. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any
Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve
the lending industry; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 SECTION 9.13 Material Non-Public Information. (a) EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT
IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS. 
 (b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE
ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR ITS RESPECTIVE SECURITIES.
ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 
 SECTION 9.14 USA PATRIOT Act. Each Lender that is subject to the
requirements of the USA PATRIOT Act of 2001 (the “Patriot Act”) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 

SECTION 9.15 Intentionally Omitted. 

SECTION 9.16 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall 

  
 70 

 
exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with
applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been
payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender. 

SECTION 9.17 No Fiduciary Duty, etc. The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding,
that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the
Borrower with respect to the Loan Documents and the transactions contemplated therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against
any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the
Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent
investigation and appraisal of the transactions contemplated hereby, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto. 

The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its
Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may provide
investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the
Borrower and other companies with which it may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and
financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 
 In addition,
the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other
companies in respect of which the Borrower or its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential information obtained from the Borrower by virtue of the
transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other
companies. The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies.

 SECTION 9.18 Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and
Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 71 

 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with
the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 [Signature Pages Follow] 

  
 72 

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

			
	 NORTHWEST NATURAL HOLDING COMPANY,

as the Borrower

		
	By  	 	 /s/ Brody J. Wilson
		 	  Name: Brody J. Wilson
		 	  Title: Vice President, Treasurer, Chief Accounting             Officer and Controller

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Issuing Bank and as Administrative Agent

 
			
		
	By  	 	 /s/ Nancy R. Barwig
		 	  Name: Nancy R. Barwig
		 	  Title: Credit Risk Director

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	 BANK OF AMERICA, N.A., individually as a Lender,

an Issuing Bank and as a Co-Syndication Agent

 
			
		
	By  	 	 /s/ Mark S. Halversen
		 	  Name: Mark S. Halversen
		 	  Title: Vice President

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, individually

as a Lender, as an Issuing Bank and as a Co-Syndication Agent

 
			
		
	By  	 	 /s/ John M. Eyerman
		 	  Name: John M. Eyerman
		 	  Title: Senior Vice President

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually as a Lender, as an Issuing Bank and as a Co-Syndication Agent

 
			
		
	By  	 	 /s/ Gregory R. Gredvig
		 	  Name: Gregory R. Gredvig
		 	  Title: Director

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	BANK OF MONTREAL, individually as a Lender

 
			
		
	By  	 	 /s/ Paul A. Heikkila
		 	  Name: Paul A. Heikkila
		 	  Title: Director

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	 CANADIAN IMPERIAL BANK OF COMMERCE,

NEW YORK BRANCH, individually as a Lender

 
			
		
	By   	 	 /s/ Robert Casey
		 	  Name: Robert Casey
		 	  Title: Authorized Signatory

  

			
		
	By:  	 	 /s/ Gordon R. Eadon
		 	  Name: Gordon R. Eadon
		 	  Title: Authorized Signatory

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	ROYAL BANK OF CANADA, individually as a Lender

 
			
		
	By  	 	/s/ Justin Painter
		 	  Name: Justin Painter
		 	  Title: Authorized Signatory

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 
			
	TD BANK, N.A., individually as a Lender

 
			
		
	By  	 	/s/ Shannon Batchman
		 	  Name: Shannon Batchman
		 	  Title: Senior Vice President

  
 Signature Page to
Credit Agreement 
 (Northwest Natural Holding Company) 

 SCHEDULE 2.01A 

COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
	 JPMORGAN CHASE BANK, N.A.
	  	$	15,000,000	 
	 BANK OF AMERICA, N.A.
	  	$	15,000,000	 
	 U.S. BANK NATIONAL ASSOCIATION
	  	$	15,000,000	 
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	15,000,000	 
	 BANK OF MONTREAL
	  	$	10,000,000	 
	 CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH
	  	$	10,000,000	 
	 ROYAL BANK OF CANADA
	  	$	10,000,000	 
	 TD BANK, N.A.
	  	$	10,000,000	 
	 AGGREGATE COMMITMENT
	  	$	100,000,000	 

 SCHEDULE 2.01B 

LETTER OF CREDIT COMMITMENTS 
  

					
	 LENDER
	  	COMMITMENT	 
	 JPMORGAN CHASE BANK, N.A.
	  	$	10,000,000	 
	 BANK OF AMERICA, N.A.
	  	$	10,000,000	 
	 U.S. BANK NATIONAL ASSOCIATION
	  	$	10,000,000	 
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	10,000,000	 
	 AGGREGATE LETTER OF CREDIT COMMITMENT
	  	$	40,000,000Exhibit

EXECUTION VERSION

  Exhibit 10.1

DATE:  OCTOBER 3, 2018

(1)    POWERSTEERING SOFTWARE LIMITED
(2)    UPLAND SOFTWARE, INC.
(3)    NIGEL SHANAHAN, ERICA SHANAHAN AND OTHERS

                                                                                             
 

SHARE PURCHASE AGREEMENT
relating to the acquisition of the entire 
issued share capital of
RAPIDE COMMUNICATION LTD
                                                                                             

 

Pillsbury Winthrop Shaw Pittman LLP 
Tower 42, Level 21 
25 Old Broad Street 
London EC2N 1HQ

EXECUTION VERSION

TABLE OF CONTENTS
Page
1.Definitions and Interpretation    1
2.Sale and Purchase    9
3.Consideration    10
4.Completion    11
5.Holdback    12
6.Warranties    14
7.Specific Indemnities    16
8.Restrictions on the Covenantors    16
9.Release by Sellers    18
10.Matters following Completion    18
11.Taxation    19
12.Guarantee    19
13.Announcements and Confidentiality    20
14.Assignment    21
15.General    22
16.Notices    23
17.Entire Agreement    25
18.Governing law and jurisdiction    25

EXECUTION VERSION

Schedules

		
	1.
	The Sellers

Part 1 - The Existing Shareholders
Part 2 - The Share Option Holders
2.    The Company
3.    The Subsidiaries
		
	4.
	Completion obligations of the Sellers —This details the actions Sellers must take prior to closing of the transaction

5.    Warranties
6.    Limitations on Liability
7.    Properties
8.    Tax Covenant
9.    Completion Accounts — This details how the completion accounts will be prepared

 
Agreed Form Documents
Letters of resignation
Board minutes
Announcement
Indemnities for lost or missing share certificates
Settlement Agreements
Side Agreement

EXECUTION VERSION

SHARE PURCHASE AGREEMENT
DATE: October 3, 2018
BETWEEN:
		
	(1)
	POWERSTEERING SOFTWARE LIMITED (registered in England and Wales under number 5887016) whose registered office is at 16 Great Queen Street, Covent Garden, London WC2B 5AH (the “Buyer”)

		
	(2)
	UPLAND SOFTWARE, INC. (incorporated in the State of Delaware) whose principal offices are at 401 Congress Avenue, Suite 1850, Austin, Texas 78701 (the “Guarantor”)

		
	(3)
	THE PERSONS whose names and addresses are set out in Parts 1 and 2 of Schedule 1 (the “Sellers”)

INTRODUCTION:
		
	(A)
	The Company (as defined below) is a private company limited by shares.  Certain details of the Company are set out in Schedule 2.

		
	(B)
	The Sellers have agreed to sell and the Buyer has agreed to buy the Shares (as defined below) on the terms and subject to the conditions of this Agreement.

		
	(C)
	The Guarantor has agreed to guarantee certain obligations of the Buyer.

AGREEMENT:

1

EXECUTION VERSION

		
	1.
	DEFINITIONS AND INTERPRETATION

		
	1.1
	The Introduction and Schedules form part of this Agreement and have the same force and effect as if set out in the body of this Agreement.  Any reference to this Agreement includes the Introduction and Schedules.

		
	1.2
	In this Agreement, the following words and expressions shall have the following meanings unless the context requires otherwise:

Accounting Standards: Financial Reporting Standard 102, together with all other generally accepted accounting principles in the United Kingdom and the applicable accounting requirements of the Companies Act 2006;

Accounts:  the audited accounts of the Company for the accounting reference period which ended on the Accounts Date (comprising a balance sheet and profit and loss account, notes and directors’ and auditors’ reports);

Accounts Date:  30 June 2018;

Adjustment Payment: has the meaning given in Clause 3.5;

Agreed Form:  the form agreed between the Sellers' Representative and the Buyer;

Anti-Corruption Laws:  any laws, regulations or conventions in any part of the world related to combating bribery and corruption, including the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions; in the United Kingdom, the Bribery Act 2010; and in the United States, the Foreign Corrupt Practices Act, in each case to the extent applicable to and legally binding on the Company;

Anti-Terrorism and Anti-Money Laundering Laws:  any laws, regulations or conventions in any part of the world related to terrorism or money laundering, including, the European Union Money Laundering Directives; in the United Kingdom, the Money Laundering Regulations 2003, the Proceeds of Crime Act 2002, the Serious Organized Crime and Police Act 2005, the Anti-Terrorism, Crime and Security Act 2001; in the United States, the Executive Order and statutes authorizing the establishment of trade and economic sanctions programs enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the Bank Secrecy Act of 1970 and the PATRIOT Act of 2001, in each case to the extent applicable to and legally binding on the Company;

Bespoke Software: all software written specifically for the Company, including any interfaces written specifically for the Company;

Business Day:  any day (other than a Saturday or Sunday or public holiday in England) on which banks generally are open in London for the transaction of normal business;

CAA 2001:  Capital Allowances Act 2001;

Cash: all cash or cash equivalents in hand or credited to the account of or held in any account on behalf of the Company and the Subsidiaries with any bank, financial, credit, lending or other similar institution (together with accrued interest) including securities with a maturity of less than 12 months that are readily convertible into cash, cash in transit, sums receivable in accordance with uncleared cheques or other methods of 

2

EXECUTION VERSION

payment to the Company and the Subsidiaries, in each case (i) as recorded in the Company’s and the Subsidiaries books of account, (ii) as at the Effective Time, (iii) as determined in accordance with Schedule 9 and (iv) as shown in the Completion Accounts;

Category A Sellers: each of Simon Hook, Alan Wallace, Andy Latham, Duncan Morton, Hardeep Johal, Phil Evans, Ted McCluskey, Richard Knox, Kenny Bain, Chris Allen, Steven Thurlow and Amanda Morris;

Category B Sellers:     all of the Minority Sellers other than the Category A Sellers;

Claim: has the meaning given to it in Schedule 6;

Company: Rapide Communication LTD, incorporated in England and Wales (registered number 05786255);

Company IP Rights:  all rights in the Registered IP and the Unregistered IP;

Companies Legislation:  Companies Act 2006;

Completion:  completion of the sale and purchase of the Shares in accordance with this Agreement;

Completion Accounts: the consolidated statement of financial position of the Company and the Subsidiaries as at the Effective Time (including the notes thereon), as prepared and agreed, deemed to be agreed or determined (as the case may be) in accordance with Schedule 9, together with the accompanying statement setting out the Cash, Debt, Net Working Capital, Excess Cash and the corresponding amount of any Adjustment Payment payable in accordance with Clause 3.5;

Completion Date:  the date of this agreement;

Confidential Information: all information not in the public domain, which a Seller shall have received or obtained at any time by reason of or in connection with his relationship with the Company or any of the Subsidiaries including:  trade secrets; customer/client lists, contact details of clients, customers and suppliers and individuals within those organisations; technical information, know-how, research and development; financial projections, target details and accounts; fee levels, pricing policies, commissions and commission charges; budgets, forecasts, reports, interpretations, records and corporate and business plans; planned products and services; marketing and advertising plans, requirements and materials, marketing surveys and research reports and market share and pricing statistics; and computer software and passwords;

Consideration: has the meaning given in Clause 3.1;

Consideration Amount: £50,000,000;

Counsel’s Opinion: has the meaning given in Clause 5.4;

Covenantors: the Majority Sellers, Kenny Bain, Steven Thurlow, Phil Evans and Chris Allen;

CTA 2009: the Corporation Tax Act 2009;

3

EXECUTION VERSION

CTA 2010: the Corporation Tax Act 2010;

Data Protection Laws: all laws relating to data protection and privacy which are from time to time applicable to the Company or any of the Subsidiaries (or any part of their business), including (but not limited to): (i) the European Directive 95/46/EC and all applicable national laws, regulations and secondary legislation implementing the European Directive 95/46/EC including (without limitation) the Data Protection Act 1998; (ii) the General Data Protection Regulation (EU) 2016/679 (the “GDPR”) and all related national laws, regulations and secondary legislation including (without limitation) the Data Protection Act 2018; and (iii) the European Directive 2002/58/EC and all other applicable national laws, regulations and secondary legislation implementing the European Directive 2002/58/EC including (without limitation) the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426), in each case as amended, replaced or updated from time to time and together with any subordinate or related legislation made under any of the foregoing;

Debt: without duplication and with respect to the Company and the Subsidiaries, all (a) indebtedness for borrowed money; (b) obligations for the deferred purchase price of property or services, excluding, for the avoidance of doubt, any deferred revenue, (c) long or short-term obligations evidenced by notes, bonds, debentures or other similar instruments; (d) obligations under any interest rate, currency swap or other hedging agreement or arrangement; (e) capital lease obligations; (f) reimbursement obligations under any letter of credit, banker’s acceptance or similar credit transactions; (g) guarantees made by the Company or any Subsidiary on behalf of any third party in respect of obligations of the kind referred to in the foregoing clauses (a) through (f); and (h) any unpaid interest, prepayment penalties, premiums, costs and fees that would arise or become due as a result of the prepayment of any of the obligations referred to in the foregoing paragraphs (a) through (g), in each case (i) as at the Effective Time, (ii) as determined in accordance with Schedule 9 and (iii) as shown in the Completion Accounts;

Directors: those persons who are directors of the Company or of any Subsidiary and who are identified as such in Schedule 2 and Schedule 3;

Disclosure Letter:  the letter dated the date of this Agreement from the Sellers' Representative to the Buyer making certain disclosures against the Warranties, including the Disclosure Documents (as defined therein);

Disclosed: fairly disclosed to the Buyer with sufficient detail to identify the nature and scope of the matters, facts and circumstances disclosed;

Draft Completion Accounts: has the meaning given to it in paragraph 3.1 of Part 1 of Schedule 9;

Effective Time: means immediately prior to Completion;

Employee: any person employed by the Company or any of the Subsidiaries under a contract of employment;

Encumbrance: any interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment, hypothecation, security interest, title retention or any other security agreement or 

4

EXECUTION VERSION

arrangement or other third party right in the nature of security, or any agreement, arrangement or obligation to create any of the same;

Excess Cash: the Cash in the Company which is in excess of the Cash comprised within the Target Net Working Capital and Cash;

Existing Shareholders: those persons whose names and addresses are set out in Part 1 of Schedule 1;

Expert: has the meaning given to it in paragraph 1.1 of Part 2 of Schedule 9;

Fundamental Warranties: has the meaning given in Clause 6.6.1;

Group Company:  in relation to any company, any body corporate which is from time to time a holding company of that company, a subsidiary of that company or a subsidiary of a holding company of that company;

Guaranteed Obligations: the payment of the Sellers’ Holdback Amount in accordance with, and with the deductions specified in, Clause 5.3 and any Unresolved Claim Amount which is Settled or Determined;

Hardware: any and all computer, telecommunications and network equipment used in the business of the Company or any of the Subsidiaries (including PCs, mainframes, servers, screens, terminals, keyboards, disks, printers, cabling, associated and peripheral electronic equipment);

HMRC: Her Majesty’s Revenue & Customs and, in respect of any time before the establishment of Her Majesty’s Revenue & Customs, references to HMRC shall be construed, as the context may require, to include references to respectively the Inland Revenue and Customs & Excise or either of them;

Holdback Amount: £5,000,000;

Indemnities:  has the meaning given in Clause 7.1;

Intellectual Property:  patents, registered designs, rights in design, copyright, database right, rights in databases, trade marks, service marks, trade or business names, domain names, logos, inventions or secret processes, formulae, know-how and all rights or forms of protection of a similar nature or effect subsisting anywhere in the world, including applications or registrations for any such right;

IT Contracts: (1) all licences granted to the Company in respect of the Software, (2) all maintenance agreements relating to the IT Systems, (3) all consultancy or professional services agreements relating to the IT Systems and IT Services, (4) all support agreements relating to the IT Systems and IT Services, (5) all lease agreements relating to the Hardware, (6) all contracts relating to the provision of connectivity for the IT Systems and IT Services, including agreements with internet service providers, and (7) any other contracts relating to the IT Systems or the IT Services, including hosting agreements, in each case to the extent entered into by the Company or any of the Subsidiaries, but excluding any contracts entered into with customers of the Company or any of the Subsidiaries;

5

EXECUTION VERSION

IT Services:  any and all services relating to the IT Systems or to any other aspect of the Company’s data processing or data transfer requirements (including facilities management, bureau services, hardware maintenance, software development or support, consultancy, back-up and disaster recovery, source code deposit, recovery and network services);

IT Systems: the Hardware and the Software;

ITEPA 2003: Income Tax (Earnings and Pensions) Act 2003;

Majority Sellers: Nigel Shanahan, Erica Shanahan and Raving Investments Ltd;

Management Accounts:  the unaudited accounts of the Company and of each of the Subsidiaries and the unaudited consolidated accounts of the Company and of the Subsidiaries for the period from 1 July 2018 to 28 August 2018 (comprising in each case a balance sheet and profit and loss account or, as the case may be, a consolidated balance sheet and consolidated profit and loss account);

Minority Sellers: those of the Sellers who are not the Majority Sellers;

Net Working Capital: the aggregate of the current assets (save those included within Cash) less the aggregate of the current liabilities (save those included within Debt) of the Company and the Subsidiaries, in each case (i) as at the Effective Time, (ii) as determined in accordance with Schedule 9 and (iii) as shown in the Completion Accounts;

Objection Notice: has the meaning given to it in paragraph 3.2 of Part 1 of Schedule 9;

Off-the-Shelf Software: all standard office application software used by the Company, including word processing, email, calendar, customer relationship management, spreadsheet and database functions;

Parties:  the parties to this Agreement, and each a “Party”;

Pending Claim: has the meaning given in Clause 5.4.2;

Personal Data: has the meaning given in Article 4(1) of the GDPR;

Properties:  the leasehold properties of the Company, certain details of which are given in Schedule 7;

Registered IP: all patents, trade marks, domain names, and registered designs and applications for the same owned by the Company;

Relevant Claim: has the meaning given in Clause 5.2;

Respective Proportions: has the meaning given in Clause 3.3;

Sellers’ Deal Costs Amount: has the meaning given in Clause 15.2;

Sellers’ Holdback Amount: has the meaning given in Clause 5.1;

6

EXECUTION VERSION

Sellers’ Representative: the representative of the Sellers, being Nigel Shanahan, whose contact details are set out in Clause 16.1.2, or if Nigel Shanahan becomes unable or unwilling to act, any other person notified to the Buyer by Raving Investments Limited (company registration number 10829619) from time to time to act as the Sellers' Representative for the purposes of this Agreement;

Sellers’ Solicitors: Gowling WLG (UK) LLP of 2 Snowhill, Birmingham B4 6WR;

Sellers’ Solicitor’s Account:  the client account of the Sellers’ Solicitors, the details of which have been notified to the Buyer in writing by the Sellers' Solicitors;

Settled or Determined: means liability for a Relevant Claim which has:
		
	(a)
	been agreed between the Sellers' Representative and the Buyer as to both liability and quantum; or

		
	(b)
	been finally determined (as to both liability and quantum) by a court of competent jurisdiction from which there is no right of appeal or from whose judgement the relevant party is debarred (by passage of time or otherwise) from making an appeal; or

		
	(c)
	unconditionally withdrawn by the Buyer in writing,

and the words “Settlement” and “Determination” shall be construed accordingly;
Settlement Agreements: the settlement agreements between the Company and each of Nigel Shanahan and Erica Shanahan in the Agreed Form;

Shareholder Loan Amounts:  the loans in the amount of £6,600, £13,200 and £16,500 made by the Company to each of Julie Stubbs, Mike McMaster and Alan Wallace respectively;

Shares: the shares comprising the entire issued share capital of the Company, certain details of which are given in paragraph 7 of Schedule 2 including the shares that are the subject of the Share Options;

Share Option: the Company's enterprise management incentive scheme, further details of which have been Disclosed in the Disclosure Letter, and the words “Share Options” shall be construed accordingly;

Share Option Holders: those persons whose names and addresses are set out in Part 2 of Schedule 1;

Share Options Exercise Amount: the relevant amount set against each Share Option Holders' name in column 6 in Part 2 of Schedule 1, being the aggregate exercise price payable to the Company on the exercise of the relevant Share Options held by that particular Share Option Holder;

Side Agreement: the agreement between the Company and Kenny Bain in the Agreed Form;

Software:  together, the Off-the-Shelf Software, the Standard Software and the Bespoke Software and any other software used by the Company or any of the Subsidiaries;

7

EXECUTION VERSION

Specific Accounting Policies: has the meaning given to it in paragraph 1.1.1 of Part 1 of Schedule 9;

Standard Software: all off-the-shelf software applications used by the Company other than Off-the-Shelf Software;

Subsidiaries:  the subsidiaries of the Company as at Completion, certain details of which are given in Schedule 3;

Supervisory Authority: any local, national, supranational, state, governmental or quasi-governmental agency, body, department, board, official or entity exercising regulatory or supervisory authority pursuant to any Data Protection Laws, including (without limitation) the Information Commissioner's Office in the UK;

Target Net Working Capital and Cash: £1,200,000;

Taxation and Tax:  have the meaning given to them in the Tax Covenant;

Taxation Authority:  has the meaning given to it in the Tax Covenant;

Tax Covenant:  the provisions of Schedule 8 of this Agreement;

TCGA 1992:  Taxation of Chargeable Gains Act 1992;

third party: any person other than the Parties;

Unregistered IP: Intellectual Property used by the Company excluding any Registered IP;

Unresolved Claim Amount: has the meaning given in Clause 5.4.3(b);

VATA 1994:  Value Added Tax Act 1994;

Vodafone Overpayment: the overpayment of revenue by Vodafone to the Company prior to Completion;

Warranties:  the warranties set out in Schedule 5 and Clauses 6.1 (in the case of the Majority Sellers), 6.2 (in the case of the Minority Sellers) and 6.3; and

Workers: any person who personally performs work for the Company or any of the Subsidiaries who is not an Employee, and who is not on business on their own account or in a client/customer relationship.

		
	1.3
	In this Agreement, unless otherwise specified:

		
	1.3.1
	any reference to any statute or statutory provision includes any subordinate legislation made under that statute or statutory provision, whether before or after the date of this Agreement;

		
	1.3.2
	any reference to any legislation (whether of the United Kingdom or elsewhere), including to any statute, statutory provision or subordinate legislation (“Legislation”):

8

EXECUTION VERSION

		
	(a)
	includes a reference to that Legislation as from time to time amended or re-enacted, whether before or after the date of this Agreement;

		
	(b)
	in the Warranties and Tax Covenant only, includes a reference to any past Legislation (as from time to time amended or re-enacted) which that Legislation re-enacted,

except, in the case of each of Clauses 1.3.1 and 1.3.2, to the extent that any amendment or re-enactment coming into force, or Legislation made, on or after the date of this Agreement would create or increase the liability of any Party; and
		
	1.3.3
	any reference to re-enactment includes consolidation and rewriting, in each case whether with or without modification.

		
	1.4
	In this Agreement (unless the context requires otherwise):

		
	1.4.1
	references to an “associate” or a “connected person” in relation to another person are references to a person who is an associate of or connected with another within the meaning of CTA 2010 sections 448, 1122 and 1123 as applicable;

		
	1.4.2
	words suggesting a gender shall include each other gender and the neuter;

		
	1.4.3
	words in the singular shall include the plural and vice versa;

		
	1.4.4
	any reference to “holding company” or “subsidiary” means a “holding company” or “subsidiary” (as the case may be) as defined in the Companies Act 2006 section 1159 save that:

		
	(a)
	a company shall be treated, for the purposes only of the membership requirement contained in sections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or that person’s nominee), whether by way of security or in connection with the taking of security, or (b) its nominee;

		
	(b)
	in the case of a limited liability partnership which is a subsidiary of a company or another limited liability partnership, Companies Act 2006 section 1159 shall apply as if: (a) references in sections 1159(1)(a) and (c) to voting rights are to the members’ rights to vote on all or substantially all matters which are decided by a vote of the members of the limited liability partnership; and (b) the reference in section 1159(1)(b) to the right to appoint or remove a majority of its board of directors is to the right to appoint or remove members holding a majority of the voting rights;

		
	1.4.5
	any reference to a “person” includes a natural person, partnership, company, body corporate, association, organisation, government, state, foundation and trust (in each case whether or not having separate legal personality);

		
	1.4.6
	any reference to the Introduction, a Clause or Schedule is to the Introduction, a Clause or Schedule (as the case may be) of or to this Agreement;

9

EXECUTION VERSION

		
	1.4.7
	any reference to this Agreement or to any other document is a reference to this Agreement or that other document as amended, varied, supplemented, or novated (in each case, other than in breach of the provisions of this Agreement) at any time;

		
	1.4.8
	“directly or indirectly” means either alone or jointly with any other person and whether on his own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person;

		
	1.4.9
	any phrase introduced by the terms “including”, “include”, “in particular” or a similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms; and

		
	1.4.10
	any reference to something being “in writing” or “written” shall include a reference to that thing being produced by any legible and non-transitory substitute for writing (including in electronic form) or partly in one manner and partly in another.

		
	1.5
	The table of contents and Clause headings in this Agreement are included for ease of reference only and do not affect the interpretation of this Agreement.

		
	2.
	SALE AND PURCHASE

		
	2.1
	Each Seller shall sell the Shares held by him with full title guarantee free from all Encumbrances and the Buyer shall purchase such Shares, with effect from and including the Completion Date to the intent that as from that date all rights and advantages accruing to such Shares, including any dividends or distributions declared or paid on such Shares after that date, shall belong to the Buyer.

		
	2.2
	Each Seller undertakes to procure the waiver of all pre-emption and similar rights over his Shares to which any person may be entitled under the articles of association of the Company or otherwise in relation to the sale and purchase of the same under this Agreement. Each Seller hereby irrevocably waives any rights of pre-emption or other restrictions on transfer in respect of the transfer of the Shares (or any of them) to the Buyer conferred under the Company's articles of association or otherwise. 

		
	2.3
	The Buyer shall not be obliged to complete the purchase of any of the Shares unless the sale of all of the Shares is completed simultaneously.

		
	3.
	CONSIDERATION

		
	3.1
	The consideration (the “Consideration”) for the Shares shall be the aggregate of £50,000,000: 

		
	3.1.1
	plus an amount equal to the Excess Cash;

		
	3.1.2
	less an amount equal to the Debt;

		
	3.1.3
	plus the amount by which the sum of the Net Working Capital and the Cash exceeds the Target Net Working Capital and Cash, or minus the amount by which the sum of the Net Working Capital and the Cash is less than the Target Net Working Capital and Cash.

10

EXECUTION VERSION

		
	3.2
	Each Share Option Holder hereby directs the Buyer to pay (as agent of such Share Option Holder) to the Company on Completion an amount equal to the Share Options Exercise Amount attributable to the exercise of that Share Option Holder's Share Options in satisfaction of each Share Option Holder's obligation to pay the exercise price for their Share Options.

		
	3.3
	The Consideration shall be divided between the Sellers in accordance with Article 6 of the Company's articles of association (as amended and in force at the date of this Agreement), as if the Consideration constituted the surplus assets of the Company remaining after payment of its liabilities available for distribution upon a return of capital (the proportions in which the Sellers are entitled to the Consideration being their “Respective Proportions”). For these purposes:

		
	3.3.1
	each of the Sellers agrees that the Consideration shall be allocated between them on the basis set out in this Clause 3.3;

		
	3.3.2
	each of the Sellers agrees that the 'A Share Entitlement' referred to in Article 6.1.2(a) of the Company's articles of association shall be nil (as opposed to an undeterminable amount); and

		
	3.3.3
	each of the Sellers agrees that the resulting allocation of the Consideration Amount (together with the Share Options Exercise Amounts) between the Sellers on the basis set out in this Clause 3.3 is shown in the relevant columns of Schedule 1.

		
	3.4
	The Completion Accounts shall be prepared and agreed or determined in accordance with the provisions of Schedule 9.

		
	3.5
	Not later than five Business Days following the date on which the Completion Accounts are agreed, deemed to be agreed or determined in accordance with Schedule 9, the following payments shall be made:

		
	3.5.1
	if the Consideration as set out in the Completion Accounts exceeds the Consideration Amount, the Buyer shall pay to the Sellers an amount equal to the excess and such payment shall be apportioned between the Sellers in their Respective Proportions in accordance with Clause 3.8; or 

		
	3.5.2
	if the Consideration as set out in the Completion Accounts is less than the Consideration Amount, the Sellers shall pay to the Buyer (in their Respective Proportions for which they shall be severally liable) an amount equal to the shortfall,

(each an “Adjustment Payment”).
		
	3.6
	Any payment by the Sellers to the Buyer pursuant to Clause 3.5, shall be made by way of electronic transfer of funds (the charges of such transfer being payable by the Sellers) to such account as the Buyer may notify to the Sellers' Representative in writing.

		
	3.7
	The Consideration shall be deemed to be reduced by an amount equal to the aggregate amounts paid by the Sellers in respect of any Claims and the Indemnities and any Adjustment Payment made to the Buyer by the Sellers pursuant to Clause 3.5. Such reduction to the Consideration shall be apportioned between the Sellers pro rata to their liability in respect of such Claims, Indemnities and Adjustment Payments.

11

EXECUTION VERSION

		
	3.8
	Any payments made by the Buyer to the Sellers under this Agreement shall, unless otherwise directed by the relevant Seller:

		
	3.8.1
	in the case of any payments to the Existing Shareholders, be made by way of electronic transfer of funds to the Sellers’ Solicitor’s Account (the Sellers’ Solicitors being authorised to receive the same) (the charges of such transfer being payable by the Buyers), receipt of which shall be an effective discharge of the Buyer’s obligation to pay the relevant amount and the Buyer shall have no obligation as to the subsequent distribution to or allocation between the Existing Shareholders;

		
	3.8.2
	in the case of any payments to the Share Option Holders, be made by way of electronic transfer of funds to the Company's bank account (the Company being authorised to receive the same) (the charges of such transfer being payable by the Buyer). The Buyer shall procure that the Company:

		
	(a)
	holds any such amounts received from the Buyer on trust for the relevant Share Option Holders, who shall at all times be beneficially entitlement to such amounts; and

		
	(b)
	uses its reasonable endeavours to pay such amounts to the relevant Share Option Holders by way of electronic transfer of funds (with the charges of such transfer being payable by the Company) within three Business Days of receipt by the Company of the same.

The Parties acknowledge that any payments made to Share Option Holders pursuant to Clause 3.8.2 arise solely in relation to the sale of their Shares (and in no other capacity) and shall be processed separately to any payments made to the Share Option Holders through the payroll of the Company in the course of employment of any of the Share Option Holders, without deduction in respect of income tax and national insurance contributions.

		
	4.
	COMPLETION

		
	4.1
	Completion shall take place on the Completion Date when:

		
	4.1.1
	the Sellers shall deliver to the Buyer, or procure the delivery to the Buyer of, the documents and other items referred to in Schedule 4;

		
	4.1.2
	the Sellers shall procure that there shall be held a meeting of the board of directors of the Company and of each of the Subsidiaries at which there shall be duly passed the resolutions set out and contained in the board minutes of the Company and of the Subsidiaries in the Agreed Form; 

		
	4.1.3
	the Buyer shall pay the Consideration Amount less the Holdback Amount, the aggregate of all of the Share Options Exercise Amounts, the Shareholder Loan Amount and the Sellers’ Deal Costs Amount to the Sellers in accordance with Clause 3.8;

		
	4.1.4
	the Buyer shall pay each of the Share Options Exercise Amounts to the Company on behalf of (and as agent for) the Share Option Holders in discharge of the Share Option Holders' obligations to the Company pursuant to the exercise of the Share Options and, for the avoidance of doubt, each Share Option Holder will be deemed to have received the amount of the 

12

EXECUTION VERSION

relevant Share Options Exercise Amount for the purposes of calculating any proportion of the Consideration due to him;
		
	4.1.5
	the Buyer shall pay the Shareholder Loan Amount to the Company on behalf of (and as agent for) Mike McMaster, Julie Stubbs and Alan Wallace in discharge of each such Seller's indebtedness to the Company pursuant to loans advanced by the Company to each of them on 18 April 2018 and, for the avoidance of doubt, each such Seller will be deemed to have received his respective element of the Shareholder Loan Amount for the purposes of calculating any proportion of the Consideration due to him; and

		
	4.1.6
	the Buyer shall pay the Sellers’ Deal Costs Amount to the Sellers’ Solicitor’s Account (the Sellers’ Solicitors being authorised to receive the same) on behalf of (and as agent for) each of the Sellers in discharge of their obligations to contribute their relevant proportion of the Sellers’ Deal Costs Amount in accordance with Clause 15.2, and, for the avoidance of doubt, each Seller will be deemed to have received the amount of his Respective Proportion of the Sellers’ Deal Costs Amount for the purposes of calculating any proportion of the Consideration due to him.

		
	4.2
	The performance by the Sellers of their respective obligations under Clause 4.1 shall be a condition precedent to the performance by the Buyer of its obligations under Clause 4.1 to the intent that, if the Sellers or any of them shall fail or shall be unable to perform any of their obligations under Clause 4.1, the Buyer shall at its option (and without prejudice to any other remedies or rights which it may have against the Sellers or any of them in respect of such non‐performance) cease to be liable to perform its obligations under Clause 4.1.

		
	5.
	HOLDBACK

		
	5.1
	The Buyer shall withhold the Holdback Amount from the payment of Consideration Amount in accordance with Clause 4.1.3.  The pro rata share of the Holdback Amount of each Seller is set out in Schedule 1 (each a “Sellers’ Holdback Amount”), and the amount of Consideration received by each Seller on Completion shall be reduced by each Sellers’ Holdback Amount.

		
	5.2
	The Buyer shall be entitled, to the extent set out in this Clause 5, to have recourse to each relevant Sellers’ Holdback Amount to obtain payment of any amount(s) due to it in respect of any Claims against such Seller or any claims under the Indemnities (“Relevant Claims”) that have been Settled or Determined.

		
	5.3
	On the first anniversary of the Completion Date (or if such date is not a Business Day, the first Business Day immediately following such date) (the “Holdback Release Date”), the Buyer shall pay each Sellers’ Holdback Amount to such Seller in accordance with Clause 3.8 after deducting:

		
	5.3.1
	the amount of all Relevant Claims Settled or Determined against such Seller (to the extent such Seller has satisfied such Settled or Determined Relevant Claims by the Buyer's recourse to the Sellers’ Holdback Amount); and

		
	5.3.2
	provided Counsel's Opinion has been provided to the Sellers' Representative in accordance with Clause 5.4, the Unresolved Claim Amount in respect of each Pending Claim against the relevant Seller, which Unresolved Claims 

13

EXECUTION VERSION

Amount shall remain with the Buyer until such Pending Claim has been Settled or Determined and/or Clauses 5.5 or 5.6 applies. 
		
	5.4
	If:

		
	5.4.1
	the Buyer has notified a Relevant Claim to the Sellers' Representative in accordance with this Agreement;

		
	5.4.2
	such Relevant Claim so notified has not been Settled or Determined prior to the Holdback Release Date (“Pending Claim”); and 

		
	5.4.3
	the Buyer wishes to withhold an Unresolved Claim Amount pursuant to Clause 5.3.2,

then the Buyer, at all times acting reasonably and in good faith, shall obtain and deliver to the Sellers' Representative a written opinion of counsel of not less than ten years' standing with experience relevant to the subject matter of the Pending Claim (“Counsel's Opinion”) stating that:
		
	(a)
	on the balance of probabilities and in the reasonable opinion of such counsel, the relevant Pending Claim is likely to be determined (in full or in part) in favour of the Buyer; and

		
	(b)
	such counsel's reasonable estimate as to the likely quantum of such Pending Claim (or, if such counsel's reasonable estimate of quantum is given in the range, the estimate shall be deemed to be the mid-point of that range) (“Unresolved Claim Amount”).

		
	5.5
	As each Pending Claim is Settled or Determined, the amount (to the extent such amount is greater than £0) by which the relevant Unresolved Claims Amount retained by the Buyer in respect of such Pending Claim under Clause 5.3.2 is more than the final amount of the Settled or Determined Pending Claim, shall be paid to the relevant Seller in accordance with Clause 3.8.

		
	5.6
	If the Buyer has not commenced legal proceedings in respect of a Pending Claim on the expiry of the 9 months following the Holdback Release Date, then the Buyer shall immediately pay to the Unresolved Claims Amount in respect of such Pending Claim to the Sellers in accordance with Clause 3.8. Any such payment by the Buyer under this Clause 5.6 shall be without prejudice to the rights of the Buyer to pursue the Sellers in respect of the Relevant Claim, which shall be unaffected notwithstanding the release of the relevant Sellers’ Holdback Amount.

		
	5.7
	The application of any part of the Sellers’ Holdback Amount by the Buyer in respect of any Relevant Claims which are Settled or Determined shall satisfy the liability of the Sellers in respect of such Settled or Determined Relevant Claim (to the extent of the application of such amount of the Sellers’ Holdback Amount).

		
	5.8
	The Parties acknowledge that any written opinion of counsel obtained and delivered pursuant to Clause 5.4 has been prepared for the sole purpose enabling the Buyer to withhold an Unresolved Claim Amount in accordance with Clause 5.3.2. Any such opinion shall not affect the rights of the Buyer to claim in respect of any breach of this Agreement or the relevant Seller to maintain that no liability is due.

		
	6.
	WARRANTIES

14

EXECUTION VERSION

		
	6.1
	The Majority Sellers warrant to the Buyer that each of the Warranties in Schedule 5 is true and accurate in all respects and is not misleading at the date of this Agreement.

		
	6.2
	Each Minority Seller warrants to the Buyer that each of the Warranties in Schedule 5 is true and accurate in all respects and is not misleading at the date of this Agreement. 

		
	6.3
	Each Seller warrants to the Buyer, in respect of himself only, that each of the following warranties is true and accurate in all respects and not misleading at the date of this Agreement:

		
	6.3.1
	such Seller has full power to enter into and perform his obligations under this Agreement and all the documents in the Agreed Form to be executed by him and this Agreement constitutes, and each such Agreed Form document when executed will constitute, binding obligations of such Seller in accordance with its terms;

		
	6.3.2
	the execution and delivery of this Agreement, and any of the Agreed Form documents to be executed, by such Seller and the performance of and compliance by such Seller with its and their terms and provisions will not:

		
	(a)
	conflict with or result in a breach of, or constitute a default under, any agreement or instrument to which such Seller is a party or by which such Seller is bound;

		
	(b)
	conflict with or result in a breach of any law, regulation, order, writ, injunction or decree of any court or agency; or

		
	6.3.3
	such Seller is not party to any agreement or bound by any obligation the terms of which will prevent the Buyer from enjoying the full benefit of this Agreement; and

		
	6.3.4
	such Seller's Shares are legally and beneficially owned by such Seller free from all Encumbrances (other than as set out in the Company's articles of association).

		
	6.4
	The Warranties shall not in any respect be extinguished or affected by Completion.

		
	6.5
	The Sellers undertake to the Buyer that, in the event of any claim being made against them arising out of or relating to this Agreement, they will not make any claim against the Company or any of the Subsidiaries or against any director, officer, employee or adviser of the Company or of any of the Subsidiaries on which or on whom they may have relied before agreeing to any terms of this Agreement or authorising any statement in the Disclosure Letter, except in the event of fraud, in which case the Sellers may pursue the individual responsible for the fraud in a personal capacity (but not the Company nor any of the Subsidiaries). The Company, the Subsidiaries and any such director, officer, employee or adviser may enforce the terms of this Clause 6.5 in accordance with the Contracts (Rights of Third Parties) Act 1999, provided that, as a condition precedent thereto, any such third party shall:

		
	6.5.1
	obtain the prior written consent of the Buyer; and

		
	6.5.2
	not be entitled to assign its rights under this Clause 6.5.

		
	6.6
	The Warranties:

15

EXECUTION VERSION

		
	6.6.1
	save for those set out in Clause 6.3 and paragraphs 4.1 (shares) and  4.3 (share and loan capital) of Schedule 5 (“Fundamental Warranties”), are qualified by reference to those matters Disclosed in the Disclosure Letter and not otherwise;

		
	6.6.2
	are given separately and independently and, unless expressly provided to the contrary, are not limited or restricted by reference to, or inference from, the terms of any other Warranty or item of this Agreement;

		
	6.6.3
	where qualified in Schedule 5 by the knowledge, information, belief or awareness of the Sellers, unless expressly provided to the contrary, are deemed to include a statement that such knowledge, information, belief or awareness has been acquired after due and reasonable enquiries by the Majority Sellers of Kenny Bain, Amanda Morris, Phil Evans and/or Chris Allen in respect of the relevant subject matter of such Warranties, but excluding making enquiry of any third party; and

		
	6.6.4
	where the context allows, apply to each of the Subsidiaries as well as to the Company as if references to “the Company” included a corresponding reference to the Subsidiaries (and each of them severally).

		
	6.7
	None of the Warranties nor any provision in the Tax Covenant shall be, or shall be deemed to be, qualified, modified or discharged by reason of any investigation or inquiry made by or on behalf of the Buyer and no information relating to the Company or to any of the Subsidiaries of which the Buyer, its agents or advisers have knowledge (whether actual, imputed or constructive), other than (in the case of the Warranties) by reason of its being Disclosed in the Disclosure Letter in accordance with this Agreement, shall prejudice any claim which the Buyer shall be entitled to bring or shall operate to reduce any amount recoverable by the Buyer under this Agreement.

		
	6.8
	The provisions of Schedule 6 shall (where relevant) apply to limit the liability of the Sellers under the Warranties and the Tax Covenant provided that the provisions of Schedule 6 shall not apply in respect of any claim arising out (or to the extent it is increased) of any fraud or wilful and dishonest non-disclosure on the part of the relevant Seller.

		
	7.
	SPECIFIC INDEMNITIES

		
	7.1
	The Sellers irrevocably and unconditionally indemnify the Buyer immediately on demand against all direct losses, costs and liabilities (including any interest, penalties and legal costs (calculated on a full indemnity basis) and all other reasonable professional costs and expenses) suffered or incurred by the Buyer, the Company or any of the Subsidiaries arising out of or in connection with:

		
	7.1.1
	the Company and/or the Subsidiaries not holding all licences necessary for the use by them of the IBM DB2 Management System before Completion; 

		
	7.1.2
	Vodafone demanding repayment of the Vodafone Overpayment,

(the “Indemnities”).
		
	7.2
	If a payment due from the Sellers to the Buyer under the Indemnities is subject to tax (whether by way of direct assessment or withholding at its source), the Buyer shall be entitled to receive from the Sellers such amounts as will ensure that the net receipt, 

16

EXECUTION VERSION

after tax, to the Buyer in respect of the payment is the same as it would have been were the payment not subject to tax.
		
	7.3
	The provisions of Schedule 6 shall (where expressly stated to refer to the Indemnities) apply to limit the liability of the Sellers under the Indemnities, provided that the provisions of Schedule 6 shall not apply in respect of any claim arising out (or to the extent it is increased) of any fraud or wilful and dishonest non-disclosure on the part of the relevant Seller. 

		
	8.
	RESTRICTIONS ON THE COVENANTORS

		
	8.1
	The provisions of this Clause 8 are made with the intention of assuring to the Buyer and each of its Group Companies following Completion the full benefit and value of the goodwill, confidential information and connections of the Company and the Subsidiaries and as a constituent part of the agreement for the sale of the Shares. Accordingly each of the Covenantors agrees that the restrictions contained in this Clause 8 are reasonable and necessary for the protection of the legitimate interests of the Buyer and that the restrictions do not work harshly on him.

		
	8.2
	Each of the Covenantors covenants with the Buyer and each of its Group Companies following the Completion Date that for the period of two years following the Completion Date, save with the prior written consent of the Buyer, he will not directly or indirectly on his own behalf or on behalf of any other person:

		
	8.2.1
	in competition with the Company or any of the Subsidiaries deal with, seek employment or engagement with, or be employed or engaged by or be a director or consultant to, work on any account of, or be in any way interested in or connected with any business which competes with any business carried on by the Company or any of the Subsidiaries at Completion in which that Covenantor has at any time during the period of 12 months ending on the Completion Date been involved for the purpose of providing services the same as or similar to those he provided to the Company or any of the Subsidiaries, provided always that this Clause shall not prevent a Covenantor from being interested as a holder or beneficial owner solely for investment purposes of less than five per cent of any securities of any person whose securities are listed or quoted on any recognised investment exchange in the United Kingdom;

		
	8.2.2
	deal with, seek employment or engagement with, be employed or engaged by, engage in business with or work on any account or business of any client of the Company or any of the Subsidiaries for the purpose of providing that client with services which are the same as or similar to any services which he was involved in providing to that client at any time in the 12 months preceding the Completion Date;

		
	8.2.3
	solicit business from any client of the Company or any of the Subsidiaries for the purpose of providing to that client services which are the same as or similar to those which he has been involved in providing to that client at any time in the 12 months preceding the Completion Date;

		
	8.2.4
	interfere with or seek to interfere with contractual or other trade relations between the Company or any of the Subsidiaries and any of its or their respective clients;

		
	8.2.5
	interfere or seek to interfere with contractual or other trade relations between the Company or any of the Subsidiaries and any of its or their respective suppliers;

		
	8.2.6
	solicit the services of, endeavour to entice away from the Company or any of the Subsidiaries or knowingly assist in, or procure, the employment by any other person of any director or senior or managerial employee or consultant of the Company or any of the Subsidiaries known personally to him (whether or not such person would commit any breach of his contract of employment or engagement by reason of leaving the service of such company);

		
	8.2.7
	save as required by applicable law or regulation, communicate or divulge to any person or make use of any Confidential Information concerning the business, finances or affairs of the Company or of any of the Subsidiaries or of any of their respective clients or suppliers;

		
	8.2.8
	for so long as it is used or registered in the name of the Company or any of its Group Companies, use or apply to register on any public register any trade, business or domain name or e-mail address used by the Company or any of the Subsidiaries during the period of two years preceding the Completion Date (including the name “Rant and Rave” (whether alone or in conjunction with other names)) or any name similar to those names or addresses or likely to be confused with them.

		
	8.3
	If any of the restrictions in Clause 8 is held to be void or ineffective for any reason but would be held to be valid and effective if part of its wording were deleted, that restriction shall apply with such deletions as may be necessary to make it valid and effective.

		
	8.4
	The restrictions contained in each sub-clause of Clause 8 shall be construed as separate and individual restrictions and shall each be capable of being severed without prejudice to the other restrictions or to the remaining provisions.

		
	9.
	RELEASE BY SELLERS

		
	9.1
	Each of the Sellers confirms on behalf of himself only that he has no claim (whether in respect of any breach of contract, compensation for loss of office or monies due to him or on any account whatsoever) outstanding against the Company or any Subsidiary or against any of the shareholders, directors, officers, employees or professional advisers of the Company or any Subsidiary and that no agreement or arrangement (including any contract of employment) is outstanding under which the Company or any Subsidiary or any of such persons has or could have any obligation of any kind to him, except:

		
	9.1.1
	as may arise under the terms of this Agreement;

		
	9.1.2
	in the case of the Majority Sellers, the lease between the Company and the Guardian Pension Trustees Limited and Nigel Robert Shanahan as Trustees of The GPC SIPP re Nigel Shanahan, brief particulars of which are set out in Schedule 7;

		
	9.1.3
	in the case of certain Sellers, the contracts of employment or service agreements of such Sellers with the Company or the Subsidiaries (as the case may be);

		
	9.1.4
	in relation to the accrual of any remuneration (of any kind, including salary, commission, bonus payments and pension contributions) to the relevant Sellers in accordance with their contracts of employment or service agreements, in each case in respect of the latest relevant remuneration period; 

		
	9.1.5
	any amounts due to any of the relevant Sellers in respect of the reimbursement of expenses in accordance with the terms of their contract of employment or service agreements and the Company or Subsidiaries' expenses policy.

		
	9.2
	To the extent that any such claim or obligation exists or may exist, each of the Sellers irrevocably and unconditionally waives such claim or obligation and releases the Company and each Subsidiary and any such other persons from any liability whatsoever in respect of such claim or obligation.

		
	9.3
	The Company, the Subsidiaries and any shareholder, director, officer, employee or professional adviser of the Company or any Subsidiary may enforce the terms of Clauses 9.1 and 9.2 in accordance with the Contracts (Rights of Third Parties) Act 1999, provided always that, as a condition thereto, any such third party shall:

		
	9.3.1
	obtain the prior written consent of the Buyer; and

		
	9.3.2
	not be entitled to assign its rights under this Clause 9.

		
	10.
	MATTERS FOLLOWING COMPLETION

		
	10.1
	The Sellers shall following Completion forthwith send to the Buyer all papers, books, accounts and other records relating wholly to the Company or to the Subsidiaries, which are not required to be delivered under Schedule 4 and which are not kept at any of the Properties or which are not required by the Seller in the ordinary course of performing his duties as an employee of the Company or any of the Subsidiaries following Completion. 

		
	10.2
	Each Seller, to secure the Buyer's interests under this Agreement, irrevocably, unconditionally and severally appoints the Buyer and each director of the Buyer to be that Seller's attorney pending the Buyer's registration as a member of the Company with power on that Seller's behalf to execute and deliver all deeds and documents and to do all acts and things and exercise all rights which the Buyer would be entitled to execute, deliver, do and exercise if the Buyer was registered as the holder of Shares with power to delegate this power and power to appoint a substitute attorney in addition to the Buyer and/or such directors.

		
	10.3
	Each Seller agrees that for so long as any Shares remains registered in his name he will:

		
	10.3.1
	not exercise any of his rights as a member of the Company or appoint any other person, other than the Buyer or the Buyer's nominee or pursuant to Clause 10.2, to exercise such rights;

		
	10.3.2
	hold on behalf of and pay or deliver to the Buyer any distributions or notices, documents or other communications which may be received after the date of this agreement by such Seller in that Seller's capacity as a member of the Company from the Company or any third party; 

		
	10.3.3
	on request by the Buyer ratify all documents executed and acts done by the Buyer as the Seller's attorney pursuant to Clause 10.2; and

		
	10.3.4
	indemnify the Buyer against all actions, demands, proceedings and claims against it, and all liabilities, costs and expenses incurred by it as a result of anything lawfully and properly done in good faith as the Seller’s attorney, except to the extent such action, demand, proceeding or claim results from the negligence or wilful misconduct of the Buyer.

		
	11.
	TAXATION

The provisions of Schedule 8 shall have effect from Completion.

		
	12.
	GUARANTEE

		
	12.1
	The Guarantor guarantees to the Sellers the due and punctual performance, observance and discharge by the Buyer of all the Guaranteed Obligations if and when they become performable or due under this Agreement.

		
	12.2
	If the Buyer defaults in the payment when due of the Guaranteed Obligations the Guarantor shall, immediately on demand by the Sellers' Representative, pay that amount to the Sellers in the manner prescribed by this Agreement as if it were the Buyer.

		
	12.3
	The Guarantor as principal obligor and as a separate and independent obligation and liability from its obligations and liabilities under Clause 12.1 and Clause 12.2, agrees to indemnify and keep indemnified the Sellers in full and on demand from and against all and any losses, costs, claims, liabilities, damages, demands and expenses suffered or incurred by the Sellers arising out of, or in connection with, the Guaranteed Obligations not being recoverable for any reason, or the Buyer's failure to perform or discharge any of the Guaranteed Obligations.

		
	12.4
	The guarantee in this Clause 12 is and shall at all times be a continuing security and shall cover the ultimate balance of all monies payable by the Buyer to the Sellers in respect of the Guaranteed Obligations, irrespective of any intermediate payment or discharge in full or in part of the Guaranteed Obligations.

		
	12.5
	The liability of the Guarantor under the guarantee in this Clause 12 shall not be reduced, discharged or otherwise adversely affected by:

		
	12.5.1
	any act, omission, matter or thing which would have discharged or affected the liability of the Guarantor had it been a principal obligor instead of a guarantor or indemnifier; or

		
	12.5.2
	anything done or omitted by any person which, but for this provision, might operate or exonerate or discharge the Guarantor or otherwise reduce or extinguish its liability under the guarantee.

		
	12.6
	The Guarantor waives any right it may have to require the Sellers to proceed against or enforce any other right or claim for payment against any person before claiming from the Guarantor under this Clause 12.

		
	12.7
	The Guarantor shall, on a full indemnity basis, pay to the Sellers on demand the amount of all costs and expenses (including legal and out-of-pocket expenses and any value added tax on them) incurred by the Sellers in connection with:

		
	12.7.1
	the preservation, or exercise and enforcement, of any rights under or in connection with the guarantee in this Clause 12  or any attempt so to do; and

		
	12.7.2
	any discharge or release of this guarantee.

		
	12.8
	Until all amounts which may be or become payable by the Buyer under or in connection with the Guaranteed Obligations have been irrevocably paid in full, and unless the Sellers’ Representative otherwise directs in writing, the Guarantor shall not exercise any security or other rights it may have by reason of performing its obligations under this Clause 12, whether such rights arise by way of set-off, counterclaim, subrogation, indemnity or otherwise.

		
	12.9
	The guarantee in this Clause 12  shall be in addition to and independent of all other security which the Sellers may hold from time to time in respect of the discharge and performance of the Guaranteed Obligations.

		
	13.
	ANNOUNCEMENTS AND CONFIDENTIALITY

		
	13.1
	Subject to the provisions of Clause 13.2, no Party shall issue any press release or publish any circular to shareholders or any other public document or make any statement or disclosure to any person who is not a Party (including any document, statement or disclosure published, issued or made by the Sellers or Buyer or any of them to any supplier to or client of the Company or any of the Subsidiaries) in each case relating to this Agreement, its terms or the matters contained in it, without obtaining the prior written approval of the Buyer and the Sellers' Representative to its contents and the manner and extent of its presentation and publication or disclosure (such approval not to be unreasonably withheld or delayed or made subject to unreasonable conditions).

		
	13.2
	The provisions of Clause 13.1 do not apply to:

		
	13.2.1
	any announcement relating to or connected with or arising out of this Agreement required to be made by the Parties:

		
	(a)
	by virtue of the regulations of the US Securities and Exchange Commission; or

		
	(b)
	by any court or governmental or administrative authority competent to require the same; or

		
	(c)
	by any applicable law or regulation; or

		
	13.2.2
	any statement or disclosure made in good faith by any of the Sellers, the Buyer, the Company or any of the Subsidiaries after Completion in connection with any civil, criminal, regulatory or arbitration proceedings in any jurisdiction brought or threatened by or against any of them in relation to the Agreement, the documents in the Agreed Form and any other documents referred to in it or them;

		
	13.2.3
	any document, statement or disclosure published, issued or made by the Buyer, the Company or any of the Subsidiaries after Completion to any supplier to or customer of the Company or of any of the Subsidiaries to inform them of the fact that the Buyer has acquired the Shares under this Agreement;

		
	13.2.4
	any disclosure made by a Party to its professional advisers, provided that such disclosure is made under obligations of confidentiality;

		
	13.2.5
	any document, statement or disclosure made by the Buyer after Completion to any person to whom it proposes to assign its rights under this Agreement or who is otherwise contemplated by Clause 14.3;

		
	13.2.6
	any disclosure substantially in the form of the announcement in the Agreed Form,

provided that the relevant Party shall, as soon as it becomes aware that any such disclosure may be required to be made, give notice in writing to the Sellers' Representative and the Buyer and shall, to the extent practicable consult with the Sellers' Representative and the Buyer on the content of any such disclosure, and take into account any reasonable requirements of the Sellers' Representative and the Buyer.

		
	14.
	ASSIGNMENT

		
	14.1
	Subject to this Clause 14, this Agreement shall be binding upon and enure for the benefit of the successors and assignees of the Parties including, in the case of individuals, their respective estates after their deaths and, subject to any succession or assignment permitted by this Agreement, any such successor or assignee of the Parties shall in its own right be able to enforce any term of this Agreement.

		
	14.2
	Subject to Clause 14.3 no Party to this Agreement nor their successors and assignees shall be entitled to assign their respective rights or obligations under this Agreement without the prior written consent of the Buyer (in the case of any of the Sellers) or the Sellers' Representative (in the case of the Buyer).

		
	14.3
	The Buyer and its assignees may at any time (i) assign, (including to any lender of the Buyer or any lender to any Group Company of the Buyer and/or any administrative or collateral agent on behalf of any such lenders as collateral security) (ii) transfer, (iii) charge or otherwise grant security over or assign by way of security, (iv) declare or create a trust or other interest over or (v) deal in any other manner with the Buyer's rights under this Agreement, provided that the liability of the Sellers as a result of any of the foregoing actions shall be no more than it would have been to the Buyer had such foregoing actions not taken place.

17

EXECUTION VERSION

		
	15.
	GENERAL

		
	15.1
	Each Party undertakes, for no further consideration or payment but at the cost and expense of the requesting Party, to sign all documents and to do all other acts as the requesting Party reasonably requires which may be necessary to give full effect to this Agreement.

		
	15.2
	Except as set out in this Clause 15.2, each Party shall pay the costs and expenses incurred by it in connection with the negotiation, preparation, execution and carrying into effect of this Agreement and each document referred to in it. The Sellers each agree to contribute, in their Respective Proportions, to the costs and expenses incurred on behalf of certain Sellers with Gowling WLG (UK) LLP and GP Bullhound LLP in connection with the sale of the Shares, the negotiation, preparation, execution and carrying into effect of this Agreement and each document referred to in it, together with any applicable VAT thereon, which in aggregate amount to £1,435,208 inclusive of VAT (“Sellers’ Deal Costs Amount”). Each of the Sellers hereby directs the Buyer to pay an amount equal to their Respective Proportion of the Sellers’ Deal Costs Amount to the Sellers' Solicitors Account in satisfaction of their obligation under this Clause 15.2.

		
	15.3
	This Agreement shall, as to any of its provisions remaining to be performed or capable of having or taking effect following Completion, remain in full force and effect notwithstanding Completion.

		
	15.4
	Unless expressly and specifically provided otherwise, all obligations of:

		
	15.4.1
	the Minority Sellers (howsoever referred to, including as Category A Sellers, Category B Sellers, Covenantors, Existing Shareholders, Minority Sellers or Share Option Holders) shall be several; and

		
	15.4.2
	the Majority Sellers (howsoever referred to) shall be joint and several.

		
	15.5
	The rights of each Party under this Agreement:

		
	15.5.1
	may be exercised as often as necessary (other than to enable double recovery);

		
	15.5.2
	are cumulative and not exclusive of rights or remedies provided by law; and

		
	15.5.3
	may be delayed, released or waived only in writing and specifically.

		
	15.6
	Delay in the exercise or non-exercise of any right or remedy provided by this Agreement or by law is not a waiver of that right or remedy.

		
	15.7
	A waiver of a breach of any of the terms of this Agreement or a default under this Agreement does not constitute a waiver of any other breach or default and shall not affect the other terms of this Agreement.

		
	15.8
	Any amendment of this Agreement shall not be binding on the Parties unless set out in writing, expressed to amend this Agreement and signed by authorised representatives of each of the Parties.

		
	15.9
	The provisions contained in each Clause and paragraph of this Agreement shall be enforceable independently of each of the others and their validity or enforceability shall 

18

EXECUTION VERSION

not be affected if any of the others is invalid or unenforceable by reason of any provision of applicable law.
		
	15.10
	If any provision is invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted or modified, the provision in question shall apply with such modification as may be necessary to make it valid and enforceable.

		
	15.11
	This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts, each of which, when executed and delivered, shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) shall be effective as delivery of a manually executed original counterpart of this Agreement.

		
	15.12
	The Parties agree that, subject always to and save as expressly provided in the provisions of this Clause 15.12, Clause 6.5 (third party exclusion from Warranty claims), Clause 7 (restrictive covenants for the benefit of Group Companies of the Buyer), Clause 9 (release by the Sellers for the benefit of third parties), Clause 14.1 (successors to, and assignees of, the Parties) and Clause 14.3 (Buyer's assignment):

		
	15.12.1
	no term of this Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a third party; and

		
	15.12.2
	notwithstanding that any term of this Agreement may be or become enforceable by a third party, the terms of this Agreement or any of them may be varied in any way or waived or this Agreement may be rescinded (in each case) without the consent of any such third party.

		
	15.13
	Each Seller irrevocably and unconditionally appoints the Sellers' Representative (and any replacement Sellers' Representative from time to time) as his agent to negotiate, determine, agree and settle any dispute or matter between the Sellers (or any group of them) and the Buyer arising in connection with this Agreement where this Agreement confers such responsibility on Sellers' Representative.

		
	15.14
	The Sellers' Representative shall act in good faith in accordance with what he reasonably believes to be in the best interests of the relevant Sellers (generally and not individually) when exercising any power or authority conferred on him in connection with such role.

		
	16.
	NOTICES

		
	16.1
	Any notice or other communication to be given under this Agreement to a Party shall be in writing and shall delivered personally or sent by hand, post or email to the Party to be served at its address set out below:

19

EXECUTION VERSION

		
	16.1.1
	to the Buyer at:

401 Congress Avenue
Suite 1850
Austin
TX 78701

Email address: kgill@uplandsoftware.com
Marked for the attention of: General Counsel
With a copy to:
Pillsbury Winthrop Shaw Pittman LLP 
401 Congress Avenue, Suite 1700 
Austin, TX 78701
Email address: steve.tyndall@pillsburylaw.com
Marked for the attention of: Steven M. Tyndall, P.C.
		
	16.1.2
	to the Sellers' Representative at:

Nigel Shanahan of York House, Abbey Hill, Kenilworth CV8 1LU
Email address: nigel@makegoodgrow.com 
Marked for the attention of: Nigel Shanahan
With a copy to:
Gowling WLG (UK) LLP, Two Snowhill, Birmingham, B4 6WR
E-mail address: david.brennan@gowlingwlg.com
Marked for the attention of: David Brennan
or at any other address or email address or to any other addressee as it may have notified to the other Party in accordance with this Clause 16.1 in substitution for the existing address or e-mail address or addressee.  Any notice or other document sent by post shall be sent by prepaid first class recorded delivery post (if within the United Kingdom) or be prepaid/signed for airmail (if elsewhere).
		
	16.2
	Any such notice shall be deemed to have been received:

		
	16.2.1
	if delivered personally, at the time of delivery;

		
	16.2.2
	in the case of first class recorded delivery, 24 hours from the date of posting;

		
	16.2.3
	in the case of airmail, five days from the date of posting; and

		
	16.2.4
	in the case of email, at the time of delivery,

provided that if deemed receipt occurs before 9 am on a Business Day the notice shall be deemed to have been received at 9 am on that day, and if deemed receipt occurs 

20

EXECUTION VERSION

after 5 pm on a Business Day, or on a day which is not a Business Day, the notice shall be deemed to have been received at 9 am on the next Business Day.  For the purpose of this Clause, “Business Day” means any day which is not a Saturday, a Sunday or a public holiday in the place at or to which the notice is left or sent.  
		
	16.3
	In proving service of a notice or document it shall be sufficient to prove that delivery was made and recorded or that an email address was properly addressed and despatched and the sender did not receive notification of a failure to deliver, as the case may be.

		
	17.
	ENTIRE AGREEMENT

		
	17.1
	For the purposes of this Clause, “Pre-Contractual Statement” means any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing or not) of any person (whether party to this Agreement or not) relating to the subject matter of this Agreement other than as expressly set out in this Agreement.

		
	17.2
	The Parties confirm that this Agreement and any document in the Agreed Form, represents the entire understanding, and constitutes the entire agreement of the Parties in relation to its subject matter and its terms and supersedes any previous agreement between the Parties relating to the subject matter or the terms of this Agreement.

		
	17.3
	Each of the Parties acknowledges and agrees that in entering into this Agreement it does not rely on any Pre-Contractual Statement.  

21

EXECUTION VERSION

		
	17.4
	Each of the Parties acknowledges and agrees that the only remedy available to it for breach of this Agreement shall be for breach of contract and it shall have no right of action against any other Party in respect of any Pre-Contractual Statement.  

		
	17.5
	This Clause 17 shall exclude liability for misrepresentation save that it shall not exclude any liability for (or remedy in respect of) fraudulent misrepresentation.

		
	18.
	GOVERNING LAW AND JURISDICTION

		
	18.1
	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement (including its formation) is governed by and shall be construed in accordance with the law of England and Wales.  

		
	18.2
	Each Party irrevocably agrees to submit to the exclusive jurisdiction of the courts of England over any claim, dispute or controversy (whether contractual or non-contractual) arising under or in connection with this Agreement or the legal relationships established by this Agreement (including its formation).

		
	18.3
	Each Party irrevocably consents to any process in any legal action or proceedings arising out of or in connection with this Agreement being served on it in accordance with the provisions of this Agreement relating to service of notices.  Nothing contained in this Agreement shall affect the right to serve process in any other manner permitted by law. 

This document has been executed and delivered as a deed on the date set out at the head of this Agreement.

SCHEDULE 5
Warranties

		
	1.
	INFORMATION

The facts set out in the Introduction and in Schedule 2 and Schedule 3 are true and accurate in all respects.
		
	2.
	THE SELLERS

		
	2.1
	The execution and delivery of this Agreement, and any of the Agreed Form documents to be executed, by the Sellers and the performance of and compliance with its terms and provisions will not:

		
	2.1.1
	conflict with or result in a breach of, or constitute a default under, any agreement or instrument to which any of them or the Company is a party or by which any of them or the Company is bound or of the articles of association of the Company;

		
	2.1.2
	cause the Company to lose the benefit of any right or privilege it presently enjoys or cause any person who normally does business with the Company 

22

not to continue to do so on the same basis or cause any officer or senior employee to leave and, so far as the Sellers are aware, the attitude or actions of customers, suppliers, employees and other persons with regard to the Company will not be prejudicially affected thereby.
		
	2.2
	No Seller nor, so far as each Seller is aware, any person connected with any Seller has any interest, direct or indirect, which is competitive with the business of the Company as carried on at the date of this Agreement.

		
	2.3
	There is not outstanding, and there has not at any time during the two years ending on the date of this Agreement been outstanding, any agreement or arrangement to which the Company is a party and in which any Seller, any person beneficially interested in the Company’s share capital, any director of the Company or any person connected with any of them is or has been interested, whether directly or indirectly.

		
	3.
	CONSEQUENCES OF SALE OF THE SHARES

		
	3.1
	The Company is not a party to any agreement or bound by any obligation the terms of which will prevent the Buyer from enjoying the full benefit of this Agreement.

		
	3.2
	There are no agreements concerning the Company or its business which are contractually entitled to be terminated or the terms of which will or may in any way be varied as a result of compliance with the terms of this Agreement or a change in the control of the Company or in the composition of the board of directors of the Company.

		
	3.3
	Neither the acquisition of the Shares by the Buyer nor compliance with the terms of this Agreement will entitle any person to receive from the Company or any Subsidiary any finder’s fee, royalty, brokerage or commission.

		
	4.
	THE SHARES AND THE COMPANY

		
	4.1
	The Shares comprise the whole of the issued share capital of the Company and there are no shares in the capital of the Company allotted but not issued.  All of the Shares are, subject to the Buyer's compliance with Clause 4.1.4, fully paid or credited as fully paid.

		
	4.2
	Save only as provided in this Agreement, there are no agreements or arrangements in force which call for the present or future creation, allotment, issue, transfer, redemption or repayment of, or grant to any person the right (whether exercisable now or in the future and whether conditional or not) to call for the creation, allotment, issue, transfer, redemption or repayment of, any share or loan capital of the Company (including by way of option or under any right of conversion or pre-emption).

		
	4.3
	The Company does not have, and never has had, any subsidiaries or subsidiary undertakings apart from the Subsidiaries.

		
	4.4
	The Company is the beneficial owner of the entire issued share capital of each of the Subsidiaries, free from all Encumbrances.

		
	4.5
	The Company has no associated companies as defined in FRS9.

		
	4.6
	The Company has no branch, agency, place of business or permanent establishment outside the United Kingdom.

		
	4.7
	The latest copy of the articles of association of the Company filed with the Registrar of Companies and available for inspection on the date of this Agreement are true and complete and set out in full the rights and restrictions attaching to each class of the Company’s share capital.

		
	4.8
	The statutory books (including all registers and minute books) of the Company have been properly kept and contain a complete and accurate record of the matters which should be dealt with in them and no notice or allegation that any of them is incorrect or should be rectified has been received.

		
	4.9
	Neither the Company nor any class of its members in relation to the Company has during the period of six years ending on the date of this Agreement passed any resolution which has not been filed with the Registrar of Companies where such resolution is required to be filed as such in accordance with the Companies Legislation.

		
	4.10
	All returns, particulars, resolutions and other documents required under the Companies Legislation and all other legislation to be delivered on behalf of the Company to the Registrar of Companies or to any other authority whatsoever have been duly and properly made and delivered.

		
	5.
	INSOLVENCY

		
	5.1
	No order has been made and no resolution has been passed for the winding up of the Company or for a provisional liquidator or manager to be appointed in respect of the Company and no petition has been presented and no meeting has been convened for the purpose of considering the winding up of the Company.

		
	5.2
	No administration order has been made and no petition for such an order has been presented in respect of the Company.

		
	5.3
	No receiver, administrator or manager (which expression shall include an administrative receiver) has been appointed in respect of all or any of the assets of the Company, nor has any power of sale or power to appoint a receiver or manager under the terms of any mortgage, charge or other security in respect of all or any assets of the Company become exercisable.

		
	5.4
	No voluntary arrangement under Insolvency Act 1986 section 1 or scheme of arrangement under Companies Act 2006 Part 26 or other compromise or arrangement in respect of the Company’s creditors generally, or any class of them, has been proposed or adopted.

		
	5.5
	No moratorium under Insolvency Act 1986 section 1A has been proposed or is in force in respect of the Company.

		
	5.6
	The Company is not and has not admitted itself to be unable to pay its debts as they fall due, nor has it failed to pay its debts when due (otherwise than by reason of a bona fide dispute as to their amount or enforceability), nor is the Company otherwise liable to be found unable to pay its debts within the meaning of Insolvency Act 1986 section 123.

		
	5.7
	No statutory demand has been served on the Company which has not been paid in full or been withdrawn.

		
	5.8
	The Company has not been a party to any transaction at an undervalue as defined in Insolvency Act 1986 section 238 nor has it given or received any preference as defined in Insolvency Act 1986 section 239, in either case within the period of two years ending on the date of this Agreement, nor has the Company at any time been party to any transaction defrauding creditors as defined in Insolvency Act 1986 section 423.

		
	5.9
	No loan capital, borrowings or interest is overdue for payment by the Company and no other material obligation or indebtedness of the Company is overdue for performance or payment.

		
	5.10
	The Company has received no notice that any creditor of the Company has taken steps to enforce any debt or other sum owed by the Company, whether by legal proceedings, the exercise of a lien, power of distraint, sequestration, recovery of possession or otherwise (where such debt or sum remains unpaid).

		
	5.11
	No unsatisfied judgment is outstanding against the Company.

		
	5.12
	The Company has not suspended or ceased or threatened to suspend or cease to carry on all or a material part of its business.

		
	5.13
	No event analogous to any of the foregoing has occurred in or outside England.

		
	6.
	COMPLIANCE WITH LAWS AND REGULATION

		
	6.1
	The Company is entitled to carry on the business now carried on by it without conflict with any valid right of any person, firm or company and the Company has conducted its business in accordance with all applicable laws and regulations of the United Kingdom or any foreign country in which it has operated and there is no violation of, or default with respect to, any statute, regulation, order, decree or judgment of any Court or any governmental agency of the United Kingdom or any foreign country in which it has operated which may have an adverse effect upon the assets or business of the Company.

		
	6.2
	All necessary licences, consents, permits and authorisations (public or private) have been obtained by the Company to enable the Company to carry on its business effectively in the places and in the manner in which such business is now carried on and all such licences, consents, permits and authorisations are valid and subsisting and the Sellers know of no reason why any of them should be suspended, cancelled or revoked.

		
	6.3
	So far as the Sellers are aware none of the activities, contracts or rights of the Company is ultra vires, unauthorised, invalid or unenforceable or in breach of any contract or covenant on the part of any counterparty to such activities, contracts or rights and all documents in the enforcement of which the Company may be interested are valid and have been duly stamped.

		
	6.4
	Neither the Company, nor so far as the Sellers are aware any person for whose acts or defaults the Company may be vicariously liable, is subject to any outstanding order, decree or court stipulation or involved in any civil, criminal, administrative, regulatory or arbitration proceedings or any form of mediation or dispute resolution procedure.

		
	6.5
	No such order, decree, stipulation, proceedings or procedure as is referred to in paragraph 6.4 are pending or threatened in writing by or against the Company or any such person and, so far as the Sellers are aware, there are no facts or circumstances which are likely to lead to any such order, decree, stipulation, proceedings or procedure 

and no person or authority has made notified the Company that he or it might initiate such order, decree, stipulation, proceedings or procedure.
		
	6.6
	The Company has at all times conducted its business in accordance with Anti-Corruption Laws and the Anti-Terrorism and Anti-Money Laundering Laws and there is no, and has never been any:

		
	6.6.1
	violation of or default;

		
	6.6.2
	order, decree or judgment of any court or any governmental agency; or

		
	6.6.3
	so far as the Sellers are aware, enquiry, investigation, reference, notification, proceeding, report or decision,

(in each case) whether in the United Kingdom or elsewhere, with respect to any such laws, regulations or conventions in relation to the assets or business of the Company or, so far as the Sellers are aware, any of its officers, employees or agents.
		
	7.
	THE ACCOUNTS AND ACCOUNTING RECORDS

		
	7.1
	The Accounts:

		
	7.1.1
	comply with and have been prepared in accordance with the Accounting Standards and using bases, practices, methods and estimation techniques consistent with those used in the two preceding accounting periods;

		
	7.1.2
	show a true and fair view of the state of affairs of the Company (and not the Subsidiaries) as at the Accounts Date and of its profit or loss for the financial year ended on that date;

		
	7.1.3
	save as expressly disclosed in the Accounts, are not affected by any exceptional or non‐recurring items;

		
	7.1.4
	disclose all the assets and liabilities (whether ascertained, contingent or otherwise and whether or not quantified or disputed) of the Company (but not the Subsidiaries) as at the Accounts Date and make proper provision and/or reserve for all such liabilities, in each case in accordance with and to the extent required by the Accounting Standards; and

		
	7.1.5
	disclose all financial commitments in existence as at the Accounts Date, in each case in accordance with and to the extent required by the Accounting Standards.

		
	7.2
	So far as the Sellers are aware, the accounting records of the Company:

		
	7.2.1
	have at all times been fully, properly and accurately kept and completed and contain due and accurate records of all matters required by law to be entered in them; and

		
	7.2.2
	contain or reflect no material inaccuracies or discrepancies of any kind.

		
	7.3
	The Management Accounts have been properly prepared in accordance with the policies used in preparing the Accounts, applied on a consistent basis.

		
	7.4
	Having regard to the purpose for which the Management Accounts have been prepared, they are not misleading and do not materially overstate the assets or materially understate the liabilities and do not materially overstate the profits or materially understate the losses of the Company in respect of the date or period to which they relate.

		
	8.
	BUSINESS SINCE THE ACCOUNTS DATE

Since the Accounts Date:
		
	8.1
	the Company has carried on its business in the ordinary and usual course and without entering into any transaction, assuming any liability or making any payment not provided for in the Accounts which is not in the ordinary course of its business and without any interruption or alteration in the nature, scope or manner of its business;

		
	8.2
	the Company has not borrowed or raised any money or taken any financial facility, other than normal trade credit;

		
	8.3
	the Company has paid its creditors in accordance with the time periods in which it ordinarily pays such creditors;

		
	8.4
	there has been no material change in the manner or time of issue of invoices or the collection of debts;

		
	8.5
	the Company has not entered into, or agreed to enter into, any capital commitment in excess of £5,000 in value nor has it disposed of or realised any capital assets;

		
	8.6
	no share or loan capital has been allotted or issued or agreed to be allotted or issued by the Company;

		
	8.7
	no distribution of capital or income has been declared, made or paid in respect of any share capital of the Company and (excluding fluctuations in overdrawn current accounts with bankers) no loan or loan capital or preference capital of the Company has been repaid in whole or part or has become liable to be repaid;

		
	8.8
	there has been no depletion in the net assets of the Company;

		
	8.9
	the Company has not offered or agreed to offer price reductions or discounts or allowances on sales of goods or services, nor provided them or agreed to provide them at less than cost, to an extent which may materially affect the profitability of the Company; and

		
	8.10
	there has been no material deterioration in the financial position or turnover of the Company.

		
	9.
	DEBTS

		
	9.1
	The amount of all debts recorded in the Accounts or (in the case of an amount arising after the Accounts Date) the books of the Company as being due to the Company (less the amount of any specific provision or reserve for such debts made in the Accounts) is expected, so far as the Sellers are aware, to be received in full in the ordinary course of business and in any event not later than three months after the Completion Date and none of those debts is subject to any counter‐claim or set‐off.

		
	9.2
	No part of the amounts included in the Accounts or (in the case of an amount arising after the Accounts Date) in the books of the Company as due from debtors has been released on terms that any debtor pays less than the full book value of his debt or has been written off or has proved to any extent irrecoverable or is now regarded as irrecoverable.

		
	10.
	FINANCIAL ARRANGEMENTS

		
	10.1
	The Company has no borrowings, and has not agreed to create any borrowings, from its bankers or any other source and, in respect of borrowings disclosed in the Disclosure Letter, the Company has not exceeded any limitation on its borrowing contained in its articles of association or in any debenture or loan stock deed or other instrument.

		
	10.2
	There is no Encumbrance (other than a lien arising by operation of law in the ordinary course of business) over or affecting the whole or any part of the undertaking or assets of the Company.

		
	10.3
	No part of the borrowings or loan capital of the Company is dependent on the guarantee or indemnity of or security provided by any other person.

		
	10.4
	No person apart from the Company has given any guarantee of or security for any overdraft, loan or loan facility granted to the Company.

		
	10.5
	There are no debts owing by the Company, other than debts which have arisen in the ordinary course of business.

		
	10.6
	The Company is not, and has not been, engaged in any arrangements (including arrangements which would be required to be disclosed under Companies Act 2006 section 410A) which involve the raising or provision of finance and under which the Company is or might become liable to repay borrowings or other liabilities in the nature of indebtedness, in any such case where such arrangements or liabilities are not properly shown or reflected in the Accounts.

		
	10.7
	The Company is not under any obligation to pay, purchase or provide funds (whether by the advance of money, the purchase of or subscription for shares or other securities, the purchase of assets or services, or otherwise) for the payment of, indemnity against the consequences of default in the payment of, or otherwise to be responsible for, any indebtedness of any other person.

		
	10.8
	During the period of six years ending on the date of this Agreement, the Company has not applied for or received any grant or subsidy from any authority or agency.

		
	10.9
	The Company has not made any political donation to any political party or to any other political organisation or to any independent election candidate, nor has it incurred any political expenditure, in any such case either since the Accounts Date or in the year preceding the Accounts Date and it is not under any commitment to do so.

		
	11.
	TRADING ARRANGEMENTS

		
	11.1
	During the period of two years ending on the date of this Agreement:

		
	11.1.1
	no major client for or supplier of all or any of the Company's services or requirements has ceased trading with the Company;

		
	11.1.2
	no major client has significantly reduced its orders for all or any of the services of the Company;

		
	11.1.3
	there has been no fundamental change (apart from normal price changes) in the basis or terms on which any person is prepared to enter into contracts or do business with the Company,

and no such cessation, reduction or change has been threatened in writing or so far as the Sellers are aware is anticipated whether as a result of Completion or otherwise. For the purposes of this paragraph 11.1:
a “major client or supplier” means any person purchasing services from the Company in excess of £50,000 in any of the three financial years prior to the Accounts Date (in the case of a client) or with whom the Company has spent in excess of £25,000 in any of the three financial years prior to the Accounts Date (in the case of a supplier), in each case converting any foreign currency at the rates used in preparing the annual accounts in any such financial years; and
“significantly reduced” means any reduction in the percentage of orders placed by such customer in a financial year by more than 20% relative to the number of orders placed by such customer in the preceding financial year.
		
	11.2
	Neither in the financial period ending on the Accounts Date nor in the period since then has any person (together with other persons connected with him) purchased from, or sold to, the Company more than ten per cent of the aggregate amount of all sales or purchases made by the Company during such period and there is no person (together with other persons connected with him) on whom the Company is substantially dependent or the cessation of business with whom would substantially affect the business of the Company.

		
	11.3
	The Company has no agreement or arrangement with any client or supplier on terms which are materially different from the Company’s standard terms of business, a copy of which is Disclosed in the Disclosure Letter.

		
	11.4
	So far as the Sellers are aware the Company has not supplied any services which are or were in any material respect faulty or defective or which do not comply with any warranties or representations expressly or impliedly made by the Company or with any applicable regulations, standards and requirements.

		
	11.5
	There is in force no power of attorney or other authority (express, implied or ostensible) given by the Company to any person to enter into any contract or commitment on its behalf other than to its employees to enter into routine trading contracts in the usual course of their duties.

		
	11.6
	The Company has not appointed any agent or distributor or granted any licences carrying the right to grant sub-licences to third parties in respect of any of its products or services in any part of the world.

		
	12.
	LIABILITIES AND COMMITMENTS

		
	12.1
	The Company is not a party to or subject to any written agreement, transaction (which is in written form), written obligation, commitment, understanding, arrangement or liability which:

		
	12.1.1
	is incapable of complete performance in accordance with its terms within 12 months after the date on which it was entered into or undertaken;

		
	12.1.2
	is likely to result in a loss to the Company on completion of performance;

		
	12.1.3
	cannot readily be fulfilled or performed by the Company on time without unusual expenditure of money and effort;

		
	12.1.4
	may be terminated or cease to be performed by any counterparty without notice or by giving three months’ notice or less;

		
	12.1.5
	involves or is likely to involve obligations, restrictions, expenditure or receipts of an unusual, onerous or exceptional nature;

		
	12.1.6
	is a forward contract relating to foreign currency;

		
	12.1.7
	involves or is likely to involve the supply of goods by or to the Company the aggregate sales value of which will represent more than five per cent. of the turnover of the Company for its last financial year;

		
	12.1.8
	requires the Company, or under which the Company is or may become liable, to make any investment (as defined in Part III of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (as amended from time to time)) with, or to deposit any money with, or to provide any loan or financial accommodation or credit (other than normal trade credit) to any person, or to subscribe, convert, acquire, dispose of or underwrite any investment;

		
	12.1.9
	requires the Company to pay any, finders’ fee, royalty, brokerage or commission;

		
	12.1.10
	in any way restricts the Company’s freedom to carry on the whole or any part of its business in any part of the world in such manner as it thinks fit;

		
	12.1.11
	is an agreement or arrangement otherwise than by way of bargain at arm’s length; or

		
	12.1.12
	is in any way otherwise than in the ordinary and proper course of the Company’s business,

and no offer or tender or the like in respect of any of the above agreements, transactions, obligations, commitments, understandings, arrangements or liabilities is outstanding which is capable of being converted into any of the foregoing by an acceptance or other act of some other person.
		
	12.2
	Neither the Company nor so far as the Sellers are aware any other party to any agreement with the Company remaining to be performed in full or in part is in default under any such agreement nor (so far as the Sellers are aware) are there any circumstances likely to give rise to such a default and the Sellers are not aware of the invalidity of or grounds for rescission, avoidance or repudiation of any of such agreements or any allegation of such a thing, and the Company has not received written notice of any intention to terminate any of such agreements.

		
	12.3
	The Company is not a party to, nor have its profits or financial position since the Accounts Date been affected by, any agreement or arrangement which is not entirely of an arm’s length nature.

		
	13.
	INSURANCES

		
	13.1
	Complete copies of all insurance policies held by the Company are Disclosed in the Disclosure Letter.

		
	13.2
	The Company has paid all premiums due and has not done or omitted to do anything the doing or omission of which would make any such policy of insurance void or voidable or so far as the Sellers are aware would or might result in an increase in the rate of premiums payable under any such policy and the Company has neither received notice of any increase in premium or of change in the terms of cover under any of such policies nor of the withdrawal (in whole or in part) of cover in respect of any of such policies.

		
	13.3
	Where any of the Properties which are leasehold are insured by the landlord under the relevant lease, the interest of the Company is noted on the insurance policy.

		
	13.4
	No claim is outstanding under any of the policies held by the Company and so far as the Sellers are aware no fact or circumstance exists which might give rise to a claim under any of those policies.

		
	14.
	ASSETS

		
	14.1
	All the assets included in the Accounts or acquired after the Accounts Date as well as all the assets used in the Company’s business:

		
	14.1.1
	are legally and beneficially owned by the Company free from any mortgage, charge, lien or other encumbrance;

		
	14.1.2
	are not held subject to any agreement for lease, hire, hire purchase or sale on conditional or deferred terms; and

		
	14.1.3
	are in the possession or under the control of the Company,

except for trading stock sold by the Company in the ordinary course of its day to day business or for trading stock acquired subject to retention or reservation of title by the supplier or manufacturer of such trading stock as disclosed in the Disclosure Letter.
		
	14.2
	In respect of any of the items referred to in paragraph 14.1 which are held under any agreement for lease, hire, hire purchase or sale on conditional or deferred terms, there has been no default by the Company in the performance or observance of any of the provisions of such agreements.

		
	15.
	DATA PROTECTION

		
	15.1
	The Company and the Subsidiaries have at all times complied with the Data Protection Laws in all material respects.

		
	15.2
	The Company and the Subsidiaries have:

		
	15.2.1
	introduced and applied data protection policies and procedures concerning the collection, use, storage, retention, deletion and security of Personal Data, 

and implemented regular staff training, use testing, audits or other documented mechanisms to monitor compliance with such policies and procedures;
		
	15.2.2
	maintained records of processing activities as required by the Data Protection Laws, including (without limitation) Article 30 of the GDPR; 

		
	15.2.3
	appointed a data protection officer if required to do so under the Data Protection Laws, and details of such appointment are set out in the Disclosure Letter;

		
	15.2.4
	maintained records of all data protection impact assessments as and to the extent required by the Data Protection Laws;

		
	15.2.5
	issued privacy notices to data subjects which comply with all applicable requirements of the Data Protection Laws;

		
	15.2.6
	introduced and maintained consent mechanisms where cookies and other online tracking devices are used by or on behalf of the Company or the Subsidiaries as required by the Data Protection Laws;

		
	15.2.7
	so far as the Sellers are aware implemented appropriate technical and organisational measures to protect against the unauthorised or unlawful processing of, or accidental loss or damage to, any Personal Data processed by the Company or the Subsidiaries, and ensure a level of security appropriate to the risk represented by the processing and the nature of the Personal Data to be protected; and

		
	15.2.8
	put in place a data breach response plan, details of which are set out in the Disclosure Letter.

		
	15.3
	The Company and the Subsidiaries have conducted electronic marketing in accordance with the Data Protection Laws.

		
	15.4
	The Company has:

		
	15.4.1
	undertaken due diligence on any third parties it has, or any of the Subsidiaries have, appointed to process Personal Data (“Processors”) in accordance with the Data Protection Laws; 

		
	15.4.2
	an agreement in place with each Processor which incorporates the terms stipulated by Article 28 of the GDPR, and complies with all other applicable requirements of the Data Protection Laws, or is in the course of negotiating such an agreement.

		
	15.5
	Neither the Company nor any of the Subsidiaries have disclosed or transferred any Personal Data outside the European Economic Area other than in accordance with the Data Protection Laws.

		
	15.6
	The Company and the Subsidiaries have complied with Data Protection Laws in respect of data subject requests that have been received by the Company and the Subsidiaries from data subjects, including any requests for access to their Personal Data, the cessation of specified processing activities or the rectification or erasure of their Personal Data. During the period of three (3) years prior to and including the Completion Date, 

no written claims or complaints been submitted to the Company or any Subsidiary in respect of the processing of Personal Data under any Data Protection Laws, and so far as the Sellers are aware no fact or circumstance exists which might give rise to any such claim or complaint.
		
	15.7
	Neither the Company nor any of the Subsidiaries have received any written notice, request, correspondence or communication from any Supervisory Authority, or have been subject to any enforcement action (including any fines or other sanction), in each case for breach or alleged breach of the Data Protection Laws.

		
	15.8
	Neither the Company, the Subsidiaries nor any of the Processors have suffered any breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to any Personal Data and neither the Company nor any of the Subsidiaries has been subject to any regulatory audits by any Supervisory Authority.

		
	15.9
	The Company and the Subsidiaries have implemented backup and disaster recovery technology details of which have been Disclosed. The Company and the Subsidiaries have policies and procedures in place designed to ensure the integrity and security of the IT Systems and Personal Data and comply in all material respects with such policies and procedures.

		
	15.10
	The Company and the Subsidiaries have duly complied with all applicable notification or registration obligations and paid the appropriate level of fees or charges in respect of their processing activities, in each case as required by the Data Protection Laws.

		
	16.
	IT SYSTEMS

		
	16.1
	So far as the Sellers are aware, all Hardware is either owned by the Company free of all encumbrances, liens, charges and other third party rights or is properly leased or licensed to the Company.

		
	16.2
	The Company has access to and use of the IT Systems as necessary to operate its business and the Sellers have no reason to expect that it will not continue to have such access in respect of IT Systems that are material to its business over the next 12 months from Completion.  The Sellers are not aware that maintenance for any material part of the IT Systems will cease to be provided during the next 12 months.

		
	16.3
	So far as the Sellers are aware, the Company is and has at all times in times the past been properly licensed to use all Off-the-Shelf Software used in its business and which is material to the operation of such business.

		
	16.4
	Copies of all IT Contracts necessary for the Company to use the Standard Software that is material to the operation of the business of the Company are Disclosed in the Disclosure Letter.

		
	16.5
	Appropriate escrow arrangements are in place to ensure that in the event of the insolvency of the owner of any Standard Software that is material to operation of the business of the Company will (i) be able to obtain access to the source code to such Standard Software and (ii) be permitted to maintain or procure a third party to maintain such Standard Software.

		
	16.6
	So far as the Sellers are aware, the Bespoke Software incorporated in any software product of the Company (other than any product which is end of life):

		
	16.6.1
	was developed exclusively by employees of the Company within the course of their employment; or

		
	16.6.2
	to the extent not so developed, has been transferred (including the Intellectual Property in it) absolutely to the Company or licensed to it on terms which allow the commercialisation of such software product in accordance with the Company's business model.

		
	16.7
	The Company has in its possession and control the source code for all the Bespoke Software incorporated in any software product of the Company (other than any such product which is end of life).

		
	16.8
	The Bespoke Software incorporated in any software product of the Company (other than any such product which is end of life) does not include and was not based upon any “open source” software which had been made available on terms which require its disclosure to any third party.

		
	16.9
	The Hardware and the Software have appropriate and adequate capability and capacity for the processing, communications and other functions required to enable the Company to carry on its business in the manner and in the places in which that business is now carried on as at Completion.

		
	16.10
	So far as the Sellers are aware, the Hardware and the Software that is material to the business of the Company is in good working order, and has been regularly and properly maintained and supported.  No part of the IT Systems that is material to the operation of the business of the Company:

		
	16.10.1
	has materially failed to function at any time in the 18 months prior to the Completion Date; or

		
	16.10.2
	has been subject to any material security breach in the period of three years up to and including Completion.

		
	16.11
	The IT Services are appropriate and adequate to support the business of the Company, and details of the IT Services that are material to the operation of the business of the Company are disclosed in the Disclosure Letter.

		
	16.12
	Each of the IT Contracts that is material to the operation of the business of the Company is:

		
	16.12.1
	so far as the Sellers are aware, valid and binding;

		
	16.12.2
	neither the subject of a notice of an intention to terminate it; and

		
	16.12.3
	so far as the Sellers are aware, not the subject of any breach or default and (so far as the Sellers are aware) nor are there any grounds (including the events contemplated by this Agreement) for termination, rescission, avoidance or repudiation of it.

		
	16.13
	All data stored on the IT Systems that is material to the operation of the business of the Company and in respect of which backup procedures are a reasonable measure, has been regularly archived in properly stored, catalogued and secure form, to which the Company has access.

		
	16.14
	The Company operates a documented procedure, a copy of which is Disclosed in the Disclosure Letter, to avoid virus infections or other extraneously and maliciously induced malfunctions and unauthorised access which is appropriate to a business of its nature and size.

		
	16.15
	The IT Contracts relating to the material outsourcing arrangements of the Company as at Completion have been Disclosed.

		
	17.
	INTELLECTUAL PROPERTY

		
	17.1
	In respect of the Registered IP:

		
	17.1.1
	the Registered IP is owned absolutely in the name of the Company free of all liens, charges, encumbrances and licences, and the Company is not obliged to grant any liens, charges, encumbrances or licences in respect of it other than pursuant to business as usual licensing of the Company's software products;

		
	17.1.2
	all documents necessary to establish the Company’s title to the Registered IP are in its possession and have been duly stamped, where applicable;

		
	17.1.3
	the Sellers have no written notice of any oppositions made or applications refused in relation to the Registered IP and so far as the Sellers are aware, there are no grounds to believe any such applications will be opposed or refused; and

		
	17.1.4
	all payments due and all registration and renewal formalities relating to the Registered IP are up-to-date, complete and correct.

		
	17.2
	In respect of the Unregistered IP:

		
	17.2.1
	so far as the Sellers are aware, the Unregistered IP is owned by or licensed to the Company; and

		
	17.2.2
	the Sellers have provided the Buyer with true copies of all licences and other arrangements pursuant to which Unregistered IP that is material to the operation of the business of the Company is licensed to the Company.  So far as the Sellers are aware, no party to any such licence or arrangement is or has been in breach of it.

		
	17.3
	The Company IP Rights that are material to the operation of the business of the Company:

		
	17.3.1
	are not subject to conditions as to use save as set out in licences disclosed pursuant to paragraph 17.2.2;

		
	17.3.2
	are not the subject of any rights held by any employee, consultant or any other member of staff;

		
	17.3.3
	to the extent that they comprise rights in respect of patents:

		
	(a)
	have been protected insofar as all goods which are protected by any such patent are (or their packaging is) marked to show the patent numbers concerned; and

		
	(b)
	have not been exploited in such a way that an order may be made under the Patents Act 1977 section 49;

		
	17.3.4
	to the extent that they relate to inventions capable of protection by the grant of a patent, have not been disclosed in such a way as to prejudice the grant of a patent.

		
	17.4
	The Sellers have provided the Buyer with representative copies of all categories of licence pursuant to which the software products of the Company are licensed by the Company to customers and end users as at the date of Completion.  So far as the Sellers are aware, no party to any such licence or arrangement is or has been in breach of it.

		
	17.5
	So far as the Sellers are aware, the Company IP Rights which were developed specifically for use by the Company (other than in respect of any Bespoke Software):

		
	17.5.1
	have been developed exclusively by employees of the Company within the course of their employment; or

		
	17.5.2
	to the extent not so developed, have been transferred absolutely to the Company or licensed to it (in each case in writing), and any moral rights capable of being exercised in relation to them have been waived, on terms which allow the commercialisation of such Company IP Rights in accordance with the Company's business model.

		
	17.6
	So far as the Sellers are aware, the Company and the conduct of the Company’s business as conducted at Completion, does not infringe, has not in the three years preceding Completion infringed the rights of any third party in relation to any Intellectual Property.

		
	17.7
	So far as the Sellers are aware, no third party has outstanding any issued claim against the Company based on such third party’s Intellectual Property 

		
	17.8
	So far as the Sellers are aware, the Company IP Rights are not being and have not been infringed by any third party.

		
	17.9
	The Company has, so far as the Sellers are aware, not in the three years preceding Completion infringed and is not infringing any obligations of confidence which it owes to any third party.

		
	18.
	PROPERTIES

		
	18.1
	The Properties comprise the only freehold, commonhold, leasehold, licensed or other real estate property in any part of the world in which the Company has any estate, interest or right or which are otherwise occupied or used by the Company.

		
	18.2
	The particulars of each of the Properties set out in Schedule 7 are true and accurate in all respects.

		
	18.3
	The Company is in physical possession and actual occupation of the whole of each of the Properties on an exclusive basis for the purpose of the business of the Company.

		
	18.4
	The Company is solely entitled at law and in equity to the Properties and has good and valid title to them.

		
	18.5
	All necessary registrations in respect of the Properties and associated rights have been made.

		
	18.6
	The Company has in its physical possession free from any lien all of the deeds and documents necessary to prove the title of the Company to the Properties and the title deeds and documents are complete originals and where necessary and as appropriate are either (a) duly stamped or (b) are accompanied by a certificate from HMRC evidencing due submission of a land transaction return for the purposes of stamp duty land tax.

		
	18.7
	The Properties are not subject to or affected by any mortgage or charge (whether legal or equitable, fixed or floating), debenture, lien, pledge, security interest or other encumbrance including without limitation any which secure the payment of money or relate to any obligation or liability of any third party.

		
	18.8
	The Company has received no written notice of any dispute, claim, complaint or demand of any kind in relation to the Properties.

		
	18.9
	The Company has received no written notice in relation to any breaches of statutes, orders or regulations affecting the Properties and their use nor in relation to any outstanding requirements or recommendations of any competent authority.

		
	18.10
	The Properties are in a good state of repair and condition and will not require substantial expenditure in the foreseeable future.

		
	18.11
	In relation to the Properties which are leasehold, the Company has paid all sums due and has observed and performed the covenants and obligations on the part of the tenant and the conditions continued in the leases and the obligations contained in any licence or other document supplemental to or granted under any of the leases (none of which are onerous or unusual).

		
	19.
	DIRECTORS, EMPLOYEES AND WORKERS

		
	19.1
	The names of the Directors shown in paragraph 5 of Schedule 2 and in paragraph 5 of each part of Schedule 3 are true and complete and no person who is not named as a director in that paragraph is or is held out as a director or shadow director of the Company or the relevant Subsidiary (as the case may be).

		
	19.2
	Copies of all the terms of appointment or employment for each Director of the Company and of any Subsidiary (including any amendments to them) are Disclosed in the Disclosure Letter, and each such appointment is compliant with Section 188 Companies Act 2006.

		
	19.3
	The Disclosure Letter sets out (i) the names of all of the Employees and Workers of the Company and any Subsidiary and (ii) the principal terms of the employment or engagement for each such person, including:

		
	19.3.1
	the name of the company which employs or engages them;

		
	19.3.2
	their current remuneration (consisting of any entitlement to salary, fees, benefits, commission, bonus, allowances, premiums, performance-related pay, benefits in kind, or anything similar, whether contractual or discretionary, and whether provided for the benefit of the Employer or Worker or for the benefit of their dependants);

		
	19.3.3
	their job title and employment status;

		
	19.3.4
	the date of commencement of their employment or engagement and the date upon which their continuous employment commenced;

		
	19.3.5
	the length of notice required to terminate their employment or engagement, or, where the employment or engagement is for a fixed term, the date upon which the fixed term is to expire;

		
	19.3.6
	their date of birth;

		
	19.3.7
	any bespoke working arrangements, including details of any part-time or short-time working;

		
	19.3.8
	the governing law of the contract of employment or engagement.

		
	19.4
	There is Disclosed in the Disclosure Letter are copies of:

		
	19.4.1
	the current contracts of employment or engagement for each employee;

		
	19.4.2
	the standard written terms of employment for employees employed by the Company or any Subsidiary;

		
	19.4.3
	the terms of engagement applicable to each Worker; 

		
	19.4.4
	all handbooks and policies, and any other documents which relate to the terms and conditions of employment or engagement of any of the Employees or Workers; and

		
	19.4.5
	all agreements or arrangements with any trade union, employees representative or body of employees or their representatives whether binding or not, and details of any such unwritten agreements or arrangements which may affect any Employee or Worker.

		
	19.5
	All Employees are employed on the applicable standard written terms of employment for employees Disclosed in the Disclosure Letter.

		
	19.6
	Since the Accounts Date, no change has been made, offered or proposed by the Company or any Subsidiary to any of the material terms (including the remuneration, other emoluments or pension provision) of the appointment, employment or engagement of any Director, Employee, or Worker.  Neither the Company nor any Subsidiary has made any offer to change the terms of appointment, employment or engagement which is still outstanding or has not yet been accepted by the Director, Employee or Worker in question.

		
	19.7
	Neither the Company nor any Subsidiary has appointed, employed or engaged, nor made an offer to appoint, employ or engage any director, employee or worker or any other person to provide services to the Company or any Subsidiary where that offer has not yet been accepted, or where it has been accepted but the appointment, employment or engagement has not yet started.  

		
	19.8
	No Director, Employee or Worker has given or received notice terminating his or her appointment, employment or engagement.  No such notice of termination is pending, outstanding or has been threatened by the Company or any Subsidiary and, as far as 

the Sellers are aware, no such notice of termination from any Director, Employee or Worker is pending, outstanding or threatened. 
		
	19.9
	All contracts between the Company or a Subsidiary and any Director, Employee or Worker are terminable on not more than three months’ prior notice without compensation (other than statutory compensation or in respect of accrued salary and other emoluments).

		
	19.10
	There is not in force at the date of this Agreement any agreement to which the Company or any Subsidiary is party which provides that a change of control of the Company or the acquisition of the Company by the Buyer pursuant to the terms of this Agreement shall entitle any Director, Employee or Worker to any payment or benefit whatsoever or to terminate their employment or engagement with the Company or the relevant Subsidiary. 

		
	19.11
	Neither the Company nor any Subsidiary has made or agreed to make a payment or provided or agreed to provide a benefit to a Director or former Director, Employee or former Employee, Worker or former Worker or to any of their dependants in connection with the actual or proposed termination of employment or engagement or the variation of any of the terms of the contract of employment or engagement.

		
	19.12
	No amounts due to or in respect of any of the Directors, former Directors, Employees, former Employees, Workers or former Workers are in arrears or unpaid save for salary and benefits accruing in the current salary period in which this Agreement is entered into. 

		
	19.13
	In the two years preceding the date of this Agreement, in respect of each of the Employees, former Employees, Workers and former Workers all holiday pay for periods of holiday taken under regulation 13 of the Working Time Regulations 1998 has been calculated and paid in accordance with the Working Time Directive (2003/88/EC).

		
	19.14
	Neither the Company nor any Subsidiary is a party to, bound by, or proposing to introduce for the benefit of any Director, former Director, Employee, former Employee, Worker or former Worker or any of their associates or nominees, any incentive arrangement (including, without limitation, any share option or share award plan, commission, profit sharing or bonus scheme).

		
	19.15
	Full details of the bonus scheme currently operated by the Company are Disclosed in the Disclosure Letter and there are no other incentive schemes or arrangements (including, without limitation, any share option or share award plan, commission, profit sharing, or bonus scheme) established by any Group Company, any shareholder of the Company or any other person in which any Director, Employee or Worker (or former Director, Employee or Worker) or any of their associates or nominees participates or has participated.

		
	19.16
	Material details of all Employees and Workers who are absent from work for any reason (other than on paid annual holiday) and who are likely to be or have been absent for more than three consecutive weeks are disclosed in the Disclosure Letter, such details to include the reason for their absence and their likely return date, if known.

		
	19.17
	No dispute is outstanding or threatened in writing between the Company or any Subsidiary and any Director, Employee or Worker, any representative of any such person, or any former Director, Employee or Worker, nor are there, as far as the Sellers 

are aware, pending disputes nor any circumstances or grounds which may give rise to such a dispute.
		
	19.18
	There is no outstanding claim against the Company or any Subsidiary by any person who is a current or former Director, Employee or Worker and neither the Company nor any Subsidiary has incurred any actual liability which remains outstanding in connection with any termination of employment or engagement of any of its current or former Employees or current or former Workers, (including redundancy payments) or for a failure to comply with any order for the reinstatement or re-engagement of any Employee or former Employee.

		
	19.19
	No Employee or former Employee is currently, or has been within the period of six months before the date of this Agreement, subject to any disciplinary or capability process nor has any Employee or former Employee raised any grievance in relation to their employment.

		
	19.20
	No Employee is subject to a current or live disciplinary or capability sanction.

		
	19.21
	Every Director, Employee and Worker who requires permission to work in the United Kingdom has the necessary and appropriate current permission, a copy of which is Disclosed in the Disclosure Letter.  The Company and any Subsidiary have carried out the specified checks on employees’ original documents which would enable it or them to establish a statutory defence under the Immigration, Asylum and Nationality Act 2006.

		
	19.22
	The Company is not a party to any agreement, arrangement or negotiations with, or commitment to, any trade union, works council or staff association.

		
	19.23
	No request has been received by the Company or any Subsidiary and nor, to the best of the Sellers’ knowledge, information and belief, does any trade union, works council, staff association or group of employees propose submitting any such request:

		
	19.23.1
	pursuant to Part I of Schedule A1 to the Trade Union and Labour Relations (Consolidation) Act 1992 for recognition of any trade union; 

		
	19.23.2
	pursuant to Regulation 7 of the Information and Consultation of Employees Regulations 2004 to negotiate an agreement in respect of information or consultation; 

		
	19.23.3
	pursuant to Regulation 9 of the Transnational Information and Consultation of Employees Regulations 1999  to negotiate an agreement for a European Works Council or an information and consultation procedure; or

		
	19.23.4
	otherwise in relation to the possibility of establishing the representation of employees or workers.  

		
	19.24
	During the 12 months preceding the date of this Agreement, there has been no trade dispute, nor any industrial action by or in relation to the Employees or former Employees or any of them and, so far as the Sellers are aware, no industrial action is being or has been threatened, and no ballot for such action has been approved or arranged.

		
	19.25
	In the 24 months preceding the date of this Agreement, neither the Company nor any Subsidiary has:

		
	19.25.1
	given notice of redundancies to the relevant Secretary of State or started consultations with a trade union under Chapter II of Part IV of the Trade Union and Labour Relations (Consolidation) Act 1992 or failed to comply with its obligations under Chapter II of Part IV of that Act; or

		
	19.25.2
	been a party to a relevant transfer (as defined in the Transfer of Undertakings (Protection of Employment) Regulations 2006).

		
	19.26
	Neither the Company nor any Subsidiary has made or proposed any variations to the terms and conditions of employment or engagement of any Employee or Worker (or former Employee or former Worker) as a result of or connected with a relevant transfer (as defined in the Transfer of Undertakings (Protection of Employment) Regulations 2006.

		
	19.27
	Neither the Company nor any Subsidiary operates and has not operated, any custom, policy, practice or arrangement (whether contractual or non-contractual) pursuant to which:

		
	19.27.1
	employees who are redundant (within the meaning of section 139 of the Employment Rights Act 1996 and/or section 195 of the Trade Union and Labour Relations (Consolidation) Act 1992) are entitled to payments which are in excess of those required to be paid under Part XI of the Employment Rights Act 1996; or

		
	19.27.2
	there is a process to be followed by the Company or any Subsidiary in effecting any redundancy dismissals.

		
	19.28
	No subject access requests made to the Company or any Subsidiary pursuant to GDPR or Data Protection Act 1998 by any Employer or Worker, or any former Employee or Worker are outstanding and the Company and the relevant Subsidiary have complied with the provisions of the GDPR and the Data Protection Act 1998 in respect of all personal data held or processed by them relating to their Employees and Workers and former Employees and Workers. 

		
	19.29
	There are no loans to any Director, Employee or Worker, or former Director, Employee or Worker, made or arranged by the Company or any Subsidiary.

		
	19.30
	Neither the Company nor any Subsidiary has entered into any secondment arrangement in respect of any Employee or Worker. 

		
	19.31
	The Company and each Subsidiary has, in relation to each Director, Employee and Worker and to the best of the Sellers’ knowledge, information and belief, to each of its former Directors, Employees and Workers who was a Director, Employee or Worker at any time during the three month period immediately prior to the date of this Agreement:

		
	19.31.1
	complied with and performed all obligations and duties which are required to be performed (and settled all outstanding claims) whether or not legally binding and whether arising under contract, statute, treaty, directive, regulations, order, code of practice, collective agreement, custom and practice, at common law, in equity or otherwise;

		
	19.31.2
	complied with all recommendations made by the Advisory Conciliation and Arbitration Service and with all awards and declarations made by the Central Arbitration Committee; and

		
	19.31.3
	maintained current, adequate and suitable records..

		
	20.
	PENSIONS

		
	20.1
	The following words and expressions where used in this paragraph 20 shall have the meanings given to them below:

“Death in Service Benefit” means the Legal & General Death in Service benefit;
“Relevant Benefits” has the meaning given to it in section 393B(1) of the Income Tax (earnings and Pensions) Act 2003, with the omission of the exclusions set out in sections 393B(2) and 393B(3) of that Act; and
“Scheme” means the Rapide Communication Ltd Pension Plan.
		
	20.2
	Apart from under the Scheme and Death in Service Benefit, no obligation, agreement, arrangement or understanding (whether actual or contingent, contractual, under trust or otherwise) exists for the provision of Relevant Benefits for or in respect of any Director or Employee in connection with which the Company or any of the Subsidiaries is, or may become, liable to make any contribution or payment.

		
	20.3
	Material details of the Company's obligations and liabilities in relation to the Scheme and Death in Service Benefit have been Disclosed in the Disclosure Letter. 

		
	20.4
	All benefits payable, or prospectively or contingently payable, under the Scheme are “money purchase benefits” within the meaning of section 181(1) of the Pension Schemes Act 1993.

		
	20.5
	The Company has complied with its obligations under the Pensions Act 2008.

		
	20.6
	No Employee, and no former employee or officer of the Company, has any right to Relevant Benefits arising as a result of a transfer of their employment to a Group Company under either the Transfer of Undertakings (Protection of Employment) Regulations 1981 (as amended) or the Transfer of Undertakings (Protection of Employment) Regulations 2006.

		
	21.
	TAXATION

		
	21.1
	Compliance

		
	21.1.1
	Returns

The Company has duly and properly submitted all computations and returns (including all land transaction returns), supplied all information, made all statements and disclosures and given all notices to any relevant Tax Authority as required by law to be made for the purposes of Tax within any applicable time limits. All such returns, information, statements, disclosures and notices were made on a proper basis and were when submitted and remain at the date of this Agreement materially complete, correct and accurate in all respects.  So far as the Sellers are aware, none of these computations and returns is likely to be the subject of any dispute with any Tax Authority.
		
	21.1.2
	Payment

The Company has duly and punctually paid all Tax for which it has become liable to pay or account for the due date for payment of which has passed and the Company is not liable, nor has it within six years prior to the date of this Agreement been liable to make a payment under an accelerated payment notice or partner payment notice or to pay any penalty, interest, fine, surcharge or other payment in connection with any Tax. 
		
	21.1.3
	Disputes

The Company is not, nor has in the last six years been, involved in any dispute with any Tax Authority and is not, nor has in the last six years been, the subject of any investigation, non-routine audit, enquiry, notice, discovery, determination, assessment, visit or access order by any Tax Authority and, so far as the Sellers are aware, there are no facts or circumstances which make it likely that the Company will, in the foreseeable future, be the subject of any such investigation, non-routine audit, enquiry, notice, discovery determination, assessment, visit or access order.
		
	21.1.4
	Records

The Company has maintained and has in its possession or under its control all records and documentation which are required by law to be maintained for the purposes of Tax.
		
	21.1.5
	Claims and elections

The Company has duly submitted all claims, disclaimers, elections, surrenders and applications which have been assumed to have been made for the purposes of the Accounts and all such claims, disclaimers, elections, surrenders and applications were and remain valid. 
		
	21.1.6
	Clearances

No transaction, scheme or arrangement has been undertaken by the Company in respect of which any consent or clearance from any relevant Tax Authority was required without such consent or clearance being validly obtained on the basis of full and accurate disclosure of all material facts relating to the transaction, scheme or arrangement. Any transaction, scheme or arrangement in respect of which a clearance or consent has been obtained was implemented strictly in accordance with the terms of such clearance or consent and none of the clearances or consents have been withdrawn, nullified or rendered void.
		
	21.1.7
	Special arrangements

The Company’s liability to Tax during any accounting period (including the accounting period current at Completion) has not depended on any concession, agreement or other formal or informal arrangement (being concessions, agreements or arrangements which are not based on any relevant legislation, published extra-statutory concessions,  statements of practice or convention) operated by or agreed with any Tax Authority in relation to the Tax affairs of the Company.

		
	21.1.8
	Tax arising as a result of this agreement

The Company will not become liable to any Tax or lose any Relief or allowances otherwise available to it in consequence of Completion, entering into this Agreement or any other thing done pursuant to its terms.
		
	21.1.9
	Instalment payments

The Company is not required under the Corporation Tax (Instalment Payments) Regulations 1998, SI 1998/3175 to pay corporation tax by instalments.
		
	21.1.10
	Withholdings

The Company has duly and punctually complied with its obligations to deduct, withhold or retain all amounts of or on account of Tax at source from any payments made or deemed to have been made by it and has duly paid or accounted for such amounts as should have been made to any relevant Tax Authority in respect of such deductions or retentions and the Company has complied with all its reporting obligations to any relevant Tax Authority in connection with any such payments made or deemed to have been made.
		
	21.1.11
	Accounts

Full provision or reserve (as appropriate) has been made in the Accounts in accordance with generally accepted accounting principles in respect of any period ended on or before the Accounts Date for any liability to Tax (whether actual, deferred, contingent or disputed) assessed or liable to be assessed on the Company or for which it is accountable at the Accounts Date whether or not the Company has or may have any right or reimbursement against any other person including Tax in respect of income, profits or gains held, earned, accrued or received by or to any person on or before the Accounts Date or by reference to any event occurring, act done, or circumstances existing on or before the Accounts Date.
		
	21.2
	Position since the Accounts Date

		
	21.2.1
	Since the Accounts Date:

		
	(a)
	the Company has not been involved in any transaction other than on arm’s length terms;

		
	(b)
	no Event has occurred which has given or may give rise to a liability to Tax or which would have given or might give rise to such a liability but for the availability of any Relief other than a liability to Tax arising from the ordinary course of its business as carried on at the Accounts Date;

		
	(c)
	the Company has not made any payments of a revenue nature in excess in aggregate of £5,000 (or incurred any liability to make any such payment) which has not been and will or may not be allowable in full for corporation tax purposes or which could be disallowed as a deduction or set-off in computing the taxable profits of the Company or as a charge on the Company’s income;

		
	(d)
	the Company has not declared or paid any dividend or made any other distribution or deemed distribution for Tax purposes except as provided for in the Accounts and nor is the Company required to make any such distribution;

		
	(e)
	no accounting period (as defined in CTA 2009, Pt 2, Ch 2) of the Company has ended;

		
	(f)
	the Company has not ceased to be a member of a group for tax purposes; and

		
	(g)
	the Company has not been a party to any transaction whereby the Company was or is or could become liable to stamp duty reserve tax.

		
	21.3
	Corporation tax

		
	21.3.1
	Transfer pricing

All transactions entered into by the Company have been entered into on an arm’s length basis and consideration (if any) charged or received or paid by the Company on all transactions entered into by it has been equal to the consideration which would have been expected to be charged, received or paid between independent persons dealing at arm’s length. No notice has been issued or enquiry initiated by any relevant Tax Authority in connection with any transactions entered into by the Company and the Company has retained all records, contemporaneous documents and other evidence which are sufficient to satisfy any requirement to the extent required by law that any transaction to which it was a party was entered into on arm’s length terms or which relate to its transfer pricing arrangements and are required to be retained by any relevant law.
		
	21.3.2
	Loan relationships

The Company is not party to any loan relationship as defined in CTA 2009, Part 5 which may give rise to debits or credits other than those in respect of which the interest is taxable or deductible on an amortised cost basis.
		
	21.3.3
	Derivative contracts

The Company is not party to any derivative contract as defined in CTA 2009, Part 7 which may give rise to debits or credits other than those in respect of which the interest is taxable or deductible on an amortised cost basis.
		
	21.3.4
	Patent box

The Company does not hold, and has not held, any right to which CTA 2010, Pt 8A applies (including an exclusive licence within the meaning of CTA 2010 Section 357BA).
		
	21.3.5
	Capital allowances

All necessary conditions for all capital allowances claimed by the Company were at all times satisfied and remain satisfied.

		
	21.4
	Secondary liabilities

		
	21.4.1
	Secondary liability

		
	(a)
	No transaction, act, omission or event has occurred in consequence of which the Company is or may be held liable for any Tax or deprived of any Relief where some other company or person is primarily liable for the Tax in question (whether by reason of any such company being or having been a member of the same group of companies or otherwise).

		
	(b)
	No transaction, act, omission or event has occurred which has resulted or could result in any charge, lien, security interest, encumbrance or other third party right arising over any of the Company’s assets in respect of unpaid Tax.

		
	21.4.2
	Indemnities

The Company has not entered into any indemnity, guarantee or covenant under which the Company has agreed to pay or discharge any other person’s liability to Tax (or any amount equivalent to Tax).
		
	21.5
	Anti-avoidance

		
	21.5.1
	Tax schemes

The Company has not entered into nor been a party to nor otherwise been involved in any scheme, arrangement, transaction or series of transactions:
		
	(a)
	designed wholly or mainly, or containing steps or stages having no commercial purpose and designed wholly or mainly, for the purposes of avoiding, deferring or reducing a liability to Tax or amounts to be accounted for to a Tax Authority;

		
	(b)
	the main benefit or purpose or one of the main benefits or purposes of which was the avoidance or reduction of Tax or the relief from Tax or the repayment of Tax or the obtaining of a tax advantage; 

		
	(c)
	that has been or could be counteracted under Finance Act 2013, Part 5;

		
	(d)
	forming part of notifiable arrangements (within the meaning given by Finance Act 2004, Section 306) or in respect of which disclosure has been made or is required to be made to any Tax Authority under any other relevant legislation (including, in relation to indirect taxes, VATA 1994, Sch 11A or Finance (No 2) Act 2017, Sch 17) requiring the disclosure of tax avoidance schemes;

		
	(e)
	in respect of which the Company may be liable to Tax under the principles set out in W.T. Ramsey Limited v IRC or Furniss v Dawson as developed in subsequent cases;

		
	(f)
	that has been or could be counteracted under Finance Act 2003, Sections 75A–75C; or

		
	(g)
	which was a marketed tax avoidance scheme for the avoidance or deferral of tax.

		
	21.5.2
	Transactions in securities

The Company has not become liable for Tax nor has it received and will not receive or be the subject of or be adversely affected by any claim or assessment for Tax arising under or imposed by or resulting from the operation of CTA 2010, Part 15 or ITA 2007, Part 13, Ch 1 whether alone or in conjunction with any other provisions of Tax law and which wholly or partly results or arises from or is computed by reference to circumstances existing or events occurring at any time on or before the date of this Agreement whether alone or in conjunction with other circumstances arising before or after Completion.
		
	21.5.3
	Tax fraud

The Company has not been party to any transaction within Taxes Management Act 1970 Section 106A (Offence of fraudulent evasion of income tax).
		
	21.6
	Close companies

		
	21.6.1
	Loans to participators

The Company has not at any time made any loan advance or payment or given any consideration falling within any of chapters 3, 3A or 3B of Part 10 of CTA 2010.
		
	21.6.2
	Distributions

The Company has not at any time made any payments or conferred any benefits falling to be treated as distributions under CTA 2010 Sections 1064 to 1069.
		
	21.6.3
	Close investment holding company

The Company has not at any time been a close investment company as previously defined by CTA 2010 Section 34.
		
	21.7
	International

		
	21.7.1
	Residence

The Company is and always has been solely resident for Tax purposes in the territory in which it was incorporated and has never been resident in any other territory or treated as so resident for any Tax purposes or any double tax treaty. The Company does not have a permanent establishment or other taxable presence, and has at no time incurred any liability to Tax, in any jurisdiction other than that in which it was incorporated. The Company is not liable to register with any Tax Authority outside of the territory in which it was incorporated for the purposes of paying or administering any Tax. The Company is not an agent or permanent establishment of any other person 

for the purposes of assessing that other person to Tax in the territory in which the Company is resident for Tax purposes.
		
	21.8
	Employees

		
	21.8.1
	Remuneration

Neither the Company nor any employee benefit trust or other third party has made, or agreed to make, any payment to or provided, or agreed to provide, any benefit (other than in respect of entertaining) for or on behalf of any employee, ex-employee, officer or ex-officer which is not allowable as a deduction in calculating the profits of the Company for Tax purposes.
		
	21.8.2
	Disguised remuneration

The Company is not, and could not become, liable to make a payment of Tax under ITEPA 2003, Part 7A in respect of any relevant arrangement (as defined in ITEPA 2003 Section 554A) entered into before the date of this Agreement.
		
	21.8.3
	Employment schemes

The Company does not currently operate, and has not at any time operated, any profit sharing, share option, share incentive or bonus schemes or other employment-related schemes or arrangements for the benefit of its current or former officers or employees and no employment-related securities or securities options in relation to which the Company is, has been or will be the employer have at any time been acquired by any person.
		
	21.8.4
	Employment-related securities

		
	(a)
	No restricted securities or restricted interests in securities (within the meaning of ITEPA 2003 Section 423) in relation to which the Company is, has been or will be the employer have at any time been acquired by any person. 

		
	(b)
	The Company will not become liable to pay any Tax as a result of the application of ITEPA 2003, section 447 to any benefit received after Completion in respect of employment-related securities acquired prior to Completion as a result of anything done prior to Completion (including, for the avoidance of doubt, as a result of the operation after Completion of any rights attached to such securities at the date of Completion).

		
	(c)
	The Company has duly and within any appropriate time limits provided HMRC with particulars of all reportable events in accordance with ITEPA 2003 Sections 421J–421L which have occurred prior to the date of Completion.

		
	21.9
	Inheritance tax

		
	21.9.1
	The Company is not and will not become liable to be assessed to inheritance tax as donor or donee of any gift or transferor or transferee of value (actual or deemed) nor as a result of any disposition chargeable transfer or transfer 

of value (actual or deemed) made by or deemed to be made by any other person.
		
	21.9.2
	There is no unsatisfied liability to inheritance tax attached or attributable to the Shares or any asset of the Company and in consequence no person has the power to raise the amount of such Tax by sale or mortgage of or by a terminable charge on any of the Shares or assets of the Company under Inheritance Tax Act 1984 Section 212 and none of the Shares or assets of the Company are subject to a charge under Inheritance Tax Act 1984 Section 237.

		
	21.10
	Value added tax

		
	21.10.1
	The Company is a taxable person for the purposes of VATA 1994 and all regulations, orders, notices and other provisions made under such legislation (or the equivalent Tax legislation in any relevant jurisdiction) (the “VAT legislation”) and is duly registered for the purposes of VAT.

		
	21.10.2
	The Company is not and has not at any time been treated as a member of a group of companies for the purposes of any relevant VAT legislation and no application has ever been made for the Company to be so treated and no circumstances exist whereby the Company would or might become liable for VAT as an agent or otherwise.

		
	21.10.3
	The Company has complied in all respects with the requirements and provisions of the relevant VAT legislation and has made, given, obtained and maintained accurate, complete and up-to-date records, invoices, accounts and other documents appropriate, required or necessary for the purposes of the VAT legislation. The Company has not been subject to any penalty, interest, forfeiture, fine or surcharge in respect of VAT and no circumstances exist whereby the Company would or might become liable for any such penalty, interest, forfeiture, fine or surcharge.

		
	21.10.4
	The Company has at all times punctually paid and made all payments and submitted all returns required under the VAT legislation. The Company has not been required by any relevant Tax Authority to give security for any VAT purpose and no warning pursuant to VATA 1994 Section 76(2) or notice pursuant to VATA 1994 Section 77A has been served on the Company and no circumstances exist whereby such warning or notice would or might be served on the Company.

		
	21.11
	Stamp duties and stamp duty land tax

		
	21.11.1
	Stamp duty

		
	(a)
	All documents which establish or are necessary to establish or evidence the rights or title of the Company to any asset or in the enforcement of which the Company is or may be interested, in the United Kingdom or elsewhere, have been duly and properly stamped with the correct amount of stamp duty and all such duty together with any interest and penalties have been duly paid. No such documents which are outside of the United Kingdom at Completion 

would attract stamp duty if they were brought into the United Kingdom.
		
	(b)
	The Company has not made a claim for relief from stamp duty under Finance Act 1930, s 42 within the period of six years.

		
	21.11.2
	Stamp duty land tax

		
	(a)
	The Company has duly and punctually paid all Stamp Duty Land Tax which has arisen as a result of a land transaction (within the meaning given in Finance Act 2003, Part 4) entered into on or before Completion and all land transaction returns have been properly submitted.

		
	(b)
	In relation to the Properties, the Company is not and has not been party to any land transaction in respect of which the Company could at any time on or after Completion be required to pay any stamp duty land tax under any provisions of any law and, in particular, under:

		
	(i)
	Finance Act 2003 Section 80 (Adjustment where contingency ceases or consideration is ascertained);

		
	(ii)
	Finance Act 2003 Section 81 (Further return where relief withdrawn) and Finance Act 2003, Sch 7 (Group relief and reconstruction and acquisition reliefs);

		
	(iii)
	Finance Act 2003 Section 81A (Return or further return in consequence of linked transaction);

		
	(iv)
	Finance Act 2003, Sch 17A, para 11 (Cases where assignment of lease treated as grant of lease); or

		
	(v)
	Finance Act 2003, Sch 17A, para 14 (Increase in rent treated as grant of new lease: abnormal increase after fifth year).

		
	(c)
	The Company does not at the date of this Agreement hold any estate or interest in land in the UK or any estate or interest which is derived from such an estate or interest that was acquired by it whether by instrument or not within three years prior to the date of this Agreement such acquisition (or instrument) having been exempt from stamp duty land tax on the basis that any relief under Finance Act 2003, Sch 7 (Group relief and reconstruction and acquisition reliefs) applied.

		
	21.12
	Construction Industry Scheme

The Company is not, and has never been, required to register as a ‘Contractor’ as defined by Finance Act 2004 section 59.

SCHEDULE 6    
Limitations on liability

		
	1.
	Subject always to Clause 6.8, the Buyer agrees with the Sellers that any claim by the Buyer in respect of any breach of the Warranties or under the Tax Covenant (a “Claim”) shall be governed by and shall be dealt with in accordance with the following provisions of this Schedule.  Where it is necessary to determine whether a monetary limit or threshold set out in this Schedule 6 or the Tax Covenant has been reached or exceeded (as the case may be), the value of the relevant Claim or any of the relevant Claims shall not include any liability in respect of the costs and expenses incurred in association with that Claim or Claims.

		
	2.
	The liability of the Sellers in respect of any Claim and claims under the Indemnities shall be limited as follows:

		
	2.1
	there shall be disregarded for all purposes (including, for the avoidance of doubt, the application of the de minimis threshold in paragraph 2.2) any breach of a Warranty in respect of which the amount which the Buyer would otherwise (but for the provisions of this paragraph 2.1) be entitled to recover would be less than £5,000;

		
	2.2
	the Buyer shall not be entitled to recover any amount in respect of a breach of the Warranties unless the amount recoverable, when aggregated with all other amounts recoverable for breach of the Warranties, exceeds £250,000, in which event this limitation shall cease to apply and the whole of such amounts shall be recoverable and not merely the excess over £250,000; 

		
	2.3
	the aggregate liability of the Sellers in respect of all and any Claims and claims under the Indemnities shall be limited to and shall in no event exceed the aggregate of the amount of Consideration actually paid to the Sellers (or deemed to have been received in accordance with Clauses 4.1.4; 4.1.5 and 4.1.6) at the date of the Claim and any of the Holdback Amount which has not been paid to the Buyer in satisfaction for any claim thereunder;

		
	2.4
	the liability of:

		
	2.4.1
	the Majority Sellers shall be limited to the aggregate of the amount of Consideration actually paid to the Majority Sellers, for which they are jointly and severally liable;

		
	2.4.2
	each of the Category A Sellers shall be limited to the amount of Consideration set against his or her name in column 4 of Part 1 of Schedule 1 (in respect of the Existing Shareholders) and column 4 of Part 2 of Schedule 1 (in respect of the Share Option Holders who are not Category B Sellers), for which they are severally liable;

		
	2.4.3
	each Category B Seller shall be limited to the relevant Sellers’ Holdback Amount for each such Seller, for which they are severally liable; and

		
	2.5
	the amount payable by each relevant Seller in respect of each Claim and claim under the Indemnities arising against such Seller shall be limited to that Seller's Proportionate Liability Amount. Each Seller's “Proportionate Liability Amount” shall be the amount by which that Seller's Respective Proportion bears to the aggregate Respective Proportions of all Sellers to which such Claim or claim under the Indemnities relates 

(“Relevant Sellers”) until such point as any provision in this paragraph 2 limits the liability of any Relevant Seller in respect of such Claim or claim under the Indemnities. At such point, the Proportionate Liability Amount of the Relevant Sellers whose liability has not yet been limited (“Other Relevant Sellers”) shall be adjusted, so that for any part of such Claim or claim under the Indemnities not satisfied (“Residual Liability”), their Proportionate Liability Amount in respect of such Residual Liability shall be the amount by which that Relevant Seller's Respective Proportion bears to the aggregate Respective Proportions of all Other Relevant Sellers whose liability has not yet been limited. Such process of adjustment shall repeat itself each time any provision in this paragraph 2 limits the liability of any Other Relevant Seller until the relevant Claim or claim under the Indemnities has been satisfied in full or the liability of all Relevant Sellers has been limited under this paragraph 2. For the avoidance of doubt:
		
	2.5.1
	if only one Seller is liable in respect of a Claim, that Seller's Proportion Liability Amount shall be the full amount of such Claim; and

		
	2.5.2
	where the liability of the Majority Sellers is joint and several, such Majority Sellers shall continue to be jointly and severally liable for the Proportionate Liability Amount of each other Majority Seller.

		
	3.
	The Category B Sellers shall cease to have any liability for breach of any of the Warranties or under the Tax Covenant 12 months after Completion except in respect of a Claim of which the Buyer gives notice to the Sellers' Representative before such date.  Without prejudice to the foregoing, when giving such notice, the Buyer shall specify, in such detail as is reasonably available to it at that time, the nature of the potential liability and, so far as is practicable, the amount likely to be claimed in respect of it.

		
	4.
	The Majority Sellers and the Category A Sellers shall cease to have any liability:

		
	4.1
	for breach of any of the Warranties 18 months after Completion; and

		
	4.2
	for breach under the Tax Covenant on the fifth anniversary of Completion and, for the avoidance of doubt, a Claim under the Tax Covenant may be made at any time up to the fifth anniversary of Completion and any defence to such Claim such Sellers may have under the Limitation Act 1980 is excluded,

except in respect of a Claim of which the Buyer gives notice to the Sellers' Representative before the relevant date.  Without prejudice to the foregoing, when giving such notice, the Buyer shall specify, in such detail as is reasonably available to it at that time, the nature of the potential liability and, so far as is practicable, the amount likely to be claimed in respect of it.
		
	5.
	The Sellers shall cease to have any liability under the Indemnities four years after Completion, except in respect of a claim under the Indemnities of which the Buyer gives notice to the Sellers' Representative before such date.  Without prejudice to the foregoing, when giving such notice, the Buyer shall specify, in such detail as is reasonably available to it at that time, the nature of the potential liability and, so far as is practicable, the amount likely to be claimed in respect of it.

		
	6.
	The relevant Sellers shall cease to have any liability in respect of breach of any of the Fundamental Warranties 90 days after the sixth anniversary of the Completion Date except in respect of a Claim of which the Buyer gives notice to the Sellers' Representative 

before such date. Without prejudice to the foregoing, when giving such notice, the Buyer shall specify, in such detail as is reasonably available to it at that time, the nature of the potential liability and, so far as is practicable, the amount likely to be claimed in respect of it.
		
	7.
	Any Claim or claim under the Indemnities which has been notified to the Sellers' Representative in accordance with paragraphs 3, 4, 5 or 6 shall (if it has not been previously satisfied, settled or withdrawn) be deemed to have been waived or withdrawn by the Buyer unless court proceedings in respect of it shall then have been issued and served on the relevant Sellers by the date which is 9 months from the date on which the Buyer serves notice on the Sellers' Representative in accordance with such clause. The time limits in this paragraph 7 shall not limit any Claim or claim under the Indemnities in respect of a liability which is contingent or unascertained where written notice of the Claim or claim under the Indemnities is given to the Sellers' Representative before the expiry of the relevant periods specified in paragraphs 3, 4, 5 or 6, and the time limit in this paragraph 7 shall be extended so that the time limit for issuing and serving proceedings expires on the date which is 12 months from the date on which the relevant liability ceases to be contingent or becomes capable of being quantified (as the case may be).

		
	8.
	The Sellers shall have no liability in respect of any claims by the Buyer in respect of any breach of the Warranties:

		
	8.1
	to the extent that the claim in question arises, or is increased, as a result of any increase in rates of Taxation or any change in the law or published practice of a Tax Authority made after the date of this Agreement with retrospective effect; or

		
	8.2
	to the extent that loss or liability:

		
	8.2.1
	is recovered under a policy of insurance or otherwise at no cost to the Buyer or the Company; or 

		
	8.2.2
	would have been recoverable under such a policy by the Company but for any substantial change in the terms of the relevant insurance after Completion; or

		
	8.3
	in respect of any matter or liability paid or satisfied on or before the Accounts Date where that payment or satisfaction is specifically and expressly reflected in the Accounts; or

		
	8.4
	in respect of any matter or liability for which a provision or reserve was made, or which was disclosed or noted, in the Completion Accounts (in which case the liability of the Sellers shall only be limited to the extent of such provision or reserve); or

		
	8.5
	if it would not have arisen or occurred but for an act, omission or transaction of the Buyer, the Company any of the Subsidiaries or any of their respective directors, employees or agents:

		
	8.5.1
	which occurred before Completion on the decision or at the request of the Buyer; or

		
	8.5.2
	after Completion outside the ordinary course of business and otherwise than under a legally binding commitment of the Company created before Completion; or 

		
	8.6
	resulting from or incurred by a change after Completion in the accounting policies or practices of the Buyer or the Company or any of the Subsidiaries applied in preparing any accounts or valuing any assets or liabilities of the Company or any of the Subsidiaries from those used in preparing the Accounts save where the Accounts were not prepared in accordance with applicable law and regulation; or

		
	8.7
	which would not have arisen or would have been reduced (to the extent of the relevant reduction) or eliminated but for the failure or omission on the part of the Company, the Subsidiaries or the Buyer to make any claim, election, surrender or disclaimer or to give any notice or consent or to do any other thing under the provisions of any legislation after Completion the making giving or doing of which was taken into account in computing any provision in the Accounts or Completion Accounts and where such provision is specific and the purpose for such provision is expressly stated, provided that the need to make such election, claim, surrender or disclaimer or to give any notice or consent has been notified to the Buyer in writing within a reasonable time of the need to make such election, claim, surrender or disclaimer, or give any notice or consent.

		
	9.
	If any matter comes to the notice of the Buyer, the Company or any of the Subsidiaries which may give rise to a liability under the Warranties or the Indemnities, the Buyer shall (or shall procure that the Company shall):

		
	9.1
	as soon as reasonably practicable give notice of that matter to the Sellers' Representative, specifying in such detail as is reasonably available to it at that time the nature of the potential liability and, so far as is practicable, the amount likely to be claimed in respect of it;

		
	9.2
	consult with, and take reasonable notice of the representations of, the Sellers' Representative before making any admission of liability, agreement or compromise with any person, body or authority in relation to that matter;

		
	9.3
	in respect of any third party claim which may give rise to a liability under the Warranties or Indemnities (but not otherwise):

		
	(a)
	give the Sellers' Representative and his professional advisers reasonable access at any reasonable times to any relevant documents and records within the power or control of the Buyer and/or the Company or any of the Subsidiaries so as to enable the Sellers' Representative and his professional advisers to examine such documents and records and to take copies at their own expense, save where to do so would or might reasonably breach or endanger the Buyer’s or any Group Company of the Buyer’s legal privilege in any such documents or records or any obligations of confidentiality owed to a third party;

		
	(b)
	take such action as the Sellers' Representative may reasonably request to avoid, dispute, resist, compromise or defend any claim arising out of the matter in question, save where the Buyer reasonably considers that any such action would prejudice the legitimate interests of the Company and the Subsidiaries and the goodwill attaching to its or their businesses and subject to the Majority Sellers indemnifying the Buyer and/or the Company to the Buyer’s reasonable satisfaction against any liability, costs, damages or expenses which may be thereby incurred.

		
	9.4
	In this paragraph 9.4 “Third Party Recovery Right” means any right to which the Buyer or the Company is or becomes entitled (whether under any insurance or by way of 

payment, discount, credit, set off, counterclaim or otherwise) to recover from any third party any sum in respect of any loss, damage or liability which is or may be the subject of a Claim for breach of the Warranties. If the Buyer becomes aware of any circumstances that may reasonably give rise to a Claim against any or all of the Sellers and a Third Party Recovery Right exists or may exist in relation to such circumstances, the Buyer shall:
		
	9.4.1
	give notice to the Sellers' Representative as soon as reasonably practicable after (and in any event within ten Business Days of) the Buyer becoming aware of the relevant Third Party Recovery Right;

		
	9.4.2
	keep the Sellers' Representative promptly informed to a reasonable extent as to the progress of any attempts by the Buyer or the Company or any Subsidiary in enforcing such Third Party Recovery Right; 

		
	9.4.3
	provide the Sellers' Representative with a reasonable opportunity (having regard to the urgency of the Third Party Recovery Right) to consider the matter and recommend how the Buyer and the Company and Subsidiaries (as applicable) should proceed in order to mitigate any loss or liability of the Company or the Subsidiaries, provided that the Buyer shall determine in its sole discretion (subject always to its duty to mitigate its loss) how it and the Company or the Subsidiaries should proceed;

		
	9.4.4
	ensure that if any sum shall be recovered by the Buyer or the Company from a third party under a Third Party Recovery Right, any Claim for breach of the Warranties by the Buyer in respect of any loss, damage or liability to which the sum relates shall be reduced (without prejudice to any other limitations on the liability of the Sellers referred to in this Schedule 6) by the amount of the sum recovered from the third party after deducting from it all reasonable and properly incurred costs, charges and expenses incurred and not otherwise recovered by the Buyer or the Company or the Subsidiaries (as the case may be) in recovering that sum from the third party.

		
	10.
	If any of the Sellers shall have made any payment in respect of a Claim or the Indemnities and the Company or any of the Subsidiaries shall receive a benefit or refund or otherwise recover an amount in respect of the matter giving rise to the Claim or claim under the Indemnities which the Sellers can demonstrate was not taken into account in computing the liability of the Sellers in respect of that Claim or claim under the Indemnities and would have reduced that liability had it been taken into account, then unless payment of that benefit or refund has already been made by the Buyer to the relevant Sellers the Buyer shall forthwith repay to the relevant Sellers a sum corresponding to that benefit or refund or recovery as the case may be, save that where the benefit is a Specified Saving then the Tax Covenant takes precedence over this paragraph.

		
	10.1
	Nothing contained in this Agreement shall result in the Sellers or any of them being liable to the Buyer in respect of any indirect consequential losses flowing from the breach of the Warranties, the Indemnities or the Tax Covenant.

		
	10.2
	Nothing contained in this Agreement shall have the effect of relieving the Buyer or the Company or any of the Subsidiaries from any common law duty to mitigate any loss or damage suffered by it or them.

		
	10.3
	The Sellers shall not be liable more than once in respect of any loss, damage or liability, whether by reason of both a claim under the Warranties, Indemnities or the Tax Covenant being made or otherwise.

SCHEDULE 8    
Tax Covenant
1    DEFINITIONS AND INTERPRETATION
		
	1.1
	Notwithstanding Clause 1 of this Agreement, in the event of any conflict between the provisions of this Schedule and the rest of this Agreement, the provisions of this Schedule will take precedence in respect of all matters relating to Tax.

		
	1.2
	In this Schedule, unless the context provides otherwise:

	
	
	Accounts Relief: any Relief to the extent that Relief is taken into account in the Completion Accounts as an asset of the Company or in computing any provision for deferred Tax or in reducing or extinguishing any provision for deferred Tax made or which would, but for the Relief, have been made in the Completion Accounts;

	Actual Tax Liability: any liability to make an actual payment or increased payment of Tax or on account of or in respect of Tax (whether or not such liability is a primary liability of the Company and whether or not the person so liable has or may have any right of indemnity or reimbursement against any other person) and the amount of the Tax Liability is set out in paragraph 6 (Payments under this Schedule);

	Buyer’s Tax Group: means:
(a)    the Buyer; and
(b)    any other company (including the Company) or companies which are treated as a member of the same group as, or otherwise connected or associated in any way with, the Buyer for any Tax purpose from time to time;

	Buyer’s Relief means:
(c)    any Accounts Relief;
(d)    any Relief arising to the Company in respect of any period (or part of any period) or Event occurring or deemed to occur after Completion; and
(e)    any Relief arising to any member of the Buyer’s Tax Group (other than the Company) whenever such Relief arises;

	Deemed Tax Liability:
(f)    the Loss of any Accounts Relief which is a right to repayment of Tax;
(g)    the Loss of any Accounts Relief, other than a right to a repayment of Tax; and
(h)    the use, setting off or deduction in whole or in part of any Buyer’s Relief against income, profits or gains earned, accrued or received on or before Completion or in respect of any period ended on or before Completion or against any Tax arising in respect of an Event occurring on or before Completion or in respect of any period ended on or before Completion where the use, setting off or deduction of that Buyer’s Relief has the effect of reducing or eliminating an Actual Tax Liability of the Company which would but for such use, setting-off or deduction, have given rise to a claim by the Buyer against the Sellers under this Schedule, 
and, in each case, the amount of the Tax Liability is set out in paragraph 6 (Payments under this Schedule);

	Event: any event, transaction, act or omission and any event which is deemed to have occurred or is treated or regarded as having occurred for the purposes of Tax;

	
	
	Loss: in relation to an Accounts Relief, the loss, denial, disallowance, clawback, counter-action, modification or reduction or failure to obtain in whole or in part of that Accounts Relief and derivative words (such as Lost) shall be construed accordingly;

	Overprovision:
(i)    any liability for, or in respect of, Tax (other than any liability in respect of deferred Tax) which has been overstated in the Completion Accounts; and
(j)    any contingency or provision for, or in respect of, Tax in the Completion Accounts proves to be overstated;

	Refund: any repayment or right to a repayment of Tax which the Company is or becomes entitled to or receives in respect of an Event occurring on or before Completion or in respect of any period ended on or before Completion where or to the extent such repayment was not included as an asset in the Completion Accounts;

	Relief: any relief, loss, allowance, credit, debit, charge, expense, exemption, set off or any deduction in computing, reducing or eliminating Tax or profits, income or gains of any description or from any source for the purposes of Tax and any right to a repayment of Tax;

	Sellers’ Relief: any Relief other than a Buyer’s Relief;

	Specified Saving: a payment, Relief or saving obtained by the Company as a result of a payment by the Sellers under this Schedule or the Tax Warranties which would not have arisen but for the payment received from the Sellers provided that an amount shall only be a Specified Saving if it gives rise to an actual saving of Tax and not merely a saving arising from timing differences;

	Specified Saving Amount: the amount of Tax, on the basis of the tax rates current at the Accounts Date, that has been saved by the Company as a result of the Specified Saving, less any reasonable costs of recovering or obtaining such Specified Saving and less any Tax suffered by the Company or the Buyer which would not have been suffered at that time but for the Specified Saving;

	Straddle Period: the accounting period of the Company beginning before Completion and ending after Completion;

	Tax: any and all forms of taxation, levy, contributions, duty, impost, charge, tariff, withholding, deduction, rate and governmental charge (whether national or local) in the nature of tax whenever created, enacted or imposed and whether of the United Kingdom or elsewhere, and any amount payable to any Tax Authority or any other person as a result of any enactment relating to tax but excluding general or business rates, together with all penalties, charges, surcharges, fines and interest regardless of whether such taxes, penalties, charges, surcharges, fines and/or interest are directly or indirectly or primarily chargeable or attributable to the Company;

	Tax Assessment:
(k)    any claim, notice, demand, assessment, letter, determination or other document issued or action taken by or on behalf of a Tax Authority or any other circumstance whereby it appears to the Buyer that the Company is, or may become, subject to a Tax Liability and whether or not such Tax Liability is primarily or directly payable by or attributable to the Company; and
(l)    any self-assessment made by the Company in respect of any Tax Liability which it considers that it is, or may become, liable to pay;

	Tax Authority: any taxing, fiscal or other authority (wherever situated) competent to impose, collect or enforce any liability to Tax, including HMRC;

	
	
	Tax Claim: any Tax Assessment that comes to the attention of the Buyer or the Company from which it appears that the Sellers are, or may become, liable to the Buyer under paragraph 2 (Covenant by the Sellers) of this Schedule or for a breach of the Tax Warranties;

	Tax Liability: any Actual Tax Liability or any Deemed Tax Liability;

	Tax Notice: has the meaning given in paragraph 8.1.1;

	Tax Statute: any directive, statute, enactment, law or regulation wherever enacted or issued, coming into force or entered into providing for or imposing any Tax and shall include orders, regulations, instruments, bye-laws or other subordinate legislation made under the relevant statute or statutory provision and any directive, statute, enactment, law, order, regulation or provision which amends, extends, consolidates or replaces the same or which has been amended, extended, consolidated or replaced by the same;

	Tax Warranties: the warranties relating to Taxation set out in paragraph 21 of Schedule 5 to this Agreement; and

	VAT: value added tax and any equivalent tax on the sale of goods and supply of services.

		
	1.3
	References to an Event on or before a particular date or in respect of a particular period include Events which are for the purposes of Tax deemed to have occurred at or before that date or in respect of that period.

		
	1.4
	References to any Statute shall include any supplementary, subordinate or amending legislation and any consolidating or rewritten legislation.

		
	1.5
	For the purposes of this Schedule and in particular for computing any Tax Liability or Relief and for determining whether and to what extent a Tax Liability or a Relief relates to a pre- or post-Completion period, an accounting period of the Company shall be deemed to have ended on the Completion Date and the Completion Date shall be deemed to be an accounting date of the Company.

		
	1.6
	Any reference in this Schedule to any Seller making a payment to the Buyer shall be deemed to include any payment made (or the liability of such Seller to pay an amount to the Buyer being satisfied) by way of the Buyer having recourse to any part of the Holdback Amount in accordance with Clause 5.

2    COVENANT BY THE SELLERS
Subject to paragraph 3 (Exclusions and limitations of liability), the Sellers hereby covenant to pay to the Buyer an amount equal to:
		
	2.1
	any Actual Tax Liability of the Company arising in respect of or in consequence of an Event which occurred on or before Completion (or in respect of any period on or before) Completion;

		
	2.2
	any Actual Tax Liability which is primarily the liability of a person other than the Company or a member of the Buyer’s Tax Group (the “Primary Person”) for which the Company is liable as a consequence of:

		
	2.2.1
	the Primary Person failing to discharge such Tax Liability; and

		
	2.2.2
	the Company, at any time on or before Completion, being a member of the same group of companies as, in control of, controlled by, or otherwise connected or associated with the Primary Person or being controlled by the same person as the Primary Person, in each case for the purposes of any Tax;

		
	2.3
	the value of a Deemed Tax Liability;

		
	2.4
	any Actual Tax Liability which the Company is liable to account for in respect of:

		
	2.4.1
	any option or other right granted on or before Completion to acquire securities;

		
	2.4.2
	the exercise of any option or other right granted on or before Completion to acquire securities;

		
	2.4.3
	any employment-related securities (as defined for the purposes of ITEPA 2003, Part 7) acquired on or before Completion or acquired as a result of a right or obligation (whether or not legally binding) created on or before Completion;

		
	2.5
	any Actual Tax Liability of the Company under the Disguised Remuneration Provisions that arises at any time as a consequence of a relevant step (within the meaning of the Disguised Remuneration Provisions) having been entered into where the relevant arrangement (within the meaning of the Disguised Remuneration Provisions), pursuant to which the relevant step is taken, was entered into before Completion other than a relevant step taken at the request or with the consent of the Buyer or any person connected with the Buyer (including the Company after Completion);

		
	2.6
	all reasonable costs and expenses properly incurred and payable by the Company or the Buyer in connection with any Tax Liability or other liability under this paragraph 2 (Covenant by the Sellers) or in connection with any action taken in taking, defending or settling any action under this Schedule for which the Sellers are finally determined to be liable.

3    EXCLUSIONS AND LIMITATIONS OF LIABILITY
		
	3.1
	The Sellers shall not be liable to make any payment under paragraph 2 (Covenant by the Sellers) of this Schedule or under the Tax Warranties in respect of any Tax Liability or other liability (a “Covenant Liability”) to the extent that:

		
	3.1.1
	a provision or reserve was made in the Completion Accounts in respect of the liability, or to the extent that payment or discharge of that liability has been taken into account in the Completion Accounts or to the extent that such liability was taken into account in computing the amount of any provision or reserve in the preparation of the Accounts; or

		
	3.1.2
	the liability arises from actual income, profits or gains earned, accrued or received after the Accounts Date, but on or before Completion, by the Company in the ordinary course of the Company’s business; or

		
	3.1.3
	the liability arises or is increased as a result of any increase in the rates of Tax or a change in legislation, applicable law, published concessions or published practice of any Tax Authority coming into force after Completion (other than any measure specifically introduced to target tax avoidance and the liability in question arose from a scheme or arrangements of the type the measure was intended to target); or

		
	3.1.4
	the liability arose as a result of a voluntary transaction or act or omission entered into or carried out or failed to be carried out by or on behalf of the Company or the Buyer after Completion, in each case where the Buyer knew or ought reasonably to have known that such transaction or act would give rise to, or increase the liability in question, other than any such transaction or act:

(a)    which is entered into or carried out or effected under a legally binding commitment of the Company created on or before Completion; 
(b)    which is entered into or carried out or effected at the specific written request of the Sellers after Completion; or
(c)    which is carried out or effected in the ordinary course of business of the Company as carried on at Completion; or

		
	3.1.5
	the liability would not have arisen but for the withdrawal or amendment by the Company or the Buyer after Completion of any claim, surrender, disclaimer, notice or consent made by the Company prior to Completion or made after Completion in respect of the period ending on or before Completion; or

		
	3.1.6
	the Buyer has made a claim in respect of the same matter which gave rise to such liability under this Agreement or pursuant to any other agreement with the Sellers and such liability has been satisfied; or

		
	3.1.7
	the liability arises or is increased as a result of any change after Completion in any accounting policies or practice used in preparing the Company’s accounts (including a change in the length of any accounting period) other than a change which is necessary to comply with the law or generally accepted accounting practice applicable to the relevant accounting periods of the Company in force as at Completion where the accounting practice before Completion did not comply with such law or policies; or

		
	3.1.8
	such liability arises or is increased as a result of any instalment of corporation tax paid prior to Completion pursuant to the Corporation Tax (Instalment Payments) Regulations 1998 (SI 1998/3175) being insufficient or such liability comprises interest, penalties or fines arising by virtue of an underpayment of tax for the accounting period commencing prior to Completion, insofar as such underpayment would not have arisen but only to the extent that the relevant instalment payments made (if any) were reasonable taking into account all relevant facts and circumstances known to the Company at the time the payment was made; or

		
	3.1.9
	such liability arises or is increased as a result of a failure or omission by or on behalf of the Company after Completion to make any election, claim, surrender or disclaimer, or give any notice or consent to do any other thing, in relation to Tax, the anticipated making, giving or doing of which was taken into account in computing any provision or reserve for Tax in preparing the Completion Accounts, provided that the need to make such election, claim, surrender or disclaimer or to give any notice or consent has been notified to the Buyer in writing within a reasonable time of the need to make such election, claim, surrender or disclaimer, or give any notice or consent (and for the avoidance of doubt the Buyer acknowledges that it has been so notified in respect of the relief arising under Part 12 of the CTA 2009 on the exercise of the Share Options); or

		
	3.1.10
	any Sellers' Relief is available to the Company (or would have been available but for the use of that Relief against profits arising after Completion, in the ordinary course of business between the Accounts Date and Completion, or taken in to account in the Accounts or a liability for Tax in respect of which the Sellers would not have been liable to make a payment under this Schedule) to set against or otherwise mitigate the liability in question;

		
	3.1.11
	such liability arises or is increased as a result of any election, claim, surrender or disclaimer made, or the giving of any notice or consent, or any other thing done, in relation to Tax, by or on behalf of the Company after Completion other than the making, giving or doing of which was taken into account in computing any provision or reserve for Tax in preparing the Completion Accounts; or

		
	3.1.12
	the income, profits or gains in respect of which the liability in question arises were actually earned, accrued or received by the Company prior to the Accounts Date but were not reflected in the Completion Accounts; or

		
	3.1.13
	the liability would not have arisen but for a cessation or any change in the nature or conduct of any trade carried out by the Company on or after Completion; or

		
	3.1.14
	such liability arises or increases as a result of any transaction, act, or omission entered into or carried out by or on behalf of the Company at the written request or with the written approval of the Buyer prior to Completion or which is expressly authorised by this Agreement; or

		
	3.1.15
	such liability is in respect of stamp duty or stamp duty reserve tax payable on the transfer or agreement to transfer the Shares pursuant to this Agreement; or

		
	3.1.16
	such liability arises or is increased as a consequence of any failure (other than a failure caused by a failure of the Sellers to comply or procure the compliance of another person with its obligations) by the Buyer to comply with or procure the compliance of the Company with its obligations under paragraphs 8 (Conduct of Tax disputes), 10 (Management of Pre-Completion Tax Affairs), and 9 (Buyer’s covenant) of this Schedule.

4    RECOVERY FROM THIRD PARTIES
		
	4.1
	If the Sellers have paid the Buyer an amount in full in respect of any claim under paragraph 2 (Covenant by the Sellers) of this Schedule or for breach of the Tax Warranties and the Company or the Buyer:

		
	4.1.1
	is or becomes, within seven years from Completion, entitled to receive a payment or obtain a credit or set-off from any person (other than the Buyer, the Company or a member of the Buyer’s Tax Group or an officer or employee of any of them (save where such officer or employee has given a specific indemnity in respect of such Tax), but including a Tax Authority) in respect of the payment received from the Sellers or the liability giving rise to such payment; or

		
	4.1.2
	has (whether by operation of law, contract or otherwise), within seven years of Completion, a right of reimbursement against any person (other than the Buyer, the Company or a member of the Buyer’s Tax Group or an officer or employee of any of them, but including a Tax Authority) in respect of the payment received from the Sellers or the liability giving rise to such payment,

the Buyer shall, or shall procure that the Company shall, notify the Sellers' Representative in writing as soon as reasonably practicable.
		
	4.2
	Following the notification under paragraph 4.1, if requested by the Sellers' Representative, the Buyer shall take, or procure that the Company shall take, all reasonable steps to enforce the right to reimbursement or to obtain a repayment of Tax or set-off or credit and shall keep the Sellers' Representative fully informed of any progress, provided that:

		
	4.2.1
	the Buyer is not required to take action which in its reasonable opinion, is likely to have a materially adverse effect on the business or tax affairs of the Company or the Buyer; and

		
	4.2.2
	the Majority Sellers indemnify the Buyer and the Company against all reasonable costs and expenses properly incurred in obtaining that amount together with any additional Tax Liability which may be incurred by either of them as a result of any action being taken pursuant to this paragraph 4.

		
	4.3
	If the Buyer or the Company receives any repayment or recovers from a third party any amount referred to in paragraph 4.1, then to the extent that the amount is not taken into account in compiling the Completion Accounts, the Buyer shall pay to the Sellers 

(apportioned between them pro rata to the amounts in which they contributed to the amount referred to in paragraph 4.1) an amount equal to the lesser of:
		
	4.3.1
	the amount of any payment, credit or set-off received or sum recovered (including any related interest or related repayment supplements) by the Buyer or the Company under this paragraph 4 less any reasonable costs and/or expenses incurred by the Buyer or the Company in obtaining the amount from the third party (save to the extent any amount has already been made good by the Majority Sellers under paragraph 4.2.2) and less any amount in respect of Tax suffered in respect of that amount; and

		
	4.3.2
	the amount paid by the Sellers under paragraph 2 (Covenant by the Sellers) of this Schedule or the Tax Warranties.

		
	4.4
	Any amount recovered in accordance with paragraph 4.2 and not paid to the Sellers under paragraph 4.3 shall be carried forward and set off against any future payment due from the Sellers under this Schedule or the Tax Warranties.

		
	4.5
	Where the Buyer is liable to make any payment under this paragraph 4, the due date for the making of that payment shall be:

		
	4.5.1
	ten Business Days following the receipt, reimbursement or recovery in question by the Buyer or the Company; or

		
	4.5.2
	in the case where the Buyer or the Company obtains a Relief, the date on which Tax would have become due to the appropriate Tax Authority but for the use of such Relief. 

		
	4.6
	If any amount is not paid by the Buyer to the Sellers on the due date as provided in this Schedule, such sum shall carry interest from the due date for payment at the rate of four percent per annum above the base lending rate of  Barclays Bank plc for the time being in force on the basis of actual days elapsed from the relevant date specified for payment until and including the date of actual payment (after as well as before judgment). Interest shall be calculated on a daily basis and compounded quarterly and shall be payable on demand.

5    OVERPROVISIONS AND SPECIFIED SAVINGS AND REFUNDS
		
	5.1
	If the auditors for the time being of the Company determine (at the request of the Sellers' Representative and at the expense of the Majority Sellers) that:

		
	5.1.1
	any provision for Tax in the Completion Accounts (other than a provision for deferred Tax) has proved to be an Overprovision (other than as a result of the use of any Buyer’s Relief);

		
	5.1.2
	a Specified Saving has arisen; 

		
	5.1.3
	a Refund (other than an amount to which paragraph 4 (Recoveries from third parties) applies) has been received;

the Buyer shall, or shall procure that the Company shall, as soon as reasonably practical give written notice (including full details of the Overprovision or Specified Saving or Refund) to the Sellers' Representative and the amount of the Overprovision or Refund or the Specified Saving Amount shall be dealt with in accordance with paragraph 5.2.
		
	5.2
	Where it is provided under paragraph 5.1 that any amount (the “Relevant Amount”) is to be dealt with in accordance with this paragraph 5.2:

		
	5.2.1
	the Relevant Amount shall first be set off against any payment then due from the Sellers as a result of any liability under this Schedule or in respect of a breach of the Tax Warranties; and

		
	5.2.2
	to the extent only of any excess after the application of paragraph 5.2.1, the Sellers shall be refunded any sums previously paid by the Sellers under this Schedule or in respect of a breach of the Tax Warranties (less any amount which the Buyer has already paid to the Sellers under this paragraph 5 or paragraph 4) which refund shall be made within ten Business Days of the determination of the existence and amount of the Overprovision or Refund or the existence of the Specified Saving and the Specified Saving Amount being issued by the auditors in accordance with paragraph 5.1; and

		
	5.2.3
	to the extent that the excess referred to in paragraph 5.2.2 is not exhausted, the remainder of any excess shall be carried forward and set off against any future payment or payments which become due from the Sellers to the Buyer under this Schedule or in respect of a breach of the Tax Warranties.

		
	5.3
	If the Buyer or the Company becomes aware there has been or may have been an Overprovision or a Specified Saving or a Refund, the Buyer shall, as soon as reasonably practicable, give written notice to the Sellers' Representative of that fact.

		
	5.4
	Neither the Buyer nor the Company is under an obligation to arrange its affairs to take account of any Specified Savings.

		
	5.5
	The Buyer will use its reasonable endeavours to procure that the auditors deal expeditiously with a request for determination by the Sellers' Representative (at the Majority Sellers’ cost) as to whether an Overprovision or Specified Saving has arisen or a Refund has been received. The Buyer will procure that the Company provides all reasonable assistance, documentation and information as may reasonably be required by the auditors for that purpose (at the cost of the Majority Sellers).

		
	5.6
	Where any determination has been made in accordance with paragraph 5.1, the Sellers' Representative or the Buyer may request the auditors for the time being of the Company to review the determination in light of all relevant facts and circumstances, including facts and circumstances which have become known since such determination and to determine whether the determination remains correct or the amount should be adjusted.

		
	5.7
	If the auditors have determined under paragraph 5.6 that the amount should be adjusted, the amended amount shall be substituted for the purposes of paragraph 5.2 as the Relevant Amount and any adjusting payment shall be made by or to the Sellers, as the case may be, as soon as reasonably practicable (and in any event, no later than ten Business Days of the revised determination being made by the auditors in accordance with paragraph 5.6).

6    PAYMENTS UNDER THIS SCHEDULE
		
	6.1
	Subject to paragraph 7, the amount to be treated as a liability is:

		
	6.1.1
	in the case of an Actual Tax Liability, the amount of the payment or increased payment of or in respect of Tax;

		
	6.1.2
	in the case of a liability falling within part (a) of the definition of Deemed Tax Liability, the amount of the repayment of Tax which would have been obtained had the Loss of it not occurred;

		
	6.1.3
	in the case of a liability falling within part (b) of the definition of Deemed Tax Liability, the amount of Tax the Company subsequently becomes liable to pay which could have been saved by the Accounts Relief had it not been lost;

		
	6.1.4
	in the case of a liability falling within part (c) of the definition of Deemed Tax Liability (other than the setting off or deduction of an Accounts Relief, which shall be calculated in accordance with paragraph 6.1.3), the amount of Tax which has 

been saved by the Company as a result of the set off, use or deduction of the Buyer’s Relief.
		
	6.2
	Subject to paragraph 7, the due date for payment, where the Sellers are liable to make any payment under paragraph 2 (Covenant by the Sellers) of this Schedule or under the Tax Warranties, shall be on or before the later of five Business Days following the date on which the Buyer notifies the Sellers' Representative of their liability to make payment including the amount of that payment and:

		
	6.2.1
	in the case of an Actual Tax Liability, five Business Days before the latest date on which the Tax would have to be paid to the relevant Tax Authority without a liability (or further liability) to interest or penalties accruing;

		
	6.2.2
	in a case that falls within part (a) of the definition of Deemed Tax Liability, the date on which the Tax would otherwise have been due for repayment by the relevant Tax Authority;

		
	6.2.3
	in a case that falls within part (b) of the definition of Deemed Tax Liability, five  Business Days before the latest date on which the Tax (which would not otherwise have been payable) becomes payable  to the relevant Tax Authority without a liability to interest or penalties accruing;

		
	6.2.4
	in the case of a liability falling within part (c) of the definition of Deemed Tax Liability (other than the setting off or deduction of an Accounts Relief, for which payment shall be due in accordance with paragraph 6.2.3), the date on which the Buyer would otherwise have used such Buyer’s Relief but for the set off or deduction of the relevant Buyer’s Relief as referred to in that part.

		
	6.3
	Any payments made under this Schedule shall, so far as permitted by law, be treated as an adjustment to the consideration paid by the Buyer for the Shares under the terms of this Agreement.

7    GROSS UP AND WITHHOLDING
		
	7.1
	All sums payable by the Sellers to the Buyer under this Schedule shall be paid free and clear of all deductions or withholdings save only as may be required by law.

		
	7.2
	If any deductions or withholdings are required by law to be made from any payment by the Sellers under this Schedule (other than a payment of interest), the Sellers shall pay the Buyer, at the same time as making the payment in question, such additional amount as will, after such deduction or withholding has been made (and after taking into account any credit in respect of such deduction or withholding), leave the Buyer with the same amount as it would have been entitled to receive in the absence of any such requirement to make a deduction or withholding.

		
	7.3
	If a Tax Authority charges to Tax (including where the sum is brought into any computation of income, profits or gains but is not charged to Tax because of the use of a Buyer’s Relief) any sum paid under paragraph 2 (Covenant by the Sellers) of this Schedule, the Sellers shall pay the Buyer such additional amount as will ensure that the Buyer shall receive and retain the amount that is equal to the amount it would have received and retained had the payment in question not been charged to Tax (after taking into account any credit in respect of such Tax).

		
	7.4
	Any additional amount due pursuant to paragraph 7.3 shall be paid within ten Business Days of receiving a written demand from the Buyer, subject to reasonable evidence of the relevant sum being charged to Tax (including where the sum is brought into any computation of income, profits or gains but is not charged to Tax because of the use of a Buyer’s Relief) or a certificate from the Buyer’s auditors that the Buyer has suffered 

a specified amount of Tax, such certificate to be conclusive in the absence of manifest error.
		
	7.5
	Paragraphs 7.2 and 7.3 shall not apply to the extent that the deduction, withholding or Tax would not have arisen but for:

		
	7.5.1
	the Buyer not being tax resident in the United Kingdom, or having some connection with a territory outside the United Kingdom ; or

		
	7.5.2
	an assignment (or any other transfer described in Clause 14) by the Buyer of any of its rights under this Schedule.

		
	7.6
	To the extent that any additional amount paid under paragraphs 7.2 and 7.3 results in the Buyer obtaining and utilising a Relief (reasonable endeavours having been used to obtain and utilise such Relief), the Buyer shall pay to the Sellers (in proportion to which such Sellers paid any sum under paragraph 2 (Covenant by the Sellers) in relation to such Relief), within ten Business Days of obtaining or utilising the Relief, an amount equal to the lesser of the value of the Relief obtained and the additional sum paid under paragraph 7.2 or 7.3. In addition the Buyer shall provide reasonable evidence of the amount of the Relief that has been obtained to the Sellers' Representative or if requested by the Sellers' Representative a certificate from the Buyer’s auditor that the Buyer has obtained a benefit valued at a certain amount, such certificate to be conclusive in the absence of manifest error.

		
	7.7
	Any payment to be made by the Buyer to the Sellers under this Schedule shall be subject to paragraphs 7.1 to 7.6 and all references to the Sellers shall be replaced with the Buyer and vice versa and with all other necessary modifications being made.

8    CONDUCT OF TAX DISPUTES
		
	8.1
	Notification

If the Buyer or the Company becomes aware of a Tax Claim, it shall, or shall procure that the Company shall, as soon as reasonably practicable (and in any event within ten Business Days):
		
	8.1.1
	notify the Sellers' Representative in writing of any Tax Assessment in accordance with Clause 16 (Notices) of this Agreement (a “Tax Notice”); and

		
	8.1.2
	include in the Tax Notice:

(a)    reasonable details of the Tax Assessment;
(b)    the due date for any payment to a Tax Authority;
(c)    the time limits for any appeal or required response to a Tax Authority; and
(d)    a reasonable estimate of the amount of any Tax Claim
in each case, so far as the Buyer is reasonably able to specify without material investigation or enquiry. For the purposes of this paragraph 8.1, if the Sellers' Representative receives any Tax Assessment for any reason, it shall notify the Buyer in writing as soon as is reasonably practicable. In such a case, the Buyer shall be deemed to have given the Sellers' Representative notice of such Tax Assessment in accordance with the provisions of this paragraph 8.1 and such notification shall be treated as having been received by the Sellers' Representative when the Sellers' Representative received the Tax Assessment provided always that the giving of such notice shall not be a condition precedent to the Sellers’ liability under this Schedule.

		
	8.2
	Conduct

Subject to the remaining provisions of this paragraph 8:
		
	8.2.1
	the Buyer shall take, or shall procure that the Company takes, at the Majority Sellers’ reasonable expense, any action the Sellers' Representative shall, on receiving a Tax Notice in accordance with paragraph 8.1, reasonably and promptly request in writing, to avoid, mitigate, resist, defend, appeal against or contest any Tax Assessment and any determination in respect thereof provided that; 

		
	8.2.2
	the Sellers' Representative shall be entitled to take on or take over the conduct of all or any proceedings arising out of any Tax Assessment in the name of the Company, provided that the Sellers' Representative shall first notify the Buyer of its intention to take on or take over the conduct of such proceedings in writing, to avoid, mitigate, resist, defend, appeal against or contest any Tax Assessment and any determination in respect thereof provided that;

		
	8.2.3
	the Buyer shall not be obliged to take, or procure the taking, of any action reasonably requested by the Sellers' Representative or allow the Sellers' Representative to take on or take over conduct under this paragraph 8 unless the Majority Sellers have first indemnified the Company and the Buyer against all reasonable costs and expenses and any additional Tax Liability which may be properly incurred or suffered by the Buyer or the Company in relation to or as a result of the Tax Assessment.

		
	8.3
	Restrictions on conduct

The Buyer shall not be obliged to take, or procure the taking, of any action reasonably requested by the Sellers' Representative under paragraph 8.2 if:
		
	8.3.1
	the Buyer has not received written instructions from the Sellers' Representative in accordance with paragraph 8.2 within ten Business Days of the receipt of the Tax Notice by the Sellers' Representative or, in any case where a time limit for the taking of any action, including responding to the Tax Authority or making an appeal against or contesting any Tax Assessment, applies, any shorter period required to comply with the time limit specified in the Tax Assessment and included within the Tax Notice provided in all cases this shall not be less than five Business Days from receipt of the Tax Notice;

		
	8.3.2
	complying with any instruction, combination of instructions, request or notification of the Sellers' Representative is likely, in the opinion of the Buyer and the Company, acting reasonably, to materially:

(a)    increase the amount involved or the future liability to Tax of the Company or the Buyer; or
(b)    have an adverse effect on the future Tax affairs of the Company; or
(c)    have an adverse effect on the future continuing business affairs of the Company;
		
	8.3.3
	complying with any instruction, combination of instructions or request would involve sending, transmitting, issuing or submitting any written correspondence or entering in any other communication relating to the Tax Assessment which, in the Buyer’s reasonable opinion, is not true and accurate; or

		
	8.3.4
	complying with any instruction or combination of instructions, request or notification of the Sellers' Representative would involve contesting a Tax 

Assessment to an appellate body unless the Sellers' Representative has, at the expense of the Majority Sellers, obtained an opinion on the merits of such a claim, from independent Tax counsel having at least five years’ experience in Tax matters after disclosure of all relevant information and documents available to the Sellers' Representative (or otherwise made available by the Buyer or the Company) and having regard to all circumstances and information available that an appeal or a defence against an appeal is reasonable in all circumstances, and the Buyer and the Sellers' Representative shall co-operate with each other in order to enable such counsel to opine on such matters.
		
	8.4
	Buyer’s obligations

Subject to the provisions of paragraph 8.6, if the Sellers' Representative has requested that the Buyer takes, or procures that the Company takes, such action as the Sellers' Representative shall reasonably request in writing in relation to a Tax Assessment in accordance with paragraph 8.2 the Buyer shall, or shall procure that the Company shall:
		
	8.4.1
	keep the Sellers' Representative promptly informed of all matters known to them relating to the Tax Assessment or negotiations and will provide the Sellers' Representative with copies of all relevant correspondence and documentation relating to such Tax Assessment;

		
	8.4.2
	provide the Sellers' Representative with copies of all relevant documents in the Buyer’s or the Company’s possession or control in relation to that Tax Assessment; and

		
	8.4.3
	provide access to the books, accounts and records of the Company and shall give the Sellers' Representative or their agents all such assistance (at the Majority Sellers' cost and expense) as may reasonably be required to conduct the Tax Assessment.

		
	8.5
	Seller’s obligations

Subject to the provisions of paragraph 8.6, if the Sellers' Representative has taken on or taken over conduct of any proceedings relating to a Tax Assessment in accordance with paragraph 8.2, the Sellers' Representative shall:
		
	8.5.1
	ensure that all written correspondence relating to the Tax Assessment which is to be sent, transmitted, issued, entered into or in any way published by the Sellers' Representative or his advisers shall first be sent to the Buyer. The Buyer shall be entitled to review such material written correspondence and the correspondence shall only be sent, transmitted, issued, entered into or published after incorporating all reasonable comments, amendments, additions or alterations suggested by the Buyer and/or the Company (unless the Buyer has no comments). The Buyer shall be given at least ten Business Days to provide any comments to the Sellers' Representative. If the Buyer has not given any comments to the Sellers' Representative within such period, the Buyer shall be deemed to have no comments; 

		
	8.5.2
	keep the Buyer and the Company promptly informed of the progress of any Tax Assessment, including all relevant matters, dates and places of relevant meetings with any Tax Authority (which a representative of the Buyer and/or the Company is entitled to attend) and promptly forward, or procure to be forwarded, to the Buyer copies of any materially relevant correspondence, documents and other material written communications and notes of relevant telephone conversations; 

		
	8.5.3
	make no settlement or admission of liability, agreement or compromise of the subject matter of any Tax Assessment, and shall not agree any matter in the conduct of any Tax Assessment which in the Buyer’s reasonable opinion may affect the amount involved or the future liability to Tax of the Company and/or the Buyer or have an adverse effect on continuing business operations or Tax affairs of the Company, without the prior written approval of the Buyer or the Company (such approval not to be unreasonably withheld or delayed); 

		
	8.5.4
	not appoint any solicitors or professional advisers on behalf of the Company in relation to the Tax Assessment without the prior approval of the Buyer, such approval not to be unreasonably withheld or delayed. For the avoidance of doubt, the costs and expenses of such solicitors or professional advisers shall be borne solely by the Majority Sellers; and

		
	8.5.5
	use all reasonable endeavours to agree any Tax Assessment with the applicable Tax Authority within a reasonable time.

		
	8.6
	Sellers losing conduct-related rights

If:
		
	8.6.1
	allegations are made by any Tax Authority of any fraudulent act or omission, or of any negligent conduct on the part of the Company before Completion or the Sellers at any time in relation to the Tax Assessment in question and such allegations are repeated after the Sellers have been given a reasonable opportunity to refute such allegations;

		
	8.6.2
	the Majority Sellers fail to indemnify the Company to the Buyer’s reasonable satisfaction within ten Business Days of receiving notice or such indemnity, once given, ceases to be sufficient (including, without limitation, as a result of the bankruptcy or insolvency (or similar and as applicable) of all of the Majority Sellers),

then the Buyer shall be free to take, or procure that the Company take, such action and reach a settlement or compromise as the Buyer in its reasonable discretion thinks fit.
9    BUYER'S COVENANT
		
	9.1
	The Buyer covenants with the Sellers to pay to the Sellers an aggregate amount equal to: 

		
	9.1.1
	any liability or increased liability to Tax of any of the Sellers arising as a consequence of any failure by the Company or a member of the Buyer’s Tax Group after Completion to pay any Tax which is the primary liability of the Company or the relevant member of the Buyer’s Tax Group; and 

		
	9.1.2
	any costs and expenses reasonably incurred by the Sellers in connection with any liability or amount for which the Buyer is liable under paragraph (a).

		
	9.2
	Paragraph 9.1 shall not apply to the extent that:

		
	9.2.1
	the Buyer has claimed against the Sellers under this Schedule or the Tax Warranties in respect of the amount of Tax which the Company has failed to pay under paragraph 9.1.1 and for which no payment has yet been made by the Sellers; or

		
	9.2.2
	the Buyer could validly claim against the Sellers under this Schedule or the Tax Warranties for payment of the amount of Tax which the Company has failed to pay under paragraph.1.1; or

		
	9.2.3
	an amount in respect of Tax has been recovered by the Sellers under any relevant Tax Statute (and the Sellers shall procure that no such recovery is sought to the extent that payment is made hereunder).

		
	9.3
	In this paragraph 9 “Company” means the Company, any person who after Completion succeeds to all or part of the Company’s business or acquires its assets, the Buyer and any company which is, or has at any time been, treated for any Tax purpose as (i) a member of the same group of companies as the Buyer or (ii) associated or connected with the Buyer. 

		
	9.4
	The provisions of paragraphs 6 (Payment) and 8 (Conduct of Tax Disputes) shall apply to the covenant contained in this paragraph 9 as they apply to the covenant contained in paragraph 1, replacing references to “the Sellers” with reference to “the Buyer” and vice versa and making other necessary modifications.

10    MANAGEMENT OF PRE-COMPLETION TAX AFFAIRS
		
	10.1
	Rights and obligations of the Sellers

The Sellers' Representative, or his duly authorised agents, shall, in respect of all accounting periods ending on or before the Accounts Date, at the Company’s cost:
		
	10.1.1
	prepare the corporation tax returns and computations of the Company to the extent that the same shall not have been prepared before Completion (the “Pre-Completion Tax Returns”) and deliver all Pre-Completion Tax Returns to the Buyer at least 30 Business Days prior to the due date for submission;

		
	10.1.2
	prepare on behalf of the Company all claims, elections, surrenders, disclaimers, notices and consents to the extent that these have been assumed in the preparation of the Completion Accounts and deal with all matters relating to the Pre-Completion Tax Returns, including correspondence (the “Pre-Completion Tax Documents”) and deliver all Pre-Completion Tax Documents to the Buyer at least ten Business Days prior to the date such Pre-Completion Tax Documents are required to be submitted to the relevant Tax Authority.

		
	10.2
	Rights and obligations of the Buyer

The Buyer shall, or shall procure that the Company shall:
		
	10.2.1
	authorise, sign and submit to the relevant Tax Authority any Pre-Completion Tax Return or Pre-Completion Tax Document without amendment or with such amendments as the Buyer may reasonably require and agree with the Sellers' Representative; and 

		
	10.2.2
	afford such access (on reasonable notice in writing) to its books and records (including the taking of copies at the Majority Sellers' expense) and give such assistance as is necessary and reasonable to enable the Sellers' Representative or his duly authorised agents to prepare the Pre-Completion Tax Returns and Pre-Completion Tax Documents,

provided that the Buyer is under no obligation to procure the authorisation, signing or submission to any Tax Authority of any Pre-Completion Tax Return or Pre-Completion 

Tax Document delivered to it in accordance with this paragraph which it considers, in its reasonable opinion, to be false, misleading, incomplete or inaccurate in any respect.
		
	10.3
	The Sellers' Representative shall use all reasonable endeavours to agree the Pre-Completion Tax Returns and Pre-Completion Tax Documents as soon as reasonably practicable and shall, subject to paragraph 8 (Conduct of Tax disputes) deal with all such matters promptly and diligently and within applicable time limits.

		
	10.4
	Straddle Period computation

		
	10.4.1
	The Buyer, or its duly authorised agents, shall, in respect of the Straddle Period, at the Company’s cost and expense:

(a)    prepare the corporation tax returns and computations of the Company in a manner that is consistent with past practice other than to the extent required by a change in law or generally accepted accounting practice;
(b)    deliver all such returns to the Sellers' Representative at least 20 Business Days prior to the due date for submission;
(c)    prepare on behalf of the Company all claims, elections, surrenders, disclaimers, notices and consents for the purposes of Tax in respect of the Company and deliver such documents to the Sellers' Representative at least 15 Business Days prior to the due date for submission;
(d)    submit such returns and other documents to the relevant Tax Authority having incorporated any reasonable comments of the Sellers' Representative received at least ten Business Days prior to the submission of such return or document which relate to a matter for which the Sellers may be liable under this Schedule provided that the Buyer is under no obligation to procure the authorisation, signing or submission to any Tax Authority of any return or document delivered to it in accordance with this paragraph which it considers, in its reasonable opinion, to be false, misleading, incomplete or inaccurate in any respect; and
(e)    subject to paragraph 8 (Conduct of Tax disputes) deal with all matters relating to Tax including the conduct of all related negotiations and correspondence with the relevant Tax Authority.
		
	10.4.2
	The Sellers' Representative shall give all such reasonable assistance as may be required by the Buyer to prepare the Straddle Period returns and all related documents and agree the same with the relevant Tax Authority.

		
	10.1
	For the avoidance of doubt, in respect of any Tax Assessment (whereby it appears that the Sellers are or may become liable to make a payment to the Buyer) this paragraph 10 shall not apply or shall cease to apply and any such Tax Assessment shall be governed by paragraph 8 (Conduct of Tax disputes) of this Schedule.

 

EXECUTED AS A DEED by            )    /s/ John McDonald
POWERSTEERING SOFTWARE LIMITED    )
acting by JOHN MCDONALD (Director)    )
and MICHAEL HILL (Secretary)        )    /s/ Michael Hill
                        
)
                     )
)
)

 

EXECUTED AS A DEED on behalf of    )    /s/ John McDonald
UPLAND SOFTWARE, INC., a company     )
incorporated in the State of Delaware, USA,    )
by JOHN MCDONALD, being a person     )
who, in accordance with the laws of that    )
territory, is acting under the authority of the    )
company                    )

EXECUTED AS A DEED by NIGEL         )    /a/ Nigel Shanahan
SHANAHAN in the presence of:        )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Canton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by            )    /s/ Nigel Shanahan
RAVING INVESTMENTS LIMITED        )
acting by NIGEL SHANAHAN (Director)    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ERICA SHANAHAN under a power        )
of attorney dated 24 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for            )
MIKE MCMASTER under a power of        )
attorney dated 18 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
JULIE STUBBS under a power of        )
attorney dated 19 September 2018         )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
SIMON HOOK under a power of        )
attorney dated 26 September 2018         )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ALAN WALLACE under a power of        )
attorney dated 26 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
MATTHEW DUCKHOUSE under a power    )
of attorney dated 22 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ADAM JANES under a power of        )
attorney dated 25 September 2018         )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ADAM PENHALE under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ALANNAH BOURNE    under a power of    )
attorney dated 25 September 2018         )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
AMANDA MORRIS under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
AMELIA MCCOLL under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ANDREW MACDONALD under a power    )
of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ANDY LATHAM under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ANDY SCOTT    under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ANN OLIVER under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
BALROOP BHOGAL    under a power        )
of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
BETH FALLER under a power of        )
attorney dated 25 September 2018         )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
BRETT HAY under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
CHARLOTTE COLLEY under a power    )
of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor:

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
CHRIS ALLEN under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
CHRIS EDMUNDS under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
CLAIRE WESTHEAD under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
COLLEEN HUMPHRIES under a power    )
of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
DANIELLE PREWETT under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
DAVID BONNER under a power of        )
attorney dated 21 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
DUNCAN MORTON under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ELAINE TURLEY under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
EMMA PHILLIPS under a power of        )
attorney dated 21 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
GARETH REES under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
HARDEEP JOHAL under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
IAN BERRY under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
IAN BOURNE under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
JACK FOX under a power of            )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
JAMES HARGREAVES under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
JEN MORRIS under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
JENNA STEPTOE under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
JOSHUA PINFOLD under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
KENNY BAIN under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
KERRY NORTON under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
KIRSTI ANDERSON under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
LEON ELWELL under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
LIAM GILLERAN under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
MARIAN MORRISON under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
MATTHEW HUMPHREYS under a power    )
Of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
MOHAMMED ALI under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
MOLLY GODDARD under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
NICHOLA DAVIES under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
NICK BOXALL-HUNT under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
PAUL MOFID under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
PHIL EVANS under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
REW GOLDING under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
RICHARD DAVEY under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
RICHARD BELL under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
RICHARD KNOX under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ROBERT GARNSWORTHY under a power    )
of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
RUTH SHAW under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
RYAN EMERY under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
SAM ROBERTS under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
SAM TULIP under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
SAM WALKER under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
STEFAN COX-WEBBER under a power    )
of attorney dated 25 September 2018    )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
STEPHEN CHALKLEY under a power of    )
attorney dated 21 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
STEVEN THURLOW under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
TED MCCLUSKEY under a power of    )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
VICTORIA ROYLE under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ZACHARY HALL under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

EXECUTED AS A DEED by NIGEL         )    /s/ Nigel Shanahan
SHANAHAN as attorney for             )
ZOE GARRETT under a power of        )
attorney dated 25 September 2018        )
in the presence of:                )

Witness

Signature:    /s/ Nicola Caton    

Name:        Nicola Caton    

Address:    Gowling WLG (UK) LLP, Two Snowhill, Birmingham B4 6WR        

Occupation:     Solicitor

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