Document:

CNL Strategic Capital, LLC 8-K

Exhibit 10.1

_______________________________________________

MEMBERSHIP INTEREST PURCHASE AGREEMENT

BY AND AMONG

EACH OF THE PARTIES IDENTIFIED AS
SELLER PARTIES HEREIN,

THE SELLERS’ REPRESENTATIVE

and

HURON TITLE BUYER, LLC

Dated as of April 1, 2021

_______________________________________________

 

 

     

     

    

 

TABLE OF CONTENTS

Page

	Article
    I Definitions; Rules of Construction	2
	Section
    1.1.     Definitions	2
	Section
    1.2.     Location of Additional Defined Terms	14
	Section
    1.3.     Rules of Construction	15
	Article II RECAPITALIZATION TRANSACTIONS; Purchase and Sale of the PURCHASED UNITS; Closing	16
	Section
    2.1.     Recapitalization Transactions; Purchase and Sale	16
	Section
    2.2.     Closing Date	17
	Section
    2.3.     Purchase Price	17
	Section
    2.4.     Purchase Price Adjustment	18
	Section
    2.5.     Purchase Price Allocation	21
	Section
    2.6.     PPP Escrow	21
	Article III Closing Deliveries	22
	Section
    3.1.     Deliveries by Seller Parties	22
	Section
    3.2.     Deliveries by Buyer	23
	Article IV Representations and Warranties Relating to Seller Parties and the Parent Equity UNITS	24
	Section
    4.1.     Organization, Standing and Power	24
	Section
    4.2.     Authority; Execution and Delivery; Enforceability	24
	Section
    4.3.     No Conflicts; No Consents	24
	Section
    4.4.     The Purchased Units	25
	Section
    4.5.     Litigation	25
	Section
    4.6.     Brokers	25
	Section
    4.7.     Transactions with Related Parties	25
	Article V Representations and Warranties Relating to the Companies	26
	Section
    5.1.     Organization; Capitalization	26
	Section
    5.2.     Ownership	27
	Section
    5.3.     No Conflicts; No Consents	27
	Section
    5.4.     Financial Statements	28
	Section
    5.5.     Assets Other than Real Property Interests	29
	Section
    5.6.     Real Property	29
	Section
    5.7.     Intellectual Property	30
	Section
    5.8.     Contracts	32
	Section
    5.9.     Receivables	36
	Section
    5.10.   Permits	36
	Section
    5.11.   Insurance	36
	Section
    5.12.   Taxes	37
	Section
    5.13.   Proceedings	39
	Section
    5.14.   Employee Benefit Plans	39

     

     

    

	Section
    5.15.   Absence of Changes or Events	42
	Section
    5.16.   Compliance with Applicable Laws	44
	Section
    5.17.   Environmental Matters	45
	Section
    5.18.   Employee and Labor Matters	46
	Section
    5.19.   Private Offering	48
	Section
    5.20.   Undisclosed Liabilities	48
	Section
    5.21.   Key Vendors	49
	Section
    5.22.   Key Underwriters	49
	Section
    5.23.   Key Business Sources	49
	Section
    5.24.   Bank Accounts	50
	Section
    5.25.   COVID-19 Pandemic; CARES Act and PPP Loans	50
	Section
    5.26.   Brokers	51
	Article VI Representations and Warranties of Buyer	51
	Section
    6.1.     Organization, Standing and Power	51
	Section
    6.2.     Authority; Execution and Delivery; Enforceability	51
	Section
    6.3.     No Conflicts; No Consents	51
	Section
    6.4.     Litigation	52
	Section
    6.5.     Securities Act	52
	Section
    6.6.     Independent Investigation	52
	Section
    6.7.     Brokers	52
	Article VII Covenants and Agreements	52
	Section
    7.1.     Expenses; Transfer Taxes	52
	Section
    7.2.     Tax Matters	53
	Section
    7.3.     Post-Closing Cooperation	55
	Section
    7.4.     Further Assurances	55
	Section
    7.5.     Benefit Plans/Matters	55
	Section
    7.6.     Indemnification; Directors’ and Officers’ Insurance; R&W Policy	56
	Section
    7.7.     Sellers’ Representative	57
	Section
    7.8.     Confidentiality	58
	Section
    7.9.     Release	59
	Section
    7.10.   Restrictive Covenants	60
	Section
    7.11.   Public Announcements	61
	Section
    7.12.   Cash	62
	Section
    7.13.   Farmington Lease	62
	Article VIII Indemnification	62
	Section
    8.1.     Indemnification by Seller Parties	62
	Section
    8.2.     Indemnification by Buyer	63
	Section
    8.3.     Adjustment of Purchase Price	64
	Section
    8.4.     Procedures	64
	Section
    8.5.     Survival	68
	Section
    8.6.     Exclusivity	68
	Section
    8.7.     Recoupment Provisions	68
	Section
    8.8.     Release of Indemnification Escrow Amount	69
	Section
    8.9.     Release of Specified Matters Escrow Amount	69

    iii 

     

    

	Section
    8.10.   Defense and Control of Specified Matter	71
	Article IX General Provisions	71
	Section
    9.1.     Assignment	71
	Section
    9.2.     Binding Effect; No Third-Party Beneficiaries	72
	Section
    9.3.     Notices	72
	Section
    9.4.     Counterparts	73
	Section
    9.5.     Entire Agreement	73
	Section
    9.6.     Severability	73
	Section
    9.7.     Specific Performance	73
	Section
    9.8.     Governing Law	74
	Section
    9.9.     Consent to Jurisdiction	74
	Section
    9.10.   Waiver of Jury Trial	74
	Section
    9.11.   Amendments and Waivers	74
	Section
    9.12.   Waiver of Conflicts	74
	Section
    9.13.   Sellers’ Disclosure Letter	75

 

 

Exhibits:

 

Exhibit A – Sellers and Ownership

Exhibit B – Accounting Practices and Procedures

Exhibit C – Illustrative Calculation of Net Working Capital

Exhibit D – R&W Policy Binder

Exhibit E – Escrow Agreement

Exhibit F – PPP Escrow Agreement

 

    iv 

     

    

MEMBERSHIP INTEREST PURCHASE AGREEMENT

THIS MEMBERSHIP
INTEREST PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of April 1, 2021, by and among each
of the parties identified on Exhibit A, attached hereto (collectively, the “Sellers”), David A. Trott,
in his individual capacity (“Trott”), Richard M. Rothfuss, in his individual capacity (“Rothfuss”),
Huron Title Buyer, LLC, a Delaware limited liability company (“Buyer”), and David A. Trott, in his capacity
as the Sellers’ Representative. Each Seller, Trott and Rothfuss is referred to individually in this Agreement as a “Seller
Party” and together as the “Seller Parties”. Each Seller Party, Buyer and the Sellers’ Representative
is referred to individually in this Agreement as a “Party” and together as the “Parties.”

RECITALS

WHEREAS, prior
to the date hereof, (i) ATA Holding Company LLC, a Delaware limited liability company (“Parent”), shall have
been formed, and (ii) pursuant to each applicable Assignment of Units Agreement, each Seller contributed to Parent 100% of the
Interests owned by such Seller (the “Equity Contribution”) in exchange for units of limited liability company
interests of Parent (the “Parent Equity Units”) set forth across from such Seller’s name on Exhibit
A and entered into a limited liability company agreement of Parent, in the form attached hereto as Exhibit G (the “Pre-Closing
Parent LLC Agreement”);

WHEREAS, effective
immediately prior to the Closing, Parent shall reconstitute its capital structure through the incurrence of new debt obligations,
the distribution to certain of the Sellers of the Rollover Seller Notes and the distribution of the aggregate Debt Distribution
Amounts to redeem a portion of the Parent Equity Units held by the Sellers in accordance with Section 2.1(a), in each case
on the terms and subject to the conditions set forth herein;

WHEREAS, at the
Closing, Buyer will acquire from each Seller, and each Seller will transfer and sell to Buyer, all of the Purchased Units (excluding,
for the avoidance of doubt, the Rollover Units), upon the terms and conditions set forth in this Agreement (the “Acquisition”);

WHEREAS, following
the Closing, (i) each Seller will continue to hold the Parent Equity Units owned by such Seller as indicated in the column “Rollover
Units” on Exhibit A attached hereto (the “Rollover Units”), and Buyer will hold all other
Parent Equity Units (all such other Parent Equity Units, the “Purchased Units”), in each case, subject to the
terms and conditions of the Parent Post-Closing LLC Agreement, (ii) the applicable Sellers shall hold the Rollover Seller Notes,
and (iii) in connection with the funding of certain of the expenses contemplated herein, at or immediately following the Closing,
Buyer will contribute cash to Parent in exchange for additional Parent Equity Units in accordance with the Parent Closing Date
Subscription Agreement; and

WHEREAS, Trott
and Rothfuss own and control Equity Interests and other interests in certain Sellers, and, in consideration of the direct and
indirect benefits accruing to them and to induce Buyer to enter into this Agreement and Other Transaction Documents, Trott and
Rothfuss have agreed to be party to, and to make certain representations and warranties and agree to certain covenants and indemnities
as set forth in, this Agreement and Other Transaction Documents.

     

     

    

NOW, THEREFORE,
in reliance on the foregoing and the respective representations, warranties and covenants made in this Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally
bound, hereby agree as follows:

Article
I

Definitions; Rules of Construction

Section 1.1. 
Definitions. In addition to the capitalized terms defined elsewhere in this Agreement, the following terms shall have the
respective meanings set forth below whenever used in this Agreement:

“Accounting
Firm” means RSM US LLP, or, if such firm is unable or unwilling to act, such other independent public accounting firm
as shall be agreed upon by Sellers’ Representative and Buyer in writing.

“Accounting
Practices and Procedures” means (a) the accounting methods, policies, practices and procedures expressly set forth on
Exhibit B, presented on a basis consistent with the illustrative calculation of Net Working Capital attached to Exhibit
C, (b) to the extent not inconsistent with the methods, policies, practices and procedures described in the foregoing clause
(a), GAAP as applied and used in connection with the preparation of the 2020 Full-Year Financial Statements, and (c) to the extent
not inconsistent with the methods, policies, practices and procedures described in the foregoing clause (a) and clause (b), GAAP
as in effect at December 31, 2020.

“Actual
Cash Balance” means the aggregate Cash of the Companies as of the Reference Time, as determined in accordance with the
Accounting Practices and Procedures.

“Adjustment
Escrow Amount” means $500,000.

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

“Anast Amount”
means $1,488,620.

“Assignment
of Units Agreement” means each of (i) the Assignment of Units in ATA, dated as of March 30, 2021, by and among Parent
and the applicable Sellers party thereto, and (ii) the Assignment of Units in Talon, dated as of March 30, 2021, by and among
Parent and the applicable Sellers party thereto.

“ATA”
means ATA National Title Group LLC, a Michigan limited liability company.

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“Base Purchase
Price” means $85,000,000.

“Business”
means the business of (a) issuing or arranging title insurance policies or reports and services tangentially involving the issuance
or arrangement of title insurance policies or reports, or (b) providing services which facilitate such activity, including real
estate settlement, closing and escrow services.

“Business
Day” means any day, other than a Saturday or Sunday, on which commercial banks are not required or authorized to close
in Detroit, Michigan.

“Buyer Indemnitees”
means Buyer, Parent, the Companies, each of their respective Affiliates and Representatives, and each of the successors and permitted
assigns of the foregoing Persons.

“Buyer Material
Adverse Effect” means a material adverse effect (a) on the ability of Buyer to perform its obligations under this Agreement
or (b) on the ability of Buyer to consummate the Acquisition and the other transactions contemplated in this Agreement.

“CARES Act”
means the Coronavirus Aid, Relief, and Economic Security Act of 2020, as amended.

“Cash”
means the aggregate amount of all cash and cash equivalents of the Companies, including amounts held in money market accounts,
bank accounts and certificates of deposit of the Companies, in each case, calculated on a proportional basis in accordance with
the methodology set forth within Exhibit B; provided, that cash shall (a) be
calculated net of issued but uncleared checks, money orders and other wire transfers and drafts,
and (b) exclude (i) restricted cash, including Trust Account Cash and any other cash that is not freely usable because it
is subject to restrictions, limitations or taxes on use or distribution by law, contract or otherwise, including restrictions
on dividends or any other form of restriction, (ii) cash on deposit (including customer, counterparty and other third-party
deposits and prepayments), (iii) cash deposited with third parties, including outstanding security and similar deposits,
and (iv) all cash held which is designated for use in connection with any cash collateralized letters of credit, performance
bonds, surety bonds or similar arrangements.

“Closing
Indebtedness” means the aggregate Indebtedness of the Companies as of immediately prior to the Closing.

“Closing
Net Working Capital” means the Net Working Capital as of the Reference Time.

“Code”
means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

“Companies”
means Parent, ATA, Talon and their respective Subsidiaries (including each of the JVs (other than Quality Choice)) collectively.

“Confidential
Information” means all confidential or proprietary information (whether or not specifically labeled or identified as
“confidential”), in any form or medium, that

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relates to the business, products,
services or research or development of any Company, the Business or any of their vendors, distributors, clients, customers, employees,
independent contractors or other business relations, in each case, to the extent relating to, or provided, developed or received
in relation to, the Business and/or any Company or JV. Confidential Information includes the following: (a) internal business
information (including historical and projected financial information and budgets and information relating to strategic and staffing
plans and practices, business, training, marketing, promotional and sales plans and practices, cost, rate and pricing structures
and accounting and business methods); (b) identities of, individual requirements of, specific contractual arrangements with, and
other confidential or proprietary information about, the vendors, distributors, advertisers, marketers, referral sources, underwriters,
clients, customers, employees, independent contractors or other business relations of the Companies and their confidential or
proprietary information; (c) trade secrets, know-how, compilations of data and analyses, techniques, systems, formulae,
research, records, reports, manuals, documentation, models, data and data bases relating thereto; and (d) inventions, innovations,
improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not
patentable). Confidential Information does not include any information that the Seller Parties can show (i) is generally available
to and known by the public through no fault of any Seller Party, any of their respective Affiliates or any of their respective
Representatives, or (ii) is lawfully acquired by a Seller Party, any of their respective Affiliates or any of their respective
Representatives, in each case, after the Closing from sources which are not prohibited from disclosing such information by a legal,
contractual or fiduciary obligation.

“Contract”
means any written or oral agreement, contract, lease, license, sublicense, indenture, note, bond, mortgage, commitment, instrument,
franchise, permit, purchase order, arrangement, undertaking or obligation (in each case, including all amendments and modifications
thereto).

“COVID-19”
means SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), coronavirus disease 2019 or COVID-19.

“COVID-19
Measures” means any action, inaction, activity or conduct of the Companies in response to any applicable Law,
Order, directive or guideline by any Governmental Entity (including regarding quarantine, “shelter in place,” “stay
at home,” workforce reduction, social distancing, shut down, closure or sequester, or the CARES Act or U.S. Centers for
Disease Control guidelines) in order to mitigate, remedy, respond to or otherwise address the effects or impact of COVID-19.

“COVID-19
Pandemic” means the pandemic caused by COVID-19 which, as of the date hereof, has spread throughout the world and has
resulted in Governmental Entities implementing numerous measures to try to contain COVID-19, including travel bans and restrictions,
quarantines, shelter in place orders and shutdowns.

“DebtCo”
means ATA Strategic Capital DebtCo, LLC, a Delaware limited liability company.

“Environmental
Claim” means any and all administrative, regulatory or judicial Proceedings, Orders, Liens, or notices of noncompliance
or violation by any Person alleging

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potential liability arising out of,
based on or resulting from (a) the presence or Release of any Hazardous Material at any location, or (b) circumstances
forming the basis of any actual or alleged violation of any Environmental Law.

“Environmental
Laws” means any Law, any Order or any Contract with any Governmental Entity, in each case, relating to pollution (or
the cleanup thereof) or protection of natural resources, endangered or threatened species, human health or safety (including the
Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.), Hazardous Materials (including Releases
and threatened Releases of Hazardous Materials) or the environment (including ambient air, soil, surface water or groundwater,
or subsurface strata), including those designed to: (a) notify Governmental Entities, employees or the public of intended, threatened
or actual Releases of any Hazardous Material in violation of Environmental Permits or other applicable Law; (b) prevent, regulate
or require the reporting of the use, discharge, Release or emission of Hazardous Materials into the environment (including ambient
air, soil, surface water or groundwater, or subsurface strata); (c) reduce the quantities, prevent the Release and minimize Hazardous
Materials that are generated; (d) regulate the generation, management, treatment, storage, handling, transportation or disposal
of Hazardous Materials; (e) assure that products are designed, formulated, packaged or used so that they do not present unreasonable
risks to public health or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata) when
used or disposed of; or (f) provide for or require the cleanup of Hazardous Materials that have been Released into the environment
(including ambient air, soil, surface water or groundwater, or subsurface strata) without a Permit or otherwise in violation of
applicable Law, including 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.; the Solid Waste Disposal Act, as amended
by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C.
§§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C.
§§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency
Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended
by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970,
as amended, 29 U.S.C. §§ 651 et seq.

“Environmental
Permit” means any Permit required or issued pursuant to any Environmental Law.

“Equity
Interest” means, with respect to any Person: (a) any partnership interests; (b) any membership interests or units; (c)
any shares in the capital of such Person or shares of capital stock; (d) any subscriptions, calls, warrants, options, or commitments
of any kind or character relating to, or entitling any Person to purchase or otherwise acquire membership interests or units,
shares in the capital of such Person, shares of capital stock, or any other equity securities; (e) any securities convertible
into or exercisable or exchangeable for partnership interests, membership interests or units, shares in the capital of such Person,
shares of capital stock, or any other equity securities; or (f) any other interest classified as an equity security of such Person.

“ERISA”
means the Employee Retirement Security Act of 1974, as amended, and the regulations promulgated thereunder.

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“ERISA Affiliate”
means any entity, trade or business that is a member of a group described in Section 414(b), (c), (m) or (o) of the Code or Section
4001(b)(1) of ERISA, or that is a member of the same “controlled group” with any Company pursuant to Section 4001(a)(14)
of ERISA.

“Escrow
Agent” means American Stock Transfer & Trust Company, LLC.

“Escrow
Agreement” means an escrow agreement, entered into by and among Buyer, the Escrow Agent and the Sellers’ Representative,
substantially in the form attached to this Agreement as Exhibit E.

“Escrow
Amount” means the Adjustment Escrow Amount, the Specified Matters Escrow Amount and the Indemnification Escrow Amount,
collectively.

“Estimated
Cash Balance” means Sellers’ good faith estimate of the amount of the Actual Cash Balance.

“Estimated
Closing Indebtedness” means Sellers’ good faith estimate of the amount of the Closing Indebtedness.

“Estimated
Transaction Expenses” means Sellers’ good faith estimate of the amount of the Transaction Expenses.

“Estimated
Working Capital Adjustment Amount” means the Estimated Net Working Capital less the Net Working Capital Target,
which may be a positive or negative number.

“Families
First Act” means the Families First Corona Virus Response Act of 2020, as amended.

“Fraud”
means an intentional misrepresentation or omission of a material existing fact relating to any of the representations and warranties
in this Agreement or any of the Other Transaction Documents.

“Fundamental
Representations” means the representations and warranties contained in Sections 4.1, 4.2, 4.4,
4.6, 4.7, 5.1(a), 5.1(c), 5.2, 5.12 and 5.26.

“GAAP”
means generally accepted accounting principles in the United States, as in effect as of the applicable reference date.

“Governmental
Entity” means any nation, state, county, city, town, village, district, or other jurisdiction of any nature, and any
government or governmental, quasi-governmental or regulatory entity, body or authority thereof, or political subdivision thereof,
whether Federal, state, local, foreign or supranational, or any agency, instrumentality or authority thereof, or any court or
arbitrator.

“Greco Title
Tax Liens” is defined on Schedule 8.1(a)(vii).

“Hazardous
Material” means: (a) any substance, waste or material that is controlled or regulated by, or for which liability may
be imposed under, any Environmental Law, including

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oil and any petroleum or petroleum-derived
products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam
insulation and polychlorinated biphenyls; or (b) any substance or condition that is toxic, explosive, corrosive, flammable, infectious,
carcinogenic, mutagenic or otherwise hazardous to the environment (including ambient air, soil, surface water or groundwater,
or subsurface strata) or public health, including polychlorinated biphenyls, asbestos and asbestos containing materials, radiation,
noise, odors, mold or microbial agents; provided, however, that Hazardous Material will not include typical office
supplies (i.e., printer/copier toner cartridges, inks, correction fluids, etc.) or personal care items (i.e., cosmetics, medicines,
perfumes, colognes, deodorants, fragrances, fingernail polishes, etc.).

“Indebtedness”
means, with respect to the Companies on an aggregated basis and without duplication, the aggregate amount, in each case, calculated
on a proportional basis in accordance with the methodology set forth within Exhibit B, of the following: (a) any indebtedness
(and any pay-in-kind or deferred interest and any prepayment premiums with respect thereto) for money borrowed; (b) any liability
evidenced by any note, bond, indenture, debenture or other instrument or debt security, and any interest accrued thereon; (c)
the deferred purchase price of assets, property, goods or services, including any earn-out, seller note or similar payment obligation,
and with respect to any conditional sale, title retention, consignment or similar arrangement (other than trade payables incurred
in the ordinary course of business); (d) any commitment by which any Company assures a creditor against loss (including contingent
reimbursement obligations with respect to letters of credit); (e) any guaranty or other obligation in respect of indebtedness
for borrowed money of a Person other than a Company; (f) any obligation to pay amounts under a lease of real or personal property
or any purchase money or vendor financing which is required to be classified as a capital lease in accordance with the Accounting
Practices and Procedures; (g) any indebtedness secured by a Lien (other than Permitted Liens) on a Company’s assets; (h)
all obligations under acceptance credit, letters of credit or similar facilities; (i) all loans or advances received from, or
other amounts owed to, any Seller Party or any Affiliate of any Seller Party; (j) all long-term or non-current compensation liabilities
(including any prepayment penalties and the employer’s share of any payroll, social security, unemployment or other Taxes);
(k) all accrued chargebacks; (l) all guarantee or keep well obligations in respect of obligations of the kind referred to in clauses
(a) through (k) above; (m) accrued and unpaid interest on any of the obligations referred to in clauses (a) through (l) above,
and all breakage costs, premiums, penalties, charges, fees, costs, expenses and other amounts due in connection with the payment
and satisfaction in full of such obligations; (n) any liabilities of any Company (whether or not accrued) for (i) bonuses or commissions
(whether or not such amounts are currently payable) (including an amount representing the Companies’ liability for annual
bonuses for the calendar year ending December 31, 2021, pro-rated for the period through the Closing Date, determined in accordance
with the Accounting Practices and Procedures), (ii) transaction bonuses, change of control bonuses, special bonuses, profit sharing
distributions, Company-funded 401k distributions or any similar types of incentive arrangements offered by any Company, (iii)
post-termination of employment payments and payments for accrued or earned but unused vacation and other paid time off that become
due and payable as a result of the consummation of the transactions contemplated by this Agreement, (iv) the employer’s
share of any payroll Taxes attributable to any amounts described in the immediately preceding clauses (i)-(iii) and any amounts
payable to gross-up or make whole any Person for income or excise Taxes imposed with respect to any such payments, and (v) any
unfunded or underfunded pension, retirement, deferred compensation or

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similar benefit program; (o) any Taxes
of the Companies for any Pre-Closing Tax Period that are deferred pursuant to Section 2302 of the CARES Act; (p) liabilities
or other obligations in respect of any off-balance sheet transactions other than liabilities or other obligations arising in the
Ordinary Course of Business; (q) liabilities or other obligations in respect of deferred revenue and customer,
counterparty and other third-party deposits and prepayments; (r) Pending E&O Claims; and (s) Tax liabilities of
the Companies for a Pre-Closing Tax Period, which amount shall not (i) be less than zero and (ii) include Tax refunds. For the
avoidance of doubt and notwithstanding the foregoing, “Indebtedness” will not include (x) any Transaction Expenses,
(y) any liability to the extent fully reflected in and deducted from the Closing Net Working Capital, or (z) any obligations with
respect to the PPP Loan.

“Indemnification
Escrow Amount” means $425,000.

“Indemnified
Parties” means the Buyer Indemnitees and the Seller Indemnitees, collectively.

“Indemnified
Taxes” means, without duplication: (a) all Taxes (or the non-payment thereof) of the Companies for all Pre-Closing Tax
Periods (and in the case of any Straddle Period, the portion attributable to a Straddle Period as determined in accordance with
Section 7.2(a)); (b) the employer portion of employment Taxes payable in connection with any transaction, change in
control, deferred compensation or similar bonuses payable by any Company to employees upon consummation of the transactions contemplated
hereby; (c) all Taxes of any member of an affiliated, consolidated, combined or unitary group of which any Company (or any of
their predecessors) is or was a member on or prior to the Closing Date, including pursuant to Treasury Regulation Section 1.1502-6
or any analogous or similar state, provincial, local, or non-U.S. Law; (d) the costs and expenses associated with preparing, filing,
amending or defending any Tax Return for a Pre-Closing Tax Period; and (e) any and all Taxes of any Person imposed on any Company
as a transferee or successor, by Contract or pursuant to any Law, which Taxes relate to an event or transaction occurring before
the Closing.

“Intellectual
Property” means any and all intellectual property or proprietary rights in any jurisdiction throughout the world, including:
(a) patents, patent applications and patent disclosures; (b) trademarks, service marks, trade names, brand names, trade dress,
designs, slogans, logos and Internet domain names and uniform resource locators and other indicia of source or origin, and all
translations, adaptations, derivations, and combinations thereof, and the goodwill associated with any of the foregoing; (c) inventions
(whether or not patentable and whether or not reduced to practice), industrial designs, discoveries, improvements, ideas, designs,
architectures, layouts, models, protocols, formulae, algorithms, compositions, patterns, compilations, data collections, drawings,
blueprints, plans, mask works, devices, methods, techniques, processes, specifications, know-how, proprietary information,
customer lists, software, confidential information, technical information and trade secrets; (d) copyrights (registered or unregistered),
copyrightable works, all moral rights and all other rights associated with any of the foregoing, including the underlying works
of authorship and other works of authorship (whether or not copyrightable), and rights in databases and data collections; (e)
Software; (f) other intellectual or industrial property rights and foreign equivalent or counterpart rights and forms of protection
of a similar or analogous nature to any of the foregoing or having similar effect in any jurisdiction throughout the world; (g)
registrations and applications for registration of any of the foregoing, including any renewals, extensions, continuations (in
whole

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or in part), divisionals, revisions,
re-examinations or reissues or equivalent or counterpart thereof; (h) all documentation and embodiments of the foregoing; and
(i) all licenses and other contractual or intangible rights with respect to any of the foregoing.

“Interests”
means the issued and outstanding membership interests of ATA and Talon.

“Invoices”
means invoices for all Transaction Expenses to be paid by Buyer at the Closing (each of which shall include wire instructions
for delivery of the applicable amount set forth therein).

“IRS”
means the Internal Revenue Service.

“JV”
means any of (a) Lake States Title Agency of Grand Traverse, LLC, a Michigan limited liability company, (b) Lake States Title
Agency Southwest, LLC, a Michigan limited liability company, (c) Bankers Title Agency, LLC, a Michigan limited liability company,
(d) Pointe Title Company, LLC, a Michigan limited liability company, (e) FCS Title Agency, LLC, a Michigan limited liability company,
(f) Associates Title Agency, LLC, a Michigan limited liability company, (g) Warranty Title Agency, LLC, a Michigan limited liability
company, (h) First Protection Title Agency, LLC, an Ohio limited liability company, (i) Unity Title, LLC, an Ohio limited
liability company, (j) Westar Title Agency, LLC, an Ohio limited liability company, and/or (k) Quality Choice Title, LLC, an Ohio
limited liability company.

“Knowledge”
means (a) with respect to Sellers, the actual knowledge, after reasonable inquiry, of William L. Robinson, Jr., David A. Trott,
Brian Roberts, Paul J. Ruokis, Robert Soave and John Bommarito, and (b) with respect to Buyer, the actual knowledge of any officer,
director, manager, member or managerial employee of Buyer.

“Law”
means any foreign, Federal, state or local law, statute, code, Order, ordinance, rule, requirement or regulation of any Governmental
Entity.

“Lien”
means any mortgage, lien, easement, pledge, assignment, deed of trust, hypothecation, charge, claim, option, warrant, purchase
right, right of first refusal, preemptive right, security interest, indenture, license, lease, restriction, or other encumbrance
of any kind or nature, or any interest or title of any vendor, lessor, lender or other secured party under any conditional sale,
capital lease, trust receipt or other title retention agreement.

“Material
Adverse Effect” means any event, circumstance, occurrence, fact, state of facts, development, change, condition or effect
that, individually or in the aggregate, is or would reasonably be expected to be materially adverse to (a) the assets, liabilities,
business, financial condition, operations or results of operations of the Companies, taken as a whole, (b) the ability of any
Seller Party to perform its obligations under this Agreement or any of the Other Transaction Documents or (c) the ability of any
Seller Party to consummate the transactions contemplated by this Agreement, other than any event, circumstance, occurrence, fact,
state of facts, development, change, condition or effect to the extent arising or resulting from: (i) general business or
economic conditions affecting the industries in which the Companies operate; (ii) acts of terrorism, acts of war or the escalation
of armed hostilities; and (iii) general conditions in financial, banking or securities markets (including any disruption thereof
and any decline in the price of any security or

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any market index); provided,
that the exceptions described in any of the foregoing clauses (i)-(iii) of this definition shall apply only to the extent such
event, circumstance, occurrence, state of facts, development, change or effect referred to in such exception does not have a disproportionate
effect on the Acquired Companies taken as a whole relative to other Persons operating in the industries in which the Acquired
Companies operate.

“Midstate
Title” means Midstate Title Agency of Southern Michigan, LLC, a Michigan limited liability company.

“Net Working
Capital” means, for the Companies on an aggregated basis, the amount by which (a) the sum of current assets (excluding
Cash and inventory) exceeds (b) the sum of current liabilities. The calculation of Net Working Capital shall not include
Cash, inventory, Indebtedness, Transaction Expenses, Tax assets or Tax liabilities. Net Working Capital shall be calculated in
accordance with the Accounting Practices and Procedures (in any case, determined on a pro forma basis as though the Parties had
not consummated the transactions contemplated by this Agreement).

“Net Working
Capital Target” means –$1,450,831 (i.e., negative $1,450,831).

“Note Purchase
Agreement” has the meaning set forth in Section 2.1(a).

“Order”
means any order, writ, injunction, decree, judgment, decision, stipulation, injunction, award, determination, ruling, verdict,
directive or demand of any Governmental Entity.

“Ordinary
Course of Business” means the Companies’ operation and conduct of the Business in the ordinary course, consistent
with past practices.

“Organizational
Documents” means the organizational documents of a non-natural Person, including, as applicable, the charter, articles
or certificate of incorporation, bylaws, articles of organization or certificate of formation, operating agreement or similar
governing documents, as amended.

“Other Transaction
Documents” means the Escrow Agreement, the PPP Escrow Agreement, the Assignment of Units Agreements, the Seller Debt
Documents and each other agreement and certificate to be executed and delivered by a Party at Closing pursuant to the terms of
this Agreement, collectively.

“Parent
Closing Date Subscription Agreement” means that certain Subscription Agreement, dated as of the Closing Date, by and
between Buyer and Parent pursuant to which Buyer shall purchase 2,313.481 Parent Equity Units in exchange for cash proceeds equal
to $2,252,182.37.

“Parent
Post-Closing LLC Agreement” means that certain Amended and Restated Limited Liability Company Agreement of Parent, dated
as of the Closing Date.

“Payoff
Letters” means the payoff letters provided by the lenders or other holders of Closing Indebtedness set forth in the
Closing Statement to be repaid by Buyer at Closing as contemplated by this Agreement (each of which shall (a) provide for the
release and discharge,

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subject to the receipt of the applicable
payoff amount, of all Liens and guarantees related to such Closing Indebtedness, and (b) authorize Buyer to file terminations
evidencing such release and discharge upon delivery of the applicable payoff amount).

“Pending
E&O Claims” means liabilities or other obligations in respect of the pending errors and omissions claims reserved
by the Companies in general ledger accounts #2220-00-100 and #2220-00-821, which reserve equaled $89,669 as of December 31, 2020.

“Permits”
means all permits, clearances, licenses, approvals, consents, notices, waivers, qualifications, franchises, registrations, filings,
exemptions and authorizations issued by or obtained from any Governmental Entity.

“Permitted
Liens” means (i) statutory Liens for current Taxes or other governmental charges not yet due and payable; (ii)
mechanics’, carriers’, workers’, repairers’ and similar statutory Liens arising or incurred in the Ordinary
Course of Business for amounts that (A) are not delinquent, (B) are not, individually or in the aggregate, material and (C)
have been fully reflected in and deducted from the Closing Net Working Capital; (iii) with respect to real property, easements,
rights of way, minor title imperfections and restrictions, zoning ordinances and other similar encumbrances affecting the real
property, none of which is or has been violated by the use or occupancy of such real property or the activities conducted thereon
in the past 12 months; and (iv) with respect to the Purchased Units and the JV Interests, transfer restrictions imposed by
applicable securities Laws.

“Person”
means any natural person, corporation, partnership, limited liability company, joint stock company, joint venture, trust, union,
association, organization, Governmental Entity or other entity or business organization.

“PPP Escrow
Agreement” means an escrow agreement, entered into by and among Buyer, the PPP Lender and the Sellers’ Representative,
substantially in the form attached to this Agreement as Exhibit F.

“PPP Escrow
Amount” means $4,081,815.85.

“PPP Lender”
means PNC Bank, National Association.

“Pre-Closing
Tax Period” means all taxable periods ending on before the Closing Date and the portion through the end of the Closing
Date for any Straddle Period.

“Proceeding”
means any judicial, administrative, governmental, investigative or arbitral action, suit, litigation, claim, charge, investigation
or other proceeding or audit.

“Pro Rata
Percentage” means, with respect to each Seller, the percentage set forth opposite each such Sellers’ name on Exhibit
A, attached hereto.

“Purchase
Price” means the Base Purchase Price plus the Actual Cash Balance plus the Closing Net Working Capital
minus the Net Working Capital Target minus Closing Indebtedness minus Transaction Expenses.

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“Quality
Choice” means Quality Choice Title, LLC, an Ohio limited liability company.

“R&W
Policy” means the buy-side representation and warranty insurance policy form attached to the R&W Policy Binder bound
with Everest Indemnity Insurance Company as of the date hereof.

“R&W
Policy Binder” means the buy-side representation and warranty insurance policy binder attached as Exhibit D.

“Reference
Time” means 12:01 am Eastern Time on the Closing Date.

“Related
Party” means, without duplication, (a) any Seller Party, (b) any Affiliate of any Seller Party or any Company, (c) any
officer, director, manager, equity holder, partner or member of any of the foregoing Persons, (d) any parent, child, spouse or
sibling (including adoptive and stepfamily relationships) of any of the foregoing Persons, and (e) any Person in which any of
the foregoing Persons has any Equity Interest or other ownership or beneficial interest.

“Release”
means any release, spill, emission, leaking, injection, deposit, disposal, discharge, dispersal or migration into the atmosphere,
soil, surface water, groundwater or property.

“Representative”
means, with respect to a particular Person, any director, officer, manager, member, general or limited partner, equity holder,
employee, Affiliate, agent, consultant, advisor or other representative of such Person, including any legal counsel, accountant,
financial advisor or other advisor retained by any of the foregoing Persons.

“RESPA”
means The Real Estate Settlement Procedures Act of 1974, as amended, and all rules, regulations and policies of Governmental Entities
promulgated or established thereunder, as well as any analogous state or local Laws, and any anti-inducement or anti-kickback
Laws applicable to the Business.

“Rollover
Amount” means the sum of the Rollover Debt Amount and the Rollover Equity Amount.

“Rollover
Debt Amount” means $3,000,000.

“Rollover
Equity Amount” means $12,000,000.

“Rollover
Seller Debt Documents” mean (a) each Rollover Seller Note, and (b) a collateral agency agreement with respect to each
Rollover Seller Note pursuant to which the agent under the Note Purchase Agreement shall act as collateral agent with respect
to each such Rollover Seller Note and the other notes issued to DebtCo pursuant to the Note Purchase Agreement.

“Rollover
Seller Notes” means those certain promissory notes issued to the Sellers on the Closing Date in an aggregate amount
equal to the Rollover Debt Amount.

“Seller
Indemnitees” means Sellers, their respective Affiliates and Representatives, and each of the successors and permitted
assigns of the foregoing Persons.

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“Sellers’
Representative Expense Amount” means $250,000.

“Software”
means all computer software, including source code, executable code, firmware, systems, tools, data, databases and other collections
of data and all documentation relating thereto.

“Specified
Matters Escrow Amount” means $1,875,000.

“Subsidiary”
means, with respect to any Person, another Person (other than an individual) (a) in which such Person owns (directly or indirectly,
beneficially or of record) at least a 50% equity, beneficial or financial interest, (b) in which such Person owns (directly or
indirectly, beneficially or of record) an amount of voting securities or other interests in such other Person that is sufficient
to enable such Person to elect at least a majority of the members of such other Person’s board of directors or other governing
body, or (c) that is otherwise, directly or indirectly, controlled by such Person. For all purposes under this Agreement, each
JV (other than Quality Choice) shall be considered a “Subsidiary” of ATA or Talon, as applicable.

“Talon”
means Talon Title Agency LLC, an Ohio limited liability company.

“Tax”
means all Federal, state, county, local, municipal, foreign and other taxes, assessments, duties or similar charges of any kind
whatsoever, including all corporate franchise, income, sales, use, ad valorem, receipts, value added, profits, license, withholding,
payroll, employment, excise, premium, property, customs, net worth, capital gains, transfer, stamp, documentary, social security,
escheat, unclaimed property, environmental, alternative minimum, occupation, recapture and other taxes, and including all interest,
penalties and additions imposed with respect to such amounts.

“Tax Return”
means all returns, declarations of estimated tax payments, reports, estimates, information returns and statements, including any
related or supporting information with respect to any of the foregoing, filed or to be filed with any Taxing Authority in connection
with the determination, assessment, collection or administration of any Taxes.

“Taxing
Authority” means any Governmental Entity or any quasi-governmental body responsible for the administration or imposition
of any Tax.

“Transaction
Expenses” means, without duplication, the aggregate amount of all fees, disbursements, costs and expenses (including
legal, accounting, investment banking, advisory and other fees, disbursements, costs and expenses) incurred by or on behalf of
any of the Companies or any Seller Party (to the extent any Company pays or is obligated to pay such fees, disbursements, costs
and expenses incurred by or on behalf of any Seller Party) (including 50% of the cost of the D&O Policy), in each case, to
the extent unpaid as of immediately prior to the Closing and excluding any items of Indebtedness to the extent the full amount
of such items has been included in the calculation of Closing Indebtedness and deducted from the Purchase Price.

“Trust Account”
means any account of any Company that holds cash or deposits on behalf of third parties, including parties to real estate transactions
in which any Company provides services in conducting the Business.

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“Trust Account
Cash” means all cash and cash equivalents (including marketable securities, short term investments, and the amount of
any check, money order or electronic funds transfer written or issued by one or more third parties in favor of any Company but
not yet cashed or cleared) held in any Trust Account.

Section 1.2. 
Location of Additional Defined Terms. In addition to the terms defined in Section 1.1, set forth below is a list
of terms defined elsewhere in this Agreement.

	Term	Section
	“ACA”	Section 5.14(d)
	“Acquisition”	Recitals
	“Agreement”	Preamble
	“Anti-Bribery Laws”	Section 5.16(b)
	“Balance Sheet”	Section 5.4(a)
	“Buyer”	Preamble
	“Buyer Returns”	Section 7.2(b)
	“Buyer’s Welfare Plans”	Section 7.5(b)
	“Closing”	Section 2.2
	“Closing Date”	Section 2.2
	“Closing Net Working Capital”	Section 2.4(b)
	“Closing Statement”	Section 2.4(a)
	“Company Contracts”	Section 5.8(b)
	“Company Intellectual Property”	Section 5.7(a)
	“Control of Defense Conditions”	Section 8.4(b)
	“Deductible”	Section 8.1(b)(ii)
	“Disputed Matters”	Section 2.4(c)
	“Downward Adjustment Amount”	Section 2.4(i)(ii)
	“Employee Plan(s)”	Section 5.14(a)
	“Employees”	Section 7.5(a)
	“Enforceability Exceptions”	Section 4.2
	“Entity Representative”	Section 8.4(l)
	“Estimated Net Working Capital”	Section 2.4(a)
	“Financial Statements”	Section 5.4(a)
	“Full–Year Financial Statements”	Section 5.4(a)
	“Indemnifying Party”	Section 8.4(a)
	“Insurance Policies”	Section 5.11(a)
	“Interim Financial Statements”	Section 5.4(a)
	“JV”	Section 5.2(a)
	“JV Interests”	Section 5.2(b)
	“Key Vendors”	Section 5.21(a)
	“Leased Property”	Section 5.6(b)
	“Licensed Intellectual Property”	Section 5.7(c)
	“Losses”	Section 8.1(a)
	“Net Proceeds”	Section 2.3(a)
	“Purchased Units”	Recitals
	“Notice of Disagreement”	Section 2.4(c)
	“Officer and Director Indemnified Parties”	Section 7.6(a)

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	“Parent”	Recitals
	“Party(ies)”	Preamble
	“Payment Spreadsheet”	Section 2.4(a)
	“Per Claim Threshold”	Section 8.1(b)(i)
	“Post-Closing Statement”	Section 2.4(b)
	“PPP Loan”	Section 2.6
	“Property Leases”	Section 5.6(b)
	“Purchase Price”	Section 2.3(a)
	“Purchase Price Allocation”	Section 2.5
	“Qualified Benefit Plan”	Section 5.14(d)
	“Released Claims”	Section 7.9
	“Releasee”	Section 7.9
	“Releaser”	Section 7.9
	“Restricted Period”	Section 7.10(b)
	“Purchased Units”	Recitals
	“Securities Act”	Section 5.19
	“Seller Returns”	Section 7.2(b)
	“Seller Tax Claim”	Section 8.4(e)
	“Sellers”	Preamble
	“Sellers’ Disclosure Letter”	Article IV
	“Sellers’ Representative”	Section 7.7(a)
	“Straddle Period”	Section 7.2(a)
	“Tax Claim”	Section 8.4(e)
	“Third Party Claim”	Section 8.4(a)
	“Transfer Taxes”	Section 7.1(b)
	“Unresolved Claims”	Section 8.8
	“Upward Adjustment Amount”	Section 2.4(i)(i)

 

Section 1.3. 
Rules of Construction. The following provisions shall be applied wherever appropriate herein: (a) “herein,”
“hereby,” “hereunder,” “hereto,” “hereof” and other equivalent words shall refer
to this Agreement as an entirety and not solely to the particular portion of this Agreement in which any such word is used; (b)
all definitions set forth in this Agreement shall be deemed applicable whether the words defined are used in this Agreement in
the singular or the plural; (c) wherever used in this Agreement, any pronoun or pronouns shall be deemed to include both the singular
and plural and to cover all genders; (d) the word “shall” denotes a directive and obligation, and not an option; (e)
the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing
extends, and such phrase shall not mean simply “if”; (f) references to a number of days refer to calendar days
unless Business Days are specified; (g) whenever any action must be taken on or by a day that is not a Business Day, then
such action may be validly taken on or by the next day that is a Business Day; (h) unless the context otherwise requires, all
references in this Agreement to a Contract, instrument or other document means such Contract, instrument or other document as
amended, supplemented and modified from time to time; (i) all references to dollars or “$” in this Agreement or any
Other Transaction Document are to U.S. Dollars; (j) this Agreement and the Other Transaction Documents shall be deemed to have
been drafted by the Parties and neither this Agreement nor any Other Transaction Document shall be construed against any Party
as the principal draftsperson of this Agreement or any Other Transaction Document; (k) any references in this Agreement to a particular
Section, Article or

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Exhibit means a Section or Article
of, or an Exhibit to, this Agreement, and all references in this Agreement to a particular Schedule means a Schedule of the Sellers’
Disclosure Letter, in each case, unless otherwise expressly specified; (l) all references or citations in this Agreement to statutes
or regulations or statutory or regulatory provisions shall, when the context requires, be considered citations to such statutes,
regulations, or provisions directly or indirectly superseding such statutes, regulations, or provisions; (m) the Exhibits and
Schedules attached to this Agreement are incorporated in this Agreement by reference and shall be considered part of this Agreement;
(n) the headings in this Agreement and the Other Transaction Documents are for convenience of identification only and are not
intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or the respective Other Transaction
Document or any provision of this Agreement or any Other Transaction Document; (o) unless otherwise expressly provided, wherever
the consent of any Person is required or permitted in this Agreement, such consent may be withheld in such Person’s sole
and absolute discretion; (p) the words “including,” “include” or “includes,” or other similar
words, whenever used in this Agreement will be deemed to be immediately followed by the words “without limitation”;
and (q) whenever this Agreement indicates that any Contract, document or other item has been “made available” or “delivered”
to Buyer, such statement will mean that such document was made available for viewing by all of Buyer’s Representatives in
the “Project Huron” virtual data room at least three (3) Business Days prior to the Closing Date and remained so available
through the Closing Date. The disclosure of any matter or item in any schedule to this Agreement shall not be deemed to be an
admission or acknowledgment, in and of itself, that such information is required by the terms of this Agreement to be disclosed,
is material to any Company’s business, has resulted in or would result in a Material Adverse Effect or is outside the Ordinary
Course of Business.

Article
II

RECAPITALIZATION TRANSACTIONS; Purchase and Sale of the PURCHASED UNITS; Closing

Section 2.1. 
Recapitalization Transactions; Purchase and Sale.

(a) 
On the Closing Date and immediately prior to the Closing, ATA, Talon and certain of the other Companies shall borrow from DebtCo
or otherwise shall join as guarantors or co-borrowers, as requested by DebtCo, pursuant to that certain note purchase agreement
(the “Note Purchase Agreement”), funds in an aggregate amount equal to $37,000,000 (such amount, the “Debt
Proceeds Amount”). Upon receipt of the Debt Proceeds Amount and immediately prior to the Closing, the Companies shall
utilize the Debt Proceeds Amount (the “Debt Distribution Amount”) to redeem from the Sellers the Parent Units
set forth opposite such Seller’s name as indicated in the column “Redeemed Units” on Exhibit A attached
hereto (the “Redeemed Units”).

(b) 
On the Closing Date and immediately prior to the Closing, ATA and Talon shall issue the Rollover Seller Notes and Parent shall
cause such Rollover Seller Notes to be distributed to the applicable Sellers.

(c) 
On the terms and subject to the conditions of this Agreement, at the Closing, Sellers shall sell, transfer and deliver to Buyer,
and Buyer shall purchase and acquire from Sellers, the Purchased Units, free and clear of all Liens.

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Section 2.2. 
Closing Date. The closing of the Acquisition and the other transactions contemplated in this Agreement (the “Closing”)
shall take place by the electronic exchange of signature pages to this Agreement and the Other Transaction Documents on the date
hereof (the “Closing Date”).

Section 2.3. 
Purchase Price.

(a) 
At the Closing, Buyer shall pay to Sellers (pursuant to the Payment Spreadsheet in accordance with their Pro Rata Percentages),
by wire transfer of immediately available funds, an aggregate amount (such amount, subject to adjustment as set forth in Section
2.4, the “Net Proceeds Amount”) equal to the Base Purchase Price plus an amount equal to the Estimated
Cash Balance, plus an amount equal to the Estimated Working Capital Adjustment Amount (which may be a negative amount),
minus

(i) 
an amount equal to the Estimated Closing Indebtedness, to the extent not paid (with the Debt Proceeds Amount or otherwise) prior
to the Closing;

(ii) 
an amount equal to the Estimated Transaction Expenses, to the extent not paid (with the Debt Proceeds Amount or otherwise) prior
to the Closing;

		(iii)	the Escrow Amount;

		(iv)	the PPP Escrow Amount;

		(v)	the Debt Proceeds Amount;

		(vi)	the Rollover Amount;

		(vii)	the Anast Amount; and

		(viii)	the Sellers’ Representative Expense Amount, as
further described below.

(b) 
At the Closing, Buyer shall: (i) on behalf of the Companies, cause the Closing Indebtedness set forth in the Closing Statement
to be repaid, by wire transfer of immediately available funds, in full in accordance with the Payoff Letters pursuant to the Payment
Spreadsheet, (ii) on behalf of the Companies, pay, by wire transfer of immediately available funds, the Transaction Expenses set
forth in the Closing Statement in accordance with the Invoices pursuant to the Payment Spreadsheet, (iii) pay to Escrow Agent,
by wire transfer of immediately available funds, an amount equal to the Escrow Amount, (iv) pay to the PPP Lender an amount equal
to the PPP Escrow Amount; (v) on behalf of the Sellers, pay the Anast Amount to Paul Anast, by wire transfer of immediately available
funds pursuant to the Payment Spreadsheet; and (vi) on behalf of the Sellers, pay the Sellers’ Representative Expense Amount,
by wire transfer of immediately available funds, to an account designated by the Sellers’ Representative; provided,
that, any amounts treated as wages to a current or former employee of the Companies shall be paid to the applicable Company, which
shall pay the respective payee such amount, less applicable withholding Taxes, through such Company’s payroll system.

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Section 2.4. 
Purchase Price Adjustment.

(a) 
At least three (3) Business Days prior to the Closing, Sellers’ Representative shall prepare and deliver to Buyer: (i) a
statement (the “Closing Statement”) setting forth Sellers’ good faith estimate of the Net Working Capital
as of the Reference Time (the “Estimated Net Working Capital”), the Estimated Cash Balance, the Estimated Closing
Indebtedness, the Estimated Transaction Expenses and the resulting calculation of the Net Proceeds Amount derived therefrom; (ii)
the Payoff Letters; (iii) the Invoices; (iv) a spreadsheet (the “Payment Spreadsheet”), setting forth the payment
amounts and the applicable wire transfer instructions for the payment of the various amounts described in Section 2.3(a)
and Section 2.3(b) and (v) Sellers’ Representative’s calculations supporting such estimates. Buyer shall be
entitled to review, comment on and request reasonable changes to the Closing Statement and Sellers’ Representative shall
consider in good faith any written comments by Buyer with respect to the Closing Statement prior to the Closing Date. The Estimated
Net Working Capital, the Estimated Cash Balance, the Estimated Closing Indebtedness and the Estimated Transaction Expenses shall
be calculated in good faith and in a manner consistent with the definitions herein.

(b) 
Within ninety (90) days after the Closing Date, Buyer shall prepare and deliver to Sellers’ Representative a statement (the
“Post-Closing Statement”), setting forth Buyer’s calculation of Closing Net Working Capital, the Actual
Cash Balance, the Closing Indebtedness and the Transaction Expenses, in each case, calculated in good faith and in accordance
with the definitions herein.

(c) 
During the thirty (30)-day period following Sellers’ Representative’s receipt of the Post-Closing Statement, upon
the reasonable request of Sellers’ Representative, Buyer will provide Sellers’ Representative and his Representatives
with reasonable access (during normal business hours and in a manner that does not disrupt Buyer’s or the Companies’
operation of their businesses) to Buyer’s work papers relating to the items included in the Post-Closing Statement to the
extent necessary for Sellers’ Representative to complete its review of the Post-Closing Statement and the calculation of
Closing Net Working Capital, the Actual Cash Balance, the Closing Indebtedness and the Transaction Expenses. The Post-Closing
Statement shall become final, binding upon and irrevocably accepted by the Parties on the thirtieth (30th)-day following
delivery thereof to Sellers’ Representative (unless such date is extended by mutual agreement of Sellers’ Representative
and Buyer), unless Sellers’ Representative gives written notice of its good faith disagreement with the Post-Closing Statement
(a “Notice of Disagreement”) to Buyer prior to such date. Any Notice of Disagreement shall specify in reasonable
detail the specific items and matters in dispute (the “Disputed Matters”) and Sellers’ Representative’s
proposed alternative calculation of each Disputed Matter. If a Notice of Disagreement is received by Buyer prior to the expiration
of such thirty (30)-day period, then the Post-Closing Statement (as revised in accordance with this Section 2.4(c), if
applicable) shall become final, binding upon and irrevocably accepted by the Parties on the earlier of (i) the date Sellers’
Representative and Buyer resolve in writing the Disputed Matters or (ii) the date the Disputed Matters are finally resolved in
writing by the Accounting Firm in accordance with this Section 2.4(c). During the twenty (20)-day period following the
delivery of a Notice of Disagreement, Sellers’ Representative and Buyer shall seek in good faith to resolve in writing the
Disputed Matters. During such period, Buyer shall have access to the work papers of Seller Parties prepared in connection with
the Notice of Disagreement. Following the expiration of such twenty (20)-day period, Sellers’ Representative and Buyer shall

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each be permitted to engage the Accounting
Firm to resolve any remaining Disputed Matters. Each Party shall bear its own costs and expenses in connection with the resolution
of such remaining Disputed Matters by the Accounting Firm. Sellers’ Representative and Buyer shall (A) within ten (10) Business
Days of engaging the Accounting Firm, deliver to the Accounting Firm (with a copy thereafter being delivered by the Accounting
Firm to the other Party) a written statement setting forth such Party’s calculation of each unresolved Disputed Matter and
the amount thereof, and (B) jointly request that the Accounting Firm render its reasoned, written decision with respect to
such remaining Disputed Matters and the resulting calculation of Closing Net Working Capital, the Actual Cash Balance, the Closing
Indebtedness and the Transaction Expenses as soon as practicable, but in any event within the thirty (30)-day period following
submission of such remaining Disputed Matters to the Accounting Firm (it being understood that in conducting such review and rendering
such decision, the Accounting Firm shall be functioning as an expert and not as an arbitrator). The Accounting Firm shall review
the submissions of Buyer and Sellers’ Representative and base its determination solely on such submissions (i.e.,
not on the basis of an independent review and testimony); provided that, to make its determination, the Accounting Firm
may determine, in its reasonable discretion, to submit additional questions or document requests to the Parties and/or to permit
Buyer and Sellers’ Representative each to submit a rebuttal to the other Party’s submission. The scope of disputes
to be resolved by the Accounting Firm shall be limited to whether the Disputed Matters submitted to the Accounting Firm were properly
calculated in accordance with the terms of this Agreement (including the Accounting Practices and Procedures, as applicable) and
the Accounting Firm shall apply the provisions of this Section 2.4 to such Disputed Matters, and shall not have any authority
or power to alter, modify, amend, add to or subtract from any term or provision of this Agreement. The Accounting Firm’s
determination as to any Disputed Matter shall not be more beneficial to Buyer than the proposed determination of that Disputed
Matter in Buyer’s submission to the Accounting Firm or more beneficial to Sellers and Sellers’ Representative than
the proposed determination of that Disputed Matter in Sellers’ Representative’s submission to the Accounting Firm.
Judgment may be entered upon the determination of the Accounting Firm in any court having jurisdiction over the Party against
which such determination is to be enforced. No Party or any Affiliate or Representative of a Party will (x) meet or discuss the
subject matter hereof with the Accounting Firm without Buyer and the Sellers’ Representative and their respective Representatives
present or, if not present, having had the opportunity, following at least three (3) Business Days’ written notice, to be
present, either in person or by telephone, or (y) exchange any written correspondence with the Accounting Firm regarding the subject
matter hereof without simultaneously providing a copy of such correspondence to Buyer or the Sellers’ Representative, as
applicable. The costs and fees of the Accounting Firm, including the costs relating to any negotiations with the Accounting Firm
with respect to the terms and conditions of such Accounting Firm’s engagement, will be paid by the Sellers’ Representative
(on behalf of Seller Parties) and Buyer on an inversely proportional basis, based upon the relative portions of the Disputed Matters
that have been submitted to the Accounting Firm for resolution that ultimately are awarded in favor of the Sellers’ Representative
(on behalf of Seller Parties) and Buyer, as the case may be (e.g., if $100,000 is in dispute, and of that amount the Accounting
Firm awards $75,000 in favor of Buyer and $25,000 in favor of Sellers’ Representative, then Buyer will be responsible for
25%, and Sellers’ Representative (on behalf of Seller Parties) will be responsible for 75%, of the costs and fees of the
Accounting Firm).

(d) 
The fees (including attorney fees) and disbursements of Buyer incurred in connection with its preparation of the Post-Closing
Statement and review of any Notice of

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Disagreement shall be borne by Buyer,
and the fees (including attorney fees) and disbursements of Sellers’ Representative incurred in connection with the review
of the Post-Closing Statement and preparation of any Notice of Disagreement shall be borne by Seller Parties.

(e) 
If (i) the Closing Net Working Capital (as finally determined pursuant to Section 2.4(c) above) is greater than the Estimated
Net Working Capital, then the Net Proceeds Amount will be increased by an amount equal to such excess, and (ii) the Closing Net
Working Capital (as finally determined pursuant to Section 2.4(c) above) is less than the Estimated Net Working Capital,
then the Net Proceeds Amount will be reduced by an amount equal to such shortfall.

(f) 
If (i) the Actual Cash Balance (as finally determined pursuant to Section 2.4(c) above) is greater than the Estimated Cash
Balance, then the Net Proceeds Amount will be increased by an amount equal to such excess, and (ii) the Actual Cash Balance (as
finally determined pursuant to Section 2.4(c) above) is less than the Estimated Cash Balance, then the Net Proceeds Amount
will be reduced by an amount equal to such shortfall.

(g) 
If (i) the Estimated Closing Indebtedness is greater than the Closing Indebtedness (as finally determined pursuant to Section
2.4(c) above), then the Net Proceeds Amount will be increased by an amount equal to such excess, and (ii) the Estimated Closing
Indebtedness is less than the Closing Indebtedness (as finally determined pursuant to Section 2.4(c) above), then the Net
Proceeds Amount will be reduced by an amount equal to such shortfall.

(h) 
If (i) the Estimated Transaction Expenses are greater than the Transaction Expenses (as finally determined pursuant to Section
2.4(c) above), then the Net Proceeds Amount will be increased by an amount equal to such excess, and (ii) the Estimated Transaction
Expenses are less than the Transaction Expenses (as finally determined pursuant to Section 2.4(c) above), then the Net
Proceeds Amount will be reduced by an amount equal to such shortfall.

(i) 
If the aggregate result of the adjustments required by Sections 2.4(e), 2.4(f), 2.4(g) and 2.4(h)
is:

(i) 
an increase to the Net Proceeds Amount (the amount of such increase, the “Upward Adjustment Amount”), then
within five (5) days after the final determination of Closing Net Working Capital, the Actual Cash Balance, Closing Indebtedness
and Transaction Expenses pursuant to Section 2.4(c) above, (A) Buyer shall deliver (or cause the Companies to deliver)
to the Sellers’ Representative, for payment to Sellers (in accordance with their Pro Rata Percentages), an amount equal
to the Upward Adjustment Amount, and (B) Buyer and Sellers’ Representative shall jointly instruct the Escrow Agent to release
to the Sellers’ Representative, for payment to Sellers (in accordance with their Pro Rata Percentages), the Adjustment Escrow
Amount; and

(ii) 
a decrease to the Net Proceeds Amount (the amount of such decrease, the “Downward Adjustment Amount”), then
within five (5) days after the final determination of Closing Net Working Capital, the Actual Cash Balance, Closing Indebtedness
and Transaction Expenses pursuant to Section 2.4(c) above, (A) Buyer and Sellers’ Representative shall jointly instruct
the Escrow Agent to (x) release to Buyer from the Adjustment Escrow Amount an amount equal to the lesser of the Downward Adjustment
Amount and the Adjustment

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Escrow Amount, and (y) release to the
Sellers’ Representative, for payment to Sellers (in accordance with their Pro Rata Percentages), any portion of the Adjustment
Escrow Amount remaining after the payment to Buyer pursuant to the foregoing clause (x), if any, and (B) if the Downward Adjustment
Amount exceeds the Adjustment Escrow Amount, then each Seller shall pay its Pro Rata Percentage of such excess to Buyer (provided,
that Buyer, in its sole discretion, may elect to recover an amount equal to such excess from the Indemnification Escrow Amount
in lieu of the payments from Sellers pursuant to the foregoing clause (B)).

Section 2.5. 
Purchase Price Allocation. The Parties agree that the Net Proceeds Amount, the Escrow Amount, the PPP Escrow Amount, Anast
Amount, Sellers’ Representative Expense Amount, the amount of liabilities of the Companies (as of the Closing), and all
other items treated as consideration for Tax purposes shall be allocated among the assets of ATA and Talon (the “Purchase
Price Allocation”) for all purposes (including Tax and financial accounting purposes) in accordance with the methodologies
set forth on Schedule 2.5. Within ninety (90) days after the final determination of Closing Net Working Capital, the Actual
Cash Balance, Closing Indebtedness and Transaction Expenses pursuant to Section 2.4(c) above, Buyer shall provide to Sellers’
Representative a draft of the Purchase Price Allocation. If within the thirty (30) days of receiving such draft of the Purchase
Price Allocation, the Sellers’ Representative has not delivered a written notice to Buyer objecting to such draft of the
Purchase Price Allocation, then such draft of the Purchase Price Allocation Schedule prepared by Buyer shall be final and binding.
If within thirty (30) days of receiving such draft of the Purchase Price Allocation the Sellers’ Representative delivers
a written notice to Buyer objecting to such draft of the Purchase Price Allocation, then Sellers’ Representative and Buyer
shall cooperate in good faith to resolve their differences; provided, that if after thirty (30) days, the Sellers’
Representative and Buyer are unable to agree, the Sellers’ Representative and Buyer shall retain the Accounting Firm to
resolve their dispute, and the Accounting Firm shall utilize the methodologies for determining fair market sale as set forth on
Schedule 2.5. The determination of the Accounting Firm shall be final and binding on the Parties. The fees, costs and expenses
of the Accounting Firm shall be determined in the manner set forth in Section 2.4(c). No Party will take a position on
any Tax Return, before any Governmental Entity charged with the collection of any Tax, or in any judicial Proceeding, that is
in any way inconsistent with the Purchase Price Allocation, as finally determined under this Section 2.5.

Section 2.6. 
PPP Escrow. At the Closing, Buyer shall deliver (or cause to be delivered) the PPP Escrow Amount to the PPP Lender, for
deposit into a separately-designated account established pursuant to the PPP Escrow Agreement. Following Closing, the Sellers’
Representative shall keep Buyer reasonably informed of, and provide Buyer with all documentation and correspondence with respect
to, all material activity concerning forgiveness of the PPP Loan. With respect to the PPP Loan, promptly (and in any event within
three (3) days) following the earlier of (a) the final, binding approval of forgiveness by the SBA of all or a portion of the
liabilities, obligations, and indebtedness under the PPP Loan, or (b) a final, binding determination by the PPP Lender or the
SBA, as applicable, that ATA is not entitled to all or any portion of forgiveness of any such liabilities, obligations, and indebtedness
of the PPP Loan (such determination made by the SBA, the “PPP Determination”), the Sellers’ Representative
shall provide Buyer notice of such PPP Determination. If, in connection with the PPP Determination, all or any portion of the
PPP Loan is not forgiven, the parties to the PPP Escrow Agreement (other than the PPP Escrow Agent) will deliver written instructions
to the PPP Escrow Agent directing

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the release of funds to the PPP Lender
sufficient to repay such unforgiven amount of the PPP Loan in full, which such repayment shall be evidenced by a payoff letter
in customary form from the PPP Lender. Promptly following a PPP Determination, to the extent there are any funds remaining in
the applicable escrow account after such disbursement and repayment, the parties to the PPP Escrow Agreement (other than the PPP
Escrow Agent) shall deliver the PPP Escrow Agent a joint written instruction to release the funds remaining in such escrow account
to the Sellers’ Representative in accordance with such joint written instructions. If for any reason such escrowed funds
are released to any Company instead of the Sellers’ Representative, Buyer will cause such funds to be paid to the Sellers’
Representative.

Article
III

Closing Deliveries

Section 3.1. 
Deliveries by Seller Parties. At the Closing, Seller Parties shall deliver or cause to be delivered to Buyer the following
items:

(a) 
certificates as to the good standing as of the most recent practicable date of each Company and each JV from the applicable Governmental
Entity of each such entity’s jurisdiction of organization;

(b) 
Certificate of an authorized officer of each Company, given by such person on behalf of the Companies, and not in such person’s
individual capacity, certifying as to the Organizational Documents of each Company and each JV;

(c) 
[RESERVED];

(d) 
Original organizational record books of the Companies, if available;

(e) 
Assignments of the Purchased Units from each applicable Seller to Buyer;

(f) 
Each Assignment of Units Agreement, duly executed by Parent and each applicable Seller;

(g) 
Each of the consents set forth on Schedule 3.1(g);

(h) 
The executed Membership Interest Purchase Agreement by and among Paul Anast, ATA and Midstate Title (the “Anast Agreement”)
providing that upon payment of the Anast Amount, all payments or obligations in respect of any ownership interest or transaction
relating thereto in Midstate Title will be paid and satisfied in full;

(i) 
Evidence that all payments required to be made to release any tax liens with respect to any Company or the assets of any Company
have been made (other than with respect to the Greco Title Tax Liens);

(j) 
Each of the Rollover Seller Debt Documents, executed by the applicable Rollover Sellers;

(k) 
The signature page of each Seller holding Rollover Units to the Parent Post-Closing LLC Agreement;

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(l) 
 a non-foreign person affidavit from each of Seller, certifying that such Seller is not a “foreign person” as defined
in Sections 1445 and 1446(f) of the Code, and otherwise meeting the requirements of Section 1.1445-2(b) of the Treasury Regulations,
along with a properly completed IRS Form W-9 of each of Seller;

(m) 
Executed counterparts of each Other Transaction Document to which Sellers’ Representative, Sellers or Affiliates of Sellers
are party; and

(n) 
Such other instruments and certificates as may be reasonably requested by Buyer.

Section 3.2. 
Deliveries by Buyer. At the Closing, Buyer shall deliver to Sellers the following items:

(a) 
The Net Proceeds Amount in accordance with Section 2.3(a);

(b) 
A certificate as to the good standing as of the most recent practicable date of Buyer from the Secretary of State (or applicable
Governmental Entity) of Buyer’s jurisdiction of organization;

(c) 
A certificate of the Secretary of Buyer, given by such person on behalf of Buyer and not in such person’s individual capacity,
certifying as to the Organizational Documents of Buyer;

(d) 
Buyer’s signature page to the Parent Post-Closing LLC Agreement;

(e) 
Executed counterparts of each Other Transaction Document to which Buyer or Affiliates of Buyer are party;

(f) 
Employment offer letters between ATA and each of (i) William Robinson, Jr., (ii) Robert Soave, (iii) Paul Ruokis and (iv) Brian
Roberts, governing such executive’s post-Closing employment arrangements with the Companies;

(g) 
The R&W Policy Binder effective as of the Closing Date; and

(h) 
Such other instruments and certificates as may be reasonably requested by Sellers’ Representative.

Article
IV

Representations and Warranties

Relating to Seller Parties and the Parent Equity UNITS

Except as disclosed
in the applicable section or subsection of the Sellers’ Disclosure Letter, each Seller Party, severally and not jointly,
represents and warrants to Buyer as follows:

Section 4.1. 
Organization, Standing and Power. Such Seller Party (other than a Seller Party that is an individual) is duly organized,
validly existing and in good standing under the Laws of the state of Michigan or Ohio, as applicable, and has the requisite power
and authority and possesses all governmental franchises, licenses, Permits, authorizations and approvals necessary

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to enable such Seller Party to own,
lease or otherwise hold such Seller Party’s properties and assets and to carry on such Seller Party’s business as
presently conducted.

Section 4.2. 
Authority; Execution and Delivery; Enforceability. Such Seller Party has the legal capacity or the requisite power and
authority, as applicable, to execute and deliver this Agreement and the Other Transaction Documents to which such Seller Party
is a party, to consummate the Acquisition and the other transactions contemplated hereby and thereby, and to perform such Seller
Party’s obligations hereunder and thereunder. The execution and delivery by such Seller Party of this Agreement and the
Other Transaction Documents to which such Seller Party is a party, the consummation by such Seller Party of the Acquisition and
the other transactions contemplated hereby and thereby, and the performance of such Seller Party’s obligations hereunder
and thereunder, in each case, have been duly authorized by all necessary action. Such Seller Party has duly executed and delivered
this Agreement and each Other Transaction Document to which such Seller Party is a party, and this Agreement and each Other Transaction
Document to which such Seller Party is a party constitutes such Seller Party’s valid and binding obligation, enforceable
against such Seller Party in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar Laws affecting creditors’ rights and remedies generally and to general principles of equity (the
“Enforceability Exceptions”).

Section 4.3. 
No Conflicts; No Consents. Except as set forth on Schedule 4.3, none of (a) the execution and delivery by such
Seller Party of this Agreement and the Other Transaction Documents to which such Seller Party is a party, (b) the consummation
of the Acquisition and the other transactions contemplated hereby and thereby, (c) the performance by such Seller Party of such
Seller Party’s obligations hereunder and thereunder, or (d) compliance by such Seller Party with the terms hereof and thereof,
in each case, will (with or without notice or lapse of time, or both) conflict with, result in any breach or violation of or default
under, or give rise to a right of termination, cancellation or acceleration of any obligation or to loss of a material benefit
under, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under, or result in the creation
of any Lien upon any of the Parent Equity Units or any of the other properties or assets of such Seller Party under: (i) if such
Seller Party is not a natural Person, the Organizational Documents of such Seller Party; (ii) any Contract to which such Seller
Party is a party or by which any of the Parent Equity Units or any of such Seller Party’s other properties or assets is
bound; or (iii) any Order, Permit or Law applicable to such Seller Party or such Seller Party’s respective properties or
assets. No material consent, waiver, Order or Permit of, or registration, declaration or filing with, or notification to, any
Governmental Entity is required to be obtained or made by or with respect to such Seller Party in connection with the execution,
delivery and performance of this Agreement or any Other Transaction Document or the consummation of the Acquisition or the other
transactions contemplated hereby and thereby, other than those set forth on Schedule 4.3.

Section 4.4. 
The Purchased Units. Such Seller Party has good and valid title to, and is the record and beneficial owner of, the Rollover
Units and Purchased Units set forth opposite such Seller’s name on Exhibit A, free and clear of all Liens except
for transfer restrictions imposed by applicable securities Laws. The Rollover Units and Purchased Units set forth on Exhibit
A constitute all of the issued and outstanding Equity Interests of Parent. Upon the consummation of the transactions contemplated
by this Agreement and the Other Transaction Documents at the

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Closing, and upon Sellers’ receipt
of the Net Proceeds Amount in accordance with Section 2.3(a), good and valid title to the Purchased Units will pass to
Buyer, free and clear of any Liens except for transfer restrictions imposed by applicable securities Laws. Other than this
Agreement and the Pre-Closing Parent LLC Agreement, such Seller Party is not subject to any voting trust, proxy or other Contract
with respect to any of the Parent Equity Units, including any Contract (i) restricting or otherwise relating to the voting, dividend
rights or disposition of any of the Parent Equity Units, or (ii) giving any other Person any rights with respect to any Parent
Equity Unit.

Section 4.5. 
Litigation. There is no Proceeding pending or, to the Knowledge of the Sellers, threatened against or involving any Seller
Party, and no Seller Party is subject to any outstanding Order, in each case, relating to this Agreement, the Other Transaction
Documents or the transactions contemplated hereby or thereby. No insolvency Proceeding is pending or, to the Knowledge of the
Sellers, threatened against or involving any Seller Party, and no Seller Party is insolvent or unable to pay any of such Seller
Party’s obligations when due.

Section 4.6. 
Brokers. Except for PMCF LLC, no broker, investment banker, financial advisor or other Person is entitled to any broker’s,
finder’s, financial advisor’s or other similar fee or commission in connection with the transactions contemplated
by this Agreement or any Other Transaction Document based upon arrangements made by or on behalf of such Seller Party.

Section 4.7. 
Transactions with Related Parties.

(a) 
Except as set forth in Schedule 4.7(a) and Exhibit A attached hereto and except for any continuing employment relationships
pursuant to employment offer letters set forth in Section 3.2(h), neither such Seller Party nor any of such Seller Party’s
Related Parties (i) has, or will immediately following the Closing have, any interest in any property owned or used by any Company
or JV, (ii) has, or will immediately following the Closing have, any interest in, any Contract with any Company or JV or has,
or will immediately following the Closing have, any equity or other interest in, provided any loan or other financing to, or has
any consulting, services or other Contract with, any Company or JV, (iii) is, or will immediately following the Closing be, a
party to any Contract with any Company or JV, (iv) has, or will immediately following the Closing have, any interest, directly
or indirectly, in any Person having business dealings with any Company or JV, or (v) has, or will immediately following the Closing
have, any interest, directly or indirectly, in any Person that is a supplier or competitor of any Company or JV.

(b) 
Schedule 4.7(b) identifies (i) any Contract currently in effect or in effect during the past three (3) years, including
oral Contracts or other cost-sharing arrangements, between any Company or JV, on the one hand, and such Seller Party or any of
such Seller Party’s Related Parties, on the other hand except for salaries, bonuses, except reimbursements and other employment-related
payments, (ii) any payments made by any Company or JV to such Seller Party or any of such Seller Party’s Related Parties
since January 1, 2020 (other than distributions of cash in respect of Equity Interests in Talon or ATA), and (iii) any payments
received by any Company or JV from such Seller Party or any of such Seller Party’s Related Parties since January 1, 2020.

(c) 
Except as set forth in Schedule 4.7(c), no Related Party of such Seller Party is currently employed or engaged by any Company.

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(d) 
 Except as set forth in Schedule 4.7(a), neither such Seller Party nor any of such Seller Party’s Related Parties
(a) owes any amount to any Company or JV or is owed any amount by any Company or JV except for any accrued salaries and wages
that are accounted for in and have been deducted from the Closing Net Working Capital, (b) is the beneficiary of any commitment
by any Company or JV to make any loan or extend or guarantee credit to or for the benefit of such Seller Party or Related Party,
or (c) has any claim or other Proceeding against any Company or JV.

Article
V

Representations and Warranties

Relating to the Companies

Except as disclosed
in the applicable section or subsection of the Sellers’ Disclosure Letter, Seller Parties hereby jointly and severally represent
and warrant to Buyer as follows:

Section 5.1. 
Organization; Capitalization.

(a) 
Each of the Companies is a limited liability company duly formed, validly existing and in good standing under the Laws of the
State of Delaware, Michigan, Ohio or Indiana, as applicable. Each of the Companies has the requisite, limited liability company
power and authority to own, lease and operate its respective properties and to carry on its business as presently conducted. Each
of the Companies is duly qualified and in good standing to do business as a limited liability company in each jurisdiction in
which the conduct or nature of its business or the ownership, leasing or holding of its properties makes such qualification necessary
except where the failure to be so licensed or qualified would not have a Material Adverse Effect.

(b) 
Sellers have made available to Buyer true and complete copies of the Organizational Documents of the Companies and Quality Choice,
each as amended to date.

(c) 
Except for the Rollover Units and Purchased Units, there are no Equity Interests of Parent issued, reserved for issuance or outstanding.
The Rollover Units and Purchased Units (i) have been duly authorized and validly issued, and (ii) are not subject to, and were
not issued in violation of, any purchase option, call option, right of first refusal, preemptive right, subscription right or
other similar right. There is no outstanding voting debt with respect to Parent, ATA or Talon. Except as set forth on Schedule
5.2(c), there are not any options, warrants, calls, rights, convertible or exchangeable securities, “phantom”
equity rights, equity appreciation rights, equity-based performance units, commitments, Contracts, arrangements or undertakings
of any kind (A) obligating any Company to issue, deliver or sell, or cause to be issued, delivered or sold, Equity Interests
in, or any security convertible or exercisable for or exchangeable into any Equity Interest in, any Company (other than any JV)
or any voting debt, (B) obligating any Company to issue, grant, extend or enter into any such option, warrant, call, right, security,
commitment, Contract, arrangement or undertaking, or (C) obligating any Company to repurchase, redeem or otherwise acquire any
securities or Equity Interests of any kind. There are not any outstanding contractual obligations of any Company to repurchase,
redeem or otherwise acquire any Equity Interests.

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Section 5.2. 
Ownership.

(a) 
Except for the Equity Interests in each of the Persons set forth on Schedule 5.2(a), no Company owns, directly or indirectly,
any Equity Interest in any Person.

(b) 
ATA or Talon has good and valid title to the Equity Interests in each JV set forth on Schedule 5.2(b) (such Equity Interests,
the “JV Interests”), free and clear of all Liens except Permitted Liens. Except as set forth in the operating
agreements for each JV that have been made available to Buyer, the JV Interests are not subject to any voting trust, proxy or
other Contract (i) restricting or otherwise relating to the voting, dividend rights or disposition of any of the JV Interest or
(ii) giving any other Person any rights with respect to any of the JV Interests.

(c) 
Except for the JV Interests set forth on Schedule 5.2(b) and the Equity Interests set forth on Schedule 5.2(c),
there are no Equity Interests in any JV issued, reserved for issuance or outstanding.

(d) 
The JV Interests (i) have been duly authorized and validly issued, and are fully paid, and (ii) are not subject to, and were not
issued in violation of, any purchase option, call option, right of first refusal, preemptive right, subscription right or other
similar right. There is no outstanding voting debt with respect to any JV.

(i) 
Except as set forth on Schedule 5.2(e), there are not any options, warrants, calls, rights, convertible or exchangeable
securities, “phantom” equity rights, equity appreciation rights, equity-based performance units, commitments, Contracts,
arrangements or undertakings of any kind (A) obligating any JV or other Company to issue, deliver or sell, or cause to be
issued, delivered or sold, Equity Interests in, or any security convertible or exercisable for or exchangeable into any Equity
Interest in, any JV, or (B) obligating any JV or other Company to issue, grant, extend or enter into any such option, warrant,
call, right, security, commitment, Contract, arrangement or undertaking, or (C) obligating any JV or other Company to repurchase,
redeem or otherwise acquire any securities or Equity Interests of any kind.

(e) 
Except as set forth on Schedule 5.2(f), there are not any outstanding contractual obligations of any JV or other Company
to repurchase, redeem or otherwise acquire any portion of the Equity Interests in any JV. Except for the Anast Agreement, no Company
has, or will as a result of the consummation of the transactions contemplated by this Agreement and the Other Transaction Documents
have, any obligation or outstanding commitment to pay or contribute any cash or other capital in respect of the JV Interests or
otherwise in respect of any ownership of any JV.

Section 5.3. 
No Conflicts; No Consents. Except as set forth on Schedule 5.3, none of (a) the execution and delivery by Seller
Parties of this Agreement and the Other Transaction Documents to which any Seller Party is a party, (b) the consummation of the
Acquisition and the other transactions contemplated hereby and thereby, (c) the performance by Seller Parties of their respective
obligations hereunder and thereunder, or (d) compliance by Seller Parties with the terms hereof and thereof, in each case, will
(with or without notice or lapse of time, or both) conflict with, result in any breach or violation of or default under, or give
rise to a right of termination, cancellation or acceleration of any obligation or to loss of a material benefit under, or to increased,
additional, accelerated or guaranteed rights or entitlements of any Person under, or result in the

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creation of any Lien upon any of the
properties or assets of any Company or JV under: (i) the Organizational Documents of any Company or any JV; (ii) any Contract
to which any Company or any JV is a party, or by which any of the properties or assets of any Company or any JV is bound; or (iii)
any Order, Permit or Law applicable to any Company or any JV, or any of their respective properties or assets. No material consent,
waiver, Order or Permit of, or registration, declaration or filing with, or notification to, any Governmental Entity is required
to be obtained or made by or with respect to any Company or any JV in connection with the execution, delivery and performance
of this Agreement or any Other Transaction Document or the consummation of the Acquisition or the other transactions contemplated
hereby and thereby, other than those set forth on Schedule 5.3.

Section 5.4. 
Financial Statements.

(a) 
Schedule 5.4(a) sets forth (i) (A) the unaudited aggregated balance sheets of each of ATA and Talon as of January 31, 2021
(collectively, the “Balance Sheet”), and the related unaudited aggregated statements of income and cash flows
of ATA and Talon for the one (1)-month period then ended (collectively, the “Interim Financial Statements”),
and (B) the unaudited aggregated balance sheets of each of ATA and Talon as of December 31, 2020, December 31, 2019 and December
31, 2018 and the related unaudited aggregated statements of income and cash flows of ATA and Talon for the twelve (12)-month periods
then ended (the balance sheets and statements described in this clause (i)(B), collectively, the “Full-Year Financial
Statements”) and (ii) the unaudited standalone balance sheets of each of FCS Title Agency LLC, Affinity Title Services
of Michigan, LLC, Associates Title Agency, LLC, Bankers Title Agency, LLC, Pointe Title Company LLC, Lake States Title Agency
of Grand Traverse LLC, Lake States Title Agency Southwest LLC, First Protection Title Agency LLC, Unity Title, LLC, Westar Title
Agency, LLC and Midstate Title Agency of Southern Michigan LLC as of December 31, 2020, December 31, 2019 and December 31, 2018
and the related unaudited standalone statements of income and cash flows of each such Company for the twelve (12)-month periods
then ended (the balance sheets and statements described in this clause (ii), collectively, the “JV Financial Statements”
and, together with the Interim Financial Statements and Full-Year Financial Statements, collectively, the “Financial
Statements”).

(b) 
The Financial Statements: (i) except as disclosed on Schedule 5.4(b), have been prepared in accordance with GAAP as in
effect for the applicable period then ended, consistently applied; (ii) present fairly, in all material respects, the aggregate
financial condition, results of operations and cash flows of the Companies at the respective dates set forth therein and for the
respective periods covered thereby (except (A) in the case of the Full-Year Financial Statements, as may be indicated in the notes
thereto, and (B) in the case of the Interim Financial Statements, for the absence of footnote disclosures and other presentation
items (which will not be material individually or in the aggregate) and changes resulting from year-end adjustments (none of which
are expected to be material)); and (iii) were derived from, and are consistent with, the books and records of the Companies (which,
in turn, are accurate and complete in all material respects).

(c) 
The Companies have systems of internal accounting controls that are sufficient to provide reasonable assurances that transactions
are recorded as necessary to permit the preparation of financial statements in conformity with GAAP, except as disclosed on Schedule
5.4(b).

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(d) 
 During the period from January 1, 2019 through December 31, 2019, Talon received aggregate cash distributions of $274,473 from
Quality Choice. Since January 1, 2020, Talon has received aggregate cash distributions of $380,192 from Quality Choice.

Section 5.5. 
Assets Other than Real Property Interests. Each Company has good and valid title to or a valid leasehold interest in all
of the personal property and other assets owned or leased by such Company or used in the conduct of the Business as currently
conducted by such Company (including the properties and assets reflected on the Balance Sheet or thereafter acquired, but excluding
any properties and assets disposed of since the date of the Balance Sheet in the Ordinary Course of Business), in each case free
and clear of all Liens, except (a) such Liens as are set forth in Schedule 5.5, (b) mechanics’, carriers’,
workmen’s, repairmen’s or other similar statutory Liens arising or incurred in the Ordinary Course of Business for
sums which are not yet due but are fully reflected in the Closing Net Working Capital, and (c) Liens for Taxes that are not due
and payable and for which appropriate reserves have been established on the Balance Sheet in accordance with GAAP. The properties
and assets described in the preceding sentence (i) have been maintained in accordance with normal industry practices, (ii) are
in good operating condition and repair subject to normal wear and tear, (iii) are fit for use by the applicable Company in the
Ordinary Course of Business, and (iv) include all assets and properties necessary for the conduct of the Business as presently
conducted and the continued conduct thereof after the Closing in substantially the same manner as presently conducted.

Section 5.6. 
Real Property.

(a) 
None of the Companies own or have at any time previously owned any real property or any interest in real property.

(b) 
Schedule 5.6(b) sets forth a complete list of all real property and interests in real property leased, subleased, licensed
or occupied by a Company as tenant, subtenant, licensee or occupant (each, a “Leased Property”), including,
with respect to each Leased Property, (i) the street address, (ii) the name of the landlord (or sublandlord, as applicable), and
(iii) the Contract pursuant to which the applicable Company leases, subleases, licenses or occupies such Leased Property (collectively,
the “Property Leases”).

(c) 
Each Company holds a valid and subsisting leasehold interest in its Leased Property, in each case free and clear of all Liens,
except (i) Liens described in clauses (b) or (c) of Section 5.5, (ii) Liens set forth on Schedule 5.6, and (iii)
easements, rights-of-way, zoning ordinances and other similar restrictions of record which do not materially impair the occupancy
or use of such Leased Property for the purposes for which it is currently used in connection with the Business.

(d) 
The Companies have performed all material obligations required to have been performed by the Companies under the Property Leases.
Neither the Companies nor any Seller Party has received notice that any Company is in default under any Property Lease and, to
the Knowledge of the Sellers, no default by any other party to any Property Lease has occurred. There is no Proceeding pending
or, to the Knowledge of the Sellers, threatened alleging that any of the improvements comprising the Leased Property are, or the
operation of the Business on any Leased Property is, in material violation of any building line or use or occupancy restriction,

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limitation, condition or covenant of
record, or any zoning or building Law, or any public utility or other easement.

(e) 
None of the Leased Property, during occupancy by any Company or during the term of any Property Lease, has suffered any material
damage by fire or other casualty which has not been repaired and restored in all material respects.

(f) 
To the Knowledge of the Sellers, there are no condemnation, appropriation, eminent domain or other similar Proceedings pending
or threatened with respect to the Leased Property. To the Knowledge of the Sellers, the Leased Property is not subject to any
material rights of way, building use restrictions, title exceptions, variances, reservations or limitations of any kind or nature,
except those set forth in the applicable Property Lease entered into by a Company relating to such Leased Property.

(g) 
The occupancy, use and operation of the Leased Property complies in all material respects with all applicable Laws and Permits.

Section 5.7. 
Intellectual Property.

(a) 
Schedule 5.7(a) completely and accurately lists all: (i) registered patents and pending applications for registration of
patents, registered internet domain names, copyright registrations, and trademarks and pending applications for registration of
trademarks owned, filed, applied for, held by or on behalf of the Companies, specifying, with respect to each such item, as applicable
(A) the owner of such item, (B) each jurisdiction in which such item is issued or registered or in which any application for issuance
or registration has been filed, (C) the respective issuance, registration or application number of such item, if any, and (D)
the date of application, issuance or registration of such item; and (ii) unregistered trademarks, trade names, and service marks
material to the Companies’ business (collectively, the “Listed Intellectual Property). The Companies exclusively
own and possess all right, title and interest in and to the Listed Intellectual Property and all unregistered Intellectual Property
that is material to the conduct of the Business as presently conducted (collectively with the Registered Intellectual Property,
the “Company Owned Intellectual Property”), and the Companies own and possess all right, title and interest
in and to, or have the right to use pursuant to a valid and enforceable license, if any, identified on Schedule 5.7(a)
(except for commercially available, off the shelf software, software services, applications or similar intellectual property that
is licensed or made available to any Company for a cost per annum of less than $17,500 and for which the Companies have not paid
more than $25,000 in any calendar year), all other Intellectual Property necessary for the operation of Business as presently
conducted and as presently proposed to be conducted (collectively with the Company Owned Intellectual Property, the “Company
Intellectual Property”), in each case free and clear of any Liens. No Proceedings are pending or threatened against
any of the Companies by any other Person or before any Governmental Entity challenging the right of the Companies to continue
to use, or the validity or enforceability of, the Company Intellectual Property (other than claims, challenges, or questions by
governmental intellectual property office examiners or similar Governmental Entities as part of the application review and evaluation
process), and no loss or expiration of any Company Intellectual Property is reasonably foreseeable (other than the expiration
of any registered Intellectual Property at the end of its respective statutory term). The Companies have taken all reasonably
necessary steps to maintain and protect the Company Intellectual Property. Each item of registered Intellectual Property (or applications
therefor) set

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forth (or required to be set forth)
on Schedule 5.7(a) is subsisting and in full force and effect and is valid and enforceable. All renewal fees that are or
were due and payable as of or prior to the Closing Date in respect of each item of registered Intellectual Property (or applications
therefor) set forth (or required to be set forth) on Schedule 5.7(a) have been duly paid and none of the registrations
or applications are subject to any challenge, opposition, nullity proceeding or interference or threats to commence the same (other
than claims, challenges, or questions by governmental intellectual property office examiners or similar Governmental Entities
as part of the application review and evaluation process).

(b) 
The conduct of the Business has not, and no Company has, infringed, misappropriated, violated or conflicted with, and the continued
conduct of the Business, in substantially the same manner as presently conducted, does not and will not infringe, misappropriate,
violate or conflict with, the Intellectual Property of any other Person. To the Knowledge of the Sellers, no Person has infringed,
misappropriated, violated or conflicted with the Company Intellectual Property or any other Intellectual Property exclusively
licensed to any Company. Neither the Companies nor any Seller Party has received any notice of any infringement, misappropriation
or violation by, or conflict with, any third party with respect to any Intellectual Property (including any demand or request
that any Company license any rights from a third party), and, to the Knowledge of the Sellers, there are no facts which indicate
a likelihood of any such infringement, misappropriation, violation or conflict. The transactions contemplated by this Agreement
and the Other Transaction Documents will not have an adverse effect on the right, title or interest of any Company in and to any
of the Company Intellectual Property, and all of the Company Intellectual Property will be owned or available for use by the Companies
immediately after the Closing on terms and conditions identical to those as of immediately prior to the Closing.

(c) 
Schedule 5.7(c) sets forth a complete and accurate list of all Contracts pursuant to which the Companies have granted or
received a license to Intellectual Property that is used in the conduct of the Business as currently conducted or as presently
proposed to be conducted, other than licenses for commercial or generally available off the shelf software, applications or similar
intellectual property that is licensed or made available to any Company for a cost per annum of less than $17,500 and for which
the Companies have not paid more than $25,000 in any calendar year (the “Licensed Intellectual Property”).
ATA or Talon holds a good, valid and enforceable license or other right to use each item of Licensed Intellectual Property, free
and clear of all Liens other than Permitted Liens. No Company has received any claim from any Person that is currently pending
and unresolved and that challenges a Company’s right to use any of the Licensed Intellectual Property in connection with
the conduct of the Business as currently conducted and as presently proposed to be conducted. Except as set forth on Schedule
5.3, the transactions contemplated by this Agreement and the Other Transaction Documents will not conflict with, result in any
breach or violation of or default under, or give rise to a right of termination, cancellation or acceleration of any obligation
under the Licensed Intellectual Property, and all Licensed Intellectual Property shall be available for use by the Companies from
a third party immediately after the Closing on terms and conditions identical to those as of immediately prior to the Closing.

(d) 
The Companies own and possess all right, title and interest in and to all Intellectual Property created or developed by or on
behalf of, or otherwise under the direction or

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supervision of, the Companies’
employees or independent contractors (including consultants and developers), that, in the case of employees, relate to the Business
or to the actual or demonstratively anticipated research or development conducted by or for the Companies. All Persons who have
contributed to the creation, invention, modification or improvement of any Intellectual Property purportedly owned by the Companies,
in whole or in part, have executed and delivered to the Companies written Contracts (i) assigning by present assignment to the
Companies all Intellectual Property created or developed within the scope of such Person’s employment or engagement, as
applicable, and (ii) protecting the trade secrets and confidential information of the Companies, and all such written Contracts
are, in each case, valid and are enforceable in accordance with their terms and, to the Knowledge of the Sellers, no Person is
in breach of any such Contract.

(e) 
The security measures, systems and Software used by the Companies in the Business as currently conducted and as presently proposed
to be conducted by the Companies (i) are, to the Knowledge of the Sellers, free from any material defect, bug, virus or programming,
design or documentation error or corruptant or other software routines or hardware components that permit unauthorized access
or the unauthorized disablement or erasure of such, (ii) are fully functional and operate and run in a reasonable and efficient
business manner, (iii) are sufficient for the current and currently contemplated needs of the Business, and have not experienced
any material failures, breakdowns, outages or unavailability during the past two (2) years, and (iv) have security back-ups or
other disaster recovery arrangements, and hardware and Software support and maintenance that are current, commercially reasonable,
and consistent with practices adopted by similarly situated companies, to minimize the risk of material error, breakdown, failure
or security breach that would result in (A) a disruption to the operation of the Business or (y) unauthorized access to the trade
secrets and other data included in the Intellectual Property of the Companies. None of the systems or Software (as a whole or
with respect to any portion thereof) have experienced any failure, breakdown, outage, bug, continued substandard performance or
other adverse event in the past twelve (12) months, in each case, that have caused or could reasonably be expected to result in
the substantial disruption or interruption in or to the use of such systems or Software (as a whole or with respect to any portion
thereof).

(f) 
With respect to data collection, use, privacy, protection and security, the Companies have at all times been in compliance with
all applicable Laws, and the Companies’ internal policies and privacy policies, and no notices have been received by, and
no claims, charges or complaints have been made against, any Company by any Governmental Entity or other Person alleging a violation
of any such Laws or any applicable industry standards. The Companies have not experienced any incident in which personal, sensitive
or confidential information or data (whether data or information of the Companies, their customers or clients, or other Persons,
and whether in electronic or any other form or medium) was or, to the Knowledge of the Sellers, may have been, stolen or improperly
accessed, including any breach of security or any notices or complaints from any Person regarding any such information.

Section 5.8. 
Contracts.

(a) 
Except as set forth on Schedule 5.8, no Company is a party to or bound by any:

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(i) 
 consulting Contract, employee leasing Contract or other Contract for the employment or services of any employee, contractor or
other Person on a full-time, part-time, consulting or other basis, or any severance, change of control or deferred compensation
Contract;

(ii) 
collective bargaining Contract or other Contract with any labor organization, union or association;

(iii) 
Contract under which any Company has advanced or loaned money or equipment to any employee or contractor, other than any advancement
for reimbursable expenses in the Ordinary Course of Business;

(iv) 
settlement, conciliation or similar Contract, or any Contract related to any matter that, if made available to and known by the
public, would reasonably be expected to result in substantial public disgrace or substantial harm to the reputation or public
standing of any Company;

(v) 
Contract (A) restricting or limiting in any manner the right or ability of any Company to engage in any line of business, or otherwise
compete with any Person, (B) restricting or limiting in any manner the location where any Company may operate or otherwise
conduct business, (C) prohibiting or limiting in any manner the right or ability of any Company to make, sell, distribute or market
any products or services, or the right or ability of any Company to sell any products or services to, or purchase any products
or services from, any Person, or (D) restricting or limiting in any manner the right or ability of any Company to solicit, hire,
engage or employ any Person;

(vi) 
Contract restricting or limiting in any manner the right or ability of any third Person to (A) compete with any Company or (B)
solicit, hire, engage or employ any employee or contractor of any Company;

(vii) 
Contract pursuant to which a Company has subleased, licensed or otherwise granted any Person the right to use or occupy the Leased
Property or any portion thereof;

(viii) 
lease, sublease or similar Contract with any Person under which (A) a Company leases, subleases, holds or uses, any machinery,
equipment, vehicle or other tangible personal property owned by any Person or (B) a Company leases, subleases or makes available
for use by any Person, any tangible personal property owned or leased by a Company, in any such case which either (x) has an aggregate
future liability or receivable, as the case may be, in excess of $50,000, or (y) has an unexpired term in excess of 1 year;

(ix) 
(A) continuing Contract for the future purchase of materials, supplies or equipment, or (B) advertising Contract, in any such
case which has an aggregate future liability to any Person in excess of $50,000;

(x) 
Contract relating in whole or in part to any Company Intellectual Property (including any license or other Contract under which
a Company is licensee or licensor of any Intellectual Property) other than commercially available off the shelf software or services

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that is licensed or made available
to any Company for a cost per annum of less than $17,500 and for which the Companies have not paid more than $25,000 in any calendar
year;

(xi) 
Contract relating to the incurrence or assumption of any Indebtedness or otherwise placing a Lien (other than Permitted Liens)
on any property or asset of any Company;

(xii) 
Contract under which (A) any Person has directly or indirectly guaranteed any Indebtedness, liability or obligation of a Company
or (B) a Company has directly or indirectly guaranteed any Indebtedness, liability or obligation of any Person (in each case other
than endorsements for the purpose of collection in the Ordinary Course of Business);

(xiii) 
Contract under which a Company has, directly or indirectly, made any advance, loan, extension of credit or capital contribution
to, or other investment in, any Person (other than extensions of trade credit in the Ordinary Course of Business), in any such
case which, individually, is in excess of $50,000;

(xiv) 
Contract providing for indemnification of any Person with respect to liabilities relating to any current or former business of
a Company or any predecessor Person, other than Contracts entered into in the Ordinary Course of Business the primary purpose
of which is not such an indemnification;

(xv) 
joint venture, strategic alliance, partnership or similar Contract with any third Person;

(xvi) 
Contract between any Company, on the one hand, and any JV, on the other hand;

(xvii) 
Contract with a Key Vendor, Key Underwriter or Key Business Source;

(xviii) 
Contract that requires a Company to purchase its total requirements of any product or service from a particular third Person;

(xix) 
Contract under which any Company has (A) granted “most favored nation” pricing provisions, (B) agreed to sell or provide
a minimum quantity of goods or services to, or agreed to sell or provide goods or services exclusively to, a certain Person, (C)
granted any right of first refusal, right of first offer, right of first negotiation or similar right, or that could otherwise
require the disposition of any assets or line of business of any Company, or (D) granted marketing or distribution rights relating
to any products, services or territory;

(xx) 
Contract containing earn-out, deferred or contingent payment obligations on the part of a Company;

(xxi) 
Contract relating to the acquisition of another Person, any Equity Interests of another Person or a material portion of the business
or assets of another Person, in each case, other than those under which all liabilities, obligations and responsibilities of the
Companies

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have (A) expired or been fully discharged
or performed, or (B) been assigned to another Person that is not a Company;

(xxii) 
Contract that imposes any confidentiality, standstill or similar obligation on a Company, except for those entered into (A) in
the Ordinary Course of Business, (B) in connection with the sale process of ATA and Talon, or (C) in connection with acquisitions
of assets pursued by the Companies in the Ordinary Course of Business;

(xxiii) 
Contract that requires capital expenditures in excess of $50,000 following the Closing Date;

(xxiv) 
Contract pursuant to which the Companies have made or received payments in aggregate since January 1, 2018 in excess of $200,000
(except for title insurance policies or reports issued in the Ordinary Course of Business pursuant to which the Companies have
not made or received payments in excess of $200,000 but merely have a face value in excess of $200,000);

(xxv) 
Contract with any advertisers, marketers, underwriters or referral sources;

(xxvi) 
Contract with any Governmental Entity, excluding standard access agreements entered into in the Ordinary Course of Business which
are not materially less favorable to any Company than the standard access agreements made available to the Buyer;

(xxvii)  Contract
which provides the counterparty (other than another Company) with a power of attorney to bind a Company;

(xxviii) 
Contract not otherwise listed on Schedule 5.8 entered into outside the Ordinary Course of Business for consideration in
excess of $50,000

(xxix) 
Contracts with any Seller Party or any Seller Party’s Related Party; and

(xxx) 
other Contract (except for title insurance policies or reports issued in the Ordinary Course of Business that would not otherwise
be Company Contracts but for having a face value in excess of $50,000) that provides for (A) payments by any Company to any third
Person following the Closing in excess of $50,000 in any consecutive twelve (12)-month period, or (B) payments to any Company
from any third Person following the Closing in excess of $50,000 in any consecutive twelve (12)-month period.

(b) 
All Contracts listed or required to be listed on Schedule 5.8 (the “Company Contracts”) are valid, binding
and in full force and effect and are enforceable by each Company party thereto in accordance with their respective terms. True
and correct copies of all Company Contracts have been made available to Buyer. The Companies have performed all material obligations
required to be performed by them to date under the Company Contracts. No Company is (with or without the lapse of time or the
giving of notice, or both) in material breach, violation or default under any Contract and, to the Knowledge of the Sellers, no
other party to any Company Contract is (with or without the lapse of time or the giving of notice, or both) in material breach,

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violation or default thereunder. No
party to any Company Contract has exercised any termination rights with respect thereto, no Company has received any notice of
the intention of any other party to a Company Contract to terminate such Company Contract, and no party to any Company Contract
has given notice of any material dispute with respect to any Company Contract.

Section 5.9. 
Receivables. All notes and accounts receivable of the Companies (a) represent actual indebtedness incurred by the
applicable account debtors, (b) have arisen from bona fide transactions in the Ordinary Course of Business, (c) are valid
receivables, (d) are reflected properly on the books and records of the Companies, (e) have arisen from sales actually made or
services actually performed at arm’s length in the Ordinary Course of Business, (f) are collectible in the Ordinary Course
of Business, (g) are reflected on the Financial Statements or the Closing Statement, and (h) are not subject to any contest, claim
or right of setoff or counterclaim relating to the amount or validity thereof. Since the date of the Balance Sheet, there have
not been any write-offs as uncollectible of any customer accounts receivable of any Company, except for immaterial adjustments
or credits in the Ordinary Course of Business. To the Knowledge of the Sellers, there is no currently existing fact or circumstance
to indicate that the collection of accounts receivable will be materially different than what has historically been customary
for the Companies and the Business.

Section 5.10. 
Permits.

(a) 
Each Company possesses all material Permits necessary to own or hold under lease and operate its respective properties and assets
and to conduct its respective business as currently conducted and as currently contemplated to be conducted, and all such Permits
are valid and in full force and effect. Schedule 5.10(a) sets forth a true, correct and complete list of all Permits owned
or held for use by the Companies. Each Company is, and at all times during the past four (4) years has been, in compliance in
all material respects with all Permits.

(b) 
During the past five (5) years, no Company (i) received any notice from any Governmental Entity alleging any noncompliance by
any Company with any Permit, or (ii) was subject to any Proceeding, investigation, fine, penalty, request for corrective or remedial
action, compliance or enforcement action or other assessment by a Governmental Entity. There are no pending or threatened Proceedings,
investigations or enforcement or disciplinary actions that seek the revocation, cancellation, withdrawal, suspension or adverse
modification of any Permit. During the past five (5) years, no Company has received any notice from any Governmental Entity regarding
the pending or threatened revocation, suspension or adverse amendment of any Permit owned or held for use by any Company. The
Companies are not aware of any circumstance that is reasonably likely to result in the loss, revocation, suspension, withdrawal,
restriction, discipline or material limitation of any Permit owned or held for use by any Company. The consummation of the transactions
contemplated by this Agreement will not violate or result in a default under, violation of, termination or lapse of, or loss of
a benefit under any Permit owned or held for use by any Company, trigger a termination or right of termination under any such
Permit, or require a notice to be submitted under or with respect to any such Permit.

Section 5.11. 
Insurance.

(a) 
Schedule 5.11(a) lists all insurance policies and binders (including the name of the insurer, the policy number, and the
period, limit and type of coverage) for which a Company

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is a policyholder or which cover the
assets, employees or operations of any Company (the insurance policies required to be disclosed on Schedule 5.11(a), the
“Insurance Policies”). To the Knowledge of the Sellers, no event relating to any Company has occurred that
would reasonably be expected to result in a retroactive upward adjustment in premiums under any of the Insurance Policies. The
Company has not received any notice of any material increase of premiums with respect to, or cancellation or non-renewal of, any
of such insurance policies. All premiums due and payable with respect to the Insurance Policies covering all periods up to and
including the Closing Date have been paid. Each Insurance Policy is legal, valid, binding, enforceable, and in full force and
effect in accordance with its terms, and will continue to be legal, valid, binding, enforceable, and in full force and effect
on identical terms following the consummation of the transactions contemplated hereby. No Company (i) is in breach or default
of any Insurance Policy or (ii) has taken any action or failed to take any action which, with or without notice or the lapse of
time or both, would constitute a breach or default of any Insurance Policy or permit termination or modification of any Insurance
Policy.

(b) 
Schedule 5.11(b) lists all claims made by any Company during the past four (4) years against an insurer in respect of coverage
under any Insurance Policy. All potential insurance claims for matters arising prior to the Closing for which insurance coverage
is (or would have been) available have been timely and properly tendered to the respective insurance carrier by a Company.

(c) 
No notice of cancellation or termination, material change in premium or denial of renewal in respect of any insurance policy has
been received by any Company with respect to any of the Insurance Policies or otherwise during the past four (4) years. No Company
has been refused any insurance by any insurance carrier to which it has applied for any such insurance or with which it has carried
such insurance. During the past four (4) years, no insurance carrier has questioned, denied or disputed coverage of, or issued
any reservation of rights letter (other than a general reservation of rights) with regards to, any claim with respect to any Company
(or any of their assets, properties, products, employees, operations or business) in excess of $5,000 individually or $25,000
in the aggregate, or otherwise cancelled or threatened to cancel any insurance policy which covered any Company (or any of their
assets, properties, products, employees, operations or business). The insurance coverage of the Companies is placed with insurers
rated “Excellent” or better by AM Best and is customary for entities of similar size engaged in similar lines of business.
No Company has any self-insurance or co-insurance programs.

Section 5.12. 
Taxes.

(a) 
Each Company has filed in a timely manner (within any applicable extension periods) all Tax Returns required to be filed by it,
all such Tax Returns are true, correct and complete in all material respects, and all Taxes (whether or not shown to be due on
the Tax Returns) of each Company that are due and owing have been timely paid in full. No Company currently is the beneficiary
of any extension of time within which to file any Tax Return.

(b) 
Except as set forth on Schedule 5.12(b), no Company is a party to any pending audit, examination or Proceeding for the
assessment or collection of any Taxes and, to the Knowledge of the Sellers, no such audit, examination or Proceeding is threatened.
Except as set forth on Schedule 5.12(b), no Company has received from any federal, state, local, or non-U.S.

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Taxing Authority (including jurisdictions
where a Company has not filed Tax Returns) any (i) written notice indicating an intent to open an audit or other review or (ii)
written notice of deficiency or proposed adjustment for any amount of Tax proposed, asserted, or assessed by any Taxing Authority
against such Company. All deficiencies asserted or assessments made as a result of any examination of the Tax Returns referred
to above by a Taxing Authority have been paid in full.

(c) 
No Company has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax
assessment or deficiency, which waiver or extension is still in effect.

(d) 
There are no Liens for Taxes (other than for current Taxes not yet due and payable) on the assets of any Company.

(e) 
No written claim in respect of a Company has ever been made by a Taxing Authority in a jurisdiction in which it has never filed
a Tax Return that it is or may be subject to taxation by that jurisdiction that has not yet been settled or otherwise resolved.

(f) 
Except as set forth on Schedule 5.12(f), all Taxes that are required by Law to be withheld or collected by a Company have
been duly and timely withheld or collected and have been paid to the proper Taxing Authority within the time and in the manner
prescribed by applicable Law.

(g) 
No Company is a party to or bound by any Tax allocation, sharing or indemnification agreement.

(h) 
None of the Sellers is a “foreign person” within the meaning of Section 1445 of the Code.

(i) 
No Company (i) has been a member of an affiliated, combined, unitary, consolidated, or similar group for Tax purposes; (ii) has
any liability or obligation for the Taxes of any Person under Reg. §1.1502-6 (or any similar provision of state, local, or
non-U.S. Law), as a transferee or successor, by Contract, or otherwise; (iii) will be required to include any item of income in,
or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date
as a result of any (A) change in method of accounting for a taxable period ending on or prior to the Closing Date, (B) “closing
agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of income Tax Law) executed
on or prior to the Closing Date, (C) installment sale or open transaction disposition made on or prior to the Closing Date, (D)
prepaid amount received or deferred revenue accrued on or prior to the Closing Date, (E) election under Section 108(i) of the
Code (or any corresponding or similar provision of income Tax Law), or (F) any use of an improper method of accounting for a taxable
period ending on or prior to the Closing Date; (iv) uses, or has used, the cash receipts and disbursements method of accounting
for income Tax purposes; (v) has adopted as a method of accounting, or otherwise accounted for any advance payment or prepaid
amount under (A) the “deferral method” of accounting described in Rev. Proc. 2004-34, 2004-22 IRB 991 (or any similar
method under state, local or non-U.S. Law) or (B) the method described in Section 451(c) of the Code (or any similar method under
state, local or non-U.S. Law); (vi) has elected to defer the payment of any “applicable employment taxes” (as defined
in Section 2302(d)(1) of the CARES

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Act) pursuant to Section 2302 of the
CARES Act and no Company has claimed any “employee retention credit” pursuant to Section 2301 of the CARES Act.

(j) 
Prior to the Equity Contribution, each of ATA and Talon was at all times a partnership for U.S. federal income Tax purposes. Parent
is, and at all time has been, a partnership for U.S. federal income Tax purposes. Each Subsidiary of ATA and Talon is, and at
all times has been, a “disregarded entity” or a partnership for U.S. federal income Tax purposes. No election has
been made under Treasury Regulation §301.7701-3 (or any corresponding foreign, state or local provision or administrative
rule) to treat any Company as a corporation for income Tax purposes. No Company has elected to have the provisions of Chapter
63, as amended pursuant to the Bipartisan Budget Act of 2015, apply to it for taxable periods beginning after November 2, 2015
and before January 1, 2018. Each Subsidiary of ATA and Talon has made, or will make, a valid election under Section 754 of the
Code (and each analogous election for all state and local income Tax purposes).

(k) 
Each Company has correctly classified those individuals performing services as common law employees, leased employees, independent
contractors or agents of such Company. No Company is subject to Tax in any jurisdiction outside the United States by virtue of
(i) having a permanent establishment or other place of business or (ii) having a source of income in that jurisdiction. No Company
is or has been a party to any “reportable transaction,” as defined in Section 6707A(c)(1) of the Code.

Section 5.13. 
Proceedings. Except as set forth on Schedule 5.13, (a) there is no, and during the past five (5) years there has
been no, Proceeding pending or, to the Knowledge of the Sellers, threatened against or by any Company or any of their officers,
directors, managers, consultants, service providers (as related to his or her employment or services with a Company) with respect
to or affecting any of the operations, business, financial condition, properties or assets of any Company (or by or against any
Seller Party or any of their Affiliates and relating to any Company), (b) there is not any Proceeding or claim which a Company
intends to initiate against any other Person, and (c) neither the Companies nor any of their officers, directors, managers, consultants,
service providers (as related to his or her employment or services with a Company), Affiliates or facilities is a party to, or
bound by, any Order with respect to or affecting any Company’s operations, business, financial condition, properties or
assets. To the Knowledge of the Sellers, there is no pending or threatened investigation by a Governmental Entity of or affecting
a Company.

Section 5.14. 
Employee Benefit Plans.

(a) 
Schedule 5.14(a) sets forth a complete list of (i) all “employee benefit plans,” as defined in Section 3(3)
of ERISA, (ii) all other severance pay, salary continuation, change in control, retention, bonus, incentive, stock option, equity-based,
post-retirement (retiree medical and retiree life), health, welfare, flexible spending, cafeteria, fringe benefit, retirement,
pension, profit sharing or deferred compensation plans, Contracts, programs, funds or arrangements of any kind, and (iii) all
other employee benefit plans, Contracts, programs, funds or arrangements (whether funded or unfunded, whether qualified or nonqualified,
whether written or oral, and whether subject to ERISA or not), in respect of any current or former employees, officers, directors,
consultants and independent contractors of any Company and each of their respective dependents and beneficiaries, with respect
to which any Company has established, adopted,

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operated, administered, funded or made
or is required to make payments, transfers or contributions or with respect to which any Company or any ERISA Affiliate has any
current or future liability (all of the above being hereinafter individually or collectively referred to as an “Employee
Plan” or “Employee Plans,” respectively).

(b) 
With respect to each Employee Plan, complete and correct copies of the following materials have been made available to Buyer:
(i) all current plan documents for each Employee Plan (including any amendments); (ii) all determination letters or National Office
Opinion Letters from the IRS with respect to any of the Employee Plans; (iii) all current summary plan descriptions and summaries
of material modifications with respect to the Employee Plans; (iv) all current trust agreements and insurance contracts relating
to the funding or payment of benefits under any Employee Plan; (v) the Form 5500 Annual Reports (including all schedules and attachments
thereto) for the most recent three (3) plan years; (vi) the most recent financial statements and valuation statements for each
Employee Plan for the most recent three (3) plan years; (vii) coverage and nondiscrimination testing results for each Employee
Plan for the most recent three (3) plan years; and (viii) any non-routine communications from any Governmental Entity. None of
the Companies is obligated to establish a new Employee Plan, or to amend any Employee Plan to increase the amount of benefits
provided thereunder, or to amend any Employee Plan to change eligibility rules for such Employee Plan.

(c) 
Except as set forth on Schedule 5.14(c), no Employee Plan is, and no Company has any liability or obligation with respect
to, a (i) “defined benefit plan” as defined in Section 3(35) of ERISA or a pension plan subject to Title IV of ERISA,
Section 302 of ERISA or Section 412 of the Code, (ii) “multiemployer plan” as defined in Section 3(37) of ERISA, (iii)
“multiple employer welfare arrangement” as defined in Section 3(40) of ERISA), or (iv) “multiple employer plan”
as defined in Section 413 of the Code. None of Sellers, any of Company or any ERISA Affiliate has (A) withdrawn from any pension
plan under circumstances resulting (or expected to result) in a liability to the Pension Benefit Guaranty Corporation, or (B)
engaged in any transaction which would give rise to a liability of any of the Companies, Buyer or any of their ERISA Affiliates
under Section 4069 or Section 4212(c) of ERISA. There is no Lien pursuant to ERISA Sections 303(k) or 4068 of Code Sections 412
or 430(k) in favor or, or enforceable by, the Pension Benefit Guaranty Corporation or any other entity with respect to any assets
of any of the Companies. No cash or bond or other amount is payable by any of the Companies or any ERISA Affiliate to the Pension
Benefit Guaranty Corporation pursuant to Section 4062(e) of ERISA. No Company has any liability by reason of being treated as
a single employer under Section 414 of the Code with any other Person.

(d) 
Except as set forth on Schedule 5.14(d), each Employee Plan and related trust has been established, maintained, administered,
operated and funded in compliance in all material respects with the terms of each such Employee Plan and complies with all applicable
Laws (including ERISA and the Code). Each Employee Plan that is intended to be qualified under Section 401(a) of the Code (a “Qualified
Benefit Plan”) has received a favorable determination letter from the IRS, or with respect to a prototype plan, can
rely on an opinion letter from the IRS to the prototype plan sponsor, to the effect that such Qualified Benefit Plan is so qualified
and that the plan and the trust related thereto are exempt from federal income Taxes under Sections 401(a) and 501(a), respectively,
of the Code, and, nothing has occurred that could reasonably be expected to adversely affect the qualified status of such Qualified
Benefit Plan. All benefits, contributions

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and premiums required by and due under
the terms of each Employee Plan or applicable Law have been timely paid in accordance with the terms of such Employee Plan, the
terms of all applicable Laws and GAAP. No Employee Plan has any unfunded liabilities that have not been accrued or otherwise adequately
reserved to the extent required by GAAP. All Form 5500s, Forms 1094-C and 1095-C and other similar reports, returns or documents
have been filed or distributed with respect to any Employee Plan in accordance with all applicable Laws. With respect to any Employee
Plan, no event has occurred or is reasonably expected to occur that has resulted in, or could subject any of the Companies to,
a Tax under Section 4971 of the Code, or subjected any assets of any Company to a Lien under Section 430(k) of the Code. Each
of the Companies is, and at all times has been, in compliance with the applicable provisions of the Patient Protection and Affordable
Care Act and all regulations and guidance issued thereunder (the “ACA”), and neither the Companies nor any
Employee Plan has incurred (and nothing has occurred, and no condition or circumstances exists, that could subject any of the
Companies or any Employee Plan to) any assessable payment, Tax or penalty under Sections 4980D or 4980H of the Code or any other
provision of the ACA. Each of the Companies has maintained, or has arranged to have maintained, all records reasonably necessary
to demonstrate compliance with the ACA. The requirements of COBRA have been met with respect to each applicable Employee Plan.

(e) 
Other than as required under Section 4980B of the Code or other applicable Law, no Employee Plan provides benefits or coverage
in the nature of health, life or disability insurance following retirement or other termination of employment (other than death
benefits when termination occurs upon death) and none of the Companies or any ERISA Affiliate has any such liability or obligation.

(f) 
There is no pending or, to Knowledge of the Sellers, threatened Proceeding relating to an Employee Plan and there is no basis
for any such Proceeding. No Employee Plan has within the three (3) years prior to the date hereof been the subject of an examination
or audit by a Governmental Entity. There have been no prohibited transactions (as defined by ERISA and the Code) with respect
to any Employee Plan. No fiduciary as defined by Section 3(21) of ERISA has any liability for breach of fiduciary duty or any
other failure to act or comply in connection with the administration or investment of the assets of any Employee Plan. None of
the Companies have engaged in a transaction that could result in a civil penalty under Sections 409 or 502(i) of ERISA.

(g) 
Neither the execution and delivery of this Agreement nor the consummation of any of the transactions contemplated hereby will
(either alone or in combination with any other event): (i) result in the payment of any money or other property to any current
or former employee, director, officer, consultant or independent contractor of any Company; (ii) accelerate the vesting of, or
provide any additional rights or benefits (including funding of compensation or benefits through a trust or otherwise) to, any
current or former employee, director, officer, consultant or independent contractor of any Company; (iii) limit or restrict the
ability of Buyer or its Affiliates to merge, amend or terminate any Employee Plan; or (iv) result in “excess parachute payments”
within the meaning of Section 280G(b) of the Code. None of the Sellers or the Companies has any liability or obligation to “gross
up” any Person for any liability under Sections 409A or 4999 of the Code.

(h) 
Each Employee Plan that is a “nonqualified deferred compensation plan” (as defined in Section 409A of the Code and
the regulations thereunder) meets, and has been operated and administered in good faith compliance with, the requirements of Section
409A of the

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Code, and no assets of any Company
have been directly or indirectly set aside in a trust or other arrangement described in Section 409A(b)(1) of the Code or are,
or have been subject to a “financial health” trigger described in Section 409A(b)(2) of the Code.

(i) 
Except as required by applicable Law, no provision or condition exists that would prevent any of the Companies or Buyer from terminating
or amending any Employee Plan at any time for any reason.

(j) 
Each of the Companies has, for purposes of each Employee Plan, correctly classified those individuals performing services for
the Companies or their respective ERISA Affiliates as common law employees, leased employees, independent contractors or agents.

(k) 
Nothing has occurred with respect to any Employee Plan that has subjected or could subject any of the Companies, Buyer or any
of its ERISA Affiliates to a civil action, penalty, surcharge or Tax under applicable Law.

Section 5.15. 
Absence of Changes or Events. Except as set forth on Schedule 5.15, since December 31, 2019:

(a) 
the Companies have conducted the Business only in the Ordinary Course of Business;

(b) 
there has not been a Material Adverse Effect;

(c) 
no Company has amended any of its Organizational Documents;

(d) 
no Company has suffered any material loss, damage or destruction to, or any material interruption in the use of, any of its properties
or assets;

(e) 
no Company has sold, leased, transferred, disposed of, abandoned or assigned any of its Permits or any of its properties or assets
other than in the Ordinary Course of Business;

(f) 
except for the Anast Agreement and except pursuant to the Assignment of Units Agreements, (i) no Company or other Person has issued,
sold or otherwise disposed of any Equity Interests of the Companies, (ii) no Company has granted, or entered into any Contract
to grant, any options, warrants, puts, calls, subscriptions, rights, claims, commitments or other rights of any character relating
to the issuance, sale, purchase, redemption, conversion, exchange, registration, voting or transfer of any Equity Interests of
the Companies, and (iii) no Company has entered into any Contract to modify the rights of any of the Equity Interests of the Companies,
other than those contemplated by this Agreement;

(g) 
the Companies have not declared, set aside or paid any dividend or made any distribution with respect to the Equity Interests
of the Companies, or redeemed, purchased or otherwise acquired any Equity Interests of any Company;

(h) 
no Company has made any loan to, or entered into any Contract or other transaction involving the payment or provision of money
(other than a transaction relating to the

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payment of base compensation, annual
bonuses and health and welfare benefits) with, any of their respective equity holders, directors, officers, managers or employees;

(i) 
no Company has made or changed any Tax election, changed any annual Tax accounting period, adopted or changed any Tax accounting
method, policy or practice, filed any amended Tax Return, entered into any closing agreement, settled any Tax claim or assessment,
surrendered any right to claim a refund of Taxes or consented to any extension or waiver of the limitation period applicable to
any Tax claim or assessment, if such election, adoption, change, amendment, agreement, settlement, surrender or consent would
have the effect of increasing the Tax liability of a Company for any period ending after the Closing Date or decreasing any Tax
attributes of a Company existing on the Closing Date;

(j) 
no Company has made any change to its accounting methods, principles or practices, except as required by GAAP or applicable Law;

(k) 
no Company has engaged in any merger, consolidation, reorganization, reclassification, liquidation, dissolution or similar transaction
or filed a petition in bankruptcy under any provision of federal or state bankruptcy Law or consented to the filing of any bankruptcy
petition against it under any similar Law;

(l) 
no Company has (i) created, incurred, assumed or otherwise become liable with respect to, or agreed to create, incur, assume or
otherwise become liable with respect to, any Indebtedness, other than those created, incurred, assumed or granted in the Ordinary
Course of Business in amounts that do not exceed $50,000 or (ii) imposed or granted any Lien upon any of the assets of such Company
other than Liens disclosed on Schedule 5.5;

(m) 
no Company has closed or shut down or significantly reduced the activity of any branch, office or location;

(n) 
no Company has effected or entered into any transaction or Contract with any Related Party;

(o) 
no Company has made any loan to any third party other than trade payables in the Ordinary Course of Business;

(p) 
no Company has: (i) made any material change in the benefits provided or to be provided to any of its equity holders, directors,
officers, managers, employees, agents or independent contractors; (ii) made any material change in the compensation payable or
to become payable to any of its equity holders, directors, officers, managers, employees, agents or independent contractors, other
than normal periodic increases of not more than 3% in the Ordinary Course of Business; (iii) established, adopted, entered into,
materially amended or modified, or terminated any bonus, incentive, deferred compensation, commission, profit sharing, equity
option or purchase, insurance, pension, retirement or other Employee Plan; (iv) granted any severance or termination pay to, or
entered into or materially amended any employment, severance or other Contract with any of its equity holders, directors, officers,
managers, employees, agents or independent contractors; or (v) entered into or materially amended any collective bargaining Contract,
labor Contract or other Contract with any labor organization or union;

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(q) 
 no Company has effectuated a “plant closing” or “mass layoff” (as those terms are defined under the WARN
Act) affecting in whole or in part any site of employment, facility, operating unit or employees;

(r) 
no Company has sold, transferred, licensed, sublicensed or otherwise encumbered or disposed of any Company Intellectual Property,
amended or modified in any respect any existing Contracts or rights with respect to any Company Intellectual Property, disclosed
to any Person (other Persons bound by confidentiality and non-disclosure obligations), or allowed to fall into the public domain,
any trade secrets, or abandoned or permitted to lapse any Company Intellectual Property;

(s) 
no Company has extended any offers of employment or engaged any consultants or independent contractors who, in each case, would
receive cash compensation at a rate in excess of $100,000 per year and, in the case of any consultant or independent contractor,
whose relationship with a Company is not terminable without liability on prior notice of ninety (90) days or less;

(t) 
no Company has entered into any Contract (except for title insurance policies or reports issued in the Ordinary Course of Business
that would involve the payment or receipt of more than $50,000 solely due to having a face value in excess of $50,000) involving
the payment or receipt of more than $50,000, or incurred the acceleration, termination, modification or cancellation of any Contract
involving more than $50,000 to which such Company is a party;

(u) 
no Company has made any commitment or capital expenditure or agreed to make any capital expenditure in excess of $50,000 in the
aggregate;

(v) 
no Company has undertaken any revaluation, in any material respect, of any of its material assets or waived, released or assigned
any material rights or claims, in each case excluding any writing-off or discounting of notes, accounts receivable or other assets
in the Ordinary Course of Business consistent with past practice and that is not material, individually or in the aggregate; and

(w) 
no Company has entered into any Contract to do any of the foregoing.

Section 5.16. 
Compliance with Applicable Laws.

(a) 
Each Company is, and at all times during the past four (4) years has been, in compliance in all material respects with all applicable
Laws and Orders. Each Company is, and at all times during the past six (6) years has been, in compliance in all material respects
with RESPA. Except as set forth on Schedule 5.16(a), no Company has received any notice alleging, and no investigation
or review of any Company or any of its officers, directors, managers or employees (in their respective capacities as such) has
been pending or, to the Knowledge of the Sellers, threatened with respect to, any material violation by any Company or any of
its officers, directors, managers or employees (in their respective capacities as such) of any applicable Law or Order during
the past four (4) years. Currently and at all times during the past four years, (i) to the Knowledge of the Sellers, Quality Choice
is and has been in compliance in all material respects with all applicable Laws and Orders, (ii) Quality Choice has not engaged
in any fraudulent activities, whether in relation to the Business or otherwise, and (iii) none of the Companies or any

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of their Companies’ officers,
directors, manager or employees has or has had any management or oversight responsibility or authority with respect to the business
or other activities of Quality Choice.

(b) 
During the past four (4) years, (i) the Companies and each of their respective directors, officers, managers and employees have
complied in all material respects with the U.S. Foreign Corrupt Practices Act of 1977, as amended (15 U.S.C. §§ 78a
et seq. (1997 and 2000)), and any other applicable foreign or domestic anti-corruption or anti-bribery Laws (collectively, the
“Anti-Bribery Laws”) and (ii) neither the Companies nor any of their respective directors, officers, managers,
employees, agents or other Representatives acting on behalf of any Company has, directly or indirectly, in each case, in violation
of any Anti-Bribery Laws: (A) used any Company’s funds for unlawful contributions, gifts, entertainment or other unlawful
expenses relating to political activity; (B) offered, promised, paid or delivered any fee, commission or other sum of money or
item of value, however characterized, to any finder, agent or other party acting on behalf of or under the auspices of a governmental
or political employee or official or governmental or political entity, political agency, department, enterprise or instrumentality,
in the United States or any other country; (C) made any payment to any customer, client or vendor, or to any officer, director,
manager, partner, employee or agent of any such customer, client or vendor, for the unlawful sharing of fees to any such customer,
client or vendor or any such officer, director, manager, partner, employee or agent for the unlawful rebating of charges; (D)
engaged in any other unlawful reciprocal practice, or made any other unlawful payment or given any other unlawful consideration
to any such customer, client or vendor or any such officer, director, manager, partner, employee or agent of such customer, client
or vendor; or (E) taken any action or made any omission in violation of any applicable Laws governing imports into or exports
from the United States or any foreign country, or relating to economic sanctions or embargoes, corrupt practices, money laundering
or compliance with unsanctioned foreign boycotts.

Section 5.17. 
Environmental Matters.

(a) 
Sellers have made available to Buyer true and complete copies of all Environmental Permits, environmental reports, studies, investigations,
audits, assessments, material correspondence and other material documents in their possession or control (i) regarding the Leased
Property and all other real property currently or formerly owned, leased, occupied or operated by any Company, (ii) regarding
the current or former operations and business of the Companies, or (iii) that otherwise may be relevant to the liabilities or
obligations of any Company under Environmental Laws.

(b) 
The Companies possess all material Environmental Permits that are required for the operation of the Business as currently conducted
and as currently contemplated to be conducted. All of such Environmental Permits are set forth on Schedule 5.17(b).

(c) 
There is no Environmental Claim pending or, to the Knowledge of the Sellers, threatened against any Company, the Leased Property,
and, to the Knowledge of the Sellers, there is no basis for any such Environmental Claim.

(d) 
Each Company is, and at all times during the past four (4) years has been, and, to the Knowledge of the Sellers, the Leased Property
is and at all times during the past four (4) years has been, in each case, in material compliance with all applicable Environmental
Laws.

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(e) 
 None of Sellers or the Companies has received any notice from any Person (i) alleging any material failure by any Company to
comply with, or any material liability under, any Environmental Law, or (ii) alleging that any Company is or may be a potentially
responsible party with respect to any offsite facility pursuant to the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended, 42 U.S.C. § 9601, et seq., as amended, or any comparable state Law.

(f) 
No Company is subject to any Order, Contract or other arrangement with any Governmental Entity, or any indemnity or other similar
Contract with any third party, in each case, relating to compliance with or liability under any Environmental Law, including with
respect to the investigation, sampling, monitoring, treatment, remediation, removal or cleanup of Hazardous Materials.

(g) 
To the Knowledge of the Sellers, there are no asbestos-containing materials or equipment or other devices containing polychlorinated
biphenyls on, at or under the Leased Property.

(h) 
There is no, and there has been no, Release or threatened Release of any Hazardous Material in violation of, or that may give
rise to a material liability or obligation under, any Environmental Law at the Leased Real Property or at any other real property
currently or formerly owned, leased, occupied or operated by any Company.

Section 5.18. 
Employee and Labor Matters.

(a) 
Except as set forth on Schedule 5.18(a): (i) there is not, and during the four (4) years immediately preceding the date
of this Agreement there has not been, any labor strike, dispute, work stoppage or lockout pending or, to the Knowledge of the
Sellers, threatened, against or affecting any Company; (ii) to the Knowledge of the Sellers, no threatened representation questions
or union organizational campaigns, efforts or activities are in progress with respect to the employees of any Company; (iii) there
are not any unfair labor practice charges or complaints against a Company pending or, to the Knowledge of the Sellers, threatened,
before the National Labor Relations Board; (iv) there are not any pending or, to the Knowledge of the Sellers, threatened,
charges against a Company or any of its employees before the Equal Employment Opportunity Commission or any state or local agency
responsible for the prevention of unlawful employment practices; and (v) no Company has received any written communication during
the four (4) years immediately preceding the date of this Agreement of the intent of any Governmental Entity responsible for the
enforcement of labor or employment Laws to conduct an investigation of such Company and, to the Knowledge of the Sellers, no such
investigation is in progress. No Company is a party to any labor contract, collective bargaining agreement or other Contract with
any labor organization, union or association.

(b) 
Schedule 5.18(b) sets forth a true, correct and complete list of all employees of each Company as of the date hereof and
a true, correct and complete list of all contractors of each Company as of the date hereof who are engaged through means other
than through a staffing agency, professional employment organization or similar operation, including individuals who are engaged
directly or through entities in which the individuals have an ownership interest, and sets forth with respect to each employee
and contractor: (i) hourly rate of compensation, fee or base salary, as applicable, and the amount of any incentive or other additional
compensation (including

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bonus and commission amount) for which
such employee or contractor is eligible; (ii) position/title; (iii) date of hire or engagement; (iv) work status (full-time,
part-time, seasonal, temporary, on leave of absence, etc.) and classification; (v) status as exempt or nonexempt from the overtime
requirements of the Fair Labor Standards Act, if applicable; (vi) whether the employee or contractor has an employment or engagement
Contract; and (vii) any material terms of employment or engagement. No employee or contractor of any Company has notified any
Company that such employee or contractor intends to terminate his or her employment or engagement, as applicable, with such Company
and, to the Knowledge of the Sellers, no officer, manager, employee or contractor has any plans to terminate or modify his or
her status as an employee or contractor within the six (6)-month period following the Closing Date.

(c) 
Except as set forth in Schedule 5.18(c), all compensation, including: (i) as to employees: all wages, commissions, bonuses
and accrued vacation, as applicable, payable in accordance with the Companies’ policies and (ii) all contractual consideration
to contractors, for services performed on or prior to the date hereof, has been paid in full, in each case, except to the extent
reflected in and deducted from the Closing Net Working Capital, and there are no outstanding agreements, understandings or commitments
of any Company with respect to any compensation, commissions or bonuses.

(d) 
Except as set forth in Schedule 5.18(d), each Company, currently and during the four (4) year period immediately preceding
the date of this Agreement, has complied in all material respects with applicable Laws respecting labor, employment, human rights,
equal employment opportunities, employment discrimination, harassment, retaliation, reasonable accommodation, disability rights
or benefits, overtime compensation, child labor, hiring, promotion and termination of employees, working conditions, meal and
break periods, privacy, leaves of absence, pay equity, fair employment practices, work place safety and health, workers’
compensation, unemployment insurance, terms and conditions of employment, immigration and work authorization, classification as
exempt/non-exempt for purposes of the Fair Labor Standards Act and analogous Laws, classification as independent contractors or
employees, and wages and hours. Currently and during the four (4) year period immediately preceding the date of this Agreement,
each employee and contractor of the Companies, and each other individual performing any services for any Company, is and has always
been properly classified under applicable Law as a common law employee, independent contractor, leased employee or agent of the
business, as applicable. Currently and during the four (4) year period immediately preceding the date of this Agreement, no Company
has or has had any liability or obligation for the improper classification of an employee as an independent contractor, as being
exempt from the overtime requirements of the Fair Labor Standards Act or any other applicable employment standards Law, or as
being a leased employee. During the four (4) year period immediately preceding the date of this Agreement, each Company has complied,
in all material respects, with the U.S. Worker Adjustment and Retraining Notification Act and all similar state Laws.

(e) 
Neither the execution, delivery or performance of this Agreement or any Other Transaction Document nor the consummation of the
transactions contemplated hereby or thereby will: (i) result in any payment becoming due from any Company or, to the Knowledge
of the Sellers, any other Person, to any employee or contractor; (ii) increase any benefits payable under any Contract between
any Company and any employee or contractor; or (iii) accelerate the time of payment or vesting of any benefits under any such
Contract.

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(f) 
 All levies, assessments and penalties made against, or premiums owed, by any Company pursuant to any workers’ compensation
Laws have been paid by such Company, no Company has been reassessed under any such Laws during the past four (4) years, and there
are no circumstances that would permit a penalty reassessment.

(g) 
Each Company has (i) withheld all amounts required by Law to be withheld from payments made by it with respect to all employees
of such Company, including those with respect to income Tax withholdings, pension plan contributions and employment or unemployment
insurance premiums and remittances, and (ii) remitted all such amounts to the appropriate Governmental Entities within the time
required by applicable Laws.

(h) 
All employees of the Companies have the permanent right to legally work in the United States. Each Company has properly completed
a Form I-9 to verify the identity and work authorization for each of the employees of such Company, and no Company has any actual
or constructive knowledge that any employee of the Companies is not authorized to work in the United States. During the past five
(5) years, none of the Companies has been investigated, raided, audited or fined by any Governmental Entity pursuant to, to enforce
or otherwise in connection with, any immigration Laws.

(i) 
There are no, and during the past four (4) years there have been no internal reports or internal complaints submitted to any Company
concerning sexual harassment or conduct of a sexual nature by any employee of any Company.

(j) 
To the Knowledge of the Sellers, during the past four (4) years, except for relationships between married employees, there have
been no internal reports or internal complaints submitted to any Company of the existence of any consensual or non-consensual
sexual relationships between any legal or beneficial owner, director, manager, officer, or supervisor-level employee of any Company,
on the one hand, and any direct report or other subordinate of any of the foregoing individuals, on the other hand. During the
four (4) years immediately preceding the date of this Agreement, none of the Companies has entered into any settlement or similar
Contract related to allegations of sexual harassment.

Section 5.19. 
Private Offering. No Company has issued, sold or offered any security of such Company to any Person under circumstances
that would cause the transfer of the sale of any Parent Equity Units to Buyer, in each case as contemplated by this Agreement,
to be subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
Seller Parties have not offered any Parent Equity Units or any part thereof or any other Equity Interest for sale to, or solicited
any offer to acquire any of the same from, any Person so as to make the transfer or the sale of the Parent Equity Units to Buyer,
in each case as contemplated by this Agreement, subject to the registration requirements of Section 5 of the Securities Act.

Section 5.20. 
Undisclosed Liabilities. The Companies have no, and no event has occurred or facts, circumstances or conditions exist which
would reasonably be expected to result in any Company having any liabilities, obligations or commitments (in each case, whether
known or unknown, accrued or unaccrued, matured or unmatured, absolute, contingent, unliquidated or otherwise, whether due or
to become due and regardless of when asserted), except: (a) those which are adequately reflected on or adequately reserved against
in the Balance Sheet; (b) those which have been incurred in the Ordinary Course of Business since the date of the Balance Sheet
(none

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of which is a liability, obligation
or commitment relating to any breach of Contract, breach of warranty, indemnification obligation, tort, infringement, misappropriation,
violation of Law, Proceeding or environmental liability); (c) those included in the calculation of Closing Net Working Capital,
the Closing Indebtedness or Transaction Expenses and actually taken into account in the determination of the Net Proceeds Amount;
and (d) those set forth on Schedule 5.20(d).

Section 5.21. 
Key Vendors.

(a) 
Schedule 5.21 sets forth, for each of (i) the fiscal year ended December 31, 2020 and (ii) the fiscal year ended December
31, 2019, in each case, (A) the fifteen (15) largest vendors of the Companies, taken as a whole, based on the amount of purchases
by the Companies from each such vendor during such period (collectively, the “Key Vendors”) and (B) the amount
of purchases by the Companies from each such Key Vendor during such period.

(b) 
No Key Vendor (i) has stopped or materially decreased in a manner so as to have an adverse impact on the Business, or has threatened
to stop or materially decrease, the rate of supplying materials, products or services to the Companies or otherwise materially
and adversely modified, or threatened to materially and adversely modify, its relationship with the Companies, or (ii) is seeking
to materially and adversely renegotiate the terms of any Contract, arrangement or historical practice under which the Companies
are receiving services or goods from such Key Vendor or otherwise materially and adversely modify its relationship with the Companies.

Section 5.22. 
Key Underwriters.

(a) 
Schedule 5.22 sets forth, for each of (i) the fiscal year ended December 31, 2020 and (ii) the fiscal year ended December
31, 2019, in each case, the ten (10) largest underwriters of the Companies, taken as a whole, based on the number of title insurance
policies insured by each such underwriter with respect to which any Company acted as agent or issued any title report during such
period (collectively, the “Key Underwriters”).

(b) 
No Key Underwriter (i) has stopped or materially decreased in a manner so as to have an adverse impact on the Business, or has
threatened to stop or materially decrease, the rate of insuring title insurance policies in relation to the Business or otherwise
materially and adversely modified, or threatened to materially and adversely modify, its relationship with the Companies, or (ii)
is seeking to materially and adversely renegotiate the terms of any Contract, arrangement or historical practice pursuant to which
the Companies are receiving services from or providing services to such Key Underwriter or otherwise materially and adversely
modify its relationship with the Companies.

Section 5.23. 
Key Business Sources.

(a) 
Schedule 5.23 sets forth, for each of (i) the fiscal year ended December 31, 2020 and (ii) the fiscal year ended December
31, 2019, in each case, to the Company’s Knowledge, the fifteen (15) largest sources of business of the Companies, taken
as a whole, based on the amount of revenue of the Companies result from the Companies’ relationship each such source of
business during such period (collectively, the “Key Business Sources”).

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(b) 
 No Key Business Source (i) has stopped or materially decreased in a manner so as to have an adverse impact on the Business, or
has threatened to stop or materially decrease, the rate of providing or receiving services to or from the Companies or otherwise
materially and adversely modified, or threatened to materially and adversely modify, its relationship with the Companies, or (ii)
is seeking to materially and adversely renegotiate the terms of any Contract, arrangement or historical practice under which the
Companies are providing or receiving services to or from such Key Business Source or otherwise materially and adversely modify
its relationship with the Companies.

Section 5.24. 
Bank Accounts. Schedule 5.24 sets forth a correct and complete list of (a) the name and address of each bank with
which any Company has an account or safe deposit box, (b) the name of each Person authorized to draw thereon or having access
thereto, and (c) the account number for each such account and the safe deposit box number for any such safe deposit box maintained
by any Company.

Section 5.25. 
COVID-19 Pandemic; CARES Act and PPP Loans.

(a) 
Since the announcement of an official order by Governmental Entities related to the COVID-19 Pandemic, each Company has complied,
in all material respects, with all Laws relating to COVID-19, including those relating to (i) shelter-in-place and quarantine
orders, (ii) the maintenance of safe and acceptable working conditions, including by making disclosures regarding positive cases
of COVID-19 among employees or service providers of any Company, (iii) employee benefits, privacy, or labor and employment, including
with respect to the furlough or termination of employees or the reduction or modification of compensation or employee benefits,
if any, and (iv) the Families First Act.

(b) 
Each Company has complied with the CARES Act and has no plans to undertake any action in the future that would cause any violation
thereof. Except for the Paycheck Protection Program loan applied for and received by ATA in the original principal amount of $4,021,300
(the “PPP Loan”) from the PPP Lender, and except for the PPP Loan obtained by Midstate Title for an original
principal amount below $2 million and which has been fully forgiven by the applicable lender and the SBA, no Company has any liabilities,
obligations, and indebtedness or has applied for or received an Economic Injury Disaster Relief Loan (“EIDL”)
from the Small Business Administration (“SBA”) or a Paycheck Protection Program loan. No Company has (x) claimed
any employee retention tax credit available under the CARES Act, or (y) deferred any payment of payroll taxes in accordance with
the CARES Act.

(c) 
No Company has received any payments under Provider Relief Fund Act or other grants from U.S. Department of Health & Human
Services pursuant to the CARES Act.

(d) 
In submitting all documentation with respect to, and accepting the proceeds of, the PPP Loan, each Company has provided complete
and accurate information and has complied with all of the requirements of the CARES Act, including the eligibility and certification
requirements for the PPP Loan. No Company has used any proceeds from the PPP Loan for any purpose prohibited by the CARES Act.

(e) 
Prior to the date hereof, ATA has submitted a loan forgiveness application, along with all required supporting documentation,
to the PPP Lender for the forgiveness of all

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liabilities, obligations, and indebtedness
of ATA under the PPP Loan, and on January 4, 2021, the PPP Lender forgave the PPP Loan. As of the date hereof, the SBA has not
yet made a determination as to whether or not to forgive the PPP Loan, but to the Knowledge of the Sellers, there is no currently
existing fact or circumstance to indicate that the SBA will not forgive the PPP Loan.

Section 5.26. 
Brokers. Except for PMCF LLC, no broker, investment banker, financial advisor or other Person is entitled to any broker’s,
finder’s, financial advisor’s or other similar fee or commission in connection with the transactions contemplated
by this Agreement or any Other Transaction Document based upon arrangements made by or on behalf of the Companies. All costs and
fees of PMCF LLC will be borne by the Seller Parties (as Transaction Expenses).

Article
VI

Representations and Warranties of Buyer

Buyer hereby represents and warrants to
Sellers as follows:

Section 6.1. 
Organization, Standing and Power. Buyer is duly organized, validly existing and in good standing under the Laws of the
jurisdiction in which it is organized and has the requisite power and authority to carry on its business as presently conducted.

Section 6.2. 
Authority; Execution and Delivery; Enforceability. Buyer has the requisite power and authority to execute and deliver this
Agreement and the Other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder.
The execution and delivery by Buyer of this Agreement and the Other Transaction Documents to which it is a party and the performance
by Buyer of its obligations hereunder and thereunder have been duly authorized by all necessary organizational action. Buyer has
duly executed and delivered this Agreement and each Other Transaction Document to which it is a party, and this Agreement and
each Other Transaction Document to which it is a party constitutes its valid and binding obligation, enforceable against it in
accordance with its terms, subject to the Enforceability Exceptions.

Section 6.3. 
No Conflicts; No Consents. The execution and delivery by Buyer of this Agreement and each Other Transaction Document to
which it is a party do not, performance by Buyer of its obligations hereunder and thereunder will not, and compliance by Buyer
with the terms hereof and thereof will not conflict with, or result in any violation of or default (with or without notice or
lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to loss
of a material benefit under, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under,
or result in the creation of any Lien upon any of the properties or assets of Buyer under, any provision of (a) the Organizational
Documents of Buyer, (b) any Contract to which Buyer is a party or by which any of its properties or assets is bound or (c) any
Order, Permit or Law applicable to Buyer or its properties or assets. No material consent, waiver, Order or Permit of, or registration,
declaration or filing with, or notification to, any Governmental Entity is required to be obtained or made by or with respect
to Buyer in connection with Buyer’s execution, delivery and performance of this Agreement and the Other Transaction Documents
to which Buyer is a party, other than those obtained or made prior to Closing.

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Section 6.4. 
Litigation. There are not any (a) outstanding Orders against or affecting Buyer, (b) Proceedings pending or, to the Knowledge
of Buyer, threatened against or affecting Buyer, or (c) investigations by any Governmental Entity that are pending or, to the
Knowledge of Buyer, threatened against or affecting Buyer that, in any case, individually or in the aggregate, have had or would
reasonably be expected to have a Buyer Material Adverse Effect.

Section 6.5. 
Securities Act. The Purchased Units purchased by Buyer pursuant to this Agreement are being acquired for investment only
and not with any present intention of distributing or selling the Purchased Units in violation of any applicable Law. Buyer understands
that the Purchased Units may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without
registration under the Securities Act, except pursuant to an exemption from such registration available thereunder.

Section 6.6. 
Independent Investigation. Buyer has conducted its own independent investigation, review and analysis of the business,
results of operations, prospects, condition (financial or otherwise) or assets of the Companies. Buyer acknowledges and agrees
that, except in the case of Fraud, Buyer has relied upon the aforementioned investigation and not on any representations or warranties
made by or on behalf of any Seller Party or any Company other than the representations and warranties of Seller Parties expressly
contained in this Agreement (including the Sellers’ Disclosure Letter) or any Other Transaction Document. Notwithstanding
the foregoing or anything to the contrary in this Agreement or any Other Transaction Document, nothing in this Agreement or any
Other Transaction Document shall limit or otherwise affect any Person’s rights or remedies in the case of Fraud, and nothing
in this Section 6.6 shall limit or otherwise affect any Person’s rights or remedies with respect to any breach of,
or inaccuracy in, any representation or warranty contained in this Agreement (including the Sellers’ Disclosure Letter)
or any Other Transaction Document.

Section 6.7. 
Brokers. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission in connection with the transactions contemplated by this Agreement
or any Other Transaction Documents based upon arrangements made by or on behalf of Buyer or its pre-Closing Affiliates.

Article
VII

Covenants and Agreements

The Parties covenant and agree as follows:

 

Section 7.1. 
Expenses; Transfer Taxes.

(a) 
Except as otherwise set forth in this Agreement and in Article VIII, all costs and expenses incurred in connection with
this Agreement and the Other Transaction Documents and the transactions contemplated hereby and thereby shall be paid by the Party
incurring such expense; provided, however, that the premium of the R&W Policy, plus all other costs of, or related
to, the R&W Policy (including any due diligence deposit, excess lines taxes payable in connection therewith and any fees or
expenses incurred by any insurance broker or underwriting insurance company in connection therewith) shall paid by Buyer.

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(b) 
 All sales, use, value added, transfer, stamp, registration, real property transfer or similar Taxes (“Transfer Taxes”)
applicable to the transactions contemplated under this Agreement shall be paid 50% by Buyer and 50% by Seller Parties. Each Party
shall use reasonable efforts to avail itself of any available exemptions from any such Taxes, and to cooperate with the other
Parties in providing any information and documentation that may be necessary to obtain such exemptions. Tax Returns and other
documentation for Transfer Taxes shall be prepared and filed by the Party required under applicable Law to pay such Transfer Taxes,
provided that, if required by applicable Law, the other Parties will join in the execution of any such Tax Returns and other documentation.

Section 7.2. 
Tax Matters.

(a) 
For purposes of this Agreement, the amount of Taxes of any Company attributable to the pre-Closing portion of any taxable period
beginning on or before and ending after the Closing Date (the “Straddle Period”) shall be determined based
upon a hypothetical closing of the taxable period on the Closing Date with the Closing Date being included in the pre-Closing
portion of such Straddle Period; provided, however, real and personal property Taxes (which are not based on income) shall be
determined by reference to the relative number of days in the pre-Closing and post-Closing portions of such Straddle Period.

(b) 
Tax Treatment; Tax Returns.

(i) 
Buyer, the Companies, and Seller Parties agree that the transactions contemplated hereby are intended for all applicable income
Tax purposes to be treated in the following manner: (1) Parent shall be treated as a “continuation” (as such term
is described under Section 708 of the Code) of ATA for income Tax purposes, (2) Buyer shall be treated as acquiring partnership
interests of ATA from Sellers with respect to the Purchased Units, and (3) Rollover Sellers shall be treated as retaining their
partnership interests with respect to the Rollover Units (the “Intended Tax Treatment”). No Party will take
a position on any Tax Return, before any Governmental Entity charged with the collection of any Tax, or in any judicial Proceeding,
that is in any way inconsistent with the Intended Tax Treatment, unless otherwise required by a “determination” (as
such term is described under Section 1313(a) of the Code). Buyer, the Companies, and Sellers agree that Parent (as the partnership
continuation of ATA) shall file an IRS Form 1065 (and any similar state or local Tax Returns) for the year including the Closing
Date (the “Parent Closing Year Return”). With respect to the Parent Closing Year Return, all items of items
of taxable income, gain, loss, deduction, and credit for the Straddle Period shall be allocated using the “closing of the
books” method (as described in Treasury Regulation Section 1.706-1(c)) as of the end of the Closing Date. The Parent Closing
Year Return shall include an election under Section 754 of the Code, to the extent such election is not already in effect.

(ii) 
Sellers shall prepare and file, or cause to be prepared and filed, all IRS Form 1065 (and analogous forms for state and local
Tax purposes) of the Companies for taxable periods ending on or before the Closing Date (the “Seller Returns”).
All such Seller Returns shall be prepared consistent with past practice of the Companies to the extent permitted by applicable
Law; provided, that (i) the Seller Returns for the taxable period ending on the Closing Date shall include elections under
Section 754 of the Code (and corresponding election for state income Tax purposes), and (ii) to the extent permitted under applicable
Law, the Seller Returns shall include an election under Section 6221(b) of the Code. The Sellers shall provide Buyer with

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a copy of each Seller Return at least
thirty (30) days prior to the due date for filing such Seller Return and Buyer shall have a minimum of fifteen (15) days following
receipt of the copy of such Seller Return to review and comment on such Seller Return. The Sellers shall consider in good faith
such revisions to a Seller Return as are reasonably requested and timely provided by Buyer. Buyer shall prepare and timely file
all other Tax Returns (which shall include the Parent Closing Year Return) of the Companies for a Pre-Closing Tax Period that
are filed after the Closing Date (the “Buyer Returns”). Sellers’ Representative shall have a reasonable
opportunity to review and comment upon all such income and other material Buyer Returns; provided, that the delay to provide
such Buyer Returns to Sellers’ Representative shall not relieve the Seller Parties of their obligations hereunder except
to the extent that (and only to the extent that) the Seller Parties have been materially prejudiced thereby. Buyer shall consider
in good faith such revisions as are reasonably requested and timely provided by the Sellers’ Representative. No later than
ten (10) Business Days prior to the due date of any Buyer Return, Seller Parties shall pay to Buyer the portion of the Taxes shown
as due on such Tax Return that is attributable to Pre-Closing Tax Periods and Buyer shall use such amounts to pay and discharge
all Taxes shown to be due on such Buyer Returns. Buyer and Seller Parties (1) agree that all items of income, gain, loss, deduction
or credit of each Subsidiary (including, for this purpose, Quality Choice) of ATA and Talon shall be allocated between the Pre-Closing
Tax Period and the portion of such Straddle Period beginning on the day after the Closing Date based on an interim closing of
the books of each such Subsidiary (including, for this purpose, Quality Choice) as of the close of business on the Closing Date,
(2) agree that all items allocated to the Pre-Closing Tax Period under clause (1) above shall be allocated to Sellers (and not
the Buyer or any of its Affiliates) and (3) shall cause each Subsidiary (including, for this purpose, Quality Choice) to make
an election under Section 754 of the Code (and corresponding election for state income Tax purposes) for the taxable period that
includes the Closing Date to the extent such Subsidiary has not previously made an election under Section 754 of the Code (and
corresponding election for state income Tax purposes).

(c) 
Any cash refund of Taxes (or credit claimed in lieu of a cash Tax refund) of the Companies for any Pre-Closing Tax Period for
Taxes that were paid prior to the Closing shall be for the account of Sellers and treated as an adjustment to the Purchase Price.
Buyer shall, or shall cause its Affiliates to, forward to the Sellers’ Representative such refund or credit within ten (10)
Business Days after such refund is received or reimburse the Sellers’ Representative for any such credit within ten (10)
Business Days after the credit is allowed or applied against other Tax liabilities, net of (i) Taxes payable by Buyer, any of
the Companies, or any of their Affiliates attributable to such refund or credit, (ii) any reasonable out-of-pocket costs associated
in obtaining such refund or credit, and (iii) amounts required to be withheld on such payment to the Sellers’ Representative.
At the Sellers’ Representative written request, Buyer shall cooperate with the Sellers’ Representative in obtaining
such refunds or credits, including through the filing of amended Tax Returns or refund claims. To the extent any such refund or
credit that results in a payment to the Sellers under this Section 7.2(c) is subsequently disallowed, the Seller Parties
shall repay such amount to Buyer together with any interest, penalties, or other additional amounts imposed by any applicable
Taxing Authority.

(d) 
None of Buyer, the Companies or any of their respective Affiliates shall amend, re-file, revoke or otherwise modify any Tax Return
or Tax election of any Company, in each case in respect of a Pre-Closing Tax Period, without the prior written consent of Sellers’
Representative, which consent shall not be unreasonably withheld, conditioned, or delayed.

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(e) 
 Seller Parties and Buyer shall reasonably cooperate, and shall cause their respective Affiliates and Representatives to cooperate,
in preparing and filing all Tax Returns, including maintaining and making available to each other all records necessary in connection
with Taxes and in resolving all disputes and audits with respect to all taxable periods relating to Taxes, in each case to the
extent related to any Company. Buyer and Seller Parties shall, and shall cause their respective Affiliates to, (i) use commercially
reasonable efforts to properly retain and maintain such records for period of five (5) years following the Closing Date, and (ii)
allow the other Parties and their Representatives, at times and dates mutually acceptable to the Parties, to inspect, review and
make copies of such records as such Party may deem necessary or appropriate from time to time, such activities to be conducted
during normal business hours.

(f) 
To the extent permitted by applicable Law, the Parties agree that any indemnification payments (and/or payments or adjustments)
made with respect to this Agreement shall be treated for all Tax purposes as an adjustment to the Purchase Price.

(g) 
Notwithstanding anything in this Agreement to the contrary, Buyer, its designee and each Company shall be entitled to withhold
and deduct from the consideration payable pursuant to this Agreement such amounts as any such Person is required to deduct and
withhold with respect to the making of such payment under the Code or any provision of state, local or foreign Tax Law. To the
extent that amounts are so withheld and paid over to the appropriate Taxing Authority, such amounts shall be treated for all purposes
of this Agreement as having been paid to the Person in respect of which such deduction and withholding were made.

(h) 
Sellers shall cause all Tax sharing agreements or similar agreements with respect to or involving a Company shall be terminated
as of the Closing Date and, after the Closing Date, no Company shall be bound thereby or have any liability thereunder.

Section 7.3. 
Post-Closing Cooperation. The Parties shall cooperate with each other, and shall cause their respective Representatives
to cooperate with each other, for a period of ninety (90) days after the Closing to ensure the orderly transition of the Companies
from Sellers to Buyer and to minimize any disruption to the Companies that might result from the transactions contemplated hereby.
If Buyer requests any Seller’s cooperation pursuant to this Section 7.3, then Buyer shall reimburse such Seller’s
for reasonable and documented out-of-pocket costs and expenses incurred in assisting Buyer pursuant to this Section 7.3.

Section 7.4. 
Further Assurances. From time to time, as and when requested by any Party, each Party shall execute and deliver, or cause
to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other
actions, as such other Party may reasonably deem necessary or desirable to consummate the transactions contemplated by this Agreement,
including, in the case of Seller Parties, executing and delivering to Buyer such assignments, deeds, bills of sale, consents and
other instruments as Buyer or its counsel may reasonably request as necessary or desirable for such purpose.

Section 7.5. 
Benefit Plans/Matters.

(a) 
Provided that the Companies do not experience a material decline in, or disruption to, the operation of the Business, for the
period of one (1) year following the Closing Date, Buyer shall cause the Companies to provide to employees of the Companies who
remain

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employed by the Companies immediately
after the Closing Date (the “Employees”) with employee benefits (excluding any equity based compensation, bonus,
nonqualified deferred compensation, severance, defined benefit pension or post-retirement welfare plan or benefits) that, in the
aggregate, are no less favorable to those employee benefits (excluding any equity based compensation, bonus, nonqualified deferred
compensation, severance, defined benefit pension or post-retirement welfare plan or benefits) provided to such Employees immediately
prior to the Closing Date. To the extent not otherwise required by or resulting from the operation of Law, solely for purposes
of eligibility and vesting, Buyer shall, or shall cause the Companies to, recognize each Employee’s service with the applicable
Company or its predecessors as of the Closing as service with the applicable Company after the Closing to the extent that such
service was credited under the equivalent Employee Plans in which the Employees will be entitled to participate in after the Closing
Date; provided, however, such service shall not be recognized to the extent that (i) such recognition would result
in a duplication of benefits or (ii) it relates to a defined benefit pension plan for any purpose.

(b) 
Buyer shall use good faith commercially reasonable efforts to waive, and to cause the Companies to waive, any pre-existing condition
limitations and eligibility waiting periods for Employees under the plans sponsored by Buyer or any Company after the Closing
Date that are welfare benefit plans within the meaning of Section 3(1) of ERISA in which Employees participate (“Buyer’s
Welfare Plans”) (but only to the extent such pre-existing condition limitations and eligibility waiting periods were
satisfied under the Employee Plans as of the Closing Date). Buyer shall use good faith commercially reasonable efforts to recognize,
and to cause the Companies to recognize (or cause to be recognized), the dollar amount of all expenses incurred by Employees and
their respective spouses and dependents during the calendar year in which the Closing occurs for purposes of satisfying the deductibles
and co-payment or out-of-pocket limitations for such calendar year under the relevant Buyer’s Welfare Plans in which the
Employees may be entitled to participate on and after the Closing Date.

(c) 
This Section 7.5 shall be binding upon and inure solely to the benefit of each of the Parties, and nothing in this Section
7.5, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason
of this Section 7.5. Nothing contained herein, express or implied, shall be construed to establish, amend or modify any
benefit plan, program, agreement or arrangement or otherwise prevent, preclude or prohibit Buyer of any of its Affiliates from
amending or terminating any employee benefit plan (including any employee benefit plan of Buyer or any of its Affiliates or Employee
Plan). The Parties acknowledge and agree that the terms set forth in this Section 7.5 shall not create any right in any
Employee or any other Person to (i) any continued employment with any Company, Buyer or any of their respective Affiliates, or
(ii) any compensation or benefits of any nature or kind whatsoever.

Section 7.6. 
Indemnification; Directors’ and Officers’ Insurance; R&W Policy.

(a) 
Prior to the Closing, the Companies shall purchase a “tail” directors’ and officers’ liability insurance
policy for the six (6)-year period following the Closing with respect to matters existing or occurring at or prior to the Closing
(the “D&O Policy”) to cover those persons who are currently or formerly directors, officers or managers
of the Companies (collectively, the “Officer and Director Indemnified Parties”). The cost of the D&O Policy
shall be paid 50% by Buyer and 50% by Seller Parties (which, to the extent not paid out of the Company’s Cash prior to the
Reference Time, shall be included in the Transaction Expenses). Buyer will not, and will to

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the extent within Buyer’s control
cause the Companies to not, cancel or change such D&O Policy in any respect which is adverse to any Officer and Director Indemnified
Party.

(b) 
The provisions of this Section 7.6 are intended to be for the benefit of, and shall be enforceable by, the Officer and
Director Indemnified Parties, it being expressly agreed that (i) the Officer and Director Indemnified Parties shall be third party
beneficiaries of this Section 7.6, and (ii) the rights of the Officer and Director Indemnified Parties as third party beneficiaries
hereunder shall be in substitution of any other right to indemnification or contribution that any such Officer and Director Indemnified
Party may have by Contract or otherwise (including pursuant to the Companies’ Organizational Documents or pursuant to Law)
against any Company. Seller Parties hereby waive, on behalf of themselves and the Officer and Director Indemnified Parties, any
rights (except pursuant to the D&O Policy) they may have to recover against any Company for claims arising out of the service
or position of the Officer and Director Indemnified Parties prior to the Closing (including any other right to indemnification
or contribution that any such Officer and Director Indemnified Party may have by Contract or otherwise (including pursuant to
the Companies’ Organizational Documents or pursuant to Law) against any Company.

(c) 
R&W Policy. Buyer shall cause the R&W Policy to be issued in accordance with the terms of the R&W Policy Binder,
and shall pay or cause to be paid, all costs and expenses related to the R&W Policy, including the total premium, underwriting
costs, brokerage commissions and other fees and expenses of such policy. Buyer shall pay the premium and underwriting fee for
the R&W Policy. Buyer shall not permit any of the provisions of the R&W Policy regarding the waiver of subrogation rights
against Seller Parties to be amended, modified or deleted without the prior written consent of Sellers’ Representative in
a manner that is adverse to Seller Parties.

Section 7.7. 
Sellers’ Representative.

(a) 
The Seller Parties hereby irrevocably constitute and appoint David A. Trott, or his successor, as the true and lawful agent and
attorney-in-fact (the “Sellers’ Representative”) of the Seller Parties, with full power of substitution
to act in the name, place and stead of the Seller Parties with respect to the performance on behalf of each Seller Party, under
the terms and provisions hereof and to do or refrain from doing all such further acts and things, and to execute all such documents,
as the Sellers’ Representative shall deem necessary or appropriate in connection with any transaction contemplated hereunder,
including the power to: (i) act for any Seller Party, with respect to the administration of the provisions of this Agreement and
the Escrow Agreement, including all indemnification matters referred to herein, including the right to compromise or settle any
such claim on behalf of any Seller Party; (ii) amend or waive any provision hereof (including any Closing delivery) in any manner;
(iii) employ, obtain and rely upon the advice of legal counsel, accountants and other professional advisors as the Sellers’
Representative, in his sole discretion thereof, deems necessary or advisable in connection with the consummation of the transactions
contemplated hereby; (iv) act for any Seller Party with respect to all Purchase Price and Debt Proceeds Amount matters and all
Purchase Price adjustment matters referred to herein; (v) receive all notices, communications and deliveries hereunder on behalf
of each Seller Party; and (vi) retain the Sellers’ Representative Expense Amount and pay amounts therefrom in accordance
with this Agreement.

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(b) 
 The appointment of the Sellers’ Representative shall be deemed coupled with an interest and shall be irrevocable, and any
other person may conclusively and absolutely rely, without inquiry, upon any action of the Sellers’ Representative as the
act of the Seller Parties in all matters referred to herein. The Seller Parties hereby ratify and confirm all actions that the
Sellers’ Representative shall do or cause to be done by virtue of the Sellers’ Representative’s appointment
as Sellers’ Representative of the Seller Parties. The Sellers’ Representative shall act for the Seller Parties on
all of the matters set forth herein in the manner the Sellers’ Representative believes to be in the best interest of the
Seller Parties, but the Sellers’ Representative shall not be responsible to the Seller Parties for any loss or damage the
Seller Parties may suffer by reason of the performance by the Sellers’ Representative of the Sellers’ Representative’s
duties hereunder, other than loss or damage arising from willful misconduct or gross negligence in the performance of the Sellers’
Representative’s duties hereunder.

(c) 
Each Seller Party shall, in accordance with their Pro Rata Percentage, indemnify and defend the Sellers’ Representative
and hold the Sellers’ Representative harmless against any Loss, damage, cost, liability or expense (collectively, the “Representative
Expenses”) actually incurred without Fraud, gross negligence or willful misconduct by the Representative and arising
out of or in connection with the acceptance, performance or administration of the Sellers’ Representative’s duties
under this Agreement or the Escrow Agreement. Any expenses incurred by the Sellers’ Representative in connection with the
performance of its duties under this Agreement or the Escrow Agreement shall not be the personal obligation of the Sellers’
Representative but shall be payable by and attributable to the Seller Parties in accordance with their Pro Rata Percentage. Notwithstanding
anything to the contrary in this Agreement, if the Sellers’ Representative Expense Amount is insufficient to reimburse the
Sellers’ Representative in full, in connection with any unpaid or non-reimbursed Representative Expenses and unsatisfied
liabilities incurred by the Sellers’ Representative in connection with the performance of its duties hereunder or under
the Escrow Agreement, the Sellers’ Representative may recover such amounts from amounts actually delivered to the Sellers’
Representative pursuant to this Agreement. Additionally, in connection with any unpaid or non-reimbursed expenses and unsatisfied
liabilities incurred by the Sellers’ Representative in connection with the performance of its duties hereunder, the Sellers’
Representative shall be entitled and is hereby granted the right to direct any funds that would otherwise be actually payable
to the Sellers from the Escrow Account to itself no earlier than the date such payments are actually made.

(d) 
In the event the Sellers’ Representative resigns or ceases to function in such capacity for any reason whatsoever, then
the successor Sellers’ Representative shall be Kathleen H. Trott; provided, however, that in the event for any reason Kathleen
H. Trott is unable or unwilling to perform as the successor Sellers’ Representative, then William L. Robinson, Jr. shall
serve as successor. The Seller Parties shall jointly and severally indemnify and hold the Sellers’ Representative harmless
from and against any and all liabilities, losses, costs, damages and expenses (including attorneys’ fees) reasonably incurred
or suffered as a result of the performance of the Sellers’ Representative’s duties hereunder, except for willful misconduct
or gross negligence.

Section 7.8. 
Confidentiality. From and after the Closing, the Seller Parties shall, and shall cause each of their respective Affiliates
and Representatives to: (a) not use or disclose, directly or indirectly, any Confidential Information; and (b) take all commercially
reasonable steps

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to safeguard all Confidential Information
and protect it against disclosure, misuse, loss and theft. If any Seller Party or any of their respective Affiliates or Representatives
is compelled to disclose any Confidential Information by any Proceeding or by applicable Law, (i) such Seller Party shall promptly
notify Buyer in writing in advance of such disclosure, which notification will include the nature of the legal requirement and
the extent of the required disclosure, and (ii) such Seller Party shall, and shall cause each of such Seller Party’s Affiliates
and Representatives to, disclose only that portion of such Confidential Information which such Seller Party or such Seller Party’s
Affiliate or Representative, as applicable, is advised by such Person’s legal counsel is legally required to be disclosed;
provided, that each Seller Party shall, upon request of Buyer, use commercially reasonable efforts (at Buyer’s sole
expense) to obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded
such Confidential Information.

Section 7.9. 
Release. Each Seller Party, on behalf of such Seller Party and such Seller Party’s Related Parties (excluding, for
the avoidance of doubt, the Companies), heirs, beneficiaries, trustees, successors and assigns (each, a “Releaser”)
hereby: (a) unconditionally releases, acquits and forever discharges the Companies, Buyer and the direct and indirect equity holders
of Buyer and its and their past, present and future Affiliates and Representatives, in their capacities as such (each, a “Releasee”),
of and from any and all Contracts (other than this Agreement and the Other Transaction Documents), Proceedings, liabilities and
obligations (including any of the foregoing which may result from any matter in relation to which any Buyer Indemnitee brings
an indemnification claim under this Agreement) (the “Released Claims”) which such Releaser ever had, now has
or may in the future have on or by reason of any matter, cause or thing whatsoever related to or involving the Companies or their
businesses prior to the Closing; and (b) consents to this Agreement, each Other Transaction Document and the transactions contemplated
hereby and thereby. Each Seller Party hereby represents and warrants, on behalf of such Seller Party and each of the Releasers,
that such Seller Party has not, and none of the Releasers has, assigned or otherwise transferred any right or interest in or to
any of the Released Claims. Each Seller Party, on behalf of such Seller Party and each of the Releasers, hereby irrevocably covenants
to refrain from asserting any claim or demand, or commencing, instituting or causing to be commenced or instituted, or participating,
assisting, or cooperating (except with Buyer, or the Companies) in, or encouraging, assisting or soliciting any other Person to
institute, any Proceeding of any kind against any Releasee that is based upon or related to any Released Claim, and hereby waives
any benefit conferred upon such Seller Party or the Releasers by any judgment or order issued in connection with any Proceeding
filed against any Releasee based upon or related to any Released Claim. Notwithstanding the foregoing, nothing contained in this
Section 7.9 will operate to release any Released Claims of such Seller Party: (i) arising under or pursuant to this Agreement
or any Other Transaction Document; (ii) arising under or pursuant to any health or retirement plans provided by any Company in
which such Seller Party was a participant at or prior to the Closing; (iii) for such Seller Party’s unpaid salary or wages
with respect to the pay period immediately prior to the Closing, as applicable; provided, that amounts under the foregoing
clauses (ii) and (iii) have been fully accounted for in Closing Net Working Capital as finally determined under this Agreement;
or (iv) any right to make claims under the D&O Policy. Each Seller Party, on behalf of such Seller Party and each of the Releasers,
hereby expressly waives and releases any rights and benefits which such Releaser has or may have under any Law or rule of any
jurisdiction pertaining to the matters released herein.

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Section 7.10.  Restrictive Covenants.

(a) 
Each Seller Party hereby acknowledges and agrees that the covenants and agreements set forth in this Section 7.10 are a
material inducement to Buyer to enter into this Agreement and to perform its obligations hereunder, and that Buyer would not obtain
the benefit of the bargain set forth in this Agreement as specifically negotiated by the Parties if such Seller Party breaches
the provisions of this Section 7.10. Each Seller Party further acknowledges and agrees that (i) Buyer and its Affiliates
would be irreparably damaged if such Seller Party were to breach any of the provisions of this Section 7.10 and that any
such breach by such Seller Party would result in a significant loss of goodwill by Buyer and its Affiliates in respect of the
Companies for which money damages would not be a sufficient remedy, (ii) the restrictions contained in this Section 7.10
are reasonable in all respects (including, with respect to the subject matter, time period and geographical area) with respect
to such Seller Party based on such Seller Party’s contributions to the creation of the goodwill of the Companies, and are
necessary to protect Buyer’s interest in, and the value of the Companies, as well as the goodwill inherent therein, and
(iii) such Seller Party contributed to the creation of such goodwill prior to the Closing, and is transferring all of such goodwill
to Buyer pursuant to this Agreement and the transactions contemplated hereby.

(b) 
Each Seller Party agrees that, during the period commencing on the Closing Date and ending on the fifth (5th) anniversary thereof
(the “Restricted Period”), such Seller Party shall not, and shall cause such Seller Party’s Affiliates
not to, directly or indirectly:

(i) 
own any interest in, manage, control, participate in (whether as an owner, operator, manager, consultant, investor, agent, representative
or otherwise), consult with, render services for or otherwise engage in any business or entity that is involved, directly or indirectly,
anywhere in the United States or any other geographic territory where the Companies conduct the Business, in the Business or in
any business that is competitive with the Business as currently conducted and as currently contemplated to be conducted (provided,
that such Seller Party will not be in violation of the foregoing solely by reason of such Seller Party’s ownership of less
than 2% of the outstanding shares of capital stock of any corporation that is publicly traded on a national securities exchange
so long as such Seller Party has no active participation in the business of such corporation);

(ii) 
induce or attempt to induce any existing or prospective client, customer, vendor, distributor, sales representative, advertiser,
marketer, referral source, underwriter, agent, licensee, licensor, lessor or other business relation of any Company or Buyer to
cease or reduce their business with any Company or Buyer, or in any way interfere with the relationship between any such Person,
on the one hand, and any Company or Buyer, on the other hand, including by inducing such Person to alter the terms of business
with any Company or Buyer;

(iii) 
solicit, induce or attempt to solicit or induce any Person employed by or serving as an independent contractor to any Company
or Buyer to (A) leave the employ or services of any Company or Buyer, or (B) terminate such Person’s employment or engagement
with any Company or Buyer; or

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(iv) 
 hire or engage any Person described in Section 7.10(b)(iii) within twenty-four (24) months of the last date such Person
was employed or engaged by any Company or Buyer.

(c) 
During the Restricted Period, (i) each Seller Party that is a natural person shall not, and shall cause such Seller Party’s
Affiliates not to, directly or indirectly, make any negative or disparaging statements or communications about any Company, Buyer
or any of their respective Affiliates, and (ii) each Seller Party that is not a natural person cause its and its Affiliates’
directors, managers, officers, senior employees and equity holders not to, directly or indirectly, make any negative or disparaging
statements or communications about any Company, Buyer or any of their respective Affiliates. Notwithstanding anything in this
Section 7.10(c) to the contrary, no Seller Party shall be restricted from making truthful statements in good faith in any
legal proceeding associated therewith between such Seller Party, on the one hand, and Buyer, on the other hand.

(d) 
If at the time of enforcement of this Section 7.10, a court of competent jurisdiction holds that the restrictions stated
herein are unreasonable under circumstances then existing, the Parties agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period, scope or area and that such court shall be allowed
to revise the restrictions contained herein to cover the maximum period, scope and area permitted by Law.

(e) 
In the event of any breach by any Seller Party of any of the provisions of this Section 7.10, money damages would be inadequate
and Buyer would have no adequate remedy at Law. Accordingly, each Seller Party agrees that, in the event of a breach or threatened
breach by such Seller Party of this Section 7.10, Buyer shall have the right, in addition to a Proceeding or Proceedings
for damages or any other rights and remedies existing in its favor, to specific performance, injunctive or other equitable relief
(without posting a bond or other security) to enforce its rights and each Seller Party’s obligations under this Section
7.10 or to prevent any violations (whether anticipatory, continuing or future) of the provisions of this Section 7.10.
Notwithstanding anything to the contrary in this Section 7.10, the Restricted Period shall be extended with respect to
a Seller Party by the amount of time, if any, that such Seller Party is in breach of such Seller Party’s obligations under
this Section 7.10.

(f) 
The provisions of this Section 7.10 are in addition to, and not in limitation of, any other similar agreements, Contracts
or restrictions to which any Seller Party is bound.

(g) 
Notwithstanding anything to the contrary in Section 7.10(b)(iii) or Section 7.10(b)(iv), the restrictions contained
in Section 7.10(b)(iii) and Section 7.10(b)(iv) shall not restrict the solicitation of employees, independent contractors
or consultants of the Company or Buyer by way of a general solicitation (such as a newspaper advertisement or by radio or television)
not specifically directed to such employees, independent contractors or consultants so long as none of such employees, independent
contractors or consultants is hired or engaged in violation of Section 7.10(b)(iii) or Section 7.10(b)(iv).

Section 7.11. 
Public Announcements. None of the Parties shall issue any press release or public announcement concerning this Agreement
or the transactions contemplated hereby without obtaining the prior written approval of Buyer and Sellers’ Representative,
such approval not to be

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unreasonably withheld, conditioned
or delayed; provided, however, that a Party or a Party’s Affiliate may, without the prior written consent
of the other Party, issue or cause publication of any such press release or public announcement to the extent that such Party
reasonably determines, after consultation with legal counsel, such action to be required by applicable Law or by the rules of
any stock exchange having jurisdiction over such Party or such Party’s Affiliate or any applicable self-regulatory organization,
in which event such Party will use commercially reasonable efforts to allow the other Party reasonable time to comment on such
press release or public announcement in advance of its issuance. Notwithstanding the foregoing, no limitation set forth in this
Section 7.11 will prohibit or restrict (a) Buyer or any of its respective Affiliates, in each case, to the extent such
Person is an investment fund, in connection with any communications to their respective limited partners, members, stockholders,
investors, Representatives or prospective investors so long as any such Persons are subject to reasonable confidentiality restrictions,
or (b) the Companies from making any announcement to their employees, customers, vendors and other business relations to the extent
such Company determines in good faith that such announcement is necessary or advisable.

Section 7.12. 
Cash. Unless otherwise contemplated in connection with the Closing, from the Reference Time through the Closing, (a) no
Company shall make, declare, set aside or pay any dividend or otherwise make any payment or distribution of Cash or other property
to any Seller Party or any Affiliate of any Equityholder, (b) no Company shall repay any Indebtedness, (c) no Company shall pay
any Transaction Expenses and (d) each Company shall conduct its cash management customs and practices (including, without limitation,
the collection of receivables, payment of payables, capital expenditures and pricing, discount and credit practices) in the usual
and ordinary course of business consistent with past custom and practice in all material respects. If the amount of Cash of the
Companies is reduced between the Reference Time and the Closing as a result of any action or activity described in the foregoing
subclauses (a) to (d), such reduction in Cash shall be reflected in calculation of Actual Cash Balance.

Section 7.13. 
Farmington Lease Consent. In connection with any Sale of the Company (as such term is defined the Parent Post-Closing LLC
Agreement), for so long as Trott and his Affiliates hold equity interests in Parent, Trott shall not, and shall cause his Affiliates
not to, directly or indirectly, take any action for the purpose of delaying, conditioning or otherwise withholding the delivery
of the landlord’s consent under the Farmington Lease (as such term is defined in the Disclosure Schedules attached hereto)
if such consent is required in order to effectuate such Sale of the Company.

Article
VIII

Indemnification

Section 8.1. 
Indemnification by Seller Parties.

(a) 
From and after the Closing, Seller Parties shall indemnify, defend and hold harmless each Buyer Indemnitee from, against and in
respect of, and pay on behalf of or reimburse each Buyer Indemnitee as and when incurred for, any and all losses, liabilities,
obligations, claims, damages, costs, expenses, assessments, penalties, fines, payments, awards, Taxes, interest and judgments
(at equity or at law, including statutory and common) whenever arising or incurred (including reasonable legal, accountant, investigator
and expert fees and expenses) (collectively, “Losses”) which such Buyer Indemnitee incurs, suffers, sustains
or becomes subject to (regardless

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of whether or not such Losses relate
to any Third Party Claim) as a result of, based upon, in connection with, arising from or by reason of, without duplication:

(i) 
any breach of, or inaccuracy in, any representation or warranty made by any Seller Party in this Agreement;

(ii) 
any breach or non-fulfillment of, or any failure to perform, any covenant, agreement or obligation of any Seller Party contained
in this Agreement;

(iii) 
any Closing Indebtedness or Transaction Expenses not taken into account in the adjustment of the Net Proceeds Amount under Section
2.4;

(iv) 
all Indemnified Taxes;

(v) 
any errors in the Payment Spreadsheet or any claim or other Proceeding by any Person holding or claiming to hold any Parent Equity
Unit or any other Equity Interest in any Company or any right or interest to or in the consideration paid or payable in connection
with the transactions contemplated by this Agreement, other than for payment of the applicable portion of the Debt Distribution
Amount and Net Proceeds Amount as expressly provided pursuant to Article II;

(vi) 
the PPP Loan; and

(vii) 
those items set forth on Schedule 8.1(a)(vii) (collectively, the “Specified Matters”).

(b) 
Notwithstanding the foregoing, except in the case of Fraud or claims with respect to breaches of or inaccuracies in any Fundamental
Representation, Seller Parties shall not have any liability:

(i) 
under Section 8.1(a)(i) other than Losses in excess of $5,000 (the “Per Claim Threshold”) resulting
from any single claim or series of claims based on the same or similar facts, but once the Per-Claim Threshold has been met with
respect to any claim or series of claims based on the same or similar facts, Seller Parties shall be liable for the full amount
of such Losses under Section 8.1(a)(i) (subject to the other limitations herein);

(ii) 
under Section 8.1(a)(i) until the aggregate amount of all Losses sustained by the Buyer Indemnitees exceeds $425,000 (the
“Deductible”), in which case Seller Parties shall be liable only for the amount of such Losses in excess of
the Deductible; and

(iii) 
under Section 8.1(a)(i) in an aggregate amount in excess of the Indemnification Escrow Amount;

provided,
that neither the provisions of this Section 8.1(b) nor any other provision in this Agreement shall limit any rights or
remedies of any Buyer Indemnitee under or with respect to the R&W Policy.

Section 8.2. 
Indemnification by Buyer. From and after the Closing, Buyer shall indemnify, defend and hold harmless each Seller Indemnitee
from, against and in respect of, and

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pay on behalf of or reimburse each
Seller Indemnitee as and when incurred for, any and all Losses which such Seller Indemnitee incurs, suffers, sustains or becomes
subject to (regardless of whether or not such Losses relate to any Third Party Claim) as a result of, based upon, in connection
with, arising from or by reason of, without duplication:

(a) 
any breach of, or inaccuracy in, any representation or warranty made by Buyer in this Agreement; and

(b) 
any breach or non-fulfillment of, or any failure to perform, any covenant, agreement or obligation of Buyer contained in this
Agreement.

Section 8.3. 
Adjustment of Purchase Price. Any payment of Losses under this Agreement shall be treated as an adjustment to the Purchase
Price for Tax purposes to the extent permitted by applicable Law.

Section 8.4. 
Procedures.

(a) 
If an Indemnified Party receives written notice of the commencement of a Proceeding by a third Person against such Indemnified
Party (a “Third Party Claim”) with respect to which such Indemnified Party intends to make a claim for indemnification
against a Party (the “Indemnifying Party”) under this Article VIII, then such Indemnified Party shall
promptly notify the Indemnifying Party (or Sellers’ Representative, if the Indemnifying Party is a Seller Party) in writing
of such Third Party Claim describing in reasonable detail the Claim, an estimate of the Losses actually incurred to date (if known
and quantifiable), the amount of such Claim (if known and quantifiable) and the basis thereof; provided, however,
that failure to promptly give such notification shall not relieve the Indemnifying Party of any liability that the Indemnifying
Party may have to an Indemnified Party hereunder except to the extent and only to the extent that the defense of such Third Party
Claim was materially prejudiced or forfeited material rights or material defenses as a result of such failure.

(b) 
The Indemnifying Party shall be entitled to assume the defense of a Third Party Claim (at the Indemnifying Party’s own expense
and with counsel of its choice that is reasonably satisfactory to the Indemnified Party) so long as the Indemnifying Party notifies
the Indemnified Party in writing within fifteen (15) days after the Indemnified Party delivered notice of such Third Party Claim
that the Indemnifying Party elects to assume the defense of such Third Party Claim; provided, that in order for the Indemnifying
Party to assume the defense of such Third Party Claim, the Indemnifying Party shall first verify to the Indemnified Party in writing
(within fifteen (15) days after the Indemnified Party delivered notice of such Third Party Claim) that the Indemnifying Party
shall (i) be fully responsible (with no reservation of any rights and without regard to any limitation set forth in this Agreement)
for all liabilities and obligations relating to such Third Party Claim and (ii) provide full indemnification to the Indemnified
Party with respect to such Third Party Claim (the “Control of Defense Conditions”); provided, further,
that the Indemnifying Party shall not be permitted to assume (or continue to assume, as applicable) the defense of a Third Party
Claim if: (A) such Third Party Claim relates to, or arises in connection with, any criminal Proceeding, action, indictment, criminal
allegation or criminal investigation; (B) the Third Party Claim seeks any form of remedy other than monetary damages; (C) upon
petition by the Indemnified Party, the appropriate court rules that the Indemnifying Party failed or is failing to vigorously
prosecute or defend such Third Party Claim; (D) the Indemnified Party is

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advised in writing by legal counsel
chosen by it that (x) the Indemnified Party and the Indemnifying Party have conflicting interests with respect to such Third Party
Claim, or (y) there are one or more legal or equitable defenses available to the Indemnified Party that the Indemnifying Party
cannot assert on behalf of the Indemnified Party (assuming the full cooperation of the Indemnified Party in asserting such defenses);
(E) the Indemnified Party reasonably believes that the Third Party Claim could have a material and adverse impact on the business
operations of the Indemnified Party or any of its Affiliates; or (F) the Indemnified Party is seeking recovery with respect to
such Third Party Claim under the R&W Policy. During the pendency of a Third Party Claim of which the Indemnifying Party has
duly assumed the defense, the Indemnified Party shall provide the Indemnifying Party with reasonable access to all books, records,
and other documents and materials that are under the control of the Indemnified Party and are reasonably necessary to evaluate
the merits of such Third Party Claim; provided that no such access shall be permitted to the extent that it would require
the Indemnified Party to disclose information subject to attorney client privilege or attorney work product privilege, conflict
with any third-party confidentiality obligations to which the Indemnified Party is bound, or violate any applicable Law.

(c) 
If the Indemnifying Party assumes the defense of a Third Party Claim, then the Indemnified Party shall have the right to participate
in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by the Indemnifying Party,
it being understood that, if the Indemnified Party exercises such right, then (i) the Indemnifying Party shall control such defense
and (ii) the Indemnified Party and the Indemnifying Party shall, and shall cause their respective Representatives to, reasonably
cooperate in the defense and settlement of such Third Party Claim. The Indemnifying Party shall lose its right to contest, defend,
litigate and settle the Third Party Claim if it shall fail to diligently contest the Third Party Claim or shall otherwise fail
to satisfy the Control of Defense Conditions. If the Indemnifying Party assumes the defense of a Third Party Claim and is in good
faith contesting such Third Party Claim and has satisfied and continues to satisfy the Control of Defense Conditions, then the
Indemnifying Party shall not agree to, or otherwise effect, any settlement, compromise or discharge of such Third Party Claim
without the Indemnified Party’s consent (which will not be unreasonably withheld, delayed or conditioned); provided,
that in no event will the consent of the Indemnified Party be deemed to be unreasonably withheld, conditioned or delayed unless:
(A) the sole relief provided by such settlement, compromise or discharge is monetary damages that are paid in full by the Indemnifying
Party or otherwise provided for by the Indemnifying Party concurrently with the settlement, compromise or discharge; (B) such
settlement, compromise or discharge releases the Indemnified Parties completely with respect to the claim(s) asserted against
the Indemnified Parties in such Third Party Claim; and (C) such settlement, compromise or discharge does not impose any restriction
on the future activity or conduct of any Indemnified Party. If an Indemnified Party assumes the defense of a Third Party Claim
or if the Indemnifying Party loses the right to control the defense of a Third Party Claim, the Indemnified Party may settle,
compromise or discharge such Third Party Claim at such time and upon such terms as the Indemnified Party deems fair and reasonable
without the consent of the Indemnifying Party; provided, however, that, unless the Indemnifying Party consents to
such settlement, compromise or discharge in writing, the terms of such settlement, compromise or discharge (including with respect
to the amount of any Losses) shall not be binding on an Indemnifying Party for purposes of determining such Indemnifying Party’s
indemnification obligations hereunder (including the amount of any Losses).

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(d) 
 In the event any Indemnified Party desires to assert a claim for indemnification against any Indemnifying Party under Section
8.1 or 8.2 and such claim does not involve a Third Party Claim being asserted against or sought to be collected from
such Indemnified Party, then the Indemnified Party shall promptly notify the Indemnifying Party (or Sellers’ Representative,
if the Indemnifying Party is a Seller Party) in writing of such claim; provided, however, that failure to promptly
give such notification shall not relieve the Indemnifying Party of any liability that the Indemnifying Party may have to an Indemnified
Party hereunder except and only to the extent that the defense of such claim was materially prejudiced as a result of such failure
or forfeited material rights or material defenses as a result of such failure; provided, further, that failure to
promptly give such notification shall not relieve the Indemnifying Party of any liability that the Indemnifying Party may have
to an Indemnified Party hereunder, except and only to the extent that the Indemnifying Party demonstrates it was materially prejudiced
by such failure or forfeited material rights or material defenses as a result of such failure.

(e) 
If a claim shall be made by any Taxing Authority, which, if successful, might result in an indemnity payment to any Buyer Indemnitee
pursuant to Section 8.1, Buyer shall promptly notify Sellers’ Representative in writing of such claim (a “Tax
Claim”); provided, that the delay to notify Sellers’ Representative shall not relieve the Sellers of their
obligations hereunder except to the extent that (and only to the extent that) the Seller Parties have been materially prejudiced
thereby. Sellers’ Representative may, at Seller Parties’ expense, and, upon notice to Buyer within fifteen (15) days
of receiving Buyer’s notice of such Tax Claim, assume the defense of any such Tax Claim with respect to a Seller Return
(a “Seller Tax Claim”). If Sellers’ Representative assumes such defense, Sellers’ Representative
will have the authority, with respect to any Seller Tax Claim, to represent the interests of the Companies before the relevant
Taxing Authority, including responding to inquiries, and contesting, defending against any assessment for additional Taxes or
notice of Tax deficiency or other adjustment of Taxes of, or relating to, such Seller Tax Claim; provided, that (i) Buyer
shall be entitled to participate, at its own expense, in any Seller Tax Claim and to employ counsel, at its own expense, separate
from the counsel employed by Seller Parties, (ii) Sellers, the Companies and Buyer shall cause the Companies to make the alternative
election pursuant to Section 6226(a) of the Code with respect to all Seller Tax Claims after receipt of a notice of final partnership
adjustment from the Internal Revenue Service, and (iii) Sellers’ Representative shall not settle any Seller Tax Claim without
the prior written consent of Buyer (which consent shall not be unreasonably withheld, conditioned, or delayed). If Sellers’
Representative assumes the defense of a Tax Claim, Buyer shall deliver all appropriate and necessary powers of attorney to Sellers’
Representative. Sellers’ Representative will, in good faith, allow Buyer to consult with it regarding the conduct of or
positions taken in any such Proceeding. Buyer and its Subsidiaries and their respective Affiliates (including the Companies),
shall reasonably cooperate with Sellers’ Representative in contesting any Seller Tax Claim, which cooperation shall include
the retention and (upon Sellers’ written request) the provision to Sellers of records and information which are reasonably
relevant to such Seller Tax Claim, and making employees available on a mutually convenient basis to provide additional information
or explanation of any material provided hereunder. In no case shall Seller Parties, Sellers’ Representative or any Buyer
Indemnitee settle or otherwise compromise any Tax Claim without the prior written consent of Buyer and Sellers’ Representative,
such consent not to be unreasonably withheld, conditioned, or delayed.

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(f) 
 Buyer and Seller Parties shall, to the extent required by applicable Law, use commercially reasonable efforts to mitigate their
Losses upon and after becoming aware of any event or condition that would reasonably be expected to give rise to any Losses that
may be indemnifiable hereunder; provided, however, that such Party shall not be required to make such efforts if
they would be detrimental in any material respect to such Party.

(g) 
The recovery by a Buyer Indemnitee pursuant to this Article VIII shall be net of any reimbursement actually received by
such Buyer Indemnitee from any carrier under any of the Companies’ insurance policies in connection with the Losses that
form the basis of such Buyer Indemnified Party’s claim for indemnification hereunder during the twelve (12)-month period
following the incurrence of the applicable Loss by such Buyer Indemnitee; provided that the amount deemed to be actually
received shall be net of the deductibles for such insurance policies and the costs and expenses and other amounts incurred in
connection with the receipt or recovery thereof.

(h) 
Seller Parties shall not be liable under this Article VIII for any Losses to the extent included in the Closing Net Working
Capital, Transaction Expenses or Closing Indebtedness and deducted from the Purchase Price, in each case, as finally determined
pursuant to Section 2.4.

(i) 
In no event shall any Indemnified Party be entitled to obtain reimbursement or recovery from the Seller Parties with respect to
any Loss for an amount that is more than the amount of such Loss.

(j) 
For purposes of determining whether there has been a breach of, or inaccuracy in, any representation or warranty in this Agreement
and determining the amount of any Losses that are the subject matter of a claim for indemnification hereunder, each representation
and warranty contained in this Agreement (other than Section 5.15(b)) shall be read without regard and without giving effect
to any materiality or Material Adverse Effect or similar standard or qualification contained in or applicable to such representation
or warranty (as if such standard or qualification were deleted from such representation and warranty).

(k) 
In the event any Indemnified Party suffers any Losses by reason of Fraud, such Indemnified Party shall be entitled to seek recovery
therefor without regard to any limitation set forth in this Agreement (whether a temporal limitation, dollar limitation or otherwise).

(l) 
Notwithstanding anything to the contrary in this Agreement or in the Organizational Documents of any Company: (i) no Seller Party
shall make or initiate any claim for indemnification or advancement of expenses hereunder or under the Organizational Documents
of any Company against any Buyer Indemnitee by reason of the fact that such Seller Party was a director, manager, partner, member,
trustee, officer, employee, equity holder or agent (each, an “Entity Representative”) of any Company or was
serving at the request of any Company as an Entity Representative of another Person (whether such claim is for judgments, Losses,
penalties, fines, costs, amounts paid in settlement, expenses or otherwise) to the extent the claim for indemnification or advancement
of expenses arises from a claim pursuant to which any Buyer Indemnitee is entitled to indemnification from such Seller Party;
provided, that the foregoing shall not apply to remedies such Seller Party may have pursuant to Section 7.6; and
(ii) each Seller Party hereby acknowledges and agrees that such Seller Party shall have no claim or right to contribution

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or indemnity from any Buyer Indemnitee
with respect to any amounts paid pursuant to this Article VIII.

Section 8.5. 
Survival. The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing
as follows: (a) except as otherwise provided in this Section 8.5, the representations and warranties herein shall survive
until the twelve (12)-month anniversary of the Closing Date (the “General Survival Date”); (b) the representations
and warranties contained in Sections 4.1, 4.2, 4.4, 4.6, 4.7, 5.1(a), 5.1(c),
5.2 and 5.26 shall survive until the six (6)-year anniversary of the Closing Date; (c) the representations and warranties
contained in Section 5.12 and Section 5.17 shall survive until the later of (i) the date that is thirty (30) days
after the expiration of the statute of limitations period applicable to the underlying subject matters being represented (including
any extensions thereto to the extent that such statute of limitations may be tolled) and (ii) the General Survival Date; and (d)
all covenants and agreements contained in this Agreement shall survive until fully performed in accordance with their respective
terms. Notwithstanding the foregoing, if a written notice of a claim pursuant to this Article VIII has been given in accordance
with the applicable provisions of this Agreement prior to the expiration of the applicable representation, warranty, covenant
or agreement, then the applicable representation, warranty, covenant or agreement shall survive as to such claim until such claim
has been finally resolved.

Section 8.6. 
Exclusivity. Notwithstanding any provision herein, no Party shall in any event be liable to any Person on account of
any indemnity obligation set forth in Article VIII for any punitive or exemplary damages (except to the extent payable
to a third party in connection with a Third Party Claim). The Parties acknowledge and agree, on their own behalf and on behalf
of the Buyer Indemnitees and Seller Indemnitees, as applicable, that this Article VIII sets forth their sole and exclusive
rights and remedies with respect to any breach of, or inaccuracy in, any representation or warranty set forth in this Agreement,
and any breach or nonfulfillment of any covenant or agreement set forth in this Agreement (other than (a) claims or other Proceedings
with respect to Fraud, (b) the Parties’ rights pursuant to Section 9.7 or claims or other Proceedings with respect
to injunctive or provisional relief, or equitable remedies, (c) disputes pursuant to Section 2.4 or Section 2.5
(which will be resolved in accordance with the dispute mechanisms set forth therein), and (d) in the case of the Buyer Indemnitees,
such recoveries pursuant to the R&W Policy).

Section 8.7. 
Recoupment Provisions. Buyer acknowledges and agrees that, except in the case of Fraud or a breach of, or inaccuracy in,
a Fundamental Representation, its sole source of recovery from the Seller Parties for any breach of representation or warranty
in this Agreement shall be from the Indemnification Escrow Amount. Notwithstanding any provision in this Article VIII to
the contrary, except in the case of Fraud, (x) each Seller Party’s liability for any Losses (i) relating to or arising
out of any Fundamental Representation made by such Seller Party in Article IV or (ii) arising out of any breach or violation
of, or failure to perform, any covenant or agreement of such Seller Party set forth in Section 7.10, is several and not
joint, (y) the Seller Parties shall not be required to indemnify any Buyer Indemnitee for any amount in excess of the Purchase
Price, and (z) no Seller Party shall have any liability therefor under this Article VIII in an amount in excess of the
sum of the Purchase Price (including any portion of the Debt Distribution Amount) actually delivered to such Seller Party or such
Seller’s Related Parties. Notwithstanding the foregoing or anything to the contrary in this Agreement, (a) Trott shall be

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jointly and severally liable with (i)
Trott-ATA, LLC, (ii) ATI Holding, Inc., (iii) Kathleen H. Trott Revocable Trust UAD 6-11-1993, as amended, (iv) 2012 Irrevocable
Grantor Trust f/b/o Courtney Elizabeth Trott, (v) 2012 Irrevocable Grantor Trust f/b/o Taylor Rose Trott, (vi) 2012 Irrevocable
Grantor Trust f/b/o David Alan Trott, Jr., (vii) 2010 Irrevocable Grantor Trust f/b/o Courtney Elizabeth Trott, (viii) 2010 Irrevocable
Grantor Trust f/b/o Taylor Rose Trott, and (ix) 2010 Irrevocable Grantor Trust f/b/o David Alan Trott, Jr.,  (each,
a “Trott Seller”, and, collectively, the “Trott Sellers”) for any liability of Trott or
any Trott Seller under this Agreement or any Other Transaction Document, and (b) Rothfuss shall be jointly and severally liable
with (i) Intitle Agency, Inc. and (ii) Rothfuss Family Legacy Trust UAD 12-12-2012 (the “Rothfuss Sellers”)
for any liability of Rothfuss or any Rothfuss Seller under this Agreement or any Other Transaction Document.

Section 8.8. 
Release of Indemnification Escrow Amount. On the first Business Day after the twelve (12)-month anniversary of the Closing
Date, Buyer and Sellers’ Representative shall jointly instruct the Escrow Agent to release to the Sellers’ Representative,
for payment to Sellers (in accordance with their Pro Rata Percentages) an amount equal to the then-remaining portion of the Indemnification
Escrow Amount (including any accrued interest), less an aggregate amount equal to the total of all unresolved claims for
indemnification of the Buyer Indemnitees that have been properly asserted pursuant to Article VIII prior to such date (the
“Unresolved Claims”). Promptly following the final resolution of the Unresolved Claims, Buyer and Sellers’
Representative shall jointly instruct the Escrow Agent to release to the Sellers’ Representative, for payment to Sellers
(in accordance with their Pro Rata Percentages) the portion of the Indemnification Escrow Amount (including any accrued interest)
remaining after all disbursements (if any) to the Buyer Indemnitees resulting from the final resolution of such Unresolved Claims,
if any. Any distribution pursuant to this Section 8.8 shall be made in accordance with this Agreement and the Escrow Agreement.

Section 8.9. 
Release of Specified Matters Escrow Amount.

(a)  Buyer
agrees that the Specified Matters Escrow Amount is reserved solely to fund Losses for which Buyer Indemnitees are entitled to
recover from Seller Parties with respect to the Specified Matters under Section 8.1(a)(vii), and the specific amounts reserved
to serve as a source of indemnification security for such Losses with respect to each such Specified Matter are set forth below:
(i) with respect to the 1099-S Tax Matters (as defined in Schedule 8.1(a)(vii)), an amount equal to $1,625,000, consisting
of a total of $765,000 for the Pending 1099-S Tax Matters (as defined in Schedule 8.1(a)(vii)) (collectively, the “Known
Claims Reserve”), and an additional $860,000 for the Additional Tax Period Matters (as defined in Schedule 8.1(a)(vii))
(the “Additional Tax Periods Reserve”); (ii) with respect to the Church’s Lumber Yard Matter (as
defined in Schedule 8.1(a)(vii)), an amount equal to $100,000 (the “Church’s Lumber Yard Reserve); (iii)
with respect to the Stefani Matter (as defined in Schedule 8.1(a)(vii)), an amount equal to $50,000 (the “Stefani
Matter Reserve); and (iv) with respect to the MEWA Matters (as defined in Schedule 8.1(a)(vii)), an amount equal to
$100,000 (the “MEWA Reserve”).

(b)  On
the first Business Day after the thirty six (36)-month anniversary of the Closing Date (the “Specified Escrow Amount
Release Date”), Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release to the
Sellers’ Representative, for payment to Sellers (in accordance with their Pro Rata Percentages) an amount equal to the then-remaining
portion of the Specified Matters Escrow Amount (including any accrued interest), less an aggregate amount equal to the
total of all

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unresolved claims for indemnification
of the Buyer Indemnitees that have been properly asserted (including with respect to Additional Tax Period Matters (as defined
in Schedule 8.1(a)(vii))) pursuant to Article VIII prior to such date related to any Specified Matter (the “Unresolved
Specified Matter Claims”); provided, however, that if, prior to the Specified Escrow Amount Release Date,
(v) there is a final settlement or resolution of some but not all of the Pending 1099-S Tax Matters then, within ten (10) business
days of Buyer or the Sellers’ Representative delivering written notice to the other regarding such final settlement or resolution,
Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release to Buyer the amount payable in
respect of such settled or resolved Pending 1099-S Tax Matters for payment, on behalf of the applicable Company, to the IRS and
any discharged penalty in the settlement or resolution, if any, to the Sellers’ Representative for payment to the Sellers
(in accordance with their Pro Rata Percentages); and/or (w) there is a final settlement or resolution of all of the Pending
1099-S Tax Matters and a full release of all of the Greco Title Tax Liens (as defined in Schedule 8.1(a)(vii)) then, within
ten (10) business days of Buyer or the Sellers’ Representative delivering written notice to the other regarding such final
settlement or resolution, Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release to Buyer
the amount payable in respect of the Pending 1099-S Tax Matters (up to the amount of the Known Claims Reserve) for payment, on
behalf of the applicable Company, to the IRS and the remainder of the Known Claims Reserve, if any, to the Sellers’ Representative
for payment to the Sellers (in accordance with their Pro Rata Percentages); and/or (x) there is a final settlement or the
grant of a final, non-appealable judgment, decree or award of a court of the Church’s Lumber Yard Matter, then within ten
(10) business days of Buyer or the Sellers’ Representative delivering written notice to the other regarding such final settlement
or judgment/award, Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release to Buyer the
amount necessary to satisfy such settlement, judgment, decree or award (up to the amount of the Church’s Lumber Yard Reserve)
for payment, on behalf of the applicable Company, if applicable, pursuant thereto, and the remainder of the Church’s Lumber
Yard Reserve, if any, to the Sellers’ Representative for payment to the Sellers (in accordance with their Pro Rata Percentages);
and/or (y) there is a final settlement or the grant of a final, non-appealable judgment, decree or award of a court of the Stefani
Matter, then within ten (10) business days of Buyer or the Sellers’ Representative’s written notice to the other regarding
such final settlement or judgment/award, Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to
release to Buyer the amount necessary to satisfy such settlement, judgment, decree or award (up to the amount of the Stefani Matter
Reserve for payment, on behalf of the applicable Company, if applicable, pursuant thereto, and the remainder of the Stefani Matter
Reserve, if any, to the Sellers’ Representative for payment to the Sellers (in accordance with their Pro Rata Percentages);
and/or (z) there is a final determination of correction with respect to the MEWA Matters (the “DOL Determination”),
then within ten (10) business days of Buyer or the Sellers’ Representative’s written notice to the other regarding
such final determination, Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release to Buyer
the amount necessary to satisfy the DOL Determination (up to the amount of the MEWA Reserve) for payment, if applicable, pursuant
thereto, and the remainder of the MEWA Reserve, if any, to the Sellers’ Representative for payment to the Sellers (in accordance
with their Pro Rata Percentages).

(c)  Promptly
following the final resolution of all of the Unresolved Specified Matter Claims, Buyer and Sellers’ Representative shall
jointly instruct the Escrow Agent to release to the Sellers’ Representative, for payment to Sellers (in accordance with
their Pro Rata Percentages) the portion of the Specified Matters Escrow Amount (including any accrued interest) remaining after
all disbursements (if any) to the Buyer Indemnitees or pursuant to Section 8.9(b) otherwise with respect to the final resolution
of such Unresolved Specified Matter Claims, if any. Any distribution pursuant to this Section 8.9 shall be made in accordance
with this Agreement and the Escrow Agreement. The parties further agree that any such Losses with respect to the Specified Matters
under Section 8.1(a)(vii) shall first be funded by disbursements from the Specified Matters Escrow Amount (so long as it
is in effect and has an available balance) prior to any claim being made against the Sellers.

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Section 8.10. 
Defense and Control of Specified Matter. Notwithstanding anything in Section 8.4 to the contrary, the Sellers’
Representative, at its sole cost and expense, shall control the Specified Matters, including the defense, compromise and settlement
of such matters, and shall appoint a competent and reputable counsel to act as lead counsel with respect to each Specified Matter.
Each Company and such Company’s personnel will reasonably cooperate with the Sellers’ Representative or its counsel
in the contest or defense of the Specified Matters, make reasonably available their personnel during normal business hours, and
provide such access to their books and records as shall be necessary in connection with the Specified Matters, all at the sole
cost and expense of the Sellers’ Representative. The Sellers’ Representative shall (and shall instruct its counsel
to) (a) reasonably consult with Buyer and the Companies regarding each of the Specified Matters at the reasonable request
of Buyer, (b) keep Buyer and the Companies reasonably apprised of the status of the Specified Matters, and (c) promptly
provide Buyer and the Companies copies of all material settlement-related documents related to the Specified Matters; provided
that, the Sellers’ Representative shall obtain the prior written consent of Buyer (which consent shall not be unreasonably
withheld or delayed) before entering into any settlement of a claim or ceasing to defend such claim if, pursuant to or as a result
of such settlement or cessation (i) injunctive or other equitable relief will be imposed against Buyer (or its Affiliates), (ii)
settlement does not expressly and unconditionally release each applicable Company party to such dispute (and their respective
Affiliates, including their respective past and then-current direct and indirect owners) from all liabilities and obligations
(including, but not limited to, payment obligations or any post-settlement monetary obligations) with respect to such claim, or
(iii) such settlement involves any admission of wrongdoing. The Buyer Indemnitees shall be entitled to participate in the defense
of any Specified Matter and to employ counsel of its choice for such purpose (it being understood that the fees and expenses of
such separate counsel shall be borne by the Buyer Indemnitees and not the Sellers’ Representative or any Seller Party; provided
that if Buyer becomes a named party in such Specified Matter and if there is an actual or potential conflict of interest between,
on the one hand, Buyer or any Company, and, on the other hand, the Sellers’ Representative or any Seller Party, on the other
hand, then the fees and expenses of such separate counsel shall be borne by the Sellers’ Representative and/or the Seller
Parties). The Sellers’ Representative shall lose its right to contest, defend, litigate and settle any Specified Matter
if the Sellers’ Representative shall fail to diligently contest such Specified Matter or shall otherwise fail to satisfy
the Control of Defense Conditions, and in the event of any such failure, then the Buyer Indemnitees shall be entitled to control
the defense, litigation and/or settlement of any Specified Matter at the sole expense of the Seller Parties.

Article
IX

General Provisions

Section 9.1. 
Assignment. No Party may assign any of its rights or obligations under this Agreement to any other Person without the prior
written consent of Buyer and Sellers’ Representative, and any such attempted or purported assignment will be null and void;
provided, however, that Buyer may, without the consent of any other Party, (a) assign any or all of its rights and
interests hereunder to one or more of its Affiliates and designate one or more of its Affiliates to perform its obligations hereunder,
(b) assign any or all of its rights and interests hereunder to its lenders as collateral security, and (c) assign any or all of
rights, interests or obligations hereunder to an acquirer of all or substantially all of the assets of Buyer; provided,
further, that in the case of

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the foregoing clause (a) or (b), Buyer
shall remain responsible for the performance of its obligations hereunder.

Section 9.2. 
Binding Effect; No Third-Party Beneficiaries. The terms of this Agreement will be binding upon, inure to the benefit of
and be enforceable by and against each Party and their respective successors and permitted assigns. Except for (a) the provisions
of Section 7.6, which are intended for the benefit of, and will be enforceable by, the Officer and Director Indemnified
Parties, and (b) the provisions of Article VIII, which are intended for the benefit of, and will be enforceable by, the
Buyer Indemnitees and Seller Indemnitees, this Agreement is for the sole benefit of the Parties and their permitted assigns and
nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and their respective
successors and permitted assigns, any legal or equitable rights hereunder.

Section 9.3. 
Notices. All notices, requests, demands or other communications required or permitted to be given hereunder must be in
writing and shall be deemed to have been duly given: (a) on the day of delivery, if delivered by hand; (b) on the day of delivery,
if sent by email (with confirmation of transmission) prior to 5:00 p.m. Eastern Time on a Business Day; (c) on the first Business
Day following delivery, if sent by email (with confirmation of transmission) on a day that is not a Business Day or after 5:00
p.m. Eastern Time on a Business Day; or (d) on the day of delivery, if sent by overnight courier service (receipt requested),
in each case, as follows:

(i) if to Buyer,

c/o Levine Leichtman Capital Partners,
LLC

345 North Maple Drive, Suite 300

Beverly Hills, CA 90210

Attention: David I. Wolmer

Email: dwolmer@llcp.com

with a copy (which shall not constitute notice) to:

Honigman LLP

2290 First National Building

660 Woodward Avenue

Detroit, MI 48226-3506

Attention: Joshua F. Opperer &
Jacob D. Drouillard

Email: JOpperer@honigman.com &
JDrouillard@honigman.com

 

(ii) if to
Sellers’ Representative or any Seller Party,

ATA National Title Group, LLC

31440
Northwestern Hwy #100

Farmington
Hills, Michigan 48034

Attention: David A. Trott, Sellers’
Representative

Email: dtrott@trottmanagement.com

 

with a copy (which shall not constitute notice) to:

Jaffe, Raitt, Heuer & Weiss, P.C.

27777 Franklin Road

Suite 2500

Southfield, Michigan 48034

Attention: William E. Sider, Esq.

Email: wsider@jaffelaw.com

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Buyer may change its address or email
address upon written notice to Sellers’ Representative as set forth in this Section 9.3, and Sellers’ Representative
may change its address or email address upon written notice to Buyer as set forth in this Section 9.3.

Section 9.4. 
Counterparts. This Agreement may be executed in one or more counterparts (including by email transmission), each of which
shall be deemed to be an original, but all of which taken together shall be considered one and the same agreement, and shall become
effective when each Party has received one or more such counterparts signed by each of the other Parties.

Section 9.5. 
Entire Agreement. This Agreement and the Other Transaction Documents, along with the Schedules and Exhibits, contain the
entire agreement and understanding among the Parties with respect to the subject matter hereof and supersede all prior agreements
and understandings, both written and oral, among the Parties relating to such subject matter.

Section 9.6. 
Severability. If any provision of this Agreement (or any portion thereof) shall be held invalid, illegal or unenforceable
in any jurisdiction by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision hereof (or the remaining portion thereof) or invalidate or render unenforceable such provision (or portion thereof)
in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction so as to best give
effect to the intent of the Parties under this Agreement. Upon any such determination that any provision (or any portion thereof)
is invalid, illegal or unenforceable, whether by any rule of Law or public policy or otherwise, (a) all other provisions (or the
remaining portion thereof) shall nevertheless remain in full force and effect, and (b) Buyer and the Sellers’ Representative
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated
to the greatest extent possible.

Section 9.7. 
Specific Performance. The Parties acknowledge and agree that irreparable damage would occur if any provision of this Agreement
were not performed in accordance with the terms hereof or were otherwise breached by a Party. Accordingly, the Parties acknowledge
and agree that, in addition to any other remedy to which a Party is entitled at Law or in equity, each Party shall be entitled
to (a) an injunction or injunctions to prevent breaches of this Agreement by any other Party, and (b) enforce the terms of this
Agreement by a decree of specific performance, in each case, without the necessity of proving the inadequacy of money damages
as a remedy. No Party shall oppose the granting of an injunction, specific performance or other equitable relief on the basis
that any other Party has an adequate remedy at Law or an award of specific performance is not an appropriate remedy for any reason
at Law or in equity. Any Party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement will not be required to provide any bond or other security in connection with any such
order or injunction.

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Section 9.8. 
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware
applicable to agreements made and to be performed entirely within such State, without regard to the conflicts of law principles
of such State.

Section 9.9. 
Consent to Jurisdiction. Each Party irrevocably submits and consents to the exclusive jurisdiction of the State and Federal
Courts located in the State of Delaware for purposes of any Proceeding arising out of this Agreement or any transaction contemplated
hereby. Each Party agrees to commence any such Proceeding only in such courts. Each Party further agrees that service of any process,
summons, notice or document upon such Party by U.S. registered mail at the address to which notices are required to be sent to
such Party under Section 9.3 shall be deemed good, proper and effective service upon such Party. Each Party irrevocably
and unconditionally waives any objection to the laying of venue of any Proceeding arising out of this Agreement or any transaction
contemplated hereby in the State and Federal Courts located in the State of Delaware, and irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such Proceeding brought in any such court has been brought in an inconvenient
forum. Nothing in this Section 9.9 shall affect the right of any Party to serve legal process in any other manner permitted
by Law.

Section 9.10. 
Waiver of Jury Trial. Each Party hereby waives to the fullest extent permitted
by applicable Law, any right SUCH PARTY may have to a trial by jury in respect to any litigation directly or indirectly arising
out of, under or in connection with this Agreement, any Other Transaction Document or any transaction contemplated hereby or thereby.
Each Party (a) certifies that no Representative of any other Party has represented, expressly or otherwise, that such other
Party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that SUCH PARTY and the
other Parties have been induced to enter into this Agreement and the Other Transaction Documents, as applicable, by, among other
things, the mutual waivers and certifications in this Section 9.10.

Section 9.11. 
Amendments and Waivers. This Agreement may be modified or amended only by a writing signed by Buyer and Sellers’
Representative, and any of the provisions hereof may be waived only by a writing signed by the waiving Party. The failure of a
Party at any time to require performance of any provision of this Agreement will in no manner affect the right of that Party at
a later time to enforce such provision. No waiver by a Party of any provision of this Agreement or any breach of any provision
of this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of such provision
or breach, or any other provision of this Agreement.

Section 9.12. 
Waiver of Conflicts. Buyer, on behalf of itself and on behalf of the Companies, agrees that, following the Closing, Jaffe,
Raitt, Heuer & Weiss, P.C. may serve as counsel to any of the Seller Parties and their respective Affiliates in connection
with any matters related to this Agreement and the transactions contemplated by this Agreement, including any litigation, claim
or obligation arising out of or relating to this Agreement or the transactions contemplated by this Agreement notwithstanding
any representation by Jaffe, Raitt, Heuer &

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Weiss, P.C. prior to the Closing Date
of the Companies. Buyer, on behalf of itself and on behalf of the Companies, hereby (a) waives any conflict associated with any
representation by Jaffe, Raitt, Heuer & Weiss, P.C. prior to the Closing Date of the Companies that may arise in connection
with Jaffe, Raitt, Heuer & Weiss representing the Seller Parties and their respective Affiliates in connection with any matters
related to this Agreement and the transactions contemplated by this Agreement, and (b) agrees that, in the event that a dispute
arises after the Closing between or among Buyer, the Companies, or any of the respective Affiliates of any of the foregoing in
connection with any matters related to this Agreement and the transactions contemplated by this Agreement, Jaffe, Raitt, Heuer
& Weiss, P.C. may represent the Seller Parties and their respective Affiliates in such dispute even though the interests of
such Person(s) may be directly adverse to Buyer, the Companies, and/or any of their respective Affiliates and even though Jaffe,
Raitt, Heuer & Weiss, P.C. may have represented the Companies in a matter substantially related to such dispute prior to the
Closing. Buyer, on behalf of itself and on behalf of the Companies, also further agrees that, as to all communications between
Jaffe, Raitt, Heuer & Weiss, P.C., on the one hand, and the Companies, Seller Parties and/or their respective Affiliates,
on the other hand, that (i) occurred prior to the Closing and solely relate to the transactions contemplated under this Agreement,
(ii) were confidential between or among, as applicable, Jaffe, Raitt, Heuer & Weiss, P.C., the Companies, Seller Parties and/or
their respective Affiliates when made, and (iii) are subject to the attorney-client privilege in accordance with applicable Laws,
the attorney-client privilege and the expectation of client confidence belong to and may be controlled by Sellers’ Representative
and will not pass to or be claimed by Buyer or the Companies. Notwithstanding the foregoing, in the event that a dispute arises
after the Closing between or among Buyer or any Company, on the one hand, and any Person that is not a Party, on the other hand,
the Companies may assert the attorney-client privilege to prevent disclosure of confidential communications by Jaffe, Raitt, Heuer
& Weiss, P.C. to such Person.

Section 9.13. 
Sellers’ Disclosure Letter. Contemporaneously with the execution and delivery of this Agreement, the Sellers are
delivering to Buyer a disclosure schedule with numbered sections and subsections corresponding to the relevant sections and subsection
in this Agreement (the “Sellers’ Disclosure Letter”). Disclosure of any fact or item in any particular
section or subsection of the Sellers’ Disclosure Letter shall be deemed to be disclosed and incorporated by reference in
any other section or subsection of the Sellers’ Disclosure Letter to the extent that such disclosure is set forth with such
specificity that it is reasonably apparent on the face of such disclosure that such disclosure is applicable to such other section
or subsection of the Sellers’ Disclosure Letter.

[Signature page follows]

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IN WITNESS WHEREOF,
the Parties have duly executed this Membership Interest Purchase Agreement as of the date first written above.

SELLERS

 

TROTT-ATA, LLC

 

By____________________________________

      Name: David. A. Trott, Manager

 

 

ATI HOLDING, INC.

 

By____________________________________

      Name: David A. Trott, President

 

 

______________________________________

William L. Robinson, Jr.

 

 

INTITLE AGENCY, INC.

 

By____________________________________

      Name: Rick Rothfuss, President

 

 

_______________________________________

Brian Roberts

 

 

_______________________________________

Paul Ruokis

 

 

_______________________________________

Robert Soave

 

 

ROTHFUSS FAMILY LEGACY TRUST UAD 12-12-2012

 

By____________________________________

      Name: Janis M. Longbottom, Trustee

 

 

     

     

    

KATHLEEN H. TROTT REVOCABLE TRUST UAD 6-11-1993, AS
AMENDED

 

By____________________________________

      Name: Kathleen H. Trott, Trustee

 

 

2012 IRREVOCABLE GRANTOR TRUST F/B/O COURTNEY ELIZABETH
TROTT

 

By____________________________________

      Name: Joel S. Golden, Trustee

 

 

2012 IRREVOCABLE GRANTOR TRUST F/B/O TAYLOR ROSE TROTT

 

By____________________________________

      Name: Joel S. Golden, Trustee

 

 

2012 IRREVOCABLE GRANTOR TRUST F/B/O DAVID ALAN TROTT,
JR.

 

By____________________________________

      Name: Joel S. Golden, Trustee

 

2010 IRREVOCABLE GRANTOR TRUST F/B/O COURTNEY ELIZABETH
TROTT

 

By____________________________________

      Name: Joel S. Golden, Trustee

 

2010 IRREVOCABLE GRANTOR TRUST F/B/O TAYLOR ROSE TROTT

 

By____________________________________

      Name: Joel S. Golden, Trustee

 

2010 IRREVOCABLE GRANTOR TRUST F/B/O DAVID ALAN TROTT,
JR.

 

By____________________________________

      Name: Joel S. Golden, Trustee

 

 

 

     

     

    

Other Seller
Parties

 

 

__________________________________________

David A. Trott

 

 

__________________________________________

Richard M. Rothfuss

 

 

SELLERS’ REPRESENTATIVE

 

 

 

David A. Trott

 

 

     

     

    

 

 

Buyer

 

HURON TITLE BUYER, LLC

 

By:  ____________________________________

Name: David Wolmer

Title: Authorized Agent

 

 

     

     

    

EXHIBIT A

Sellers and Ownership

 

See attached.

 

     

     

    

EXHIBIT B 

Accounting Practices and Procedures

 

See attached.

     

     

    

EXHIBIT C 

Illustrative Calculation of Net Working
Capital

 

See attached.

     

     

    

EXHIBIT D 

R&W Policy Binder

See attached.

     

     

    

EXHIBIT E

Escrow Agreement

See attached.

     

     

    

EXHIBIT F

PPP Escrow Agreement

 

See attached.EX-4.3

 Exhibit 4.3 

ULTRA CLEAN HOLDINGS, INC. 

INDENTURE 
 Dated as of
[                ] 

[                ], 

as 
 Trustee 

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
			
		 	ARTICLE 1	  			
		 	Definitions and Incorporation by Reference	  			
			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 Other Definitions
	  	 	5	 
	 Section 1.03.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	6	 
	 Section 1.04.
	 	 Rules of Construction
	  	 	6	 
			
		 	ARTICLE 2	  			
		 	The Securities	  			
			
	 Section 2.01.
	 	 Issuable in Series
	  	 	7	 
	 Section 2.02.
	 	 Establishment of Terms of Series of Securities
	  	 	7	 
	 Section 2.03.
	 	 Execution and Authentication
	  	 	9	 
	 Section 2.04.
	 	 Registrar and Paying Agent
	  	 	10	 
	 Section 2.05.
	 	 Paying Agent to Hold Money in Trust
	  	 	11	 
	 Section 2.06.
	 	 Securityholder Lists
	  	 	12	 
	 Section 2.07.
	 	 Exchange and Registration of Transfer
	  	 	12	 
	 Section 2.08.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	13	 
	 Section 2.09.
	 	 Outstanding Securities
	  	 	14	 
	 Section 2.10.
	 	 Treasury Securities
	  	 	14	 
	 Section 2.11.
	 	 Temporary Securities
	  	 	15	 
	 Section 2.12.
	 	 Cancellation
	  	 	15	 
	 Section 2.13.
	 	 Defaulted Interest
	  	 	15	 
	 Section 2.14.
	 	 Registered Global Securities
	  	 	15	 
	 Section 2.15.
	 	 Computation of Interest
	  	 	16	 
	 Section 2.16.
	 	 CUSIP and ISIN Numbers
	  	 	17	 
			
		 	ARTICLE 3	  			
		 	Redemption	  			
			
	 Section 3.01.
	 	 Notice to Trustee
	  	 	17	 
	 Section 3.02.
	 	 Selection of Securities to be Redeemed
	  	 	17	 
	 Section 3.03.
	 	 Notice of Redemption
	  	 	17	 
	 Section 3.04.
	 	 Effect of Notice of Redemption
	  	 	18	 
	 Section 3.05.
	 	 Deposit of Redemption Price
	  	 	18	 
	 Section 3.06.
	 	 Securities Redeemed in Part
	  	 	18	 
			
		 	ARTICLE 4	  			
		 	Covenants	  			
			
	 Section 4.01.
	 	 Payment of Principal and Interest
	  	 	18	 
	 Section 4.02.
	 	 SEC Reports
	  	 	18	 
	 Section 4.03.
	 	 Compliance Certificate
	  	 	19	 
	 Section 4.04.
	 	 Stay, Extension and Usury Laws
	  	 	19	 
	 Section 4.05.
	 	 Corporate Existence
	  	 	19	 
	 Section 4.06.
	 	 Maintenance of Office or Agency
	  	 	19	 
	 Section 4.07.
	 	 Money For Securities Payments to be Held in Trust
	  	 	19	 

  
 i 

							
	 	 	 	  	PAGE	 
			
	 Section 4.08.
	 	 Waiver of Certain Covenants
	  	 	21	 
			
		 	ARTICLE 5	  			
		 	Successors	  			
			
	 Section 5.01.
	 	 When Company May Merge, Etc.
	  	 	21	 
	 Section 5.02.
	 	 Successor Corporation Substituted
	  	 	21	 
			
		 	ARTICLE 6	  			
		 	Defaults and Remedies	  			
			
	 Section 6.01.
	 	 Events of Default
	  	 	22	 
	 Section 6.02.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	23	 
	 Section 6.03.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	25	 
	 Section 6.04.
	 	 Trustee May File Proofs of Claim
	  	 	26	 
	 Section 6.05.
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 	26	 
	 Section 6.06.
	 	 Application of Money Collected
	  	 	26	 
	 Section 6.07.
	 	 Limitation on Suits
	  	 	27	 
	 Section 6.08.
	 	 Unconditional Right of Holders to Receive Principal and Interest
	  	 	27	 
	 Section 6.09.
	 	 Restoration of Rights and Remedies
	  	 	27	 
	 Section 6.10.
	 	 Rights and Remedies Cumulative
	  	 	28	 
	 Section 6.11.
	 	 Delay or Omission Not Waiver
	  	 	28	 
	 Section 6.12.
	 	 Control by Holders
	  	 	28	 
	 Section 6.13.
	 	 Waiver of Past Defaults
	  	 	28	 
	 Section 6.14.
	 	 Undertaking for Costs
	  	 	28	 
			
		 	ARTICLE 7	  			
		 	Trustee	  			
			
	 Section 7.01.
	 	 Duties of Trustee
	  	 	29	 
	 Section 7.02.
	 	 Rights of Trustee
	  	 	30	 
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	31	 
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	31	 
	 Section 7.05.
	 	 Notice of Defaults
	  	 	31	 
	 Section 7.06.
	 	 Reports by Trustee to Holders
	  	 	31	 
	 Section 7.07.
	 	 Compensation and Indemnity
	  	 	32	 
	 Section 7.08.
	 	 Replacement of Trustee
	  	 	32	 
	 Section 7.09.
	 	 Successor Trustee by Merger, Etc.
	  	 	33	 
	 Section 7.10.
	 	 Eligibility; Disqualification
	  	 	34	 
	 Section 7.11.
	 	 Preferential Collection of Claims Against Company
	  	 	34	 
			
		 	ARTICLE 8	  			
		 	Satisfaction and Discharge; Defeasance	  			
			
	 Section 8.01.
	 	 Satisfaction and Discharge of Indenture
	  	 	34	 
	 Section 8.02.
	 	 Application of Trust Funds; Indemnification
	  	 	35	 
	 Section 8.03.
	 	 Legal Defeasance of Securities of any Series
	  	 	35	 
	 Section 8.04.
	 	 Covenant Defeasance
	  	 	37	 
	 Section 8.05.
	 	 Repayment to Company
	  	 	38	 
	 Section 8.06.
	 	 Effect of Subordination Provisions
	  	 	38	 

  
 ii 

							
	 	 	 	  	PAGE	 
			
		 	ARTICLE 9	  			
		 	Amendments and Waivers	  			
	 Section 9.01.
	 	 Without Consent of Holders
	  	 	38	 
	 Section 9.02.
	 	 With Consent of Holders
	  	 	39	 
	 Section 9.03.
	 	 Limitations
	  	 	40	 
	 Section 9.04.
	 	 Compliance with Trust Indenture Act
	  	 	41	 
	 Section 9.05.
	 	 Revocation and Effect of Consents
	  	 	41	 
	 Section 9.06.
	 	 Notation on or Exchange of Securities
	  	 	41	 
	 Section 9.07.
	 	 Trustee Protected
	  	 	41	 
			
		 	ARTICLE 10	  			
		 	Subordination of Securities	  			
			
	 Section 10.01.
	 	 Agreement to Subordinate
	  	 	42	 
			
		 	ARTICLE 11	  			
		 	Miscellaneous	  			
			
	 Section 11.01.
	 	 Trust Indenture Act Controls
	  	 	42	 
	 Section 11.02.
	 	 Notices
	  	 	42	 
	 Section 11.03.
	 	 Communication by Holders with Other Holders
	  	 	43	 
	 Section 11.04.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	43	 
	 Section 11.05.
	 	 Statements Required in Certificate or Opinion
	  	 	43	 
	 Section 11.06.
	 	 Rules by Trustee and Agents
	  	 	43	 
	 Section 11.07.
	 	 Legal Holidays
	  	 	43	 
	 Section 11.08.
	 	 No Recourse Against Others
	  	 	44	 
	 Section 11.09.
	 	 Counterparts
	  	 	44	 
	 Section 11.10.
	 	 Governing Laws; Waiver of Jury Trial
	  	 	44	 
	 Section 11.11.
	 	 No Adverse Interpretation of Other Agreements
	  	 	44	 
	 Section 11.12.
	 	 Successors
	  	 	44	 
	 Section 11.13.
	 	 Severability
	  	 	44	 
	 Section 11.14.
	 	 Table of Contents, Headings, Etc.
	  	 	44	 
	 Section 11.15.
	 	 Securities in a Foreign Currency
	  	 	45	 
	 Section 11.16.
	 	 Judgment Currency
	  	 	45	 
	 Section 11.17.
	 	 Acts of Holders
	  	 	46	 
	 Section 11.18.
	 	 Force Majeure
	  	 	47	 
			
		 	ARTICLE 12	  			
		 	Sinking Funds	  			
			
	 Section 12.01.
	 	 Applicability of Article
	  	 	47	 
	 Section 12.02.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	47	 
	 Section 12.03.
	 	 Redemption of Securities for Sinking Fund
	  	 	48	 

  
 iii 

 ULTRA CLEAN HOLDINGS, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of [        ]. 

 

			
	 § 310(a)(1)
	 	 7.10

	 (a)(2)
	 	 7.10

	 (a)(3)
	 	 Not Applicable

	 (a)(4)
	 	 Not Applicable

	 (a)(5)
	 	 7.10

	 (b)
	 	 7.10

	 § 311(a)
	 	 7.11

	 (b)
	 	 7.11

	 § 312(a)
	 	 2.06

	 (b)
	 	 11.03

	 (c)
	 	 11.03

	 § 313(a)
	 	 7.06

	 (b)(1)
	 	 7.06

	 (b)(2)
	 	 7.06

	 (c)
	 	 7.06

	 (d)
	 	 7.06

	 § 314(a)
	 	 4.02, 4.03

	 (b)
	 	 Not Applicable

	 (c)(1)
	 	 11.04

	 (c)(2)
	 	 Section 11.04

	 (c)(3)
	 	 Not Applicable

	 (d)
	 	 Not Applicable

	 (e)
	 	 11.05

	 (f)
	 	 Not Applicable

	 § 315(a)
	 	 7.01

	 (b)
	 	 7.05

	 (c)
	 	 7.01

	 (d)
	 	 7.01

	 (e)
	 	 6.14

	 § 316(a)
	 	 2.10

	 (a)(1)(A)
	 	 6.12

	 (a)(1)(B)
	 	 6.13

	 (a)(2)
	 	 Not Applicable

	 (b)
	 	 6.08

	 (c)
	 	 Section 9.05

	 § 317(a)(1)
	 	 6.03

	 (a)(2)
	 	 6.04

	 (b)
	 	 2.05

	 § 318(a)
	 	 11.01

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

 Indenture dated as of [            ],
between ULTRA CLEAN HOLDINGS, INC., a Delaware corporation (the “Company”), and [            ] (the “Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01.    Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified
herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders. 

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, Paying Agent, co-agent,
co-registrar or Service Agent. 
 “Authorized Newspaper” means a newspaper in an
official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in
the opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such
notice. 
 “Bearer” means anyone in possession from time to time of a Bearer Security. 

“Bearer Global Security” or “Bearer Global Securities” means a Bearer Security or Securities, as the case
may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Bearer Securities, deposited with a common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear System and/or Clearstream Banking,
société anonyme, Luxembourg. 
 “Bearer Security” means any Security, including any interest coupon
appertaining thereto, that does not provide for the identification of the Holder thereof. 
 “Board of Directors” means the
Board of Directors of the Company or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee. 

  
 1 

 “Business Day” means, unless otherwise provided by Board Resolution,
Officers’ Certificate or supplemental indenture hereto for a particular Series, each day which is not a Legal Holiday. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 

“Company” means the party named as such above until a successor replaces it and thereafter means the successor. 

“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer or principal accounting officer. 
 “Company
Request” means a written request signed in the name of the Company by its Chairman of the Board of Directors, a President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business relating to this Indenture shall be principally administered, which as of the date of this Indenture shall be located at: 

[            ]. 

“Debt” of any Person as of any date means, without duplication, all indebtedness of such Person in respect of borrowed money,
including all interest, fees and expenses owed in respect thereto (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments.

 “Default” means any event which is, or after notice or passage of time would be, an Event of Default. 

“Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or
more Registered Global Securities, the Person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such Person,
“Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 
 “Dollars” means the
currency of the United States of America. 

  
 2 

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

“Foreign Currency” means any currency or currency unit issued by a government other than the government of the United States
of America. 
 “Foreign Government Obligations” means with respect to Securities of any Series that are denominated in a
Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not
callable or redeemable at the option of the issuer thereof. 
 “Holder” or “Securityholder” means a Person
in whose name a Security is registered in the Register or the holder of a Bearer Security. 
 “Indenture” means this
Indenture as originally executed and delivered and as supplemented or amended from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 

“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity. 
 “Maturity,” when used with respect to any Security or installment of principal thereof, means
the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect
repayment or otherwise. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial
Officer, the President, any Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer. 
 “Opinion of Counsel” means a written
opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment,” when used with respect to the Securities of any Series, means the place or places specified in accordance with Section 2.02 where the principal of and any premium and interest on the Securities of that Series are payable, or
if not so specified, in accordance with Section 4.06. 

  
 3 

 “Preferred Stock,” as applied to the Capital Stock of any Person, means Capital
Stock of any class or classes (however designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any
other class of such Person. 
 “principal” of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security. 
 “Registered Global Security” or
“Registered Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or
its nominee, and registered in the name of such Depositary or nominee. 
 “Registered Securities” means any Security
registered on the Register of the Company. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder, as in effect from time to time. 
 “Senior Debt” means the principal of, premium, if any, unpaid
interest, and all fees and other amounts payable in connection with the following, whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, on (x)the Debt of the Company, for money borrowed other than
(a) any Debt of the Company which when incurred and without respect to any election under Section 1111(b) of the Federal Bankruptcy Code, was without recourse to the Company, (b) any Debt of the Company to any of its Subsidiaries,
(c) Debt to any employee of the Company, (d) any liability for taxes and (e) Trade Payables, unless the instrument creating or evidencing the same or pursuant to which the same is outstanding provides that such Debt is not senior or
prior in right of payment to the Securities, (y) all obligations of the Company under interest rate, currency and commodity swaps, caps, floors, collars, hedge arrangements, forward contracts or similar agreements or arrangements and
(z) renewals, extensions, modifications and refundings of any such Debt. This definition may be modified or superseded by a supplemental indenture. 

“Senior Securities” means Securities other than Subordinated Securities. 

“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the
Company created pursuant to Sections 2.01 and 2.02 hereof. 
 “Stated Maturity” when used with respect to any Security or
any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable (without regard for any
provisions for acceleration, redemption prepayment or otherwise). 

  
 4 

 “Subordinated Securities” means Securities that by the terms established
pursuant to Section 2.02(i) are subordinated in right of payment to Senior Debt of the Company. 
 “Subordination
Provisions” when used with respect to the Subordinated Securities of any Series, shall have the meaning established pursuant to Section 2.02(i) with respect to the Subordinated Securities of such Series. 

“Subsidiary” of any Person means any corporation, association, partnership or other business entity of which more than 50% of
the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa -77bbbb) as in effect on the date of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trade Payables” means accounts payable or any other Debt or monetary obligations to trade creditors created or assumed by
the Company or any Subsidiary of the Company in the ordinary course of business in connection with the receipt of materials or services. 

“Trust Officer” means any officer within the Corporate Trust Office of the Trustee with direct responsibility for the
administration of this Indenture. 
 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and
if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such
obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the
issuer’s option. 
 Section 1.02.    Other Definitions. 

 

			
	 Term
	  	 Defined in Section

	 “Bankruptcy Law”
	  	6.01
	 “Custodian”
	  	6.01
	 “Event of Default”
	  	6.01
	 “Journal”
	  	Section 11.15
	 “Judgment Currency”
	  	11.16
	 “Legal Holiday”
	  	11.07
	 “mandatory sinking fund payment”
	  	12.01
	 “Market Exchange Rate”
	  	11.15

  
 5 

			
	 Term
	  	 Defined in Section

	 “New York Banking Day”
	  	11.16
	 “optional sinking fund payment”
	  	12.01
	 “Paying Agent”
	  	2.04
	 “Register”
	  	2.04
	 “Registrar”
	  	2.04
	 “Required Currency”
	  	11.16
	 “Service Agent”
	  	2.04
	 “successor person”
	  	5.01

 Section 1.03.    Incorporation by Reference of
Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 

Section 1.04.    Rules of Construction. Unless the context otherwise requires:

 (i)    a term has the meaning assigned to it; 

(ii)    an accounting term not otherwise defined has the meaning assigned to it in accordance with
generally accepted accounting principles; 
 (iii)    references to “generally accepted accounting
principles” shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied; 

(iv)    “or” is not exclusive; and 

(v)    words in the singular include the plural, and in the plural include the singular. 

  
 6 

 ARTICLE 2 

THE SECURITIES 

Section 2.01.    Issuable in Series. The aggregate principal amount of
Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental
indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution,
Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between
Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 

Section 2.02.    Establishment of Terms of Series of Securities. At or prior to
the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of
Subsections 2.02(b) through 2.02(x)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 

(a)    the title and designation of the Securities of the Series, which shall distinguish the Securities of the Series
from the Securities of all other Series, and which may be part of a Series of Securities previously issued; 

(b)    any limit upon the aggregate principal amount of the Securities of the Series that may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.06); 

(c)    if other than Dollars, the Foreign Currency or Foreign Currencies in which the Securities of the Series are
denominated; 
 (d)    the date or dates on which the principal of the Securities of the Series is payable or the method
of determination thereof; 
 (e)    the rate or rates (which may be fixed or variable) at which the Securities of the
Series shall bear interest, if any, the date or dates from which such interest shall accrue, on which such interest shall be payable, the terms and conditions of any deferral of interest and the additional interest, if any, thereon, the right, if
any, of the Company to extend the interest payment periods and the duration of the extensions and (in the case of Registered Securities) the date or dates on which a record shall be taken for the determination of Holders to whom interest is payable
and/or the method by which such rate or rates or date or dates shall be determined; 
 (f)    the place or places where
and the manner in which, the principal of and any interest on Securities of the Series shall be payable; 
 (g)    the
right, if any, of the Company to redeem Securities, in whole or in part, at its option and the period or periods within which, or the date or dates on which, the price or prices at which and any terms and conditions upon which Securities of the
Series may be so redeemed, pursuant to any sinking fund or otherwise; 

  
 7 

 (h)    the obligation, if any, of the Company to redeem, purchase or repay
Securities of the Series pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which or the date or dates on which, and any
terms and conditions upon which Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 

(i)    if the Securities of such Series are Subordinated Securities, the terms pursuant to which the Securities of such
Series will be made subordinate in right of payment to Senior Debt and the definition of such Senior Debt with respect to such Series (in the absence of an express statement to the effect that the Securities of such Series are subordinate in right
of payment to all such Senior Debt, the Securities of such Series shall not be subordinate to Senior Debt and shall not constitute Subordinated Securities); and, in the event that the Securities of such Series are Subordinated Securities, such Board
Resolution, Officer’s Certificate or supplemental indenture, as the case may be, establishing the terms of such Series shall expressly state which articles, sections or other provisions thereof constitute the “Subordination
Provisions” with respect to the Securities of such Series; 
 (j)    if other than denominations of $1,000 and any
integral multiple thereof in the case of Registered Securities, or $1,000 and $5,000 in the case of Bearer Securities, the denominations in which Securities of the Series shall be issuable; 

(k)    the percentage of the principal amount at which the Securities will be issued, and, if other than the principal
amount thereof, the portion of the principal amount of Securities of the Series which shall be payable upon declaration of acceleration of the Maturity thereof and the terms and conditions of any acceleration; 

(l)    if other than the coin, currency or currencies in which the Securities of the Series are denominated, the coin,
currency or currencies in which payment of the principal of or interest on the Securities of such Series shall be payable, including composite currencies or currency units; 

(m)    if the principal of or interest on the Securities of the Series are to be payable, at the election of the Company
or a Holder thereof, in a coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(n)    if the amount of payments of principal of and interest on the Securities of the Series may be determined with
reference to an index or formula based on a coin, currency, composite currency or currency unit other than that in which the Securities of the Series are denominated, the manner in which such amounts shall be determined; 

(o)    whether the Securities of the Series will be issuable as Registered Securities (and if so, whether such Securities
will be issuable as Registered Global Securities) or Bearer Securities, with or without interest coupons appertaining thereto (and if, so whether such Securities will be issuable as Bearer Global Securities), or any combination of the foregoing, any
restrictions applicable to the offer, sale or delivery of Bearer Securities or the payment of interest thereon and the terms upon which Bearer Securities of any Series may be exchanged for Registered Securities of such Series and vice versa; 

  
 8 

 (p)    whether and under what circumstances the Company will pay Additional
Amounts on the Securities of the Series held by a Person who is not a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem the Securities of the
Series rather than pay such Additional Amounts; 
 (q)    if the Securities of the Series are to be issuable in
definitive form (whether upon original issue or upon exchange of a temporary Security of such Series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates,
documents or conditions; 
 (r)    any trustees, depositaries, authenticating or Paying Agents, transfer agents or
registrars of any other agents with respect to the Securities of such Series; 
 (s)    any deletion from, modification
of or addition to the Events of Default or covenants with respect to the Securities of such Series, including, if applicable, covenants affording Holders of debt protection with respect to the Company’s operations, financial conditions and
transactions involving the Company; 
 (t)    if the Securities of the Series are to be convertible into or exchangeable
for any other security or property of the Company, including, without limitation, securities of another Person held by the Company or its Affiliates and, if so, the terms thereof, including conversion or exchange prices or rate and adjustments
thereto; 
 (u)    the price or prices at which the Securities will be issued; 

(v)    any provisions for remarketing; 

(w)    the terms applicable to any Securities issued at a discount from their stated principal amount; and 

(x)    any other terms of the Series. 

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
 
Section 2.03.    Execution and Authentication. One or more Officers shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be
valid nevertheless so long as such individual was an Officer at the time of execution of the Security. 

  
 9 

 A Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a
Company Order. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate. 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08. 

Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of
Securities within that Series, (b) an Officers ’ Certificate complying with Section 11.04, and (c) an Opinion of Counsel complying with Section 11.04. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Any such appointment
shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate. 

Section 2.04.    Registrar and Paying Agent. The Company shall maintain, with
respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying
Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may
be served ( “Service Agent”). The Registrar shall keep a register with respect to each Series of Registered Securities (the “Register”) and to their transfer and exchange. The Company will give prompt written notice to the
Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to
furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints

  
 10 

 
the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided that the Corporate Trust Office shall not be an office or agency of the Company for the
purpose of effecting service of legal process on the Company. 
 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes
any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any additional service agent. 

The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The Company or any of its domestically organized Subsidiaries may act as Paying Agent, Registrar or Service Agent. So long as the
Trustee is the Service Agent, no service of legal process on the Company may be made on the Service Agent. 
 The rights, privileges,
protections, immunities and benefits given to the Trustee under this Indenture including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent
acting hereunder. 
 The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or Service Agent not a
party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. 

The Company may remove any Registrar, Paying Agent or Service Agent for any Series of Securities upon written notice to such Registrar, Paying
Agent or Service Agent and to the Trustee; provided, however, that no such removal shall become effective until (1) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company
and such successor Registrar, Paying Agent or Service Agent, as the case may be, and delivered to the Trustee or (2) notification to the Trustee that the Trustee shall serve as Registrar, Paying Agent or Service Agent, as the case may be, until
the appointment of a successor in accordance with clause (1) above. The Registrar, Paying Agent or Service Agent may resign at any time upon written notice; provided, however, that the Trustee may resign as Paying Agent, Registrar
or Service Agent only if the Trustee also resigns as Trustee in accordance with Section 7.08. Upon any Event of Default under Section 6.01(e) or (f), the Trustee shall automatically be the Paying Agent. 

Section 2.05.    Paying Agent to Hold Money in Trust. Prior to each due date of
the principal and interest on any Series of Securities, the Company shall deposit with the Paying Agent (or if the Company or a Subsidiary is acting as Paying Agent, segregate and hold in trust 

  
 11 

 
for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities,
and shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. 

Section 2.06.    Securityholder Lists. The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the
Company shall furnish, or cause the Registrar to furnish, to the Trustee at least five Business Days before each interest payment date, but in any event not less frequently than semi-annually, and at such other times as the Trustee may request in
writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

Section 2.07.    Exchange and Registration of Transfer. The Company shall
cause to be kept at the Corporate Trust Office the Register in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities of a Series and of transfers of Securities of such Series.
The Register shall be in written form or in any form capable of being converted into written form within a reasonably prompt period of time. 

Upon surrender for registration of transfer of any Security of a Series to the Registrar or any
co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.07, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Security of the same Series of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 

Securities of a Series may be exchanged for other Securities of the same Series of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.06. Whenever any Securities of a Series are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities of the same Series that the Holder making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. 

All Securities of a Series issued upon any registration of transfer or exchange of Securities of the same Series shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities of the same Series surrendered upon such registration of transfer or exchange. 

  
 12 

 All Securities of a Series presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, and the Securities of such Series shall be duly executed by the Holder
thereof or his attorney duly authorized in writing. 
 No service charge shall be made to any Holder for any registration of, transfer or
exchange of Securities, but the Company or the Trustee may require payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
such Securities (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.06 or 9.06). 

Neither the Company nor the Trustee nor any Registrar shall be required to exchange, issue or register a transfer of (a) Securities of
any Series for a period of fifteen calendar days next preceding date of mailing of a notice of redemption of Securities of that Series selected for redemption, or (b) Securities of any Series or portions thereof called for redemption, except
for the unredeemed portion of any Securities of that Series being redeemed in part. 

Section 2.08.    Mutilated, Destroyed, Lost and Stolen Securities. If a
mutilated Security is surrendered to the Registrar or if the Securityholder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate and deliver a replacement
Security of the same Series if the requirements of Section 8 -405 of the Uniform Commercial Code are met, such that the Securityholder (a) satisfies the Company or the Trustee within a reasonable
time after he has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Company or the Trustee prior to the Security being acquired
by a protected purchaser as defined in Section 8 -303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Company or the
Trustee. If required by the Trustee or the Company, such Securityholder shall furnish an indemnity bond sufficient in the judgment of the Trustee to protect the Trustee and any Agent and in the judgment of the Company to protect the Company, the
Trustee, the Paying Agent and the Registrar from any loss that any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Securityholder for their expenses in replacing a Security. In case any Security which has
matured or is about to mature or has been called for redemption, shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of (without surrender thereof except in
the case of a mutilated Security), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by
them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, the Trustee and, if
applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Securities and of the ownership thereof. 

Every replacement Security of any Series issued pursuant to this Section is an additional obligation of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Securities of the same Series replaced. 

  
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 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 
Section 2.09.    Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those
reductions in the interest on a Registered Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Company or an
Affiliate holds the Security. 
 If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee and
the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser. 
 If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities (or portions thereof) payable on that date, and the Paying Agent is not prohibited from paying
such money to the Securityholders of such Series on that date pursuant to the terms of the Indenture, then on and after that date such Securities of the Series (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 

Section 2.10.    Treasury Securities. In determining whether the Holders of
the required principal amount of Securities of a Series have concurred in any direction, waiver or consent, Securities of a Series owned by the Company, any other obligor upon the Securities or an Affiliate of the Company or such other obligor shall
be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent only Securities of a Series that the Trustee knows are so owned
shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of
any decision made by the Trustee in accordance with such advice. Upon written request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the
Company to be owned or held by or for the account of any of the above-described persons; and, subject to Sections 7.01 and 7.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set
forth and of the fact that all Securities not listed therein are outstanding for the purpose of any such determination. 

  
 14 

 Section 2.11.    Temporary
Securities. Pending the preparation of Securities in certificated form, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon a Company Order, authenticate and deliver temporary Securities
(printed, lithographed, typewritten, photocopied or otherwise produced). Temporary Securities shall be issuable in any authorized denomination, and substantially in the form of the Securities in certificated form, but with such omissions, insertions
and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every such temporary Security shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same
conditions and in substantially the same manner, and with the same effect, as the Securities in certificated form. Without unreasonable delay, the Company will execute and deliver to the Trustee or such authenticating agent Securities of the same
Series in certificated form and thereupon any or all temporary Securities may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.07 and the Trustee or such authenticating agent shall
authenticate and make available for delivery in exchange for such temporary Securities an equal aggregate principal amount of Securities of the same Series in certificated form. Such exchange shall be made by the Company at its own expense and
without any charge therefor. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Securities of the same Series in certificated form
authenticated and delivered hereunder. 
 Section 2.12.    Cancellation. The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one
else shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and dispose of such cancelled Securities in accordance with its customary procedure. The Company may not issue new Securities
to replace Securities that it has paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Securities in place of cancelled Securities other than pursuant to the terms of this Indenture. 

Section 2.13.    Defaulted Interest. If the Company defaults in a payment of
interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the Persons who are Securityholders of the Series on a subsequent special record date.
The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed or deliver by electronic transmission to each Securityholder of the
Series a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. The Company may pay defaulted interest in any lawful manner. 

Section 2.14.    Registered Global Securities.  

(a)    Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate
shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Registered Global Securities and the Depositary for such Registered Global Security or Securities. 

(b)    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the
Indenture and in addition thereto, any Registered Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of 

  
 15 

 
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such
Registered Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary within 90 days of such event or (ii) the
Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Registered Global Security shall be so exchangeable. Any Registered Global Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Registered Global Security with like tenor and terms. 

Except as provided in this Section 2.14(b), a Registered Global Security may not be transferred except as a whole by the Depositary with
respect to such Registered Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of
such a successor Depositary. 
 (c)    Legend. Any Registered Global Security issued hereunder shall bear a
legend in substantially the following form: 
 “This Security is a Registered Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or
any such nominee to a successor Depositary or a nominee of such a successor Depositary.” 
 (d)    Acts of
Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under
the Indenture. 
 (e)    Payments. Notwithstanding the other provisions of this Indenture, unless otherwise
specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Registered Global Security shall be made to the Holder thereof. 

(f)    Consents, Declaration and Directions. Except as provided in Section 2.14(e), the Company, the Trustee
and any Agent shall treat a Person as the Holder of such principal amount of outstanding Securities of such Series represented by a Registered Global Security as shall be specified in a written statement of the Depositary with respect to such
Registered Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

Section 2.15.    Computation of Interest. Except as otherwise specified
pursuant to Section 2.02 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day year of twelve 30-day
months. 

  
 16 

 Section 2.16.    CUSIP and ISIN
Numbers. The Company in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices of redemption as a
convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be
placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any changes to the
CUSIP and ISIN numbers. 
 ARTICLE 3 

REDEMPTION 
 
Section 3.01.    Notice to Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of
Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give
the notice at least 35 calendar days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 
 
Section 3.02.    Selection of Securities to be Redeemed. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the
Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding
not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in
amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(j), the minimum principal denomination for each Series and integral multiples thereof.
Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 

Section 3.03.    Notice of Redemption. Unless otherwise indicated for a
particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall provide a notice of redemption by electronic transmission
or first-class mail to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on one occasion a notice in an Authorized Newspaper. 

The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a)    the redemption date; 

(b)    the redemption price, or if not then ascertainable, the manner of calculation thereof; 

  
 17 

 (c)    the name and address of the Paying Agent; 

(d)    if less than all Securities of any Series are to be redeemed, the identification of the particular Securities to be
redeemed and the portion of the principal amount of any Security to be redeemed in part; 
 (e)    that Securities of
the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f)    that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; 

(g)    the nature of any conditions precedent to the Company’s obligation to redeem the Securities on the redemption
date; and 
 (h)    any other information as may be required by the terms of the particular Series or the Securities of
a Series being redeemed. 
 At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s
name and at the Company’s expense and provided that the form and content of such notice shall be prepared by the Company. 
 
Section 3.04.    Effect of Notice of Redemption. Once notice of redemption is transmitted, mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable
on the redemption date and at the redemption price. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to, but excluding, the redemption date. 

Section 3.05.    Deposit of Redemption Price. On or before the redemption
date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 

Section 3.06.    Securities Redeemed in Part. Upon surrender of a Security
that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same Maturity equal in principal amount to the unredeemed portion of the Security surrendered. 

ARTICLE 4 

COVENANTS 
 
Section 4.01.    Payment of Principal and Interest. The Company shall duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities
and this Indenture. 
 Section 4.02.    SEC Reports. The Company shall
furnish to the Trustee within 15 days after the filing by the Company with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and
regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other 

  
 18 

 
provisions of TIA § 314(a). The Company will be deemed to have furnished such reports referred to in this Section to the Trustee if the Company has filed such reports with the SEC via the
EDGAR filing system (or any successor thereto) and such reports are publicly available. 

Section 4.03.    Compliance Certificate. The Company shall deliver to the
Trustee, within 120 days after the end of each fiscal year of the Company, a brief certificate from the principal executive officer, principal financial officer, principal accounting officer or vice president or treasurer as to his or her knowledge
of the Company’s compliance with all conditions and covenants under this Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture) and, in the event of any
Default, specifying each such Default and the nature and status thereof of which such Person may have knowledge. Such certificates need not comply with Section 11.05 of this Indenture. 

Section 4.04.    Stay, Extension and Usury Laws. The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort
to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.05.    Corporate Existence. Subject to Article 5, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory), licenses and franchises of the Company; provided, however, that the Company shall
not be required to preserve any such right, license or franchise, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and
that the loss thereof is not adverse in any material respect to the Holders. 

Section 4.06.    Maintenance of Office or Agency. The Company will maintain an
office or agency in the United States, where the Securities of a Series may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect of the Securities of
a Series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office. 

The Company may also from time to time designate co-registrars and one or more offices or agencies
where the Securities of a Series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency. 

Section 4.07.    Money For Securities Payments to be Held in Trust. If the
Company shall at any time act as its own Paying Agent with respect to the Securities of any Series, it shall, on or before each due date of the principal of and premium, if any, and interest, if any, on any of such

  
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Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and premium or interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided. The Company shall promptly notify the Trustee of any failure by the Company (or any other obligor of such Securities) to make any payment of principal of or premium, if any, or interest,
if any, on such Securities. 
 Whenever the Company shall have one or more Paying Agents for the Securities of any Series, it shall, on or
before each due date of the principal of and premium, if any, and interest, if any, on such Securities, deposit with such Paying Agents sums sufficient (without duplication) to pay the principal and premium or interest so becoming due, such sums to
be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of any failure by it so to act. 

The Company shall cause each Paying Agent for the Securities of any Series, other than the Company or the Trustee, to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(i)    hold all sums held by it for the payment of the principal of and premium, if any, or interest, if
any, on such Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(ii)    give the Trustee notice of any failure by the Company (or any other obligor upon such Securities)
to make any payment of principal of or premium, if any, or interest, if any, on such Securities; and 

(iii)    at any time during the continuance of any such failure, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent and furnish to the Trustee such information as it possesses regarding the names and addresses of the Persons entitled to such sums. 

The Company may at any time pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or
such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent and, if so stated in a Company Order delivered to the Trustee, in accordance with the provisions
of Article 8; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of and
premium, if any, or interest, if any, on any Security and remaining unclaimed for two years after such principal and premium, if any, or interest, if any, has become due and payable shall be paid to the Company on request of the Company, or, if then
held by the Company, shall be discharged from such trust; and, upon such payment or discharge, the Holder of such Security shall, as an unsecured general creditor and not as the Holder of an outstanding Security, look only to the Company for payment
of the amount so due and payable and remaining unpaid, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall

  
 20 

 
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment to the Company, may at the expense of the Company cause to
be published once a week for two successive weeks, in each case on any day of the week, in an Authorized Newspaper in each Place of Payment, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the Company. 
 
Section 4.08.    Waiver of Certain Covenants. Except as otherwise specified as contemplated by Section 2.02 for Securities of such Series, the Company may, with respect to the Securities of any Series, omit
in any particular instance to comply with any term, provision or condition set forth in any covenant provided herein or pursuant to Section 2.02(s) or Section 9.01(b) for the benefit of the Holders of such Series if before the time for
such compliance the Holders of at least 50% in principal amount of the outstanding Securities of such Series shall, by an Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or
condition, but no such wavier shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of such term, provision or condition shall remain in full force and effect. 
 ARTICLE 5 

SUCCESSORS 
 
Section 5.01.    When Company May Merge, Etc. The Company shall not consolidate with or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, any Person (a
“successor person”), and may not permit any Person to merge into, or convey, transfer or lease its properties and assets substantially as an entirety to, the Company, unless: 

(a)    either the Company shall be the continuing corporation or the successor person (if other than the Company) is a
corporation, partnership, trust or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the Company’s obligations on the Securities and
under this Indenture; and 
 (b)    immediately after giving effect to the transaction, no Default or Event of Default,
shall have occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an
Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture. 

Section 5.02.    Successor Corporation Substituted. The successor person
formed by such consolidation or into which the Company is merged or to which such transfer or lease is made shall succeed to and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as
if such successor person had been named as the Company herein, and thereafter (except in the case of a lease to another Person) the predecessor corporation shall be relieved of all obligations and covenants under the Indenture and the Securities
and, in the event of such conveyance or transfer, any such predecessor corporation may be dissolved and liquidated. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01.    Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a)    a default in the payment of any interest on any Security of that Series when it becomes due and payable, and
continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); provided that, a valid
extension of an interest payment period by the Company in accordance with the terms of such Securities shall not constitute a failure to pay interest; or 

(b)    a default in the payment of the principal of, or premium, if any, on, any Security of that Series when due at its
Maturity; or 
 (c)    a default in the deposit of any sinking fund payment, when and as due in respect of any Security
of that Series; or 
 (d)    a default, subject to the provisions in Section 4.08, in the performance or breach of
any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a
period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e)    the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i)    commences a voluntary case, 

(ii)    consents to the entry of an order for relief against it in an involuntary case, 

(iii)    consents to the appointment of a Custodian of it or for all or substantially all of its property,

 (iv)    makes a general assignment for the benefit of its creditors, or 

(v)    generally is unable to pay its debts as the same become due; or 

(f)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i)    is for relief against the Company in an involuntary case, 

  
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 (ii)    appoints a Custodian of the Company for all or
substantially all of its property, or 
 (iii)    orders the liquidation of the Company, and the order or
decree remains unstayed and in effect for 60 days; or 
 (g)    any other Event of Default provided with respect to
Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.02(s). 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 
Section 6.02.    Acceleration of Maturity; Rescission and Annulment. If an Event of Default described in Section 6.01 (a) or (b) occurs and is continuing, then, and in each and every such case, except
for any Series of Securities the principal of which shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of each such affected Series then outstanding
hereunder (each such Series voting as a separate class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such Series are Discount Securities, such
portion of the principal amount as may be specified in the terms of such Series) of all Securities of such Series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become
immediately due and payable. 
 Except as otherwise provided in the terms of any Series of Senior Securities pursuant to Section 2.02,
if an Event of Default described in Section 6.01(c) or (d) above with respect to all Series of the Senior Securities then outstanding, occurs and is continuing, then, and in each and every such case, unless the principal of all of the
Senior Securities shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of all of the Senior Securities then outstanding hereunder (treated as one class) by notice in writing
to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Senior Securities of any Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such
Series) of all of the Senior Securities then outstanding, and the interest accrued thereon, if any, to be due and payable immediately, and upon such declaration, the same shall become immediately due and payable. If an Event of Default described in
Section 6.01(e) or (f) above occurs and is continuing, then the principal amount of all the Senior Securities then outstanding, and the interest accrued thereon, if any, shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. 
 Except as otherwise provided in the terms of any Series of
Subordinated Securities pursuant to Section 2.02, if an Event of Default described in Section 6.01(c) or (d) above with respect to all Series of Subordinated Securities then outstanding, occurs and is continuing, then, and in each and
every such case, unless the principal of all of the Subordinated Securities shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of all of the Subordinated Securities then
outstanding hereunder 

  
 23 

 
(treated as one class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Subordinated Securities of any Series are
Discount Securities, such portion of the principal amount as may be specified in the terms of such Series) of all of the Subordinated Securities then outstanding, and the interest accrued thereon, if any, to be due and payable immediately, and upon
such declaration, the same shall become immediately due and payable. 
 If an Event of Default described in Section 6.01(c) or
(d) occurs and is continuing, which Event of Default is with respect to less than all Series of Senior Securities then outstanding, then, and in each and every such case, except for any Series of Senior Securities the principal of which shall
have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Senior Securities of each such affected Series then outstanding hereunder (each such Series voting as a separate class)
by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such Series are Original Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of such Series) of all Securities of such Series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable. 

If an Event of Default described in Section 6.01(c) or (d) occurs and is continuing, which Event of Default is with respect to less
than all Series of Subordinated Securities then outstanding, then, and in each and every such case, except for any Series of Subordinated Securities the principal of which shall have already become due and payable, either the Trustee or the Holders
of not less than 25% in aggregate principal amount of the Subordinated Securities of each such affected Series then outstanding hereunder (each such Series voting as a separate class) by notice in writing to the Company (and to the Trustee if given
by Securityholders), may declare the entire principal (or, if the Securities of such Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Series) of all Securities of such Series, and the
interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable. 

If an Event of Default specified in Section 6.01(e) or (f) shall occur, the principal amount (or specified amount) of and accrued
and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if: 
 (a)    the Company has paid or deposited with the Trustee a sum
sufficient to pay 
 (i)    all overdue interest, if any, on all Securities of that Series, 

(ii)    the principal of any Securities of that Series which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 

  
 24 

 (iii)    to the extent that payment of such interest is
lawful, interest upon any overdue principal and overdue interest at the rate or rates prescribed therefor in such Securities, and 

(iv)    all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel; and 
 (v)    all Events of Default
with respect to Securities of that Series, other than the non-payment of the principal of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section 6.13. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

Section 6.03.    Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if 
 (a)    default is made in the payment of any interest on any Security when
such interest becomes due and payable and such default continues for a period of 30 days, or 
 (b)    default is made
in the payment of principal of any Security when due at the Maturity thereof, or 
 (c)    default is made in the
deposit of any sinking fund payment when and as due by the terms of a Security, then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal or any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
 25 

 Section 6.04.    Trustee May File
Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities
or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(a)    to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b)    to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.05.    Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 

Section 6.06.    Application of Money Collected. Any money or property
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of
the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: To the
payment of all amounts due the Trustee under Section 7.07; and 
 Second: To the payment of the amounts then due and unpaid for
principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal
and interest, respectively; and 

  
 26 

 Third: To the Company. 

Section 6.07.    Limitation on Suits. No Holder of any Security of any Series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(a)    such Holder has previously given written notice to the Trustee of an Event of Default and the continuance thereof
with respect to the Securities of that Series; 
 (b)    the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c)    such Holder or Holders have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee
against the expenses and liabilities to be incurred in compliance with such request; 
 (d)    the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(e)    no direction inconsistent with such written request has been given to the Trustee during such 60 period by the
Holders of a majority in principal amount of the outstanding Securities of that Series; 
 it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

Section 6.08.    Unconditional Right of Holders to Receive Principal and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated
Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 Section 6.09.    Restoration of Rights and Remedies. If the Trustee or
any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every
such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the
Holders shall continue as though no such proceeding had been instituted. 

  
 27 

 Section 6.10.    Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.11.    Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.12.    Control by Holders. The Holders of a majority in principal
amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such Series, provided that 
 (a)     such direction shall not be in conflict with
any rule of law or with this Indenture, 
 (b)    the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction, and 
 (c)    subject to the provisions of Section 6.01, the Trustee
shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Trust Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. 

Section 6.13.    Waiver of Past Defaults. The Holders of not less than a
majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the
payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.14.    Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section

  
 28 

 
shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed
in such Security (or, in the case of redemption, on the redemption date). 
 ARTICLE 7 

TRUSTEE 
 
Section 7.01.    Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care
and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b)    Except during the continuance of an Event of Default: 

(i)    the Trustee need perform only those duties that are specifically set forth in this Indenture and no
other implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; however, the Trustee shall examine such certificates and opinions to
determine whether or not they conform to the requirements of this Indenture. 
 (c)    The Trustee may not be relieved
from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i)    this paragraph does not limit the effect of paragraph (b) of this Section; 

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee shall not be liable with respect to any action it takes or omits to take with respect
to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series. 

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b), (c) and
(g) of this Section. 
 (e)    The Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. 
 (f)    Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. 

  
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 (g)    No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk is not reasonably assured to it. 
 (h)    Every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 

Section 7.02.    Rights of Trustee. (a) The Trustee may rely on any
document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers. 
 (e)    The Trustee may consult with counsel,
and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it
hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f)    The Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(g)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses,
losses and liabilities which may be incurred therein or thereby. 
 (h)    The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder. 
 (i)    The Trustee may request that the Company deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’
Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

  
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 (j)    The permissive rights of the Trustee enumerated herein shall not be
construed as duties. 
 (i)    Delivery of reports, information and documents to the Trustee under
Section 4.02 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(ii)    Notwithstanding anything in this Indenture to the contrary, neither the Trustee nor any Agent shall
be responsible or liable to any Person for any indirect, special, punitive or consequential damage or loss (including but not limited to lost profits) whatsoever, even if the Trustee has been informed of the likelihood thereof and regardless of the
form of action. 
 Section 7.03.    Individual Rights of Trustee. The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee. Any Agent may do the same with like
rights. The Trustee is also subject to Sections 7.10 and 7.11. 

Section 7.04.    Trustee’s Disclaimer. The Trustee shall
not be responsible and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any
statement in the Securities or in any document issued in connection with the sale of the Securities or in the Securities other than its certificate of authentication. 

Section 7.05.    Notice of Defaults. If a Default or Event of Default occurs
and is continuing with respect to the Securities of any Series and if it is known to a Trust Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding,
publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within 90 days after it occurs or 30 days after it is known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a
Default or Event of Default in payment of principal, premium, if any, of or interest on any Security of any Series or in payment of any redemption obligation, the Trustee may withhold the notice if and so long as its corporate trust committee or a
committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 

Section 7.06.    Reports by Trustee to Holders. As promptly as practicable
after each May 15 beginning with May 15, 2016, and in any event prior to July 15 in each year, the Trustee shall transmit by mail or by electronic transmission to all Securityholders, as their names and addresses appear on the
Register kept by the Registrar and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as of May 15, each year if and to the extent required by TIA § 313(a). The Trustee shall also comply
with TIA § 313(b) and TIA § 313(c). 

  
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 A copy of each report at the time of its sending to Securityholders of any Series shall be filed
with the SEC and each stock exchange (if any) on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange and of any delisting thereof. 

Section 7.07.    Compensation and Indemnity. The Company shall pay to the
Trustee from time to time such compensation as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for
its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee, its officers, directors,
employees and agents, and hold each of them harmless, against any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by or in connection with the offer and sale of the Securities or the administration of this
trust and the performance of its duties hereunder. The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the
Company shall not relieve the Company of its indemnity obligations hereunder. The Company shall defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified parties
may have separate counsel and the Company shall pay the fees and expenses of such counsel; provided, however, that the Company shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense
and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Company and such parties in connection with such defense. The Company need not reimburse any expense or indemnify against any loss, liability or
expense incurred by an indemnified party through such party’s own willful misconduct and gross negligence. 
 To secure the
Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and
interest and any liquidated damages on particular Securities of that Series. 
 The Company’s payment obligations pursuant to this
Section shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01 (e) or (f) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 
Section 7.08.    Replacement of Trustee. The Trustee may resign with respect to the Securities of one or more Series at any time by so notifying the Company. The Holders of a majority in principal amount of the
Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee with respect to Securities of one or more Series if: 

(a)    the Trustee fails to comply with Section 7.10; 

  
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 (b)    the Trustee is adjudged bankrupt or insolvent; 

(c)    a receiver or other public officer takes charge of the Trustee or its property; or 

(d)    the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities of any Series and such
Securityholders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee
under this Indenture. The successor Trustee shall send a notice of its succession to each Securityholder of each such Series and, if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee with respect to the Securities of any one or more Series fails to comply with Section 7.10, any Securityholder of the
applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee. 
 Section 7.09.    Successor Trustee
by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee with respect to the Securities of any one or more Series shall succeed to the trusts created by this Indenture any of the Securities of the applicable Series shall have been authenticated but not delivered,
any such successor to such Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities of the applicable Series so authenticated; and in case at that time any of the Securities of such Securities shall
not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full
force which it is anywhere in the Securities of such Series or in this Indenture provided that the certificate of the Trustee shall have. 

  
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 Section 7.10.    Eligibility;
Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition.
The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or
participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

Section 7.11.    Preferential Collection of Claims Against Company. The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

ARTICLE 8 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.01.    Satisfaction and Discharge of Indenture. This Indenture, with
respect to Securities of any Series (if all Series issued under this Indenture are not to be effected) shall, upon Company Order, cease to be of further effect (except as hereinafter provided in this Section), and the Trustee, at the expense of the
Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when 

(a)    Either 

(i)    all Securities of such Series theretofore authenticated and delivered (other than
(A) Securities that have been destroyed, lost or stolen and that have been replaced or paid or (B) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Sections 2.05 and 4.07) have been delivered to the Trustee for cancellation; or 

(ii)    all such Securities of such Series not theretofore delivered to the Trustee for cancellation: 

(A)    have become due and payable, or 

(B)    will become due and payable at their Stated Maturity within one year, or 

(C)    are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(D)    are deemed paid and discharged pursuant to Section 8.03, as applicable; 

and the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount
sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for 

  
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cancellation, for principal of, premium, if any, and interest on, and any mandatory sinking fund payments to the date of such deposit (in the case of Securities of such Series which have become
due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be; 

(iii)    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 (iv)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and,
if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 4.07 (last paragraph only), 8.01, 8.02 and 8.05 shall survive. 

Section 8.02.    Application of Trust Funds; Indemnification. (a) Subject
to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04
and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company if acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.03 or 8.04. 

(b)    The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 

(c)    The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government
Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.
This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.03.    Legal Defeasance of Securities of any Series. Unless this
Section is otherwise specified, pursuant to Section 2.02(x), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the
91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding 

  
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Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute such instruments reasonably requested by the Company
acknowledging the same), except as to: 
 (a)    the rights of Holders of Securities of such Series to receive, from the
trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of
principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the
Securities of such Series; 
 (b)    the provisions of Sections 2.04, 2.07, 2.08, 8.02, 8.03 and 8.05; and 

(c)    the rights, powers, trust and immunities of the Trustee hereunder; 

provided that, the following conditions shall have been satisfied: 

(d)    the Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for
the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or
such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not
later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due; 

(e)    such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any
other agreement or instrument to which the Company is a party or by which it is bound; 
 (f)    no Default or Event of
Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel from a
nationally recognized law firm to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in
the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Securities of such Series will not recognize income, gain or loss for Federal income
tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had
not occurred; 

  
 36 

 (h)    the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company; 
 (i)    such deposit shall not result in the trust arising from such deposit
constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and 

(j)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for relating to the defeasance contemplated by this Section 8.03 have been complied with. 

Section 8.04.    Covenant Defeasance. Unless this Section 8.04 is
otherwise specified pursuant to Section 2.02(x) to be inapplicable to Securities of any Series, on and after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or
condition set forth under Sections 4.02, 4.03, 4.04, 4.05 and 5.01 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate
delivered pursuant to Section 2.02(x) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section 6.01) and the occurrence of any event described in clause (e) of
Section 6.01 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied: 

(a)    with reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except
as provided in Section 8.02(b)) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated
in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due; 

(b)    such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any
other agreement or instrument to which the Company is a party or by which it is bound; 
 (c)    no Default or Event of
Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit; 

  
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 (d)    the Company shall have delivered to the Trustee an Opinion of Counsel
from a nationally recognized law firm confirming that beneficial owners of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

(e)    the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by
the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(f)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section 8.04 have been complied with. 

Section 8.05.    Repayment to Company. The Trustee and the Paying Agent shall
promptly pay to the Company (or its designee) upon Company Order any excess moneys or U.S. Government Obligations held by them at any time. The provisions of the last paragraph of Section 4.07 shall apply to any money held by the Trustee or any
Paying Agent that remains unclaimed for two years after the Maturity of any Series or Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 8.03 and 8.04. 

Section 8.06.    Effect of Subordination Provisions. Unless otherwise
expressly established pursuant to Section 2.02 with respect to the Subordinated Securities of any Series, the provisions of Article 10 hereof, insofar as they pertain to the Subordinated Securities of such Series, and the Subordination
Provisions established pursuant to Section 2.02(i) with respect to such Series, are hereby expressly made subject to the provisions for satisfaction and discharge and defeasance and covenant defeasance set forth in this Article and, anything
herein to the contrary notwithstanding, upon the effectiveness of such satisfaction and discharge and defeasance and covenant defeasance pursuant to this Article with respect to the Securities of such Series, such Securities shall thereupon cease to
be so subordinated and shall no longer be subject to the provisions of Article 10 or the Subordination Provisions established pursuant to Section 2.02(i) with respect to such Series and, without limitation to the foregoing, all moneys, U.S.
Government Obligations and other securities or property deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge, defeasance or covenant defeasance, as the case may be, and all proceeds
therefrom may be applied to pay the principal of, premium, if any, on, and mandatory sinking fund payments, if any with respect to the Securities of such Series as and when the same shall become due and payable notwithstanding the provisions of
Article 10 or such Subordination Provisions. 
 ARTICLE 9 

AMENDMENTS AND WAIVERS 

Section 9.01.    Without Consent of Holders. The Company and the Trustee may
amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder: 

  
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 (a)    to convey, transfer, assign, mortgage or pledge to the Trustee as
security for the Securities of one or more Series any property or assets; 
 (b)    to comply with Article 5; 

(c)    to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the
Company and the Trustee shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an
Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the
remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such Series to waive such an Event of Default; 

(d)    add a guarantor or permit any Person to guarantee the obligations under any Series of Securities; 

(e)    to cure any ambiguity, defect or inconsistency; 

(f)    to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as
permitted by this Indenture; 
 (g)    to conform to any provision of the “Description of the Notes” section,
“Description of Debt Securities” section or other relevant section describing the terms of the Securities of the applicable prospectus, prospectus supplement, offering circular, offering memorandum or other relevant offering document; 

(h)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; 

(i)    to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(j)    to make any change that does not materially adversely affect the rights of any Securityholder; and 

(k)    to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
TIA. 
 Section 9.02.    With Consent of Holders. The Company and the
Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in
connection with a tender offer or exchange offer for the 

  
 39 

 
Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such waiver by
notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such
Series. 
 It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular
form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this Section becomes effective, the Company shall send to the Holders of
Securities affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send or
publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.03.    Limitations. Without the consent of each Securityholder
affected, an amendment or waiver may not: 
 (a)    extend the final Maturity of any Security; 

(b)    reduce the principal amount thereof, or premium thereon, if any; 

(c)    reduce the rate or extend the time of payment of interest thereon, 

(d)    reduce any amount payable on redemption thereof; 

(e)    make the principal thereof (including any amount in respect of original issue discount), or premium thereon, if
any, or interest thereon payable in any coin or currency other than that provided in the Securities or in accordance with the terms thereof; 

(f)    reduce the amount of the principal of a Discount Security that would be due and payable upon an acceleration of the
Maturity thereof pursuant to Section 6.02 or the amount thereof provable in bankruptcy pursuant to Section 6.04; 

(g)    in the case of Subordinated Securities of any Series, modify any of the Subordination Provisions or the definition
of “Senior Indebtedness” relating to such Series in a manner adverse to the Holders of such Subordinated Securities; 

(h)    alter the provisions of Section 11.15 or Section 11.16; 

(i)    impair or affect the right of any Securityholder to institute suit for the payment thereof when due or, if the
Securities provide therefor, any right of repayment at the option of the Securityholder; 

  
 40 

 (j)    reduce the aforesaid percentage of Securities of any Series, the
consent of the Holders of which is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture; or 
 (k)    modify any provision of this Section 9.03. 

Section 9.04.    Compliance with Trust Indenture Act. Every amendment to this
Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect. 

Section 9.05.    Revocation and Effect of Consents. Until an amendment or
waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even
if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment
or waiver becomes effective. 
 Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such
amendment or waiver unless it is of the type described in any of clauses (a) through (k) of Section 9.03. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 The Company may, but shall not
be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons continue to be Securityholders after such record date. 
 
Section 9.06.    Notation on or Exchange of Securities. The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange
for Securities of that Series may issue and the Trustee shall authenticate upon written request new Securities of that Series that reflect the amendment or waiver. 

Section 9.07.    Trustee Protected. In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee
need not sign any supplemental indenture that adversely affects its rights. 

  
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 ARTICLE 10 

SUBORDINATION OF SECURITIES 

Section 10.01.    Agreement to Subordinate. The Company, for itself, its
successors and assigns, covenants and agrees, and each Holder of Subordinated Securities of any Series by his acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on, and
mandatory sinking fund payments, if any, in respect of each and all of the Subordinated Securities of such Series shall be expressly subordinated, to the extent and in the manner provided in the Subordination Provisions established with respect to
the Subordinated Securities of such Series pursuant to Section 2.02(i) hereof, in right of payment to the prior payment in full of all Senior Debt with respect to such Series. 

ARTICLE 11 

MISCELLANEOUS 
 
Section 11.01.    Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA,
such required or deemed provision shall control. 

Section 11.02.    Notices. Any notice or communication by the Company or the
Trustee to the other is duly given if in writing and delivered in person, mailed by first-class mail or delivered by electronic transmission: 

if to the Company: 
 ULTRA CLEAN
HOLDINGS, INC. 
 26462 Corporate Avenue 

Hayward, CA 94545 
 Attention:
[            ] 
 if to the Trustee: 

[            ] 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication to a Securityholder shall be provided by electronic transmission or by first-class mail to his address shown
on the Register kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to provide a notice or communication to a Securityholder of any Series or any defect in it shall not affect its
sufficiency with respect to other Securityholders of that or any other Series. 
 If a notice or communication is provided or published in
the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company
provides a notice or communication to Securityholders, it shall provide a copy to the Trustee and each Agent at the same time. 

  
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 In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice by the Company when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice. 
 Notwithstanding anything in this Indenture to the contrary, wherever notice is to be given to
Securityholders of Registered Global Securities, it shall be sufficient if such notice is given in accordance with the procedures of the Depositary. 

Section 11.03.    Communication by Holders with Other Holders. Securityholders
of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the
Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 11.04.    Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 

(a)    an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b)    an Opinion of
Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 11.05.    Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(a)    a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in the opinion of such
individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)    a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 Section 11.06.    Rules by Trustee and Agents. The Trustee may make
reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 11.07.    Legal Holidays. Unless otherwise provided by Board
Resolution, Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday” is a 

  
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Saturday, Sunday or a day on which banking institutions in the city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Security, are not
required by any applicable law or regulation to be open. If a payment date for the payment of principal or interest on any Security falls on a Legal Holiday, such payment shall be made on the next succeeding Business Day, and no interest shall
accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 
Section 11.08.    No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby,
shall be had against any incorporator, as such, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities and the coupons, if any,
appertaining thereto by the Holders thereof and as part of the consideration for the issue of the Securities and the coupons, if any, appertaining thereto. 

Section 11.09.    Counterparts. This Indenture may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

Section 11.10.    Governing Laws; Waiver of Jury Trial. THIS INDENTURE AND
EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.11.    No Adverse Interpretation of Other Agreements. This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 11.12.    Successors. All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
 
Section 11.13.    Severability. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. 
 Section 11.14.    Table of
Contents, Headings, Etc. The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way
modify or restrict any of the terms or provisions hereof. 

  
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 Section 11.15.    Securities in a
Foreign Currency. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities,
whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such
time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action
shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 11.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for
cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on
its part, such quotation of the Federal Reserve Bank of New York or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question. The provisions of this paragraph shall apply in determining
the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders. 

Section 11.16.    Judgment Currency. The Company agrees, to the fullest extent
that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series
(the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and
(b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in
any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a Legal
Holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

  
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 Section 11.17.    Acts of
Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all Series
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “ACT” of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Sections 7.01 and 7.02) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 11.17. 

(b)    Subject to Sections 7.01 and 7.02, the execution of any instrument by a Securityholder or his agent or proxy may be
proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Registered Securities shall be proved by the Security register or by a
certificate of the registrar thereof. 
 (c)    The Company, the Trustee and any agent of the Company or the Trustee may
deem and treat the person in whose name any Security shall be registered upon the Security register for such Series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership
or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes; and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the contrary. The Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer Security as the absolute owner of such Bearer Security
(whether or not such Bearer Security shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected
by any notice to the contrary. All such payments so made to any such person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Bearer
Security. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its members, the operation of customary practices governing the exercise of the rights of a holder of a beneficial interest in any Registered Global Security 

(d)    At any time prior to (but not after) the evidencing to the Trustee, as provided in this Section 11.17, of the
taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of
which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have 

  
 46 

 
consented to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security.
Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on
registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all Series,
as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all the Securities affected by such action. 

Section 11.18.    Force Majeure. In no event shall the Trustee or any Agent be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
and such Agent shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

ARTICLE 12 
 SINKING
FUNDS 
 Section 12.01.    Applicability of Article. The
provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. The minimum
amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein
referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund
payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series. 
 
Section 12.02.    Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and
(b) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any
mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such
Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be
credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking 

  
 47 

 
fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section, the principal amount of Securities of such
Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash
payment required to be released to the Company. 
 Section 12.03.    Redemption
of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund
payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the
portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 12.02, and the optional amount, if any,
to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06. 

  
 48 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the
day and year first above written. 
  

			
	ULTRA CLEAN HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 [            ],

Trustee

		
	By:	 	  

		 	Name:
		 	Title:

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