Document:

Exhibit 10.2

 

[·], 2015

 

Silver Run Acquisition Corporation
 1000 Louisiana Street, Suite 1450

Houston, TX 77002

 

Re:  Initial Public Offering

 

Gentlemen:

 

This letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be entered into by and among Silver Run Acquisition Corporation, a Delaware corporation (the “Company”), and Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., as representatives (the “Representatives”) of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of 46,000,000 of the Company’s units (including up to 6,000,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-third of one warrant.  Each whole Warrant (each, a “Warrant”) entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment.  The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”) and the Company shall apply to have the Units listed on the Nasdaq Capital Market.  Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Silver Run Sponsor, LLC (the “Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows:

 

1.  The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it or he shall (i) vote any shares of Capital Stock owned by it or him in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it or him in connection with such stockholder approval.

 

2.  The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation, the Sponsor and each Insider shall take all

 

 

reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law.  The Sponsor and each Insider agrees to not propose any amendment to the Company’s amended and restated certificate of incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 24 months from the closing of the Public Offering, unless the Company provides its public stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding Offering Shares.

 

The Sponsor and each Insider acknowledges that it or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it.  The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by it or him, if any, any redemption rights it or he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to any shares of Common Stock it or they hold if the Company fails to consummate a Business Combination within 24 months from the date of the closing of the Public Offering).

 

3.  During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representatives, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it or him, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the

 

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economic consequences of ownership of any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it or him, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii).  Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver.  Any release or waiver granted shall only be effective two business days after the publication date of such press release.  The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

4.  In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, officers, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has entered into an acquisition agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per share of the Offering Shares or (ii) such lesser amount per share of the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended.  In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims.  The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

5.  To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 6,000,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Initial Stockholders agree that they shall forfeit, on a pro-rata basis, at no cost, a number of Founder Shares in the aggregate equal to 1,500,000 multiplied by a fraction, (i) the numerator of which is 6,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the

 

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denominator of which is 6,000,000.  The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering.  The Initial Stockholders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a stock dividend or share repurchase or contribution back to capital, as applicable, immediately prior to the consummation of the Public offering in such amount as to maintain the ownership of the Initial Stockholders prior to the Public Offering at 20.0% of the Company’s issued and outstanding shares of Capital Stock upon the consummation of the Public Offering.  In connection with such increase or decrease in the size of the Public Offering, then (A) the references to 6,000,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15% of the number of shares included in the Units issued in the Public Offering and (B) the reference to 1,500,000 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Initial Stockholders would have to return to the Company in order to hold an aggregate of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering.

 

6.  (a)  The Sponsor and each Insider hereby agrees not to participate in the formation of, or become an officer or director of, any other blank check company unless the Company has failed to complete a Business Combination within 24 months after the closing of the Public Offering.  Such restriction does not preclude the Sponsor from pursuing limited partnership interests in asset management companies.  For the avoidance of doubt, the Sponsor and each Insider are allowed to participate in the formation of, or become an officer or director of, another blank check company upon completion of the Business Combination.

 

(b)  The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor or an Insider of its or his obligations under paragraphs 1, 2, 3, 4, 5, 6(a), 7(a), 7(b), and 9 of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

7.  (a)  The Sponsor and each Insider agrees that it or he shall not Transfer any Founder Shares (or shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

(b)  The Sponsor and each Insider agrees that it or he shall not Transfer any Private Placement Warrants (or shares of Common Stock issued or issuable upon the conversion of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the

 

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“Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c)  Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased; (f) transfers in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) transfers by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; and (h) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; provided, however, that in the case of clauses (a) through (e), these permitted transferees must enter into a written agreement agreeing to be bound by the restrictions herein.

 

8.  The Sponsor and each Insider represents and warrants that it or he has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.  Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s background.  Each Insider’s questionnaire furnished to the Company is true and accurate in all respects.  Each Insider represents and warrants that: it is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it is not currently a defendant in any such criminal proceeding.

 

9.  Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee or other compensation prior to, or in connection with, any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). However, such persons may receive the following payments, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business

 

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Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsor; payment to an affiliate of the Sponsor for office space, utilities and secretarial and administrative support for a total of $10,000 per month; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.50 per warrant at the option of the lender.  Such warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

 

10.  The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as a director on the board of directors of the Company and hereby consents to being named in the Prospectus as a director of the Company.

 

11.  As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean the 11,500,000 shares of the Company’s Class B common stock, par value $0.0001 per share, initially issued to the Sponsor (or 10,000,000 shares if the over-allotment option is not exercised by the Underwriters) for an aggregate purchase price of $25,000, or $0.0025 per share, prior to the consummation of the Public Offering; (iv) “Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the Warrants to purchase up to 6,666,666 shares of Common Stock of the Company (or 7,466,666 shares of Common Stock if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $9,999,999 in the aggregate (or $11,199,999 if the over-allotment option is exercised in full), or $1.50 per Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

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12.  This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.  This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

 

13.  No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party.  Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.  This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14.  This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.  The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

15.  Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

16.  This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by March 31, 2016; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

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Sincerely,
    
	
 
    	
 
    
	
 
    	
SILVER RUN SPONSOR   LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
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Name:
    
	
 
    	
 
    	
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By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    

 

8EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 EXTENSION AND
INCREMENTAL AMENDMENT 
 This EXTENSION AND INCREMENTAL AMENDMENT, dated as of January 26, 2016 (this
“Amendment”), is entered into by and among BRIGHT HORIZONS FAMILY SOLUTIONS LLC, a Delaware limited liability company (the “Borrower”), GOLDMAN SACHS BANK USA (“GS Bank”), as administrative agent
(in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer, each Extending Revolving Credit Lender (as defined below) party hereto and each Incremental Revolving Credit Lender (as defined below) party hereto
and amends the Credit Agreement, dated as of January 30, 2013, by and among the Borrower, BRIGHT HORIZONS CAPITAL CORP., a Delaware corporation (“Holdings”), GS Bank, as Administrative Agent, Swing Line Lender and L/C Issuer,
the Lenders and the other parties party thereto from time to time (as amended by Amendment No. 1 to Credit Agreement, dated as of November 19, 2014, and the Incremental Joinder to Credit Agreement, dated as of December 9, 2014, the
“Credit Agreement”). The Credit Agreement as amended by this Amendment is referred to herein as the “Amended Credit Agreement”. Capitalized terms not otherwise defined in this Amendment have the meanings ascribed to
such terms in the Credit Agreement. 
 W I T N E S S E T H: 

WHEREAS, in accordance with Section 2.15 of the Credit Agreement, the Borrower has notified the Administrative Agent that it is
requesting to extend the Maturity Date with respect to the existing Revolving Credit Commitments to July 31, 2019 and modify the Applicable Rate with respect to the Extended Revolving Credit Commitments (as defined below); 

WHEREAS, in accordance with Section 2.16 of the Credit Agreement, the Borrower has notified the Administrative Agent that it is
requesting a Revolving Commitment Increase (as defined below) to the Extended Revolving Credit Commitments in the aggregate principal amount equal to the sum of $125,000,000 plus the amount of Non-Extended Revolving Credit Commitments (as defined
below), on the terms and conditions set forth in this Amendment; 
 WHEREAS, with respect to such Extended Revolving Credit Commitments and
Revolving Commitment Increase, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Bank PLC will act as joint lead arrangers and joint bookrunners (collectively, the “Arrangers”) and
JPMorgan Chase Bank, N.A., Bank of America, N.A. and Barclays Bank PLC will act as co-syndication agents; 
 NOW, THEREFORE, in
consideration of the premises and the covenants and obligations contained herein, the parties hereto agree as follows: 
  

	 	SECTION 1.	Extension Amendment & Consent. 

 (a) This Amendment
constitutes an “Extension Amendment” pursuant to which the Maturity Date of the Revolving Credit Commitments (and related Revolving Credit Loans, collectively, the “Existing Revolving Credit Commitments”) of each Revolving
Credit Lender that submits to the Administrative Agent a signature page to this Amendment agreeing to extend such Revolving Credit Lender’s Existing Revolving Credit Commitments at or prior to the Extension Deadline (as defined below) is
extended to July 31, 2019 (each such Revolving Credit Lender, an “Extending Revolving Credit Lender”; such extended Existing Revolving Credit Commitments, the “Extended Revolving Credit Commitments” and the
Revolving Credit Loans thereunder, the “Extended Revolving Credit Loans” and any portion of the Existing Revolving Credit Commitments not so extended, the “Non-Extended Revolving Credit Commitments” and the
Revolving Credit Loans thereunder, the “Non-Extended Revolving Credit Loans”) and the Applicable Rate is modified as set forth in Section 2 below 

 
with respect to the Extended Revolving Credit Commitments, in each case, pursuant to Section 2.15 of the Credit Agreement. The Extended Revolving Credit Commitments and the Extended
Revolving Credit Loans, on the one hand, and the Non-Extended Revolving Credit Commitments and the Non-Extended Revolving Credit Loans, on the other hand, shall constitute separate Classes of Commitments and Loans. 

(b) The Borrower and each Extending Revolving Credit Lender hereby agree that the Borrower may repay the Non-Extended Revolving Credit Loans
on a greater than pro rata basis vis-a-vis the Extended Revolving Credit Loans and the Borrower hereby agrees to repay in full, on the Effective Date, all outstanding Non-Extended Revolving Credit Loans. 

(c) In accordance with Section 2.07 of the Credit Agreement, effective upon the repayment of the Non-Extended Revolving Credit Loans, the
Non-Extended Revolving Credit Commitments are hereby terminated. 
  

	 	SECTION 2.	Extension Amendments to the Credit Agreement. 

 (a)
Section 1.01 of the Credit Agreement is hereby amended by inserting the following new definition in the appropriate alphabetical order: 

“Extension and Incremental Amendment Effective Date” means January 26, 2016. 

(b) Clause (c) of the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended by
amending and restating such clause to read in its entirety as follows: 
 (c) with respect to Revolving Credit Loans and Letter of Credit
fees (i) prior to delivery of financial statements for the first full fiscal quarter of the Borrower ending after the Extension and Incremental Amendment Effective Date, (A) for Eurocurrency Rate Loans, 2.75%, (B) for Base Rate Loans,
1.75% and (C) for Letter of Credit fees, 2.75% and (ii) thereafter, the following percentages per annum set forth in the table below, based upon the Consolidated First Lien Net Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section 6.02(a): 
  

											
	Pricing Level	 	Consolidated First Lien Net Leverage Ratio	 	Eurocurrency Rate for
Revolving Credit Loans
and Letter of Credit fees	 	 	Base Rate for Revolving
Credit Loans	 
				
	1	 	 Greater than 3.00:1.00
	 	 	2.75	% 	 	 	1.75	% 
				
	2	 	 Greater than 2.00:1.00 but less than or equal to 3.00:1.00
	 	 	2.50	% 	 	 	1.50	% 
				
	3	 	 Equal to or less than 2.00:1.00
	 	 	2.25	% 	 	 	1.25	% 

 (c) Clause (a) of the definition of “Maturity Date” in Section 1.01 of the Credit
Agreement is hereby amended by replacing the text “the fifth anniversary of the Closing Date” with the text “July 31, 2019”. 

  
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	 	SECTION 3.	Incremental Amendment. 

 (a) This Amendment constitutes an
“Incremental Amendment” pursuant to which the Borrower is increasing the amount of Extended Revolving Credit Commitments to an aggregate amount, together with the amount of Extended Revolving Credit Commitments in effect immediately prior
to such Revolving Commitment Increase, equal to $225,000,000, pursuant to Section 2.16 of the Credit Agreement. The Persons set forth on Schedule 1 hereto providing the Revolving Commitment Increases are referred to herein as the
“Incremental Revolving Credit Lenders.” 
 (b) The Borrower, each Extending Revolving Credit Lender and each Incremental
Revolving Credit Lender hereby waive compliance with the minimum and multiple requirements set forth in Section 2.16(d)(iii) of the Credit Agreement with respect to the Revolving Commitment Increases. 

(c) Subject to the terms and conditions set forth herein and immediately after giving effect to the Extension Amendment set forth in
Section 1 and Section 2 hereof (collectively, the “Extension Provisions”), (i) the aggregate amount of the Extended Revolving Credit Commitments is hereby increased to $225,000,000 and (ii) each Incremental
Revolving Credit Lender hereby agrees, severally and not jointly, to make an increased Extended Revolving Credit Commitment in the amount set forth opposite such Incremental Revolving Credit Lender’s name under the heading “Revolving
Commitment Increase” on Schedule 1 hereto (each, an “Revolving Commitment Increase”). 
  

	 	SECTION 4.	Incremental Amendments to the Credit Agreement. 

 (a) The definition
of “Revolving Credit Commitment” is hereby amended by deleting the last sentence and replacing it with the following: 
 The
aggregate Revolving Credit Commitments of all Revolving Credit Lenders shall be $225,000,000 as of the Extension and Incremental Amendment Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this
Agreement. 
 (b) Schedule 2.01 to the Credit Agreement is hereby amended by deleting the table contained therein under the heading
“Revolving Credit Commitments” in its entirety and replacing it with the corresponding table found on Schedule 2 hereto. 
  

	 	SECTION 5.	Conditions Precedent to the Effectiveness of the Amendment 

 This
Amendment (other than Section 3 and Section 4 of this Amendment, collectively, the “Incremental Provisions”) shall become effective on the date when each of the following conditions precedent shall have been satisfied (the
“Effective Date”): 
 (a) The Administrative Agent shall have received each of the following, each dated the Effective
Date: 
 (i) this Amendment, duly executed by the Borrower, the Administrative Agent, Swing Line Lender, L/C Issuer, the Extending
Revolving Credit Lenders and the Incremental Revolving Credit Lenders; 
 (ii) a written opinion of Ropes & Gray LLP, counsel for
the Loan Parties, and a written opinion of Stites & Harbison, PLLC, Tennessee counsel for the Loan Parties, each, in form and substance reasonably satisfactory to the Administrative Agent; 

  
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 (iii) certificates of good standings from the applicable secretary of state of the state of
organization of each Loan Party, certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity,
authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party on the Effective Date; 

(iv) the Guarantor Acknowledgment to Extension and Incremental Amendment, duly executed by each Guarantor in the form attached hereto as
Exhibit A; and 
 (v) a certificate of a Responsible Officer of the Borrower certifying as to the matters specified in
Section 6 (Representations and Warranties) and clauses (b) and (c) below. 
 (b) (i) no Event of Default shall have occurred
and be continuing at the time the Revolver Extension Request was delivered to the Lenders and (ii) no Default or Event of Default shall exist or would exist after giving effect to the Extended Revolving Commitments and the Revolving Commitment
Increases; 
 (c) the representations and warranties of each Loan Party set forth in Article V of the Amended Credit Agreement and in each
other Loan Document shall be true and correct in all material respects on and as of the Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an
earlier date, in which case they shall be true and correct in all material respects as of such earlier date; provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates; and 

(d) the Borrower shall have paid: (i) all amounts referred to in Section 7 (Fees and Expenses) of this Amendment, (ii) to the
Administrative Agent for the account of each Extending Revolving Credit Lender that delivers a signature page to the Administrative Agent prior to 5:00 pm (New York City time) on January 25, 2016 (the “Extension Deadline”), an
extension fee in an amount equal to 0.075% of the Extended Revolving Credit Commitment of such Extending Revolving Credit Lender and (iii) to the Administrative Agent for the account of each Incremental Revolving Credit Lender, a closing fee in
an amount equal to 0.250% of the Revolving Commitment Increase of such Incremental Revolving Credit Lender; 
 (e) at least two
(2) days prior to the Effective Date (or such shorter period as the Administrative Agent may agree in its sole discretion), all documentation and other information about the Borrower and the Guarantors required under applicable “know your
customer” and anti-money laundering rules and regulations, including the PATRIOT Act, that has been requested by the Administrative Agent at least five (5) Business Days prior to the Effective Date; and 

(f) at least five (5) Business Days prior to the Extension Deadline (or such shorter period as the Administrative Agent may agree in its
sole discretion), a Revolver Extension Request. 
 The Incremental Provisions shall become effective on the Effective Date immediately
following, and subject to, (a) receipt by the Administrative Agent of an Incremental Loan Request with respect to the Revolving Commitment Increase, (b) the effectiveness of the Extension Provisions and (c) the repayment of the
Non-Extended Revolving Credit Loans (and the corresponding termination of the Non-Extended Revolving Credit Commitments as set forth in Section 1(c) hereof). 

  
 4 

	 	SECTION 6.	Representations and Warranties 

 On and as of the Effective Date,
the Borrower hereby represents and warrants that (a) this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms, subject to Debtor Relief Laws and general principles of equity (whether considered in a proceeding in equity or law) and an implied covenant of good faith and fair dealing, and the Amended Credit Agreement constitutes the
legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to Debtor Relief Laws and general principles of equity (whether considered in a proceeding in equity or law) and an implied
covenant of good faith and fair dealing and (b) after giving effect to the incurrence of the Revolving Commitment Increases, the aggregate amount of the Revolving Commitment Increases shall not exceed the Available Incremental Amount (as
provided in Section 2.16(d)(iv) of the Credit Agreement). 
  

	 	SECTION 7.	Fees and Expenses 

 The Borrower shall pay (a) in accordance
with the terms of Section 10.04 of the Credit Agreement all costs and expenses of the Administrative Agent in connection with the preparation, negotiation, syndication, execution and delivery of this Amendment (including, without limitation,
the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto) and (b) any other fees separately agreed between the Borrower and any of the Arrangers. 

 

	 	SECTION 8.	Reallocation and Reference to the Effect on the Loan Documents 

 (a)
As of the Effective Date and after consummation of the Incremental Provisions, (i) each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,”
or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder”, “thereof” and words of like import), shall mean
and be a reference to the Amended Credit Agreement, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument, (ii) each Person executing this Amendment in its capacity as an Incremental Revolving
Credit Lender shall become (or, if already a Revolving Credit Lender prior to the Effective Date, continue as) a “Lender” and a “Revolving Credit Lender” under the Amended Credit Agreement for all purposes of the Amended Credit
Agreement and the other Loan Documents and shall be bound by the provisions of the Amended Credit Agreement as a Lender holding Revolving Credit Commitments, Revolving Credit Loans and Loans, (iii) each Person executing this Amendment in its
capacity as an Extending Revolving Credit Lender shall continue as a “Lender” and a “Revolving Credit Lender” under the Amended Credit Agreement for all purposes of the Amended Credit Agreement and the other Loan Documents and
shall be bound by the provisions of the Amended Credit Agreement as a Lender holding Revolving Credit Commitments, Revolving Credit Loans and Loans, (iv) each of the Extending Revolving Credit Lenders shall assign to each of the Incremental
Revolving Credit Lenders, and each Incremental Revolving Credit Lender shall purchase from each of the Extending Revolving Credit Lenders, at the principal amount thereof, such interests in the Extended Revolving Credit Loans outstanding on the
Effective Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Extended Revolving Credit Loans will be held by Extending Revolving Credit Lenders and Incremental Revolving Credit Lenders ratably
in accordance with their Extended Revolving Credit Commitments after giving effect to the Revolving Commitment Increase, (v) the Extended Revolving Credit Commitments and the Extended Revolving Credit Loans shall be deemed to be the Revolving
Credit Commitments and the Revolving Credit Loans, respectively, for all purposes under the Amended Credit Agreement (other than Section 2.10(c)) and the other Loan Documents and (vi) each of the Letter of Credit Sublimit and the Swing
Line Sublimit shall continue under the Amended Credit Agreement in the same amount. 

  
 5 

 (b) The Borrower hereby reaffirms all its liens and other obligations granted or incurred
pursuant to the Loan Documents, all of which liens and obligations shall remain in full force and effect (as amended and otherwise expressly modified by this Amendment). 

(c) Except as expressly amended hereby or specifically waived above, all of the terms and provisions of the Credit Agreement and all other
Loan Documents are and shall remain in full force and effect and are hereby ratified and confirmed. 
 (d) The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or the Administrative Agent under any of the Loan Documents, nor constitute a waiver or amendment of any
other provision of any of the Loan Documents or for any purpose except as expressly set forth herein. 
 (e) This Amendment is a Loan
Document. 
  

	 	SECTION 9.	FATCA Treatment 

 For purposes of determining withholding Taxes
imposed under FATCA, from and after the Effective Date, the Borrower and the Administrative Agent shall treat (and the Extending Revolving Credit Lenders and the Incremental Revolving Credit Lenders hereby authorize the Administrative Agent to
treat) the Extended Revolving Credit Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

 

	 	SECTION 10.	Execution in Counterparts 

 This Amendment may be executed in any
number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart by telecopy, .pdf or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Amendment. 
  

	 	SECTION 11.	Governing Law 

 This Amendment shall be governed by and construed in
accordance with the law of the State of New York. 
  

	 	SECTION 12.	Section Titles 

 The section titles contained in this Amendment are
and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto, except when used to reference a section. Any reference to the number of a clause, sub-clause or subsection of
any Loan Document immediately followed by a reference in parenthesis to the title of the section of such Loan Document containing such clause, sub-clause or subsection is a reference to such clause, sub-clause or subsection and not to the entire
section; provided, however, that, in case of direct conflict between the reference to the title and the reference to the number of such section, the reference to the title shall govern absent manifest error. 

 

	 	SECTION 13.	Notices 

 All communications and notices hereunder shall be given as
provided in the Credit Agreement. 

  
 6 

	 	SECTION 14.	Severability 

 In case any provision in or obligation under this
Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby. 
  

	 	SECTION 15.	Successors 

 The terms of this Amendment shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective successors and assigns permitted by the Credit Agreement. 
  

	 	SECTION 16.	Waiver of Jury Trial 

 EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AMENDMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 16 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO
TRIAL BY JURY. 
 [SIGNATURE PAGES FOLLOW] 

  
 7 

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

			
	BRIGHT HORIZONS FAMILY SOLUTIONS LLC
		
	By:	 	 /s/ Elizabeth J. Boland

	Name:	 	Elizabeth Boland
	Title:	 	Chief Financial Officer

  

[SIGNATURE PAGE TO EXTENSION AND INCREMENTAL
AMENDMENT] 

 
			
	GOLDMAN SACHS BANK USA, as Administrative Agent, Swing Line Lender, L/C Issuer and an Extending Revolving Credit Lender
		
	By:	 	 /s/ Rebecca Kratz

	Name:	 	Rebecca Kratz
	Title:	 	Authorized Signatory

  

[SIGNATURE PAGE TO EXTENSION AND INCREMENTAL
AMENDMENT] 

 
			
	 JPMORGAN CHASE BANK, N.A., as
 an
Extending Revolving Credit Lender and an Incremental Revolving Credit Lender

		
	By:	 	 /s/ Peter M. Killea

	Name:	 	Peter M. Killea
	Title:	 	Executive Director

  

[SIGNATURE PAGE TO EXTENSION AND INCREMENTAL
AMENDMENT] 

			
	 BANK OF AMERICA, N.A., as
 an
Extending Revolving Credit Lender and an Incremental Revolving Credit Lender

		
	By:	 	 /s/ Kunal Shah

	Name:	 	Kunal Shah
	Title:	 	Vice President

  

[SIGNATURE PAGE TO EXTENSION AND INCREMENTAL
AMENDMENT] 

 
			
	BARCLAYS BANK PLC, as
	an Extending Revolving Credit Lender and an Incremental Revolving Credit Lender
		
	By:	 	 /s/ Craig J. Malloy

	Name:	 	Craig J. Malloy
	Title:	 	Director

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 
			
	ING Capital LLC, as
	an Extending Revolving Credit Lender and an Incremental Revolving Credit Lender
		
	By:	 	 /s/ Steven G. Fleenor

	Name:	 	Steven G. Fleenor
	Title:	 	Managing Director
		
	By:	 	 /s/ Ian Wong

	Name:	 	Ian Wong
	Title:	 	Director

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as
	an Extending Revolving Credit Lender and an Incremental Revolving Credit Lender
		
	By:	 	 /s/ Judith Smith

	Name:	 	Judith Smith
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Max Wallins

	Name:	 	Max Wallins
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 
			
	Mizuho Bank, Ltd., as
	an Extending Revolving Credit Lender and an Incremental Revolving Credit Lender
		
	By:	 	 /s/ James R. Fayen

	Name:	 	James R. Fayen
	Title:	 	Deputy General Manager

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 
			
	Wells Fargo Bank, N.A., as
	An Incremental Revolving Credit Lender
		
	By:	 	 /s/ Daniel M. Grondin

	Name:	 	Daniel M. Grondin
	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 
			
	Royal Bank of Canada., as
	Incremental Revolving Credit Lender
		
	By:	 	 /s/ J. Christian Gutierrez

	Name:	 	J. Christian Gutierrez
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 
			
	HSBC Bank USA, National Association, as
	an Incremental Revolving Credit Lender
		
	By:	 	 /s/ Zhiyan Zeng

	Name:	 	Zhiyan Zeng
	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO EXTENSION AND INCREMENTAL AMENDMENT] 

 Exhibit A 

GUARANTOR ACKNOWLEDGMENT TO 

EXTENSION AND INCREMENTAL AMENDMENT 

Each of the undersigned hereby acknowledges the terms of the Extension and Incremental Amendment, dated as of the date hereof (the
“Amendment”), which amends the Credit Agreement, dated as of January 30, 2013 (as amended by the Amendment No. 1 to Credit Agreement, dated as of November 19, 2014, and the Incremental Joinder to Credit Agreement,
dated as of December 9, 2014, the “Credit Agreement”; capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Credit Agreement), by and among the Borrower, BRIGHT HORIZONS CAPITAL CORP., a
Delaware corporation (“Holdings”), GOLDMAN SACHS BANK USA, as Administrative Agent, Swing Line Lender and L/C Issuer, the Lenders and the other parties party thereto from time to time) and agrees that the terms of the Amendment
shall not affect in any way its guarantees, obligations, liabilities and liens granted or incurred by it under the Loan Documents, all of which guarantees, obligations, liabilities and liens shall remain in full force and effect and each of which is
hereby reaffirmed. 
 This acknowledgment may be executed in any number of counterparts, each of which when so executed and delivered shall
be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are
attached to the same document. Delivery of an executed counterpart by telecopy, .pdf or other electronic transmission shall be effective as delivery of a manually executed counterpart of this consent. Notices to parties hereto shall be given as
provided in the Credit Agreement. 
 The terms of the Amendment shall be binding upon, and shall inure to the benefit of, the parties hereto
and their respective successors and assigns. 
 This acknowledgment shall be governed by and construed in accordance with the law of the
State of New York. 
 This acknowledgment is a Loan Document. 

Dated as of January 26, 2016. 

[SIGNATURE PAGES FOLLOW] 

 
			
	Acknowledged and agreed as of the date of the Amendment:
	
	 BRIGHT HORIZONS CAPITAL CORP.

BRIGHT HORIZONS LLC
 BRIGHT HORIZONS CHILDREN’S CENTERS
LLC
 CORPORATE FAMILY SOLUTIONS LLC
 RESOURCES IN ACTIVE
LEARNING

		
	By:	 	  

		 	Name:
		 	Title:

 Schedule 1 
  

					
	Lender	  	Revolving Commitment Increase	 
	 JPMorgan Chase Bank, N.A.
	  	$	 12,833,333.34	  
	 Bank of America, N.A.
	  	$	 27,833,333.33	  
	 Barclays Bank PLC
	  	$	 20,333,333.33	  
	 ING Capital LLC
	  	$	 6,000,000.00	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	 8,000,000.00	  
	 Mizuho Bank, Ltd.
	  	$	 8,000,000.00	  
	 Wells Fargo Bank, National Association
	  	$	 14,000,000.00	  
	 Royal Bank of Canada
	  	$	 14,000,000.00	  
	 HSBC Bank USA, National Association
	  	$	 14,000,000.00	  
		  	  
	  
	 
	 Total
	  	$	125,000,000.00	  

 Schedule 2 
  

					
	Lender	  	Revolving Credit Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	 40,333,333.34	  
	 Bank of America, N.A.
	  	$	 40,333,333.33	  
	 Barclays Bank PLC
	  	$	 40,333,333.33	  
	 Goldman Sachs Bank USA
	  	$	 20,000,000.00	  
	 ING Capital LLC
	  	$	 14,000,000.00	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	 14,000,000.00	  
	 Mizuho Bank, Ltd.
	  	$	 14,000,000.00	  
	 Wells Fargo Bank, National Association
	  	$	 14,000,000.00	  
	 Royal Bank of Canada
	  	$	 14,000,000.00	  
	 HSBC Bank USA, National Association
	  	$	 14,000,000.00	  
		  	  
	  
	 
	 Total
	  	$	225,000,000.00

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