Document:

Letter Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 Neutral Tandem, Inc. 

550 West Adams Street, 9th Floor 
 Chicago, IL 60606 
 April 18, 2011 

Mr. Gregory P. Taxin 
 Spotlight
Advisors, LLC 
 9 West 57th Street, 26th Floor 
 New
York, NY 10019 
 Mr. George Hall 

Clinton Group, Inc. 
 9 West
57th Street, 26th Floor 
 New York, NY 10019 
 Mr. George M. Allen 

527 Madison Avenue, 17th Floor 
 New
York, NY 10022 
 Gentlemen: 
 This letter constitutes the agreement (the “Agreement”) among Spotlight Advisors, LLC, a Delaware limited liability company (“Spotlight”), George Allen and Clinton Group,
Inc., a Delaware corporation (“Clinton”), on behalf of themselves and their respective affiliated funds, persons and entities, both current and future (collectively, the “Investor Group”) and Neutral Tandem, Inc., a
Delaware corporation (the “Company”). 
 WHEREAS, the Company and the Investor Group have agreed that it is in
their mutual interests to enter into this Agreement, among other things, to set forth certain agreements concerning the composition of the board of directors of the Company (the “Board”) and other corporate governance matters, as
hereinafter described; and 
 WHEREAS, the Company has agreed to conduct a “Dutch auction” self-tender offer (the
“Tender Offer”) to purchase at least $50,000,000 worth of common stock of the Company, par value $0.001 per share (the “Common Stock”). 
 NOW, THEREFORE, in consideration of the promises and the representations, warranties and agreements contained herein, and other good and valuable consideration, the parties hereto mutually agree as
follows: 
 1. Upon issuance of the press release referred to in Section 9, the Investor Group withdraws its notice of
intent to nominate individuals (each a “Nominee” and collectively, the “Nominees”) for election to the Board at the Company’s 2011 annual meeting of the shareholders (the “2011 Annual
Meeting”). 

 April 18, 2011 
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 2. (a) As promptly as practicable following the 2011 Annual Meeting, but in any event no
later than the first meeting of the Board following the 2011 Annual Meeting, the Board, pursuant to the powers granted to the Board under Article III of the Amended and Restated Certificate of Incorporation of the Company (the
“Charter”), shall increase the size of the Board by one (if no vacancies on the Board then exist) and appoint one of the three Nominees (such Nominee selected by the Board, other than George Allen, the “Appointed
Nominee”) to fill the vacancy so created on the Board and to serve in such capacity from such date of appointment through the date of the Company’s 2012 Annual Meeting of Shareholders (the “2012 Annual Meeting”).

 (b) As promptly as practicable following the 2011 Annual Meeting, but in any event no later than 30 days following the date
of the 2011 Annual Meeting, the Board shall, in addition to the one director appointed pursuant to Section 2(a) above, increase the size of the Board by one (if no vacancies on the Board then exist) and appoint one additional candidate
to fill the vacancy so created on the Board and to serve in such capacity from such date of appointment through the date of the 2012 Annual Meeting, which candidate (i) is qualified to serve on the Board under all requirements set forth in the
Charter and the Bylaws of the Company (the “Bylaws”), (ii) is not employed by or otherwise affiliated with the Company, (iii) otherwise qualifies as “independent” in accordance with Rule 5605(a)(2) of the NASDAQ
Listing Rules and (iv) shall not be an Inside Director or an Affiliated Outside Director as defined in the Institutional Shareholder Services, Inc. 2011 Classification of Directors, dated January 27, 2011 (such candidate, the
“Additional Director” and together with the Appointed Nominee, the “New Directors” and each a “New Director”). 
 3. Concurrently with his appointment as a director, the Board of Directors shall consistent with its fiduciary duties, consider whether the Appointed Nominee shall be appointed to serve on the
Compensation Committee of the Board or, if qualified, the Audit Committee of the Board. Such determination shall be made by the Board in good faith based upon the Appointed Nominee’s qualifications. 

4. Each member of the Investor Group shall (a) in the case of all shares of the Company’s Common Stock owned of record by it as
of the record date for the 2011 Annual Meeting (the “Record Date”), and (b) in the case of all shares of the Common Stock beneficially owned by any member of the Investor Group as of the Record Date (whether held in street name
or by some other arrangement), instruct the record holder to: in each case at the 2011 Annual Meeting, (i) publicly support and vote for the election of each of the incumbent directors and the New Directors (as applicable); (ii) publicly
support and vote for ratification of Deloitte & Touche as the Company’s auditors for the 2011 fiscal year; (iii) publicly support and vote for “say on pay” and “say on frequency” resolutions recommended by the
Board; and (iv) vote to abstain or against any shareholder nominations for director or shareholder proposals (whether made pursuant to Rule 14a-8 or Rule 14a-4 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) which are not approved and recommended by the Board. 
 5. Pursuant to the powers granted to
the Board under Article III of the Bylaws and as promptly as practicable following the Appointed Nominee’s appointment to the Board, the Board shall form a committee responsible for considering key issues regarding the capital structure of the
Company and capital allocation by the Company including, without limitation, the return of 

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unneeded capital to shareholders through dividends, tender offers or buybacks; the allocation of capital to new investments, acquisitions or dispositions; and the design of the Company’s
optimal capital structure (the “Capital Allocation Committee”). The Company and Board shall provide the resources reasonably requested by the Capital Allocation Committee, including money to hire outside advisors unaffiliated with
the Investor Group, and reasonable access to Company property and personnel for conducting its responsibilities. The Capital Allocation Committee shall serve at the discretion of the Board and the full Board shall be responsible for the decisions
with respect to the foregoing; provided, that the Capital Allocation Committee shall not be disbanded prior to September 30, 2011. By no later than September 30, 2011, the Capital Allocation Committee shall evaluate and recommend to
the Board whether the Company shall issue a regular dividend to its shareholders. The Capital Allocation Committee shall consist of three members, one of which shall be the Appointed Nominee. 

6. The Company, with the advice and assistance of a nationally recognized financial advisor, shall use reasonable efforts to commence the
Tender Offer within sixty days following the date of this Agreement, provided that such commencement may be postponed and/or the Tender Offer may be delayed if (i) in the opinion of the nationally recognized financial advisor, market conditions
so require or (ii) the Tender Offer would require the disclosure of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board, in the best interest of the Company
(each a “Grace Period”). In the event of a postponement in the commencement of the Tender Offer, the Company shall, as promptly as possible following the expiration of such Grace Period, commence the Tender Offer. The Tender Offer
shall provide for a tender price range that the Company and its financial advisor believe, in good faith, will result in the Tender Offer being fully subscribed. In the event that the total amount of Common Stock purchased in the Tender Offer is
less than $50,000,000, the Company shall promptly conduct subsequent “Dutch auction” self-tender offers or open market purchases until it has repurchased a minimum of $50,000,000 worth of Common Stock. 

7. Other than as may be disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2011 (the
“Form 10-Q”), as of the date of this Agreement, there is no material, non-public information concerning the Company the disclosure of which is not, in the good faith opinion of the Board, in the best interest of the Company, such
that a Grace Period would be imposed if the Tender Offer were to be commenced concurrently with the filing of such Form 10-Q. 

8. Except as otherwise set forth in this Agreement, from the date of this Agreement until the earlier of (i) the Anniversary Date
(as defined below) or (ii) such date that the Company has materially breached any of its commitments or obligations under this Agreement, except that if such material breach can be cured, the Investor Group shall provide written notice to the
Company that the Company has materially breached its commitments or obligations under this Agreement and the Company shall have an additional 10 days after the date of such written notice within which to cure its material breach (the
“Standstill Period”), no member of the Investor Group shall: 
 (a) make, or in any way participate, directly
or indirectly, in any “solicitation” (as such term is used in the proxy rules of the Securities and Exchange Commission (the “SEC”)) of proxies or consents, conduct or suggest any binding or nonbinding referendum or
resolution or 

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seek to advise, encourage or influence any individual, partnership, corporation, limited liability company, group, association or entity (collectively, a “Person”) with respect
to the voting of any of the Common Stock; 
 (b) initiate, propose or otherwise “solicit” (as such term is used in the
proxy rules of the SEC) shareholders of the Company for the approval of shareholder proposals, or cause or encourage any Person to initiate any such shareholder proposal; 
 (c) propose or nominate, or cause or encourage any Person to propose or nominate, any candidates to stand for election to the Board, or seek the removal of any member of the Board; 

(d) form, join or otherwise participate in any “partnership, limited partnership, syndicate or other group” (other than any
group among some or all of Spotlight, Clinton and George Allen with some or all of Spotlight, Clinton and George Allen) within the meaning of Section 13(d)(3) of the Exchange Act with respect to the Common Stock, or deposit any shares of Common
Stock in a voting trust or similar arrangement, or subject any shares of Common Stock to any voting agreement or pooling arrangement, or grant any proxy with respect to any shares of Common Stock (other than to a designated representative of the
Company pursuant to a proxy statement of the Company); 
 (e) seek to call, or to request the call of, or call a special meeting
of the shareholders of the Company, or make a request for a list of the Company’s shareholders or other Company records; 

(f) take any public action to act alone or in concert with others to control or seek to control, or to influence or seek to influence,
the management, the Board or the policies of the Company; provided, however, that nothing herein shall prohibit the Investor Group from complying with legal or regulatory requirements, including, without limitation, the filing of any
report or schedule required to be filed with the SEC; 
 (g) otherwise take, or solicit, cause or encourage others to take, any
action inconsistent with any of the foregoing; or 
 (h) For the avoidance of doubt, any actions of the Appointed Nominee taken
in his capacity as a member of the Board or any Committee thereof shall not be deemed to violate the foregoing clauses (a) through (g). 
 (i) For purposes of this Agreement, “Anniversary Date” shall mean the date that is 120 calendar days prior to the first anniversary of the 2011 Annual Meeting; provided,
however, that if the Board takes any action to amend the Bylaws in such a manner as to increase the time period prior to the 2012 Annual Meeting by which a holder of the Common Stock must provide timely notice to the Company of (A) its
nomination of a person or persons to the Board at the 2012 Annual Meeting or (B) its proposal to bring business before the 2012 Annual Meeting (clauses (A) and (B) together, “Stockholder Matters”) then the Anniversary
Date shall be the date ten days prior to the date on which a stockholder must give notice to the Company with respect to any Stockholder Matters for the 2012 Annual Meeting. 

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 9. The Company shall issue a press release in the form attached hereto as Exhibit A (the
“Press Release”) as soon as practicable on or after the date hereof, but in no event later than two business days after the date of this Agreement, and the Company shall file with the SEC a corresponding Form 8-K that includes both
the Press Release and this Agreement. 
 10. The Company and the Investor Group each acknowledge and agree that (a) a
breach or a threatened breach by either party may give rise to irreparable injury inadequately compensable in damages and accordingly each party shall be entitled to injunctive relief, without proof of actual damages, to prevent a breach or
threatened breach of the provisions hereof and to enforce specifically the terms and provisions hereof in any state or federal court having jurisdiction, (b) neither party shall plead in defense for any such relief that there would be an
adequate remedy at law, (c) any applicable right or requirement that a bond be posted by either party is waived and (d) such remedies shall not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other
remedies available at law or in equity. 
 11. All notices and other communications under this Agreement shall be in writing and
shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person or by facsimile, or by Federal Express or registered or certified mail, postage pre-paid, return receipt requested, as follows: 

If to the Company: 
 Neutral Tandem, Inc. 
 550 West Adams Street, 9th Floor 

Chicago, IL 60606 
 Attn: General Counsel 
 with a copy (which shall not constitute notice) to:

 Kirkland & Ellis LLP 
 300 North LaSalle 
 Chicago, IL 60654 

Attn: Gerald Nowak 
  Theodore Peto 
 If to the Investor Group: 

Spotlight Advisors, LLC 
 9 West 57th
St., 26th Floor 

New York, NY 10019 
 Attn: Gregory P. Taxin 

 April 18, 2011 
  Page
 6
 
  

 and: 
 Clinton Group, Inc. 
 9 West 57th St., 26th Floor 
 New York, NY 10019 
 Attn: General Counsel 

and: 
 George M.
Allen 
 527 Madison Avenue, 17th Floor 
 New York, NY 10022 
 with a copy (which shall not constitute notice) to:

 Schulte Roth & Zabel LLP 
 919 Third Avenue 
 New York, NY 10022 

Attn: Marc Weingarten 
  David Rosewater 
 12. This Agreement may be executed by the signatories
hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

13. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its
conflict of laws principles. The parties hereto consent to personal jurisdiction and venue in any action to enforce this Agreement in any court of competent jurisdiction located in New York, New York. 

14. This Agreement constitutes the only agreement between the Investor Group and the Company with respect to the subject matter hereof
and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. This Agreement shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement may not
be assigned by any party without the express written consent of the other party or parties. No amendment, modification, supplement or waiver of any provision of this Agreement may in any event be effective unless in writing and signed by the party
or parties affected thereby. The Investor Group acknowledges that the U.S. securities laws prohibit any person who has access to material nonpublic information from trading while in possession of such information or providing that information to
others in certain circumstances. 
 15. The Company represents and warrants that (a) the Company has the power and
authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and (b) this Agreement has been duly and validly authorized, executed and delivered by the Company,
constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms. 

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 16. Spotlight represents and warrants that (a) it has the power and authority to
execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and (b) this Agreement has been duly and validly authorized, executed and delivered by Spotlight, constitutes a
valid and binding obligation and agreement of Spotlight and is enforceable against Spotlight in accordance with its terms. 

17. Clinton represents and warrants that (a) it has the power and authority to execute, deliver and carry out the terms and
provisions of this Agreement and to consummate the transactions contemplated hereby, and (b) this Agreement has been duly and validly authorized, executed and delivered by Clinton, constitutes a valid and binding obligation and agreement of
Clinton and is enforceable against Clinton in accordance with its terms. 
 18. George Allen represents and warrants that
(a) he has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and (b) this Agreement has been duly and validly authorized, executed
and delivered by him, constitutes a valid and binding obligation and agreement of his and is enforceable against him in accordance with its terms. 
 19. The Investor Group, for the benefit of the Company and each of the Company’s controlling persons, officers, directors, stockholders, agents, affiliates, employees, attorneys and assigns, past and
present, in their capacity as such (the Company and each such person being a “Company Released Person”), hereby forever waives and releases, and covenants not to sue, any of the Company Released Persons for any and all claims,
causes of action, actions, judgments, liens, debts, contracts, indebtedness, damages, losses, liabilities, rights, interests and demands of whatsoever kind or character (other than fraud) (collectively, “Claims”) based on any event,
fact, act, omission, or failure to act by the Company Released Persons, whether known or unknown, occurring or existing prior to the date hereof; provided, however, this waiver and release and covenant not to sue shall not include any
Claims (i) arising out of or related to any obligations under, or breach of, this Agreement, or (ii) any acts which are criminal; provided, further, that this waiver and release shall not prohibit the Investor
Group’s receipt of proceeds in any class action lawsuit initiated by a Person unaffiliated with the Investor Group on the same basis as the Company’s other non-initiating stockholders within such class. The Company, for the benefit of any
member of the Investor Group and each of such member’s controlling persons, officers, directors, stockholders, agents, affiliates, employees, attorneys and assigns, past and present, in their capacity as such (each such person being a
“Investor Group Released Person”), hereby forever waives and releases and covenants not to sue, for any Claim based on any event, fact, act, omission or failure to act by such Investor Group Released Person, whether known or
unknown, occurring or existing prior to the date hereof; provided, however, this waiver and release and covenant not to sue shall not include any Claims arising out of or related to any obligations under, or breach of, this Agreement
and does not extend to acts which are criminal. 
 20. During the Standstill Period, no member of the Investor Group shall, and
each of them shall not solicit, cause or encourage others to, make any comments or statements regarding the Company or its current or former officers, directors or employees, which are derogatory or detrimental to, or which disparage, any of the
Company or its current or former officers, directors or employees, provided, however, that nothing in this Agreement to the contrary shall prohibit the Investor Group from (i) making public statements (including statements

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contemplated by Rule 14a-1(1)(2)(iv) under the Exchange Act), (ii) engaging in discussions with other stockholders or (iii) soliciting, or encouraging or participating in the
solicitation of, proxies or consents with respect to voting securities of the Company (so long as such discussions are in compliance with subsection 9(d) hereof) in each case with respect to any transaction that has been publicly announced by
the Company involving (1) the recapitalization of the Company, (2) an acquisition, disposition or sale of assets or a business by the Company where the consideration to be received or paid in such transaction requires approval by the
holders of the Common Stock or (3) a change of control of the Company. During the Standstill Period, neither the Company nor any of its officers or directors shall, nor shall any of them solicit, cause or encourage others to, make any comments
or statements regarding the Investor Group or any of their respective partners, officers, directors or employees, which are derogatory or detrimental to, or which disparage, any of them. The foregoing shall not apply to compelled testimony,
either by legal process, subpoena or otherwise, or to communications that are required by an applicable fiduciary or legal obligation including, without limitation, (i) those communications that are subject to contractual provisions providing
for confidential disclosure and (ii) the filing of any report or schedule that is required by law to be filed with the SEC. 

[signature page follows] 

 
					
	Very truly yours,
	
	NEUTRAL TANDEM, INC.
		
	By:	 	 /s/ G. Edward Evans

		 	Name:	 	G. Edward Evans
		 	Title:	 	Chief Executive Officer

  

					
	Accepted and agreed to:
	
	 SPOTLIGHT ADVISORS, LLC
 on behalf of itself and its affiliates

		
	By:	 	 /s/ Gregory Taxin

		 	Name:	 	Gregory Taxin
		 	Title:	 	Managing Member
	
	 CLINTON GROUP, INC.

on behalf of itself and its affiliates

		
	By:	 	 /s/ George Hall

		 	Name:	 	George Hall
		 	Title:	 	Chief Executive Officer
	
	 GEORGE ALLEN
 on
behalf of himself and his affiliates

		
	By:	 	 /s/ George Allen

		 	Name:	 	George Allen
		 	Title:	 	N/AForm of Registration Rights Agreement

 Exhibit 10.1 
 FORM OF REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT,
dated as of [            ], 2011, is entered into by and between Arbolada Capital Management Company, a Delaware corporation (the “Company”), TCW Capital Investment Corporation, a
California corporation (“TCWCIC”), the individuals named on Schedule I hereto (together with TCWCIC, the “Purchasers”) and Arbolada Management LLC, a Delaware limited liability company (the “Manager”).

 WHEREAS, the Company has agreed to issue and sell to the Purchasers, and the Purchasers have agreed to purchase, an aggregate
of [            ] shares (the “Private Placement Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”), pursuant to that certain
Stock Purchase Agreement, dated as of [            ], 2011, by and among the Company and the Purchasers (the “Purchase Agreement”); 

WHEREAS, on [            ], 2011, the Company adopted an Arbolada Capital
Management Company Manager Equity Plan, pursuant to which the Company may issue to the Manager up to [            ] shares of Common Stock (the “Plan Shares” and together with the
Private Placement Shares, the “Shares”) and other equity awards. 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

Section 1. Certain Definitions. 
 In addition to the terms defined elsewhere in this Agreement, the following terms, as used herein, shall have the following meanings: 

“Affiliate” of any Person means any other Person that directly, or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) as used with respect to any Person means the possession, directly
or indirectly through one or more intermediaries, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits
or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 
 “Business Day” means any day other than Saturday, Sunday or a day on which commercial banks in New York, New York are directed or permitted to be closed. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Holder” means (i) each Purchaser and the Manager as a holder of record of Registrable Common Stock, and (ii) any
direct or indirect transferee of such Registrable Common Stock from any Purchaser or the Manager. For purposes of this Agreement, the Company may deem and treat a registered holder of Registrable Common Stock as the Holder and absolute owner
thereof, and the Company shall not be affected by any notice to the contrary. 

  
 1 

 “Person” means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof) or any other entity. 
 “Prospectus” means the
prospectus or prospectuses included in any Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 433 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the
terms of the offering of any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all materials incorporated by
reference or deemed to be incorporated by reference in such prospectus or prospectuses. 
 “Registrable Common Stock”
means the Shares, upon original issuance thereof and at all times subsequent thereto, including upon the transfer thereof by the original Holder or any subsequent Holder and any securities issued in respect of such securities by reason of or in
connection with any exchange for or replacement of such securities or any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any combination of shares, recapitalization, merger or consolidation, or
any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such securities, the earliest to occur of (i) the date on which it has been registered effectively
pursuant to the Securities Act and disposed of in accordance with the Registration Statement relating to it or (ii) the date on which either it is distributed to the public or is saleable, in each case pursuant to Rule 144 promulgated by
the SEC pursuant to the Securities Act. 
 “Registration Statement” means any registration statement of the Company
filed with the SEC under the Securities Act which covers any of the Registrable Common Stock pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement. 
 “Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar Rule or regulation hereafter adopted by
the SEC as a replacement thereto having substantially the same effect as such rule. 
 “SEC” means the Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“underwritten registration or underwritten offering” means a registration in which securities of the Company are sold to
underwriters for reoffering to the public. 

  
 2 

 Section 2. Demand Registrations. 

(a) Right to Request Registration. From and after the date hereof, any Holder or Holders (“Initiating Holders”) may
request registration under the Securities Act of all or part of the Registrable Common Stock (“Demand Registration”) at any time and from time to time; provided that the number of Shares requested to be registered by the Initiating Holders
represents, in the aggregate, at least 20% of the number of shares of Registrable Common Stock then outstanding; provided further, that the Company shall not file any registration statement pursuant to any Demand Registration until 180 days after
the date of the Purchase Agreement. 
 Within ten (10) Business Days after receipt of any such request for Demand
Registration, the Company shall give written notice of such request to all other Holders of Registrable Common Stock, if any, and shall, subject to the provisions of Section 2(c) hereof, include in such registration all such Registrable Common
Stock with respect to which the Company has received written requests for inclusion therein within twenty (20) Business Days after the receipt of the Company’s notice. 

(b) Priority on Demand Registrations. If the managing underwriters of a requested Demand Registration advise the Company in
writing that in their opinion the shares of Registrable Common Stock proposed to be included in any such registration exceeds the number of securities that can be sold in such offering and/or that the number of shares of Registrable Common Stock
proposed to be included in any such registration would materially adversely affect the price per share of the Company’s equity securities to be sold in such offering, the Company shall include in such registration only the number of shares of
Registrable Common Stock that, in the opinion of such managing underwriters, can be sold. If the number of shares that can be sold is less than the number of shares of Registrable Common Stock proposed to be registered, the Company shall allocate
the amount of Registrable Common Stock to be so sold among the Holders pro rata on the basis of Registrable Common Stock requested to be included in such registration by each Holder electing to participate in such registration. If the number of
shares that can be sold, as determined by the managing underwriters, exceeds the number of shares of Registrable Common Stock proposed to be sold, such excess shall be allocated pro rata among the other holders of Common Stock, if any, desiring to
participate in such registration based on the amount of such Common Stock initially requested to be registered by such Holders or as such Holders may otherwise agree. 
 (c) Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within six (6) months after the effective date of a previous Demand Registration
or a previous registration under which the Initiating Holders had piggyback rights pursuant to Section 3 hereof wherein the Initiating Holders were permitted to register, and sold, at least 50% of the shares of Registrable Common Stock
requested to be included therein. The Company may postpone for up to ninety (90) days the filing or the effectiveness of a Registration Statement for a Demand Registration if, based on the good faith judgment of the Company’s board of
directors, such postponement or withdrawal is necessary in order to avoid premature disclosure of a matter the board has determined would not be in the best interest of the Company to be disclosed at such time; provided, however, that in no event
shall the Company withdraw a Registration Statement after such Registration Statement has been declared effective; and provided, further, however, that the Initiating Holders requesting such Demand Registration shall be entitled to withdraw such
request. The Company shall provide written notice to the Initiating Holders requesting such Demand Registration of (x) any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant to this Section 2(c),
(y) the Company’s decision to file or seek effectiveness of such Registration Statement following such withdrawal or postponement and (z) the effectiveness of such Registration Statement. 

  
 3 

 (d) Selection of Underwriters. If any of the Registrable Common Stock covered by a
Demand Registration hereof is to be sold in an underwritten offering, the Initiating Holders representing a majority of shares requested to be included in the Demand Registration shall have the right to select the managing underwriter(s) to
administer the offering subject to the approval of the Company, which approval shall not be unreasonably withheld. 
 (e)
Effective Period of Demand Registrations. After any Demand Registration filed pursuant to this Agreement has become effective, the Company shall use its best efforts to keep such Demand Registration effective for a period equal to
180 days from the date on which the SEC declares such Demand Registration effective (or if such Demand Registration is not effective during any period within such 180 days, such 180-day period shall be extended by the number of days during
such period when such Demand Registration is not effective), or such shorter period that shall terminate when all of the Registrable Common Stock covered by such Demand Registration has been sold pursuant to such Demand Registration. If the Company
shall withdraw or reduce the number of shares of Registrable Common Stock that is subject to any Demand Registration pursuant to subsection (b) of this Section 2 (a “Withdrawn Demand Registration”), the Initiating Holders of the
Registrable Common Stock remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled to a replacement Demand Registration that (subject to the provisions of this Section 2) the Company shall use its best
efforts to keep effective for a period commencing on the effective date of such Demand Registration and ending on the earlier to occur of the date (i) that is 180 days from the effective date of such Demand Registration and (ii) on
which all of the Registrable Common Stock covered by such Demand Registration has been sold. Such additional Demand Registration otherwise shall be subject to all of the provisions of this Agreement. 

(f) Underwritten Offerings. Notwithstanding the foregoing, in no event shall the Company be obligated to effect more than one
(1) underwritten offering hereunder in any single six (6) month period, with the first such period measured from the date of the first Demand Registration and ending on the same date during the six (6) months following such Demand
Registration, whether or not a Business Day. 
 Section 3. Piggyback Registrations. 

(a) Right to Piggyback. Beginning 180 days after the date of the Purchase Agreement, provided that the Manager or another Affiliate
of TCW continues to act as our manager at such time, whenever the Company proposes to register any of its common equity securities under the Securities Act (other than a registration statement on Form S-8 or on Form S-4 or any similar successor
forms thereto), whether for its own account or for the account of one or more stockholders of the Company, and the registration form to be used may be used for any registration of Registrable Common Stock (a “Piggyback Registration”), the
Company shall give prompt written notice (in any event within ten (10) business days after its receipt of notice of any exercise of other demand registration rights) to all Holders of its intention to effect such a registration and, subject to
Sections 3(b) and 3(c), shall include in such registration all Registrable Common Stock with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of the Company’s
notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. 

  
 4 

 (b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such
offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the underwriting
shall be allocated among the Company and all Holders pro rata on the basis of the Common Stock and Registrable Common Stock offered for such registration by the Company and each Holder, respectively, electing to participate in such registration.

 (c) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on
behalf of a holder of the Company’s securities other than Registrable Common Stock (“Non-Holder Securities”), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number that can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect the price per share of the
Company’s equity securities to be sold in such offering, the underwriting shall be allocated among the holders of Non-Holder Securities and all Holders pro-rata on the basis of the Non-Holder Securities and Registrable Common Stock offered for
such registration by the holder of Non-Holder Securities and each Holder, respectively, electing to participate in such registration. 
 (d) Selection of Underwriters. If any Piggyback Registration is an underwritten primary offering, the Company shall have the right to select the managing underwriter or underwriters to administer
any such offering. 
 (e) Other Registrations. If the Company has previously filed a Registration Statement with respect
to Registrable Common Stock pursuant to Section 2 hereof or pursuant to this Section 3, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other
registration of any of its securities under the Securities Act, whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least three (3) months has elapsed from the effective date of such
previous registration. 
 Section 4. Holdback Agreement. 
 In connection with an underwritten primary or secondary offering to the public, each Holder agrees, subject to any exceptions that may be agreed upon at the time of such offering, not to sell or otherwise
transfer or dispose of any shares of Registrable Common Stock (or other securities) of the Company held by them (other than Registrable Common Stock included in such offering in accordance with the terms hereof) for a period equal to the lesser of
                 days following the effective date of a Registration Statement of the Company filed under the Securities Act or such shorter period as the managing
underwriter shall agree to; provided that all other officers and directors of the Company enter into similar agreements. Such agreement shall be in writing in form reasonably satisfactory to the Company and the managing underwriter.

  
 5 

 
The Company may impose stop-transfer instructions with respect to the shares of Registrable Common Stock (or other securities) subject to the foregoing restriction until the end of said period.

 Section 5. Registration Procedures. 
 Whenever the Holders request that any Registrable Common Stock be registered pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect and maintain the registration
and the sale of such Registrable Common Stock in accordance with the intended methods of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a) prepare and file with the SEC a Registration Statement with respect to such Registrable Common Stock and use its best efforts to
cause such Registration Statement to become effective as soon as practicable thereafter; and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable Common Stock covered by
such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including, if requested by such Holders, documents incorporated by reference in the Prospectus and, if requested by such
Holders, the exhibits incorporated or deemed incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such Holders that is contained therein and the Company will make the corrections
reasonably requested by such Holders with respect to such information prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto; 

(b) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective, in the case of Demand Registration, for a period not less than 180 days, or such shorter period as is necessary to complete the distribution of the securities covered
by such Registration Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such Registration Statement; 
 (c) furnish to each seller of Registrable Common Stock (without
charge) such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as such seller may
reasonably request in order to facilitate the disposition of the Registrable Common Stock owned by such seller, and the Company consents to the use of such Prospectus, including each preliminary Prospectus, by Holders of Registrable Common Stock, in
connection with the offering and sale of Registrable Common Stock covered by any such Prospectus; 
 (d) use its commercially
reasonable efforts to register or qualify such Registrable Common Stock under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary
or advisable to enable such seller to consummate the disposition in such jurisdictions of the 

  
 6 

 
Registrable Common Stock owned by such seller (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

(e) notify each seller of such Registrable Common Stock, at any time when a Prospectus relating thereto is required to be delivered under
the Securities Act, of the occurrence of any event as a result of which the Registration Statement, including the Prospectus contained therein, contains an untrue statement of a material fact or omits any fact required to be stated therein or
necessary to make the statements therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such Registration Statement so that, as thereafter delivered to the purchasers of such
Registrable Common Stock, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 

(f) in the case of an underwritten offering, enter into such customary agreements (including underwriting agreements in customary form)
and take all such other actions as the Holders of a majority of number of shares of the Registrable Common Stock being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Common
Stock (including making executive officers of the Company available to participate in, and cause them to cooperate with the underwriters in connection with, “road-show” and other customary marketing activities (including one-on-one
meetings with prospective purchasers of the Registrable Common Stock), and cause to be delivered to the underwriters and the sellers, if any, opinions of counsel to the Company in customary form, covering such matters as are customarily covered by
opinions for an underwritten public offering as the underwriters may request and addressed to the underwriters and the sellers; 

(g) subject to receipt of reasonably acceptable confidentiality agreements, make available, for inspection by representative of a seller
of Registrable Common Stock, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company’s officers, directors and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in
connection with such Registration Statement; 
 (h) to use its commercially reasonable efforts to cause all such Registrable
Common Stock to be listed on each securities exchange on which securities of the same class issued by the Company are then listed or, if no such similar securities are then listed, on a national securities exchange selected by the Company;

 (i) provide a transfer agent and registrar for all such Registrable Common Stock not later than the effective date of such
Registration Statement; 
 (j) if requested, cause to be delivered, immediately prior to the effectiveness of the Registration
Statement (and, in the case of an underwritten offering, at the time of delivery of any Registrable Common Stock sold pursuant thereto), letters from the Company’s independent 

  
 7 

 
certified public accountants addressed to each selling Holder (unless such selling Holder does not provide to such accountants the appropriate representation letter required by rules governing
the accounting profession) and each underwriter, if any, stating that such accountants are independent public accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by the SEC thereunder, and otherwise
in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent certified public accountants delivered in connection with primary or secondary underwritten public offerings, as the case
may be; 
 (k) make generally available to its stockholders a consolidated earnings statement (which need not be audited) for
the 12 months (or, if applicable, such shorter period that the Company has been in existence) beginning after the effective date of a Registration Statement as soon as reasonably practicable after the end of such period, which earnings
statement shall satisfy the requirements of an earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (l) cooperate with each selling Holder of Registrable Common Stock and each underwriter participating in the disposition of such Registrable Common Stock and their respective counsel in connection with
any filings required to be made with the Financial Industry Regulatory Authority, Inc. and make reasonably available its employees and personnel and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the
Company’s businesses and the requirements of the marketing process) in the marketing of Registrable Common Stock in any underwritten offering. 
 (m) use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Common
Stock for sale in any jurisdiction and, if such an order or suspension is issued, to use reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify each seller of Registrable Common Stock
being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 
 (n) promptly notify each seller of Registrable Common Stock and the underwriter or underwriters, if any: 
 (i) when the Registration Statement, pre-effective amendment, the Prospectus or any prospectus supplement or post-effective amendment to the Registration Statement has been filed and, with respect to the
Registration Statement or any post-effective amendment, when the same has become effective; 
 (ii) of any
written request by the SEC for amendments or supplements to the Registration Statement or Prospectus; 
 (iii) of
the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and 

  
 8 

 (iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification of any Registrable Common Stock for sale under the applicable securities or blue sky laws of any jurisdiction. 
 (o) At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file all reports and
other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holders may reasonably request, all to the extent required to
enable such Holders to be eligible to sell Registrable Common Stock pursuant to Rule 144 under the Securities Act (or any similar rule then in effect). 
 (p) As a condition to being included in any Registration Statement, the Company may require each seller of Registrable Common Stock as to which any registration is being effected to furnish to the Company
any other information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. 
 (q) Each seller of Registrable Common Stock agrees by having its stock treated as Registrable Common Stock hereunder that, upon notice of the happening of any event as a result of which the Prospectus
included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not misleading (a “Suspension Notice”), such seller will forthwith discontinue
disposition of Registrable Common Stock until such seller is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 5(e) hereof, and,
if so directed by the Company, such seller, at its option, either will destroy or deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such seller’s possession, of the Prospectus covering
such Registrable Common Stock current at the time of receipt of such notice; provided, however, that such postponement of sales of Registrable Common Stock by the Holders shall not exceed thirty (30) days in the aggregate in any three-month
period or ninety (90) days in the aggregate in any one year except as a result of a refusal by the SEC to declare any post-effective amendment to the Registration Statement effective after the Company has used all commercially reasonable
efforts to cause such post-effective amendment to be declared effective, in which case the Company shall terminate the suspension of the use of the Registration Statement immediately following the effective date of the post-effective amendment. If
the Company shall give any notice to suspend the disposition of Registrable Common Stock pursuant to a Prospectus, the Company shall extend the period of time during which the Company is required to maintain the Registration Statement effective
pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date such seller either is advised by the Company that the use of the Prospectus may be resumed or
receives the copies of the supplemented or amended Prospectus contemplated by Section 5(e). In any event, the Company shall not be entitled to deliver more than three (3) Suspension Notices in any one year. 

  
 9 

 Section 6. Registration Expenses. 

(a) All fees and expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation,
all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, listing application fees, printing, word processing, telephone, messenger and delivery expenses, transfer agent’s and registrar’s fees,
cost of distributing Prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company, one counsel retained by the Holders of Registrable Common Stock (in accordance with
Section 6(b)) and all independent certified public accountants and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”) (but not including any underwriting discounts or commissions
attributable to the sale of Registrable Common Stock or fees and expenses of more than one counsel representing the Holders of Registrable Common Stock, which shall be borne by the Holders), shall be borne by the Company (whether or not any
Registration Statement is declared effective or any of the transactions described herein is consummated). In addition, the Company shall pay its internal expenses, the expense of any annual audit or quarterly review, the expense of any liability
insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed. 
 (b) In connection with each registration initiated hereunder (whether a Demand Registration or a Piggyback Registration), the Company shall reimburse the Holders covered by such registration or sale for
the reasonable fees and disbursements of one law firm chosen by the Holders of a majority of the number of shares of Registrable Common Stock included in such registration sale. 

(c) The obligation of the Company to bear the expenses described in Section 6(a) and to reimburse the Holders for the expenses
described in Section 6(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the
foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common Stock (unless withdrawn following postponement of filing by the Company in
accordance with Section 2(c)) or any supplements or amendments to a Registration Statement or Prospectus resulting from a misstatement furnished to the Company by a Holder shall be borne by such Holder. 

Section 7. Indemnification. 
 (a) The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its officers, directors and Affiliates, employees and agents of such Holder and each Person, if any,
who controls such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, damages, liabilities, judgments and expenses (including without limitation, the
reasonable fees and other expenses incurred in connection with any suit, action, investigation or proceeding or any claim asserted) caused by, arising out of, in connection with or based upon, any untrue or alleged untrue statement of material fact
contained in any Registration Statement, Prospectus (including any preliminary Prospectus) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the

  
 10 

 
statements therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading or any violation or alleged violation by the Company of the
Securities Act, the Exchange Act or applicable “blue sky” laws, except insofar as the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use
therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company
has furnished such Holder with a sufficient number of copies of the same. 
 (b) In connection with any Registration Statement
in which a Holder of Registrable Common Stock is participating, each such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or
Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers, directors, Affiliates, and each Person who “controls” the Company within the meaning of the Securities Act, against all losses, claims,
damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading, but only to
the extent that the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by such Holder’s failure to deliver to such
Holder’s immediate purchaser a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the
same; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such Holder shall be in proportion to and limited to the net amount received by such Holder from the sale
of Registrable Common Stock pursuant to such Registration Statement. 
 (c) Any Person entitled to indemnification hereunder
shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, such indemnifying party shall assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for each party indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be
one or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not
release the indemnifying party from its obligations hereunder. No indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise (i) which
does not include as an unconditional term thereof the giving by the 

  
 11 

 
claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation or (ii) which includes any statement of admission of fault, culpability
or failure to act by or on behalf of such indemnified party. 
 (d) The indemnification provided for under this Agreement shall
remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities or the termination of
this Agreement. 
 (e) If the indemnification provided for in or pursuant to this Section 8 is unavailable, unenforceable
or insufficient to hold harmless any indemnified Person in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute
to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying party
on the one hand and of the indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the
liability of any selling Holder be greater in amount than the amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated to pay by way of indemnification if the
indemnification provided for under Section 7(a) or 7(b) hereof had been available under the circumstances. The indemnity and contribution agreements contained in this Section 7 are in addition to any liability which the indemnifying
Persons may otherwise have to the indemnified Persons hereunder, under applicable law or at equity. 
 Section 8. Participation in
Underwritten Registrations. 
 No Person may participate in any registration hereunder that is underwritten unless such
Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements, opinions and other documents required under the terms of such underwriting arrangements. 
 Section 9. Rule 144. 
 The Company covenants that it will file the
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in accordance with the requirements of the Securities Act and the Exchange Act, and it will take such
further action as any Holder may reasonably request to make available adequate current public information with respect to the Company meeting the current public information requirements of Rule 144(c) under the Securities Act (to the extent such
information is available), 

  
 12 

 
to the extent required to enable such Holder to sell Registrable Common Stock without registration under the Securities Act within the limitation of the exemptions provided by
(i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a
written statement as to whether it has complied with such information and requirements. 
 Section 10. Miscellaneous. 

(a) Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile or
similar writing) and shall be given, 
 If to the Company: 

Arbolada Capital Management Company 

c/o The TCW Group, Inc. 
 865 South Figueroa Street, Suite 1800 
 Los Angeles, CA 90017

 Attention: Secretary 
 Facsimile No.: (213) 244-0645 
 If to TCWCIC: 

TCW Capital Investment Corporation 

c/o The TCW Group, Inc. 
 865 South Figueroa Street, Suite 1800 
 Los Angeles, CA 90017

 Attention: General Counsel 

Facsimile No.: (213) 244-0645 

If to any of the individual Purchasers: 

c/o The TCW Group, Inc. 
 865 South Figueroa Street, Suite 1800 
 Los Angeles, CA 90017

 Attention: General Counsel 

Facsimile No.: (213) 244-0645 

If to the Manager: 
 Arbolada Management LLC 
 c/o The TCW Group, Inc. 

865 South Figueroa Street, Suite 1800 

Los Angeles, CA 90017 
 Attention: General Counsel 
 Facsimile No.: (213) 244-0645

 If to a transferee Holder, to the address of such Holder set forth in the transfer documentation provided to the Company; or
such other address or facsimile number as such party (or transferee) may hereafter specify for the purpose by notice to the other parties. Each such notice, request or other communication shall be effective (a) if given by facsimile, when such
facsimile is transmitted to the facsimile number specified in this Section 10(a) and the appropriate facsimile confirmation is received or (b) if given by any other means, when delivered at the address specified in this Section.

 (b) No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law. 

  
 13 

 (c) Successors and Assigns. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns, it being understood that subsequent Holders of the Registrable Common Stock are intended third party beneficiaries hereof. 

(d) Governing Law. This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York, without regard to principles of conflicts of law (other than Section 5-1401 of the General Obligations Law). Each of the parties hereto irrevocably submits to the
exclusive jurisdiction of the courts of the State of New York and the United States District Court for any district within such state for the purpose of any action or judgment relating to or arising out of this Agreement or any of the transactions
contemplated hereby and to the laying of venue in such court. 
 (e) Jurisdiction. Any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and State of New York, and each of
the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now
or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 
 (f) Waiver of Jury Trial. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (g) Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. 
 (h) Entire Agreement. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the transactions contemplated herein. No provision of this Agreement or any other
agreement contemplated hereby is intended to confer on any Person other than the parties hereto any rights or remedies. 

  
 14 

 (i) Captions. The captions herein are included for convenience of reference only and
shall be ignored in the construction or interpretation hereof. 
 (j) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible. 
 (k) Amendments. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Holders of a majority of the then-outstanding shares of Registrable
Common Stock; provided, further, that the consent or agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the
Company’s obligations hereunder. 

  
 15 

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

					
	
	
	ARBOLADA CAPITAL MANAGEMENT COMPANY
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	
	
	TCW CAPITAL INVESTMENT CORPORATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	[Individual]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	[Individual]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	ARBOLADA MANAGEMENT LLC
		
	By:	 	 TCW Investment Management Company,
 Sole Member

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Schedule I 

 

					
	 Purchaser
	  	Number of Shares to be Purchased	 
	 TCW Capital Investment Corporation
	  	 	[        	] 
	 [Individual]
	  	 	[        	] 
	 [Individual]
	  	 	[        	] 
		  	 	 	 
	 Total
	  	 	[        	]

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