Document:

Amended and Restated Revolving Line of Credit Loan and Security Agreement

 Exhibit 10.1 
  
 AMENDED AND RESTATED REVOLVING LINE OF CREDIT LOAN AND SECURITY AGREEMENT 
  
 THIS AMENDED AND RESTATED REVOLVING LINE OF CREDIT LOAN AND SECURITY
AGREEMENT (“Agreement”) is made as of June 30, 2005, by and among (a) ESSEX CORPORATION (“Essex”), a Virginia corporation, (b) COMPUTER SCIENCE INNOVATIONS, INC., a Florida corporation, (“CSI”) (c) The
Windermere Group, LLC, Windermere Information Technology Systems, LLC, and Windermere HDS, LLC (collectively, the “Original Borrowers”) (Essex, CSI and the Original Borrowers being hereinafter called collectively, the
“Borrowers”), and (c) Bank of America, N.A., a national banking association (the “Lender”). 
  
 RECITALS 
  
 A. Pursuant to a Revolving Line of Credit Loan Agreement, Overline Loan Agreement and Security Agreement dated as of July 22, 2002 by and among the
Original Borrowers and the Lender (the “Original Loan Agreement”), the Lender agreed to make available to the Original Borrowers a revolving loan facility in the original maximum principal amount of $8,000,000 at any one time
outstanding (as increased or decreased, the “Revolving Loan”) and an overline facility in the original maximum amount of $2,000,000 (the “Overline Facility”). 
  
 B. Pursuant to a First Amendment to Revolving Line of Credit Loan Agreement,
Overline Loan Agreement and Security Agreement dated as of November 15, 2004, the parties agreed, among other things, to extend the Overline Facility. Pursuant to a Second Amendment to Revolving Line of Credit Loan Agreement, Overline Loan Agreement
and Security Agreement dated as of December 22, 2004, the parties agreed, among other things, (a) to increase the maximum principal amount of the Revolving Loan to $10,000,000, and (b) to eliminate the Overline Facility. Pursuant to a Third
Amendment to Revolving Line of Credit Loan Agreement, Overline Loan Agreement and Security Agreement, the parties agreed, among other things, to amend certain covenants in the Original Loan Agreement. Pursuant to a Fourth Amendment to Revolving Line
of Credit Loan Agreement, Overline Loan Agreement and Security Agreement dated as of February 28, 2005, the parties agreed, among other things, (a) to waive a certain violation of a financial covenant, (b) to extend the maturity of the Revolving
Loan, and (c) to amend certain other terms and conditions of the Loan Agreement. Pursuant to a Fifth Amendment to Revolving Line of Credit Loan Agreement, Overline Loan Agreement and Security Agreement, the parties agreed, among other things, to
extend the Revolving Loan. 
  
 C. Essex and the Original Borrowers
have now requested (a) that the Lender permit Essex and CSI to become Borrowers, jointly and severally liable with the Original Borrowers, (b) that the Lender agree to increase the maximum principal amount of the Revolving Loan to $20,000,000, (c)
that the Lender agree to make 

 
available to the Borrowers an uncommitted guidance line facility pursuant to which the Lender may from time to time make guidance line advances (to increase
the Revolving Loan) in an aggregate principal amount not to exceed $20,000,000, and (d) that the Lender agree to amend certain terms and conditions of the Original Loan Agreement. In furtherance thereof, the Lender and the Borrowers have agreed to
amend and restate the Original Loan Agreement, as hereinafter set forth. 
  
 Accordingly, the Original Loan Agreement is hereby amended and restated in its entirety as follows: 
  
 AGREEMENTS 
  
 NOW, THEREFORE, in consideration of the premises, the mutual agreements herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers and the Lender hereby agree as follows: 
  
 ARTICLE 1. DEFINITIONS. 
  
 1.1
Recitals and Defined Terms. The Recitals set forth above are hereby incorporated herein by reference. Capitalized terms not otherwise defined herein, when used in this Agreement, shall have the following meanings, unless the context otherwise
requires: 
  
 “Account” means a right to payment
of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance
issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provide or to be provided, or (iv) for use or hire of a vessel under a charter or other contract. 
  
 “Advance” means an advance of funds under the Revolving
Loan. 
  
 “Affiliate” means, with respect to any
specified Person, any other Person which, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of management and policies of a Person, whether through ownership of common stock, by contract, or otherwise. 
  
 “Agreement” means this Amended and Restated Revolving Line of Credit Loan and Security Agreement, as
amended, modified or restated from time to time. 

					
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 “Allowed Amount” shall mean (a) so long as the Borrowers’ consolidated ratio of
Total Funded Debt to EBITDA remains below 2.0 to 1.0, the amount of the Maximum Revolving Credit Commitment, and (b) from and after any date upon which the Borrowers’ consolidated ratio of Total Funded Debt to EBITDA is equal to or above 2.0 to
1.0, the lesser of (i) the Maximum Revolving Credit Commitment, or (ii) the then-current Borrowing Base. 
  
 “Applicable Margin” shall mean the margin added to the Libor Rate to obtain the interest rate for the outstanding Advances as set forth
in the Table attached hereto as Attachment I. The Applicable Margin during any calendar quarter shall be set based upon the Borrowers’ consolidated ratio of Total Funded Debt to EBITDA as of the last day of the immediately prior calendar
quarter. The Applicable Margin shall be determined and adjusted quarterly on the first day of the first month after the date by which the annual and quarterly compliance certificates and related financial statements and information are required in
accordance with the provisions of this Agreement. The Applicable Margin as of the date hereof is 125 basis points. 
  
 “Assignment” means a direct assignment of Payments under Government Contracts, pursuant to and in compliance with the Assignment of
Claims Act. 
  
 “Assignment of Claims Act” means
Title 31, United States Code ' 3727, and Title 41, United States Code ' 15, as revised or amended, and any rules or regulations issued pursuant thereto, and also shall be deemed to include any other laws, rules or regulations governing the assignment of payments
under Government Contracts or claims against a Government. 
  
 “AutoBorrow Service Agreement” means an AutoBorrow Service Agreement in effect from time to time between the Borrowers and the Lender. 
  

“Billed” means that a Borrower has submitted an invoice to a Customer requesting payment for goods or services provided by such
Borrower. 
  
 “Board” means the Board of
Governors of the Federal Reserve System of the United States. 
  
 “Borrowers” means, collectively, Essex, CSI, The Windermere Group, LLC, Windermere Information Technology Systems, LLC, and Windermere HDS, LLC. 
  
 “Borrowing Base” means the sum of: 
  
 1. Ninety percent (90%) of the Borrowers’ Eligible Government Accounts, plus 

					
	ESSEX – Amended and Restated Credit Agreement	  	3	  	 

  
  

 2. Eighty percent (80%) of Borrowers’ Eligible Commercial Accounts; plus 

 
 3. Fifty Percent (50%) of Borrowers’ Unbilled
Eligible Accounts; provided however, that total outstanding Advances on Unbilled Eligible Accounts shall not at any time exceed the sum of Three Million and 00/100 Dollars ($3,000,000.00). 
  
 After calculating the portion of the Borrowing Base comprised of Eligible
Government Accounts, Eligible Commercial Accounts and Unbilled Eligible Accounts, Lender may, after providing thirty (30) days advance written notice to Borrowers, deduct from such portion of the Borrowing Base such reserves as Lender may establish
from time to time in its reasonable credit judgment, including without limitation, reserves for dilution, rent at leased locations subject to statutory or contractual landlord’s liens, inventory shrinkage, customs charges, warehousemen’s
or bailees’ charges, and the amount of estimated maximum exposure, as determined by Lender from time to time, under any interest rate contracts which any Borrower enters into with Lender (including interest rate swaps, caps, floors, options
thereon, combinations thereof, or similar contracts). 
  
 In
addition, Lender may require modifications to the percentage rates of advance set forth above, based on the results of any field examination or audit of Borrowers, as determined in Lender’s sole and absolute discretion. 
  
 In the absence of manifest error, Lender’s determination of the amount
of the Borrowing Base shall be conclusive. 
  
 “Borrowing
Base Certificate” means a certificate substantially in the form of Schedule 1.1(A) attached hereto and made a part hereof (or such subsequent form as the Lender shall require). 
  
 “Borrowing Date” means the date on which an Advance is made.

  
 “Business Day” means any day that is not a
Saturday, Sunday or banking holiday in the Commonwealth of Virginia. 
  
 “Capital Lease” means any lease which has been or should be capitalized on the books of the lessee in accordance with GAAP. 
  
 “Cash Collateral Account” means an account to be established by Lender in Borrowers’ name, with the Lender, for the purpose of
receiving Payments, which shall constitute part of the Collateral unless and until disbursed to the Borrowers or applied for the Borrowers’ account in accordance with this Agreement. 

					
	ESSEX – Amended and Restated Credit Agreement	  	4	  	 

  
  

 “Cash Flow” is defined, for any period, as the remainder of (a) EBITDA for such period,
(b) minus dividends, withdrawals, and other distributions during such period. 
  
 “Chattel Paper” shall have the meaning given to such term in the UCC. 
  
 “Closing Date” means the date on which all conditions to closing as set forth in the Agreement have been met. 
  
 “Code” means the Internal Revenue Code of the United States,
as amended. 
  
 “Collateral” means all of the
present and future assets of any or all of the Borrowers, other than Patents, whether now owned or hereafter acquired by any or all of the Borrowers, including, without limitation: 
  

			
	1.	  	Accounts
	2.	  	Chattel Paper
	3.	  	Commodity Accounts
	4.	  	Commodity Contracts
	5.	  	Deposit Accounts
	6.	  	Documents
	7.	  	Equipment
	8.	  	Farm Products
	9.	  	Fixtures
	10.	  	General Intangibles other than Patents
	11.	  	Goods
	12.	  	Instruments
	13.	  	Inventory
	14.	  	Investment Property
	15.	  	Intellectual Property other than Patents
	16.	  	Letter of Credit Rights
	17.	  	Money
	18.	  	Payment Intangibles
	19.	  	Promissory Notes
	20.	  	Software, other than Patents therein
	21.	  	all books and records and computer hardware, software and systems, other than Patents therein;
	22.	  	all policies of insurance and the proceeds thereof;
	23.	  	all additions and accessions to and replacements of the collateral described above; and
	24.	  	all products and proceeds of all of the collateral described above.

					
	ESSEX – Amended and Restated Credit Agreement	  	5	  	 

  
  

 “Commercial Accounts” means all Accounts due from Customers other than the Government.

  
 “Commodity Accounts” shall have the meaning
given to such term in the UCC. 
  
 “Commodity
Contracts” shall have the meaning given to such term in the UCC. 
  
 “Compliance Certificate” means a certificate substantially in the form of Schedule 1.1(B) attached hereto and made a part hereof 
  
 “Contra Account” means an Account due from a Customer to which a Borrower owes money. 
  
 “Credit Facilities” shall mean the Revolving Loan and the
Guidance Line Facility, and any other credit facilities established subsequently hereto. 
  
 “Customer” means any governmental entity (federal, state, county, municipal or otherwise) or business entity (corporation, association, partnership, limited liability company or partnership, sole
proprietorship or otherwise) or individual to which any Borrower provides goods or services for compensation; however, certain individual agencies of the United States Government and certain branches of certain major corporations, as determined by
the Lender in its sole discretion, shall be treated as Customers in their own right, separate and distinct from other such agencies or branches and from the United States Government or the corporation of which they are a part. 
  
 “Debt” means: 
  

	 	1.	indebtedness or liability for borrowed money, or for the deferred purchase price of property or services; 

  

	 	2.	obligations as a lessee under a Capital Lease; 

  

	 	3.	obligations to reimburse the issuer of letters of credit or acceptances; 

  

	 	4.	all guaranties, endorsements (other than for collection or deposit in the ordinary course of business), and other contingent obligations to purchase, to provide funds for payment,
to supply funds to invest in any Person or otherwise to assure a creditor against loss; and 

					
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	 	5.	obligations secured by any lien or Encumbrance on property owned by any Borrower. 

  
 For purposes of clarity, the term “Debt” excludes any current “earn out” payments due in connection with
Essex’s acquisition of the Original Borrowers 
  
 “Default” means an occurrence which, with the passage of time or the giving of notice or both, shall would constitute an Event of Default. 
  
 “Default Collateral Account” has the meaning set forth in Section 9.2(k). 
  
 “Default Rate” shall mean a floating and fluctuating per
annum rate of interest calculated by adding the sum of three and one half percent (3.5%) to the rate of interest then in effect. 
  
 “Deposit Accounts” shall have the meaning given to such term in the UCC. 
  
 “Documents” shall have the meaning given to such term in the UCC. 
  
 “EBITDA” means (a) net income, after income taxes, (b) less
income or plus loss from discontinued operations and extraordinary items (c) plus interest expense on all obligations, (d) plus taxes, (e) plus depreciation, and (f) plus amortization, as calculated at the end of each reporting period for which
Lender requires financial statements from Borrowers, using the results of the twelve-month period ending with that reporting period. 
  
 “Eligible” means, when used to describe an Account, that the Account conforms to the following criteria: 
  
 1. the Account has been Billed; 
  
 2. in the case of a Commercial Account or Government
Account, less than ninety-one (91) days have passed from the original billing date; 
  
 3. in the case of a non-classified Government Account, the applicable Borrower has (upon demand by the Lender) made an Assignment of all
Payments due or to become due under the Government Contract giving rise to the Account (provided, however, that the Borrowers acknowledge and agree that, at its sole option, the Lender may exclude from this requirement, contracts of less than
$500,000 in remaining value or contracts of less than six months in 

					
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remaining duration and that such exclusion, if granted, will not release the Borrowers from the requirement to provide such assignments at such time in the
future, as the Lender desires); 
  
 4. the
Account arose from a bona fide sale of goods or services to a Customer; the goods or services have been delivered or provided to the Customer, and the applicable Borrower possesses receipts from the Customer acknowledging delivery of the
goods, or the applicable Borrower has confirmed from the Customer the performance of the services; and Customer has not returned or rejected the goods or services; 
  
 5. the Account is based upon an enforceable written order or contract for goods or services; 
  
 6. the applicable Borrower’s title to the Account is
absolute and is not subject to any prior assignment, claim, escrow agreement, lien or security interest, and such Borrower otherwise has the full and unqualified right and power to assign and grant a security interest in the Account to the Lender;

  
 7. the amount shown on the books of Borrowers
and on any invoice, certificate, schedule or statement delivered to the Lender regarding the amount due on the Account is due and owing to Borrowers; 
  
 8. the Account is not subject to any claim of reduction, counterclaim, set-off, recoupment or other defense in law or equity, or any claim
for credits, allowances or adjustments by the Customer because of returned, inferior or damaged goods, unsatisfactory services or for any other reason; 
  
 9. the Customer has not notified a Borrower of any dispute concerning any of the goods or services giving rise to the Account, nor made
claim that the goods or services fail to conform to the requirements of the Customer’s order or contract, nor notified a Borrower to cure any default under the Customer’s order or contract; 
  
 10. except for classified Government Contracts, the Account
does not arise out of a Customer’s contract or order that by its terms forbids or makes void or unenforceable the applicable Borrower’s assignment of the Account to the Lender; 
  
 11. the applicable Borrower has not received any note, trade acceptance draft or other instrument tendered
in payment of the Account; 

					
	ESSEX – Amended and Restated Credit Agreement	  	8	  	 

  
  

 12. No Borrower has received any notice of the death of the Customer or any partner in a
Customer that is a partnership; nor has any Borrower received any notice of dissolution, termination of existence, insolvency, business failure, appointment of a receiver for any part of the property of, assignment for the benefit of creditors by,
or the filing of a petition in bankruptcy or the commencement of any proceeding under any bankruptcy or insolvency laws by or against the Customer; 
  
 13. to the best of the Borrowers’ knowledge, the Customer is not incorporated in any jurisdiction outside the United States and is
not conducting its business primarily outside the United States; 
  
 14. No Borrower is indebted in any manner to the Customer; 
  
 15. no bond has been issued or is contemplated with respect to the goods or services furnished by a Borrower or with respect to the
project or contract for which those goods or services were furnished; and 
  
 16. the Account is not an Ineligible Account. 
  
 In the event of any dispute, under the foregoing criteria, as to whether an Account is, or has ceased to be, an Eligible Account, the Lender’s decision shall control. 
  
 “Encumbrance” means any mortgage, pledge, deed of trust, assignment, security interest, hypothecation, lien
or charge of any kind (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement
under the Uniform Commercial Code or comparable law of any jurisdiction). 
  
 “Enforcement Costs” shall mean all reasonable expenses, charges, recordation or other taxes, costs and fees (including reasonable attorneys’ fees and expenses) of any nature whatsoever advanced,
paid or incurred by or on behalf of the Lender in connection with (a) the collection or enforcement of this Agreement or any of the other Financing Documents, (b) the creation, perfection, maintenance, preservation, defense, protection, realization
upon, disposition, collection, sale or enforcement of all or any part of the Collateral, and (c) the exercise by the Lender of any rights or remedies available to it under the provisions of this Agreement, or any of the other Financing Documents.

					
	ESSEX – Amended and Restated Credit Agreement	  	9	  	 

  
  

 “Environmental Laws” mean all laws relating to Hazardous Wastes, Toxic Substances or
materials that might be emitted, released or discharged into the environment or other laws or regulations protecting the environment. 
  
 “Equipment” shall mean all of each Borrower’s equipment, as such term is defined by the Uniform Commercial Code, together with all
additions, parts, fittings, accessories, special tools, attachments, and accessions now and hereafter affixed thereto and/or used in connection therewith, and all replacements thereof and substitutions therefor. 
  
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended, and any successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor
sections. 
  
 “ERISA Affiliate” means an entity,
whether or not incorporated, which is under common control with a Borrower or any of its subsidiaries within the meaning of Section 4001(a)(14) of ERISA, or is a member of a group which includes a Borrower or any of its subsidiaries and which is
treated as a single employer under Sections 414(b), (c), (m), or (o) of the Code. 
  
 “Event of Default” means any one of the events specified as an Event of Default under Section 9.1 of this Agreement. 
  
 “Fixed Charge Coverage Ratio” means the Borrowers’ consolidated ratio of Cash Flow to Fixed Charges.

  
 “Fixed Charges” means the sum of the current
portion of long-term debt, plus the current portion of Capital Lease obligations, plus interest expense on all obligations, plus any preferred stock dividend payments. 
  
 “Fixtures” shall have the meaning given to such term in the UCC. 
  
 “GAAP” means generally accepted accounting principles in the
United States of America. 
  
 “General
Intangibles” shall mean all of each Borrower’s general intangibles, as such meaning is defined by the Uniform Commercial Code, together with all of each Borrower’s trademarks, applications for trademarks, service marks, trade
names and copyrights, whether registered or unregistered, together with all goodwill of the business of each Borrower relating thereto, any and all reissues, extensions, divisions or continuations thereof, all royalties, fees and other payments made
or to be made to each 

					
	ESSEX – Amended and Restated Credit Agreement	  	10	  	 

  
  

 
Borrower with respect thereto, and all rights, interests, claims and demands that any Borrower has or may have in existing and future profits and damages for
past and future infringements thereof. 
  
 “Goods” shall have the meaning given to such term in the UCC. 
  
 “Governance Documents” means each Borrower’s Articles or Certificate of Incorporation and Bylaws if such Borrower is a corporation, or such Borrower’s Articles or Certificate of Organization
and Operating Agreement if such Borrower is a limited liability company, or such other documents or agreements affecting a Borrower’s corporate or organizational governance. 
  
 “Government” means the government of the United States of America or the departments or agencies of the
United States, but does not include the government of any state or the District of Columbia or any departments or agencies of any state or of the District of Columbia. 
  
 “Government Accounts” means all Accounts arising out of any Government Contract. 
  
 “Government Contracts” means all contracts of any Borrower
with a Government or all subcontracts of any Borrower with Customers in which the prime contract is between such Customers and a Government, including all renewals, extensions, modifications, change orders and amendments thereof and thereto.

  
 “Guidance Line Advance” shall have the
meaning set forth in Section 2.2 hereof. 
  
 “Guidance
Line Facility” shall mean the uncommitted credit facility established pursuant to Section 2.2 hereof, in the amount of not more than Twenty Million Dollars ($20,000,000). 
  
 “Hazardous Wastes” mean all waste materials subject to regulation under the Comprehensive Environmental
Response, Compensation, and Liability Act, 42 U.S.C. ' ' 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. ' ' 6901 et seq., or applicable state law and any other applicable federal, state or local laws and their regulations now in force or hereafter enacted relating to
hazardous wastes. 
  
 “Hedge Agreement” means any
agreement between any Borrower and the Lender or any affiliate of the Lender now existing or hereafter entered into, which provides for an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction,
currency swap, cross-currency rate swap, currency option, or any similar transaction or any combination of, or option with respect to, these or similar 

					
	ESSEX – Amended and Restated Credit Agreement	  	11	  	 

  
  

 
transactions, for the purpose of hedging the Borrowers’ exposure to fluctuations in interest or exchange rates, loan, credit, exchange, security or
currency valuations or commodity prices. 
  
 “Ineligible
Accounts” shall include the following Accounts: 
  
 1. Accounts that do not conform with the criteria set forth for Eligible Accounts; 
  
 2. An Account owing by any Customer for which the Lender has deemed fifty percent (50%) or more of the Customer’s other Accounts to
be non-Eligible; however, for purposes of this category of Ineligible Accounts, each Government Contract shall be treated as an individual Customer; 
  
 3. The last payment, other than the last payment due in the ordinary course of business, due on a Government Account, unless such
Government Account arises from a Government Contract which is a fixed price contract (as defined in the Federal Acquisition Regulations) which does not include any provision for progress payments, incentive arrangements or price redetermination;

  
 4. Contra Accounts; 
  
 5. Accounts receivable from Affiliates or subsidiaries of
Borrowers; 
  
 6. Accounts for which a Borrower
has not submitted an invoice to a Customer requesting payment for goods or services provided by such Borrower, including without limitation, progress payments, retainages, milestones, and final payments; or 
  
 7. Any Account deemed by the Lender, in the exercise of its
sole and absolute discretion, to be an Ineligible Account because of uncertainty as to the creditworthiness of the Customer or because the Lender otherwise considers the collateral value thereof to the Lender to be impaired or its ability to realize
such value to be insecure. 
  
 “Intellectual
Property” shall mean any U.S. or foreign patents, patent applications, all licenses, trade names, trademarks, copyrights, inventions, service marks, trademark registrations, service mark registrations and copyright registrations, whether
domestic or foreign and applications for any of the foregoing, and all proprietary technology, know-how, trade secrets or other intellectual property rights owned or used by any Borrower or any subsidiary in the operation of their respective
businesses. 

					
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 “Instruments” shall have the meaning given to such term in the UCC. 
  
 “Interest Payment Date” shall have the meaning set forth in
Section 2.1(f). 
  
 “Interest Rate Change Date”
shall mean the first day of each one-month period; provided, however, that if any such day is not a Business Day, at Lender’s option, the Interest Rate Change Date shall be the next succeeding Business Day. 
  
 “Inventory” shall mean all of each Borrower’s now owned
and hereafter acquired inventory as such term is defined by the Uniform Commercial Code, wherever located and however constituted, including, without limitation, raw materials, work and goods in process, finished goods, goods or inventory returned
or repossessed or stopped in transit, supplies, packaging, shipping and other materials, all other goods, merchandise and personal property used or consumed in the business of each Borrower, and all documents and documents of title relating to any
of the foregoing. 
  
 “Investment Property” shall
have the meaning given to such term in the UCC. 
  
 “Item” means any “item” as defined in Section 4-104 of the Uniform Commercial Code, to include, without exclusion or limitation, checks, drafts, money orders or other media by which Payment may be made.

  
 “Lender” means Bank of America, N.A. and its
successors and assigns. 
  
 “Letter of Credit”
shall mean any letter of credit issued by the Lender for the account of any Borrower under the Revolving Loan. 
  
 “Letter of Credit Account” shall have the meaning set forth in Section 2.1(m) of this Agreement. 
  
 “Letter of Credit Agreement” means an Application and
Agreement for Letter of Credit as such form may be revised by the Lender in its discretion at any time and from time to time hereafter. 
  
 “Letter of Credit Exposure” means at any time the sum of (a) the undrawn amount of all Letters of Credit outstanding at such time, and
(b) all Letter of Credit Obligations outstanding at such time. 
  
 “Letter of Credit Fee” shall have the meaning set forth in Section 2.1(l) of this Agreement.  

					
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 “Letter of Credit Obligations” means, collectively, (a) the amount of each draft drawn
under or purporting to be drawn under a Letter of Credit, (b) the amount of any and all charges, reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) which the Lender may charge, pay or incur
for drawings under a Letter of Credit, transfers of a Letter of Credit, amendments to and extensions of a Letter of Credit and for the prosecution or defense of any action arising out of or in connection with any Letter of Credit, including, without
limitation, any action to enjoin full or partial payment of any draft drawn under or purporting to be drawn under any Letter of Credit, including, but not limited to, Letter of Credit Fees, (c) interest on all amounts payable under (a) and (b) above
from the date due until paid in full at a per annum rate of interest equal at all times to the Default Rate. 
  
 “Letter of Credit Rights” shall have the meaning given to such term in the UCC. 
  
 “Libor-Based Rate” shall mean a per annum rate of interest
equal at all times to the sum of the LIBOR Rate plus the Applicable Margin. The Libor-Based Rate shall change immediately and contemporaneously with each change in the LIBOR Rate. 
  
 “LIBOR Rate” means, at any time, the rate of interest equal to the rate per annum (rounded upwards to the
nearest 1/100 of one percent) equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as selected by the Lender from time to time)
as determined for each Interest Rate Change Date at approximately 11:00 a.m. London time two (2) Business Days prior to the Interest Rate Change Date, for U.S. Dollar deposits (for delivery on the first day of such interest period) with a term of
one month, as adjusted from time to time in the Lender’s sole discretion for Reserve Requirements, deposit insurance assessment rates and other regulatory costs. If such rate is not available at such time for any reason, then the rate for that
interest period will be determined by such alternate method as reasonably selected by the Lender. 
  
 “Loan Documents” mean this Agreement, the Revolving Note, or any other document executed by the Borrowers or any other Person evidencing,
securing, guaranteeing or relating to the Revolving Loan, as such documents or instruments may be amended, modified or extended from time to time. 
  
 “Maximum Revolving Commitment Amount” means Twenty Million and 00/100 Dollars ($20,000,000.00), as the same may from time to time be
increased in accordance with the provisions of Section 2.2 hereof. 
  
 “Multiemployer Plan” means a Plan which is a multiemployer plan as defined in Sections 3(37) or 4001(a)(3) of ERISA. 

					
	ESSEX – Amended and Restated Credit Agreement	  	14	  	 

  
  

 “Multiple Employer Plan” means a Plan which any Borrower or any of its subsidiaries or
any ERISA Affiliate and at least one employer other than a Borrower or any of its subsidiaries or any ERISA Affiliate are contributing sponsors. 
  
 “Obligations” shall mean all present and future indebtedness, liabilities and obligations of any kind and nature whatsoever of any or all
of the Borrowers to the Lender both now existing and hereafter arising under, as a result of, on account of, or in connection with, this Agreement and any and all amendments, restatements, supplements and modifications hereof made at any time and
from time to time hereafter, any and all extensions, renewals or replacements thereof, amendments thereto and restatements or modifications thereof made at any time or from time to time hereafter, the Letter of Credit Agreements, or the other
Financing Documents, including, without limitation, future advances, principal, interest, indemnities, fees, late charges, Letter of Credit Exposure, enforcement costs and other costs and expenses whether direct, contingent, joint, several, matured
or unmatured, and the indebtedness owed under any swap contract or any document, instrument or agreement between any or all of the Borrowers and the Lender, now existing or entered into the future, relating to a Hedge Agreement. 
  
 “Operating Account” means a demand deposit account to be
established by the Borrowers with the Lender for the Borrowers’ use in connection with its business operations and with the Revolving Loan. 
  
 “Original Borrowers” has the meaning set forth in the Preamble hereto. 
  
 “Original Loan Agreement” has the meaning set forth in the Recitals hereto. 
  
 “Patent” means any U.S. or foreign patents, patent
applications, patents pending, and all reissues, divisions, reexaminations, renewals, extensions, provisionals and continuations thereof, including invention disclosures. 
  
 “Payment” or “Payments” means any check, draft, cash or any other remittance or credit in
payment or on account of any or all of the Accounts. 
  
 “Payment Intangibles” shall have the meaning given to such term in the UCC. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any successor thereto.

  
 “Permitted Acquisition” means the acquisition
or purchase of, or investment in, any Person, any operating division or unit of any Person, or the capital stock or operational assets of any Person or the combination with any Person by any Borrower or any Subsidiary (each individually, a
“Subject Transaction”) regardless of the 

					
	ESSEX – Amended and Restated Credit Agreement	  	15	  	 

  
  

 
structure of the Subject Transaction, provided that such Subject Transaction is either (i) less than $5,000,000 per transaction or (ii) part of an aggregate
of such transactions totalling $7,500,000 or less in any twelve (12) month period, unless such is approved by the Lender in writing prior to consummation. 
  
 “Person” means any individual, partnership, association, trust, corporation, limited liability company or
partnership, or other entity. 
  
 “Plan” means
any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by ERISA and with respect to which a Borrower or any of its subsidiaries or any ERISA Affiliate is (or, if such plan were terminated at such time, would under Section
4069 of ERISA be deemed to be) an “employer” within the meaning of Section 3(5) of ERISA. 
  
 “Prime Based Rate” shall mean a floating and fluctuating per annum rate of interest equal at all times to the Prime Rate. 
  
 “Prime Rate” shall mean the floating and fluctuating per
annum rate of interest of the Lender at any time and from time to time established and publicly declared by the Lender in its sole and absolute discretion as its prime rate, and does not necessarily represent the lowest rate of interest charged by
the Lender to borrowers. 
  
 “Promissory Notes”
shall have the meaning given to such term in the UCC. 
  
 “Reportable Event” means a “reportable event” as defined in Section 4043 of ERISA with respect to which the notice requirements to the PBGC have not been waived. 
  
 “Reserve Requirements” means the maximum rate (expressed as
a decimal) at which reserves (including any marginal, supplemental, emergency or other reserves) are required to be maintained under Regulation D of the Federal Reserve Board or otherwise by any statute or regulation applicable to the class of
commercial banks which includes the Lender. 
  
 “Revolving
Loan” means the Revolving Loan facility made available by Lender to the Borrowers pursuant to this Agreement in the maximum principal amount equal to the Maximum Revolving Commitment, evidenced by the Revolving Note, as such Revolving Note
may be amended or modified from time to time. 
  
 “Revolving Loan Ending Date” means June 30, 2008. 
  
 “Revolving Note” means the Borrowers’ Amended and Restated Revolving Credit Note of even date, in the amount of Forty Million and 00/100 Dollars 

					
	ESSEX – Amended and Restated Credit Agreement	  	16	  	 

  
  

 
($40,000,000.00), payable to the order of the Lender, and evidencing Borrowers’ obligation to repay the Revolving Loan, as such Revolving Note may be
amended from time to time. 
  
 “Single Employer
Plan” means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 
  
 “Software” shall have the meaning given to such term in the UCC. 
  
 “Subordinated Liabilities” means liabilities or obligations of any Borrower to any person or entity other
than Lender which have been subordinated to Borrowers’ obligations or liabilities to Lender by written agreement executed by such person or entity, Borrowers and Lender, or which have otherwise been subordinated in a manner acceptable by Lender
as determined by Lender in its sole and absolute discretion. 
  
 “Subsidiary” means an entity of which any Borrower directly or indirectly owns or controls securities or other ownership interests representing more than 50% of the ordinary voting power thereof. 
  
 “Termination Event” means (i) with respect to any Plan, the
occurrence of a Reportable Event or the substantial cessation of operations (within the meaning of Section 4062(e) of ERISA); (ii) the withdrawal of a Borrower or any of its subsidiaries or any ERISA Affiliate from a Multiple Employer Plan during a
plan year in which it was a substantial employer (as such term is defined in Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to terminate or the actual termination of a Plan
pursuant to Section 4041(a)(2) or 4041A of ERISA; (iv) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC under Section 4042 of ERISA; (v) any event or condition which might constitute grounds under Section
4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (vi) the complete or partial withdrawal of a Borrower or any of its subsidiaries or any ERISA Affiliate from a Multiemployer Plan. 
  
 “Total Funded Debt” shall mean all outstanding liabilities
for borrowed money and other interest-bearing liabilities, including current and long-term debt, Capital Leases and subordinated debt, excluding for purposes of clarity any current “earn out” payments due in connection with Essex’s
acquisition of the Original Borrowers (the “Windermere Earn-Out Payments”). 
  
 “Toxic Substances” mean any materials which have been shown to have significant adverse effects on human health or which are subject to regulation under the Toxic Substances Control Act, 15 U.S.C.
' ' 2601 et seq.,
applicable state law, or any other applicable federal, state or local laws now in force or hereafter enacted relating to toxic substances. “Toxic Substances” includes, but is not limited to, asbestos, polychlorinated biphenyls (PCBs),
petroleum products, and lead-based paints. 

					
	ESSEX – Amended and Restated Credit Agreement	  	17	  	 

  
  

 “UCC” means the Uniform Commercial Code in the state(s) as set forth Section 1.4 of this
Agreement. 
  
 “Unbilled Eligible Accounts” means
Government Accounts or Commercial Accounts which meet all of the criteria for being Eligible Accounts except (A) those set forth in clauses 1 and 2 of the definition of “Eligible”, and (B) those which are not Ineligible Accounts,
disregarding clause 6 of the definition of “Ineligible Accounts.” 
  
 “Unused Commitment Fee” shall mean the fee paid by the Borrowers to the Lender pursuant to Section 2.1(h) 
  
 “Unused Commitment Fee Percentage” shall mean the percentage upon which the Unused Commitment Fee shall be calculated, as determined in
accordance with Attachment I hereto. The Unused Commitment Fee Percentage earned during any calendar quarter shall be determined based upon the Borrowers’ consolidated ratio of Total Funded Debt to EBITDA as of the last day of the
immediately prior calendar quarter. The Unused Commitment Fee Percentage shall be determined and adjusted quarterly on the first day of the first month after the date by which the annual and quarterly compliance certificates and related financial
statements and information are required in accordance with the provisions of this Agreement. As of the date hereof the Unused Commitment Fee Percentage is 20 basis points. 
  
 1.2 Accounting Terms. Accounting terms used in this Agreement but not defined in this Agreement shall have the
meanings given to them in accordance with GAAP in effect on the date of this Agreement. Except as otherwise provided in this Agreement, all financial computations made pursuant to this Agreement and all financial reports provided to the Lender shall
be made in accordance with GAAP, consistently applied. Except as otherwise provided in this Agreement, whenever this Agreement refers to a balance sheet, financial statement or the information contained in a balance sheet or other financial
statement, the Agreement shall be construed to refer to most recent consolidated balance sheet or other financial statement that Borrowers have provided to the Lender. 
  
 1.3 Use of Defined Terms. All terms defined in this Agreement shall have the same defined meanings when used in any
certificate, report or other document made or delivered in connection with this Agreement, unless otherwise set forth therein. 
  
 1.4 UCC Terms. Terms that incorporate definitions provided in the Uniform Commercial Code and not otherwise defined herein shall have such meanings
as are mandated by the Uniform Commercial Code of the state or states applicable for the 

					
	ESSEX – Amended and Restated Credit Agreement	  	18	  	 

  
  

 
determination of such meanings. Terms not otherwise defined herein and not incorporating a definition under the Uniform Commercial Code of any particular
state, but which are defined in the Uniform Commercial Code as adopted by the Commonwealth of Virginia, shall have the meanings ascribed to them under the Uniform Commercial Code as adopted by the Commonwealth of Virginia. 
  
 ARTICLE 2. CREDIT FACILITIES. 
  
 2.1 Revolving Line of Credit. 
  
 (a) Advances and Letters of Credit. Subject to and upon the provisions of this Agreement and relying upon the
representations and warranties herein set forth, the Lender agrees at any time and from time to time to make Advances to the Borrowers and issue Letters of Credit for the account of the Borrowers from the date hereof until the earlier of the
Revolving Loan Ending Date or the date on which this Revolving Loan is terminated pursuant to Section 7 hereof, in an aggregate principal amount at any time outstanding not to exceed the Allowed Amount of Revolving Advances; provided however, that
in no event shall the total Letter of Credit Exposure exceed $2,000,000. 
  
 In no event shall the Lender be obligated to make an Advance or issue a Letter of Credit hereunder if a Default shall have occurred and be continuing. Unless sooner terminated pursuant to other provisions of this
Agreement, this Revolving Loan and the obligation of the Lender to make Advances and issue Letters of Credit hereunder shall automatically terminate on the Revolving Loan Ending Date without further action by, or notice of any kind from, the Lender.
Within the limitations set forth herein and subject to the provisions of this Agreement, the Borrowers may borrow, repay and reborrow under this Revolving Loan. The fact that there may be no Advances or Letters of Credit outstanding at any
particular time shall not affect the continuing validity of this Agreement. 
  
 (b) Deposit of Advances. Each Advance will be advanced by the Lender not later than the Business Day following the day (which shall be a Business Day) of the Borrowers’ request therefor. The proceeds of
each Advances will be deposited by the Lender in the Borrowers’ Operating Account with the Lender. 
  
 (c) Liability of Lender. Lender shall in no event be responsible or liable to any person other than Borrowers for the disbursement of or failure to
disburse Advances or any part thereof, and no other party shall have any right or claim against Lender under this Agreement or the other Financing Documents. 
  
 (d) Mandatory Prepayments. If the principal outstanding under the 

					
	ESSEX – Amended and Restated Credit Agreement	  	19	  	 

  
  

 
Revolving Loan plus the outstanding Letter of Credit Exposure, at any time exceeds the Allowed Amount, then Borrowers shall make an immediate payment of
principal under the Revolving Loan in an amount sufficient that the principal outstanding under the Revolving Loan plus the outstanding Letter of Credit Exposure will no longer exceed the Allowed Amount. 
  
 (e) Procedure for Advances. Unless Borrowers have previously entered
into a separate auto borrow or similar cash management service with Lender, Borrowers may request Advances by telephone through its employees or agents, as hereinafter provided. Each Advance request must be received by Lender not later than 1:00
p.m. (Eastern Standard time) on the date the Advance is to be made and must specify the amount of the Advance. Lender shall deposit the Advance into Borrowers’ Operating Account if Borrowers are entitled to the Advance, subject to the terms and
conditions of this Agreement. If Borrowers have entered into a separate auto borrow or similar cash management service with Lender, then the provisions of such service shall control with respect to the procedures for making Advances to Borrowers.
Lender shall have the right to terminate such auto borrow or similar cash management service at any time, as determined in Lender’s sole and absolute discretion. 
  
 Notwithstanding anything contained herein to the contrary, so long as the Borrowers opt to use the Lender’s
“AutoBorrow” program and have executed and delivered to the Lender an AutoBorrow Service Agreement (which AutoBorrow Service Agreement remains in full force and effect), all Advances to be made hereunder shall be made in accordance with,
and all interest accrued on such Advances and all repayments of such Advances shall be payable at the times and in the manner provided for in the AutoBorrow Service Agreement. To the extent that any of the provisions hereof are inconsistent with
provisions of the AutoBorrow Service Agreement, the provisions of the AutoBorrow Service Agreement shall govern. Any Advances made to the Borrowers under the AutoBorrow Service Agreement shall nonetheless be deemed to be an Advance hereunder,
subject to all other terms hereof. 
  
 (f) Interest on and
Repayment of Revolving Loan; Auto Debit. Except for any period during which an Event of Default shall have occurred and be continuing, the Borrowers shall pay interest (calculated on a daily basis) on the unpaid principal balance of the Advances
until maturity (whether by acceleration, extension or otherwise) at a per annum rate of interest equal at all times to the Libor-Based Rate in effect from time to time. After maturity, or during any period in which an Event of Default exists and
remains continuing, the unpaid principal balance of the Advances shall bear interest at a rate equal to the Default Rate. Until the maturity of the Revolving Loan, all accrued and unpaid interest on all Advances shall be paid monthly on the first
day of each month (each, an “Interest Payment Date”). 

					
	ESSEX – Amended and Restated Credit Agreement	  	20	  	 

  
  

 Notwithstanding any other provision of this Agreement, if the Lender determines (which determination
shall be conclusive) (i) that any applicable law, rule, or regulation, or any change in the interpretation of any such law, rule, or regulation shall make it unlawful or impossible for the Lender to charge or collect interest at the Libor-Based
Rate, or (ii) that quotations of interest rates for the relevant deposits referred to in the definition of the Libor-Based Rate are not being provided in the relevant amounts or for the relevant maturities, then upon notice from the Lender to the
Borrowers, the entire outstanding principal balance of the Revolving Loan shall bear interest at the Prime-Based Rate. 
  
 If not sooner paid, the entire outstanding principal balance of the Advances, together with all accrued and unpaid interest thereon, shall be due and
payable on the Revolving Loan Ending Date. 
  
 (g) Use of
Revolving Loan Proceeds. The proceeds of the Revolving Loan shall be used for working capital, to finance Permitted Acquisitions, and for general corporate purposes not inconsistent with this Agreement. 
  
 (h) Revolving Loan Fees. Borrowers jointly and severally promise to
pay Lender the following fees in consideration of entering into this Agreement. These fees are in addition to interest payable under the Revolving Note: 
  
 a. During the period from the date hereof until the earlier of the Revolving Loan Ending Date or the date on which the Revolving Loan is terminated
pursuant to the provisions hereof, the Borrowers shall pay to the Lender an availability fee in a per annum amount equal to the Unused Commitment Fee Percentage times the average daily unused portion of the Maximum Revolving Credit Commitment. Such
availability fee shall commence to accrue on the date hereof and shall be due and payable by the Borrowers quarterly, in arrears, commencing on September 30, 2005, and, on the last Business Day of each third month thereafter, and on the earlier of
the Revolving Loan Ending Date or on the date on which the Revolving Loan is terminated pursuant to the terms hereof. 
  
 b. Lender shall have the right to perform field examinations at any time, in its sole discretion. Borrowers shall pay to Lender, on demand, the fees and
costs associated with a field examination performed prior to the closing of the Credit Facilities and for one field examination to be performed each calendar year provided, however, that the Lender does not intend to perform a field examination in
the first year following closing unless the Borrowers close an acquisition exceeding $5,000,000 during such time, and with respect to which the Original Borrowers shall be excluded. Any additional field examinations will be at Lender’s own
expense if no Event of Default has occurred and remains uncured at the time of the additional field examination, but shall be at the Borrowers’ expense if an Event of Default has occurred and remains uncured at the time of the additional field
examination. 

					
	ESSEX – Amended and Restated Credit Agreement	  	21	  	 

  
  

 (i) Voluntary Prepayments. Within the limitations set forth herein and subject to the provisions
of this Agreement, the Borrowers may prepay any Advance in whole or in part, from time to time without premium or penalty. Any permitted prepayment need not be accompanied by payment of interest on the amount prepaid except, that any prepayment of
Advances which constitutes a final payment of all Advances shall be accompanied by payment of all interest thereon accrued through the date of prepayment.  
  
 (j) Terms of Letters of Credit. Each Letter of Credit shall (i) be a commercial Letter of Credit or a standby Letter
of Credit, (ii) be opened pursuant to a Letter of Credit Agreement duly executed and delivered to the Lender by the Borrowers prior to the issuance of such Letter of Credit, (iii) expire on the Revolving Credit Expiration Date, (iv) be in an amount
not less than $10,000, (v) be issued in the ordinary course of the Borrowers’ business, and (vi) be issued in accordance with the Lender’s then current practices relating to the issuance of letters of credit. All powers, right, remedies
and provisions set forth in any Letter of Credit Agreement shall be in addition to those set forth herein. In the event of any conflict between the provisions of this Agreement and the provisions of any Letter of Credit Agreement, the provisions of
this Agreement shall prevail and control unless expressly provided otherwise herein or in the Letter of Credit Agreement.  
  
 (k) Procedures for Letters of Credit. The Borrowers shall give the Lender written notice of its request for a Letter of Credit at least three (3)
Business Days prior to the date on which the Letter of Credit is to be opened by delivering to the Lender a duly executed Letter of Credit Agreement in form and content acceptable to the Lender setting forth (i) the face amount of the Letter of
Credit, (ii) the name and address of the beneficiary of the Letter of Credit, (iii) whether the Letter of Credit is irrevocable or revocable, (iv) whether the Letter of Credit requested is a standby or commercial Letter of Credit, (v) the date the
Letter of Credit is to be opened and the date the Letter of Credit is to expire, (vi) the purpose of the Letter of Credit, (vii) the terms and conditions for any draws under the Letter of Credit, and (viii) such other information as the Lender may
reasonably deem to be necessary or desirable. 
  
 (l) Letter of
Credit Fees. With respect to each Letter of Credit issued hereunder, the Borrowers shall pay to the Lender a letter of credit fee (the “Letter of Credit Fee”) set forth in the table attached hereto as Attachment I,
payable in advance on or before the date of issuance and on each anniversary thereof plus the Lender’s then standard fee for the issuance, negotiation, processing and administration of letters of credit of the same type as the Letter of
Credit. The amount of the Letter of Credit Fee 

					
	ESSEX – Amended and Restated Credit Agreement	  	22	  	 

  
  

 
payable on any date shall be a percentage of the face amount of such Letter of Credit, calculated on the basis of the table included as Attachment I
hereto, based upon the Borrowers’ ratio of Total Funded Debt to EBTIDA as of the end of the immediately preceding calendar quarter. 
  
 (m) Agreement to Pay Letter of Credit Obligations. The Borrowers shall pay to the Lender the Letter of Credit Obligations when due;
provided, however, that so long as the Borrowers have availability under the Revolving Loan, the Lender may, and is hereby authorized to, make Advances to itself to pay when due any or all Letter of Credit Obligations incurred in
connection with Letters of Credit. The Lender may maintain on its books a letter of credit account (the “Letter of Credit Account”) with respect to the Letter of Credit Obligations paid and payable from time to time hereunder.
Except for demonstrable error, the Letter of Credit Account shall be conclusive as to all amounts owing by the Borrowers to the Lender in connection with and on account of the Letter of Credit Obligations. From the date due until paid in full, all
Letter of Credit Obligations shall bear interest at the Default Rate. 
  
 (n) Agreement to Pay Absolute. The obligation of the Borrowers to pay Letter of Credit Obligations set forth above shall be absolute and unconditional and irrespective of (i) any lack of validity or enforceability of any Letter of
Credit, (ii) the existence of any claim, setoff, defense or other right which the Borrowers may at any time have against the beneficiary under any Letter of Credit or the Lender, (iii) any draft or other document presented under a Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue provided that payment by the Lender under such Letter of Credit against presentation of such draft shall not have constituted gross
negligence or willful misconduct, and (v) any other events or circumstances whatsoever, whether or not similar to any of the foregoing provided that the payment by the Lender under the Letter of Credit shall not have constituted gross negligence or
willful misconduct of the Lender. 
  
 2.2 Guidance Line
Facility. Subject to the terms and conditions of this Agreement (including, without limitation, all of the conditions precedent to the making of Advances set forth herein), from the date hereof until the earlier of the Revolving Loan Ending Date
or the date on which this facility is otherwise terminated pursuant to the provisions of Section 7, the Lender may, in its sole and absolute discretion, from time to time make Advances to the Borrowers in an amount greater than the difference
between the then-current Maximum Revolving Credit Commitment and the then-current Revolving Credit Exposure (each such Advance being hereinafter called a “Guidance Line Advance”); provided, however, that (a) the aggregate principal
amount of all Guidance Line Advances shall not exceed $20,000,000, and (b) in no event shall the Lender make a new Guidance Line Advance hereunder if an Event of Default shall have occurred and be continuing. Once a Guidance Line Advance has been
made 

					
	ESSEX – Amended and Restated Credit Agreement	  	23	  	 

  
  

 
hereunder, it shall be considered an Advance for all purposes under this Agreement (including, without limitation the calculation of the Revolving Credit
Exposure) and shall be repaid in accordance with the terms and conditions hereof. Each time the Lender makes a Guidance Line Advance, the Maximum Revolving Credit Commitment shall automatically be increased to an amount equal to the Revolving Credit
Exposure (after giving effect to such Guidance Line Advance). 
  
 2.3. Additional Provisions. 
  
 (a) Interest
Calculation. All interest and fees payable under the provisions of this Agreement or the Notes (other than interest, if any, calculated based upon the Prime Rate, which shall be calculated on the basis of a 365 day year) shall be computed on the
basis of actual number of days elapsed over a year of 360 days. 
  
 (b) Late Charges. If the Borrowers fail to make any payment of principal, interest, prepayments, fees or any other amount becoming due pursuant to the provisions of this Agreement or the Notes (other than the final principal payment
due upon maturity, whether by acceleration or otherwise), within fifteen (15) days after the date due and payable, the Borrowers shall pay to the Lender a late charge equal to five percent (5%) of the amount of such payment. Such 15-day period shall
not be construed in any way to extend the due date of any such payment. Late charges are imposed for the purpose of defraying the Lender’s expenses incident to the handling of delinquent payments, and are in addition to, and not in lieu of, the
exercise by the Lender of any rights and remedies hereunder or under applicable laws and any fees and expenses of any agents or attorneys which the Lender may employ upon the occurrence of an Event of Default. 
  
 (c) Payments. Whenever any payment to be made by the Borrowers under
the provisions of this Agreement, the Notes or the Letter of Credit Agreements is due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, in the case of any payment which bears
interest, such extension of time shall be included in computing interest on such payment. All payments of principal, interest, fees or other amounts to be made by the Borrowers under the provisions of this Agreement or the Notes shall be paid to the
Lender at the Lender’s office at 8300 Greensboro Drive, Mezzanine Level, McLean, Virginia 22102, in lawful money of the United States of America in immediately available funds. 
  
 (d) Interest On Overdue Amounts. If the principal of or interest on, the Notes or any other amount required to be
paid to the Lender hereunder or under the Notes is not paid within fifteen (15) days after the date when the same becomes due and payable, whether by acceleration or otherwise, the Borrowers shall on demand from time to time pay to the Lender
interest on such principal, interest or other amount from the date due until the date of payment (after as well as before any judgment) at a rate per annum equal to the Default Rate. 

					
	ESSEX – Amended and Restated Credit Agreement	  	24	  	 

  
  

 (e) Automatic Debit. To ensure timely payment of all interest and other sums due hereunder, the
Borrowers hereby authorize and instruct the Lender to either (i) debit, on the due date thereof, demand deposit account no. (deleted) maintained at the Lender for the amount then due, or (ii) at the Lender’s option, cause an Advance to be made
sufficient to pay the amount then due. 
  
 ARTICLE 3. CONDITIONS
PRECEDENT TO CREDIT FACILITIES. 
  
 3.1 Conditions Precedent
to Initial Advance. The Lender shall be under no obligation to make the first Advance or issue the first Letter of Credit under this Agreement until, in the Lender’s judgment, all of the following conditions are satisfied: 
  
 a. Representations and Warranties; Compliance. All representations
and warranties made by Borrowers in or in connection with this Agreement or any of the other Loan Documents or otherwise made in writing in connection with this Agreement shall be true and correct on the Closing Date, and the Borrowers shall have
performed all of the promises or undertakings under this Agreement and satisfied all of the conditions of this Agreement that the Borrowers were required to perform or to satisfy as of the Closing Date. 
  
 b. Documents Concerning the Borrowers. Borrowers shall deliver to the
Lender copies of all documents requested by the Lender, including the following: (1) with respect to any Borrower which is a corporation, a complete, correct and current copy of such Borrower’s Articles of Incorporation; and a complete, correct
and current copy of such Borrower’s Bylaws, certified by such Borrower’s corporate secretary; (2) with respect to any Borrower which is a limited liability company, a complete, correct and current copy of such Borrower’s Articles of
Organization; and a complete correct and current copy of such Borrower’s Operating Agreement, certified by the members of such Borrower; (3) with respect to a Borrower which is a corporation, a complete, correct and current copy of all
resolutions of such Borrower’s Board of Directors authorizing the execution, delivery and performance of this Agreement and of the other Loan Documents, certified by such Borrower’s corporate secretary; and appropriate certificates of
incumbency for those officers of such Borrower executing this Agreement or any of the other Loan Documents, certified by such Borrower’s corporate secretary and president; and (4) with respect to a Borrower which is a limited liability company,
a complete, correct and current copy of all resolutions of such Borrower’s members authorizing the execution, delivery and performance of this Agreement and of the other Loan Documents, certified by such Borrower’s manager, managing member
or 
  
  

					
	ESSEX – Amended and Restated Credit Agreement	  	25	  	 

  
  

 
authorized officer. In addition, the following documents and materials shall have been delivered to the Lender, and must be satisfactory to the Lender in
form and substance: 
  
 1. all supporting
documentation with regard to the Borrowers or the Revolving Loan as the Lender may require; 
  
 2. such additional information, instruments, opinions, documents, certificates and reports relating to the Borrowers or the Collateral as
the Lender may deem necessary; and 
  
 3. such
lien releases or termination statements as Lender may deem necessary to remove any Encumbrances on the Collateral. 
  
 c. Executed Note and Loan Documents. Borrowers shall deliver to the Lender, fully executed: this Agreement, the Revolving Note, UCC-1 Financing
Statements and such other documents, instruments and certificates as the Lender may reasonably require, in form and substance satisfactory to the Lender. All taxes, fees and charges with respect to the preparation, filing and recording of the Loan
Documents shall have been paid by Borrowers. 
  
 d. Landlord
and Mortgagee Waivers. The Lender shall have received such landlord and mortgagee waivers as it shall request with respect to any of the Borrower’s landlords or mortgagees which could claim an interest in any Collateral as a remedy for a
default under any lease, mortgage or deed of trust. 
  
 e.
Financing Statements and Control Agreements. All Financing Statements and Control Agreements deemed necessary by the Lender to perfect its security interest in the Collateral or any other collateral securing the Credit Facilities. 

 
 f. Legal Opinion. Borrowers shall deliver to the Lender a written
opinion or opinions of legal counsel for Borrowers dated the Closing Date and addressed to the Lender, which opinions must be in form and content satisfactory to the Lender. 
  
 g. Operating Account. The Borrowers shall establish the Operating Account with the Lender. 
  
 h. Compliance with Covenants. Borrowers shall establish to
Lender’s satisfaction that the Advance will not cause Borrowers to cease to comply with Borrowers’ financial covenants as set forth hereinafter. 

					
	ESSEX – Amended and Restated Credit Agreement	  	26	  	 

  
  

 3.2 Future Advances. The obligation of the Lender to make any Advance or issue any Letter of
Credit under the Revolving Loan subsequent to the Closing Date is further conditional on: 
  
 a. Conditions of First Advance Remain Satisfied. The Lender shall have determined, in its judgment, that the conditions precedent to the first Advance are satisfied as of the Borrowing Date for the subsequent
Advance; the Loan Documents shall remain in full force and effect; and neither the Borrowers nor any Person providing Collateral or a guaranty shall have purported to terminate any of the Loan Documents or notified Lender of an intention not to
perform under any applicable Loan Document; 
  
 b. Borrowing
Base Certificate. The Lender shall have received a duly executed Borrowing Base Certificate, if required, with supporting updated schedules attached thereto; 
  
 c. Representations and Warranties. All representations and warranties contained herein shall be true and correct at
the date of such disbursement; 
  
 d. No Material Adverse
Change. The Lender shall have determined, in its discretion, that no material adverse change has occurred in the financial condition of the Borrowers from that disclosed in the most recent financial statements furnished to the Lender prior to
the Closing Date; and 
  
 e. No Default. No Event of
Default has occurred and remains uncured, and no event has occurred or circumstance exists which, with the passage of time or the giving of notice or both, would constitute an Event of Default. 
  
 3.3 The Borrowers’ Representatives. Each of the Borrowers hereby
represents and warrants that each of them will derive benefits, directly and indirectly, from the proceeds of the Credit Facilities, both in its separate capacity and as a member of the integrated business to which each of the Borrowers belong. For
administrative convenience, Essex is hereby irrevocably appointed by each of the Borrowers as agent for each of the Borrowers for the purpose of requesting Advances and Letters of Credit, receiving the proceeds of the Advances and the Letters of
Credit, disbursing the proceeds of the Credit Facilities among the Borrowers, and giving and receiving notices. In its capacity as such agent, Essex shall have the power and authority through its authorized officer or officers to (i) endorse any
check for the proceeds of the Credit Facilities for and on behalf of each of the Borrowers and in the name of each of the Borrowers, and (ii) instruct the Lender to credit the proceeds of the Advances (or any portion thereof directly to a banking
account of any of the Borrowers. The Lender is hereby irrevocably authorized to make the Credit Facilities to the Borrowers upon the 

					
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request of any person who is authorized to do so under the provisions of the corporate resolutions of Essex. The Lender assumes no responsibility or
liability for any errors, mistakes and/or discrepancies in any oral, telephonic, written or other transmissions of any instructions, orders, requests and confirmations between the Lender and any of the Borrowers in connection with the Credit
Facilities or other transaction pursuant to the provisions of this Agreement, except for acts of gross negligence and/or willful misconduct; provided, however, that the foregoing sentence shall not be construed to release the Lender from its
obligation to credit the Borrowers for payments actually made. 
  
 ARTICLE 4. SECURITY. 
  
 4.1 Grant of Security
Interest. As security for (i) the payment of the Credit Facilities, and any other extensions of credit, loans, letters of credit or other financial accommodations now or hereafter made by the Lender for the benefit of any or all of the
Borrowers, and (ii) the performance of the Borrowers’ obligations under or in connection with any interest rate swap agreement as defined in 11 U.S.C. ' 101 by and between the Borrowers and the Lender or any Affiliate of the Lender (whether absolute or contingent and whether now or hereafter becoming due or owing), and (iii) any other liability or obligation of any or all of
the Borrowers to Lender whether now or hereafter existing, of every kind and description, whether or not evidenced by notes or other instruments, and whether or not such liability or obligations are direct or indirect, fixed or contingent,
liquidated or unliquidated, each Borrower hereby assigns, grants and conveys to the Lender a security interest in the Collateral. In addition, except as provided by law, each Borrower grants to Lender a security interest in all bank accounts and
deposit accounts of any or all of the Borrowers with Lender or any of Lender’s Affiliates. Proceeds of the Collateral shall be allocated pari passu among the Credit Facilities and any outstanding interest rate swap agreements. The
Borrowers further agree that the Lender shall have in respect of the Collateral all of the rights and remedies of a secured party under the Uniform Commercial Code, other applicable law and this Agreement. The Borrowers covenant and agree to execute
and deliver, and hereby authorize Lender to prepare and file with the financing records of such jurisdictions as Lender deems appropriate, such financing statements and other instruments and filings or perform any and all acts as are necessary in
the opinion of the Lender to perfect, maintain and protect the security interest hereby granted, including, without limitation, filing a UCC-1 financing statement. The Borrowers shall not dispose of the Collateral, or any part thereof, other than in
the ordinary course of its business or as otherwise may be permitted by this Agreement. 
  
 4.2 Covenants Regarding Inventory and Equipment. With regard to Collateral that constitutes Inventory or Equipment, the Borrowers further covenant as follows: 

					
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 a. The Borrowers shall not permit any of the Equipment to become a fixture to any real estate unless
subordination agreements satisfactory to the Lender are obtained by any owner or mortgagee of such real estate. 
  
 b. The Lender’s security interest shall extend and attach to Inventory which is presently in existence and is owned by any Borrower or in which any
Borrower purchases or acquires an interest at any time and from time to time in the future, whether such Inventory is in transit or in a Borrower’s constructive, actual or exclusive occupancy or possession or not, and wherever the same may be
located, including, without limitation, all Inventory which may be located at the premises of a Borrower or upon the premises of any carriers, forwarding agents, truckers, warehousemen, vendors, selling agents, finishers, convertors or other third
parties who may have possession of the Inventory. 
  
 c. Upon
sale, exchange, lease or disposition of the Inventory or Equipment, the security interest of the Lender shall without break in continuity and without further formality or act continue in and attach to all cash and non-cash proceeds of such sale,
exchange, lease or disposition, including Inventory returned or rejected by customers or repossessed by either a Borrower or the Lender. As to any such sale, exchange, lease or disposition, the Lender shall have all of the rights of an unpaid
seller, including stoppage in transit, replevin, detinue and reclamation. 
  
 4.3 Certain Rights of the Lender. The Lender shall have the right, but not the obligation, (i) to pay any taxes or levies on the Collateral or any costs to repair or to preserve the Collateral; and (ii) to cure
any defaults by any Borrower on contracts by a Borrower intended to give rise to Accounts. Such payments and the costs of curing such defaults shall constitute Advances under the Revolving Note and shall be secured pursuant to this Agreement,
irrespective of whether the Borrowers would then be entitled to such Advances under this Agreement. 
  
 4.4 Financing Statements; Possession of Collateral by Lender; Control. At the request of the Lender, Borrowers will execute financing statements,
continuation statements and other documents with respect to the Collateral pursuant to the Uniform Commercial Code or otherwise, in form satisfactory to the Lender, and Borrowers will pay the cost of filing the same in all public offices wherever
the Lender deems filing to be necessary or desirable. Borrowers agree that a carbon, photographic, photostatic or other reproduction of this Agreement or of a financing statement is sufficient as a financing statement, provided however, that it
shall not limit the obligations of Borrowers as previously set forth herein. Each Borrower grants the Lender the right, and irrevocably authorizes the Lender, at the Lender’s option, to file any or all such financing statements, continuation
statements and other documents pursuant to the 

					
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UCC and otherwise, without Borrower’s signature, and irrevocably appoints the Lender as Borrower’s attorney-in-fact to execute any such statements
and documents in such Borrower’s name and to perform all other acts which the Lender deems appropriate to perfect and to continue the security interests conferred by this Agreement. 
  
 In addition, upon request of Lender, Borrowers shall immediately deliver to Lender, or authorize and direct any and all Persons in
possession of Collateral, to immediately deliver to Lender all Collateral for which Lender requires possession to perfect its security interest in such Collateral, properly endorsed or acknowledged. Furthermore, Borrowers shall take all such actions
as may be requested by Lender to allow Lender to exercise control over any Collateral for such purpose of allowing Lender to perfect its security interest in Collateral, which Collateral may include Deposit Accounts, Investment Property,
Letter-of-Credit Rights and electronic Chattel Paper. At Lender’s request, Borrowers shall execute and deliver to Lender, and have any other Persons in possession or control of Collateral, execute and deliver to Lender, control or other
agreements, in form and substance satisfactory to Lender. 
  
 4.5
Records of Collateral; Information. Borrowers at all times will maintain accurate books and records covering the Collateral. If necessary, Borrowers immediately will mark all books and records with an entry showing the absolute assignment of
and granting of a security interest in all Collateral (other than classified Government Contracts) to Lender, and hereby grants the Lender the right to audit the books and records of Borrowers relating to Collateral at any time and from time to
time. Borrowers shall (with respect to non-classified Collateral) (i) promptly furnish the Lender with any information with respect to Collateral requested by Lender; (ii) allow the Lender or its representatives to inspect the Collateral, at any
time and wherever located and in whomever’s possession the Collateral may be, and to inspect and copy, or furnish the Lender or its representatives with copies of all records relating to the Collateral; (iii) furnish the Lender or its
representatives such information as the Lender may request to identify the Collateral, at the time and in the form requested by Lender; and (iv) deliver upon request to Lender shipping and delivery receipts evidencing the shipment of goods and
invoices evidencing the receipt of the Collateral and payment for the Collateral. 
  
 4.6 No Release. No injury to the Collateral, loss or destruction of the Collateral, failure to perfect or to continue the perfection of Lender’s security interest in the Collateral, or release of
Lender’s security interest in the Collateral, or any part of it, shall relieve Borrowers of any obligation under this Agreement or under any of the other Loan Documents. Borrowers expressly waive all defenses based on suretyship or impairment
of collateral, and shall not be released or discharged of any obligation under the Loan Documents, in whole or in part, by Lender’s failure to protect or preserve the Collateral provided, that such waiver shall not apply to any loss resulting

					
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from Lender’s gross negligence or willful misconduct.. No Person, in deciding to enter into this Loan Agreement, has relied on the execution of this
Loan Agreement or the granting of a security interest in Collateral by any other Person. Each waives notice of any change in financial condition of any Person liable for the Credit Facilities or any part thereof, and agrees that maturity of the
Credit Facilities or any part thereof may be accelerated, extended or renewed one or more times by Lender in its discretion, without notice to the Person and without affecting Lender’s security interest in the Collateral. Lender shall not be
required to bring any action against any other Person or to resort to any other security or to any balance of any deposit account as a condition of enforcing its rights against any of the Collateral. 
  
 4.7 Assignment of Payments Under Certain Government Contracts and
Government Accounts. On the Closing Date, and thereafter upon the creation of any Government Contract or Government Account other than classified accounts, Borrowers shall, at Lender’s option, execute and deliver to the Lender specific
Assignments of Payments due or to become due with respect to any Government Account designated by Lender. Borrowers shall execute and deliver any and all documents and take any and all steps necessary to provide the Lender with an Assignment. The
separate Assignment to the Lender of a right to payment under specific Government Contracts, as contemplated under this Section, shall not be deemed to limit the Lender’s security interest to Payments under those particular Government Contracts
and the related Government Accounts, but rather the Lender’s security interest, as stated above, shall extend to Payments under any and all Government Contracts and the related Government Accounts and proceeds thereof, now or hereafter owned or
acquired by any or all of the Borrowers. Anything in the foregoing notwithstanding, at its sole option, the Lender may exclude from this requirement, contracts of less than $500,000 in remaining value or contracts of less than six months in
remaining duration and that such exclusion, if granted, will not release the Borrowers from the requirement to provide such assignments at such time in the future, as the Lender desires. 
  
 4.8 Additional Remedy for Failure to Assign Payments. Borrowers acknowledge that the Lender will be irreparably
harmed if Borrowers fail to assign Payments due or to become due under any Government Contract when required by this Agreement, and that the Lender shall have no adequate remedy at law. Therefore, the Borrowers agree that the Lender shall be
entitled to the following remedies, in addition to all other remedies allowed by law or under this Agreement, 
  
 a. an injunction compelling Borrowers’ compliance with the provisions of this Agreement requiring the Borrowers to assign Payments due or to become
due under any Government Contract; and 

					
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 b. such other or further equitable relief as may be necessary or desirable to secure to Lender the
benefits of the rights of an assignee under the Assignment of Claims Act. 
  
 4.9 Indemnification; Risk of Loss. In any suit, proceeding or action brought by or against the Lender relating to the Collateral, the Borrowers will jointly and severally defend, indemnify and keep the Lender
harmless from and against all expense, loss or damage (including reasonable attorneys’ fees) suffered by reason of any defense, set-off, counterclaim, recoupment or reduction of liability whatsoever of account debtor or other obligor of the
Borrowers. The foregoing obligation of the Borrowers to indemnify the Lender shall survive the payment of the Credit Facilities and the termination of this Agreement, but shall not extend to any suit, proceeding or action arising out of the
Lender’s gross negligence or willful misconduct. 
  
 In addition, the risk of
any loss or damage associated with the Collateral, including without limitation, any Collateral in the possession of Lender shall be borne by the Borrowers; provided, that Lender shall be responsible for any loss resulting from Lender’s gross
negligence or willful misconduct. In the event that Lender is in possession of Collateral, (a) Borrower shall be jointly and severally liable to Lender and shall pay to Lender, upon demand, all reasonable expenses, including the cost of insurance
and payment of taxes or other charges, incurred in the custody, preservation, use or operation of the Collateral, and all such expenses shall be secured by the Collateral; and (b) Lender may use and operate the Collateral, as determined in its
discretion, (i) to preserve the Collateral or its value, (ii) as permitted by an order of a court having competent jurisdiction, or (iii) as otherwise set forth herein or as previously or hereafter agreed to by Borrowers. Notwithstanding anything in
this Agreement to the contrary, Lender shall have no duty and be under no obligation to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral. 
  
 ARTICLE 5. BORROWERS’ REPRESENTATIONS AND WARRANTIES. 
  
 To induce the Lender to enter into this Agreement and to extend the Revolving Loan to Borrowers, Borrowers make the
following representations and warranties to the Lender. These representations and warranties are continuing, and each request for an Advance or a Letter of Credit shall be deemed to be an affirmation of these representations and warranties as of the
date of the most recent Borrowing Base Certificate submitted prior to the request. 
  
 5.1 Corporate Authority; Subsidiaries. Each Borrower (i) is a corporation or limited liability company duly organized, validly existing, and in good standing under 

					
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the laws of its state of incorporation as shown on Schedules 5.1-1 through 5.1-3, (ii) is qualified to do business as a foreign corporation or foreign
limited liability company and is in good standing in all jurisdictions where its activities or ownership of property require such qualification, and (iii) has the full and unrestricted power and authority, corporate and otherwise, to own, operate
and lease its properties, to carry on its business as currently conducted, to execute and deliver and perform the Loan Documents, to incur the obligations provided for herein and therein, and to perform the transactions contemplated hereby and
thereby (including without limitation, the creation of the lien and security interest in favor of the Lender in the Collateral, the Assignments and any other Collateral required by this Agreement), all of which have been duly and validly authorized
by all proper and necessary action (all of which actions are in full force and effect). No Borrower has any subsidiaries other than those previously disclosed in writing to the Lender. Each of the Borrowers maintains it chief executive office at the
location stated in Schedules 5.1-1 through 5.1-3 attached hereto and made a part hereof. 
  
 5.2 Approvals. Borrowers have provided Lender with a true and accurate certificate of a Resolution of each Borrower’s Board of Directors or
manager (or managing member or authorized officer) authorizing the loan transactions contemplated by this Agreement. No further approval, consent or other action by the stockholders of any Borrower, by the members of any Borrower, by any
governmental authority or by any other Person is or will be necessary to permit the valid execution, delivery or performance by the Borrowers of this Agreement or any of the other Loan Documents. 
  
 5.3 Binding Effect, No Violations. Each of the Loan Documents, upon
its execution and delivery, will constitute a legal, valid and binding obligation of Borrowers, enforceable against Borrowers in accordance with its terms. The execution, delivery and performance of the Loan Documents will not (i) violate, conflict
with or constitute a default (with due notice, lapse of time or both) under any law, regulation, order or any other requirement of any court, tribunal, arbitrator or governmental authority, any terms of the Articles or Certificate of Incorporation
or Bylaws of any Borrower (or if any Borrower is a limited liability company, the Articles or Certificate of Organization or Operating Agreement of such Borrower), or any contract, agreement or other arrangement binding upon or affecting any
Borrower or any of its properties, or (ii) result in the creation, imposition or acceleration of any indebtedness or any Encumbrance of any nature upon, or with respect to, any Borrower or any of its properties, except such Encumbrances in favor of
Lender. 
  
 5.4 Litigation. Except as set forth in
Schedule 5.4 attached hereto and made a part hereof, there is no claim, litigation, proceeding or investigation pending, threatened or reasonably anticipated against or affecting any Borrower, its properties or business, this Agreement, any
of the other Loan Documents, or any of the transactions 

					
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contemplated hereby or thereby, before or by any court, tribunal, arbitrator or governmental authority, and there is no possibility of any judgment,
liability or award which reasonably may be expected to result in any material adverse change in the business, operations, prospects, properties or assets or condition, financial or otherwise, of any Borrower. No Borrower is in default with respect
to any judgment, order, writ, injunction, decree, rule, award or regulation of any court, governmental instrumentality or agency, commission, board, bureau, arbitrator or arbitration panel. 
  
 5.5 Title to and Condition of Assets. The Borrowers have good, valid
and marketable title to all of their properties and assets (whether real or personal) and have the power to transfer its rights and interests in the Collateral, and there exist no Encumbrances on any Borrower’s properties or assets, including
without limitation, the Collateral, except for non-leasehold liens and security interest filings disclosed in lien searches ordered by and/or provided to the Lender or its counsel prior to execution of this Agreement, and liens and security interest
filings disclosed in the updated lien search on the Original Borrowers ordered on June 28, 2005, which shall be delivered to Lender and its counsel upon receipt (collectively, the “Unreleased Filings”). The Borrowers specifically represent
to the Lender that all of the Unreleased Filings relate to lending relationships that to the Borrowers’ knowledge have been paid in full and otherwise terminated, and that all Unreleased Filings are amenable to release or correction. All
personal property of each Borrower is in good operating condition and repair, and is suitable and adequate for the uses for which it is being used. Upon the execution and delivery of this Agreement, and upon (a) the filing of financing statements,
(b) the Lender’s taking possession of the Collateral, (c) Lender’s receipt of a satisfactory acknowledgment from a Person in possession of any Collateral that such Collateral is in the possession of such Person and is being held for the
benefit of Lender, and/or (d) Lender obtaining satisfactory control over any of the Collateral consisting of Investment Property, Deposit Accounts, Letter-of-Credit Rights or electronic Chattel Paper or such other Collateral for which control is
required to perfect a security interest (as control is defined in the UCC), as the case may be, the Lender will have a good, valid and perfected first priority lien and security interest in the Collateral, subject to no Encumbrance in favor of any
other Person. 
  
 5.6 Loan Application. The statements made
and the documents delivered by Essex to the Lender in connection with this Agreement and the other Loan Documents are true, correct and complete, in all material respects, omit no material facts, are not misleading, and present fairly the condition
(financial or otherwise) of Borrowers. Borrowers certify further that the information set forth in the Borrower Information Statements attached hereto as Schedules 5.1-1 through 5.1-3 is true, accurate and complete as of the date of this
Agreement. 

					
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 5.7 No Change. No change in the business, operations, properties or condition (financial or
otherwise) of Borrowers, or any other event, has occurred since the date of the most recent financial statements submitted to the Lender by Borrowers, which change might adversely affect the ability of Borrowers to perform or comply with all terms,
conditions and agreements to be performed or complied with by Borrowers under this Agreement or under any of the other Loan Documents, or to perform the transactions contemplated by this Agreement or the other Loan Documents. 
  
 5.8 Taxes. Each Borrower has timely filed all tax returns and reports
required by any governmental authority to be filed by such Borrower, and such returns and reports are true and correct. Each Borrower has paid all taxes, assessments and other government charges imposed upon it or its income, profits or properties,
or upon any part thereof, other than those presently payable without penalty or interest and each Borrower has timely filed all claims for refunds to which such Borrower is entitled. The amounts reserved as a liability for income and other taxes
payable in the most recent financial statements of Borrowers provided to the Lender are sufficient for the payment of all unpaid federal, state, county and local income, excise, property and other taxes, whether or not disputed, of Borrowers accrued
for or applicable to the period and on the dates of such financial statements and all years and periods prior thereto, and for which any Borrower may be liable in its own right or as a transferee of the assets of, or as successor to, any other
Person. 
  
 5.9 No Default. No Event of Default, and no
event which with notice, lapse of time or other condition would constitute an Event of Default, has occurred and is continuing. 
  
 5.10 Compliance with Laws, Governance Documents and Agreements. Borrowers have complied and are in full compliance with all applicable laws,
ordinances, rules, regulations, orders and other requirements of any governmental authority or arbitrator, and with all terms and conditions of its Governance Documents, and with each agreement binding upon or affecting any Borrower or any of its
properties. No Borrower is in default with respect to any Debt. Borrowers will take all necessary actions to remain in full compliance with such laws, ordinances, rules, regulations, orders and any other requirements, the Governance Documents and
all other agreements. Should any Borrower be deemed by any governmental authority or deem itself to be in violation of any relevant law, ordinance, rule, regulation, orders or other requirement, Governance Document or agreement, Borrowers shall
notify the Lender promptly of such violation and take all necessary remedial actions. Without limiting the generality of the foregoing, Borrowers represent to Lender that: (1) Borrowers have previously disclosed to Lender all of Borrowers’
activities that involve the use, manufacturing, storage, disposal, emission, discharge, generation or transportation of Hazardous Wastes, Toxic Substances or other materials regulated by 

					
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Environmental Laws; (2) Borrowers have complied and is in full compliance with all Environmental Laws; (3) Borrowers maintain in full force and effect all
permits required by Environmental Laws; and (4) other than specifically disclosed to the Lender in writing, there exists no pending or threatened litigation, order, ruling, notice or investigation regarding the Borrowers’ use, manufacturing,
storage, disposal, emission, discharge, generation or transportation of Hazardous Wastes or Toxic Substances or regarding any violation or alleged violation of any Environmental Laws. 
  
 5.11 Licenses and Contracts. All franchises, licenses, trademarks, trade names, copyrights, permits, certificates,
consents, approvals, authorizations, agreements and contracts necessary to operate each Borrower’s business as it currently is being operated and to own or lease each Borrower’s property have been obtained, are in effect, have been
complied with in all material respects by such Borrower, are free from challenge, and are fully assignable to the Lender for the purpose of securing the Revolving Loan. No Borrower has any knowledge or has received any notice to the effect that any
product it manufactures or sells, or any service it renders, or any process, method, know-how, trade secret, part or material it employs in the manufacture of any product it makes or sells or any service it renders, or the marketing or use by it or
another of any such product or service, may infringe any trademark, trade name, copyright, patent, trade secret or legally protected right of any other Person. 
  

5.12 Intellectual Property. Each Borrower owns all right, title and interest in and to all Intellectual Property used in and material to the
operation of its business or, for such Intellectual Property that is not owned, possesses adequate licenses or other legally enforceable rights to use the same. No Borrower has any reason to believe that any valid basis exists upon which a claim
adversely affecting any such Intellectual Property may be asserted against any Borrower or any subsidiary. To the best knowledge of the Borrowers, no Person is infringing upon the Intellectual Property used by any Borrower or any subsidiary material
to the operation of their respective businesses. The Borrowers have taken appropriate steps to protect the secrecy, confidentiality and value of its and all subsidiaries’ rights in and to such Intellectual Property and to prevent others from
using such Intellectual Property without consent. 
  
 5.13
Disclosure. No representation or warranty of Borrowers contained in this Agreement or any of the Loan Documents and no written statement of fact furnished or to be furnished by Borrowers to the Lender pursuant to this Agreement or any of the
Loan Documents, when viewed together, contains or will contain any untrue statement of a fact material to the financial condition of Borrowers, or omits or will omit to state any material fact necessary in order to make the statements contained
herein or therein, or furnished herewith or therewith, not misleading. 

					
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 5.14 Trade Name; Merger. Except as shown in Schedules 5.1-1 through 5.1-3 attached hereto
and made a part hereof, during the five years immediately preceding the date of this Agreement: (1) no Borrower nor any predecessor of any Borrower has used any corporate or fictitious name other than its current corporate name; (2) no Borrower has
changed its name, or been the surviving entity in a merger or acquired any business; (3) no Borrower has utilized and does not utilize any trade name or trade names in the conduct of its business; and (4) no Borrower has changed its state of
incorporation or organization. 
  
 5.15 Payment of Employees
and Subcontractors. To actual knowledge of Essex, no Borrower is in default with regard any material obligation to any employee or subcontractor. 
  
 5.16 ERISA Each Borrower is in compliance with such Borrower’s obligations under ERISA. Without limiting the generality of the foregoing:

  
 a. During the five-year period prior to the date on which
this representation is made or deemed made: (i) no Termination Event has occurred, and, to the best of the Borrowers’ knowledge, no event or condition has occurred or exists as a result of which any Termination Event could reasonably be
expected to occur, with respect to any Plan; (ii) no “accumulated funding deficiency,” as such term is defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, has occurred with respect to any Plan; (iii) to the
best of the Borrowers’ knowledge, each Plan has been maintained, operated and funded in compliance with its own terms and in material compliance with the provisions of ERISA, the Code, and any other applicable federal or state laws; and (iv) no
lien in favor of the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan. 
  
 b. The actuarial present value of all “benefit liabilities” under each Single Employer Plan (determined within the meaning of Section 401(a)(2)
of the Code, utilizing the actuarial assumptions used to fund such Plans), whether or not vested, did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the current value of the
assets of such Plan allocable to such accrued liabilities. 
  
 c.
Except as previously disclosed to the Lender with respect to (i) Sensys Development Laboratories, Inc. and (ii) CSI, no Borrower nor any of its subsidiaries nor any ERISA Affiliate has incurred, or, to the best of the Borrowers’ knowledge, are
reasonably expected to incur any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. No Borrower nor any of its subsidiaries nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in
reorganization (within the meaning of Section 4241 of 

					
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ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA), and no Multiemployer
Plan is, to the best knowledge of the Borrowers, reasonably expected to be in reorganization, insolvent or terminated. 
  
 d. To the best of its knowledge, no prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary
responsibility has occurred with respect to a Plan which has subjected or may subject any Borrower or any of its subsidiaries or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or
under any agreement or other instrument pursuant to which any Borrower or any of its subsidiaries or any ERISA Affiliate has agreed or is required to indemnify any Person against any such liability. 
  
 5.17 Government Contracts. To the best of its knowledge, no Borrower
is currently in default as to the terms of any Government Contract. No Government Contract for which Payments have been assigned to the Lender as Collateral is dependent on appropriations, except as previously disclosed to the Lender in writing.

  
 5.18 No Debarment. No Borrower is subject to any
pending or threatened debarment proceedings. 
  
 5.19
Assignment of Payments. Except with respect to classified contracts, each Borrower has the right to assign to Lender all Payments due or to become due under each of such Borrower’s Government Contracts and there exists no uncancelled
prior Assignment of Payments under any Borrower’s Government Contracts. 
  
 5.20 Assignment of Claims Act. Each Borrower is now in compliance and hereby covenants and agrees that such Borrower will in the future comply with any and all of the requirements of the Assignment of Claims
Act, where such statutes are applicable to any Government Contract, and shall take all such other action as may be necessary to facilitate the direct assignment to the Lender of the Payments due or to become due under any non-classified Government
Contract and the creation and perfection of the Lender’s security interest in such Payments. 
  
 ARTICLE 6. BORROWERS’ AFFIRMATIVE COVENANTS. 
  
 Until all obligations of Borrowers under this Agreement and the other Loan Documents are paid in full and performed, each Borrower covenants and agrees
that it shall: 
  
 6.1 Payment of Revolving Loan.
Punctually make the payments on the Revolving Loan at the times and places and in the manner specified in the Revolving Note. 

					
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 6.2 Limited Liability Company/Corporate Existence. Preserve, maintain and keep in full force and
effect its (1) limited liability company existence and good standing in the jurisdiction of its organization, if such Borrower is a limited liability company, or (2) corporate existence and good standing in the state of its incorporation, if such
Borrower is a corporation, provided, however, that any Borrower may reorganize, merge or consolidate with or into another Borrower so long as a Borrower is the surviving entity. 
  
 6.3 Limited Liability Company/Corporate Rights and Franchises; Qualification; Orderly Conduct of Business. Preserve,
maintain and keep in full force and effect all franchises, licenses, permits, certificates, consents, approvals, authorizations, agreements and contracts material to the operation of such Borrower’s business as it currently is being conducted,
whether now existing or hereafter granted to or obtained by such Borrower; qualify and remain qualified as a foreign limited liability company or corporation in each jurisdiction in which such qualification is necessary or desirable in view of its
activities and ownership of property; continue to engage in a business of the same general type as now conducted by it; and conduct such business in an orderly, efficient and regular manner consistent with the conduct of its business prior to the
date of this Agreement. 
  
 6.4 Taxes, Charges and
Obligations. Pay and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income, profits, properties or any part thereof, prior to the date on which penalties attach thereto, as well as all claims
which, if unpaid, might become an Encumbrance upon any properties of such Borrower, and pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all of the indebtedness and other obligations of
whatever nature of each Borrower; however, a Borrower shall not be required to pay any such tax, assessment, charge, levy, claim, indebtedness or obligation so long as (i) the validity thereof is being contested by such Borrower in good faith and by
proper proceedings, (ii) such Borrower sets aside on its books adequate reserves therefor, and (iii) in the case where any such tax, assessment, charge, claim or levy might become an Encumbrance upon any item of the Collateral or any part thereof,
such Borrower makes arrangements acceptable to the Lender to secure the payment thereof. 
  
 6.5 Maintenance of Property. Preserve and keep all property used or useful in its business, including without limitation, the Collateral, in good repair, working order and condition, and from time to time make
all necessary or desirable repairs, renewals and replacements thereof. 

					
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 6.6 Insurance. Maintain and keep in full force and effect, with financially sound and reputable
insurance companies acceptable to the Lender, insurance in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which such Borrower operates
(but in any event, casualty insurance covering such Borrower’s tangible personal property and real estate for their full replacement value and comprehensive public liability insurance coverage with limits of not less than One Million and 00/100
($1,000,000.00) for any one occurrence and Three Million and 00/100 Dollars ($3,000,000.00) for the aggregate of all occurrences during a policy period of no more than one (1) year), all such insurance policies to be in form and substance
satisfactory to the Lender. If requested by the Lender, each Borrower shall also procure, maintain and keep in full force and effect business interruption insurance in an amount, in form and issued by companies acceptable to the Lender in all
respects. All liability insurance policies shall name the Lender as an additional insured, and all casualty insurance or business interruption insurance policies shall name Lender as the lender loss payee. All insurance policies shall prohibit
cancellation (including cancellation for nonpayment of premium) or reduction of coverage except with thirty (30) days’ prior written notice to and consent of the Lender. At least thirty (30) days prior to the expiration date of each and every
insurance policy required by this Agreement, Borrowers shall obtain and deliver to the Lender a renewal or substitution policy in form and substance satisfactory to the Lender. 
  
 6.7 Contract Obligations. Perform in accordance with its terms every contract, agreement, obligation or other
arrangement to which such Borrower is a party or by which it or any of its property is bound including, without limiting the generality of the foregoing, Government Contracts, except to the extent that the contract or agreement is inconsistent with
this Agreement. In the event that any default or performance deficiency occurs, Borrower shall notify the Lender promptly in writing. Each Borrower shall provide the Lender promptly with copies of any cure notices or stop work notices it may receive
from the Government on any Government Contract and detail the proposed corrective action. Each Borrower shall provide the Lender promptly with copies of any cure notices or stop work notices it may receive from the Government on any Government
Contract and detail the proposed corrective action. 
  
 6.8
Compliance with Laws. Comply with all applicable laws, regulations, orders and other requirements of any court, tribunal, arbitrator or governmental authority, non-compliance with which could have a material adverse effect on the business,
operations, property or condition (financial or otherwise) of such Borrower. Without limiting the generality of the foregoing, each Borrower shall: (1) comply 

					
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strictly and in all respects with all Environmental Laws affecting such Borrower or its property; (2) promptly forward to the Lender copies of all orders,
notices, permits, applications or other communications and reports finding or alleging that such Borrower or its property does not comply with any of the Environmental Laws; (3) promptly provide a proposed response action, or plan with respect to
any failure to comply with Environmental Laws; and (4) defend the Lender, indemnify the Lender, and hold the Lender harmless from and against any claims, demands, suits, actions, judgments, decrees, losses or damages, including attorneys’ fees,
arising out of the failure of such Borrower of any of its properties to comply with any of the Environmental Laws. 
  
 6.9 Books and Records. Keep and maintain at its chief executive offices adequate and proper records and books of account, in which complete entries
are made in accordance with GAAP, consistently applied, and in accordance with all laws, regulations, orders and other requirements of any court, tribunal, arbitrator or governmental authority, reflecting all financial and other transactions of such
Borrower normally and customarily included in records and books of account of companies engaged in the same or similar businesses and activities as such Borrower. 
  
 6.10 Access to Borrowers’ Properties, Books and Records. With reasonable advance notice under the circumstances,
permit the Lender and any agents or representatives thereof to visit and inspect such Borrower’s properties to examine and make abstracts from any of such Borrower’s books and records at any and all reasonable times and as often as the
Lender or such agents or representatives may desire, and to discuss the business, operations, properties and condition (financial and otherwise) of Borrowers with any of the officers, directors, agents or representatives (including without
limitation, the independent certified public accountants) of each Borrower. With reasonable advance notice to Borrower under the circumstances, in addition to having the right to perform field audits of the Borrowers’ books and records, Lender
shall have the right, but not the obligation, to contact the contracting officer under any non-classified Government Contract directly to determine any Borrower’s contract performance status on the Government Contract. 
  
 6.11 Financial and Other Statements. Furnish to the Lender the
following statements, which must be satisfactory to the Lender in form and substance, at the times and in the manner specified below: 
  
 The Borrowers will be required to maintain at all times a system of accounting established and administered in accordance with sound business practices, and will deliver,
or cause to be delivered, to the Lender (in form and substance reasonably satisfactory to the Lender in all respects): 
  

	 	(a)	Annual Financial Statements. Within one hundred twenty (120) days of the end of each fiscal year of the Borrowers, the annual consolidated financial statements of the
Borrowers and their Subsidiaries, (including statements of financial condition, income, profits and loss, cash flows and changes in shareholder’s equity) audited by independent certified public accountants reasonably satisfactory to the Lender;

					
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	 	(b)	Quarterly Financial Statements. Within forty-five (45) days after the end of each calendar quarter, the consolidated balance sheets and income statements of the Borrowers
prepared by an authorized financial officer of the Borrowers and showing the financial condition of the Borrowers and their Subsidiaries as of the end of such quarter; 

  

	 	(c)	Projected Financial Statements. As soon as available, and in any event no later than sixty (60) days after the end of each fiscal year of the Borrowers, projected financial
statements for the Borrowers and their Subsidiaries for the next calendar year, to include income statement, balance sheet, and cash flow projections prepared on a quarterly basis; 

  

	 	(d)	Borrowing Base Certificates. If the Borrowers’ ratio of Total Funded Debt to EBITDA is equal to or greater than 2.0 to 1.0, Within twenty-five (25) days after the end of
each month (and at any other time upon request by the Lender), a fully-completed Borrowing Base Certificate, accompanied by accounts receivable agings reports; 

  

	 	(e)	Compliance Certificates. Concurrent with the delivery of the financial statements described in Sections (a) and (b) above, a written certification, signed by an authorized
financial officer of the Borrowers, to the effect that such officer has no knowledge of the existence of any Defaults under the Financing Documents or if such officer has knowledge of the existence of an Event of Default, a statement as to the
nature thereof and the action which the Borrowers propose to take with respect thereto. Such written certification shall include the calculations made by the Borrowers to determine compliance by the Borrowers with each of the financial covenants set
forth herein as of the date of the financial statements delivered therewith; 

					
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	 	(f)	Contract Backlog Report. Within forty-five (45) days after the end of each quarter, a contract backlog report; 

  

	 	(g)	ERISA Reports. Promptly after filing, a copy of each annual report filed in respect of any Plan subject to ERISA; and 

  

	 	(h)	Other Information. Promptly upon request of the Lender such other information, reports or documents respecting the business, properties, operation or financial condition of
the Borrowers as the Lender may at any time and from time to time reasonably request. 

  
 6.12 Accounts. From time to time as the Lender may require, Borrowers shall deliver to the Lender schedules of all outstanding Accounts. Such
schedules shall be in form and detail satisfactory to the Lender, shall show the age of such Accounts in intervals not greater than thirty (30) days, and shall contain such other information and be accompanied by such supporting documents as the
Lender may from time to time prescribe. Borrowers also shall deliver to the Lender copies of Borrowers’ invoices, evidences of shipment or delivery and such other schedules and information as the Lender may reasonably require. The items to be
provided under this Section are to be prepared and delivered to the Lender from time to time solely for its convenience in maintaining records of the Collateral, and Borrowers’ failure to give any of such items to the Lender shall not affect,
terminate, modify or otherwise limit the Lender’s security interest granted in the Accounts. Without limiting the generality of the foregoing, Borrowers shall promptly notify the Lender when any Borrower obtains any new non-classified
Government Contract or Government Account for which Payments are to be specifically assigned to the Lender pursuant to this Agreement, and Borrowers shall furnish to the Lender, upon request, a copy of each non-classified Government Contract of each
Borrower and a copy of each amendment thereto or modification thereof which changes the price of such contract or the amount funded to pay for such contract, except to the extent that furnishing such copies may be prohibited by government security
regulations. Borrowers shall use their best efforts and shall take any and all steps necessary to collect its Accounts, including without limitation, the filing and pursuit of legal action in furtherance of said collection efforts. 
  
 6.13 Notice. The Borrowers shall promptly give written notice to the
Lender of (a) the occurrence of any Default or Event of Default or any event, development or circumstance which might materially adversely effect the business, operations, properties or financial condition of any Borrower or any Subsidiary, (b) any
litigation instituted or threatened against any Borrower or any Subsidiary or any judgment against any Borrower or any Subsidiary where claims against such Borrower or such Subsidiary exceed $250,000 and are not covered in full by insurance, (c) any
notice of a 

					
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claim against, or investigation of, any Borrower, any Subsidiary, the Collateral or any other property owned, leased, operated or used by any Borrower or any
Subsidiary alleging a violation of Environmental Laws or the discovery, use, location, installation, spill, treatment, release or storage of any Hazardous Materials by any Borrower or any Subsidiary or on, under or from the Collateral (or any part
thereof) or any other property owned, leased, used or operated by any Borrower or any Subsidiary which could result in a breach of the provisions of Section 4.4 hereof, (d) the occurrence of any “reportable event” within the meaning of
ERISA or any assertion of liability of any Borrower or any Subsidiary by the PBGC, and (e) notice of any suspension or debarment by any governmental authority, or any termination of any Governmental Contract for default. 
  
 6.14 Collateral. Maintain all tangible Collateral in good condition;
insure insurable Collateral for its full replacement cost under an insurance policy acceptable to Lender that names Lender as lender loss payee; execute, deliver and file, or cause the execution, delivery and filing of, any and all documents
(including without limitation, financing statements and continuation statements), necessary or desirable for the Lender to create, perfect, preserve, validate or otherwise protect a first priority lien and security interest in the Collateral;
maintain, or cause to be maintained, at all times, the Lender’s first priority lien and security interest in the Collateral; immediately upon learning thereof, report to the Lender any reclamation, return or repossession of any goods forming a
part of the Collateral, any claim or dispute asserted by any debtor or other obligor owing an obligation to any Borrower, and any other matters affecting the value or enforceability or collectibility of any of the Collateral; defend the Collateral
against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to the Lender, and pay all costs and expenses (including attorneys’ fees and expenses) incurred in connection with such defense; at
Borrowers’ sole cost and expense (including attorneys’ fees and expenses), settle any and all claims, demands and disputes, and indemnify and protect the Lender against any liability, loss or expenses arising from any such claims, demands
or disputes or out of any such reclamation, return or repossession of goods forming a part of the Collateral; however, if the Lender shall so elect upon the occurrence of and continuance of an uncured Event of Default, the Lender shall have the
right to settle, compromise, adjust or litigate all claims and disputes directly with the Customer or other obligor owing an obligation to any Borrowers upon such terms and conditions as the Lender deems advisable, and all costs and expenses thereof
(including attorneys’ fees and expenses) shall be incurred for the account of Borrowers and shall constitute a part of the obligations owed to the Lender and secured pursuant to this Agreement. The Borrowers’ Equipment shall be kept and
maintained at the locations set forth in Schedules 5.1-1 through 5.1-3; Borrowers shall not relocate or move the Equipment without the Lender’s prior written consent, which shall not be unreasonably withheld. If Lender consents to the
relocation of certain Equipment, Borrowers shall execute, and hereby authorize the execution by 

					
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Lender, of all documents or financing statements and take such action as Lender may request to assure that Lender’s first priority security interest in
the Equipment continues to be perfected under the Uniform Commercial Code or other applicable laws. 
  
 6.15 Financial Covenants. 
  
 a. Fixed Charge Coverage Ratio. The Borrowers shall not permit their consolidated Fixed Charge Coverage Ratio to be less than 1.50 to 1.0, as
measured at the end of each calendar quarter on a rolling four-quarter basis. 
  
 b. Total Funded Debt to EBITDA. The Borrowers shall maintain on a consolidated basis a maximum ratio of Total Funded Debt to EBITDA of 3.50 to 1.00 at all times, as measured at the end of each calendar quarter
on a rolling four-quarter basis. 
  
 6.16 Notice of Litigation,
Default and Loss. Give immediate notice to the Lender upon the occurrence of any Event of Default or event which with notice or lapse of time or otherwise would constitute an Event of Default, and of any loss or damage to any of the Collateral.
Borrowers also shall give immediate notice to the Lender of any action, suit or proceeding at law or in equity or by or before any governmental instrumentality or agency (domestic or foreign), commission, board, bureau, arbitrator or arbitration
panel which, if adversely determined, could materially impair or affect the right of any Borrower to carry on its business substantially as now conducted or could materially affect its respective business, operations, prospects, properties, assets
(including the Collateral) or condition, financial or otherwise. Immediately upon becoming aware that the holder of any Debt or Encumbrance has given notice or taken any action with respect to a claimed breach, default or event of default, a written
notice shall be given by Borrowers to Lender specifying the notice given or action taken by such holder and the nature of the claimed breach, default or event of default by the Borrowers thereunder, and the action being taken or proposed to be taken
with respect thereto. Borrowers shall also give immediate notice to Lender of the incurrence by Borrowers of any actual or potential contingent liability, such notice to include, in detail, the basis for and amount of such liability. 

  
 6.17 Proxy Statements, Etc. Promptly after the sending
or filing thereof, copies of all proxy statements, financial statements and reports which any Borrower sends to its stockholders, and copies of all regular, periodic and special reports, and all registration statements which any Borrower files with
the Securities and Exchange Commission or any governmental authority which may be substituted therefor, or with any national securities exchange. 

					
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 6.18 ERISA. Give prompt notice to Lender of any of the following: (i) of any event or condition,
including, but not limited to, any Reportable Event, that constitutes, or might reasonably lead to, a Termination Event; (ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal
liability assessed against any Borrower, any of its subsidiaries or any of its ERISA Affiliates, or of a determination that any Multiemployer Plan is in reorganization or insolvent (both within the meaning of Title IV of ERISA); (iii) the failure to
make full payment on or before the due date (including extensions) thereof of all amounts which any Borrower or any of its subsidiaries or ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the
minimum funding standard set forth in ERISA and the Code with respect thereto; or (iv) any change in the funding status of any Plan that could have a material adverse effect on any Borrower’s financial condition; together, with a description of
any such event or condition or a copy of any such notice and a statement by the principal financial officer of the Borrowers briefly setting forth the details regarding such event, condition, or notice, and the action, if any, which has been or is
being taken or is proposed to be taken by Borrowers with respect thereto. Promptly upon request, the Borrowers shall furnish to Lender such additional information concerning any Plan as may be reasonably requested, including, but not limited to,
copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto required to file with the Department of Labor or the Internal Revenue Service pursuant to ERISA and the Code, respectively, for each “plan
year” (within the meaning of Section 3(39) of ERISA). Such notice shall be given in any event within five (5) business days after the occurrence of any event that Borrowers are required to report to Lender under this clause. 

 
 6.19 Place of Business; Location of Records. Each Borrower shall
maintain its chief executive office, and the office where its records are kept, at its respective address stated in Schedules 5.1-1 through 5.1-3 attached hereto and made a part hereof. Any Borrower shall provide Lender with fourteen (14) days’
advance written notice of any change in the location of its chief executive office or the office at which its records are kept. 
  
 6.20 Payments to Borrowers. If any Borrower has assigned Payments under any Government Contract to the Lender, remit to the Lender promptly any
Payments erroneously sent directly to such Borrower by the Government, and until so remitted, hold those Payments in trust for the Lender. 
  
 6.21 Depository Accounts. Maintain primary operating and depository accounts with Lender, including, without limitation, the Operating Account (and
in the event that the Borrowers shall fail to do so, the Lender may, in its sole discretion, adjust interest rates or fees to maintain its rate of return). 

					
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 ARTICLE 7. BORROWERS’ NEGATIVE COVENANTS. 
  
 Until all obligations of Borrowers under this Agreement and the other Loan
Documents are paid in full and performed, Borrowers covenants and agrees: 
  
 7.1 Indebtedness and Contingent Obligations. The Borrowers shall not contract for any additional Debt in excess of Five Hundred Thousand and 00/100 Dollars ($500,000.00) in the aggregate; or agree to assume,
guarantee, indorse or otherwise in any way be or become responsible or liable, directly or indirectly, for the obligation of any other Person. However, notwithstanding the foregoing sentence, Borrowers may incur trade debt and Capital Leases in the
ordinary course of business. 
  
 7.2 Encumbrances. No
Borrower shall create, incur, assume or suffer to exist any Encumbrance upon any of its properties or assets (including without limitation, the Collateral), whether now owned or hereafter acquired, except for property covered by Capital Leases as
permitted in Section 7.1 above. 
  
 7.3 Fundamental
Changes. No Borrower shall amend its Articles or Certificate of Incorporation or its Articles or Certificate of Organization by any amendment which would adversely affect such Borrower’s ability to perform or comply with any of the terms,
conditions or agreements to be performed or complied with by such Borrower hereunder or to perform any of the transactions contemplated hereby; change its fiscal year, name, or Essex’s Chief Executive Officer or Chief Financial Officer; convert
its organizational form into another entity form or establish any new entity to perform the business or similar business of such Borrower; reorganize, consolidate or merge with any other corporation, except as permitted by Section 6.2 of this
Agreement; change its state of incorporation or organization. Furthermore, no Borrower shall materially engage in any business other than the business in which such Borrower is actively engaged as of the date of this Agreement, which business such
Borrower has fully disclosed to Lender. 
  
 7.4
Acquisitions. No Borrower shall Purchase, lease or otherwise acquire the assets, business, goodwill or securities of any other Person, including, without limitation, shares of stock in corporations, partnership interests in general or limited
partnerships or membership interests in limited liability companies, or acquire any other business, except for Permitted Acquisitions. 
  
 7.5 Transfer of Assets. No Borrower shall sell, lease, assign, pledge or otherwise dispose of any of its properties, stock or assets (including
without limitation, the Collateral), whether now owned or hereafter acquired, except in the ordinary course of business and for fair market value. 

					
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 7.6 Investments. Except with respect to the management of the portfolio of investments previously
disclosed to the Lender prior to closing, no Borrower shall purchase or hold any stock, or evidence of indebtedness of any other Person or entity except (i) investments in direct obligations of the United States Government and certificates of
deposit of United States commercial banks insured by the Federal Deposit Insurance Corporation, (ii) for so long as no Advances are outstanding under the Credit Facilities, investments in securities issued by entities having a rating of A-1 (or
better) by Standard & Poor’s Corporation or P-1 (or better) by Moody’s Investors Service, Inc., and (iii) transactions incident to and in connection with Permitted Acquisitions. 
  
 7.7 Loans. The Borrowers shall not make loans or advances to any
non-Borrower Person or Persons that exceed in the aggregate the sum of Fifty Thousand and 00/100 Dollars ($50,000.00) outstanding at any time, except reasonable advances for business expenses of Borrowers’ employees that would be reimbursable
under Borrowers existing expense reimbursement policy. 
  
 7.8
Guaranty. The Borrowers shall not guaranty or provide surety or pledge or hypothecate assets for the obligation of any other Person or Persons, which obligation(s) exceed, in the aggregate, the sum of Fifty Thousand and 00/100 Dollars
($50,000.00). 
  
 7.9 Repurchase of Securities. No Borrower
shall purchase, redeem or otherwise acquire any of its own capital stock or limited liability company interests except for de minimus transactions involving employee-owned interests, or purchase, acquire, redeem, retire or make any payment on
account of the principal of any indebtedness of any Borrower, except at the stated maturity of such indebtedness, and except payments of indebtedness incurred under this Agreement. 
  
 7.10 Use of Proceeds. No Borrower shall use, or allow the use of, the proceeds of the Revolving Loan for any purpose
which would cause this Agreement to violate any Regulations of the Board of Governors of the Federal Reserve System; or for any purpose other than the purposes or purposes specified hereinabove. 
  
 7.11 Other Agreements. No Borrower shall enter into any agreement or
undertaking containing any provision which would be violated or breached by such Borrower’s performance of its obligations under the Loan Documents. 
  
 7.12 Sale and Leaseback. No Borrower shall enter into any arrangement whereby such sells or transfers all or any substantial part of its fixed
assets then owned by it and thereupon, or within one (1) year thereafter, rents or leases the assets so sold or transferred from the purchaser or transferor (or their respective successors in interest). 

					
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 7.13 Capital Expenditures. The Borrowers shall not make capital expenditures in excess of Ten
Million Dollars ($10,000,000) in the aggregate in any fiscal year. 
  
 7.14 Dividends. No Borrower shall declare or pay dividends on account of any class of stock or membership interests in such Borrower, or make any distribution of assets to such stockholders or members, whether in cash, assets or
obligations of such Borrower, except for any reimbursement to the members of any limited liability company Borrower for pass through income tax liability of such members. 
  
 7.15 Transactions with Affiliates. Except as specifically permitted by the terms of this Agreement, no Borrower shall
enter into any transaction, including without limitation, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate, except in the ordinary course of and pursuant to the reasonable requirements of such
Borrower’s business and upon fair and reasonable terms no less favorable to such Borrower than would be applicable in a comparable arm’s-length transaction with a Person not an Affiliate. 
  
 7.16 Inactive Subsidiaries. The Borrowers agree that they shall not
transact any business in, through or employing the Original Borrowers’ inactive subsidiaries Windermere Services, LLC or Windermere Products, LLC. 
  
 ARTICLE 8. COLLECTION, DEPOSIT AND ASSIGNMENT OF PAYMENTS. 
  
 8.1 Operating Account. While this Agreement remains in effect and until such time as Lender has no further obligations hereunder, Borrowers shall
cause all Payments to be deposited into the Operating Account, subject to the Lender’s option to require Payments to be deposited into a Cash Collateral Account, as provided in Section 8.2. 
  
 8.2 Cash Collateral Account. Lender may, at its option, require the
establishment of a Cash Collateral Account, in which event Borrowers shall cause all Payments to be deposited into the Cash Collateral Account. In furtherance of this covenant, Borrowers shall instruct all Customers to make all Payments either by
electronic funds transfer directly to the Cash Collateral Account or by check to a post office box or other collection facility under Lender’s control for deposit into the Cash Collateral Account. If any Payments are made directly to the
Borrowers or otherwise 

					
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come into the Borrowers’ possession, the Borrowers shall not commingle any such Payment with the Borrowers’ other funds or property, but shall hold
the Payment separate and apart in trust for the Lender and shall promptly deliver the Payment to the Lender (appropriately endorsed, if the Payment is in the form of a check) for deposit into the Cash Collateral Account. Interest (if any) earned on
sums on deposit in the Cash Collateral Account shall be added to the Cash Collateral Account. Each Borrower hereby appoints the Lender and any officer, employee or agent of the Lender as the Lender may from time to time designate as
attorneys-in-fact for such Borrower to endorse and sign the name of such Borrower on all checks, drafts, money orders or other Items delivered to the Lender for deposit into the Cash Collateral Account. The Cash Collateral Account shall constitute
part of the Collateral, and funds on deposit in the Cash Collateral Account shall be applied towards the amounts due and owing under the Revolving Note, this Agreement and/or the other Loan Documents as determined by Lender in its sole and absolute
discretion, and provided no Event of Default has occurred and remains uncured, the remaining funds shall be deposited into Borrowers’ Operating Account. If an Event of Default has occurred and remains uncured, Payments received by Lender shall
be applied as the Lender may determine in its sole discretion. Borrowers retain sole responsibility for assuring that Borrowers’ Operating Account contains sufficient funds to pay any Items that may be presented for payment from the Operating
Account. 
  
 8.3 Overdrafts. At Lender’s sole option
in each instance, Lender may do one of the following: 
  
 a.
Lender may make Advances under the Revolving Note to prevent or to cover an overdraft on account of any Borrower with Lender. Each such Advance will accrue interest from the date of the Advance or the date on which the account is overdrawn,
whichever occurs first, at the interest rate described in the Revolving Note. Lender may make such Advances even if the Advances may cause the balance owing under the Revolving Note to exceed the Maximum Revolving Commitment Amount. 
  
 b. Lender may reduce the amount of credit otherwise available under the
Revolving Note by the amount of any overdraft on any account of any Borrower with Lender. 
  
 This section shall not be deemed to authorize Borrowers to create overdrafts on any of Borrowers’ accounts with Lender. 
  
 ARTICLE 9. EVENTS OF DEFAULT AND REMEDIES. 
  
 9.1 Events of Default. The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement:

  
 a. Borrowers shall fail to pay, when due, any sum payable
under the Revolving Note; or 

					
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 b. any representation or warranty made by or on behalf of Borrowers herein or in any of the other Loan
Documents which, in the Lender’s judgment, shall prove to have been materially incorrect or misleading or breached in any respect on or as of any date as of which made; or 
  
 c. a decree or order for relief of any Borrower shall be entered by a court of competent jurisdiction in any involuntary
case involving any Borrower under any bankruptcy, insolvency or similar law now or hereafter in effect, or a receiver, liquidator or other similar agent for any Borrower or for any substantial part of any Borrower’s assets or property shall be
appointed, or the winding up or liquidation of any Borrower’s affairs shall be ordered, or any action by any creditor (other than the Lender) of any Borrower preparatory to or for the purpose of commencing any such involuntary case,
appointment, winding up or liquidation shall be taken, and such proceeding shall not have been dismissed within sixty (60) days after the date it commenced; or 
  

d. Any Borrower shall commence a voluntary case under any bankruptcy, insolvency or similar law now or hereafter in effect, or any Borrower shall
consent to the entry of an order for relief in an involuntary case under any such law or to the appointment of or taking possession by a receiver, liquidator or other similar agent for any Borrower or for any substantial part of any Borrower’s
assets or property, or Borrower shall make any general assignment for the benefit of creditors, or any Borrower shall take any action preparatory to or otherwise in furtherance of any of the foregoing, or any Borrower shall fail generally to pay its
debts as such debts come due; or 
  
 e. there shall be an uncured
default or event of default under any existing or future loan, indebtedness or obligation of any Borrower to Lender other than this Agreement; 
  
 f. there shall be a default or event of default under any indebtedness or obligation of any Borrower to any third party in excess of Five Hundred Thousand
and 00/100 Dollars ($500,000.00) that causes that third party to declare such indebtedness or other obligation due prior to its scheduled date of maturity; or 
  

g. one or more judgments or decrees in an amount of more than Five Hundred Thousand and 00/100 Dollars ($500,000.00) shall be entered against any
Borrower (not paid or fully covered by insurance) and all such judgments or decrees have not been 

					
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vacated, discharged, stayed or bonded pending appeal within sixty (60) days from the entry thereof, or any attachment or garnishment shall be issued against
any Borrower or any Borrower’s property; or 
  
 h. any
material change in the business, operations, property, assets or condition (financial or otherwise) of any Borrower shall occur which adversely affects the ability of the Borrowers to meet and carry out their obligations under this Agreement or any
of the other Loan Documents or to perform the transactions contemplated herein or thereby, the materiality of such change to be reasonably determined by the Lender; or 
  
 i. any investigative proceeding, audit or other action shall be initiated by or on behalf of any Customer, which is based
upon a claim or contest with respect to any Government Contract or Government Account that, if adversely determined to the Borrowers, would have a material adverse effect on any Borrower’s financial condition, as reasonably determined by the
Lender; or 
  
 j. the issuance to any Borrower of any cure notice,
show-cause notice, or notice of whole or partial termination, for default or alleged default, under any contract which is either a Government Contract or is a subcontract (at any tier) which is related to a contract between a third party and the
Government, where the effect of such notice would have a material adverse impact upon such Borrower; or 
  
 k. with respect to any Borrower, the occurrence of any debarment or suspension from contracting or subcontracting with the Government; or 
  
 l. any material default by any Borrower occurs under the terms of any
Government Contract or any material breach in such Borrower’s performance obligations occurs under any Government Contract; or 
  
 m. any Government Contract is terminated for default; or 
  
 n. any loss, theft, damage or destruction of any material portion of the Collateral for which there is either no insurance coverage or for which, in the
reasonable opinion of the Lender, there is insufficient insurance coverage; or 
  
 o. except as permitted by the terms of this Agreement, the majority voting control in any Borrower is directly or indirectly sold, assigned, transferred, encumbered or otherwise conveyed without the prior written
consent of the Lender; or 
  
 p. any of the following events or
conditions shall occur: (1) any “accumulated funding deficiency,” as such term is defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, shall exist with respect to any Plan, or any lien 

					
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shall arise on the assets of any Borrower or any of its subsidiaries or any ERISA Affiliate in favor of the PBGC or a Plan; (2) a Termination Event shall
occur with respect to a Single Employer Plan, which, in the Lender’s opinion, is likely to result in the termination of such Plan for purposes of Title IV of ERISA; (3) a Termination Event shall occur with respect to a Multiemployer Plan or
Multiple Employer Plan, which in the Lender’s opinion, is likely to result in (i) the termination of such Plan for purposes of Title IV of ERISA, or (ii) any Borrower or any of its subsidiaries or any ERISA Affiliate incurring any liability in
connection with a withdrawal from, reorganization of (within the meaning of Section 4241 of ERISA), or insolvency or (within the meaning of Section 4245 of ERISA) such Plan; or (4) any prohibited transaction (within the meaning of Section 406 of
ERISA or Section 4975 of the Code) or breach of fiduciary responsibility shall occur which may subject any Borrower or any of its subsidiaries or any ERISA Affiliate to any liability under Section 406, 409, 502(i), or 502(l) of ERISA or Section 4975
of the Code, or under any agreement or other instrument pursuant to which any Borrower or any of its subsidiaries or any ERISA Affiliate has agreed or is required to indemnify any Person against any such liability; or 
  
 q. Any Borrower or any other Person standing as a guarantor for the Credit
Facilities or providing security for the Credit Facilities shall fail to observe or perform any other term, covenant or agreement contained in this Agreement or in any other Loan Document or in any other agreement (including, without limitation, any
Swap Agreement) with the Lender or any of Lender’s Affiliates to be observed or performed on its part and such default shall continue unremedied for a period of ten (10) Business Days after written notice of the existence of such default is
given by Lender. The cure period described in this paragraph is inapplicable to the Events of Default listed in a., c. and d. above. 
  
 If one of the foregoing events or circumstances occurs to which a cure period applies, Lender shall not be required to make any Advances, new Credit Facilities or other
financial accommodations unless and until the default is timely cured under this Agreement. Notwithstanding anything in this Agreement to the contrary, any right to cure a default is applicable only to defaults for which a cure period has been
provided, and only to the occurrence of no more than two (2) defaults during any one calendar year period. Borrowers shall have no right to cure more than two (2) defaults in any one calendar year period, nor shall Borrowers have the right at any
time to cure any default for which no cure period has been provided. 
  
 r. any uncured event of default occurs under any guaranty, or any notice is given by any guarantor purporting to terminate such guarantor’s liability with respect to all or any part of the Revolving Loan or any other obligations under
such guarantor’s guaranty; or 

					
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 s. the death, disability or termination of legal existence of any Guarantor, or an uncured default occurs
under any guaranty. 
  
 9.2 Rights and Remedies of the
Lender. Upon the occurrence of any uncured Event of Default, the Lender may, at its option, exercise any one or more of the following rights and remedies: 
  

a. Declare this Agreement and the Lender’s obligation to make or extend any Advances or issue any Letters of Credit under the Revolving Loan to be
terminated, and declare the entire unpaid principal amounts of the Revolving Loan, all interest accrued and unpaid thereon, and all other amounts payable under this Agreement and the other Loan Documents to be accelerated, and to be immediately due
and payable (except that upon the occurrence of an Event of Default arising out of voluntary or involuntary bankruptcy proceedings in which any Borrower is the debtor, such acceleration shall occur automatically and immediately without any
declaration or other action on the part of the Lender) whereupon the Revolving Loan, all such accrued interest, and all such amounts shall become and be immediately due and payable, without presentment, demand, protest or further notice of any kind,
all of which are hereby expressly waived by Borrowers, anything contained herein or in any of the other Loan Documents to the contrary notwithstanding; 
  
 b. Take possession or control of, store, lease, operate, manage, sell or otherwise dispose of all or any part of the Collateral in accordance with the
remedies provided to secured parties under the Uniform Commercial Code, this Agreement, the Loan Documents or other applicable law. In taking possession of the Collateral, the Lender may enter any Borrower’s premises and otherwise proceed
without legal process, and the Borrowers shall on the Lender’s demand, promptly assemble and make the Collateral available to the Lender at a place designated by the Lender. The Lender shall be entitled to immediate possession of all books and
records evidencing or pertaining to any of the Collateral. In the event of any sale or other disposition of the Collateral, Lender may disclaim any warranty relating to title, possession, quiet enjoyment or any other warranty of the like, including
without limitation, any warranty of merchantability or fitness for a particular purpose. The rights and remedies provided for herein are subject to any limitations imposed by applicable law; 
  
 c. Except with respect to classified Government Accounts, notify any or all
Customers to make any Payments due to Borrowers from such Customers directly to the Lender, and render performance to or for the benefit of Lender of any obligations of such Customer(s) to Borrowers. To facilitate direct collection, each Borrower
hereby appoints the Lender and any officer or employee of the Lender, as the Lender may from time to time designate, as attorney-in-fact for such Borrower to (i) receive, open and 

					
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dispose of all mail addressed to such Borrower and take therefrom any Payments on or proceeds of Accounts; (ii) take over such Borrower’s post office
boxes or make such other arrangements, in which such Borrower shall cooperate, to receive such Borrower’s mail, including notifying the post office authorities to change the address for delivery of mail addressed to such Borrower to such
address as the Lender shall designate; (iii) endorse the name of such Borrower in favor of the Lender upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral that may come into the Lender’s
possession; (iv) sign and endorse the name of such Borrower on any invoice or bill of lading relating to any of the Accounts, on verifications of Accounts sent to any Customer, to drafts against any Customer, to assignments of Accounts, and to
notices to any Customer; and (v) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of such Borrower on any instruments required by law in connection with the
transactions contemplated hereby and on financing statements as permitted under the Uniform Commercial Code of any appropriate state. Each Borrower hereby ratifies and approves all acts of such attorneys-in-fact, and neither the Lender nor any other
such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any such attorney-in-fact except for gross negligence or willful acts of the Lender. This power, being coupled
with an interest and given to secure an obligation, is irrevocable so long as the Revolving Loan remains unsatisfied, or any Loan Document remains effective, as solely determined by the Lender. Lender shall have no obligation or duty to pursue any
Person other than Borrowers for the amounts owing under or in connection with the Revolving Loan, this Agreement or the other Loan Documents, including without limitation any Guarantors or Persons pledging property to secure the Credit Facilities.
To the extent such rights may now or hereafter exist, each Borrower waives the right to require Lender to pursue any Persons other than Borrowers to pay the amounts owing under the Revolving Note, Loan Agreement or other Loan Documents; 

 
 d. In the Lender’s own name, or in the name of Borrowers, demand,
collect, receive, sue for and give receipts and releases for, any and all amounts due on Accounts, but the Lender shall not, under any circumstances, be liable for any error or omission or delay of any kind occurring in the settlement, collection or
payment of any Accounts or any instrument received in payment thereof or for any damage resulting therefrom except for gross negligence or willful acts of the Lender; 
  
 e. Endorse as the agent of Borrowers any chattel paper, documents or instruments forming all or any part of the Collateral;

  
 f. Make formal application for the transfer of all of
Borrowers’ permits, licenses, approvals, agreements and the like relating to the Collateral or to Borrowers’ business to the Lender or to any assignee of the Lender or to any purchaser of any of the Collateral; 

					
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 g. Obtain appointment of a receiver for all or any of the Collateral, Borrowers hereby consenting to the
appointment of such a receiver and agreeing not to oppose any such appointment. Any receiver so appointed shall have such powers as may be conferred by the appointing authority including any or all of the powers, rights and remedies which the Lender
is authorized to exercise by the Loan Documents, and shall have the right to incur such obligations and to issue such certificates therefor as the appointing authority shall authorize; 
  
 h. Take any other action which the Lender deems necessary or desirable to protect and realize upon its security interest in
the Collateral; 
  
 i. File any legal action or lawsuit and obtain
a judgment for any and all amounts owing under the Revolving Note, this Agreement or the other Loan Documents, and in conjunction with any such action, Lender may pursue any ancillary remedies provided by law, including without limitation,
attachment, garnishment, execution and levy; 
  
 j. Borrowers
acknowledge that any failure to comply with their obligation regarding the Collateral, including (without limiting the generality of the foregoing) granting of Assignments and collection of the Accounts, shall cause irreparable harm to the Lender
for which the Lender has no adequate remedy at law, and agrees that the Lender shall be entitled to specific performance, an injunction or other equitable relief to enforce the Borrowers’ obligations under this Agreement; 
  
 k. Require the Borrowers at any time and from time to time during the
continuance of such Event of Default upon demand of the Lender deliver to the Lender cash or U.S. Treasury Bills with maturities of not more than thirty (30) days in an amount equal to the amount of issued or pending Letters of Credit as of such
time. The Lender may also deposit to the Default Collateral Account any cash, monies or funds received by the Lender from the collection of the Obligations or the sale or other disposition of the Collateral which the Lender, in its discretion,
designates as being held against issued or pending Letters of Credit as of such time. Such cash, monies, funds or U.S. Treasury Bills shall be held by the Lender in an account (the “Default Collateral Account”) and invested or
reinvested (as the case may be) in U.S. Treasury Bills with maturities of no more than thirty (30) days from the date of investment. The Lender shall have the sole power of access and withdrawal from the Default Collateral Account. As collateral and
security for the payment of the Obligations, the Borrowers hereby assigns and pledges to the Lender, and grants to the Lender a security interest in and to, all cash, monies, funds, U.S. Treasury Bills and other securities and instruments 

					
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at any time and from time to time held by the Lender in the Default Collateral Account and any interest, income, earnings and proceeds thereof, all of which
shall be a part of the Collateral hereunder. If any Event of Default shall occur and be continuing, the Lender is irrevocably authorized to make such withdrawals from the Default Collateral Account at any time and from time to time and apply the
same to any of the Obligations (including, without limitation, Letter of Credit Obligations) in such order and manner as the Lender in its sole discretion may determine. After all Obligations have been indefeasibly paid in full and there are no
Letters of Credit outstanding or any commitment on the part of the Lender to open and issue Letters of Credit, any cash, monies, funds, U.S. Treasury Bills or other securities and instruments held by the Lender in the Default Collateral Account will
be turned over to the Borrowers or to such other person who may be entitled to the same under applicable laws. 
  
 l. In addition to the foregoing, and not in substitution therefor, exercise any one or more of the rights and remedies exercisable by the Lender under
other provisions of this Agreement, under any of the other Loan Documents, or provided by applicable law (including, without limiting the generality of the foregoing, the Uniform Commercial Code), including without limitation, generally enforcing
any or all of Borrowers’ rights and remedies against any Customers, provided that Lender shall be under no obligation to do so. 
  
 9.3 Application of Proceeds. Any proceeds from the collection or sale or other disposition of the Collateral shall be applied in the following
order of priority: 
  
 First, to the payment of all
expenses of collecting, storing, leasing, operating, managing, selling or disposing of the Collateral, and to the payment of all sums which the Lender may be required or may elect to pay, if any, for taxes, assessments, insurance and other charges
upon such Collateral or any part thereof, and of all other payments which the Lender may be required or authorized to make under any provision of this Agreement or of any other Loan Document (including in each such case legal costs and
attorneys’ fees and expenses); 
  
 Second, to the
payment of all obligations on the Revolving Loan under this Agreement, and under the other Loan Documents, and to the payment of any other obligations due to the Lender, in such order as the Lender may determine in its sole discretion; and

  
 Third, to the payment of any surplus then remaining to
Borrowers, unless otherwise provided by law or directed by a court of competent jurisdiction; provided that Borrowers shall be liable for any deficiency if the proceeds of the Collateral are insufficient to satisfy all obligations due to the Lender.

					
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 9.4 Collection/Enforcement Costs. Borrowers shall pay all costs and expenses incurred by Lender in
connection with the enforcement of its rights under this Agreement and the other Loan Documents, including without limitation, legal costs and attorneys’ fees (whether or not suit is instituted), paralegal and expert witness fees and costs, and
arbitration fees and costs, and in connection with the collection of any sums from Borrowers. 
  
 ARTICLE 10. MISCELLANEOUS PROVISIONS. 
  
 10.1 Additional Actions and Documents. Borrowers shall take or cause to be taken such further actions, shall execute, deliver and file or cause to be executed, delivered and filed such further documents and instruments, and shall
obtain such consents as may be necessary or as the Lender may reasonably request in order fully to effectuate the purposes, terms and conditions of this Agreement and the other Loan Documents, whether before, at or after the closing of transactions
contemplated hereby and thereby or the occurrence of an Event of Default hereunder, including without limitation, executing such documents and taking such further actions as requested by Lender to evidence or perfect the security interest(s) granted
in accordance with this Agreement, to maintain a first priority security interest in the Collateral for the benefit of Lender, or to effectuate the rights of Lender hereunder. 
  
 10.2 Expenses. Borrowers shall, whether or not the transactions contemplated hereby are consummated, (i) reimburse
the Lender and save the Lender harmless against liability for the payment of all out-of-pocket expenses arising in connection with: (a) the preparation, execution, delivery or filing of this Agreement or any of the Loan Documents (including the
Lender’s attorneys’ fees, which the parties agree shall be capped at $12,000 for the initial documentation of the transactions set forth in this Agreement); or (b) the administration or enforcement of this Agreement or any of the Loan
Documents; or (c) the preservation or exercise of any rights (including the right to collect and dispose of the Collateral) under this Agreement or any of the other Loan Documents; and (ii) pay and hold the Lender and each subsequent holder of the
Note harmless from and against, any and all present and future stamp taxes or similar document taxes or recording taxes and any and all charges with respect to or resulting from any delay in paying, or failure to pay, such taxes. Without limiting
the generality of the foregoing, the expenses covered by this paragraph include the Lender’s legal fees, the costs of audits or examinations conducted by the Lender’s employees and any arbitration fees or court costs. 
  
 10.3 Notices. Except as may otherwise be provided herein, all notices,
demands, requests or other communications provided for herein or in the other Loan Documents shall be in writing and shall be deemed to be effective one (1) day after dispatch if sent by Federal Express or any other commercially recognized overnight

					
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delivery service, or two (2) days after dispatch if sent by registered or certified mail, return receipt requested and postage prepaid, and addressed as
follows: 
  
 If to Borrowers: 
  
 Essex Corporation 
 6708 Alexander Bell Drive 
 Columbia, Maryland 21046 
 Attention: Lisa G. Jacobson 
  
 With copy to:

  
 Astrachan, Gunst & Thomas 
 A Professional Corporation 
 217 E. Redwood Street, 21st Floor 
 Baltimore, Maryland 21202

 Attention: Donna M.D. Thomas, Esquire 
 Telephone No.:
410-783-3522 
 Telecopy No.: 410-783-3530 
  
 If to Lender: 
  
 Bank of America, N.A. 
 8300 Greensboro Drive 
 Mezzanine Level 
 McLean, Virginia 22102 
 Attention: Jessica L. Tencza, Vice President 
  
 With copy to:

  
 Ober, Kaler Grimes & Shriver, 
 A Professional Corporation 
 1401 H Street, N.W. 
 Washington, D.C. 20005 
 Attention: Nikolaus F. Schandlbauer, Esquire

 Telephone No.: 202-326-5016 
 Telecopy No.: 202-408-0640

  
 Notice to the Borrowers at the address specified above in this
section shall constitute notice to all such Persons, and each Person signing below as the Borrowers hereby irrevocably appoints Essex as that Person’s agent to receive notices from the Lender under this Agreement or the other Loan Documents.

					
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 Each party may designate by notice in writing a new address to which any notice, demand, request or communication
thereafter may be so given, served or sent. Each notice, demand, request or communication which is mailed, delivered or transmitted in the manner described above shall be deemed sufficiently given, served, sent or received for all purposes at such
time as it is delivered: (i) to the United States Postal Service, in the case of a notice given by certified mail; (ii) to Federal Express or any other commercially recognized overnight delivery service, in accordance with the terms and procedures
for such delivery. 
  
 Any notices required under the Uniform Commercial Code with
respect to the sale or other disposition of the Collateral shall be deemed reasonable if mailed by the Lender to the Persons entitled thereto at their last known address at least ten (10) days prior to disposition of the Collateral. 
  
 10.4 Severability. If fulfillment of any provision of the Loan
Documents or performance of any transaction related thereto, at the time such fulfillment or performance shall be due, shall involve transcending the limit of validity prescribed by law, then the obligation to be fulfilled or performed shall be
reduced to the limit of such validity; and if any clause or provision contained in any Loan Document operates or would operate prospectively to invalidate any Loan Document, in whole or in part, then such clause or provision only shall be held
ineffective, as though not herein or therein contained, and the remainder of the Loan Documents shall remain operative and in full force and effect. 
  
 10.5 Survival. It is the express intention and agreement of the parties hereto that all covenants, agreements, statements, representations,
warranties and indemnities made by Borrower in the Loan Documents shall survive the execution and delivery of the Loan Documents and the making of all Advances and extensions of credit thereunder. 
  
 10.6 Waivers. No waiver by the Lender of, or consent by the Lender to,
a variation from the requirements of any provision of the Loan Documents shall be effective unless made in a written instrument duly executed on behalf of the Lender by its duly authorized officer, and any such waiver shall be limited solely to
those rights or conditions expressly waived. 
  
 10.7 Rights
Cumulative. The rights and remedies of the Lender described in any of the Loan Documents are cumulative and not exclusive of any other rights or remedies which the Lender or the then holder of the Revolving Note otherwise would have at law or in
equity or otherwise. No notice to or demand on Borrower in any case shall entitle Borrower to any other notice or demand in similar or other circumstances. 

					
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 10.8 Entire Agreement; Modification; Benefit. This Agreement, the Schedules hereto, and the other
Loan Documents constitute the entire agreement of the parties hereto with respect to the matters contemplated herein, supersede all prior oral and written agreements with respect to the matters contemplated herein, and may not be modified, deleted
or amended except by written instrument executed by the parties. All terms of this Agreement and of the other Loan Documents shall be binding upon, and shall inure to the benefit of and be enforceable by, the parties hereto and their respective
successors and assigns; however, Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Lender. In the event of any conflict between the terms of this Agreement and the terms of the
other Loan Documents, the terms of this Agreement shall control. 
  
 10.9 Setoff. In addition to any rights or remedies of the Lender provided by law, upon the occurrence of any Event of Default hereunder, or any event or circumstance which, with the giving of notice or the passage of time or both,
would constitute an Event of Default hereunder, the Lender is irrevocably authorized, at any time or times without prior notice to Borrower, to set off, appropriate and apply any and all deposits, credits, indebtedness or claims at any time held or
owing by the Lender to or for the credit or the account of Borrower, in such amounts as the Lender may elect, against and on account of the obligations and liabilities of Borrower to the Lender hereunder or under any of the other Loan Documents,
whether or not the Lender has made any demand for payment, and although such obligations and liabilities may be contingent or unmatured. 
  
 10.10 Construction. This Agreement and the other Loan Documents, the rights and obligations of the parties hereto, and any claims or disputes
relating thereto shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia (excluding the choice of law rules thereof) except to the extent that the UCC provides for either (a) the application of the laws of the
state in which Borrower maintains its chief executive office, (b) the application of the laws of the state in which the collateral is located, (c) the application of the laws of the state in which the Debtor is located or (d) otherwise mandates the
application of the laws of another state or jurisdiction.. Each party hereto hereby acknowledges that all parties hereto participated equally in the negotiation and drafting of this Agreement and that, accordingly, no court construing this Agreement
shall construe it more stringently against one party than against the other. 

					
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 10.11 Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the Person may require. 
  
 10.12 Headings. Article, section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall
not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 
  
 10.13 Payments. If any payment or performance of any of the obligations under this Agreement or any of the other Loan Documents becomes due on a
day other than a Business Day, the due date shall be extended to the next succeeding Business Day, and interest thereon (if applicable) shall be payable at the then applicable rate during such extension. 
  
 10.14 Execution. To facilitate execution, this Agreement and any of
the other Loan Documents may be executed in as many counterparts as may be required; and it shall not be necessary that the signature of, or on behalf of, each party, or the signatures of all Persons required to bind any party, appear on each
counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or the signatures of the Persons required to bind any party, appear on one or more of the counterparts. All counterparts shall collectively constitute a
single agreement. It shall not be necessary in making proof of this Agreement or any other Loan Document to produce or account for any particular number of counterparts; but rather any number of counterparts shall be sufficient so long as those
counterparts contain the respective signatures of, or on behalf of, all of the parties hereto. 
  
 10.15 Service of Process. The Borrower consents to process being served in any suit, action or proceeding by mailing a copy thereof by registered or certified mail postage prepaid, return receipt requested, to
the Borrower’s address specified in or designated in this Agreement. The Borrower agrees that such service (i) shall be deemed in every respect effective service of process upon the Borrower in any such suit, action or proceeding and (ii)
shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to the Borrower. Nothing in this Section shall affect the right of the Lender to serve process in any manner permitted by law,
or limit any right that the Lender may have to bring proceedings against the Borrower in the courts of any jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 
  
 10.16 Sale of Loan Documents; Disclosure of Information. Borrower
hereby consents to and agrees that Lender may disclose to any Person in conjunction with an assignment or sale of Lender’s rights or interests in the Loan Documents, any and all 

					
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information connected with or related to the Revolving Loan or other Loan Documents. The information which may be disclosed by Lender includes but is not
limited to all Loan Documents, credit files and correspondence files and all other writings and oral communications which Lender wishes to disclose, in its sole and absolute discretion. Borrower also hereby consents to and agrees that Lender may
sell or assign any rights of Lender in any or all of the Loan Documents pursuant to such terms and conditions as may be acceptable to Lender in its sole and absolute discretion, to any interested Person, and nothing in this Agreement or the other
Loan Documents shall prevent, delay or otherwise impede or effect the right of Lender to immediately sell or assign any rights of Lender in the Loan Documents on such terms as it deems acceptable. 
  
 10.17 WAIVER OF JURY TRIAL. BY AGREEING TO BINDING ARBITRATION,
BORROWERS AND LENDER IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF A CLAIM. FURTHERMORE, WITHOUT INTENDING IN ANY WAY TO LIMIT THIS AGREEMENT TO ARBITRATE, TO THE EXTENT ANY CLAIM IS NOT ARBITRATED, THE
PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF SUCH CLAIM. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING THIS AGREEMENT. 
  
 10.18 ARBITRATION. 
  
 (a) This paragraph concerns the resolution of any controversies or claims
between the parties, whether arising in contract, tort or by statute, including but not limited to controversies or claims that arise out of or relate to: (i) this Agreement (including any renewals, extensions or modifications); or (ii) any document
related to this Agreement (collectively a “Claim”). For the purposes of this arbitration provision only, the term “parties” shall include any parent corporation, subsidiary or affiliate of the Lender involved in the servicing,
management or administration of any obligation described or evidenced by this Agreement. 
  
 (b) At the request of any party to this Agreement, any Claim shall be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Act”). The Act will apply even
though this Agreement provides that it is governed by the law of a specified state. The arbitration will take place on an individual basis without resort to any form of class action. 
  
 (c) Arbitration proceedings will be determined in accordance with the Act, the then-current rules and procedures for the
arbitration of financial services disputes of the American Arbitration Association or any successor thereof (“AAA”), and the terms of this paragraph. In the event of any inconsistency, the terms of this paragraph shall control. If AAA is
unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any provision of this arbitration clause, any party to this agreement may substitute another arbitration organization with similar procedures to serve as the provider of
arbitration. 

					
	ESSEX – Amended and Restated Credit Agreement	  	63	  	 

  
  

 (d) The arbitration shall be administered by AAA and conducted in Washington, D.C. All Claims shall be
determined by one arbitrator; however, if Claims exceed Five Million Dollars ($5,000,000), upon the request of any party, the Claims shall be decided by three arbitrators. All arbitration hearings shall commence within ninety (90) days of the demand
for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within thirty (30) days of the close of the hearing. However, the arbitrator(s), upon a showing of good cause, may extend the
commencement of the hearing for up to an additional sixty (60) days. The arbitrator(s) shall provide a concise written statement of reasons for the award. The arbitration award may be submitted to any court having jurisdiction to be confirmed,
judgment entered and enforced. 
  
 (e) The arbitrator(s) will give
effect to statutes of limitation in determining any Claim and may dismiss the arbitration on the basis that the Claim is barred. For purposes of the application of the statute of limitations, the service on AAA under applicable AAA rules of a notice
of Claim is the equivalent of the filing of a lawsuit. Any dispute concerning this arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s). The arbitrator(s) shall have the power to award reasonable legal fees
pursuant to the terms of this Agreement. 
  
 (f) This paragraph
does not limit the right of any party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property collateral; (iii) exercise any judicial or power
of sale rights, or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or supplementary remedies. 
  
 (g) The filing of a court action is not intended to constitute a waiver of
the right of any party, including the suing party, thereafter to require submittal of the Claim to arbitration. 

					
	ESSEX – Amended and Restated Credit Agreement	  	64	  	 

  
  

 (h) By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any right they may
have to a trial by jury in respect of any Claim. Furthermore, without intending in any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably and voluntarily waive any right they may have to a
trial by jury in respect of such Claim. This provision is a material inducement for the parties entering into this Agreement. 
  
 10.19. No Novation. This Agreement is an agreement entirely amending and restating the provisions of the Original Loan Agreement. All of the
provisions of the Original Loan Agreement are incorporated herein by reference and shall continue in full force an effect, as entirely amended and restated hereby. The Borrowers hereby ratify and confirm all of their obligations under the Original
Loan Agreement, as entirely amended and restated hereby. The Borrowers agrees that it is their intention that nothing in this Agreement shall be construed to extinguish, release or discharge, or constitute, create or effect a novation of or an
agreement to extinguish any of the obligations, under the Original Loan Agreement. In the event of any conflict between the provisions of this Agreement and the Original Loan Agreement, the provisions of this Loan Agreement shall take precedence and
govern. 
  
 10.20. Termination of Security Interest. Upon
(i) payment in full of the outstanding Obligations and (ii) the termination of the Credit Facilities (whether by the Lender pursuant to the provisions of this Agreement or upon the request of the Borrowers) the security interest granted
hereby shall terminate and all rights to the Collateral shall revert to the Borrowers. Upon any such termination, the Lender will execute and deliver to the Borrowers such documents as the Borrowers shall reasonably request to evidence such
termination. 
  
 [remainder of page left intentionally blank –
signature lines to follow] 

					
	ESSEX – Amended and Restated Credit Agreement	  	65	  	 

  
  

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement, or have caused this Agreement to
be duly executed on their behalf, as of the day and year first hereinabove set forth. 
  

			
	 ESSEX CORPORATION, a Virginia corporation

		
	 By:
	 	 /s/ Leonard E. Moodispaw

	 	 	 Leonard E. Moodispaw

	 	 	 President and Chief Executive Officer

	
	 COMPUTER SCIENCE INNOVATIONS, INC., a
 Florida corporation

		
	 By:
	 	 /s/ Leonard E. Moodispaw

	 	 	 Leonard E. Moodispaw

	 	 	 President and Chief Executive Officer

	
	 THE WINDERMERE GROUP, LLC, a Maryland limited
 liability company

		
	 By:
	 	 /s/ Leonard E. Moodispaw

	 	 	 Leonard E. Moodispaw

	 	 	 President

	
	 WINDERMERE INFORMATION TECHNOLOGY
 SYSTEMS, LLC, a Maryland limited liability company

		
	 By:
	 	 /s/ Leonard E. Moodispaw

	 	 	 Leonard E. Moodispaw
 President

					
	ESSEX – Amended and Restated Credit Agreement	  	66	  	 

  
  

			
	WINDERMERE HDS, LLC, a Maryland limited liability company
		
	By:	 	 /s/ Leonard E. Moodispaw

	 	 	Leonard E. Moodispaw
	 	 	President
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Jessica L. Tencza

	 	 	Jessica L. Tencza
	 	 	Vice President

					
	ESSEX – Amended and Restated Credit Agreement	  	67Sale and purchase agreement

 Exhibit 10(h) 
  
 CONFIDENTIAL 
  
 AGREEMENT FOR THE SALE AND PURCHASE OF 
  
 UCB’S FOOD DIAGNOSTIC BUSINESS 
  

					
	BETWEEN	  	UCB S.A., acting in its own name and on behalf of its Affiliate, UCB PHARMA S.A. (SPAIN), and having its registered office at Allée de la Recherche 60 in 1070
Brussels, Belgium,
			
	 	  	 	 	(collectively, the “SELLER”)
			
	AND	  	NEOGEN CORPORATION, having its registered office at 620 Lesher Place, Lansing, MI 48912, USA	 	 
			
	 	  	 	 	(hereinafter the “BUYER”)

  
 (individually a
“Party”, collectively the “Parties”) 
  
 WITNESSETH 
  
 WHEREAS the SELLER carry on the FD Business
(as defined hereinafter) and own the assets relevant to the FD Business. 
  
 WHEREAS, the SELLER owns or is otherwise able to procure the transfer of the assets necessary to carry on the FD Business. 
  
 WHEREAS, the SELLER has agreed to sell and the BUYER has agreed to purchase the FD Business (by way of acquisition the Business Assets and the assumption of the Business
Liabilities) as a going concern on and subject to the terms and conditions of this Agreement. 
  
 WHEREAS, the SELLER and BUYER have agreed to provide warranties, covenants, indemnities and undertakings on and subject to the terms and conditions set out in this Agreement. 
  

 1 

 NOW, THEREFORE, the BUYER and the SELLER hereby agree as follows: 
  
 ARTICLE 1. DEFINITIONS 
  
 As used in this Agreement, the following terms shall have the following meaning: 

 
 “Affiliate” 
  
 means with respect to any Party (i) any company, partnership or body
corporate at least fifty percent (50%) of whose issued and voting capital is owned or controlled, directly or indirectly, by the said person, or (ii) any company, partnership or body corporate which owns or controls, directly or indirectly, at least
fifty percent (50%) of the issued and voting capital of the said person, or (iii) any company, partnership or body corporate owned or controlled, directly or indirectly, to the extent of fifty percent (50%) or more of the issued and voting capital,
by any of the foregoing. 
  
 “Agreed Form” 
  
 means a form agreed between the Parties for the purposes of this Agreement
and signed or initialled for identification purposes by them or on their behalf. 
  
 “Agreement” 
  
 means this agreement
including the Schedules which are incorporated by reference. 
  
 “Ancillary Agreements” 
  
 means the
Consultancy and Transitional Services agreements in Agreed Form attached in Schedule 1. 
  
 “Accounts Receivables” 
  
 means the trade receivables by or owing to the SELLER related to the FD Business as defined in the Audited Accounts as of the Base Date and as further defined in Schedule 20 or as of the Closing Date, as
applicable.  
  
 “Audited Accounts” 
  
 means the audited financial statements, including the notes thereto, to be
prepared in accordance with IAS and which will be attached under Schedule 20 as soon as possible after signature of this Agreement and in any case before Closing. 
  
 “Base Date” 
  
 means December 31, 2004. 
  

 2 

 “Base Accounts Receivables and Inventory Value” 
  
 means the sum of the Accounts Receivables and Inventory contained in the
Audited Accounts as of the Base Date. 
  
 “Barcelona Plant”

  
 means the SELLER’s plant where the Products are
manufactured and which is located at Avenida de Barcelona 239, Molins de Rei, Barcelona 08750, Spain. 
  
 “Best Knowledge of BUYER” 
  
 means the actual knowledge or awareness of James L. Herbert, Lon M. Bohannon, Richard R. Current, Anthony E. Maltese and Richard C. Lowe. 
  
 “Best Knowledge of the SELLER” 
  
 means to the actual knowledge of the SELLER, after due and proper enquiry of the relevant managers of the FD Business which are Jacques Degelaen,
André Jordens, Jordi Isidre, Luis Serra, Denis Zenner and Sigrid Willame. 
  
 “Beta Star” means the product described in Schedule 3. 
  
 “Business Assets” 
  
 means:

  

	 	(i)	Fixed Assets; 

  

	 	(ii)	the Business Contracts 

  

	 	(iii)	the Accounts Receivables; 

  

	 	(iv)	the Inventory; 

  

	 	(v)	the Business IP; and 

  

	 	(vi)	the Trade Secrets; 

  
 used in relation to the FD Business. 
  
 “Business Contracts” 
  
 means the various contracts, that are directly related to the FD Business, the Business Assets or the operation of the FD Business – including all

  

 3 

 purchase orders to the extent they exist at the Closing Date; as well as licence contracts, distribution
contracts and any other agreements with suppliers, distributors, licensors, customers and other parties as listed in Schedule 4 hereto. 
  
 “Business Day” 
  
 means a day other than a Saturday, a Sunday or public holiday in Belgium or in Spain. 
  
 “Business IP” 
  
 means the Intellectual Property owned by the SELLER which at Closing is used or enjoyed exclusively in connection with the FD Business. 
  
 “Business Liabilities” 
  
 means, in relation to the FD Business, all obligations set out in the
Business Contracts to the extent assigned to the BUYER pursuant to this Agreement which are required to be performed or settled after Closing; 
  
 “Business Material Adverse Change” 
  
 means the occurrence of any of the following (i) permanent inability of SELLER to build the Transition Inventory; (ii) actual infringement of a third
party’s intellectual property by the manufacture, sale or use of the Products; (iii) inability of SELLER to deliver title to the Business Assets (excluding objections to the form of conveyance of title); (iv) inability of SELLER to obtain the
consent from the other party to assign the Business Contracts listed in Schedule 19 to BUYER; (v) any suit, action or other judicial proceedings shall be pending before any court or governmental agency in which it is sought to restrain,
prohibit or obtain damages or other relief in connection with the consummation of the transactions contemplated by the Agreement; For the avoidance of any doubt any investigation by any competition authority shall not be considered in itself as a
Business Material Adverse Change (vi) either failure of SELLER to provide NEOGEN with the Audited Accounts or an opinion from the audit firm Mazard pursuant to Article 9.7.d which identifies material inconsistency, inaccuracy or omissions of the
Audited Accounts as of the Base Date; or (vii) variance between the Management Accounts and the Audited Accounts as of the Base Date on the Total Gross Sales (as defined in Schedule 2) in excess of Euro 200,000 and a variance between the
Management Accounts and the Audited Accounts as of the Base Date on the Industrial Profit (as defined in Schedule 2) in excess of Euro €100,000. 
  
 “BUYER” 
  
 means Neogen Corporation, a Michigan (USA) corporation. 
  

 4 

 “BUYER’s Objection” 
  
 has the meaning set forth in Article 9.6.b. 
  
 “Cash Purchase Price” 
  
 has the meaning set forth in Article 2.5.a. 
  
 “Certificate of Allocation” 
  
 means the agreed upon allocation of the Purchase Price to the Business Assets reflected on Schedule 5. 
  
 “Claiming Party” 
  
 has the meaning set forth in Article 7.5.a. 
  
 “Closing” 
  
 has the meaning set forth in Article 8.2.a. 
  
 “Closing Date” 
  
 means the date of Closing as set forth in Article 8.2.a. 
  
 “Closing Accounts Receivables and Inventory Value Statement” 
  
 has the meaning set forth in Article 9.6.a. 
  
 “Closing Purchase Price Adjustment Amount” 
  
 has the meaning set forth in Article 2.6.b. 
  
 “Code” 
  
 has the meaning set forth in Article 2.11. 
  
 “CPA Firm” 
  
 means KPMG or such other firm of independent public accountants to which SELLER and BUYER shall mutually agree. 
  
 “Damages” 
  
 has the meaning set forth in Article 7.6. 
  

 5 

 “Data Room Materials” 
  
 means the documents listed in attached Schedule 6. 
  
 “Date of the Agreement” 
  
 means the date of the final executed signature by an authorised representative of the parties hereto signing of this Agreement as indicated on the
signature page hereof. 
  
 “Deductible” 
  
 has the meaning set forth in Article 7.4. 
  
 “Employee Costs” 
  
 has the meaning set forth in Article 4.20. 
  
 “Encumbrance” 
  
 means any claim, security interest, pledge, mortgage, lien, charge, option, equity, power of sale, hypothecation, or other
third party right or encumbrance having similar effect. 
  
 “Estimated
Closing Accounts Receivables and Inventory Value” 
  
 has the meaning set forth in Article 2.6.a. 
  
 “FDA
Approval” 
  
 means the written documentation from
applicable governmental agencies that allows the Products to be used in the United States for the official determination of antibiotic residues in milk. 
  
 “FD Business” 
  
 means the business and assets of the SELLER and of UCB SPAIN as the case may be, referred to as “Food Diagnostic Business Unit” and related to
dairy antibiotic residue testing. 
  
 “Final Closing Accounts
Receivables and Inventory Value” 
  
 has the meaning set
forth in Article 9.6.d. 
  

 6 

 “Fixed Assets” 
  

means the machinery, equipment, furniture and fittings, fixtures, tools, owned by the SELLER which at Closing are used exclusively in connection with
the FD Business, as described in Schedule 7 hereto. 
  
 “Governmental Entities” 
  
 has the
meaning set forth in Article 4.23. 
  
 “Indemnifying Party”

  
 has the meaning set forth in Article 7.5.a. 

 
 “Intellectual Property” or “IP” 
  
 means all of SELLER’s right, title and interest in and to all
trade marks and service marks and all goodwill associated with such marks, trade names, domain names, logos, get-up, patents, inventions, registered and unregistered design rights, copyrights (including copyrights in computer software), database
rights and all other similar proprietary rights which may subsist in any part of the world including Know-How and including, where such rights are obtained or enhanced by registration, any registration of such rights and applications and rights to
apply for such registration, all domain names, URLs and websites used in the FD Business as well as special customer relationships related to telephone numbers (including 800 #s). 
  
 “IAS” 
  
 means International Accounting Standard. 
  
 “Inventory” 
  
 means the inventory of raw materials, work-in-progress and marketable finished goods and, including the Transition Inventory to be manufactured by SELLER
pursuant to Article 3, related to the FD Business. 
  
 “Know-How”

  
 means confidential industrial, technical or commercial
information and techniques in any form (including paper, electronically stored data, magnetic media, film and microfilm) including (without limiting the foregoing) drawings, laboratory notebooks, formulae, test results, reports, research reports,
project reports and testing procedures, shop practices, instruction and training manuals, tables of operating conditions, market forecasts, specifications, quotations, tables, list and particulars of customer and suppliers, marketing methods and
procedures and advertising copy. 
  

 7 

 “LIBOR” 
  
 means the London Interbank Offering Rate. 
  
 “Licenses” 
  
 has the meaning set forth in Article 4.23. 
  
 “Management Accounts” 
  
 means the Profit and Loss statements set forth in Schedule 2. 
  
 “Month” 
  
 means a calendar month. 
  
 “Net Sales” 
  
 shall mean with respect to all Products sold by the BUYER during the first twelve months following the Closing Date, its Affiliates, and distributors, the
total gross invoices for such Products less (i) trade, quantity and/or cash discounts actually allowed and taken limited to 5% of the wholesale price on a twelve (12) months aggregate basis, (ii) customs duties, use, tariff, import/export duties,
excise taxes and sales and income taxes, if any, related to the sale of the Products, and (iii) amounts allowed by reason of rejections and reasonable allowances for return of goods. 
  
 “Ordinary Course of Business” 
  
 means the conduct of the FD Business in a manner consistent with
normal day to day customs, practices and procedures. 
  
 “Party” or
“Parties” 
  
 has the meaning set forth in the
preamble. 
  
 “Penzyme” 
  
 has the meaning set forth in Schedule 3. 
  
 “Post-Closing Purchase Price Adjustment Amount” 
  
 has the meaning set forth in Article 2.6.c. 
  
 “Production Period” 
  
 has the meaning set forth in Article 3. 
  

 8 

 “Products” 
  
 means the dairy antibiotic testing products listed in Schedule 3. 
  
 “Purchase Price” 
  
 has the meaning set forth in Article 2.5. 
  
 “Purchase Price Certificate” 
  
 has the meaning set forth in Article 2.6.a. 
  
 “Registered IP” 
  
 has the meaning set forth in Article 4.6.b. 
  
 “Representations” 
  
 has the meaning set forth in Article 7.1. 
  
 “SELLER” 
  
 means UCB S.A. and UCB SPAIN. 
  
 “SELLER’s Group” 
  
 means UCB S.A. and all of its Affiliates. 
  
 “SELLER’s Objections” 
  
 has the meaning set forth in Article 2.8.b. 
  
 “SELLER’s Review Period” 
  
 has the meaning set forth in Article 9.6.c. 
  
 “SELLER Third Party Granted Licenses” 
  
 has the meaning set forth in Article 4.6.f. 
  
 “Third Party Claims” 
  
 has the meaning set forth in Article 7.5.c. 
  
 “Third Party Licenses” 
  
 has the meaning set forth in Article 4.6.d. 
  

 9 

 “Trade Secrets” 
  
 means all marketing Know-How and trade secrets owned by SELLER, including all of the SELLER confidential information,
operating data, processes, procedures, enhancements, price lists, customer documentation and all formulas now used by the SELLER, whether in writing or in electronic form relating to or used in connection with the Business. 
  
 “Transaction Documents” 
  
 has the meaning set forth in Article 10.g. 
  
 “Transition Inventory” 
  
 means the additional inventory of Products necessary to allow BUYER
to transfer the Business Assets to its facilities after Closing and which is described in Schedule 8. 
  
 “Transitional Services Agreement” 
  
 means the agreement in Agreed Form attached in Schedule 1. 
  
 “UCB Name” 
  
 means the name “UCB”, any logo incorporating such name, including “UCB Bioproducts”, and any other names confusingly similar to it. 
  

“UCB SPAIN” 
  
 means the SELLER’s wholly owned Spanish Affiliate, UCB Pharma SA (Spain), having its registered offices at Calle Santiago, Ramon y Cajal,
n° 6, Molins de Rei (Barcelona) 08750, Spain. 
  
 “Unresolved
Items” 
  
 has the meaning set forth in Article 9.6.d.

  
 “USD” 
  
 means United States dollars. 
  
 “VAT” 
  
 means within the European Community such tax as may be levied in accordance with (but subject to derogations from) the
Directive 77/388/EEC and outside the European Community any taxation levied by reference to value added, turnover, purchases or sales of goods or services. 
  

 10 

 ARTICLE 2. PURCHASE AND SALE 
  

	2.1	Purchase and Sale 

  
 Upon the terms and subject to the conditions of this Agreement, the SELLER hereby agrees that it will sell (and as far as the Business Assets owned by UCB
SPAIN are concerned, the SELLER will cause such UCB SPAIN to sell) and the BUYER hereby agrees that it will purchase the Business Assets and assume the Business Liabilities as at and with effect from the Closing Date, free and clear from any
Encumbrance. Both Parties acknowledge that no employees of the SELLER or of its Affiliates shall be transferred to BUYER. 
  

	2.2	Ancillary Agreements 

  
 As from Closing SELLER will provide BUYER with certain transitional services, toll manufacturing and consultancy services pursuant to the Ancillary
Agreements. 
  

	2.3	Representations and Warranties 

  
 The only representations and warranties given by SELLER and by BUYER in respect of the FD Business Assets are those set forth in Articles 4 and 5 hereof.

  

	2.4	Pre-Closing Income and Loss 

  
 The BUYER agrees and acknowledges that the profit or loss of the FD Business from 1 January 2005 will accrue to the SELLER until the Closing Date.

  

	2.5	Consideration  

  
 The consideration for the Business Assets is determined as follows: 
  

	 	a)	at the Closing Date BUYER shall pay to SELLER a first amount of Fourteen Million Seven Hundred Thousand Dollars (USD14,700,000) (“Cash Purchase Price”) as adjusted
pursuant to Article 2.6 hereunder; 

  

	 	b)	on the first annual anniversary of the Closing Date, BUYER shall pay SELLER an amount equal to fifty percent (50%) of the Net Sales over the twelve (12) months following Closing
Date in excess of Ten Million Dollars (USD10,000,000) converted into Euros at the exchange rate published in the Wall Street Journal at the Closing Date. To this effect, BUYER shall within thirty (30) days after date of the first anniversary
of the Closing, provide written notice to SELLER specifying the Net Sales of Products during the twelve months following Closing; and 

  

 11 

	 	c)	BUYER shall pay SELLER an amount equal to (i) One Million Dollars (USD1,000,000) provided that the Beta Star receives FDA Approval before January 1, 2006, (ii) Seven Hundred Fifty
Thousand Dollars (USD750,000) if FDA Approval is received after December 31, 2005 and prior to July 1, 2006, or (iii) Five Hundred Thousand Dollars (USD500,000) if FDA Approval is received after June 30, 2006 and prior to January 1, 2007. Such
amount shall not be due if FDA approval is received after December 31, 2006. 

  
 The aggregate consideration as described above shall not exceed Nineteen Million Dollars (USD19,000,000) including the payments pursuant to this Article 2.5.a, 2.5.b, 2.5.c., as well as Article 3 and related Schedule
8 hereunder but excluding adjustments pursuant to Article 2.6. The total purchase price payable, subject to all adjustments, is referred to as the “Purchase Price”. The Purchase Price is exclusive of any import or export taxes,
duties and the VAT. 
  

	2.6	Adjustment of the Cash Purchase Price 

  

	 	a)	Not less than five (5) Business Days prior to the Closing Date, SELLER will prepare and deliver a certificate (“Purchase Price Certificate”) setting forth
SELLER’s best estimate of the estimated Accounts Receivables and Inventory value as of the Closing Date (“Estimated Closing Accounts Receivables and Inventory Value”). Representatives from SELLER and BUYER shall jointly
take a physical inventory on or about the Closing Date using a mutually acceptable procedure from which the estimated Closing Date Inventory shall be calculated. 

  

	 	b)	On the Closing Date, the Cash Purchase Price shall be adjusted by the amount (“Closing Purchase Price Adjustment Amount”) equal to: (i) the Estimated Closing
Accounts Receivables and Inventory Value minus (ii) the Base Accounts Receivables and Inventory Value. If the Closing Purchase Price Adjustment Amount is a positive number, then the Cash Purchase Price payable as of the Closing shall be
increased by the Closing Purchase Price Adjustment Amount. If the Closing Purchase Price Adjustment Amount is a negative number, then the Cash Purchase Price payable as of the Closing shall be decreased by the Closing Purchase Price Adjustment
Amount. 

  

	 	c)	After the Closing Date and pursuant to the procedure set forth under Article 9.6 hereunder, the Purchase Price shall be adjusted by the amount (“Post-Closing Purchase Price
Adjustment 

  

 12 

 Amount”) equal to the (i) Final Accounts Receivables and Inventory Value (as finally
determined pursuant to Article 9.6) minus (ii) the Estimated Closing Accounts Receivables and Inventory Value. If the Post-Closing Purchase Price Adjustment Amount is a positive number, then the Purchase Price shall be increased by the Post-Closing
Purchase Price Adjustment Amount and BUYER shall promptly (and in any event within five Business Days) after the final determination thereof pay to SELLER the Post-Closing Purchase Price Adjustment Amount by wire transfer of immediately available
funds to an account designated in writing by SELLER. If the Post-Closing Purchase Price Adjustment Amount is a negative number, then the Cash Purchase Price shall be decreased by the Post-Closing Purchase Price Adjustment Amount and SELLER shall
promptly (and in any event within five Business Days) after the final determination thereof pay to BUYER the Post-Closing Purchase Price Adjustment Amount by wire transfer of immediately available funds to an account designated in writing by BUYER.

  

	2.7	Payment of the Consideration 

  
 The consideration for the Business Assets shall be paid as follows: 
  

	 	a)	At the Closing Date, the BUYER shall pay in full the Cash Purchase Price consideration mentioned in Article 2.5.a and as adjusted under Article 2.6, by electronic transfer to a bank
account in the name of the SELLER designated at least two (2) Business Days prior to the Closing Date. 

  

	 	b)	Unless SELLER wishes to verify the Net Sales under Article 2.8, payment of the amount pursuant to Article 2.5.b, if any, shall occur within thirty (30) days after the first
anniversary of the Closing Date, on the same bank account referred above or any other bank account provided by the SELLER. 

  

	 	c)	Payment of sum pursuant to Article 2.5.c, if any, shall occur within thirty (30) days after FDA Approval on the same bank account referred above or any other bank account provided
by the SELLER. 

  

	2.8	Audit of the Net Sales  

  

	 	a)	SELLER may ascertain compliance with BUYER’s obligations under Article 2.5.b by notifying BUYER within thirty (30) days after receipt of BUYER’s notification under Article
2.5.b, of its desire to verify such information. Within twenty (20) Business Days from such notification, BUYER shall provide to SELLER or as the case may be, to SELLER’s representative, such books and records, possibly in an

  

 13 

 electronic form, as may be reasonably required to verify such information. Receipt of such copies shall
not preclude SELLER from the right to perform a more extensive audit at BUYER’s office during normal business hours to verify further such information. BUYER shall allow such audit to be performed so that it can be completed within thirty (30)
days after the date on which SELLER notified BUYER that it desired to verify such information. 
  

	 	b)	If SELLER disagrees with BUYER’s calculations under 2.5.b, it shall notify within forty-five (45) days from the date on which SELLER notified BUYER that it desired to verify
such information (“SELLER’s Objections”). 

  

	 	c)	If BUYER disagrees with SELLER’s Objections, it shall notify SELLER and the Parties shall attempt to resolve the disagreement. If BUYER fails to so notify SELLER in writing
within thirty (30) days of the SELLER’s Objections, then BUYER shall be deemed to have accepted the findings set forth in the SELLER’s Objections and BUYER shall have waived all claims to the contrary. If the Parties fail to agree on the
conclusions in the report, such disagreement shall be resolved in accordance with the principles set forth in Article 9.6. 

  

	 	d)	Each such audit shall be at SELLER’s expense; provided, that if it is finally determined BUYER has breached its payment obligation by an amount in excess of USD 100,000 under
Article 2.5.b, then BUYER shall pay the reasonable costs of such audit. 

  

	 	e)	If BUYER agrees with SELLER’s Objections or the findings of the audit has been confirmed under c), BUYER shall pay within ten (10) Business Days the due amount pursuant to
Article 2.5.b. 

  

	2.9	Interest Rate 

  
 Any invoiced amounts not paid on or by the due date shall automatically and without further notice accrue interest, from the due date until paid, at a
rate equal to LIBOR (for the applicable currency) for three (3) months plus one percent (+ 1%) in effect on the date such payment first became due and payable. 
  

	2.10	Non-Assumption of Liabilities 

  
 Subject to Article 7 herein, BUYER shall not assume, expressly or implicitly, pay, perform or discharge any debts, liabilities or obligations of any
nature of SELLER, whether or not related to the FD Business, other than the Business Liabilities. All the debts, liabilities and obligations of SELLER, whether fixed or contingent, accrued or unaccrued, shall 
  

 14 

 continue to be the responsibility of SELLER, which shall pay, perform and discharge them in accordance
with their terms, and nothing contained in this Agreement shall be construed in any fashion as imposing, directly or indirectly, responsibility for any such debt, liability and obligation on BUYER except the Business Liabilities. 
  

	2.11	Allocation of Purchase Price 

  
 The Purchase Price to be paid by BUYER shall be allocated in the manner required by Section 1060 of the Internal Revenue Code of 1986, as amended
(“Code”), and the Treasury Regulations promulgated thereunder. In making the allocation, BUYER and SELLER shall apply the fair market values set forth on the Certificate of Allocation substantially in the form of attached
Schedule 5. This allocation shall be conclusive and binding on the BUYER and SELLER for all purposes, including the reporting and disclosure requirements of the Code. 
  
 ARTICLE 3. TRANSITION INVENTORY 
  
 SELLER will cause UCB SPAIN to manufacture the quantities of Products set forth in Schedule 8, in addition to the
quantities manufactured in the Ordinary Course of Business, in order to build up the Transition Inventory. SELLER estimates that ten (10) Months of production (“Production Period”) will be necessary to complete such Transition
Inventory starting from the Date of the Agreement. In the event BUYER decides to close the transaction before completion of such Transition Inventory, pursuant to Article 8.2, UCB shall cause UCB SPAIN to manufacture the Products pursuant to
Transitional Services Agreement until completion of the Transition Inventory. Adjustment to the Purchase Price for the production of the Transition Inventory and payment terms are set forth in Schedule 8. 
  
 ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF THE SELLER

  
 SELLER makes the following representations and warranties
and no other whatsoever, whether express or implied, solely for the benefit of BUYER in connection with the sale and purchase of the FD Business as of Date of the Agreement and the Closing Date unless otherwise expressly stated: 
  

	4.1	Authority of the SELLER 

  

	 	a)	SELLER has the right, power and authority to enter into the Transaction Documents to which it is a party and to consummate or to cause to be consummated the transactions
contemplated therein; all corporate and shareholder (if applicable) approvals required to be taken by or on the part of the SELLER and UCB SPAIN have been, 

  

 15 

 or will be taken prior to the Closing Date. This Agreement constitutes and the Ancillary Agreements when
executed, will constitute, legal valid, binding and enforceable obligations of the SELLER and UCB SPAIN who are party thereto. 
  

	 	b)	The entry into and performance by SELLER, and the transactions contemplated by, the Transaction Documents do not and will not conflict with: 

  

	 	(i)	any law or regulation applicable to each company; 

  

	 	(ii)	the constitutional documents of each company; 

  

	 	(iii)	any agreement or instrument binding upon SELLER or any of their respective assets; or 

  

	 	(iv)	any judgment, order or decree of any court or governmental agency. 

  

	4.2	Financial Data 

  

	 	a)	A copy of the Audited Accounts for the FD Business for the Base Date will be attached in Schedule 20 before Closing. 

  

	 	b)	The Audited Accounts will (i) be prepared in accordance with IAS, consistently applied; (ii) fairly present, in all material respects, the financial position and results of
operations of the FD Business as of the dates thereof and for the periods then ended; (iii) be prepared in accordance with the books and records of SELLER; and (iv) not include or omit to state any fact that renders them materially misleading.

  

	 	c)	The Accounts Receivables in the Audited Accounts as of the Base Date and the Closing Date arose or will arise from bona fide sales transactions of SELLER for Products, and no
portion of the Accounts Receivables is subject to counterclaim or offset or is otherwise in dispute. All of the Accounts Receivables are and will be, as applicable, good and collectible in full in the Ordinary Course of Business at the net aggregate
amounts disclosed in the Audited Accounts as of the Base Date and as of the Closing Date. 

  

	 	d)	The Inventory reflected on the Audited Accounts as of the Base Date and the Closing Date is accurately and consistently valued according to IAS consistently applied, at the Base
Date. The Inventory (other than the Transition Inventory) is usable and saleable in the Ordinary Course of Business within ninety (90) days following the Closing and contains no slow-moving or obsolete items. No Inventory has been consigned to
others. 

  

 16 

	4.3	Business 

  

	 	a)	The SELLER has and UCB SPAIN has the corporate power to own the assets of the FD Business and to carry on the FD Business as it is now being conducted. 

  

	 	b)	Save as disclosed in Schedule 9, the operations of the FD Business have been carried on and are being carried on in such manner so that there have been in the twelve (12)
Months prior to Closing, and there are, no known material breaches of applicable laws, legal duties, regulations and by-laws in each country in which they are carried on. Save as disclosed in Schedule 9, there is, as of the Date of this
Agreement, no investigation or enquiry by, or order, decree, decision or judgement of, any court, tribunal, arbitrator, governmental agency or regulatory body outstanding or (to the best of the SELLER’s knowledge) anticipated against the
SELLER, or UCB SPAIN in relation to the FD Business or any person for whose acts or defaults they may be vicariously liable, which has had a material adverse effect upon the FD Business, nor has any notice or other communication (official or
otherwise) from any court, tribunal, arbitration, governmental agency or regulatory body been received with respect to an alleged material actual or potential violation and/or failure to comply with any such applicable law, duty, regulation, by-law
or constitutional document, or requiring it/them to take or omit any action. 

  

	4.4	The Business Assets 

  

	 	a)	Save as disclosed in Schedule 9, the SELLER or UCB SPAIN as the case may be, is the exclusive, legal and beneficial owner of the Business Assets and each has the full right,
power and authority to transfer (or to cause to be transferred) those assets to the BUYER. Neither SELLER nor UCB SPAIN has disposed of or agreed to dispose of or granted or agreed to grant any option or right of pre-emption in respect of or offered
for sale its interest in any of the Business Assets. 

  

	 	b)	The Business Assets will be transferred to BUYER free from any Encumbrance on the Closing Date. 

  

	4.5	The Fixed Assets 

  
 The Fixed Assets have in the two (2) last years been reasonably operated and maintained, except for ordinary wear and tear, in accordance with local
industry practice. There are no conditions or events, except for normal wear and tear, which would prevent the continued normal operation of the Fixed Assets or would otherwise materially adversely affect their operation or use by BUYER after the
Closing as currently used by SELLER. 
  

 17 

	4.6	Intellectual Property Rights - Trade Secrets  

  

	 	a)	All Business IP: 

  

	 	(1)	to the Best Knowledge of the SELLER are not being infringed or opposed or, in the case of Know-How, used without the authority of the SELLER, by any person or entity;

  

	 	(2)	Except as set forth hereunder is not subject to any license or authority in favor of another person. 

  

	 	(3)	comprises all the Intellectual Property which is material to the conduct of the FD Business and which is required in order to carry on the FD Business in all material respects as it
is being conducted on the Date of this Agreement. 

  

	 	b)	All of the Business IP which is registered or the subject of applications for registration (“Registered IP”) used in the FB Business is listed and briefly described
in Schedule 10 and all application or renewal fees which falling due up to the Closing Date have been paid and (i) it has not been adjudged invalid or unenforceable by any court, (ii) SELLER is not aware of any current grounds (other than
cancellation of trade marks for non-use) for which any of such registrations may be revoked and (iii) SELLER has not received notice of any (actual or potential) cancellation of trade marks for non-use, (iv) SELLER has good and marketable title to
all such Registered IP free and clear of any Encumbrance. 

  

	 	c)	There are no pending or, to the Best Knowledge of the SELLER, threatened claims or litigation by any third party in which it is alleged that the Products sold or being sold by
SELLER infringes any intellectual property of any third party. 

  

	 	d)	The licenses and agreements, brief details of which are set out in Schedule 11 (“Third Party Licenses”), are all the material licenses and agreements
relating to the use of third parties’ intellectual property by the FD Business and are in full force and effect. SELLER has provided true and complete copies of all Third Party Licenses to BUYER prior to the Date of this Agreement. SELLER is in
full compliance with the Third Party Licenses and it is not in default under the Third Party Licenses. To the Best Knowledge of SELLER, the other party to the Third Party Licenses is (i) in full compliance with the Third Party Licenses and (ii) not
in default under the Third Party Licenses. 

  

 18 

	 	e)	The Business IP is owned legally and beneficially by the SELLER free from any Encumbrance and no exclusive or sole licences have been granted to third parties in respect of such
Business IP. 

  

	 	f)	Schedule 12 sets out brief details of all material Business IP owned by the SELLER and currently used in the FD Business in respect of which a licence or right to use has
been granted in favour of third parties (other than licences on normal commercial terms of Business IP in favour of distributors, agents and suppliers for the purpose of their performance of distribution, agency and supply agreements entered into
with the SELLER’s Group) (“SELLER Third Party Granted Licenses”). SELLER has provided true and complete copies of all SELLER Third Party Granted Licenses to BUYER prior to the Date of this Agreement. SELLER is in full
compliance with the SELLER Third Party Granted Licenses and SELLER is not in default under the SELLER Third Party Granted Licenses. To the Best Knowledge of SELLER, the other party to the Third Party Granted Licenses is (i) in full compliance with
the Third Party Granted Licenses and (ii) not in default under the Third Party Granted Licenses. 

  

	 	g)	The Products sold or being sold do not infringe on any valid Intellectual Property rights of any third party. 

  

	 	h)	All actions (including payment of all fees) required to maintain any material Business IP in full force and effect has been taken. 

  

	 	i)	Schedule 13 sets forth a complete list of all unregistered trademarks, service marks, trade names and domain names used by SELLER in the conduct of the FD Business, and
SELLER has good and marketable title to all such assets free and clear of any Encumbrance. 

  

	4.7	Material contracts 

  
 (i) The Business Contracts represent all of the material contracts entered into by the SELLER or any member of the SELLER’s Group related to the
operation of the FD Business. (ii) SELLER has delivered to BUYER true and complete copies of all material Business Contracts prior to the Date of this Agreement. (iii) All Business Contracts are legally valid and binding and in full force and
effect, and there are no defaults or breaches by SELLER or counterclaims or defenses against it. (iv) SELLER has received no notice of any default, breach, counterclaim or offset by any other party to any of the Business Contracts, nor does SELLER
have any knowledge thereof. (v) All Business Contracts will continue in full force and effect on the same terms as currently exist, notwithstanding the consummation of the sale contemplated by this Agreement. (vi) SELLER 
  

 19 

 knows of no state of facts which, with or without the giving of notice or the passage of time, or both,
would give rise to any default or revocation. (vii) SELLER is neither subject to any penalty, discount or liquidated damages due to the delayed delivery of products, goods or services of the FD Business, nor has it received any notice that any of
the FD Business’s customer relations are in jeopardy because of such late deliveries or otherwise. 
  

	4.8	Payment of Taxes 

  

	 	a)	SELLER has or will have at the date of this Agreement complied in all material respects with all legal requirements relating to taxation with respect to the FD Business and the
Business Assets and has or will have paid all tax due and payable for the period prior to the Closing Date. The SELLER has filed or will have filed prior to the Closing Date all registrations, notices, reports and returns in relation to all taxes as
and when required relating to the FD Business or the Business Assets and there is no dispute or disagreement outstanding with any tax authority regarding the proper method of computing the profits of the Business (or any part of it) and as far as
SELLER is aware, there are no circumstances which make it likely such a dispute will commence. 

  

	 	b)	None of the Business Assets is liable to restraint, sale, mortgage, confiscation or forfeiture (whether by virtue of non-payment or under payment of any tax or by virtue of non
compliance with any legislation or regulation relating to any tax or otherwise howsoever). 

  

	4.9	Litigation 

  
 Save as described in Schedule_14, there are no actions, suits, proceedings or investigations pending or threatened in writing against SELLER at law
or in equity, or before any federal, state or municipal or other governmental department, commission, board, agency or instrumentality, domestic or foreign, which involves a demand for any judgment or liability and which could materially affect the
FD Business, the Business Assets or the transactions contemplated by this Agreement. SELLER is not in default with respect to any order, writ, injunction or decree of any court of federal, state, or municipal or other governmental department,
commission, board, agency or instrumentality, domestic or foreign, and that there are no such orders, decrees, injunctions or regulations issued specifically against SELLER which may materially affect the FD Business, the Business Assets or any
transactions contemplated by this Agreement. 
  

 20 

	4.10	Organization and Qualification. 

  
 SELLER and UCB SPAIN each is validly existing and in good standing under the laws of the country in which it is organized. No failure on the part of
SELLER to be qualified as a foreign corporation in any jurisdiction materially and adversely affects the FD Business or financial position or results of the operation of the properties of SELLER by reason of any disability affecting its right to own
property, collect receivables, enforce contracts or otherwise. 
  

	4.11	Compliance with Law 

  
 SELLER has complied with all applicable laws, orders and regulations of any federal, state or municipal or other governmental department, commission,
board, agency or instrumentality, domestic or foreign, having jurisdiction, including, but not limited to, laws, orders and regulations thereof relating to antitrust, or legislation pertaining to illegal bribes or kickbacks. 
  

	4.12	Operation of Business; 

  
 Since the Base Date, SELLER has conducted the FD Business only in the Ordinary Course of Business. 
  

	4.13	Warranties and Product Liabilities 

  
 SELLER has previously delivered to BUYER true, correct and complete copies of all outstanding standard product warranties and guarantees given by SELLER
with respect to the FD Business. Except as fully described in Schedule 15, there are no pending claims or actions against the SELLER for breach of warranty or based upon product liability (whether based on tort or contract principles) and, to
the Best Knowledge of SELLER, no such claims or actions are threatened. Except as disclosed in Schedule 9 or 15, there are no defects in craftsmanship, and to the Best Knowledge of SELLER there are no design or engineering defects with respect to
any product now or previously sold or manufactured by SELLER in the FD Business which may constitute the basis for any such claim against SELLER or BUYER. 
  

	4.14	Contingent and Undisclosed Liabilities 

  
 SELLER has no debts, obligations or liabilities, fixed or contingent, of any nature whatsoever, relating to the FD Business or the Business Assets not
disclosed in writing to BUYER and SELLER knows of no basis for any assertion of any material claim against the SELLER or BUYER for any liability relating to the FD Business or Business Assets. 
  

 21 

	4.15	Events Subsequent to Base Date 

  
 Except as disclosed in Schedule 9, SELLER has not, since the Base Date: 
  

	 	a)	Incurred any obligation or liability (absolute, contingent, accrued or otherwise) or guaranteed or become a surety of any debt, except in connection with the performance of
this Agreement or in the Ordinary Course of Business; 

  

	 	b)	Discharged or satisfied any lien or encumbrance, pertaining to the Business Assets or the FD Business, or paid or satisfied any obligation or liability (absolute, contingent,
accrued or otherwise) other than (i) liabilities shown on SELLER’s accounting records on the Base Date or (ii) liabilities incurred since the Base Date in the Ordinary Course of Business; 

  

	 	c)	Mortgaged, pledged or subjected to any lien, charge, security interest or other encumbrance any of the Business Assets; 

  

	 	d)	Sold or transferred any of the Business Assets, or cancelled any debts or claims or waived any rights, except in the Ordinary Course of Business; 

  

	 	e)	Entered into any contract for the sale of the FD Business or the Business Assets, or any part thereof, whether by merger, consolidation, exchange of capital stock or
otherwise (other than negotiations with respect to this Agreement or other than pursuant to Article 9.7.e); 

  

	 	f)	Changed or modified the accounting methods or practices relating to the FD Business; or 

  

	 	g)	Purchased or made a commitment for the purchase of capital assets for use or employment in the FD Business except in the Ordinary Course of Business.

  

	4.16	Customer Relations 

  
 SELLER knows of no state of facts, nor have any communications been made to it, which would indicate that (i) the current and sole customer of SELLER, or
(ii) any current supplier of SELLER (if such supplier could not be replaced by SELLER at comparable cost), will terminate its business relations with SELLER. 
  

 22 

	4.17	Brokerage 

  
 SELLER has made no commitment for a brokerage fee in connection with the transactions contemplated by this Agreement. 
  

	4.18	Books and Records 

  
 The books and records of SELLER relating to the FD Business are true, complete, and correct in all material respects and fully and fairly reflect all of
the transaction entered into by or on behalf of SELLER to which it is a party or by which it is affected. 
  

	4.19	Binding Effect 

  
 The Agreement and all related documents have been duly executed, made and delivered by SELLER, and constitute legal, valid and binding obligation of
SELLER, enforceable against it in accordance with their respective terms, subject to the laws of general application affecting creditors’ rights. 
  

	4.20	Employee Matters 

  
 SELLER warrants and represents that BUYER shall have no liability for payment of any amount related to any employee matters related to the FD Business
including but not limited to wages, fringe benefits, retirement or pension schemes, employee benefit plans, severance pay and any other amount payable to employees attributable to any time period either before or after the Closing Date
(collectively, “Employee Costs”). SELLER shall pay when due all Employee Costs. 
  

	4.21	Real Estate and Environmental Matters 

  
 SELLER warrants and represents that BUYER shall have no liability for any real estate and environmental matters associated with the real estate owned by
SELLER with respect to any of these matters whether they arose either before or after the Closing Date, which cost SELLER shall pay when due. 
  

	4.22	Insurance 

  
 SELLER warrants that the FD Business has been in the past and continue to be properly insured until the Closing Date, at which date all insurance coverage
related to the Business Assets will be terminated. 
  

 23 

	4.23	Permits and Licenses 

  
 Attached Schedule 16 is a complete and accurate list of all licenses, permits, authorizations and approvals required by any Governmental Entities
(collectively, “Licenses”) as are necessary to own, lease or operate the FD Business. All of the Licenses are valid and in full force and in effect. SELLER is in full compliance with all obligations under all Licenses, and no event
has occurred that allows, or after notice or lapse of time would allow, revocation or termination of any Licenses. The term “Governmental Entities” shall mean any federal, regional, state, local, foreign or supranational court,
commission, governmental body, regulatory agency, authority or tribunal. 
  

	4.24	Representations and Warranties True and Correct 

  
 The representations and warranties contained herein, and all statements or information disclosed by any of the Schedules, do not include any untrue
statement of material fact nor omit to state a material fact required to be stated herein or therein necessary in order to make the statements herein or therein, in light of the circumstances under which they are made, not misleading. 
  

	4.25	Limitation of Representations and Warranties set out in Article 4 

  
 No financial warranty or representation is given in respect of any budget, projection or forecast for the FD Business relating to 2005 or beyond.

  

	4.26	No Update of Schedules. 

  
 SELLER represents and warrants that, except for Schedule 20 (Audited Accounts), it will not change the Schedules attached to this Agreement between the
Date of the Agreement and the Closing Date. 
  
 ARTICLE 5.
REPRESENTATIONS AND WARRANTIES OF THE BUYER 
  
 BUYER makes the
following representations and warranties and no other whatsoever, whether express or implied, solely for the benefit of SELLER in connection with the sale and purchase of the FD Business, as of the Date of the Agreement and as at Closing Date save
as stipulated otherwise: 
  

	5.1	Authority of the BUYER 

  

	 	a)	BUYER has the right, power and authority to enter into the Agreement and the Transaction Documents and to consummate or to cause to be consummated the transactions contemplated
therein; all corporate approvals required to be taken by or on the part of the BUYER have been, or will be taken prior to the Closing Date. This Agreement constitutes, and the Ancillary Agreements when executed, will constitute legal valid, binding
and enforceable obligations of the BUYER. 

  

 24 

	 	b)	No consent, approval, authorisation, permit or order of any nature whatsoever from any person including, without limitation, any lender or Federal, European, national or other
domestic or regulatory body is required for the BUYER for the transactions contemplated by the Transaction Documents and the operation of the FD Business immediately following Closing. 

  

	5.2	Organization, Authority and Qualification of the BUYER 

  
 The BUYER is a US Corporation validly existing and in good standing under the laws of Michigan (USA). 
  

	5.3	No Conflict 

  
 The entry into and performance by the BUYER of, and the transactions contemplated by, the Transaction Documents do not and will not conflict with:

  

	 	(i)	any law or regulation applicable to it; 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any agreement or instrument binding upon it or any of its assets. 

  

	5.4	Binding Effect 

  
 The Agreement and all related documents have been duly executed, made and delivered by BUYER, and constitute legal, valid and binding obligation of BUYER,
enforceable against it in accordance with their respective terms, subject to the laws of general application affecting creditors’ rights. 
  

	5.5	Lack of Knowledge of Breaches 

  
 To the Best Knowledge of BUYER, it represents to SELLER that at the Date of this Agreement BUYER is not aware of any fact, event or matter which
constitutes a material breach of any representation or warranty of the SELLER. 
  

	5.6	Reliance 

  
 BUYER represents that it has not entered into this Agreement in reliance upon any representation or warranty other than those contained in the Transaction
Documents. 
  

 25 

	5.7	Partial Limitation on BUYER’s Claims. 

  
 BUYER agrees not to bring any claim against SELLER based on a representation or warranty of SELLER made in Article 4 to the extent that the matters giving
rise to such claim was fairly disclosed in the Schedules, the Transaction Documents or the Data Room Materials; provided however, this provision shall not in any event apply to any claim brought by BUYER against SELLER based on any information that
is learned by BUYER after the Date of this Agreement. 
  

	5.8	Representations True and Correct 

  
 The representations and warranties contained herein do not include any untrue statement or material fact nor omit to state a material fact required to be
stated herein necessary in order to make the statements herein, in light of the circumstances under which they are made, not misleading. 
  
 ARTICLE 6 CONDITIONS TO CLOSE 
  

	6.1	Conditions of BUYER’s Obligation To Close 

  
 The obligations of BUYER pursuant to this Agreement are subject to the following conditions having been met, or waived in writing by BUYER, at or prior to
the Closing Date: 
  

	 	a)	No Business Material Adverse Change. No Business Material Adverse Change shall have occurred. 

  

	6.2	Conditions to SELLER’S Obligation to Close 

  
 The obligations of SELLER pursuant to this Agreement are subject to the following conditions having been met, or waived in writing by SELLER, at or prior
to the Closing Date: 
  

	 	a)	Payment of Purchase Price. BUYER shall have delivered to SELLER the Cash Purchase Price as provided in Article 2.7. 

  
 ARTICLE 7 INDEMNIFICATION 
  
  

	7.1	Survival 

  
 Subject to the limitations set forth below and other provisions of this Agreement, BUYER and SELLER agree that all representations, warranties and
covenants of SELLER and BUYER (“Representations”) shall survive the execution and delivery of this Agreement, the Closing Date and any investigation or audit made by BUYER. The Representations given in Article 4.1, 4.3.a, 4.4, 4.6,
4.8, 4.13, 4.17, 4.19, 4.20, 4.21, 4.24 (to the extent it relates to one of the preceding 
  

 26 

 enumerated Articles), 5.1, 5.3, 5.4 and 5.8 (to the extent it relates to one of the preceding enumerated
sections in Article 5) shall continue until the applicable statute of limitations expires, the representation given in Article 4.7, 4.9, 4.11 and 4.14 shall expire upon the fifth anniversary of the Closing Date, and all others shall expire upon the
third anniversary of the Closing Date. 
  

	7.2	Indemnification by the SELLER 

  

	 	a)	Subject to the limitations set forth in Section 7.4, SELLER and UCB SPAIN, jointly and severally, agree to indemnify and hold BUYER harmless from and against any and all Damages (as
defined in Section 7.6 incurred by BUYER or which BUYER may sustain at any time arising out of: 

  

	 	(1)	The breach of any of the Representations made by SELLER in or pursuant to this Agreement (in each case without giving effect to any materiality qualification);

  

	 	(2)	Any failure by SELLER to perform any obligation or comply with any covenant or agreement of SELLER specified in this Agreement or in any other document executed at Closing;

  

	 	(3)	Any claim (including, without limitation, claims alleging death or injury to persons or damage to property), whether based in tort, contract or otherwise resulting from or caused by
any (i) Products sold, or service provided, by SELLER prior to the Closing Date; and (ii) Products made by SELLER and sold to BUYER or BUYER’s customers after the Closing Date; 

  

	 	(4)	Any debt, obligation or liability, fixed or contingent, of any nature whatsoever before the Closing Date, including but not limited to all Employee Costs, real estate and
environmental liabilities of any nature, other than Business Liabilities; 

  

	 	b)	SELLER specifically acknowledges and agrees that BUYER may proceed against SELLER or UCB SPAIN under Section 7.2 without contemporaneously, or at any time, proceeding against the
other. Each of SELLER and UCB SPAIN agrees that it shall not have any claim or right of indemnification or contribution or any other right of recourse against the other with respect to Damages and it waives and releases any and all such claims and
right, until all indemnity obligations of SELLER and UCB SPAIN in favor of BUYER have expired. 

  

 27 

	7.3	Indemnification by the BUYER 

  
 BUYER agrees to indemnify SELLER and hold it harmless from and against, and agrees to promptly defend SELLER from, and reimburse SELLER for, all Damages
which following the Closing Date SELLER may suffer or incur, or become subject to, as a result of or in connection with: 
  

	 	i)	any breach or inaccuracy of any of the representations and warranties made by the BUYER in this Agreement; 

  

	 	ii)	the operation and ownership of the FB Business and/or the Business Assets after the Closing Date (excluding any claims with respect to Products made by SELLER prior or after the
Closing); 

  

	 	iii)	any indemnification obligations of BUYER as set out in this Agreement; 

  

	 	iv)	payment recovered by the BUYER or any Affiliate from any third party with respect thereto. 

  

	7.4	Indemnity Limitations 

  

	 	a)	SELLER shall not be liable to the BUYER for any Damages with respect to the matters contained in Article 7.2, unless (i) Damages for each incident is USD5,000 or more; (ii) the sum
of all incidents with Damages of USD5,000 or more exceeds an aggregate amount equal to One Hundred Thousand Dollars (USD100,000) (“Deductible”), in which case SELLER shall be liable only for any such Damages in excess of the
Deductible, up to an aggregate amount of Damages with respect to all such matters for which SELLER shall be liable equal either (I) the Purchase Price for claims related to (A) title defects to the Business Assets; or (B) infringement of any third
party’s intellectual property by the manufacture, sale or use of the Products in any location other than the United States or (II) fifty percent (50%) of the Purchase Price in all other cases. 

  

	7.5	Indemnification Procedures 

  

	 	a)	If either party claims indemnifications pursuant to Article 7.2 or 7.3 (“Claiming Party”), it shall give the other party (“Indemnifying Party”)
notice of any matter giving rise or likely to give rise to a right of indemnification under this Agreement within thirty (30) days after the Claiming Party becomes aware of such matter; provided, however, that any delay in giving such notice will
not result in the 

  

 28 

 waiver or reduction of any the Claiming Party’s rights except to the extent the rights of the
Indemnifying Party are materially prejudiced by such failure or delay, and provided that such claim notice must in any event be given within the relevant time period set forth in Article 7.1. 
  

	 	b)	Such notice shall state the facts upon which such claim is based, the estimated amount of the Damages, if known, and shall state the method of computation thereof (which estimate
and method of computation shall not be conclusive of the final amount of such claim, but should be as accurate as possible), and a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or arises.

  

	 	c)	The obligations and liabilities arising under this Article 7 with respect to Damages arising from claims of any third Party which are subject to the indemnification provided for in
this Agreement (“Third Party Claims”) shall be contingent upon the following additional terms and conditions: 

  

	 	(1)	If the Claiming Party receives notice of any Third Party Claim, the Claiming Party shall give the Indemnifying Party notice of such Third Party Claim within thirty (30) days of
receipt by the Claiming Party of such notice; however, in case of summary proceedings the Claiming Party shall give the Indemnifying Party notice in due time (depending on the nature of the proceedings) in order to allow the Indemnifying Party to
control the proceedings. Notwithstanding the above, any delay in giving a claim notice will not result in the waiver by the Claiming Party of any of its rights except to the extent the rights of the Indemnifying Party are materially prejudiced by
such failure or delay. 

  

	 	(2)	The Indemnifying Party shall be entitled to assume and control the defence of such Third Party Claim at its expense and through counsel of its choice if it gives notice of its
intention to do so to the Claiming Party within forty-five (45) days of the receipt of such notice from the Claiming Party, except in case of summary proceedings where the Indemnifying Party shall give notice within two Business Days.

  

	 	(3)	If the Indemnifying Party exercises the right to undertake any such defence against such Third Party Claim as provided above, the Claiming Party shall cooperate with the
Indemnifying Party in such defence (including the assertion 

  

 29 

 of defence and/or rights against third parties available to the Claiming Party) and make available to
the Indemnifying Party, at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and information in the Claiming Party’s possession or under the Claiming Party’s control relating thereto as is reasonably
required by the Indemnifying Party. 
  

	 	(4)	Similarly, in the event the Claiming Party is conducting the defence against such Third Party Claim, the Indemnifying Party shall cooperate with the Claiming Party in such defence
(including the assertion of defence and/or rights against third parties available to the Indemnifying Party) and make available to the Claiming Party all such witnesses, records, materials and information in the Indemnifying Party’s possession
or under the Indemnifying Party’s control relating thereto as is reasonably required by the Claiming Party. 

  

	 	(5)	No settlement of any Third Party Claim shall be made unless as part of that settlement all claims are released against the Claiming Party and the settlement in no way affects the FD
Business after the Closing Date. 

  

	7.6	Damages 

  
 Subject to the limitations contained in Article 7.4, the Claiming Party shall be entitled to recover the full amount of any liabilities, losses, debts,
obligations, monetary damages, fines, fees, penalties, deficiencies, expenses (including amounts paid in settlement, interest obligations, court costs, the reasonable costs of investigators, the reasonable fees and expenses of attorneys,
accountants, financial advisors or other experts, and other reasonable expenses of litigation or administrative proceedings) incurred due to the matter for which indemnification is sought, but any recovery shall be net of any economic benefit to
which the Claiming Party is entitled due to such liabilities, expenses, costs or loss, including, without limitation, (i) any tax refund, reduction or benefit, (ii) any insurance proceeds to which the Indemnified Party is entitled and (iii) any
warranty reimbursements (collectively, “Damages”); provided, Damages shall not include indirect or consequential damage such as loss of reputation or loss of revenue or profit. 
  

 30 

 ARTICLE 8. PRE-CLOSING AND CLOSING COVENANTS 
  

	8.1	Pre-closing 

  
 The SELLER shall (and shall procure UCB SPAIN for the purposes of the FD Business) during the period from the date of this Agreement to Closing (unless
the BUYER otherwise agrees such agreement deemed to have been given if there is a failure of BUYER to respond within five (5) Business Days) carry on the FD Business as a going concern in the Ordinary Course of Business. SELLER shall notify BUYER
within five (5) Business Days upon SELLER having the knowledge of the occurrence of any material adverse condition or fact or event which makes it reasonably unlikely that SELLER shall be able to complete the Transition Inventory within the
Production Period. 
  

	8.2	Closing 

  

	 	a)	Subject to the provisions herein contained, closing shall take place at the offices of BUYER in Lansing, Michigan, at the earlier of (i) completion of the Transition Inventory
pursuant to Article 3 or notified by SELLER or (ii) at any time before, at BUYER’s sole discretion, but in any event not before November 1, 2005 unless mutually agreed upon, notified to SELLER with at least ten (10) Business Days prior notice.
In both cases, the closing date shall be fixed at the last Business Day of the month of the notification of either party. The date and event of closing are respectively referred to in the Agreement as the “Closing Date” and
“Closing”. The Parties shall use their best efforts to complete the transaction on the Closing Date from their respective offices so that there is no need for the Parties to be present physically in the same location on the Closing
Date. 

  

	 	b)	Upon Closing Date each and every of the following shall occur (and for the avoidance of doubt neither Party shall be obliged to acquire or dispose of any part of the FD Business
unless all such actions occur on the Closing Date or any mutually agreed postponement thereof): 

  

	 	(1)	BUYER shall pay the Purchase Price as set out in Article 2.6 a hereinabove; 

  

	 	(2)	Subject to Article 8.2.c, title to the Business Assets shall be conveyed to the BUYER in form reasonably satisfactory to it; provided SELLER shall continue to use the Fixed Assets
for the production of the Transition Inventory and in so doing shall use reasonable efforts to maintain all Business Assets in its possession safe and free from damage; 

  

	 	(3)	SELLER, and, as the case may be, UCB SPAIN, and BUYER shall execute the Ancillary Agreements; and 

  

	 	(4)	Risk of loss related to the Business Assets shall pass to BUYER on the Closing Date. 

  

 31 

	 	c)	Prior to Closing, parties shall discuss in good faith whether or not to transfer any of the Business Contracts. 

  
 ARTICLE 9. POST-CLOSING COVENANTS 
  

	9.1	Business Contracts 

  

	 	a)	Subject to any required consent of the respective co-contractors being obtained prior to the Closing Date, BUYER undertakes that as from the Closing Date it will perform or cause to
be performed the outstanding obligations and liabilities created by or arising under the Business Contracts from the Closing Date and shall, subject to what is provided in Article 9.1.c have full benefit thereof for performance after the Closing
Date and SELLER shall have the full benefit of any payments for performance of such agreements in respect of periods prior to the Closing Date. 

  

	 	b.)	Each party shall forward forthwith any moneys received from customers or third parties due to the other further to the previous paragraph. 

  

	 	c)	If the relevant third party consent to the assignment of one or more Business Contracts is not obtained, the BUYER shall as from Closing (if such performance is permissible under
the relevant contract) as the SELLER’s subcontractor or agent perform on behalf of the SELLER (but at the BUYER’s expense) all the obligations of the SELLER arising after Closing under such contract and shall indemnify the SELLER in
accordance with Article 9.1.d; provided SELLER shall immediately deliver to BUYER all money and other benefits received from these Contracts. 

  

	 	d)	The BUYER shall indemnify the SELLER against all amounts incurred by the SELLER as a result of any neglect, default or omission on the part of the BUYER in performing or any
non-compliance with any such obligation of the SELLER which falls to be performed after Closing as referred to in Article 9.1.c. 

  

	 	e)	If in the circumstances described in Article 9.1.c any Business Contract does not permit subcontracting or agency arrangements, the Parties will make such other arrangements between
themselves as may be permissible to implement as far as possible the effective transfer of the benefit and burden of such Business Contract to the BUYER. 

  

 32 

	9.2	Non Competition Covenant; Confidentiality 

  

	 	a)	For a period of five years from the Closing, SELLER, UCB SPAIN and all Affiliates of the SELLER’s Group will not, directly or indirectly, either alone or in conjunction with or
on behalf of any other person or entity, own, manage, operate, or control in the ownership, management, operation, or control of or work for, or permit the use of their names by, or be connected in any manner with any business or activity in the
world which is competitive with any Products of the FD Business as carried on at the Closing Date. While the restrictions set forth above are considered by the parties to be reasonable in all circumstances, it is recognized that restrictions of the
nature in question may fail for technical reasons unforeseen and accordingly it is agreed and declared that if any of such restrictions shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of
the interests of the BUYER but would be valid if part of the wording were deleted or the periods reduced or the range of activities or area dealt with reduced in scope, these restrictions shall be applied with such modifications as may be necessary
to make them valid and effective. 

  

	 	b)	For a period of five years from the Closing, if SELLER, UCB SPAIN or an Affiliate acquires or is acquired by a company that embody a business which is competitive with the FD
Business as carried on at the Closing Date, SELLER, or its acquirer, shall divest such competitive business within eighteen (18) months after the acquisition. 

  

	 	c)	Without limitation to the provisions of this Article 9.2, use any trade or business name or distinctive mark, style or logo used by or in the FD Business (other than the name UCB or
UCB Bioproducts) at any time during the five (5) years before Closing or anything intended or likely to be confused with it; 

  

	 	d)	Each undertaking contained in this Article 9.2 shall be construed as a separate undertaking and if one or more of the undertakings is held to be against the public interest or
unlawful or in any way an unreasonable restraint of trade, the remaining undertakings shall continue to bind the SELLER. 

  

	9.3	Confidential Information 

  
 Each party shall treat as confidential all information obtained as a result of entering into or performing this Agreement which relates to: 
  

	 	(i)	the provisions of this Agreement; 

  

	 	(ii)	the negotiations relating to this Agreement; or 

  

 33 

	 	(iii)	the other party. 

  

	9.4	Permissive Disclosure 

  
  
 Notwithstanding Article 9.3, either party may disclose the confidential
information referred to in that Article: 
  

	 	(i)	if and to the extent required by law or for the purpose of any judicial proceedings; 

  

	 	(ii)	if and to the extent required by any securities exchange or regulatory or governmental body to which that party is subject wherever situated; 

  

	 	(iii)	if and to the extent required to vest the full benefit of this Agreement in that party; 

  

	 	(iv)	to its professional advisers, auditors and bankers; 

	 	

	 	(v)	if and to the extent the information has come into the public domain through no fault of that party or its Affiliate; 

  

	 	(vi)	if and to the extent the other party has given prior written consent to the disclosure; or 

  

	 	(vii)	to the extent necessary to enforce the Agreement. 

  

	9.5	IP Assignments 

  
 It shall be the BUYER’s responsibility to take care, at its own expense, of all formalities relating to the transfer of the Business IP, including
the preparation and recording of assignments and BUYER will designate firms of patent and trademark assignments for this purpose. SELLER shall provide at its own expense all reasonable assistance for this purpose, including executing documents
necessary for such transfer and assignment. 
  

	9.6	Determination of Final Closing Accounts Receivables and Inventory Value 

  

	 	a)	As soon as practicable but in no event later than thirty (30) days following the Closing, SELLER shall prepare, or cause to be prepared, and deliver to BUYER the Accounts
Receivables value as of the Closing Date determined in accordance with IAS consistently applied (“Closing Accounts Receivables and Inventory Value Statement”). For this purpose, SELLER shall exclude (i) any Accounts Receivable on
the Closing Date (A) that were outstanding for more than thirty (30) days beyond the end of SELLER’s normal payment terms or (B) for which there existed on 

  

 34 

 the Closing Date any payment dispute (but only to the extent of the disputed amount) and (ii) any
Inventory, other than Transition Inventory, on the Closing Date that (A) had an expiration date less than six (6) months from the Closing Date (B) was not saleable in the Ordinary Course of Business within ninety (90) days or (C) was obsolete.

  

	 	b)	BUYER shall have thirty (30) days following the receipt of complete and accurate data to review the Closing Date Accounts Receivables and Inventory Value Statement after delivery
thereof by SELLER. In the event that BUYER determines that the Closing Date Accounts Receivables and Inventory Value Statement has not been prepared in accordance with the Agreement, BUYER shall, on or before the last day of such thirty (30) day
period, send its objections to SELLER in writing (“BUYER’s Objection”), setting forth a specific description of the basis of BUYER’s determination and the adjustments to the Closing Date Accounts Receivables and Inventory
Value Statement. If no BUYER’s Objection is sent to SELLER within such thirty (30) day period, then the Closing Date Accounts Receivables and Inventory Value Statement shall become the final Closing Accounts Receivables and Inventory value.

  

	 	c)	SELLER shall have thirty (30) days from its receipt of BUYER’s Objection to review and respond to BUYER’s Objection (“SELLER’s Review Period”).

  

	 	d)	BUYER and SELLER shall use their reasonable best efforts to resolve any disagreements with respect to the proposed adjustments set forth in BUYER’s Objection. If BUYER and
SELLER are unable to resolve such disagreements within SELLER’s Review Period, they shall refer any remaining disagreements (the “Unresolved Items”) to the CPA Firm which, acting as experts and not as arbitrators, shall
determine, on the basis set forth in and in accordance with the Agreement, and only with respect to the Unresolved Items, whether and to what extent, if any, the Closing Date Accounts Receivables and Inventory Value Statement requires adjustment.
SELLER and BUYER shall instruct the CPA Firm to deliver its written determination to SELLER and BUYER no later than thirty (30) days after such disagreements are referred to the CPA Firm. The CPA Firm’s determination shall be conclusive and
binding upon SELLER and BUYER and their respective Affiliates and for all purposes under this Agreement and shall become the final Closing Accounts Receivables and Inventory value. The final Closing Accounts Receivables and Inventory value
determined pursuant to Article 9.6.b or d, as applicable, shall be 

  

 35 

 the “Final Closing Accounts Receivables and Inventory Value”. The fees and disbursements
of the CPA Firm shall be borne by SELLER and BUYER based on the following formula: (i) SELLER shall pay that portion of such fees and expenses equal to the total of such fees and expenses multiplied by a fraction, the numerator of which is the Euro
amount of the Unresolved Items resolved in favor of BUYER and the denominator of which is the total Euro amount of Unresolved Items; and (ii) BUYER shall pay that portion of such fees and expenses equal to the total of such fees and expenses
multiplied by a fraction, the numerator of which is the Euro amount of Unresolved Items resolved in favor of SELLER and the denominator of which is the total Euro amount of Unresolved Items. BUYER and SELLER shall make readily available to the CPA
Firm all relevant books and records and any work papers (including those of the parties’ respective accountants, to the extent permitted by such accountants) relating to the Closing Accounts Receivables and Inventory Value Statement and to
BUYER’s Objection and all other items reasonably requested by the CPA Firm in connection with its review. BUYER and its accountants shall have reasonable access to all information used by SELLER in preparing, and employees of SELLER and its
Affiliates involved in the preparation of, the Closing Accounts Receivables and Inventory Value, including, in each case, the work papers of SELLER’s accountants, in each case during regular business hours and upon reasonable advance notice.
Each party shall have reasonable access to all information used by the CPA Firm in reaching its determination hereunder. 
  

	9.7	Miscellaneous 

  

	 	a)	The BUYER undertakes to remove all representations of the UCB logo and name from the Business Assets used in the FD Business within three months following the Closing (provided this
period shall be extended as necessary so that BUYER need not repack any Inventory). 

  

	 	b)	All agreements within SELLER’s Group, including those listed in Schedule 17, shall automatically be terminated without any costs, breakage costs or termination fee.

  

	 	c)	Upon reasonable request, each party shall take all appropriate action, do or cause to be done all things necessary or proper, and execute and deliver such documents and other
papers, as may be reasonably required to carry out the provisions of this Agreement, and the Ancillary Agreements and consummate and make effective the transactions contemplated by this Agreement, and the Ancillary Agreements.

  

 36 

 SELLER agrees to provide, on a timely basis, BUYER with VAT or similar tax related documentation
reasonably requested by BUYER and to use reasonable efforts to facilitate BUYER reporting the transaction. 
  

	 	d)	SELLER has appointed, at its sole cost and expense, Mazard to prepare the Audited Accounts as of the Base Date in accordance with IAS rules consistently applied. SELLER agrees to
fully cooperate with BUYER to obtain the audit so that it is completed as soon as reasonably possible after the Date of this Agreement. 

  

	 	e)	BUYER acknowledges that SELLER may propose alternative solution in terms of transfer of title of any of the Fixed Assets. In that case, BUYER shall pay to SELLER all savings on
dismantling, removal and transportation of such Fixed Assets from the Barcelona Plant to BUYER’s facility. In such event, both Parties agree to collaborate in good faith in order to calculate such savings. 

  
 ARTICLE 10. GENERAL PROVISIONS 
  

	 	a)	Expenses 

  
 Except as otherwise specified in this Agreement, all costs and expenses, including, without limitation, fees and disbursements of counsel, brokers,
finders or investment bankers, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses. 
  

	 	b)	Notices 

  
 All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be give or made (and shall be deemed to have been
duly given or made upon receipt) by delivery in person, by internationally recognized courier service, by telecopy or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the addresses set out in
the first page of this Agreement and hereafter (or at such other address for a Party as shall be specified in a notice given in accordance with this Article: 
  

			
	 (1)
	  	if to the BUYER:
	 	  	Attention: President
	 	  	620 Lesher Place, Lansing, MI 48912, USA
	 	  	Fax: 517-372-0108

  

 37 

			
	 (2)
	  	if to the SELLER:
	 	  	Allée de la Recherche 60, 1070 Brussels, Belgium
	 	  	Attention: Corporate General Counsel
	 	  	Fax: + 32 (0)2-559-9491

  

	 	c)	Public Announcements 

  
 BUYER and SELLER shall work together in good faith to attempt to agree on the content and the timing of any press release or public announcement in
respect of this Agreement, except as required by law or by competent regulatory authorities (including stock exchange authorities) or as permitted by this Agreement. Except as otherwise permitted by this Agreement, BUYER acknowledges that SELLER
must consult with the European and local Work Councils in accordance with applicable Spanish labour law before any other release or public announcement is made and therefore any breach of this provision may irreparably harm UCB’s interests in
the Barcelona plant as well as affect the proper performance of SELLER’s obligations under the Transaction Documents. 
  

	 	d)	Headings 

  
 The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement or any clause thereof. 
  

	 	e)	Severability 

  
 If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
  

 38 

	 	f)	Entire Agreement 

  

	 	(1)	This Agreement, together with the Ancillary Agreements, constitutes the entire agreement of the Parties hereto with respect to the subject matter hereof and thereof and supersedes
all prior agreements and undertakings, both written and oral, between the SELLER and the BUYER with respect to the subject matter hereof and thereof, including the Secrecy Agreement dated January 26, 2004. 

  

	 	(2)	All Schedules provided for herein and the documents and instruments delivered hereunder are expressly made a part hereof as though fully set forth herein, and all references to this
Agreement shall be deemed to refer to and include all such Schedules and instruments. Any breach or a default under any provision of any such document or instrument shall for all purposes constitute a breach of or a default under this Agreement.

  

	 	g)	Assignment 

  
 Neither the BUYER nor the SELLER may, save as set out below, without the prior written consent of the SELLER (in the case of assignment by the BUYER) or
the BUYER (in the case of assignment by the SELLER), assign the benefit of all or any of the obligations of any other party under this Agreement. 
  
 Except as otherwise expressly provided in this Agreement, the Agreement and the Ancillary Agreements or the agreements to be entered into pursuant to this
Agreement (collectively, “Transaction Documents”), either the BUYER or the SELLER may, without the consent of any other party, assign to an Affiliate the benefit of all or any of the other parties’ obligations under the
Transaction Documents and on any such assignment, each of the parties undertakes that it will perform its obligations under the Transaction Documents in favour of such assignee and such assignee shall be entitled to claim under the relevant
Transaction Documents in respect of the assigned rights, provided that if the assignee ceases to be an Affiliate of the BUYER, the assignee shall reverse such assignment to the relevant assignor; and provided further the assignor shall at all times
remain liable for performance of all obligations under this Agreement. 
  

 39 

	 	h)	Amendment; Waiver 

  
 This Agreement may not be amended or modified except by an instrument in writing signed by, or on behalf of, the SELLER and the BUYER. Waiver of any term
or condition of this Agreement shall only be effective if in writing and shall not be construed as a waiver of any subsequent breach or waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. 

 

	 	i)	Governing law; Jurisdiction & Venue 

  
 The validity, interpretation and performance of the Agreement shall be governed by, and construed in accordance with the laws of the State of New York.
All disputes arising out of or in connection with this Agreement, if not amicably settled, shall be submitted to arbitration in accordance with the arbitration rules contained in attached Schedule 18. The Parties agree that any action shall
be brought in the U.S. District Court for the Southern District located in New York City, New York. The Parties consent to jurisdiction and waive all claims of improper venue and forum non-conviens. 
  

	 	j)	The Parties agree that this Agreement has been jointly drafted and that neither party may assert an ambiguity in the construction of this Agreement against another party because the
other party allegedly drafted the allegedly ambiguous provision. 

  

	 	k)	This Agreement shall be binding upon and inure to the benefit of BUYER and SELLER and their respective successors and permitted assigns. 

  

	 	l)	This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts
have been signed by each of the Parties and delivered to the other Parties containing either an original signature or a copy sent by facsimile. The Parties agree that signatures on this Agreement, as well as any other documents to be executed
pursuant to this Agreement, may be delivered by facsimile in lieu of an original signature, and the Parties agree to treat facsimile signatures as original signatures. 

  

	 	m)	SELLER agrees that the FD Business is unique and not available on the open market and SELLER’s default or failure to perform any of the terms of this Agreement will cause
irreparable harm to BUYER for which money damages would not be an adequate remedy. For those reasons, SELLER agrees that, in addition to any other remedy available to it, BUYER shall be entitled to a decree of specific performance without the
necessity of proving the inadequacy as a remedy of money damages. 

  

 40 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorised
representatives. 
  
 Done in two copies, each party having received its copy.

  

							
	NEOGEN CORPORATION	 	UCB S.A.
		
	 /s/    James L. Herbert

	 	 /s/    Roch Doliveux

	 Name:
	 	James L. Herbert	 	Name:	 	Roch Doliveux
	 Title:
	 	President	 	Title:	 	CEO
	 Date:
	 	July 1st 2005	 	Date:	 	July1st, 2005
			
	 	 	 	 	UCB PHARMA S.A.
			
	 	 	 	 	 /s/    Luc Missorten

	 	 	 	 	Name:	 	Luc Missorten
	 	 	 	 	Title:	 	_CFO
	 	 	 	 	Date:	 	July 1st, 2005

  
  

 41

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