Document:

EX-10.1

 Exhibit 10.1 

ASSET PURCHASE AGREEMENT 

by and between 
 CIRCLE
GRAPHICS, INC. 
 a Delaware corporation 

and 
 CAFEPRESS INC. 

a Delaware corporation 
 Dated
as of 
 February 11, 2015 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Section 1	  	Definitions	  	 	1	 
	1.1	  	Definitions	  	 	1	 
			
	Section 2	  	Purchase of Assets/Assumption of Liabilities	  	 	8	 
	2.1	  	Purchased Assets	  	 	8	 
	2.2	  	Excluded Assets	  	 	9	 
	2.3	  	Assumed Liabilities and Obligations	  	 	10	 
	2.4	  	Excluded Liabilities and Obligations	  	 	10	 
	2.5	  	Non-Assignable Assets	  	 	11	 
			
	Section 3	  	Transaction Consideration	  	 	12	 
	3.1	  	Transaction Consideration	  	 	12	 
	3.2	  	Taxes and Tax Reporting	  	 	15	 
	3.3	  	Transition Services Agreement	  	 	16	 
	3.4	  	Commercial Agreement	  	 	16	 
			
	Section 4	  	Closing	  	 	16	 
	4.1	  	Closing	  	 	16	 
	4.2	  	Transfer of Possession	  	 	16	 
			
	Section 5	  	Representations and Warranties of Seller	  	 	17	 
	5.1	  	Organization, Good Standing, Corporate Power and Qualification	  	 	17	 
	5.2	  	Due Authorization, Binding Effect	  	 	17	 
	5.3	  	No Conflicts	  	 	17	 
	5.4	  	Governmental Consents	  	 	17	 
	5.5	  	Litigation	  	 	18	 
	5.6	  	Intellectual Property	  	 	18	 
	5.7	  	Compliance with Contracts and Legal Requirements	  	 	19	 
	5.8	  	Assets Generally	  	 	20	 
	5.9	  	Contracts	  	 	20	 
	5.10	  	Governmental Authorizations; Permits	  	 	21	 
	5.11	  	Employee Matters	  	 	21	 
	5.12	  	Taxes	  	 	23	 
	5.13	  	Material Relationships	  	 	24	 
	5.14	  	Financial Statements	  	 	25	 
	5.15	  	Related-Party Transactions	  	 	25	 
	5.16	  	Insurance	  	 	25	 
	5.17	  	Real Property	  	 	25	 
	5.18	  	Environmental Compliance	  	 	26	 
	5.19	  	Accounts Receivable	  	 	27	 
	5.20	  	Inventory	  	 	27	 
	5.21	  	Warranty Obligations	  	 	28	 
	5.22	  	Absence of Undisclosed Liabilities	  	 	28	 
	5.23	  	Absence of Certain Events	  	 	28	 
	5.24	  	Full Disclosure	  	 	29	 

  
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	Section 6		Representations and Warranties of Buyer		 	29	 
	6.1		Organization, Good Standing, Corporate Power and Qualification		 	29	 
	6.2		Due Authorization, Binding Effect		 	29	 
	6.3		No Conflicts		 	30	 
	6.4		Governmental Consents		 	30	 
	6.5		Litigation		 	30	 
	6.6		No Finder’s Fees		 	30	 
	6.7		Financing		 	30	 
	Section 7		Covenants		 	31	 
	7.1		Conveyance of Assets		 	31	 
	7.2		Employee Matters		 	31	 
	7.3		Access and Information		 	33	 
	7.4		Preservation of Business		 	34	 
	7.5		Commercially Reasonable Efforts		 	35	 
	7.6		Publicity		 	35	 
	7.7		Exclusivity		 	35	 
	7.8		Notice		 	36	 
	7.9		Confidentiality		 	37	 
	7.10		Bulk Sales Laws		 	38	 
	7.11		Company Sale		 	38	 
	Section 8		Conditions Precedent to the Closing by Buyer		 	39	 
	8.1		Representations and Warranties		 	39	 
	8.2		Performance		 	39	 
	8.3		No Action		 	39	 
	8.4		Material Adverse Effect		 	39	 
	8.5		Certificates		 	39	 
	8.6		Governmental Approvals		 	40	 
	8.7		Consents Obtained		 	40	 
	8.8		Bill of Sale; Assumption Agreement; IP Assignment Agreement		 	40	 
	8.9		Transition Services Agreement		 	40	 
	8.10		Commercial Agreement		 	40	 
	8.11		Escrow Agreement		 	40	 
	8.12		Termination of Employment; Waiver of Rights		 	40	 
	8.13		Approval of Documentation		 	40	 
	8.14		Transferred Employees		 	40	 
	8.15		Contemporaneous Delivery and Effectiveness		 	41	 
	Section 9		Conditions Precedent to the Closing by Seller		 	41	 
	9.1		Representations and Warranties		 	41	 
	9.2		Performance		 	41	 
	9.3		Consideration		 	41	 
	9.4		Certificate		 	41	 
	9.5		No Actions		 	41	 
	9.6		Transition Services Agreement		 	42	 
	9.7		Commercial Agreement		 	42	 
	9.8		Escrow Agreement		 	42	 
	9.9		Approval of Documentation		 	42	 
	9.10		Contemporaneous Delivery and Effectiveness		 	42	 

  
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	Section 10		Post-Closing Indemnification		 	42	 
	10.1		Survival of Representations and Warranties and Related Indemnification Rights		 	42	 
	10.2		Indemnification		 	43	 
	10.3		Arbitration		 	47	 
	10.4		Set-Off		 	48	 
	Section 11		Post-Closing Covenants		 	48	 
	11.1		Employee Non-Solicitation		 	48	 
	11.2		Non-Competition		 	49	 
	11.3		Certain Acknowledgements		 	49	 
	11.4		Outstanding Consents		 	50	 
	11.5		Cooperation on Tax Matters		 	50	 
	Section 12		Termination		 	50	 
	12.1		Termination		 	50	 
	12.2		Effect of Termination		 	51	 
	Section 13		General Provisions		 	52	 
	13.1		Notices		 	52	 
	13.2		Expenses		 	53	 
	13.3		Counterparts; Facsimile Signatures		 	53	 
	13.4		Governing Law		 	53	 
	13.5		Integration and Construction		 	53	 
	13.6		Waivers and Amendments		 	53	 
	13.7		Injunctive Relief		 	53	 
	13.8		Successors and Assigns		 	54	 
	13.9		Severability		 	54	 
	13.10		Time of Essence		 	54	 
	13.11		No Third Party Beneficiaries		 	54	 

  
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 ASSET PURCHASE AGREEMENT 

THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is entered into as of February 11, 2015, by and between CIRCLE GRAPHICS, INC.,
a Delaware corporation (“Buyer”), and CAFEPRESS INC., a Delaware corporation (“Seller”). 
 Recitals 

WHEREAS, Seller is engaged in the business of transforming photographs and images into canvas works of art and selling such products through
its e-commerce websites, including canvasondemand.com, greatbigcanvas.com and imagekind.com (the “Business”); 
 WHEREAS,
effective on the Closing Date (as defined below), (a) Seller desires to sell, assign, transfer, convey and deliver to Buyer or the Designated Purchaser, and Buyer or the Designated Purchaser desires to purchase and acquire from Seller, all of
its rights, title and interest in and to the Assets (as defined herein) and (b) Buyer or the Designated Purchaser agrees to assume and become responsible for the Assumed Liabilities (as defined herein), on the terms and subject to the
conditions hereinafter set forth (the “Transaction”); and 
 WHEREAS, prior to delivery of this Agreement, and as a condition and
inducement for Buyer’s willingness to enter into this Agreement, each of Gavin Jocius, Mike Keyes, Nicki Velasco, Jason Sloan and Elijah Taylor shall have executed and delivered to Buyer employment letters satisfactory in form and substance to
Buyer, in each case to become effective upon Closing. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth
in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1 DEFINITIONS. 
 1.1
Definitions. In this Agreement, the following terms have the meanings specified or referred to in this Section 1 and shall be equally applicable to both the singular and plural forms. Any agreement referred to below shall mean such
agreement as amended, supplemented and modified from time to time to the extent permitted by the applicable provisions thereof and by this Agreement. 

(a) “Accrued PTO” shall mean accrued but unused vacation, accrued but unused sick time and earned but unused time off. 

(b) “Action” shall have the meaning ascribed to such term in Section 10.2(a). 

(c) “Acquisition Proposal” shall have the meaning ascribed to such term in Section 7.7. 

(d) “Affiliate” shall mean, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under
common control with, such other Person as of the date on which, or at any time during the period for which, the determination of affiliation is 

  

 
being made. For purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as
used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities or by contract or otherwise.

 (e) “Agreed Amount” shall have the meaning ascribed to such term in Section 10.2(g). 

(f) “Agreement” shall have the meaning set forth in the Preamble. 

(g) “Assets” shall have the meaning ascribed to such term in Section 2.1. 

(h) “Assumed Liabilities” shall have the meaning ascribed to such term in Section 2.3. 

(i) “Assumption Agreement” shall have the meaning ascribed to such term in Section 4.2. 

(j) “Bill of Sale” shall have the meaning ascribed to such term in Section 4.2. 

(k) “Books and Records” shall have the meaning ascribed to such term in Section 2.1(j). 

(l) “Business” shall have the meaning set forth in the Recitals. 

(m) “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banks in New York City, United States of
America are authorized or obligated by Legal Requirement to close. 
 (n) “Buyer” shall have the meaning set forth in the
Preamble. 
 (o) “Buyer Indemnified Parties” shall have the meaning ascribed to such term in Section 10.2(a). 

(p) “Claimed Amount” shall have the meaning ascribed to such term in Section 10.2(e). 

(q) “Claim Notice” shall have the meaning ascribed to such term in Section 10.2(e). 

(r) “Closing” shall have the meaning ascribed to such term in Section 4.1. 

(s) “Closing Date” shall have the meaning ascribed to such term in Section 4.1. 

(t) “Closing PTO Amount Schedule” shall have the meaning ascribed to such term in Section 7.2(c). 

(u) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and the regulations thereunder, and
corresponding provisions of state or local law. 

  
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 (v) “Code” shall mean the United States Internal Revenue Code of 1986, as amended, and
the rules and regulations promulgated thereunder. 
 (w) “Commercial Agreement” shall have the meaning ascribed to such term in
Section 3.4. 
 (x) “Company Sale” shall mean an acquisition of all or substantially all of the assets of the Seller, an
acquisition of more than a majority of the Seller’s voting equity, or a merger, consolidation or other business combination or similar transaction involving the Seller, as a whole. For the sake of clarity, in no event shall a “Company
Sale” be deemed to include the sale of the Assets or Business on a standalone basis. 
 (y) “Competitors” shall have the
meaning ascribed to such term in the definition of Material Adverse Effect. 
 (z) “Confidentiality Agreement” shall mean the
Confidentiality Agreement between Seller and Buyer dated August 4, 2014. 
 (aa) “Contract” shall mean any agreement,
contract, subcontract, lease, instrument, note, evidence of indebtedness, indenture, mortgage, security agreement, warranty, insurance policy, benefit plan or other legally binding commitment (whether written or oral) to which Seller or any of its
subsidiaries is a party. 
 (bb) “Copyrights” shall have the meaning ascribed to such term in the definition of Intellectual
Property. 
 (cc) “Damages” shall have the meaning ascribed to such term in Section 10.2(a). 

(dd) “Designated Purchaser” shall have the meaning ascribed to such term in Section 13.8. 

(ee) “Dispute” shall have the meaning ascribed to such term in Section 10.2(h). 

(ff) “Employee Agreement” shall mean each employment, severance, consulting, relocation, repatriation, expatriation or other
agreement or contract between Seller, its parents or any Seller subsidiary and any Target Employee relating to the material terms of such Target Employee’s employment. 

(gg) “Employee Plan” shall mean any deferred compensation, pension, retirement, health, profit sharing, incentive bonus, stock
purchase, stock option or stock-related awards, hospitalization, insurance, severance, workers’ compensation, supplemental unemployment benefits, vacation benefits, disability benefits, change of control, retention, termination, fringe benefit,
or any other employee pension benefit (as defined in ERISA or otherwise) or employee welfare benefit (as defined in ERISA or otherwise) obligation, or any other employee benefit of any kind whatsoever whether under a plan or agreement, that is
sponsored, maintained, contributed to, or required to be contributed to by Seller or any Seller subsidiary for the benefit of any Target Employee or any beneficiary or dependents thereof. 

  
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 (hh) “Employees” shall mean all employees employed by Seller who primarily work in the
Business as of the date of this Agreement that are set forth on Schedule 1.1(hh). 
 (ii) “Employment Laws” shall have the meaning
ascribed to such term in Section 5.11(a). 
 (jj) “Encumbrance” shall mean any Liens, pledge, mortgage, deed of trust,
security interest, charge, claim, easement, encroachment or other similar encumbrances. 
 (kk) “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 
 (ll) “Excluded Assets” shall have the
meaning ascribed to such term in Section 2.2. 
 (mm) “Excluded Liabilities” shall have the meaning ascribed to such term in
Section 2.4. 
 (nn) “Excluded Records” shall have the meaning ascribed to such term in Section 2.2(d). 

(oo) “Fraudulent Breach” shall have the meaning ascribed to such term in Section 10.1. 

(pp) “Fundamental Representations” shall have the meaning ascribed to such term in Section 10.1. 

(qq) “Governmental Authority” shall mean any and all foreign, federal, state or local governments, governmental institutions, public
authorities and governmental entities of any nature whatsoever, and any subdivisions or instrumentalities thereof, including departments, boards, bureaus, commissions, agencies, courts, arbitrals, administrations and panels, and any divisions or
instrumentalities thereof, whether permanent or ad hoc. 
 (rr) “Governmental Authorization” shall mean any (i) permit,
license, certificate, franchise, permission, clearance, registration, qualification or authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Authority or pursuant to any Legal Requirement, and
(ii) right under any Contract with any Governmental Authority. 
 (ss) “Indemnified Party” shall mean either Buyer
Indemnified Parties or Seller Indemnified Parties in their respective capacities as indemnitees hereunder, as applicable. 
 (tt)
“Indemnifying Party” shall mean either Buyer or Seller in its capacity as an indemnitor hereunder, as applicable. 
 (uu)
“Intellectual Property” shall mean all rights in or arising under (a) patents, patent rights, invention disclosures and similar rights in inventions (collectively, “Patents”); (b) copyrights and copyrightable works,
mask works, rights in Software, ‘moral rights’ and any other rights of authors or in works of authorship, whether copyrightable or not (including databases and other compilations of information) (collectively, “Copyrights”);
(c) registered and unregistered trademarks, service marks, trade dress, trade names, corporate names, logos, 

  
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slogans, URLs and internet domain names, and all goodwill associated therewith and symbolized thereby (collectively, “Trademarks”); (d) trade secrets, know-how, confidential or
proprietary information, and any technical, business and other information (collectively, “Trade Secrets”); (e) registrations, applications, renewals, reissues, reexaminations, extensions, parents, continuations,
continuations-in-part, and domestic and foreign counterparts for and to any of the foregoing; and (f) all other similar or equivalent proprietary rights now known or hereafter recognized anywhere in the world. 

(vv) “Intellectual Property Licenses” means all licenses, sublicenses and other agreements by or through which other Persons grant
Seller or Seller grants any other Persons any exclusive or non-exclusive rights or interests in or to any Intellectual Property that is used primarily in connection with the Business. 

(ww) “Intellectual Property Registrations” means all Intellectual Property Assets that are subject to any issuance, registration,
application or other filing by, to or with any Governmental Authority or authorized private registrar in any jurisdiction, including registered Trademarks, domain names, and Copyrights, issued and reissued Patents and pending applications for any of
the foregoing. 
 (xx) “IP Assignment Agreement” shall have the meaning ascribed to such term in Section 4.2. 

(yy) “knowledge” shall mean (i) with respect to Seller, the actual or constructive knowledge of any fact or circumstance after
reasonable inquiry of any of the individuals set forth in Schedule 1.1(yy)(i), and (ii) with respect to Buyer, the actual or constructive knowledge of any fact or circumstance after reasonable inquiry of any of the individuals set forth in
Schedule 1.1(yy)(ii). 
 (zz) “Legal Requirement” shall mean any federal, state, local, municipal, foreign or other law, statute,
constitution, principle of common law, resolution, ordinance, order, code, edict, decree, consent decree, judgment, rule, regulation, ruling, requirement or other pronouncement issued, enacted, adopted, promulgated, implemented or otherwise put into
effect by or under the authority of any Governmental Authority, including any bulk transfer laws. 
 (aaa) “Liability” shall mean
any indebtedness, liability, loss or cost (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any
liability for Taxes. 
 (bbb) “Lien” shall mean any interest in property securing an obligation, whether such interest is based on
common law, statute or contract (and including any security interest or lien arising from a mortgage, claim, encumbrance, pledge, charge, easement, servitude, security agreement, conditional sale or trust receipt or a lease, consignment or bailment
for security purposes), reservations, exceptions, covenants, conditions, options, restrictions, leases, subleases, licenses, occupancy agreements, pledges, charges, assessments, covenants, reservations, defects in title, encroachments and other
burdens, and other title exceptions and encumbrances affecting property of any nature, whether accrued or unaccrued, tangible or intangible, or absolute or contingent, excluding claims of Intellectual Property violations. 

  
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 (ccc) “Material Adverse Effect” shall mean any circumstance, change in or effect on,
the Assets or the Business that, individually or in the aggregate with any other circumstances, changes in, or effects on the Assets or the Business (A) has had or would be reasonably expected to have a material adverse effect on the Assets or
the Business or (B) has had or would be reasonably expected to have a material adverse effect on the ability of Seller and its Affiliates to perform their obligations under this Agreement or any other agreement contemplated hereby; provided,
however, that in determining whether a Material Adverse Effect has occurred or would be reasonably expected to occur, there shall be excluded any effect to the extent resulting from, or arising in connection with, any of the following (either alone
or in combination): 
 (i) changes in general economic or business conditions or the financial or securities markets
generally that do not impact Seller’s ability to operate the Business in a disproportionate manner relative to Seller’s competitors whose primary business involves transforming photographs and images into canvas works of art
(“Competitors”); 
 (ii) changes in the industries in which Seller operates, to the extent such changes do not
adversely affect Seller’s ability to operate the Business in a disproportionate manner relative to Seller’s Competitors; 

(iii) changes in generally accepted accounting principles; 

(iv) changes in Legal Requirements, to the extent such changes do not adversely affect Seller’s ability to operate the
Business in a disproportionate manner relative to Seller’s Competitors; 
 (v) acts of war (whether or not declared),
the commencement, continuation or escalation of a war, acts of armed hostility, sabotage or terrorism or other international or national calamity or any material worsening of such conditions threatened or existing as of the date of this Agreement,
to the extent such changes do not adversely affect Seller’s ability to operate the Business in a disproportionate manner relative to Seller’s Competitors; 

(vi) the announcement or pendency of the Transaction contemplated by this Agreement; or 

(vii) (1) the failure by Seller to take any action expressly prohibited by the terms of this Agreement or (2) any
actions taken by Seller as expressly required by the terms of this Agreement or with the consent of Buyer. 
 (ddd) “Patents”
shall have the meaning ascribed to such term in the definition of Intellectual Property. 
 (eee) “Permits” means all permits,
licenses, franchises, approvals, authorizations and consents required to be obtained from or issued by any Governmental Authority. 

  
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 (fff) “Permitted Encumbrances” shall mean (i) Encumbrances for Taxes, assessments
and other governmental charges not yet due and payable or, if due (A) not delinquent and described in reasonable detail on the Seller Disclosure Schedule; or (B) being contested in good faith by appropriate proceedings and described in
reasonable detail on the Seller Disclosure Schedule, and (ii) mechanics’, workmen’s, repairmen’s, warehousemen’s, carriers’ or other similar Liens or Encumbrances, including all statutory Liens and Encumbrances, arising
or incurred in the ordinary course of business. 
 (ggg) “Person” shall mean any natural person, any Governmental Authority and
any entity the separate existence of which is recognized by any Governmental Authority including corporations, limited liability companies, partnerships, limited liability partnerships, joint ventures, joint stock companies, trusts, estates,
companies and associations, whether organized for profit or otherwise. 
 (hhh) “Purchase Price” shall have the meaning ascribed
to such term in Section 3.1(a). 
 (iii) “Receivables” shall have the meaning ascribed to such term in Section 2.1(a).

 (jjj) “Related Agreements” shall mean the Bill of Sale, Assumption Agreement, the IP Assignment Agreement, the Transition
Services Agreement and the Commercial Agreement. 
 (kkk) “Representatives” shall mean any director, officer, employee,
accountant, counsel, investment banker, financial advisor or other agent or representative of such Person or any of its Affiliates. 
 (lll)
“Restrictive Covenants” shall have the meaning ascribed to such term in Section 11.3(a). 
 (mmm) “Seller” shall
have the meaning set forth in the Preamble. 
 (nnn) “Seller Disclosure Schedule” shall mean the schedule (dated as of the date of
the Agreement) delivered to Buyer on behalf of Seller setting forth exceptions to, and disclosure with respect to, representations and warranties of Seller set forth herein. 

(ooo) “Seller Indemnified Parties” shall have the meaning ascribed to such term in Section 10.2(b). 

(ppp) “Service Providers” shall have the meaning ascribed to such term in Section 5.6(d). 

(qqq) “Software” shall mean computer software, programs and databases in any form, including source code, object code, operating
systems and specifications, data, databases, database management code, firmware, utilities, graphical user interfaces and software engines, and all related documentation, developer notes, comments and annotations. 

(rrr) “Target Employees” shall have the meaning ascribed to such term in Section 7.2(a). 

  
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 (sss) “Tax,” “Taxes” and “Tax Returns” shall have the meanings
ascribed to such terms in Section 5.12(a). 
 (ttt) “Termination Date” shall have the meaning ascribed to such term in
Section 12.1(b). 
 (uuu) “Trademarks” shall have the meaning ascribed to such term in the definition of Intellectual
Property. 
 (vvv) “Trade Secrets” shall have the meaning ascribed to such term in the definition of Intellectual Property. 

(www) “Transaction” shall have the meaning ascribed to such term in the Recitals. 

(xxx) “Transfer Offers” shall have the meaning ascribed to such term in Section 7.2(a). 

(yyy) “Transferred Employees” shall have the meaning ascribed to such term in Section 7.2(a). 

(zzz) “Transition Services Agreement” shall have the meaning ascribed to such term in Section 3.3. 

SECTION 2 PURCHASE OF ASSETS/ASSUMPTION OF LIABILITIES. 

2.1 Purchased Assets. On the terms and subject to the conditions contained herein, effective as of the Closing, the Seller shall sell,
convey, transfer, assign and deliver to Buyer, and Buyer shall purchase, acquire and accept from the Seller, free and clear of all Encumbrances (other than Permitted Encumbrances), all of the Seller’s right, title and interest in and to all of
the following assets, which the Seller owns or in which the Seller has any right, title or interest, other than those assets specified as Excluded Assets (collectively, the “Assets”) as the same shall exist as of the Closing: 

(a) all drafts, accounts or notes receivable (including unbilled receivables), deposits, and any other rights to payment and the full benefit
of all security for such rights to payment, including receivables arising from goods shipped or sold or services rendered to the Seller’s customers, in each case arising primarily in connection with the Business or the Assets (the
“Receivables”); 
 (b) all inventory, finished goods, raw materials, work in progress, packaging, supplies, parts and other
inventories of the Business (“Inventory”); 
 (c) all Contracts set forth on Schedule 2.1(c)(i), the Leases set forth on Schedule
2.1(c)(ii) and the Intellectual Property Licenses set forth on Schedule 2.1(c)(iii) (the “Assigned Contracts”); 
 (d) all
Intellectual Property owned by Seller and primarily used in connection with or necessary and sufficient for the operation of the Business, including, without limitation, the Intellectual Property Registrations set forth on Schedule 2.1(d) (the
“Intellectual Property Assets”); 

  
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 (e) all tangible personal property of the Business, including, without limitation, all machinery,
furniture, fixtures, equipment, tooling, computer hardware, supplies and other tangible personal property of the Business located in Raleigh, North Carolina (“Tangible Assets”); provided, however, that the Tangible Assets shall not include
the assets set forth on Schedule 2.1(e)(ii); 
 (f) all of the Seller’s right, title and interest in and to all Governmental
Authorizations and Permits listed on Schedule 2.1(f), but only to the extent such Governmental Authorizations and Permits may be transferred under applicable Legal Requirements; 

(g) all prepaid expenses, credits, advance payments, security deposits, charges, sums and fees to the extent related to the Assets; 

(h) all of Seller’s rights under warranties, indemnities and all similar rights against third parties to the extent related to the
Assets; 
 (i) all rights of offset and credits, rights to any action, suit or claim of any nature, all causes of action, claims, demands,
all attorney-client privileges and rights related thereto, to the extent primarily related to any Assets or to the Business; 
 (j) all
books, records, files, and data, including, without limitation, books of account, ledgers and general, financial and accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists,
distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files, records and data (including all correspondence with any Governmental Authority),
sales material and records, strategic plans, internal financial statements and marketing and promotional surveys, material and research, that primarily relate to or are necessary for the operation of the Business or the Assets (the “Books and
Records”), other than books and records set forth on Schedule 2.1(j) and the Excluded Records; and 
 (k) all goodwill associated with
any of the assets described in the foregoing clauses (a) to (j). 
 2.2 Excluded Assets. Notwithstanding anything to the
contrary herein and except as expressly set forth in Section 2.1 above, the Assets do not include, Seller is not selling and Buyer is not purchasing, any other assets of Seller, and all such other assets and properties shall be excluded from
the Assets (the “Excluded Assets”). Without limiting the foregoing, Excluded Assets include the following assets and properties of the Seller: 

(a) all cash and cash equivalents, bank accounts and securities of Seller; 

(b) all Contracts that are not Assigned Contracts; 

(c) all Intellectual Property other than the Intellectual Property Assets; 

  
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 (d) the corporate seals, organizational documents, minute books, stock books, Tax Returns, books
of account or other records having to do with the corporate organization of Seller, all employee-related or employee benefit-related files or records, other than personnel files of Transferred Employees, a copy of which may be kept by Seller, and
any other books and records that Seller is prohibited from disclosing or transferring to Buyer under applicable Legal Requirements and is required by applicable Legal Requirements to retain (collectively, “Excluded Records”); 

(e) all insurance policies of Seller and all rights to applicable claims and proceeds thereunder; 

(f) all benefit plans and trusts of Seller or other assets attributable thereto; 

(g) all Tax assets (including duty and Tax refunds and prepayments) of Seller; 

(h) all rights to any action, suit or claim of any nature available to or being pursued by Seller, whether arising by way of counterclaim or
otherwise, that are not related to the Assets or Business; 
 (i) all assets, properties and rights (other than the Assets) used by Seller
in its businesses other than the Business; and 
 (j) the assets set forth on Schedule 2.1(e)(ii). 

2.3 Assumed Liabilities and Obligations. On the terms and subject to the conditions and exceptions contained herein, as of the Closing,
Buyer shall assume and become responsible for only those obligations specified on Schedule 2.3 (the “Assumed Liabilities”), and Buyer does not assume and will not be responsible or liable for any other Liabilities or obligations of Seller
(including, without limitation, the Excluded Liabilities and any Liabilities or obligations associated with Excluded Assets). Assumed Liabilities shall include Liability for the payout of Accrued PTO (excluding any interest, waiting time payments
and the like) set forth on the Closing PTO Amount Schedule and that is credited to Buyer or any of its Affiliates for the benefit of Transferred Employees. Seller shall not amend, adjust or compromise any Assumed Liabilities from the date hereof
without the prior knowledge and written consent of Buyer. 
 2.4 Excluded Liabilities and Obligations. Notwithstanding anything to
the contrary contained in this Agreement, Buyer will not assume or be liable for, and Seller will retain and remain responsible for, all of Seller’s debts, Liabilities and obligations of any nature whatsoever (other than the Assumed Liabilities
set forth in Section 2.3), whether accrued or unaccrued, whether absolute or contingent, whether known or unknown, whether due or to become due, and regardless of when asserted (collectively, the “Excluded Liabilities”). The Excluded
Liabilities include the following: 
 (a) Liabilities Under This Agreement. All of Seller’s Liabilities and obligations under
this Agreement or under any other agreement between Seller on the one hand and Buyer or the Designated Purchaser on the other hand; 

  
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 (b) Taxes. Except as provided in Section 3.2, any Liability for or in respect of all
Taxes and assessments, including all excise Taxes, sales and use Taxes, payroll withholding Taxes, FICA Taxes, unemployment Taxes, income Taxes, business Taxes and real and personal property Taxes that are required to be paid or remitted by Seller,
and of any Taxes arising out of or relating to the Business or the ownership or use of the Assets prior to the Closing; 
 (c) Employee
Liabilities. Except as specifically set forth in Section 7.2 of this Agreement, any and all Liabilities under or relating to any Employee Plan, Employee Agreement or otherwise relating to any current or former employee, director, or
consultant of Seller and his or her service or employment with Seller prior to the Closing; 
 (d) Breach of Contract/Violation of
Law. All of Seller’s Liabilities or obligations arising out of or in connection with (i) the breach by Seller of any Contract, including any Liabilities or obligations resulting from, arising out of, relating to, in the nature of or
caused by any breach of contract, breach of warranty, tort, infringement, violation of Legal Requirement or environmental matters concerning or in connection with the Business or the Assets (including those arising under any and all applicable
securities, environmental, health and safety laws) occurring before the Closing, or any damages to third parties resulting from acts, events or omissions occurring before the Closing; and (ii) any liability of Seller to third parties (other
than the Assumed Liabilities) resulting from, arising out of, relating to, in the nature of or caused by the execution of this Agreement or the consummation of the transactions contemplated hereby to the extent not caused by or resulting from the
actions or omissions of Buyer or any of its Affiliates; provided, however, that this Section 2.4(d) shall not be deemed to limit or affect in any way the obligations of Buyer under Section 10.2(b); 

(e) Fees. All of Seller’s Liabilities or obligations for expenses or fees incurred by Seller incident to or arising out of the
negotiation, preparation, approval or authorization of this Agreement, or the consummation (or preparation for the consummation) of the transactions contemplated hereby, including all of the Seller’s attorneys’ and accountants’ fees,
brokerage fees, consultants’ fees and finders’ fees; 
 (f) Unclaimed Coupons. All of Seller’s Liabilities or
obligations arising from or in connection with the value of any discounted gift certificates, Groupons, coupons, discounts, or other offers that have expired prior to the Closing (collectively, “Unclaimed Coupons”) to the extent the value
of such Unclaimed Coupons is reflected as income on the Financial Statements, including, without limitation, any Liabilities or obligations with respect to claims by (a) the holders of Unclaimed Coupons and (b) any Governmental Authority
with respect to any Legal Requirements applicable to the Unclaimed Coupons, including Legal Requirements dealing with unclaimed property or escheatment; and 

(g) Third Party Claims. All of Seller’s Liabilities or obligations arising out of or in connection with the claims set forth on
Schedule 5.6(c)(ii) of the Seller Disclosure Schedule. 
 2.5 Non-Assignable Assets. Notwithstanding anything to the contrary in this
Agreement, no Contracts, properties, rights or other assets of the Seller shall be deemed sold, transferred or assigned to Buyer pursuant to this Agreement if the attempted sale, transfer or assignment thereof to Buyer without the consent or
approval of any other Person would be 

  
 11 

 
ineffective or would constitute a breach of contract or a material violation of any Legal Requirement or would in any other way materially and adversely affect the rights of the Seller (or Buyer
as transferee or assignee), and such consent or approval is not obtained at or prior to the Closing. In such case, for a period of 150 days following Closing (the “Transition Period”), to the extent possible, (a) the beneficial
interest in or to such Contracts, properties, rights or assets (collectively, the “Beneficial Rights”) shall in any event pass at the Closing to Buyer under this Agreement; and (b) pending such consent or approval, Buyer shall
discharge the obligations of the Seller under such Beneficial Rights (to the extent such obligations are Assumed Liabilities) as agent for the Seller, and the Seller shall act as Buyer’s agent in the receipt of any benefits, rights or interest
received from the Beneficial Rights. During the Transition Period Seller shall use commercially reasonable efforts to secure, as promptly as practicable and at its own expense, any consents, approvals, waivers and authorizations required in
connection with the transactions contemplated by this Agreement, including, without limitation, all Required Consents and Other Consents, to the extent such consents, approvals, waivers and authorizations were not obtained and delivered to Buyer at
or prior to the Closing. During the Transition Period, Seller shall cooperate with Buyer in any other reasonable arrangement designed to provide for Buyer the benefits of such Contracts, properties, rights and assets, including enforcement at the
cost and for the account of Buyer of any and all rights of the Seller against the other party thereto arising out of the breach or cancellation thereof by such other party or otherwise, and to provide for the discharge of any liability under such
Contracts, properties, rights or assets, to the extent such liability constitutes an Assumed Liability. If and to the extent that by the end of the Transition Period an arrangement acceptable to Buyer with respect to Beneficial Rights cannot be
made, or the requisite consents, approvals, waivers or authorizations are not obtained, then Buyer shall have no obligation with respect to any such Contract, property, right or other asset, and such Contract, property, right or other asset shall
not be deemed to be an Asset and any related liability shall not be deemed an Assumed Liability, and, notwithstanding any contrary provision of this Agreement or any Related Agreement, Seller shall have no further obligation to use commercially
reasonable efforts to secure such consents, approvals, waivers or authorizations after the end of the Transition Period. Notwithstanding anything to the contrary in this Section 2.5, the Seller shall be solely responsible for using commercially
reasonable efforts to obtain, and shall use commercially reasonable efforts to obtain, all necessary consents to assignment on or prior to the Closing Date, and Buyer shall have no obligation to expend any money, incur any liability, commence any
legal proceeding or offer or grant any accommodation (financial or otherwise) to any person or entity in connection with the process of obtaining the consents and approvals described in this Section 2.5. 

SECTION 3 TRANSACTION CONSIDERATION. 
 3.1
Transaction Consideration. 
 (a) Purchase Price. In consideration for Buyer’s purchase of the Assets and assumption of
the Assumed Liabilities, Buyer shall pay to Seller an aggregate amount (the “Purchase Price”) equal to (i) $31,500,000 plus (ii) the Excess Amount, if any, minus (iii) the Deficiency Amount, if any. The
Purchase Price shall be payable at the Closing as follows: 
 (i) Buyer shall deliver by wire transfer of immediately
available funds to The Bank of New York Mellon Corporation (the “Escrow Agent”) the sum of $3,780,000.00 

  
 12 

 
(the “Escrow Amount”) to be held in escrow and payable by the Escrow Agent pursuant to the terms of an escrow agreement in substantially the form attached hereto as Exhibit F
(the “Escrow Agreement”). 
 (ii) Buyer shall deliver by wire transfer of immediately available funds to an account
designated in writing by the Seller the balance of the Purchase Price (i.e., the Purchase Price less all amounts delivered by Buyer pursuant to Section 3.1(a)(i)). 

The Purchase Price shall be subject to adjustment at and following the Closing pursuant to Section 3.1(b) below. All adjustments to the Purchase Price
made after the Closing Date shall be payable as set forth in Section 3.1(b). 
 (b) Purchase Price Adjustment. The Purchase
Price shall be subject to adjustment at and following the Closing as follows: 
 (i) On the date two (2) business days
prior to the Closing Date, the Seller shall deliver to Buyer a statement of Working Capital of the Business (the “Closing Working Capital Statement”) setting forth the Working Capital of the Business estimated as of the Closing (such
Working Capital, the “Closing Working Capital Number”). The Closing Working Capital Statement shall be prepared in accordance with the definitions set forth in Section 3.1(b)(vi)-(viii) and in conformity with accounting
principles generally accepted in the United States (“GAAP”) applied in a manner consistent with the Financial Statements. If the Closing Working Capital Number is greater than (i.e. less negative than) $(2,500,000.00) (the “Target
Working Capital Number”), the Purchase Price shall be increased at the Closing by an amount equal to the Closing Working Capital Number minus the Target Working Capital Number (the “Excess Amount”); provided, however that if the
difference between the Closing Working Capital Number and the Target Working Capital Number is less than $200,000.00, then there shall be no adjustment to the Purchase Price at Closing. If the Closing Working Capital Number is less than (i.e. more
negative than) the Target Working Capital Number, the Purchase Price shall be decreased at the Closing by an amount equal to the Target Working Capital Number minus the Closing Working Capital Number (the “Deficiency Amount”); provided,
however that if the difference between the Closing Working Capital Number and the Target Working Capital Number is less than $200,000.00, then there shall be no adjustment to the Purchase Price at Closing. 

(ii) Buyer may, at its option and at its own expense, (A) examine the Closing Working Capital Statement and determine the
Working Capital of the Business as of the Closing (Buyer’s Working Capital determination, the “Buyer Working Capital Number”) and (B) prepare a statement of Working Capital of the Business (the “Buyer Closing
Statement”) setting forth the Working Capital of the Business as of the Closing, which shall be prepared in accordance with the definitions set forth in Section 3.1(b)(vi)-(viii) and in conformity with GAAP applied in a manner
consistent with the Financial Statements. Buyer must deliver to the Seller the Buyer Closing Statement, together with the calculation of the Buyer Working Capital Number, not later than 90 days after the Closing Date. If the Buyer does not deliver
the Buyer Closing Statement within such 90-day period, the Closing Working Capital Number shall be deemed the Final Working Capital Number. 

  
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 (iii) For a period of 30 days after the delivery of the Buyer Closing Statement,
Buyer shall make available to the Seller (and its Representatives) any and all books and records related to the Business that are reasonably requested by the Seller (or such Representatives), and provide the Seller (and its Representatives) with
access (during normal business hours and on two days prior notice) to Buyer’s facilities and personnel involved in the preparation of the Buyer Closing Statement in order for the Seller to review the Buyer Closing Statement. If the Seller
disagrees with the Buyer Closing Statement, the Seller shall notify Buyer in writing (the “Dispute Notice”) of the amount, nature and basis of such dispute within 30 days after the Seller’s receipt of the Buyer Closing Statement. In
the event no Dispute Notice is given within such 30 day period, the Buyer Working Capital Number shall be deemed the Final Working Capital Number. In the event a Dispute Notice is given, the parties shall first use their best efforts to resolve such
dispute among themselves. If the parties are able to resolve the dispute within 15 days after delivery of the Dispute Notice, Buyer and the Seller shall mutually agree upon the number that shall be deemed the Final Working Capital Number. If the
parties are unable to resolve the dispute within 15 days after delivery of the Dispute Notice, the parties shall submit the matter for final resolution to Grant Thornton LLP or such other independent, nationally-recognized certified public
accounting firm mutually agreed upon by Buyer and the Seller (the “Dispute Auditor”); provided, however that such Dispute Auditor shall not have performed any services for Buyer or the Seller in the immediately preceding two year period;
and provided further that if the parties are unable to agree upon a Dispute Auditor, each party shall select an independent, nationally-recognized certified public accounting firm and such selected accountants shall mutually select the Dispute
Auditor. The Dispute Auditor shall resolve the dispute by calculating the Working Capital of the Business as of the Closing in accordance with the definitions set forth in Section 3.1(b)(vi)-(viii) and in conformity with GAAP applied in a
manner consistent with the Financial Statements. The Dispute Auditor shall determine the Final Working Capital Number within 30 days after the submission of the dispute, and the Dispute Auditor’s calculation shall be deemed the Final Working
Capital Number and such determination shall be conclusive and binding on the parties. The costs of the Dispute Auditor shall be shared equally by Buyer and the Seller. 

(iv) The Working Capital of the Business as of the Closing, as finally determined pursuant to the provisions of
Section 3.1(b)(ii) or Section 3.1(b)(iii), as applicable, shall be referred to herein as the “Final Working Capital Number”. 

(v) Upon determination of the Final Working Capital Number pursuant to this Section 3.1(b): 

 

	 	(1)	 if the Final Working Capital Number is less than the Closing Working Capital Number, the Seller shall, within five business days thereafter, remit to
the Buyer an amount equal to (A) the Closing Working Capital Number minus (B) the Final Working Capital Number or instruct the Escrow Agent to remit to Buyer 

  
 14 

	 	
such amount from the Escrow Amount; provided, however that if the difference between the Final Working Capital Number and the Target Working Capital Number is less than $200,000.00, then there
shall be no adjustment to the Purchase Price pursuant to this Section 3.1(b)(v); or 

  

	 	(2)	if the Final Working Capital Number is greater than the Closing Working Capital Number, Buyer shall, within five business days thereafter, remit to the Seller an amount equal to (A) the Final Working Capital Number
minus (B) the Closing Working Capital Number; provided, however that if the difference between the Final Working Capital Number and the Target Working Capital Number is less than $200,000.00, then there shall be no adjustment to the Purchase
Price pursuant to this Section 3.1(b)(v). 

 (vi) “Working Capital” shall mean (i) the
aggregate amount of the Working Capital Assets (as defined below) of the Business minus (ii) the aggregate amount of the Working Capital Liabilities (as defined below) of the Business, each determined as of the Closing in accordance with GAAP
as applied in a manner consistent with the Financial Statements. 
 (vii) “Working Capital Assets” means the sum of
all trade accounts receivable, other accounts receivable (excluding Tax related receivables), inventory, deferred current assets, prepaid fees, prepaid maintenance, prepaid insurance, prepaid office supplies, prepaid warehouse supplies, prepaid
personal property Taxes and other current assets, in each case if and to the extent included in the Assets. 
 (viii)
“Working Capital Liabilities” means the sum of all trade accounts payable, credit card payables, shopkeeper payables, accrued expenses, deferred revenue, third party freight accruals and other liabilities, in each case if and to the extent
included in the Assumed Liabilities. 
 3.2 Taxes and Tax Reporting. Seller and Buyer shall each be responsible for, and shall pay,
50% of all applicable sales Taxes, use Taxes, value-added Taxes and other transfer Taxes (including recording Taxes, stamp Taxes and any similar Taxes arising upon the transfer of tangible, intangible or real property or interests therein) that
become due and payable as a result of the sale, transfer and delivery of the Assets. Seller and Buyer each agrees to use its commercially reasonable efforts to take actions reasonably requested by the other party to minimize any sales, use and other
transfer taxes and fees incurred in connection with the assignment, conveyance, transfer and/or delivery of the Assets hereunder, including the acceptance of transfer via means of electronic transmission of all Assets capable of being so
transmitted. Each of Buyer and Seller further agrees to use commercially reasonable efforts to deliver all certificates reasonably requested by the other party to verify the fact of such electronic transmissions or other actions. The parties hereto
agree that for all federal and state tax purposes the consideration received by Seller for the Assets hereof shall be allocated in accordance with Section 1060 of the Code as set forth in Schedule 3.2; that all financial reports, and income and
other tax returns and information reports, will be prepared and filed in a manner consistent with 

  
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such allocation; and that no party hereto will take any position inconsistent with such allocation in any subsequent returns or proceedings, except as may be required by law. Buyer and Seller
each agree to file IRS Form 8594, and any corresponding state tax forms, on a timely basis and in accordance with the methodology set forth on Schedule 3.2 prior to Closing. 

3.3 Transition Services Agreement. On the Closing Date, Buyer and Seller shall enter into a Transition Services Agreement in the form
attached hereto as Exhibit A (the “Transition Services Agreement”) pursuant to which Seller will provide certain transition services. 

3.4 Commercial Agreement. On the Closing Date, Buyer and Seller shall enter into an Art Fulfillment Agreement in the form attached
hereto as Exhibit B (the “Commercial Agreement”). 
 SECTION 4 CLOSING. 

4.1 Closing. The closing (the “Closing”) shall take place by facsimile, e-mail and/or overnight courier exchange of documents
at the offices of Foley & Lardner LLP, 111 Huntington Avenue, Boston, Massachusetts 02199 at 10:00 a.m., Eastern Time on the second Business Day following the date on which the conditions set forth in Section 8 and Section 9
(other than those conditions that by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions) are satisfied or waived in accordance with this Agreement, or such other date, place or time as may
be agreed upon between the parties; provided, further, that nothing in this Section 4.1 shall effect Buyer’s obligations pursuant to Section 7.1. The day on which the Closing actually occurs is referred to herein as the “Closing
Date”. The Closing shall be deemed to take place at 12:01 a.m. Eastern Time on the Closing Date. 
 4.2 Transfer of Possession.
Except as expressly set forth in this Section 4.2, on the Closing Date, Seller shall place Buyer or the Designated Purchaser, as applicable, in full possession of the Assets and shall execute such assignments, assumptions and other instruments
of transfer, in form and substance reasonably satisfactory to Buyer, with such other appropriate instruments of title and consents of third parties as Buyer shall reasonably request in order to effectively transfer the Assets to Buyer or the
Designated Purchaser, including (i) one or more Assignment and Assumption Agreements in substantially the form of Exhibit C attached hereto (the “Assumption Agreement”), (ii) one or more Bills of Sale in substantially the
form of Exhibit D attached hereto (the “Bill of Sale”), and (iii) one or more IP Assignment Agreements in substantially the form of Exhibit E attached hereto (the “IP Assignment Agreement”). The Assets shall be
delivered via electronic transmission to the extent practicable. On the Closing Date, Seller shall make all other Assets available for Buyer or the Designated Purchaser, as applicable, to take physical possession at the Closing. If and to the extent
that, from and after the Closing, Seller or Buyer discovers any Assets that should have been conveyed and delivered to Buyer or the Designated Purchaser, as applicable, at the Closing pursuant hereto but were not so conveyed and delivered at the
Closing, Seller shall convey and deliver such Assets to Buyer or the Designated Purchaser, as applicable, as soon as reasonably practicable after the discovery thereof, in each case without additional consideration paid therefor. 

  
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 SECTION 5 REPRESENTATIONS AND WARRANTIES OF SELLER. 

Except as set forth in the Seller Disclosure Schedule with respect to specifically identified subsections of this Section 5, as an
inducement to Buyer to enter into this Agreement and to consummate the transactions contemplated hereby, Seller represents and warrants to Buyer as follows: 

5.1 Organization, Good Standing, Corporate Power and Qualification. Seller has been duly organized and is validly existing and in good
standing under the laws of the State of Delaware and has the requisite power and authority to enter into and perform this Agreement and the Related Agreements to which Seller is or is to be a party, to consummate the transactions contemplated hereby
and thereby, to own and operate its properties and assets and to carry on its business as currently conducted. Seller is duly qualified to do business as a foreign corporation and is in good standing in all jurisdictions in which it is required to
be qualified to do intrastate business as Seller’s business is currently conducted by Seller, except for jurisdictions in which failure to so qualify or be in good standing has not had or would not reasonably be expected to have a Material
Adverse Effect. 
 5.2 Due Authorization, Binding Effect. All action on the part of Seller and its directors, officers, and
stockholders necessary for the authorization, execution, delivery of, and the performance of all obligations of Seller under this Agreement and the Related Agreements to which Seller is or is to be a party has been taken. This Agreement, along with
the Related Agreements, when executed and delivered by Buyer, will constitute valid and legally binding obligations of Seller, enforceable in accordance with their respective terms, except as may be limited by: (i) applicable bankruptcy,
insolvency, reorganization, moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) the effect of rules of law governing the availability and enforceability of
equitable remedies. 
 5.3 No Conflicts. The execution, delivery and performance of this Agreement, the Related Agreements to which
Seller is or is to be a party and the consummation of the transactions contemplated hereby or thereby do not and will not, with or without the giving of notice or the passage of time or both, (i) conflict with or result in any violation or
default under Seller’s certificate of incorporation or bylaws, as amended to-date, (ii) violate any Legal Requirement to which Seller is subject; (iii) conflict with or result in a violation or breach of, constitute a default under,
or give any party the right to terminate, accelerate or modify, or require the consent of any Person under, any Contract to which Seller is a party or (iv) result in the creation of any Encumbrance on any Asset, except in the case of (ii), any
violation which would not reasonably be expected to have a Material Adverse Effect and except in the case of (iii), as to Contracts not included in Assigned Contracts, any violation or breach that would not prevent Seller from performing its
obligations under this Agreement or any Related Agreement to which Seller is a party or consummating the transactions contemplated hereby or thereby. 

5.4 Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation, notice,
declaration or filing with, any Governmental Authority is required on the part of Seller in order to enable Seller to execute, deliver and perform its obligations under this Agreement or the Related Agreements to which Seller is or is to be a party,
or to consummate any of the transactions contemplated by the Agreement or the Related Agreements to which it is or is to be a party. 

  
 17 

 5.5 Litigation. There is, and in the past three (3) years there has been, no action,
suit, proceeding, claim, arbitration or investigation pending (or, to Seller’s knowledge, currently threatened) against Seller with respect to the Business or the Assets before any Governmental Authority or arbitrator. Seller is not a party or
subject to the provisions of any Legal Requirement that would prevent or materially interfere with or delay the consummation of the transactions contemplated by the Agreement or the Related Agreements. There is no action, suit, proceeding, claim,
arbitration or investigation by Seller or any of its Affiliates related to the Business or the Assets that is pending or which Seller or any of its Affiliates intends to initiate. None of the Assets or the Business is subject to any order, writ,
judgment, award, injunction or decree of any Governmental Authority or any arbitrator or arbitrators. 
 5.6 Intellectual Property.

 (a) Status. Section 5.6(a) of the Seller Disclosure Schedule sets forth (i) each Intellectual Property Asset,
(ii) any actions that must be taken by the Seller or any of its Affiliates within ninety (90) days of the Closing Date with respect to any Intellectual Property Asset, including the payment of any registration, maintenance or renewal fees
or the filing of any documents, applications or certificates, (iii) any proceedings or actions before any Governmental Authority (including the United States Patent and Trademark Office or equivalent authority anywhere in the world) to which
the Seller or any of its Affiliates is or was a party and in which claims are or were raised relating to the validity, enforceability, scope, ownership or infringement of any Intellectual Property Asset, and (iv) all “free” or
“open source” software (including, but not limited to, software licensed under the GNU General Public License (GPL), GNU Lesser General Public License (LGPL), Mozilla Public License (MPL), or Common Development and Distribution License
(CDDL), or similar distribution models) that is used or distributed by the Seller (alone or incorporated, integrated, or bundled with or into any Seller products generally available or in development). Neither the Seller nor the Seller’s
products nor any software or technology developed by or for the Seller is subject to any obligation or condition that would require that any of the Seller’s products or any other software or other technology developed by or for the Seller
(A) be disclosed, distributed, or made available in source code form; (B) be licensed with the permission to create derivative works; or (C) be redistributable at no charge. None of the Intellectual Property Assets are the subject of
(i) any outstanding judgment, order, decree, agreement or ruling, or, to the Seller’s knowledge, any pending or threatened governmental or judicial proceeding that (A) challenges the legality, validity, enforceability, use or
ownership of any of the Intellectual Property Assets or restricts the use or licensing thereof or (B) would adversely affect or limit Buyer’s use thereof or rights thereto or (ii) any agreement restricting the use or licensing
thereof. No third party has any ownership right, title, interest, claim in or Encumbrance on any of the Intellectual Property Assets, and Seller has taken those steps reasonably necessary to preserve Seller’s legal rights in, and the secrecy
and value of, all of the Intellectual Property Assets, except for which disclosure pursuant to Seller’s standard form non-disclosure agreement is reasonably necessary for legitimate business or legal reasons. The Intellectual Property Assets
include all of the Seller’s Intellectual Property primarily used in connection with or necessary and sufficient for the operation of the Business. Each trademark included in the Intellectual Property Assets, each domain name included in the
Intellectual Property Assets, and the image management software included in the Intellectual Property Assets do not violate, misappropriate, infringe upon, interfere with, or otherwise violate any Intellectual Property rights of any Person. 

  
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 (b) Licenses; Other Agreements. Section 5.6(b) of the Seller Disclosure Schedule sets
forth (i) any option, license or agreements under which Seller has granted a license to any Person under any the Intellectual Property Assets, other than customary end user license agreements entered into in the ordinary course of business,
(ii) any covenant not to compete or Contract limiting Seller’s ability to exploit fully the Intellectual Property Assets and to transact the Business in any market or geographical area or with any Person, and (iii) each item or
component of Intellectual Property that is licensed to Seller by any Person which is used in connection with the Business as currently conducted, except for “shrink-wrap” or “click-wrap” license agreements relating to
off-the-shelf computer software licensed in the ordinary course of business. Seller has the right to assign to Buyer any and all right, title and interest Seller has under the license agreements listed on Section 5.6(b) without obtaining the
prior consent of the licensors of such Intellectual Property. 
 (c) No Infringement. To the knowledge of Seller, no product or
service marketed or sold by the Seller, nor the operation of the Business as presently conducted, violates, misappropriates, infringes upon, interferes with, or otherwise violates any Intellectual Property rights of any Person. Seller has not
received any (i) written communications nor, to Seller’s knowledge, oral communications, alleging, that Seller’s operation of the Business has violated, misappropriated, infringed upon, or interfered with or would violate,
misappropriate, infringe upon, or interfere with any Intellectual Property of any Person or (ii) cease and desist letters or invitations to enter into a license under the Intellectual Property of any Person, in each case, in connection with
Seller’s operation of the Business. To the Seller’s knowledge, no Person is violating, misappropriating, infringing upon, or interfering with, or has violated, misappropriated, infringed upon, or interfered with the Intellectual Property
rights of the Seller. 
 (d) No Breach by Employee. To Seller’s knowledge, no Transferred Employee or consultant to Seller or
its subsidiaries who works primarily with the Business or the Assets (collectively, with Transferred Employees, “Service Providers”) is obligated under any agreement (including licenses, covenants, or commitments of any nature) or subject
to any judgment, decree or order of any Governmental Authority, or any other restriction that would interfere with the use of his or her reasonable best efforts to carry out his or her duties for Seller or to promote the interests of Seller or that
would prevent such employees or consultants from assigning to Seller inventions and all other Intellectual Property created, developed, conceived or reduced to practice in connection with services rendered to Seller. To Seller’s knowledge, it
will not be necessary to use any inventions of any Transferred Employees made prior to the Closing that are not currently being used in the Business. Each Transferred Employee has assigned to the Seller all intellectual property rights he or she
owns that are related to the Business as now conducted and has executed an assignment agreement substantially in the form made available to Buyer. 

5.7 Compliance with Contracts and Legal Requirements. Seller’s use of the Assets and operation of the Business are not in
violation or default in any material respect of any Contract to which Seller or any of its Affiliates is a party or by which Seller or any of its Affiliates is bound, and Seller’s use of the Assets and operation of the Business are in
compliance in all material respects with all applicable Legal Requirements. Notwithstanding the foregoing, the representations and warranties in this Section 5.7 shall not be deemed to cover, refer or relate to matters with respect to
(a) Intellectual Property, which are addressed solely in 

  
 19 

 
Section 5.6, (b) employee matters, which are addressed solely in Section 5.11, (c) Taxes, which are addressed solely in Section 5.12 or (d) environmental matters,
which are addressed solely in Section 5.18. Seller and its Affiliates have not received any written notice of any breach or violation of any such Contract or Legal Requirement. No fines, penalties or claims have been assessed, filed or
commenced, or, to the Seller’s knowledge, threatened, against it alleging failure to so comply. 
 5.8 Assets Generally. 

(a) Seller has good and valid title to, or in the case of leased or licensed Assets, valid leasehold interests in or license to, as
applicable, all Assets, free and clear of all Encumbrances (other than Permitted Encumbrances). At the Closing, Seller will deliver to Buyer good and valid title to all of the Assets, free and clear of any Encumbrance (other than Permitted
Encumbrances). 
 (b) The Assets to be transferred hereunder (together with services to be provided pursuant to the Transition Services
Agreement) constitute all the assets, properties and rights of Seller (i) necessary to operate the Business as currently being operated or (ii) primarily or exclusively used or held for use in the Business as currently operated. 

(c) Each Tangible Asset is in good working order and condition (ordinary wear and tear excepted), free from any defects (except for such minor
defects as do not interfere with the use thereof in the conduct of the normal operations of the Business), has been, to the Seller’s knowledge, properly maintained and does not require more than regularly scheduled maintenance in the ordinary
course of business, consistent with Seller’s established maintenance policies, to keep in good operating condition. 
 5.9
Contracts. Section 5.9 of the Seller Disclosure Schedule contains an accurate and complete list of all Contracts to which Seller is a party or by which it is bound that are primarily used in or are necessary to the operation of the
Business or the Assets, including, without limitation, but in each case, only those Contracts that are primarily used in or necessary to the operation of the Business of the Assets, (i) all Contracts relating to borrowed money or pledging or
placing a Lien on an Asset; (ii) all personal property leases and lease purchase agreements; (iii) all management agreements, severance agreements, executive compensation plans, bonus agreements or plans, deferred compensation agreements,
pension plans, retirement plans, employee stock option, employee stock purchase plans or other agreements for the employment of any officer, individual employee or other Person or entity on a full time, part time or consulting basis; (iv) all
Contracts under which the Seller has advanced or loaned any other Person or entity any amounts; (v) all Contracts under which the Seller is lessee; (vi) all agency, distributor, sales representative, franchise or similar agreements to
which the Seller is a party; (vii) all warranty agreements with respect to the Seller’s services rendered or its products sold, leased or licensed; (viii) all Contracts that provide any customer with pricing, discounts or benefits
that change based on the pricing, discounts or benefits offered to other customers of the Business, including, without limitation, contracts containing “most favored nation” provisions; (ix) all Contracts that contain performance
guarantees; (x) all Contracts documenting the settlement of any action or threatened action; (xi) all Contracts appointing any agent to act on the Seller’s behalf and all powers of attorney; and (xii) all Contracts that restrict
the Seller from freely engaging the operation of the Business of the Assets anywhere in the world. Each 

  
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Assigned Contract is a valid and binding agreement of the Seller and, to Seller’s knowledge, the other parties thereto, and shall continue to be so enforceable and in full force and effect
on identical terms immediately following the Closing. The Seller has fulfilled all obligations required pursuant to the Assigned Contracts to have been performed by the Seller prior to the date hereof and as of the Closing Date, will have fulfilled
its obligations required to have been performed prior to the Closing. The Seller is not in material breach of or in default under any Assigned Contract, and no event has occurred that with the passage of time or giving of notice or both would
constitute a breach or default, which breach or default would result in a loss of a material right, result in the payment of any damages or penalties or result in the creation of an Encumbrance thereunder or pursuant thereto. The Seller has not
received written notice from any Person party to any Contract regarding the termination, cancellation or material change to the terms of, any Contract. Buyer has been supplied with, or has been given access to, a true and correct copy of all
Contracts, together with all material amendments, waivers or other changes thereto. Section 5.9 of the Seller Disclosure Schedule sets forth a correct and complete list of all consents and approvals of third parties that are required in
connection with the consummation by the Seller of the transactions contemplated by this Agreement. 
 5.10 Governmental Authorizations;
Permits. Section 5.10 of the Seller Disclosure Schedule identifies each Governmental Authorization and Permit held by Seller that is primarily related to the Business or the Assets, and Seller has delivered to Buyer accurate and complete
copies of all such Governmental Authorizations and Permits. The Governmental Authorizations and Permits identified in Section 5.10 of the Seller Disclosure Schedule are valid and in full force and effect and shall remain valid and in full force
and effect on identical terms immediately following the Closing and collectively constitute all Governmental Authorizations and Permits necessary for the use of the Assets as they are currently being used and for the Business as currently being
conducted. Seller and its Affiliates are, and have at all times been, in compliance in all material respects with the terms and requirements of the Governmental Authorizations and Permits identified in Section 5.10 of the Seller Disclosure
Schedule. Seller and its Affiliates have not received any written notice or other written communication from any Governmental Authority regarding (a) any actual or possible violation of or failure to comply with any term or requirement of any
Governmental Authorization or Permit related to the Assets or the Business or (b) any actual or possible revocation, withdrawal, suspension or modification of any Governmental Authorization or Permit related to the Assets or the Business. 

5.11 Employee Matters. 

(a) All compensation, including wages, commissions, bonuses and benefits payable to or on behalf of the Target Employees that is required to
be paid on or prior to the Closing Date shall be paid in full on or prior to the Closing Date. Seller and its Affiliates have no past due obligations under any outstanding agreements, understandings or commitments to the Target Employees with
respect to any compensation, severance obligations, change in control benefits, employee benefits, commissions or bonuses. Seller is and has been in compliance (or has effectively corrected any potential noncompliance such that no causes of action
currently exist) in all material respects with all federal, state and municipal Legal Requirements with respect to employment practices, terms and conditions of employment, compensation, employee benefits and wages and hours, including but not
limited to The Fair Labor Standards Act, The National Labor Relations Action, The Equal Pay Act, Occupational Health and Safety Act, The Employee 

  
 21 

 
Retirement Income Security Act of 1974, the North Carolina Wage and Hour Act, Kentucky Revised Statutes Chapter 337 or any similar state or local law which in any way regulates the employment
relationship (“Employment Laws”). 
 (b) No Target Employee performs services outside of the United States. All persons who
provide services to Seller or an Affiliate of Seller on behalf of the Business and who have been classified as providing such services in a non-employee status have been properly classified. 

(c) All Employee Plans and Employee Agreements have complied in all material respects, in form and operation, with the terms of ERISA, the
Code and other applicable law. Neither Seller nor any of its subsidiaries or any other Person that, together with Seller or its Affiliates, would be treated as a single employer under Section 414 of the Code or under Section 4001(b) of
ERISA, has ever maintained, contributed to or been obligated to maintain or contribute to or otherwise have or had any liability (whether actual or contingent) with respect to any “employee benefit plan” (as defined in Section 3(3) of
ERISA) that (a) is or was a multiemployer pension plan (as defined in Section 3(37) of ERISA or is or was otherwise subject to Title IV of ERISA or Sections 412, 430 or 431 of the Code, or (b) provides vested life insurance, medical
or other health and welfare benefits to or with respect to any Target Employee, or to or with respect to any former employee of the Business, upon or following retirement or termination of employment for any reason, except as may be required by
COBRA. 
 (d) Section 5.11(d) of the Seller Disclosure Schedule sets forth the policy of Seller with respect to Accrued PTO. As of the
Closing, the Closing PTO Amount Schedule will set forth an accurate and complete list of the amount of Accrued PTO for each of the Target Employees. Seller has delivered to Buyer a complete and accurate list, dated as of a date no earlier than five
(5) days prior to the date of this Agreement, of each Target Employee’s: (i) employee identification number, (ii) employment location, (iii) date of hire, (iv) current title, (v) current annual salary,
(vi) current bonus and/or commission potential, including amounts earned but unpaid as of the date hereof, (vii) classification by Seller as exempt or non-exempt, (viii) outstanding equity awards under any Employee Plan, (ix) any
commitment, promise or understanding of the Seller or its Affiliates to pay an amount or benefit in connection with a termination of employment (contingent or otherwise) or in connection with a change of control, and (x) Accrued PTO as of
January 31, 2015. No payment or benefit that is contingent upon or otherwise paid in connection with the occurrence of a change of control will be an “excess parachute payment” (as defined in Code Sections 280G and 4999) that would
result in any of the Target Employees becoming subject to an excess tax under Code Section 4999. 
 (e) There are no actions, suits,
claims, labor disputes or grievances pending, or, to the knowledge of Seller, threatened or anticipated relating to any compensation, benefits, labor, safety or discrimination matters involving any Target Employee. To the Seller’s knowledge,
there are no complaints against Seller pending before the National Labor Relations Board, the Equal Employment Opportunity Commission, U.S. Department of Labor, North Carolina Department of Labor, Kentucky Labor Cabinet or any similar state or local
labor agency by or on behalf of any Target Employee. Neither Seller nor any of its Affiliates has engaged in any unfair labor practices within the meaning of the National Labor Relations Act nor has been the subject of any unfair labor practice
complaint. To the knowledge of Seller, no Target Employee is obligated under any contract or agreement, subject to any judgment, decree or order of any court 

  
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or administrative agency that would interfere with such person’s efforts to promote the interests of Seller or that would interfere with the Assets. Neither the execution nor delivery of
this Agreement will conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract or agreement to which Seller is a party and under which any Target Employee is now bound. Seller has not
been subject to any labor strike, dispute, slowdown or stoppage affecting the Business. 
 (f) Neither Seller nor any of its subsidiaries is
a party or is bound by any collective bargaining agreement or other labor union contract (including any contract or agreement with any works council, trade union, or other labor-relations entity) with respect to any Target Employee, neither Seller
nor any of its subsidiaries has been subject to or bound by any such collective bargaining agreement or other union contract at any time during the three (3) years prior to the date of this Agreement, and no such collective bargaining agreement
or other union contract is being negotiated by Seller or any of its subsidiaries. To the knowledge of Seller, as of the date hereof, none of the Target Employees is subject to any noncompete, nondisclosure, confidentiality, employment, consulting or
similar agreements relating to, affecting or in conflict with the present or proposed activities of the Business, except for agreements between Seller or any of its Affiliates and their present and former employees, consultants and contractors. 

(g) During the three (3)-year period ending on the date hereof, Seller has not been cited, fined, served with a Cease and Desist Order nor has
any action at law or administrative proceeding been initiated or, to the knowledge of Seller, threatened against Seller, by reason of any actual or alleged failure to comply with any Employment Laws in connection with the operation of the Business.

 (h) Seller has a completed and true copy of the Form I-9 (Employment Eligibility Verification Form) for each Target Employee and has
retained all other records or documents that are required to be retained by Seller pursuant to the Immigration Reform and Control Act with respect to the Target Employees. 

5.12 Taxes. 
 (a) For
purposes of this Agreement, (i) the term “Tax” or “Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits,
environmental (including taxes under Section 59A of the Code), customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, registration,
value added, alternative or add on minimum, estimated or other tax, assessment, or duty, of any kind whatsoever imposed by any Governmental Authority, including any interest, penalty or addition thereto, whether disputed or not, and (ii) the
term “Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 

(b) Seller has timely filed all Tax Returns that it was required to file for all periods through and including the Closing Date. All such Tax
Returns are correct and complete in all respects and were prepared in compliance with all applicable laws and regulations. All Taxes required to be paid by Seller (whether or not shown or required to be shown on any Tax Return)

  
 23 

 
have been paid. Seller is not the beneficiary of any extension of time within which to file any Tax Return. No claim has ever been made by a Governmental Authority in a jurisdiction where Seller
does not file Tax Returns that Seller may be subject to taxation or required to file a Tax Return in that jurisdiction. There are no audits, examinations, investigations, disputes, claims or other actions now pending or, to Seller’s knowledge,
threatened with respect to any liability for Taxes of Seller. No deficiencies exist or have been asserted or assessed with respect to Taxes of Seller. 

(c) Seller’s Tax obligations will not result in the inability to consummate the transactions contemplated in this Agreement or any
Related Agreement. 
 (d) There are no Encumbrances for Taxes upon any of the Assets (other than Permitted Encumbrances). Seller has not
waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency. 

(e) There is no contract to which Seller or any of its Affiliates is a party covering any Target Employee that has or will, or could
reasonably be expected to, cause compensation to be includable in the gross income of any Target Employee under Section 409A of the Code (or any similar state law). 

(f) All Taxes that the Seller is required by law to withhold or collect have been timely withheld or collected in all material respects and,
to the extent required, have been timely paid over to the proper Governmental Authorities or are being held by the Seller for such purpose and all Forms W-2 and 1099 and similar forms with respect thereto have been properly completed and timely
filed in all material respects. 
 (g) The Seller (i) has never been a member of an “affiliated group” (as defined in
Section 1504(a) of the Code) and (ii) is not liable for the Taxes of any other Person under Section 1.1502-6 of the Treasury Regulations promulgated under the Code (the “Treasury Regulations”) or any similar provision of
state, local or foreign law, as a transferee or successor, or under any tax allocation agreement, tax sharing agreement, tax indemnification agreement, or similar agreement. 

5.13 Material Relationships. Section 5.13 of the Seller Disclosure Schedule sets forth a correct and complete list of all
suppliers of raw materials, work in process, intermediates, packaging, labeling and finished product to whom the Seller paid more than $25,000 in calendar year 2014, and in each case for each of the Seller’s products and services in connection
with the Business (collectively, the “Suppliers”) and customers constituting at least one percent (1%) of the Business’s gross sales based on the gross revenues received by the Business from each such customer for the 12 month
period ended on the Balance Sheet Date. No Supplier or distributor of or customer of the Business has notified Seller in writing of an intention to or to the Seller’s knowledge, has threatened to terminate, cancel or materially adversely change
any Contract or its existing business relationship with Seller or has made any claim against the Seller under any Contract, and Seller has no reason to believe that such termination, cancellation or alteration of a Contract or the relationship with
Seller is likely to occur. To the knowledge of Seller, no Supplier, distributor or customer of the Business is threatened with bankruptcy or insolvency. 

  
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 5.14 Financial Statements. Attached as Section 5.14 of the Seller Disclosure Schedule
are the unaudited balance sheet of the Business as of December 31, 2014 (the “Balance Sheet Date”) and the related unaudited statements of income for the Business for the 12 month period then ended (the “Financial
Statements”). The Financial Statements have been prepared in conformity with GAAP, as applied by Seller. The Financial Statements are based upon information contained in the Seller’s books and records and present fairly, in all material
respects, the financial position of the Business as of the times and for the periods indicated therein, subject, to customary year-end adjustments, which are not material in the aggregate, and the absence of footnotes. The Seller maintains a system
of internal accounting controls sufficient to provide reasonable assurance that (x) transactions are executed in accordance with management’s authorization, and (y) transactions are recorded as necessary to permit preparation of
financial statements that fairly present the results of operations in accordance with GAAP applied consistently with past practices. 
 5.15
Related-Party Transactions. No officer or employee of Seller who works primarily with the Business or, to Seller’s knowledge, member of his, her, or its immediate family is indebted to Seller, nor is Seller indebted (or committed to make
loans or extend or guarantee credit) to any of them other than for accrued salaries, reimbursable expenses or other standard employee benefits. To Seller’s knowledge, none of such persons has any direct or indirect ownership interest in any
Person with which Seller is affiliated or with which Seller has a business relationship, or any Person that competes with Seller. No officer or employee of Seller who works primarily with the Business or, to the best of Seller’s knowledge, no
member of his, her, or its immediate family is directly or indirectly interested in any Assigned Contract. Except for salary, bonus and benefits paid to officers or employees of Seller, there are no material agreements, understandings or proposed
transactions between Seller and any of its officers or employees who works primarily with the Business or any affiliate thereof. 
 5.16
Insurance. Section 5.16 of the Seller Disclosure Schedule sets forth a correct and complete list of all fire, theft, casualty, general liability, workers’ compensation, business interruption, product liability, automobile and other
insurance policies maintained by the Seller with respect to the Business and the Assets, specifying the type of coverage, the face amount of coverage, the annual premium, the carrier and the expiration date of each such policy (collectively, the
“Insurance Policies”). All premiums on the Insurance Policies that are payable prior to the date hereof have been paid, and the Seller is not in breach or default, in any material respect, under any Insurance Policy, and all Insurance
Policies are in full force and effect. The Seller has not received any notice that any such Insurance Policy will be canceled or not renewed or of increase or intent to increase premiums in any significant respect. The Seller has not received a
denial of a claim for coverage under the Insurance Policies made by the Seller within the twelve months immediately preceding the date hereof (excluding any claims related to employee insurance benefits). 

5.17 Real Property. Section 5.17 of the Seller Disclosure Schedule sets forth a correct and complete list of all real property
occupied by the Seller primarily in the conduct of the Business (collectively, the “Real Property”) and all leasehold or subleasehold estates and other material rights to use or occupy any land, buildings, structures, improvements,
fixtures or other interest in real property to which the Seller is a party as of the date hereof or that are primarily used in connection with the conduct of the Business (collectively, the “Leases”). The Seller does

  
 25 

 
not own any Real Property that is used primarily in the conduct of the Business. The Leases are valid and binding obligations of the Seller as lessee therein and are in full force and effect.
Seller is not, and to the Seller’s knowledge, no other party thereto is, in material breach or default under any Lease, nor has any event occurred which, with notice or the passage of time, or both, would give rise to such a default by the
Seller or such other party. Seller has not received notice claiming that it is, nor has Seller provided any notice claiming that any other party is, in default under any Lease. The Seller has not leased or otherwise granted to any Person the right
to use or occupy any of the real property subject to the Leases. There are no pending or, to the Seller’s knowledge, threatened condemnation or eminent domain proceedings with respect to the real property subject to the Leases or any portion
thereof. Except as disclosed on Section 5.17 of the Seller Disclosure Schedule, the use of the real property subject to the Leases as presently utilized by the Seller complies, or is legally non-conforming, in all material respects with the
requirements of applicable building, zoning, and other similar Legal Requirements. There are no suits, petitions, notices, or proceedings pending or, to the Seller’s knowledge, threatened against the Seller with respect to the real property
subject to the Leases. 
 5.18 Environmental Compliance. The Seller is and at all times during the last three years has been in
compliance with all applicable Environmental Laws, including those that relate to the environmental condition of the Real Property, except for non-compliance with such Environmental Laws as could not reasonably be expected to subject the Seller or
any of its subsidiaries to material Liability. The Seller is not subject to, nor has it received any notice, report or other written information, of, any private, administrative or judicial action relating to the presence or alleged presence of
Hazardous Substances in, at, under or upon the Real Property, and there are no pending or, to the Seller’s knowledge, threatened actions or proceedings (or notices of potential actions or proceedings received by Seller) against the Seller from
any Governmental Authority or other Person regarding any matter relating to any Environmental Laws or Hazardous Substances, that would reasonably be expected to have a Material Adverse Effect. No Hazardous Substances have been generated, disposed,
stored, discharged or released and no Person has been exposed to Hazardous Substances at the Real Property, except in compliance with Environmental Laws in a manner that could not reasonably be expected to subject the Seller or any of its
subsidiaries to material Liability. The Seller has not assumed, undertaken, become subject to, or provided an indemnity with respect to, any liability of any other Person relating to Environmental Law. For purposes of this Agreement,
(a) “Environmental Laws” means all applicable federal, state and local Legal Requirements and common law relating to pollution, protection of the environment, or protection of worker health and safety from environmental hazards,
including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act, U.S.C. §9601 et seq., the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §6901 et seq., the Emergency Planning and
Community Right-to-Know Act, 42 U.S.C. §11001 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Federal Water Pollution Control Act, 33 U.S.C. §1251 et seq., the Toxic Substance Control Act, 15 U.S.C. §2601 et seq., and
the Safe Drinking Water Act, 42 U.S.C. §300f et seq.; and (b) “Hazardous Substances” means (i) hazardous materials, hazardous substances, extremely hazardous substances, toxic substances, hazardous wastes or words of similar
meaning as defined, listed or regulated under any Environmental Laws; (ii) petroleum, including without limitation, crude oil or any fraction thereof; (iii) any radioactive material; (iv) asbestos in any form or condition regulated
under applicable Environmental Laws; (v) polychlorinated byphenyls (“PCB”) or PCB-containing materials regulated under applicable Environmental Laws; and (vi) any other material, substance or waste to which liability or standards
of conduct is currently imposed under any Environmental Laws. 

  
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 5.19 Accounts Receivable. Subject to the reserves reflected on the Financial Statements,
the accounts receivable of Seller reflected on the Financial Statements, and all accounts arising subsequent to the Balance Sheet Date, (a) have arisen from bona fide, arms’-length transactions entered into in the ordinary course of
business consistent with past practice, (b) are legal, valid and binding obligations of the respective debtors enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other similar laws relating to the enforcement of creditors’ rights generally and by general principles of equity, (c) are not subject to claims of set off or other defenses or
counterclaims, and (d) are collectible in full in accordance with the terms of the applicable Contract, net of reserves reflected on the Financial Statements. No Person has any Encumbrance (other than a Permitted Encumbrance) on any
Receivables, and no written request for deduction, discount or concession (other than normal cash discounts, rebates and charge-backs set forth on Section 5.19 of the Seller Disclosure Schedule) has been made in respect of any Receivables.
Section 5.19 of the Seller Disclosure Schedule sets forth a correct and complete list of all Receivables that were classified as doubtful accounts as of the Balance Sheet Date. Since the Balance Sheet Date, all Receivables have been collected
by the Seller in a manner consistent with past practice, and the Seller shall use commercially reasonable efforts to collect all Receivables outstanding as of the date hereof only in a manner consistent with past practices. 

5.20 Inventory. All Inventory reflected on the Financial Statements (a) had a commercial value at least equal to the value shown
on the face of the Financial Statements, (b) is valued in accordance with GAAP at the lower of cost (on a FIFO basis) or market and (c) consists of a quality and quantity usable and saleable in the ordinary course of the Business as
currently conducted or as reasonably contemplated to be conducted, except for slow-moving, damaged or obsolete items (all of which have been written down to net realizable value or for which adequate reserves have been provided and all intercompany
profit or other mark-up has been eliminated). All Inventory acquired since the Balance Sheet Date consists of a quality and quantity usable and saleable in the ordinary course of the Business. All work-in-process contained in Inventory constitutes
items in process of production pursuant to Contracts entered into (including orders taken) in the ordinary course of the Business by regular customers of the Business. Neither the Seller nor, to the Seller’s knowledge, any such customer is in
material breach of the terms of any obligation to the other. To the Seller’s knowledge, no valid grounds exist for any set off of amounts billable to such customers on the completion of the Contract to which work-in-process relates. All
work-in-process consists of a quality ordinarily produced in accordance with the requirements of the Contracts to which such work-in-process relates. The Seller (and Buyer as its transferee or assignee) will have on hand as of the Closing such
quantities of Inventory as are reasonably required to continue the Business immediately after the Closing consistent with past practice. The Seller has purchased all Inventory in material compliance with applicable Legal Requirements relating to
imported goods. All Inventory is the property of Seller free and clear of any Encumbrance other than any Permitted Encumbrance, and conform in all material respects to all standards applicable to such inventory or its use or sale imposed by
Governmental Authorities. 

  
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 5.21 Warranty Obligations. Section 5.21 of the Seller Disclosure Schedule sets forth
(i) a list of all forms of written warranties, guarantees and written warranty policies of Seller in respect of any of Seller’s products and services that are currently in effect (the “Warranty Obligations”) and the duration of
each such Warranty Obligation and (ii) each of the Warranty Obligations that is subject to any dispute or, to the knowledge of Seller, threatened dispute. There have not been any material deviations from the Warranty Obligations. All products
manufactured, designed or sold by Seller in the past three (3) years which primarily related to the Business (A) are and were free from material defects in construction and (B) satisfy any and all Contracts or other specifications
related thereto to the extent stated in writing in such Contracts or specifications, in each case, in all material respects. 
 5.22
Absence of Undisclosed Liabilities. The Seller does not have any Liability primarily related to the Assets or the Business, and, to the Seller’s knowledge, there is no basis for any proceeding, hearing, investigation, charge, complaint
or claim with respect to any such Liability, except for (i) Liabilities reflected in the Financial Statements, (ii) Liabilities disclosed in the Seller Disclosure Schedule, and (iii) Liabilities of a similar type, magnitude and scope
as those reflected in the Financial Statements that have arisen since the Balance Sheet Date in the ordinary course of business and which would not, individually or in the aggregate, result in a Material Adverse Effect. 

5.23 Absence of Certain Events. Except as expressly contemplated by this Agreement or as would not have a Material Adverse Effect,
since the Balance Sheet Date, the Seller has, with respect to the Business: 
 (a) operated, repaired, and maintained the Assets and the
Business in the ordinary course of business as currently conducted consistent with past practice; 
 (b) used commercially reasonable
efforts to preserve the goodwill of and relationships with Governmental Authorities, customers, Suppliers, vendors, lessors, licensors, licensees, contractors, distributors, agents, employees and others having business dealings with Seller or its
Affiliates in connection with Seller’s or its Affiliates’ use of the Assets or operation of the Business; 
 (c) complied with all
Legal Requirements applicable to Seller’s use of the Assets or operation of the Business and provided Buyer with any notice from any Governmental Authority or other Person alleging violation of any Legal Requirement; 

(d) maintained in full force and effect policies of insurance or substantially equivalent policies that relate to the Assets or the Business;

 (e) not mortgaged, pledged or subjected to any Encumbrance (other than a Permitted Encumbrance) any of the Assets; 

(f) not sold, assigned, licensed, granted a covenant not to sue or released, transferred, conveyed, leased, surrendered, relinquished,
permitted to expire, terminate or lapse, or otherwise disposed of any material right, title or interest in or to any of the Assets; 

  
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 (g) not settled or compromised any claim, Liability, Action or obligation related to or in
connection with the Assets, any Assumed Liability, other than the payment, discharge or satisfaction of Liabilities in the ordinary course of business or as otherwise contemplated by this Agreement; 

(h) not materially amended, waived, modified or consented to the termination of any Governmental Authorization or Permit or materially
amended, waived, modified or consented to the termination of rights of Seller or its Affiliates thereunder; 
 (i) not terminated the
employment or otherwise materially modified the terms and conditions of employment (including increasing the base salary payable or entering into, renewing or amending any offer letter or other employment or consulting agreement) of any of the
Target Employees other than in the ordinary course of business or as otherwise contemplated by this Agreement; 
 (j) not entered into any
lease of real or personal property or any renewals thereof for the Assets involving a term of more than one month; 
 (k) not knowingly
taken any action which would reasonably be expected to cause any representation or warranty of Seller in this Agreement to be or become untrue in any material respect or intentionally omitted to take any action reasonably necessary to prevent any
such representation or warranty from being untrue in any material respect at such time; or 
 (l) authorized or entered into an agreement to
do any of the foregoing. 
 5.24 Full Disclosure. No representation or warranty made by Seller in this Agreement, and no statement
contained in the Seller Disclosure Schedule or the certificates to be delivered pursuant to Section 8.5 hereof contains any untrue statement of material fact or omits to state a material fact necessary in order to make the statements contained
herein or therein, in light of the circumstances in which they are made, not misleading. To the Seller’s knowledge, there are no facts that (individually or in the aggregate) would reasonably be expected to have a Material Adverse Effect that
have not been set forth in this Agreement or the exhibits and schedules hereto. 
 SECTION 6 REPRESENTATIONS AND WARRANTIES OF BUYER. 

Buyer represents and warrants to Seller as follows: 

6.1 Organization, Good Standing, Corporate Power and Qualification. Buyer has been duly organized and is validly existing and in good
standing under the laws of the state of Delaware. Buyer has the requisite corporate power and authority to enter into and perform this Agreement, and the Related Agreements to which Buyer is or is to be a party, to consummate the transactions
contemplated hereby and thereby, to own and operate its properties and assets and to carry on its business as currently conducted. 
 6.2
Due Authorization, Binding Effect. All corporate action on the part of Buyer necessary for the authorization, execution, delivery of and the performance of all obligations of Buyer under this Agreement and the Related Agreements to which
Buyer is or is to be a party 

  
 29 

 
has been taken. This Agreement, along with the Related Agreements to which Buyer is a party, when executed and delivered by Seller, will constitute valid and legally binding obligations of Buyer,
enforceable in accordance with their respective terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or others laws of general application relating to or affecting the enforcement of
creditors’ rights generally or (ii) the effect of rules of law governing the availability or enforceability of equitable remedies. 

6.3 No Conflicts. The execution, delivery and performance of this Agreement, the Related Agreements to which Buyer is or is to be a
party and the consummation of the transactions contemplated hereby or thereby do not and will not (i) conflict with or result in any violation or default under Buyer’s certificate of incorporation or bylaws, as amended to-date, or
(ii) violate any Legal Requirement to which Buyer is subject; or (iii) conflict with or result in a violation or breach of, with or without the giving of notice or the passage of time or both, or give any party the right to terminate,
accelerate or modify, or require the consent of any Person under, any Contract to which Buyer is a party, except in the case of (iii), any violation or breach that would not prevent Buyer from performing its obligations under this Agreement or any
Related Agreement to which Buyer is a party or consummating the transactions contemplated hereby or thereby. 
 6.4 Governmental
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, notice, declaration or filing with, any Governmental Authority is required on the part of Buyer in order to enable Buyer to execute, deliver
and perform its obligations under this Agreement or the Related Agreements to which Buyer is or is to be a party, or to consummate any of the transactions contemplated by the Agreement or the Related Agreements to which Buyer is or is to be a party.

 6.5 Litigation. There is no action, suit, proceeding, claim, arbitration or investigation pending (or, to Buyer’s knowledge,
currently threatened) against Buyer before any Governmental Authority or arbitrator that would prevent or materially interfere with or delay the consummation of the transactions contemplated by the Agreement or the Related Agreements to which Buyer
is or is to be a party. To Buyer’s knowledge, Buyer is not a party or subject to the provisions of any Legal Requirement that would prevent or materially interfere with or delay the consummation of the transactions contemplated by the Agreement
or the Related Agreements to which Buyer is or is to be a party. 
 6.6 No Finder’s Fees. There is no investment banker, broker,
finder or other intermediary that has been retained by or is authorized to act on behalf of Buyer or any of its Affiliates who might be entitled to any fee or commission from Buyer in connection with the transactions contemplated hereby. 

6.7 Financing. Buyer will have available to it, at Closing, sufficient funds to pay, or to cause to be paid, in full the Purchase
Price. 

  
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 SECTION 7 COVENANTS. 

7.1 Conveyance of Assets. 

(a) At or prior to the Closing, Seller shall execute any deeds, bills of sale, instruments of conveyance, assignments, assurances or any other
actions or things as are necessary to transfer, vest, perfect or confirm right, title, interest or ownership (of record or otherwise) of the Assets, including the Intellectual Property Assets, as reasonably requested by Buyer. 

(b) At any time and from time to time after the Closing, at Buyer’s reasonable request and without further consideration, Seller shall
execute and deliver all deeds, bills of sale, instruments of conveyance, assignments and assurances and take and do all such other actions and things as may be reasonably requested by Buyer in order to vest, perfect or confirm any and all right,
title and interest in, to and under the Assets in Buyer or the Designated Purchaser, as applicable, or otherwise to carry out this Agreement. 

(c) In case after the Closing Date any further action is reasonably necessary, proper or advisable to consummate and make effective the
transactions contemplated by this Agreement, as soon as reasonably practicable, each party hereto shall take, or cause its officers or directors or Affiliates to take, all such reasonably necessary, proper or advisable actions. 

(d) After the Closing Date, Seller shall cooperate with Buyer, its Affiliates and their successors and assigns in the prosecution and
maintenance of the Intellectual Property Assets, including by promptly (i) disclosing relevant facts and delivering instruments and other documents reasonably requested by Buyer or its successors or assigns, and (ii) providing technical
consultations reasonably requested by Buyer or its successors or assigns, including taking reasonable best efforts to make the relevant inventors and counsel that were involved in prosecution of any Intellectual Property Assets available and
accessible to Buyer or its successors or assigns. All such assistance will be provided by Seller without the payment of additional compensation, except that the inventors will be paid and reimbursed a reasonable amount for time expended and
reasonable travel and subsistence expenses incurred in performing such technical consultations requested by Buyer or its successors or assigns, such expenses to be approved in advance by Buyer or its successors or assigns. Seller and its Affiliates
hereby appoint Buyer as its and their attorney in fact, and hereby authorize Buyer to execute a power of attorney form on its and their behalf for use in any jurisdiction in which Buyer may wish to have the assignment of the Intellectual Property
Assets, sufficient in scope for Buyer to have such assignment registered with the applicable Governmental Authority or domain name registrar. 

7.2 Employee Matters. 

(a) Buyer shall, or Buyer shall cause one of its Affiliates to, extend offers of employment to Seller’s employees set forth on Schedule
7.2(a) (the “Target Employees”) (and such offers to Target Employees, the “Transfer Offers”) that, if accepted, shall become effective on the Closing Date. Seller and the officers of Seller shall use commercially reasonable
efforts to encourage Target Employees to accept the Transfer Offers. The Transfer Offers shall set forth the proposed terms of employment for the Target Employees, including salary, incentive compensation opportunities and benefits, with base salary
no less than to what is paid to such 

  
 31 

 
Target Employee by Seller as of the date hereof and incentive compensation opportunity which shall be at least commensurate with the terms of employment of a similarly situated employee currently
employed by Buyer. Employment pursuant to a Transfer Offer shall be contingent, among other requirements stated in the Transfer Offer, upon such Target Employee remaining continuously employed by Seller until the end of the day prior to the Closing.
Target Employees who commence employment with Buyer or an Affiliate of Buyer pursuant to a Transfer Offer shall be referred to herein as “Transferred Employees.” Nothing in this Section 7.2 or elsewhere in this Agreement shall be
construed to create a right in any Target Employee, or in any other employee of Seller, to employment with Buyer or any Affiliate of Buyer. All compensation, including base salary or wages, unused Accrued PTO (except to the extent assumed by Buyer
or its Affiliates), commissions, bonuses and benefits payable by Seller to or on behalf of each Transferred Employee for services performed on or prior to the Closing, shall be vested and paid or otherwise discharged in full by Seller. Effective as
of the Closing, the Transferred Employees shall cease all active participation in and accrual of benefits under the Employee Plans. 
 (b)
Effective as of the end of the day prior to the Closing Date, Seller shall terminate the employment of all Transferred Employees. Seller agrees that Buyer shall not be responsible for any severance obligations to any Employees, whether or not they
are Transferred Employees, related to such Employees’ employment by Seller prior to the Closing Date, and that Seller shall be solely responsible for any such obligations. Seller shall retain all Liability for salary, wages, bonuses, unused
Accrued PTO (except to the extent assumed by Buyer or its Affiliate), and any other Liabilities arising with respect to all Employees (including the Transferred Employees) before the Closing Date; provided, however, Buyer shall, or Buyer shall cause
one of its Affiliates to, assume all Liability for the payout of all Accrued PTO (excluding any interest) not in excess of 100 hours per employee that is set forth on the Closing PTO Amount Schedule and that is credited to Buyer or any of its
Affiliates for the benefit of Transferred Employees. Seller agrees to use its commercially reasonable efforts to obtain necessary consents (which shall be included in the Transfer Offers) from each Transferred Employee relating to Buyer’s or
its Affiliates’ assumption of the Accrued PTO set forth on the Closing PTO Amount Schedule. 
 (c) At least two (2) Business Days
prior to the Closing, Seller shall deliver to Buyer a true and accurate schedule setting forth the amount of all Accrued PTO through and as of the Closing Date for each of the Employees who have received a Transfer Offer and have not, prior to such
date, rejected such Transfer Offer (the “Closing PTO Amount Schedule”). 
 (d) Seller shall retain and perform all Liabilities and
maintain all obligations under COBRA with respect to Employees (including the Transferred Employees) and their covered dependents as a result of any such persons being covered (or ceasing to be covered) under a program maintained or contributed to
by Seller or an Affiliate of Seller; provided, that Buyer shall, or Buyer shall cause one of its Affiliates to, perform all of its obligations under COBRA with respect to Transferred Employees that become covered by any group health insurance plan
of Buyer or one of its Affiliates and who incur a “qualifying event” with respect to such program of Buyer or an Affiliate of Buyer. Buyer or an Affiliate of Buyer shall be solely responsible for all Liability for salary, wages, bonuses,
accrued, but unused vacation pay and any other Liabilities arising with respect to all Transferred Employees as a result of employment on or after the Closing Date. 

  
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 (e) Buyer and its Affiliates shall not assume sponsorship or any responsibilities under any
Employee Plans and Employee Agreements. Seller shall retain all Liabilities and obligations of Seller and its Affiliates under its Employee Plans and any Employee Agreements. As of the Closing Date, each Transferred Employee will be eligible to
participate in Buyer’s or one of its Affiliates’ employee benefit plans and programs which are generally applicable to Buyer’s or its Affiliates’ similarly situated employees, in accordance with the terms and conditions of such
plans. Each Transferred Employee shall be given credit for the corresponding service recognized by Seller prior to the date he or she terminates employment with Seller for purposes of participation eligibility, vesting and benefit eligibility under
Buyer’s or its Affiliates’ employee benefit plans and programs, whether in effect on the Closing Date or subsequently established by Buyer or its Affiliates; provided, that the foregoing shall not apply to the extent that its application
would result in a duplication of benefits with respect to the same period of service and the foregoing shall not apply for benefit accrual purposes under any defined benefit pension plan. Buyer shall use its reasonable best efforts to cause
Buyer’s or its Affiliates’ health plans to provide each Transferred Employee and his or her otherwise eligible dependents with coverage commencing immediately upon the Closing Date. If such Transferred Employee was enrolled in
Seller’s corresponding plan immediately prior to the Closing, then Buyer shall use its commercially reasonable efforts to cause Buyer’s or its Affiliates’ health plans to: (A) waive any pre-existing condition limitations; and
(B) recognize each such Transferred Employee’s expenditures (including those of his or her covered dependents and/or domestic partner) under Seller’s corresponding plan for the calendar year in which the Closing occurs toward any
applicable deductible and annual out-of-pocket limit in Buyer’s health plans for such calendar year. Buyer will cause Buyer’s or its Affiliates’ health plans to waive any pre-existing condition limitation where required to comply with
the provisions of the Health Insurance Portability and Accountability Act of 1996, as amended. 
 (f) No provision of this Agreement (other
than the penultimate sentence of Section 7.2(a)) shall (i) create any third-party beneficiary rights in any Transferred Employee, or any beneficiary or dependents thereof, (ii) be construed as in any way modifying or amending the
provisions of any Employee Plan or any employee benefit plan of Buyer or any of its Affiliates, (iii) require Buyer or any of its Affiliates to continue any employee benefit plan or be construed to prevent or limit Buyer or any of its
Affiliates from terminating or modifying any employee benefit plan that Buyer or its Affiliates may establish or maintain or (iv) require Buyer or any of its Affiliates to continue or maintain the employment of any Transferred Employee
following the Closing Date. 
 7.3 Access and Information. 

(a) From the date hereof until the Closing, subject to any applicable Legal Requirements, Seller shall (i) afford Buyer and its
Representatives access, during regular business hours and upon reasonable advance notice, but in no event less than 48 hours prior notice, to the Employees, the Assets and the Books and Records, (ii) furnish, or cause to be furnished, to Buyer
any financial and operating data and other information that is available with respect to the Assets, Assumed Liabilities or the Business as Buyer from time to time reasonably requests and (iii) instruct the Employees and its Representatives to
reasonably cooperate with Buyer in its investigation of the Assets, Assumed Liabilities and the Business. No investigation pursuant to this Section 7.3(a) shall alter any representation or warranty given hereunder by

  
 33 

 
Seller. All requests for information made pursuant to this Section 7.3(a) shall be directed to an executive officer of Seller or such Person or Persons as may be designated by Seller. All
information received in any form pursuant to this Section 7.3(a) shall be governed by the terms of the Confidentiality Agreement and shall be held in confidence pursuant to Section 7.9 hereof. 

(b) Following the Closing, upon the request of the other party, Seller and Buyer shall, to the extent permitted by applicable Legal
Requirements and confidentiality obligations existing as of the Closing Date, grant to the other party and its Representatives during regular business hours and upon reasonable advance notice, but in no event less than 48 hours prior notice, the
right, at the expense of the non-granting party, to inspect and copy the books, records and other documents in the granting party’s possession pertaining to the operation of the Assets or the Business prior to the Closing (including books of
account, records, files, invoices, correspondence and memoranda, customer and supplier lists, data, specifications, insurance policies, operating history information and inventory records) to the extent such access is reasonably required by the
non-granting party for any proper business purpose. In no event shall either party have access to legally privileged information of the other party, or to the consolidated federal, state or local Tax Returns of the other party. The Seller agrees not
to destroy or otherwise dispose, for a period of six years after the Closing Date, of any of the business records primarily related to the Business, Assets or Assumed Liabilities without first offering in writing to surrender such records to Buyer,
and Buyer shall have 10 days after such offer to agree to take possession thereof. 
 7.4 Preservation of Business. During the period
from the date hereof until the Closing, except as required by applicable Legal Requirements, as otherwise expressly contemplated by this Agreement or as set forth on Schedule 7.4, or with the prior written consent of Buyer, Seller shall, and shall
cause its Affiliates to: 
 (a) operate, repair, and maintain the Assets and the Business in the ordinary course of business as currently
conducted consistent with past practice; 
 (b) use commercially reasonable efforts to preserve the goodwill of and relationships with
Governmental Authorities, customers, Suppliers, vendors, lessors, licensors, licensees, contractors, distributors, agents, employees and others having business dealings with Seller or its Affiliates in connection with Seller’s or its
Affiliates’ use of the Assets or operation of the Business; 
 (c) comply with all Legal Requirements applicable to Seller’s use
of the Assets or operation of the Business and promptly provide Buyer with any notice from any Governmental Authority or other Person alleging violation of any Legal Requirement; 

(d) maintain in full force and effect policies of insurance or substantially equivalent policies that relate to the Assets or the Business;

 (e) not mortgage, pledge or subject to any Encumbrance (other than a Permitted Encumbrance) any of the Assets; 

  
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 (f) not sell, assign, license, grant a covenant not to sue or release, transfer, convey, lease,
surrender, relinquish, permit to expire, terminate or lapse, or otherwise dispose of any right, title or interest in or to any of the Assets; 

(g) not settle or compromise any claim, Liability, Action or obligation related to or in connection with the Assets, any Assumed Liability,
other than the payment, discharge or satisfaction of Liabilities in the ordinary course of business or as otherwise contemplated by this Agreement; 

(h) not materially amend, waive, modify or consent to the termination of any Governmental Authorization or Permit or materially amend, waive,
modify or consent to the termination of rights of Seller or its Affiliates thereunder; 
 (i) not terminate the employment or otherwise
materially modify the terms and conditions of employment (including increasing the base salary payable or entering into, renewing or amending any offer letter or other employment or consulting agreement) of any of the Target Employees other than in
the ordinary course of business or as otherwise contemplated by this Agreement; 
 (j) not enter into any lease of real or personal property
or any renewals thereof for the Assets involving a term of more than one month; 
 (k) not knowingly take any action which would reasonably
be expected to cause any representation or warranty of Seller in this Agreement to be or become untrue in any material respect or intentionally omit to take any action reasonably necessary to prevent any such representation or warranty from being
untrue in any material respect at such time; or 
 (l) authorize or enter into an agreement to do any of the foregoing. 

7.5 Commercially Reasonable Efforts. Seller and Buyer shall cooperate and use commercially reasonable efforts to fulfill as promptly as
practicable the conditions precedent to the other party’s obligations hereunder, including securing as promptly as practicable all consents, approvals, waivers and authorizations required in connection with the transactions contemplated by this
Agreement. 
 7.6 Publicity. Neither Buyer nor Seller, without the prior consent of the other party, shall, and each shall cause its
Representatives not to, make any public statement or press release with respect to the transactions contemplated hereby, or otherwise disclose to any person or entity the existence, terms, content or effect of this Agreement, except to the extent
that disclosure is required by Legal Requirement or to comply with the obligations set forth in this Agreement. If either party determines that any disclosure is required by Legal Requirement or to comply with the obligations set forth in this
Agreement, such party shall first provide an advance copy to the other party for its reasonable review and comments. 
 7.7
Exclusivity. From the date of this Agreement until the earlier of the Closing Date or the termination of this Agreement pursuant to Section 12.1, neither Seller nor any of Seller’s Representatives will directly or indirectly:
(i) solicit, encourage, initiate, review, accept, support, approve or participate in any negotiations or discussions with respect to, or enter into any 

  
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contract or agreement in principle concerning, any inquiry, offer or proposal (formal or informal, oral, written or otherwise) to acquire all or any part of the Assets or the Business, whether by
purchase of assets, sale of stock or other equity, merger or consolidation, any recapitalization, liquidation, dissolution, disposition or any similar transaction, exclusive license, joint venture formation, strategic partnership or other alliance
formation (each of the foregoing, an “Acquisition Proposal”), (ii) disclose any information not customarily disclosed to any Person concerning the Assets and which could reasonably be used for the purposes of formulating any
Acquisition Proposal, (iii) assist, cooperate with, facilitate or encourage any Person to make, participate in any discussions or negotiations with any Person with respect to, or take any other action to facilitate any inquiries or the making
of, any proposal that constitutes or may reasonably be expected to lead to, any Acquisition Proposal, (iv) agree to, enter into a contract regarding, approve, recommend or endorse any transaction involving any Acquisition Proposal or
(v) authorize or permit any of Seller’s Representatives to take any such action. Upon the execution of this Agreement, Seller shall cease, and shall cause its Representatives to cease, immediately and cause to be terminated any and all
existing discussions or negotiations with any parties conducted heretofore with respect to any Acquisition Proposal and promptly request that all confidential information with respect thereto furnished by Seller or its Representatives be returned.
From the date of this Agreement until the earlier of the Closing Date or termination of this Agreement, Seller shall notify Buyer as promptly as practicable (and in any event within two (2) Business Days) of the receipt by Seller or its
Representatives of any proposal or offer (formal or informal, oral, written or otherwise), or any inquiry or contact with any Person with respect thereto, regarding any Acquisition Proposal or of any request for information in connection with a
potential Acquisition Proposal. Such notification shall include any details of the proposal or offer, including any offer terms and conditions. Seller shall instruct each of its Representatives to observe the terms of this Section 7.7. Without
limiting the foregoing, it is understood that any violation of the restrictions set forth in this Section 7.7 by any Representative, whether or not such Person is purporting to act on behalf of Seller or otherwise, shall be deemed to be a
breach of this Section 7.7 by Seller. The Seller agrees that the rights and remedies for noncompliance with this Section 7.7 shall include having such provision specifically enforced by any court having jurisdiction, it being acknowledged
and agreed that any such breach or threatened breach shall cause irreparable injury to Buyer and that money damages would not provide an adequate remedy to Buyer. 

7.8 Notice. 
 (a) From
the date hereof until the Closing, Seller shall promptly notify Buyer in writing of (i) any fact, circumstance, event or action the existence, occurrence or taking of which (x) has had, or would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, (y) has resulted in, or would reasonably be expected to result in, any representation or warranty made by Seller hereunder not being true and correct or (z) has resulted in, or would
reasonably be expected to result in, the failure of any of the conditions set forth in Section 8 to be satisfied, (ii) any notice or other written communication from any Person alleging that the consent of such Person is or may be required
in connection with the Transaction, (iii) any notice or other written communication from any Governmental Authority in connection with the Transaction, and (iv) any Actions commenced or, to the knowledge of Seller, threatened in writing
against, relating to or involving or otherwise affecting Seller, the Assets or the Business that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to Section 5.5 or that relates to the
consummation of the Transaction. 

  
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 (b) Buyer’s receipt of information pursuant to this Section 7.8 shall not operate as a
waiver or otherwise affect any representation, warranty or agreement given or made by Seller in this Agreement and shall not be deemed to amend or supplement the Seller Disclosure Schedule. 

7.9 Confidentiality. 

(a) Seller shall treat as confidential and shall safeguard any and all information, knowledge and data included in the Assets or the Assumed
Liabilities or related to the Business, in each case by using the same degree of care, but no less than a reasonable standard of care, to prevent the unauthorized use, dissemination or disclosure of such information, knowledge and data as Seller or
its Affiliates used with respect thereto prior to the execution of this Agreement. 
 (b) From and after the Closing, Buyer shall, and shall
cause its Affiliates to, treat as confidential and shall safeguard any information relating to the business of Seller or its Affiliates other than the Assets or the Assumed Liabilities or primarily related to the Business that becomes known to Buyer
as a result of the transactions contemplated by this Agreement, except as otherwise agreed to by Seller in writing; provided, however, that nothing in this Section 7.9(b) shall prevent the disclosure of any such information, knowledge or data
to any Representatives of Buyer or any of its Affiliates to whom such disclosure is necessary in the conduct of the ownership of the Assets, the handling of the Assumed Liabilities or the operation of the Business if such Persons are informed by
Buyer or one of its Affiliates of the confidential nature of such information and are directed by Buyer to comply with the provisions of this Section 7.9(b). 

(c) Buyer and Seller acknowledge that the confidentiality obligations set forth herein shall not extend to information, knowledge and data
that is publicly available or becomes publicly available through no act or omission of the party owing a duty of confidentiality, or becomes available on a non-confidential basis from a source other than the party owing a duty of confidentiality so
long as such source is not known by such party to be bound by a confidentiality agreement with or other obligations of secrecy to the other party. In the event that either party is requested or required (by oral question or request for information
or documents in any legal proceeding, interrogatory, subpoena, civil investigative demand, or similar process or by the rules or regulations of any regulatory authority having jurisdiction over such party or a stock exchange on which such
party’s securities are traded) to disclose any confidential information, such party will, except as prohibited by law, notify the other party promptly of the request or requirement so that the latter party may seek an appropriate protective
order or other remedy or waive compliance with the provisions of this Section 7.9. If the other party seeks a protective order or other remedy, the party obligated to disclose the confidential information shall provide such cooperation as the
other party reasonably requests. If, in the absence of a protective order or other remedy or the receipt of a waiver hereunder, either party is, on the advice of counsel, compelled to disclose any confidential information to any tribunal or other
entity or else stand liable for contempt or suffer other censure or penalty, such party may disclose the confidential information to the tribunal or other entity; provided, however, that the disclosing party shall (i) limit such disclosure to
that which is reasonably required by any applicable Legal Requirement and (ii) use its reasonable best efforts to minimize the disclosure 

  
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of the confidential information and to obtain, at the reasonable request of the other party, and at the other party’s cost, an order or other assurance that confidential treatment will be
accorded to such portion of the confidential information required to be disclosed as the other party shall designate. 
 7.10 Bulk Sales
Laws. Seller shall satisfy all of its Liabilities and obligations other than the Assumed Liabilities, in the ordinary course of business. The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar Legal
Requirements of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Assets to Buyer; it being understood that any Liabilities arising out of the failure to comply with the requirements and provisions of
any bulk sales, bulk transfer or similar Legal Requirements of any jurisdiction shall be treated as Excluded Liabilities. 
 7.11 Company
Sale. 
 (a) Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement shall limit, restrict, or
prohibit the Seller or its Representatives from soliciting, encouraging, initiating, reviewing, accepting, supporting, approving, participating in any negotiations or discussions with respect to, or entering into any contract or agreement in
principal concerning, any inquiry, offer or proposal (formal or informal, oral, written, or otherwise) for a Company Sale or disclosing information relating to the Seller to any Person in connection therewith. 

(b) Seller shall not consummate a Company Sale on or prior to the Closing unless the buyer or the surviving entity in such transaction (a
“Company Buyer”) agrees to be bound by the terms and provisions of this Agreement, assumes all of the obligations of the Seller hereunder and reaffirms the representations and warranties of the Seller contained herein. 

(c) In the event that on or prior to the Closing (i) a Company Buyer that has assumed the obligations of the Seller pursuant to
subsection (b) above commits a material breach (or causes the Seller to commit a material breach) of the Seller’s obligations set forth in Section 7.5 and does not cure such material breach within five (5) Business Days after
receipt of notice thereof from Buyer, (ii) such uncured material breach causes a closing condition that was within Company Buyer’s or Seller’s control to become incapable of fulfillment on or prior to the Termination Date, and
(iii) as a result thereof, the Buyer has the right to terminate this Agreement pursuant to Section 12.1(f) and in fact terminates this Agreement in accordance with such Section 12.1(f) prior to the Termination Date, then upon the
Buyer’s written request made to the Company Buyer within two (2) Business Days after the effective date of such termination, the Company Buyer shall pay a fee of $2,000,000 by wire transfer of immediately available funds to an account
designated in writing by the Buyer within ten (10) Business Days after its receipt of such written request from the Buyer (the “Break Up Fee”); provided, however, that (A) if Buyer elects to make such request, the Break Up
Fee shall be its sole and exclusive remedy with respect to such material breach and with respect to any other Damages arising from or relating to this Agreement, and Buyer shall be deemed to have waived, relinquished and released any and all other
rights and remedies that it may have at law or in equity arising from or 

  
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relating to this Agreement, and (B) the Company Buyer shall not be obligated to pay the Break Up Fee unless Buyer executes and delivers to the Company Buyer, together with its request for
the Break Up Fee, a general release of Seller, Company Buyer and their respective Affiliates and Representatives from all claims and other Damages arising from or relating to this Agreement, which general release shall become effective immediately
and automatically upon payment of the Break Up Fee to the account designated by Buyer as provided above. 
 SECTION 8 CONDITIONS PRECEDENT TO THE CLOSING
BY BUYER. 
 The obligation of Buyer to consummate this Agreement is subject to the fulfillment (or waiver by Buyer) at or prior to the
Closing Date of the conditions set forth below. 
 8.1 Representations and Warranties. Each of the representations and warranties of
Seller contained in this Agreement are true and correct as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct on
and as of such earlier date). Each of the representations and warranties of Seller that are qualified as to materiality and the representations and warranties contained in Section 5.1 (Organization, Good Standing, Corporate Power and
Qualification), Section 5.2 (Due Authorization, Binding Effect), Section 5.3 (No Conflicts), Section 5.8 (Assets Generally), and Section 6.6 (No Finder’s Fees) shall be true and correct, and all other representations and
warranties of Seller shall be true and correct in all material respects, in each case, as of the Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which
case such representations and warranties qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, on and as of such earlier date). 

8.2 Performance. Seller shall have complied in all material respects with all covenants and agreements to be performed or satisfied by
Seller on or prior to the Closing Date. 
 8.3 No Action. No action or proceeding shall have been instituted, pending or threatened
before any Governmental Authority, or instituted, pending or threatened in writing by any Person, whether brought against Buyer or Seller, pertaining to the purchase by Buyer of the Assets, and no order shall have been issued by any Governmental
Authority which would be reasonably expected to prevent, materially delay or make illegal the consummation of such purchase or would have, or be reasonably expected to have, any Material Adverse Effect. 

8.4 Material Adverse Effect. No Material Adverse Effect shall have occurred. 

8.5 Certificates. Buyer shall have received (a) a certificate executed by a duly authorized officer of Seller, dated as of the
Closing Date and reasonably satisfactory in form and substance to Buyer, certifying that the conditions set forth in Section 8.1, Section 8.2, Section 8.3, Section 8.4, Section 8.6 and Section 8.7 have been satisfied;
(b) a certificate of the Secretary of State of the State of Delaware as to the legal existence and good standing of the Seller; and (c) a certificate signed by the Secretary of the Seller attesting to the incumbency of the Seller’s
officers, the authenticity of the resolutions authorizing the transactions contemplated by this Agreement, and the authenticity and continuing validity of the organizational documents of the Seller. 

  
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 8.6 Governmental Approvals. Approvals from any Governmental Authority necessary for
consummation of the transactions contemplated by this Agreement shall have been timely obtained. 
 8.7 Consents Obtained. Each of
the approvals or consents required to be obtained by Seller in connection with the transactions contemplated hereby and for the assumption by or assignment to Buyer or the Designated Purchaser, as applicable, of the Assets, including, without
limitation, (a) all of the approvals and consents set forth on Schedule 8.7(a) (“Required Consents”), and (b) no fewer than 50% of the approvals and consents set forth on Schedule 8.7(b) (“Other Consents”), shall have
been obtained and delivered to Buyer. 
 8.8 Bill of Sale; Assumption Agreement; IP Assignment Agreement. Seller shall have executed
and delivered the Bill of Sale, the Assumption Agreement, the IP Assignment Agreement and any other instruments of transfer reasonably requested by Buyer to consummate and make effective the transactions contemplated by this Agreement, including
without limitation such instrument(s) of transfer reasonably requested by Buyer to record transfer of the following marks to Buyer effective as of Closing: “IMAGEKIND” Australian registration number 1187683 dated February 26, 2008,
and “IMAGEKIND” EU registration number 006076319 dated September 25, 2008. 
 8.9 Transition Services Agreement.
Seller shall have executed and delivered the Transition Services Agreement to Buyer, and it shall be in full force and effect as to Seller as of the Closing. 

8.10 Commercial Agreement. Seller shall have executed and delivered the Commercial Agreement to Buyer, and it shall be in full force
and effect as to Seller as of the Closing. 
 8.11 Escrow Agreement. Seller shall have executed and delivered the Escrow Agreement to
Buyer, and it shall be in full force and effect as to Seller as of the Closing. 
 8.12 Termination of Employment; Waiver of Rights.
Seller shall have terminated each Transferred Employee in accordance with Section 7.2, and Seller shall have waived all of its rights under any agreements Seller may have with such employees, including any duty of confidentiality owed to
Seller. 
 8.13 Approval of Documentation. Seller shall have delivered such other certificates, instruments and other documents as
Buyer may reasonably request to consummate the transactions contemplated by this Agreement and the Related Agreements. 
 8.14
Transferred Employees. At least eighty percent (80%) of the Target Employees shall have accepted employment with the Buyer or one of its Affiliates. The employment letters entered into between Buyer and each of Gavin Jocius, Mike Keyes,
Nicki Velasco, Jason Sloan and Elijah Taylor on or prior to the date hereof shall remain in full force and effect and shall not have been amended, cancelled, terminated, revoked or rescinded. 

  
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 8.15 Contemporaneous Delivery and Effectiveness. All acts and deliveries prescribed by
this Section 8, regardless of chronological sequence, will be deemed to occur simultaneously and contemporaneously on the occurrence of the last act or delivery, and none of such acts or deliveries will be effective until the last of the same
has occurred 
 SECTION 9 CONDITIONS PRECEDENT TO THE CLOSING BY SELLER. 

The obligation of Seller to consummate this Agreement is subject to the fulfillment (or waiver by Seller) at or prior to the Closing Date of
the conditions set forth below. 
 9.1 Representations and Warranties. Each of the representations and warranties of Buyer contained
in this Agreement are true and correct as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct on and as of such
earlier date). Each of the representations and warranties of Buyer contained in this Agreement that are qualified as to materiality and the representations and warranties contained in Section 6.1 (Organization, Good Standing, Corporate Power,
Qualification) and Section 6.2 (Due Authorization, Binding Effect) shall be true and correct, and all other representations and warranties of Buyer shall be true and correct in all material respects, in each case, as of the Closing Date as
though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties qualified as to materiality shall be true and correct, and those not so
qualified shall be true and correct in all material respects, on and as of such earlier date). 
 9.2 Performance. Buyer shall have
performed or complied in all material respects with all covenants and agreements to be performed or satisfied by Buyer prior to the Closing Date. 

9.3 Consideration. On the Closing Date, Buyer shall deliver, or cause to be delivered, the Purchase Price to the Seller in accordance
with Section 3.1. 
 9.4 Certificate. Seller shall have received a certificate executed by a duly authorized officer of Buyer,
dated as of the Closing Date and reasonably satisfactory in form and substance to Seller, certifying that the conditions set forth in Section 9.1 and Section 9.2 have been satisfied; (b) a certificate of the Secretary of State of the
State of Delaware as to the legal existence and good standing of the Buyer; and (c) a certificate signed by the Secretary of the Buyer attesting to the incumbency of the Buyer’s officers and the authenticity of the resolutions authorizing
the transactions contemplated by this Agreement, and the authenticity and continuing validity of the organizational documents of the Buyer. 

9.5 No Actions. No action or proceeding shall have been instituted, pending or threatened before any Governmental Authority, or
instituted, pending or threatened by any Person, whether brought against Buyer or Seller, pertaining to the purchase by Buyer of the Assets, and no order shall have been issued by any Governmental Authority which would reasonably be expected to
prevent, materially delay or make illegal the consummation of such purchase. 

  
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 9.6 Transition Services Agreement. Buyer shall have executed and delivered the Transition
Services Agreement to Seller, and it shall be in full force and effect as to Buyer as of the Closing. 
 9.7 Commercial Agreement.
Buyer shall have executed and delivered the Commercial Agreement to Seller, and it shall be in full force and effect as to Buyer as of the Closing. 

9.8 Escrow Agreement. Buyer shall have executed and delivered the Escrow Agreement to Seller, and it shall be in full force and effect
as to Buyer as of the Closing. 
 9.9 Approval of Documentation. Buyer shall have delivered such other certificates, instruments and
other documents as Seller may reasonably request to consummate the transactions contemplated by this Agreement and the Related Agreements. 

9.10 Contemporaneous Delivery and Effectiveness. All acts and deliveries prescribed by this Section 9, regardless of chronological
sequence, will be deemed to occur simultaneously and contemporaneously on the occurrence of the last act or delivery, and none of such acts or deliveries will be effective until the last of the same has occurred. 

SECTION 10 POST-CLOSING INDEMNIFICATION. 

10.1 Survival of Representations and Warranties and Related Indemnification Rights. The representations and warranties of Seller and
Buyer contained in this Agreement, or in any certificate or other instrument delivered pursuant to this Agreement, and the parties’ right to indemnification hereunder in respect of any breaches of or inaccuracies in any such representations and
warranties, shall survive the Closing and continue until 5:00 p.m., California time, on the date that is the fifteen (15) month anniversary of the Closing Date; provided, that indemnification obligations with respect to the representations and
warranties contained in (a) Section 5.1 (Organization, Good Standing, Corporate Power and Qualification), Section 5.2 (Due Authorization, Binding Effect), Section 5.3 (No Conflicts), Section 5.8 (Assets Generally),
Section 6.6 (No Finder’s Fees), Section 6.1 (Organization, Good Standing, Corporate Power and Qualification) and Section 6.2 (Due Authorization, Binding Effect) (collectively, the “Fundamental Representations”) shall
survive indefinitely; and (b) Section 5.11 (Employee Matters), Section 5.12 (Taxes), and Section 5.18 (Environmental Compliance) shall survive until sixty (60) days after the expiration of the applicable statute of
limitations (plus extensions for tolling of such statutes). Any willful or intentional misrepresentation or fraud (each a “Fraudulent Breach” and collectively “Fraudulent Breaches”) shall survive indefinitely. In the event notice
of any claim for indemnification under Section 10.2 hereof has been given within the applicable survival period, such claim shall survive until such time as there is a Final Determination with respect to such claim. The parties acknowledge that
the time periods set forth in this Section 10.1 and elsewhere in this Agreement for the assertion of claims and notices under this Agreement are the result of arms’-length negotiation among the parties and that they intend for the time
periods to be enforced as agreed by the parties. The parties further acknowledge that the time periods set forth in this Section 10.1 and elsewhere in the Agreement may be shorter than otherwise provided by Legal Requirement. 

  
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 10.2 Indemnification. 

(a) By Seller. Subject to Section 10.2(c), Seller shall defend, indemnify and hold harmless Buyer and its Representatives (the
“Buyer Indemnified Parties”) from, against and in respect of any loss, cost, charge, expense, Liability, claim, demand, action, suit, proceeding, payment, judgment, settlement, assessment, deficiency, tax, interest, penalty or damages
(including reasonable fees and disbursements of counsel and accountants and other reasonable costs and expenses incident to any actual or threatened claim, suit, action or proceeding (each, an “Action”)) (collectively, the
“Damages”), imposed on, sustained, incurred or suffered by any of the Buyer Indemnified Parties, whether in respect of third-party claims, claims between the parties hereto, or otherwise, directly or indirectly relating to or arising out
of (i) any breach or inaccuracy of Seller’s representations and warranties under this Agreement or in any Related Agreements, excluding any Fraudulent Breach which shall be governed by Section 10.2(a)(iii), (ii) any breach of any
covenant or agreement of Seller contained in this Agreement or in any Related Agreement that is to be performed prior to the Closing, and/or (iii) any Fraudulent Breach. In addition, Seller shall defend, indemnify, and hold harmless the Buyer
Indemnified Parties, without limitation as to amount, duration or any other potential limitation, from and against any Damages imposed on, sustained, incurred or suffered by any of the Buyer Indemnified Parties, whether in respect of third-party
claims, claims between the parties hereto, or otherwise, directly or indirectly relating to or arising out of (x) any breach of any covenant or agreement of Seller contained in this Agreement or any Related Agreement that is to be performed as
of (e.g., conveyance and delivery of the Assets at the Closing pursuant hereto) or after the Closing and (y) any and all (1) Excluded Assets and Excluded Liabilities and (2) Taxes (or the non-payment thereof) of the Seller for all
taxable periods ending on or before the Closing Date, Taxes that are the responsibility of the Seller pursuant to Section 3.2, and any and all Taxes of any Person (other than Seller) imposed on Seller as a transferee or successor, by contract
or pursuant to any Legal Requirement, which Taxes relate to an event or transaction occurring before the Closing. 
 (b) By Buyer.
Subject to Section 10.2(c), Buyer shall defend, indemnify and hold harmless Seller and its Representatives (the “Seller Indemnified Parties”) from and against any Damages imposed on, sustained, incurred or suffered by any of Seller
Indemnified Parties, whether in respect of third-party claims, claims between the parties hereto, or otherwise, directly or indirectly relating to or arising out of (i) any breach or inaccuracy of Buyer’s representations and warranties
under this Agreement or in any Related Agreements, excluding any Fraudulent Breach which shall be governed by Section 10.2(b)(iii), (ii) any breach of any covenant or agreement of Buyer contained in this Agreement or any Related Agreement
that is to be performed prior to the Closing, and/or (iii) any Fraudulent Breach. In addition, Buyer shall defend, indemnify and hold harmless the Seller Indemnified Parties, without limitation as to amount, duration or any other potential
limitation, for and against any Damages imposed on, sustained, incurred or suffered by any of the Seller Indemnified Parties, whether in respect of third-party claims, claims between the parties hereto, or otherwise, directly or indirectly relating
to or arising out of (x) any breach of any covenant or agreement of Buyer contained in this Agreement or any Related Agreement that is to be performed as of (e.g., payment of the Purchase Price at the Closing pursuant hereto) or after the
Closing and (y) any and all Assumed Liabilities. 

  
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 (c) Limitations on Indemnification Liability. 

(i) Other than rights to specific performance and injunctive relief with respect to a party’s covenants and agreements
under this Agreement or in the event of a Fraudulent Breach, the indemnification provided under Section 10.2 shall be the sole and exclusive remedy of the parties and any other Persons claiming by or through any party (including the Indemnified
Parties) with respect to this Agreement or any Related Agreement, including any misrepresentation or inaccuracy in, or breach of, any representations or warranties, or any breach or failure in performance prior to, on or after the Closing of any
covenants or agreements, made by the other parties in this Agreement, any Related Agreements, or in any schedule or exhibit hereto or thereto or any document delivered pursuant to this Agreement, and each party hereby waives, to the full extent that
it may do so, any other rights or remedies that may arise under any applicable Legal Requirements. 
 (ii) Notwithstanding
any provision to the contrary contained in this Agreement, but subject to Section 10.2(c)(iv), the liability of Seller with respect to all indemnification claims under Section 10.2(a)(i) (excluding claims relating to any breach or
inaccuracy of a Fundamental Representation) shall be limited to an amount equal to twelve percent (12%) of the Purchase Price in the aggregate. 

(iii) Notwithstanding any provision to the contrary contained in this Agreement, but subject to Section 10.2(c)(iv), the
liability of Buyer with respect to all indemnification claims under Section 10.2(b)(i) (excluding claims relating to any breach or inaccuracy of a Fundamental Representation) shall be limited to an amount equal to twelve percent (12%) of
the Purchase Price in the aggregate. 
 (iv) Section 10.2(c)(ii) and (iii) shall not apply to: 

 

	 	(A)	claims for indemnification under Section 10.2(a)(i) or 10.2(b)(i) of this Agreement based on any breach or inaccuracy of a Fundamental Representation, the liability for each of which shall be limited to the
Purchase Price; 

  

	 	(B)	claims for indemnification under Section 10.2(a)(ii) or 10.2(b)(ii) of this Agreement, the liability for each of which shall be limited to the Purchase Price; 

 

	 	(C)	claims for indemnification under Section 10.2(a)(iii) or 10.2(b)(iii) of this Agreement, the liability for each of which shall not be limited hereunder; or 

 

	 	(D)	 claims for indemnification under the last sentence of Section 10.2(a) of this Agreement with respect to Excluded Assets or Excluded Liabilities,
or claims for indemnification under the last sentence of Section 10.2(b) of this Agreement with respect to Assumed Liabilities, the liability for each of which shall not be limited hereunder. For purposes of this subsection 10.2(c)(iv)(D),

  
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“Excluded Liabilities” shall not include subsection 2.4(d) with respect to violation of Legal Requirement or environmental matters or subsection 2.4(a). 

(d) Notwithstanding anything contained herein to the contrary, following a final determination that a breach of a representation or warranty
has occurred, for purposes of determining the amount of any Damages that are the subject matter of a claim for indemnification hereunder, each representation and warranty in this Agreement and each certificate delivered pursuant hereto shall be read
without regard and without giving effect to the term “material” or “Material Adverse Effect” or similar phrases contained in such representation or warranty, which has the effect of making such representation or warranty less
restrictive (as if such word were deleted from such representation and warranty). 
 (e) Claim Notice. In the event an Indemnified
Party shall have a claim against an Indemnifying Party, the Indemnified Party shall deliver a written notice of such claim (a “Claim Notice”) with reasonable promptness to the Indemnifying Party, and not more than 30 days after having
received original notice of the claim. Such Claim Notice shall set forth the estimated amount of the Damages (which estimate shall not be conclusive of the final amount of such claim) (to the extent reasonably available at such time) for which the
Indemnified Party is seeking indemnification hereunder (the “Claimed Amount”) and a summary in reasonable detail of the basis for the claim (to the extent reasonably available at such time). The failure to deliver a Claim Notice within
such 30-day period shall not affect whether the Indemnifying Parties are liable for indemnification hereunder unless and only to the extent that the Indemnifying Party is materially prejudiced thereby. 

(f) Third Party Claims. 

(i) Subject to the provisions of Sections 10.2(f)(ii) and 10.2(f)(iv) below, in the event any claim for indemnification
hereunder results from or in connection with any claim or legal proceeding by a third party (a “Third Party Claim”), the Indemnifying Parties at the sole cost and expense of the Indemnifying Parties, shall have the right to control the
defense and settlement of such claim if the Indemnifying Parties give notice of the intention to do so to the Indemnified Parties within thirty (30) days (or such lesser number of days set forth in the Claim Notice as may be required by any
court proceeding) after the Indemnifying Parties receive such Claim Notice, subject to the limitations below, and shall have the right to select and retain legal counsel, which counsel shall be reasonably satisfactory to the Indemnified Party, to
defend or settle any claim or demand. The Indemnified Party shall have the right to retain its own counsel, at its sole expense, to monitor the defense or settlement of any claim or demand. 

(ii) The Indemnifying Party shall not have the right to assume control of such defense and shall pay the fees and expenses of
counsel retained by the Indemnified Party, if the claim with respect to which the Indemnifying Party seeks to assume control (A) seeks non-monetary relief, (B) involves criminal or quasi-criminal allegations, (C) involves any claim
made by any customer or supplier of the Business, other than a customer or supplier that is also a customer or supplier to the Indemnifying Party, or (D) involves a claim if, as a result of the application of the provisions of
Section 10.2(c)(ii), less than 100% of the Damages reasonably expected to result from the Third Party Claim would be indemnifiable hereunder. 

  
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 (iii) By assuming the defense of a claim or demand, the Indemnifying Party shall
be deemed to have conclusively acknowledged its obligation to indemnify the Indemnified Party with respect to such claim or demand to the extent required pursuant to this Agreement. In the event that the Indemnifying Party fails to give notice of
its intention to control the defense and settlement of any Third Party Claim within the period prescribed in Section 10.2(f)(i), or affirmatively notifies the Indemnified Party in a writing delivered within such period that it does not desire
to control the defense and settlement of any Third Party Claim, or the Indemnifying Party fails to diligently pursue the defense of such assumed claim or demand, the Indemnified Party shall conduct or reassume the defense of and shall have the
right, subject to Section 10.2(f)(iv), to settle any such Third Party Claim (and the costs and expenses incurred by the Indemnified Party in connection with such defense or settlement shall be included in the Damages for which the Indemnified
Party may seek indemnification pursuant to a claim made hereunder). The Indemnifying Parties shall have the right to receive copies of all pleadings, notices and communications with respect to such Third Party Claim and shall have the right to
retain its own counsel, at its sole expense, to monitor the defense or settlement of any such claim or demand. 
 (iv) The
party conducting the defense of a claim shall only have the right to settle and compromise any claim or demand if (A) the other party to this Agreement provides its prior written consent to such settlement or compromise, which consent shall not
be unreasonably withheld or delayed; or (B) other than with respect to a claim assumed by an Indemnified Party pursuant to Section 10.2(f)(ii), upon prior written notice to the other party so long as such settlement or compromise
(1) expressly and unconditionally releases the other party from all liabilities and obligations with respect to such claim or demand and (2) will not impose any injunctive or other equitable relief against the other party. 

(g) Response to Claim Notice. Within fifteen (15) calendar days after delivery of a Claim Notice, the Indemnifying Party shall
deliver to the Indemnified Party a written response, in which the Indemnifying Party shall either: (i) agree that the Indemnified Party is entitled to receive the full Claimed Amount, (ii) agree that the Indemnified Party is entitled to
receive a portion of the Claimed Amount (an “Agreed Amount”), or (iii) dispute that the Indemnified Party is entitled to receive any of the Claimed Amount, specifying in reasonable detail the basis for such dispute. If the
Indemnifying Party does not respond within such 15-day period, it will be deemed to have conceded that the Indemnified Party is entitled to receive the Claimed Amount. If the Indemnifying Party delivers a response in accordance with
Section 10.2(g)(i), such response shall be deemed a Final Determination for the purposes of Section 10.2(i) with respect to the Claimed Amount. If the Indemnifying Party delivers a response in accordance with Section 10.2(g)(ii), such
response shall be deemed a Final Determination for the purposes of Section 10.2(j) with respect to the Agreed Amount. 
 (h)
Dispute. During the twenty (20) calendar day period following the delivery of a response from the Indemnifying Party in accordance with Section 10.2(g)(ii) (with respect to the 

  
 46 

 
difference between the Claimed Amount and the Agreed Amount) or Section 10.2(g)(iii) (with respect to the Claimed Amount) (a “Dispute”), the Indemnifying Party and the Indemnified
Party shall use good faith efforts to resolve the Dispute. If the Dispute is not resolved within such twenty (20) calendar day period or any other period as agreed upon between the parties in writing, the Indemnifying Party and the Indemnified
Party shall submit the Dispute to binding arbitration, and the provisions of Section 10.3 shall become effective with respect to such Dispute. 

(i) Payment of Indemnification Obligation. Upon a final determination of an indemnification claim made by the Indemnified Party,
whether such final determination is by reason of (a) a failure of the Indemnifying Party to respond to a Claim Notice in accordance with Section 10.2(g), (b) the Indemnifying Party delivering a response in accordance with
Section 10.2(g)(i) or Section 10.2(g)(ii), (c) the resolution of a Dispute in accordance with Section 10.2(h), (d) the mutual agreement of the Indemnified Party and the Indemnifying Party, (e) the final decision of the
arbitrator(s) in accordance with Section 10.3, or (f) a final judgment of a court of competent jurisdiction that is either not subject to any further appeals or the time for giving notice to take such appeals has lapsed and no such notice
was filed (each a “Final Determination”), then the amount of the Damages stated in, or arising from, such Final Determination shall be paid promptly, but in no event more than five (5) Business Days after the date of such Final
Determination, by the Indemnifying Party. If the Indemnifying Party is Buyer, payment of damages shall be by wire transfer of immediately available funds. If the Indemnifying Party is the Seller, payment of Damages shall be first from the Escrow
Amount and second, if the Escrow Amount is insufficient, by wire transfer of immediately available funds. 
 10.3 Arbitration. 

(a) Any Dispute arising out of or in connection with this Agreement or the Related Agreements, or the breach, termination or invalidity
thereof (including any controversy or claim sounding in tort), shall be finally settled by arbitration in accordance with the rules of arbitration then in effect of the Judicial Arbitration and Mediation Services, Inc. Any party hereto may initiate
a binding arbitration proceeding for the final resolution of any Dispute by delivering a notice to the other party hereto, describing the Dispute to be arbitrated. The place of arbitration shall be in Delaware. 

(b) The arbitration shall be conducted before a single arbitrator jointly selected by the parties. If the parties are unable to agree upon the
arbitrator within ten (10) days from receipt of the notice with request for arbitration, the Indemnifying Party and Indemnified Party each shall choose one arbitrator and the two arbitrators so selected shall select a third arbitrator. The
third arbitrator shall conduct the arbitration. 
 (c) Notwithstanding any contrary provision of the rules of arbitration then in effect of
the Judicial Arbitration and Mediation Services, Inc., the parties to the arbitration shall be entitled to undertake discovery in the arbitration as determined by the arbitrator(s) at his or her discretion; provided, that such discovery shall not
exceed more than (i) 10 witness depositions, plus the depositions of any expert designated by the other party, (ii) 25 interrogatories, and (iii) 30 document requests. The arbitrator(s) shall have authority to hear and rule upon all
discovery motions. 

  
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 (d) Unless otherwise required by law (including securities laws and the rules of The NASDAQ Stock
Market LLC), the parties to this Agreement undertake and agree that all arbitral proceedings conducted with reference to this arbitration clause will be kept strictly confidential. This confidentiality undertaking shall cover all information
disclosed in the course of such arbitral proceedings, as well as any decision or award that is made or declared during the proceedings. Subject to the limitations described in this Section 10.3(d), information covered by the confidentiality
undertaking in this Section 10.3(d) may not, in any form, be disclosed by either party to a third party without the prior written consent of the other party. 

10.4 Set-Off. If the Seller shall fail to pay any amounts that it is obligated to pay to the Buyer (or any Buyer Indemnified Party)
under this Agreement, the Transition Services Agreement, or the Commercial Agreement, including, without limitation, any amounts that it is obligated to pay pursuant to the indemnification obligations set forth in this Section 10, then Buyer or
any of its Affiliates may, in addition to any other rights and remedies that may be available, set off all or any portion of such amounts against any amounts due and owing from the Buyer or any of its Affiliates to the Seller, including, without
limitation, the Escrow Amount. Any amounts so set off shall be deemed to have been paid to the Seller as of the date on which written demand for payment of the amount in question was given to the Seller. For the avoidance of doubt, the right of set
off hereunder shall only apply to (a) amounts that the Seller expressly agrees are payable to the Buyer or a Buyer Indemnified Party, and/or (b) or amounts that are finally determined to be payable to the Buyer or a Buyer Indemnified Party
(whether by mutual agreement, arbitration, judicial decision or otherwise). 
 SECTION 11 POST-CLOSING COVENANTS. 

11.1 Employee Non-Solicitation. At all times until the third anniversary of the Closing Date, Seller shall not, and shall cause its
subsidiaries and controlled Affiliates not to, directly or indirectly, (i) hire, solicit to employ, or solicit to provide services to Seller or any of its subsidiaries or controlled Affiliates, (x) any Transferred Employee who is then
currently employed by or who was employed within the then previous 6 months by Buyer or an Affiliate of Buyer, or (y) any Person with whom Seller had contact in connection with Buyer’s investigation of the Business or the Business or
negotiation of this Agreement who is then currently employed by or who was employed within the then previous 6 months by Buyer or an Affiliate of Buyer, or (ii) induce or attempt to induce (x) any Transferred Employee who is then currently
employed by or who was employed within the then previous 6 months by Buyer or an Affiliate of Buyer, or (y) any Person with whom Seller had contact in connection with Buyer’s investigation of the Business or the Business or negotiation of
this Agreement who is then currently employed by or who was employed within the then previous 6 months by Buyer or an Affiliate of Buyer, to terminate his or her employment or association with Buyer or its Affiliates. For purposes of this
Section 11.1, the term “solicit” shall not include generalized searches for employees through media advertisements, employment firms or otherwise that are not focused on or directed to (x) any Transferred Employee who is then
currently employed by or who was employed within the then previous 6 months by Buyer or an Affiliate of Buyer, or (y) any Person who participated in the investigation of the Business or the Business or negotiation of this

  
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Agreement who is then currently employed by or who was employed within the then previous 6 months by Buyer or an Affiliate of Buyer. For purposes of this Section 11.1, each 6 month period
set forth above is agreed to be a 12 month period with respect to each of Gavin Jocius, Mike Keyes, Nicki Velasco, Jason Sloan and Elijah Taylor 

11.2 Non-Competition. During the period beginning on the Closing Date and ending on the third anniversary of the Closing Date, the
Seller covenants and agrees not to, and shall cause its subsidiaries and controlled Affiliates not to, directly or indirectly and anywhere in the United States or Canada, other than pursuant to the transactions expressly contemplated or permitted by
the Commercial Agreement: 
 (a) conduct, manage, operate, or engage in, or have an ownership interest in any business or enterprise engaged
in, whether as principal, manager, agent, consultant, equity holder, partner, investor, lender or member or in any other capacity, any business or enterprise (or subsidiary or division thereof) that markets, sells, manufactures or fulfills products
or services that transform photographs and images into canvas works of art; or 
 (b) solicit or endeavor to entice away from the Buyer or
the Business, or endeavor to reduce the business conducted with the Buyer or the Business by, any Person who is, or was within the one-year period prior hereto, a customer, licensee, or client of, supplier, vendor, licensor, or service provider to
the Business. 
 11.3 Certain Acknowledgements. 

(a) Seller acknowledges and agrees that Buyer may be irreparably harmed if Seller or its subsidiaries or Affiliates breach the covenants
contained in this Section 11 (the “Restrictive Covenants”) and that any such breach would result in a substantial loss of goodwill by Buyer. Seller further acknowledges and agrees that the Restrictive Covenants and agreements set
forth in this Section 11 were a material inducement to Buyer to enter into this Agreement and to perform its obligations hereunder, and that Buyer would not obtain the full benefit of the bargain set forth in this Agreement as specifically
negotiated by the parties hereto if Seller breached the provisions of this Section 11. Seller acknowledges that the restrictions set forth in this Section 11 are reasonable and necessary to protect the goodwill of the Business being
purchased by Buyer hereunder. The parties intend that these Restrictive Covenants shall be deemed to be a series of separate covenants, one for each and every state of the United States of America and province of Canada. If, at the time of
enforcement of the Restrictive Covenants, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under
such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by applicable Legal
Requirements. 
 (b) Seller acknowledges and agrees that money damages would not provide an adequate remedy for any breach of this
Section 11 and that Buyer shall, whether or not it is pursuing any potential remedies at law, be entitled to equitable relief in the form of preliminary and permanent injunctions without bond or other security upon any actual or threatened
breach of these Restrictive Covenants. If either Seller or a subsidiary or Affiliate of Seller breaches, or 

  
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threatens to commit a breach of, any of the Restrictive Covenants, Buyer shall, whether or not it is pursuing any potential remedies at law, 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 Buyer at law or in equity: 

(i) the right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction, it
being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to Buyer and that money damages would not provide an adequate remedy; and 

(ii) the right and remedy to require Seller or such subsidiary or controlled Affiliate to account for and pay over to Buyer any
profits, monies, accruals, increments or other benefits derived or received by such Person as the result of any transactions constituting a breach of the Restrictive Covenants. 

11.4 Outstanding Consents. During the Transition Period Seller shall use commercially reasonable efforts to secure, as promptly as
practicable and at its own expense, any consents, approvals, waivers and authorizations required in connection with the transactions contemplated by this Agreement, including, without limitation, all Required Consents and Other Consents, to the
extent such consents, approvals, waivers and authorizations were not obtained and delivered to Buyer at or prior to the Closing. 
 11.5
Cooperation on Tax Matters. After the Closing, Seller and Buyer agree to cooperate with each other in connection with any inquiry, audit, determination or proceeding affecting the Liability of either of them for Taxes, and, in connection with
the determination of any such Liability, each of them shall make available to each other within a reasonable amount of time, at no cost to the requesting party, any documents, correspondence, reports, books and records and any other materials
bearing on such Tax inquiry, audit, examination, proceeding or determination then in the possession of the requested party; provided that each party shall be reimbursed for any reasonable out-of-pocket expenses it incurs in assisting another party
under this Section 11.5. Each party further agrees, upon request, to use its commercially reasonable efforts to obtain any certificate or other document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce
or eliminate any Tax that could be imposed. The Seller agrees (i) to retain all books and records with respect to Tax matters pertinent to the Business and the Assets relating to periods ending on or prior to the Closing Date until the
expiration of the statute of limitations (and any extensions thereof) of the respective Tax periods and to abide by all record retention agreements entered into with any Governmental Authority, and (ii) not to destroy or otherwise dispose of
any such books and records without first offering in writing to surrender such books and records to Buyer, and Buyer shall have 10 days after such offer to agree to take possession thereof. 

SECTION 12 TERMINATION. 
 12.1
Termination. This Agreement may be terminated, and the transactions contemplated herein may be abandoned, at any time on or prior to the Closing Date: 

(a) with the mutual written consent of Seller and Buyer; 

  
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 (b) by Seller or Buyer, if the Closing shall not have taken place on or before April 15,
2015 (the “Termination Date”); provided, that the right to terminate this Agreement under this Section 12.1(b) shall not be available to (i) Seller if the failure of Seller to fulfill any of its obligations under this Agreement
caused the failure of the Closing to occur on or before such date or (ii) Buyer if the failure of Buyer to fulfill any of its obligations under this Agreement caused the failure of the Closing to occur on or before such date; 

(c) by Seller or Buyer if any permanent injunction or other order of a Governmental Authority of competent authority preventing the
consummation of the Transaction shall have become final and non-appealable; provided that the party seeking termination shall have used commercially reasonable efforts to remove such injunction or order; 

(d) by Seller or Buyer if there shall be any statute, rule, regulation or order enacted, promulgated or issued or deemed applicable to the
Transaction by any Governmental Authority that would make consummation of the Transaction illegal; 
 (e) by Seller if any of the conditions
set forth in Section 9 shall have become incapable of fulfillment on or prior to the Termination Date and shall not have been waived by Seller, unless the failure of such condition is the result of a material breach of this Agreement or a
representation, warranty or covenant by Seller; or 
 (f) by Buyer if any of the conditions set forth in Section 8 shall have become
incapable of fulfillment on or prior to the Termination Date and shall not have been waived by Buyer, unless the failure of such condition is the result of a material breach of this Agreement or a representation, warranty or covenant by Buyer. 

In the event of termination by Seller or Buyer pursuant to this Section 12.1 (other than Section 12.1(a)), written notice thereof
shall be given to the other party. 
 12.2 Effect of Termination. If this Agreement is terminated pursuant to Section 12.1, all
obligations of the parties hereunder shall terminate, except for the obligations set forth in Section 7.6 (Publicity), Section 7.11 (Company Sale), Section 13.1 (Notices), Section 13.2 (Expenses), Section 13.3 (Counterparts;
Facsimile Signatures), Section 13.4 (Governing Law), Section 13.5 (Integration and Construction), Section 13.6 (Waivers and Amendments), Section 13.8 (Successors and Assigns) and Section 13.9 (Severability) (and any related
definitional provisions set forth in Section 1) which shall survive the termination of this Agreement, and except that no such termination shall relieve any party from liability for any prior breach of this Agreement. 

  
 51 

 SECTION 13 GENERAL PROVISIONS. 

13.1 Notices. All notices, requests, consents, and other communications required or permitted hereunder shall be in writing and shall be
personally delivered, mailed using first-class, registered, or certified mail, postage prepaid, faxed or sent by electronic mail to the following addresses or to such other address as the parties hereto may designate in writing: 

Seller: 

CafePress Inc. 

6901 Riverport Drive 

Louisville, Kentucky 40258 

Attn: General Counsel 

Email: rhensley@cafepress.com 

with a copy to, which shall not constitute notice: 

Pillsbury Winthrop Shaw Pittman LLP 

2550 Hanover Street 

Palo Alto, CA 94304 

Attn: Jorge del Calvo, Esq. 

Fax: (650) 233-4545 

Email: jorge@pillsburylaw.com 

Buyer: 
 Circle
Graphics, Inc. 
 120 Ninth Avenue 

Longmont, Colorado 80501 

Attn: Chief Executive Officer 

Email: acousin@circlegraphicsonline.com 

with a copy to, which shall not constitute notice: 

Foley & Lardner LLP 

111 Huntington Avenue 

Boston, Massachusetts 02199 

Attn: Susan E. Pravda, Esq. 

Email: spravda@foley.com 
 All
such notices, requests, consents and other communications shall be deemed to be properly given (a) if delivered personally to the address as provided in this Section, upon delivery, (b) if delivered by facsimile transmission or electronic
mail to the facsimile number or email address as provided for in this Section 13.1, upon delivery confirmation if sent during normal business hours of the recipient; if not, then on the next Business Day, (c) if sent by registered or
certified mail, three (3) Business Days after the same has been deposited in the mail, addressed and postage prepaid as set forth above and (d) if delivered by overnight courier to the address as provided in this Section 13.1, on the
earlier of the first Business Day following the date sent by such overnight courier or upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice is to
be delivered pursuant to this Section 13.1). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other party hereto.

  
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 13.2 Expenses. Each party will pay for its own legal, accounting, investment banking or
valuation services, and any and all other costs and expenses incurred with respect to the transactions contemplated hereby and the negotiation and execution of this Agreement. 

13.3 Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which when executed by
the parties hereto and delivered shall be deemed to be an original, and all such counterparts taken together shall be deemed to be but one and the same instrument. This Agreement may be executed and delivered by facsimile or .PDF signature, and upon
such delivery the facsimile signature or .PDF signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

13.4 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the state
of Delaware, excluding that body of law pertaining to conflicts of laws. 
 13.5 Integration and Construction. This Agreement, the
Confidentiality Agreement and the Related Agreements (including in each case all schedules and exhibits hereto or thereto) shall comprise the complete and integrated agreement of the parties hereto and shall supersede all prior agreements, written
or oral, on the subject matter hereof. Upon the Closing, the Confidentiality Agreement shall terminate and be of no further force and effect. Any captions to, or headings of, the sections of this Agreement are solely for the convenience of the
parties hereto, are not a part of this Agreement, and shall not be used for the interpretation of this Agreement. Where the context so requires, words used in any gender shall be deemed to include other genders, and the singular number shall include
the plural and vice versa. Unless the context requires otherwise, wherever the word “include,” “includes,” or “including” is used in this Agreement, it shall be deemed followed by the words “without
limitation.” The Recitals appearing at the beginning of this Agreement, and the Exhibits and Schedules attached hereto, are hereby incorporated into and are deemed to constitute a part of the operative text of this Agreement. Each party hereto
and such party’s counsel have had the full opportunity to review and comment upon, and have reviewed and commented upon, this Agreement, and any rule of construction to the effect that ambiguities are to be resolved against the drafting party
shall not apply in the interpretation of this Agreement or any Exhibits or Schedules attached hereto. 
 13.6 Waivers and Amendments.
No amendment, modification, supplement or waiver of any provision of this Agreement, and no consent to any departure therefrom, may in any event be effective unless in writing and signed by the party or parties affected thereby, and then only in the
specific instance and for the specific purpose given. 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. 
 13.7 Injunctive Relief. The parties agree that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each party shall be entitled to enforce the terms of this
Agreement by a decree of specific performance without the necessity of proving the inadequacy of monetary damages as a remedy and to obtain injunctive relief against any breach or threatened breach, and each party agrees to waive any requirement to
post any bond in connection with obtaining such relief. 

  
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 13.8 Successors and Assigns. This Agreement may not be assigned, in whole or in part, by
any party hereto without the prior written consent of the other party; provided, that prior to Closing, Buyer may, without the prior written consent of Seller, assign all of its rights and obligations under this Agreement to any Affiliate of Buyer
(the “Designated Purchaser”). No assignment made in accordance with this Section 13.8 shall be deemed valid unless the assignee executes and delivers to the non-assigning party hereto a joinder agreement in a form reasonably
satisfactory to both the Buyer and the Seller, whereby the assignee agrees to be bound by the terms and provisions of this Agreement, assumes all of the obligations of the assignor hereunder and reaffirms the representations and warranties contained
herein. Any purported assignment in violation of this Section 13.8 is void. Subject to the foregoing, this Agreement and the provisions hereof shall be binding upon and inure to the benefit of each of the parties and their successors and
assigns. 
 13.9 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision. 
 13.10 Time of Essence. Time is of the essence of each and every term, condition,
obligation, and provision hereof. 
 13.11 No Third Party Beneficiaries. Except as expressly provided by this Agreement, nothing in
this Agreement, express or implied, is intended to or shall (a) confer on any Person other than the parties to this Agreement and their respective permitted successors or assigns any rights (including, without limitation, third party
beneficiary rights), remedies, obligations or liabilities under or by reason of this Agreement or (b) constitute the parties to this Agreement as partners or as participants in a joint venture. Except as expressly provided by this Agreement,
this Agreement shall not provide third parties with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to the terms of this Agreement. 

[Remainder of page intentionally left blank; signature page follows] 

  
 54 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or has caused this
Agreement to be executed on its behalf by a representative duly authorized, all as of the date first above set forth. 
  

			
	BUYER:
	
	CIRCLE GRAPHICS, INC.
	a Delaware corporation
		
	By:		 /s/ Andrew Cousin

	Name:		ANDREW COUSIN
	Title:		CEO
	
	SELLER:
	
	CAFEPRESS INC.
	a Delaware corporation
		
	By:		  

	Name:		
	Title:		

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or has caused this
Agreement to be executed on its behalf by a representative duly authorized, all as of the date first above set forth. 
  

			
	BUYER:
	
	CIRCLE GRAPHICS, INC.
	a Delaware corporation
		
	By:		  

	Name:		
	Title:		
	
	SELLER:
	
	CAFEPRESS INC.
	a Delaware corporation
		
	By:		 /s/ Garett Jackson

	Name:		Garett Jackson
	Title:		Chief Financial Officer

 EXHIBIT A 

TRANSITION SERVICES AGREEMENT 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT (this “Agreement”) is made and entered into as of
                    , 2015 (the “Closing Date”), by and between Circle Graphics, Inc., a Delaware corporation
(“Buyer”), and CafePress Inc., a Delaware corporation (“Seller”). Capitalized terms set forth herein but not otherwise defined herein shall have the meanings assigned to them in the Asset Purchase Agreement (as
defined below). 
 RECITALS 

WHEREAS, Buyer and Seller have entered into an Asset Purchase Agreement, dated as of February 11, 2015 (the “Asset Purchase
Agreement”), and the execution and delivery of this Agreement is a condition to consummation of the transactions contemplated by the Asset Purchase Agreement; and 

WHEREAS, in connection with and after the transactions contemplated by the Asset Purchase Agreement, the Buyer and Seller desire that the
Seller provide certain transition services relating to the Business on the terms and conditions set forth in this Agreement. 
 NOW,
THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto, each intending to be legally bound, agree as follows: 
 1. Transition Services. 

(a) Services. From and after the Closing Date, during the term of this Agreement as set forth in Section 8 (the
“Transition Period”), and subject to the terms and conditions set forth herein, Seller shall provide, or cause one or more of its Affiliates or Subcontractors to provide (the providing party, the “Providing Party”),
to Buyer or one or more of its Affiliates (the receiving party, the “Receiving Party”), in accordance with the standards set forth in Section 12 below, the services specified on Annex A hereto (each of the categories
described on Annex A and each other service required hereunder, a “Service” and, collectively, the “Services”). The Services provided by Seller hereunder shall only be made available for, and Buyer shall only
be entitled to utilize such Services for the benefit of the Business. With respect to use of the Seller’s EZPrints builder application as part of the Services provided by Seller hereunder, such use is hereby permitted and provided subject to a
nonassignable, nontransferable, nonexclusive, non-sublicensable, limited license solely as contemplated by, and subject to the terms and conditions of, this Agreement. 

(b) Fees. In consideration for the performance of the Services in accordance with this Agreement, Buyer shall pay the fee set forth on
Annex A for each service; provided, however, that in the event any fees for Services are not set forth on Annex A, Buyer shall pay an amount equal to the Cost Recovery Basis for such Service. As used herein, “Cost Recovery Basis” means the
aggregate sum of all expenses, costs, fees, penalties and assessments directly related to the provision of Services to the Receiving Party by the Providing Party (other than such expenses, costs, fees, penalties and assessments resulting from a
breach of (i) this Agreement or any other agreement related to the Services, (ii) applicable Legal Requirements, or (iii) the standards set forth in Section 12 below, in each case, by the Providing Party). 

 (c) Cooperation. 

(i) The Parties shall cooperate and use commercially reasonable efforts to obtain the consent of any licensors of Software or
any other third party that may be required in connection with the provision of any of the Services hereunder. If any such third party requires a payment in order to make the Services available to the Receiving Party hereunder, each Party shall
promptly notify the other Party of this additional cost and the Parties shall use all reasonable best efforts to provide an alternative arrangement to achieve the results intended (and the Parties shall cooperate with respect thereto). In any such
case, if the Parties are unable to agree upon an alternative arrangement, each Party shall have the option to elect to terminate any of the Services associated with the required consent. As of the date of this Agreement, neither party expects that a
third party will require payment in order to make the Services available to the Receiving Party hereunder 
 (ii) Provided
that Buyer is not in breach of its obligations set forth in Section 7, prior to the termination of this Agreement, the Providing Party shall cooperate with the Receiving Party as reasonably requested by the Receiving Party to effect an
orderly transition of the Services provided hereunder and shall use commercially reasonable efforts to assist the Receiving Party to complete the transition as promptly as practicable. In addition, the Providing Party will facilitate and support the
Receiving Party in the conversion of all necessary systems from the Providing Party’s systems to the Receiving Party’s systems, including support of the mapping and transferring of files. The Parties agree to cooperate in good faith and to
use their commercially reasonable efforts to mutually develop a conversion plan to effect the orderly transition of the Services from the Providing Party’s systems to the Receiving Party’s systems. In connection therewith, the Parties will
in good faith consider modifications to the initial Transition Dates, and will negotiate in good faith with respect to the cost, if any, of conversion services to be provided after the final Transition Date. 

2. Representatives. Buyer and Seller shall each designate one representative to act as a contact person with respect to all issues
relating to the provision of Services under this Agreement. The initial Buyer representative shall be              and the initial Seller representative shall be
            . Each representative’s contact information is set forth on Annex B hereto. A Party may designate a replacement representative at any time upon notice to the other
Party in accordance with Section 18 below. 
 3. Limitation on Services. Except as set forth on Annex A, the Providing
Party shall have no obligation to upgrade, enhance or otherwise modify any computer hardware, Software or network environment currently used in the Business or to provide any support or maintenance services for any computer hardware, Software or
network environment that has been upgraded, enhanced or otherwise modified from the computer hardware, Software or network environments that is currently used in the Business. 

  
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 4. Additional Services. Upon the Receiving Party’s request for additional transition
services (“Additional Services”) that are necessary for the Receiving Party to operate the Business in a manner similar to or compatible with its existing businesses, policies, or practices, representatives of the Providing Party
and the Receiving Party will negotiate in good faith regarding amending Annex A to include the Additional Services and the terms and conditions (including, without limitation and if necessary, cost and extension of the Transition Period) upon
which such Additional Services will be provided. Any such Additional Services shall be mutually agreed to and the fees thereof shall be effective as of the date of execution of an amendment to this Agreement by duly authorized representatives of the
Parties hereto. 
 5. Subcontractors. The Providing Party may, directly or through one or more of its Affiliates, hire or engage
(and/or continue to engage) one or more subcontractors or other third parties (each, a “Subcontractor”) to perform any or all of its obligations under this Agreement; provided, that: (i) the Providing Party remains ultimately
responsible for ensuring that the obligations with respect to the nature, quality and standards of care set forth in Section 1 are satisfied with respect to any Service provided by any Subcontractor; (ii) the use of any
Subcontractor will not increase any costs, fees or expenses payable by the Receiving Party hereunder; and (iii) the use of any Subcontractor will not adversely affect the quality or timeliness of delivery of any Service provided to the
Receiving Party. 
 6. Title to The Providing Party’s Equipment; Management and Control. 

(a) Except as provided in Section 6(c) below, all procedures, methods, systems, strategies, tools, equipment, facilities and other
resources used by a Providing Party in connection with the provision of Services hereunder (collectively, the “Provider’s Equipment”) shall remain the property of such Providing Party, and, except as otherwise provided herein,
shall at all times be under the sole direction and control of such Providing Party. 
 (b) Except as otherwise provided herein, management
of, and control over, the provision of the Services (including the determination or designation at any time of the Provider’s Equipment, employees and other resources of the Providing Party to be used in connection with the provision of the
Services) shall reside solely with such Providing Party. Without limiting the generality of the foregoing, all labor matters relating to any employees of the Providing Party shall be within the exclusive control of such parties, and the Receiving
Party shall take no action affecting, or have any rights with respect to, such matters. 
 7. Billing and Payment. 

(a) The Receiving Party shall promptly pay when due any bills and invoices that it receives from the Providing Party for services provided
under this Agreement. Within ten days after the last day of each month during the Transition Period, or such longer period as the Providing Party reasonably requests, Seller shall provide Buyer with an invoice specifying the Services performed in
accordance with this Agreement in the immediately preceding month and the payments due in connection therewith. Unless otherwise provided herein or on Annex A, not later than thirty (30) days following receipt by Buyer of such invoice,
subject to receiving, if requested, any appropriate reasonably requested support documentation to substantiate the amounts reflected on such invoices, Buyer shall pay the amounts properly reflected on all such invoices by check or wire transfer of
immediately available funds in accordance with the instructions provided by the Seller in writing to Buyer. Should Buyer dispute any portion of any invoice, Buyer shall promptly notify Seller in writing of the nature and basis of the dispute. 

  
 - 3 - 

 (b) The Parties shall provide and make available to each other any resale certificate,
information regarding out-of-state use of materials, services or sale, and other exemption certificates or information reasonably requested by the other Party. Notwithstanding anything to the contrary set forth herein, neither Buyer nor any
Receiving Party shall be liable for, and the Providing Party shall pay, all Taxes, duties, customs, assessments and other fees and charges (excluding any Taxes on the income of Buyer or any Receiving Party) imposed by any Governmental Authority in
connection with the Services; provided, however, that to the extent a Providing Party collects sales, use or excise taxes on behalf of the Buyer or any Receiving Party in connection with the Services, the Providing Party shall forward such
collections to the Buyer and the Buyer shall be responsible for remitting such collections to the applicable Governmental Authority. 
 8.
Term of Agreement; Termination. 
 (a) Unless earlier terminated under the terms of this Section 8 or Section 9 or extended
by written agreement of the Parties hereto, this Agreement will expire with respect to each Service on the date on which the Receiving Party has notified the Providing Party that the Receiving Party has commenced such Service (or a substitute
therefor) on its own behalf, which shall be a date no later than the date on which the maximum duration specified in the Annex A for such Service has expired and in any event, no later than
[                    ] following the Closing Date with respect to such Service, the “Transition Date”). The Providing Party shall not be
obligated to provide any Service following the Transition Date with respect to such Service; provided, however, that if Buyer or the Receiving Party prior to such Transition Date reasonably requests that such Service continue after such Transition
Date, the Parties shall, upon Buyer’s request, negotiate in good faith with respect to extending the Transition Period with respect to such Service. 

(b) Upon the occurrence of the final Transition Date for the last remaining Service to be provided hereunder, this Agreement shall
automatically terminate. 
 (c) The Providing Party may terminate this Agreement with respect to one or more Services upon ten
(10) days written notice to the Receiving Party in the event of the failure of the Receiving Party to make undisputed payments within ten (10) days of when due, provided that such termination shall be limited solely to the portion of the
individual Service affected by such non-payment. 
 (d) Either Buyer or the Seller may terminate this Agreement immediately upon notice to
the other Party: 
 (i) if the other Party files a petition of bankruptcy or the equivalent thereof or becomes the subject of
an involuntary petition in bankruptcy that is not dismissed within sixty (60) days after the filing date thereof, or becomes insolvent, or admits a general inability to pay its debts as they become due (except where the Party in question is
still able to pay fees due under this Agreement as they become due); or 

  
 - 4 - 

 (ii) upon the material breach of this Agreement by the other Party where such
breach is not remedied within thirty (30) days after written notice thereof has been given by such Party; or 
 (iii)
upon the material breach by the other Party of any of its representations, warranties, covenants or agreements contained in the Asset Purchase Agreement, where such breach is not remedied prior to the expiration of the applicable cure period set
forth therein, if any. 
 (e) Notwithstanding any other provision in this Agreement to the contrary, (i) if this Agreement is
terminated for any reason, the Receiving Party shall remain liable for the payment of fees and expenses accruing for the period prior to termination even though such fees may not become due until after termination, and (ii) in the event of
termination of this Agreement pursuant to this Section 8 or Section 9, Sections 6(a), 7, 8, 9, 13, 14, 16, and 19 through 25 shall continue in full force and
effect. 
 9. Termination by Buyer. Subject to Section 8(e), Buyer may terminate any or all of the Services at any time
prior to the expiration of the period specified on Annex A (including any renewal period) upon at least ten (10) days’ prior written notice to the Providing Party or such shorter period if agreed to by the Providing Party. If Buyer
terminates performance of all of the Services pursuant to this Section 9, then such termination shall constitute the termination of this Agreement. 

10. Personnel. 
 (a) From
the Closing Date until the termination of this Agreement, each Providing Party shall employ or retain all employees and other personnel and resources necessary, as determined by the Providing Party in its sole discretion, to enable it to perform the
Services and its other obligations hereunder; provided, however, that nothing set forth in this Section 10 shall limit the standards of performance required under this Agreement, including, but not limited to, the
requirements set forth in Section 12 of this Agreement. 
 (b) If the employment of any Transferred Employee or employee of
Seller (collectively, the “Service Employees”) who is primarily dedicated to the Services under this Agreement is terminated (each such Service Employee whose employment is so terminated, a “Former Employee”),
whether voluntarily or involuntarily, the Party with whom such Former Employee was employed at the time of termination shall use commercially reasonable efforts to replace such Former Employee with an employee or independent contractor having like
competence and qualifications (taking into account the original job description for the relevant position). Nothing herein shall prevent a Party from terminating the employment of any Service Employee. 

  
 - 5 - 

 11. Covenants of the Parties. 

(a) The information that each Party provides to the other under this Agreement shall be, to the best of that Party’s knowledge, complete
and accurate as of the date that it is delivered. 
 (b) Each Party shall comply with all applicable Legal Requirements in all material
respects. 
 (c) The Receiving Party shall take all steps reasonably necessary to permit the Providing Party to provide its Services
hereunder on a timely basis and in accordance with the service standards set forth in this Agreement and the Annex hereto, including, but not limited to, responding to all correspondence and communications of any Party within a reasonable period of
time. 
 (d) Each Party may request of another Party reports and information as they relate to the Services provided under this Agreement,
subject to the confidentiality requirements of Section 14 hereof, with such reports and information being delivered within a reasonable time following such request. Access to reports and information will be provided by each Party to any
other Party as is reasonably required to enable each Party to perform any Service required hereunder. 
 (e) The terms “Party” and
“party” as used in this Agreement shall be deemed to include Seller, each Providing Party, Buyer and each Receiving Party. Seller shall cause each Providing Party to comply with those provisions of this Agreement that apply to a Providing
Party, and Buyer shall cause each Receiving Party to comply with those provisions of this Agreement that apply to a Receiving Party. All obligations of Seller and any Providing Party under this Agreement shall be deemed joint and several obligations
of Seller and all Providing Parties. All obligations of Buyer and any Receiving Party under this Agreement shall be deemed joint and several obligations of Buyer and all Receiving Parties. 

12. Standards of Performance. 

(a) The Providing Party shall provide the Services in substantially the same manner and on substantially the same basis and with at least the
same degree of care, skill, diligence, priority, frequency and volume provided by the Providing Party to the Business during the [            ] period immediately prior to the Closing Date,
but in no event on less than a commercially reasonable efforts basis (unless expressly specified otherwise in Annex A). 
 (b) The
Providing Party shall provide all Services in a good and workmanlike manner and in accordance with the standards set forth herein and the Annex and in a professional, ethical and businesslike manner consistent with general industry standards and in
accordance with all applicable Legal Requirements. 
 (c) The Parties hereby agree that in every instance they shall protect, enhance and
promote the good name and reputation of the other Parties hereto, and refrain from any activity that could harm the name or reputation of any of the Parties hereto. 

  
 - 6 - 

 (d) The Providing Party shall use commercially reasonable efforts to avoid commingling any of the
Buyer’s business records, material, Confidential Information and other data with its own such business records, material, Confidential Information and other data. 

(e) Each Party shall inform the other Parties of all material developments, issues or problems related to the Services in a timely manner as
soon as reasonably practicable following the occurrence thereof. 
 (f) Nothing in this Agreement shall require or be interpreted to require
the Providing Party to provide to the Receiving Party any Service beyond the scope and content of this Agreement, except as otherwise mutually agreed by the Parties in writing and pursuant to the applicable provisions hereof. 

(g) If the Services do not conform to the foregoing warranties, then the Receiving Party shall have the right to require the Providing Party
to either (i) perform the Services again, properly and at no additional expense to Buyer or the Receiving Party, or (ii) provide an adjustment to the fees payable pursuant to Section 7 in such reasonable proportion as the
nonconforming Services relate to the total Services provided in the applicable month. Such rights shall be in addition, and without prejudice, to all other rights available under this Agreement, applicable Legal Requirements and otherwise. 

13. Relationship of the Parties. 

(a) It is expressly understood and agreed that the Parties are independent contractors of each other for all and any purposes whatsoever. 

(b) Nothing contained in this Agreement nor the consummation of the transactions contemplated herein shall be construed to create a
partnership, association, joint venture, agency relationship or the relationship of employer and employee between the Parties, nor shall their officers, directors, or employees be considered employees or agents of another Party for any purpose.
Nothing in this Agreement shall permit any Party to create or assume any obligation on behalf of, or otherwise bind, another Party for any purpose. No Party shall have any power to act for or represent another Party, except as expressly set forth
herein, and shall not hold itself out as the agent of another Party. 
 (c) Seller or the Providing Party, as applicable, is solely
responsible for persons performing the Services pursuant to this Agreement. Such persons shall not be subject to the discretion or control of Buyer or any Receiving Party for any purpose and shall remain at all times employees of Seller or the
Providing Party, as applicable. No Party, nor its employees, contractors or subcontractors shall be deemed to be employees, contractors or subcontractors of any other Party, it being fully understood and agreed that no employees of any Party are
entitled to benefits or compensation from any other Party. Each Party is wholly responsible for (i) all costs and expenses of its employees providing Services pursuant to this Agreement, including all salary and benefits; (ii) withholding
and payment of all applicable federal, state and local and other taxes, including, without limitation, income tax, social security taxes, unemployment compensation tax, workers’ compensation tax, other employment taxes or withholdings and
premiums and remittances with respect to its own employees, including any contributions from them as required by law; and (iii) all fringe benefit programs for which such employees may be eligible. 

  
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 14. Confidentiality. The Parties acknowledge that Buyer and Seller have previously
executed a Confidentiality Agreement dated August 4, 2014 (the “Confidentiality Agreement”), which Confidentiality Agreement shall continue in full force and effect in accordance with its terms. Without limiting the foregoing,
all information furnished to Buyer and its officers, employees, accountants and counsel by the Seller in connection with this Agreement, and all information furnished to the Seller by Buyer and its officers, employees, accountants and counsel
pursuant to this Agreement, shall be deemed to be “Evaluation Material” pursuant to the Confidentiality Agreement, and Buyer and Seller shall be fully liable and responsible under the Confidentiality Agreement for any breach of the terms
and conditions thereof by their respective subsidiaries, officers, employees, accountants, counsel and other Representatives. Furthermore, without limiting the foregoing, each of the parties hereto hereby agrees to keep the subject matter of, and
the terms and conditions of, this Agreement (except to the extent contemplated hereby) or pursuant to the negotiation and execution of this Agreement or the effectuation of the transactions contemplated hereby, confidential as “Evaluation
Material” pursuant to the terms and conditions of the Confidentiality Agreement. 
 15. Third Party Non-Disclosure Agreements.
To the extent that any third party proprietor of information or Software to be disclosed or made available to the Receiving Party in connection with performance of the Services hereunder requires a specific form of non-disclosure agreement as a
condition of its consent to use of the same for the benefit of the Receiving Party or to permit the Receiving Party access to such information or Software, the Receiving Party shall execute if required (and shall cause the Receiving Party’s
employees to execute, if required) any non-disclosure or similar agreement in substantially the same form executed by the Providing Party. 

16. Limitation of Liability; Disclaimer 

(a) Neither Party nor any of its Affiliates shall be liable to the other Party, its Affiliates or any third party for, and each Party
irrevocably waives any claim to any special, incidental, punitive, exemplary, multiplied, indirect, or consequential (including loss of revenues or profits) damages of any kind arising from any claim relating to this Agreement or any of the Services
to be provided hereunder or the performance of or failure to perform such Party’s obligations under this Agreement, whether such claim is based on warranty, contract, tort (including negligence or strict liability) or otherwise, all of which
are hereby excluded by agreement of the Parties regardless of whether or not any Party to this Agreement has been advised of the possibility of such damages. 

(b) EXCEPT AS EXPRESSLY SET FORTH HEREIN, SELLER SPECIFICALLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO,
ARISING OUT OF OR RELATED TO THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR PURPOSE AND NON-INFRINGEMENT. 

  
 - 8 - 

 17. Force Majeure. If the Providing Party is prevented from or delayed in complying,
either totally or in part, with any of the terms or provisions of this Agreement by reason of fire, flood, storm, strike, walkout, lockout or other labor trouble or shortage, delays beyond the reasonable control of such Providing Party by
unaffiliated suppliers or carriers, shortages of fuel, power, raw materials or components, any law, order, proclamation, regulation, ordinance, demand, seizure or requirement of any Governmental Authority, riot, civil commotion, war, rebellion, acts
of terrorism, nuclear accident or other causes beyond the reasonable control of such Providing Party or other acts of God, then upon prior written notice to the Receiving Party which notice shall include a description of the circumstances in
question, the affected provisions and/or other requirements of this Agreement shall be suspended during the period of such disability and the Providing Party shall have no liability to the Receiving Party, its Affiliates or any other person in
connection therewith. The Providing Party and the Receiving Party shall make commercially reasonable efforts to remove such disability within thirty (30) days after giving notice of such disability. If the Providing Party is unable to provide
any of the Services due to such a disability, each Party shall use its commercially reasonable efforts to cooperatively seek a solution that is mutually satisfactory to the other Parties. In addition, upon becoming aware of a disability causing a
delay in performance or preventing performance of any obligations of the Providing Party under this Agreement, the Receiving Party shall have the right, but not the obligation, to engage subcontractors to perform such obligations for the duration of
the period during which such disability delays or prevents the performance of such obligation by the Providing Party. Except to the extent such delay is caused by the wrongful act or omission of the Providing Party, any costs arising from such
failure or delay shall be borne by the Party incurring the costs. 
 18. Notices. All notices, requests, consents, and other
communications required or permitted hereunder shall be in writing and shall be personally delivered, mailed using first-class, registered, or certified mail, postage prepaid, faxed or sent by electronic mail to the following addresses or to such
other address as the parties hereto may designate in writing: 
 Seller: 

CafePress Inc. 

6901 Riverport Drive 

Louisville, Kentucky 40258 

Attn: Chief Financial Officer 

          General Counsel 

Fax: 

Email: 
 with a
copy to, which shall not constitute notice: 
 Pillsbury Winthrop Shaw Pittman LLP 

2550 Hanover Street 

Palo Alto, CA 94304 

Attn: Jorge del Calvo 

Fax: (650) 233-4545 

Email: jorge@pillsburylaw.com 

  
 - 9 - 

 Buyer: 

Circle Graphics, Inc. 

Attn: Chief Executive Officer 

120 Ninth Avenue 

Longmont, Colorado 80501 

Email: acousin@circlegraphicsonline.com 

with a copy to, which shall not constitute notice: 

Foley & Lardner LLP 

111 Huntington Avenue 

Boston, Massachusetts 02199 

Email: spravda@foley.com 

Attn: Susan E. Pravda, Esq. 
 All
such notices, requests, consents and other communications shall be deemed to be properly given (a) if delivered personally to the address as provided in this Section, upon delivery, (b) if delivered by facsimile transmission or electronic
mail to the facsimile number or email address as provided for in this Section 18, upon delivery confirmation if sent during normal business hours of the recipient; if not, then on the next Business Day, (c) if sent by registered or
certified mail, three (3) Business Days after the same has been deposited in the mail, addressed and postage prepaid as set forth above and (d) if delivered by overnight courier to the address as provided in this Section 18, on the
earlier of the first Business Day following the date sent by such overnight courier or upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice is to
be delivered pursuant to this Section 18). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other party hereto.

 19. Successors and Assigns. The rights of either Party under this Agreement shall not be assignable by such Party hereto without
the prior written consent of the other Party and any attempted assignment without such consent shall be void and without legal effect; provided that any such assignment shall not relieve such Party from its obligations hereunder. This Agreement
shall be binding upon and inure to the benefit of the Parties hereto and their successors and permitted assigns. Except as set forth below, nothing in this Agreement, expressed or implied, is intended or shall be construed to confer upon any Person
other than the Parties and successors and assigns permitted by this Section 19 any right, remedy or claim under or by reason of this Agreement. Each Providing Party and Receiving Party is a third-party beneficiary of this Agreement and
shall have the right to enforce the provisions of this Agreement to protect its rights and interests. There are and shall be no other third-party beneficiaries of this Agreement. Notwithstanding the foregoing, for the sake of clarity and in
accordance with Section 11(e) hereof, the Parties acknowledge and agree that (i) the provision of services and performance of obligations hereunder by any Providing Party other than Buyer shall not be deemed an assignment hereunder in
whole or in part, and shall not require the consent of any other Party, and (ii) the receipt of services and performance of obligations hereunder by any Receiving Party other than Seller shall not be deemed an assignment hereunder in whole or
in part, and shall not require the consent of any other Party. 

  
 - 10 - 

 20. Entire Agreement; Amendments. This Agreement and the agreements and annexes referred
to herein and the documents delivered pursuant hereto contain the entire understanding of the Parties hereto with regard to the subject matter contained herein or therein, and supersede all other prior representations, warranties, agreements,
understandings or letters of intent between or among any of the Parties hereto (it being understood, however, that the Asset Purchase Agreement and agreements contemplated thereby, including the Confidentiality Agreement, set forth certain
additional understandings between Seller and Buyer regarding their relationship after the Closing Date). This Agreement shall not be amended, modified or supplemented except by a written instrument signed by an authorized representative of each of
the Parties hereto. 
 21. Partial Invalidity. Wherever possible, each provision hereof shall be interpreted in such manner as to be
effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but
only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be
unreasonable. 
 22. Waivers. Any term or provision of this Agreement may be waived, or the time for its performance may be extended,
by the Party or Parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any Party, it is authorized in writing by an authorized representative of such Party.
The failure of any Party hereto to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any Party
thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach. 

23. Execution in Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile or other electronic
transmission), each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the Parties hereto and
delivered to Seller and Buyer. 
 24. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the internal laws of the state of Delaware, excluding that body of law pertaining to conflicts of laws. 
 25. Interpretation.
For purposes of this Agreement: (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and
(c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein (i) to Sections mean the
Sections of this Agreement and (ii) to an agreement, 

  
 - 11 - 

 
instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by
this Agreement. Headings of Sections are inserted for convenience of reference only and shall not be deemed a part of or to affect the meaning or interpretation of this Agreement. This Agreement shall be construed without regard to any presumption
or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted. 
 26.
Annexes. Annex A and B shall be construed with and as an integral part of this Agreement to the same extent as if it was set forth verbatim herein. 

[Signature Page Follows] 

  
 - 12 - 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed as of the
date set forth above, all effective as of the Closing Date. 
  

			
	BUYER
	
	Circle Graphics, Inc.
		
	By		  

	Name		  

	Title		  

	
	SELLER
	
	CafePress Inc.
		
	By		  

	Name		  

	Title		  

 Annex A 

The following Services, in each case relating to the Business, will be provided following Closing for the fees and term as set forth below; provided, however,
in the event Buyer requires any of the Services following the date, as defined by the Term below, following the Closing, all monthly service fees and listed below shall increase by 10% for each month such Services are used thereafter. 

 

					
	 Service Description
	  	 Fees
	  	 Term

	 A. General Ledger and Accounting1
	  	Up to 3 months
			
	Seller shall provide the following Services related to the General Ledger for a monthly service fee of $9,500 per month and the additional fees as listed below.	  		  	
			
	Seller will continue to host, provide access, support & maintenance for the general ledger and all associated modules, including Accounts Receivable, Inventory, Accounts Payable, Purchasing, etc. The employees and
contractors of Buyer will continue to have access to reports existing at time of closing. Seller will continue to provide the same level of functional support for the general ledger and reporting in place for the remainder of the Company.	  	No additional one-time fee	  	Up to 3 months
			
	Set up a new company ledger for the Business for utilization by Buyer following the Closing.	  	One-time fee of $ 12,000	  	
			
	Migrate beginning balances for the Purchased Assets and Assumed Liabilities from Seller’s books to the new company ledger.	  	One-time fee of $ 1,500	  	
			
	Seller assumes no responsibility for purchase accounting adjustments.	  	No additional one-time fee	  	Up to 3 months

  

	1 	Buyer may only terminate the Services included under “General Ledger” during the Term upon at least twenty-one (21) days’ prior written notice to Seller. 

					
			
	Seller will ensure general ledger access and capability is provided to Buyer employees and contractors in a manner consistent with the environment that Seller company employees		No additional one-time fee		Up to 3 months
			
	System interfaces to the general ledger for items like banking transactions, sales, etc. will continue during the transition service period.		No additional one-time fee		Up to 3 months
			
	Monthly closing schedule will be consistent with the Seller’s. Ledger cycles during closing will remain consistent with Seller’s practice. Buyer will be responsible for any adjustments related to Buyer’s month-end
closing, if necessary.		No additional one-time fee		Up to 3 months
			
	Seller will make available the current master files during the transition services period. Buyer will be responsible to update the sales / receivables and vendor / payables master data files. After Closing, one copy of the master
files will be provided when requested by the Buyer.		No additional one-time fee		Up to 3 months
			
	Seller to provide General Accounting support during Closing.		No additional one-time fee		Up to 3 months
			
	Ongoing use of foreign exchange rate data service		No additional one-time fee		Up to 3 months
			
	Provide bank statements and statements of accounts for items like Litle, American Express Merchant and PayPal, etc. after Closing.		No additional one-time fee		Up to 3 months
			
	Provide access and use of Litle, American Express Merchant and PayPal Accounts after Closing		No additional one-time fee		Up to 3 months
			
	Compliance with the law and accounting principles after Closing is Buyer’s responsibility.		No additional one-time fee		Up to 3 months

					
			
	Capitalization of time and effort for Web Capitalization will be the responsibility of the Buyer after Closing.		No additional one-time fee		Up to 3 months
			
	Completion the account reconciliations (accounts receivable, inventory, accounts payable, etc.) on the newly created Buyer ledger will be the responsibility of the Buyer		No additional one-time fee		Up to 3 months
			
	 B. Inbound and Outbound Freight
  

Seller shall provide the following Services related to Inbound and Outbound Freight for a monthly service fee of $1,500 per month.
				Up to 6 months
			
	Buyer to be permitted to continue to use UPS, FedEx, DHL, or any other carrier on Seller’s accounts post close. If any of Seller’s shipping rates (fuel surcharge, base rate, etc.) increase or decrease during the term of
this service they will be adjusted for Buyer accordingly.		Actual costs to be billed weekly.		Up to 6 months
			
	Buyer will be responsible for selecting the carrier and determining the level of service to be used for each individual shipment after Closing		No additional one-time fee		Up to 6 months
			
	Seller will continue to manage the relationship with UPS, FedEx, DHL, or any other carrier on Seller’s accounts during the transition service for packages shipped under Seller’s contracts, including negotiating terms with
carriers. This does not restrict Buyer’s to negotiate with shippers for their individual contracts after the TSA period.		No additional one-time fee		Up to 6 months
			
	Account numbers for UPS, FedEx, DHL, or any other carrier on Seller’s accounts shall remain the same post close unless Seller determines it is in the best interest to change the account numbers.		No additional one-time fee		Up to 6 months

					
			
	Audits will continue to be performed by Seller post close. Any benefit for an audit that specifically relates to Buyer’s post close activity or account will be reimbursed to Buyer.		No additional one-time fee		Up to 6 months
			
	Buyer will reimburse Seller for shipping costs incurred on a weekly basis		Actual costs to be billed weekly.		Up to 6 months
			
	Seller will provide reports to Buyer in a manner similar to that prior to closing. Canned or already established reports required to Buyer for Buyer’s negotiation of a new contract will be provided upon request.		No additional one-time fee		Up to 6 months
			
	Consistent with prior to Close, Buyer is responsible for all freight charges associated with returned and/or undeliverable packages. This also includes Return to Vendor charges and/or 3rd party charges associated with
designers/vendors		Actual costs to be billed weekly		Up to 6 months
			
	Buyer will continue to receive a shipping detail with billing, and via carrier on-line reporting in the same manner as prior to Closing. All reporting via carrier on-line services will be made available to Buyer until TSA
termination		No additional one-time fee		Up to 6 months
			
	 C. Accounts Receivables and Cash Receipts
				Up to 3 months
			
	Seller shall provide the following Services related to Accounts Receivable and Cash Receipts for a monthly service fee of $0 per month.				
			
	Accounts receivable collection efforts will be the responsibility of the Buyer after closing		No additional one-time fee		Up to 3 months
			
	Buyer will perform cash application of accounts receivable after Closing		No additional one-time fee		Up to 3 months
			
	Seller will continue to host, provide support & maintenance for the accounts receivable application. Seller will also provide access to the application for employees transferred to Buyer.		No additional one-time fee		Up to 3 months

					
			
	Credit risk assessment including, assignment of credit to new customers, reevaluation of credit with current customers and placing customers on hold, will be determined by Buyer after Closing		No additional one-time fee		Up to 3 months
			
	Set up of new customers will be performed by Buyer.		No additional one-time fee		Up to 3 months
			
	Invoice terms established for any shared customers to remain consistent with Seller terms while TSA services are provided. For customers not shared, all change in terms during the TSA period shall be the responsibility of the
Buyer.		No additional one-time fee		Up to 3 months
			
	Seller may not write-off any of Buyer’s accounts receivable.		No additional one-time fee		Up to 3 months
			
	All bad debt calculations and the related bad debt reserve accounting are the responsibility of the Buyer		No additional one-time fee		Up to 3 months
			
	Buyer shall be responsible for communicating, in writing, new bank account information to Seller before any system, cash application or other migration.		No additional one-time fee		Up to 3 months
			
	Seller cash collections of Buyer’s post- Closing sales and accounts receivable to be settled weekly. This shall include Litle, PayPal, etc. accounts that may not be transacted through the accounts receivable system.		No additional one-time fee		Up to 3 months
			
	Access to Litle, PayPal, etc. activity specific to Buyer that may not be transacted through the accounts receivable system will be made available after Closing.		No additional one-time fee		Up to 3 months
			
	 D. Payroll
				
			
	Seller shall provide no payroll Services				

					
			
	Buyer is responsible to book month end closing payroll accrual during transition period.				
			
	Seller is not responsible for any costs related to the recruitment or replacement of Buyer’s employees. At Seller’s discretion, they may provide assistance to Buyer in recruitment and replacement.				
			
	 E. Accounts Payable
				Up to 3 months
			
	Seller shall provide the following Services related to Accounts Payable for a monthly service fee of $0 per month plus the per transaction costs identified below.				
			
	Seller will pay accounts payable amounts identified and processed by Buyer after Closing.		No additional one-time fee		Up to 3 months
			
	Seller with provide a list of checks to be paid to vendors and Buyer will authorize all payments prior payments being made.		No additional one-time fee		Up to 3 months
			
	Seller will continue to host, provide support & maintenance for the accounts payable application. Seller will also provide access to the application for employees transferred to Buyer.		No additional one-time fee		Up to 3 months
			
	Buyer will reimburse Seller weekly for all payments made for Buyer, this excludes the costs mentioned below for TSA services.		No additional one-time fee		Up to 3 months
			
	Set up of new vendors will be performed by Buyer.		No additional one-time fee		Up to 3 months
			
	Entry / submission of data required to process / generate a payable in the Seller’s system shall be the responsibility of the Buyer after Closing.		No additional one-time fee		Up to 3 months

					
			
	Charges on a per transaction basis	  	 Invoice Type
	  	 Rate Per Transaction

			
		  	Check	  	$2.50
			
		  	Wire (Domestic)	  	$ 18.00
			
		  	Wire (International)	  	$32.00
			
	 F. Credit and Purchasing Cards2
	  		  	Up to 60 days
			
	Seller shall provide the following Services related to Credit and Purchasing Cards for a monthly service fee of $1,000 per month.	  		  	
			
	Seller to continue to provide access to credit cards for employees in possession of a card at time of Closing. All expenses charged to the cards will be reimbursed Buyer. Buyer shall use best efforts to obtain replacement cards
after Closing. Buyer is responsible to reimburse Seller for all charges incurred after Closing charged by Target, Transferred or contractor employees included in this transaction.	  	No additional one-time fee	  	Up to 60 days
			
	Seller to provide expenses reimbursement to Buyer employees and contractors consistent with past practices	  	No additional one-time fee	  	Up to 60 days
			
	Seller to download credit card transactions statement and provide files to Buyer to Buyer can book transactions into their ledger. Transactions and associated files will be provided in a manner consistent with Seller past
practices.	  	No additional one-time fee	  	Up to 60 days
			
	Amounts due to Seller related to the use of credit cards, etc. will be settled weekly	  	Actual costs to be billed weekly.	  	Up to 60 days
			
	Weekly files and at each month end files will be sent to Buyer to permit Buyer to book the weekly activity and month end accrual required for credit card activity.	  	No additional one-time fee	  	Up to 3 months

  

	2 	Buyer may only terminate the Services included under “Credit and Purchasing Cards” during the Term upon at least fourteen (14) days’ prior written notice to Seller. 

					
			
	 G. Audit and Tax Cooperation
				N/A
			
	Seller shall provide the following Services related to Audit and Tax Cooperation.				
			
	Provide historical data and information and access to personnel to assist Buyer in the preparation and completion of tax returns and/or audits.		One-time fee of $3,125 paid by Buyer to Seller.		N/A
			
	Buyer will provide Seller with assistance in closing Seller’s books for the period ending on Closing Date.		One-time fee of $6,250 paid by Buyer to Seller.		N/A
			
	 H. General3
				Up to 3 months
			
	Seller shall provide the following General Services for a monthly service fee of $2,000 per month.				
			
	Provide general Transition Services support including: IT and phone system migrations, credit cards, purchasing cards, assistance in resolving questions/concerns arising from monthly billing, ad-hoc analysis, and general accounting
activity, etc.		No additional one-time fee		Up to 3 months
			
	In the event system upgrade or enhancements are made to Seller applications which the Buyer utilizes, the Buyer will be included in the upgrade or enhancement. There will be no additional charge for an upgrade or enhancement unless
the upgrade or enhancement was performed at the request of Buyer.		No additional one-time fee		Up to 3 months

  

	3 	Buyer may only terminate the Services included under “General” during the Term upon at least twenty-one (21) days’ prior written notice to Seller. 

					
			
	Provide support associated with Transitional Services including but not limited to Seller’s accounts payables, accounts receivable, and ledger systems, which shall be billed until such time as Buyer no longer requires
Transition Services from Seller.		No additional one-time fee		Up to 3 months
			
	Provide pre-close levels of support services and treat Buyer the same as other Seller’s parties pre-close.		No additional one-time fee		Up to 3 months
			
	Destroy or delete any and all information that relates to Seller and / or any of the sub-businesses, other than the business in this transaction, in electronic or paper format as soon as possible after Closing but no later than 60
days after Closing.		No additional one-time fee		N/A
			
	The following is a list of services that Buyer does not require and which Seller will not be providing services: Sarbanes Oxley / Compliance Support, Fixed Assets Support, Tax Support (Income, Sales and Use, Property, etc.),
Insurance Support, Banking Support (Overdraft protection, Credit Lines, Bank Account Administration, etc.), Operations Support, etc.		No additional one-time fee		N/A
			
	 I. IT/Technology
				Up to 365 days
			
	Seller shall provide the following Services related to IT/Technology for the fees as listed below.				
			
	Buyer to pay seller hourly rate for support from development, architect, IT Management, and Project management support for time spent during transition and separation activities. For development and architect support hours are not
to exceed 10 hours/week or go beyond 90 days. Development/architect support currently requested from buyer specifically for IMS and Groupon API integration. Hours will be tracked by resource and compiled for monthly billing		 Developer: $80/hr;
 Architect: $100/hr;

IT Mgmt: $100/hr; and
 Project Mgmt: $125/hr to be billed
monthly.
		Up to 365 days

					
			
	Buyer to cover Seller’s travel expenses associated with supporting IT and other related separation activities; will provide receipts of travel		Actual costs to be billed as needed.		Up to 365 days
			
	Seller to allow use of cafepresseast.com domain for up to a year post close due to strategic value to business		Annual Mark Monitor domain and management fees		Up to 365 days
			
	Seller to provide PCI compliant order taking processing via phone or email via customer service for buyer after Closing. The service will be provided in the same manner and quality as prior to Closing.		$1,000 per month		Up to 90 days
			
	Seller to pay credit card processing fee of 2.3% of sales price for all sales transactions processed by Buyer (Litle, American Express Merchant and PayPal Accounts, etc.) during TSA period.		2.3% of sales price to be billed monthly.		Up to 90 days
			
	Seller to support export of all existing emails to PST file for set up in Buyer’s email system and to forward email addresses for 365 days; Buyer has hosted account and would like to set up new accounts in there to forward
to.		No additional one-time fee		Up to 365 days
			
	Seller to provide access to buyer of Cisco phone system and licenses until buyer is ready to fully separate. At that time Buyer to purchase phone system from seller at current book value. At that time licenses for use of Cisco phone
system can be purchased by buyer from seller to transition or they will convert back to seller.		Book value of phone system and licenses.		Up to 90 days
			
	Seller to provide access to all accounts; subscriptions, and licenses until they can be separated and assigned to Buyer’s billing up to 30 days after Closing (does not include access to Cisco phone system; CP domain, email, or
other core functions for purposes of running the business or handling accounting or other purposes-that access is called out separately)		No additional one-time fee		Up to 60 days

					
			
	Seller to provide Buyer support and access for Foreign Currency Exchange service until such a time they are able to transition to their own		No additional one-time fee		Up to 90 days
			
	Seller to provide access to Buyer of all domains and IT related systems including support for issues up to 60 days while new domains are established		No additional one-time fee		Up to 60 days
			
	Seller to provide VPN access until new VPN is established. Will be necessary for continued access to CP domains until finance is fully transitioned-up to 90 days		No additional one-time fee		Up to 90 days
			
	Buyer to maintain usage of MPLS connection until all transition and separation activities are completed and pay monthly fees for service. This allows facilitation of those activities. When separation and transition activities are
completed Seller to coordinate disconnect of MPLS service unless Buyer as decided to assume the service.		$4237.57 billed by AT&T		Up to 365 days
			
	Buyer will continue to have access and use of EZ Prints builder at costs consistent to prior to Closing. Pricing and more details about usage will be formalized in an agreement after Closing. That agreement will replace this TSA
service.		No additional one-time fee		N/A
			
	Upon request Seller will provide one copy of the database tables (or excel format equivalents) necessary for the migration of data to Buyer’s ERP system, including but not limited to the following tables: Customer, Vendor, A/R,
A/P, Product, Inventory, etc.		No additional one-time fee		N/A

 Annex B 

Representative Contact Information 

Representative for Buyer: 
 Representative for Seller: 

 EXHIBIT B 

COMMERCIAL AGREEMENT 

 ART FULFILLMENT AGREEMENT 

This Fulfillment Agreement (the “Agreement”) is by and between CafePress Inc., a Delaware corporation, having a place of business at 6901A Riverport
Drive, Louisville, Kentucky 40258 (collectively “CafePress”) on the one hand, and Circle Graphics, Inc., a Delaware corporation (“Company”) on the other hand (each a “party” and collectively the “parties”),
effective as of             , 2015 (the “Effective Date”). 

RECITALS 
 WHEREAS,
CafePress is an e-commerce retailer of, among other things, customized canvas wall art, panoramic canvas photographs and other wall art as set forth in Exhibit A; 

WHEREAS, Company offers printing and manufacturing of customized canvas wall art, panoramic canvas photography and other wall art as
set forth in Exhibit A; and 
 WHEREAS, CafePress and Company further desire that (a) the Products (as defined below) be
included in CafePress’ assortment of products available for purchase through the CafePress Service (as defined below), and (b) all purchases of Products be fulfilled exclusively, except as otherwise provided herein, by Company. 

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained and for other good and valuable consideration,
intending to be legally bound, the parties agree as follows: 
 1. DEFINITIONS 

1.1 “CafePress Cost” shall have the meaning ascribed to such term in Section 9.1. 

1.2 “CafePress Customer Service” shall mean the payment processing and customer service support related to Products sold through the
CafePress Service. 
 1.3 “CafePress Customers” shall mean individuals or entities that purchase the Products through the Website.
Any reference to “Customer” shall include any one of the Customers. 
 1.4 “CafePress Marketplace Content” shall mean
content available through CafePress from the CafePress Service other than CafePress User Content. 
 1.5 “CafePress Marketplace”
shall mean the CafePress online marketplace for the creation, customization and purchase of merchandise. 
 1.6 “CafePress
Service” shall mean the Internet-based services offered by CafePress available through the Websites, including without limitation, the Create & Buy Service, the Internet-based storefronts, the CafePress Marketplace, EZ Prints, Inc.
Marketplace, application programming interfaces, and web pages. 
 1.7 “CafePress Users” shall mean individuals or entities that
create and upload User Content intended to be featured on the Products. 

  
 1 

 1.8 “Company Content” shall mean have the meaning set forth in Section 5. 

1.9 “Company Marks” shall mean those Marks that are owned by or licensed to Company. Any reference to “Company Mark” shall
include any one of the Company Marks. 
 1.10 “Company Shipping Materials” shall mean the shipping and packing materials that will
be used by Company to ship the Products to Customers. 
 1.11 “Content” shall mean User Content, CafePress Marketplace Content and
Company Content. 
 1.12 “Create & Buy Service” shall mean the services offered by CafePress to allow for customization
and purchase by Customers of the Products. 
 1.13 “Inventory” shall mean the items intended to serve as Products under this
Agreement to be held at Company’s warehouse. 
 1.14 “Marks” shall mean trademarks, trade names, service marks, website
addresses, logos and/or trade dress. Any reference to “Mark” shall include any one of the Marks. 
 1.15 “Products”
shall mean the products set forth on Exhibit A which will be available for customization by, and printing, purchase and sale through, the CafePress Service. Additional Products may be added from time to time, subject to the parties’
mutual agreement. Any reference to “Product” shall include any one of the Products. 
 1.16 “Purchase Order” shall have
the meaning set forth in Section 7. 
 1.17 “Shipping Account” shall mean the shipping account number that CafePress provides
to Company for shipping of Products to Customers. 
 1.18 “Third Party Distribution Channels” shall mean any and all third party
internet, shopping, or other ecommerce sites or feeds through which CafePress sales and distributes products as determined by CafePress in its sole discretion. 

1.19 “User Content” shall mean the content uploaded by CafePress Users intended for use or available for use with the Products. 

1.20 “Website” shall mean the websites and domains owned and operated by CafePress and its affiliated companies, currently existing
or later developed or acquired, including but not limited to, www.cafepress.com, and www.ezprints.com and any other domain extension of “cafepress” and any solely geographic and/or language designation domains later developed
or acquired by CafePress. 

  
 2 

 2. TERM. 

2.1 This Agreement shall remain in effect for three (3) years from the Effective Date (the “Initial Term”) and shall
automatically renew for additional one (1) year terms (each a “Renewal Term”) unless either party provides written notice to the other party of its intent not to renew this Agreement no later than 30 days prior to the end of the
Initial Term or the then-current Renewal Period, as applicable. The Initial Term and any and all Renewal Terms shall be collectively referred to herein as the “Term.” 

2.2 Either party may immediately terminate this Agreement if the other party: (i) breaches a material provision of this Agreement and
fails to cure such breach within thirty (30) days following receipt of written notice; or (ii) becomes insolvent or seeks protection under any bankruptcy or comparable proceeding. 

2.3 Upon expiration or termination of this Agreement, each party shall promptly (i) cease all use of the other party’s Marks, and
(ii) return, or, if agreed to by the other party, destroy all such other party’s content, Products, promotional materials and Confidential Information (as defined below) delivered or disclosed, together with all copies thereof.
Notwithstanding the foregoing, after termination of this Agreement, CafePress may retain a copy of any Content used on Products and images of Products for accounting and archival purposes. Termination or expiration of this Agreement shall not
prejudice any claim of either party accrued on account of any default or breach of the other. 
 2.4 The following Sections will survive the
expiration or termination of this Agreement: 1, 2, 9, 11 - 13, and 15 - 27. 
 3. PARTIES OBLIGATIONS. 

3.1 CafePress Obligations. In addition to obligations set forth elsewhere in this Agreement, CafePress agrees as follows: 

3.1.1 CafePress shall sell Products to Customers through the CafePress Service and Third Party Distribution Channels. The responsibilities of
CafePress shall include, but not be limited to, providing mechanisms through the Create & Buy Service to: 
  

	 	(a)	view and display User Content and Company Content on the CafePress Website; 

  

	 	(b)	view and display Products and allow for decoration of Products on the CafePress Website using User Content; 

  

	 	(c)	support transfer of order details from CafePress’ order and checkout system to Company for fulfillment; and 

  

	 	(d)	allow access to order status information once the Products have been shipped. 

 3.1.2 CafePress
shall also feature the availability of the Products in the CafePress Product Assortment which allows CafePress Customers to purchase Products containing CafePress Marketplace Content or CafePress User Content uploaded by existing and future
CafePress Users and shall have the option, at its discretion, to offer the Products for sale through Third Party Distribution Channels. 

3.1.3 CafePress will purchase Products exclusively from Company, on an “as needed” basis at the CafePress Cost set forth on
Exhibit A annexed hereto. CafePress shall not directly or indirectly perform or provide any printing, fulfillment or shipping relating to orders of Products, or engage or enter into any agreement or arrangement with any third party to perform
or provide any printing, fulfillment or shipping relating to orders of Products. 

  
 3 

 Notwithstanding the foregoing, the exclusivity described above shall not apply with respect to a
specific Product if: 
  

	 	3.1.3.1	(a) CafePress has a contractual obligation to sell the Product to a CafePress partner at a price that is equal to or greater than 95% of the applicable CafePress Cost, (b) CafePress is able to purchase the
same Product at a price that is at least five percent (5%) less than the applicable CafePress Cost, as evidenced by a bona fide writing provided by a bona fide alternate third party supplier (an “Alternate Quote”), and (c) the
Company elects not to match the price set forth in the Alternate Quote, after receipt of a copy of the Alternate Quote and a five (5) business day opportunity to provide notice that it will match such price; 

 

	 	3.1.3.2	the Company is repeatedly unable to meet the demand of CafePress for such Product in all material respects including hitting the ship dates as set forth in paragraph 8 herein, after written notice and a thirty
(30) day opportunity to cure; or 

  

	 	3.1.3.3	the Product repeatedly fails to meet the quality standards set forth in Section 12.2, after written notice and a thirty (30) day opportunity to cure. 

3.1.4 CafePress shall have the right to reproduce the Company Marks on the CafePress Services as reasonably necessary to promote and market
the Products for the Create & Buy Service, the CafePress Service, the CafePress Marketplace and the Third Party Distribution Channels in accordance with Section 11.2. 

3.2 Company Obligations. In addition to obligations set forth elsewhere in this Agreement, Company agrees as follows: 

3.2.1 Company shall provide all printing, fulfillment and shipping relating to orders of Products. Company’s responsibilities shall
include, but not be limited to, procuring and maintaining all facilities and equipment customarily employed by businesses of its sort, with appropriate amounts of warehousing and loading dock space and with computer hardware and software to track
and control Inventory records. 
 3.2.2 Company shall maintain all Inventory and Company Shipping Materials in a safe, dry place that
protects such items from damage, discoloration or deterioration and shall maintain an ERP system that tracks and accounts for Inventory. 

3.2.3 Company will manage all Inventory and assure that appropriate levels of Inventory are available to satisfy orders for the Products.
 
 3.2.4 Company shall not discontinue or change a Product unless such change or removal is (i) required by law or
(ii) mutually agreed to by the parties. 

  
 4 

 3.2.5 During the Term of this Agreement and for a period of two (2) years after its
expiration or termination, Company shall obtain and maintain the following policies of insurance: (i) workers’ compensation and/or disability insurance, in amounts as required by applicable law, and (ii) commercial and general
liability insurance with a combined single limit of not less than two million U.S. Dollars ($2,000,000 U.S.). For each policy year of the Term, as regards the insurance required in item (ii) above, Company shall furnish CafePress with a
certificate of insurance naming “CafePress and its parents, subsidiaries and affiliates” as additional insured parties. In no event shall Company’s failure to obtain the required policies of insurance, or to provide CafePress with the
required certificate of insurance, constitute a waiver of the requirement for same. 
 4. PRODUCTS AND PRICING. The Products and corresponding
CafePress Cost for each Product are listed on Exhibit A attached hereto. CafePress, at its own discretion, shall determine the retail price for the Products sold through the CafePress Services, including, without limitation, modifications of the
price and variations in pricing between items offered through the Create & Buy Service and items offered otherwise on the CafePress Marketplace or Third Party Distribution Channels. At any time after the first twelve (12) months of the
Term, but in any event not more than once every twelve (12) months, the parties agree, upon request, to review pricing and to negotiate – in good faith – reasonable changes in the CafePress Cost to reflect changes in business and/or
market conditions, including changes in the requirements of CafePress Partners. 
 5. COMPANY CONTENT. Company shall submit content to
CafePress for merchandizing on the CafePress Service (“Company Content”). Company hereby grants to CafePress a non-exclusive, non-transferable, royalty-free right to use, reproduce and display the Company Content on the CafePress Service
or Third Party Distribution Channels. 
 6. MARKETING PROGRAM SCOPE. CafePress may engage, in its sole and absolute discretion, in any and all
marketing, SEM and SEO activities, to drive traffic to the CafePress Service and Third Party Distribution Channels to maximize sales of Products. 
 7.
ORDER PROCESSING AND FULFILLMENT. 
 7.1 CafePress shall take and process all orders for the Products from CafePress Customers
through an electronic purchase order (“Purchase Order”). A Purchase Order will be issued by CafePress to Company via EDI, TCN or similar electronic process on a prompt, ongoing basis, but in any event, no more than twelve (12) hours
after each Purchase Order is placed by a Customer, excluding regularly scheduled maintenance of the Website and systems supporting the CafePress Services. Company shall be responsible for all aspects of Purchase Order fulfillment, including the
storage and handling associated with the Products. 
 7.2 Company shall provide order status updates in a format and manner as agreed upon
by the parties. 
 7.3 All Products produced pursuant to this Agreement shall be manufactured at one of the following locations:
(i) 120 Ninth Avenue, Longmont, CO 80503, or (ii) 10700 World Trade Boulevard, Raleigh, NC 27617-4220. Products may not be produced at any other facility or location without the prior written consent of CafePress, which shall not be
unreasonably withheld or delayed. Company shall provide all information reasonably requested by CafePress in connection with its review of proposed production locations. 

  
 5 

 8. SHIPPING. Company shall ship the Products to Customers on CafePress provided Shipping Accounts.
Shipping to CafePress Customers will occur on or before the ship date required under the Purchase Order, which shall be no sooner than four (4) business days from receipt of the Purchase Order. CafePress will ensure that through the order
process or at checkout, CafePress Customers will be made aware of the applicable anticipated shipping times for the Products purchased to the extent they deviate from CafePress’ standard shipping options. Company shall only ship ordered
Products and shall not make any substitutions. Shipping costs shall be at CafePress’ expense through CafePress’ provided shipping account; provided that Company will be responsible for the costs of all Company Shipping Materials. Once
Company has shipped the Products to a CafePress Customer, Company shall, in a manner agreed to by the parties, transmit to CafePress a ship notice, which shall include order information and tracking number. In the event that Company misses any
Shipping SLA as set forth in Exhibit A, it shall be solely responsible for upgrading the shipping method to ensure on time delivery in accordance with the terms of the Purchase Order. All upgraded shipping shall be at Company’s sole cost and
expense. 
 9. PAYMENTS TO COMPANY. 

9.1 At the end of each week during the Term, Company will invoice CafePress for the CafePress Cost for each Product as set forth in Exhibit
A (“CafePress Cost”) sold and shipped to CafePress Customers through the CafePress Service in the preceding week. Company shall provide CafePress with a weekly reporting of shipments of Products sold through the CafePress Services
along with delivery of the invoice for sales and shipments of Products occurring in the preceding week. CafePress will remit payment to Company of the CafePress Cost for such Products sold for which CafePress has received full payment from the
CafePress Customer within thirty (30) days of CafePress’ receipt of invoice from Company. 
 9.2 CafePress will be entitled to
retain any amount received from CafePress Customers over and above the CafePress Cost, including amounts relating to shipping. 
 9.3 For
all Products sold through the CafePress Service, CafePress will be solely responsible for determining whether any sales or use tax is payable to any governmental authority and, if so payable, withholding, collecting and remitting to the appropriate
governmental authority any such tax. 
 10. CUSTOMER SERVICE AND RETURNED PRODUCTS. 

10.1 CafePress shall provide all CafePress Customer Service. Company shall provide reasonable support to CafePress customer support in efforts
to resolve any shipping issues attributable to Company performance of its shipping obligations under this Agreement. 
 10.2 CafePress will
handle all returns/refunds/redos (collectively “Returns”) of Products by any CafePress Customer in accordance with the policies found in the CafePress Service at the time of the corresponding Purchase Order. The current return policy for
the CafePress Service as of the date hereof, is found on www.cafepress.com. CafePress shall reimburse each Customer for Returns. 

  
 6 

 10.3 Company shall be responsible for the cost of all Returns attributable to Company’s
non-performance of its manufacturing, fulfillment, shipping or other obligations as set forth herein (each, a “Company Caused Return”). To the extent that CafePress has paid Company the CafePress Cost relating to a Company Caused Return,
Company shall reimburse CafePress the CafePress Cost paid plus all Shipping Costs related to such Company Caused Return. In the event of a Company Caused Return before CafePress is obligated under Section 9 to make payment to Company of the
CafePress Cost relating to the applicable Product, CafePress shall not have any obligation to make payment of the CafePress Cost with respect to such Product, and Company shall be responsible for all Shipping Costs related to such Company Caused
Return. 
 11. INTELLECTUAL PROPERTY 

11.1 Company and CafePress mutually acknowledge that each party owns the intellectual property rights in its own products, services, Marks, and
images, including without limitation, those rights protected by patent, copyright, trademark and trade secret laws. Nothing in this Agreement creates, or is intended to create, and no party shall acquire through the use of the other party’s
intellectual property, any right, title or interest in the intellectual property of the other, unless expressly provided for in this Agreement. Each party agrees never to assert any right or interest in or to the Confidential Information or
intellectual property of the other party, except as expressly provided for in this Agreement. 
 11.2 Company hereby grants to CafePress,
during the Term, a worldwide, non-transferable, non-exclusive, royalty-free, revocable right and license to use the Company Marks, for the sole and exclusive purpose of promoting, marketing, advertising and selling Products through the CafePress
Service and Third Party Distribution Channels as provided for in this Agreement. 
 11.3 CafePress hereby grants to Company, during the
Term, a worldwide, non-transferable, non-exclusive, royalty-free, revocable right and license to use CafePress’ Confidential Information and intellectual property including, but not limited to, the CafePress Service, CafePress Marks, and Images
provided by and/or belonging to CafePress, for the sole and exclusive purpose of fulfilling Company’s obligations under this Agreement. 

11.4 Any use by either party of the other party’s Marks shall not tarnish or dilute the high-quality image and reputation of the other
party and the goodwill that the other party has established in its Marks. In the event that an owner of a Mark determines, in its sole discretion, that such tarnishment or dilution has occurred, or is likely to occur, the owner reserves the right to
terminate all rights to use the Marks granted herein to the other party. Neither during nor after the termination of this Agreement shall a party assert any claim to the other party’s Marks or associated goodwill. All uses of a Mark shall inure
to the benefit of the owner of such Mark. 
 11.5 Except as provided for in this Agreement, neither party shall use the other party’s
Marks in combination with or as part of a composite mark. In no event shall either party cause any Internet domain names to be registered that incorporate the other party’s Marks or any marks or names confusingly similar thereto. 

11.6 Each party agrees that it shall neither itself nor permit any other individual or entity, to (i) disassemble, decompile, decrypt or
reverse engineer or in any other way attempt to discover or reproduce source or object code for, any part of the other party’s owned or licensed intellectual property; (ii) alter, modify, copy, distribute or prepare derivative works based
on the 

  
 7 

 
other party’s owned or licensed intellectual property; (iii) make the other party’s intellectual property available for use in a time-sharing, service bureau or similar
environment; or (iv) use any part of the other party’s intellectual property to create, invent or develop any computer program or other invention, work or device that performs, replicates, or utilizes the same or substantially similar
functions as the other party’s intellectual property. 
 11.7 Notwithstanding anything to the contrary in this Agreement, (i) as
between Company and CafePress, CafePress shall own any and all rights, including all intellectual property rights, in and to the CafePress Service and business, and (ii) as between Company and CafePress, Company shall own any and all rights,
including all intellectual property rights, in and to the Company Content. 
 12. REPRESENTATIONS AND WARRANTIES. 

12.1 Each party represents and warrants to the other party (i) that it has the full power and authority to enter into and perform under
this Agreement; (ii) the execution and performance by it of its obligations under this Agreement do not constitute a breach of or conflict with any other agreement or arrangement by which it is bound; (iii) this Agreement is a legal, valid
and binding obligation of the party executing this Agreement; and (iv) it will comply with all applicable laws, regulations and rules in its performance of this Agreement. 

12.2 Company hereby represents and warrants that (A) the Products and any resulting customized Product shall (i) be new and not
used, reconditioned or refurbished, and will comply in all material respects with all specifications for the Product order, (ii) comply in all material respects with all applicable federal and state laws, rules, regulations, and ordinances,
(iii) be free from material defects, and (iv) shall not infringe upon or violate the intellectual property rights of any third party; (B) the Company Shipping Materials shall be of commercially reasonable quality and meet legal and
industry standards for their intended purpose of shipping the Products to Customers; and (C) if requested, Company shall supply CafePress will all necessary and customary certificates of compliance for the Products. Notwithstanding the
foregoing, the Company shall not be in breach of any of the foregoing representations or warranties if and to the extent such breach is the basis for a claim by the Company against Café Press pursuant to that certain Asset Purchase Agreement
by and between the parties dated as of February 11, 2015. 
 12.3 Company hereby represents and warrants that it does not utilize
forced, prison, or indentured labor, subject workers to any form of compulsion or coercion, participate in human trafficking, or any other conduct as defined by The California Transparency in Supply Chains Act of 2010 and/or as prohibited by any
federal, state or international statutes or regulations. Company shall also ensure that none of its suppliers participate in the activities set forth above. CafePress, its customers, and its and their representatives, shall have the right to conduct
on-site and/or record audits to ensure Company’s compliance with its obligations under this Section upon thirty (30) days written notice. 

13. INDEMNITY. Each party will indemnify and hold the other party, its affiliates, and their respective employees, representatives, agents,
affiliates, directors, officers, managers and shareholders (the “Indemnified Parties”) harmless from any damage, loss, cost or expense (including without limitation, reasonable attorneys’ fees and costs) incurred in connection with
any third party claim, demand or action (“Claim”) brought against any of the Indemnified Parties 

  
 8 

 
insofar as such Claim alleges facts or circumstances that would constitute a breach of any provision of the other party’s (“Indemnifying Party”) representations and warranties
herein. If the Indemnifying Party is obligated to provide indemnification hereunder, the Indemnifying Party may in its sole and absolute discretion, control the disposition of any Claim, provided however, Indemnifying Party shall not settle,
compromise, or in any other manner dispose of any Claim without the consent of the Indemnified Party. 
 14. NOTICES. Notices to the parties
shall be sent via overnight mail or U.S. Certified Mail to the parties at the addresses listed above, or at such other address as a party may provide. 

15. GOVERNING LAW. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to its
principles of conflict of laws. 
 16. CONFIDENTIALITY & CUSTOMER INFORMATION. 

16.1 During the Term of this Agreement, either party may receive information that is proprietary and confidential to the other regarding the
business and affairs of the other party, including without limitation, the terms of this Agreement (“Confidential Information”). Confidential Information will include identifiable information or contact information relating to CafePress
Customers. In no event may Company use any CafePress Customer information for any purpose other than fulfilling Company’s obligations under this Agreement, such as shipping and processing Product orders. 

16.2 Each party shall hold all Confidential Information in confidence (using at least the same measures as it does to protect its own
Confidential Information of a similar nature) and not disclose the Confidential Information to any third party except to the extent permitted by the terms of this Agreement. Each party shall use the other party’s Confidential Information only
in the course of performance of this Agreement and shall have the right to disclose the other party’s Confidential Information only to its employees, representatives, agents and contractors that need to know it, and only for the purpose of
rendering assistance to the party performing its obligations under this Agreement. A disclosing party shall be liable for any breach of its confidentiality obligations by any such employee, representative, agent or contractor. 

16.3 The following shall not be deemed to be Confidential Information: (i) information that is or becomes public knowledge or enters the
public domain through a source other than the recipient and through no fault of recipient; (ii) information independently developed by or for the recipient; (iii) information that was known by a party prior to commencement of discussions
regarding the subject matter of this Agreement; and (iv) information that is required to be disclosed by applicable law, the laws of a securities market or exchange or at the direction of a court or governmental body; provided however, that the
disclosing party shall use reasonable efforts to give the other party a reasonable opportunity to intervene in order to prevent such disclosure or to obtain a protective order, and that any Confidential Information disclosed remains subject to the
confidentiality obligations set forth in this Section. 

  
 9 

 16.4 CafePress shall own all Customer information that it collects through the CafePress Service.
CafePress shall have the right to use its CafePress Customer information as it desires, in its sole and absolute discretion, with no obligation to provide Company with access to such information. Notwithstanding the foregoing, any uses of Customer
information by CafePress shall be in accordance with CafePress’ Privacy Policy. 
 17. NO PARTNERSHIP. The relationship of the parties
created hereby shall be that of independent contractors. Nothing in this Agreement shall be construed to create a partnership, joint venture or combined entity by or between CafePress and Company or to make either the agent of the other and neither
shall have the authority to bind the other. CafePress and Company each agree not to hold itself out as a partner, joint venturer, combined entity or agent of the other. Each party is, and is intended to be, engaged in its own and entirely separate
business. Each party shall be solely responsible for determining the applicability of, and compliance with, any and all present and future federal, state and local laws, orders, codes, regulations, and ordinances which may be applicable to each
party and their respective businesses and employees. 
 18. FORCE MAJEURE. Neither party shall be liable under this Agreement by reason of any
delay or failure in the performance of its obligations under this Agreement because of a Force Majeure Event. A “Force Majeure Event” shall mean causes beyond the reasonable control of the parties including, but not limit to: an act of
nature, inevitable accident, fire, labor dispute, riot or civil commotion, act of public enemy, act of terror and/or terrorism, governmental act, regulation or rule, failure of technical facilities, inability to obtain supplies, delays in
transportation, embargos, or other reason beyond the control of the parties that is generally regarded as force majeure. Delays or non-performance excused by this provision shall not excuse performance of any other obligation that is already
outstanding on the date that the Force Majeure Event occurs. 
 19. SEVERABILITY. If any provision of this Agreement or the application
thereof shall be invalid or unenforceable to any extent, the remainder of this Agreement or the application thereof shall not be affected, and each remaining provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law. 
 20. SIGNIFICANCE OF PARAGRAPH HEADINGS. Paragraph headings contained hereunder are solely for the purpose of aiding in speedy
location of subject matter and are not in any sense to be given weight in the construction of this Agreement. Accordingly, in case of any question with respect to the construction of this Agreement, it is to be construed as though paragraph headings
had been omitted. 
 21. DISCLAIMER OF WARRANTIES. CAFEPRESS DOES NOT REPRESENT OR WARRANT THAT THE CAFEPRESS SERVICE OR ITS USE (I) WILL
BE UNINTERRUPTED; (II) WILL BE FREE OF INACCURACIES OR ERRORS; (III) WILL MEET COMPANY’S REQUIREMENTS; OR (IV) WILL OPERATE IN THE CONFIGURATION OR WITH THE HARDWARE OR SOFTWARE COMPANY USES. CAFEPRESS MAKES NO WARRANTIES OTHER THAN THOSE MADE
EXPRESSLY IN THIS AGREEMENT, AND HEREBY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY AND NON-INFRINGEMENT. COMPANY MAKES NO WARRANTIES OTHER THAN THOSE MADE
EXPRESSLY IN THIS AGREEMENT, AND HEREBY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY AND NON-INFRINGEMENT. 

  
 10 

 22. LIMITATION OF LIABILITY. 

22.1 EXCEPT IN CONNECTION WITH A PARTY’S INDEMNIFICATION AND CONFIDENTIALITY OBLIGATIONS HEREIN, UNDER NO CIRCUMSTANCES SHALL EITHER
PARTY BE LIABLE TO THE OTHER OR ANY THIRD PARTY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL (INCLUDING DAMAGES RELATING TO LOST PROFITS, LOST DATA OR LOSS OF GOODWILL), EXEMPLARY, OR PUNITIVE DAMAGES WHETHER SUCH CLAIM IS BASED ON WARRANTY,
CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, ARISING FROM ANY CLAIM RELATING TO OR CONNECTED WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

22.2 EXCEPT IN CONNECTION WITH INDEMNITY, CONFIDENTIALITY, AND PAYMENT OBLIGATIONS IN THIS AGREEMENT, IN NO EVENT WILL THE LIABILITY OF EITHER
PARTY IN CONNECTION WITH THIS AGREEMENT EXCEED $50,000. 
 23. CONSTRUCTION. Both of the parties have participated in the negotiation and
preparation of this Agreement and therefore waive any rule of law or judicial precedent that provides that contractual ambiguities are to be construed against the party who shall have drafted the contract in question. 

24. COORDINATION & PUBLIC RELATIONS. 

24.1 CafePress and Company shall cooperate with respect to public relations regarding this Agreement and the relationship between the parties
and each party shall obtain the prior consent of the other party before publishing any press releases. 
 24.2 Each party will designate at
least one representative to be the point of contact from their respective company to manage the business relationship created hereunder and shall provide the name and contact information of such individual promptly following execution of this
Agreement. 
 25. RECORDS. During the Term, and for one (1) year after the expiration or termination of this Agreement, each party shall
keep, maintain and preserve complete and accurate records relating to the Purchase Order(s), Product(s) and services provided under this Agreement including, without limitation, purchase orders, inventory records, invoices, correspondence, banking,
financial and other records. During the Term, and for one (1) year after the expiration or termination of this Agreement, no more than once annually either party or its representatives may, during normal business hours and upon twenty
(20) days’ written notice, audit the records of the other party where such records are regularly maintained solely for the purpose of determining the other party’s compliance with the terms and obligations of this Agreement. The
auditing party is entitled to share its conclusions with third-parties and generally provide the bases therefore, but shall in all events maintain the confidentiality of the audited party’s records. Any and all costs of audits performed by or
for a party shall be solely at the expense of such party, except that if the undisputed results of such audit reveal that the audited party has overcharged or underpaid, the audited party will promptly make full restitution to the auditing party for
all such reasonable and customary documented amounts. In addition, in the event the audit reveals that the audited party has overcharged or underpaid the auditing party by more 

  
 11 

 
than ten percent (10%) of the amount the audited party should have charged or paid, in addition to promptly making full restitution to the auditing party as well as any other legal and
equitable rights and remedies available to the auditing party, the audited party will promptly reimburse the auditing party in full for the reasonable and documented costs of the audit. Such audit shall not interfere with or otherwise impede either
party’s business activities in any manner. Any individual or entity performing an audit on behalf of the auditing party shall be subject to and abide by the audited party’s standard non-disclosure agreement. 

26. ASSIGNMENT. Neither party shall assign this Agreement or any of the rights, duties or privileges contained herein, in whole or in part,
without the express written consent of the other, except that a party may assign this Agreement in connection with the sale of all or substantially all of its assets, provided that the assignee agrees to be bound by all of the terms and conditions
of this Agreement. 
 27. ENTIRE AGREEMENT. This Agreement constitutes the entire understanding between Company and CafePress with respect to
the subject matter hereof and cannot be altered or modified except by an agreement in writing signed by both Company and CafePress. Upon its execution, this Agreement shall supersede all prior negotiations, understandings, and agreements with
respect to the subject matter hereof, whether oral or written, and such prior agreements shall thereupon be null and void and without further legal effect. 

28. EXECUTION. This Agreement may be executed in multiple counterparts, including, but not limited to execution by facsimile, each of which
shall be deemed an original, but all of which shall constitute the same document. Each party waives any legal requirement that this Agreement be embodied, stored or reproduced in tangible media, and agrees that an electronic reproduction will be
given the same legal force and effect as a signed writing. 
 Agreed and accepted: 

 

									
	COMPANY:				CAFEPRESS:
					
	By:		  
				By:		  

					
	Name:		  
				Name:		  

					
	Title: 		  
				Title: 		  

					
	Date:		  
				Date:		  

  
 12 

 Exhibit A 

  
 13 

 EXHIBIT C 

ASSIGNMENT AND ASSUMPTION AGREEMENT 

 ASSIGNMENT AND ASSUMPTION AGREEMENT 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assumption Agreement”) is entered into as of
                    , 2015, by and between Circle Graphics, Inc., a Delaware corporation (“Buyer”) and CafePress Inc., a Delaware
corporation (“Seller”). 
 W I T N E S S E T H 

WHEREAS, this Assignment and Assumption Agreement is delivered pursuant to Section 4.2 of that certain Asset Purchase Agreement (the
“Agreement”) dated as of February             , 2015 by and among Seller and Buyer. Unless otherwise specifically defined herein, all terms used herein and defined in the
Agreement shall have the meanings assigned to them in the Agreement. 
 WHEREAS, pursuant to the Agreement, Seller has agreed to transfer,
sell, convey, assign and deliver to Buyer the Assets, as more fully described in Section 2.1 of the Agreement, but not including the Excluded Assets, as more fully described in Section 2.2 of the Agreement. 

WHEREAS, Buyer has agreed to assume the Assumed Liabilities, as more fully described in Section 2.3 of the Agreement, not including those
Excluded Liabilities, as more fully described in Section 2.4 of the Agreement. 
 NOW, THEREFORE, in consideration of the foregoing
premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 
 1. Effective
as of the Closing, Seller hereby sells, conveys, transfers, assigns, and delivers to Buyer or the Designated Purchaser, as applicable, subject to and pursuant to the terms and conditions of the Agreement, all right, title and interest in and to the
Assets (including, without limitation, the Assigned Contracts, but excluding the Excluded Assets). 
 2. Buyer hereby accepts the foregoing assignment and
transfer of the Assets. 
 3. Buyer hereby assumes and agrees to pay, perform, fulfill and discharge, as and when due, and in accordance with the terms
thereof, the Assumed Liabilities. Neither Buyer nor any of its Affiliates assumes or will otherwise become liable for any of the Excluded Liabilities. 
 4.
Nothing contained in this Assumption Agreement shall be deemed to supersede any of the obligations, agreements, covenants, representations and warranties of Seller or Buyer contained in the Agreement, and this Assumption Agreement is made and
accepted subject to all of the terms, conditions, representations and warranties set forth in the Agreement, all of which survive execution and delivery of this Assumption Agreement as set forth in the Agreement. Nothing contained in this Assumption
Agreement may be construed as a waiver of any of the rights or remedies of the Seller or Buyer as set forth in, or arising in connection with, the Agreement or any other instrument or document delivered by the Seller or Buyer pursuant to the
Agreement. In the event of any ambiguity or conflict between the terms hereof and the Agreement, the terms of the Agreement shall govern and control. 

 5. This Assumption Agreement may be executed in any number of counterparts, each of which when executed by the
parties hereto and delivered shall be deemed to be an original, and all such counterparts taken together shall be deemed to be but one and the same instrument. This Agreement may be executed and delivered by facsimile of .PDF signature, and upon
delivery of such facsimile or .PDF signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

6. This Assumption Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the state of Delaware, excluding that
body of law pertaining to conflicts of laws. 
 7. Neither this Assumption Agreement nor any term hereof may be changed, waived, discharged or terminated
other than by an instrument in writing signed by the parties hereto. No failure to enforce any provision of this Assumption Agreement shall be deemed to or shall constitute a waiver of such provision and no waiver of any of the provisions of this
Assumption Agreement shall be deemed to or shall constitute a waiver of any other provision hereof nor shall such waiver constitute a continuing waiver. 

8. Nothing in this Assumption Agreement, express or implied, is intended to or shall (a) confer on any Person other than the parties to this Assumption
Agreement and their respective permitted successors or assigns any rights (including, without limitation, third party beneficiary rights), remedies, obligations or liabilities under or by reason of this Assumption Agreement or (b) constitute
the parties to this Assumption Agreement as partners or as participants in a joint venture. Except as expressly provided by this Assumption Agreement, this Assumption Agreement shall not provide third parties with any remedy, claim, liability,
reimbursement, cause of action or other right in excess of those existing without reference to the terms of this Assumption Agreement. 

[Remainder of this page is intentionally left blank.] 

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

			
	BUYER
	
	CIRCLE GRAPHICS, INC.
		
	By		  

		
	Name		  

		
	Title		  

	
	CAFEPRESS INC.
		
	By		  

		
	Name		  

		
	Title		  

 SIGNATURE PAGE TO ASSIGNMENT AND
ASSUMPTION AGREEMENT 

 EXHIBIT D 

BILL OF SALE 

 BILL OF SALE 

THIS BILL OF SALE (this “Bill of Sale Agreement”), is entered into as of             ,
2015, by and between CIRCLE GRAPHICS, INC., a Delaware corporation (“Buyer”) and CAFEPRESS INC., a Delaware corporation (“Seller”). 

W I T N E S S E T H: 
 WHEREAS,
Seller and Buyer have entered into an Asset Purchase Agreement dated as of February             , 2015 (the “Agreement”), pursuant to which Seller has agreed to sell all of the
right, title and interest of Seller in and to the Assets (as defined in the Agreement) to Buyer, and Buyer has agreed to acquire the Assets from Seller, all subject to the terms and conditions provided herein and in the Agreement. 

NOW, THEREFORE, Buyer and Seller in consideration of the mutual promises and covenants set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Sale of Assets. For good and
valuable consideration, and subject to the provisions of Section 2.5 of the Agreement, Seller hereby sells, conveys, transfers, assigns and delivers to Buyer all of the right, title and interest of Seller in and to the Assets as more fully
described in Section 2.1 of the Agreement, but not including the Excluded Assets, as more fully described in Section 2.2 of the Agreement. Nothing contained in this Bill of Sale Agreement shall be deemed to supersede any of the
obligations, agreements, covenants, representations and warranties of Seller or Buyer contained in the Agreement, and this Bill of Sale Agreement is made and accepted subject to all of the terms, conditions, representations and warranties set forth
in the Agreement, all of which survive execution and delivery of this Bill of Sale Agreement as set forth in the Agreement. Nothing contained in this Bill of Sale Agreement may be construed as a waiver of any of the rights or remedies of the Seller
or Buyer as set forth in, or arising in connection with, the Agreement or any other instrument or document delivered by the Seller or Buyer pursuant to the Agreement. In the event of any ambiguity or conflict between the terms hereof and the
Agreement, the terms of the Agreement shall govern and control. 
 2. Assignment. This Bill of Sale Agreement may not be assigned by any party hereto
without the prior written consent of the other parties; provided, that Buyer may, without the prior written consent of Seller, assign any or all of its rights or obligations under this Bill of Sale Agreement to any Affiliate of Buyer. Subject to the
foregoing, this Bill of Sale Agreement and the provisions hereof shall be binding upon and inure to the benefit of each of the parties and their successors and assigns. Nothing in this Bill of Sale Agreement, express or implied, is intended to or
shall (a) confer on any Person other than the parties to this Bill of Sale Agreement and their respective permitted successors or assigns any rights (including, without limitation, third party beneficiary rights), remedies, obligations or
liabilities under or by reason of this Bill of Sale Agreement or (b) constitute the parties to this Bill of Sale Agreement as partners or as participants in a joint venture. Except as expressly provided by this Bill of Sale Agreement, this Bill
of Sale Agreement shall not provide third parties with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to the terms of this Bill of Sale Agreement. 

3. Governing Law. This Bill of Sale Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of
Delaware, as if both parties hereto were resident and doing business in such state, excluding that body of law pertaining to conflicts of laws. 

  
 BILL
OF SALE 

 4. Heading; Terms. Any captions to, or headings of, the sections of this Bill of Sale Agreement are solely
for the convenience of the parties hereto, are not a part of this Bill of Sale Agreement, and shall not be used for the interpretation of this Bill of Sale Agreement. Unless otherwise specifically defined herein, all terms used herein and defined in
this Bill of Sale Agreement shall have the meanings assigned to them in the Agreement. 
 5. Counterpart. This Bill of Sale Agreement may be executed
in any number of counterparts, each of which when executed by the parties hereto and delivered shall be deemed to be an original, and all such counterparts taken together shall be deemed to be but one and the same instrument. This Bill of Sale
Agreement may be executed and delivered by facsimile or .PDF signature, and upon delivery of such facsimile signature or .PDF signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

6. Waiver. Neither this Bill of Sale Agreement nor any term hereof may be changed, waived, discharged or terminated other than by an instrument in
writing signed by the parties hereto. No failure to enforce any provision of this Bill of Sale Agreement shall be deemed to or shall constitute a waiver of such provision and no waiver of any of the provisions of this Bill of Sale Agreement shall be
deemed to or shall constitute a waiver of any other provision hereof nor shall such waiver constitute a continuing waiver. 
 [Remainder
of this page is intentionally left blank.] 

  
 BILL
OF SALE 

 IN WITNESS WHEREOF, Buyer and Seller have duly executed this Bill of Sale Agreement as of the
date set forth above. 
  

			
	 BUYER
  

CIRCLE GRAPHICS, INC.

		
	By		  

		
	Name		  

		
	Title		  

	
	SELLER
	
	CAFEPRESS INC.
		
	By		  

		
	Name		  

		
	Title		  

  
 BILL
OF SALE 

 EXHIBIT E 

IP ASSIGNMENT AGREEMENT 

 IP ASSIGNMENT AGREEMENT 

THIS IP ASSIGNMENT AGREEMENT (the “IP Assignment Agreement”) is entered into as of
            , 2015, and is made by CafePress Inc., a Delaware corporation (“Seller”) located at 6901 A Riverport Drive, Louisville, Kentucky 40258, in favor of Circle Graphics,
Inc., a Delaware corporation (“Buyer”) located at [address], which is the purchaser of certain assets of Seller pursuant to an Asset Purchase Agreement (the “Agreement”) dated as of February
            , 2015 by and among Seller and Buyer. 
 W I T N E S S E T H 

WHEREAS, this IP Assignment Agreement is delivered pursuant to Section 4.2 of the Agreement, under which Seller has conveyed, transferred
and assigned to Buyer, among other assets, certain intellectual property of Seller, and has agreed to execute and deliver this IP Assignment Agreement for recording with the United States Patent and Trademark Office, the United States Copyright
Office and corresponding entities or agencies in any applicable jurisdictions. 
 NOW, THEREFORE, in consideration of the foregoing
premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 
 1. Effective
as of the Closing, Seller hereby sells, conveys, transfers, assigns, and delivers to Buyer, and Buyer hereby accepts, in each case subject to and pursuant to the terms and conditions of the Agreement, all right, title and interest in and to the
following (the “Assigned IP”): 
 (a) the patents and patent applications set forth on Schedule 1 hereto and all issuances,
divisions, continuations, reissues, extensions, reexaminations and renewals thereof (the “Patents”); 
 (b) the trademark
registrations and applications set forth on Schedule 2 hereto and all issuances, extensions and renewals thereof (the “Trademarks”), together with the goodwill of the business connected with the use of, and symbolized by, the Trademarks;

 (c) the copyright registrations and applications for registration set forth on Schedule 3 hereto and all issuances, extensions and
renewals thereof (the “Copyrights”); and 
 (d) all rights of any kind whatsoever of Seller accruing under any of the foregoing
provided by applicable law of any jurisdiction, by international treaties and conventions and otherwise throughout the world. 
 2. Seller hereby authorizes
the Commissioner of Patents and the Commissioner for Trademarks of the United States Patent and Trademark Office, the Register of Copyrights in the United States Copyright Office, and the officials of corresponding entities or agencies in any
applicable jurisdictions to record and register this IP Assignment Agreement upon request by Buyer. 

 3. Nothing contained in this IP Assignment Agreement shall be deemed to supersede any of the obligations,
agreements, covenants, representations and warranties of Seller or Buyer contained in the Agreement, and this IP Assignment Agreement is made and accepted subject to all of the terms, conditions, representations and warranties set forth in the
Agreement, all of which survive execution and delivery of this IP Assignment Agreement as set forth in the Agreement. Nothing contained in this IP Assignment Agreement may be construed as a waiver of any of the rights or remedies of the Seller or
Buyer as set forth in, or arising in connection with, the Agreement or any other instrument or document delivered by the Seller or Buyer pursuant to the Agreement. In the event of any ambiguity or conflict between the terms hereof and the Agreement,
the terms of the Agreement shall govern and control. 
 4. This IP Assignment Agreement may be executed in any number of counterparts, each of which when
executed by the parties hereto and delivered shall be deemed to be an original, and all such counterparts taken together shall be deemed to be but one and the same instrument. This IP Assignment Agreement may be executed and delivered by facsimile
of .PDF signature, and upon delivery of such facsimile or .PDF signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

5. This IP Assignment Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the state of Delaware, excluding
that body of law pertaining to conflicts of laws. 
 6. Neither this IP Assignment Agreement nor any term hereof may be changed, waived, discharged or
terminated other than by an instrument in writing signed by the parties hereto. No failure to enforce any provision of this IP Assignment Agreement shall be deemed to or shall constitute a waiver of such provision and no waiver of any of the
provisions of this IP Assignment Agreement shall be deemed to or shall constitute a waiver of any other provision hereof nor shall such waiver constitute a continuing waiver. 

7. Nothing in this IP Assignment Agreement, express or implied, is intended to or shall (a) confer on any Person other than the parties to this IP
Assignment Agreement and their respective permitted successors or assigns any rights (including, without limitation, third party beneficiary rights), remedies, obligations or liabilities under or by reason of this IP Assignment Agreement or
(b) constitute the parties to this IP Assignment Agreement as partners or as participants in a joint venture. Except as expressly provided by this IP Assignment Agreement, this IP Assignment Agreement shall not provide third parties with any
remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to the terms of this IP Assignment Agreement. 

[Signature Page Follows] 

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

			
	 BUYER
  

CIRCLE GRAPHICS, INC.

		
	By		  

		
	Name		  

		
	Title		  

	
	SELLER
	
	CAFEPRESS INC.
		
	By		  

		
	Name		  

		
	Title		  

 SCHEDULE 1 

ASSIGNED PATENTS AND PATENT APPLICATIONS 

 SCHEDULE 2 

ASSIGNED TRADEMARKS REGISTRATIONS AND TRADEMARK APPLICATIONS 

 SCHEDULE 3 

ASSIGNED COPYRIGHTS REGISTRATIONS AND APPLICATIONS 

 EXHIBIT F 

ESCROW AGREEMENT 

 ESCROW AGREEMENT 

This Escrow Agreement (“Agreement”), dated as of [•], 2015, is by and among Circle Graphics, Inc., a Delaware corporation
(“Buyer”), CafePress Inc., a Delaware corporation (“Seller” and, together with Buyer, the “Escrow Parties”), and BNY Mellon, National Association, a national banking association with its principal place of business at
BNY Mellon Center, Pittsburgh, PA 15258 (the “Escrow Agent”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in that certain Asset Purchase Agreement (the “Purchase Agreement”) dated as of
February 11, 2015, by and between Buyer and Seller. 
 WHEREAS, subject to the terms and conditions of the Purchase Agreement,
effective on the Closing Date, Seller has agreed to sell, assign, transfer, convey and deliver to Buyer or the Designated Purchaser, and Buyer or the Designated Purchaser has agreed to purchase and acquire from Seller, all of its rights, title and
interest in and to the Assets; 
 WHEREAS, pursuant to Section 3.1(a)(i) of the Purchase Agreement, Buyer has agreed to deposit at the
Closing certain funds with the Escrow Agent to be held and disbursed by the Escrow Agent in accordance with the terms and conditions of this Agreement; and 

WHEREAS, the parties desire to set forth their understandings with regard to the Escrow Account (as defined below) established by this
Agreement. 
 NOW, THEREFORE, in consideration of the premises and agreements of the parties contained in this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Appointment of Escrow
Agent. The Escrow Parties appoint the Escrow Agent as their agent to hold in escrow, and to administer the disposition of, the Escrow Account in accordance with the terms of this Agreement, and the Escrow Agent accepts such appointment. 

2. Establishment of Escrow. Upon the execution of this Agreement and in accordance with Section 3.1(a)(i) of the Purchase Agreement, Buyer
shall deposit with the Escrow Agent in immediately available funds an amount equal to $3,780,000 (the “Initial Deposit”), and Escrow Agent shall promptly, upon request, acknowledge to the Escrow Parties receipt of any funds so deposited.
The Initial Deposit, and all additional amounts now or hereafter deposited with the Escrow Agent (if any), together with all interest, dividends and other income earned, shall be referred to as the “Escrow Fund.” The Escrow Agent shall
maintain the Escrow Fund in an escrow account (the “Escrow Account”). Additionally, upon execution of this Agreement, one of the Escrow Parties shall deliver one fully executed copy of this Agreement to the Escrow Agent in accordance with
the Notice section below. The Escrow Parties acknowledge that the sum held in escrow hereunder may be reduced or increased from time to time during the term hereof pursuant to the terms of this Agreement. Accordingly, the term “Escrow
Fund” shall refer both to the Initial Deposit and to such lesser or greater amount as may be held pursuant hereto at any point during the term hereof. 

 3. Customer Identification and TIN Certification. 

 

	 	(a)	To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each individual or entity
that opens an account. Therefore, the Escrow Agent must obtain the name, address, taxpayer or other government identification number, and other information, such as date of birth for individuals, for each individual and business entity that is a
party to this Agreement. For individuals signing this Agreement on their own behalf or on behalf of another, the Escrow Agent requires a copy of a driver’s license, passport or other form of photo identification. For business and other entities
that are parties to this Agreement, the Escrow Agent will require such documents, as it deems necessary to confirm the legal existence of the entity. 

  

	 	(b)	At the time of or prior to execution of this Agreement, each Escrow Party providing a tax identification number for tax reporting purposes shall provide to the Escrow Agent a completed IRS Form W-9 (or the appropriate
IRS Form W-8, in the case of non U.S. persons), and every individual executing this Agreement on behalf of an Escrow Party shall provide to the Escrow Agent a copy of a driver’s license, passport or other form of photo identification acceptable
to the Escrow Agent. The Escrow Parties agree to provide to the Escrow Agent such organizational documents and documents establishing the authority of any individual acting in a representative capacity as the Escrow Agent may require in order to
comply with its established practices, procedures and policies. 

  

	 	(c)	The Escrow Agent is authorized and directed to report all interest and other income earned on the Escrow Fund in accordance with the IRS Form W-9 (or the appropriate IRS Form W-8, in the case of non U.S. persons)
provided to the Escrow Agent by the Seller. The Escrow Parties agree to treat the Escrow Fund as owned by the Seller solely for tax purposes and the Seller agrees to file all tax returns consistently with such treatment. The Escrow Agent shall have
no obligation to distribute interest or other income earned with respect to the Escrow Fund until such interest or other income becomes due and payable in accordance with the terms of the account in which such Escrow Fund is deposited pursuant to
Section 4 below. Any payments of funds from the Escrow Fund shall be subject to applicable withholding and reporting regulations then in force in the United States or any other jurisdictions, if applicable, including the filing of information
returns with the Internal Revenue Service and the issuance of IRS Form 1099 to and in the name of the Seller. The Escrow Parties understand that, in the event one or more tax identification numbers are not certified to the Escrow Agent, the Internal
Revenue Code, as amended from time to time, may require withholding of a portion of any interest or other income earned on the Initial Deposit. 

  

	 	(d)	The Escrow Agent shall have no duty to prepare or file any information reports (including without limitation IRS Forms 1099-B) other than such information reports of interest earned on the Escrow Fund as the Escrow
Agent is required to prepare and file in the ordinary course of its business. 

  
 2 

 4. Deposit of the Escrow Fund. The Escrow Agent shall deposit the Escrow Fund in one or more deposit
accounts at BNY Mellon, National Association in accordance with such written instructions and directions as may from time to time be provided to the Escrow Agent by the Escrow Parties. In the event that the Escrow Agent does not receive written
instructions, the Escrow Agent shall deposit the Escrow Fund in a checking with interest deposit account at BNY Mellon, National Association. Deposits shall in all instances be subject to the Escrow Agent’s standard funds availability policy.
The Escrow Parties understand that deposits of the Escrow Fund are not necessarily insured by the United States Government or any agency or instrumentality thereof, or of any state or municipality. In no instance shall the Escrow Agent have any
obligation to provide investment advice of any kind. The Escrow Agent shall not be liable or responsible for any loss resulting from any deposits made pursuant to this Section 4, other than as a result of the bad faith, gross negligence or
willful misconduct of the Escrow Agent. 
 5. Release of the Escrow Fund. The Escrow Agent shall only disburse amounts from the Escrow Fund as
follows: 
  

	 	(a)	Final Determination. At any time prior to the Release Date (as defined below), Buyer or Seller may deliver a written notice to the Escrow Agent that a Final Determination pursuant to Section 10.2(i) of the Purchase
Agreement has been made (together with a copy of such Final Determination, as applicable), setting forth the amount to be paid, the recipient and instructions for the payment of such amount, such notice to be executed by both Buyer and Seller (the
“Payment Notice”). The Escrow Agent shall verify only that the Payment Notice sets forth an amount to be paid, the recipient and instructions for the payment of such amount. To the extent that the Escrow Agent finds that the delivered
Payment Notice fails to set forth an amount to be paid, the recipient or instructions for the payment of such amount, the Escrow Agent shall notify the delivering party promptly to provide the missing information. Notwithstanding the foregoing, the
Escrow Agent shall not inquire into or consider whether the requirements of Section 10.2(i) of the Purchase Agreement have been satisfied. If the Escrow Agent receives a Payment Notice and there is no missing information which remains uncured
after the delivering party has been notified in accordance with this Section 5(a), the Escrow Agent shall distribute the Escrow Fund or any portion thereof in accordance with the payment instructions set forth in the Payment Notice from the
Escrow Account as soon thereafter as possible using commercially reasonable efforts, but in any event, no later than three (3) business days following the Escrow Agent’s receipt of a complete Payment Notice. 

 

	 	(b)	Unresolved Claims. If at any time prior to the Release Date, Buyer shall deliver written notice to the Escrow Agent of claims for indemnification pending pursuant to Section 10 of the Purchase Agreement that have
not yet been reduced to a Final Determination (“Unresolved Claims”), indicating in such notice the amount(s) of such claims, the Escrow Agent shall reserve such amount(s) in the Escrow Fund and not distribute such reserved amount(s) unless
and until it receives a Payment Notice pursuant to Section 5(a) hereof, or a Joint Direction pursuant to Section 5(e) hereof. 

  

	 	(c)	Termination. With respect to the Escrow Fund, the “Release Date” shall be the earlier of (i) 15 months from the date hereof, or (ii) the date the Escrow Agent no longer holds any Escrow Fund
hereunder as a result of the distribution of all of the Escrow Account 

  
 3 

	 	
pursuant to the terms set forth herein. Within two (2) business days after the Release Date or as soon thereafter as possible using commercially reasonable efforts, the Escrow Agent shall
deliver any remaining amounts in the Escrow Account to the Seller (or as otherwise directed in writing by the Seller) unless any Unresolved Claims are pending, in which case (y) such portion of the Escrow Account as is necessary to satisfy the
aggregate amount of the then-pending Unresolved Claims shall be retained by the Escrow Agent until the Escrow Agent receives notice that each such claim has been finally resolved in accordance with Section 5(b) (and such amounts for each claim
may be disbursed pursuant to this Section 5 as and when the Escrow Agent receives a Payment Notice or Joint Direction as contemplated by Section 5(b) with respect to such claim) and (z) the balance of the Escrow Account, if any, shall
be distributed to the Seller or as otherwise directed in writing by the Seller. 

  

	 	(d)	Insufficient Funds on Release. Notwithstanding anything to the contrary in this Agreement, if any amount to be released at any time or under any circumstances exceeds the balance in the Escrow Account, the Escrow Agent
shall release the balance in the Escrow Fund and shall have no liability or responsibility to the Escrow Parties for any deficiency unless such deficiency is a result of the bad faith, gross negligence or willful misconduct of the Escrow Agent.

  

	 	(e)	Joint Direction. Notwithstanding the other provisions of this Section 5, if at any time Buyer and the Seller jointly execute and deliver written instructions in substantially the form of Exhibit A attached hereto
(a “Joint Direction”), the Escrow Agent shall disburse from the applicable Escrow Account the amounts referred to in such Joint Direction in accordance with the instructions contained therein. The Seller and Buyer will in good faith
deliver a Joint Direction upon any mutual agreement that any amounts are owed from the applicable Escrow Account pursuant to the terms of the Purchase Agreement, including pursuant to final determination of any Purchase Price adjustment pursuant to
the terms of Section 3.1(b) of the Purchase Agreement. 

 6. Methods of Payment. All payments required to be made by the
Escrow Agent under this Agreement shall be made by wire transfer or by check in accordance with written payment instructions provided to the Escrow Agent by the party receiving the funds. Any wire transfers shall be made subject to, and in
accordance with, the Escrow Agent’s normal funds transfer procedures in effect from time to time. The Escrow Agent shall be entitled to rely upon all bank and account information provided to the Escrow Agent by any of the Escrow Parties. The
Escrow Agent shall have no duty to verify or otherwise confirm any written wire transfer instructions but it may do so in its discretion on any occasion without incurring any liability to any of the Escrow Parties for failing to do so on any other
occasion. Any such verification may include, but not be limited to, a telephone call to the party receiving the funds or to one or more of the Escrow Parties in accordance with Section 14. The Escrow Parties agree that any such call back is a
commercially reasonable security procedure and that the Escrow Agent may record such calls according to the Escrow Agent’s standard operating procedures or as the Escrow Agent deems appropriate for security and/or service purposes. The Escrow
Agent shall process all wire transfers based on bank identification and account numbers rather than the names of the intended recipient of the funds, even if such numbers pertain to a recipient other than the 

  
 4 

 
recipient identified in the payment instructions. The Escrow Agent shall have no duty to detect any such inconsistencies and shall resolve any such inconsistencies by using the account number.
Attached as Exhibit B is the wire transfer information for the Escrow Parties. The Escrow Parties shall promptly notify the Escrow Agent of any changes to their wire transfer information contained in Exhibit B and the Escrow Agent may rely on the
wire transfer information contained in Exhibit B until notified of a change in writing. 
 7. Responsibilities and Liability of Escrow Agent. 

(a) Duties Limited. The Escrow Agent undertakes to perform only such duties as are expressly set forth in this Agreement. The
Escrow Agent’s duties shall be determined only with reference to this Agreement and applicable laws and it shall have no implied duties. The Escrow Agent shall not be bound by, deemed to have knowledge of, or have any obligation to make inquiry
into or consider, any term or provision of any agreement between any of the Escrow Parties and/or any other third party or as to which the escrow relationship created by this Agreement relates, including without limitation any documents referenced
in this Agreement. 
 (b) Limitations on Liability of Escrow Agent. 

 

	 	(i)	Except in cases of the Escrow Agent’s bad faith, willful misconduct or gross negligence, the Escrow Agent shall be fully protected (x) in acting in reliance upon any certificate, statement, request, notice,
advice, instruction, direction, other agreement or instrument or signature reasonably and in good faith believed by the Escrow Agent to be genuine, (y) in assuming that any person purporting to give the Escrow Agent any of the foregoing in
connection with either this Agreement or the Escrow Agent’s duties, has been duly authorized to do so, and (z) in acting or failing to act in good faith on the advice of any counsel retained by the Escrow Agent. The Escrow Agent shall not
be liable for any mistake of fact or law or any error of judgment, or for any act or omission, except as a result of its bad faith, willful misconduct or gross negligence. The Escrow Agent shall not be responsible for any loss incurred upon any
action taken under circumstances not constituting bad faith, willful misconduct or gross negligence. 

  

	 	(ii)	In connection with any payments that the Escrow Agent is instructed to make by wire transfer, the Escrow Agent shall not be liable for the acts or omissions of (y) any Escrow Party or other person providing such
instructions, including without limitation errors as to the amount, bank information or bank account number; or (z) any other person or entity, including without limitation any Federal Reserve Bank, any transmission or communications facility,
any funds transfer system, any receiver or receiving depository financial institution, and no such person or entity shall be deemed to be an agent of the Escrow Agent. 

  
 5 

	 	(iii)	Without limiting the generality of the foregoing, it is agreed that in no event will the Escrow Agent be liable for any lost profits or other indirect, special, incidental or consequential damages which the parties may
incur or experience by reason of having entered into or relied on this Agreement or arising out of or in connection with the Escrow Agent’s services, even if the Escrow Agent was advised or otherwise made aware of the possibility of such
damages; nor shall the Escrow Agent be liable for acts of God, acts of war, breakdowns or malfunctions of machines or computers, interruptions or malfunctions of communications or power supplies, labor difficulties, actions of public authorities, or
any other similar cause or catastrophe beyond the Escrow Agent’s reasonable control. 

  

	 	(iv)	In the event that the Escrow Agent shall be uncertain as to its duties or rights under this Agreement, or shall receive any certificate, statement, request, notice, advice, instruction, direction or other agreement or
instrument from any other party with respect to the Escrow Fund which, in the Escrow Agent’s reasonable and good faith opinion, is in conflict with any of the provisions of this Agreement, or shall be advised that a dispute has arisen with
respect to the Escrow Fund or any part thereof, the Escrow Agent shall be entitled, without liability to any person, to refrain from taking any action other than to keep safely the Escrow Fund until the Escrow Agent shall be directed otherwise in
accordance with Joint Direction or an order of a court with jurisdiction over the Escrow Agent. The Escrow Agent shall be under no duty to institute or defend any legal proceedings, although the Escrow Agent may, in its discretion and at the expense
of the Escrow Parties as provided in subsections (c) or (d) immediately below, institute or defend such proceedings. 

(c) Indemnification of Escrow Agent. The Escrow Parties agree jointly and severally to indemnify the Escrow Agent for, and to
hold it harmless against, any and all claims, suits, actions, proceedings, investigations, judgments, deficiencies, damages, settlements, liabilities and expenses (including reasonable documented legal fees and expenses of outside counsel chosen by
the Escrow Agent) as and when incurred, arising out of or based upon any act, omission, alleged act or alleged omission by the Escrow Agent or any other cause, in any case in connection with the acceptance of, or performance or non-performance by
the Escrow Agent of, any of the Escrow Agent’s duties under this Agreement, except as a result of the Escrow Agent’s bad faith, willful misconduct or gross negligence. 

(d) Authority to Interplead. The Escrow Parties authorize the Escrow Agent, if the Escrow Agent is threatened with litigation or
is sued, to interplead all interested parties in any court of competent jurisdiction and to deposit the Escrow Fund with the clerk of that court. In the event of any dispute under this Agreement, the Escrow Agent shall be entitled to petition a
court of competent jurisdiction and shall perform any acts ordered by such court. 

  
 6 

 8. Termination. This Agreement and all the obligations of the Escrow Agent under this Agreement
shall terminate upon the earlier to occur of the date the Escrow Agent releases the entire Escrow Fund in accordance with this Agreement or the date on which the Escrow Agent deposits the Escrow Fund in accordance with Section 7(d) hereof. 

9. Removal of Escrow Agent. The Escrow Parties acting together shall have the right to terminate the appointment of the Escrow Agent, specifying
the date upon which such termination shall take effect. Thereafter, the Escrow Agent shall have no further obligation to the Escrow Parties except to hold the Escrow Fund as depository and not otherwise. The Escrow Parties agree that they will
jointly appoint a banking corporation, trust company or attorney as successor escrow agent. The Escrow Agent shall refrain from taking any action until it shall receive joint written instructions from the Escrow Parties designating the successor
escrow agent. The Escrow Agent shall deliver all of the then remaining balance of the Escrow Fund to such successor escrow agent in accordance with such instructions and upon receipt of the Escrow Fund, the successor escrow agent shall be bound by
all of the provisions of this Agreement. 
 10. Resignation of Escrow Agent. The Escrow Agent may resign and be discharged from its duties and
obligations hereunder at any time by giving no less than thirty (30) days’ prior written notice of such resignation to the Escrow Parties, specifying the date when such resignation will take effect. Thereafter, the Escrow Agent shall have
no further obligation to the Escrow Parties except to hold the Escrow Fund as depository and not otherwise. In the event of such resignation, the Escrow Parties agree that they will jointly appoint a banking corporation, trust company, or attorney
as successor escrow agent within thirty (30) days of notice of such resignation. The Escrow Agent shall refrain from taking any action until it shall receive joint written instructions from the Escrow Parties designating the successor escrow
agent. The Escrow Agent shall deliver all of the then remaining balance of the Escrow Fund to such successor escrow agent in accordance with such instructions and upon receipt of the Escrow Fund, the successor escrow agent shall be bound by all of
the provisions of this Agreement. 
 11. Accounting. On a monthly basis, the Escrow Agent shall render a written statement setting forth the
balance of the Escrow Account, all interest earned and all distributions made, which statements shall be delivered to the following addresses: 

CafePress Inc. 
 6901 Riverport
Drive 
 Louisville, Kentucky 40258 

Attn: General Counsel 
 Circle
Graphics, Inc. 
 Attn: Chief Executive Officer 

120 Ninth Avenue 
 Longmont,
Colorado 80501 
 12. Survival. Notwithstanding anything in this Agreement to the contrary, the provisions of Section 7 shall survive any
resignation or removal of the Escrow Agent and any termination of this Agreement. 

  
 7 

 13. Escrow Agent Fees, Costs, and Expenses. From the date hereof through the termination of this
Agreement in accordance with Section 8 herein, the Escrow Agent shall charge a one-time administrative fee of $2,500.00, and the Escrow Agent shall be entitled to be reimbursed for its customary fees and charges for any wire transfers or other
depository services rendered in connection with the Escrow Fund and any delivery charges or other reasonable out-of-pocket expenses incurred and actually paid by the Escrow Agent in connection the Escrow Fund. Each of Buyer, on the one hand, and
Seller, on the other hand, shall pay one-half of the administrative fee of the Escrow Agent for the services to be rendered by the Escrow Agent pursuant to this Agreement. The Escrow Agent shall debit the Escrow Account for the amount of any other
customary fees, charges and expenses. As between the Buyer and the Seller, however, such other fees, charges and expenses shall be borne one-half by each. 

14. Notices. All notices under this Agreement shall be transmitted to the respective parties, shall be in writing and shall be
considered to have been duly given or served when personally delivered to any individual party, or on the first (1st) business day after the date of deposit with an overnight courier for next day delivery, postage paid, or on the third
(3rd) business day after deposit in the United States mail, certified or registered, return receipt requested, postage prepaid, or on the date of telecopy, fax or similar transmission (the telecopy, fax or similar transmission must contain
authorized signatures(s)), during normal business hours, as evidenced by mechanical confirmation of such telecopy, fax or similar transmission, addressed in all cases to the party at his or its address set forth below, or to such other address as
such party may designate, provided that notices will be deemed to have been given to the Escrow Agent on the actual date received:  

If to the Seller: 

CafePress Inc. 

6901 Riverport Drive 

Louisville, Kentucky 40258 

Attn: General Counsel 

Fax: 

Email: 
 Copy to
(which shall not constitute notice): 
 Pillsbury Winthrop Shaw Pittman LLP 

2550 Hanover Street 

Palo Alto, CA 94304 

Attn: Jorge del Calvo 

Fax: (650) 233-4545 

Email: jorge@pillsburylaw.com 

If to Buyer: 

Circle Graphics, Inc. 

Attn: Chief Executive Officer 

  
 8 

 120 Ninth Avenue 

Longmont, Colorado 80501 

Email: acousin@circlegraphicsonline.com 

Copy to (which shall not constitute notice): 

Foley & Lardner LLP 

111 Huntington Avenue 

Boston, Massachusetts 02199 

Email: spravda@foley.com 

Attn: Susan E. Pravda, Esq. 

If to the Escrow Agent: 

BNY Mellon, National Association, Escrow Agent 

c/o Escrow Services 

Banking Services Support Center; Suite 154-0655 

500 Ross Street 

Pittsburgh, PA 15262 

Phone: 412.234.7796 / 412.234.2350/ 412.234.8797 

Fax: 732.667.4499 / 615.932.4035 

Email: escrowservices@bnymellon.com 

Copy (which shall not constitute notice to the Escrow Agent) to: 

Bruce D. Berns, Esq. 

Abendroth, Berns & Warner LLC 

40 Grove Street, Suite 375 

Wellesley, MA 02482 

Facsimile: (781) 237-8891 

Any notice, except notice by the Escrow Agent, may be given on behalf of any party by its authorized representative. In all cases the Escrow Agent shall be
entitled to rely on a copy or a fax transmission of any document with the same legal effect as if it were the original of such document. The Escrow Parties shall promptly notify the Escrow Agent of any changes to the contact information contained in
this Section and the Escrow Agent may rely on the contact information contained in this Section until notified of a change. 
 To facilitate the performance
by the Escrow Agent of its duties and obligations hereunder, including resolving any issues arising hereunder (but not the giving of any notice as provided above or the resolution of the amounts to be paid or disputes related thereto), the Escrow
Parties agree that the Escrow Agent may contact the following representatives of each Escrow Party identified below, or such other individuals as each Escrow Party may identify by written notice to the Escrow Agent: 

 

			
	 Seller:
		[•]
			Tel: [•]
			E-mail: [•]
			Fax: [•]

  
 9 

			
		
	 Buyer:
		[•]
			Tel: [•]
			E-mail: [•]
			Fax: [•]

 15. Modifications; Waiver. This Agreement may not be altered or modified without the express prior written
consent of all of the parties to this Agreement. No course of conduct shall constitute a waiver of any terms or conditions of this Agreement, unless such waiver is specified in writing, and then only to the extent so specified. A waiver of any of
the terms and conditions of this Agreement on one occasion shall not constitute a waiver of the other terms of this Agreement, or of such terms and conditions on any other occasion. 

16. Further Assurances. If at any time the Escrow Agent shall determine or be advised that any further agreements, assurances or other documents
are reasonably necessary or desirable to carry out the provisions of this Agreement and the transactions contemplated by this Agreement, the Escrow Parties shall execute and deliver any and all such agreements or other documents, and do all things
reasonably necessary or appropriate to carry out fully the provisions of this Agreement. 
 17. Assignment. This Agreement shall inure to the
benefit of and be binding upon the successors, heirs, personal representatives, and permitted assigns of the parties. This Agreement is freely assignable by the Escrow Parties; provided, however, that no assignment by such party, or it successors or
assigns, shall be effective unless prior written notice of such assignment is given to the other parties, including, without limitation, the Escrow Agent; and provided, further, that any assignee satisfies the Escrow Agent’s requirements set
forth in Section 3(b) above. This Agreement may not be assigned by the Escrow Agent, except that upon prior written notice to the Escrow Parties, the Escrow Agent may assign this Agreement to an affiliated or successor bank or other qualified
bank entity. 
 18. Section Headings. The section headings contained in this Agreement are inserted for purposes of convenience of reference
only and shall not affect the meaning or interpretation of this Agreement. 
 19. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of law. 
 20. Counterparts and Facsimile
Execution. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. The exchange of copies of this Agreement and of
signature pages by facsimile or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes (and such signatures of the
parties transmitted by facsimile or other electronic transmission shall be deemed to be their original signatures for all purposes).  

  
 10 

 21. Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH
PARTY HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER,
RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

[Signature Page Follows] 

  
 11 

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

  

			
	CIRCLE GRAPHICS, INC.

		
	By:		  

	Name:		
	Title:		
	
	CAFEPRESS INC.
		
	By:		  

	Name:		
	Title:		
	
	BNY MELLON, NATIONAL ASSOCIATION
		
	By:		  

	Name:		Diana J. Kenneally
	Title:		Vice President

 EXHIBIT A 

JOINT WRITTEN INSTRUCTIONS 

FOR RELEASE OF ESCROW FUNDS 
 Pursuant to
Section 5(e) of the Escrow Agreement dated as of [•], 2015, by and among Circle Graphics, Inc., a Delaware corporation (“Buyer”), CafePress Inc., a Delaware corporation (“Seller”), and BNY Mellon, National Association
(the “Escrow Agent”), the Seller and Buyer each hereby instruct the Escrow Agent to release $                     from the Escrow
Account in accordance with the following instructions: 
  

					
	 Wire Instructions:
				
			
	 Account Name:
		  
		
	 Account Number:
		  
		
	 Bank Name:
		  
		
	 Bank ABA Number:
		  
		
	 Bank Address:
		  
		
			  
		
	 For credit to:
		  
		
	 Special Instructions:
		  
		
			  
		
			
	 Bank Check:
				
			
	 Payee Name:
		  
		
	 Mailing Address:
		  
		
			  
		
			  
		

  

									
	CIRCLE GRAPHICS, INC.				CAFEPRESS INC.
					
	By:		  
				By:		  

	Name:						Name:		
	Title:						Title:		

 EXHIBIT B 

WIRE TRANSFER INSTRUCTIONS 
  

					
	Buyer				
			
			Wire Instructions:		
			
			Account Name:		[•]
			Account Number:		[•]
			Bank Name:		[•]
			Bank ABA Number:		[•]
			Bank Address:		[•]
			Special Instructions:		[•]
			
	Seller				
			
			Wire Instructions:		
			
			Account Name:		[•]
			Account Number:		[•]
			Bank Name:		[•]
			Bank ABA Number:		[•]
			Bank Address:		[•]
			Special Instructions:		[•]Exhibit 4.2

 

 

 

 

Form of
DEPOSIT AGREEMENT

 

 

 

by and among

 

Videocon
d2h Limited 

 

as Issuer,

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Depositary,

 

AND

 

THE HOLDERS AND BENEFICIAL OWNERS

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER

 

 

 

Dated
as of [●], 2015

 

 

 

    	 

    	 

    

 

DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT, dated as of [●],
2015, by and among (i) Videocon d2h Limited, a company incorporated in India, with its principal executive office at 1st Floor,
Techweb Centre, New Link Road, Oshiwara Jogeshwari (West), Mumbai 400 102, Maharashtra, India (together with its successors, the
“Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche
Bank A.G., acting in its capacity as depositary, with its principal office at 60 Wall Street, New York, NY 10005, United
States of America and any successor depositary hereunder (the “Depositary”), and (iii) all Holders and
Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized
terms as hereinafter defined).

 

WITNESSETH THAT:

 

WHEREAS, the Company desires to
establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American Depositary
Shares representing the Shares so deposited; and

 

WHEREAS, the Depositary is willing
to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement; and

 

WHEREAS, the American Depositary
Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially
in the forms of Exhibit A and Exhibit B annexed hereto, with appropriate insertions, modifications and omissions,
as hereinafter provided in this Deposit Agreement; and

 

WHEREAS, the American Depositary
Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the NASDAQ; and

 

WHEREAS, the Board of Directors
of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth
in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the
Company and the transactions contemplated herein.

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I.

DEFINITIONS

 

All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:

 

SECTION 1.1  “Affiliate”
shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.

 

SECTION 1.2  “Agent”
shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any
successor or addition thereto.

 

    	 

    	 

    

 

SECTION 1.3  “American
Depositary Share(s)” and “ADS(s)” shall mean the securities represented by the rights and interests in the
Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American
Depositary Receipts issued hereunder. Each American Depositary Share shall represent the right to receive four Shares, until
there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities
referred to in Section 4.9 hereof with respect to which additional American Depositary Receipts are not executed and delivered
and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections.

 

SECTION 1.4  “Article”
shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of
Receipt in Exhibit A and Exhibit B annexed hereto.

 

SECTION 1.5  “Articles
of Association” shall mean the articles of association of the Company, as amended from time to time.

 

SECTION 1.6  “ADS
Record Date” shall have the meaning given to such term in Section 4.7 hereof.

 

SECTION 1.7  “Beneficial
Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such ADS. A Beneficial Owner need
not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder
solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.

 

SECTION 1.8  “Business
Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions
in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a
day on which the market(s) in which Receipts are traded are closed.

 

SECTION 1.9  “Commission”
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.10  “Company”
shall mean Videocon d2h Limited, a company incorporated and existing under the laws of India, and its successors.

 

SECTION 1.11  “Corporate
Trust Office” when used with respect to the Depositary, shall mean the corporate trust office of the Depositary at which
at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is
located at 60 Wall Street, New York, New York 10005, U.S.A.

 

SECTION 1.12  “Custodian”
shall mean, as of the date hereof, ICICI Bank Limited, having its principal office at __________________________________, as the
custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the
Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the
context shall require. The term “Custodian” shall mean all custodians, collectively.

 

    	2

    	 

    

 

SECTION 1.13  “Deliver”,
“Deliverable” and “Delivery” shall mean, when used in respect of American Depositary Shares,
Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic
delivery of such security by means of book-entry transfer (except with respect to the Shares), as appropriate, including, without
limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”,
“register”, “surrender”, “transfer” or “cancel” refer
to applicable entries or movements to or within DRS/Profile.

 

SECTION 1.14  “Deposit
Agreement” shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may from time to time be amended
and supplemented in accordance with the terms hereof.

 

SECTION 1.15  “Depositary”
shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity
as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.

 

SECTION 1.16  “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement
and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect
thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6 hereof and, in the case of collateral
delivered in connection with Pre-Release Transactions, to the provisions
of Section 2.10 hereof.

 

SECTION 1.17  “Dollars”
and “$” shall mean the lawful currency of the United States.

 

SECTION 1.18  “DRS/Profile”
shall mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained
on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for
the automated transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile is evidenced
by periodic statements issued by the Depositary to the Holders entitled thereto.

 

SECTION 1.19  “DTC”
shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the
United States, and any successor thereto.

 

SECTION 1.20  “Exchange
Act” shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended.

 

SECTION 1.21  “Foreign
Currency” shall mean any currency other than Dollars.

 

SECTION 1.22  “Foreign
Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as
registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such
agent is so appointed and acting, the Company.

 

SECTION 1.23  “Holder”
shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained
for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act
on behalf of the Beneficial Owners of the ADRs registered in such Holder’s name.

 

    	3

    	 

    

 

SECTION 1.24  “Indemnified
Person” and “Indemnifying Person” shall have the meaning set forth in Section 5.8 hereof.

 

SECTION 1.25  “Memorandum”
shall mean the memorandum of association of the Company.

 

SECTION 1.26  “Opinion
of Counsel” shall mean a written opinion from legal counsel to the Company who is acceptable to the Depositary.

 

SECTION 1.27  “Pre-Release
Transaction” shall have the meaning set forth in Section 2.10 hereof.

 

SECTION 1.28  “Receipt(s);
“American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statement(s) issued
by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts
may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include
physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation, DRS/Profile,
unless the context otherwise requires.

 

SECTION 1.29  “Registrar”
shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which
shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include
any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes
appointed by the Depositary.

 

SECTION 1.30  “Restricted
ADRs” shall have the meaning set forth in Section 2.11 hereof.

 

SECTION 1.31  “Restricted
ADSs” shall have the meaning set forth in Section 2.11 hereof.

 

SECTION 1.32  “Restricted
Securities” shall mean Shares, or American Depositary Shares representing such Shares, which (i) have been acquired
directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public
offering and subject to resale limitations under the Securities Act or the rules issued thereunder, (ii) are held by an officer
or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions
on sale or deposit under the laws of the United States or Indian, under a shareholders’ agreement, [shareholders’ lock-up
agreements] or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such
Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale
registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the
Shares are not, when held by such person, Restricted Securities.

 

SECTION 1.33  “Restricted
Shares” shall have the meaning set forth in Section 2.11 hereof.

 

SECTION 1.34  “Securities
Act” shall mean the United States Securities Act of 1933, as from time to time amended.

 

    	4

    	 

    

 

SECTION 1.35  “Shares”
shall mean equity shares in registered form of the Company, face value 10 Indian Rupees each , heretofore or hereafter validly
issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not
stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive
Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have theretofore
not been validly waived or exercised; and provided further, however, that, if there shall occur any change in face value,
split-up, consolidation, reclassification, conversion or any other event described in Section 4.9 hereof in respect of the
Shares, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting
from such change in face value, split-up, consolidation, exchange, conversion, reclassification or event.

 

SECTION 1.36  “United
States” or “U.S.” shall mean the United States of America.

 

ARTICLE II. 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; 

EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

 

SECTION 2.1  Appointment
of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes
and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial
Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement,
shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint
the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated
in this Deposit Agreement, to adopt any and all procedures necessary to comply with applicable law and to take such action as the
Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the taking
of such actions to be the conclusive determinant of the necessity and appropriateness thereof).

 

SECTION 2.2  Form
and Transferability of Receipts.

 

(a)          Form. Receipts in certificated
form shall be substantially in the forms set forth in Exhibit A and Exhibit B annexed to this Deposit Agreement,
with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any
number of American Depositary Shares. No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile
signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed
and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including,
without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered.
Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was
at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold
such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance
of such Receipts.

 

    	5

    	 

    

 

Notwithstanding anything in this Deposit
Agreement or in the form of Receipt to the contrary, the Depositary may, in its discretion, issue ADRs, including Restricted ADRs,
in certificated form or through any book-entry system, including, without limitation, DRS/Profile, and Holders of ADRs shall only
be entitled to receive Receipts in certificated form to the extent the Depositary has made Receipts in certificated form available
at the expense of the Company (i) in its sole discretion, or (ii) (a) during a continuous period lasting at least
14 days during which DTC ceases to operate as a book-entry clearing house and settlement system (other than by reason of holidays,
statutory or otherwise) or (b) if DTC announces an intention permanently to cease and subsequently ceases business as a book-entry
clearing house and settlement system and no alternative book-entry clearing house and settlement system satisfactory to the Depositary
is available within 45 days. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement
and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry
system, including, without limitation, DRS/Profile.

 

(b)          Legends. In addition to the
foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated in the text
thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary
to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any
applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded,
listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or
restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or
otherwise or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed,
for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders,
on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs
owned by such Beneficial Owners.

 

(c)          Title. Subject to the limitations
contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly endorsed (in
the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable
by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however,
that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for
the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be
subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof.

 

    	6

    	 

    

 

SECTION 2.3  Deposits.

 

(a)          Subject to the terms and conditions
of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (including Restricted Securities)
may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company
or any Affiliate of the Company, to Section 5.7 hereof) at any time beginning on the 181st day after the date of the prospectus
contained in the registration statement on Form F-4 under which the ADSs are first sold, whether or not the transfer books of the
Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Except for Shares deposited by
the Company in connection with the initial sale of ADSs under the registration statement on Form F-4, no deposit of Shares shall
be accepted under this Deposit Agreement prior to such date. Every deposit of Shares shall be accompanied by the following: (A)(i) in
the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in
a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares
or the certificates representing such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation
of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred,
(B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and
evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be
required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary
so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons
stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence
satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the
cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have
been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if
the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which
provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution,
or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof,
such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered
in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise
voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the
Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless accompanied by confirmation or such additional
evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions
to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of India and any necessary
approval has been granted by any governmental body in India, if any, which is then performing the function of the regulator of
currency exchange. The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of
the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records
in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act,
unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited
Securities the deposit of which would violate any provisions of the Memorandum and Articles of Association. The Depositary shall
use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not
accept for deposit hereunder any Shares specifically identified in such instructions at such times and under such circumstances
as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws
in the United States and other jurisdictions, provided that the Company shall indemnify the Depositary and the Custodian for any
claims and losses arising from not accepting the deposit of any Shares identified in the Company’s instructions.

 

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(b)          As soon as practicable after receipt
of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian shall present the
Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign
Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at the expense
of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case
for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.

 

(c)          In the event any Shares are deposited
which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares
then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making
the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not fungible
with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals
that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary
if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist
the Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the
Custodian.

 

SECTION 2.4  Execution
and Delivery of Receipts. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the
Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable
in respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter,
first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT,
facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement
(including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the
ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice Delivered to the Depositary
and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate
the number of American Depositary Shares to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release
Transaction upon the terms set forth in this Deposit Agreement.

 

SECTION 2.5  Transfer
of Receipts; Combination and Split-up of Receipts.

 

(a)          Transfer. The Depositary,
or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms
and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust
Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the
case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without
limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance
with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States
and any other applicable law. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable
fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, the Depositary
shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the
same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered.

 

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(b)          Combination and Split Up.
The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for
the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable
fees and charges set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, execute and Deliver a new Receipt
or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American
Depositary Shares as the Receipt or Receipts surrendered.

 

(c)          Co-Transfer Agents. The Depositary
may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated
transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled
to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes
appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give
notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit
Agreement.

 

(d)          Substitution of Receipts.
At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued
through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt
or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of
ADSs as those evidenced by the relevant Receipt.

 

SECTION 2.6  Surrender
of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the
fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth
in Section 5.9 hereof and Article (9) of Exhibit A hereto) and (ii) all applicable taxes and/or governmental charges
payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the
Memorandum and Articles of Association, Section 7.10 hereof and any other provisions of or governing the Deposited Securities
and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order,
of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares
may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary
Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.

 

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A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank,
and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons
designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated
office of the Custodian or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9,
hereof and to the other terms and conditions of this Deposit Agreement, to the Memorandum and Articles of Association, to the provisions
of or governing the Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the
person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by
such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited
Securities as may be legally required, as the case may be, to or for the account of such person.

 

The Depositary may refuse to accept for
surrender American Depositary Shares only in the circumstances described in Article (4) of Exhibit A hereto. Subject thereto, in
the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of
Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt
a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to
be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the person surrendering
the Receipt.

 

At the request, risk and expense of any
Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to
the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates
and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for
delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given
by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary,
the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of
any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or
of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

 

SECTION 2.7  Limitations
on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.

 

(a)          Additional Requirements.
As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination
or surrender of any Receipt, the Delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary
or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse
it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such
tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in Section 5.9 hereof and Article (9) of Exhibit A hereto, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American Depositary Shares
or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary
may establish consistent with the provisions of this Deposit Agreement and applicable law.

 

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(b)          Additional Limitations. The
issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance
of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances
may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer books
of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith,
at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities
exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing,
the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10
hereof.

 

SECTION 2.8  Lost
Receipts, etc. To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be
mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser,
subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary
may be issued through any book-entry system, including, without limitation, DRS/Profile, unless specifically requested otherwise)
in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed,
lost or stolen Receipt. Before the Depositary shall execute and Deliver a new Receipt in substitution for a destroyed, lost or
stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery
before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity
bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.

 

SECTION 2.9  Cancellation
and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the Depositary shall be cancelled
by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled
Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose.

 

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SECTION 2.10  Pre-Release.
Subject to the further terms and provisions of this Section 2.10, the Depositary, its Affiliates and their agents, on their
own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless otherwise agreed with or instructed
by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 hereof and (ii) Deliver Shares
prior to the receipt and cancellation of ADSs which were issued under (i) above but for which Shares may not yet have been
received (each such transaction, a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares
under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied
by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are
to be Delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares
or ADSs that are to be Delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary
as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or
ADSs are Delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the
Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary
deems appropriate, (b) at all times fully collateralized with cash, United States government securities or such other collateral
as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five Business Days’ notice (save
for a prescribed termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary)
and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will
normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding
(without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above), provided, however,
that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary
may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a
case by case basis as it deems appropriate.

 

The Depositary may retain for its own account
any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings
thereon, shall be held as security for the performance of the Applicant’s obligations in respect of the relevant Pre-Release
Transaction and shall not constitute Deposited Securities.

 

SECTION 2.11 Restricted ADSs. The
Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares that
are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such restricted Shares
in the form of ADSs issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written
request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting
the deposit of such Restricted Shares and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted
ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). The Company shall assist
the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory
to the Depositary to insure that the establishment of such procedures does not violate the provisions of the Securities Act or
any other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior
to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or the
withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the
Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be affixed to the
Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances
under which the Restricted ADRs and the Restricted ADSs represented thereby may be transferred or the Restricted Shares withdrawn.
The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary
and the Restricted Shares so deposited shall be held separate and distinct from the other Deposited Securities held hereunder.
The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not
be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be
fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs
evidenced thereby shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise
contemplated by this Deposit Agreement and (ii) an Opinion of Counsel setting forth, inter alia, the conditions upon which the
Restricted ADR presented is, and the Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable
securities laws and the transfer restrictions contained in the legend set forth on the Restricted ADR presented for transfer. Except
as set forth in this Section 2.11 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced
thereby shall be treated as ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in
determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the
terms of this Deposit Agreement (other than this Section 2.11) and (b) the terms of (i) this Section 2.11 or (ii) the applicable
Restricted ADR, the terms and conditions set forth in this Section 2.11 and of the Restricted ADR shall be controlling and shall
govern the rights and obligations of the parties to this Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted
ADSs and Restricted ADRs.

 

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If any of the Restricted ADRs, the Restricted
ADSs and the Restricted Shares are no longer Restricted Securities, the Depositary, upon receipt of (x) an Opinion of Counsel setting
forth, inter alia, that such Restricted ADRs, Restricted ADSs and Restricted Shares are not as of such time Restricted Securities,
and (y) instructions from the Company to remove the restrictions applicable to such Restricted ADRs, Restricted ADSs and the Restricted
Shares, shall (i) eliminate the distinctions and separations between such Restricted Shares held on deposit under this Section
2.11 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat such
newly unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding
under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove
any distinctions, limitations and restrictions previously existing under this Section 2.11 between such Restricted ADRs and Restricted
ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively,
on the other hand, including, without limitation, by making the newly unrestricted ADSs eligible for Pre-Release Transactions and
for inclusion in the applicable book-entry settlement systems.

 

SECTION 2.12  Maintenance
of Records. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under
Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping
with the procedures ordinarily followed by stock transfer agents located in the United States.

 

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ARTICLE III.

CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF RECEIPTS

 

SECTION 3.1  Proofs,
Certificates and Other Information. Any depositor presenting Shares for deposit and any Holder and any Beneficial Owner may
be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such
proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control
approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this
Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information; to execute such certifications
and to make such representations and warranties, and to provide such other information and documentation as the Depositary may
deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations
hereunder. The Depositary and the Registrar, as applicable, may, and at the request of the Company shall, withhold the execution
or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or distribution of rights or
of the proceeds thereof, or to the extent not limited by the terms of Section 7.10 hereof, the Delivery of any Deposited Securities,
until such proof or other information is filed or such certifications are executed, or such representations and warranties are
made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction.
The Depositary shall from time to time on written request advise the Company of the availability of any such proofs, certificates
or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the
Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner
agrees to provide any information requested by the Company or the Depositary pursuant to this Section 3.1. Nothing herein shall
obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners
or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 

SECTION 3.2  Liability
for Taxes and Other Charges. If any present or future tax or other governmental charge shall become payable by the Depositary
or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental
charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be
deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in
respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities
and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges,
with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other remedies available
to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver
ADRs, register the transfer, split-up or combination of ADRs and (subject to Section 7.10 hereof) the withdrawal of Deposited
Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees
to indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and
Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties
thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial
Owners of Receipts under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal
of Deposited Securities, or the termination of this Deposit Agreement.

 

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SECTION 3.3  Representations
and Warranties on Deposit of Shares. Each person presenting Shares for deposit under this Deposit Agreement shall be deemed
thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully
paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the
Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim
and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities (except as contemplated
by Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the
Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement
but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations and
warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect
thereof and the transfer of such American Depositary Shares. If any such representations or warranties are false in any
way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and
all actions necessary to correct the consequences thereof.

 

SECTION 3.4  Compliance
with Information Requests. Notwithstanding any other provision of this Deposit Agreement, the Articles of Association and applicable
law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request
pursuant to law (including, without limitation, relevant Indian law, any applicable law of the United States, the Memorandum and
Articles of Association, any resolutions of the Company’s Board of Directors adopted pursuant to the Memorandum and Articles
of Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to
any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred), and (b) be bound by
and subject to applicable provisions of the laws of India, the Memorandum and Articles of Association and the requirements of any
markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic
book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial
Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners at the time such
request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s
expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received
by the Depositary.

 

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ARTICLE IV.

THE DEPOSITED SECURITIES

 

SECTION 4.1  Cash
Distributions. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash
distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements
under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in
the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable
to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the
terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders of
record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as
of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to
any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to
Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion
are calculated at a rate which exceeds three or four decimal places (the number of decimal places used by the Depositary to report
distribution rates). The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any
other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on
the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded
by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its
records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies,
such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

 

SECTION 4.2  Distribution
in Shares. If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the
Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary,
the Custodian or any of their nominees. Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish
the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute
to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which
represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of
this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued
and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests
in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering fractional
ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds
upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of Receipts if it has not
received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that
such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of
the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution
in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and
the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges
and fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1
hereof.

 

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The Depositary has been informed that, pursuant
to the terms of a contribution agreement dated as of December 31, 2014, as amended, entered into between the Company and Silver
Eagle Acquisition Corp and filed as an exhibit to the Company’s effective registration statement on Form F-4 dated [●]
(the “Contribution Agreement”), the existing shareholders of the Company as of [●] ([as specified in the Contribution
Agreement]) will be entitled to be issued an additional 46.72 million Shares and Global Eagle Acquisition LLC, being the Sponsor
([as specified in the Contribution Agreement]) will be entitled to be issued an additional 5.20 million Shares increasing ratably
to a maximum of 8.00 million Shares, based on the applicable actual contribution amount following the Closing (as defined in the
Contribution Agreement) subject to the achievement of certain ADS price targets during a period of three years following the Closing
Date (as defined in the Contribution Agreement) (each such issuance of additional Shares of the Company to the current shareholders
of the Company and the Sponsor is hereinafter referred to as the “Earn-out” and such shares are referred to as the
“Earn-out Shares”).

 

Any Earn-out Shares issued to the existing
shareholders of the Company as of [●] and the Sponsor will be issued by way of a bonus issue of Shares (or such other form
as determined by the independent members of the Board of Directors of the Company), in accordance with the applicable Indian laws.
In the event that such Shares are issued by way of a bonus issue, the holders of the ADSs, other than the Sponsor, shall have no
interest in or entitlement to Shares issued pursuant to such bonus. In accordance with, and as authorized under, the terms of the
Company’s Articles of Association, the holders of the ADSs shall be deemed (i) to have waived their interest in or entitlement
to equity shares issued pursuant to such Earn-out and (ii) to have authorized the Company to instruct the Depositary to accept
for deposit any Earn-Out Shares as may be required to effect the Earn-Out pursuant to the Contribution Agreement and the Company’s
Articles of Association, subject to Section 2.3 and Section 2.11 of this Agreement. The Depositary may refrain from taking any
action with respect to the Earn-out Shares if it has not received satisfactory assurances from the Company (including an Opinion
of Counsel from the Company) that such actions, instructions or any issuances of ADSs in relation thereto (i) do not require registration
under the Securities Act or are exempt from registration thereunder and (ii) do not violate the Company’s organizational
documents, the Contribution Agreement or New York law, Indian law or any other applicable laws or regulations.

 

SECTION 4.3  Elective
Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election of the holders
of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30  days prior
to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs.
Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the
Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether
it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall
make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective
distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably
practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof.
If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on
the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either
cash upon the terms described in Section 4.1 hereof or additional ADSs representing such additional Shares upon the terms
described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date
(on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt of the proposed
dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash, the dividend shall be distributed
upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2
hereof. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in
Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity
to receive elective distributions on the same terms and conditions as the holders of Shares.

 

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SECTION 4.4  Distribution
of Rights to Purchase Shares.

 

(a)          Distribution to ADS Holders.
Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares,
the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether
or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes
such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company
shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall
make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available
to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof
and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the
event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated
in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse.
In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described
in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable
the Holders to exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and
taxes and/or other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders a method
to exercise such rights to subscribe for Shares (rather than ADSs).

 

(b)          Sale of Rights. If (i) the
Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made
available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7
hereof or determines it is not lawful or reasonably practicable to make the rights available to Holders or (iii) any rights
made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public
or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality
and practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees
and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1
hereof.

 

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(c)          Lapse of Rights. If the Depositary
is unable to make any rights available to Holders upon the terms described in Section 4.4(a) hereof or to arrange for the
sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse.

 

The Depositary shall not be responsible
for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general
or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise
or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

 

Notwithstanding anything to the contrary
in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities
to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell
the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until
a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes
at its expense the Depositary with opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that
the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under,
the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes
and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other
governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as
the Depositary deems necessary and practicable to pay any such taxes and/or charges.

 

There can be no assurance that Holders
generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register
or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

 

SECTION 4.5  Distributions
Other Than Cash, Shares or Rights to Purchase Shares.

 

(a)          Whenever
the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to
purchase additional Shares, the Company shall give notice thereof to the Depositary at least  30 days prior to the proposed
distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine
whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless
(i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the
Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the
Depositary shall have determined that such distribution is reasonably practicable.

 

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(b)          Upon receipt of satisfactory documentation
and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth
in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in
proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for
accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred
by, the Depositary and (ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion
of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary
may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges
applicable to the distribution.

 

(c)          If (i) the Company does not
request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the
Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary
determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary shall endeavor
to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem
proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of applicable fees and charges
of, and expenses incurred by, the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon
the terms of Section 4.1 hereof. If the Depositary is unable to sell such property, the Depositary may dispose of such property
in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners
shall have no rights thereto or arising therefrom.

 

SECTION 4.6  Conversion
of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign
Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine in accordance
with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary
shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars,
and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of
such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have
distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such
Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability
for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.

 

In converting Foreign Currency, amounts
received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report
distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary
as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject
to escheatment.

 

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If such conversion or distribution can
be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for
approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate
the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license.

 

If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable
period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either
(i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received
by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and
without liability for interest thereon for the respective accounts of the Holders entitled to receive the same.

 

SECTION 4.7  Fixing
of Record Date. Whenever necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution),
or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited
Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS
Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares, for the determination
of the Holders who shall be entitled to receive such distribution, to give instructions to the Depositary for the exercise of voting
rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action
or to exercise the rights of Holders with respect to such changed number of Shares represented by each American Depositary Share.
Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit
Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive
such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

 

SECTION
4.8  Voting of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of
notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or
proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or
solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the
Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at
least 21 Business Days prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S.
legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed
between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after
receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a
statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law,
the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or
governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented
by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting
instructions may be given to the Depositary, or in which instructions may be deemed to have been given in accordance with
this Section 4.8, including an express indication that instructions may be given (or be deemed to have been given in
accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to give
a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only in respect of a
number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of
voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the
Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote
or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares
evidenced by such Receipt in accordance with such voting instructions.

 

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In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless
otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary
proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary
proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall
be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company
informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable)
that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial
opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of
holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting
from such notification.

 

In the event that voting on any resolution
or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will
refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary
from Holders shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution
and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.

 

Neither the Depositary nor the Custodian
shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction
to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs
for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions
are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary
is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Section
4.8. Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles
of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or
not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for
the purpose of establishing quorum at a meeting of shareholders.

 

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There can be no assurance that Holders
or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient
time to enable the Holder to return voting instructions to the Depositary in a timely manner.

 

Notwithstanding the above, save for applicable
provisions of the law of India, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be liable
for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast
or the effect of such vote.

 

SECTION 4.9  Changes
Affecting Deposited Securities. Upon any change in face value, split-up, subdivision, cancellation, consolidation or any other
reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or
sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary
or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject
to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive
such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall
so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company’s
expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations),
execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications
to the form of Receipt contained in Exhibit A and Exhibit B hereto, specifically describing such new Deposited Securities
and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration
Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing,
in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the
Company’s approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company’s
expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities
at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds
of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) for
the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to
any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a
distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure
to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser
of such securities.

 

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SECTION 4.10  Available
Information.  The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign
private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These
reports and documents can be inspected and copied at the Commission’s website at www.sec.gov or at the public reference facilities
maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.

 

SECTION 4.11  Reports.  The
Depositary shall make available during normal business hour on any Business Day for inspection by Holders at its Corporate Trust
Office any reports and communications, including any proxy soliciting materials, received from the Company which are both received
by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally
available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company’s
expense, all documents that it provides to the Custodian. The Depositary shall, at the expense of the Company (unless otherwise
agreed in writing by the Company and the Depositary), and in accordance with Section 5.6 hereof, also mail by regular, ordinary
mail delivery or by electronic transmission (if agreed by the Company and the Depositary) and unless otherwise agreed in writing
by the Company and the Depositary, to Holders copies of such reports when furnished by the Company pursuant to Section 5.6
hereof.

 

SECTION 4.12  List
of Holders.  Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent
date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered
on the books of the Depositary.

 

SECTION 4.13  Taxation;
Withholding.  The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such
information from its records as the Company may request to enable the Company or its agents to file necessary tax reports with
governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated
to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect
of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners
of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer status,
residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties,
or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the
Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify
the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and
hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or
interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by the Beneficial
Owner or Holder.

 

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The Company shall remit to the appropriate
governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or
agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to
the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other
proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law,
report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being
provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided
to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence
of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the
extent the evidence is provided by the Company to the Depositary. None of the Depositary, the Custodian or the Company shall be
liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against
such Holder’s or Beneficial Owner’s income tax liability.

 

In the event that the Depositary determines
that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental
charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may
by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such
amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary
shall distribute the net proceeds of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto
in proportion to the number of American Depositary Shares held by them respectively.

 

The Depositary is under no obligation to
provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur
any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the
American Depositary Shares.

 

ARTICLE V.

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

 

SECTION 5.1  Maintenance
of Office and Transfer Books by the Registrar.  Until termination of this Deposit Agreement in accordance with its
terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough
of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers,
combination and split-up of Receipts, the surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance
with the provisions of this Deposit Agreement.

 

The Depositary or the Registrar as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the
Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object
other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts.

 

The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed necessary or advisable
by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company.

 

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If any Receipts or the American Depositary
Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary
shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations
and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar
or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.

 

If any Receipts or the American Depositary
Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary
shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with
the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any
other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide
the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements,
to the extent that the Company may lawfully do so.

 

Each Registrar and co-registrar appointed
under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the
applicable terms of the Deposit Agreement.

 

SECTION
5.2  Exoneration.  None of the Depositary, the Custodian or the Company shall be obligated to do or
perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability to Holders,
Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective
controlling persons or agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing
required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the
United States or any state thereof, India or any other country, or of any other governmental authority or regulatory
authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any
provision, present or future, of the Memorandum and Articles of Association or any provision of or governing any Deposited
Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for
in this Deposit Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited
Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective
controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or
Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of
Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary
Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit
Agreement or otherwise.

 

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The Depositary, its controlling persons,
its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the
proper party or parties.

 

No disclaimer of liability under the Securities
Act is intended by any provision of this Deposit Agreement.

 

SECTION 5.3  Standard
of Care.  The Company and the Depositary and their respective directors, officers, affiliates, employees and agents
assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or
Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary
and their respective directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically
set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct.

 

Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, affiliates, employees or
agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as
may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility
of the Custodian being solely to the Depositary).

 

The Depositary and its directors, officers,
affiliates, employees and agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability
for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information
submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment
risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or
for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness
of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from
legal counsel, accountants, any person representing Shares for deposit, any Holder or any other person believed by it in good faith
to be competent to give such advice or information. The Depositary and its agents shall not be liable for any acts or omissions
made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any
matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which
such potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it
acted as Depositary.

 

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SECTION 5.4  Resignation
and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as Depositary
hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed
by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment by the Company
of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or
expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company
and the Depositary from time to time shall be paid to the Depositary prior to such resignation.

 

The Company shall use reasonable efforts
to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery
by the Depositary of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment
of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled
to take the actions contemplated in Section 6.2 hereof.

 

The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after
delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2
hereof if a successor depositary has not been appointed), and (ii)  the appointment by the Company of a successor depositary
and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary
hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time
to time shall be paid to the Depositary prior to such removal.

 

In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be
required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall
become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment
of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof),
(ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders
thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to
such Holders.

 

Any corporation into or with which the
Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document
or any further act.

 

SECTION 5.5  The
Custodian.  The Custodian or its successors in acting hereunder shall be subject at all times and in all respects
to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible
solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and
no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary
shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records
maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated
by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional
entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities
and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After
any such change, the Depositary shall give notice thereof in writing to all Holders.

 

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Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor
depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all
such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such
successor depositary.

 

SECTION 5.6  Notices
and Reports.  On or before the first date on which the Company gives notice, by publication or otherwise, of any
meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any
action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or
the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a
copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited Securities.
The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed
provisions of the Memorandum and Articles of Association that may be relevant or pertain to such notice of meeting or be the subject
of a vote thereat.

 

The Company will also transmit to the Depositary
(a) English language versions of the other notices, reports and communications which are made generally available by the Company
to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and
other reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request
of the Company and at the Company’s expense, for the mailing of copies thereof to all Holders, or by any other means as agreed
between the Company and the Depositary (at the Company’s expense) or make such notices, reports and other communications
available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory
to it, including in the form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at
the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such
other communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable
jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely provide
the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time,
in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the
Memorandum and Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities
issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case, to the extent not in English,
along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall
deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein, to the extent not in English, along
with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement.

 

    	29

    	 

    

 

The Depositary will make available a copy
of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders
of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s
Corporate Trust Office, at the office of the Custodian and at any other designated transfer office.

 

SECTION 5.7  Issuance
of Additional Shares, ADSs etc.  The Company agrees that in the event it or any of its Affiliates proposes (i) an
issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited
Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to
subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a
redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies,
relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets or (viii) any
reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets which affects the Deposited
Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction
to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws
(including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the
states of the United States). In support of the foregoing, the Company will furnish to the Depositary at its request, at the Company’s
expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such
transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect
or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other issues requested
by the Depositary; (b) a written opinion of Indian counsel (satisfactory to the Depositary) stating that (1) making the
transaction available to Holders and Beneficial Owners does not violate the laws or regulations of India and (2) all requisite
regulatory consents and approvals have been obtained in India; and (c) as the Depositary may request, a written Opinion of Counsel
in any other jurisdiction in which Holders or Beneficial Owners reside to the effect that making the transaction available to such
Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction. If the filing of a registration statement
is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence
reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance
with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to
be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter
the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to
take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the
registration requirements of the Securities Act.

 

The Company agrees with the Depositary
that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities,
either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company
or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into
or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such
transaction are exempt from registration under the Securities Act or have been registered under the Securities Act (and such registration
statement has been declared effective).

 

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Notwithstanding anything else contained
in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.

 

SECTION 5.8  Indemnification.  The
Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents and
Affiliates against, and hold each of them harmless from, any direct losses, liabilities, taxes, costs, claims, judgments, proceedings,
actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable fees and expenses
of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively
referred to as “Losses”) which the Depositary or any agent thereof may incur or which may be made against it
as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may
arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American
Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering
documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to,
any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement,
the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary,
the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent any such Losses
arise out of the gross negligence or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers,
employees, agents and Affiliates. Notwithstanding the above, in no event shall the Company or any of its directors, officers, employees,
agents and/or Affiliates be liable for (a) any indirect, special, punitive or consequential damages to the Depositary, any Custodian
and each of their respective directors, officers, employees, agents and Affiliates or any other person, or (b) any Losses arising
out of information relating to the Depositary or any Custodian, as the case may be, furnished in writing by the Depositary to the
Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering
documents relating to the Receipts, the American Depositary Share, the Shares or any Deposited Securities.

 

The Depositary agrees to indemnify the
Company and hold it harmless from any direct Losses which may arise out of acts performed or omitted to be performed by the Depositary
arising out of the gross negligence or wilful misconduct of the Depositary or any of its directors, officers or employees, agents
and/or Affiliates. Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents
and/or Affiliates be liable for any indirect, special punitive or consequential damages to the Company, Holders, Beneficial Owners
or any other person.

 

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Any person seeking indemnification hereunder
(an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying
Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware
of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person’s rights
to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in
good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be
unreasonably withheld.

 

The obligations set forth in this Section
shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

 

SECTION 5.9  Fees
and Charges of Depositary.  The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering
ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s
fees and related charges identified as payable by them respectively as provided for under Article (9) of Exhibit A hereto.
All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the
Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1
hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request.

 

The Depositary and the Company may reach
separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties
which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and
in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in
accordance with Article (20) of Exhibit B hereto.

 

In connection with any payment by the Company
to the Depositary:

 

		(i)	all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be
paid or be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the
Depositary by the Company upon demand therefor);

 

		(ii)	such payment shall be subject to all necessary applicable exchange control and other consents and
approvals having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that
are required to be obtained by it in this connection; and

 

		(iii)	the Depositary may request, in its sole but reasonable discretion after reasonable consultation
with the Company, an Opinion of Counsel regarding U.S. law, the laws of India or of any other relevant jurisdiction,
to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding
the validity of any action to be taken or instructed to be taken under this Agreement.

 

    	32

    	 

    

 

The Company agrees to promptly pay to the
Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary
and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from
time to time be changed by agreement between the Company and the Depositary.

 

All payments by the Company to the Depositary
under this Clause 5.9 shall be paid without set-off or counterclaim, and free and clear of and without deduction or withholding
for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature,
imposed by India or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest,
penalties or similar liabilities with respect thereto.

 

The right of the Depositary to receive
payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary,
upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees,
charges and expenses incurred prior to the effectiveness of such resignation or removal.

 

SECTION 5.10  Restricted
Securities Owners/Ownership Restrictions.  From time to time or upon request of the Depositary, the Company shall
provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially
own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update
but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the
persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible
for deposit hereunder (except under the circumstances contemplated in Section 2.11) and, to the extent practicable, shall require
each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the
circumstances contemplated in Section 2.11). The Company shall, in accordance with Article (24) of Exhibit B hereto, inform
Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial
Owners may be subject to by reason of the number of ADSs held under the Articles of Association or applicable Indian law, as such
restrictions may be in force from time to time.

 

The Company may, in its sole discretion,
but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial
Owner pursuant to the Memorandum and Articles of Association, including but not limited to, the removal or limitation of voting
rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held
by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable
law and the Memorandum and Articles of Association; provided that any such measures are practicable and legal and can be undertaken
without undue burden or expense, and provided further the Depositary’s agreement to the foregoing is conditional upon it
being advised of any applicable changes in the Memorandum and Articles of Association. The Depositary shall have no liability for
any actions taken in accordance with such instructions.

 

    	33

    	 

    

 

ARTICLE VI.

AMENDMENT AND TERMINATION

 

SECTION
6.1  Amendment/Supplement.  Subject to the terms and conditions of this Section 6.1 and
applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt
attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by
written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable and not
materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement
which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control
regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or
Beneficial Owners), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial
Owners, shall not, however, become effective as to outstanding Receipts until 30  days after notice of such amendment or
supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or
form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe
the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case,
the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such
amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the
Depositary).The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by
the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the
Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and
(ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to
materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time
any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or
Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt
and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which
would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary
may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice
of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such
laws, rules or regulations.

 

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SECTION 6.2  Termination.  The
Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such
termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance
with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the
Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after
(i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary
shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may terminate
this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, the Holder will,
upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary
for the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set
forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order,
of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination
of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary
shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further
acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining
to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver
Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends
or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange
for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the
Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration
of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held
hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have
not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit
Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for
such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary
for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this
Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement,
the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
hereunder.

 

ARTICLE VII.

MISCELLANEOUS

 

SECTION 7.1  Counterparts.  This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts
together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary
and shall be open to inspection by any Holder during business hours.

 

    	35

    	 

    

 

SECTION 7.2  No
Third-Party Beneficiaries.  This Deposit Agreement is for the exclusive benefit of the parties hereto (and their
successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except
to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise
to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking
relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions
in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained
in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing
or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or
relationships or to account for any profit made or payment received in such transactions or relationships.

 

SECTION 7.3  Severability.  In
case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.4  Holders
and Beneficial Owners as Parties; Binding Effect.  The Holders and Beneficial Owners from time to time of American
Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of
any Receipt by acceptance hereof or any beneficial interest therein.

 

SECTION
7.5  Notices.  Any and all notices to be given to the Company shall be deemed to have been duly given
if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic
transmission, confirmed by letter, addressed to [Videocon d2h Limited], [1st Floor, Techweb Centre, NewLink Road, Oshiwara
Jogeshwari (West), Mumbai 400 102 Maharashtra, India], Attention:  [Saurabh Pradipkumar Dhoot] or to any other address which
the Company may specify in writing to the Depositary.

 

Any and all notices to be given to the
Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex,
facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense,
unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust
Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile:
+ 1 212 797 0327 or to any other address which the Depositary may specify in writing to the Company.

 

Any and all notices to be given to any
Holder shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission
or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed
in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the
transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be
deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement.

 

    	36

    	 

    

 

Delivery of a notice sent by mail, air
courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited,
postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however,
act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding
that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the
case may be.

 

SECTION 7.6  Governing
Law and Jurisdiction.  This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference
to the principles of choice of law thereof. Except as set forth in the following paragraph of this Section 7.6, the Company
and the Depositary agree that the federal or state courts in the City of New York shall have non-exclusive jurisdiction to hear
and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with
this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company
hereby irrevocably designates, appoints and empowers [Law Debenture Corporate Services Inc.], (the “Process Agent”),
now at [400 Madison Avenue, Suite 4D, New York, NY 10017, United States] as its authorized agent to receive and accept for and
on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices
and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as
described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall
cease to be available to act as such, the Company agrees to designate a new agent in The City of New York on the terms and for
the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents
and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against
the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent
shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy
mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof.
The Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in
any way the validity of such service or any judgment rendered in any action or proceeding based thereon.

 

Notwithstanding the foregoing, the Depositary
and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against
(a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both
the Company and the Depositary, in any state or federal court of the United States, and the Depositary or the Company have any
claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding,
then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States
in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Process Agent in the manner
set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as
described in this paragraph.

 

    	37

    	 

    

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions,
suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum.

 

The Company and the Depositary agree that,
notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature between the parties hereto
arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion,
shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in
accordance with the applicable rules of the American Arbitration Association (the “Rules”) then in force, by
a sole arbitrator appointed in accordance with the Rules. The seat and place of any reference to Arbitration shall be New York,
New York State. The procedural law of any Arbitration shall be New York law and the language to be used in the Arbitration shall
be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid
by the party that is unsuccessful in such Arbitration.

 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING,
FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE ADRs) HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST
THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF
(WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

The provisions of this Section 7.6
shall survive any termination of this Deposit Agreement, in whole or in part.

 

SECTION 7.7  Assignment.  Subject
to the provisions of Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company or the Depositary.

 

SECTION 7.8  Agents.  The
Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the “Agents”)
of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying
out its obligations under this Agreement.

 

SECTION 7.9  Exclusivity.  The
Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class
of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

 

    	38

    	 

    

 

SECTION 7.10  Compliance
with U.S. Securities Laws.  Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or
Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction
I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities
Act.

 

SECTION 7.11  Titles.  All
references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits,
Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words
“this Deposit Agreement”, “herein”, “hereof”, “hereby”,
“hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the
Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so
limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular
form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this
Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit
Agreement.

 

    	39

    	 

    

 

IN WITNESS WHEREOF, VIDEOCON D2H LIMITED and DEUTSCHE BANK TRUST
COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance
with the terms hereof.

 

	 	VIDEOCON D2H LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	40

    	 

    

 

EXHIBIT A

 

CUSIP________

 

ISIN________

 

American Depositary 

Shares (Each

American Depositary 

Share

representing four

Fully Paid Equity Shares)

 

[FORM OF FACE OF RECEIPT]

 

AMERICAN DEPOSITARY RECEIPT

 

for

 

AMERICAN DEPOSITARY SHARES

 

representing

 

DEPOSITED EQUITY SHARES

 

of

 

VIDEOCON D2H LIMITED

 

(Incorporated under
the laws of India)

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,
as depositary (herein called the “Depositary”), hereby certifies that ________________ is the owner of ______________
American Depositary Shares (hereinafter “ADS”), representing deposited equity shares, each of Face Value of
10 Indian Rupee, including evidence of rights to receive such equity shares (the “Shares”) of
Videocon d2h Limited, a company incorporated under the laws of India (the “Company”). As of the
date of the Deposit Agreement (hereinafter referred to), each ADS represents four Shares deposited under the Deposit Agreement
with the Custodian which at the date of execution of the Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”).
The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit
Agreement. The Depositary’s Corporate Trust Office is located at 60 Wall Street, New York, New York 10005, U.S.A.

 

(1)          The Deposit Agreement. This
American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued or to
be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [●], 2015 (as amended from time to
time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners
from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes
bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial
Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other
securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities,
property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at
the Corporate Trust Office of the Depositary and the Custodian.

 

    	41

    	 

    

 

Each owner and each Beneficial Owner, upon
acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall
be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and
(b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all
actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with
applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out
the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of
the necessity and appropriateness thereof.

 

The statements made on the face and reverse
of this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as
in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement,
to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the
Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each
Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to
exercise and be entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary
Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held
through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC
(or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC
(or its nominee), or (ii) DTC Participants (or their nominees).

 

(2)          Surrender of Receipts and Withdrawal
of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt
for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the
Depositary for the making of withdrawals and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement
and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender
and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Memorandum and Articles of Association,
Section 7.10 of the Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited Securities
and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon
his order, of the Deposited Securities represented by the ADS so surrendered. Subject to the last sentence of this paragraph, such
Deposited Securities may be Delivered in certificated form or by electronic Delivery. ADS may be surrendered for the purpose of
withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery
of such ADS to the Depositary.

 

    	42

    	 

    

 

A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank,
and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons
designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated
office of the Custodian (subject to the terms and conditions of the Deposit Agreement, to the Memorandum and Articles of Association,
and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the
written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities
represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities
or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary
may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or distributions with
respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.

 

Subject to Article (4) hereof, in the case
of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause
ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion
of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American
Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented
by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt. At the request, risk
and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian
to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate
or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to
the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission.

 

(3)          Transfers, Split-Ups and Combinations
of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts
on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by
duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including signature guarantees in
accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the
United States of America, of India and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit
Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall
execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to
or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the
Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt
or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing
the same aggregate number of ADSs as the Receipt or Receipts surrendered.

 

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(4)          Pre-Conditions to Registration,
Transfer, Etc. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender
of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the
depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and
any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and
in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any
other matters and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery
of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or
the Company consistent with the Deposit Agreement and applicable law.

 

The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular
Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration
of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if
any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the
Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities
or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof. Notwithstanding
any provision of the Deposit Agreement or this Receipt to the contrary, the Holders of Receipts are entitled to surrender outstanding
ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the
payment of dividends, (ii) the payment of fees, taxes and/or similar charges, (iii) compliance with any U.S. or foreign
laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities, and (iv) other
circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions
may be amended from time to time). Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under
the Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities
Act, unless a registration statement is in effect as to such Shares.

 

(5)          Compliance With Information Requests.
Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented
hereby agrees to comply with requests from the Company pursuant to the laws of India, the rules and requirements of the NASDAQ and any other stock exchange on which the Shares are, or will be registered, traded or listed, the Memorandum and
Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns
ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters
whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts
to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

 

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(6)          Liability of Holder for Taxes,
Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary or the Custodian with
respect to any Receipt or any Deposited Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders
and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions
made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties)
or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse
the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination
of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge,
penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian
and each of their respective agents, directors, employees and Affiliates for, and hold each of them harmless from, any claims with
respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or
Beneficial Owner.

 

Holders understand that in converting Foreign
Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary
to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by
the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and
shall not be subject to escheatment.

 

(7)          Representations and Warranties
of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that
(i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly
waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the
ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated by Section 2.11 of the Deposit Agreement),
(v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not
subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up
agreement has terminated or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations
and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such
representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of
the person depositing Shares, to take any and all actions necessary to correct the consequences thereof.

 

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(8)          Filing Proofs, Certificates and
Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every
Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer
status, payment of all applicable taxes and/or other governmental charges, exchange control approval, legal or beneficial ownership
of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of,
or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as the Company may reasonably
require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22)
hereof and the terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or registration
of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof
or the delivery of any Deposited Securities until such proof or other information is filed, or such certifications are executed,
or such representations and warranties made, or such information and documentation are provided.

 

(9)          Charges of Depositary. The
Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit Agreement,
provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited
by the exchange, if any, upon which the ADSs are listed:

 

(i)          to any person to whom
ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends or
other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a
fee of up to U.S. $0.05 per ADS so issued under the terms of the Deposit Agreement to be determined by the Depositary;

 

(ii)          to any person surrendering
ADSs for cancellation and withdrawal of Deposited Securities including, inter alia, cash distributions made pursuant to
a cancellation or withdrawal, a fee of up to U.S. $0.05 per ADS so surrendered;

 

(iii)          to any holder of ADSs
(including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution of cash dividends;

 

(iv)          to any holder of ADSs (including,
without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution of cash entitlements (other
than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements;

 

(v)          to any holder of ADSs,
a fee of up to U.S. $0.05 per ADS issued upon the exercise of rights; and

 

(vi)          for the operation and
maintenance costs in administering the ADSs an annual fee of up to U.S. $0.05 per ADS, such fee to be assessed against Holders
of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by
billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.

 

In addition, Holders, Beneficial Owners,
any depositor depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities
will be required to pay the following charges:

 

(i)          taxes (including applicable
interest and penalties) and other governmental charges;

 

(ii)          such registration fees
as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and
applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees
upon the making of deposits and withdrawals, respectively;

 

    	46

    	 

    

 

(iii)          such cable, telex, facsimile
and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at the expense of the
depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;

 

(iv)          the expenses and charges
incurred by the Depositary in the conversion of Foreign Currency;

 

(v)          such fees and expenses
as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements
applicable to Shares, Deposited Securities, ADSs and ADRs;

 

(vi)          the fees and expenses
incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central depository
for securities in the local market, where applicable;

 

(vii)          any additional fees,
charges, costs or expenses that may be incurred by the Depositary from time to time.

 

Any other fees and charges of, and expenses
incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise
agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time and from time
to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or
Beneficial Owners, only in the manner contemplated by Article (20) hereof.

 

(10)          Title to Receipts. It is
a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents and agrees,
that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been
properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of
the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt
(that is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for
all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt
to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books
of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is
the Holder registered on the books of the Depositary.

 

(11)          Validity of Receipt. This
Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose, unless this
Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary,
(iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly
authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable,
for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary
or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case
may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution
and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.

 

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(12)          Available Information; Reports;
Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange Act applicable
to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission.
These reports and documents can be inspected and copied at the public reference facilities maintained by the Commission located
at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business
hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any
proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the
nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited
Securities by the Company.

 

The Depositary or the Registrar, as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the
Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object
other than the business of the Company or other than a matter related to the Deposit Agreement or the Receipts.

 

The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable
by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company
subject, in all cases, to Article (22) hereof.

 

	Dated:	DEUTSCHE BANK TRUST
	 	COMPANY AMERICAS, as Depositary
	 	 	 
	 	By:	           
	 	 	 
	 	By:	 

 

The address of the Corporate Trust Office
of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A.

 

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EXHIBIT B

 

[FORM OF REVERSE OF RECEIPT]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

 

(13)           Dividends and Distributions
in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other
cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements
under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency
can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars
transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars
and will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary
and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of ADS representing
such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall
be rounded to the nearest whole cent and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary
is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities
an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing
such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian
or the Depositary to the relevant governmental authority. Any Foreign Currency received by the Depositary shall be converted upon
the terms and conditions set forth in the Deposit Agreement.

 

If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with
the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt
of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS
Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as
of the ADS Record Date, additional ADSs, which represent in aggregate the number of Shares received as such dividend, or free distribution,
subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses
incurred by, the Depositary, and taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each
ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights
and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of the applicable fees
and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional
ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds
upon the terms set forth in the Deposit Agreement.

 

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In the event that (x) the Depositary
determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary
is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either
(a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other
laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails
to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such
property in accordance with the provisions of the Deposit Agreement.

 

Upon timely receipt of a notice indicating
that the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement,
the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation,
any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably
practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record
Date according to Article (14) hereof and establish procedures to enable the Holder hereof to elect to receive the proposed
distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed
as in the case of a distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution
shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective
distribution is not lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth
in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same
determination as is made in India, in respect of the Shares for which no election is made, either (x) cash or (y) additional
ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather
than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective distributions on
the same terms and conditions as the holders of Shares.

 

Upon receipt by the Depositary of a notice
indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs, the Company
shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall
make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to
Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have
determined that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary
shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish
an ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to
enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary
and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available
to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely
request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available
to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not
lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised
and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights,
in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may
deem proper. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges
of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement.
If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described
above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any
foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials
forwarded to the Holders on behalf of the Company in connection with the rights distribution.

 

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Notwithstanding anything herein to the
contrary, if registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any
rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration
statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary
opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which
rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities
to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or
any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges,
the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution
in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary
is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe
therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable
to pay any such taxes and/or charges.

 

There can be no assurance that Holders
generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the
holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect
of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify
the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

 

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Upon receipt of a notice regarding property
other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine,
after consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary
shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution
to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the
Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions,
the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the
number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such
distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary,
and (ii) net of any taxes and/or governmental charges. The Depositary may dispose of all or a portion of the property so distributed
and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or
necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.

 

If the conditions above are not satisfied,
the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such
terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders upon
the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of
such property in any way it deems reasonably practicable under the circumstances.

 

(14)          Fixing of Record Date. Whenever
necessary in connection with any distribution (whether in cash, shares, rights or other distribution), or whenever for any reason
the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive
notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find
it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record
date (“ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares
(if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions
for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation
or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by
each ADS or for any other reason. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement,
only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions,
to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

 

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(15)          Voting
of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at
which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of
Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or
proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least 21 Business Days prior to
the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by
regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary
in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS
Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of
business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement,
the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which
provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American
Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the
Depositary, or in which instructions may be deemed to have been given in accordance with this Article (15), including an
express indication that instructions may be given (or be deemed to have been given in accordance with the immediately
following paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a
person or persons designated by the Company. Voting instructions may be given only in respect of a number of American
Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt of voting instructions of
a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as
practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and
Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote
the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in
accordance with such voting instructions.

 

In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless
otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary
proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary
proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall
be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company
informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable)
that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial
opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of
holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting
from such notification.

 

In the event that voting on any resolution
or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will
refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary
from Holders shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution
and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.

 

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Neither the Depositary nor the Custodian
shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities
represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction
to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs
for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions
are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary
is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Article
(15). Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles
of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or
not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for
the purpose of establishing quorum at a meeting of shareholders.

 

There can be no assurance that Holders
or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient
time to enable the Holder to return voting instructions to the Depositary in a timely manner.

 

Notwithstanding the above, save for applicable
provisions of the law of India, and in accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary shall
not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such
vote is cast or the effect of such vote.

 

(16)          Changes Affecting Deposited
Securities. Upon any change in face value, split-up, subdivision, cancellation, consolidation or any other reclassification
of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets
affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a Custodian
in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions
of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively,
the Depositary may, with the Company’s approval, and shall, if the Company shall so requests, subject to the terms of the
Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional
Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for
new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt
specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing, in the event that
any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval,
and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement,
sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate
the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental
charges) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the
extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not
be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders
in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale,
or (iii) any liability to the purchaser of such securities.

 

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(17)          Exoneration.
None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with
the provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third
parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be
prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing
or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision
of any present or future law or regulation of the United States, India or any other country, or of any other
governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the
Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of
God or war or other circumstances beyond its control, (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer
failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for
any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in
reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any
Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be
competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from
any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not,
under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any consequential or punitive
damages for any breach of the terms of the Deposit Agreement or otherwise. The Depositary, its controlling persons, its agents, any
Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit
Agreement.

 

(18)          Standard of Care. The Company
and the Depositary and their respective directors, officers, affiliates, employees and agents assume no obligation and shall not
be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except
in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and their respective
directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically set forth in the
Deposit Agreement without gross negligence or wilful misconduct. The Depositary and its directors, officers, affiliates, employees
and agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the
manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance
with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution
or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution
to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest
in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result
from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights
to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no event shall
the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damages.

 

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(19)          Resignation and Removal of the
Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under the Deposit Agreement
by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th
day after delivery thereof to the Company, or (ii) the appointment of a successor depositary and its acceptance of such appointment
as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit
Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time
to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor
depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written
notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written
notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary,
or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save
that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements
otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such
removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts
to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City
of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly
in the Deposit Agreement shall apply. Every successor depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary,
upon payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly
assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders
thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to
such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act.

 

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(20)          Amendment/Supplement. Subject
to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit Agreement
may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in
any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign
exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to
outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding
Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice
invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial
Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's
website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under
the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either
such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial
rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective
shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit
Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender
such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions
of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would
require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend
or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such
amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or
supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations.

 

(21)          Termination. The Depositary
shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination
to the Holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such termination
provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms
of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the
Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the
Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have
delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall
not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate
the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon
surrender of such Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the
Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the
conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall
remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration
of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not
give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided in the Deposit Agreement,
and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement,
together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in
each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At
any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may sell the
Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any
other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the
Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged
from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except
to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of
the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit
Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit
Agreement except as set forth in the Deposit Agreement.

 

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(22)          Compliance with U.S. Securities
Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal
or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1)
of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

 

(23)          Certain Rights of the Depositary;
Limitations. Subject to the further terms and provisions of this Article (23), the Depositary, its Affiliates and their
agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary
may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar,
transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence
of rights shall consist of written blanket or specific guarantees of ownership of Shares furnished on behalf of the holder thereof.
In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may, unless
otherwise agreed with or instructed by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3
of the Deposit Agreement and (ii) deliver Shares prior to the receipt and cancellation of ADSs which were issued under (i) above
but for which Shares may not yet have been received (each such transaction a “Pre-Release Transaction”). The Depositary
may receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such Pre-Release
Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”)
to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or
its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees
to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary
until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the
Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements
that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government securities
or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five business
days’ notice (save for a prescribed termination event in which case any such Pre-Release Transaction may be immediately terminable
by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate.
The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30%
of the ADSs outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above),
provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as
it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release
Transactions with any one person on a case by case basis as it deems appropriate.

 

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The Depositary may retain for its own account
any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the
earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).

 

(24)          Ownership Restrictions.
Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and Articles of Association
or applicable Indian law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform
the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.

 

(25)          Waiver. EACH PARTY TO THE
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE ADRs)
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES
OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR
THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

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(ASSIGNMENT AND TRANSFER SIGNATURE LINES)

 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably constituting
and appointing ________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with full power
of substitution in the premises.

 

	Dated: 	 	Name:	 

 

	 	By:	 
	 	Title:	 
	 	 	 
	 	 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.
	 	 	 
	 	 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.

 

	SIGNATURE GUARANTEED	 
	 	 
	 	 

 

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	ARTICLE I.	DEFINITIONS	1
	 	 	 	 
	 	SECTION 1.1	“Affiliate”	1
	 	SECTION 1.2	“Agent”	1
	 	SECTION 1.3	“American Depositary Share(s)” and “ADS(s)”	2
	 	SECTION 1.4	“Article”	2
	 	SECTION 1.5	“Articles of Association”	2
	 	SECTION 1.6	“ADS Record Date”	2
	 	SECTION 1.7	“Beneficial Owner”	2
	 	SECTION 1.8	“Business Day”	2
	 	SECTION 1.9	“Commission”	2
	 	SECTION 1.10	“Company”	2
	 	SECTION 1.11	“Corporate Trust Office”	2
	 	SECTION 1.12	“Custodian”	2
	 	SECTION 1.13	“Deliver” and “Delivery”	3
	 	SECTION 1.14	“Deposit Agreement”	3
	 	SECTION 1.15	“Depositary”	3
	 	SECTION 1.16	“Deposited Securities”	3
	 	SECTION 1.17	“Dollars” and “$”	3
	 	SECTION 1.18	“DRS/Profile”	3
	 	SECTION 1.19	“DTC”	3
	 	SECTION 1.20	“Exchange Act”	3
	 	SECTION 1.21	“Foreign Currency”	3
	 	SECTION 1.22	“Foreign Registrar”	3
	 	SECTION 1.23	“Holder”	3
	 	SECTION 1.24	“Indemnified Person” and “Indemnifying Person”	4
	 	SECTION 1.25	“Memorandum”	4
	 	SECTION 1.26	“Opinion of Counsel”	4
	 	SECTION 1.27	“Pre-Release Transaction”	4
	 	SECTION 1.28	“Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)”	4
	 	SECTION 1.29	“Registrar”	4
	 	SECTION 1.30	“Restricted ADRs”	4
	 	SECTION 1.31	“Restricted ADSs”	4
	 	SECTION 1.32	“Restricted Securities”	4
	 	SECTION 1.33	“Restricted Shares”	4
	 	SECTION 1.34	“Securities Act”	4
	 	SECTION 1.35	“Shares”	5
	 	SECTION 1.36	“United States” or “U.S.”	5
	ARTICLE II.	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	5
	 	 	 	 
	 	SECTION 2.1	Appointment of Depositary	5
	 	SECTION 2.2	Form and Transferability of Receipts	5
	 	SECTION 2.3	Deposits	7
	 	SECTION 2.4	Execution and Delivery of Receipts	8
	 	SECTION 2.5	Transfer of Receipts; Combination and Split-up of Receipts	8
	 	SECTION 2.6	Surrender of Receipts and Withdrawal of Deposited Securities	9

 

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	 	SECTION 2.7	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	10
	 	SECTION 2.8	Lost Receipts, etc.	11
	 	SECTION 2.9	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records	11
	 	SECTION 2.10	Pre-Release	12
	 	SECTION 2.11	Restricted ADSs	12
	 	SECTION 2.12	Maintenance of Records	13
	ARTICLE III.	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS	14
	 	 	 	 
	 	SECTION 3.1	Proofs, Certificates and Other Information	14
	 	SECTION 3.2	Liability for Taxes and Other Charges	14
	 	SECTION 3.3	Representations and Warranties on Deposit of Shares	15
	 	SECTION 3.4	Compliance with Information Requests	15
	ARTICLE IV	THE DEPOSITED SECURITIES.	16
	 	 	 	 
	 	SECTION 4.1	Cash Distributions	16
	 	SECTION 4.2	Distribution in Shares	16
	 	SECTION 4.3	Elective Distributions in Cash or Shares	17
	 	SECTION 4.4	Distribution of Rights to Purchase Shares	18
	 	SECTION 4.5	Distributions Other Than Cash, Shares or Rights to Purchase Shares	19
	 	SECTION 4.6	Conversion of Foreign Currency	20
	 	SECTION 4.7	Fixing of Record Date	21
	 	SECTION 4.8	Voting of Deposited Securities	21
	 	SECTION 4.9	Changes Affecting Deposited Securities	23
	 	SECTION 4.10	Available Information	24
	 	SECTION 4.11	Reports	24
	 	SECTION 4.12	List of Holders	24
	 	SECTION 4.13	Taxation; Withholding	24
	ARTICLE V.	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	25
	 	 	 	 
	 	SECTION 5.1	Maintenance of Office and Transfer Books by the Registrar	25
	 	SECTION 5.2	Exoneration	26
	 	SECTION 5.3	Standard of Care	27
	 	SECTION 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	28
	 	SECTION 5.5	The Custodian	28
	 	SECTION 5.6	Notices and Reports	29
	 	SECTION 5.7	Issuance of Additional Shares, ADSs etc.	30
	 	SECTION 5.8	Indemnification	31
	 	SECTION 5.9	Fees and Charges of Depositary	32
	 	SECTION 5.10	Restricted Securities Owners/Ownership Restrictions	33
	ARTICLE VI.	AMENDMENT AND TERMINATION	34
	 	 	 	 
	 	SECTION 6.1	Amendment/Supplement	34
	 	SECTION 6.2	Termination	35
	ARTICLE VII.	MISCELLANEOUS	35
	 	 	 	 
	 	SECTION 7.1	Counterparts	35
	 	SECTION 7.2	No Third-Party Beneficiaries	36

 

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	 	SECTION 7.3	Severability	36
	 	SECTION 7.4	Holders and Beneficial Owners as Parties; Binding Effect	36
	 	SECTION 7.5	Notices	36
	 	SECTION 7.6	Governing Law and Jurisdiction	37
	 	SECTION 7.7	Assignment	38
	 	SECTION 7.8	Agents	38
	 	SECTION 7.9	Exclusivity	38
	 	SECTION 7.10	Compliance with U.S. Securities Laws	39
	 	SECTION 7.11	Titles	39
	EXHIBIT A	 	 	41
	EXHIBIT B	 	 	49

 

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