Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 AMENDMENT NO. 5 TO CREDIT
AGREEMENT 
 dated as of February 28, 2013 
 among 
 CATALENT PHARMA SOLUTIONS, INC., 

PTS INTERMEDIATE HOLDINGS LLC, 
 and 
 the several Loan Parties, Lenders and Agents party hereto,

  
  

MORGAN STANLEY SENIOR FUNDING, INC., 
 DEUTSCHE BANK SECURITIES INC., 
 GE CAPITAL MARKETS, INC., 

GOLDMAN SACHS BANK USA, 
 and 
 J.P. MORGAN SECURITIES LLC, 

as Joint Lead Arrangers and Joint Bookrunners, 
  

 
  

 AMENDMENT NO. 5 TO THE CREDIT AGREEMENT 

AMENDMENT NO. 5 TO THE CREDIT AGREEMENT (this “Amendment”), dated as of February 28, 2013 among CATALENT
PHARMA SOLUTIONS, INC., a Delaware corporation (the “Borrower”), PTS INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company (“Holdings”), MORGAN STANLEY SENIOR FUNDING, INC., as Administrative Agent (in
such capacity, the “Administrative Agent”), Collateral Agent and Swing Line Lender and each lender party hereto. 
 PRELIMINARY STATEMENTS: 
 (1) The Borrower, Holdings, Morgan Stanley Senior
Funding, Inc., as Administrative Agent, Collateral Agent and Swing Line Lender, Bank of America, N.A., as L/C Issuer, the other lenders party thereto and the other agents party thereto have entered into a Credit Agreement dated as of April 10,
2007 (as the same may have been amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the
Credit Agreement, as amended by this Amendment. 
 (2) Section 2.19 of the Credit Agreement provides that Refinancing Term
Loans may be provided with the consent of only the Lenders agreeing to make such Refinancing Term Loans. 
 (3) The Borrower has
requested that the Refinancing Dollar Term-2 (2017) Lenders (as defined in Exhibit A) provide to the Borrower the Refinancing Dollar Term-2 (2017) Loans (as defined in Exhibit A) pursuant to Section 2.19 of the Credit Agreement on the
Amendment No. 5 Effective Date (as defined below), in an aggregate principal amount of up to $659,470,000 of the Refinancing Dollar Term-2 (2017) Loans having identical terms (except as otherwise set forth herein) with, and having the same
rights and obligations under the Credit Agreement as, the outstanding Dollar Term-2 Loans existing immediately prior to the effectiveness of this Amendment. 
 (4) The proceeds of the Refinancing Dollar Term-2 (2017) Loans will be used to refinance in full the Non-Extended Euro Term Loans and the Dollar Term-2 Loans and to pay fees, costs and expenses
incurred in connection with such refinancing and this Amendment. 
 (5) The Borrower has requested that the Refinancing Dollar
Term-1 (2016) Lenders (as defined in Exhibit A) provide to the Borrower the Refinancing Dollar Term-1 (2016) Loans (as defined in Exhibit A) pursuant to Section 2.19 of the Credit Agreement on the Amendment No. 5 Effective Date,
in an aggregate principal amount of up to $799,300,343 of the Refinancing Dollar Term-1 (2016) Loans having identical terms (except as otherwise set forth herein) with, and having the same rights and obligations under the Credit Agreement as,
the outstanding Extended Dollar Term-1 Loans existing immediately prior to the effectiveness of this Amendment. 
 (6) The
proceeds of the Refinancing Dollar Term-1 (2016) Loans will be used to refinance in full the Extended Dollar Term-1 Loans. 

(7) Morgan Stanley Senior Funding, Inc. has agreed to act as the sole lead arranger for the Refinancing Dollar Term-2 (2017) Loans
and the Refinancing Dollar Term-1 (2016) Loans. 
 (8) The Refinancing Dollar Term-2 (2017) Lenders have agreed to
enter into this Amendment to establish the Refinancing Dollar Term-2 (2017) Loans upon the terms and conditions set forth herein. The Refinancing Dollar Term-1 (2016) Lenders have agreed to enter into this Amendment to establish the
Refinancing Dollar Term-1 (2016) Loans upon the terms and conditions set forth herein. 

 (9) Pursuant to the last paragraph of Section 10.01 of the Credit Agreement, the Credit
Agreement may be amended with the consent of the Administrative Agent at the request of the Borrower to cure mistakes or defects. Accordingly, Section 2.19(d) of the Credit Agreement and the definitions of “Maturity Date” and
“Refinancing Dollar Term-2 Commitment” in Section 1.01 thereof are amended as hereinafter set forth. 
 NOW
THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 

SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, effective as of the Amendment No. 5 Effective Date (as
hereinafter defined) and subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, hereby amended as follows: 
 (a) The Credit Agreement is, effective as of the Amendment No. 5 Effective Date, hereby amended to delete the stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages
of the Credit Agreement attached as Exhibit A hereto. 
 (b) Schedule 2.01(a)(i) and Schedule 2.01(a)(ii) to the
Credit Agreement are each hereby deleted in its entirety and replaced with Schedule 2.01(a)(i) and Schedule 2.01(a)(ii), respectively, to this Amendment. 
 SECTION 2. Conditions of Effectiveness to Amendment No. 5. Section 1 of this Amendment shall become effective on the date (the “Amendment No. 5 Effective Date”)
when, and only when, the following conditions shall have been satisfied: 
 (a) The Administrative Agent shall have received
counterparts of this Amendment executed by each Loan Party, the Refinancing Dollar Term-2 (2017) Lenders and the Refinancing Dollar Term-1 (2016) Lenders or, as to any of the foregoing Lenders, written evidence reasonably satisfactory to
the Administrative Agent that such Lender has executed this Amendment. 
 (b) The Administrative Agent shall have received
evidence that all fees previously agreed among the Borrower and the lead arrangers in respect of this Amendment, and all reasonable expenses of the Administrative Agent for which reasonably detailed invoices have been presented (including the
reasonable fees and expenses of Shearman & Sterling LLP), shall have been paid. 
 (c) The Administrative Agent shall
have received a certificate of the Borrower dated as of the Amendment No. 5 Effective Date signed on behalf of the Borrower by a Responsible Officer of the Borrower, certifying on behalf of the Borrower that, (1) the representations and
warranties of the Borrower contained in Article V of the Credit Agreement and in any other Loan Document, are true and correct in all material respects on and as of the Amendment No. 5 Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date and (2) no Default or Event of Default has occurred and is continuing, or would
immediately result from the occurrence of the Amendment No. 5 Effective Date. 

  
 2 

 (d) The Administrative Agent shall have received (1) certificates of incumbency and
certified copies of the resolutions of the Board of Directors of each Loan Party approving this Amendment and the matters contemplated hereby and (2) the certificate of incorporation or formation and the bylaws or limited liability company
agreement of each Loan Party or as to any such Loan Party, a certificate that such constitutive documents of such Loan Party have not changed since February 27, 2012. 
 (e) The Administrative Agent shall have received a favorable opinion of Simpson Thacher & Bartlett LLP, New York counsel to the Borrower, in form and substance reasonably satisfactory to the
Administrative Agent. 
 (f) Each Lender shall have received, if requested at least two Business Days in advance of the
Amendment No. 5 Effective Date, a Note payable to the order of such Lender duly executed by the Borrower in substantially the form of Exhibit C-1 to the Credit Agreement. 

SECTION 3. Representations and Warranties. Each Loan Party represents and warrants to the Agents and the Lenders that: 

(a) Each Loan Party and each of its Subsidiaries (i) is a Person duly organized or formed, validly existing and in good standing
under the Laws of the jurisdiction of its incorporation or organization and (ii) has all requisite power and authority to execute and deliver this Amendment and perform its obligations under this Amendment and the Loan Documents to which it is
a party. 
 (b) The execution and delivery by each Loan Party of this Amendment and the performance under this Amendment and the
Loan Documents to which such Person is a party, are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms
of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01 of the Credit Agreement), or require any
payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any material order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any material Law; except with respect to any conflict, breach or contravention or payment (but not creation of Liens) referred to in
clause (ii)(x), to the extent that such conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse Effect. 
 (c) No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with
the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment. 
 (d) This Amendment has
been duly executed and delivered by each Loan Party that is party hereto. This Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party that is party hereto in accordance with its terms,
except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 
 SECTION 4.
Reference to and Effect on the Credit Agreement and the Loan Documents. (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”
or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 

  
 3 

 (b) The Credit Agreement, as specifically amended by this Amendment, is and shall continue
to be in full force and effect and is hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment
of all Obligations of the Loan Parties under the Loan Documents, in each case as amended by this Amendment. 
 (c) The execution,
delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any
provision of any of the Loan Documents. 
 (d) Each Loan Party hereby (i) ratifies and reaffirms all of its payment and
performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party, (ii) ratifies and reaffirms each grant of a lien on, or security interest in, its property made pursuant to the Loan Documents
(including, without limitation, the grant of security made by such Loan Party pursuant to the Security Agreement) and confirms that such liens and security interests continue to secure the Obligations under the Loan Documents, subject to the terms
thereof and (iii) in the case of each Guarantor, ratifies and reaffirms its guaranty of the Obligations pursuant to the Guaranty. 
 SECTION 5. Costs and Expenses The Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution,
delivery and administration of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of
Section 10.04 of the Credit Agreement. 
 SECTION 6. Execution in Counterparts. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an
executed counterpart of a signature page to this Amendment by telecopier or other electronic delivery (e.g., “pdf”) shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the law of the State of
New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 4 

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

			
	CATALENT PHARMA SOLUTIONS, INC.
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Senior Vice President and Chief Financial Officer
	
	PTS INTERMEDIATE HOLDINGS LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Chief Financial Officer and Treasurer
	
	CATALENT USA WOODSTOCK, INC.
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Senior Vice President and Chief Financial Officer
	
	CATALENT USA PACKAGING, LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Senior Vice President and Chief Financial Officer
	
	CATALENT PHARMA SOLUTIONS, LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Senior Vice President and Chief Financial Officer

			
	R.P. SCHERER TECHNOLOGIES, LLC

  

			
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Treasurer
	
	GLACIER CORPORATION
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Treasurer
	
	 CATALENT US HOLDING I, LLC
 by Catalent Pharma Solutions, Inc., its Sole Member

		
	By:	 	/s/ John Chiminski
		 	Name: John Chiminski
		 	Title: President and Chief Executive Officer
	
	 CATALENT US HOLDING II, LLC
 by Catalent Pharma Solutions, Inc., its Sole Member

		
	By:	 	/s/ John Chiminski
		 	Name: John Chiminski
		 	Title: President and Chief Executive Officer
	
	CATALENT CTS HOLDINGS, LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Chief Financial Officer
	
	CATALENT CTS INFORMATICS, INC.
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Chief Financial Officer

 
			
	CATALENT CTS INTERMEDIATE HOLDINGS, LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Chief Financial Officer
	
	CATALENT CTS, LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Chief Financial Officer
	
	CATALENT CTS (KANSAS CITY), LLC
		
	By:	 	/s/ Matthew Walsh
		 	Name: Matthew Walsh
		 	Title: Chief Financial Officer

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.,
	as Administrative Agent
		
	By:	 	/s/ Stephen B. King
		 	Name: Stephen B. King
		 	Title: Vice President

 [Form of] 
 Term Lender Signature Page to Amendment No. 5 to Credit Agreement 
 [Term Lenders:
please fill in the amount your institution currently holds in Term Loans in Column A, fill in one of Column B or
C1, as appropriate, and then execute the signature block
below. Please see the footnotes for explanations of which column to choose and the undertakings associated therewith. If multiple entities are being signed for by the same natural person, you may use one page and use a different line in the below
table for each entity.] 
  

													
	 	  	A (Existing Term Loans)	  	B (Roll up to2):	  	C (Recommit up to3):
	 Name of Term Lender
	  	 Extended Dollar
Term-1 Loans
(Matures
2016)
	  	Dollar Term-2
Loans
(Matures 2017)	  	Refinancing
Dollar Term-1
(2016) Loans
(Matures 2016)	  	Refinancing
Dollar Term-2
(2017) Loans
(Matures
2017)	  	Refinancing
Dollar Term-1
(2016) Loans
(Matures 2016)	  	Refinancing
Dollar Term-2
(2017) Loans
(Matures
2017)
		  	$	  	$	  	$	  	$	  	$	  	$
		  	$	  	$	  	$	  	$	  	$	  	$
		  	$	  	$	  	$	  	$	  	$	  	$
		  	$	  	$	  	$	  	$	  	$	  	$

  

			
	[            ],
		
	By:	 	 
		 	Name:
		 	Title:
		
	4[By:	 	 
		 	Name:
		 	Title:]

  
  

	1 	Lenders selecting Column B or C and executing this page will be deemed to consent to the Amendment. If applicable, such execution will also be deemed to be the
execution of an Assignment and Assumption substantially in the form of Exhibit E to the Credit Agreement. 

	2 	If amount exceeds existing Term Loan position for any tranche, the incremental amount will be settled after the Amendment No. 5 Effective Date. If amount is less
than existing Term Loan position for any tranche, the difference will be repaid on the Amendment No. 5 Effective Date. 

	3 	Use this column if entire existing Term Loan position needs to be repaid and the “recommitted” amount (including any increase above existing position) settled
after the Amendment No. 5 Effective Date. 

	4 	Add another signature line if applicable. 

 Schedule 2.01(a)(i) 
 Extended Dollar Term-1 Loans: On file with the Administrative Agent 

 Schedule 2.01(a)(ii) 
 Dollar Term-2 Loans: On file with the Administrative Agent 

 Schedule 2.01 
 Refinancing Dollar Term-2 (2017) Loans: 
 Refinancing Dollar Term-1
(2016) Loans: 
 On file with the Administrative Agent 

 Exhibit A 
 Amendments of the Credit Agreement 

 EXHIBIT A 
 CONFORMED COPY 
 Through Amendment No. 45 

 
  

 
 CREDIT AGREEMENT 

Dated as of April 10, 2007 
 among 
 PTS ACQUISITION CORP. 

(TO BE MERGED WITH AND INTO CARDINAL HEALTH 409, INC.), 
 as Borrower, 
 PTS INTERMEDIATE HOLDINGS LLC, 

as Holdings, 

MORGAN STANLEY SENIOR FUNDING, INC., 
 as Administrative Agent, Collateral Agent and Swing Line Lender, 
 BANK OF AMERICA,
N.A., 
 as L/C Issuer, 
 and 
 THE OTHER LENDERS PARTY HERETO 

 
  

GOLDMAN SACHS CREDIT PARTNERS L.P., 
 as Syndication Agent, 
 BANK OF AMERICA, N.A., 

BEAR STEARNS CORPORATE LENDING INC. AND 
 GENERAL ELECTRIC CAPITAL CORPORATION, 
 as Documentation Agents, 

MORGAN STANLEY SENIOR FUNDING, INC. AND 
 GOLDMAN SACHS CREDIT PARTNERS, L.P., 
 as Joint Lead Arrangers, 

and 
 MORGAN
STANLEY SENIOR FUNDING, INC., 
 GOLDMAN SACHS CREDIT PARTNERS, L.P., 

BANK OF AMERICA, N.A. AND 
 BEAR STEARNS CORPORATE LENDING INC., 
 as Joint Bookrunners 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	   

	
	 Definitions and Accounting Terms
	   

			
	 SECTION 1.01.
	 	Defined Terms	  	 	2	  
	 SECTION 1.02.
	 	Other Interpretive Provisions	  	 	64	  
	 SECTION 1.03.
	 	Accounting Terms	  	 	65	  
	 SECTION 1.04.
	 	Rounding	  	 	65	  
	 SECTION 1.05.
	 	References to Agreements, Laws, Etc.	  	 	65	  
	 SECTION 1.06.
	 	Times of Day	  	 	66	  
	 SECTION 1.07.
	 	Timing of Payment or Performance	  	 	66	  
	 SECTION 1.08.
	 	Currency Equivalents Generally	  	 	66	  
	
	 ARTICLE II
	   

	
	 The Commitments and Credit Extensions
	   

			
	 SECTION 2.01.
	 	The Loans	  	 	67	  
	 SECTION 2.02.
	 	Borrowings, Conversions and Continuations of Loans	  	 	68	  
	 SECTION 2.03.
	 	Letters of Credit	  	 	7271	  
	 SECTION 2.04.
	 	Swing Line Loans	  	 	8079	  
	 SECTION 2.05.
	 	Prepayments	  	 	8481	  
	 SECTION 2.06.
	 	Termination or Reduction of Commitments	  	 	8987	  
	 SECTION 2.07.
	 	Repayment of Loans	  	 	9088	  
	 SECTION 2.08.
	 	Interest	  	 	9189	  
	 SECTION 2.09.
	 	Fees	  	 	9289	  
	 SECTION 2.10.
	 	Computation of Interest and Fees	  	 	9390	  
	 SECTION 2.11.
	 	Evidence of Indebtedness	  	 	9390	  
	 SECTION 2.12.
	 	Payments Generally	  	 	9491	  
	 SECTION 2.13.
	 	Sharing of Payments	  	 	9693	  
	 SECTION 2.14.
	 	Incremental Credit Extensions	  	 	9694	  
	 SECTION 2.15.
	 	Conversion of Revolving Credit Loans, etc.	  	 	9896	  
	 SECTION 2.16.
	 	Extensions of Revolving Credit Loans and Revolving Credit Commitments	  	 	9996	  
	 SECTION 2.17.
	 	Conversion of Term Loans	  	 	10299	  
	 SECTION 2.18.
	 	Extensions of Term Loans	  	 	10299	  
	 SECTION 2.19.
	 	Refinancing Term Loans	  	 	104101	  
	
	 ARTICLE III
	   

	
	 Taxes, Increased Costs Protection and Illegality
	   

			
	 SECTION 3.01.
	 	Taxes	  	 	105102	  
	 SECTION 3.02.
	 	Illegality	  	 	108105	  

  
 i 

							
	 SECTION 3.03.
	 	 Inability to Determine Rates
	  	 	108105	  
	 SECTION 3.04.
	 	 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans
	  	 	109106	  
	 SECTION 3.05.
	 	 Funding Losses
	  	 	110107	  
	 SECTION 3.06.
	 	 Matters Applicable to All Requests for Compensation
	  	 	111108	  
	 SECTION 3.07.
	 	 Replacement of Lenders under Certain Circumstances
	  	 	112109	  
	 SECTION 3.08.
	 	 Survival
	  	 	113110	  
	
	 ARTICLE IV
	   

	
	 Conditions Precedent to Credit Extensions
	   

			
	 SECTION 4.01.
	 	 Conditions of Initial Credit Extension
	  	 	113110	  
	 SECTION 4.02.
	 	 Conditions to All Credit Extensions
	  	 	115112	  
	
	 ARTICLE V
	   

	
	 Representations and Warranties
	   

			
	 SECTION 5.01.
	 	 Existence, Qualification and Power; Compliance with Laws
	  	 	116113	  
	 SECTION 5.02.
	 	 Authorization; No Contravention
	  	 	116113	  
	 SECTION 5.03.
	 	 Governmental Authorization; Other Consents
	  	 	117114	  
	 SECTION 5.04.
	 	 Binding Effect
	  	 	117114	  
	 SECTION 5.05.
	 	 Financial Statements; No Material Adverse Effect
	  	 	117114	  
	 SECTION 5.06.
	 	 Litigation
	  	 	118115	  
	 SECTION 5.07.
	 	 No Default
	  	 	118115	  
	 SECTION 5.08.
	 	 Ownership of Property; Liens
	  	 	118115	  
	 SECTION 5.09.
	 	 Environmental Compliance
	  	 	119116	  
	 SECTION 5.10.
	 	 Taxes
	  	 	120117	  
	 SECTION 5.11.
	 	 ERISA Compliance
	  	 	120117	  
	 SECTION 5.12.
	 	 Subsidiaries; Equity Interests
	  	 	121118	  
	 SECTION 5.13.
	 	 Margin Regulations; Investment Company Act
	  	 	121118	  
	 SECTION 5.14.
	 	 Disclosure
	  	 	121118	  
	 SECTION 5.15.
	 	 Intellectual Property; Licenses, Etc.
	  	 	121118	  
	 SECTION 5.16.
	 	 Solvency
	  	 	122119	  
	 SECTION 5.17.
	 	 Subordination of Junior Financing
	  	 	122119	  
	
	 ARTICLE VI
	   

	
	 Affirmative Covenants
	   

			
	 SECTION 6.01.
	 	Financial Statements	  	 	122119	  
	 SECTION 6.02.
	 	Certificates; Other Information	  	 	123120	  
	 SECTION 6.03.
	 	Notices	  	 	125122	  
	 SECTION 6.04.
	 	Payment of Obligations	  	 	125122	  
	 SECTION 6.05.
	 	Preservation of Existence, Etc.	  	 	125122	  
	 SECTION 6.06.
	 	Maintenance of Properties	  	 	126123	  

  
 ii 

							
	 SECTION 6.07.
	 	Maintenance of Insurance	  	 	126123	  
	 SECTION 6.08.
	 	Compliance with Laws	  	 	126123	  
	 SECTION 6.09.
	 	Books and Records	  	 	126123	  
	 SECTION 6.10.
	 	Inspection Rights	  	 	126123	  
	 SECTION 6.11.
	 	Covenant to Guarantee Obligations and Give Security	  	 	127124	  
	 SECTION 6.12.
	 	Compliance with Environmental Laws	  	 	128125	  
	 SECTION 6.13.
	 	Further Assurances and Post-Closing Conditions	  	 	129126	  
	 SECTION 6.14.
	 	Designation of Subsidiaries	  	 	130127	  
	 SECTION 6.15.
	 	Post-Closing Matters	  	 	130127	  
	
	 ARTICLE VII
	   

	
	 Negative Covenants
	   

			
	 SECTION 7.01.
	 	Liens	  	 	131128	  
	 SECTION 7.02.
	 	Investments	  	 	135132	  
	 SECTION 7.03.
	 	Indebtedness	  	 	138135	  
	 SECTION 7.04.
	 	Fundamental Changes	  	 	143140	  
	 SECTION 7.05.
	 	Dispositions	  	 	144141	  
	 SECTION 7.06.
	 	Restricted Payments	  	 	146143	  
	 SECTION 7.07.
	 	Change in Nature of Business	  	 	150147	  
	 SECTION 7.08.
	 	Transactions with Affiliates	  	 	150147	  
	 SECTION 7.09.
	 	Burdensome Agreements	  	 	151148	  
	 SECTION 7.10.
	 	Use of Proceeds	  	 	151148	  
	 SECTION 7.11.
	 	Accounting Changes	  	 	152149	  
	 SECTION 7.12.
	 	Prepayments, Etc. of Indebtedness	  	 	152149	  
	 SECTION 7.13.
	 	Equity Interests of Certain Restricted Subsidiaries	  	 	152150	  
	
	 ARTICLE VIII
	   

	
	 Events of Default and Remedies
	   

			
	 SECTION 8.01.
	 	Events of Default	  	 	153150	  
	 SECTION 8.02.
	 	Remedies Upon Event of Default	  	 	155153	  
	 SECTION 8.03.
	 	Exclusion of Immaterial Subsidiaries	  	 	156153	  
	 SECTION 8.04.
	 	Application of Funds	  	 	156153	  
	
	 ARTICLE IX
	   

	
	 Administrative Agent and Other Agents
	   

			
	 SECTION 9.01.
	 	Appointment and Authorization of Agents	  	 	157154	  
	 SECTION 9.02.
	 	Delegation of Duties	  	 	158155	  
	 SECTION 9.03.
	 	Liability of Agents	  	 	158155	  
	 SECTION 9.04.
	 	Reliance by Agents	  	 	159156	  
	 SECTION 9.05.
	 	Notice of Default	  	 	159156	  
	 SECTION 9.06.
	 	Credit Decision; Disclosure of Information by Agents	  	 	160157	  

  
 iii

					
	 SECTION 9.07. Indemnification of Agents
	  	 	160157	  
	 SECTION 9.08. Agents in their Individual Capacities
	  	 	161158	  
	 SECTION 9.09. Successor Agents
	  	 	161158	  
	 SECTION 9.10. Administrative Agent May File Proofs of Claim
	  	 	162159	  
	 SECTION 9.11. Collateral and Guaranty Matters
	  	 	162160	  
	 SECTION 9.12. Other Agents; Arrangers and Managers
	  	 	164161	  
	 SECTION 9.13. Appointment of Supplemental Administrative Agents
	  	 	164161	  
	
	ARTICLE X	  
	
	Miscellaneous	  
		
	 SECTION 10.01. Amendments, Etc.
	  	 	165162	  
	 SECTION 10.02. Notices and Other Communications; Facsimile Copies
	  	 	167164	  
	 SECTION 10.03. No Waiver; Cumulative Remedies
	  	 	168165	  
	 SECTION 10.04. Attorney Costs and Expenses
	  	 	168166	  
	 SECTION 10.05. Indemnification by the Borrower
	  	 	169166	  
	 SECTION 10.06. Payments Set Aside
	  	 	170167	  
	 SECTION 10.07. Successors and Assigns
	  	 	170168	  
	 SECTION 10.08. Confidentiality
	  	 	174171	  
	 SECTION 10.09. Setoff
	  	 	175172	  
	 SECTION 10.10. Interest Rate Limitation
	  	 	176173	  
	 SECTION 10.11. Counterparts
	  	 	176173	  
	 SECTION 10.12. Integration
	  	 	176173	  
	 SECTION 10.13. Survival of Representations and Warranties
	  	 	176173	  
	 SECTION 10.14. Severability
	  	 	176174	  
	 SECTION 10.15. Tax Forms
	  	 	177174	  
	 SECTION 10.16. GOVERNING LAW
	  	 	178176	  
	 SECTION 10.17. WAIVER OF RIGHT TO TRIAL BY JURY
	  	 	179176	  
	 SECTION 10.18. Binding Effect
	  	 	179176	  
	 SECTION 10.19. Judgment Currency
	  	 	179177	  
	 SECTION 10.20. Lender Action
	  	 	180177	  
	 SECTION 10.21. USA PATRIOT Act
	  	 	180177	  
	 SECTION 10.22. Agent for Service of Process
	  	 	180177	  

  

			
	 SCHEDULES
	    	
		
	 1
	    	Guarantors
	 1.01A
	    	Certain Security Interests and Guarantees
	 1.01B
	    	Unrestricted Subsidiaries
	 1.01C
	    	Mandatory Cost
	 1.01D
	    	Excluded Subsidiaries
	 2.01(a)(i)
	    	Dollar Term-1 Commitment
	 2.01(a)(ii)
	    	Dollar Term-2 Commitment
	 2.01(b)
	    	Euro Term Commitment
	 2.01(c)
	    	Revolving Credit Commitment
	 2.03(a)(ii)(B)
	    	Certain Letters of Credit

  
 iv 

 “Agreement” means this Credit Agreement. 

“Agreement Currency” has the meaning specified in Section 10.19. 

“Amendment No. 1” means Amendment No. 1 to this Agreement, dated as of June 1, 2011
among Holdings, the Borrower, the Lenders party thereto and the Administrative Agent. 
 “Amendment
No. 1 Effective Date” means June 1, 2011. 
 “Amendment
No. 2” means Amendment No. 2 to this Agreement, dated as of February 17, 2012, among Holdings, the Borrower, the Lenders party thereto and the Administrative Agent. 

“Amendment No. 2 Effective Date” has the meaning specified in Amendment No. 2. For the
avoidance of doubt, the Amendment No. 2 Effective Date constitutes an Incremental Facility Closing Date hereunder. 

“Amendment No. 3” means Amendment No. 3 to this Agreement, dated as of February 27,
2012 among Holdings, the Borrower, the Lenders party thereto and the Administrative Agent. 
 “Amendment
No. 3 Effective Date” means February 27, 2012. 
 “Amendment
No. 4” means Amendment No. 4 to this Agreement, dated as of April 27, 2012, among Holdings, the Borrower, the Lenders party thereto and the Administrative Agent. 

“Amendment No. 4 Effective Date” means April 27, 2012. 

“Amendment No. 5” means Amendment No. 5 to this Agreement, dated as of February 28,
2013, among Holdings, the Borrower, the Lenders party thereto and the Administrative Agent. 
 “Amendment
No. 5 Effective Date” means February 28, 2013. 
 “Applicable Rate”
means: 
 (a) in respect of the Non-Extended Dollar Term-1 Facility and Non-Extended Euro Term Facility, a
percentage per annum equal to the following percentages per annum, based upon the Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 

  
 - 3 -

 Applicable Rate 

 

											
	 Pricing Level
	  	Total Leverage
Ratio	 	Eurocurrency
Rate for
Non-Extended
Dollar
Term-1
Loans and
Non-Extended
Euro
Term
Loans	 	 	Base
Rate for
Non-Extended
Dollar
Term-1
Loans 
and
Non-Extended
Euro
Term
Loans	 
	 1
	  	3 5.0:1.0	 	 	2.25	% 	 	 	1.25	% 
	 2
	  	< 5.0:1.0 but
3 4.0:1.0	 	 	2.00	% 	 	 	1.00	% 
	 3
	  	< 4.0:1.0	 	 	1.75	% 	 	 	0.75	% 

 (b) in respect of the Extended Dollar Term-1 Loans and, a percentage
per annum equal to (i) in the case of Eurocurrency Rate Loans, 3.50% and (ii) in the case of Base Rate Loans, 2.50%; 
 (c) in respect of the Extended Euro Term Loans, a percentage per annum equal to (i) in the case of Eurocurrency Rate Loans, 4.00% and (ii) in the case of Base Rate Loans, 3.00%;

 (cd) in respect of the Dollar Term-2 Loans, a percentage per annum equal to
(i) in the case of Eurocurrency Rate Loans, 4.003.25% and (ii) in the case of Base Rate Loans, 3.002.25%; 

(de) in respect of the Revolving Credit Facility, a percentage per annum equal to the following
percentages per annum, based upon the Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 

Applicable Rate 
  

															
	 Pricing Level
	  	Total Leverage
Ratio 	 	Eurocurrency Rate
for Revolving Credit
Loans and Letter of Credit
Fees	 	 	Base Rate for Revolving
Credit Loans	 	 	Commitment Fee Rate	 
	 1
	  	35.0:1.0	 	 	3.75	% 	 	 	2.75	% 	 	 	0.50	% 
	 2
	  	< 5.0:1.0 but
34.0:1.0	 	 	3.75	% 	 	 	2.75	% 	 	 	0.50	% 
	 3
	  	<4.0:1.0	 	 	3.50	% 	 	 	2.50	% 	 	 	0.375	% 

  
 - 4 -

 deemed reduction in the amount of such Investment including, without limitation, upon the re-designation of
any Unrestricted Subsidiary as a Restricted Subsidiary or the Disposition of any such Investment), any Restricted Payment made pursuant to Section 7.06(k)(iii) or any payment made pursuant to Section 7.12(a)(iv)(2)(C) during the period
commencing on the Closing Date and ending on prior to the Reference Date (and, for purposes of this clause (h), without taking account of the intended usage of the Available Amount on such Reference Date). 

“Available Amount Percentage” means (i) at any time that the condition set forth in clause
(ii) is not satisfied, 50% and (ii) at any time that the Senior Secured Leverage Ratio as of the most recent Test Period is less than 3.00:1.00, 75%. 
 “Available Amount Reference Period” means, with respect to any Reference Date, the period commencing at the beginning of the fiscal quarter in which the Closing Date occurs
and ending on the last day of the most recent fiscal quarter or fiscal year, as applicable, for which financial statements required to be delivered pursuant to Section 6.01(a) or Section 6.01(b), and the related Compliance Certificate
required to be delivered pursuant to Section 6.02(a), have been received by the Administrative Agent. 

“Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the Federal
Funds Rate plus 1/2 of 1% and (b) the rate of interest per annum published by the Wall Street Journal from time to time, as the “prime lending rate”; provided that in respect of any Base Rate Loan that is a Dollar Term-2 Loan,
if the Base Rate would otherwise be less than 2.252.00%, the Base Rate shall be deemed to be 2.252.00%. 
 “Base Rate Loan” means a Loan that bears interest at a rate based on the Base Rate. 
 “Borrower” has the meaning specified in the introductory paragraph to this Agreement. 
 “Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Borrowing of a particular Class, as the context may require. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located; provided that (a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Dollars, any fundings, disbursements, settlements and payments in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan,
means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar market and (b) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in
Euros, any fundings, disbursements, settlements and payments in Euros in respect of any such Eurocurrency Rate Loan, or any other dealings in Euros to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means a
TARGET Day. 

  
 - 7 -

 (f) if the rates referenced in the preceding clauses (d) and
(e) are not available, the rate per annum determined by the Administrative Agent as the rate of interest at which deposits in Euros for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of the
Eurocurrency Rate Loan being made, continued or converted by the Administrative Agent and with a term equivalent to such Interest Period would be offered by a London Affiliate of the Administrative Agent to major banks in the European interbank
market at their request at approximately 11:00 a.m. (Brussels time) two (2) Business Days prior to the first day of such Interest Period or, if different, the date on which quotations would customarily be provided by leading banks in the
European interbank market for deposits of amounts in the relevant currency for delivery on the first day of such Interest Period. Notwithstanding the foregoing, in respect of any Eurocurrency Rate Loan that is a Dollar Term-2 Loan, if the
Eurocurrency Rate would otherwise be less than 1.25%, the Eurocurrency Rate shall be deemed to be 1.25%. 
 Notwithstanding the
foregoing, in respect of any Eurocurrency Rate Loan that is a Dollar Term-2 Loan, if the Eurocurrency Rate would otherwise be less than 1.00%, the Eurocurrency Rate shall be deemed to be 1.00%. 

“Eurocurrency Rate Loan” means a Loan, whether denominated in Dollars or Euros, that bears interest at a rate based on
the Eurocurrency Rate. 
 “Event of Default” has the meaning specified in Section 8.01. 

“Excess Cash Flow” means, for any period, an amount equal to the excess of: 

(a) the sum, without duplication, of: 
 (i) Consolidated Net Income for such period, 
 (ii) an
amount equal to the amount of all non-cash charges (including depreciation and amortization) to the extent deducted in arriving at such Consolidated Net Income, 
 (iii) decreases in Consolidated Working Capital for such period (other than any such decreases arising from acquisitions by the Borrower and the Restricted Subsidiaries completed during such period
or the application of purchase accounting), and 
 (iv) an amount equal to the aggregate net non-cash loss
on Dispositions by the Borrower and the Restricted Subsidiaries during such period (other than Dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income; over 

  
 - 30 -

 Subsidiaries at such date or (b) whose gross revenues for such Test Period were equal to or greater
than 5% of the consolidated gross revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided that “Material Foreign Subsidiary” shall also include any of the
Borrower’s Subsidiaries selected by the Borrower which is required to ensure that all Material Foreign Subsidiaries have in the aggregate (i) total assets at the last day of the most recent Test Period that were equal to or greater than
95% of the total assets of the Borrower and the Restricted Subsidiaries that are Foreign Subsidiaries at such date and (ii) gross revenues for such Test Period that were equal to or greater than 95% of the consolidated gross revenues of the
Borrower and the Restricted Subsidiaries that are Foreign Subsidiaries for such period, in each case determined in accordance with GAAP. 
 “Material Real Property” means any real property owned by any Loan Party with a book value in excess of $15,000,000. 

“Material Subsidiary” means any Material Domestic Subsidiary or any Material Foreign Subsidiary. 

“Maturity Date” means (a) (1) with respect to the Non-Extended Dollar Term-1 Loans and the Non-Extended Euro
Term Loans, the seventh anniversary of the Closing Date, (2) with respect to the Dollar Term-2 Loans and the Euro Term-2 Loans, the earlier of (i) September 15, 2017 and (ii) the 91st day prior to the maturity of
the Senior Subordinated Notes or any Permitted Refinancing thereof; provided such Senior Subordinated Notes have an outstanding aggregate principal amount in excess of $100,000,000 and (3) with respect to the Extended Dollar Term-1 Loans and
the Extended Euro Term Loans, the earlier of (i) September 15, 2016 and (ii) the 91st day prior to the maturity of the Senior Notes or any Permitted Refinancing thereof; provided such Senior Notes have an outstanding aggregate
principal amount in excess of $100,000,000; (b) with respect to the Revolving Credit Facility, the earliest of (i) the ninth anniversary of the Closing Date, (ii) the 91st day prior to the maturity of the Senior Notes or any Permitted
Refinancing thereof; provided such Senior Notes have an outstanding aggregate principal amount in excess of $100,000,000, (iii) the 91st day prior to the maturity of the Senior Subordinated Notes or any Permitted Refinancing thereof; provided
such Senior Subordinated Notes have an outstanding aggregate principal amount in excess of $40,000,000, (iv) the 91st day prior to the Maturity Date with respect to the Dollar Term Loans, the Euro Term Loans or the Incremental Term Loans;
provided such Dollar Term Loans, Euro Term Loans and the Incremental Term Loans have an outstanding aggregate principal amount in excess of $345,000,000, (v) the 91st day prior to the maturity of any unsecured Indebtedness for borrowed money
incurred after the Amendment No. 1 Effective Date that has a scheduled maturity date earlier than the 91st day following the ninth anniversary of the Closing Date; provided such Indebtedness for borrowed money has an outstanding aggregate
principal amount in excess of $100,000,000, (vi) the sixth anniversary of the Closing Date or if later, the first day on which the event described in the proviso to this clause (vi) occurs, provided that the aggregate principal amount of
the Senior Notes (or any Permitted Refinancing thereof) prepaid, repaid, redeemed, purchased, defeased or otherwise satisfied other than with proceeds of debt financing (excluding any Revolving Credit Facility) or Permitted Equity Issuance since
May 25, 2011 exceeds $100,000,000, and (vii) the sixth anniversary of the Closing Date or if later, the first day on which the event described in the proviso to this clause (vii) occurs, provided that the aggregate 

  
 - 43 -

 time and the denominator of which is the amount of the Aggregate Commitments under the applicable Facility
or Facilities at such time; provided that if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving
effect to any subsequent assignments made pursuant to the terms hereof. 
 “Purchase Agreement”
means the Purchase and Sale Agreement dated as of January 25, 2007, as amended by Amendment No. 1, dated as of March 9, 2007 and Amendment No. 2, dated as of April 10, 2007, by and between the Seller and the Borrower.

 “Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity
Interests. 
 “Qualified Securitization Financing” means any Securitization Financing of a
Securitization Subsidiary that meets the following conditions: (a) the board of directors of the Borrower shall have determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events
and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary, (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are
made at fair market value (as determined in good faith by the Borrower) and (iii) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Borrower) and may
include Standard Securitization Undertakings. The grant of a security interest in any Securitization Assets of the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under this Agreement
prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing. 

“Qualifying IPO” means the issuance by Holdings, any Intermediate Holding Company, any direct or indirect
parent of Holdings or the Borrower of its common Equity Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with
the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering). 

“Refinancing Dollar Term-1 (2016) Borrowing” means a borrowing pursuant to Section 2.01(a)(v)
consisting of Refinancing Dollar Term-1 (2016) Loans of the same Type made by the Refinancing Dollar Term-1 (2016) Lenders and, in the case of Eurocurrency Rate Loans, having the same Interest Period. A Refinancing Dollar Term-1
(2016) Borrowing shall constitute an Extended Dollar Term-1 Borrowing for purposes of any Committed Loan Notice therefor and immediately after the funding thereof, for all purposes. 

“Refinancing Dollar Term-1 (2016) Commitment” means, in respect of each Refinancing Dollar Term-1
(2016) Lender that is a Refinancing Dollar Term-1 (2016) Lender on the Amendment No. 5 Effective Date, the amount set forth opposite such Lender’s name on Schedule 2.01 to Amendment No. 5 under the caption “Refinancing
Dollar Term-1 (2016) Commitment”. 

  
 - 52 -

 “Refinancing Dollar Term-1 (2016) Lender” means, at
any time, any Lender that has a Refinancing Dollar Term-1 (2016) Commitment or a Refinancing Dollar Term-1 (2016) Loan at such time. Immediately after the funding of the Refinancing Dollar Term-1 (2016) Loans, a Refinancing Dollar
Term-1 (2016) Lender shall constitute an Extended Dollar Term-1 Lender for all purposes. 

“Refinancing Dollar Term-1 (2016) Loan” means a Loan made pursuant to Section 2.01(a)(v). The
Refinancing Dollar Term-1 (2016) Loans shall constitute Extended Dollar Term-1 Loans for purposes of any Committed Loan Notice therefor and immediately after the funding thereof, for all purposes. 

“Refinancing Dollar Term-2 Borrowing” means a borrowing pursuant to Section 2.01(a)(iii) consisting
of Refinancing Dollar Term-2 Loans of the same Type made by the Refinancing Dollar Term-2 Lenders and, in the case of Eurocurrency Rate Loans, having the same Interest Period. A Refinancing Dollar Term-2 Borrowing shall constitute a Dollar Term-2
Borrowing for purposes of any Committed Loan Notice therefor and immediately after the funding thereof, for all purposes. 

“Refinancing Dollar Term-2 Commitment” means, in respect of each Refinancing Dollar Term-2 Lender that is
a Refinancing Dollar Term-2 Lender on the date hereofAmendment No. 4 Effective Date, the amount set forth opposite such Lender’s name on Schedule 2.01 to Amendment No. 4 under the caption
“Refinancing Dollar Term-2 Commitment”. 
 “Refinancing Dollar Term-2 Lender” means, at
any time, any Lender that has a Refinancing Dollar Term-2 Commitment or a Refinancing Dollar Term-2 Loan at such time. Immediately after the funding of the Refinancing Dollar Term-2 Loans, a Refinancing Dollar Term-2 Lender shall constitute a Dollar
Term-2 Lender for all purposes. 
 “Refinancing Dollar Term-2 Loan” means a Loan made pursuant to
Section 2.01(a)(iii). For the avoidance of doubt, the Refinancing Dollar Term-2 Loans constitute a tranche of Refinancing Term Loans hereunder. The Refinancing Dollar Term-2 Loans shall constitute Dollar Term-2 Loans for purposes of any
Committed Loan Notice therefor and immediately after the funding thereof, for all purposes (i.e, the Refinancing Dollar Term-2 Loans and Dollar Term-2 Loans shall constitute one single Class and have the same terms and conditions, including, without
limitation, those in respect of assignments, interest rates, maturity, prepayments and all other provisions under the Loan Documents). 
 “Refinancing Dollar Term-2 (2017) Borrowing” means a borrowing pursuant to Section 2.01(a)(iv) consisting of Refinancing Dollar Term-2 (2017) Loans of the
same Type made by the Refinancing Dollar Term-2 (2017) Lenders and, in the case of Eurocurrency Rate Loans, having the same Interest Period. A Refinancing Dollar Term-2 (2017) Borrowing shall constitute a Dollar Term-2 Borrowing for
purposes of any Committed Loan Notice therefor and immediately after the funding thereof, for all purposes. 

“Refinancing Dollar Term-2 (2017) Commitment” means, in respect of each Refinancing Dollar Term-2
(2017) Lender that is a Refinancing Dollar Term-2 (2017) Lender on 

  
 - 53 -

 
the Amendment No. 5 Effective Date, the amount set forth opposite such Lender’s name on Schedule 2.01 to Amendment No. 5 under the caption “Refinancing Dollar Term-2
(2017) Commitment”. 
 “Refinancing Dollar Term-2 (2017) Lender” means, at
any time, any Lender that has a Refinancing Dollar Term-2 (2017) Commitment or a Refinancing Dollar Term-2 (2017) Loan at such time. Immediately after the funding of the Refinancing Dollar Term-2 (2017) Loans, a Refinancing Dollar
Term-2 (2017) Lender shall constitute a Dollar Term-2 Lender for all purposes. 
 “Refinancing Dollar
Term-2 (2017) Loan” means a Loan made pursuant to Section 2.01(a)(iv). The Refinancing Dollar Term-2 (2017) Loans shall constitute Dollar Term-2 Loans for purposes of any Committed Loan Notice therefor and immediately
after the funding thereof, for all purposes. 
 “Refinancing Effective Date” has the meaning
specified in Section 2.19. 
 “Refinancing Term Lender” has the meaning specified in
Section 2.19. 
 “Refinancing Term Loan Amendment” has the meaning specified in
Section 2.19. 
 “Refinancing Term Loans” has the meaning specified in Section 2.19.

 “Register” has the meaning specified in Section 10.07(d). 

“Rejection Notice” has the meaning specified in Section 2.05(b)(vi). 

“Reportable Event” means with respect to any Plan any of the events set forth in Section 4043(c) of
ERISA or the regulations issued thereunder, other than events for which the thirty (30) day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of
Dollar Term Loans, Euro Term Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the
sum of the (a) Total Outstandings (with the aggregate outstanding Dollar Amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes
of this definition), (b) aggregate unused Term Commitments and (c) aggregate unused Revolving Credit Commitments; provided that the unused Term Commitment and unused Revolving Credit Commitment of, and the portion of the Total
Outstandings held or deemed held by, any Defaulting Lender or the Borrower or any Affiliate thereof shall be excluded for purposes of making a determination of Required Lenders. 

  
 - 54 -

 (c) The Administrative Agent shall determine the Dollar Amount or the Euro Amount, as the
case may be, of any Credit Extension, Commitment or Outstanding Amount of any Loan as of (A) the Closing Date, (B) the first day of each Interest Period applicable thereto, (C) as of the end of each fiscal quarter of the Borrower, and
(D) such dates as the Administrative Agent shall reasonably determine or the Required Lenders shall reasonably require, and shall promptly notify the Borrower and the Lenders of each Dollar Amount or Euro Amount, as the case may be, so
determined by it. Each such determination shall be based on the Exchange Rate (x) on the date of the related Committed Loan Notice for purposes of the initial such determination for any Loan and (y) on the second Business Day prior to the
date as of which such Dollar Amount or Euro Amount, as the case may be, is to be determined, for purposes of any subsequent determination. 
 ARTICLE II 
 The Commitments and Credit Extensions 

SECTION 2.01. The Loans. 
 (a) (i) The Dollar Term-1 Borrowings. Subject to the terms and conditions set forth herein, each Dollar Term-1 Lender severally agrees to make to the Borrower a single loan (which will be
converted into Extended Dollar Term-1 Loans and Non-Extended Dollar Term-1 Loans pursuant to Section 2.17(a) and Section 2.17(b)) denominated in Dollars in a principal amount equal to such Term Lender’s Dollar Term-1 Commitment on the
Closing Date. Amounts borrowed under this Section 2.01(a)(i) and repaid or prepaid may not be reborrowed. Dollar Term-1 Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 

(ii) The Dollar Term-2 Borrowings. Subject to the terms and conditions set forth herein, each Dollar Term-2 Lender severally
agrees to make to the Borrower a single loan denominated in Dollars in a principal amount equal to such Term Lender’s Dollar Term-2 Commitment on the Amendment No. 2 Effective Date. Amounts borrowed under this Section 2.01(a)(ii) and
repaid or prepaid may not be reborrowed. Dollar Term-2 Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 
 (iii) The Refinancing Dollar Term-2 Borrowings. Subject to the terms and conditions set forth herein, each Refinancing Dollar Term-2 Lender severally agrees to make to the Borrower a single loan
denominated in Dollars in a principal amount equal to such Term Lender’s Refinancing Dollar Term-2 Commitment on the Amendment No. 4 Effective Date. Amounts borrowed under this Section 2.01(a)(iii) and repaid or prepaid may not be
reborrowed. Refinancing Dollar Term-2 Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 

(iv) The Refinancing Dollar Term-2 (2017) Borrowings. Subject to the terms and conditions set forth herein, each
Refinancing Dollar Term-2 (2017) Lender severally agrees to make to the Borrower a single loan denominated in Dollars in a principal amount equal to such Term Lender’s Refinancing Dollar Term-2 (2017) Commitment on the Amendment
No. 5 Effective Date. Amounts borrowed under this Section 2.01(a)(iv) and repaid or prepaid may not 

  
 - 67 -

 
be reborrowed. Refinancing Dollar Term-2 (2017) Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 

(v) The Refinancing Dollar Term-1 (2016) Borrowings. Subject to the terms and conditions set forth herein, each
Refinancing Dollar Term-1 (2016) Lender severally agrees to make to the Borrower a single loan denominated in Dollars in a principal amount equal to such Term Lender’s Refinancing Dollar Term-1 (2016) Commitment on the Amendment
No. 5 Effective Date. Amounts borrowed under this Section 2.01(a)(v) and repaid or prepaid may not be reborrowed. Refinancing Dollar Term-1 (2016) Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided
herein. 
 (b) The Euro Term Borrowings. Subject to the terms and conditions set forth herein, each Euro Term Lender
severally agrees to make to the Borrower a single loan (which will be converted into Extended Euro Term Loans and Non-Extended Euro Term Loans pursuant to Section 2.17(c) and Section 2.17(d)) denominated in Euros in a principal amount
equal to such Term Lender’s Euro Term Commitment on the Closing Date. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed. Euro Term Loans must be Eurocurrency Rate Loans, as further provided herein.

 (c) The Revolving Credit Borrowings. Subject to the terms and conditions set forth herein, each Revolving Credit
Lender severally agrees to make loans to the Borrower as elected by the Borrower pursuant to Section 2.02 (each such loan, a “Revolving Credit Loan”) from time to time, on any Business Day after the Closing Date until
the Maturity Date (provided that each Revolving Credit Lender agrees to make the Initial Revolving Borrowing, at the request of the Borrower, on the Closing Date), in an aggregate principal amount not to exceed at any time outstanding the amount of
such Lender’s Revolving Credit Commitment; provided that, after giving effect to any Revolving Credit Borrowing, the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Revolving Credit Lender’s Pro
Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment.
Within the limits of each Revolving Credit Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(c), prepay under Section 2.05 and reborrow under
this Section 2.01(c). Revolving Credit Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 
 SECTION 2.02. Borrowings, Conversions and Continuations of Loans. 

(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to
the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not
later than 12:00 noon (New York, New York time, or London, England time in the case of any Borrowing denominated in Euros) (i) three (3) Business Days prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans
or any conversion of Base Rate Loans to Eurocurrency Rate Loans, and (ii) one (1) Business Day before the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by

  
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 (i) The Borrower may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Term Loans and Revolving Credit Loans in whole or in part without premium or penalty; provided that (1) such notice must be received by the Administrative Agent not later than 12:00 noon (New York, New York time,
or London, England time in the case of Loans denominated in Euros) (A) two (2) Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) three (3) Business Days prior to any date of
prepayment of Eurocurrency Rate Loans denominated in Euros and (C) on the date of prepayment of Base Rate Loans; (2) any prepayment of Eurocurrency Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in
excess thereof in the case of Dollar Term Loans (or comparable amounts determined by the Administrative Agent in the case of Euro Term Loans); (3) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole
multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding, (4) in the case of any Repricing Event (as defined below) with respect to all or any portion of the
DollarExtended Euro Term-2 Loans, a prepayment premium of 1.00% shall apply to any principal amount of the DollarExtended Euro Term-2 Loans subject to such Repricing
Event during the first twelve-month period after the Amendment No. 23 Effective Date and (5) in the case of any Repricing Event (as defined below) with respect to all or any portion of the Dollar
Term-2 Loans and Extended Dollar Term-1 Loans or Extended Euro Term Loans, a prepayment premium of 1.00% shall apply to any principal amount of the Dollar Term-2 Loans and Extended Dollar Term-1 Loans or Extended
Euro Term Loans, as applicable, subject to such Repricing Event during the first twelvesix-month period after the Amendment No. 35 Effective Date. A “Repricing
Event” means (A) any prepayment or repayment of the Dollar Term-2 Loans, Extended Dollar Term-1 Loans or Extended Euro Term Loans, as applicable, with the proceeds of, or any conversion of the Dollar Term-2 Loans, Extended
Dollar Term-1 Loans or Extended Euro Term Loans, as applicable, into, any new or replacement tranche of term loans bearing interest at an effective interest rate less than the effective interest rate applicable to the Dollar Term-2 Loans, Extended
Dollar Term-1 Loans or Extended Euro Term Loans, as applicable, and (B) any amendment to this Agreement that reduces the effective interest rate applicable to the Dollar Term-2 Loans, Extended Dollar Term-1 Loans or Extended Euro Term Loans, as
applicable, (in each case, with “effective interest rate” as the effective yield determined by taking into account the applicable interest rate margins, interest rate benchmark floors, original issue discount and
upfront fees, which shall be deemed to constitute like amounts of original issue discount, being equated to interest rate margins in a manner consistent with generally accepted financial practice). Each such notice shall specify the date and amount
of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such
prepayment. If such notice is given by a Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be
accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. Each prepayment of principal of, and interest on, Euro Term Loans shall be made in Euros (even if the Borrower is required to
convert currency to do so). Subject to the pro rata application within any Class of Loans, the Borrower may allocate each prepayment of the Loans pursuant to this Section 2.05(a) in its sole discretion among the Class or Classes of Loans as the
Borrower may specify, subject only to the following limitations: (i) the Borrower may not prepay Extended 

  
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 Revolving Credit Commitment Class may be made on a non-pro rata basis among the Lenders providing such
Extended Revolving Credit Commitments and (z) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause (x) shall be made in compliance with the requirements of Section 2.13 with
respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to (1) any exchange pursuant to Section 2.16 of Revolving Credit Commitments and Revolving Credit Loans into Extended
Revolving Credit Commitments and Extended Revolving Credit Loans, respectively, and (2) any such reduction of the Revolving Credit Commitments in respect of the applicable Specified Existing Revolving Credit Commitment Class). 

SECTION 2.07. Repayment of Loans. 
 (a) Dollar Term Loans. The Borrower shall repay to the Administrative Agent for the ratable account of (i) the Extended Dollar Term-1 Lenders (A) on the last Business Day of each
March, June, September and December, commencing with the last Business Day of September 2007,March 2013, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Extended Dollar
Term-1 Loans outstanding on the ClosingAmendment No. 5 Effective Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.05) and (B) on the applicable Maturity Date for such Extended Dollar Term-1 Loans, the aggregate principal amount of all such Extended Dollar Term-1 Loans outstanding on such date and (ii) the Dollar Term-2
Lenders (A) on the last Business Day of March 2012, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Dollar Term-2 Loans outstanding on the Amendment No. 2 Effective Date (which payments shall
be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05), (B) on the last Business Day of each March, June, September and December, commencing with the last
Business Day of June 2012,March 2013, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Dollar Term-2 Loans outstanding on the Amendment No. 45 Effective
Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05) and (CB) on the Maturity Date for the Dollar Term-2 Loans, the
aggregate principal amount of all Dollar Term-2 Loans outstanding on such date. 
 (b) Euro Term Loans. The Borrower
shall repay to the Administrative Agent for the ratable account of the Euro Term Lenders (i) on the last Business Day of each March, June, September and December, commencing with the last Business Day of September 2007, an aggregate principal
amount equal to 0.25% of the aggregate principal amount of all Euro Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.05) and (ii) on the applicable Maturity Date for such Euro Term Loans, the aggregate principal amount of all such Euro Term Loans outstanding on such date. 
 (c) Revolving Credit Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on the Maturity Date for the Revolving Credit Facility the
aggregate principal amount of all of its Revolving Credit Loans outstanding on such date. 

  
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 (i) before and after giving effect to the borrowing of such Refinancing Term Loans on the Refinancing
Effective Date each of the conditions set forth in Section 4.02 shall be satisfied; 
 (ii) such Refinancing Term Loans shall mature
no earlier than, and the Weighted Average Life to Maturity of such Refinancing Term Loans shall not be shorter than, the then remaining Weighted Average Life to Maturity of the Dollar Term B-2 Loans or Euro Term B-2 Loans at the time of such
refinancing; 
 (iii) all other terms applicable to such Refinancing Term Loans (other than provisions relating to original issue discount,
upfront fees and interest rates which shall be as agreed between the Borrower and the Lenders providing such Refinancing Term Loans) shall be substantially identical to, or less favorable to the Lenders providing such Refinancing Term Loans than,
those applicable to the then outstanding Term Loans of the applicable Class except to the extent such covenants and other terms apply solely to any period after the latest final maturity of all Classes of Term Loans in effect on the Refinancing
Effective Date immediately prior to the borrowing of such Refinancing Term Loans; 
 (iv) the Loan Parties and the Collateral Agent shall
enter into such amendments to the Collateral Documents as may be requested by the Collateral Agent (which shall not require any consent from any Lender) in order to ensure that the Refinancing Term Loans are provided with the benefit of the
applicable Collateral Documents and shall deliver such other documents, certificates and opinions of counsel in connection therewith as may be requested by the Collateral Agent; and 
 (v) the Net Cash Proceeds of the Refinancing Term Loans shall be applied to the repayment of the then outstanding applicable Class or Classes of Term Loans on the date of such incurrence in
accordance with Section 2.05(b). 
 (b) The Borrower may approach any Lender or any other Person that would be a permitted Assignee
pursuant to Section 10.07 to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Lender”); provided that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans
may elect or decline, in its sole discretion, to provide a Refinancing Term Loan. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a Class of Refinancing Term Loans for all purposes of this Agreement; provided
that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment, be designated as an increase in any previously established Class of Term Loans made to the Borrower that were Refinancing Term Loans.

 (c) The Refinancing Term Loans shall be established pursuant to an amendment to this Agreement among the Borrower, the Administrative Agent
and the Refinancing Term Lenders providing such Refinancing Term Loans (a “Refinancing Term Loan Amendment”) which shall be consistent with the provisions set forth in paragraph (a) above (which shall not require the
consent of any other Lender). Each Refinancing Term Loan Amendment shall be binding on the Lenders, the Loan Parties and the other parties hereto. 
 (d) This Section 2.182.19 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary. 

  
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 Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted
Subsidiary; provided further that this clause (ii) shall not apply to Contractual Obligations that are binding on a Person that becomes a Restricted Subsidiary pursuant to Section 6.14, (iii) represent Indebtedness of a
Restricted Subsidiary which is not a Loan Party which is permitted by Section 7.03, (iv) arise in connection with any Lien permitted by Section 7.01(u) or any Disposition permitted by Section 7.05, (v) are customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business, (vi) are negative
pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness (and excluding in any
event any Indebtedness constituting any Junior Financing) and the proceeds and products thereof, (vii) are customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions
relate to the assets subject thereto, (viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03(e), 7.03(g), 7.03(n) or 7.03(v) to the extent that such restrictions apply only
to the property or assets securing such Indebtedness or, in the case of Indebtedness incurred pursuant to Section 7.03(g) only, to the Restricted Subsidiaries incurring or guaranteeing such Indebtedness, (ix) are customary provisions
restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary, (x) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business, (xi) are
restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business, (xii) are customary restrictions contained in the Senior Notes Indenture, the Senior Subordinated Notes Indenture or
the Subordinated Lien Facility and (xiii) arise in connection with cash or other deposits permitted under Section 7.01. 
 SECTION 7.10. Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, in a manner inconsistent with the uses set forth in the preliminary statements to this
Agreement. The proceeds of the Dollar Term-2 Borrowing shall be used solely (i) to finance the consideration for the Aptuit Acquisition, (ii) to refinance the existing Indebtedness of the entities acquired by the Borrower in the Aptuit
Acquisition and (iii) to pay any fees, costs and expenses incurred in connection with Amendment No. 2 and the Aptuit Acquisition. The proceeds of the Refinancing Dollar Term-2 Borrowing shall be used solely (i) to refinance the
Non-Extended Dollar Term-1 Loans and (ii) to pay any fees, costs and expenses incurred in connection with such refinancing and Amendment No. 4. The proceeds of the Refinancing Dollar Term-2 (2017) Borrowing shall be used solely
(i) to refinance the Non-Extended Euro Term Loans and the Dollar Term-2 Loans existing immediately prior to the Amendment No. 5 Effective Date and (ii) to pay any fees, costs and expenses incurred in connection with such refinancing
and Amendment No. 5. The proceeds of the Refinancing Dollar Term-1 (2016) Borrowing shall be used solely to refinance the Extended Dollar Term-1 Loans existing immediately prior to the Amendment No. 5 Effective Date. 

SECTION 7.11. Accounting Changes. Make any change in fiscal year; provided, however, that the Borrower may, upon written
notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders

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

	
	PTS ACQUISITION CORP.
	as Borrower,
	
	By:
	Name:
	Title:
	
	 PTS INTERMEDIATE HOLDINGS LLC
 as Holdings,

	
	By:
	Name:
	Title:
	
	The undersigned, as the successor by merger to PTS Acquisition Corp., on the Closing Date, hereby assumes and agrees to pay and perform all of the Obligations hereunder and under
the Loan Documents.
	
	CARDINAL HEALTH 409, INC.
	
	By:
	Name:
	Title:

 [Cardinal Credit Agreement]EX-10.8

 EXHIBIT 10.8 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into as of January 1, 2012 (the “Effective Date”), by and between Stewart Information Services Corp. (the “Company”), and Steven M. Lessack (the “Executive”). 

The parties agree as follows: 
 1. Employment, Duties and Acceptance. 
 1.1 Term of Employment by the
Company. The Company hereby agrees to employ the Executive for a term commencing on the Effective Date and expiring on the third anniversary of such date (such date, or later date to which this Agreement is extended in accordance with the terms
hereof, the “Scheduled Termination Date”), unless earlier terminated as provided in Section 4 or unless extended as provided herein (the “Term”). The Term shall be automatically extended commencing on the Scheduled
Termination Date and on each Scheduled Termination Date thereafter (each such date being a “Renewal Date”), so as to terminate one (1) year from such Renewal Date, unless and until at least ninety (90) days prior to a Renewal
Date either party hereto gives written notice to the other that the Term should not be further extended after the next Renewal Date (a “Notice of Non-Renewal”), in which event the Scheduled Termination Date shall be the Renewal Date next
following receipt of the Notice of Non-Renewal. 
 1.2 Duties. During the Term, the Executive shall serve as Group
President, International Operations of the Company, with such duties and responsibilities as are commensurate with such position and such other functions consistent with the foregoing as the Chief Executive Officer (“CEO”) may assign, in
CEO’s discretion, from time to time. The Executive shall report to the Chief Executive Officer and also serve in those offices and directorships of affiliates of the Company to which the Executive may from time to time be appointed or elected.
During the Term, the Executive shall devote all reasonable efforts and all of the Executive’s business time and services to the Company, subject to the direction of the CEO. 

1.2.1 Executive shall not directly or indirectly render any services of a business, commercial, or professional nature to any other
person, firm, corporation, or organization, whether for compensation or otherwise, without the prior written consent of the CEO. However, Executive shall have the right to engage in such activities as may be appropriate in order to manage his
personal investments so long as such activities do not materially interfere or conflict with the performance of his duties to the Company hereunder. The conduct of such activity shall not be deemed to materially interfere or conflict with
Executive’s performance of his duties until Executive has been notified in writing thereof and given a reasonable period in which to cure the same. 
 1.2.2 Fiduciary Duty. Executive acknowledges and agrees that he owes a fiduciary duty to the Company and further agrees to make full disclosure to the Company of all business opportunities
pertaining to the Company’s business and shall not act for his own benefit concerning the subject matter of his fiduciary relationship. 

 1.2.3 Compliance. Executive agrees that he will not take any action in violation of
United States laws or other laws applicable to Executive’s employment, including, but not limited to the Securities Exchange Act of 1934. 
 1.3 Acceptance of Employment by the Executive. The Executive hereby accepts such employment and shall render the services and perform the duties described above. 

2. Compensation and Other Benefits. 
 2.1 Annual Salary. The Company shall pay to the Executive an annual salary at a rate of not less than Four Hundred Thousand Dollars ($400,000) per year (the “Annual Salary”), subject to
increase at the sole discretion of the Board of Directors of Stewart Information Services Corporation (the “Board of Directors” or the “Board”). The Annual Salary shall be payable in accordance with the payroll policies of the
Company as from time to time in effect, but in no event less frequently than twice each month, less such deductions as shall be required to be withheld by applicable law and regulations and less any Executive voluntary deductions. 

2.2 Incentive Payments. 
 2.2.1 Short Term Incentives. The Executive shall be eligible to receive an annual short term incentive cash payment, the incentive plan to be determined by the Board in its sole discretion. The
terms of the short term incentive plan (“STI Plan”) are set out in Exhibit A hereto, which is incorporated herein for all purposes. The terms and conditions of the STI Plan are subject to change from year to year. The payment made pursuant
to this Section 2.2.1 shall be paid to the Executive in the succeeding calendar year for which it is earned and shall be paid by March 31 of such year. The Executive must be actually employed on the date that any short term incentive plan
payment is made in order to be eligible and entitled to any such short term incentive plan payment. In addition, beginning effective January 1, 2013, provided that the Executive is otherwise eligible to participate in the Company STI plan, the
Executive, upon his written request, shall be entitled to receive an advance payment against the applicable STI Plan, but in no case to exceed $25,000 per calendar quarter. Such requested advances shall be available to the Executive only during the
months of April, July, October, for the then current calendar year STI Plan, and in January for the preceding STI Plan year. Such requested advances shall be provided to the Executive only if the quarterly STI Plan report projects that such STI Plan
payment to the Executive will exceed such draw when paid in the succeeding STI calendar year for which it is earned. Any such advances requested by the Executive shall be deducted from any final STI Plan payment obligation due to the Executive; and,
in the event that the requested advances exceed the STI actual bonus due to the Executive in any given calendar year , the Executive shall fully reimburse the Company the actual difference between the actual STI Plan payment to the Executive and the
requested advances within 90 days following the final STI calculation for the applicable calendar year. In the event of the Executive’s termination of employment by reason of Disability, Death, Voluntary Retirement, Good Reason, or for Cause,
the Executive shall promptly reimburse the Company for any actual difference between the STI Plan target and the requested advances, if such requested advances exceed any final STI Plan payment obligation due to the Executive. 

 2.2.2 Long Term Incentives. The Executive shall be eligible to participate in the
Company’s Long Term Incentive Plan (“LTI Plan”), as such plan shall be in effect and amended and/or superseded from time to time. The Company reserves the right to terminate the LTI Plan in its sole discretion in accordance with the
terms of the LTI Plan, and the terms and conditions of the Plan are subject to change from year to year. The terms of the LTI Plan are set out in Exhibit B hereto, which is incorporated herein for all purposes. The Executive must be actually
employed on the date that any long term incentive plan payment is made in order to be eligible and entitled to any such long term incentive plan payment. 
 2.2.3 Special Vesting Terms for Stock Grants and Awards. All unvested stock grants and other awards, including, but not limited to, restricted performance units and restricted stock awards, granted
pursuant to any specific terms and metrics in the employment agreement, including, but not limited to, the LTI Plan referred to in Section 2.2.2 above or the Stewart Information Services Corp. Amended and Restated 2005 Long Term Incentive Plan
(the “Incentive Plan”) (collectively, “Stock Grants”) shall vest on a pro-rata basis, only in accordance with the terms and methods provided below in Sections 2.2.3.1. through 2.2.3.4 (i) in the event of the Company’s
termination of the Executive’s employment without Cause during the Term, (ii) in the event of the Executive’s resignation during the Term for Good Reason (as hereinafter defined) pursuant to Section 4.7, (iii) in the event
of termination of the Executive’s employment due to the Executive’s Death or Disability (as hereinafter defined); or, (iv) in the event of the Executive’s Voluntary Retirement during the Term. 

2.2.3.1 The pro-rata vesting of the Incentive Plan and Stock Grants as specified in Section 2.2.3 above shall be based on the number
of full, completed months worked by the participating Executive during the applicable performance-based incentive period (as set forth in Exhibit B), but only if the Executive was actively employed for at least twenty-five percent (25%) of the
applicable performance-based incentive period. Performance-based incentive awards and Stock Grants shall be based on actual results compared to the target objectives at the end of the incentive period, as determined by the Company, and shall be
vested to the eligible Executive as described in the preceding sentence, if the Executive satisfies the requirement of active employment for at least twenty-five percent (25%) of the completed months of the performance-based incentive period.
Any pro-rata vesting or release of restrictions on long-term incentive awards or Stock Grants shall be effective only following expiration of the revocation period applicable to the Release of Claims, if required by the Company, and provided there
has been no revocation or attempted revocation thereof (“Release Effective Date”) and following the end of the applicable performance-based incentive period and certification of results by the Company. 

2.2.3.2 If the Executive should terminate employment during the Term of this Agreement for any reasons other than those specified in this
Section 2.2.3 above or due to Change of Control (defined hereafter), or if the Executive shall violate the confidentiality, non-competition, conflicts of interest, or non-solicitation provisions of Section 3 of this Agreement, the special
pro-rata terms specified in this Section, as well as the terms specified in Section 2.2.3.5, shall not apply to the Executive, and the Executive shall forfeit any unvested awards, Stock Grants and Incentive Plan benefits accumulated by the
Executive as of the time of the breach of this Agreement or of termination from employment. 

 2.2.3.3 Calculation of Pro-Rata Special Vesting. The calculation of pro-rata Special
Vesting of awards and Stock Grants shall be determined as a percent of the total possible vested award that would have been vested to the Executive had the Executive remained employed during the entire performance-based incentive period, measured in
whole months, through termination of employment, multiplied by a fraction whose numerator is the percentage of the number of months of completed employment during the entire performance-based incentive period plus 100% and whose denominator is 2.
Any such pro-rata vesting shall occur at the same time and in the same manner as the vesting of active executives participating in the incentive program in and shall, in no event, become vested or delivered prior to such time. 

2.2.3.4. Hypothetical Example. For the purpose of the avoidance of any confusion, by way of hypothetical
example only: if an executive shall terminate employment during the twenty-fourth (24th) month of a thirty-six (36) month performance-based incentive program for the permitted reasons specified in Section 2.2.3 above and is otherwise entitled to participate in the
performance-based incentive program, and if the performance-based incentives are achieved and certified by the Company in full satisfaction of the incentive targets, the executive shall receive (81.94%) pro-rata vesting of the applicable awards
and Stock Grants at the designated time. The formula: % of the number of complete months of employment (23 ÷ 36 = 63.88%) + 100% = 163.88% ÷ 2 = 81.94% pro-rata award. 

2.2.3.5. Vesting Upon Change in Control. In the event of a Change in Control (as defined hereafter), Executive’s unvested
Stock Grant award shall immediately and fully vest at target performance level. In the event that Executive is subject to the pro-rata Special Vesting provisions above at the time of the occurrence of a Change in Control, by reason of the
Executive’s resignation during the Term for Good Reason (as hereinafter defined), Death or Disability (as hereinafter defined); or the Executive’s Voluntary Retirement during the Term, prior to the Change of Control event, the unvested
portion of the Executive’s Stock Grant award shall immediately and fully vest notwithstanding the pro-rata Special Vesting provisions. 
 2.2.4 Upon the Executive’s termination without Cause, resignation for Good Reason, Voluntary Retirement or due to the Executive’s death or Disability, any vested Stock Grants held by the
Executive on the Date of Termination or that vest thereafter may be exercised at any time until the earlier of (A) the third anniversary of the Date of Termination and (B) the expiration date of the Stock Grants. 

2.2.5 Notwithstanding the foregoing provisions of this Section 2.2, if the Executive dies after the Executive’s employment by
the Company is terminated but while any of the Stock Grants applicable to the Executive remain exercisable as set forth above, such Stock Grants may be exercised at any time until the later of (A) the earlier of (1) the first anniversary
of the date of such death and (2) the expiration date of such Stock Grants and (B) the last date on which such Stock Grants would have been exercisable, absent this Section 2.2.5. 

 2.2.6 Notwithstanding the foregoing provisions of this Section 2.2, upon the
termination of the Executive’s employment with the Company for any reason, other than termination for Cause by the Company, during the 24-month period following any Change of Control Effective Date, any Stock Grants held by the Executive as of
the Change of Control Effective Date that remain outstanding as of the Date of Termination may thereafter be exercised, until the later of (A) the last date on which such Stock Grants would be exercisable in the absence of this Section 2.2
and (B) the earlier of (1) the third anniversary of the Change of Control Effective Date and (2) the expiration date of such Stock Grants. 
 2.2.7 Notwithstanding anything in this Agreement to the contrary, express or implied, the provisions of this Agreement are in addition to and not in limitation of the Executive’s rights under the
Incentive Plan and any other plan, program, policy or practice provided by the Company or any affiliate and for which the Executive may qualify. Where a conflict between the Incentive Plan and this Agreement may arise, the terms more
favorable to the Executive shall control. 
 2.2.8 In addition to the provisions specified above, Executive shall assume the
obligations provided in Exhibit “D” attached hereto. 
 2.2.9 Executive shall not be entitled to overtime pay should
the responsibilities of Executive’s position require, from time-to-time, that work exceeds the customary work week. 
 2.3
Prerequisites. Executive shall be entitled to receive the prerequisites provided for on Exhibit “C” and “D” hereto. 
 2.4 Vacation Policy. The Executive shall be entitled to four (4) weeks of paid vacation during each calendar year of the Term which shall accrue in accordance with Company policy. 

2.5 Participation in Employee Benefit Plans. The Company agrees to permit the Executive during the Term to participate in any group
life, hospitalization or disability insurance plan, health program, pension plan, similar benefit plan or other so called “fringe benefits” of the Company (collectively, “Benefits”). The Executive shall cooperate with the Company
in applying for such coverage, including submitting to a physical exam and providing all relevant health and personal data. The Company shall not make any changes in any plans or arrangements provided pursuant to this Section 2.5 which would
adversely affect the Executive’s right to benefits thereunder unless such changes occur pursuant to a program applicable to all executives of the Company and which does not result in a proportionally greater reduction in the rights and benefits
to Executive as compared to any other executives of the Company. 
 2.6 General Business Expenses. The Company shall pay
or reimburse the Executive for all business expenses reasonably and necessarily incurred by the Executive during the Term in the performance of the Executive’s services under this Agreement. Such payment shall be made upon presentation of such
documentation as the Company customarily requires of its executives prior to making such payments or reimbursements. 
 2.7
Other Benefits. Executive shall be entitled to participate in or receive benefits under any compensatory employee benefit plan or other arrangement made available by the Company now or in the future (“Other Benefits”) to its senior
executive officers and key 

 
management employees, subject to and on a basis consistent with the terms, conditions, and overall administration of such plan or arrangement. Nothing paid to Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed to be in lieu of the Base Salary payable to Executive pursuant to Section 2.1 of this Agreement. The Company shall not make any changes in any employee benefit
plans or other arrangements in effect on the date hereof or subsequently in effect in which Executive currently or in the future participates (including, without limitation, each pension and retirement plan, supplemental pension and retirement plan,
savings and profit sharing plan, stock or unit ownership plan, stock or unit purchase plan, stock or unit option plan, life insurance plan, medical insurance plan, disability plan, dental plan, health and accident plan, or any other similar plan or
arrangement) that would adversely affect Executive’s rights or benefits there under, unless such change occurs pursuant to a program applicable to substantially all executives of the Company and does not result in a proportionately greater
reduction in the rights of or benefits to Executive as compared with any other executive of the Company. 
 3.
Confidentiality and Company Property; Non-Competition and Non-Solicitation. 
 3.1 Covenants of Executive. The
Executive acknowledges that (i) the Company is currently engaged in the business of providing real estate support services, including without limitation title insurance, real estate information services, escrow services and related transaction
services (the “Company Business”); (ii) the Company will give the Executive access to trade secrets of and Confidential Information (defined in Section 3.2.1 below) concerning the Company in connection with the Executive’s
work for the Company; and (iii) the agreements and covenants contained in this Agreement are essential to protect the business and goodwill of the Company. 
 3.2 The covenants of the Executive contained in this Section will be construed as independent of any other provision in this Agreement; and the existence of any claim or cause of action by the Executive
against the Company will not constitute a defense to the enforcement by the Company of said covenants. The Executive has been advised to consult with counsel in order to be informed in all respects concerning the reasonableness and propriety of this
Section and its provisions with the specific regard to the nature of the business conducted by the Company, and the Executive acknowledges that this Section and its provisions are reasonable in all respects. 

3.2.1 Confidential Information. The Executive acknowledges that the Company has a legitimate and continuing proprietary interest
in the protection of its Confidential Information (and that of its affiliates) and that it has invested substantial sums and will continue to invest substantial sums to develop, maintain and protect Confidential Information. The Company agrees to
provide the Executive access to Confidential Information in conjunction with the Executive’s duties, including, without limitation, information of a technical and business nature regarding the past, current or anticipated business of the
Company and its affiliates that may encompass financial information, financial figures, trade secrets, customer lists, details of client or consultant contracts, pricing policies, operational methods, marketing plans or strategies, product
development techniques or plans, business acquisition plans, employee information, organizational charts, new personnel acquisition plans, technical processes, inventions and research projects, ideas, discoveries, inventions, improvements, trade
secrets, 

 
writings and other works of authorship (collectively, “Confidential Information”. In exchange, as an independent covenant, the Executive agrees not to make any unauthorized use,
publication, or disclosure, during or subsequent to the Executive’s employment by the Company, of any Confidential Information generated or acquired by the Executive during the course of the Executive’s employment, except to the extent
that the disclosure of such Confidential Information is necessary to fulfill the Executive’s responsibilities as an employee of the Company. The Executive understands that Confidential Information includes information not generally known by or
available to the public about or belonging to the Company, its divisions and affiliates, or belonging to other companies to whom the Company, its divisions and affiliates, may have an obligation to maintain information in confidence, and that
authorization for public disclosure may only be obtained through the Company’s written consent. 
 3.2.2 Property of the
Company. All memoranda, notes, lists, records, and other documents or papers (and all copies thereof) relating to the Company, including such items stored in computer memories, microfiche or by any other means, made or compiled by or on behalf
of the Executive after the date hereof, or made available to the Executive after the date hereof relating to the Company, its affiliates or any entity which may hereafter become an affiliate thereof, shall be the property of the Company, and shall
be delivered to the Company promptly upon the termination of the Executive’s employment with the Company or at any other time upon request; provided, however, that the Executive’s address books, diaries, chronological correspondence files
and rolodex files (including digital formats) shall be deemed to be property of the Executive. 
 3.2.3 Original
Material. The Executive agrees that any inventions, discoveries, improvements, ideas, concepts or original works of authorship relating directly to the Company Business, including without limitation information of a technical or business nature
such as ideas, discoveries, inventions, trade secrets, know-how, writings and other works of authorship, computer programs, financial figures, marketing plans, customer lists and data, business plans or methods and the like, which relate in any
manner to the actual or anticipated business or the actual or anticipated areas of business of the Company and its divisions and affiliates, whether or not protectable by patent or copyright, that have been originated, developed or reduced to
practice by the Executive alone or jointly with others during the Executive’s employment with the Company shall be the property of and belong exclusively to the Company. The Executive shall promptly and fully disclose to the Company the
origination or development by the Executive of any such material and shall provide the Company with any information that it may reasonably request about such material. Either during or subsequent to the Executive’s employment, upon the request
and at the expense of the Company or its nominee, and for no remuneration in addition to that due the Executive pursuant to the Executive’s employment by the Company, but at no expense to the Executive, the Executive agrees to execute,
acknowledge, and deliver to the Company or its attorneys any and all instruments which, in the judgment of the Company or its attorneys, may be necessary or desirable to secure or maintain for the benefit of the Company adequate patent, copyright,
and other property rights in the United States and foreign countries with respect to any such inventions, improvements, ideas, concepts, or original works of authorship embraced within this Agreement. 

 3.2.4 Non-Competition During Employment. Executive agrees during his employment
under this Agreement, he will not compete with the Company by engaging in the conception, design, development, production, marketing, or servicing of any product or service that is substantially similar to the products or services which the Company
provides, and that he will not work for, in any capacity, assist, or became affiliated with as an owner, partner, etc., either directly or indirectly, any individual or business which offer or performs services, or offers or provides products
substantially similar to the services and products provided by Company. 
 3.2.5 Conflicts of Interest. Executive agrees
that during his employment under this Agreement, he will not engage, either directly or indirectly, in any activity (a “Conflict of Interest”) which might adversely affect the Company or its affiliates, including ownership of a material
interest in any supplier, contractor, distributor, subcontractor, customer or other entity with which the Company does business or accepting any material payment, service, loan, gift, trip, entertainment, or other favor from a supplier, contractor,
distributor, subcontractor, customer or other entity with which the Company does business, and that Executive will promptly inform the Chief Executive Officer of the Company as to each offer received by Executive to engage in any such activity.
Executive further agrees to disclose to the Company any other facts of which Executive becomes aware which might in Executive’s good faith judgment reasonably be expected to involve or give rise to a Conflict of Interest or potential Conflict
of Interest. 
 3.3 Non-Competition. In consideration of the Company’s promise to provide the Executive with the
confidential and trade secret information of the Company, the Executive hereby agrees that, during the Term and for a period of twelve (12) months thereafter, (the “Restricted Period”) the Executive shall not in the United States
directly or indirectly, (i) engage in as principal, consultant, or employee in any segment of a business of a company, partnership, firm or other entity that is directly competitive with the Company or (ii) hold an interest (except as a
holder of less than 5% interest in a publicly traded firm or mutual funds) in a company, partnership, firm or other entity that directly or indirectly engages in the business of the Company. 

3.3.1 Non-Solicitation of Customers. The Executive also agrees to refrain during the Restricted Period from, directly or
indirectly, diverting, taking, soliciting and/or accepting on the Executive’s own behalf or on the behalf of another person, the business of any past or present customer of the Company, its divisions and/or affiliates, or any identified
prospective or potential customer of the Company, its divisions and/or affiliates, whose identity became known to the Executive through the Executive’s employment by the Company. 

3.3.2 Non-Solicitation of Employees of the Company and its Affiliates. The Executive agrees to refrain during the Restricted
Period from, directly or indirectly, inducing or attempting to influence any employee of the Company, its divisions and/or affiliates or any person who was employed in the twelve (12) months preceding the Termination Date to terminate their
employment with the Company to become employed or engaged in work for another employer or entity. 
 3.4 Rights and Remedies
Upon Breach. If the Executive breaches, any of the provisions contained in Section 3 of this Agreement (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies
shall be independent of the others and severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: 

 3.4.1 Specific Performance. The right and remedy to have the Restrictive Covenants
specifically enforced by any court of competent jurisdiction, it being agreed that any breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company.

 3.4.2 Accounting. The right and remedy to require the Executive to account for and pay over to the Company all
compensation, profits, monies, accruals, increments or other benefits derived or received by the Executive as the result of any action constituting a breach of the Restrictive Covenants. 

3.4.3 Tolling of Restrictive Periods. If the Executive violates any of the restrictions contained in Section 3, the
restrictive periods shall be suspended and will not run in favor of the Executive until such time as the Executive cures the violation to the satisfaction of Company. 
 3.4.4 Remedies For Violation of Non-Competition or Confidentiality Provisions. Without limiting the right of the Company to pursue all other legal and equitable rights available to it for violation
of any of the obligations and covenants made by Executive herein, it is agreed that: the skills, experience and contacts of Executive are of a special, unique, unusual and extraordinary character which give them a peculiar value; because of the
business of the Company, the restrictions agreed to by Executive as to time and area contained in the Agreement are reasonable; and the injury suffered by the Company by a violation of any obligation or covenant in the Agreement resulting from loss
of profits created by (i) the competitive use of such skills, experience contacts and otherwise and/or (ii) the use or communication of any information deemed confidential herein will be difficult to calculate in damages in an action at
law and cannot fully compensate the Company for any violation of any obligation or covenant in the Agreement, accordingly: (a) the Company shall be entitled to injunctive relief to prevent violations thereof and prevent Executive from rendering
any services to any person, firm or entity in breach of such obligation or covenant and to prevent Executive from divulging any confidential information; and (b) compliance with the Agreement is a condition precedent to the Company’s
obligation to make payments of any nature to Executive, subject to the other provisions hereof. 
 3.4.5 Breach.
Executive agrees that any breach of restrictive covenants above cannot be remedied solely by money damages, and that in addition to any other remedies Company may have, Company is entitled to obtain injunctive relief against Executive. Nothing
herein, however, shall be construed as limiting Company’s right to pursue any other available remedy at law or in equity, including recovery of damages and termination of this Agreement and/or any payments that may be due pursuant to this
Agreement. 
 3.5 Materiality and Conditionality of Section 3. The covenants contained in Sections 3 are
material to this Agreement. Executive’s agreement to strictly comply with Sections 3 are a precondition for Executive’s receipt of payments and vesting of Restricted Stock and Stock Grants pursuant to Section 2 of this Agreement.
Whether or not Section 3 or any 

 
portion thereof has been held or found invalid or unenforceable for any reason whatsoever by a court or other constituted legal authority of competent jurisdiction, upon any violation of
Section 3 or any portion thereof, or upon a finding that a violation would have occurred if such Section or any portion thereof were enforceable, the Executive and Company agree that (i) the Executive’s interest in the Restricted
Stock and Stock Grants pursuant to Section 2 and 4 of this Agreement shall automatically lapse and be forfeited; and (ii) Company shall have no obligation to make any further payments to Executive under this Agreement. 

3.6 Severability, Modification of Covenants. The Executive and Company agree that all of the covenants contained in Section 3
shall survive the termination or expiration of this Agreement, and agree further that in the event any of the covenants contained in Section 3 shall be held by any court to be effective in any particular area or jurisdiction only if said
covenant is modified to be limited in its duration or scope, then, at the sole option of Company, the provisions of Section 3.5 may be deemed to have been triggered, and the rights, liabilities and obligations set forth therein shall apply. In
the event Company does not elect to trigger application of Section 3.5, then the court shall have such authority to so reform the covenants and the parties hereto shall consider such covenants and/or other provisions of Section 3 to be
amended and modified with respect to that particular area or jurisdiction so as to comply with the order of such court and, as to all other jurisdictions, the covenants contained herein shall remain in full force and effect as originally written.
Should any court hold that the covenants in Section 3 are void and otherwise unenforceable in a particular area or jurisdiction, then notwithstanding the foregoing provisions of this Section 3.6, the provisions of Section 3.5 shall be
applicable and the rights, liabilities and obligations of the parties set forth therein shall apply. Alternatively, at the sole option of Company, Company may consider such covenants to be amended and modified so as to eliminate therefrom the
particular area or jurisdictions as to which such covenants are so held void or otherwise unenforceable and, as to all other areas and jurisdictions covered herein, the covenants contained herein shall remain in full force and effect as originally
written. 
 4. Termination. 
 4.1 As used in this Agreement, “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, the date of receipt of the notice of termination or
any later date specified therein within ninety (90) days of such notice, as the case may be, (ii) if the Executive’s employment is terminated by the Executive for Good Reason pursuant to Section 4.7, the effective date of such
termination pursuant to Section 4.7, (iii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the date on which the Company notifies the Executive of such termination, (iv) if the
Executive voluntarily resigns other than for Good Reason pursuant to Section 4.7, the date on which the Executive notifies the Company of such resignation, (v) if the Executive’s employment is terminated by reason of death, the date
of death of the Executive, (vi) if the Executive’s employment is terminated by the Company due to Disability, the date ninety (90) days after the Company’s written notice to the Executive, or (vii) if the Executive’s
employment is terminated by the Executive or the Company as a result of a Notice of Non-Renewal, the Scheduled Termination Date. 

 4.2 Termination Upon Death. If the Executive dies during the Term, this Agreement
shall terminate; provided, however, that in any such event, the Company shall pay to the Executive’s estate (i) in a lump sum within thirty (30) days of the Date of Termination, any portion of the Annual Salary accrued but unpaid and
accrued but unused vacation time that shall have been earned by the Executive prior to the termination but not yet paid; (ii) at the same time payable pursuant to Section 2.2.1 and 2.2.2, any short term incentive and long term incentive
payments for the prior fiscal year that shall have been earned by the Executive prior to the termination and not yet paid; and (iii) any Benefits that have vested in the Executive as of the Date of Termination as a result of the
Executive’s participation in any of the Company’s benefit plans; and (iv) any expenses with respect to which the Executive is entitled to reimbursement pursuant to this Agreement (collectively, the “Accrued Amounts”). In
addition, all unvested Stock Grants will become fully vested and unrestricted as allowed in Section 2.2.3. 
 4.3
Termination With Cause. The Company has the right, at any time during the Term, subject to all of the provisions hereof, exercisable by serving notice, effective on or after the date of service of such notice as specified therein, to
terminate the Executive’s employment under this Agreement and discharge the Executive with Cause. If such right is exercised, the Company’s obligation to the Executive shall be limited solely to the payment of the Accrued Amounts excluding
the Prorated Short Term Incentives and accrued but unpaid vacation. As used in this Agreement, the term “Cause” shall mean, in the good faith determination of the Board any: (A) willful failure to substantially perform
Executive’s duties with the Company (other than by reason of Executive’s Disability), after a written demand for substantial performance is delivered to the Executive that specifically identifies the manner in which the Company believes
that the Executive has not substantially performed such duties, and the Executive has failed to remedy the situation within thirty (30) days of such written notice from the Company; (B) Gross negligence in the performance of the
Executive’s duties; (C) Conviction of, or plea of guilty or nolo contendre to any felony or any crime involving moral turpitude or the personal enrichment of the Executive at the expense of the Company; (D) Willful engagement
in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise, including without limitation Executive’s breach of fiduciary duties owed to the Company; (E) Willful violation of any material provision of
the Company’s code of conduct; (F) Willful violation of any of the material covenants contained in Section 3, as applicable; (G) Act of dishonesty resulting in or intending to result in personal gain at the expense of the
Company; or (H) Engaging in any material act that is intended or may be reasonably expected to harm the reputation, business prospects, or operations of the Company. 
 4.4 Termination Due to Voluntary Retirement. The Executive has the right, at any time during the Term, subject to all of the provisions hereof, exercisable by serving notice of at least ninety
(90) days, effective on or after the date of service of such notice as specified therein, to terminate his/her employment under this Agreement due to Voluntary Retirement. Voluntary Retirement is the termination of employment after age 65 with
no expectation of returning to the industry. The provisions of Section 3 remain in full force and effect upon Voluntary Retirement. 

 Upon Voluntary Retirement, in exchange for the Executive executing and delivering a Release
as described in Section 4.5.2, Executive shall be entitled to receive: 
 (A) The Accrued Amounts (payable
at the same time and in the same manner as set forth in Section 4.2); and 
 (B) An amount equal to fifteen
(15) months of Executive’s then current salary, payable in bi-monthly installments, beginning on the sixtieth day after Voluntary Retirement (the “Retirement Payment”). The Retirement Payment shall be made in accordance with the
company’s payroll practices. 
 (C) The Company shall have the right to cease or terminate the Retirement
Payment in the event the Executive breaches, in the Company’s sole discretion, any covenant contained in Section 3 of this Agreement. 
 (D) The Extension of Medical Benefits. Until the earlier to occur of (A) the expiration of twelve (12) months after the Date of Termination, (B) the date the Executive first becomes
eligible to receive health benefits under another employer-provided plan after the Date of Termination, or (C) the death of the Executive, the Company shall, via proper COBRA election by the Executive, continue medical and dental benefits to
the Executive (and, if applicable, to the spouse and dependents of the Executive who received such benefits under the Executive’s coverage immediately prior to the Date of Termination) equal to those that were in effect for the Executive as of
the Date of Termination (and to any such dependent) in accordance with the plans, programs, practices and policies of the Company had the Executive remained actively employed, provided that the Executive makes all required COBRA payments to the
Company, and the Company shall immediately reimburse the Executive for each such COBRA payment (collectively, the “Continuation of Benefits”). Executive shall remain liable for any portion of such premiums for which he was liable as of the
Date of Termination. 
 (E) In addition, all unvested Stock Grants will become fully vested and unrestricted as
allowed in Section 2.2.3. 
 4.5 Termination Without Cause or For Good Reason. The Company has the right, at any time
during the Term, subject to all of the provisions hereof, exercisable by serving notice of at least ninety (90) days, effective on or after the date of service of such notice as specified therein, to terminate the Executive’s employment
under this Agreement and discharge the Executive without Cause. If the Executive is terminated during the Term without Cause including any termination by the Executive which is deemed to be for Good Reason under Section 4.7 hereof, the
Company’s obligation to the Executive shall be limited solely to the following: 
 4.5.1 Severance Payments.

 The Company shall pay to the Executive, in exchange for the Executive executing and delivering a Release as described in
Section 4.5.2, as follows: 
 (A) The Accrued Amounts (payable at the same time and in the same manner as set forth in
Section 4.2); and 

 (B) An amount equal to fifteen (15) months of Executive’s then
current salary, payable in bi-monthly installments, beginning on the sixtieth day after the Date of Termination. Severance payment shall be made in accordance with the company’s payroll practices[ with a lump sum payment due to Executive of any
remaining severance amounts containing the complete remainder of all severance due to Executive within thirty days of the end of the Restricted Period]. 
 (C) The Company shall have the right to cease or terminate the severance payments in the event the Executive breaches, in the Company’s sole discretion, any covenant contained in Section 3 of
this Agreement. 
 (D) The Extension of Medical Benefits. Until the earlier to occur of (A) the expiration
of twelve (12) months after the Date of Termination, (B) the date the Executive first becomes eligible to receive health benefits under another employer-provided plan after the Date of Termination, or (C) the death of the Executive,
the Company shall, via proper COBRA election by the Executive, continue medical and dental benefits to the Executive (and, if applicable, to the spouse and dependents of the Executive who received such benefits under the Executive’s coverage
immediately prior to the Date of Termination) equal to those that were in effect for the Executive as of the Date of Termination (and to any such dependent) in accordance with the plans, programs, practices and policies of the Company had the
Executive remained actively employed, provided that the Executive makes all required COBRA payments to the Company, and the Company shall immediately reimburse the Executive for each such COBRA payment (collectively, the “Continuation of
Benefits”). Executive shall remain liable for any portion of such premiums for which he was liable as of the Date of Termination and for any additional coverage not effective at the Date of Termination. Any reduction of coverage will be treated
appropriately. 
 (E) Outplacement Services provided by a firm selected by the Company in its sole discretion for
a period of twelve months and in an amount not to exceed $10,000. 
 (F) In addition, all unvested Stock Grants
will become fully vested and unrestricted as allowed in Section 2.2.3. 
 4.5.2 Release. As a condition to the
Executive’s receipt of payments and/or benefits described under Sections 4.4 and 4.5, the Executive must execute and deliver to the Company, within the time period stated in the Release, and not subsequently revoke, a full release of all claims
that the Executive may have against the Company, its affiliates, and all of their officers, employees, directors, and agents, in a form mutually and reasonably agreeable to the parties hereunder. The Company shall provide the Executive with a form
of release within ten (10) days from the Date of Termination. 
 4.6 Termination upon Disability. If during the Term
the Executive becomes physically or mentally disabled, whether totally or partially, as defined by the Company’s Long-Term Disability Plan then in effect, the Company shall, by written notice to the Executive,

 
terminate the Executive’s employment hereunder and discontinue payments of the Annual Salary, Annual Bonus and Benefits accruing from and after the date of such termination. Upon the
Company’s termination of the Executive’s employment by reason of the Executive’s Disability, the Company’s obligation to the Executive shall be limited solely to the payment of the Accrued Amounts (at the same time and in the
same manner as set forth in Section 4.2) and provision of the Continuation of Benefits. In addition, all unvested Stock Grants will become fully vested and unrestricted as allowed in Section 2.2.3. 

4.7 Good Reason. Notwithstanding any other provision of this Agreement, the Executive’s employment under this Agreement may
be terminated during the Term by the Executive, which shall be deemed to be constructive termination by the Company without Cause, if one of the following events constituting “Good Reason” shall occur unless the Executive has consented in
writing thereto: (i) the occurrence of any material breach of this Agreement by the Company or any of its affiliates; (ii) any material failure by the Company after a Change of Control of the Company to comply with Section 2 hereof;
(iii) following a Change of Control of the Company, the failure to obtain the assumption in writing of all of the Company’s material obligations under this Agreement by any successor to all or substantially all of the assets of the Company
or any affiliate within fifteen (15) days after a reorganization, merger, consolidation, sale or other disposition of assets of the Company or such affiliate; (iv) the Company’s assignment to the Executive of any duties materially
inconsistent with Executive’s position, including any other action which results in a material diminution in such status, title, authority, duties or responsibility; or (v) the relocation of Executive’s office to a location other than
in the U.K. or Canada without his consent. Any such termination pursuant to this Section 4.7 shall be made by the Executive providing written notice to the Company specifying the event relied upon for such termination and given within sixty
(60) days after such event. Any termination for Good Reason pursuant to this Section 4.7 shall be effective sixty (60) days after the date the Executive has given the Company such written notice setting forth the grounds for such
termination with specificity; provided, however, that the Executive shall not be entitled to terminate this Agreement in respect of any of the grounds set forth above if within sixty (60) days after such notice the action constituting such
ground for termination has been cured and is no longer continuing. Anything in this Agreement to the contrary notwithstanding, a termination by the Executive for any reason during the 30-day period immediately following the date sixty (60) days
following a Change of Control of the Company shall be deemed to be termination for Good Reason for all purposes under this Agreement, shall be effective upon written notice by the Executive to the Company during such 30-day period, shall be
conclusive and shall not be subject to any cure by the Company. 
 4.8 Change of Control. For the purposes hereof, a
“Change of Control of the Company” shall be deemed to have occurred if, (i) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding
securities; (ii) there occurs a proxy contest or a consent solicitation, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization, as a consequence of which members of the Board of
Directors in office immediately prior to such transaction or event thereafter constitute less than a majority of the Board of Directors; or (iii) there occurs a reverse merger involving the Company

 
in which the Company is the surviving corporation but the shares of common stock of the Company outstanding immediately preceding the merger are converted by virtue of the merger into other
property, whether in the form of securities, cash or otherwise; or (iv) there is a sale of other disposition of all or substantially all of the assets of the Company; or (v) there is an adoption of any plan or proposal for the liquidation
or dissolution of the Company; or Stewart Title Guaranty Company is placed in supervision, receivership, conservatorship, or special administrative action by the Texas Department of Insurance. 

4.9 Notwithstanding the foregoing provisions of this definition of Change of Control, to the extent that any payment (or acceleration of
payment) hereunder is (A) considered to be deferred compensation that is subject to, and not exempt under, Code Section 409A, and (B) payable due to the Change of Control, then the term Change of Control hereunder shall be construed
to have the meaning as set forth in Code Section 409A with respect to the payment (or acceleration of payment) of such deferred compensation, but only to the extent inconsistent with the foregoing provisions of the Change of Control definition
as determined by the Incumbent Board. 
 5. Other Provisions. 

5.1 Stock Ownership. Executive shall reach and maintain ownership of a number of shares of SISCO stock within five (5) years
of the Effective Date that are equivalent to a total share trading price of .50 times the Annual Salary listed in Section 2.1 on the Effective Date. 
 5.2 Section 409A. 
 5.2.1 Separation from Service.
Notwithstanding anything to the contrary in this Agreement, with respect to any amounts payable to Executive under this Agreement in connection with a termination of Executive’s employment that would be considered “non-qualified deferred
compensation” under Section 409A of the Internal Revenue Code (hereafter “Code”), in no event shall a termination of employment be considered to have occurred under this Agreement unless such termination constitutes
Executive’s “separation from service” with the Company as such term is defined in Treasury Regulation Section 1.409A-1(h), and any successor provision thereto (“Separation from Service”). 

5.2.2 Section 409A Compliance. Notwithstanding anything to the contrary in this Agreement, to the maximum extent permitted by
applicable law, any severance payments payable to Executive under this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)(iii) (relating to separation pay plans) or Treasury Regulation
Section 1.409A-1(b)(4) (relating to short-term deferrals). However, to the extent any such payments are treated as “non-qualified deferred compensation” subject to Section 409A of the Code, and if Executive is deemed at the time
of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this
Agreement is required in order to avoid a prohibited payment under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s termination benefits shall not be provided to the Executive prior to the earlier of (i) the
expiration of the six-month period measured from the date of 

 
Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section shall be paid in a lump
sum to Executive (or Executive’s estate). The determination of whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation from Service shall be made by
Company in accordance with the terms of Section 409A of the Code, and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto). 

5.2.3 Section 409A; Separate Payments. This Agreement is intended to be written, administered, interpreted and construed in
a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within Section 409A(a)(1)(A) of the Code or (b) the interest and additional tax set forth within
Section 409A(a)(1)(B) of the Code (collectively, “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of Section 409A Penalties. For
purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Executive may be eligible to receive under this Agreement shall be treated as a
separate and distinct payment and shall not collectively be treated as a single payment. 
 5.2.4 Certain Excise Taxes.
Notwithstanding anything to the contrary in this Agreement, if the Executive is a “disqualified individual” (as defined in Section 280G(c) of the Internal Revenue Code of 1986, as amended (the “Code”)), and the payments and
benefits provided for in this Agreement, together with any other payments and benefits which the Executive has the right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in
Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by the Executive from the
Company and its affiliates will be one dollar ($1.00) less than three times the Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by the
Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to the Executive (taking into account any applicable excise tax under
Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or
benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit
to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or
benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one
dollar ($1.00) less than three times the Executive’s base amount, then the Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 3.4.5. shall require the
Company to be responsible for, or have any liability or obligation with respect to, the Executive’s excise tax liabilities under Section 4999 of the Code. 

 5.2.5 In-kind Benefits and Reimbursements. Notwithstanding anything to the contrary
in this Agreement or in any Company policy with respect to such payments, in-kind benefits and reimbursements provided under this Agreement during any tax year of Executive shall not affect in-kind benefits or reimbursements to be provided in any
other tax year of Executive and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted,
reimbursement payments shall be made to Executive as soon as administratively practicable following such submission in accordance with the Company’s policies regarding reimbursements, but in no event later than the last day of Executive’s
taxable year following the taxable year in which the expense was incurred. This Section shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive. 

5.2.6 Mitigation. Executive shall not be required to mitigate damages with respect to the termination of his employment under this
Agreement by seeking other employment or otherwise, and there shall be no offset against amounts due Executive under this Agreement on account of subsequent employment except as specifically provided in this Agreement. Additionally, amounts owed to
Executive under this Agreement shall not be offset by any claims the Company may have against the Executive, and the Company’s obligation to make the payments provided for in this Agreement, and otherwise to perform its obligations hereunder,
shall not be affected by any other circumstances, including, without limitation, any counterclaim, recoupment, defense or other right which the Company may have against Executive or others. 

5.3 Indemnification. 
 5.3.1 General. The Company agrees that if Executive is made a party or is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative
(a “Proceeding”), by reason of the fact that Executive is or was a trustee, director or officer of the Company, or any predecessor to the Company (including any sole proprietorship owned by the Executive) or any of their affiliates or is
or was serving at the request of the Company, any predecessor to the Company (including any sole proprietorship owned by the Executive), or any of their affiliates as a trustee, director, officer, member, employee or agent of another corporation or
a partnership, joint venture, limited liability company, trust or other enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity
as a trustee, director, officer, member, employee or agent while serving as a trustee, director, officer, member, employee or agent, Executive shall be indemnified and held harmless by the Company to the fullest extent authorized by Texas or
Delaware law, as the same exists or may hereafter be amended, against all Expenses incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even if Executive has ceased to be an officer,
director, trustee or agent, or is no longer employed by the Company and shall inure to the benefit of his heirs, executors and administrators. 
 5.3.2 Expenses. As used in this Section, the term “Expenses” shall include, without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes, settlements, and
costs, attorneys’ fees, accountants’ fees, and disbursements and costs of attachment or similar bonds, investigations, and any expenses of establishing a right to indemnification under this Agreement. 

 5.3.3 Enforcement. If a claim or request under this Section 5 is not paid by
the Company or on its behalf, within thirty (30) days after a written claim or request has been received by the Company, Executive may at any time thereafter bring an arbitration claim against the Company to recover the unpaid amount of the
claim or request and if successful in whole or in part, Executive shall be entitled to be paid also the expenses of prosecuting such suit. All obligations for indemnification hereunder shall be subject to, and paid in accordance with, applicable
Texas or Delaware law. 
 5.3.4 Partial Indemnification. If Executive is entitled under any provision of this Agreement
to indemnification by the Company for some or a portion of any Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Executive for the portion of such Expenses to which Executive is entitled. 

5.3.5 Advances of Expenses. Expenses incurred by Executive in connection with any Proceeding shall be paid by the Company in
advance upon request of Executive that the Company pay such Expenses, but only in the event that Executive shall have delivered in writing to the Company (i) an undertaking to reimburse the Company for Expenses with respect to which Executive
is not entitled to indemnification and (ii) a statement of his good faith belief that the standard of conduct necessary for indemnification by the Company has been met. 
 5.3.6 Notice of Claim. Executive shall give to the Company notice of any claim made against the Executive for which indemnification will or could be sought under this Agreement. In addition,
Executive shall give the Company such information and cooperation as it may reasonably require and as shall be within the Executive’s power and at such times and places as are convenient for the Executive. 

5.3.7 Defense of Claim. With respect to any Proceeding as to which Executive notifies the Company of the commencement thereof:

 (A) The Company will be entitled to participate therein at its own expense; 

(B) Except as otherwise provided below, to the extent that it may wish, the Company will be entitled to assume the defense
thereof, with counsel reasonably satisfactory to the Executive, which in the Company’s sole discretion may be regular counsel to the Company and may be counsel to other officers and directors of the Company or any subsidiary. Executive also
shall have the right to employ his own counsel in such action, suit or proceeding if she reasonably concludes that failure to do so would involve a conflict of interest between the Company and the Executive, and under such circumstances the fees and
expenses of such counsel shall be at the expense of the Company. 

 (C) The Company shall not be liable to indemnify Executive under this
Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The Company shall not settle any action or claim in any manner which would impose any penalty that would not be paid directly or indirectly by
the Company or limitation on Executive without the Executive’s written consent. Neither the Company nor Executive will unreasonably withhold or delay their consent to any proposed settlement. 

5.3.8 Non-exclusivity. The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of
its final disposition conferred in this Section 5 shall not be exclusive of any other right which Executive may have or hereafter may acquire under any statute or certificate of incorporation or by-laws of the Company or any subsidiary,
agreement, vote of shareholders or disinterested directors or trustees or otherwise. 
 5.4 Legal Fees and Expenses. If
any contest or dispute shall arise between the Company and Executive regarding any provision of this Agreement, the Company shall reimburse Executive for all legal fees and expenses reasonably incurred by Executive in connection with such contest or
dispute, but only if Executive prevails to a substantial extent with respect to the Executive’s claims brought and pursued in connection with such contest or dispute. Such reimbursement shall be made as soon as practicable following the
resolution of such contest or dispute (whether or not appealed) to the extent the Company receives reasonable written evidence of such fees and expenses. 
 5.5 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by courier service, sent by facsimile transmission or sent
by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally or sent by facsimile transmission or, if mailed or sent by courier service, on the date of actual receipt thereof, as
follows: 
  

	 	(i)	if to the Company, to: 

 Chief
Executive Officer, 
 1980 Post Oak Blvd., Suite 800 
 Houston, Texas 77056 
  

	 	(ii)	if to the Executive, to: 

Steven M. Lessack 
 P.O. Box 651 
 Cazenovia, New York 13035 

Any party may change its address for notice hereunder by notice to the other party hereto. 

5.6 Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof
and supersedes all prior agreements (including but not limited to prior employment agreements and incentive plans and agreements), written or oral, with respect thereto, however, the terms of any benefit plans shall remain in force and effect, and
if any conflict between this agreement and the terms of such plans arises, the terms of the plan shall control. 

 5.7 Waivers and Amendments. This Agreement may be amended, superseded, canceled,
renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power
or privilege hereunder shall operate as a waiver thereof nor shall any waiver on the part of any party of any such right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other
or further exercise thereof or the exercise of any other right, power or privilege hereunder. 
 5.8 Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Texas (without giving effect to the choice of law provisions thereof). 
 5.9 Assignment. This Agreement, and any rights and obligations hereunder, may not be assigned by the Executive and may be assigned by the Company only to a successor by merger or purchasers of
substantially all of the assets of the Company or its affiliates. 
 5.10 Counterparts. This Agreement may be executed in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 5.11 Headings. The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 

5.12 No Presumption Against Interest. This Agreement has been negotiated, drafted, edited and reviewed by the respective parties,
and therefore, no provision arising directly or indirectly herefrom shall be construed against any party as being drafted by said party. 
 5.13 No Duty to Mitigate. The Executive shall have no obligation to mitigate damages suffered as a result of termination of the Executive’s employment with the Company. 

5.14 Dispute Resolution. If any dispute arises out of or relates to this Agreement, or the breach thereof, the Executive and the
Company agree to promptly negotiate in good faith to resolve such dispute. If the dispute cannot be settled by the parties through negotiation, the Executive and the Company agree to try in good faith to settle the dispute by mediation under the
Commercial Mediation Rules of the American Arbitration Association before resorting to arbitration or any other dispute resolution procedure. If the parties are unable to settle the dispute by mediation as provided in the preceding sentence within
thirty (30) days of a written demand for mediation, any claim, controversy or dispute arising out of or relating to this Agreement, or the breach thereof, shall be settled by binding arbitration before one (1) arbitrator in accordance with
the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall be conducted in English and held in Houston, Harris County, Texas, or such other location to which the parties mutually agree. The arbitrator shall among
other things determine the validity, scope, interpretation and enforceability of this arbitration 

 
clause. The award shall be a reasoned award and rendered within thirty (30) days of the conclusion of the arbitration hearing. The decision of the arbitrator shall be final and binding and
judgment upon the award rendered may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing provisions of this Section, the Company may seek injunctive relief from a court of competent jurisdiction located in Harris
County, Texas, in the event of a breach or threatened breach of any covenant contained in Section 3. 
 5.15 Binding
Agreement. This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns and the Executive and the Executive’s legal representatives. 

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

 

							
	EXECUTIVE	 		 	COMPANY
			
		 		 	STEWART INFORMATION SERVICES CORP.
			
	By: /s/ Steve M.
Lessack                                	 		 	By: /s/ Matthew W.
Morris                                
			
	Date: October 1, 2012	 		 	Date: October 1, 2012
			
	 Name: Steve M. Lessack
 Title:
Group President, International Operations
	 		 	 Name: Matthew W. Morris
 Title: Chief Executive Officer

 EXHIBIT A 
 ANNUAL SHORT TERM INCENTIVE PLAN 
 (“STI PLAN”) 

Executive shall be eligible to participate in the Company’s Annual Bonus Payment Program, also known as the Short Term Incentive Plan (“STI
Plan”). The STI Plan shall be determined by the Board of Directors (“Board”), in its sole discretion. 
 Payout amount will be
determined by the attainment towards metrics which are both specific to your position as well as reflective of corporate performance. 
 As part
of its analysis, the Board shall consider the following targets in determining the amount of the STI payment to the Executive: 
 Short Term
Incentive (STI) 
  

											
	 	 
	 Target Payout:
	  	60% of Base Pay	  	 	240,000	  
	 Maximum Target Payout:
	  	200% of Target	  	 	480,000	  

 Metrics Used to Determine STI 
  

																	
	 	  	Maximum	 	 	Target	 	 	Threshold	 	 	Weighting	 
	 Corporate Performance
	  				 				 				 			
	 Corporate EBITDA Improvement
	  	 	140.0	% 	 	 	50.0	% 	 	 	25.0	% 	 	 	20	% 
	 Corporate Modified Return on Equity
	  	 	11.0	% 	 	 	6.0	% 	 	 	3.0	% 	 	 	16	% 
	 Corporate Total Shareholder Return Ranking
	  	 	80.0	% 	 	 	50.0	% 	 	 	30.0	% 	 	 	4	% 
	 Operational Performance
	  				 				 				 			
	 Modified EBITDA
	  	 	18.0	% 	 	 	5.0	% 	 	 	0.0	% 	 	 	30	% 
	 Modified EBITDA Margin
	  	 	20.0	% 	 	 	15.0	% 	 	 	10.0	% 	 	 	22	% 
	 Policy Loss Ratio (Canada)
	  	 	25.0	% 	 	 	28.0	% 	 	 	29.0	% 	 	 	8	% 

 STI will be delivered as a cash bonus, paid annually after the conclusion of the fiscal year, before the end of the first
quarter of the succeeding fiscal year. STI payout is expressed as a percentage of your base pay. 
 Target Annual STI payout is the equivalent of
60% of your base pay. 
 Maximum Annual STI payout is the equivalent of 200% of your target payout. 

 Specific terms and calculations related to the Short Term Incentive (STI) Plan 

The following terms are in relation to our global STI Plan. Individual metrics may or may not apply to your specific agreement. 

Periodically, components of metrics may be adjusted, which may impact comparability between measurement periods. In such cases, prior period
components of metrics will be restated to conform to the current measurements. 
  

			
	 Term/Calculation
	  	 Definition

	Base Pay	  	This is the annual base salary.
		
	Budget Attainment	  	Budget attainment measures the variance between actual expenses and budget expenses for service center executives. The variance is expressed as a percent variance. The metric is
calculated by taking the actual annual expenses minus the budgeted annual expenses. The difference is then divided by the budgeted annual expenses.
		
	Company	  	The Company is Stewart Information Services Corporation and its subsidiaries.
		
	Cost Control Initiative	  	Cost Control Initiative are specific goals established for each service center executive. This metric is measured by determining how much of the annual goals were completed on a
percentage basis.
		
	Customer Service Index	  	Customer Service Index is an internal survey conducted at least annually. The initial benchmark is the survey completed in first half of 2012. A subsequent survey is then measured
against the benchmark. The metric is calculated by taking the subsequent survey score minus the benchmark survey score. The difference is then divided by the benchmark survey score.
		
	Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	  	EBITDA metric is calculated by adding back interest expense, depreciation expense and amortization expense to pretax earnings. The source of data is the System of
Record.
		
	Employee Costs	  	Employee Costs Ratio metric is a line item on the Company’s Consolidated Statement of Operations, Retained Earnings and Comprehensive Earnings that includes salaries, bonuses,
commissions, payroll taxes, group insurance, profit sharing and other employee costs. The source of data is the System of Record.
		
	Employee Costs Ratio	  	Employee Costs Ratio metric is calculated by dividing the Employee Costs by Operating Revenues. The source of data is the System of Record.

			
	 Term/Calculation
	  	 Definition

	Investment and Other Gains (Losses) – Net	  	Investment and Other Gains (Losses) – Net is a line item on the Company’s Consolidated Statement of Operations, Retained Earnings and Comprehensive Earnings that includes,
but not limited to, realized earnings (losses) from the sale of various types of financial and non-financial instruments; sale of subsidiaries, equity basis investments, and cost-basis investments; impairment of equity and cost-basis investments;
and other types of non-operating transactions. The source of data is the System of Record.
		
	Investment Income	  	Investment Income is a line item on the Company’s Consolidated Statement of Operations, Retained Earnings and Comprehensive Earnings that includes, but not limited to, interest
income, dividends, royalties and certain rental income less any fees incurred from investments. The source of data is the System of Record.
		
	Maximum (Performance Level)	  	See Performance Level.
		
	Maximum Target Payout	  	The Maximum Target Payout is the maximum annual cash bonus that can be earned and paid under the STI. It is calculated by multiplying the Target Payout by an agreed upon percentage
as indicated in the Executive Compensation Plan Summary.
		
	Modified Average Shareholders’ Equity	  	Modified Average Shareholders’ Equity is calculated by subtracting cumulative other comprehensive income and noncontrolling interest from shareholders’ equity. This
calculation is done as of the beginning of the year and the end of the year. The average is then calculated by adding the beginning of the year and ending of the year calculations and then dividing by two.
		
	Modified Earnings Before Interest, Taxes, Depreciation and Amortization (Modified EBITDA)	  	The Modified EBITDA metric is calculated by subtracting Investment Income, Investment and Other Gains (Losses) – Net, and other unique or unusual items including, but not
limited to, certain claims exceeding $1.0 million as determined by the Board of Directors of the Company, from EBITDA. The source of data is the System of Record.
		
	Modified Earnings Before Interest, Taxes, Depreciation and Amortization Margin (Modified EBITDA Margin)	  	Modified Earnings Before Interest, Taxes, Depreciation and Amortization Margin metric is calculated by dividing Modified Earnings Before Interest, Taxes, Depreciation and
Amortization (Modified EBITDA) by Operating Revenues. The source of data is the System of Record.

			
	 Term/Calculation
	  	 Definition

	Modified Net Earnings Attributable to Company	  	Modified Net Earnings Attributable to Company is calculated by subtracting certain items including, but not limited to, certain unusual income tax expense or benefit as determined
by the Board of Directors of the Company from Net Earnings Attributable to Company. The source of data is the System of Record.
		
	Modified Return on Equity (Modified ROE)	  	Modified Return on Equity metric is calculated by dividing Modified Net Earnings Attributable to Company by Modified Average Shareholders’ Equity. The source of data is the
System of Record.
		
	National Production Services (NPS) Expenses Ratio	  	National Production Services (NPS) Expenses Ratio metric is calculated by dividing NPS expenses by the sum of (1) Operating Revenues less the Company’s portion of earnings from
equity investees from the Direct Operations Segment and (2) external Operating Revenues less the Company’s portion of earnings from equity investees from NPS. The source of data is the System of Record.
		
	Operating Revenues	  	Operating Revenues is calculated by deducting Investment Income and Investment and Other Gains (Losses) – Net from total gross revenues. The Company’s portion of earnings
from equity investees is included in the calculation. The source of data is the System of Record.
		
	Performance Level	  	Performance Level represents the range of possible payout depending on performance driver for each metric. The payout range is defined as the Threshold (50%), Target (100%) and
Maximum (200%).
		
	Policy Loss Ratio	  	Policy Loss Ratio metric is calculated by dividing Title Losses and Claims by Title Insurance Revenues from Direct Operations and Agency Operations. The source of data is the System
of Record.
		
	Premium Remittance Per Agency Ratio	  	Premium Remittance Per Agency Ratio metric is calculated by dividing premium revenues remitted by active independent agencies by the number of active independent agencies. The
source of the data is STNET, which is the primary source for policy remittances, along with the number of agencies.
		
	System of Record	  	Hyperion Financial Management (HFM) is the system of record for all financial data unless otherwise stated.
		
	Target (Performance Level)	  	See Performance Level.

			
	 Term/Calculation
	  	 Definition

	Target Payout	  	Target Payout is the annual cash bonus that can be earned and paid under the STI. Target Payout is calculated by multiplying Base Pay by an agreed upon percentage as indicated in
the Executive Compensation Plan Summary.
		
	Threshold (Performance Level)	  	See Performance Level.
		
	Title Insurance Revenues	  	Title Insurance Revenues are revenues earned from title insurance and escrow and other related fees. The source of data is the System of Record.
		
	Title Losses and Claims	  	Title Losses and Claims is a line item on the Company’s Consolidated Statement of Operations, Retained Earnings and Comprehensive Earnings that is defined in the Company’s
Annual Report filed with the Securities Exchange Commission on the Form 10-K. The source of data is the System of Record.
		
	Total Shareholder Return (TSR)	  	Total Shareholder Return is calculated by taking the difference between the Company’s end of year price per share and the beginning of year price per share and adding the
Company dividend per share. Next, divide that sum by the Company’s beginning of year price per share.
		
	Total Shareholder Return (TSR) Ranking	  	Total Shareholder Return Ranking is determined by calculating the Company’s percentile ranking for Total Shareholder Return relative to the Russell 2000 Financial Services
Index. The source of data is Bloomberg, which is provided by Vaughn Nelson, the Company’s investment portfolio manager.
		
	Weighting	  	Weighting is a calculation that applies a percentage to each metric. The aggregation of the percentages is 100%.

 EXHIBIT B 
 LONG TERM INCENTIVE PLAN 
 (“LTI PLAN”) 

Executive shall be eligible to participate in the Company’s Long Term Incentive Plan (“LTI Plan”), as such plan shall be in effect and
amended and/or superseded from time to time. 
 The actual value of the LTI shall be determined by the Board of Directors (“Board”), in
its sole discretion. The Board shall consider the overall performance of the Company in awarding the LTI. As part of its analysis, the Board shall consider the following targets in determining the value of the LTI payable to the Executive:

 Long Term Incentive (LTI) 
  

							
	 Target Payout:
	  	50% of Base Pay	 			
	 60% paid as a Restricted Stock Award (RSA)
	  		 	 	120,000	  
	 40% paid as Restricted Performance Units (RPU)
	  		 	 	80,000	  
		  		 	 	200,000	  
	 Potential RPU Max Payout
	  	200% of RPU Target	 	 	160,000	  
	 Total Max Potential Value Payout
	  		 	 	280,000	  

 Metrics Used to Determine LTI 

Corporate Performance 
 RSA (Restricted Stock Award): Annualized Total Shareholder Return at the 50th percentile ranking over the three year performance period or Annualized Total Shareholder Return
(TSR) is at least positive over the three year performance period. 
 RPU (Restricted Performance Units): SISCO
Total Shareholder Return compared to the Russell 2000 Financial Services Index (Percentile Ranking) with a Circuit Breaker (positive EBITDA initially over 2 years and subsequently 3 years) 

Performance Levels (Payout) : 50%-200% 
 Performance Goals: 30%-75% Max 
 Target LTI grant is the equivalent of 50% of your base pay.

 Potential RPU Max payout is 200% of RPU Target. 
 LTI will be delivered as both a RSA (60% of LTI grant) and RPUs (40% of LTI grant). (Each RPU = $1). 
 LTI will be granted annually. It is 100% granted, but vests depending on metrics. Grants will be restricted by a 3-year cliff vest, with the exception of RPU, which will vest over 2 years initially.

 Corporate Payout (% of Target): RSAs will vest at the end of the three years following grant if either the
TSR is at least positive or the TSR is in the 50th percentile ranking over the 3-year performance period. 
 RPUs will vest depending on SISCO
Total Shareholder Return compared to the Russell 2000 Financial Services Index (Percentile Ranking) with a Circuit Breaker (positive in EBITDA initially over 2 years and subsequently 3 years). Payout depends on percentile ranking in comparison to %
of target. 
 Specific terms and calculations related to the Long-Term Incentive (LTI) 

The following terms are in relation to our global LTI Plan. Individual metrics may or may not apply to your specific agreement. 

Periodically, components of metrics may be adjusted, which may impact comparability between measurement periods. In such cases, prior period
components of metrics will be restated to conform to the current measurements. 
  

			
	 Term/Calculation
	  	 Definition

		
	Base Pay	  	This is the annual base salary.
		
	Company	  	The Company is Stewart Information Services Corporation and its subsidiaries.
		
	Circuit Breaker	  	Circuit Breaker is the minimum corporate performance that must be achieved in order to receive the specified compensation.
		
	Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	  	EBITDA metric is calculated by adding back interest expense, depreciation expense and amortization expense to pretax earnings. The source of data is the System of
Record.
		
	Maximum (Performance Level)	  	See Performance Level.
		
	Maximum Target Payout	  	The Maximum Target Payout is the maximum annual cash bonus that can be earned and paid under the LTI. It is calculated by multiplying the Target Payout by an agreed upon percentage
as indicated in the Executive Compensation Plan Summary.
		
	Performance Goals	  	Performance Goals provide the threshold, target and maximum measurements that must be achieved in order to receive the related level of compensation.
		
	Performance Level	  	Performance Level represents the range of possible payout depending on performance driver for each metric. The payout range is defined as the Threshold (50%), Target (100%) and
Maximum (200%).

			
	 Term/Calculation
	  	 Definition

		
	Restricted Performance Unit (RPU)	  	Restricted Performance Unit is cash compensation that is restricted by time of service and corporate performance.
		
	Restricted Stock Award (RSA)	  	Restricted Stock Award is share-based compensation that is restricted by time of service and corporate performance.
		
	System of Record	  	Hyperion Financial Management (HFM) is the system of record for all financial data unless otherwise stated.
		
	Target (Performance Level)	  	See Performance Level.
		
	Target Payout	  	Target Payout is the share-based cash bonus that can be earned under the LTI. Target Payout is distributed over two years initially (then three years). Target Payout is calculated
by multiplying Base Pay by an agreed upon percentage as indicated in the Executive Compensation Plan Summary.
		
	Threshold (Performance Level)	  	See Performance Level.
		
	Total Shareholder Return (TSR)	  	Total Shareholder Return is calculated by taking the difference between the Company’s end of year price per share and the beginning of year price per share and adding the
Company dividend per share. Next, divide that sum by the Company’s beginning of year price per share.
		
	Total Shareholder Return (TSR) Ranking	  	Total Shareholder Return Ranking is determined by calculating the Company’s percentile ranking for Total Shareholder Return relative to the Russell 2000 Financial Services
Index. The source of data is Bloomberg, which is provided by Vaughn Nelson, the Company’s investment portfolio manager.

 EXHIBIT C 
 PERQUISITES 
 Executive shall be eligible to participate in the additional perquisites:

  

	 	•	 	 Executive Long Term Disability Plan (Company paid) 

  

	 	•	 	 Non-Qualified Deferred Compensation Plan provided through the Company 

 

	 	•	 	 Paid Association/Membership Dues as needed for the position and with Management approval 

 

	 	•	 	 Executive Development as needed for the position up to $5,000 and with Management approval 

 

	 	•	 	 Executive Life Insurance (your current Split-Dollar Policy will be maintained) 

 EXHIBIT “D” 

SPECIAL WORKING CONDITIONS 
  

	1.	TAX EQUALIZATION. 

 A
hypothetical U.S. income tax and FICA contribution will be deducted from your total compensation at an annual base salary of Four Hundred Thousand ($400,000.00) U.S. Dollars. 
 Income Tax Filing Assistance. The Company will assist in the preparation and filing of your annual income tax return and will determine the tax liability on your Company-earned income. Your tax
liability will be paid from the hypothetical tax withheld from your annual base salary and guaranteed bonus. Any additional tax owed as a result of Company-earned income shall be paid by the Company, but any additional tax owed as a result of income
received unrelated to the Company provided income shall be your sole responsibility. If you elect an outside accounting firm to prepare and file your income tax return, the Company shall provide one for that purpose. 

Settlement. Termination under any circumstances shall require immediate settlement and/or repayment of all outstanding taxes owed,
travel advances, and other amounts owed to the Company. 
  

	2.	GOODS AND SERVICES DIFFERENTIAL. 

 The Company shall pay a Goods and Services Differential based on provided by ORC, calculated by multiplying a goods and services index by the amount that an individual of your income level and family size
would spend on goods and services in the U.S. The present Goods and Services index for a U.S. resident assigned to the U.K. is 64.2541. The Goods and Services Differential shall be reviewed semi-annually in January and June of each calendar year and
recalculated, if necessary. 
  

	3.	METHOD OF PAYMENT. 

 The
Goods and Services Differential shall be paid to you in U.S. Dollars in equivalent British Pounds. 
  

	4.	REPATRIATION. 

 In the
event of your termination of employment while on overseas assignment, you shall be paid normal and reasonable moving expenses for your household goods from the U.K. to Punta Gorda, Florida, provided, however, you return to such location within
thirty (30) days of your termination and provided that you do not accept employment with another employer in the U.K. or the U.S. 
 Upon your repatriation to the U.S., you shall no longer receive the premiums, allowances and differentials provided herein. 
  

	5.	COMPANY PROVIDED HOUSING. 

In the event of your termination of employment while on overseas assignment by the Company, the Company shall provide you with at least
ninety (90) days’ notice (or as otherwise mutually agreed), and you agree to vacate the Company provided housing within thirty (30) days of notice of termination. 

	6.	COMPLIANCE WITH LAWS. 

You shall comply with the Foreign Corrupt Practices Act (U.S.) and the U.K. Bribery Act of 2010, the Company’s Code of Business
Conduct, and any other business bribery laws of Canada and of the U.K. 
  

	7.	PRIOR AGREEMENTS. 

 This
Agreement supersedes and replaces all prior agreements related to Executive’s employment, including, but not limited to, Executive’s Letters of Understanding for Ongoing Foreign Employment dated June 16, 2010 and July 1, 2010
agreements. The parties shall have no further rights or obligations under such agreements. 
  

	8.	OVERTIME PAY. 

 You will
not be entitled to overtime pay should the responsibilities of your position require, from time-to-time, that your work exceeds this schedule. 
  

	9.	GOVERNING LAW. 

 This
Agreement shall be governed by and construed in accordance with the laws of the State of Texas (without giving effect to the choice of law provisions thereof). In the event that it is determined that Directive 96/71 of the European Parliament and of
the Council of December 16, 1996 applies, Executive agrees to waive such application of governing law and agrees that Article 6(1) of the Rome Convention on the Law Applicable to Contractual obligations of June 19, 1980, and “Rome
I” Regulation law principles shall apply. 
  

	10.	ARBITRATION PROCEEDINGS. 

To the extent that the provisions in this Agreement for arbitration are determined to be in conflict with the European Convention for the
Protection of Human Rights and Fundamental Freedoms, Article VI, the parties agree that this Agreement shall be governed by the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly called the “New
York Convention.” 
  

	11.	JURISDICTION AND VENUE. 

With respect to any litigation regarding this Agreement, Executive agrees to venue in the state or federal courts in Harris County, Texas
and agrees to waive and does hereby waive any defenses and/or arguments based upon improper venue and/or lack of personal jurisdiction. By entering into this Agreement, Executive agrees to personal jurisdiction in the state and federal courts in
Harris County, Texas, notwithstanding the Brussels Convention on Enforcement of Judgments in Civil and Commercial Matters of September 27, 1968, Brussels I Regulation, and the EU Regulation No. 44/2001. 

 

	12.	ACQUIRED RIGHTS 

 The
“acquired rights doctrine” shall not apply in the event that you are transferred to a different company due to merger or acquisition during your overseas assignment. 

	13.	NON-COMPETITION. 

 In
consideration of the Company’s promise to provide the Executive with the confidential and trade secret information of the Company, the Executive hereby agrees that, during the Term and for a period of one (1) year thereafter, (the
“Restricted Period”) the Executive shall not in the U.K. or Canada, directly or indirectly, (i) engage in as principal, consultant, or employee in any segment of a business of a company, partnership, firm or other entity that is
directly competitive with the Company or (ii) hold an interest (except as a holder of less than 5% interest in a publicly traded firm or mutual funds) in a company, partnership, firm or other entity that directly or indirectly engages in the
business of the Company.

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