Document:

EX-10.1

 Exhibit 10.1 
  

 
  

AMENDED AND RESTATED CREDIT AND GUARANTY
AGREEMENT 
 DATED AS OF SEPTEMBER 11, 2014 

AMONG 

SPARTON CORPORATION AND THE OTHER BORROWERS
PARTY HERETO, 
 THE GUARANTORS FROM TIME
TO TIME PARTIES HERETO, 
 THE LENDERS
FROM TIME TO TIME PARTIES HERETO, 

AND 
 BMO
HARRIS BANK N.A., 
 AS ADMINISTRATIVE AGENT, 

AND 

US BANK NATIONAL ASSOCIATION, 

BANK OF AMERICA, N.A. 

AND 

SUNTRUST BANK, 

AS SYNDICATION AGENTS 

 
  

 
 BMO CAPITAL
MARKETS, AS SOLE LEAD ARRANGER AND SOLE BOOK RUNNER 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 SECTION 1.
	 	THE CREDIT FACILITIES	  	 	1	  
			
	 Section 1.1
	 	 Revolving Credit Commitments
	  	 	1	  
	 Section 1.2
	 	 [Reserved]
	  	 	2	  
	 Section 1.3
	 	 Letters of Credit
	  	 	2	  
	 Section 1.4
	 	 Applicable Interest Rates
	  	 	6	  
	 Section 1.5
	 	 Minimum Borrowing Amounts; Maximum Eurodollar Loans
	  	 	7	  
	 Section 1.6
	 	 Manner of Borrowing Loans and Designating Applicable Interest Rates
	  	 	8	  
	 Section 1.7
	 	 Swing Loans
	  	 	10	  
	 Section 1.8
	 	 Maturity of Loans
	  	 	11	  
	 Section 1.9
	 	 Optional Prepayments
	  	 	12	  
	 Section 1.10
	 	 Default Rate
	  	 	12	  
	 Section 1.11
	 	 Evidence of Indebtedness
	  	 	13	  
	 Section 1.12
	 	 Funding Indemnity
	  	 	13	  
	 Section 1.13
	 	 Commitment Terminations
	  	 	14	  
	 Section 1.14
	 	 Substitution of Lenders
	  	 	14	  
	 Section 1.15
	 	 Defaulting Lenders
	  	 	15	  
	 Section 1.16
	 	 Joint and Several
	  	 	15	  
	 Section 1.17
	 	 Borrower Representative
	  	 	16	  
	 Section 1.18
	 	 Incremental Commitment Increases
	  	 	17	  
			
	 SECTION 2.
	 	FEES	  	 	19	  
			
	 Section 2.1
	 	 Fees
	  	 	19	  
			
	 SECTION 3.
	 	PLACE AND APPLICATION OF PAYMENTS	  	 	20	  
			
	 Section 3.1
	 	 Place and Application of Payments
	  	 	20	  
	 Section 3.2
	 	 Account Debit
	  	 	21	  
			
	 SECTION 4.
	 	GUARANTIES AND COLLATERAL	  	 	21	  
			
	 Section 4.1
	 	 Guaranties
	  	 	21	  
	 Section 4.2
	 	 Collateral
	  	 	22	  
	 Section 4.3
	 	 Liens on Real Property
	  	 	22	  
	 Section 4.4
	 	 Further Assurances
	  	 	23	  
			
	 SECTION 5.
	 	DEFINITIONS; INTERPRETATION	  	 	23	  
			
	 Section 5.1
	 	 Definitions
	  	 	23	  
	 Section 5.2
	 	 Interpretation
	  	 	46	  
	 Section 5.3
	 	 Change in Accounting Principles
	  	 	46	  
			
	 SECTION 6.
	 	REPRESENTATIONS AND WARRANTIES	  	 	47	  
			
	 Section 6.1
	 	 Organization and Qualification
	  	 	47	  
	 Section 6.2
	 	 Subsidiaries
	  	 	47	  
	 Section 6.3
	 	 Authority and Validity of Obligations
	  	 	47	  

  
 i 

							
	 Section 6.4
	 	 Use of Proceeds; Margin Stock
	  	 	48	  
	 Section 6.5
	 	 Financial Reports
	  	 	48	  
	 Section 6.6
	 	 No Material Adverse Change
	  	 	48	  
	 Section 6.7
	 	 Full Disclosure
	  	 	49	  
	 Section 6.8
	 	 Trademarks, Franchises, and Licenses
	  	 	49	  
	 Section 6.9
	 	 Governmental Authority and Licensing
	  	 	49	  
	 Section 6.10
	 	 Good Title
	  	 	49	  
	 Section 6.11
	 	 Litigation and Other Controversies
	  	 	49	  
	 Section 6.12
	 	 Taxes
	  	 	49	  
	 Section 6.13
	 	 Approvals
	  	 	50	  
	 Section 6.14
	 	 Affiliate Transactions
	  	 	50	  
	 Section 6.15
	 	 Investment Company
	  	 	50	  
	 Section 6.16
	 	 ERISA
	  	 	50	  
	 Section 6.17
	 	 Compliance with Laws
	  	 	50	  
	 Section 6.18
	 	 OFAC
	  	 	51	  
	 Section 6.19
	 	 Other Agreements
	  	 	51	  
	 Section 6.20
	 	 Solvency
	  	 	51	  
	 Section 6.21
	 	 No Default
	  	 	51	  
	 Section 6.22
	 	 No Broker Fees
	  	 	52	  
	 Section 6.23
	 	 [Reserved]
	  	 	52	  
	 Section 6.24
	 	 Security Interest in Collateral
	  	 	52	  
	 Section 6.25
	 	 Common Enterprise
	  	 	52	  
	 Section 6.26
	 	 Subordinated Debt
	  	 	52	  
			
	 SECTION 7.
	 	CONDITIONS PRECEDENT	  	 	52	  
			
	 Section 7.1
	 	 All Credit Events
	  	 	52	  
	 Section 7.2
	 	 Initial Credit Event
	  	 	53	  
			
	 SECTION 8.
	 	COVENANTS	  	 	55	  
			
	 Section 8.1
	 	 Maintenance of Business
	  	 	55	  
	 Section 8.2
	 	 Maintenance of Properties
	  	 	55	  
	 Section 8.3
	 	 Taxes and Assessments
	  	 	55	  
	 Section 8.4
	 	 Insurance
	  	 	55	  
	 Section 8.5
	 	 Financial Reports
	  	 	56	  
	 Section 8.6
	 	 Inspection
	  	 	58	  
	 Section 8.7
	 	 Indebtedness
	  	 	58	  
	 Section 8.8
	 	 Liens
	  	 	59	  
	 Section 8.9
	 	 Investments
	  	 	60	  
	 Section 8.10
	 	 Mergers, Consolidations and Sales
	  	 	62	  
	 Section 8.11
	 	 Maintenance of Subsidiaries
	  	 	63	  
	 Section 8.12
	 	 Dividends and Certain Other Restricted Payments
	  	 	63	  
	 Section 8.13
	 	 ERISA
	  	 	64	  
	 Section 8.14
	 	 Compliance with Laws
	  	 	64	  
	 Section 8.15
	 	 Compliance with OFAC Sanctions Programs
	  	 	65	  
	 Section 8.16
	 	 Burdensome Contracts With Affiliates
	  	 	65	  
	 Section 8.17
	 	 No Changes in Fiscal Year
	  	 	66	  
	 Section 8.18
	 	 Formation of Subsidiaries
	  	 	66	  

  
 ii 

							
	 Section 8.19
	 	 Change in the Nature of Business
	  	 	66	  
	 Section 8.20
	 	 Use of Proceeds
	  	 	66	  
	 Section 8.21
	 	 No Restrictions
	  	 	66	  
	 Section 8.22
	 	 Subordinated Debt
	  	 	66	  
	 Section 8.23
	 	 Financial Covenants
	  	 	66	  
	 Section 8.24
	 	 [Reserved]
	  	 	67	  
	 Section 8.25
	 	 Cash Management
	  	 	67	  
	 Section 8.26
	 	 Limitations on Dormant Subsidiaries
	  	 	67	  
			
	 SECTION 9.
	 	EVENTS OF DEFAULT AND REMEDIES	  	 	67	  
			
	 Section 9.1
	 	 Events of Default
	  	 	67	  
	 Section 9.2
	 	 Non-Bankruptcy Defaults
	  	 	69	  
	 Section 9.3
	 	 Bankruptcy Defaults
	  	 	70	  
	 Section 9.4
	 	 Collateral for Undrawn Letters of Credit
	  	 	70	  
	 Section 9.5
	 	 Notice of Default
	  	 	71	  
			
	 SECTION 10.
	 	CHANGE IN CIRCUMSTANCES	  	 	71	  
			
	 Section 10.1
	 	 Change of Law
	  	 	71	  
	 Section 10.2
	 	 Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR
	  	 	71	  
	 Section 10.3
	 	 Increased Cost and Reduced Return
	  	 	72	  
	 Section 10.4
	 	 Lending Offices
	  	 	73	  
	 Section 10.5
	 	 Discretion of Lender as to Manner of Funding
	  	 	73	  
			
	 SECTION 11.
	 	THE ADMINISTRATIVE AGENT	  	 	74	  
			
	 Section 11.1
	 	 Appointment and Authorization of Administrative Agent
	  	 	74	  
	 Section 11.2
	 	 Administrative Agent and its Affiliates
	  	 	74	  
	 Section 11.3
	 	 Action by Administrative Agent
	  	 	75	  
	 Section 11.4
	 	 Consultation with Experts
	  	 	75	  
	 Section 11.5
	 	 Liability of Administrative Agent; Credit Decision
	  	 	75	  
	 Section 11.6
	 	 Indemnity
	  	 	76	  
	 Section 11.7
	 	 Resignation of Administrative Agent and Successor Administrative Agent
	  	 	76	  
	 Section 11.8
	 	 L/C Issuer and Swing Line Lender
	  	 	77	  
	 Section 11.9
	 	 Bank Product Arrangements
	  	 	78	  
	 Section 11.10
	 	 Designation of Additional Agents
	  	 	78	  
	 Section 11.11
	 	 Authorization to Release or Subordinate or Limit Liens
	  	 	78	  
	 Section 11.12
	 	 Authorization to Enter into, and Enforcement of, the Collateral Documents
	  	 	79	  
			
	 SECTION 12.
	 	THE GUARANTEES	  	 	79	  
			
	 Section 12.1
	 	 The Guarantees
	  	 	79	  
	 Section 12.2
	 	 Guarantee Unconditional
	  	 	80	  
	 Section 12.3
	 	 Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances
	  	 	80	  
	 Section 12.4
	 	 Subrogation
	  	 	81	  
	 Section 12.5
	 	 Waivers
	  	 	81	  

  
 iii 

							
	 Section 12.6
	 	 Limit on Recovery
	  	 	81	  
	 Section 12.7
	 	 Stay of Acceleration
	  	 	81	  
	 Section 12.8
	 	 Benefit to Guarantors
	  	 	81	  
	 Section 12.9
	 	 Guarantor Covenants
	  	 	81	  
	 Section 12.10
	 	 Keepwell
	  	 	81	  
			
	 SECTION 13.
	 	MISCELLANEOUS	  	 	82	  
			
	 Section 13.1
	 	 Withholding Taxes
	  	 	82	  
	 Section 13.2
	 	 No Waiver, Cumulative Remedies
	  	 	84	  
	 Section 13.3
	 	 Non-Business Days
	  	 	84	  
	 Section 13.4
	 	 Documentary Taxes
	  	 	84	  
	 Section 13.5
	 	 Survival of Representations
	  	 	84	  
	 Section 13.6
	 	 Survival of Indemnities
	  	 	84	  
	 Section 13.7
	 	 Sharing of Set-Off
	  	 	85	  
	 Section 13.8
	 	 Notices
	  	 	85	  
	 Section 13.9
	 	 Counterparts
	  	 	86	  
	 Section 13.10
	 	 Successors and Assigns
	  	 	86	  
	 Section 13.11
	 	 Participants
	  	 	86	  
	 Section 13.12
	 	 Assignments
	  	 	86	  
	 Section 13.13
	 	 Amendments
	  	 	89	  
	 Section 13.14
	 	 Headings
	  	 	89	  
	 Section 13.15
	 	 Costs and Expenses; Indemnification
	  	 	89	  
	 Section 13.16
	 	 Set-off
	  	 	91	  
	 Section 13.17
	 	 Entire Agreement
	  	 	91	  
	 Section 13.18
	 	 Governing Law
	  	 	91	  
	 Section 13.19
	 	 Severability of Provisions
	  	 	91	  
	 Section 13.20
	 	 Excess Interest
	  	 	92	  
	 Section 13.21
	 	 Construction
	  	 	92	  
	 Section 13.22
	 	 Lender’s and L/C Issuer’s Obligations Several
	  	 	92	  
	 Section 13.23
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	93	  
	 Section 13.24
	 	 USA Patriot Act Notice
	  	 	93	  
	 Section 13.25
	 	 Confidentiality
	  	 	93	  
	 Section 13.26
	 	 Effect of Amendment and Restatement
	  	 	94	  

  

							
	 EXHIBIT A
	  	 	—	  	  	Notice of Payment Request
	 EXHIBIT B
	  	 	—	  	  	Notice of Borrowing
	 EXHIBIT C
	  	 	—	  	  	Notice of Continuation/Conversion
	 EXHIBIT D-1
	  	 	—	  	  	Revolving Note
	 EXHIBIT D-2
	  	 	—	  	  	Swing Note
	 EXHIBIT E
	  	 	—	  	  	Compliance Certificate
	 EXHIBIT F
	  	 	—	  	  	Joinder Agreement
	 EXHIBIT G
	  	 	—	  	  	Assignment and Acceptance
	 EXHIBIT H
	  	 	—	  	  	Projections
	 SCHEDULE I
	  	 	—	  	  	Commitments
	 SCHEDULE II
	  	 	—	  	  	List of Authorized Representatives
	 SCHEDULE 6.2
	  	 	—	  	  	Subsidiaries
	 SCHEDULE 6.17
	  	 	—	  	  	Environmental Matters

  
 iv 

							
	 SCHEDULE 8.7
	  	 	—	  	  	Existing Indebtedness
	 SCHEDULE 8.8
	  	 	—	  	  	Existing Liens
	 SCHEDULE 8.9
	  	 	—	  	  	Existing Investments
	 SCHEDULE 8.26
	  	 	—	  	  	Activities of Dormant Subsidiaries
	 SCHEDULE 13.26
	  	 	—	  	  	Reaffirmed Loan Documents

  
 v 

 AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT 

This Amended and Restated Credit and Guaranty Agreement is entered into as of September 11, 2014, by and among SPARTON CORPORATION, an
Ohio corporation (the “Parent”; and collectively with each other Person that becomes a “Borrower” hereunder pursuant to a Joinder Agreement, the “Borrowers” and each, individually, a
“Borrower”), the direct and indirect Subsidiaries of the Borrowers from time to time party to this Agreement, as Guarantors, the several financial institutions from time to time party to this Agreement, as Lenders, and BMO
HARRIS BANK N.A., in its capacity as Administrative Agent as provided herein. All capitalized terms used herein without definition shall have the same meanings herein as such terms are defined in Section 5.1
hereof. 
 PRELIMINARY STATEMENT 

A. Parent, the other Loan Parties, the Administrative Agent and certain of the Lenders (the “Existing Lenders”) are
currently parties to that certain Credit and Guaranty Agreement dated as of the November 15, 2012 (as heretofore amended, the “Existing Credit Agreement”), pursuant to which Administrative Agent and Existing Lenders made
available to Parent and the other Loan Parties designated as “Borrowers” therein (collectively, the “Existing Borrowers”) certain loans and other extensions of credit. 

B. The Loan Parties desire to amend and restate the Existing Credit Agreement and certain other documents executed in connection therewith, to,
among other things, provide for an increase in the Revolving Credit Commitment, and an extension of the final maturity date with respect thereto. 

C. On the Restatement Closing Date (as hereinafter defined), (i) certain new Lenders will become party hereto and the Commitments will be
amended and reallocated to the Lenders as set forth on Schedule I hereto, and (ii) each of the Existing Borrowers (other than Parent) shall cease to be a Borrower and shall, instead, be a Guarantor under this Agreement. 

D. It is the intention of the parties to this Agreement that upon the Restatement Closing Date, the Existing Credit Agreement shall be amended
and restated by this Agreement; provided however, the obligations to repay the loans and other obligations arising under the Existing Credit Agreement shall continue in full force and effect, and the Liens securing payment thereof shall be
continuing but shall then be governed by the terms of this Agreement and the other Loan Documents. 
 NOW, THEREFORE, in consideration of
the mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Existing Credit Agreement as follows: 

SECTION 1. THE CREDIT FACILITIES. 

Section 1.1 Revolving Credit Commitments. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof,
severally agrees to make a loan or loans (individually a “Revolving Loan” and collectively for all the Lenders the “Revolving Loans”) in 

 
U.S. Dollars to the Borrowers from time to time on a revolving basis up to the amount of such Lender’s Revolving Credit Commitment, subject to any reductions thereof pursuant to the terms
hereof, before the Revolving Credit Termination Date. The sum of the aggregate principal amount of Revolving Loans, Swing Loans and L/C Obligations at any time outstanding shall not exceed the Revolving Credit Commitments in effect at such time.
Each Borrowing of Revolving Loans shall be made ratably by the Lenders in proportion to their respective Revolver Percentages. As provided in Section 1.6(a) hereof, the Borrower Representative may elect that each Borrowing of Revolving Loans be
either Base Rate Loans or Eurodollar Loans. Revolving Loans may be repaid and the principal amount thereof reborrowed before the Revolving Credit Termination Date, subject to the terms and conditions hereof. 

Section 1.2 Reserved. 

Section 1.3 Letters of Credit. (a) General Terms. Subject to the terms and conditions hereof, as part of the Revolving
Credit, the L/C Issuer shall issue standby and commercial letters of credit (each a “Letter of Credit”) for the account of any Borrower or for the account of any Borrower and/or one or more of its Subsidiaries in an aggregate
undrawn face amount up to the L/C Sublimit. Each Letter of Credit shall be issued by the L/C Issuer, but each Lender shall be obligated to reimburse the L/C Issuer for such Lender’s Revolver Percentage of the amount of each drawing thereunder
and, accordingly, each Letter of Credit shall constitute usage of the Revolving Credit Commitment of each Lender pro rata in an amount equal to its Revolver Percentage of the L/C Obligations then outstanding. 

(b) Applications. At any time before the Revolving Credit Termination Date, the L/C Issuer shall, at the request of the Borrower
Representative, issue one or more Letters of Credit in U.S. Dollars, in a form satisfactory to the L/C Issuer, in an aggregate face amount as set forth above, upon the receipt of an application duly executed by the applicable Borrower and, if such
Letter of Credit is for the account of any Subsidiary of a Borrower, such Subsidiary for the relevant Letter of Credit in the form then customarily prescribed by the L/C Issuer for the Letter of Credit requested (each an
“Application”). Each Letter of Credit will have an expiration date no later than the earlier of (i) 12 months from the date of issuance (or which are cancelable not later than 12 months from the date of issuance and each
renewal) or (ii) thirty (30) days prior to the Revolving Credit Termination Date unless such Letter of Credit is Cash Collateralized as hereinafter provided in which case such Letter of Credit shall expire no later than the date that
is thirty (30) days prior to the first anniversary of the Revolving Credit Termination Date. If any Letter of Credit is outstanding for any reason on the Revolving Credit Termination Date, the Borrowers shall deliver to the Administrative Agent
on or prior to the Revolving Credit Termination Date Cash Collateral to be held and applied in accordance with Section 9.4 hereof. Notwithstanding anything contained in any Application to the contrary: (i) the Borrowers shall pay fees in
connection with each Letter of Credit as set forth in Section 2.1 hereof, (ii) except as otherwise provided in this Section or in Section 1.15 hereof, unless an Event of Default exists, the L/C Issuer will not call for the funding by
the Borrowers of any amount under a Letter of Credit before being presented with a drawing thereunder, and (iii) if the L/C Issuer is not timely reimbursed for the amount of any drawing under a Letter of Credit on the date such drawing is paid,
the Borrowers’ obligation to reimburse the L/C Issuer for the amount of such drawing shall bear interest (which the Borrowers hereby promise to pay) from and after the date such drawing is paid at a rate per annum equal to the sum of the
Applicable Margin plus the Base Rate from 

  
 -2- 

 
time to time in effect (computed on the basis of a year of 360 days, and the actual number of days elapsed). If the L/C Issuer issues any Letter of Credit with an expiration date that is
automatically extended, unless the Administrative Agent or the Required Lenders instruct the L/C Issuer otherwise, the L/C Issuer will give Borrower Representative notice that the expiration date of such Letter of Credit will not be extended beyond
its then scheduled expiration date before the time necessary to prevent such automatic extension if before such required notice date: (i) the expiration date of such Letter of Credit if so extended would be after the date which is thirty
(30) days prior to the Revolving Credit Termination Date (or, to the extent Cash Collateralized as set forth above, thirty (30) days prior to the first anniversary of the Revolving Credit Termination Date), (ii) the Revolving Credit
Commitments have been terminated, or (iii) a Default or an Event of Default exists and either the Administrative Agent or the Required Lenders (with notice to the Administrative Agent) have given the L/C Issuer instructions not to so permit the
extension of the expiration date of such Letter of Credit. The L/C Issuer agrees to issue amendments to the Letter(s) of Credit increasing the amount, or extending the expiration date, thereof at the request of the Borrower Representative subject to
the conditions of Section 7 hereof and the other terms of this Section 1.3. Notwithstanding anything contained herein to the contrary, the L/C Issuer shall be under no obligation to issue, extend or amend any Letter of Credit if a default
of any Lender’s obligations to fund under Section 1.3(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into arrangements with the Borrowers or such Lender satisfactory to the L/C
Issuer to eliminate the L/C Issuer’s risk with respect to such Lender. Notwithstanding the foregoing, the LC Issuer may issue one or more Letters of Credit with an expiration date which is later than the date otherwise permitted by this
Section 1.3 but not later than the sixth anniversary of the scheduled Revolving Credit Termination Date; provided that (a) the aggregate outstanding amount of the L/C Obligations with respect to all such Letters of Credit shall not
at any time exceed One Million Five Hundred Thousand Dollars ($1,500,000) and (b) Borrowers shall Cash Collateralize all such Letters of Credit on or prior to the Revolving Credit Termination Date (or such earlier date as may be requested by
the LC Issuer or the Administrative Agent during the existence of an Event of Default). 
 (c) The Reimbursement Obligations. Subject
to Section 1.3(b) hereof, the obligation of the Borrowers to reimburse the L/C Issuer for all drawings under a Letter of Credit (a “Reimbursement Obligation”) shall be governed by the Application related to such Letter of
Credit, except that reimbursement shall be made by no later than 12:00 Noon (Chicago time) on the date when each drawing is to be paid if the Borrower Representative has been informed of such drawing by the L/C Issuer on or before 11:00 a.m.
(Chicago time) on the date when such drawing is to be paid or, if notice of such drawing is given to the Borrower Representative after 11:00 a.m. (Chicago time) on the date when such drawing is to be paid, by no later than 12:00 Noon (Chicago
time) on the following Business Day, in immediately available funds at the Administrative Agent’s principal office in Chicago, Illinois, or such other office as the Administrative Agent may designate in writing to the Borrower Representative
(who shall thereafter cause to be distributed to the L/C Issuer such amount(s) in like funds). If the Borrowers do not make any such reimbursement payment on the date due and the Participating Lenders fund their participations therein in the manner
set forth in Section 1.3(e) below, then all payments thereafter received by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with Section 1.3(e) below. 

  
 -3- 

 (d) Obligations Absolute. The Borrowers’ obligation to reimburse L/C Obligations as
provided in subsection (c) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement and the relevant Application under any and all circumstances whatsoever
and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the L/C Issuer under a Letter of Credit against presentation of a draft or other document that does not strictly comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or
provide a right of setoff against, the Borrowers’ obligations hereunder. None of the Administrative Agent, the Lenders, or the L/C Issuer shall have any liability or responsibility by reason of or in connection with the issuance or transfer of
any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control
of the L/C Issuer; provided that the foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrowers to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby
waived by each of the Borrowers to the extent permitted by applicable law) suffered by any Borrower that are caused by the L/C Issuer’s failure to exercise care when determining whether drafts and other documents presented under a Letter of
Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer (as determined in a final, non-appealable judgment by a court of competent
jurisdiction), the L/C Issuer shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on
their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuer may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any
notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(e) The Participating Interests. Each Lender (other than the Lender acting as L/C Issuer in issuing the relevant Letter of Credit), by
its acceptance hereof, severally agrees to purchase from the L/C Issuer, and the L/C Issuer hereby agrees to sell to each such Lender (a “Participating Lender”), an undivided percentage participating interest (a
“Participating Interest”), to the extent of its Revolver Percentage, in each Letter of Credit issued by, and each Reimbursement Obligation owed to, the L/C Issuer. Upon any failure by the Borrowers to pay any Reimbursement
Obligation at the time required on the date the related drawing is to be paid, as set forth in Section 1.3(c) above, or if the L/C Issuer is required at any time to return to the Borrowers or to a trustee, receiver, liquidator, custodian or
other Person any portion of any payment of any Reimbursement Obligation, each Participating Lender shall, not later than the Business Day it receives a certificate in the form of Exhibit A hereto from the L/C Issuer (with a copy to the
Administrative Agent) to such effect, if such certificate is received before 1:00 p.m. 

  
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(Chicago time), or not later than 1:00 p.m. (Chicago time) the following Business Day, if such certificate is received after such time, pay to the Administrative Agent for the account of the
L/C Issuer an amount equal to such Participating Lender’s Revolver Percentage of such unpaid or recaptured Reimbursement Obligation together with interest on such amount accrued from the date the related payment was made by the L/C Issuer to
the date of such payment by such Participating Lender at a rate per annum equal to: (i) from the date the related payment was made by the L/C Issuer to the date two (2) Business Days after payment by such Participating Lender is due
hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Participating Lender to the date such payment is made by such Participating Lender, the Base Rate
in effect for each such day. Each such Participating Lender shall thereafter be entitled to receive its Revolver Percentage of each payment received in respect of the relevant Reimbursement Obligation and of interest paid thereon, with the L/C
Issuer retaining its Revolver Percentage thereof as a Lender hereunder. The several obligations of the Participating Lenders to the L/C Issuer under this Section 1.3 shall be absolute, irrevocable, and unconditional under any and all
circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Participating Lender may have or have had against any Borrower, the L/C Issuer, the Administrative Agent, any Lender or any other Person
whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of any Commitment of any Lender, and each payment by a Participating Lender
under this Section 1.3 shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (f) Indemnification.
The Participating Lenders shall, to the extent of their respective Revolver Percentages, indemnify the L/C Issuer (to the extent not reimbursed by the Borrowers) against any cost, expense (including reasonable counsel fees and disbursements), claim,
demand, action, loss or liability (except such as result from such L/C Issuer’s gross negligence or willful misconduct, as determined in a final, non-appealable judgment by a court of competent jurisdiction) that the L/C Issuer may suffer or
incur in connection with any Letter of Credit issued by it. The obligations of the Participating Lenders under this Section 1.3(f) and all other parts of this Section 1.3 shall survive termination of this Agreement and of all Applications,
Letters of Credit, and all drafts and other documents presented in connection with drawings thereunder. 
 (g) Manner of Requesting a
Letter of Credit. The Borrower Representative shall provide at least five (5) Business Days’ advance written notice to the Administrative Agent of each request for the issuance of a Letter of Credit, such notice in each case to be
accompanied by an Application for such Letter of Credit properly completed and executed by the applicable Borrower or the applicable Subsidiary of any Borrower and, in the case of an extension or amendment or an increase in the amount of a Letter of
Credit, a written request therefor, in a form acceptable to the Administrative Agent and the L/C Issuer, in each case, together with the fees called for by this Agreement. The Administrative Agent shall promptly notify the L/C Issuer of the
Administrative Agent’s receipt of each such notice (and the L/C Issuer shall be entitled to assume that the conditions precedent to any such issuance, extension, amendment or increase have been satisfied unless notified to the contrary by the
Administrative Agent or the Required Lenders) and the L/C Issuer shall promptly notify the Administrative Agent and the Lenders of the issuance of the Letter of Credit so requested. 

  
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 (h) Replacement of the L/C Issuer. The L/C Issuer may be replaced at any time by
written agreement among the Borrower Representative, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any such
replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced L/C Issuer. From and after the effective date of any such replacement (i) the successor L/C Issuer shall have all the rights and
obligations of the L/C Issuer under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “L/C Issuer” shall be deemed to refer to such successor or to any previous L/C Issuer,
or to such successor and all previous L/C Issuers, as the context shall require. After the replacement of a L/C Issuer hereunder, the replaced L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a L/C
Issuer under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

Section 1.4 Applicable Interest Rates. (a) Base Rate Loans. Each Base Rate Loan made or maintained by a
Lender shall bear interest (computed on the basis of a year of 360 days and the actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, or created by conversion from a Eurodollar Loan, until maturity (whether
by acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Base Rate from time to time in effect, payable by the Borrowers on each Interest Payment Date and at maturity (whether by acceleration or
otherwise). 
 “Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of (a) the rate of
interest announced by BMO Harris from time to time as its prime rate for such day (with any change in such rate announced by BMO Harris taking effect at the opening of business on the day specified in the public announcement of such change);
(b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR Quoted Rate plus 1.00%. As used herein, the term “LIBOR Quoted Rate” means, for any day, the rate per annum equal to the quotient of
(i) the rate per annum equal to (A) ICE LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to such date for U.S. Dollar deposits being delivered in the London interbank market for a term of
one month commencing that day or (B) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in U.S. Dollars for delivery on the date of
determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with a term equal to one month would be offered by such other authoritative source (as is selected by Administrative Agent in its sole
reasonable discretion) to major banks in the London interbank Eurodollar market at their request at the date and time of determination divided by (ii) one (1) minus the Eurodollar Reserve Percentage. Notwithstanding the foregoing, if the
LIBOR Quoted Rate shall be less than zero for any period, the LIBOR Quoted Rate shall be deemed to be zero for such period. 
 (b)
Eurodollar Loans. Each Eurodollar Loan made or maintained by a Lender shall bear interest during each Interest Period it is outstanding (computed on the basis of a year of 360 days and actual days elapsed) on the unpaid principal amount
thereof from the date such Loan is advanced or continued, or created by conversion from a Base Rate Loan, until maturity (whether by acceleration or otherwise) at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted LIBOR
applicable for such Interest Period, payable by the Borrowers on each Interest Payment Date and at maturity (whether by acceleration or otherwise). 

  
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 “Adjusted LIBOR” means, for any Borrowing of Eurodollar Loans, a rate per annum
determined in accordance with the following formula: 
  

					
	Adjusted LIBOR    	 	=	  	 LIBOR

		 		  	1 - Eurodollar Reserve Percentage

 “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve
percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any
successor) for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The
Adjusted LIBOR for each outstanding Eurodollar Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage. 

“LIBOR” means, for such Interest Period, the rate per annum equal to the ICE Benchmark Administration (or the successor
thereto if the ICE Benchmark Administration is no longer making the LIBOR Rate available) LIBOR Rate (“ICE LIBOR”), as published by Reuters (or other commercially available source providing quotations of ICE LIBOR as designated
by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for U.S. Dollar deposits (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any reason, then the “LIBOR” for such Interest Period shall be the rate per annum determined by the Administrative Agent
to be the rate at which deposits in U.S. Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Loan being made, continued or converted and with a term equivalent to such Interest
Period would be offered by such other authoritative source (as is selected by Administrative Agent in its sole reasonable discretion) to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m.
(London time) two London Banking Days prior to the commencement of such Interest Period. Notwithstanding the foregoing, if LIBOR shall be less than zero for any period, LIBOR shall be deemed to be zero for such period. 

(c) Rate Determinations. The Administrative Agent shall determine each interest rate applicable to the Loans and the Reimbursement
Obligations hereunder, and its determination thereof shall be conclusive and binding except in the case of manifest error. 

Section 1.5 Minimum Borrowing Amounts; Maximum Eurodollar Loans. Each Borrowing of Base Rate Loans advanced under a
Credit shall be in an amount not less than $100,000. Each Borrowing of Eurodollar Loans advanced, continued or converted under a Credit shall be in an amount equal to $1,000,000 or such greater amount which is an integral multiple of $500,000.
Without the Administrative Agent’s consent, there shall not be more than five (5) Borrowings of Eurodollar Loans outstanding hereunder at any one time. 

  
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 Section 1.6 Manner of Borrowing Loans and Designating Applicable Interest Rates.
(a) Notice to the Administrative Agent. The Borrower Representative shall give notice to the Administrative Agent by no later than 10:00 a.m. (Chicago time): (i) at least three (3) Business Days before the date
on which the Borrowers request the Lenders to advance a Borrowing of Eurodollar Loans and (ii) on the date the Borrowers request the Lenders to advance a Borrowing of Base Rate Loans. The Loans included in each Borrowing shall bear interest
initially at the type of rate specified in such notice of a new Borrowing. Thereafter, subject to the terms and conditions hereof, the Borrower Representative may from time to time elect to change or continue the type of interest rate borne by each
Borrowing or, subject to the minimum amount requirement for each outstanding Borrowing set forth in Section 1.5 hereof, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Loans, on the last day of the Interest Period
applicable thereto, the Borrowers may continue part or all of such Borrowing as Eurodollar Loans or convert part or all of such Borrowing into Base Rate Loans or (ii) if such Borrowing is of Base Rate Loans, on any Business Day, the Borrowers
may convert all or part of such Borrowing into Eurodollar Loans for an Interest Period or Interest Periods specified by the Borrower Representative. The Borrower Representative shall give all such notices requesting the advance, continuation or
conversion of a Borrowing to the Administrative Agent by telephone, telecopy, or other telecommunication device acceptable to the Administrative Agent (which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in
writing), substantially in the form attached hereto as Exhibit B (Notice of Borrowing) or Exhibit C (Notice of Continuation/Conversion), as applicable, or in such other form acceptable to the Administrative Agent. Notice of
the continuation of a Borrowing of Eurodollar Loans for an additional Interest Period or of the conversion of part or all of a Borrowing of Base Rate Loans into Eurodollar Loans must be given by no later than 10:00 a.m. (Chicago time) at least
three (3) Business Days before the date of the requested continuation or conversion. All such notices concerning the advance, continuation or conversion of a Borrowing shall specify the date of the requested advance, continuation or conversion
of a Borrowing (which shall be a Business Day), the amount of the requested Borrowing to be advanced, continued or converted, the type of Loans to comprise such new, continued or converted Borrowing and, if such Borrowing is to be comprised of
Eurodollar Loans, the Interest Period applicable thereto. Upon notice to the Borrower Representative by the Administrative Agent or the Required Lenders (or, in the case of an Event of Default under Section 9.1(j) or 9.1(k) hereof with respect
to any Loan Party or any Subsidiary of any Loan Party, without notice), no Borrowing of Eurodollar Loans shall be advanced, continued, or created by conversion if any Default or Event of Default then exists. Each of the Borrowers agrees that the
Administrative Agent may rely on any such telephonic, telecopy or other telecommunication notice given by any person the Administrative Agent in good faith believes is an Authorized Representative without the necessity of independent investigation,
and in the event any such notice by telephone conflicts with any written confirmation such telephonic notice shall govern if the Administrative Agent has acted in reliance thereon. 

(b) Notice to the Lenders. The Administrative Agent shall give prompt telephonic, telecopy or other telecommunication notice to each
Lender of any notice from the Borrower Representative received pursuant to Section 1.6(a) above and, if such notice requests the Lenders to make Eurodollar Loans, the Administrative Agent shall give notice to the Borrower Representative and
each Lender by like means of the interest rate applicable thereto promptly after the Administrative Agent has made such determination. 

  
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 (c) Borrower’s Failure to Notify. If the Borrowers fail to give notice pursuant to
Section 1.6(a) above of the continuation or conversion of any outstanding principal amount of a Borrowing of Eurodollar Loans before the last day of its then current Interest Period within the period required by Section 1.6(a) and such
Borrowing is not prepaid in accordance with Section 1.9(a), such Borrowing shall automatically be converted into a Borrowing of Base Rate Loans. In the event the Borrowers fail to give notice pursuant to Section 1.6(a) above of a Borrowing
equal to the amount of a Reimbursement Obligation and has not notified the Administrative Agent by 12:00 noon (Chicago time) on the day such Reimbursement Obligation becomes due that it intends to repay such Reimbursement Obligation through funds
not borrowed under this Agreement, the Borrowers shall be deemed to have requested a Borrowing of Base Rate Loans under the Revolving Credit (or, at the option of the Swing Line Lender, under the Swing Line) on such day in the amount of the
Reimbursement Obligation then due, which Borrowing shall be applied to pay the Reimbursement Obligation then due. 
 (d) Disbursement of
Loans. Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising its pro rata share of such Borrowing in funds
immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available
to the Borrowers at the Administrative Agent’s principal office in Chicago, Illinois (or at such other location as the Administrative Agent shall designate), by depositing or wire transferring such proceeds to the credit of the Borrowers’
Designated Disbursement Account or as the Borrower Representative and the Administrative Agent may otherwise agree. 
 (e) Administrative
Agent Reliance on Lender Funding. Unless the Administrative Agent shall have been notified by a Lender prior to (or, in the case of a Borrowing of Base Rate Loans, by 1:00 p.m. (Chicago time) on) the date on which such Lender is scheduled
to make payment to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Lender does not intend to make such payment, the Administrative Agent may assume that such Lender has made such payment
when due and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrowers the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the
Administrative Agent, such Lender shall, on demand, pay to the Administrative Agent the amount made available to the Borrowers attributable to such Lender together with interest thereon in respect of each day during the period commencing on the date
such amount was made available to the Borrowers and ending on (but excluding) the date such Lender pays such amount to the Administrative Agent at a rate per annum equal to: (i) from the date the related advance was made by the Administrative
Agent to the date two (2) Business Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Lender to the
date such payment is made by such Lender, the Base Rate in effect for each such day. If such amount is not received from such Lender by the Administrative Agent immediately upon demand, the Borrowers will, on demand, repay to the Administrative
Agent the proceeds of the Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment or prepayment of a Loan under
Section 1.12 hereof so that the Borrowers will have no liability under such Section with respect to such payment. 

  
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 Section 1.7 Swing Loans. (a) Generally. Subject to the
terms and conditions hereof, as part of the Revolving Credit, the Swing Line Lender may, in its discretion, make loans in U.S. Dollars to the Borrowers under the Swing Line (individually a “Swing Loan” and collectively the
“Swing Loans”) which shall not in the aggregate at any time outstanding exceed the Swing Line Sublimit. The Swing Line Lender shall not make a requested Swing Loan if, after giving effect thereto, the sum of the aggregate principal
amount of Revolving Loans, Swing Loans and L/C Obligations would exceed the Revolving Credit Commitments in effect at such time. Swing Loans may be availed of from time to time and borrowings thereunder may be repaid and used again during the period
ending on the Revolving Credit Termination Date. Each Swing Loan shall be in a minimum amount of $100,000 or such greater amount which is an integral multiple of $100,000. 

(b) Interest on Swing Loans. Each Swing Loan shall bear interest until maturity (whether by acceleration or otherwise) at a rate per
annum equal to (i) the sum of the Base Rate plus the Applicable Margin for Base Rate Loans under the Revolving Credit as from time to time in effect (computed on the basis of a year of 360 days) for the actual number of days elapsed) or
(ii) the Swing Line Lender’s Quoted Rate (computed on the basis of a year of 360 days for the actual number of days elapsed). Interest on each Swing Loan shall be due and payable by the Borrowers on each Interest Payment Date and at
maturity (whether by acceleration or otherwise). 
 (c) Requests for Swing Loans. The Borrower Representative shall give the
Administrative Agent prior notice (which may be written or oral) no later than 12:00 Noon (Chicago time) on the date upon which the Borrowers request that any Swing Loan be made, of the amount and date of such Swing Loan, and, if applicable, the
Interest Period requested therefor. The Administrative Agent shall promptly advise the Swing Line Lender of any such notice received from the Borrowers. After receiving such notice, the Swing Line Lender shall in its discretion quote an interest
rate to the Borrower Representative at which the Swing Line Lender would be willing to make such Swing Loan available to the Borrowers for the Interest Period so requested (the rate so quoted for a given Interest Period being herein referred to as
“Swing Line Lender’s Quoted Rate”). Each of the Borrowers acknowledges and agrees that the interest rate quote is given for immediate and irrevocable acceptance. If the Borrowers do not so immediately accept the Swing Line
Lender’s Quoted Rate for the full amount requested by the Borrowers for such Swing Loan, the Swing Line Lender’s Quoted Rate shall be deemed immediately withdrawn and such Swing Loan shall bear interest at the rate per annum determined by
adding the Applicable Margin for Base Rate Loans under the Revolving Credit to the Base Rate as from time to time in effect. Subject to the terms and conditions hereof, the proceeds of each Swing Loan extended to the Borrowers shall be deposited or
otherwise wire transferred to the Borrowers’ Designated Disbursement Account or as the Borrower Representative, the Administrative Agent, and the Swing Line Lender may otherwise agree. Anything contained in the foregoing to the contrary
notwithstanding, the undertaking of the Swing Line Lender to make Swing Loans shall be subject to all of the terms and conditions of this Agreement (provided that the Swing Line Lender shall be entitled to assume that the conditions precedent to an
advance of any Swing Loan have been satisfied unless notified to the contrary by the Administrative Agent or the Required Lenders). 

  
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 (d) Refunding Loans. The Swing Line Lender shall on at least a monthly basis or on any
other more frequent basis that the Swing Line Lender elects in its sole discretion, on behalf of the Borrowers (each of which hereby irrevocably authorizes the Swing Line Lender to act on its behalf for such purpose) and with notice to the Borrower
Representative and the Administrative Agent, request each Lender to make a Revolving Loan in the form of a Base Rate Loan in an amount equal to such Lender’s Revolver Percentage of the amount of the Swing Loans outstanding on the date such
notice is given. Unless an Event of Default described in Section 9.1(j) or 9.1(k) exists with respect to any Loan Party or any Subsidiary of any Loan Party, regardless of the existence of any other Event of Default, each Lender shall make the
proceeds of its requested Revolving Loan available to the Administrative Agent for the account of the Swing Line Lender, in immediately available funds, at the Administrative Agent’s office in Chicago, Illinois (or such other location
designated by the Administrative Agent), before 12:00 Noon (Chicago time) on the Business Day following the day such notice is given. The Administrative Agent shall promptly remit the proceeds of such Borrowing to the Swing Line Lender to repay the
outstanding Swing Loans. 
 (e) Participations. If any Lender refuses or otherwise fails to make a Revolving Loan when requested by
the Swing Line Lender pursuant to Section 1.7(d) above (because an Event of Default described in Section 9.1(j) or 9.1(k) exists with respect to any Loan Party, any Subsidiary of any Loan Party or otherwise), such Lender will, by the time
and in the manner such Revolving Loan was to have been funded to the Swing Line Lender, purchase from the Swing Line Lender an undivided participating interest in the outstanding Swing Loans in an amount equal to its Revolver Percentage of the
aggregate principal amount of Swing Loans that were to have been repaid with such Revolving Loans. Each Lender that so purchases a participation in a Swing Loan shall thereafter be entitled to receive its Revolver Percentage of each payment of
principal received on the Swing Loan and of interest received thereon accruing from the date such Lender funded to the Swing Line Lender its participation in such Loan. The several obligations of the Lenders under this Section shall be
absolute, irrevocable, and unconditional under any and all circumstances whatsoever and shall not be subject to any set-off, counterclaim or defense to payment which any Lender may have or have had against any Loan Party, any other Lender, or any
other Person whatsoever. Without limiting the generality of the foregoing, such obligations shall not be affected by any Default or Event of Default or by any reduction or termination of the Commitments of any Lender, and each payment made by a
Lender under this Section shall be made without any offset, abatement, withholding, or reduction whatsoever. 
 Section 1.8
Maturity of Loans. 
 (a) Revolving Loans. Each Revolving Loan, both for principal and interest not sooner paid, shall mature and
be due and payable by the Borrowers on the Revolving Credit Termination Date. 

  
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 (b) Swing Loans. Each Swing Loan, both for principal and interest not sooner paid, shall
mature and be due and payable by the Borrowers on the Revolving Credit Termination Date. 
 Section 1.9 Optional Prepayments.

 (a) The Borrowers may prepay in whole or in part (but, if in part, then: (i) if such Borrowing is of Base Rate Loans, in an
amount not less than $100,000, (ii) if such Borrowing is of Eurodollar Loans, in an amount not less than $500,000, and (iii) in each case, in an amount such that the minimum amount required for a Borrowing pursuant to Section 1.5 and
1.7 hereof remains outstanding) any Borrowing of Eurodollar Loans at any time upon three (3) Business Days prior notice by the Borrower Representative to the Administrative Agent or, in the case of a Borrowing of Base Rate Loans, notice
delivered by the Borrower Representative to the Administrative Agent no later than 10:00 a.m. (Chicago time) on the date of prepayment (or, in any case, such shorter period of time then agreed to by the Administrative Agent), such prepayment to
be made by the payment of the principal amount to be prepaid and, in the case of any Eurodollar Loans or Swing Loans, accrued interest thereon to the date fixed for prepayment plus any amounts due the Lenders under Section 1.12 hereof. 

(b) Any amount of Revolving Loans and Swing Loans paid or prepaid before the Revolving Credit Termination Date may, subject to the terms and
conditions of this Agreement, be borrowed, repaid and borrowed again. 
 Section 1.10 Default Rate. Notwithstanding anything to
the contrary contained herein, while any Event of Default exists or after acceleration, the Borrowers shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on the principal amount of all Loans and
Reimbursement Obligations, and letter of credit fees at a rate per annum equal to: 
 (a) for any Base Rate Loan or any Swing Loan bearing
interest based on the Base Rate, the sum of 2.0% plus the Applicable Margin plus the Base Rate from time to time in effect; 
 (b) for any
Eurodollar Loan or any Swing Loan bearing interest at the Administrative Agent’s Quoted Rate, the sum of 2.0% plus the rate of interest in effect thereon at the time of such default until the end of the Interest Period applicable thereto and,
thereafter, at a rate per annum equal to the sum of 2.0% plus the Applicable Margin for Base Rate Loans plus the Base Rate from time to time in effect; 

(c) for any Reimbursement Obligation, the sum of 2.0% plus the amounts due under Section 1.3 with respect to such Reimbursement
Obligation; and 
 (d) for any Letter of Credit, the sum of 2.0% plus the letter of credit fee due under Section 2.1 with respect to
such Letter of Credit; 
 provided, however, that in the absence of acceleration, any adjustments pursuant to this Section shall be made at the
election of the Administrative Agent or Administrative Agent, acting at the request of the Required Lenders, with written notice to the Borrower Representative. While any Event of Default exists or after acceleration, interest shall be paid on
demand of the Administrative Agent or Administrative Agent at the request of the Required Lenders. 

  
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 Section 1.11 Evidence of Indebtedness. (a) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. 
 (b) The Administrative Agent shall also maintain accounts in which it will record (i) the
amount of each Loan made hereunder, the type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder from the Borrowers and each Lender’s share thereof. 

(c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence
of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of
the Borrowers to repay the Obligations in accordance with their terms. 
 (d) Any Lender may request that its Loans be evidenced by a
promissory note or notes in the forms of Exhibit D-1 (in the case of its Revolving Loans and referred to herein as a “Revolving Note”), or D-2 (in the case of its Swing Loans and referred to herein as a
“Swing Note”), as applicable (the Revolving Notes, and Swing Note being hereinafter referred to collectively as the “Notes” and individually as a “Note”). In such event, the Borrowers shall prepare,
execute and deliver to such Lender a Note payable to such Lender or its registered assigns in the amount of the relevant Revolving Commitment, or Swing Line Sublimit, as applicable. Thereafter, the Loans evidenced by such Note or Notes and interest
thereon shall at all times (including after any assignment pursuant to Section 13.12) be represented by one or more Notes payable to the order of the payee named therein or any assignee pursuant to Section 13.12, except to the extent that
any such Lender or assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in subsections (a) and (b) above. 

Section 1.12 Funding Indemnity. If any Lender shall incur any loss, cost or expense (including, without limitation, any loss, cost
or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to fund or maintain any Eurodollar Loan or Swing Loan or the relending or reinvesting of such deposits or amounts paid or prepaid to
such Lender) as a result of: 
 (a) any payment, prepayment or conversion of a Eurodollar Loan or Swing Loan on a date other than the last
day of its Interest Period, 
 (b) any failure (because of a failure to meet the conditions of Section 7 or otherwise) by the Borrowers
to borrow or continue a Eurodollar Loan or Swing Loan, or to convert a Base Rate Loan into a Eurodollar Loan or Swing Loan on the date specified in a notice given pursuant to Section 1.6(a) or 1.7 hereof, 

  
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 (c) any failure by the Borrowers to make any payment of principal on any Eurodollar Loan or Swing
Loan when due (whether by acceleration or otherwise), or 
 (d) any acceleration of the maturity of a Eurodollar Loan or Swing Loan as a
result of the occurrence of any Event of Default hereunder, 
 then, upon the demand of such Lender, the Borrowers shall pay to such Lender such amount as
will reimburse such Lender for such loss, cost or expense. If any Lender makes such a claim for compensation, it shall provide to the Borrower Representative, with a copy to the Administrative Agent, a certificate setting forth the amount of such
loss, cost or expense in reasonable detail (including an explanation of the basis for and the computation of such loss, cost or expense) and the amounts shown on such certificate shall be conclusive if reasonably determined. 

Section 1.13 Commitment Terminations. The Borrowers shall have the right at any time and from time to time, upon five
(5) Business Days prior written notice to the Administrative Agent (or such shorter period of time agreed to by the Administrative Agent), to terminate the Revolving Credit Commitments without premium or penalty and in whole or in part, any
partial termination to be (i) in an amount not less than $5,000,000 and (ii) allocated ratably among the Lenders in proportion to their respective Revolver Percentages, provided that the Revolving Credit Commitments may not be reduced to
an amount less than the sum of the aggregate principal amount of Revolving Loans, Swing Loans, and L/C Obligations then outstanding. Any termination of the Revolving Credit Commitments below the L/C Sublimit or the Swing Line Sublimit then in effect
shall reduce the L/C Sublimit and Swing Line Sublimit, as applicable, by a like amount. The Administrative Agent shall give prompt notice to each Lender of any such termination of the Revolving Credit Commitments. Any termination of the Commitments
pursuant to this Section 1.13 may not be reinstated. 
 Section 1.14 Substitution of Lenders. In the event (a) the
Borrowers receive a claim from any Lender for compensation under Section 10.3 or 13.1 hereof, (b) the Borrower Representative receives notice from any Lender of any illegality pursuant to Section 10.1 hereof, (c) any Lender is
then a Defaulting Lender or such Lender is a Subsidiary or Affiliate of a Person who has been deemed insolvent or becomes the subject of a bankruptcy or insolvency proceeding or a receiver or conservator has been appointed for any such Person, or
(d) a Lender fails to consent to an amendment or waiver requested under Section 13.13 hereof at a time when the Required Lenders have approved such amendment or waiver (any such Lender referred to in clause (a), (b), (c), or
(d) above being hereinafter referred to as an “Affected Lender”), the Borrowers may, in addition to any other rights the Borrowers may have hereunder or under applicable law, require, at their expense, any such Affected Lender
to assign, at par, without recourse, all of its interest, rights, and obligations hereunder (including all of its Commitments and the Loans and participation interests in Letters of Credit and other amounts at any time owing to it hereunder and the
other Loan Documents) to an Eligible Assignee specified by the Borrowers, provided that (i) such assignment shall not conflict with or violate any law, rule or regulation or order of any court or other governmental authority,
(ii) the Borrowers shall have paid to the Affected Lender all monies (together with amounts due such Affected Lender under 

  
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Section 1.12 hereof as if the Loans owing to it were prepaid rather than assigned) other than such principal owing to it hereunder, and (iii) the assignment is entered into in
accordance with, and subject to the consents required by, Section 13.12 hereof (provided any assignment fees and reimbursable expenses due thereunder shall be paid by the Borrowers). 

Section 1.15 Defaulting Lenders. Anything contained herein to the contrary notwithstanding, in the event that any Lender at any
time is a Defaulting Lender, then (a) during any Defaulting Lender Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender” for purposes of voting on any matters (including the
granting of any consents or waivers) with respect to any of the Loan Documents and such Defaulting Lender’s Commitments shall be excluded for purposes of determining “Required Lenders” (provided that the foregoing shall not
permit an increase in such Lender’s Commitments or an extension of the maturity date of such Lender’s Loans or other Obligations without such Lender’s consent); (b) to the extent permitted by applicable law, until such time as
the Defaulting Lender Excess with respect to such Defaulting Lender shall have been reduced to zero, any voluntary prepayment of the Loans shall, if the Administrative Agent so directs at the time of making such voluntary prepayment, be applied to
the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding; (c) such Defaulting Lender’s Commitments and outstanding Loans shall be excluded for purposes of calculating any commitment fee payable to Lenders pursuant
to Section 2.1 in respect of any day during any Defaulting Lender Period with respect to such Defaulting Lender, and such Defaulting Lender shall not be entitled to receive any fee pursuant to Section 2.1 with respect to such Defaulting
Lender’s Commitment in respect of any Defaulting Lender Period with respect to such Defaulting Lender (and any Letter of Credit fee otherwise payable to a Lender who is a Defaulting Lender shall instead be paid to the L/C Issuer for its use and
benefit); (d) the utilization of Commitments as at any date of determination shall be calculated as if such Defaulting Lender had funded all Loans of such Defaulting Lender; and (e) if so requested by the L/C Issuer at any time during the
Defaulting Lender Period with respect to such Defaulting Lender, the Borrowers shall deliver to the Administrative Agent Cash Collateral in an amount equal to such Defaulting Lender’s Percentage of L/C Obligations then outstanding (to be, held
by the Administrative Agent as set forth in Section 9.4 hereof). No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 1.15, performance by the Borrowers of their
obligations hereunder and the other Loan Documents shall not be excused or otherwise modified as a result of the operation of this Section 1.15. The rights and remedies against a Defaulting Lender under this Section 1.15 are in addition to
other rights and remedies which the Borrowers may have against such Defaulting Lender and which the Administrative Agent or any Lender may have against such Defaulting Lender. 

Section 1.16 Joint and Several. Each of the Borrowers hereby acknowledges and agrees that it has joint and several liability on
all Obligations (except for its Excluded Swap Obligations) owed by the Borrowers under this Agreement and the other Loan Documents and that such liability is absolute and unconditional and shall not in any manner be affected or impaired by any acts
or omissions whatsoever by the Administrative Agent, the L/C Issuers or any Lender, and without limiting the generality of the foregoing, each of the Borrowers’ joint and several liability on the Obligations under this Agreement and the other
Loan Documents shall not be impaired by any acceptance by the Administrative Agent, any L/C Issuer or any Lender of any other security for or guarantors upon the Obligations under this Agreement or any

  
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other Loan Document or by any failure, neglect or omission on the Administrative Agent’s, any L/C Issuer’s or any Lender’s part to resort to any one or all of the Borrowers for
payment of the Obligations under this Agreement or any other Loan Document or to realize upon or protect any collateral security therefor. Each of the Borrowers’ joint and several liability hereunder shall not in any manner be impaired or
affected by who receives or uses the proceeds of the Loans, or the Letters of Credit, or for what purposes such proceeds are used, and each of the Borrowers waives notice of requests for extensions of credit issued by, and the Loans and Letters of
Credit made to or for the account of, any other Borrower. Each of the Borrowers hereby agrees not to exercise or enforce any right of exoneration, contribution, reimbursement, recourse, or subrogation available to any such Borrower for payment under
this Agreement or any other Loan Document against any party liable therefor unless and until Payment in Full shall have occurred (it being agreed the foregoing does not restrict reimbursement of expenses between the Borrowers in the ordinary course
of business). Such joint and several liability of each of the Borrowers shall also not be impaired or affected by (and each Lender, each L/C Issuer and the Administrative Agent, without notice to anyone, is hereby authorized to make from time to
time) any sale, pledge, surrender, compromise, settlement, release, renewal, extension, indulgence, alteration, substitution, exchange, change in, modification or disposition of any collateral security for the Obligations under this Agreement or any
other Loan Document or of any guaranty thereof. In order to enforce payment of the Obligations under this Agreement and the other Loan Documents, foreclose or otherwise realize on any collateral security therefor, and to exercise the rights granted
to the Lenders, the L/C Issuers and/or the Administrative Agent hereunder and thereunder and under applicable law, no Lender, L/C Issuer or the Administrative Agent shall be under any obligation at any time to first resort to any collateral
security, property, liens or any other rights or remedies whatsoever, and the Lenders, the L/C Issuers and/or the Administrative Agent shall have the right to enforce the Obligations under this Agreement and the other Loan Documents irrespective of
whether or not other proceedings or steps are pending seeking resort to or realization upon or from any of the foregoing. Each of the Borrowers hereby expressly waives and surrenders any defense to its joint and several liability on the Obligations
under this Agreement or any other Loan Document based upon any of the foregoing. In furtherance thereof, each of the Borrowers agrees that wherever in this Agreement it is provided that a Borrower is liable for a payment such obligation is the joint
and several obligation of each of the Borrowers. Each of the Loan Parties acknowledges and agrees that (i) upon the Restatement Closing Date, each of the Existing Borrowers (other than Parent) shall cease to be Borrowers and shall instead be
Guarantors and (ii) Parent shall remain liable as Borrower, and the Existing Borrowers (other than Parent) shall remain liable as Guarantors, for the Obligations, including without limitation, the Obligations created under the Existing Credit
Agreement (which shall continue but which shall be governed by the terms of this Agreement on and after the Restatement Closing Date). 

Section 1.17 Borrower Representative. Each Borrower hereby irrevocably appoints and designates Parent (“Borrower
Representative”) as its representative and agent for all purposes under the Loan Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, preparation and
delivery of financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other dealings with the
Lenders, the L/C Issuers and/or the Administrative Agent. Borrower Representative hereby irrevocably accepts such appointment. Each of the 

  
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Lenders, the L/C Issuers and the Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of borrowing)
delivered by Borrower Representative on behalf of the Borrowers. Each of the Lenders, the L/C Issuers and/or the Administrative Agent may give any notice or communication with the Borrowers (or any one or more of them) hereunder to Borrower
Representative on behalf of such Borrower or Borrowers. Each of the Lenders, the L/C Issuers and/or the Administrative Agent shall have the right, in its discretion, to deal exclusively with Borrower Representative for any or all purposes under the
Loan Documents. Each of the Borrowers agrees that any notice, election, communication, representation, agreement or undertaking made on its behalf by Borrower Representative shall be binding upon and enforceable against it. 

Section 1.18 Incremental Commitment Increases. (a) Borrower Representative may, by written notice to the Administrative Agent
(whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request at any time prior to the Revolving Credit Termination Date, one or more increases in the Revolving Credit Commitments (each such increase, an
“Incremental Commitment Increase”), provided that: (A) at the time of each such request and upon the Incremental Facility Closing Date, (1) each of the conditions set forth in Section 7.1 shall be satisfied (it
being understood that all references to “Credit Event” in Section 7.1 shall be deemed to also refer to a request for and effectiveness of an Incremental Commitment Increase), (2) the Loan Parties shall be in compliance on a pro
forma basis with the covenants contained in Section 8.23 recomputed as of the last day of the most-recently ended fiscal quarter of Borrowers for which financial statements are available and (3) the Borrowers shall have delivered a
certificate of the chief financial officer (or other officer acceptable to Administrative Agent) to the effect set forth in clauses (1) and (2), together with reasonably detailed calculations demonstrating compliance with clause (2) above;
(B) each Incremental Commitment Increase shall be in an integral multiple of $20,000,000, provided that such amount may be less than $20,000,000 if such amount represents all the remaining availability under the Incremental Commitment
Increases permitted by clause (C) below; and (C) the aggregate principal amount of all Incremental Commitment Increases shall not exceed $100,000,000. 

(b) Each notice from the Borrower Representative pursuant to this Section shall set forth the requested amount of the relevant Incremental
Commitment Increase. Any such requested Incremental Commitment Increase shall be first made to all existing Lenders on a pro rata basis. To the extent that the existing Lenders decline to increase their applicable Commitments, or decline to increase
their applicable Commitments to the amount requested by the Borrower Representative, the Administrative Agent, in consultation with the Borrower Representative, will use its reasonable efforts to arrange for other Persons to become a Lender
hereunder and to issue commitments in an amount equal to the amount of the increase in the applicable Commitments requested by the Borrower Representative and not accepted by the existing Lenders (each existing Lender or other Person electing to
extend an Incremental Commitment Increase, an “Additional Lender”), provided that (i) no Lender shall be obligated to provide an Incremental Commitment Increase as a result of any such request by the Borrower
Representative and (ii) any Additional Lender which is not an existing Lender shall be subject to the approval of the Administrative Agent, the L/C Issuer and Swing Line Lender and the Borrower Representative (which approval shall not be
unreasonably withheld). Each Additional Lender, the Loan Parties and the Administrative Agent shall enter into an amendment (an “Incremental Facility Amendment”) to this Agreement to evidence the Incremental Commitment

  
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Increase and such other Loan Documents as may be requested by the Administrative Agent. An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to
any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section. 

(c) In addition to the conditions set forth above, the effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by
the Administrative Agent and the Additional Lenders, be subject to the satisfaction on the date thereof (each, an “Incremental Facility Closing Date”) of each of the following conditions: (i) the execution and delivery of
Incremental Facility Amendment by the Loan Parties, the Additional Lenders and Administrative Agent; (ii) the payment by the Borrowers of such fees and other compensation to the Additional Lenders as the Borrower Representative and such
Additional Lenders shall agree; (iii) the payment by the Borrowers of such arrangement fees or other fees to the Administrative Agent as the Borrower Representative and the Administrative Agent may agree; (iv) the Borrowers shall deliver
to the Administrative Agent certificates of the secretary of each Loan Party attaching a true, complete and correct copy of the constituent documents and resolutions of such Loan Party authorizing the borrowing and/or guarantees under the
Incremental Commitment Increase, it being understood and agreed that such resolutions may be adopted at any time and provide for borrowings under Incremental Commitment Increases from time to time requested; (v) if requested by any Additional
Lender a Note issued to such Additional Lender to the extent necessary to reflect the Incremental Commitment Increase of such Additional Lender and (vi) the Loan Parties and the Additional Lender shall have delivered such other instruments,
documents and agreements as the Administrative Agent may reasonably have requested. The Administrative Agent shall notify each Lender as to the effectiveness of each Incremental Commitment Increase, and at such time the applicable Commitments under,
and for all purposes of, this Agreement shall be increased by the aggregate amount of such Incremental Commitment Increases. For the avoidance of doubt, any Incremental Commitment Increase shall be made on the same terms and conditions as the
existing Revolving Credit Commitments, except for any upfront fees payable to the Additional Lenders as the Borrower Representative and such Additional Lenders shall agree. 

(d) The Lenders and the Borrowers agree that, notwithstanding anything to the contrary in this Agreement, (i) the Borrowers shall, in
coordination with the Administrative Agent, (x) repay outstanding Revolving Loans of such Lenders, and/or obtain Revolving Loans from such other Lenders (including the Additional Lenders), or (y) take such other actions as reasonably may
be required by the Administrative Agent, in each case to the extent necessary so that all of the Lenders participate in each of the outstanding Revolving Loans pro rata on the basis of their Revolver Percentages (determined after giving effect to
any increase in the Revolving Credit Commitments pursuant to this Section), (ii) each Lender with a Revolving Credit Commitment immediately prior to such increase will automatically and without further act be deemed to have assigned to each
Additional Lender providing a portion of such Incremental Commitment Increase and each such Additional Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in
outstanding Letters of Credit and Swing Loans such that, after giving effect to such Incremental Commitment Increase and each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations
hereunder in Letters of Credit and participations hereunder in Swing Loans held by each Lender with a Revolving Credit 

  
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Commitment (including each such Additional Lender) will equal such Lender’s Revolver Percentage, and (iii) the Borrowers shall pay to such Lenders any costs of the type referred to in
Section 1.12 in connection with any repayment and/or Revolving Loans required pursuant to preceding clause (i). The parties hereto hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements
contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. 
 SECTION 2.
FEES. 
 Section 2.1 Fees. 

(a) Revolving Credit Commitment Fee. The Borrowers shall pay to the Administrative Agent for the ratable account of the Lenders in
accordance with their Revolver Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Revolving Credit
Commitments. For greater certainty, any Swing Loans outstanding shall be excluded for purposes of computing the Unused Revolving Credit Commitments and commitment fee. Such commitment fee shall be payable quarterly in arrears on the last day of each
March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the scheduled Revolving Credit Termination Date, unless the Revolving Credit Commitments are terminated in whole on an
earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination. 

(b) Reserved 
 (c)
Letter of Credit Fees. On the date of issuance or extension, or increase in the amount, of any Letter of Credit pursuant to Section 1.3 hereof, the Borrowers shall pay to the L/C Issuer for its own account a fronting fee equal to 0.125%
of the face amount of (or of the increase in the face amount of) such Letter of Credit. Quarterly in arrears, on the last day of each March, June, September, and December, commencing on the first such date occurring after the date hereof, the
Borrowers shall pay to the Administrative Agent, for the ratable benefit of the Lenders in accordance with their Revolver Percentages, a letter of credit fee at a rate per annum equal to the Applicable Margin (computed on the basis of a year of 360
days and the actual number of days elapsed) in effect during each day of such quarter applied to the daily average face amount of Letters of Credit outstanding during such quarter. In addition, the Borrowers shall pay to the L/C Issuer for its own
account the L/C Issuer’s standard issuance, drawing, negotiation, amendment, assignment, and other administrative fees for each Letter of Credit as established by the L/C Issuer from time to time. 

(d) Fee Letter. The Borrowers shall pay to the Administrative Agent, the fees agreed to between the Administrative Agent and the
Borrowers in the amended and restated fee letter dated September 11, 2014, or as otherwise agreed to in writing between them. 
 (e)
Audit Fees. The Borrowers shall pay to the Administrative Agent for its own use and benefit charges for audits of the Collateral performed by the Administrative Agent or its agents or representatives in such amounts as the Administrative
Agent may from time to 

  
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time request (the Administrative Agent acknowledging and agreeing that such charges shall be computed in the same manner as it at the time customarily uses for the assessment of charges for
similar collateral audits); provided, however, that in the absence of any Event of Default, the Borrowers shall not be required to pay the Administrative Agent for more than one (1) such audit per calendar year. 

SECTION 3. PLACE AND APPLICATION OF PAYMENTS. 

Section 3.1 Place and Application of Payments. All payments of principal of and interest on the Loans and the Reimbursement
Obligations, and of all other Obligations payable by the Borrowers under this Agreement and the other Loan Documents, shall be made by the Borrowers to the Administrative Agent by no later than 12:00 Noon (Chicago time) on the due date thereof at
the office of the Administrative Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrower Representative), for the benefit of the Lender(s) or L/C Issuer entitled thereto. Any payments received
after such time shall be deemed to have been received by the Administrative Agent on the next Business Day. All such payments shall be made in U.S. Dollars, in immediately available funds at the place of payment, in each case without set-off or
counterclaim. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest on Loans and on Reimbursement Obligations in which the Lenders have purchased Participating Interests
ratably to the Lenders and like funds relating to the payment of any other amount payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement. If the Administrative Agent causes amounts to be
distributed to the Lenders in reliance upon the assumption that the Borrowers will make a scheduled payment and such scheduled payment is not so made, each Lender shall, on demand, repay to the Administrative Agent the amount distributed to such
Lender together with interest thereon in respect of each day during the period commencing on the date such amount was distributed to such Lender and ending on (but excluding) the date such Lender repays such amount to the Administrative Agent, at a
rate per annum equal to: (i) from the date the distribution was made to the date two (2) Business Days after payment by such Lender is due hereunder, the Federal Funds Rate for each such day and (ii) from the date two
(2) Business Days after the date such payment is due from such Lender to the date such payment is made by such Lender, the Base Rate in effect for each such day. 

Anything contained herein to the contrary notwithstanding, all payments and collections received in respect of the Obligations and all
proceeds of the Collateral received, in each instance, by the Administrative Agent or any of the Lenders after acceleration or the final maturity of the Obligations or termination of the Commitments as a result of an Event of Default shall be
remitted to the Administrative Agent and distributed as follows: 
 (a) first, to the payment of any outstanding costs and expenses incurred
by the Administrative Agent, and any security trustee therefor, in monitoring, verifying, protecting, preserving or enforcing the Liens on the Collateral, in protecting, preserving or enforcing rights under the Loan Documents, and in any event
including all costs and expenses of a character which the Borrowers have agreed to pay the Administrative Agent under Section 13.15 hereof (such funds to be retained by the Administrative Agent for its own account unless it has previously been
reimbursed for such costs and expenses by the Lenders, in which event such amounts shall be remitted to the Lenders to reimburse them for payments theretofore made to the Administrative Agent); 

  
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 (b) second, to the payment of the Swing Loans, both for principal and accrued but unpaid
interest; 
 (c) third, to the payment of any outstanding interest and fees due under the Loan Documents to be allocated pro rata in
accordance with the aggregate unpaid amounts owing to each holder thereof; 
 (d) fourth, to the payment of principal on the Loans (other
than Swing Loans), unpaid Reimbursement Obligations, together with amounts to be held by the Administrative Agent as collateral security for any outstanding L/C Obligations pursuant to Section 9.4 hereof (until the Administrative Agent is
holding an amount of cash equal to the then outstanding amount of all such L/C Obligations), and Bank Product Obligations arising under Swap Contracts, the aggregate amount paid to, or held as collateral security for, the Lenders and L/C Issuer and,
in the case of Bank Product Obligations arising under Swap Contracts, their Affiliates to be allocated pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; 

(e) fifth, to the payment of all other unpaid Obligations and all other indebtedness, obligations, and liabilities of the Loan Parties and
their respective Subsidiaries secured by the Loan Documents, including, without limitation, Bank Product Obligations (other than Bank Product Obligations arising under Swap Contracts to the extent paid under clause (d) above) to be allocated
pro rata in accordance with the aggregate unpaid amounts owing to each holder thereof; and 
 (f) finally, to the Borrowers or whoever else
may be lawfully entitled thereto. Notwithstanding the foregoing, amounts received from any Loan Party that is not a Qualified ECP shall not be applied to any Excluded Swap Obligation of such Loan Party but appropriate adjustments shall be made with
respect to amounts obtained from other Loan Parties to preserve the allocations in any applicable category. 
 Section 3.2 Account
Debit. Each of the Borrowers hereby irrevocably authorizes the Administrative Agent to charge any of the Borrowers’ deposit accounts maintained with the Administrative Agent for the amounts from time to time necessary to pay any then due
Obligations; provided that each of the Borrowers acknowledges and agrees that the Administrative Agent shall not be under an obligation to do so and the Administrative Agent shall not incur any liability to any Borrower or any other Person
for the Administrative Agent’s failure to do so. 
 SECTION 4. GUARANTIES AND COLLATERAL. 

Section 4.1 Guaranties. The payment and performance of the Obligations shall at all times be guaranteed by each of Parent’s
direct and indirect Subsidiaries (other than the Borrowers and any Excluded Subsidiaries) pursuant to Section 12 hereof or pursuant to one or more guaranty agreements in form and substance acceptable to the Administrative Agent, as the same may
be amended, modified or supplemented from time to time (individually a “Guaranty” 

  
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and collectively the “Guaranties” and each such Loan Party executing and delivering this Agreement as a Guarantor (including any Subsidiary hereafter executing and delivering a
Joinder Agreement as a Guarantor in the form called for by Section 12 hereof) or a separate Guaranty being referred to herein as a “Guarantor” and collectively the “Guarantors”). The Borrower Representative may
at any time designate any Dormant Subsidiary as a Non-Excluded Subsidiary; provided that (i) immediately before and after such designation, no Event of Default shall have occurred and be continuing, (ii) the Administrative Agent
shall have consented to such designation and (iii) the Borrowers shall have otherwise complied with this Section 4 in connection therewith. 

Section 4.2 Collateral. The Obligations shall be secured by valid, perfected, and enforceable Liens on all right, title, and
interest of each Loan Party in all of its accounts, chattel paper, instruments, documents, general intangibles, letter-of-credit rights, supporting obligations, deposit accounts, investment property, inventory, equipment, fixtures, commercial tort
claims, and other personal Property (other than the Excluded Property), whether now owned or hereafter acquired or arising, and all proceeds thereof; provided, that: (i) until an Event of Default has occurred and is continuing and
thereafter until otherwise required by the Administrative Agent or the Required Lenders, Liens on the Excluded Depository Accounts need not be perfected, (ii) until an Event of Default has occurred and is continuing and thereafter until
otherwise required by the Administrative Agent or the Required Lenders, Liens on the Excluded Vehicles need not be perfected, and (iii) the Loan Parties shall not be required to pledge the stock or other equity interests issued by (a) the
Vietnamese Subsidiary under the local laws of Vietnam or (b) in the event that Administrative Agent shall determine in its sole discretion that the costs of obtaining such pledge are excessive in relation to the value of the security afforded
thereby, any other Foreign Subsidiary under the local laws of such Foreign Subsidiary’s jurisdiction of organization, in each case, so long as the Vietnamese Subsidiary or such other Foreign Subsidiary, as applicable, is not a Material
Subsidiary. Each of the Borrowers and each of the Guarantors acknowledges and agrees that the Liens on the Collateral shall be granted to the Administrative Agent for the benefit of the holders of the Obligations and shall be valid and perfected
first priority Liens subject, however, to the proviso appearing at the end of the preceding sentence and to Liens permitted by Section 8.8 hereof, in each case pursuant to one or more Collateral Documents from such Persons, each in form and
substance satisfactory to the Administrative Agent. 
 Section 4.3 Liens on Real Property. In the event that any Loan Party owns
or hereafter acquires any real property (other than the Excluded Real Property), such Loan Party shall execute and deliver to the Administrative Agent a mortgage or deed of trust acceptable in form and substance to the Administrative Agent for the
purpose of granting to the Administrative Agent (or a security trustee therefor), for its benefit and the benefit of the Lenders, a Lien on such real property to secure the Obligations, shall pay all taxes, costs, and expenses incurred by the
Administrative Agent in recording such mortgage or deed of trust, and shall supply to the Administrative Agent at the Borrowers’ cost and expense a survey, environmental report, hazard insurance policy, appraisal report, a mortgagee’s
policy of title insurance from a title insurer acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement) on the real property
encumbered thereby, a life-of-loan flood hazard determination and, if the real estate is located in a flood plain, an acknowledged notice to borrower and flood insurance in an amount, with 

  
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endorsements and by an insurer acceptable to the Administrative Agent, and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in
connection therewith including, without limitation, those required under applicable law; provided, however, that in no event, will the Borrowers be required to grant a mortgage or deed of trust with respect to the real estate referred to in
clause (a) of the definition of Excluded Real Estate. 
 Section 4.4 Further Assurances. 

(a) Each of the Borrowers agrees that it shall, and shall cause each of the Guarantors to, from time to time at the request of the
Administrative Agent or the Required Lenders, execute and deliver such documents and do such acts and things as the Administrative Agent or the Required Lenders may reasonably request in order to provide for or perfect or protect such Liens on the
Collateral. 
 (b) In the event any Borrower or any Guarantor forms or acquires any other Subsidiary after the date hereof, except as
otherwise provided in Sections 4.1 and 4.2 above, the Loan Parties shall do the following: 
 (i) upon such formation or
acquisition, cause such newly formed or acquired Subsidiary to execute and deliver to Administrative Agent a Joinder to each of this Agreement (as a Borrower or Guarantor as Administrative Agent shall direct) and the Security Agreement, deliver a
collateral assignment of the purchase agreement (if applicable) and deliver documents with respect to the Acquired Business of the type described in Section 7.2(b) (if applicable), Section 7.2(e) and Section 7.2(f); and 

(ii) within thirty (30) days after such formation or acquisition (or such longer period as the Administrative Agent may
permit) execute and deliver such other Collateral Documents and such other instruments, documents, certificates, and opinions set forth in any document checklist delivered by Administrative Agent to Borrower Representative in connection with an
Acquisition or otherwise reasonably required by the Administrative Agent. 
 SECTION 5. DEFINITIONS; INTERPRETATION.

 Section 5.1 Definitions. The following terms when used herein shall have the following meanings: 

“Acquired Business” means the entity or assets acquired by any Loan Party or a Subsidiary in an Acquisition, whether before or
after the date hereof. 
 “Acquired Business EBITDA” means, with reference to any period prior to the consummation of a
Permitted Acquisition, the actual earnings before interest, taxes, depreciation and amortization of the Acquired Business for such period. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess 

  
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of 50% of the capital stock, partnership interests, membership interests or equity of any Person (other than a Person that is a Subsidiary), or otherwise causing any Person to become a
Subsidiary, or (c) a merger or consolidation or any other combination with another Person (other than a Person that is a Subsidiary) provided that the applicable Borrower or the Subsidiary is the surviving entity. 

“Acquisition Compliance Period” is defined in Section 8.23. 

“Additional Lender” is defined in Section 1.18. 

“Adjusted LIBOR” is defined in Section 1.4(b) hereof. 

“Administrative Agent” means BMO Harris Bank N.A., in its capacity as Administrative Agent hereunder, and any successor in
such capacity pursuant to Section 11.7 hereof. 
 “Administrative Questionnaire” means an Administrative Questionnaire
in a form supplied by the Administrative Agent. 
 “Affected Lender” is defined in Section 1.14. 

“Affiliate” means any Person directly or indirectly controlling or controlled by, or under direct or indirect common control
with, another Person. A Person shall be deemed to control another Person for purposes of this definition if such Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management and policies of the other
Person, whether through the ownership of voting securities, common directors, trustees or officers, by contract or otherwise; provided that, in any event for purposes of this definition, any Person that owns, directly or indirectly, 5% or
more of the securities having the ordinary voting power for the election of directors or governing body of a corporation or 5% or more of the partnership or other ownership interest of any other Person (other than as a limited partner of such other
Person) will be deemed to control such corporation or other Person. 
 “Agreement” means this Amended and Restated Credit
and Guaranty Agreement, as the same may be amended, modified, restated or supplemented from time to time pursuant to the terms hereof. 

  
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 “Applicable Margin” means, with respect to Loans, Reimbursement Obligations, and
the commitment fees and letter of credit fees payable under Section 2.1 hereof, until the Pricing Date with respect to the quarter ending September 30, 2014, the rates per annum shown opposite Level II below, and thereafter from one
Pricing Date to the next the Applicable Margin means the rates per annum determined in accordance with the following schedule: 
  

															
	LEVEL	  	 TOTAL FUNDED

DEBT/EBITDA RATIO

FOR SUCH PRICING DATE
	  	APPLICABLE MARGIN FOR
BASE RATE LOANS 
UNDER
REVOLVING CREDIT AND
REIMBURSEMENT
OBLIGATIONS SHALL BE:	 	 	APPLICABLE MARGIN
FOR EURODOLLAR
LOANS
UNDER
REVOLVING CREDIT AND
LETTER OF CREDIT FEE
SHALL BE:	 	 	APPLICABLE
MARGIN FOR
COMMITMENT FEE
SHALL BE:	 
	 IV
	  	Greater than or equal to 2.0 to 1.0	  	 	.75	% 	 	 	1.75	% 	 	 	.35	% 
	 III
	  	Less than 2.00 to 1.0, but greater than or equal to 1.50 to 1.0	  	 	.50	% 	 	 	1.50	% 	 	 	.30	% 
	 II
	  	Less than 1.50 to 1.0, but greater than or equal to 1.0 to 1.0	  	 	.25	% 	 	 	1.25	% 	 	 	.25	% 
	 I
	  	Less than 1.0 to 1.0	  	 	.00	% 	 	 	1.00	% 	 	 	.20	% 

 For purposes hereof, the term “Pricing Date” means, for any fiscal quarter of the Borrowers ending on
or after September 30, 2014, the date on which the Administrative Agent is in receipt of the Borrowers’ most recent financial statements (and, in the case of the year-end financial statements, audit report) for the fiscal quarter then
ended, pursuant to Section 8.5 hereof. The Applicable Margin shall be established based on the Total Funded Debt/EBITDA Ratio for the most recently completed fiscal quarter and the Applicable Margin established on a Pricing Date shall remain in
effect until the next Pricing Date. If the Borrowers have not delivered their financial statements by the date such financial statements (and, in the case of the year-end financial statements, audit report) are required to be delivered under
Section 8.5 hereof, until such financial statements and audit report are delivered, the Applicable Margin shall be the highest Applicable Margin (i.e., Level IV shall apply). If the Borrowers subsequently deliver such financial
statements before the next Pricing Date, the Applicable Margin established by such late delivered financial statements shall take effect from the date of delivery until the next Pricing Date. In all other circumstances, the Applicable Margin
established by such financial statements shall be in effect from the Pricing Date that occurs immediately after the end of the fiscal quarter covered by such financial statements until the next Pricing Date. Each determination of the Applicable
Margin made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding on the Borrowers and the Lenders if reasonably determined. 

“Application” is defined in Section 1.3(b) hereof. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
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 “Assignment and Acceptance” means an assignment and acceptance entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 13.12 hereof), and accepted by the Administrative Agent, in substantially the form of Exhibit G or any other form approved by the
Administrative Agent. 
 “Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease
payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 

“Authorized Representative” means those persons shown on the list of officers provided by the Borrower Representative
pursuant to Schedule II hereto or on any update of any such list provided by the Borrower Representative to the Administrative Agent, or any further or different officers of any Borrower so named by any Authorized Representative of such
Borrower in a written notice to the Administrative Agent. 
 “Bank Product Arrangements” means, collectively,
(a) any Swap Contract between a Loan Party and any Lender or Affiliate of a Lender and (b) any agreement between a Loan Party and any Lender or Affiliate of a Lender for Funds Transfer, Treasury Management and Other Services.  

“Bank Product Obligations” means the Indebtedness and other obligations of any Loan Party arising under Bank Product
Arrangements and owing to any Bank Product Provider; provided, however, that (i) for any of the foregoing to be included as Bank Product Obligations, the applicable Bank Product Provider (other than BMO Harris or its Affiliates)
shall have provided the Administrative Agent with the written notice referred to in Section 11.9 and (ii) the Bank Product Obligations of any Loan Party shall not include such Loan Party’s Excluded Swap Obligations and the definition
of “Bank Product Obligations” shall not create any Guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party. 

“Bank Product Indemnitee” has the meaning assigned to such term in Section 11.9. 

“Bank Product Provider” means (a) BMO Harris or any of its Affiliates; and (b) any other Lender or Affiliate of a
Lender that is a provider under a Bank Product Arrangement. 
 “Base Rate” is defined in Section 1.4(a) hereof. 

“Base Rate Loan” means a Loan bearing interest at a rate specified in Section 1.4(a) hereof. 

“BMO Harris” means BMO Harris Bank N.A., and its successors and assigns. 

“Borrower” is defined in the introductory paragraph of this Agreement. 

  
 -26- 

 “Borrower Representative” is defined in Section 1.17 hereof. 

“Borrowing” means the total of Loans of a single type advanced, continued for an additional Interest Period, or converted
from a different type into such type by the Lenders under a Credit on a single date and, in the case of Eurodollar Loans, for a single Interest Period. Borrowings of Loans are made and maintained ratably from each of the Lenders under a Credit
according to their respective Percentages of such Credit. A Borrowing is “advanced” on the day Lenders advance funds comprising such Borrowing to the Borrowers, is “continued” on the date a new Interest Period for
the same type of Loans commences for such Borrowing, and is “converted” when such Borrowing is changed from one type of Loans to the other, all as determined pursuant to Section 1.6 hereof. Borrowings of Swing Loans are made by
the Swing Line Lender in accordance with the procedures set forth in Section 1.7 hereof. 
 “Business Day”
means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in Chicago, Illinois and, and, if such day relates to any interest rate settings as to a Eurodollar Loan, any fundings, disbursements, settlements
and payments in respect of any such Eurodollar Loan, or any other dealings to be carried out pursuant to this Agreement in respect of any such Eurodollar Loan, means any such day that is also a London Banking Day. 

“Capital Expenditures” means, with respect to any Person for any period, the aggregate amount of all expenditures (whether
paid in cash or accrued as a liability) by such Person during that period for the acquisition or leasing (pursuant to a Capital Lease) of fixed or capital assets or additions to property, plant, or equipment (including replacements, capitalized
repairs, and improvements) which should be capitalized on the balance sheet of such Person in accordance with GAAP. 

“Capital Lease” means any lease of Property which in accordance with GAAP is required to be capitalized on the balance sheet
of the lessee. 
 “Capitalized Lease Obligation” means, for any Person, the amount of the liability shown on the
balance sheet of such Person in respect of a Capital Lease determined in accordance with GAAP. 
 “Cash
Collateralize” means the delivery of cash to Administrative Agent, as security for the payment of Obligations, in an amount equal to (a) with respect to L/C Obligations, 105% of the aggregate L/C Obligations (or such greater amount as
Administrative Agent may determine is necessary to pay the face amount thereof plus all fees and expenses expected to accrue with respect to such Letters of Credit through the expiration date of such Letters of Credit), and (b) with respect to
any inchoate, contingent or other Obligations, Administrative Agent’s good faith estimate of the amount due or to become due. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of
such cash collateral and other credit support. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq., and any future amendments. 

  
 -27- 

 “Change of Control” means any of (a) the acquisition by any
“person” or “group” (as such terms are used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) at any time of beneficial ownership of 10% or more of the outstanding capital stock or
other equity interests of the Parent on a fully-diluted basis, (b) the failure of individuals who are members of the board of directors of the Parent on the Restatement Closing Date (together with any new or replacement directors whose initial
nomination for election was approved by a majority of the directors who were either directors on the Restatement Closing Date or previously so approved) to constitute a majority of the board of directors of the Parent, (c) the Parent ceases to
own, legally and beneficially, 100% of the equity interests of the Loan Parties and their Subsidiaries, or (d) any “Change of Control” (or words of like import), as defined in any agreement or indenture relating to any issue of
Indebtedness of the Borrower or any Subsidiary shall occur. 
 “Code” means the Internal Revenue Code of 1986, as
amended, and any successor statute thereto. 
 “Collateral” means all properties, rights, interests, and privileges from
time to time subject to the Liens granted to the Administrative Agent, or any security trustee therefor, by the Collateral Documents. 

“Collateral Account” is defined in Section 9.4 hereof. 

“Collateral Documents” means the Security Agreement, and all other mortgages, deeds of trust, security agreements, pledge
agreements, assignments, financing statements and other documents as shall from time to time secure or relate to the Obligations or any part thereof. 

“Commitments” means the Revolving Credit Commitments. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to
time, and any successor statute. 
 “Compliance Certificate” is defined in Section 8.5 hereof. 

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with any Borrower, are treated as a single employer under Section 414 of the Code. 

“Credit” means the Revolving Credit. 

“Credit Event” means the advancing of any Loan, or the issuance of, or extension of the expiration date or increase in the
amount of, any Letter of Credit. 
 “Default” means any event or condition the occurrence of which would, with the
passage of time or the giving of notice, or both, constitute an Event of Default. 
 “Defaulting Lender” means any
Lender that (a) has failed to fund any portion of the Loans, participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder (herein, a “Defaulted Loan”) within two (2) Business Days
of the date 

  
 -28- 

 
required to be funded by it hereunder unless such failure has been cured, (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be
paid by it hereunder within two (2) Business Days of the date when due, unless the subject of a good faith dispute or unless such failure has been cured, or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency
proceeding or a receiver or conservator has been appointed for such Lender. 
 “Defaulting Lender Excess” means, with
respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Percentage of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders other than such Defaulting Lender had
funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender. 

“Defaulting Lender Period” means, with respect to any Defaulting Lender, the period commencing on the date upon which such
Lender first became a Defaulting Lender and ending on the earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable and
(ii) the date on which (a) such Defaulting Lender is no longer insolvent, the subject of a bankruptcy or insolvency proceeding or, if applicable, under the direction of a receiver or conservator, (b) the Defaulting Lender Excess with
respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or otherwise), and (c) such Defaulting Lender shall have delivered to Borrower
Representative and the Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments. 

“Designated Disbursement Account” means the account of any Borrower maintained with the Administrative Agent or its Affiliate
and designated in writing to the Administrative Agent as the Borrowers’ Designated Disbursement Account (or such other account as the Borrower Representative and the Administrative Agent may otherwise agree). 

“Domestic Subsidiary” means a Subsidiary that is not a Foreign Subsidiary. 

“Dormant Subsidiary” means Sparton of Canada, Ltd., a corporation organized under the laws of Canada and Sparton
Engineered Products, Inc.—Flora Group, an Illinois corporation. 
 “EBITDA” means, with reference to any
period, Net Income for such period plus all amounts deducted in arriving at such Net Income amount in respect of (a) Interest Expense for such period, (b) federal, state, and local income taxes for such period, (c) depreciation
of fixed assets and amortization of intangible assets for such period, (d) non-recurring fees, costs and expenses related to the closing of this Agreement and the other Loan Documents on the Restatement Closing Date which do not exceed $500,000
in the aggregate, and (e) non-recurring fees, costs and expenses related to Permitted Acquisitions which do not to exceed $750,000 in the aggregate for any one Permitted Acquisition or $1,500,000 in the aggregate in any fiscal year, all as
determined for Parent and its Subsidiaries on a consolidated basis in accordance with GAAP. For purposes of calculating compliance with the financial covenants set forth in Section 8.23, “EBITDA” shall include the Acquired Business
EBITDA for any applicable period 

  
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prior to the consummation of the applicable Permitted Acquisition, determined pursuant to financial information delivered to and approved by the Administrative Agent prior to the consummation of
such Permitted Acquisition for such period. All pro forma EBITDA adjustments relating to a Permitted Acquisition must be substantiated by a due diligence report provided by a third party of national standing delivered to the Administrative Agent
prior to the consummation of such Permitted Acquisition and shall in any case be subject to the following limits: (i) with respect to a Permitted Acquisition for which the Acquired Business EBITDA is less than or equal to $5,000,000 for the
four-quarter period most recently ended prior to the consummation of such Permitted Acquisition for which financial statements are available, the total add back to EBITDA shall not exceed 10% of EBITDA of Parent and its Subsidiaries (determined
without giving effect to such Permitted Acquisition) for the four-quarter period most recently ended prior to the consummation of such Permitted Acquisition for which financial statements are available; and (ii) with respect to a Permitted
Acquisition for which the Acquired Business EBITDA is greater than $5,000,000 for the four-quarter period most recently ended prior to the consummation of such Permitted Acquisition for which financial statements are available, the total add back to
EBITDA shall not exceed 15% of EBITDA of Parent and its Subsidiaries (determined without giving effect to such Permitted Acquisition) for the four-quarter period most recently ended prior to the consummation of such Permitted Acquisition for which
financial statements are available. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender,
(c) an Approved Fund, and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, (ii) in the case of any assignment of a Revolving Credit Commitment, the L/C Issuer, and (iii) unless an
Event of Default has occurred and is continuing, the Borrower Representative (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include any
Borrower or any Guarantor or any of such Borrower’s or such Guarantor’s Affiliates or Subsidiaries. 
 “Eligible
Line of Business” means any business engaged in as of the date of this Agreement by the Borrowers or any of its Subsidiaries, and other complimentary or related business within the electromechanical device, electronics or related
industry. 
 “Environmental Claim” means any investigation, notice, violation, demand, allegation, action, suit,
injunction, judgment, order, consent decree, penalty, fine, lien, proceeding or claim (whether administrative, judicial or private in nature) arising (a) pursuant to, or in connection with an actual or alleged violation of, any Environmental
Law, (b) in connection with any Hazardous Material, (c) from any abatement, removal, remedial, corrective or response action in connection with a Hazardous Material, Environmental Law or order of a governmental authority or (d) from
any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment. 

“Environmental Law” means any current or future Legal Requirement pertaining to (a) the protection of health, safety and
the indoor or outdoor environment, (b) the conservation, management or use of natural resources and wildlife, (c) the protection or use of surface water or groundwater, (d) the management, manufacture, possession, presence, use,
generation, transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, remediation or handling of, or exposure to, any Hazardous Material or (e) pollution (including any Release to air, land, surface water or
groundwater), and any amendment, rule, regulation, order or directive issued thereunder. 

  
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 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended,
or any successor statute thereto. 
 “Eurodollar Loan” means a Loan bearing interest at the rate specified in
Section 1.4(b) hereof. 
 “Eurodollar Reserve Percentage” is defined in Section 1.4(b) hereof. 

“Event of Default” means any event or condition identified as such in Section 9.1 hereof. 

“Event of Loss” means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such
Property or (b) any condemnation, seizure, or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property. 

“Excess Availability” means, as of any time the same is to be determined, the amount (if any) by which (a) the Revolving
Credit Commitment as then in effect exceeds (b) the aggregate principal amount of Revolving Loans, Swing Loans, and L/C Obligations then outstanding. 

“Excluded Accounts” means (a) accounts maintained by the Loan Parties and used exclusively for payroll (provided the
total amount on deposit at any time does not exceed the current amount of their payroll obligations), funding payroll taxes (containing funds deducted from pay otherwise due to employees for services rendered and that will be applied toward the tax
obligations of such employees) and other ordinary course compensation and benefits to employees of the Loan Parties, (b) escrow accounts established in connection with Permitted Acquisitions from amounts withheld from the purchase price to fund
purchase price adjustments, indemnity obligations and similar obligations, provided that, the Collateral shall include all of the applicable Loan Party’s right, title and interest in any such escrow accounts and all proceeds derived from
such Property (and such proceeds will be held in trust by the applicable Loan Party for the benefit of the Administrative Agent and the Lenders and delivered by such Loan Party to a deposit account permitted by Section 8.25 of this Agreement
or, during the existence of an Event of Default, as directed by the Administrative Agent), and (c) zero balance disbursement accounts. 

“Excluded Depository Accounts” means local depository accounts maintained by the Loan Parties in proximity to their
operations, provided that the total amount on deposit at any one time in such accounts shall not exceed $1,000,000 in the aggregate. 

“Excluded Property” means the (a) the Excluded Stock, (b) other than accounts, any lease, license, permit or
agreement to which any Loan Party is a party to the extent, but only to the extent, that a grant of a Lien thereon would, under the terms of such lease, license, permit or agreement, result in a breach of the terms of, invalidate, or constitute a
default under, such lease, license, permit or agreement or to the extent any requirement of law prohibits the grant of 

  
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a Lien thereon (in each case, with respect to this clause (b)), other than to the extent that any such term or prohibition would be rendered ineffective pursuant to the UCC or other
applicable law; provided that, with respect to any such limitation described in the foregoing clause (b), (i) upon the request of the Administrative Agent, such Loan Party shall in good faith use commercially reasonable efforts to
obtain any requisite consent for the creation of such Lien in favor of the Administrative Agent, for its benefit and the benefit of the Lenders, on such Property, (ii) immediately upon the ineffectiveness, lapse or termination of any such
restriction, the Collateral shall include such Property, and such Loan Party shall be deemed to have granted a Lien on such Property under the Security Agreement, as if such restriction had never been in effect; and (iii) notwithstanding any
such restriction, the Collateral shall include all proceeds derived from such Property (and such proceeds will be held in trust by the applicable Loan Party for the benefit of the Administrative Agent and the Lenders and delivered by such Loan Party
to a deposit account permitted by Section 8.25 of this Agreement or, during the existence of an Event of Default, as directed by the Administrative Agent); (c) any “intent to use” applications for Trademarks for which a statement
of use has not been filed and accepted with the United States Patent and Trademark Office; (d) Excluded Accounts; and (e) assets as to which the Administrative Agent shall determine in its sole reasonable discretion that the cost of
obtaining a security interest therein or perfection thereof are excessive in relation to the value of the security to be afforded thereby. 

“Excluded Real Estate” means (a) means the properties located at (i) 9621 Coors Road, Albuquerque, New Mexico
87140, (ii) 5612 Johnson Lake Rd., DeLeon Springs, Florida 32130, (iii) 30167 Power Line Road, Brooksville, Florida 34602, (iv) 22740 Lunn Road, Strongsville, Ohio 44149 and (v) 2920 13th Avenue Southeast, Watertown, South Dakota
57201 and (b) any other owned real property (together with improvements thereon) having a fair market value of less than $5,000,000. 

“Excluded Stock” means 35% of the Voting Stock of any Foreign Subsidiary that is directly owned by a Loan Party and
100% of the capital stock and other equity interests in any other Foreign Subsidiary. 
 “Excluded Subsidiary” means
(a) each Dormant Subsidiary and (b) each Foreign Subsidiary. 
 “Excluded Swap Obligation” means, with respect to
any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee by such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Loan Party’s failure for any
reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee or the grant of such security interest becomes or would become effective with respect
to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Loan Party is a “financial
entity,” as defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the Guarantee of such Loan Party becomes or would become 

  
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effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such
Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 
 “Excluded
Vehicles” means vehicles that are subject to a certificate of title law so long as the total value of such property at any one time does not exceed $1,000,000 in the aggregate. 

“Existing Borrowers” is defined in the Preliminary Statement to this Agreement. 

“Existing Credit Agreement” is defined in the Preliminary Statement to this Agreement. 

“Existing Lenders” is defined in the Preliminary Statement to this Agreement. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any
intergovernmental agreement entered into in connection with the implementation of such sections of the Code. 
 “Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by
the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a
whole multiple of 1/100 of 1%) charged to BMO Harris on such day on such transactions as determined by the Administrative Agent. 

“Fixed Charge Coverage Ratio” means, as of the date of determination thereof, the ratio of (a) EBITDA minus
Capital Expenditures to (b) Fixed Charges, in each case, for the four fiscal quarters then ended. 
 “Fixed
Charges” means, with reference to any period, the sum of (a) all payments of principal made or to be made during such period with respect to Indebtedness of the Parent and its Subsidiaries, (b) cash Interest Expense paid or
payable by the Parent and its Subsidiaries during such period, (c) cash federal, state, and local income taxes paid or payable by the Parent and its Subsidiaries during such period, (d) Restricted Payments made during such period and
(e) Investments made during such period under Section 8.9(p). 

  
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 “Foreign Subsidiary” means each Subsidiary which (a) is organized under the
laws of a jurisdiction other than the United States of America or any state thereof or the District of Columbia, (b) conducts substantially all of its business outside of the United States of America, and (c) has substantially all of its
assets outside of the United States of America. 
 “Fund” means any Person (other than a natural person) that is (or
will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Funds Transfer, Treasury Management and Other Services” means any of the following services rendered to or for the benefit
of any Loan Party by a Lender or an Affiliate of a Lender: (a) the execution or processing of electronic transfers of funds by automatic clearing house transfer, wire transfer or otherwise to or from deposit accounts, (b) the acceptance
for deposit or the honoring for payment of any check, draft or other item with respect to any such deposit accounts, (c) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing
cards), (d) stored value cards, and (e) any other deposit, disbursement, and cash management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate
depository network services). 
 “GAAP” means generally accepted accounting principles set forth from time to time
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of
comparable stature and authority within the U.S. accounting profession), which are applicable to the circumstances as of the date of determination. 

“Governmental Authority” means any federal, state, District of Columbia, municipal, national or other government,
governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

“Guarantee” means, as to any Person, any (a) obligation, contingent or otherwise, of such Person guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or
indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in
respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of
income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such 

  
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Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or
determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantor” and
“Guarantors” each is defined in Section 4.1 hereof. 
 “Guaranty” and “Guaranties”
each is defined in Section 4.1 hereof. 
 “Hazardous Material” means any substance, chemical, compound, product,
solid, gas, liquid, waste, byproduct, pollutant, contaminant or material which is hazardous or toxic, and includes, without limitation, (a) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and
(b) any material classified or regulated as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law. 

“Hazardous Material Activity” means any activity, event or occurrence involving a Hazardous Material, including, without
limitation, the manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, Release, threatened Release, abatement, removal, remediation, handling of or corrective or response action to any Hazardous
Material. 
 “Hostile Acquisition” means the acquisition of the capital stock or other equity interests of a Person
through a tender offer or similar solicitation of the owners of such capital stock or other equity interests which has not been approved (prior to such acquisition) by resolutions of the Board of Directors of such Person or by similar action if such
Person is not a corporation, or as to which such approval has been withdrawn. 
 “ICE LIBOR” is defined in Section
1.4(a). 
 “Incremental Commitment Increase” is defined in Section 1.18. 

“Incremental Facility Amendment” is defined in Section 1.18. 

“Incremental Facility Closing Date” is defined in Section 1.18. 

“Indebtedness” means for any Person (without duplication) (a) all indebtedness created, assumed or incurred in any
manner by such Person representing money borrowed (including by issuance of debt securities) and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements, or other similar instruments, (b) all indebtedness for the
deferred purchase price of property or services (other than trade accounts payable arising in the ordinary course of business which are not more than ninety (90) days past due), (c) all indebtedness secured by any Lien upon Property of
such Person, whether or not such Person has assumed or become liable for the payment of such indebtedness, (d) all Capitalized Lease Obligations of such Person, (e) all obligations of such Person on or with respect to letters of credit,
bankers’ acceptances, bank guarantees, surety bonds and similar instruments, (f) net obligations of such Person under any Swap Contract, (g) the Synthetic Lease Obligations of such Person, (h) all obligations of such Person in
respect of any capital stock or other equity interest 

  
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that is subject to any mandatory redemption, repurchase, dividend or other payment obligation and (i) all Guarantees of such Person in respect of the foregoing. For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, to
the extent such Indebtedness is recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease or Synthetic
Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 

“Interest Expense” means, with reference to any period, the sum of all interest charges (including imputed interest charges
with respect to Capitalized Lease Obligations and all amortization of debt discount and expense) of the Parent and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 

“Interest Payment Date” means (a) with respect to any Eurodollar Loan, the last day of each Interest Period with respect
to such Eurodollar Loan and on the maturity date and, if the applicable Interest Period is longer than (3) three months, on each day occurring every three (3) months after the commencement of such Interest Period, (b) with respect to
any Base Rate Loan (other than Swing Loans), the last day of every calendar quarter) and on the maturity date, and (c) as to any Swing Loan, (i) bearing interest by reference to the Base Rate, the last day of every calendar month, and on
the maturity date and (ii) bearing interest by reference to the Swing Line Lender’s Quoted Rate, the last day of the Interest Period with respect to such Swing Loan, and on the maturity date. 

“Interest Period” means the period commencing on the date a Borrowing of Eurodollar Loans or Swing Loans (bearing interest at
the Swing Line Lender’s Quoted Rate) is advanced, continued, or created by conversion and ending (a) in the case of Eurodollar Loans, 1, 2, 3, or 6 months thereafter and (b) in the case of Swing Loans bearing interest at the Swing
Line Lender’s Quoted Rate, on the date one (1) to five (5) Business Days thereafter as mutually agreed by the Borrower Representative and the Swing Line Lender, provided, however, that: 

(i) no Interest Period shall extend beyond the final maturity date of the relevant Loans; 

(ii) whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such
Interest Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day of an Interest Period for a Borrowing of Eurodollar Loans to occur in the following calendar month, the last day
of such Interest Period shall be the immediately preceding Business Day; and 
 (iii) for purposes of determining an Interest
Period for a Borrowing of Eurodollar Loans, a month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no numerically
corresponding day in the month in which such an Interest Period is to end or if such an Interest Period begins on the last Business Day of a calendar month, then such Interest Period shall end on the last Business Day of the calendar month in which
such Interest Period is to end. 

  
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 “Investment” means, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other equity interests of another Person (including through the purchase of an option, warrant or convertible or similar type security),
(b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest
in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness or other obligations of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or any
substantial part of the assets or business of any other Person or division thereof.  
 “Joinder Agreement” means
(a) with respect to this Agreement, an agreement pursuant to which a new Loan Party becomes a party to this Agreement substantially in form of Exhibit F and (b) with respect to the Security Agreement, an agreement pursuant to
which a new Loan Party becomes a party to the Security Agreement substantially in form of Annex VI thereto. 
 “L/C
Issuer” means BMO Harris Bank N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 1.3(h) hereof. 

“L/C Obligations” means the aggregate undrawn face amounts of all outstanding Letters of Credit and all unpaid Reimbursement
Obligations. 
 “L/C Sublimit” means $10,000,000, as reduced pursuant to the terms hereof. 

“Legal Requirement” means any treaty, convention, statute, law, regulation, ordinance, license, permit, governmental
approval, injunction, judgment, order, consent decree or other requirement of any governmental authority, whether federal, state, or local. 

“Lenders” means and includes BMO Harris Bank N.A and the other financial institutions from time to time party to this
Agreement, including each assignee Lender pursuant to Section 13.12 hereof and, unless the context otherwise requires, the Swing Line Lender. 

“Lending Office” is defined in Section 10.4 hereof. 

“Letter of Credit” is defined in Section 1.3(a) hereof. 

“LIBOR” is defined in Section 1.4(b) hereof. 

“Lien” means any mortgage, lien, security interest, pledge, charge or encumbrance of any kind in respect of any Property,
including the interests of a vendor or lessor under any conditional sale, Capital Lease or other title retention arrangement. 

  
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 “Loan” means any Revolving Loan or Swing Loan, whether outstanding as a Base
Rate Loan or Eurodollar Loan or otherwise, each of which is a “type” of Loan hereunder. 
 “Loan
Documents” means this Agreement, the Notes (if any), the Applications, the Guaranties, the Collateral Documents, and each other instrument or document to be delivered hereunder or thereunder or otherwise in connection therewith. 

“Loan Parties” means, collectively, each Borrower and each Guarantor a party hereto. 

“London Banking Day” means any day on which dealings in U.S. Dollar deposits are conducted by and between banks in the
London interbank eurodollar market. 
 “Material Adverse Effect” means (a) a material adverse change in, or
material adverse effect upon, the operations, business, Property or condition (financial or otherwise) of any Borrower or of the Loan Parties and their Subsidiaries, taken as a whole, (b) a material impairment of the ability of any Loan Party
or any Subsidiary to perform its material obligations under any Loan Document or (c) a material adverse effect upon (i) the legality, validity, binding effect or enforceability against any Loan Party or any Subsidiary of any Loan Document
or the rights and remedies of the Administrative Agent and the Lenders thereunder or (ii) the perfection or priority of any Lien granted under any Collateral Document. 

“Material Subsidiary” means, as of the last day any fiscal quarter, any Subsidiary that has total annual revenues of more
than $20,000,000 or total tangible assets of more than $10,000,000 for the four fiscal quarters ending on such date. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgages” means, collectively, any mortgages or deeds of trust delivered to the Administrative Agent pursuant to
Section 4.3 hereof, as the same may be amended, modified, supplemented or restated from time to time. 
 “Net
Income” means, with reference to any period, the net income (or net loss) of the Parent and its Subsidiaries for such period computed on a consolidated basis in accordance with GAAP; provided that there shall be excluded from Net
Income (a) the net income (or net loss) of any Person accrued prior to the date it becomes a Subsidiary of, or has merged into or consolidated with, any Borrower or another Subsidiary, and (b) the net income (or net loss) of any Person
(other than a Subsidiary) in which any Borrower or any Subsidiary has an equity interest in, except to the extent of the amount of dividends or other distributions actually paid to any Borrower or any Subsidiary during such period. 

“Non-Excluded Subsidiary” means any Domestic Subsidiary of the Parent other than an Excluded Subsidiary. 

“Note” and “Notes” each is defined in Section 1.11 hereof. 

  
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 “Obligations” means all obligations (monetary (including post-petition interest,
allowed or not) or otherwise) of the Borrowers to pay principal and interest on the Loans, all Reimbursement Obligations owing under the Applications, all fees and charges payable hereunder, and all other payment obligations of any Loan Party or any
Subsidiary of any Loan Party arising under or in relation to any Loan Document and all Bank Product Obligations, in each case whether now existing or hereafter arising, due or to become due, direct or indirect, absolute or contingent, and howsoever
evidenced, held or acquired; provided, however, that the Obligations of a Loan Party shall not include such Loan Party’s Excluded Swap Obligations and the definition of “Obligations” shall not create any Guarantee by any Loan
Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party. 

“OFAC” means the United States Department of Treasury Office of Foreign Assets Control. 

“OFAC Event” means the event specified in Section 8.15 hereof. 

“OFAC Sanctions Programs” means all laws, regulations, and Executive Orders administered by OFAC, including without
limitation, the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended), the Bank Secrecy Act, anti-money laundering laws, including, without limitation, the USA Patriot Act, and all economic and trade sanction programs administered
by OFAC, any and all similar United States federal laws, regulations or Executive Orders, and any similar laws, regulators or orders adopted by any State within the United States. 

“OFAC SDN List” means the list of the Specially Designated Nationals and Blocked Persons maintained by OFAC. 

“Parent” is defined in the introductory paragraph to this Agreement. 

“Participating Interest” is defined in Section 1.3(e) hereof. 

“Participating Lender” is defined in Section 1.3(e) hereof. 

“PBGC” means the Pension Benefit Guaranty Corporation or any Person succeeding to any or all of its functions under ERISA.

 “Payment in Full” means, the (a) the Commitments shall have expired or terminated, (b) the indefeasible
payment in full in cash of all Obligations, together with all accrued and unpaid interest and fees thereon, other than L/C Obligations that have been fully Cash Collateralized (or as to which other arrangements with respect thereto satisfactory to
the Administrative Agent and the L/C Issuer shall have been made) and contingent indemnity claims, and (c) if any of the Obligations are inchoate or contingent in nature, Cash Collateralization thereof (or other arrangements satisfactory to the
Administrative Agent in its sole discretion shall have been made). 
 “Percentage” means for any Lender its Revolver
Percentage. 

  
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 “Permitted Acquisition” means any Acquisition with respect to which all of the
following conditions shall have been satisfied: 
 (a) the Acquired Business is in an Eligible Line of Business; 

(b) the Acquisition shall not be a Hostile Acquisition; 

(c) the financial statements of the Acquired Business shall have been audited by a nationally recognized accounting firm or such financial
statements shall have undergone review by an accounting firm satisfactory to Administrative Agent of a scope satisfactory to the Administrative Agent as part of the Acquisition due diligence; 

(d) the Borrower Representative shall have notified the Administrative Agent not less than ten (10) Business Days (or such lesser period
as is acceptable to Administrative Agent in its sole discretion) prior to any such Acquisition, and have furnished to the Administrative Agent at such time (i) reasonable details as to such Acquisition (including sources and uses of funds
therefor), and (ii) for Acquisitions with Total Consideration of $7,500,000 or more, (A) 3-year (or such lesser period, as available, but not less than 2 years) historical financial information of
the Acquired Business, (B) 1-year pro forma financial forecasts of the Parent and its Subsidiaries, including the Acquired Business, on a consolidated basis after giving effect to the Acquisition and (C) covenant compliance calculations
reasonably satisfactory to the Administrative Agent; 
 (e) if the Acquisition is structured as a merger involving any Borrower or any Loan
Party (other than a Borrower), such Borrower or Loan Party, as applicable, is the surviving Person; 
 (f) if a new Subsidiary is formed or
acquired as a result of or in connection with the Acquisition, the Borrowers shall have complied with the requirements of Section 4 hereof in connection therewith to the extent required by such Section; 

(g) after giving effect to the Acquisition and any Credit Event in connection therewith, no Default or Event of Default shall exist; 

(h) demonstration to the satisfaction of the Administrative Agent of pro forma compliance with all financial covenants (calculated on a
trailing four quarters basis) contained in Section 8.23 hereof after giving effect to the Acquisition; 
 (i) the Total Consideration
for the Acquired Business shall not exceed 1.5 x EBITDA of the Parent and its Subsidiaries (determined without giving effect to the Acquisition) for the four-quarter period most recently ended prior to the Acquisition for which financial statement
are available; provided that, with respect to Acquisitions involving the purchase of a business or entity outside the United States, the Total Consideration shall not exceed (x) for any one such Acquisition, 1.0 x EBITDA of the Parent
and its Subsidiaries (determined without giving effect to the Acquisition) for the four-quarter period most recently ended prior to the Acquisition for which financial statement are available or (y) for all such Acquisitions, 1.5 x EBITDA of
the Parent and its Subsidiaries (determined without giving effect to the Acquisition) for the four-quarter period most recently ended prior to the Acquisition for which financial statement are available (in the event an Acquisition involves both the
purchase of a business or entity inside the United Stated and the purchase of a business or entity outside the United States, the Total Consideration shall be allocated to the foregoing limits by Borrower Representative based on the relative fair
market value of the assets or equity interests acquired, as applicable, and such allocation shall be reasonable acceptable to the Administrative Agent); 

  
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 (j) Borrower Representative shall certify the satisfaction of the foregoing conditions on or
prior to the date such Acquisition is consummated. 
 “Permitted Refinancing Indebtedness” means, with respect to any
Indebtedness, any extensions, renewals or refinancing of any such Indebtedness (as used in the definition, the refinancing Indebtedness); provided, that (a) the amount of such Indebtedness is not increased at the time of extension, renewal or
refinancing except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder;
(b) the refinancing Indebtedness is on the whole and in all material respects on terms no less favorable (as adjusted for current market conditions) to the Loan Parties than such Indebtedness; (c) the weighted average life to maturity of
the refinancing Indebtedness is greater than the weighted average life to maturity of such Indebtedness; (d) if such Indebtedness is (i) Subordinated Debt, the refinancing Indebtedness is subordinated to the Obligations to the same extent
that such Indebtedness is subordinated to the Obligations; or (ii) unsecured, such refinancing Indebtedness shall be unsecured; and (e) the refinancing Indebtedness is incurred by the same Person or Persons (or their successor(s)) that
initially incurred (including, without limitation, by guaranty) such Indebtedness. 
 “Person” means an individual,
partnership, corporation, limited liability company, association, trust, unincorporated organization or any other entity or organization, including a government or agency or political subdivision thereof. 

“Plan” means any employee pension benefit plan covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code that either (a) is maintained by a member of the Controlled Group for employees of a member of the Controlled Group or (b) is maintained pursuant to a collective bargaining agreement or any other arrangement
under which more than one employer makes contributions and to which a member of the Controlled Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions. 

“Premises” means the real property owned or leased by any Loan Party or any Subsidiary. 

“Property” means, as to any Person, all types of real, personal, tangible, intangible or mixed property owned by such Person
whether or not included in the most recent balance sheet of such Person and its subsidiaries under GAAP. 
 “Qualified
ECP” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes or would become effective with respect to such
Swap Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract
participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
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 “RCRA” means the Solid Waste Disposal Act, as amended by the Resource
Conservation and Recovery Act of 1976 and Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq., and any future amendments. 

“Regulatory Change” shall mean the introduction of, or any change in any applicable law, treaty, rule, regulation or
guideline or in the interpretation or administration thereof by any Governmental Authority or any central bank or other fiscal, monetary or other authority having jurisdiction over Administrative Agent or any Lender or its lending offices (for the
avoidance of doubt and notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder issued in connection therewith, and all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to
Basel III, shall in each case be deemed to be a “Regulatory Change” hereunder, regardless of the date enacted, adopted or issued). 

“Reimbursement Obligation” is defined in Section 1.3(c) hereof. 

“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
migration, dumping, or disposing into the indoor or outdoor environment, including, without limitation, the abandonment or discarding of barrels, drums, containers, tanks or other receptacles containing or previously containing any Hazardous
Material. 
 “Required Lenders” means, as of the date of determination thereof, Lenders whose outstanding Loans and
interests in Letters of Credit and Unused Revolving Credit Commitments constitute more than 50% of the sum of the total outstanding Loans, interests in Letters of Credit and Unused Revolving Credit Commitments of the Lenders; provided that,
at any time there are only two Lenders, both such Lenders. 
 “Restatement Closing Date” means the date of this
Agreement or such later Business Day upon which each condition described in Section 7.2 shall be satisfied or waived in a manner acceptable to the Administrative Agent in its discretion. 

“Restricted Payment” is defined in Section 8.12 hereof. 

“Revolver Percentage” means, for each Lender, the percentage of the Revolving Credit Commitments represented by such
Lender’s Revolving Credit Commitment or, if the Revolving Credit Commitments have been terminated, the percentage held by such Lender (including through participation interests in Reimbursement Obligations) of the aggregate principal amount of
all Revolving Loans and L/C Obligations then outstanding. 
 “Revolving Credit” means the credit facility for making
Revolving Loans and Swing Loans and issuing Letters of Credit described in Sections 1.2, 1.3 and 1.7 hereof. 

  
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 “Revolving Credit Commitment” means, as to any Lender, the obligation of such
Lender to make Revolving Loans and to participate in Swing Loans and Letters of Credit issued for the account of the Borrowers hereunder in an aggregate principal or face amount at any one time outstanding not to exceed the amount set forth opposite
such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at any time or from time to time pursuant to the terms hereof. The Borrowers and the Lenders acknowledge and agree that
the Revolving Credit Commitments of the Lenders aggregate $200,000,000 on the date hereof. 
 “Revolving Credit Termination
Date” means September 11, 2019 or such earlier date on which the Revolving Credit Commitments are terminated in whole pursuant to Section 1.13, 9.2 or 9.3 hereof. 

“Revolving Loan” is defined in Section 1.1 hereof and, as so defined, includes a Base Rate Loan or a Eurodollar Loan,
each of which is a “type” of Revolving Loan hereunder. 
 “Revolving Note” is defined in
Section 1.11 hereof. 
 “S&P” means Standard & Poor’s Ratings Services Group, a division of The
McGraw-Hill Companies, Inc. 
 “Security Agreement” means that certain Amended and Restated Security Agreement dated the
date of this Agreement among the Borrowers and the Guarantors and the Administrative Agent, as the same may be amended, modified, supplemented or restated from time to time. 

“Subordinated Debt” means Indebtedness which is subordinated in right of payment to the prior payment of the Obligations
pursuant to subordination provisions approved in writing by the Administrative Agent and is otherwise pursuant to documentation that is, which is in an amount that is, and which contains interest rates, payment terms, maturities, amortization
schedules, covenants, defaults, remedies and other material terms that are in form and substance, in each case satisfactory to the Administrative Agent. As of the date of this Agreement, there is no Subordinated Debt. 

“Subsidiary” means, as to any particular parent corporation or organization, any other corporation or organization more than
50% of the outstanding Voting Stock of which is at the time directly or indirectly owned by such parent corporation or organization or by any one or more other entities which are themselves subsidiaries of such parent corporation or organization.
Unless otherwise expressly noted herein, the term “Subsidiary” means a Subsidiary of Parent, any Borrower or of any of any Loan Party’s direct or indirect Subsidiaries. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance
sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be
characterized as the indebtedness of such Person (without regard to accounting treatment). 

  
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 “Swap Contract” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond
price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement. 
 “Swap Obligation” means, with respect to any Person, any obligation to pay or perform under any
agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by
any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Swing
Line” means the credit facility for making one or more Swing Loans described in Section 1.7 hereof. 
 “Swing Line
Lender” means Administrative Agent or one of its Affiliates, acting in its capacity as the Lender of Swing Loans hereunder, or any successor Lender acting in such capacity appointed pursuant to Section 13.12 hereof. 

“Swing Line Lender’s Quoted Rate” is defined in Section 1.7(c) hereof. 

“Swing Line Sublimit” means $10,000,000, as reduced pursuant to the terms hereof. 

“Swing Loan” and “Swing Loans” each is defined in Section 1.7 hereof. 

“Swing Note” is defined in Section 1.11 hereof. 

“Total Consideration” means, with respect to an Acquisition, the sum (but without duplication) of (a) cash paid in
connection with any Acquisition, (b) indebtedness payable to the seller in connection with such Acquisition, (c) the fair market value of any equity 

  
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securities, including any warrants or options therefor, delivered in connection with any Acquisition, (d) the present value of covenants not to compete entered into in connection with such
Acquisition or other future payments which are required to be made over a period of time and are not contingent upon any Loan Party or any Subsidiary meeting financial performance objectives (exclusive of salaries paid in the ordinary course of
business) (discounted at the Base Rate), but only to the extent not included in clause (a), (b) or (c) above, and (e) the amount of indebtedness assumed in connection with such Acquisition; provided, however, Total Consideration
shall exclude customary working capital adjustments acceptable to Administrative Agent. 
 “Total Funded Debt” means, at
any time the same is to be determined, the sum (but without duplication) of all Indebtedness of the Parent and its Subsidiaries at such time (other than Indebtedness of the type referred to in clause (f) of the definition of
“Indebtedness”). 
 “Total Funded Debt/EBITDA Ratio” means, as of the last day of any fiscal quarter of
the Parent, the ratio of Total Funded Debt of the Parent and its Subsidiaries as of the last day of such fiscal quarter to EBITDA of the Parent and its Subsidiaries for the period of four fiscal quarters then ended. 

“UCC” has the meaning assigned to such term in the Security Agreement. 

“Unfunded Vested Liabilities” means, for any Plan at any time, the amount (if any) by which the present value of all vested
nonforfeitable accrued benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a
potential liability of a member of the Controlled Group to the PBGC or the Plan under Title IV of ERISA. 
 “Unused Revolving
Credit Commitments” means, at any time, the difference between the Revolving Credit Commitments then in effect and the aggregate outstanding principal amount of Revolving Loans and L/C Obligations.  

“USA Patriot Act” means Uniting And Strengthening America by Providing Appropriate Tools Required To Intercept And Obstruct
Terrorism (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 “U.S. Dollars” and
“$” each means the lawful currency of the United States of America. 
 “Vietnam Subsidiary” means
Spartronics Vietnam Co., Ltd., a limited liability company organized in Vietnam. 
 “Voting Stock” of any Person means
capital stock or other equity interests of any class or classes (however designated) having ordinary power for the election of directors or other similar governing body of such Person, other than stock or other equity interests having such power
only by reason of the happening of a contingency. 
 “Welfare Plan” means a “welfare plan” as defined in
Section 3(1) of ERISA. 

  
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 “Wholly-Owned Subsidiary” means a Subsidiary of which all of the issued and
outstanding shares of capital stock (other than directors’ qualifying shares as required by law) or other equity interests are owned by the Parent, any other Borrower and/or one or more Wholly-Owned Subsidiaries within the meaning of this
definition. 
 Section 5.2 Interpretation. The foregoing definitions are equally applicable to both the singular and
plural forms of the terms defined. The words “hereof”, “herein”, and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. All references to time of day herein are references to Chicago, Illinois, time unless otherwise specifically provided. Where the character or amount of any asset or liability or item of income or expense is
required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, it shall be done in accordance with GAAP except where such principles are inconsistent with the specific
provisions of this Agreement. Terms used herein that are defined in the UCC and not otherwise defined herein shall have the meanings assigned to such terms in the UCC. 

Section 5.3 Change in Accounting Principles. If, after the date of this Agreement, there shall occur any change in GAAP from those
used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower
Representative or the Required Lenders may by notice to the Lenders and the Borrower Representative, respectively, require that the Lenders and the Borrowers negotiate in good faith to amend such covenants, standards, and terms so as equitably to
reflect such change in accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Borrowers and their respective Subsidiaries shall be the same as if such change had not been made. No delay
by the Borrower Representative or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is
amended in accordance with this Section 5.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles. Without limiting the generality of the foregoing, the Borrowers
shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of
a change in accounting principles after the date hereof. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to
herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (Codification of Accounting Standards 825-10) to value any Indebtedness or other liabilities of any Loan Party or any Subsidiary at
“fair value”, as defined therein. 

  
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 SECTION 6. REPRESENTATIONS AND WARRANTIES. 

Each of the Loan Parties represents and warrants to the Administrative Agent, the Lenders, and the L/C Issuer as follows: 

Section 6.1 Organization and Qualification. Each Borrower is duly organized, validly existing, and in good standing as a
corporation or limited liability company, as applicable, under the laws of its respective jurisdiction of organization, has full and adequate power to own its Property and conduct its business as now conducted, and is duly licensed or qualified and
in good standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying, except where the failure to do so would not have a Material Adverse
Effect. 
 Section 6.2 Subsidiaries. Except as set forth on Schedule 6.2 hereto, each Subsidiary is duly
organized, validly existing, and in good standing under the laws of the jurisdiction in which it is organized, has full and adequate power to own its Property and conduct its business as now conducted, and is duly licensed or qualified and in good
standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying, except where the failure to do so would not have a Material Adverse Effect.
Schedule 6.2 hereto identifies each Subsidiary, the jurisdiction of its organization, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by any Borrower and the other
Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of each class of its authorized capital stock and other equity interests and the number of shares of each class issued
and outstanding. All of the outstanding shares of capital stock and other equity interests of each Subsidiary are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on
Schedule 6.2 as owned by any Borrower or another Subsidiary are owned, beneficially and of record, by such Borrower or such Subsidiary free and clear of all Liens other than the Liens granted in favor of the Administrative Agent pursuant
to the Collateral Documents. There are no outstanding commitments or other obligations of any Subsidiary of Parent to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity
interests of any Subsidiary of Parent. 
 Section 6.3 Authority and Validity of Obligations. Each of the Borrowers
has full right and authority to enter into this Agreement and the other Loan Documents executed by it, to make the borrowings herein provided for, to grant to the Administrative Agent the Liens described in the Collateral Documents executed by such
Borrower, and to perform all of its obligations hereunder and under the other Loan Documents executed by it. Each of the Parent and each Subsidiary has full right and authority to enter into the Loan Documents executed by it, to guarantee the
Obligations to grant to the Administrative Agent the Liens described in the Collateral Documents executed by such Person, and to perform all of its obligations under the Loan Documents executed by it. The Loan Documents delivered by the Borrowers
and their respective Subsidiaries have been duly authorized, executed, and delivered by such Persons and constitute valid and binding obligations of the Borrowers and such Subsidiaries enforceable against them in accordance with their terms, except
as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application of such principles is considered in
a proceeding in equity or at law); and this Agreement and the other Loan Documents do not, nor does the performance or observance by any Borrower or any Subsidiary of any of the matters and things herein or therein provided for, (a) contravene
or constitute a default under any provision of law or any judgment, injunction, order or decree  

  
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binding upon any Borrower or any Subsidiary or any provision of the organizational documents (e.g., charter, certificate or articles of incorporation and by-laws, certificate or articles
of association and operating agreement, partnership agreement, or other similar organizational documents) of any Borrower or any Subsidiary, (b) contravene or constitute a default under any covenant, indenture or agreement of or affecting any
Borrower or any Subsidiary or any of their Property, in each case where such contravention or default, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (c) result in the creation or imposition
of any Lien on any Property of any Borrower or any Subsidiary other than the Liens granted in favor of the Administrative Agent pursuant to the Collateral Documents. 

Section 6.4 Use of Proceeds; Margin Stock. The Borrowers shall use the proceeds of the Revolving Credit to refinance existing
indebtedness, to finance Capital Expenditures, to finance Permitted Acquisitions, to pay for fees and expenses associated with the closing of this Agreement and the foregoing transactions, for general working capital purposes and for other business
purposes; provided that such purposes are consistent with applicable Legal Requirements. Neither any Loan Party nor any Subsidiary is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within
the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Loan or any other extension of credit made hereunder will be used to purchase or carry any such margin stock or to extend credit
to others for the purpose of purchasing or carrying any such margin stock. Margin stock (as hereinabove defined) constitutes less than 25% of the assets of the Borrowers and their respective Subsidiaries which are subject to any limitation on sale,
pledge or other restriction hereunder. 
 Section 6.5 Financial Reports. The consolidated balance sheet of the Parent and
its Subsidiaries as at June 30, 2013, and the related consolidated statements of income, retained earnings and cash flows of the Parent and its Subsidiaries for the fiscal year then ended, and accompanying notes thereto, which financial
statements are accompanied by the audit report of BDO USA, LLP, independent public accountants, and the unaudited interim consolidated balance sheet of the Parent and its Subsidiaries as at March 31, 2014 and the related consolidated statements
of income, retained earnings and cash flows of the Parent and its Subsidiaries for the three months then ended, heretofore furnished to the Administrative Agent and the Lenders, fairly present the consolidated financial condition of the Parent and
its Subsidiaries as at said dates and the consolidated results of their operations and cash flows for the periods then ended in conformity with GAAP applied on a consistent basis. Neither the Parent nor any Subsidiary has contingent liabilities
which are material to it other than as indicated on such financial statements or, with respect to future periods, on the financial statements furnished pursuant to Section 8.5 hereof. 

Section 6.6 No Material Adverse Change. Since March 31, 2014, there has been no change in the condition (financial or
otherwise) or business of any Loan Party or any Subsidiary except those occurring in the ordinary course of business, none of which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 

  
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 Section 6.7 Full Disclosure. The statements and information furnished to the
Administrative Agent and the Lenders in connection with the negotiation of this Agreement and the other Loan Documents and the commitments by the Lenders to provide all or part of the financing contemplated hereby do not contain any untrue
statements of a material fact or omit a material fact necessary to make the material statements contained herein or therein not misleading, the Administrative Agent and the Lenders acknowledging that as to any projections furnished to the
Administrative Agent and the Lenders, each of the Loan Parties only represents that the same were prepared on the basis of information and estimates the Loan Parties believed to be reasonable. 

Section 6.8 Trademarks, Franchises, and Licenses. Each of the Loan Parties and the Subsidiaries own, possess, or have the right to
use all necessary patents, licenses, franchises, trademarks, trade names, trade styles, copyrights, trade secrets, know how, and confidential commercial and proprietary information to conduct their businesses as now conducted, without known conflict
with any patent, license, franchise, trademark, trade name, trade style, copyright or other proprietary right of any other Person. 

Section 6.9 Governmental Authority and Licensing. Each of the Loan Parties and the Subsidiaries have received all licenses,
permits, and approvals of all federal, state, and local governmental authorities, if any, necessary to conduct their businesses, in each case where the failure to obtain or maintain the same could reasonably be expected to have a Material Adverse
Effect. No investigation or proceeding which, if adversely determined, could reasonably be expected to result in revocation or denial of any material license, permit or approval is pending or, to the knowledge of any Loan Party, threatened. 

Section 6.10 Good Title. Each of the Loan Parties and the Subsidiaries have good and defensible title (or valid leasehold
interests) to their assets as reflected on the most recent consolidated balance sheet of the Parent and its Subsidiaries furnished to the Administrative Agent and the Lenders (except for sales of assets in the ordinary course of business), subject
to no Liens other than such thereof as are permitted by Section 8.8 hereof. 
 Section 6.11 Litigation and Other
Controversies. There is no litigation or governmental or arbitration proceeding or labor controversy pending, nor to the knowledge of any Loan Party threatened, against any Loan Party or any Subsidiary or any of their Property which if adversely
determined, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 6.12
Taxes. All tax returns required to be filed by any Loan Party or any Subsidiary in any jurisdiction have, in fact, been filed, and all taxes, assessments, fees, and other governmental charges upon any Loan Party or any Subsidiary or upon any of
its Property, income or franchises, which are shown to be due and payable in such returns, have been paid, except such taxes, assessments, fees and governmental charges, if any, as are being contested in good faith and by appropriate proceedings
which prevent enforcement of the matter under contest and as to which adequate reserves established in accordance with GAAP have been provided. No Loan Party knows of any proposed additional tax assessment against it or any of its Subsidiaries for
which adequate provisions in accordance with GAAP have not been made on their accounts. Adequate provisions in accordance with GAAP for taxes on the books of each Loan Party and each Subsidiary have been made for all open years, and for its current
fiscal period. 

  
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 Section 6.13 Approvals. No authorization, consent, license or exemption from, or
filing or registration with, any court or governmental department, agency or instrumentality, nor any approval or consent of any other Person, is or will be necessary to the valid execution, delivery or performance by any Loan Party or any
Subsidiary of any Loan Document, except for such approvals which have been obtained prior to the date of this Agreement and remain in full force and effect. 

Section 6.14 Affiliate Transactions. Neither any Loan Party nor any Subsidiary is a party to any contracts or agreements with any
of its Affiliates (other than with Wholly-Owned Subsidiaries) on terms and conditions which are less favorable to such Loan Party or such Subsidiary than would be usual and customary in similar contracts or agreements between Persons not affiliated
with each other. 
 Section 6.15 Investment Company. Neither any Loan Party nor any Subsidiary is an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

Section 6.16 ERISA. Each Loan Party and each other member of its Controlled Group has fulfilled its obligations under the minimum
funding standards of and is in compliance in all material respects with ERISA and the Code to the extent applicable to it and has not incurred any liability to the PBGC or a Plan under Title IV of ERISA other than a liability to the PBGC for
premiums under Section 4007 of ERISA. Neither any Loan Party nor any Subsidiary has any contingent liabilities with respect to any post-retirement benefits under a Welfare Plan, other than liability for continuation coverage described in
article 6 of Title I of ERISA. 
 Section 6.17 Compliance with Laws. (a) Each of the Loan Parties and the
Subsidiaries are in compliance with the requirements of all federal, state and local laws, rules and regulations applicable to or pertaining to their Property or business operations (including, without limitation, the Occupational Safety and Health
Act of 1970, the Americans with Disabilities Act of 1990, and laws and regulations establishing quality criteria and standards for air, water, land and toxic or hazardous wastes and substances), except for any non-compliance which, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 (b) Without limiting the representations and
warranties set forth in Section 6.17(a) above, except for those matters set forth on Schedule 6.17 hereto, and such matters, individually or in the aggregate, which could not reasonably be expected to result in a Material Adverse
Effect, each of the Loan Parties represents and warrants that: (i) each of the Loan Parties and the Subsidiaries, and each of the Premises, comply in all material respects with all applicable Environmental Laws; (ii) each of the Loan
Parties and the Subsidiaries have obtained all governmental approvals required for their operations and each of the Premises by any applicable Environmental Law; (iii) neither any Loan Party nor any Subsidiary has, and no Loan Party has any
knowledge of any other Person who has, caused any Release, threatened Release or disposal of any Hazardous Material at, on, about, or off any of the Premises in any material quantity and, to the knowledge of any Loan Party, none of the Premises are
adversely affected by any Release, threatened Release or disposal of a Hazardous Material originating or emanating from any other property; (iv) none of the Premises contain and have contained any: (1) underground storage tank,
(2) material amounts of asbestos containing building material, 

  
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(3) landfills or dumps, (4) hazardous waste management facility as defined pursuant to RCRA or any comparable state law, or (5) site on or nominated for the National Priority List
promulgated pursuant to CERCLA or any state remedial priority list promulgated or published pursuant to any comparable state law; (v) neither any Loan Party or any Subsidiary has used a material quantity of any Hazardous Material or has
conducted Hazardous Material Activity at any of the Premises; (vi) neither any Loan Party nor any Subsidiary has any material liability for response or corrective action, natural resource damage or other harm pursuant to CERCLA, RCRA or any
comparable state law; (vii) neither any Loan Party nor any Subsidiary is subject to, has any notice or knowledge of or is required to give any notice of any Environmental Claim involving any Loan Party or any Subsidiary or any of the Premises,
and there are no conditions or occurrences at any of the Premises which could reasonably be anticipated to form the basis for an Environmental Claim against any Loan Party or any Subsidiary or such Premises; (viii) none of the Premises are
subject to any, and no Loan Party has any knowledge of any imminent restriction on the ownership, occupancy, use or transferability of the Premises in connection with any (1) Environmental Law or (2) Release, threatened Release or disposal
of a Hazardous Material; and (ix) there are no conditions or circumstances at any of the Premises which pose an unreasonable risk to the environment or the health or safety of Persons. 

Section 6.18 OFAC. (a) Each Borrower is in compliance with the requirements of all OFAC Sanctions Programs applicable to it,
(b) each Subsidiary of any Borrower is in compliance with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary, (c) each Loan Party has provided to the Administrative Agent, the L/C Issuer, and the Lenders all
information regarding such Loan Party and such Loan Party’s Affiliates and Subsidiaries necessary for the Administrative Agent, the L/C Issuer, and the Lenders to comply with all applicable OFAC Sanctions Programs, and (d) no Loan Party or
any of such Loan Party’s Subsidiaries, and to the best of each Loan Party’s knowledge, none of such Loan Party’s Affiliates is, as of the date hereof, named on the current OFAC SDN List. No part of the proceeds of the Loans will be
used, directly or indirectly, in violation of the OFAC Sanctions Program, or for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977. 

Section 6.19 Other Agreements. Neither any Loan Party nor any Subsidiary is in default under the terms of any covenant, indenture
or agreement of or affecting such Person or any of its Property, which default if uncured could reasonably be expected to have a Material Adverse Effect. 

Section 6.20 Solvency. The Loan Parties and their respective Subsidiaries are solvent, able to pay their debts as they become due,
and have sufficient capital to carry on their business and all businesses in which they are about to engage. 
 Section 6.21
No Default. No Default or Event of Default has occurred and is continuing. 

  
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 Section 6.22 No Broker Fees. Neither the Administrative Agent nor any Lender shall
have any liability for any broker’s or finder’s fee or commission incurred or owed by any Loan Party or its Affiliates with respect to the transactions contemplated hereby or in connection with any Permitted Acquisition; and each of the
Borrowers hereby agrees to indemnify the Administrative Agent and the Lenders against, and agree that they will hold the Administrative Agent and the Lenders harmless from, any claim, demand, or liability for any such broker’s or finder’s
fees or commissions alleged to have been incurred in connection with the transactions contemplated hereby or in connection with any Permitted Acquisition and any expenses (including reasonable attorneys’ fees) arising in connection with any
such claim, demand, or liability. 
 Section 6.23 Reserved 

Section 6.24 Security Interest in Collateral. The provisions of the Collateral Documents create legal and valid Liens on all the
Collateral in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Obligations, enforceable against the applicable
Loan Party and all third parties, and having priority over all other Liens on the Collateral except, in the case of Permitted Liens, to the extent any such Permitted Liens would have priority over the Liens in favor of the Administrative Agent
pursuant to any applicable law or agreement. 
 Section 6.25 Common Enterprise. The successful operation and condition of each
of the Loan Parties is dependent on the continued successful performance of the functions of the group of the Loan Parties as a whole, and the successful operation of each of the Loan Parties is dependent on the successful performance and operation
of each other Loan Party. Each Loan Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from (a) successful
operations of each of the other Loan Parties and (b) the credit extended by the Lenders to the Borrowers hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined that execution,
delivery, and performance of this Agreement and any other Loan Documents to be executed by such Loan Party is within its purpose, in furtherance of its direct and/or indirect business interests, will be of direct and/or indirect benefit to such Loan
Party, and is in its best interest. 
 Section 6.26 Subordinated Debt. The subordination provisions of any Subordinated Debt are
enforceable against the holders of such Subordinated Debt by the Administrative Agent and the Lenders. All Obligations constitute senior Indebtedness entitled to the benefits of the subordination provisions contained in any Subordinated Debt. 

 SECTION 7. CONDITIONS PRECEDENT. 

Section 7.1 All Credit Events. At the time of each Credit Event hereunder: 

(a) each of the representations and warranties set forth herein and in the other Loan Documents shall be and remain true and correct
(i) if such date is the Restatement Closing Date, on and as of such date and (ii) otherwise, in all material respects (provided that if such representation or warranty is by its terms qualified by concepts of materiality, such
representation and warranty shall be true and correct in all respects) on and as of such date, except to the extent the same expressly relate to an earlier date; 

  
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 (b) no Default or Event of Default shall have occurred and be continuing or would occur as a
result of such Credit Event; 
 (c) in the case of a Borrowing the Administrative Agent shall have received the notice required by
Section 1.6 hereof, in the case of the issuance of any Letter of Credit the L/C Issuer shall have received a duly completed Application for such Letter of Credit together with any fees called for by Section 2.1 hereof, and, in the case of
an extension or increase in the amount of a Letter of Credit, a written request therefor in a form acceptable to the L/C Issuer together with fees called for by Section 2.1 hereof; and 

(d) such Credit Event shall not violate any order, judgment or decree of any court or other authority or any provision of law or regulation
applicable to the Administrative Agent, the L/C Issuer, or any Lender (including, without limitation, Regulation U of the Board of Governors of the Federal Reserve System) as then in effect. 

Each request for a Borrowing hereunder and each request for the issuance of, increase in the amount of, or extension of the expiration date
of, a Letter of Credit shall be deemed to be a representation and warranty by each of the Loan Parties on the date of such Credit Event as to the facts specified in subsections (a) through (c), both inclusive, of this Section; provided,
however, that the Lenders may continue to make advances under the Revolving Credit, in the sole discretion of the Lenders with Revolving Credit Commitments, notwithstanding the failure of the Borrowers to satisfy one or more of the conditions
set forth above and any such advances so made shall not be deemed a waiver of any Default or Event of Default or other condition set forth above that may then exist. 

Section 7.2 Initial Credit Event. Before or concurrently with the initial Credit Event: 

(a) the Administrative Agent shall have received this Agreement duly executed by the Borrowers, the Guarantors, and the Lenders; 

(b) if requested by any Lender, the Administrative Agent shall have received for such Lender such Lender’s Notes executed by the Borrowers
dated the date hereof and otherwise in compliance with the provisions of Section 1.11 hereof; 
 (c) the Administrative Agent shall have
received the Security Agreement duly executed by the Loan Parties, together with (i) original stock certificates or other similar instruments or securities representing all of the issued and outstanding shares of capital stock or other equity
interests, to the extent such equity interests are certificated, in each Domestic Subsidiary as of the Restatement Closing Date, (ii) stock powers for the Collateral consisting of the stock or other equity interest, to the extent such equity
interests are certificated, in each Domestic Subsidiary executed in blank and undated, (iii) UCC financing statements to be filed against each Loan Party, as debtor, in favor of the Administrative Agent, as secured party, (iv) patent,
trademark, and copyright collateral agreements to the extent requested by the Administrative Agent, and (v) deposit account control agreements to the extent requested by the Administrative Agent; 

  
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 (d) the Administrative Agent shall have received evidence of insurance required to be maintained
under the Loan Documents, naming the Administrative Agent as additional insured and lender’s loss payee; 
 (e) the Administrative Agent
shall have received copies of each Loan Party’s articles of incorporation and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary; 

(f) the Administrative Agent shall have received copies of resolutions of each Loan Party’s Board of Directors (or similar governing body)
authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of the persons
authorized to execute such documents on each Loan Party’s behalf, all certified in each instance by its Secretary or Assistant Secretary; 

(g) the Administrative Agent shall have received copies of the certificates of good standing for each Loan Party (dated no earlier than 30 days
prior to the date hereof) from the office of the secretary of the state of its incorporation or organization and of each state in which it is qualified to do business as a foreign corporation or organization; 

(h) the Administrative Agent shall have received financing statement, tax, and judgment lien search results against the Property of the Loan
Parties evidencing the absence of Liens on its Property except as permitted by Section 8.8 hereof; 
 (i) the Administrative Agent shall
have received the favorable written opinion of counsel to the Loan Parties, in form and substance satisfactory to the Administrative Agent; 

(j) projected financial statements of Parent and its Subsidiaries for the five-year period immediately following the Restatement Closing Date,
in form and substance satisfactory to the Administrative Agent; 
 (k) the Lenders shall have received sufficiently in advance of the
Restatement Closing Date all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA Patriot
Act; 
 (l) the Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Restatement Closing
Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder; 

(m) all principal, interest and other amounts owing under the Existing Credit Agreement (other than Letters of Credit) shall have been repaid
in full (or shall contemporaneously be repaid in full with the proceeds of Revolving Loans hereunder); 
 (n) no material adverse change in
the business, condition (financial or otherwise), operations, performance, or properties, of any Loan Parties or their Subsidiaries, taken as a whole, from that reflected in the March 31, 2014 financial statements already received by the
Administrative Agent shall have occurred; 

  
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 (o) all legal, tax and regulatory matters shall be satisfactory to the Administrative Agent; 

(p) the Administrative Agent shall have received the other Loan Documents set forth on the Document Checklist related to this Agreement, in
form and substance satisfactory to the Administrative Agent; and 
 (q) the Administrative Agent shall have received such other agreements,
instruments, documents, certificates, and opinions as the Administrative Agent may reasonably request. 
 SECTION 8. COVENANTS. 

Each of the Loan Parties agrees that, so long as any credit is available to or in use by the Borrowers hereunder, except to the extent
compliance in any case or cases is waived in writing pursuant to the terms of Section 13.13 hereof: 
 Section 8.1 Maintenance
of Business. Each of the Loan Parties shall, and shall cause each Subsidiary (other than Dormant Subsidiaries) to, preserve and maintain its existence, except as otherwise provided in Section 8.10(f) hereof. Each of the Loan Parties shall,
and shall cause each Subsidiary (other than Dormant Subsidiaries) to, preserve and keep in force and effect all licenses, permits, franchises, approvals, patents, trademarks, trade names, trade styles, copyrights, and other proprietary rights
necessary to the proper conduct of its business where the failure to do so could reasonably be expected to have a Material Adverse Effect. 

Section 8.2 Maintenance of Properties. Each of the Loan Parties shall, and shall cause each Subsidiary to, maintain, preserve, and
keep its property, plant, and equipment in good repair, working order and condition (ordinary wear and tear excepted), and shall from time to time make all needful and proper repairs, renewals, replacements, additions, and betterments thereto so
that at all times the efficiency thereof shall be fully preserved and maintained, except to the extent that, in the reasonable business judgment of such Person, any such Property is no longer necessary for the proper conduct of the business of such
Person. 
 Section 8.3 Taxes and Assessments. Each of the Loan Parties shall duly pay and discharge, and shall cause each
Subsidiary to duly pay and discharge, all taxes, rates, assessments, fees, and governmental charges upon or against it or its Property, in each case before the same become delinquent and before penalties accrue thereon, unless and to the extent that
the same are being contested in good faith and by appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves are provided therefor. 

Section 8.4 Insurance. Each of the Loan Parties shall insure and keep insured, and shall cause each Subsidiary to insure and keep
insured, with good and responsible insurance companies with a general policyholder service rating of not less than A- as rated in the most current available Best’s Insurance Report (provided that, in the event of a downgrade of the
general policyholder service rating of any insurance company with which any Loan Party is 

  
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insured to less than A-, such Loan Party shall have 30 days after such downgrade to move the applicable insurance to an insurance company with a general policyholder service rating compliant with
this Section), all insurable Property owned by it which is of a character usually insured by Persons similarly situated and operating like Properties against loss or damage from such hazards and risks, and in such amounts, as are insured by Persons
similarly situated and operating like Properties; and each of the Loan Parties shall insure, and shall cause each Subsidiary to insure, such other hazards and risks (including, without limitation, business interruption, employers’ and public
liability risks) with good and responsible insurance companies with a general policyholder service rating of not less than A- as rated in the most current available Best’s Insurance Report (provided that, in the event of a downgrade of
the general policyholder service rating of any insurance company with which any Loan Party is insured to less than A-, such Loan Party shall have 30 days after such downgrade to move the applicable insurance to an insurance company with a general
policyholder service rating compliant with this Section) as and to the extent usually insured by Persons similarly situated and conducting similar businesses. Each of the Loan Parties shall in any event maintain, and cause each Subsidiary to
maintain, insurance on the Collateral to the extent required by the Collateral Documents. Each of the Loan Parties shall, upon the request of the Administrative Agent, furnish to the Administrative Agent and the Lenders a certificate setting forth
in summary form the nature and extent of the insurance maintained pursuant to this Section. 
 Section 8.5 Financial Reports.
Each of the Loan Parties shall, and shall cause each Subsidiary to, maintain a standard system of accounting in accordance with GAAP and shall furnish to the Administrative Agent, each Lender, the L/C Issuer and each of their duly authorized
representatives such information respecting the business and financial condition of each Loan Party and each Subsidiary as the Administrative Agent or such Lender may reasonably request; and without any request, shall furnish to the Administrative
Agent, the Lenders, and L/C Issuer: 
 (a) as soon as available, and in any event no later than 45 days after the last day of each of
the first three fiscal quarters of each fiscal year of the Parent, a copy of the consolidated balance sheet of the Parent and its Subsidiaries as of the last day of such fiscal quarter and the consolidated statements of income, retained earnings,
and cash flows of the Parent and its Subsidiaries for the fiscal quarter and for the fiscal year-to-date period then ended, each in reasonable detail showing in comparative form the figures for the corresponding date and period in the previous
fiscal year, prepared by the Borrowers in accordance with GAAP (subject to the absence of footnote disclosures and year-end audit adjustments) and certified to by its chief financial officer or another officer of the Borrower Representative
acceptable to the Administrative Agent; 
 (b) as soon as available, and in any event no later than 90 days after the last day of each fiscal
year of the Parent, a copy of the consolidated balance sheet of the Parent and its Subsidiaries as of the last day of the fiscal year then ended and the consolidated statements of income, retained earnings, and cash flows of the Parent and its
Subsidiaries for the fiscal year then ended, and accompanying notes thereto, each in reasonable detail showing in comparative form the figures for the previous fiscal year, accompanied in the case of the consolidated financial statements by an
unqualified opinion of BDO USA, LLP or another firm of independent public accountants of recognized national standing, selected by the Borrowers and 

  
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satisfactory to the Administrative Agent, to the effect that the consolidated financial statements have been prepared in accordance with GAAP and present fairly in accordance with GAAP the
consolidated financial condition of the Parent and its Subsidiaries as of the close of such fiscal year and the results of their operations and cash flows for the fiscal year then ended and that an examination of such accounts in connection with
such financial statements has been made in accordance with generally accepted auditing standards and, accordingly, such examination included such tests of the accounting records and such other auditing procedures as were considered necessary in the
circumstances; 
 (c) promptly after receipt thereof, any additional written reports, management letters or other detailed information
contained in writing concerning significant aspects of any Loan Party’s or any Subsidiary’s operations and financial affairs given to it by its independent public accountants; 

(d) promptly after receipt thereof, a copy of any audit by a regulatory agency revealing, or other notice of, any material noncompliance with
any applicable law, regulation or guideline relating to any Loan Party or any Subsidiary, or its business; 
 (e) as soon as available, and
in any event no later than 30 days after the start of each fiscal year of the Parent, a copy of the Parent’s and its Subsidiaries’ consolidated business plan for such fiscal year, such business plan to show the Parent’s projected
consolidated revenues, expenses and balance sheet on a quarter-by-quarter basis, such business plan to be in reasonable detail prepared by the Borrowers and in form satisfactory to the Administrative Agent (which shall include a summary of all
assumptions made in preparing such business plan); 
 (f) notice of any Change of Control; 

(g) promptly after knowledge thereof shall have come to the attention of any responsible officer of any Loan Party, written notice of
(i) any threatened or pending litigation or governmental or arbitration proceeding or labor controversy against any Loan Party or any Subsidiary or any of their Property which, if adversely determined, could reasonably be expected to have a
Material Adverse Effect or (ii) the occurrence of any Default or Event of Default hereunder; 
 (h) Reserved; 

(i) with each of the financial statements delivered pursuant to subsections (a) and (b) above, a written certificate in the
form attached hereto as Exhibit E (a “Compliance Certificate”) signed by the chief financial officer of the Borrower Representative or another officer of any Borrower acceptable to the Administrative Agent to the effect
that to the best of such officer’s knowledge and belief no Default or Event of Default has occurred during the period covered by such statements or, if any such Default or Event of Default has occurred during such period, setting forth a
description of such Default or Event of Default and specifying the action, if any, taken by any Loan Party or any Subsidiary to remedy the same. Such certificate shall also set forth the calculations supporting such statements in respect of
Section 8.23 hereof; and 

  
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 (j) promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of any Loan Party or any Subsidiary, as the Administrative Agent may reasonably request, including, without limitation, if the Administrative Agent so requests, consolidating financial statements for the Loan
Parties and their Subsidiaries 
 Section 8.6 Inspection. Each of the Loan Parties shall, and shall cause each Subsidiary to,
permit the Administrative Agent, each Lender, the L/C Issuer, and each of their duly authorized representatives and agents to visit and inspect any of its Property, corporate books, and financial records, to examine and make copies of its books of
accounts and other financial records, and to discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers, employees and independent public accountants (and by this provision each of the Loan Parties hereby
authorizes such accountants to discuss with the Administrative Agent, such Lenders, and L/C Issuer the finances and affairs of the Loan Parties and their respective Subsidiaries) at such reasonable times and intervals as the Administrative Agent or
any such Lender or L/C Issuer may designate, subject in each case to any restrictions imposed by applicable laws or regulations on such visits, inspections, examinations and discussions but only to the extent of such restrictions, and, so long as no
Default or Event of Default exists, with reasonable prior notice to the Borrower Representative. 
 Section 8.7 Indebtedness.
No Loan Party shall, nor shall any Loan Party permit any Subsidiary to, issue, incur, assume, create or have outstanding any Indebtedness; provided, however, that the foregoing shall not restrict nor operate to prevent: 

(a) the Obligations of the Loan Parties and their respective Subsidiaries owing to the Administrative Agent and the Lenders (and their
Affiliates); 
 (b) purchase money indebtedness, Capitalized Lease Obligations and Synthetic Lease Obligations of the Borrowers and their
respective Subsidiaries in an amount not to exceed $2,500,000 in the aggregate at any one time outstanding; 
 (c) Indebtedness existing on
the date hereof and set forth in Schedule 8.7 and any Permitted Refinancing Indebtedness with respect thereto; 
 (d) endorsement
of items for deposit or collection of commercial paper received in the ordinary course of business; 
 (e) Indebtedness of (i) any Loan
Party to any other Loan Party or to any Subsidiary that is not a Loan Party or (ii) any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party or to any Loan Party; provided that (A) any Indebtedness
owing to a Loan Party shall be evidenced by promissory notes in form and substance satisfactory to the Administrative Agent and pledged to the Administrative Agent pursuant to the terms of the Security Agreement, (B) Indebtedness of any
Subsidiary that is not a Loan Party to any Loan Party shall be subject to the limitations set forth in Section 8.9, and (C) any Indebtedness of a Loan Party to any Subsidiary that is not a Loan Party shall be Subordinated Debt; 

(f) Guarantees by any Loan Party in respect of Indebtedness otherwise permitted hereunder of any other Loan Party; provided that any
Guarantee of Indebtedness permitted hereunder that is subordinated to the Obligations shall be subordinated to the Obligations on substantially the same terms as such subordinated Indebtedness; 

  
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 (g) Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that
such Indebtedness is limited to (i) Indebtedness consisting of purchase money indebtedness, Capital Lease Obligations or other Indebtedness approved by Administrative Agent, in each case, which Indebtedness exists at the time such Person
becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and Permitted Refinancing Indebtedness with respect thereto, and (ii) deferred purchase price, seller notes, earnouts, and
similar deferred payment obligations incurred in connection with a Permitted Acquisition, in each case, which constitutes Subordinated Debt (other than customary working capital adjustments) or is otherwise approved by the Administrative Agent and
Permitted Refinancing Indebtedness with respect thereto; 
 (h) Indebtedness of Foreign Subsidiaries in an aggregate principal amount at any
time outstanding not to exceed $5,000,000; 
 (i) unsecured indebtedness of the Borrowers and their respective Subsidiaries not otherwise
permitted by this Section in an amount not to exceed $2,500,000 in the aggregate at any one time outstanding. 
 Section 8.8
Liens. No Loan Party shall, nor shall any Loan Party permit any Subsidiary to, create, incur or permit to exist any Lien of any kind on any Property owned by any such Person; provided, however, that the foregoing shall not apply to nor
operate to prevent: 
 (a) Liens arising by statute in connection with worker’s compensation, unemployment insurance, old age
benefits, social security obligations, taxes, assessments, statutory obligations or other similar charges (other than Liens arising under ERISA), good faith cash deposits in connection with tenders, contracts or leases to which any Borrower or any
Subsidiary is a party or other cash deposits required to be made in the ordinary course of business, provided in each case that the obligation is not for borrowed money and that the obligation secured is not overdue or, if overdue, is being
contested in good faith by appropriate proceedings which prevent enforcement of the matter under contest and adequate reserves have been established therefor; 

(b) mechanics’, workmen’s, materialmen’s, landlords’, carriers’ or other similar Liens arising in the ordinary course
of business with respect to obligations which are not due or which are being contested in good faith by appropriate proceedings which prevent enforcement of the matter under contest; 

(c) judgment liens and judicial attachment liens not constituting an Event of Default under Section 9.1(g) hereof and the pledge of assets
for the purpose of securing an appeal, stay or discharge in the course of any legal proceeding, provided that the aggregate amount of such judgment liens and attachments and liabilities of the Borrowers and their respective Subsidiaries
secured by a pledge of assets permitted under this subsection, including interest and penalties thereon, if any, shall not be in excess of $1,000,000 at any one time outstanding; 

  
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 (d) Liens on equipment of any Borrower or any Subsidiary created solely for the purpose of
securing indebtedness permitted by Section 8.7(b) hereof, representing or incurred to finance the purchase price of such Property, provided that no such Lien shall extend to or cover other Property of any Borrower or such Subsidiary other than
the respective Property so acquired, and the principal amount of indebtedness secured by any such Lien shall at no time exceed the purchase price of such Property, as reduced by repayments of principal thereon; 

(e) any interest or title of a lessor under any operating lease; 

(f) easements, rights-of-way, restrictions, and other similar encumbrances against real property incurred in the ordinary course of business
which, in the aggregate, are not substantial in amount and which do not materially detract from the value of the Property subject thereto or materially interfere with the ordinary conduct of the business of any Borrower or any Subsidiary; 

(g) “bankers” liens arising by operation of law in respect of any deposit accounts of any Loan Party or any Subsidiary that are
maintained in accordance with the terms of this Agreement; 
 (h) Liens granted in favor of the Administrative Agent pursuant to the
Collateral Documents; 
 (i) any Lien on any property or asset of any Loan Party or any Subsidiary existing on the date hereof and set forth
in Schedule 8.8; provided that (i) such Lien shall not apply to any other Property of any Borrower or Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof; and 

(j) any Lien existing on any Property (other than accounts, inventory or the capital stock or other equity interests issued by a Subsidiary)
prior to the acquisition thereof by any Borrower or any Subsidiary pursuant to a Permitted Acquisition or existing on any Property (other than accounts, inventory and capital stock or other equity interests issued by a Subsidiary) of any Person that
becomes a Loan Party after the date hereof pursuant to a Permitted Acquisition prior to the time such Person becomes a Loan Party; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or
such Person becoming a Loan Party, as the case may be, (ii) such Lien shall not apply to any other Property of the Loan Party and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the
date such Person becomes a Loan Party, as the case may be. 
 Section 8.9 Investments. No Loan Party shall, nor shall any Loan
Party permit any Subsidiary to, directly or indirectly, make, retain or have outstanding any Investments; provided, however, that the foregoing shall not apply to nor operate to prevent: 

(a) Investments in direct obligations of the United States of America or of any agency or instrumentality thereof whose obligations constitute
full faith and credit obligations of the United States of America, provided that any such obligations shall mature within one year of the date of issuance thereof; 

  
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 (b) Investments in commercial paper rated at least P-1 by Moody’s and at least A-1 by
S&P maturing within one year of the date of issuance thereof; 
 (c) Investments in certificates of deposit issued by any Lender or by
any United States commercial bank having capital and surplus of not less than $100,000,000 which have a maturity of one year or less; 
 (d)
Investments in repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in subsection (a) above entered into with any bank meeting the qualifications specified in
subsection (c) above, provided all such agreements require physical delivery of the securities securing such repurchase agreement, except those delivered through the Federal Reserve Book Entry System; 

(e) Investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in
Investments of the type described in the immediately preceding subsections (a), (b), (c), and (d) above; 
 (f) Investments
consisting of Deposit Accounts maintained in accordance with this Agreement and the other Loan Documents; 
 (g) receivables created in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; 
 (h) Investments (including debt
obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 

(i) Investments in existence on the date hereof and described in Schedule 8.9; 

(j) Investments constituting deposits described in Section 8.8(a); 

(k) Permitted Acquisitions; 
 (l)
(i) Investments by the Loan Parties in their respective Subsidiaries outstanding on the date hereof, (ii) additional Investments by a Loan Party in any other Loan Party (including by way of the Guarantee of any obligations of such other
Loan Party), (iii) additional Investments by a Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan Party (including by way of the Guarantee of any obligations of such other Subsidiary), (iv) additional
Investments by a Loan Party in any Subsidiary that is not a Loan Party (including by way of the Guarantee of any obligations of such Subsidiary); provided that, with respect to this clause (iv), (A) no Default or Event of Default
then exists or would be caused by such Investment and (B) the aggregate amount of such additional Investments in such other Subsidiaries that are not Loan Parties does not exceed at any time $2,500,000; 

(m) advances by any Loan Party in any Foreign Subsidiary solely to pay for trade services to be rendered by such Foreign Subsidiary to such
Loan Party within 30 days after such advance so long such arrangements are in all respects in the ordinary course of business and on terms and conditions which comply with Section 8.16 hereof; 

  
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 (n) Investments of any Person existing at the time such Person becomes a Subsidiary of any Loan
Party or merges with any Loan Party or any of its Subsidiaries pursuant to a Permitted Acquisition so long as such Investments were not made in contemplation of such Person becoming a Subsidiary or of such merger; 

(o) Investments consisting of travel advances or similar cash advances made by a Loan Party or Subsidiary to its respective employees in the
ordinary course of business; 
 (p) Investments consisting of the acquisition of capital stock or other equity interests of a Person who is
not and will not thereby become a Subsidiary of the Parent in an aggregate amount not to exceed at any time $5,000,000 so long as (i) no Default or Event of Default exists or would be caused by such Investment, and (ii) the Loan Parties
are in compliance with the financial covenants set forth in Section 8.23, on a pro forma basis, immediately prior to and after giving effect to such Investment; provided that, any Acquisition must satisfy each of the conditions set forth
in the definition of “Permitted Acquisition”; and 
 (q) other Investments in addition to those otherwise permitted by this
Section in an amount not to exceed $2,000,000 in the aggregate at any one time outstanding. 
 For purposes of compliance with this Section 8.9,
the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment, less all returns of principal or equity thereon (and without adjustment by reason of the
financial condition of such other Person), shall, if made by the transfer or exchange of property other than cash, be deemed to have been made in an original principal or capital amount equal to the fair market value of such property at the time of
such transfer or exchange and shall, if made by Guarantee, be determined in accordance with the definition of “Guarantee”. 

Section 8.10 Mergers, Consolidations and Sales. No Loan Party shall, nor shall any Loan Party permit any Subsidiary to, be a party
to any merger or consolidation, or sell, transfer, lease or otherwise dispose of all or any part of its Property, including any disposition of Property as part of a sale and leaseback transaction, or in any event sell or discount (with or without
recourse) any of its notes or accounts receivable; provided, however, that this Section shall not apply to nor operate to prevent: 

(a) the sale or lease of inventory in the ordinary course of business; 

(b) the disposition of cash in transactions not otherwise prohibited by this Agreement; 

(c) the sale, transfer or other disposition of any tangible personal property that, in the reasonable business judgment of any Borrower or any
Subsidiary, has become obsolete or worn out, and which is disposed of in the ordinary course of business; 

  
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 (d) dispositions resulting from any casualty or other insured damage to, or any taking under
power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Loan Party or any Subsidiary; 
 (e)
dispositions (i) solely among the Loan Parties, (ii) by any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party or (iii) from a Subsidiary to a Loan Party; 

(f) the merger of any Subsidiary with and into a Loan Party or any other Subsidiary, provided that, in the case of any merger involving any
Borrower, such Borrower is the Person surviving the merger and in the case of any merger involving any Loan Party (other than a Borrower), the Loan Party is the Person surviving the merger; 

(g) any disposition that constitutes (i) a Lien permitted by Section 8.8, (ii) an Investment permitted by Section 8.9, or
(iii) a Restricted Payment permitted by Section 8.12; 
 (h) the sale of delinquent notes or accounts receivable in the ordinary
course of business for purposes of collection only (and not for the purpose of any bulk sale or securitization transaction); and 
 (i) the
sale, transfer, lease or other disposition of Property of any Loan Party or any Subsidiary (excluding any disposition of Property as part of a sale and leaseback transaction and any capital stock or other equity interests of a Subsidiary)
aggregating for the Loan Parties and their respective Subsidiaries not more than $3,000,000 during any fiscal year of the Borrowers. 

Section 8.11 Maintenance of Subsidiaries. No Loan Party shall assign, sell or transfer, nor shall any Loan Party permit any
Subsidiary to issue, assign, sell or transfer, any shares of capital stock or other equity interests of a Subsidiary; provided, however, that the foregoing shall not operate to prevent (a) Liens on the capital stock or other equity
interests of Subsidiaries granted to the Administrative Agent pursuant to the Collateral Documents, (b) the issuance, sale, and transfer to any individual of any shares of capital stock of a Subsidiary solely for the purpose of qualifying, and
to the extent legally necessary to qualify, such individual as a director of such Subsidiary, (c) any transaction permitted by Section 8.10(e) or (f), or (d) the issuance of capital stock by a Subsidiary to a Loan Party or by
Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party. 
 Section 8.12 Dividends and Certain
Other Restricted Payments. No Loan Party shall, nor shall any Loan Party permit any Subsidiary to, (a) declare or pay any dividends on or make any other distributions in respect of any class or series of its capital stock or other equity
interests (other than dividends or distributions payable solely in its capital stock or other equity interests), or (b) directly or indirectly purchase, redeem, or otherwise acquire or retire any of its capital stock or other equity interests
or any warrants, options, or similar instruments to acquire the same (the dividends, distributions, purchases, redemptions and other payments restricted by this Section 8.12, collectively, “Restricted Payments”); provided,
however, that the foregoing shall not operate to prevent (i) the making of dividends or distributions by any Subsidiary to any Loan Party or by any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan

  
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Party or (ii) (x) the purchase of Parent’s common stock for an amount not to exceed $10,000,000 in the aggregate during any fiscal year or (y) the making of dividends as
approved by the Parent’s Board of Directors in the aggregate amount of up to $3,000,000 during any fiscal year so long as (in the case of each of clause (x) and (y)) (A) no Default or Event of Default exists or would be caused by such
Restricted Payment and (B) the Loan Parties are in compliance with the financial covenants set forth in Section 8.23, on a pro forma basis, immediately prior to and after the effect of such Restricted Payment. 

Section 8.13 ERISA. Each of the Loan Parties shall, and shall cause each Subsidiary to, promptly pay and discharge all obligations
and liabilities arising under ERISA of a character which if unpaid or unperformed could reasonably be expected to result in the imposition of a Lien against any of its Property. Each of the Loan Parties shall, and shall cause each Subsidiary to,
promptly notify the Administrative Agent and each Lender of: (a) the occurrence of any reportable event (as defined in ERISA) with respect to a Plan, (b) receipt of any notice from the PBGC of its intention to seek termination of any Plan
or appointment of a trustee therefor, (c) its intention to terminate or withdraw from any Plan, and (d) the occurrence of any event with respect to any Plan which would result in the incurrence by any Loan Party or any Subsidiary of any
material liability, fine or penalty, or any material increase in the contingent liability of any Loan Party or any Subsidiary with respect to any post-retirement Welfare Plan benefit. 

Section 8.14 Compliance with Laws. (a) Each of the Loan Parties shall, and shall cause each Subsidiary to, comply in all
respects with the requirements of all federal, state, and local laws, rules, regulations, ordinances and orders applicable to or pertaining to its Property or business operations, where any such non-compliance, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect or result in a Lien upon any of its Property. 
 (b) Without limiting
the agreements set forth in Section 8.14(a) above, each of the Loan Parties shall, and shall cause each Subsidiary to, at all times, do the following to the extent the failure to do so, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect: (i) comply in all material respects with, and maintain each of the Premises in compliance in all material respects with, all applicable Environmental Laws; (ii) require that each tenant and
subtenant, if any, of any of the Premises or any part thereof comply in all material respects with all applicable Environmental Laws; (iii) obtain and maintain in full force and effect all material governmental approvals required by any
applicable Environmental Law for operations at each of the Premises; (iv) cure any material violation by it or at any of the Premises of applicable Environmental Laws; (v) not allow the presence or operation at any of the Premises of any
(1) landfill or dump or (2) hazardous waste management facility or solid waste disposal facility as defined pursuant to RCRA or any comparable state law; (vi) not manufacture, use, generate, transport, treat, store, release, dispose
or handle any Hazardous Material at any of the Premises except in the ordinary course of its business and in de minimis amounts; (vii) within ten (10) Business Days notify the Administrative Agent in writing of and provide any
reasonably requested documents upon learning of any of the following in connection with any Loan Party or any Subsidiary or any of the Premises: (1) any material liability for response or corrective action, natural resource damage or other harm
pursuant to CERCLA, RCRA or any comparable state law; (2) any material Environmental Claim; (3) any material violation of an Environmental Law or material Release, threatened Release or disposal

  
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of a Hazardous Material; (4) any restriction on the ownership, occupancy, use or transferability arising pursuant to any (x) Release, threatened Release or disposal of a Hazardous
Material or (y) Environmental Law; or (5) any environmental, natural resource, health or safety condition, which could reasonably be expected to have a Material Adverse Effect; (viii) conduct at its expense any investigation, study,
sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or abate any material Release, threatened Release or disposal of a Hazardous Material as required by any applicable
Environmental Law, (ix) abide by and observe any restrictions on the use of the Premises imposed by any governmental authority as set forth in a deed or other instrument affecting any Loan Party’s or any Subsidiary’s interest therein;
(x) promptly provide or otherwise make available to the Administrative Agent any reasonably requested environmental record concerning the Premises which any Loan Party or any Subsidiary possesses or can reasonably obtain; and (xi) perform,
satisfy, and implement any operation or maintenance actions required by any governmental authority or Environmental Law, or included in any no further action letter or covenant not to sue issued by any governmental authority under any Environmental
Law. 
 Section 8.15 Compliance with OFAC Sanctions Programs. (a) Each of the Loan Parties shall at all times comply with
the requirements of all OFAC Sanctions Programs applicable to such Loan Party and shall cause each of its Subsidiaries to comply with the requirements of all OFAC Sanctions Programs applicable to such Subsidiary. 

(b) Each of the Loan Parties shall provide the Administrative Agent, the L/C Issuer, and the Lenders any information regarding such Loan Party,
its Affiliates, and its Subsidiaries necessary for the Administrative Agent, the L/C Issuer, and the Lenders to comply with all applicable OFAC Sanctions Programs; subject however, in the case of Affiliates, to such Loan Party’s ability to
provide information applicable to them. 
 (c) If any Loan Party obtains actual knowledge or receives any written notice that any Loan Party,
any Affiliate or any Subsidiary is named on the then current OFAC SDN List (such occurrence, an “OFAC Event”), the Loan Parties shall promptly (i) give written notice to the Administrative Agent, the L/C Issuer, and the
Lenders of such OFAC Event, and (ii) comply with all applicable laws with respect to such OFAC Event (regardless of whether the party included on the OFAC SDN List is located within the jurisdiction of the United States of America), including
the OFAC Sanctions Programs, and each of the Loan Parties hereby authorizes and consents to the Administrative Agent, the L/C Issuer, and the Lenders taking any and all steps the Administrative Agent, the L/C Issuer, or the Lenders deem necessary,
in their sole but reasonable discretion, to avoid violation of all applicable laws with respect to any such OFAC Event, including the requirements of the OFAC Sanctions Programs (including the freezing and/or blocking of assets and reporting such
action to OFAC). 
 Section 8.16 Burdensome Contracts With Affiliates. No Loan Party shall, nor shall any Loan Party permit any
Subsidiary to, enter into any contract, agreement or business arrangement with any of its Affiliates (other than any contract, agreement or business arrangement exclusively among Loan Parties) on terms and conditions which are less favorable to such
Loan Party or such Subsidiary than would be usual and customary in similar contracts, agreements or business arrangements between Persons not affiliated with each other. 

  
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 Section 8.17 No Changes in Fiscal Year. The fiscal year of the Loan Parties and their
respective Subsidiaries ends on June 30 of each year; and no Loan Party shall, nor shall any Loan Party permit any Subsidiary to, change its fiscal year from its present basis. 

Section 8.18 Formation of Subsidiaries. The Loan Parties shall provide the Administrative Agent and the Lenders notice of the
formation or acquisition of any Subsidiary promptly upon the formation or acquisition thereof and comply with the requirements of Section 4 hereof (at which time Schedule 6.2 shall be deemed amended to include reference to such
Subsidiary) within the time periods required thereby.  
 Section 8.19 Change in the Nature of Business. No Loan Party
shall, nor shall any Loan Party permit any Subsidiary to, engage in any business or activity if as a result the general nature of the business of any Loan Party or any Subsidiary would be changed in any material respect from the general nature of
the business engaged in by it as of the Restatement Closing Date. 
 Section 8.20 Use of Proceeds. Each of the Borrowers
shall use the credit extended under this Agreement solely for the purposes set forth in, or otherwise permitted by, Section 6.4 hereof. 

Section 8.21 No Restrictions. Except as provided herein or in the other Loan Documents, no Loan Party shall, nor shall any Loan
Party permit any Subsidiary to, directly or indirectly create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Loan Party or any Subsidiary to: (a) pay
dividends or make any other distribution on any Subsidiary’s capital stock or other equity interests owned by any Loan Party or any other Subsidiary, (b) pay any indebtedness owed to any Loan Party or any other Subsidiary, (c) make
loans or advances to any Loan Party or any other Subsidiary, (d) transfer any of its Property to any Loan Party or any other Subsidiary, or (e) incur or guarantee the Obligations, as applicable, and/or grant Liens on its assets to the
Administrative Agent as required by the Loan Documents. 
 Section 8.22 Subordinated Debt. No Loan Party shall, nor shall
any Loan Party permit any Subsidiary to, (a) amend or modify any of the terms or conditions relating to any Subordinated Debt, (b) make any voluntary prepayment of any Subordinated Debt or effect any voluntary redemption thereof, or
(c) make any payment on account of any Subordinated Debt which is prohibited under the terms of any instrument or agreement subordinating the same to the Obligations. Notwithstanding the foregoing, the applicable Loan Party may agree to a
decrease in the interest rate applicable thereto or to a deferral of repayment of any of the principal of or interest on any Subordinated Debt beyond the current due dates therefor. 

Section 8.23 Financial Covenants. (a) Total Funded Debt/EBITDA Ratio. As of the last day of each fiscal quarter
of the Parent, the Loan Parties shall not permit the Total Funded Debt/EBITDA Ratio to be greater than 3.00 to 1.00; provided that if, at the end of any fiscal quarter, the Total Funded Debt/EBITDA Ratio is greater than 3.00 to 1.00
and the Loan Parties have entered into a Permitted Acquisition within such fiscal quarter for which the Total Consideration exceeds $20,000,000 (a fiscal quarter in which such conditions are satisfied, a “Trigger Quarter”),
then the Total Funded Debt/EBITDA Ratio may be greater than 3.00 to 1.00 

  
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but shall not exceed 3.50 to 1.00 for such Trigger Quarter and the next succeeding three fiscal quarters (such period, an “Acquisition Compliance Period”);
provided, further, that, following the occurrence of a Trigger Quarter, no subsequent Trigger Quarter shall be deemed to have occurred or to exist for any reason unless and until the Total Funded Debt/EBITDA Ratio is less than or equal to
3.00 to 1.00 as of the end of any fiscal quarter following the occurrence of such initial Trigger Quarter. 
 (b) Fixed Charge Coverage
Ratio. As of the last day of each fiscal quarter of Parent, the Loan Parties shall maintain a Fixed Charge Coverage Ratio of not less than 1:50:1.00. 

Section 8.24 Reserved 

Section 8.25 Cash Management. The Loan Parties shall at all times during the term of this Agreement, (a) utilize BMO Harris or
one or more of the other Lenders as their primary bank of account and depository for all financial services, including all receipts, disbursements, cash management and related services and (b) maintain all deposit accounts with BMO Harris or
one or more of the other Lenders or with other financial institution(s) selected by the Loan Parties and reasonably acceptable to Administrative Agent so long as such other Lenders and financial institution(s) have entered into an account control
agreement or blocked account agreement, as applicable, with the Administrative Agent, relating to such deposit account(s) (other than the Excluded Accounts) in form and substance acceptable to the Administrative Agent. 

Section 8.26 Limitations on Dormant Subsidiaries. No Loan Party shall, nor shall any Loan Party permit any Subsidiary to, permit
any Dormant Subsidiary, directly or indirectly, to do any of the following unless the Borrower Representative shall have designated such Subsidiary as a Non-Excluded Subsidiary and otherwise complied with the requirements of Section 4 in
connection therewith: (a) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever, including, without limitation, any liability as endorser, guarantor, surety or otherwise for any debt, obligation, or
undertaking of any other Person, except as set forth on Schedule 8.26; (b) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired by any Dormant Subsidiary other than the Liens created under
the Loan Documents to which it is a party; or (c) engage in any business or activity or own any assets (including, without limitation, cash and cash equivalents), except as set forth on Schedule 8.26.  

SECTION 9. EVENTS OF DEFAULT AND REMEDIES. 

Section 9.1 Events of Default. Any one or more of the following shall constitute an “Event of Default” hereunder:

 (a) default in the payment when due of all or any part of the principal of any Loan (whether at the stated maturity thereof or at any
other time provided for in this Agreement) or of any Reimbursement Obligation, or default for a period of five (5) Business Days in the payment when due of any interest, fee or other Obligation payable hereunder or under any other Loan
Document; 
 (b) default in the observance or performance of any covenant set forth in Sections 8.1, 8.4, 8.5, 8.7, 8.8, 8.9, 8.10,
8.11, 8.12, 8.17, 8.18, 8.19, 8.20, 8.21, 8.22, 8.23, 8.25 or 8.26 hereof or of any provision in any Loan Document dealing with the use, disposition or remittance of the proceeds of Collateral or requiring the maintenance of insurance thereon; 

  
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 (c) default in the observance or performance of any other provision hereof or of any other Loan
Document which is not remedied within 30 days after the earlier of (i) the date on which such failure shall first become known to any officer of any Loan Party or (ii) written notice thereof is given to the Borrower Representative by the
Administrative Agent; 
 (d) any representation or warranty made herein or in any other Loan Document or in any certificate furnished to the
Administrative Agent or the Lenders pursuant hereto or thereto or in connection with any transaction contemplated hereby or thereby proves untrue in any material respect as of the date of the issuance or making or deemed making thereof; 

(e) any event occurs or condition exists (other than those described in subsections (a) through (d) above) which is specified as an
event of default under any of the other Loan Documents, or any of the Loan Documents shall for any reason not be or shall cease to be in full force and effect or is declared to be null and void, or any of the Collateral Documents shall for any
reason fail to create a valid and perfected first priority Lien in favor of the Administrative Agent in any Collateral purported to be covered thereby except as expressly permitted by the terms thereof, or any Subsidiary takes any action for the
purpose of terminating, repudiating or rescinding any Loan Document executed by it or any of its obligations thereunder; 
 (f) default shall
occur under any Indebtedness issued, assumed or guaranteed by any Loan Party or any Subsidiary aggregating in excess of $1,000,000, or under any indenture, agreement or other instrument under which the same may be issued, and such default shall
continue for a period of time sufficient to permit the acceleration of the maturity of any such Indebtedness (whether or not such maturity is in fact accelerated), or any such Indebtedness shall not be paid when due (whether by demand, lapse of
time, acceleration or otherwise); 
 (g) any judgment or judgments, writ or writs or warrant or warrants of attachment, or any similar
process or processes, shall be entered or filed against any Loan Party or any Subsidiary, or against any of its Property, in an aggregate amount in excess of $1,000,000 (except to the extent fully covered by insurance pursuant to which the insurer
has accepted liability therefor in writing), and which remains undischarged, unvacated, unbonded or unstayed for a period of 30 days; 
 (h)
any Loan Party or any Subsidiary, or any member of its Controlled Group, shall fail to pay when due an amount or amounts aggregating in excess of $1,000,000 which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA;
or notice of intent to terminate a Plan or Plans having aggregate Unfunded Vested Liabilities in excess of $1,000,000 (collectively, a “Material Plan”) shall be filed under Title IV of ERISA by any Loan Party or any Subsidiary, or
any other member of its Controlled Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan
or a proceeding shall be instituted by a fiduciary of any Material Plan against any Loan Party or any Subsidiary, or any member of its Controlled Group, to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been
dismissed within 30 days thereafter; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; 

  
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 (i) any Change of Control shall occur; 

(j) any Loan Party or any Subsidiary shall (i) have entered involuntarily against it an order for relief under the United States
Bankruptcy Code, as amended, (ii) not pay, or admit in writing its inability to pay, its debts generally as they become due, (iii) make an assignment for the benefit of creditors, (iv) apply for, seek, consent to or acquiesce in, the
appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its Property, (v) institute any proceeding seeking to have entered against it an order for relief under the United States
Bankruptcy Code, as amended, to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (vi) take any organizational action in furtherance of any matter described in parts (i) through
(v) above, or (vii) fail to contest in good faith any appointment or proceeding described in Section 9.1(k) hereof; or 
 (k)
a custodian, receiver, trustee, examiner, liquidator or similar official shall be appointed for any Loan Party or any Subsidiary, or any substantial part of any of its Property, or a proceeding described in Section 9.1(j)(v) shall be instituted
against any Loan Party or any Subsidiary, and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 60 days. 

Section 9.2 Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of
Section 9.1 hereof with respect to any Loan Party) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower Representative: (a) if so directed by the Required Lenders, terminate the remaining
Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding
Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without
further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that the Borrowers immediately pay to the Administrative Agent an amount sufficient to fully Cash Collateralize any L/C
Obligations, and each of the Borrowers agrees to immediately make such payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrowers to honor any such demand and that the Administrative
Agent, for the benefit of the Lenders, shall have the right to require the Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative
Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of
such notice. 

  
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 Section 9.3 Bankruptcy Defaults. When any Event of Default described in
subsections (j) or (k) of Section 9.1 hereof with respect to any Loan Party has occurred and is continuing, then all outstanding Loans shall immediately become due and payable together with all other amounts payable under the Loan
Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and the Borrowers shall immediately pay to the
Administrative Agent the full amount then necessary to fully Cash Collateralize all L/C Obligations, each of the Borrowers acknowledging and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrowers to honor any
such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrowers to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of
the Letters of Credit. 
 Section 9.4 Collateral for Undrawn Letters of Credit. (a) If the prefunding or prepayment
of the any or all outstanding Letters of Credit is required under Section 1.3, Section 1.15, Section 9.2 or Section 9.3 above, including, without limitation, a requirement to Cash Collateralize any or all outstanding Letters of
Credit, the Borrowers shall forthwith pay the amount required to be so prefunded or prepaid, to be held by the Administrative Agent as provided in subsection (b) below. 

(b) All amounts prefunded or prepaid pursuant to subsection (a) above shall be held by the Administrative Agent in one or more separate
collateral accounts (each such account, and the credit balances, properties, and any investments from time to time held therein, and any substitutions for such account, any certificate of deposit or other instrument evidencing any of the foregoing
and all proceeds of and earnings on any of the foregoing being collectively called the “Collateral Account”) as security for, and for application by the Administrative Agent (to the extent available) to, the reimbursement of any
payment under any Letter of Credit then or thereafter made by the L/C Issuer and to the payment of the unpaid balance of all other Obligations. The Collateral Account shall be held in the name of and subject to the exclusive dominion and control of
the Administrative Agent, including the exclusive right of withdrawal over such Collateral Accounts, and Borrowers hereby grant the Administrative Agent a security interest in such Collateral Accounts to secure the reimbursement of any payment under
any Letter of Credit then or thereafter made by the L/C Issuer and to the payment of the unpaid balance of all other Obligations. So long as no Default or Event of Default is then existing, if and when requested by the Borrowers, the Administrative
Agent shall invest funds held in the Collateral Account from time to time in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America with a remaining maturity of
one year or less, provided that the Administrative Agent is irrevocably authorized to sell investments held in the Collateral Account when and as required to make payments out of the Collateral Account for application to amounts due and owing
from the Borrowers to the L/C Issuer, the Administrative Agent or the Lenders. Interest or profits, if any, on such investments shall accumulate in the respective Collateral Accounts. Moneys in the Collateral Accounts shall be applied by the
Administrative Agent to reimburse the L/C Issuer for any payment under the Letters of Credit for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers
for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other Obligations. If the Borrowers shall have made payment of 

  
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all obligations referred to in this Section, so long as no Letters of Credit, Commitments, Loans or other Obligations remain outstanding, at the request of the Borrowers the Administrative Agent
shall release to the Borrower Representative any remaining amounts held in the Collateral Accounts. 
 Section 9.5 Notice of
Default. The Administrative Agent shall give notice to the Borrower Representative under Section 9.1(c) hereof promptly upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof. 

SECTION 10. CHANGE IN CIRCUMSTANCES. 

Section 10.1 Change of Law. Notwithstanding any other provisions of this Agreement or any other Loan Document, if at any time any
change in applicable law or regulation or in the interpretation thereof makes it unlawful for any Lender to make or continue to maintain any Eurodollar Loans or to perform its obligations as contemplated hereby, such Lender shall promptly give
notice thereof to the Borrower Representative and such Lender’s obligations to make or maintain Eurodollar Loans under this Agreement shall be suspended until it is no longer unlawful for such Lender to make or maintain Eurodollar Loans. The
Borrowers shall prepay on demand the outstanding principal amount of any such affected Eurodollar Loans, together with all interest accrued thereon and all other amounts then due and payable to such Lender under this Agreement; provided,
however, subject to all of the terms and conditions of this Agreement, the Borrowers may then elect to borrow the principal amount of the affected Eurodollar Loans from such Lender by means of Base Rate Loans from such Lender (the interest rate
on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR Quoted Rate component of the Base Rate), which Base Rate Loans shall not be made ratably
by the Lenders but only from such affected Lender. With respect to Base Rate Loans, if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBOR Quoted
Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR Quoted Rate component of the Base Rate,
until such Lender notifies the Administrative Agent and the Borrower Representative that the circumstances giving rise to such determination no longer exist. 

Section 10.2 Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR. If on or prior to the first day of any
Interest Period for any Borrowing of Eurodollar Loans: 
 (a) the Administrative Agent determines that deposits in
U.S. Dollars (in the applicable amounts) are not being offered to it in the interbank eurodollar market for such Interest Period, or that by reason of circumstances affecting the interbank eurodollar market adequate and reasonable means do not exist
for ascertaining the applicable LIBOR, or 
 (b) the Required Lenders advise the Administrative Agent that (i) LIBOR as
determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of funding their Eurodollar Loans for such Interest Period or (ii) that the making or funding of Eurodollar Loans become impracticable, 

  
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 then the Administrative Agent shall forthwith give notice thereof to the Borrower Representative and the Lenders,
whereupon until the Administrative Agent notifies the Borrower Representative that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make Eurodollar Loans shall be suspended. With respect to any Base
Rate Loan, if the Administrative Agent determines that adequate and reasonable means do not exist for ascertaining the applicable LIBOR, then the Administrative Agent shall forthwith give notice thereof to the Borrower Representative and the
Lenders, whereupon until the Administrative Agent notifies the Borrower Representative that the circumstances giving rise to such suspension no longer exist, the utilization of the LIBOR Quoted Rate component in determining the Base Rate shall be
suspended until the Administrative Agent revokes such notice. 
 Section 10.3 Increased Cost and Reduced Return. (a) If, on
or after the date hereof, any Regulatory Change, or compliance by any Lender (or its Lending Office) or the L/C Issuer with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or
comparable agency: 
 (i) shall subject any Lender (or its Lending Office) or the L/C Issuer to any tax, duty or other
charge with respect to its Eurodollar Loans, its Notes, its Letter(s) of Credit, or its participation in any thereof, any Reimbursement Obligations owed to it or its obligation to make Eurodollar Loans, issue a Letter of Credit, or to participate
therein, or shall change the basis of taxation of payments to any Lender (or its Lending Office) or the L/C Issuer of the principal of or interest on its Eurodollar Loans, Letter(s) of Credit, or participations therein or any other amounts due under
this Agreement or any other Loan Document in respect of its Eurodollar Loans, Letter(s) of Credit, any participation therein, any Reimbursement Obligations owed to it, or its obligation to make Eurodollar Loans, or issue a Letter of Credit, or
acquire participations therein (except for changes in the rate of tax on the overall net income of such Lender or its Lending Office or the L/C Issuer imposed by the jurisdiction in which such Lender’s or the L/C Issuer’s principal
executive office or Lending Office is located); or 
 (ii) shall impose, modify or deem applicable any reserve, special
deposit or similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System, but excluding with respect to any Eurodollar Loans any such requirement included in an applicable
Eurodollar Reserve Percentage) against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Lending Office) or the L/C Issuer or shall impose on any Lender (or its Lending Office) or the L/C Issuer or on the
interbank market any other condition affecting its Eurodollar Loans, its Notes, its Letter(s) of Credit, or its participation in any thereof, any Reimbursement Obligation owed to it, or its obligation to make Eurodollar Loans, or to issue a Letter
of Credit, or to participate therein; 
 and the result of any of the foregoing is to increase the cost to such Lender (or its Lending Office) or the L/C
Issuer of making or maintaining any Eurodollar Loan, issuing or maintaining a Letter of Credit, or participating therein, or to reduce the amount of any sum received or 

  
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receivable by such Lender (or its Lending Office) or the L/C Issuer under this Agreement or under any other Loan Document with respect thereto, by an amount deemed by such Lender or L/C Issuer to
be material, then, within 15 days after demand by such Lender or L/C Issuer (with a copy to the Administrative Agent), the Borrowers shall be obligated to pay to such Lender or L/C Issuer such additional amount or amounts as will compensate such
Lender or L/C Issuer for such increased cost or reduction. 
 (b) If, after the date hereof, any Lender, the L/ C Issuer, or the
Administrative Agent shall have determined that the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any governmental authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or its Lending Office) or the L/C Issuer or any corporation controlling such Lender or L/C Issuer with any request or directive
regarding capital adequacy or liquidity (whether or not having the force of law) of any such authority, central bank or comparable agency, has had the effect of reducing the rate of return on such Lender’s or L/C Issuer’s or such
corporation’s capital as a consequence of its obligations hereunder to a level below that which such Lender or L/C Issuer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such
Lender’s or L/C Issuer’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender or L/C Issuer to be material, then from time to time, within 15 days after demand by such Lender or L/C
Issuer (with a copy to the Administrative Agent), the Borrowers shall pay to such Lender or L/C Issuer, as applicable, such additional amount or amounts as will compensate such Lender or L/C Issuer for such reduction. 

(c) A certificate of a Lender or L/C Issuer claiming compensation under this Section 10.3 and setting forth the additional amount or
amounts to be paid to it hereunder shall be conclusive if reasonably determined. In determining such amount, such Lender or L/C Issuer may use any reasonable averaging and attribution methods. 

Section 10.4 Lending Offices. Each Lender may, at its option, elect to make its Loans hereunder at the branch, office or affiliate
specified on the appropriate signature page hereof (each a “Lending Office”) for each type of Loan available hereunder or at such other of its branches, offices or affiliates as it may from time to time elect and designate in a
written notice to the Borrower Representative and the Administrative Agent. To the extent reasonably possible, a Lender shall designate an alternative branch or funding office with respect to its Eurodollar Loans to reduce any liability of the
Borrowers to such Lender under Section 10.3 hereof or to avoid the unavailability of Eurodollar Loans under Section 10.2 hereof, so long as such designation is not otherwise disadvantageous to the Lender. 

Section 10.5 Discretion of Lender as to Manner of Funding. Notwithstanding any other provision of this Agreement, each Lender
shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder with respect to Eurodollar Loans shall
be made as if each Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar market having a maturity corresponding to such Loan’s Interest Period, and bearing an interest rate
equal to LIBOR for such Interest Period. 

  
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 SECTION 11. THE ADMINISTRATIVE AGENT. 

Section 11.1 Appointment and Authorization of Administrative Agent. Each Lender and the L/C Issuer hereby appoints BMO Harris Bank
N.A. as the Administrative Agent under the Loan Documents and hereby authorizes the Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto. The Lenders and L/C Issuer expressly agree that the Administrative Agent is not acting as a fiduciary of the Lenders or the L/C Issuer in
respect of the Loan Documents, the Loan Parties or otherwise, and nothing herein or in any of the other Loan Documents shall result in any duties or obligations on the Administrative Agent or any of the Lenders or L/C Issuer except as expressly set
forth herein. 
 Section 11.2 Administrative Agent and its Affiliates. The Administrative Agent shall have the same
rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise or refrain from exercising such rights and power as though it were not the Administrative Agent, and the Administrative Agent and its affiliates
may accept deposits from, lend money to, and generally engage in any kind of business with any Loan Party or any Affiliate of any Loan Party as if it were not the Administrative Agent under the Loan Documents. The term “Lender” as
used herein and in all other Loan Documents, unless the context otherwise clearly requires, includes the Administrative Agent in its individual capacity as a Lender (if applicable). 

Section 11.3 Action by Administrative Agent. If the Administrative Agent receives from any Loan Party a written notice of an Event
of Default pursuant to Section 8.5 hereof, the Administrative Agent shall promptly give each of the Lenders and L/C Issuer written notice thereof. The obligations of the Administrative Agent under the Loan Documents are only those expressly set
forth therein. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action hereunder with respect to any Default or Event of Default, except as expressly provided in Sections 9.2 and 9.5.
Upon the occurrence of an Event of Default, the Administrative Agent shall take such action to enforce its Lien on the Collateral and to preserve and protect the Collateral as may be directed by the Required Lenders. Unless and until the Required
Lenders give such direction, the Administrative Agent may (but shall not be obligated to) take or refrain from taking such actions as it deems appropriate and in the best interest of all the Lenders and L/C Issuer. In no event, however, shall the
Administrative Agent be required to take any action in violation of applicable law or of any provision of any Loan Document, and the Administrative Agent shall in all cases be fully justified in failing or refusing to act hereunder or under any
other Loan Document unless it first receives any further assurances of its indemnification from the Lenders that it may require, including prepayment of any related expenses and any other protection it requires against any and all costs, expense,
and liability which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall be entitled to assume that no Default or Event of Default exists unless notified in writing to the contrary by a
Lender, the L/C Issuer, or any Loan Party. In all cases in which the Loan Documents do not require the Administrative Agent to take specific action, the Administrative Agent shall be fully justified in using its discretion in failing to take or in
taking any action thereunder. Any instructions of the Required Lenders, or of any other group of Lenders called for under the specific provisions of the Loan Documents, shall be binding upon all the Lenders and the holders of the Obligations.

  
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 Section 11.4 Consultation with Experts. The Administrative Agent may consult with
legal counsel, independent public accountants, and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.

 Section 11.5 Liability of Administrative Agent; Credit Decision. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable for any action taken or not taken by it in connection with the Loan Documents: (i) with the consent or at the request of the Required Lenders or (ii) in the absence of its own gross
negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be responsible for or have any
duty to ascertain, inquire into or verify: (i) any statement, warranty or representation made in connection with this Agreement, any other Loan Document or any Credit Event; (ii) the performance or observance of any of the covenants or
agreements of any Loan Party or any Subsidiary contained herein or in any other Loan Document; (iii) the satisfaction of any condition specified in Section 7 hereof, except receipt of items required to be delivered to the Administrative
Agent; or (iv) the validity, effectiveness, genuineness, enforceability, perfection, value, worth or collectibility hereof or of any other Loan Document or of any other documents or writing furnished in connection with any Loan Document or of
any Collateral; and the Administrative Agent makes no representation of any kind or character with respect to any such matter mentioned in this sentence. The Administrative Agent may execute any of its duties under any of the Loan Documents by or
through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, the L/C Issuer, any Loan Party, or any other Person for the default or misconduct of any such agents or attorneys-in-fact selected with reasonable care. The
Administrative Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, other document or statement (whether written or oral) believed by it to be genuine or to be sent by the proper party or parties. In
particular and without limiting any of the foregoing, the Administrative Agent shall have no responsibility for confirming the accuracy of any compliance certificate or other document or instrument received by it under the Loan Documents. The
Administrative Agent may treat the payee of any Obligation as the holder thereof until written notice of transfer shall have been filed with the Administrative Agent signed by such payee in form satisfactory to the Administrative Agent. Each Lender
and L/C Issuer acknowledges that it has independently and without reliance on the Administrative Agent or any other Lender or L/C Issuer, and based upon such information, investigations and inquiries as it deems appropriate, made its own credit
analysis and decision to extend credit to the Borrowers in the manner set forth in the Loan Documents. It shall be the responsibility of each Lender and L/C Issuer to keep itself informed as to the creditworthiness of the Loan Parties and their
respective Subsidiaries, and the Administrative Agent shall have no liability to any Lender or L/C Issuer with respect thereto. 

Section 11.6 Indemnity. The Lenders shall ratably, in accordance with their respective Percentages, indemnify and hold the
Administrative Agent, and its directors, officers, employees, agents, and representatives harmless from and against any liabilities, losses, costs or expenses suffered or incurred by it under any Loan Document or in connection with the transactions
 

  
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contemplated thereby, regardless of when asserted or arising, except to the extent they are promptly reimbursed for the same by the Borrowers and except to the extent that any event giving rise
to a claim was caused by the gross negligence or willful misconduct of the party seeking to be indemnified as determined in a final, non-appealable judgment by a court of competent jurisdiction. The obligations of the Lenders under this
Section shall survive termination of this Agreement. The Administrative Agent shall be entitled to offset amounts received for the account of a Lender under this Agreement against unpaid amounts due from such Lender to the Administrative Agent,
any L/C Issuer, or Swing Line Lender hereunder (whether as fundings of participations, indemnities or otherwise, and with any amounts offset for the benefit of the Administrative Agent to be held by it for its own account and with any amounts offset
for the benefit of a L/C Issuer or Swing Line Lender to be remitted by the Administrative Agent to or for the account of such L/C Issuer or Swing Line Lender, as applicable), but shall not be entitled to offset against amounts owed to the
Administrative Agent, any L/C Issuer or Swing Line Lender by any Lender arising outside of this Agreement and the other Loan Documents. For greater clarity, this Section 11.6 shall not limit Borrowers’ indemnity obligations hereunder or
under any Loan Document. 
 Section 11.7 Resignation of Administrative Agent and Successor Administrative Agent. The
Administrative Agent may resign at any time by giving written notice thereof to the Lenders, the L/C Issuer, and the Borrower Representative. Upon any such resignation of the Administrative Agent, the Required Lenders shall have the right to appoint
a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of
resignation then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which may be any Lender hereunder or any commercial bank, or an Affiliate of a commercial bank, having an office in the
United States of America and having a combined capital and surplus of at least $200,000,000. Upon the acceptance of its appointment as the Administrative Agent hereunder, such successor Administrative Agent shall thereupon succeed to and become
vested with all the rights and duties of the retiring Administrative Agent under the Loan Documents, and the retiring Administrative Agent shall be discharged from its duties and obligations thereunder. After any retiring Administrative Agent’s
resignation hereunder as Administrative Agent, the provisions of this Section 11 and all protective provisions of the other Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent, but no successor Administrative Agent shall in any event be liable or responsible for any actions of its predecessor. If the Administrative Agent resigns and no successor is appointed, the rights and obligations of such
Administrative Agent shall be automatically assumed by the Required Lenders and (i) the Borrowers shall be directed to make all payments due each Lender and L/C Issuer hereunder directly to such Lender or L/C Issuer and (ii) the
Administrative Agent’s rights in the Collateral Documents shall be assigned without representation, recourse or warranty to the Lenders and L/C Issuer as their interests may appear. 

Section 11.8 L/C Issuer and Swing Line Lender. The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the Swing Line Lender shall act on behalf of the Lenders with respect to the Swing Loans made hereunder. The L/C Issuer and the Swing Line Lender shall each have all of the benefits and
immunities (i) provided to the Administrative Agent in this Section 11 with 

  
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respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and the Applications pertaining to such Letters
of Credit or by the Swing Line Lender in connection with Swing Loans made or to be made hereunder as fully as if the term “Administrative Agent”, as used in this Section 11, included the L/C Issuer and the Swing Line Lender with
respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to such L/C Issuer or Swing Line Lender, as applicable. 

Section 11.9 Bank Product Arrangements. 

(a) By virtue of a Lender’s execution of this Agreement or an assignment agreement pursuant to Section 13.12 hereof, as the case may
be, any Affiliate of such Lender with whom any Loan Party or any Subsidiary has entered into a Bank Product Arrangement shall be deemed a Lender party hereto for purposes of any reference in a Loan Document to the parties for whom the Administrative
Agent is acting, it being understood and agreed that the rights and benefits of such Affiliate under the Loan Documents consist exclusively of such Affiliate’s right to share in payments and collections out of the Collateral and the Guaranties
as more fully set forth in Section 3.1 hereof. No Bank Product Provider (in such capacity) shall have any voting rights or right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document
(other than its Bank Product Arrangement) or otherwise, including with respect to the release or impairment of any Collateral or any Guaranty or notice of or consent to any amendment, waiver or modification of the provisions hereof or of any other
Loan Document. Only the consent of the parties to the Bank Product Arrangement shall be required for modification of such Bank Product Arrangement. 

(b) In connection with any distribution of payments and collections under Section 3.1 hereof, or any request for the release of the
Guaranties and the Administrative Agent’s Liens in connection with the Payment in Full, the Administrative Agent shall be entitled to assume no amounts are due to any Lender or its Affiliates with respect to a Bank Product Arrangement unless
the Lender delivers written notice to the Administrative Agent, in form and substance satisfactory to the Administrative Agent, of the amount of any such liability owed to the Lender or its Affiliate at least ten (10) Business Days (or such
other period as is acceptable to the Administrative Agent in its sole discretion) prior to such distribution or payment or release of Guaranties and Liens, as applicable. The Administrative Agent shall have no obligation to calculate the amount to
be distributed with respect to any Bank Product Obligations, and may request a reasonably detailed calculation of such amount from the applicable Bank Product Provider. If the provider fails to deliver the calculation within five (5) Business
Days following such request, the Administrative Agent may assume the amount is zero. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Bank Product
Obligations. Administrative Agent shall not be liable for any application of amounts made by it in good faith under Section 3.1, notwithstanding the fact that any such application is subsequently determined to have been made in error. 

(c) Each Bank Product Provider, by delivery of a notice to Administrative Agent of the creation of a Bank Product Arrangement, agrees to be
bound by Section 3.1 and this Section 11.9. Each Bank Product Provider shall indemnify the Administrative Agent (and any sub-agent thereof) and its affiliates and their respective directors, officers, employees, agents,

  
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financial advisors and consultants (each a “Bank Product Indemnitee”) against, and hold harmless each such Bank Product Indemnitee from, any and all losses, claims,
damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel), incurred by any such Bank Product Indemnitee or asserted against any Bank Product Indemnitee by any third party or by any Loan Party
or Subsidiary arising out of, in connection with, or as a result of such Bank Product Provider’s Bank Product Arrangements. 

Section 11.10 Designation of Additional Agents. The Administrative Agent shall have the continuing right, for purposes hereof, at
any time and from time to time to designate one or more of the Lenders (and/or its or their Affiliates) as “syndication agents,” “documentation agents,” “book runners,” “lead arrangers,” “arrangers,”
or other designations for purposes hereto, but such designation shall have no substantive effect, and such Lenders and their Affiliates shall have no additional powers, duties or responsibilities as a result thereof. 

Section 11.11 Authorization to Release or Subordinate or Limit Liens. The Administrative Agent is hereby irrevocably authorized by
each of the Lenders and the L/C Issuer to (a) release any Lien covering any Collateral that is sold, transferred, or otherwise disposed of in accordance with the terms and conditions of this Agreement and the relevant Collateral Documents
(including a sale, transfer, or disposition permitted by the terms of Section 8.10 hereof or which has otherwise been consented to in accordance with Section 13.13 hereof), (b) release or subordinate any Lien on Collateral consisting
of goods financed with purchase money indebtedness or under a Capital Lease to the extent such purchase money indebtedness or Capitalized Lease Obligation, and the Lien securing the same, are permitted by Sections 8.7(b) and 8.8(d) hereof,
(c) reduce or limit the amount of the indebtedness secured by any particular item of Collateral to an amount not less than the estimated value thereof to the extent necessary to reduce mortgage registry, filing and similar tax, and
(d) release Liens on the Collateral following termination or expiration of the Commitments and payment in full in cash of the Obligations (other than L/C Obligations that have been fully Cash Collateralized (or as to which other arrangements
with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made), Bank Product Obligations as to which the Administrative Agent has not received the written notice referred to in Section 11.9 and any
obligations which are inchoate or contingent in nature). In connection with a Payment in Full, from and after such time as a Letter of Credit shall have been fully Cash Collateralized in accordance with this Agreement, the Lenders shall be deemed to
have no participations in or obligation under Section 1.3(e) with respect to such Letter of Credit.  
 Section 11.12
Authorization to Enter into, and Enforcement of, the Collateral Documents. The Administrative Agent is hereby irrevocably authorized by each of the Lenders and the L/C Issuer to execute and deliver the Collateral Documents on behalf of
each of the Lenders and their Affiliates and the L/C Issuer and to take such action and exercise such powers under the Collateral Documents as the Administrative Agent considers appropriate, provided the Administrative Agent shall not
amend the Collateral Documents unless such amendment is agreed to in writing by the Required Lenders. Each Lender and L/C Issuer acknowledges and agrees that it will be bound by the terms and conditions of the Collateral Documents upon the execution
and delivery thereof by the Administrative Agent. Except as otherwise specifically provided for herein, no Lender (or its Affiliates) or L/C Issuer, other than the Administrative Agent, shall have the right to institute any suit, action or
proceeding in equity or at law for the 

  
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foreclosure or other realization upon any Collateral or for the execution of any trust or power in respect of the Collateral or for the appointment of a receiver or for the enforcement of any
other remedy under the Collateral Documents; it being understood and intended that no one or more of the Lenders (or their Affiliates) or L/C Issuer shall have any right in any manner whatsoever to affect, disturb or prejudice the Lien of the
Administrative Agent (or any security trustee therefor) under the Collateral Documents by its or their action or to enforce any right thereunder, and that all proceedings at law or in equity shall be instituted, had, and maintained by the
Administrative Agent (or its security trustee) in the manner provided for in the relevant Collateral Documents for the benefit of the Lenders, the L/C Issuer, and their Affiliates. 

SECTION 12. THE GUARANTEES. 

Section 12.1 The Guarantees. To induce the Lenders and L/C Issuer to provide the credits described herein and in consideration of
benefits expected to accrue to the Borrowers by reason of the Commitments and for other good and valuable consideration, receipt of which is hereby acknowledged, each of Parent’s direct and indirect Subsidiaries a party hereto (other than
Borrowers and the Excluded Subsidiaries) (including any Subsidiary executing a Joinder Agreement as a Guarantor in the form attached hereto as Exhibit F or such other form acceptable to the Administrative Agent) hereby unconditionally
and irrevocably guarantees jointly and severally to the Administrative Agent, the Lenders, and the L/C Issuer and their Affiliates, the due and punctual payment of all present and future Obligations (other than its Excluded Swap Obligations), when
due, whether at stated maturity, by acceleration, or otherwise, according to the terms hereof and thereof (including all interest, costs, fees, and charges after the entry of an order for relief against any Borrower or such other obligor in a case
under the United States Bankruptcy Code or any similar proceeding, whether or not such interest, costs, fees and charges would be an allowed claim against any such Borrower or any such obligor in any such proceeding). In case of failure by the
Borrowers or other obligor punctually to pay any Obligations guaranteed hereby, each Guarantor hereby unconditionally agrees to make such payment or to cause such payment to be made punctually as and when the same shall become due and payable,
whether at stated maturity, by acceleration, or otherwise, and as if such payment were made by the Borrowers or such obligor. 

Section 12.2 Guarantee Unconditional. The obligations of each Guarantor under this Section 12 shall be unconditional and
absolute and, without limiting the generality of the foregoing, shall not be released, discharged, or otherwise affected by: 

(a) any extension, renewal, settlement, compromise, waiver, or release in respect of any obligation of any Borrower or other
obligor or of any other guarantor under this Agreement or any other Loan Document or by operation of law or otherwise; 
 (b)
any modification or amendment of or supplement to this Agreement or any other Loan Document or any Bank Product Arrangement; 

(c) any change in the corporate existence, structure, or ownership of, or any insolvency, bankruptcy, reorganization, or other
similar proceeding affecting, any Borrower or other obligor, any other guarantor, or any of their respective assets, or any resulting release or discharge of any obligation of any Borrower or other obligor or of any other guarantor contained in any
Loan Document; 

  
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 (d) the existence of any claim, set-off, or other rights which any Borrower or
other obligor or any other guarantor may have at any time against the Administrative Agent, any Lender, the L/C Issuer or any other Person, whether or not arising in connection herewith; 

(e) any failure to assert, or any assertion of, any claim or demand or any exercise of, or failure to exercise, any rights or
remedies against any Borrower or other obligor, any other guarantor, or any other Person or Property; 
 (f) any application
of any sums by whomsoever paid or howsoever realized to any obligation of any Borrower or other obligor, regardless of what obligations of any Borrower or other obligor remain unpaid; 

(g) any invalidity or unenforceability relating to or against any Borrower or other obligor or any other guarantor for any
reason of this Agreement or of any other Loan Document or any Bank Product Arrangement or any provision of applicable law or regulation purporting to prohibit the payment by any Borrower or other obligor or any other guarantor of the principal of or
interest on any Loan or any Reimbursement Obligation or any other amount payable under the Loan Documents or any Bank Product Arrangment; or 

(h) any other act or omission to act or delay of any kind by the Administrative Agent, any Lender, the L/C Issuer, or any other
Person or any other circumstance whatsoever that might, but for the provisions of this paragraph, constitute a legal or equitable discharge of the obligations of any Guarantor under this Section 12. 

Section 12.3 Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances. Each Guarantor’s obligations under
this Section 12 shall remain in full force and effect until Payment in Full shall have occurred. If at any time any payment of the principal of or interest on any Loan or any Reimbursement Obligation or any other amount payable by the Borrowers
or other obligor or any Guarantor under the Loan Documents or any Bank Product Arrangement is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy, or reorganization of any Borrower or other obligor or of any
guarantor, or otherwise, each Guarantor’s obligations under this Section 12 with respect to such payment shall be reinstated at such time as though such payment had become due but had not been made at such time. 

Section 12.4 Subrogation. Each Guarantor agrees it will not exercise any rights which it may acquire by way of subrogation by any
payment made hereunder, or otherwise, until Payment in Full shall have occurred. If any amount shall be paid to a Guarantor on account of such subrogation rights at any time prior to the occurrence of Payment in Full, such amount shall be held in
trust for the benefit of the Administrative Agent, the Lenders, and the L/C Issuer (and their Affiliates) and shall forthwith be paid to the Administrative Agent for the benefit of the Lenders and L/C Issuer (and their Affiliates) or be credited and
applied upon the Obligations and the Bank Product Obligations, whether matured or unmatured, in accordance with the terms of this Agreement. 

  
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 Section 12.5 Waivers. Each Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest, and any notice not provided for herein, as well as any requirement that at any time any action be taken by the Administrative Agent, any Lender, the L/C Issuer, or any other Person against any Borrower or other obligor,
another guarantor, or any other Person. 
 Section 12.6 Limit on Recovery. Notwithstanding any other provision hereof,
the right of recovery against each Guarantor under this Section 12 shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under this Section 12 void or voidable under applicable law,
including, without limitation, fraudulent conveyance law. 
 Section 12.7 Stay of Acceleration. If acceleration of the
time for payment of any amount payable by any Borrower or other obligor under this Agreement or any other Loan Document, or under any Bank Product Arrangements, is stayed upon the insolvency, bankruptcy or reorganization of any Borrower or such
obligor, all such amounts otherwise subject to acceleration under the terms of this Agreement or the other Loan Documents, or under any Bank Product Arrangements, shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the
Administrative Agent made at the request of the Required Lenders. 
 Section 12.8 Benefit to Guarantors. The Borrowers
and the Guarantors are engaged in related businesses and integrated to such an extent that the financial strength and flexibility of the Borrowers has a direct impact on the success of each Guarantor. Each Guarantor will derive substantial direct
and indirect benefit from the extensions of credit hereunder. 
 Section 12.9 Guarantor Covenants. Each Guarantor shall
take such action as any Borrower is required by this Agreement to cause such Guarantor to take, and shall refrain from taking such action as any Borrower is required by this Agreement to prohibit such Guarantor from taking. 

Section 12.10 Keepwell. Each Qualified ECP hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to
provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under the Loan Documents in respect of Swap Obligations (provided, however, that each Qualified ECP shall only be liable
under this Section 12.10 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 12.10 voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The obligations of each Qualified ECP under this Section 12.10 shall remain in full force and effect until the Payment in Full shall have occurred. Each Loan Party intends that this Section 12.10
constitute, and this Section 12.10 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

  
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 SECTION 13. MISCELLANEOUS. 

Section 13.1 Withholding Taxes. (a) Payments Free of Withholding. Except as otherwise required by law and subject to
Section 13.1(b) hereof, each payment by the Borrowers and the Guarantors under this Agreement or the other Loan Documents shall be made without withholding for or on account of any present or future taxes (other than overall net income taxes on
the recipient) imposed by or within the jurisdiction in which such Borrower or such Guarantor is domiciled, any jurisdiction from which such Borrower or such Guarantor makes any payment, or (in each case) any political subdivision or taxing
authority thereof or therein. If any such withholding is so required, such Borrower or such Guarantor shall make the withholding, pay the amount withheld to the appropriate governmental authority before penalties attach thereto or interest accrues
thereon, and forthwith pay such additional amount as may be necessary to ensure that the net amount actually received by each Lender, the L/C Issuer, and the Administrative Agent free and clear of such taxes (including such taxes on such additional
amount) is equal to the amount which that Lender, L/C Issuer, or the Administrative Agent (as the case may be) would have received had such withholding not been made. If the Administrative Agent, the L/C Issuer, or any Lender pays any amount in
respect of any such taxes, penalties or interest, such Borrower or such Guarantor shall reimburse the Administrative Agent, the L/C Issuer or such Lender for that payment on demand in the currency in which such payment was made. If such Borrower or
such Guarantor pays any such taxes, penalties or interest, it shall deliver official tax receipts evidencing that payment or certified copies thereof to the Lender, the L/C Issuer or Administrative Agent on whose account such withholding was made
(with a copy to the Administrative Agent if not the recipient of the original) on or before the thirtieth day after payment. 
 (b)
Withholding Tax Exemptions. (i) Each Lender or L/C Issuer that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) shall submit to the Borrower Representative and the Administrative Agent on or
before the date the initial Credit Event is made hereunder or, if later, the date such financial institution becomes a Lender or L/C Issuer hereunder, two duly completed and signed copies of (i) either Form W-8 BEN or Form W-8BEN-E (if
applicable) (relating to such Lender or L/C Issuer and entitling it to a complete exemption from withholding under the Code on all amounts to be received by such Lender or L/C Issuer, including fees, pursuant to the Loan Documents and the
Obligations) or Form W-8 ECI (relating to all amounts to be received by such Lender or L/C Issuer, including fees, pursuant to the Loan Documents and the Obligations) of the United States Internal Revenue Service or (ii) solely if such Lender
is claiming exemption from United States withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a Form W-8 BEN or Form W-8BEN-E (if applicable), or any successor form prescribed by
the Internal Revenue Service, and a certificate representing that such Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of any
Borrower and is not a controlled foreign corporation related to any Borrower (within the meaning of Section 864(d)(4) of the Code). Additionally, if a payment made to Lender or L/C Issuer pursuant to the Loan Documents would be subject to
United States withholding taxes imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower Representative and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower Representative or the Administrative Agent such documentation prescribed by
applicable law and such additional documentation as reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA or to determine the

  
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amount to deduct and withhold from such payment. Thereafter and from time to time, each Lender and L/C Issuer shall submit to the Borrower Representative and the Administrative Agent such
additional duly completed and signed copies of one or the other of such Forms (or such successor forms as shall be adopted from time to time by the relevant United States taxing authorities) and such other certificates as may be (i) requested
by the Borrower Representative in a written notice, directly or through the Administrative Agent, to such Lender or L/C Issuer and (ii) required under then-current United States law or regulations to avoid or reduce United States withholding
taxes on payments in respect of all amounts to be received by such Lender or L/C Issuer, including fees, pursuant to the Loan Documents or the Obligations. Upon the request of the Borrower Representative or the Administrative Agent, each Lender and
L/C Issuer that is a United States person (as such term is defined in Section 7701(a)(30) of the Code) shall submit to the Borrower Representative and the Administrative Agent a certificate to the effect that it is such a United States person.

 (ii) Without limiting the foregoing, in the case of a Borrower who is not a United States person (as such term is defined
in Section 7701(a)(30) of the Code), each Lender shall deliver to the Borrower Representative and to the Administrative Agent, at the times prescribed by applicable law or when reasonably requested by the Borrower Representative or the
Administrative Agent, such properly completed and executed documentation prescribed by applicable law or by the authorities of any jurisdiction and such other reasonably requested information, in each case as Lender is legally entitled to provide,
as will permit the Borrower Representative or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to withholding taxes, (B) if applicable, the
required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable withholding taxes in respect of payments to be made to such Lender by the Loan Parties hereunder or
under any other Loan Document or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. Notwithstanding anything to the contrary in this clause (ii), the completion, execution and
submission of such documentation (other than the documentation referred to in clause (i) above) shall not be required if in the Lender’s reasonable judgment, such completion, execution and submission would subject such Lender to any
material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (c) Inability of Lender to Submit Forms. If any Lender or L/C Issuer determines, as
a result of any change in applicable law, regulation or treaty, or in any official application or interpretation thereof, that it is unable to submit to the Borrower Representative or the Administrative Agent any form or certificate that such Lender
or L/C Issuer is obligated to submit pursuant to subsection (b) of this Section 13.1 or that such Lender or L/C Issuer is required to withdraw or cancel any such form or certificate previously submitted or any such form or certificate
otherwise becomes ineffective or inaccurate, such Lender or L/C Issuer shall promptly notify the Borrower Representative and Administrative Agent of such fact and the Lender or L/C Issuer shall to that extent not be obligated to provide any such
form or certificate and will be entitled to withdraw or cancel any affected form or certificate, as applicable. 

Section 13.2 No Waiver, Cumulative Remedies. No delay or failure on the part of the Administrative Agent, the L/C Issuer, or any
Lender, or on the part of the holder or holders of any of the Obligations, in the exercise of any power or right under any Loan Document shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial exercise
of any power or right preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies hereunder of the Administrative Agent, the L/C Issuer, the Lenders, and of the holder or holders of any of the
Obligations are cumulative to, and not exclusive of, any rights or remedies which any of them would otherwise have. 

Section 13.3 Non-Business Days. If any payment hereunder becomes due and payable on a day which is not a Business Day, the due
date of such payment shall be extended to the next succeeding Business Day on which date such payment shall be due and payable. In the case of any payment of principal falling due on a day which is not a Business Day, interest on such principal
amount shall continue to accrue during such extension at the rate per annum then in effect, which accrued amount shall be due and payable on the next scheduled date for the payment of interest. 

Section 13.4 Documentary Taxes. The Borrowers agree to pay on demand any documentary, stamp or similar taxes payable in respect of
this Agreement or any other Loan Document, including interest and penalties, in the event any such taxes are assessed, irrespective of when such assessment is made and whether or not any credit is then in use or available hereunder. 

Section 13.5 Survival of Representations. All representations and warranties made herein or in any other Loan Document or in
certificates given pursuant hereto or thereto shall survive the execution and delivery of this Agreement and the other Loan Documents, and shall continue in full force and effect with respect to the date as of which they were made as long as any
credit is in use or available hereunder.  
 Section 13.6 Survival of Indemnities. All indemnities and other
provisions relative to reimbursement to the Lenders and L/C Issuer of amounts sufficient to protect the yield of the Lenders and L/C Issuer with respect to the Loans and Letters of Credit, including, but not limited to, Sections 1.12, 10.3, and
13.15 hereof, shall survive the termination of this Agreement and the other Loan Documents and the payment of the Obligations. In connection with the termination of this Agreement and the release and termination of the security interests in the
Collateral, the Administrative Agent may require such indemnities and collateral security as it shall reasonably  

  
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deem necessary or appropriate to protect the Lenders and their Affiliates against (x) loss on account of credits previously applied to the Obligations that may subsequently be reversed or
revoked, and (y) any obligations that may thereafter arise with respect to Bank Product Obligations. 
 Section 13.7 Sharing of
Set-Off. Each Lender agrees with each other Lender a party hereto that if such Lender shall receive and retain any payment, whether by set-off or application of deposit balances or otherwise, on any of the Loans or Reimbursement Obligations in
excess of its ratable share of payments on all such Obligations then outstanding to the Lenders, then such Lender shall purchase for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Loans or
Reimbursement Obligations, or participations therein, held by each such other Lenders (or interest therein) as shall be necessary to cause such Lender to share such excess payment ratably with all the other Lenders; provided, however, that if
any such purchase is made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders shall be rescinded ratably and the purchase price restored as to
the portion of such excess payment so recovered, but without interest. For purposes of this Section, amounts owed to or recovered by the L/C Issuer in connection with Reimbursement Obligations in which Lenders have been required to fund their
participation shall be treated as amounts owed to or recovered by the L/C Issuer as a Lender hereunder. 
 Section 13.8
Notices. Except as otherwise specified herein, all notices hereunder and under the other Loan Documents shall be in writing (including, without limitation, notice by telecopy) and shall be given to the relevant party at its address or telecopier
number set forth below, or such other address or telecopier number as such party may hereafter specify by notice to the Administrative Agent and the Borrower Representative given by courier, by United States certified or registered mail, by telecopy
or by other telecommunication device capable of creating a written record of such notice and its receipt. Notices under the Loan Documents to any Lender shall be addressed to its address or telecopier number set forth on its Administrative
Questionnaire; and notices under the Loan Documents to the Borrower Representative, any Guarantor, the Administrative Agent or L/C Issuer shall be addressed to its respective address or telecopier number set forth below: 

 

			
	 to the Borrower Representative or any Guarantor:
  

SPARTON CORPORATION
 425 N. Martingale Rd.

Schaumburg, IL 60173
 Attention: Cary Wood and Mark Schlei

Telephone: 847-762-5812
 Telecopy: 847-762-5820
	  	 to the Administrative Agent and L/C Issuer:
  

BMO HARRIS BANK N.A.
 111 West Monroe Street

Chicago, Illinois 60603
 Attention: Carl Skoog, Senior Vice
President
 Telephone: 312-461-3718
 Telecopy:
312-291-8571

 Each such notice, request or other communication shall be effective (i) if given by telecopier, when such telecopy is
transmitted to the telecopier number specified in this Section or in the relevant Administrative Questionnaire and a confirmation of such telecopy has been received by 

  
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the sender, (ii) if given by mail, five (5) days after such communication is deposited in the mail, certified or registered with return receipt requested, addressed as aforesaid or
(iii) if given by any other means, when delivered at the addresses specified in this Section or in the relevant Administrative Questionnaire; provided that any notice given pursuant to Section 1 hereof shall be effective only
upon receipt. 
 Section 13.9 Counterparts. This Agreement may be executed in any number of counterparts, and by the different
parties hereto on separate counterpart signature pages, and all such counterparts taken together shall be deemed to constitute one and the same instrument. 

Section 13.10 Successors and Assigns. This Agreement shall be binding upon the Borrowers and the Guarantors and their successors
and assigns, and shall inure to the benefit of the Administrative Agent, the L/C Issuer, and each of the Lenders, and the benefit of their respective successors and assigns, including any subsequent holder of any of the Obligations. The Borrowers
and the Guarantors may not assign any of their rights or obligations under any Loan Document without the written consent of all of the Lenders and, with respect to any Letter of Credit or the Application therefor, the L/C Issuer. 

Section 13.11 Participants. Each Lender shall have the right at its own cost to grant participations (to be evidenced by one or
more agreements or certificates of participation) in the Loans made and Reimbursement Obligations and/or Commitments held by such Lender at any time and from time to time to one or more other Persons; provided that no such participation shall
relieve any Lender of any of its obligations under this Agreement, and, provided, further that no such participant shall have any rights under this Agreement except as provided in this Section, and the Administrative Agent shall have no obligation
or responsibility to such participant. Any agreement pursuant to which such participation is granted shall provide that the granting Lender shall retain the sole right and responsibility to enforce the obligations of the Borrowers under this
Agreement and the other Loan Documents including, without limitation, the right to approve any amendment, modification or waiver of any provision of the Loan Documents, except that such agreement may provide that such Lender will not agree to any
modification, amendment or waiver of the Loan Documents that would reduce the amount of or postpone any fixed date for payment of any Obligation in which such participant has an interest. Any party to which such a participation has been granted
shall have the benefits of Section 1.12 and Section 10.3 hereof. 
 Section 13.12 Assignments. (a) Any
Lender may at any time assign to one or more Eligible Assignees all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided
that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts.
(A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans and participation interest in L/C Obligations at the time owing to it or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and (B) in any case not described in subsection (a)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans and
participation interest in L/C Obligations outstanding thereunder) or, if the  

  
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applicable Commitment is not then in effect, the principal outstanding balance of the Loans and participation interest in L/C Obligations of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Effective Date” is specified in the Assignment and Acceptance, as of the Effective Date) shall not be
less than $5,000,000, in the case of any assignment in respect of the Revolving Credit, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower Representative otherwise consents (each
such consent not to be unreasonably withheld or delayed); 
 (ii) Proportionate Amounts. Each partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender
from assigning all or a portion of its rights and obligations among separate Credits on a non-pro rata basis. 
 (iii)
Required Consents. No consent shall be required for any assignment except to the extent required by Section 13.12(a)(i)(B) and, in addition: 

(a) the consent of the Borrower Representative (such consent not to be unreasonably withheld or delayed) shall be required
unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower Representative shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(b) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of the Revolving Credit if such assignment is to a Person that is not a Lender with a Commitment in respect of such facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

(c) the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(d) the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate in exposure under one or more Swing Loans (whether or not then outstanding). 

  
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 (iv) Assignment and Acceptance. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire. 
 (v) No Assignment to any Loan Party. No such assignment shall be made to any Loan Party or any of
Affiliates or Subsidiaries of any Loan Party. 
 (vi) No Assignment to Natural Persons. No such assignment shall be
made to a natural person. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 13.12(b) hereof, from and after
the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 13.6 and 13.15 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with Section 13.11 hereof. 
 (b)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at one of its offices in Chicago, Illinois, a copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, and the Borrowers, the Administrative Agent, and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(c) Any Lender may at any time pledge or grant a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any such pledge or grant to a Federal Reserve Bank, and this Section shall not apply to any such pledge or grant of a security interest; provided that no such pledge or grant of a security interest
shall release a Lender from any of its obligations hereunder or substitute any such pledgee or secured party for such Lender as a party hereto; provided further, however, the right of any such pledgee or grantee (other than any Federal
Reserve Bank) to further transfer all or any portion of the rights pledged or granted to it, whether by means of foreclosure or otherwise, shall be at all times subject to the terms of this Agreement. 

  
 -88- 

 (d) Notwithstanding anything to the contrary herein, if at any time the Swing Line Lender assigns
all of its Revolving Credit Commitments and Revolving Loans pursuant to subsection (a) above, the Swing Line Lender may terminate the Swing Line. In the event of such termination of the Swing Line, the Borrowers shall be entitled to appoint
another Lender to act as the successor Swing Line Lender hereunder (with such Lender’s consent); provided, however, that the failure of the Borrowers to appoint a successor shall not affect the resignation of the Swing Line Lender. If
the Swing Line Lender terminates the Swing Line, it shall retain all of the rights of the Swing Line Lender provided hereunder with respect to Swing Loans made by it and outstanding as of the effective date of such termination, including the right
to require Lenders to make Revolving Loans or fund participations in outstanding Swing Loans pursuant to Section 1.7 hereof. 

Section 13.13 Amendments. Any provision of this Agreement or the other Loan Documents (other than Bank Product Arrangements) may
be amended or waived if, but only if, such amendment or waiver is in writing and is signed by (a) the Borrowers, (b) the Required Lenders, and (c) if the rights or duties of the Administrative Agent, the L/C Issuer, or the Swing Line
Lender are affected thereby, the Administrative Agent, the L/C Issuer, or the Swing Line Lender, as applicable; provided that: 

(i) no amendment or waiver pursuant to this Section 13.13 shall (A) increase any Commitment of any Lender without the
consent of such Lender or (B) reduce the amount of or postpone the date for any scheduled payment of any principal of or interest on any Loan or of any Reimbursement Obligation or of any fee payable hereunder without the consent of the Lender
to which such payment is owing or which has committed to make such Loan or Letter of Credit (or participate therein) hereunder; 

(ii) no amendment or waiver pursuant to this Section 13.13 shall, unless signed by each Lender, extend the Revolving
Credit Termination Date, change the definition of Required Lenders, change the provisions of this Section 13.13, release any material guarantor or all or substantially all of the Collateral (except as otherwise provided for in the Loan
Documents), or affect the number of Lenders required to take any action hereunder or under any other Loan Document; and 

(iii) no amendment to Section 12 hereof shall be made without the consent of the Guarantor(s) affected thereby. 

Section 13.14 Headings. Section headings used in this Agreement are for reference only and shall not affect the construction
of this Agreement. 
 Section 13.15 Costs and Expenses; Indemnification. (a) The Borrowers agree to pay all costs and
expenses of the Administrative Agent in connection with the preparation, negotiation, syndication, and administration of the Loan Documents, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent,
in connection with the preparation and execution of the Loan Documents, and any amendment, waiver or consent related thereto, whether or not the transactions contemplated herein are consummated, together with any fees and charges suffered or
incurred by the Administrative Agent in connection with 

  
 -89- 

 
periodic environmental audits, fixed asset appraisals, title insurance policies, collateral filing fees and lien searches; provided that in the absence of an Event of Default, the
Borrowers shall not be required to pay for more than one (1) such environmental audit or fixed asset appraisal per calendar year. The Borrowers agree to pay to the Administrative Agent, the L/C Issuer and each Lender, and any other holder of
any Obligations outstanding hereunder, all costs and expenses reasonably incurred or paid by the Administrative Agent, the L/C Issuer, such Lender, or any such holder, including reasonable attorneys’ fees and disbursements and court costs, in
connection with any Default or Event of Default hereunder or in connection with the enforcement of any of the Loan Documents (including all such costs and expenses incurred in connection with any proceeding under the United States Bankruptcy Code
involving any Borrower or any Guarantor as a debtor thereunder). The Borrowers further agree to indemnify the Administrative Agent, the L/C Issuer, each Lender, and any security trustee therefor, and their respective directors, officers, employees,
agents, financial advisors, and consultants (each such Person being called an “Indemnitee”) against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all reasonable
fees and disbursements of counsel for any such Indemnitee and all expenses of litigation or preparation therefor, whether or not the Indemnitee is a party thereto, or any settlement arrangement arising from or relating to any such litigation) which
any of them may pay or incur arising out of or relating to any Loan Document or any of the transactions contemplated thereby or the direct or indirect application or proposed application of the proceeds of any Loan or Letter of Credit, other than
those which arise from the gross negligence or willful misconduct of the party claiming indemnification as determined in a final, non-appealable judgment by a court of competent jurisdiction. The Borrowers, upon demand by the Administrative Agent,
the L/C Issuer or a Lender at any time, shall reimburse the Administrative Agent, the L/C Issuer or such Lender for any legal or other expenses (including, without limitation, all reasonable fees and disbursements of counsel for any such Indemnitee)
incurred in connection with investigating or defending against any of the foregoing (including any settlement costs relating to the foregoing) except if the same is directly due to the gross negligence or willful misconduct of the party to be
indemnified as determined in a final, non-appealable judgment by a court of competent jurisdiction. To the extent permitted by applicable law, neither any Borrower nor any Guarantor shall assert, and each such Person hereby waives, any claim against
any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or the other Loan Documents or any
agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. The obligations of the Borrowers under this Section shall survive the
termination of this Agreement. 
 (b) Each of the Borrowers unconditionally agrees to forever indemnify, defend and hold harmless, and
covenants not to sue for any claim for contribution against, each Indemnitee for any damages, costs, loss or expense, including without limitation, response, remedial or removal costs and all fees and disbursements of counsel for any such
Indemnitee, arising out of any of the following: (i) any presence, release, threatened release or disposal of any hazardous or toxic substance or petroleum by any Loan Party or any Subsidiary or otherwise occurring on or with respect to its
Property (whether owned or leased), (ii) the operation or violation of any environmental law, whether federal, state, or local, and any regulations promulgated thereunder, by any Loan Party or any Subsidiary or otherwise occurring on or with

  
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respect to its Property (whether owned or leased), (iii) any claim for personal injury or property damage in connection with any Loan Party or any Subsidiary or otherwise occurring on or
with respect to its Property (whether owned or leased), and (iv) the inaccuracy or breach of any environmental representation, warranty or covenant by any Loan Party or any Subsidiary made herein or in any other Loan Document evidencing or
securing any Obligations or setting forth terms and conditions applicable thereto or otherwise relating thereto, except for damages arising from the willful misconduct or gross negligence of the relevant Indemnitee as finally determined by a court
of competent jurisdiction. This indemnification shall survive the payment and satisfaction of all Obligations and the termination of this Agreement, and shall remain in force beyond the expiration of any applicable statute of limitations and payment
or satisfaction in full of any single claim under this indemnification. This indemnification shall be binding upon the successors and assigns of each of the Borrowers and shall inure to the benefit of each Indemnitee and its successors and assigns.

 Section 13.16 Set-off. In addition to any rights now or hereafter granted under the Loan Documents or applicable law and not
by way of limitation of any such rights, upon the occurrence of any Event of Default, each Lender, the L/C Issuer, each subsequent holder of any Obligation, and each of their respective affiliates, is hereby authorized by each Borrower and each
Guarantor at any time or from time to time, without notice to any Borrower, any Guarantor or to any other Person, any such notice being hereby expressly waived, to set-off and to appropriate and to apply any and all deposits (general or special,
including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured, and in whatever currency denominated, but not including trust accounts) and any other indebtedness at any time held or owing by that
Lender, L/C Issuer, subsequent holder, or affiliate, to or for the credit or the account of such Borrower or such Guarantor, whether or not matured, against and on account of the Obligations of such Borrower or such Guarantor to that Lender, L/C
Issuer, or subsequent holder under the Loan Documents, including, but not limited to, all claims of any nature or description arising out of or connected with the Loan Documents, irrespective of whether or not (a) that Lender, L/C Issuer, or
subsequent holder shall have made any demand hereunder or (b) the principal of or the interest on the Loans and other amounts due hereunder shall have become due and payable pursuant to Section 9 and although said obligations and
liabilities, or any of them, may be contingent or unmatured. 
 Section 13.17 Entire Agreement. The Loan Documents constitute
the entire understanding of the parties thereto with respect to the subject matter thereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby. 

Section 13.18 Governing Law. This Agreement and the other Loan Documents (except as otherwise specified therein), and the rights
and duties of the parties hereto, shall be construed and determined in accordance with the internal laws of the State of Illinois. 

Section 13.19 Severability of Provisions. Any provision of any Loan Document which is unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. All rights, remedies and powers
provided in this Agreement and the other Loan Documents may be exercised only to the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the 

  
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provisions of this Agreement and other Loan Documents are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary
so that they will not render this Agreement or the other Loan Documents invalid or unenforceable. 
 Section 13.20 Excess
Interest. Notwithstanding any provision to the contrary contained herein or in any other Loan Document, no such provision shall require the payment or permit the collection of any amount of interest in excess of the maximum amount of interest
permitted by applicable law to be charged for the use or detention, or the forbearance in the collection, of all or any portion of the Loans or other obligations outstanding under this Agreement or any other Loan Document (“Excess
Interest”). If any Excess Interest is provided for, or is adjudicated to be provided for, herein or in any other Loan Document, then in such event (a) the provisions of this Section shall govern and control, (b) neither any
Borrower nor any guarantor or endorser shall be obligated to pay any Excess Interest, (c) any Excess Interest that the Administrative Agent or any Lender may have received hereunder shall, at the option of the Administrative Agent, be
(i) applied as a credit against the then outstanding principal amount of Obligations hereunder and accrued and unpaid interest thereon (not to exceed the maximum amount permitted by applicable law), (ii) refunded to the Borrowers, or
(iii) any combination of the foregoing, (d) the interest rate payable hereunder or under any other Loan Document shall be automatically subject to reduction to the maximum lawful contract rate allowed under applicable usury laws (the
“Maximum Rate”), and this Agreement and the other Loan Documents shall be deemed to have been, and shall be, reformed and modified to reflect such reduction in the relevant interest rate, and (e) neither any Borrower nor
any guarantor or endorser shall have any action against the Administrative Agent or any Lender for any damages whatsoever arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time
interest on any of the Borrowers’ Obligations is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on the
Borrowers’ Obligations shall remain at the Maximum Rate until the Lenders have received the amount of interest which such Lenders would have received during such period on the Borrowers’ Obligations had the rate of interest not been
limited to the Maximum Rate during such period. 
 Section 13.21 Construction. The parties acknowledge and agree that the Loan
Documents shall not be construed more favorably in favor of any party hereto based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation of the Loan Documents. The provisions of
this Agreement relating to Subsidiaries shall only apply during such times as any Loan Party has one or more Subsidiaries. NOTHING CONTAINED HEREIN SHALL BE
DEEMED OR CONSTRUED TO PERMIT ANY ACT OR OMISSION WHICH IS PROHIBITED
BY THE TERMS OF ANY COLLATERAL DOCUMENT, THE COVENANTS AND AGREEMENTS
CONTAINED HEREIN BEING IN ADDITION TO AND NOT IN SUBSTITUTION FOR THE
COVENANTS AND AGREEMENTS CONTAINED IN THE COLLATERAL DOCUMENTS. 

Section 13.22 Each Lender’s and L/C Issuer’s Obligations Several. The obligations of each of the Lenders and L/C Issuer
hereunder are several and not joint. Nothing contained in this Agreement and no action taken by any Lender or L/C Issuer pursuant hereto shall be deemed to constitute the Lenders and/or L/C Issuer a partnership, association, joint venture or other
entity. 

  
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 Section 13.23 Submission to Jurisdiction; Waiver of Jury Trial. The Borrowers and the
Guarantors hereby submit to the nonexclusive jurisdiction of the United States District Court for the Northern District of Illinois and of any Illinois State court sitting in the City of Chicago for purposes of all legal proceedings arising out of
or relating to this Agreement, the other Loan Documents or the transactions contemplated hereby or thereby. The Borrowers and the Guarantors irrevocably waive, to the fullest extent permitted by law, any objection which they may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. THE BORROWERS, THE
GUARANTORS, THE ADMINISTRATIVE AGENT, THE L/C ISSUER AND THE LENDERS HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED THEREBY. 
 Section 13.24 USA Patriot Act
Notice. Each Lender and L/C Issuer that is subject to the requirements of the USA Patriot Act hereby notifies each of the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify, and record
information that identifies such Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender or L/C Issuer to identify such Borrower in accordance with the USA Patriot Act. 

Section 13.25 Confidentiality. Each of the Administrative Agent, the Lenders, and the L/C Issuer severally agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors to the extent
any such Person has a need to know such Information (it being understood that the Persons to whom such disclosure is made will first be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena
or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document
or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or participant in, or any prospective assignee of or
participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower or any Subsidiary and its obligations,
(g) with the prior written consent of the Borrower Representative, (h) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or (B) becomes available to the
Administrative Agent, any Lender or the L/C Issuer on a non-confidential basis from a source other than any Borrower or any Subsidiary or any of their directors, officers, employees or agents, including accountants, legal counsel and other advisors,
(i) to rating agencies if requested or required by such agencies in connection with a rating relating to the Loans or Commitments hereunder, or (j) to entities which compile and publish information about the syndicated loan market,
provided that only basic information about the pricing and structure of the transaction evidenced hereby may be disclosed pursuant to this subsection (j). For purposes of this Section, “Information” means all information
received from any Loan Party or any of the Subsidiaries or from any other Person on 

  
 -93- 

 
behalf of any Loan Party or any Subsidiary relating to any Loan Party or any Subsidiary or any of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or the L/C Issuer on a non-confidential basis prior to disclosure by any Loan Party or any of their respective Subsidiaries or from any other Person on behalf of any Loan Party or any of their respective
Subsidiaries. 
 Section 13.26 Effect of Amendment and Restatement. Upon the Restatement Closing Date, the Existing Credit
Agreement (and, except as otherwise set forth in the following proviso, all obligations and rights of any party thereunder), shall be amended and restated by this Agreement; provided, however, that the obligation to repay the loans and
advances arising under the Existing Credit Agreement shall continue in full force and effect but shall now be governed by the terms of this Agreement and the other Loan Documents. All Loan Documents that were executed and delivered in connection
with the Existing Credit Agreement (as such Loan Documents may have been amended, restated, supplemented or otherwise modified) including, without limitation, those Loan Documents listed on Schedule 13.26, are hereby reaffirmed and shall
continue in full force and effect; provided that, all references in such Loan Documents to the Existing Credit Agreement shall, without anything further, be deemed to refer to this Agreement (as may from time to time be amended, restated,
supplemented or otherwise modified). Each Loan Party acknowledges and agrees that the Obligations evidenced by the Existing Credit Agreement and other Loan Documents executed in connection with the Existing Credit Agreement (as such Loan Documents
may have been amended, restated, supplemented or otherwise modified) have not been satisfied but instead have become part of the Obligations governed by the terms of this Agreement and under the other Loan Documents. No action or inaction by the
Administrative Agent or Lenders prior to the date of this Agreement shall be deemed to have established a course of conduct among the parties hereto. All rights, duties and obligations of the parties to this Agreement shall be solely as set forth in
this Agreement and the other Loan Documents. 
 [SIGNATURE PAGES TO
FOLLOW] 

  
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 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
 This Agreement is entered into between us for the uses and purposes hereinabove set forth as of
the date first above written. 
  

							
	BORROWER:	 		 	 SPARTON CORPORATION, an Ohio

corporation

				
		 		 	By:	 	 /s/ Michael Osborne

		 		 		 	 Michael Osborne
 Senior Vice
President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

  

							
	GUARANTORS:	 		 	SPARTRONICS, INC., a Michigan
		 		 	corporation
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON TECHNOLOGY, INC., a New
		 		 	Mexico corporation
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON DELEON SPRINGS, LLC, a
		 		 	Florida limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON MEDICAL SYSTEMS, INC.,
		 		 	a Michigan corporation
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON MEDICAL SYSTEMS
		 		 	COLORADO, LLC, a Colorado limited
		 		 	liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	 GUARANTORS:
	 		 	SPARTON BP MEDICAL DENVER,
		 		 	LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON ONYX HOLDINGS, LLC, a
		 		 	Delaware limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON ONYX, LLC, a South Dakota
		 		 	limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	RESONANT POWER TECHNOLOGY,
		 		 	INC., a Wisconsin corporation
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON AUBREY GROUP, INC., a
		 		 	California corporation
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	 GUARANTORS:
	 		 	SPARTON BROOKSVILLE, LLC, a
		 		 	Delaware limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON AYDIN, LLC, a Delaware
		 		 	limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON BECKWOOD, LLC, a
		 		 	Delaware limited liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	BECKWOOD SERVICES, INC., a New
		 		 	Hampshire corporation
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President
			
		 		 	SPARTON eMT, LLC, a Delaware limited
		 		 	liability company
				
		 		 	By:	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	 GUARANTORS:
	 		 	 SPARTON IRVINE, LLC, a California

		 		 	 limited liability company

				
		 		 	 By:
	 	 /s/ Steve Korwin

		 		 		 	Steve Korwin
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	 ADMINISTRATIVE AGENT AND L/C
	 	BMO HARRIS BANK, N.A., as
	 ISSUER:
	 		 	Administrative Agent and as L/C Issuer
				
		 		 	 By:
	 	 /s/ Carl Skoog

		 		 		 	Carl Skoog
		 		 		 	Senior Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	 LENDER:
	 		 	 BMO HARRIS BANK N.A.

				
		 		 	 By:
	 	 /s/ Carl Skoog

		 		 		 	Carl Skoog
		 		 		 	Senior Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	U.S. BANK NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ Adam Gelfeld

		 		 		 	Adam Gelfeld
		 		 		 	Senior Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	 /s/ Brian Haldane

		 		 		 	Brian Haldane
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	SUNTRUST BANK
				
		 		 	By:	 	 /s/ Carle Felton

		 		 		 	Carle Felton
		 		 		 	Director

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	FIFTH THIRD BANK, an Ohio Banking Corporation
				
		 		 	By:	 	 /s/ Jeffrey N. Bobis

		 		 		 	Jeffrey N. Bobis
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	ASSOCIATED BANK, N.A.
				
		 		 	By:	 	/s/ J. Eric Bergren
		 		 		 	J. Eric Bergren
		 		 		 	Senior Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	KEYBANK NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Brian P. Fox
		 		 		 	Brian P. Fox
		 		 		 	Vice President

 (Signature Page to Amended and Restated Credit and Guaranty
Agreement) 
  

							
	LENDER:	 		 	WINTRUST BANK
				
		 		 	By:	 	/s/ Bailey Moore
		 		 		 	Bailey Moore
		 		 		 	Assistant Vice President

 EXHIBIT A 

NOTICE OF PAYMENT REQUEST 

[Date] 
 [Name of Lender] 

[Address] 
 Attention: 

Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of September 11, 2014, among SPARTON CORPORATION,
the other Loan Parties, the Lenders party thereto, and BMO HARRIS BANK N.A., as Administrative Agent (as extended, renewed, amended or restated from time to time, the “Credit Agreement”). Capitalized terms used herein and not
defined herein have the meanings assigned to them in the Credit Agreement. [The Borrowers have failed to pay its Reimbursement Obligation in the amount of $            . Your Revolver
Percentage of the unpaid Reimbursement Obligation is $            ] or [             has been required to return a payment by the
Borrowers of a Reimbursement Obligation in the amount of $            . Your Revolver Percentage of the returned Reimbursement Obligation is
$            .] 
  

			
	Very truly yours,
	
	BMO HARRIS BANK, N.A., as L/C Issuer
		
	By	 	 
	Name	 	 
	Title	 	 

  
 Exhibit A - 1 

 EXHIBIT B 

NOTICE OF BORROWING 

Date:                     ,
         
  

	 	To:	BMO HARRIS BANK N.A., as Administrative Agent for the Lenders parties to the Amended and Restated Credit and Guaranty Agreement dated as of September 11, 2014 (as extended, renewed, amended or
restated from time to time, the “Credit Agreement”), among SPARTON CORPORATION, the other Loan Parties, certain Lenders which are signatories thereto, and BMO HARRIS BANK N.A., as Administrative Agent 

Ladies and Gentlemen: 
 The undersigned,
SPARTON CORPORATION (the “Borrower Representative”), as Borrower Representative on behalf of the Borrowers, refers to the Credit Agreement, the terms defined therein being used herein as therein defined, and hereby gives you notice
irrevocably, pursuant to Section 1.6 of the Credit Agreement, of the Borrowing specified below: 
 1. The
Business Day of the proposed Borrowing is                     ,         . 

2. The aggregate amount of the proposed Borrowing is
$                    . 

3. The Borrowing is being advanced under the Revolving Credit. 

4. The Borrowing is to be comprised of
$                     of [Base Rate] [Eurodollar] Loans. 

[5. The duration of the Interest Period for the Eurodollar Loans included in the Borrowing shall be
                     months.] 
 The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the proposed Borrowing, before and after giving effect thereto and to the application of the proceeds therefrom: 

(a) the representations and warranties of the Loan Parties contained in Section 6 of the Credit Agreement are true and correct as though
made on and as of such date (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date); and 

  
 Exhibit B - 1 

 (b) no Default or Event of Default has occurred and is continuing or would result from such
proposed Borrowing. 
  

							
	“BORROWER REPRESENTATIVE”	 		 	SPARTON CORPORATION
				
		 		 	By	 	  

		 		 		 	Name                                     
                                         
                              
		 		 		 	Title                                     
                                         
                                

  
 Exhibit B - 2 

 EXHIBIT C 

NOTICE OF CONTINUATION/CONVERSION 

Date:                     ,
         
  

	 	To:	BMO HARRIS BANK N.A., as Administrative Agent for the Lenders parties to the Amended and Restated Credit and Guaranty Agreement dated as of September 11, 2014 (as extended, renewed, amended or restated from
time to time, the “Credit Agreement”) among SPARTON CORPORATION, the other Loan Parties, certain Lenders which are signatories thereto, and BMO HARRIS BANK N.A., as Administrative Agent 

Ladies and Gentlemen: 
 The undersigned,
SPARTON CORPORATION (the “Borrower Representative”), as Borrower Representative on behalf of the Borrowers, refers to the Credit Agreement, the terms defined therein being used herein as therein defined, and hereby
gives you notice irrevocably, pursuant to Section 1.6 of the Credit Agreement, of the [conversion] [continuation] of the Loans specified herein, that: 

1. The conversion/continuation Date is
                    ,         . 

2. The aggregate amount of the Revolving Loans to be [converted] [continued] is
$            . 
 3. The Loans are to be [converted into]
[continued as] [Eurodollar] [Base Rate] Loans. 
 4. [If applicable:] The duration of the Interest Period for the
Revolving Loans included in the [conversion] [continuation] shall be                      months. 

The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed
conversion/continuation date, before and after giving effect thereto and to the application of the proceeds therefrom: 
 (a) the
representations and warranties of the Loan Parties contained in Section 6 of the Credit Agreement are true and correct as though made on and as of such date (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date); provided, however, that this condition shall not apply to the conversion of an outstanding Eurodollar Loan to a Base Rate Loan; and 

  
 Exhibit C - 1 

 (b) no Default or Event of Default has occurred and is continuing, or would result from such
proposed [conversion] [continuation]. 
  

							
	“BORROWER REPRESENTATIVE”	 		 	SPARTON CORPORATION
				
		 		 	By	 	  

		 		 		 	Name                                     
                                         
                              
		 		 		 	Title                                     
                                         
                                

  
 Exhibit C - 2 

 Exhibit D-1 

REVOLVING NOTE 
  

			
	U.S. $                     	  	                    ,         

 FOR VALUE RECEIVED, SPARTON CORPORATION, an Ohio
corporation, and each of the other undersigned (collectively the “Borrowers” and each a “Borrower”), hereby promises to pay, jointly and severally, to
                             (the “Lender”) or its registered assigns on the Revolving
Credit Termination Date of the hereinafter defined Credit Agreement (as defined below), at the principal office of the Administrative Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrowers), in
immediately available funds, the principal sum of                              Dollars
($        ) or, if less, the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrowers pursuant to the Credit Agreement, together with interest on the principal amount of
each Revolving Loan from time to time outstanding hereunder at the rates, and payable in the manner and on the dates, specified in the Credit Agreement. 

This Note is one of the Revolving Notes referred to in the Amended and Restated Credit and Guaranty Agreement dated as of
September 11, 2014, among the Borrowers, the Guarantors party thereto, the Lenders and L/C Issuer parties thereto, and BMO HARRIS BANK N.A., as Administrative Agent (as extended, renewed, amended, restated or otherwise modified from time
to time, the “Credit Agreement”), and this Note and the holder hereof are entitled to all the benefits and security provided for thereby or referred to therein, to which Credit Agreement reference is hereby made for a
statement thereof. All defined terms used in this Note, except terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This Note shall be governed by and construed in accordance with the internal laws of the State of
Illinois. 
 Voluntary prepayments may be made hereon, certain prepayments are required to be made hereon, and this Note may be
declared due prior to the expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement. 

Each of the Borrowers hereby waives demand, presentment, protest or notice of any kind hereunder. 

 

							
	“BORROWERS”	 		 	  

				
		 		 	By	 	  

		 		 		 	Name                                     
                                         
                              
		 		 		 	Title                                     
                                         
                                

  
 Exhibit D-1 - 1 

 EXHIBIT D-2 

SWING NOTE 
  

			
	U.S. $                     	  	                    ,         

 FOR VALUE RECEIVED, SPARTON CORPORATION, an Ohio
corporation, and each of the other undersigned Borrowers (collectively the “Borrowers” and each a “Borrower”), hereby promises to pay, jointly and severally, to
                     (the “Lender”) or its registered assigns on the Revolving Credit Termination Date of the hereinafter defined
Credit Agreement (as defined below), at the principal office of the Administrative Agent in Chicago, Illinois (or such other location as the Administrative Agent may designate to the Borrowers), in immediately available funds, the principal sum of
                     Dollars ($                ) or, if less, the
aggregate unpaid principal amount of all Swing Loans made by the Lender to the Borrowers pursuant to the Credit Agreement, together with interest on the principal amount of each Swing Loan from time to time outstanding hereunder at the rates, and
payable in the manner and on the dates, specified in the Credit Agreement. 
 This Note is the Swing Note referred to in the
Amended and Restated Credit and Guaranty Agreement dated as of September 11, 2014, among the Borrowers, the Guarantors party thereto, the Lenders and L/C Issuer parties thereto, and BMO HARRIS BANK N.A., as Administrative Agent (as
extended, renewed, amended, restated or otherwise modified from time to time, the “Credit Agreement”), and this Note and the holder hereof are entitled to all the benefits and security provided for thereby or referred
to therein, to which Credit Agreement reference is hereby made for a statement thereof. All defined terms used in this Note, except terms otherwise defined herein, shall have the same meaning as in the Credit Agreement. This Note shall be governed
by and construed in accordance with the internal laws of the State of Illinois. 
 Voluntary prepayments may be made hereon, certain
prepayments are required to be made hereon, and this Note may be declared due prior to the expressed maturity hereof, all in the events, on the terms and in the manner as provided for in the Credit Agreement. 

Each of the Borrowers hereby waives demand, presentment, protest or notice of any kind hereunder. 

 

							
	“BORROWERS”	 		 	  

				
		 		 	By	 	  

		 		 		 	Name                                     
                                         
                              
		 		 		 	Title                                     
                                         
                                

  
 Exhibit D-2 - 1 

 EXHIBIT E 

SPARTON CORPORATION 

AND THE OTHER LOAN PARTIES 

COMPLIANCE CERTIFICATE 
  

	To:	BMO Harris Bank N.A., as Administrative Agent 

 under, and the Lenders and L/C Issuer 

parties to, the Credit Agreement 

described below 
 This
Compliance Certificate is furnished to the Administrative Agent, the L/C Issuer, and the Lenders pursuant to that certain Amended and Restated Credit and Guaranty Agreement dated as of September 11, 2014, among us (as extended, renewed, amended
or restated from time to time, the “Credit Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected
                     of SPARTON CORPORATION; 

2. I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Loan Parties and their respective Subsidiaries during the accounting period covered by the attached financial statements; 

3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of
any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below; 

4. The financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance
Certificate are true, correct and complete as of the date and for the periods covered thereby; and 
 5. The Schedule I hereto
sets forth financial data and computations evidencing the Loan Parties’ compliance with certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been
made in accordance with the relevant Sections of the Credit Agreement. 

  
 Exhibit E - 1 

 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of
the condition or event, the period during which it has existed and the action which any Loan Party has taken, is taking, or proposes to take with respect to each such condition or event: 

 

			
		  	  

		  	  

		  	  

		  	  

 The foregoing certifications, together with the computations set forth in Schedule I hereto and
the financial statements delivered with this Certificate in support hereof, are made and delivered this          day of
                     20        . 

 

			
	[INSERT NAME OF BORROWERS]
		
	By	 	  

		 	Name                                     
                                         
      
		 	Title                                     
                                         
         

  
 Exhibit E - 2 

 SCHEDULE I 

TO COMPLIANCE CERTIFICATE 

SPARTON CORPORATION AND THE OTHER LOAN
PARTIES 
 COMPLIANCE CALCULATIONS 

FOR AMENDED AND RESTATED CREDIT AND
GUARANTY AGREEMENT DATED AS OF SEPTEMBER 11, 2014 

CALCULATIONS AS OF
                    ,              

 

					
	 A.     Total Funded Debt/EBITDA Ratio (Section 8.23(a))
	  			
		
	 1.      Total Funded Debt
	  	 	$___________	  
		
	 2.      Net Income for past 4 quarters
	  	 	___________	  
		
	 3.      Interest Expense for past 4 quarters
	  	 	___________	  
		
	 4.      Income taxes for past 4 quarters
	  	 	___________	  
		
	 5.      Depreciation and Amortization Expense for past 4 quarters
	  	 	___________	  
		
	 6.      Non-recurring fees, costs, expenses re the closing of this Agreement and the other Loan Documents
on the Restatement Closing Date for past 4 quarters not to exceed $500,000 in the aggregate
	  	 	___________	  
		
	 7.      Non-recurring fees, costs, expenses re Permitted Acquisitions for past 4 quarters not to exceed
$750,000 for any one Permitted Acquisition or $1,500,000 during any fiscal year
	  	 	___________	  
		
	 8.      Acquired Business EBITDA for the applicable period
	  	 	___________	  
		
	 9.      Proforma adjustments to Acquired Business EBITDA
	  	 	___________	  
		
	 10.    Sum of Lines A2, A3, A4, A5, A6, A7, A8 and A9 (“EBITDA”)
	  	 	___________	  
		
	 11.    Ratio of Line A1 to A10
	  	 	____:1.0	  
		
	 12.    Line A11 ratio must not exceed
	  	 	____:1.0	  
		
	 13.    The Loan Parties are in compliance (circle yes or no)
	  	 	yes/no	  
		
	 B.     Fixed Charge Coverage Ratio (Section 8.23(b))
	  			
		
	 1.      EBITDA from Line A8 above
	  	 	$___________	  
		
	 2.      Capital Expenditures for past 4 quarters
	  	 	$___________	  
		
	 3.      Difference of Line B1 minus B2
	  	 	$___________	  
		
	 4.      Principal payments for past 4 quarters
	  	 	$___________	  

  
 Schedule I - 1 

					
		
	 5.      Cash Interest Expense for past 4 quarters
	  	 	$___________	  
		
	 6.      Cash income taxes for past 4 quarters
	  	 	$___________	  
		
	 7.      Restricted Payments for past 4 quarters
	  	 	$___________	  
		
	 8.      Sum of Lines B4, B5, B6 and B7
	  	 	$___________	  
		
	 9.      Ratio of Line B3 to Line B8
	  	 	____:1.0	  
		
	 10.    Line B9 ratio must not be less than
	  	 	1.50:1.0	  
		
	 11.    The Loan Parties are in compliance (circle yes or no)
	  	 	yes/no	  

  
 Schedule I - 2 

 EXHIBIT F 

JOINDER AGREEMENT 
 THIS
JOINDER AGREEMENT (this “Agreement”), dated as of                     ,
            , 20        , is entered into between
                    , a                      (the
“New Subsidiary”) and BMO HARRIS BANK, N.A., as Administrative Agent under that certain Amended and Restated Credit and Guaranty Agreement, dated as of September 11, 2014 among SPARTON CORPORATION, an Ohio corporation,
the other Loan Parties, the Lenders party thereto and the Administrative Agent (as may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). All capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Credit Agreement. 
 The New Subsidiary and the Administrative Agent, for the
benefit of Administrative Agent and the Lenders, hereby agree as follows: 
 1. The New Subsidiary hereby acknowledges, agrees and
confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a [if required by Administrative Agent: Borrower and] Loan Party for all purposes of the Credit Agreement and shall have all of the obligations of a
[Borrower and] Loan Party thereunder as if it had been an original signatory to the Credit Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the
Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Section 6 of the Credit Agreement, (b) all of the covenants set forth in Section 8 of the Credit
Agreement and (c) all of the guaranty and other obligations set forth in Section 12 of the Credit Agreement. In furtherance of, and without limiting the foregoing, the New Subsidiary, subject to the limitations set forth in
Section 12.6 of the Credit Agreement, hereby guarantees, jointly and severally with the other Guarantors, to the Administrative Agent and the Lenders, as provided in Section 12 of the Credit Agreement, the prompt payment and performance of
the Obligations (collectively, the “Guaranteed Obligations”) in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof and agrees that if any
of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and severally together with the other Guarantors,
promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at
extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or renewal. The schedules to the Credit Agreement are hereby supplemented with respect to New Subsidiaries with the
supplements to schedules attached hereto as Annex I. 
 2. The New Subsidiary is, simultaneously with the execution of this
Agreement, executing and delivering the Joinder to the Security Agreement and joinder to such other Collateral Documents (and such other documents and instruments) as requested by the Administrative Agent in accordance with the Credit Agreement.

  
 Exhibit F - 1 

 3. The address of the New Subsidiary for purposes of Section 13.8 of the Credit Agreement
shall be the address of the Borrower Representative as set forth in such Section. 
 4. The New Subsidiary hereby waives acceptance by the
Administrative Agent and the Lenders of the guaranty by the New Subsidiary upon the execution of this Agreement by the New Subsidiary. 
 5.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Signature by telecopy or other electronic transmission
shall bind the parties hereto. 
 6. This Agreement and the other Loan Documents (other than those containing an express choice-of-law
provision), and the rights and duties of the parties hereto, shall be governed and construed in accordance with the internal laws (including, without limitation, 735 ILCS Section 105/5-1 et seq., but otherwise without regard to the conflict of
laws provisions) of the State of Illinois. 
 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its
authorized officer, and the Administrative Agent, for the benefit of the Lenders, has caused the same to be accepted by its authorized officer, as of the day and year first above written. 

 

			
	[NEW SUBSIDIARY]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	 Acknowledged and accepted:
  

BMO HARRIS BANK, N.A., as
 Administrative Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit F - 2 

 EXHIBIT G 

ASSIGNMENT AND ACCEPTANCE 

Dated
                    ,         

Reference is made to the Amended and Restated Credit and Guaranty Agreement dated as of September 11, 2014 (as extended, renewed,
amended, restated or otherwise modified from time to time, the “Credit Agreement”) among SPARTON CORPORATION, the other Loan Parties, the Lenders and L/C Issuer parties thereto, and BMO HARRIS BANK N.A., as Administrative
Agent (the “Administrative Agent”). Terms defined in the Credit Agreement are used herein with the same meaning. 

                     (the
“Assignor”) and                      (the “Assignee”) agree as follows: 

1. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, the
amount and specified percentage interest shown on Annex I hereto of the Assignor’s rights and obligations under the Credit Agreement as of the Effective Date (as defined below), including, without limitation, the Assignor’s
Commitments as in effect on the Effective Date and the Loans, if any, owing to the Assignor on the Effective Date and the Assignor’s Revolver Percentage of any outstanding L/C Obligations. 

2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it
hereunder and that such interest is free and clear of any adverse claim, lien, or encumbrance of any kind; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made
in or in connection with the Credit Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document furnished pursuant thereto; and (iii) makes no
representation or warranty and assumes no responsibility with respect to the financial condition of the Loan Parties or any Subsidiary or the performance or observance by any Loan Party or any Subsidiary of any of their respective obligations under
the Credit Agreement or any other instrument or document furnished pursuant thereto. 
 3. The Assignee (i) confirms
that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered to the Lenders pursuant to Section 8.5(a) and (b) thereof and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such
action as Administrative Agent on its behalf and to exercise such powers under the Credit 

  
 Exhibit G - 1 

 
Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (iv) agrees that it
will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender; and (v) specifies as its lending office (and address for notices) the offices set
forth on its Administrative Questionnaire. 
 4. As consideration for the assignment and sale contemplated in Annex I
hereof, the Assignee shall pay to the Assignor on the Effective Date in Federal funds the amount agreed upon between them. It is understood that commitment and/or letter of credit fees accrued to the Effective Date with respect to the interest
assigned hereby are for the account of the Assignor and such fees accruing from and including the Effective Date are for the account of the Assignee. Each of the Assignor and the Assignee hereby agrees that if it receives any amount under the Credit
Agreement which is for the account of the other party hereto, it shall receive the same for the account of such other party to the extent of such other party’s interest therein and shall promptly pay the same to such other party. 

5. The effective date for this Assignment and Acceptance shall be
                     (the “Effective Date”). Following the execution of this Assignment and Acceptance, it will be delivered to the
Administrative Agent for acceptance and recording by the Administrative Agent and, if required, the Borrower Representative. 

6. Upon such acceptance and recording, as of the Effective Date, (i) the Assignee shall be a party to the Credit Agreement
and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released
from its obligations under the Credit Agreement. 
 7. Upon such acceptance and recording, from and after the Effective Date,
the Administrative Agent shall make all payments under the Credit Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and commitment fees with respect thereto) to the Assignee. The
Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Effective Date directly between themselves. 

8. This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of Illinois.

  

			
	[ASSIGNOR LENDER]
		
	By	 	 
		 	Name                                     
                                         
      
		 	Title                                     
                                         
         
		 	

  
 Exhibit G - 2 

 
			
	[ASSIGNEE LENDER]
		
	By	 	                                      
                                         
                 
		 	Name                                     
                                         
      
		 	Title                                     
                                         
         

  

			
	Accepted and consented this
	            day of
                        
	
	SPARTON CORPORATION

  

			
	By	 	  

		 	Name                                     
                                         
 
		 	Title                                     
                                         
   

  

			
	 Accepted and consented to by the Administrative Agent and L/C Issuer this

             day of
                        

	
	BMO HARRIS BANK N.A., as Administrative Agent and L/C Issuer

  

			
	By	 	  

		 	Name                                     
                                         
 
		 	Title                                     
                                         
   

  
 Exhibit G - 3 

 ANNEX I 

TO ASSIGNMENT AND ACCEPTANCE 

The assignee hereby purchases and assumes from the assignor the following interest in and to all of the Assignor’s rights and obligations
under the Credit Agreement as of the effective date. 
  

													
	FACILITY ASSIGNED	  	AGGREGATE
COMMITMENT/LOANS
FOR ALL LENDERS	 	  	AMOUNT OF
COMMITMENT/LOANS
ASSIGNED	 	  	 PERCENTAGE ASSIGNED
OF

COMMITMENT/LOANS
	 
	 Revolving Credit
	  	$	 _______________	  	  	$	 _____________	  	  	 	_____	% 

  
 Annex I - 1 

 SCHEDULE I 

COMMITMENTS 
  

					
	 NAME OF LENDER
	  	REVOLVING CREDIT COMMITMENT	 
	 BMO Harris, N.A.
	  	$	42,000,000	  
	 U.S. Bank National Association
	  	$	30,000,000	  
	 Bank of America, N.A.
	  	$	30,000,000	  
	 SunTrust Bank
	  	$	30,000,000	  
	 Fifth Third Bank
	  	$	20,000,000	  
	 Associated Bank, N.A.
	  	$	20,000,000	  
	 Keybank National Association
	  	$	18,000,000	  
	 Wintrust Bank
	  	$	10,000,000	  
	 TOTAL
	  	$	200,000,000	  
		  	  
	  
	 

 SCHEDULE II 

LIST OF AUTHORIZED REPRESENTATIVES 

 

					
	 NAME
	  	 TITLE
	  	 
	Michael Osborne	  	Senior Vice President	  	
			
	Steve Korwin	  	Senior Vice President	  	
			
	Mark Schlei	  	CFO, Secretary and Senior Vice President	  	
			
	Martin Reilly	  	Assistant SecretaryExhibit 10.161

 

LIMITED LIABILITY
COMPANY AGREEMENT

 

OF

 

BR
T&C BLVD JV Member, LLC 

 

A DELAWARE LIMITED
LIABILITY COMPANY

 

    	 

    	 

    

 

LIMITED LIABILITY
COMPANY AGREEMENT

 

OF

 

BR
T&C BLVD JV Member, LLC

 

A DELAWARE
LIMITED LIABILITY COMPANY

 

THE UNITS
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER THE SECURITIES
LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND SUCH LAWS. THE UNITS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES
COMMISSION, OR ANY OTHER REGULATORY AUTHORITY. ACCORDINGLY, THESE SECURITIES MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED OR CONVEYED
IN THE ABSENCE OF REGISTRATION OF THE SAME PURSUANT TO THE APPLICABLE SECURITIES LAWS UNLESS AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY IS FIRST OBTAINED THAT SUCH REGISTRATION IS NOT THEN NECESSARY. ANY TRANSFER CONTRARY HERETO SHALL BE VOID.

 

THIS
LIMITED LIABILITY COMPANY AGREEMENT OF BR T&C BLVD JV Member, LLC (herein referred to
as the “Agreement”), is made and entered into as of the Effective Date (as hereinafter defined), by and among
BRG T&C BLVD Houston, LLC, a Delaware limited liability company, as the Class A Member (“BRG”), and Bluerock
Special Opportunity + Income Fund II, LLC, a Delaware limited liability company (“SOIF II”), Bluerock
Special Opportunity + Income Fund III, LLC, a Delaware limited liability company (“SOIF III”), and Bluerock
Growth Fund, LLC, a Delaware limited liability company (“BGF”), as the Class B Members (BRG, SOIF II, SOIF
III and BGF, together with any additional members hereinafter admitted, are referred to as the “Members”).

 

RECITALS

 

A.           The
Company was formed as a Delaware limited liability company in accordance with the Delaware Limited Liability Company Act, as amended
from time to time (the “Act”) on June 23, 2014.

 

B.           The
Company was formed to hold a membership interest in the Company Subsidiary (as defined below) (the “Subsidiary Interest”).

 

C.           The
Company Subsidiary holds legal title to the Property (as defined below).

 

D.           The
Members desire to set forth their agreement and understanding with respect to the operation of the Company as a Delaware limited
liability company from and after the date hereof.

 

    	 

    	 

    

  

NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises, covenants, and conditions herein contained, the
receipt and sufficiency of which are hereby acknowledged, the undersigned Members hereby covenant and agree as follows:

 

ARTICLE
1

DEFINITIONS

  

For
purposes of this Agreement, the following terms have the meanings set forth below:

 

1.1           “Accountant”
shall mean the certified public accounting firm that, from time to time, represents the Company.

 

1.2           
“Act” has the meaning set forth in the preamble to this Agreement.

 

1.3           “Additional
Capital Contributions” shall have the meaning set forth in Section 5.3.

 

1.4           “Adjustment
Period” shall mean a period of time as follows: The first Adjustment Period shall commence on the date hereof and each
succeeding Adjustment Period shall commence on the date immediately following the last day of the immediately preceding Adjustment
Period; each Adjustment Period shall end on the earliest to occur after the commencement of such Adjustment Period of (i) the
last day of each Fiscal Year as now exists or as may, from time to time, be selected by the Manager, (ii) a Capital Date, (iii)
the day immediately preceding the date of the “liquidation” of a Member’s Membership Interest in the Company
(within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations), (iv) the day immediately preceding the date
of an increase in the Membership Interest of a Member, or (v) the date on which the Company is terminated under Article 3 or Section
12.1 of this Agreement.

 

1.5           “Affiliate”
shall mean (i) any Entity more than five percent (5%) of the issued and outstanding stock of which, or more than five percent
(5%) interest in which, is owned, directly or indirectly, by any Member or (ii) any Entity that now or hereafter owns, directly
or indirectly, more than a ten percent (10%) interest in the Company or in any Member or (iii) any Entity who is an agent, trustee,
officer, director, employee, member or shareholder or member of the family (or any member of the family of any agent, trustee,
officer, director, employee, partner, member or shareholder) of the Company or of any Member or (iv) any Entity that, directly
or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company
or any Member. The term “control” (including the terms “controlled by” and “under common control
with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies
of an Entity, whether through the ownership of voting securities, by contract or otherwise. The term “family” shall
be deemed to include spouses, children, parents, brothers and sisters, and the spouse, children, parents, brothers and sisters
of such spouse’s children, parents, brothers and sisters.

 

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1.6           “Agreement”
shall mean this Limited Liability Company Agreement of BR T&C BLVD JV Member, LLC, as it now exists and as it may from time
to time hereafter be amended, restated or supplemented or otherwise modified from time to time.

 

1.7           “Annual
Financial Statements” shall have the same meaning as set forth in Section 13.3 hereof.

 

1.8           “Bankruptcy”
means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties,
or (vii) if one hundred twenty (120) days after the commencement of any proceeding against the Person seeking reorganization,
arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding
has not been dismissed, or if within ninety (90) days after the appointment without such Person’s consent or acquiescence
of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not
vacated or stayed, or within ninety (90) days after the expiration of any such stay, the appointment is not vacated.

 

1.9           “Basic
Documents” means the documents executed by the Company Subsidiary in favor of the Lender on or about July 1, 2014 and
listed as Exhibit F of the Company Subsidiary LLC Agreement, and all documents and certificates contemplated thereby or delivered
in connection therewith.

 

1.10         “Benefit
Plan Investor” means (i) any “employee benefit plan” as defined by the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), regardless of whether it is subject to ERISA, (ii) any plan as defined in
Section 4975 of the Code, and (iii) any entity deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any
such employee benefit plan or plan due to investments made in such entity by such employee benefit plans and plans.

 

1.11         “BGF”
shall have the meaning set forth in the introductory paragraph above.

 

1.12         “BRG”
shall have the meaning set forth in the introductory paragraph above.

 

1.13         “Budgeted
Development Capital Calls” shall have the meaning as set forth in Section 5.3(a).

 

1.14         “Capital
Accounts” shall mean the capital accounts established by the Company for each Member pursuant to Article 5.5 hereof.
Capital Accounts shall be determined and maintained throughout the full term of the Company for each Member in accordance with
the rules of this definition. The balance of each Member’s Capital Account, as of any particular date, shall be an amount
equal to the sum of the following:

 

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(a)          The
cumulative amount of cash and the value of all other property that has been contributed to the capital of the Company by such
Member as a Capital Contribution; plus

 

(b)          The
cumulative amount of the Company’s Net Profit and Gain that has been allocated to such Member hereunder; minus

 

(c)          The
cumulative amount of the Company’s Net Loss and Loss that has been allocated to such Member hereunder; and minus

 

(d)          The
cumulative amount of cash and the agreed upon value of all other property that has been distributed by the Company to such Member
(other than in repayment of any loans).

 

A Member’s
Capital Account shall also be increased or decreased to reflect any items described in Section 1.704-1(b)(2)(iv) of the Treasury
Regulations that are required to be reflected in such Member’s Capital Account and that are not otherwise taken into account
in computing such Capital Account under this definition.

 

1.15         “Capital
Contributions” shall mean all amounts paid by a Member for its Membership Interests and any Additional Capital Contributions
or Class A Priority Capital Contributions made by a Member.

 

1.16         “Capital
Date” means the date on which any Gain or Loss is recognized by the Company.

 

1.17         “Capital
Transaction” shall mean any (i) direct or indirect sale or other disposition of the Property or substantially all of
the assets of the Company (including the Subsidiary Interest or the Property) outside the ordinary and customary course of business,
(ii) payment, on account of a casualty, for the Property or Subsidiary Interest, or substantially all of the assets of the Company
or Company Subsidiary to the extent such assets are not replaced or repaired, (iii) refinancing of any indebtedness incurred by
the Company or the Company Subsidiary, including the Obligations, and (iv) similar items or transactions relating to the Property
or the Subsidiary Interest, or substantially all of the assets of the Company or the Company Subsidiary, the proceeds of which
under generally accepted accounting principles are deemed attributable to capital.

 

1.18         “Cash
Flow From Operations” shall mean, for a given period, the amount of cash distributed by Company Subsidiary minus administrative
expenses of the Company, all determined in accordance with cash basis accounting principles, consistently applied.

 

1.19         “Certificate
of Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware
on June 23, 2014, as amended or amended and restated from time to time.

 

1.20         “Class
A Capital Commitment” shall mean the amount of the Capital Contribution committed to be made by the Class A Member (including
the projected amount of the Class A Preferred Reserve that will be required of the Company), exclusive of any Class A Priority
Capital Contribution, as set forth on Schedule I. The Class A Capital Commitment represents the total amount of projected
capital, together with the Class B Members’ initial Capital Contributions, that will be required of the Company by the Company
Subsidiary to develop and lease-up the Project, as estimated under the Project Budget.

 

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1.21         “Class
A Capital Contributions” shall mean the amount of the Capital Contribution made by a Class A Member (including any Class
A Preferred Reserve), but exclusive of any Class A Priority Capital Contribution.

 

1.22         “Class
A Mandatory Redemption Date” shall mean that date which is the earlier of six (6) months following the maturity date
of the Loan (including the exercise of any extensions, but not any refinancings thereof), or any earlier acceleration or due date
thereof.

 

1.23         “Class
A Member” means BRG and, with respect to those Units transferred from a Class A Member, any Person who has been admitted
as a Substitute Member. An Assignee of a Membership Interest who receives Units from a Class A Member shall not be considered
a Class A Member.

 

1.24         “Class
A Membership Interest” means with respect to any Class A Member the membership interest allocated to such Class A Member,
which membership interest will be determined by using a fraction in which the number of Units owned by a Class A Member is the
numerator and the aggregate number of Units that are then owned by all Class A Members is the denominator. The foregoing determination
is also referred to as “Pro Rata as to the Class A Membership Interest”.

 

1.25         “Class
A Preferred Reserve” shall have the meaning set forth in Section 5.2.

 

1.26         “Class
A Priority Capital Contribution” shall have the meaning set forth in Section 5.3.

 

1.27         “Class
A Sinking Fund” shall have the meaning set forth in Section 6.6(a).

 

1.28         “Class
A Units” means the Units held by the Class A Members.

 

1.29         “Class
A Unit Redemption Amount” shall mean, as of the date of redemption of the Class A Units pursuant to Section 10.5, the
sum of (i) the aggregate Net Capital Contributions of the Class A Members plus (ii) the accrued but unpaid Current Class A Return
and the accrued but unpaid Priority Class A Return of the Class A Members.

 

1.30         “Class
B Member” means each of SOIF II, SOIF III and BGF, and, with respect to those Units transferred from a Class B Member,
any Person who has been admitted as a Substitute Member. An Assignee of a Membership Interest who receives Units from a Class
B Member shall not be considered a Class B Member.

 

1.31         “Class
B Membership Interest” means with respect to any Class B Member the membership interest allocated to such Class B Member,
which membership interest will be determined by using a fraction in which the number of Units owned by a Class B Member is the
numerator and the aggregate number of Units that are then owned by all Class B Members is the denominator. The foregoing determination
is also referred to as “Pro Rata as to the Class B Membership Interest”.

 

    	5

    	 

    

  

1.32         “Class
B Units” means the Units held by the Class B Members.

 

1.33         “Company”
shall refer to BR T&C BLVD JV Member, LLC, a Delaware limited liability company, as it may from time to time be constituted.

 

1.34         “Company
Subsidiary” shall refer to BR T&C BLVD., LLC, a Delaware limited liability company, as it may from time to time
be constituted.

 

1.35         “Company
Subsidiary LLC Agreement” shall refer to the Operating Agreement of Company Subsidiary dated as of June 30, 2014, as
may be amended or restated from time to time.

 

1.36         “Conversion
Date” shall have the meaning set forth in Section 10.4.

 

1.37         “Conversion
Period” shall mean the six (6) month period of time that commences on the Conversion Trigger Date.

 

1.38         “Conversion
Right” shall mean the Class A Member’s right to convert its Class A Units to Class B Units, as provided in Section
10.4.

 

1.39         
“Conversion Trigger Date” shall mean the date on which seventy percent (70%) of the Project’s apartments
have been leased.

 

1.40         “Current
Class A Return” means an amount equal to the product of fifteen percent (15.0%) per annum, determined on the basis of
365 or 366 days, as the case may be, for the actual number of days in the period for which the Current Class A Return is being
determined, times the sum of the Net Class A Capital Contributions, commencing on the date the initial Class A Capital Contribution
is made.

 

1.41         
“Default Event” shall have the meaning as set forth in Section 8.6(c). 

 

1.42         
“Entity” shall mean any Person or other business entity, other than an individual.

 

1.43         
“Fiscal Year” shall mean the fiscal year of the Company as set forth in Section 13.2 hereof.

 

1.44         
“Gain” shall mean the gain recognized by the Company for federal income tax purposes in any Adjustment Period
by reason of a Capital Transaction.

 

1.45         “IRC”
shall mean the Internal Revenue Code of 1986, Title 26 of the United States Code, as the same may now or hereafter be amended.

 

1.46         “Lender”
shall mean Compass Bank, and its successors and/or assigns.

 

1.47         “Liquidating
Trustee” shall have the meaning as set forth in Section 12.4.

 

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1.48         “Loan”
shall refer to that certain construction loan in the amount of $57,000,000.00 and more specifically described in the Basic Documents,
including any successor in interest to the Loan.

 

1.49         
“Loss” shall mean the loss recognized by the Company for federal income tax purposes in any Adjustment Period
by reason of a Capital Transaction.

 

1.50         
“Majority” means a collection of Members owning, in the aggregate, more than 50% of the Membership Interests
of all Members and, in the context of voting, means a collection of Members who approve, consent to, or vote in favor of a matter
before the Members and who own, in the aggregate, more than 50% of the Membership Interests of all Members entitled to vote on
thereon. When used in the context of a class of Membership Interests, “Majority” shall mean a collection of those
class Members owning, in the aggregate, more than 50% of the Membership Interests of all Members of that class, and, in the context
of voting, means a collection of class Members who approve, consent to, or vote in favor of a matter before the class Members
and who own, in the aggregate, more than 50% of the class Membership Interests of all class Members entitled to vote thereon.

 

1.51         “Management
Committee” means the management committee of the Company Subsidiary as more fully described in the Company Subsidiary
LLC Agreement.

 

1.52         “Manager”
or “Managers” shall mean the Person or Persons selected to be the manager or managers of the Company from time
to time by either a Majority of the Class B Members or pursuant to Section 7.4 herein. The initial Managers are SOIF II, SOIF
III and BGF. A Member simply by virtue of its status as a member in the Company shall not be a Manager of the Company
unless so selected by a Majority of the Class B Members or pursuant to Section 7.4 herein. A Manager does not have to be a Member
of the Company. The term “Manager” as used herein shall specifically mean all of the then incumbent Managers of the
Company where the context requires.

 

1.53         “Material
Action” means to file any insolvency, or reorganization case or proceeding, to institute proceedings to have the Company
be adjudicated bankrupt or insolvent, to institute proceedings under any applicable insolvency law, to seek any relief under any
law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy or insolvency proceedings
against the Company or file a petition seeking, or consent to, reorganization or relief with respect to the Company under any
applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or a substantial part of its property, or make any assignment for the
benefit of creditors of the Company, or admit in writing the Company’s inability to pay its debts generally as they become
due, or take action in furtherance of any such action.

 

1.54         “Member”
or “Members” shall refer to the Persons listed above as Members and any other Persons who shall subsequently
be admitted as Substitute Members in the Company, each in its capacity as a Member of the Company, including both Class A Members
and Class B Members.

 

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1.55         “Membership
Interest” means with respect to any Member the membership interest allocated to such Member, which membership interest
will be determined by using a fraction in which the number of Units owned by a Member is the numerator and the aggregate number
of Units that are then outstanding is the denominator.

 

1.56         “Minimum
Gain” shall mean, as of any particular date, an amount determined with respect to the Company on such date in accordance
with Section 1.704-1(b)(4)(ii)(c) of the Treasury Regulations interpreting the IRC.

 

1.57         “Mortgage”
means any deed to secure debt, mortgage, deed of trust, security agreement or other similar instrument at any time and from time
to time constituting a lien upon, security interest in or security title to any of the assets of the Company Subsidiary.

 

1.58         “Mortgagee”
shall mean the holder of a Mortgage.

 

1.59         “Net
Cash Proceeds” shall mean the proceeds from a Capital Transaction less (i) any amounts retained by a Mortgagee and (ii)
any costs incurred by the Company or the Company Subsidiary in connection with such Capital Transaction not paid to an Affiliate
of a Member.

 

1.60         “Net
Class A Capital Contributions” means the Class A Capital Contributions, less all distributions made to the Class A Members
under Section 6.8(f).

 

1.61         “Net
Class A Priority Capital Contributions” means the Class A Priority Capital Contributions, less all distributions made
to the Class A Members under Section 6.8(d).

 

1.62         “Net
Capital Contributions” means, with respect to any Member, its aggregate Capital Contributions less any distributions
delineated as return of Capital Contributions.

 

1.63         “Net
Profit” or “Net Loss” shall mean, for each Adjustment Period, the Company’s taxable income
or taxable loss for such Adjustment Period, as determined under Section 703(a) of the IRC and Section 1.703-1 of the Treasury
Regulations interpreting the IRC (for this purpose, all items of income, gain, loss or deduction are required to be stated separately
pursuant to Section 703(a)(1) of the IRC and shall be included in taxable income or taxable loss), with the following adjustments:

 

(a)          any
tax-exempt income, as described in Section 705(a)(1)(B) of the IRC, realized by the Company during such Adjustment Period shall
be taken into account in computing such Net Profit or Net Loss as if it were taxable income;

 

(b)          any
expenditures of the Company described in Section 705(a)(2)(B) of the IRC for such Adjustment Period, including any items treated
under Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations interpreting the IRC as items described in Section 705(a)(2)(B)
of the IRC, shall be taken into account in computing such Net Profit or Net Loss as if they were deductible items;

 

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(c)          any
items of income, deduction, gain or loss that are specially allocated pursuant to Sections 6.4, 6.5 and 6.9 shall not be taken
into account in computing Net Profit or Net Loss;

 

(d)          if
the Company’s taxable income or taxable loss for such Adjustment Period, as adjusted in the manner provided above, is a
positive amount, such amount shall be the Company’s Net Profit for such Adjustment Period, and if negative, such amount
shall be the Company’s Net Loss for such Adjustment Period.

 

1.64         “Obligation”
shall mean the indebtedness, liabilities and obligations of the Company or Company Subsidiary under or in connection with the
Basic Documents or any related document in effect as of any date of determination.

 

1.65         “Person”
means any individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, association,
joint stock company, trust, unincorporated organization or other organization, whether or not a legal entity, and any governmental
authority.

 

1.66         “Priority
Class A Return” shall have the meaning set forth in Section 5.3(b).

 

1.67         “Project”
means an approximately 340–unit Class A rental apartment complex to be constructed upon the Property by Company Subsidiary.

 

1.68         “Project
Budget” means the Total Project Budget as that term is used in the Company Subsidiary LLC Agreement.

 

1.69         “Property”
shall mean that certain real property located in Houston, Texas and more fully described in the Company Subsidiary LLC Agreement
to which legal title is held by and upon which Company Subsidiary intends to develop the Project.

 

1.70         “Proposed
Annual Budget” shall have the meaning set forth in Section 13.7.

 

1.71         “Representative”
means a representative to the Management Committee.

 

1.72         “SOIF
II” shall have the meaning set forth in the introductory paragraph above.

 

1.73         “SOIF
III” shall have the meaning set forth in the introductory paragraph above.

 

1.74         “Subsidiary
Interest” shall have the meaning set forth in the preambles to this Agreement.

 

1.75         
“Substitute Member” shall mean a transferee of a Member’s Membership Interest who has complied with the
requirements under Article 10 of this Agreement and is a Member of the Company.

 

1.76         “Tax
Rate” shall mean, for any Fiscal Year, the sum of (i) the highest then marginal income tax rate for individual taxpayers
as set forth in the IRC and (ii) the highest then marginal income tax rate for individual taxpayers in effect in the State of
Delaware.

 

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1.77         “Taxing
Jurisdiction” means the federal, state, local, or foreign government that collects tax, interest, or penalties, however
designated, on any Member’s share of the income or gain attributable to the Company.

 

1.78         “Treasury
Regulations” shall mean the Income Tax Regulations promulgated under the IRC, as such regulations may be amended from
time to time including corresponding provisions of succeeding regulations.

 

1.79         “Unit”
means one or more of the units of limited liability company interest, or fractional portions thereof, representing a Member’s
ownership rights in the Company, classified as Class A or Class B.

 

ARTICLE
2

NAME, OFFICE, REGISTERED AGENT, AND

MEMBER’S NAMES AND MAILING ADDRESSES

 

2.1           Name:
The name of the limited liability company is:

 

“BR T&C
BLVD JV Member, LLC”

 

2.2           Principal
Business Office. The address of the principal business office of the Company shall be located at 712 Fifth Avenue, 9th
Floor, New York, New York 10019, and shall also be at such other place or places as the Manager may hereafter determine.

 

2.3           Registered
Office. The address of the registered office of the Company in the State of Delaware is c/o National Registered Agents, Inc.,
160 Greentree Dr., Suite 101, Dover, Delaware 19904.

 

2.4           Registered
Agent. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware
is National Registered Agents, Inc., 160 Greentree Dr., Suite 101, Dover, Delaware 19904.

 

2.5           Members’
Names and Number of Units. The names and addresses of the Members, number of Class A and Class B Units owned by each Member,
Membership Interests, Class A Membership Interests, and Class B Membership Interests are set forth on Schedule I.

 

ARTICLE
3

DURATION

  

The
term of the Company shall commence on the date of the filing of a Certificate of Formation with the Office of the Secretary of
State of the State of Delaware, and its duration shall be perpetual. The existence of the Company as a separate legal entity shall
continue until cancellation of the Certificate of Formation.

 

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ARTICLE
4

PURPOSE

  

The
Company is organized for the purpose of: (i) acquiring, owning, holding, financing, hypothecating, pledging and disposing of the
Subsidiary Interest; and (ii) engaging in any lawful business, purpose or activity that may be undertaken by a limited liability
company organized under and governed by the Act. The Company shall possess and may exercise all of the powers and privileges granted
by the Act, by any other law or by this Agreement, together with any powers incidental thereto, including such powers and privileges
as are necessary or convenient to the conduct, promotion or attainment of the business, purposes or activities of the Company.

 

ARTICLE
5

CAPITAL CONTRIBUTIONS, MEMBERSHIP INTERESTS, ETC.

 

5.1           Admission
of Member. The Members are admitted to the Company as the sole equity members of the Company upon their respective execution
and delivery of a counterpart signature page to this Agreement.

 

5.2           Capital
Contribution of the Members; Payment. The Members have made their respective initial Capital Contributions to the Company
as set forth on Schedule I, and shall contribute such additional amounts of capital as provided in this Agreement. The
Members agree that the Class A Member’s initial Capital Contributions, and each subsequent Capital Contribution pursuant
to its Class A Capital Commitment, shall include an interest reserve calculated at a seven percent (7%) annual interest rate which
shall be segregated by the Company from all other Capital Contributions made by the Class A Member pursuant to its Class A Capital
Commitment, and from all other funds held by the Company, and shall be solely used to establish a specific reserve to the benefit
of the Class A Member (the “Class A Preferred Reserve”). Except as otherwise provided in Sections 6.7 and 10.4(b),
the funds on deposit in the Class A Preferred Reserve shall be earmarked and used specifically for the monthly draw and payment
of a portion of the Current Class A Return equivalent to a 7% annualized return on all Class A Capital Contributions, and the
Manager shall not have the authority to use the funds in the Class A Preferred Reserve for any other purpose without the prior
written approval of the Class A Member (or if there is more than one Class A Member, Members owning a Majority of the Class A
Membership Interests). Until such time as the Class A Units are redeemed or converted to Class B Units as provided in Section
10.4, the Company must at all times maintain not less than three (3) months’ worth of payments in the Class A Preferred
Reserve.

 

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5.3           Additional
Contributions.

 

(a)          To
the extent necessary and as required of the Company by the Company Subsidiary to develop and lease-up the Project under the Project
Budget, the Manager may call for additional capital from the Members, and, until such time as the Class A Member has fully funded
the Class A Capital Commitment, the Class A Member shall be obligated to fund its share of all such capital calls (“Budgeted
Development Capital Calls”). If Class A Member fails to fund its share of any Budgeted Development Capital Calls within
ten (10) days of written notification of the need therefor, its Current Class A Return shall be as of that date reduced to seven
percent (7%) per annum. All other capital calls shall be made as and in the amount determined by the Manager, including but not
limited to for the funding of any Current Class A Return after payments thereon are drawn from the Class A Preferred Reserve,
Priority Class A Return, or if additional funds are required by or called for pursuant to the Company Subsidiary LLC Agreement
(all such additional funds, other than Budgeted Development Capital Calls, are referred to as “Additional Capital Contribution(s)”).
For the avoidance of doubt, to the extent that Cash Flow From Operations is insufficient to allow the Company, after taking into
account any draws from the Class A Preferred Reserve as provided in Section 6.7, to pay the Class A Return and Priority Class
A Return in full on a monthly basis as required under Sections 6.6(b) and (c), Manager shall be obligated to make a call for Additional
Capital Contributions in such amount as are necessary in order to allow the Company to do so, and all such capital called for
that purpose shall be distributed as provided in Sections 6.6(b) and (c). Additional Capital Contributions shall be solely the
obligation of the Class B Members, and the Class A Member shall have no obligation to make Additional Capital Contributions. All
additional funds contributed by the Class B Members shall be contributed as additional capital to the Company by the Class B Members
Pro Rata as to the Class B Membership Interest (or in any such other percentages as they shall agree) within ten (10) days of
written notification of the need therefor; provided, that no Additional Capital Contributions funded shall be distributed to the
Members without the prior written consent of the Class A Member. Any Additional Capital Contributions made by the Class B Members
will be treated on the same basis and parity as the initial Capital Contributions of the Class B Members made in accordance with
Section 5.2 above.

 

(b)          If
the Class B Members fail to contribute all of their share of any Budgeted Development Capital Call or to make all of an Additional
Capital Contribution, the Class A Member may, but shall not be obligated to, contribute as additional capital to the Company (if
there is more than on Class A Member, Pro Rata as to the Class A Membership Interest (or in any such other percentages as they
shall agree)) all or a portion of the amount that the Class B Members failed to fund. Any such Capital Contributions made by the
Class A Member shall be referred to as the “Class A Priority Capital Contributions.” Any Class A Priority Capital
Contributions made by the Class A Member will be treated on the same basis as its prior Capital Contributions of the Class A Member
made in accordance with Section 5.2 above, except that the Current Class A Return on such Class A Priority Capital Contributions
shall be twenty percent (20%) per annum (the “Priority Class A Return”) and the Class A Member shall have a
priority return of its Priority Class A Return and Class A Priority Capital Contributions in Distributions from Capital Transactions
and Liquidations, as set forth in Section 6.8.

 

(c)          Additional
Capital Contributions shall be made in cash unless the Manager and Class A Member agree otherwise.

 

(d)          Except
as provided in Sections 5.2, 5.3(a) and 5.3(b), no Capital Contributions may be made to the Company without the prior written
consent of the Class A Member.

 

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5.4           Return
of Capital Contributions; Interest on Capital Contributions.

 

(a)          No
Member shall have the right to withdraw his Capital Contributions or demand or receive the return of his Capital Contributions
or any part thereof, except as provided in Section 10.5 with respect to the Class A Member and as otherwise provided in this Agreement.

 

(b)          The
Manager shall not be liable for the return of the Capital Contributions of the Members. If and to the extent that any such return
is required, such return shall be made solely from the assets of the Company.

 

(c)          The
Company shall not pay interest on the Capital Contributions of any Member, except as otherwise provided in this Agreement.

 

5.5           Capital
Accounts. The Capital Accounts of the Company shall be established and maintained for each Member hereunder in accordance
with the federal income tax accounting practices and rules established under Section 704(b) of the IRC and the Treasury Regulations
thereunder.

 

5.6           Membership
Interests. The Class A Membership Interests and Class B Membership Interests in the Company are set forth on Schedule I.

 

5.7           Admission
of Additional Members. The Company shall not be permitted to admit additional Members hereunder without consent of: (1) the
Manager and (2)(a) the Members owning a Majority of the Membership Interests and (b) the Class A Membership Interest, to the extent
outstanding. Except as expressly permitted in this Agreement, no other Person shall be admitted as a Member of the Company, and
no additional interest in the Company shall be issued, without such approval of a Majority of the Membership Interests and the
Class A Membership Interest.

 

ARTICLE
6

ALLOCATION AND DISTRIBUTION OF CERTAIN ITEMS

 

6.1           Net
Profit. After giving effect to the special allocations set
forth in Sections 6.4, 6.5, 6.6 and 6.9, all Net Profit shall be allocated to the
Members’ Capital Accounts in the following manner and order of priorities:

 

(a)          After
giving effect to the allocations contained in Section 6.1(b), the Company’s Net Profit shall be allocated one hundred percent
to the Class B Members’ Capital Accounts.

 

(b)          To
the extent Net Loss was allocated to the Members’ Capital Accounts pursuant to Section 6.2(a), then prior to making the
allocations under Section 6.1(a), Net Profit shall be allocated to the Members’ Capital Accounts in an amount equal to and
in the reverse order that such Net Loss was allocated.

 

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6.2           Net
Loss. After giving effect to the special allocations set forth in Sections 6.4, 6.5, and 6.9, all Net Loss shall be allocated
to the Members’ Capital Accounts in the following manner and order of priorities:

 

(a)          After
giving effect to the allocations contained in Section 6.2(b), the Company’s Net Loss shall be allocated in the following
manner and order of priorities:

 

(i)          First,
one hundred percent (100%) to the Class B Members’ Capital Accounts until the cumulative Net Loss allocated to the Class
B Members’ Capital Accounts pursuant to this Section 6.2(a)(i) equals the amount of the Class B Members’ capital contributions
to the Company;

 

(ii)         Second,
one hundred percent (100%) to the Class A Members’ Capital Accounts until the cumulative Net Loss allocated to the Class
A Members’ Capital Accounts pursuant to this Section 6.2(a)(ii) equals the amount of the Class A Members’ capital
contributions to the Company; and

 

(iii)        Third,
the balance, to the Members who bear the risk of such loss or if no Members bears the risk of loss, one hundred percent (100%)
to the Class B Members’ Capital Accounts.

 

(b)          To
the extent Net Profit was allocated to the Members’ Capital Accounts pursuant to Section 6.1(a), then prior to making any
allocations of Net Loss under Section 6.2(a), Net Loss shall be allocated to the Members’ Capital Accounts in an amount
equal to and in the reverse order that such Net Profit were allocated.

 

6.3           Composition
of Special Allocation Items. Except as required otherwise under the IRC or the Regulations issued thereunder, all special
allocations of income, gain or deduction made pursuant to Sections 6.4, 6.5 and 6.9 shall consist of a proportionate part of each
item of gross income, gain or deduction, as the case may be, that the Company recognizes in the year such allocation is to be
made.

 

6.4           Special
Current Class A Return Allocations. Prior to the allocations contained in Sections 6.1 and 6.2, items of income and Gain shall
be specially allocated to the Class A Members in proportion to and to the extent of the excess, if any, of (i) the cumulative
Current Class A Return distributed to each Member pursuant to Sections 6.6(b), 6.7(a) and 6.8(e) hereof from the commencement
of the Company to a date thirty (30) days after the end of such Adjustment Period, over (ii) the cumulative items of income and
Gain allocated to such Member pursuant to this Section 6.4 for all prior Adjustment Periods.

 

6.5           Special
Priority Class A Return Allocations. Prior to the allocations contained in Sections 6.1 and 6.2, items of income and Gain
shall be specially allocated to the Class A Members in proportion to and to the extent of the excess, if any, of (i) the cumulative
Priority Class A Return distributed to each Member pursuant to Sections 6.6(c), 6.7(b) and Section 6.8(c) hereof from the commencement
of the Company to a date thirty (30) days after the end of such Adjustment Period, over (ii) the cumulative items of Gain allocated
to such Member pursuant to this Section 6.5 for all prior Adjustment Periods.

 

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6.6           Distributions
of Cash Flow From Operations. Distributions of Cash Flow From Operations shall be made monthly. Distributions made pursuant
to this Section shall be made monthly to the Members in the following order of priority:

 

(a)          On
and after the Class A Mandatory Redemption Date, to the Class A Members until such Class A Members have received distributions
in an amount equal to the Class A Unit Redemption Amount; provided, that, if distributions of Cash Flow From Operations to be
made under this Section 6.6(a) are insufficient to fully satisfy the Class A Unit Redemption Amount, all Cash Flow From Operations
shall be segregated in a separate account of the Company (the “Class A Sinking Fund”) until such time as distributions
to be made under this Section 6.6(a) plus the amounts in the Class A Sinking Fund are sufficient, and are used, to fully satisfy
the Class A Unit Redemption Amount;

 

(b)          Second,
to the Class A Members (to be shared among them, pro rata, according to their respective unpaid Current Class A Return) until
such Class A Members have received distributions in an amount equal to their respective unpaid Current Class A Return (as may
be modified by Section 6.14) until it is paid in full pursuant to this Section 6.6(b), Section 6.7(a) and Section 6.8(e);

 

(c)          Third,
to the Class A Members (to be shared among them, pro rata, according to their respective unpaid Priority Class A Return) until
such Class A Members have received distributions in an amount equal to their respective unpaid Priority Class A Return (as may
be modified by Section 6.14) until it is paid in full pursuant to this Section 6.6(c), Section 6.7(b) and Section 6.8(c); and

 

(d)          Fourth,
to the Class B Members pro rata, in accordance with their respective Class B Membership Interests.

 

For the avoidance
of doubt, to the extent that Cash Flow From Operations is insufficient to allow the Company, after taking into account any draws
from the Class A Preferred Reserve as provided in Section 6.7, to pay the Class A Return and Priority Class A Return in full on
a monthly basis, Manager shall be obligated to make a call for Additional Capital Contributions in such amount as are necessary
in order to allow the Company to do so, and all such capital called for that purpose shall be distributed as provided in subsections
(b) and (c) above.

 

6.7           Distributions
from Class A Preferred Reserve. The Manager shall cause distributions to be made from the Class A Preferred Reserve on a monthly
basis as necessary in order to pay a portion of the unpaid Current Class A Return equivalent to a 7% annualized return on all
Class A Capital Contributions; provided however, from and after the occurrence of a Default Event, the Manager shall cause
distributions to be made from the Class A Preferred Reserve on a monthly basis as necessary in order to pay any unpaid Current
Class A Return and all unpaid Priority Class A Return, in the following order of priority:

 

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(a)          To
the Class A Members (to be shared among them, pro rata, according to their respective unpaid Current Class A Return) until such
Class A Members have received distributions in an amount equal to their respective unpaid Current Class A Return (as may be modified
by Section 6.14) until it is paid in full pursuant to Section 6.6(b), this Section 6.7(a) and Section 6.8(e); and

 

(b)          Second,
to the Class A Members (to be shared among them, pro rata, according to their respective unpaid Priority Class A Return) until
such Class A Members have received distributions in an amount equal to their respective unpaid Priority Class A Return (as may
be modified by Section 6.14) until it is paid in full pursuant to Section 6.6(c), this Section 6.7(b) and Section 6.8(c).

 

6.8           Distributions
From Capital Transactions and on Liquidations. Net Cash Proceeds in connection with Capital Transactions and/or in connection
with the liquidation of the Company shall be distributed within thirty (30) days of the completion of the applicable event. Distributions
made pursuant to this Section shall be made in the following amounts and order of priority:

 

(a)          To
discharge the debts and obligations of the Company;

 

(b)          To
fund reasonable and necessary reserves as determined in good faith by the Manager and approved by the Class A Members;

 

(c)          To
the Class A Members (to be shared among them, pro rata, according to their respective unpaid Priority Class A Return) until such
Class A Members have received distributions of Net Cash Proceeds in an amount equal to their respective unpaid Priority Class
A Return until it is paid in full pursuant to this Section 6.8(c), Section 6.7(b) and Section 6.6(c);

 

(d)          To
the Class A Members (to be shared among them, pro rata, according to their respective Net Class A Priority Capital Contributions)
until such Class A Members have received distributions of Net Cash Proceeds in an amount equal to their respective Net Class A
Priority Capital Contributions until it is paid in full pursuant to this Section 6.8(d);

 

(e)          To
the Class A Members (to be shared among them, pro rata, according to their respective unpaid Current Class A Return) until such
Class A Members have received distributions of Net Cash Proceeds in an amount equal to their respective unpaid Current Class A
Return until it is paid in full pursuant to this Section 6.8(e), Section 6.7(a) and Section 6.6(b);

 

(f)          To
the Class A Members (to be shared among them, pro rata, according to their respective aggregate Net Class A Capital Contributions),
until such Class A Members have received distributions of Net Cash Proceeds in the amount equal to their respective aggregate
Net Class A Capital Contributions until they are repaid in full pursuant to this Section 6.8(f);

 

(g)          To
the Class B Members pro rata, in accordance with their respective positive Capital Accounts; and

 

(h)          To
the Class B Members pro rata, in accordance with their respective Class B Membership Interests.

 

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6.9           Special
Tax Allocations. The allocations in this Section 6.9 shall be given effect before giving effect to the allocations contained
in Sections 6.1 through Section 6.5:

 

(a)          Notwithstanding
any provision contained herein to the contrary, if the amount of Net Loss and Loss for any Adjustment Period that would otherwise
be allocated to a Member hereunder would cause or increase a deficit balance in such Member’s Capital Account to an amount
in excess of the sum of such Member’s share of Minimum Gain as of the last day of such Adjustment Period, then a proportionate
part of such Net Loss and Loss equal to such excess shall be allocated proportionately first to the other Members in an amount
up to, but not in excess of, the amount that would cause or increase a deficit balance in each of such Member’s Capital
Accounts to an amount equal to the sum of their respective shares of Minimum Gain as of the last day of such Adjustment Period.
For purposes of this Section 6.9(a), each Member’s Capital Account shall be computed as of the last day of such Adjustment
Period in the manner provided in the definition of Capital Account, but shall be reduced for the items described in Section 1.704-1(b)(2)(ii)-(d)(4),
(5) and (6) of the Treasury Regulations interpreting the IRC.

 

(b)          Notwithstanding
any provision in this Agreement to the contrary, if any of the Members, as of the last day of any Adjustment Period, has a deficit
balance in its Capital Account that exceeds the sum of its share of Minimum Gain as of such last day, then all items of income
and gain of the Company (consisting of a prorata portion of each item of Company income, including gross income and Gain) for
such Adjustment Period shall be allocated to such Members in the amount and in the proportions required to eliminate such excess
as quickly as possible. For purposes of this Section, a Member’s Capital Account shall be computed as of the last day of
an Adjustment Period in the manner provided in the definition of Capital Account, but shall be increased by any allocation of
income to such Member for such Adjustment Period under Section 6.9(c).

 

(c)          Notwithstanding
any provision in this Agreement to the contrary, if there is a net decrease in the Minimum Gain during any Adjustment Period,
then all items of gross income and Gain of the Company for such Adjustment Period (and, if necessary, for subsequent Adjustment
Periods) shall be allocated to each Member in proportion to, and to the extent of, an amount equal to the greater of (i) the portion
of such Member’s share of the net decrease that is allocable to the disposition of Company property subject to one or more
nonrecourse liabilities of the Company or (ii) the deficit balance in such Member’s Capital Account (determined before any
allocation for such Adjustment Period) in excess of the sum of such Member’s share of the Minimum Gain as of the close of
such Adjustment Period. The items required to be allocated to the Members under this Section 6.9(c) shall be determined in accordance
with Section 1.704-2(f) of the Treasury Regulations.

 

(d)          Notwithstanding
any other provision contained herein, any item of Company loss, deduction or IRC Section 705(a)(2)(B) expenditure that is attributable
to a nonrecourse liability of the Company for which any Member bears the economic risk of loss (e.g., a Member or an Affiliate
makes the nonrecourse loan to the Company) shall be allocated to the Member or Members who bear the economic risk of loss with
respect to such liability to the extent required in Section 1.704-2(i) of the Treasury Regulations interpreting the Code.

 

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6.10         Curative
Allocations. The allocations set forth in Section 6.9 (the “Regulatory Allocations”) are intended to comply
with the requirements of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the
Members intend to divide Company distributions. Accordingly, notwithstanding any other provision of this Article (other than the
Regulatory Allocations), the Manager may make such offsetting special allocations of income, gain, loss, or deduction in whatever
manner it determines appropriate to so as to prevent the Regulatory Allocations from distorting the manner in which the Company’s
distributions would otherwise be divided among the Members. In general, the Members anticipate that this will be accomplished
by specially allocating other profit, losses, gain, and deductions among the Members so that, after such offsetting special allocations
are made, the amount of each Member’s Capital Account will be, to the extent possible, equal to the Capital Account balance
such Member would have had if the Regulatory Allocations were not a part of this Agreement and all Company items had been allocated
to the Members solely pursuant to Sections 6.1 through 6.5.

 

6.11         IRC
Section 704(c) Tax Allocations. In accordance with IRC Section 704(c) the Treasury Regulations thereunder, income, gain, loss,
and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated
among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal
income tax purposes and its fair market value. Any elections or other decisions relating to such allocations shall be made
by the Manager in its sole discretion.

 

6.12         Distribution
Limitations. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required
to make a distribution to the Members on account of their interests in the Company if such distribution would violate the Act
or any other applicable law or would constitute a default under any Basic Document.

 

6.13         Amounts
Withheld for Taxes or Paid on Composite Returns. All amounts withheld pursuant to the IRC or any provision of any state or
local tax law with respect to any payment, distribution or allocation to the Company or one or more of the Members shall be treated
as amounts paid or distributed, as the case may be, to the Members for whom such amounts were withheld pursuant to this Article
for all purposes under this Agreement. The Manager may allocate any such amount among the Members in any manner that is in accordance
with applicable law. The Company is authorized to withhold from payments and distributions to one or more Members, or with respect
to allocations to one or more Members, and to pay over to any federal, state or local government, any amounts so withheld under
this Agreement, the Code or any provisions of any other federal, state, or local law, and shall allocate any such amounts to the
Members for whom such amounts were withheld. To the extent required by any provision of any state or local tax law, the Company
shall file a composite tax return on behalf of one or more of its Members and shall report and pay income taxes required by law
to be paid with such composite tax returns to any Taxing Jurisdiction, and any such amounts shall be treated as a Distribution
to the Member for whom such composite tax return is filed. The Company shall have the power and authority to determine (a) whether
a Member should be included in a composite tax return required to be filed by any provision of any applicable tax law, and (b)
whether the Member is subject to withholding, pursuant to this Section, on payments, distributions or allocations from the Company.
A Member shall be limited to an action against the applicable Taxing Jurisdiction(s) with respect to any claims based on over-withholding
or over-payment on a composite tax return, and neither the Company, nor the Managers shall have any liability to any Member with
respect to any withholding or composite tax return filings or payments made pursuant to this Section.

 

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6.14         Timing
of Distributions of Current Class A Return and Priority Class A Return. Distributions of Current Class A Return under Section
6.6(b) or Section 6.8(e) and Priority Class A Return under Section 6.6(c) or Section 6.8(c) will be made on a monthly basis on
or before the 10th day of each calendar month following the calendar month to which the Current Class A Return or Priority
Class A Return relates. If a distribution of Current Class A Return or Priority Class A Return is not made on or before the 10th
day of a calendar month (a “Delayed Distribution”), the Current Class A Return and the Priority Class
A Return (if any) shall be calculated by increasing the annual percentage rate therein by 3.5% from the 11th day of
such calendar month until such time as all Delayed Distributions are made.

 

ARTICLE
7

APPOINTMENT OF MANAGER; OBLIGATIONS, REPRESENTATIONS AND

WARRANTIES OF THE MANAGER

 

7.1           Appointment
of the Manager. Subject to Section 8.6, the business and affairs of the Company shall be managed by or under the direction
of the Manager. The Manager shall hold office until such Manager’s earlier dissolution, death, resignation, expulsion or
removal. Any successor Manager shall be appointed by a Majority of the Class B Membership Interest prior to the Conversion Date
and by a Majority of the Membership Interest on and after the Conversion Date, unless otherwise provided in this Agreement. A
Manager need not be a Member. A Member shall not be deemed to be a Manager simply by virtue of being a Member in the Company.
The initial Managers designated by the Class B Members are SOIF II, SOIF III and BGF.

 

7.2           Compensation
of Manager; Removal of Manager. The Manager shall receive no compensation for serving as the Manager of the Company. The Manager
shall be reimbursed for all reasonable expenses incurred in managing the Company. The Manager and Affiliates of a Member or the
Manager may provide services to the Company, Company Subsidiary and the Property in addition to those contemplated to be provided
by a manager and receive additional compensation therefor; provided that any fee paid by the Company or Company Subsidiary for
such services shall be at rates customarily charged for similar services by Persons engaged in the same or substantially similar
activities in the relevant geographical area and the provisions of each such contract shall be at least as favorable to the Company
as the terms reasonably expected by the Manager to be available in an arm’s-length transaction with an independent third
party and, provided further, that any such contract with an Affiliate of the Manager, Class B Members and/or their Affiliates
must be approved by the Class A Members, which approval will not be unreasonably withheld, conditioned or delayed. Unless otherwise
restricted by law or the Basic Documents, the Manager may resign by written notice to the Company and may be removed or expelled
at any time by the written consent of the Class A Members owning a Majority of the Class A Membership Interests, and any vacancy
may be filled by the written consent of the Members owning a Majority of the Class A Membership Interests. Notwithstanding the
foregoing and except as provided in Section 7.4, a Manager may not be removed or expelled as the Manager and no additional Manager
may be appointed unless there is cause for removal. For purposes hereof, “cause for removal” shall mean (i) a collection
action has been instituted by the Lender, (ii) the assertion by the Class A Members that any action by the Manager constitutes
fraud against the Company, the Company Subsidiary, the Class A Members, or the Project, (iii) the good faith assertion by the
Class A Members that any action or failure to act by the Manager constitutes gross negligence, willful misconduct, bad faith or
a material violation of law in the performance of its duties to the Company, (iv) the assertion by the Class A Members of a violation
by the Manager of its fiduciary obligations to the Company, and (v) the good faith assertion by the Class A Members of any material
breach by the Manager of the material terms of this Agreement; provided, however, that such alleged breach of this Agreement by
the Manager described in subpart (v) has not been cured by the Manager within sixty (60) days after such time as it may be demonstrated
that the Manager had actual knowledge of such alleged material breach; provided, however that if such breach cannot reasonably
be cured within such sixty (60) day period and the Manager is diligently pursuing such cure, the sixty (60) day period shall be
extended to ninety (90) days.

 

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In
the event that a “cause for removal” described in the definition of “cause for removal” above occurs,
upon the giving of written notice by the Class A Members to the Manager that the Manager is replaced, then the current Manager
shall be replaced by the Manager designated in such notice (the “Class A Manager”) and the Class A Manager
shall be the sole Manager of the Company with all powers of the Manager of the Company and the initial Manager shall have no further
rights as and shall immediately cease to act as Manager of the Company, and notwithstanding anything in this Agreement to the
contrary, such Class A Manager may not thereafter be removed without the consent of the Class A Members.

 

7.3           Manager
as Agent. To the extent of its powers set forth in this Agreement and subject to Section 8.6, the Manager is an agent of the
Company for the purpose of the Company’s business, and the actions of the Manager taken in accordance with such powers set
forth in this Agreement shall bind the Company.

 

7.4           Manager
Following Class A Conversion Date. As of the date of closing of BRG’s exercise of its Conversion right as provided in
Section 10.4 (the “Conversion Date”), SOIF II, SOIF III, BGF and any then current Manager shall each and all
be deemed to have automatically resigned as Managers and cease to be Managers of the Company, whereupon BRG shall become the sole
Manager of the Company. Notwithstanding Section 7.2, on and after the Conversion, the Manager may only be removed by a Majority
Vote of the Members for an act or omission by the Manager related to the Company constituting gross negligence or fraud causing
a material diminution of value in the Company or the Subsidiary Interest.

 

ARTICLE
8

STATUS OF THE MANAGER’S POWERS

AND TRANSFERABILITY OF INTERESTS

 

8.1           Control
and Responsibility. Except as otherwise expressly provided herein, the Manager shall be responsible for the management of
the Company business and shall have all powers conferred by law as well as those that are necessary, advisable or consistent in
connection therewith. Except as otherwise provided in Section 8.6(f) as to the Class A Member, any note, contract, management
agreement, deed, bill of sale, assignment, conveyance, mortgage, lease or other commitment purporting to bind the Company or any
third party to any action shall be executed and delivered by the Manager on behalf of the Company and no other signature whatsoever
shall be required.

 

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8.2           Status
of Manager’s Interests. The Manager shall not have the right to transfer or assign the interests it holds as Manager
in the Company; provided, however, to the extent that BRG or a BRG Transferee Transfers all or a
portion of its Interest in accordance with Section 10 to a BRG Transferee, such BRG Transferee may be appointed as an additional
Manager under this Section 7.1 by BRG or a BRG Transferee then holding all or a portion of an Interest without any further action
or authorization by any Member. 

 

8.3           No
Right to Partition. To the fullest extent permitted by law, neither the Members nor the Manager shall have the right to bring
an action for partition or any sale for division against the Company or any of its properties. Except as otherwise expressly provided
in this Agreement, to the fullest extent permitted by law, each of the Members hereby irrevocably waives any right or power that
such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for
all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant
to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation,
winding up or termination of the Company. To the fullest extent permitted by law, each of the Members hereby irrevocably waives
any right or power that such Person might have to reject this Agreement in any bankruptcy or insolvency proceedings relating to
such Person. The Members shall not have any interest in any specific assets of the Company, and the Members shall not have the
status of a creditor with respect to any distribution pursuant to Agreement. The interest of the Members in the Company is personal
property.

 

8.4           Extent
of Obligation. The Manager shall devote such time to the business and affairs of the Company as the Manager shall reasonably
deem necessary to conduct properly such business and affairs in accordance with this Agreement and applicable law.

 

8.5           Rights
and Powers. In addition to any other rights and powers that it may possess under applicable law or by virtue of this Agreement,
but in any event subject to Section 8.6 hereof and the Basic Documents to the contrary, the Manager shall have the full and absolute
power and authority to bind the Company and take any and all actions and do anything and everything it deems necessary or appropriate
in performing its duties hereunder and shall have all rights and powers required or appropriate to its management of the Company
business (and indirectly the business of the Company Subsidiary), including, but not limited to, the following specific rights
and powers. If there is more than one Manager at any time, any action taken by the Managers must be agreed to by each Manager.

 

8.6           Limitations
on Authority of the Manager.

 

(a)          It
is expressly understood that the Manager shall not do or perform any of the following acts on behalf of the Company without first
obtaining the approval of the Members holding more than a Majority of the Membership Interests:

 

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(i)          any
act in contravention of this Agreement;

 

(ii)         any
act that would make it impossible to carry on the ordinary business of the Company, the Company Subsidiary or owner;

 

(iii)        confess
a judgment against the Company;

 

(iv)         possess
Company (or Company Subsidiary) property or assign the rights of the Company (or Company Subsidiary) in specific Company (or Company
Subsidiary) property for other than Company (or Company Subsidiary) purposes;

 

(v)          admit
a Person as a Manager, except as provided in Section 7.2;

 

(vi)         admit
a Person as a Member except as otherwise provided herein;

 

(vii)        continue
the business of the Company in contravention of Section 12.1 hereof; or

 

(viii)      cause
or permit the Company to extend credit to or to make any loans or become surety, guarantor, endorser, or accommodation endorser
for any Entity.

 

(b)          It
is expressly understood that, without first obtaining the approval of a Majority of the Class A Membership Interests, in their
sole and absolute discretion, and subject to the Basic Documents, the Manager shall not undertake or perform any of the actions
set forth in Section 8.6(a) if doing so would cause any dilution of or material adverse economic effect upon the Class A Member’s
Membership Interest or its rights under this Agreement or the Company Subsidiary LLC Agreement, nor may the Manager undertake
or perform any of the following acts on behalf of the Company without first obtaining the approval of a Majority of the Class
A Membership Interests, in their sole and absolute discretion, subject to the Basic Documents:

 

(i)          cause
the Company to approve any Major Decision (as defined in Section 7.07 of the Company Subsidiary LLC Agreement, or any successor
section thereto), or any action that would have been a Major Decision but for the operation of the final paragraph of Section
7.07 of the Company Subsidiary LLC Agreement, or any successor section thereto;

 

(ii)         cause
the Company to approve any amendment to the Company Subsidiary LLC Agreement;

 

(iii)        file
or consent to any filing any reorganization, receivership, insolvency, bankruptcy or other similar proceedings as to the Company
or the Company Subsidiary pursuant to any federal or state law affecting debtor and creditor rights;

 

(iv)         to
the fullest extent permitted by law, dissolve or liquidate the Company;

 

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(v)          distribute
any cash or property of the Company other than as provided in this Agreement;

 

(vi)         merge
or consolidate with any other Entity;

 

(vii)        amend,
modify or alter this Agreement, except as otherwise provided herein; or

 

(viii)      cause
the Company to consent to any REIT Prohibited Transaction, as defined in the Company Subsidiary LLC Agreement.

 

(c)          Any
action or failure to act by the Manager to comply with the provisions of Sections 8.6(a) or (b), or any other breach of this Agreement
by the Manager or any Class B Member shall constitute a “Default Event.”

 

(d)          Notwithstanding
any provision herein to the contrary, on and after the Conversion Date (if applicable), any decision to be made by the Company
or its Representatives on the Management Committee, or pursuant to Sections 7.07 or 12.6 of the Company Subsidiary LLC Agreement,
shall only require the approval of and be subject to the direction of BRG and not any other Member of the Company; provided, further,
that on and after the Conversion Date (if applicable) only BRG, and not any other Member of the Company, shall have the power
and authority to exercise the powers and privileges of the Company as manager of the Company Subsidiary.

 

ARTICLE
9

STATUS OF MEMBERS

 

9.1           Liability.
Except as otherwise provided by the Act, a Member shall not be bound by, or be personally liable for, the expenses, liabilities
or obligations of the Company, solely by reason of being a member of the Company.

 

9.2           Business
of the Company. Except as otherwise provided herein, a Member shall take no part in the conduct or control of the business
of the Company and shall have no right or authority to act for or to bind the Company in any manner whatsoever. Whenever this
Agreement provides for the approval or action of the Class B Members, unless specifically stated otherwise, such approval or action
shall be made by the Class B Members owning a Majority of the Class B Membership Interest. Whenever this Agreement provides for
the approval or action of the Class A Members, unless specifically stated otherwise, such approval or action shall be made by
the Class A Member (or if there is more than one Class A Member, the Class A Members owning a Majority of the Class A Membership
Interest).

 

9.3           Status
of Member’s Interest. Except as otherwise provided in this Agreement, a Member’s Membership Interest shall be
fully paid and non-assessable. No Member shall have the right to withdraw or reduce its Capital Contribution to the Company except
as a result of (i) the dissolution and termination of the Company or (ii) as otherwise provided in this Agreement and in accordance
with applicable law.

 

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ARTICLE
10

TRANSFER OF MEMBERSHIP INTEREST; CLASS A CONVERSION RIGHT AND REDEMPTION

 

10.1         Sale,
Assignment, Transfer or Other Disposition of Membership Interest.

 

(a)          Prohibited
Transfers. Except as otherwise provided in this Section 10, or as approved by the Manager, no Member shall have
the right to sell, transfer, assign, pledge or encumber (“Transfer”) all or any part of its Membership Interest,
whether legal or beneficial, in the Company, and any attempt to so Transfer such Membership Interest (and such Transfer) shall
be null and void and of no effect. Notwithstanding the foregoing, any Member shall have the right, with the consent of the other
Members, at any time to pledge to a lender or creditor, directly or indirectly, all or any part of its Membership Interest in
the Company for such purposes as it deems necessary in the ordinary cause of its business and operations.

 

(b)           Affiliate
Transfers.

 

(i)          Subject
to the provisions of Section 10.1(b)(ii) hereof, and subject in each case to the prior written approval of each Member
(such approval not to be unreasonably withheld), any Member may Transfer all or any portion of its Membership Interest in the
Company at any time to an Affiliate of such Member, provided that such Affiliate shall remain an Affiliate of such Member at all
times that such Affiliate holds such Membership Interest. If such Affiliate shall thereafter cease being an Affiliate of such
Member while such Affiliate holds such Membership Interest, such cessation shall be a non-permitted Transfer and shall be deemed void
ab initio, whereupon the Member having made the Transfer shall, at its own and sole expense, cause such putative transferee
to disgorge all economic benefits and otherwise indemnify the Company and the other Member(s) against loss or damage under the
Basic Documents.

 

(ii)         Notwithstanding
anything to the contrary contained in this Agreement, the following Transfers shall not require the approval set forth in Section
10.1(b):

 

(a)   Any
Transfer by SOIF II or a SOIF II Transferee of up to one hundred percent (100%) of its Membership Interest to any Affiliate of
SOIF II, including but not limited to (A) BRG or any Person that is directly or indirectly owned by BRG; (B) SOIF III or any Person
that is directly or indirectly owned by SOIF III; (C) BGF or any Person that is directly or indirectly owned by BGF; and/or (D)
Bluerock Growth Fund II, LLC (“BGF II”) or any Person that is directly or indirectly owned by BGF II (collectively,
a “SOIF II Transferee”);

 

(b)  Any
Transfer by SOIF III or a SOIF III Transferee of up to one hundred percent (100%) of its Membership Interest to any Affiliate
of SOIF III, including but not limited to (A) BRG or any Person that is directly or indirectly owned by BRG; (B) SOIF II or any
Person that is directly or indirectly owned by SOIF II; (C) BGF or any Person that is directly or indirectly owned by BGF; and/or
(D) BGF II or any Person that is directly or indirectly owned by BGF II (collectively, a “SOIF III Transferee”);

 

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(c)  Any
Transfer by BGF or a BGF Transferee of up to one hundred percent (100%) of its Membership Interest to any Affiliate of BGF, including
but not limited to (A) BRG or any Person that is directly or indirectly owned by BRG; (B) SOIF II or any Person that is directly
or indirectly owned by SOIF II; (C) SOIF III or any Person that is directly or indirectly owned by SOIF III; and/or (D) BGF II
or any Person that is directly or indirectly owned by BGF II (collectively, a “BGF Transferee”);

 

(d)  Any
Transfer by BRG or a BRG Transferee of up to one hundred percent (100%) of its Membership Interest to any Affiliate of BRG, including
but not limited to (A) SOIF II or any Person that is directly or indirectly owned by SOIF II; (B) SOIF III or any Person that
is directly or indirectly owned by SOIF III; (C) BGF or any Person that is directly or indirectly owned by BGF and/or (D) BGF
II or any Person that is directly or indirectly owned by BGF II (collectively, a “BRG Transferee”);

 

provided however,
as to subparagraphs (b)(ii)(a), (b), (c) and (d), and as to subparagraph (b)(i), no Transfer shall be permitted and shall be void
ab initio if it shall violate any “Transfer” provision of the Basic Documents. Upon the execution by any
such SOIF II Transferee, SOIF III Transferee, BGF Transferee or BRG Transferee of such documents necessary to admit such party
into the Company and to cause the SOIF II Transferee, SOIF III Transferee, BGF Transferee or BRG Transferee (as applicable) to
become bound by this Agreement, the SOIF II Transferee, SOIF III Transferee, BGF Transferee or BRG Transferee (as applicable)
shall become a Member, without any further action or authorization by any Member.

 

(c)          Admission
of Transferee; Partial Transfers. Notwithstanding anything in this Section 10 to the contrary, no Transfer of Membership
Interests in the Company shall be permitted unless the potential transferee is admitted as a Member under this Section 10.1(c):

 

(i)          If
a Member Transfers all or any portion of its Membership Interest in the Company, such transferee may become a Member if (i) such
transferee executes and agrees to be bound by this Agreement, (ii) the transferor and/or transferee pays all reasonable legal
and other fees and expenses incurred by the Company in connection with such assignment and substitution and (iii) the transferor
and transferee execute such documents and deliver such certificates to the Company and the remaining Members as may be required
by applicable law or otherwise advisable; and

 

(ii)         Notwithstanding
the foregoing, any Transfer or purported Transfer of any Membership Interest, whether to another Member or to a third party, shall
be of no effect and void ab initio, and such transferee shall not become a Member or an owner of the purportedly transferred
Membership Interest, if the Manager determines in its sole discretion that:

 

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(a) the
Transfer would require registration of any Membership Interest under, or result in a violation of, any federal or state securities
laws;

 

(b) the
Transfer would result in a termination of the Company under Code Section 708(b);

 

(c) as
a result of such Transfer the Company would be required to register as an investment company under the Investment Company Act
of 1940, as amended, or any rules or regulations promulgated thereunder;

 

(d)
if as a result of such Transfer the aggregate value of Membership Interests held by “benefit plan investors” including
at least one benefit plan investor that is subject to ERISA, could be “significant” (as such terms are defined in
U.S. Department of Labor Regulation 29 C.F.R. 2510.3-101(f)(2)) with the result that the assets of the Company could be deemed
to be “plan assets” for purposes of ERISA;

 

(e)  as
a result of such Transfer, the Company would or may have in the aggregate more than one hundred (100) members and material adverse
federal income tax consequences would result to a Member. For purposes of determining the number of members under this Section
10.1(c)(ii)(e), a Person (the “beneficial owner”) indirectly owning an interest in the Company through
a partnership, grantor trust or S corporation (as such terms are used in the Code) (the “flow-through entity”)
shall be considered a member, but only if (i) substantially all of the value of the beneficial owner’s interest in the flow-through
entity is attributable to the flow-through entity’s interest (direct or indirect) in the Company and (ii) in the sole discretion
of the Manager, a principal purpose of the use of the flow-through entity is to permit the Company to satisfy the 100-member limitation;
or

 

(f) the
transferor failed to comply with the provisions of Sections 10.1(b)(i) or (ii).

 

The Manager
may require the provision of a certificate as to the legal nature and composition of a proposed transferee of an Membership Interest
of a Member and from any Member as to its legal nature and composition and shall be entitled to rely on any such certificate in
making such determinations under this Section 10.1(c).

 

10.2         Withdrawals.
Each of the Members does hereby covenant and agree that it will not withdraw, resign, retire or disassociate from the Company,
except as a result of a Transfer of its entire Membership Interest in the Company permitted under the terms of this Agreement
and that it will carry out its duties and responsibilities hereunder until the Company is terminated, liquidated and dissolved
under Article 12. No Member shall be entitled to receive any distribution or otherwise receive the fair market value of its
Membership Interest in compensation for any purported resignation or withdrawal not in accordance with the terms of this Agreement.

 

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10.3         Death,
Incapacity or Dissolution of a Member.

 

(a)          The
death, insanity or incompetency of a Member who is an individual shall not, in and of itself, cause the termination or dissolution
of the Company. Thereafter, the legally authorized personal representative of such Member shall have all the rights of a Member
for the purpose of settling or managing his estate, and shall have such power as such party possessed to make an assignment of
his interest in the Company in accordance with the terms hereof and to join with such assignee in making application to substitute
such assignee as a Member, provided all of the provisions of this Agreement are complied with by the holder of such Member’s
interest.

 

(b)          The
dissolution or other cessation to exist as a legal entity of any Member that is not an individual shall not, in and of itself,
cause the termination or dissolution of the Company. Thereafter, the authorized representative of such entity, possessed of the
rights of such Member for the purpose of winding up, in any orderly fashion, and disposing of the business of such entity, shall
have such power as such entity possessed to make an assignment of its interest in the Company in accordance with the terms hereof
and to join with such assignee in making application to substitute such assignee as a Member, provided all of the provisions of
this Agreement are complied with by the holder of such Member’s interest.

 

10.4         BRG
Class A Conversion Right. During the Conversion Period and for so long as BRG holds Class A Units in the Company, BRG shall
have the right to convert all, but not less than all, of its Class A Units into Class B Units in accordance with this Section
10.4.

 

(a)          During
the Conversion Period, and so long as BRG then holds a Majority of the Class A Membership Interests, BRG may deliver a notice
to the Company (a “Conversion Notice”) indicating that BRG is exercising its conversion right under this Section
10.4. From and after the date of the Company’s receipt of the Conversion Notice (the “Receipt Date”),
Current Class A Return and Priority Class A Return shall cease to accrue on BRG’s Net Capital Contributions to the Company;
however, BRG shall retain all other rights of a Class A Member until the Conversion Date.

 

(b)          Within
ten (10) days of the date of the receipt of the Conversion Notice, the Company shall issue to BRG a number of Class B Units equal
to the Conversion Amount, as determined in accordance with Section 10.4(c) below (the “Conversion Units”),
cancel all of BRG’s Class A Units, and return to BRG any remaining funds in the Class A Preferred Reserve. The date of such
issuance, cancellation and return of funds shall be referred to in this Agreement as the “Conversion Date.”
From and after the Conversion Date, BRG shall cease to be a Class A Member and, if not previously admitted as a Class B Member,
shall be admitted as a Class B Member with no further action required by the Company, the Manager or the Members. The Manager
shall amend Schedule I as of the Conversion Date to reflect the conversion.

 

(c)          The
number of Conversion Units to be issued to BRG on the Conversion Date shall equal the number of Class B Units that would cause
the Class B Membership Interest acquired by BRG pursuant to this Section 10.4 to hold a proportional eighteen and one-half percent
(18.5%) Class B Membership Interest and a Capital Account in an amount equal to the same proportion. The foregoing conversion
ratio assumes the Members have fully funded their respective initial Capital Contributions, that the Class A Capital Commitment
has been fully funded, that the Project was developed, leased-up and funded as provided in the Project Budget, that Additional
Capital Contributions have been made by the Class B Members as projected, and that all Current Class A Returns and Priority Class
A Returns have been paid.  In the event that the Class B Members’ Capital Contributions were substantially more than
projected, the Members will confer and in good faith determine a commensurate conversion ratio.

 

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10.5         Class
A Mandatory Redemption.

 

(a)          Notwithstanding
the restrictions on Transfer contained in this Article 10, but subject to the Basic Documents, the Company shall redeem all, but
not less than all, of the Class A Units on the Class A Mandatory Redemption Date for payment of the Class A Unit Redemption Amount
in immediately available funds to the Class A Members, unless prohibited by law, and in such event, on the earliest practicable
date such redemption would not be prohibited by law; provided, however, this Section 10.5 shall not be applicable to the extent
the Class A Member has exercised its Conversion Right under Section 10.4 prior to the Class A Mandatory Redemption Date.

 

(b)          Subjection
to Section 10.5(a), on the Class A Mandatory Redemption Date (or earliest practicable date), upon receipt of the Class A Unit
Redemption Amount, the Class A Member shall transfer its Class A Units free and clear of any and all liens, encumbrances or other
restrictions and execute and acknowledge a written instrument of assignment, together with such other instruments as the Manager,
in its reasonable discretion, may deem necessary or desirable to effect the Transfer of the Class A Units, all in form and substance
reasonably satisfactory to the Manager.

 

(c)          Without
limiting the generality of any other provision of this Agreement, following the redemption of the Class A Units, the Class A Members
shall have no rights in the Company.

 

(d)          To
the extent the Company does not redeem the Class A Units on the Class A Mandatory Redemption Date, the Class A Units shall continue
to accrue the Current Class A Return except that the Current Class A Return shall be twenty percent (20%) per annum on and after
the Class A Mandatory Redemption Date until and through the date the Class A Unit Redemption Amount is paid in full.

 

ARTICLE
11

CESSATION OF A MEMBER

  

A
Member shall cease to be a Member of the Company upon the assignment of all of the Member’s Membership Interest in the Company.

 

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ARTICLE
12

DISSOLUTION AND TERMINATION OF THE COMPANY

 

12.1         Dissolution
and Termination. The Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following:
(i) the decision of the Manager, with the written concurrence of the Members owning more than fifty percent (50%) of the Membership
Interests, that it would be in the best interest of the Company to dissolve; (ii) the termination of the legal existence of the
last remaining member of the Company or the occurrence of any other event that terminates the continued membership of the last
remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this
Agreement or the Act; (iii) the entry of a decree of judicial dissolution under § 6.02 of the Act; or (iv) the filing by
the Secretary of State of a Certificate of Dissolution. Upon the occurrence of any event that causes the last remaining member
of the Company to cease to be a member of the Company or that causes the Member to cease to be a member of the Company (other
than upon continuation of the Company without dissolution upon (i) an assignment by the Member of all of its Membership Interest
in the Company and the admission of the transferee pursuant to Article 10, or (ii) the resignation of the Member and the admission
of an additional member of the Company pursuant to Article 10), to the fullest extent permitted by law, the personal representative
of such member is hereby authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated the
continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of
the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as
of the occurrence of the event that terminated the continued membership of such member in the Company.

 

(a)          Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member shall not cause such Member to cease to be a member of the Company
and upon the occurrence of such an event, the Company shall continue without dissolution.

 

(b)          In
the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the
sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in
the order of priority, set forth in Section 12.2.

 

(c)          The
Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities
and obligations of the Company, shall have been distributed to the Members in the manner provided for in this Agreement and (ii)
the Certificate of Formation shall have been canceled in the manner required by the Act.

 

12.2         Distribution
Upon Dissolution. Upon the dissolution of the Company, the Manager shall take full account of the Company assets and liabilities,
the assets shall be liquidated as promptly as is consistent with obtaining fair value thereof, and the proceeds therefrom, to
the extent sufficient therefor, after payment of or due provision for all debts, liabilities and obligations of the Company as
required by the Act and applicable law, shall be applied and distributed in accordance with Section 6.8 hereof. In the event it
becomes necessary or desirable, in the sole discretion of the Manager, to make a distribution of the Company property in kind,
then such property shall be transferred and conveyed to the Members, or their assigns, so as to vest in each of them as a tenant-in-common,
a percentage interest in the whole of said property equal to the percentage interest he or she would have received had the aforesaid
property not been distributed in kind.

 

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12.3         Time.
A reasonable time, as determined by the Manager, from the date of an event of dissolution, shall be allowed for the orderly liquidation
of the assets of the Company and the discharge of Company liabilities.

 

12.4         Liquidating
Trustee. In the event of a dissolution of the Company, liquidation of the assets of the Company and discharge of its liabilities
may, in the sole discretion of the Manager, be carried out by a liquidation trustee or receiver, who shall be selected by the
Manager and shall be a bank or trust company or other person or firm having experience in managing, liquidating or otherwise handling
property of the type then owned by the Company. This trustee (the “Liquidating Trustee”) shall not be personally
liable for the debts of the Company but otherwise shall have such obligations and authorities as are given the Manager pursuant
to this Agreement.

 

12.5         Statement
of Termination. The Members shall be furnished by the Manager with a statement prepared, at Company expense, by the Accountant
that shall set forth the assets and liabilities of the Company as of the date of complete liquidation and distribution as herein
provided. Such statement shall also schedule the receipts and disbursements made with respect to the termination hereunder.

 

ARTICLE
13

ACCOUNTING AND REPORTS

 

13.1         Books
and Records.

 

(a)          The
Manager shall maintain full and accurate books of the Company, showing all receipts and expenditures, assets and liabilities,
profits and losses, and all other records necessary for recording the Company’s business and affairs, including those sufficient
to record the allocations and distributions provided for in Article 6 and Section 12.2 hereof. Such books and records shall be
open for the inspection and examination by any Member, in person or by its duly authorized representative, at reasonable times
at the offices of the Company upon prior written notice.

 

(b)          The
Company books and records shall be kept in accordance with Generally Accepted Accounting Principles and any change in method shall
be made by the Manager in its sole discretion.

 

13.2         Fiscal
Year. The annual accounting period of the Company shall be the calendar year. The cutoff date of the accounting period shall
be the last day of the calendar month.

 

13.3         Reports.
The Company shall create an internally prepared annual statement showing the revenue and expenses of the Company, the balance
sheet thereof and a statement of change in cash flow at the end of each Fiscal Year (the “Annual Financial Statements”).
The Annual Financial Statements shall be mailed to each Member within fifteen (15) days following the end of the Fiscal Year for
which such statements were prepared. Each Member’s Schedule K-1 will be mailed to the Member no later than thirty (30) days
after the end of each Fiscal Year of the Company. The Company shall transmit all reports received under Section 11.03(b) of the
Company Subsidiary LLC Agreement to the Class A Members immediately upon the Company’s receipt of such reports.

 

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13.4         Bank
Accounts. All funds of the Company shall be deposited in its name in such checking and savings accounts or time certificates
as shall be designated by the Manager. Withdrawals therefrom shall be made upon such signature(s) as the Manager may designate.

 

13.5         Tax
Returns. In addition to the Annual Financial Statements, the Manager shall, at Company expense, cause all tax returns for
the Company to be timely prepared and filed with the appropriate authorities.

 

13.6         Tax
Matters. SOIF III is hereby charged with the responsibility for all tax-related matters affecting the Company and is hereby
designated as the “Tax Matters Representative”. It shall, within ten (10) days of receipt thereof, forward
to each Member a photocopy of any relevant correspondence relating to the Company received from any Federal and/or State taxing
authority (the “Taxing Authority”). It shall, within five (5) days thereof, advise each Member in writing of
the substance of any material conversation held with any representative of a Taxing Authority. Any reasonable costs incurred by
the Tax Matters Representative for retaining accountants and/or attorneys on behalf of the Company in connection with any Taxing
Authority audit of the Company shall be expenses of the Company. The Tax Matters Representative shall, if applicable, comply with
all requirements concerning the registration of tax shelters pursuant to Section 6111 of the IRC and the Treasury Regulations
thereunder, and Form 8264 (or any successor thereto), including, but not limited to, registering the Company with the Taxing Authority
and furnishing to each Member any identification numbers assigned by any Taxing Authority to the Company. .

 

ARTICLE
14

SPECIAL LIMITED POWER OF ATTORNEY

 

14.1         Grant
of Power.

 

(a)          Each
Member does hereby irrevocably constitute and appoint the Manager as its true and lawful attorney, in its name, place and stead,
to make, execute, sign, acknowledge, swear to (where appropriate), and file or record:

 

(i)          any
articles, certificates, documents or instruments (including this Agreement) that may be required to be filed by the Company under
applicable laws of any jurisdiction(s) to the extent that the Manager deems such filing(s) to be necessary or required;

 

(ii)         any
and all amendments or modifications of the instruments described in subparagraph (a)(i) above; provided, that such amendments
or modifications are necessary to effect the terms and intent of this Agreement, including, for example, but not limited to, the
substitution of a Member, and to evidence or effect the consent, approval or acceptance of the Member to any action approved by
the Member where this Agreement provides that such consent, approval or acceptance by the Member binds the Member with regard
thereto;

 

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(iii)        all
certificates and other instruments that may be required to effect the dissolution and termination of the Company pursuant to the
terms of this Agreement; and

 

(iv)         any
and all consents or other instruments deemed necessary or desirable by the Manager for the admission of the Member and Substitute
Members, pursuant to the terms of this Agreement;

 

(b)          It
is expressly understood and intended by the Members that the grant of the foregoing powers of attorney are coupled with an interest
and are irrevocable.

 

(c)          The
foregoing powers of attorney are durable powers of attorney and shall not be affected by the disability, incompetency, and/or
incapacity of the principal. Furthermore, the foregoing powers of attorney shall survive the death of any Member who shall die
during the term of the Company.

 

(d)          The
foregoing powers of attorney may be exercised by the Manager acting for any Member individually.

 

14.2         Limitation
on Powers. To the fullest extent permitted by law, the foregoing power of attorney shall in no way cause a Member to be liable
in any manner for the acts or omissions of the Manager.

 

14.3         Substitute
Members. Each Substitute Member, upon admission to the Company, shall be deemed to have appointed, ratified and reaffirmed
the appointment of the Manager as its true and lawful attorney for the purposes and on the same terms as set forth in Article
14 hereof.

 

ARTICLE
15

AMENDMENTS

 

(a)          Except
as otherwise provided herein, this Agreement may only be amended by the unanimous written consent of all Members.

 

(b)          This
Agreement shall be amended by the Manager without the consent of the Members whenever:

 

(i)          to
reflect the transfer of Units, the admission of a Member, the change in any Unit, the change in the Membership Interests, or any
other alteration in the matters set forth on Schedule I; and

 

(ii)         it
is necessary or appropriate, in the opinion of counsel to Company, to satisfy the requirements of the IRC, Treasury Regulations
thereunder or administrative guidelines or interpretations relating thereto, to maintain the status of partnership taxation or
to satisfy the requirements of federal and/or state securities laws.

 

(c)          Notwithstanding
anything herein to the contrary, no amendment shall be made in this Agreement that, in the opinion of counsel for the Company:

 

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(i)          is
in violation of the provisions of applicable law; or

 

(ii)         would
result in the Company being treated as other than a partnership for federal income tax purposes.

 

ARTICLE
16

INVESTMENT REPRESENTATION

 

Each
of the Members, by executing this Agreement, represents and warrants to the Company and the Manager as follows:

 

(a)          Each
Member or individual executing this Agreement on behalf of an Entity that is a Member hereby represents and warrants that such
Member has acquired such Member’s Membership Interest in the Company for investment solely for such Member’s own account
with the intention of holding such Membership Interest for investment, without any intention of participating directly or indirectly
in any distribution of any portion of such Membership Interest, including an economic interest, and without the financial participation
of any other Person in acquiring such Membership Interest in the Company.

 

(b)          Each
Member hereby acknowledges that such Member is aware that such Member’s Membership Interest in the Company has not been
registered (i) under the Securities Act of 1933, as amended (the “Securities Act”), (ii) under applicable Delaware
securities laws or (iii) under any other state securities laws. Each Member further understands and acknowledges that his representations
and warranties contained in this Section are being relied upon by the Company as the basis for the exemption of the Members’
Membership Interests in the Company from the registration requirements of the Securities Act and from the registration requirements
of applicable state securities laws. Each Member further acknowledges that the Company will not and has no obligation to recognize
any sale, transfer, or assignment of all or any part of such Member’s Membership Interest, including an economic interest
in the Company to any Person unless and until the provisions of this Agreement hereof have been fully satisfied.

 

(c)          Each
Member hereby acknowledges that prior to its execution of this Agreement, such Member received a copy of this Agreement and that
such Member has examined this Agreement or caused this Agreement to be examined by such Member’s representative or attorney.
Each Member hereby further acknowledges that such Member or such Member’s representative or attorney is familiar with this
Agreement and with the Company’s business plans. Each Member acknowledges that such Member or such Member’s representative
or attorney has made such inquiries and requested, received, and reviewed any additional documents necessary for such Member to
make an informed investment decision and that such Member does not desire any further information or data relating to the Company.
Each Member hereby acknowledges that such Member understands that the purchase of such Member’s Membership Interest in the
Company is a speculative investment involving a high degree of risk and hereby represents that such Member has a net worth sufficient
to bear the economic risk of such Member’s investment in the Company and to justify such Member’s investing in a highly
speculative venture of this type.

 

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ARTICLE
17

MISCELLANEOUS

 

17.1         Meetings.
Meetings of the Company may be called by the Manager and shall be called by the Manager upon the written request of the Members
holding at least twenty-five (25%) percent of the Membership Interests of the Company.

 

17.2         Members’
Action by Consent in Lieu of Meeting. Any action required by law to be taken at any annual or special meeting of Members,
or any action which may be taken at a meeting of the Members, may be taken without a meeting, without prior notice and without
a vote, if a consent in writing, setting forth the action so taken is signed by the Members having not less than the Membership
Interests that would be necessary to authorize such action at a meeting at which all Members entitled to vote thereon were present
and voted. Such consents shall have the same force and effect as the unanimous consent of the Members at a meeting duly held.
Such consents shall be filed with the minutes of the meetings of the Members.

 

17.3         Other
Ventures. Notwithstanding any duty otherwise existing at law or in equity, except as otherwise provided in this Agreement
to the contrary, any of the Members, the Manager, BRG’s direct and indirect parents, SOIF II’s members, SOIF III’s
member, BGF’s members or any of their Affiliates may engage in or possess an interest in other profit-seeking or business
ventures of every nature and description, independently or with others, including those that may compete with the Company without
any obligation to share any profits therefrom with the Company or the Members. The doctrine of corporate opportunity or any analogous
doctrine, shall not apply to any Member, Manager, member of a Member or Manager, direct or indirect parent of BRG, member of SOIF
II, SOIF III or BGF, or any of their Affiliates. No Member, Manager, member of a Member or Manager, direct or indirect parent
of BRG, member of SOIF II, SOIF III or BGF, or any of their Affiliates who acquires knowledge of a potential transaction, agreement,
arrangement or other matter that may be an opportunity for the Company shall have any duty to communicate or offer such opportunity
to the Company, and such Member, Manager, member of a Member or Manager, direct or indirect parent of BRG, member of SOIF II,
SOIF III or BGF, or Affiliate shall not be liable to the Company or to the other Members for breach of any fiduciary or other
duty by reason of the fact that such Member, Manager, member of a Member or Manager, direct or indirect parent of BRG, member
of SOIF II, SOIF III or BGF, or Affiliate pursues or acquires for, or directs such opportunity to, another Person or does not
communicate such opportunity or information to the Company. Neither the Company nor any Member shall have any rights or obligations
by virtue of this Agreement or the relationship created hereby in or to such independent ventures or the income or profits or
losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not
be deemed wrongful or improper.

 

Nothing
in this Agreement shall be deemed to preclude any Member, Manager, member of a Member or Manager, direct or indirect parent of
BRG, member of SOIF II, SOIF III or BGF, or any Affiliate of any Member, Manager, member of a Member or Manager, direct or indirect
parent of BRG, or member of SOIF II, SOIF III or BGF, from conducting its business in any manner it may elect, including, without
limitation, entering into any transaction with any Person affiliated in any way with such Person, provided that no such conduct
of its business shall result in a breach by such Member or Manager of its obligations under this Agreement.

 

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17.4         Exculpation
and Indemnification.

 

(a)          To
the fullest extent permitted by applicable law, neither the Members, the Manager, SOIF II, SOIF III, BGF, BRG, direct or indirect
parent of BRG, the members of SOIF II, SOIF III or BGF, nor any officer, manager, director, employee, agent or Affiliate of the
foregoing (collectively, the “Covered Persons”) shall be liable to the Company or any other Person who is bound
by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered
Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred
on such Covered Person by this Agreement, except that a Covered Person shall be liable for any such loss, damage or claim incurred
by reason of such Covered Person’s gross negligence or willful misconduct.

 

(b)          To
the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person
in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on
such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence or willful misconduct
with respect to such acts or omissions; provided, however, that any indemnity under this Section by the Company
shall be provided out of and to the extent of Company assets only, and the Members and the Manager shall not have personal liability
on account thereof; and provided, further, that so long as any Obligation is outstanding, no indemnity payment from
funds of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this Section shall
be payable from amounts allocable to any other Person pursuant to the Basic Documents.

 

(c)          To
the fullest extent permitted by applicable law, expenses (including reasonable legal fees) incurred by a Covered Person defending
any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition
of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered
Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized
in this Section.

 

(d)          A
Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such
other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company,
including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts
pertinent to the existence and amount of assets from which distributions to the Members might properly be paid.

 

    	35

    	 

    

  

(e)          To
the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto
to the Company or any other Member, any Covered Person acting under this Agreement or otherwise shall not be liable to the Company
or any Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent
that they restrict or eliminate the duties and liabilities of a Covered Person to the Company or its members otherwise existing
at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such Covered Person.

 

(f)          Any
liability of the Company shall be satisfied out of the income or assets of the Company (including the proceeds of any insurance
that the Company may recover) and no Member shall have any liability with respect thereto.

 

(g)          Notwithstanding
the foregoing provisions, any indemnification set forth herein shall be fully subordinate to the Loan, and to the fullest extent
permitted by law, shall not constitute a claim against the Company in the event that the Company’s Cash Flow From Operations
(including any additional capital contributions by the Members, if any) are insufficient to pay all of its monthly obligations
to creditors.

 

(h)          The
foregoing provisions of this Section shall survive any termination of this Agreement.

 

17.5         Notices.
All notices under this Agreement shall be in writing, duly signed by the party giving such notice, and transmitted by registered
or certified mail (and such notice shall be deemed delivered three (3) business days after deposit in the mail) or by a national
overnight delivery service, such as Federal Express (and such notice will be deemed delivered the next business day after it is
deposited with such delivery service) addressed as follows:

 

(a)          If
given to the Company:

 

BR T&C BLVD JV Member,
LLC

c/o Bluerock Real Estate,
L.L.C.

712
Fifth Avenue, 9th Floor

New
York, NY 10019

 

(b)          If
given to the Manager:

 

c/o Bluerock Real Estate,
L.L.C.

		712	Fifth
                                         Avenue, 9th Floor

New
York, NY 10019

 

(c)          If
given to any Member, at the address set forth on Schedule I, or at such other address as any Member may hereafter designate
by notice to the Company and all other Members.

 

Any
party to this Agreement may change the address to which notices are to be sent in accordance with this Section by notifying the
other parties hereto in writing of such new address.

 

    	36

    	 

    

  

17.6         Captions.
Article and Section titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference
and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof.

 

17.7         Identification.
Whenever the singular number is used in the Agreement and when required by the context, the same shall include the plural, and
vice versa; and the masculine gender shall include the feminine and neuter genders, and vice versa. The words “include”
and “including” shall be deemed to be followed by the phrase “without limitation.” The terms “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not
to any particular Section, paragraph or subdivision.

 

17.8         Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall be deemed an original and for
all purposes constitute one agreement binding on the parties hereto, notwithstanding that all parties are not signatory to the
same counterpart.

 

17.9         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 conflict of laws.

 

17.10         Members’
Competence. Anything in this Agreement to the contrary notwithstanding, no Member, or any Assignee of the Membership Interest
thereof, shall be a person or organization prohibited by law from becoming such. Any assignment of an interest in the Company
to any Person not meeting such standard shall be, to the fullest extent permitted by law, void and ineffectual and shall not bind
the Company.

 

17.11         Binding
Agreement. Except as otherwise provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit
of the parties hereto, their personal representatives, successors and assigns, and shall be enforceable in accordance with its
terms.

 

17.12         Severability.
If any provision of this Agreement shall be declared invalid or unenforceable, the remainder of this Agreement will continue in
full force and effect so far as the intent of the parties can be carried out, and the parties further understand and agree that
any non-waivable provision of the Act shall supersede any provision of the Agreement.

 

17.13         Entire
Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.

 

17.14         Benefits
of Agreement; No Third-Party Rights. Except for the Lender with respect to the Special Purpose Provisions, (i) none of the
provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of the
Members and (ii) nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not
a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit
of any third Person (other than Covered Persons).

 

17.15         Member’s
Rights.  In addition to all other rights and remedies that a Member may have at law and in equity, including, but
not limited to, under the Act, a Member may bring any action against the Manager, another Member and/or the Company to enforce
the terms and provisions of this Agreement, to obtain a judgment for damages for a breach of this Agreement, and/or to cause the
Manager and/or a Member to perform its obligations under this Agreement.

 

    	37

    	 

    

  

17.16         Jurisdiction
and Venue. Regardless of what venue would otherwise be permissive or required, the Members and Managers stipulate that all
actions arising under or affecting this Agreement shall be brought in the appropriate city and/or county courts in the City of
New York, State of New York (the “State Courts”) or the United States District Court for the Southern District
of New York in the State of New York (the “Federal Court”), the Members and Managers agreeing that such forums
are mutually convenient and bear a reasonable relationship to this Agreement.

 

17.17         Consent
to Jurisdiction and Service of Process. The parties irrevocably submit to the jurisdiction of the State Courts and the Federal
Court for the purpose of any suit, action, or other proceeding arising under or affecting this Agreement. In addition to all other
proper forms of service of process, the Members and Managers hereby agree that service of process may be accomplished by providing
such service in accordance with the notice provisions of Section 17.5.

 

17.18         Attorneys’
Fees. In any action or suit arising out of this Agreement, the prevailing party, as determined by the trier of fact, shall
be entitled to recover from the other party its reasonable attorneys’ fees and costs incurred in such action or suit. Reasonable
attorneys’ fees shall be based upon such fees actually incurred at the customary hourly rates of attorneys in the New York,
New York area for the expertise required and shall not be based upon any statutory presumptions or rates.

 

17.19         Waiver
of Right to Jury Trial. The Manager and Members do each hereby waive to the fullest extent of the law their right to a jury
trial in regard to any matter, issue, dispute or other claim which arises out of this Agreement or the transactions contemplated
by this Agreement. The Manager and each Member represent to one another that each has sought the advice of legal counsel in waiving
its right to a jury trial and makes such waiver willingly and freely.

 

[SIGNATURES
APPEAR ON THE IMMEDIATELY FOLLOWING PAGES]

 

    	38

    	 

    

  

COMPANY
AND MANAGER SIGNATURES

 

The
Company and the Manager, agreeing to be bound by the foregoing, execute this Agreement as of the 30th day of June, 2014.

 

	 	COMPANY:
	 	 
	 	BR T&C BLVD JV Member, LLC
	 	 
	 	By:  Bluerock Special Opportunity + Income Fund II, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory
	 	 
	 	By:  Bluerock Special Opportunity + Income Fund III, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory
	 	 
	 	By:  Bluerock Growth Fund, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory
	 	 
	 	MANAGERS:
	 	 
	 	Bluerock Special Opportunity + Income Fund II, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory

 

    	39

    	 

    

 

 

	 	Bluerock Special Opportunity + Income Fund III, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory
	 	 
	 	Bluerock Growth Fund, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory

 

    	40

    	 

    

  

MEMBER
SIGNATURE

 

The
undersigned Member, agreeing to be bound by the foregoing executes this Agreement as of the 30th day of June, 2014.

 

	 	CLASS A MEMBER:
	 	 
	 	Bluerock Residential Growth REIT, Inc., a Maryland corporation
	 	 
	 	By:	/s/ Michael Konig
	 	Name:  Michael Konig
	 	Title:  Authorized Signatory
	 	 
	 	CLASS B MEMBERS:
	 	 
	 	Bluerock Special Opportunity + Income Fund II, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory
	 	 
	 	Bluerock Special Opportunity + Income Fund III, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory
	 	 
	 	Bluerock Growth Fund, LLC, its Manager
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:  Jordan Ruddy
	 	Title:  Authorized Signatory

 

    	41

    	 

    

  

SCHEDULE
I

 

Class A Member: BR T&C
BLVD Houston, LLC

 

Class A Capital Commitment: $6,564,557.00
(inclusive of $1,378,557 for projected Class A Preferred Reserve)

 

Class A Initial Capital Contribution:
$$4,382,973.95 (inclusive of $459,519 funded into the Class A Preferred Reserve)

 

Class B Members

 

	Member	 	Class B
 Membership

    Interest	 	 	Initial Capital
 Contribution
    
(cash)	 
	Bluerock Special Opportunity + Income Fund II, LLC 
	 	 	36.62	%	 	$	5,302,502.61	 
	 	 	 	 	 	 	 	 	 
	Bluerock Special Opportunity + Income Fund III, LLC 
	 	 	25.45	%	 	$	3,684,875.90	 
	 	 	 	 	 	 	 	 	 
	Bluerock Growth Fund, LLC 
	 	 	37.93	%	 	$	5,439,507.64	 
	 	 	 	 	 	 	 	 	 
	Total	 	 	100.00	%	 	$	14,480,886.15	 

 

    	42

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